annual report
CONTENTS
1. Chairman’s message to the shareholders 2
2. This is WDP 4
Value creation based on distinct pillars 4
Impact 5
A solid real estate partner 6
Our prole 8
Purpose, mission, vision 9
WDP’s value chain 10
3. Strategy and value creation 12
Dominant trends 13
Our strategy 16
How WDP creates value 18
Growth plan 20
Climate Action Plan 22
ESG benchmark performance 25
4. Performance 29
Future logistics 30
Sustainable growth 40
Vitally engaged 49
Impact by responsibility 56
5. Shares and bonds 61
6. Financial results and property report 66
7. Corporate governance statement 102
8. Risk factors 148
9. Reporting according to recognised standards 159
10. Annual accounts 195
11. Permanent document 254
12. Appendices 267
External verication 268
Alternative performance measures 278
Historical nancial information included
by way of reference 284
Declarations 286
Lexicon 288
Annual accounts
Governance
Results
Performance
Strategy and value creation
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WDP
2021 Annual Report
1
On behalf of the entire Board of Directors, I am pleased that, at the start of 2022, we
can announce that the initial prot targets of the 2019-23 growth plan will be achievable
one year earlier, namely, in 2022. We can present such a strong result thanks to our
consistent customer-driven approach, our focus on sustainable protable growth,
and the quality, speed, and expertise of our teams. On behalf of the entire Board of
Directors, I would like to express my sincere thanks to all our customers, staff, business
partners, and all other stakeholders for their commitment and trust in our company.
The crucial importance of logistics – and thus logistics real estate – and remarkably
strong market dynamics are fully reected in our operating activities. Our occupancy
rate is 99%, or, you could say a 'full house' in the WDP property portfolio. We were once
again able to complete a volume of almost 400,000 m² of new construction projects
for our customers. Moreover, a package of 500 million euros in new investments was
secured to for the third year in a row. To this end, a surface area of over 800,000 m²
was in full development at the end of 2021. For this reason, our ambitious investment
volume will be realised faster than expected by 2023. This makes WDP ready for a new
chapter in its growth trajectory.
All of this is reected into upbeat nancial gures and metrics. The EPRA Earnings
per share increased by +10% to 1.10 euros and the balance sheet was bolstered with
350 million euros of additional equity. In combination with the strong revaluation of the
portfolio, this led to a decrease in loan-to-value to 37% and a stable net debt / EBITDA
(adj.) of 8x. Moreover, the balance sheet remained not only robust but also liquid with
a strong buffer of unused credit facilities of over 750 million euros. WDP also wants to
continue this growth in 2022 with an intended EPRA Earnings per share increase of
+9% to 1.20euros.
“In 2021, together with #TeamWDP and all
our partners, we have continued to build
the infrastructure that is critical for the
post-Covid economy. Our commitment to
long-term value creation will be supported
by the newly announced 2022-25 growth
plan and our ambitious Climate Action
Plan, which are also connected to one
another.”
CHAIRMAN'S LETTER TO THE SHAREHOLDERS
1.
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2021 Annual Report
2
“
The climate issue has challenged us to create business
opportunities. We want to contribute to the sustainable
infrastructure of the future using innovation and
technology. With our climate ambitions, we want to take
the lead in energy transition and the global fight against
climate change.
In the course of 2021, our relentless pursuit of value creation for our customers and
shareholders led us to continue working on sustainably strengthening the foundations
of our company. This is how the internal digitisation project, Project Brains, came to
its ultimate conclusion via MyWDP, a digital customer portal for providing even better
service to our customers. Moreover, the organisation was also bolstered with some new
talents in various elds. And, internal processes, control structures, and risk management
were further unfolded. Finally, preparations were made for the launch of a new growth
plan and a Climate Action Plan, both announced at the end of January on the occasion
of the publication of the annual results.
Through the new growth plan 2022-25 GROWTH for FUTURE, WDP wishes to pursue its
path of protable sustainable growth, which takes into account a strict capital discipline.
In this new four-year plan, our ambition is to achieve an annual growth in EPRA Earnings
per share of +8% to 1.50 euros by 2025. These ambitions respond to the continuing
need for high-quality logistics property. But we also see more opportunities within the
existing portfolio – the increasing scarcity of land and the pressing climate issue not
only challenge our activities but also provide business opportunities. Technology and
innovation are and will remain our allies throughout this ambitious journey.
Indeed, climate objectives are key in a sustainable growth strategy. So, it was obvious
to WDP that it integrate its growth plan with a climate action plan. By setting its
ambitions within the WDP Climate Action Plan M.A.D.E. for FUTURE, WDP aims to
operate net zero across its entire value chain by 2050. In the spirit of our ESG strategy,
we again chose targets in areas where we can achieve the greatest impact as a
company. These objectives are embedded in three tracks: WDP ENERGY focuses on
energy efciency and the production of renewable energy. WDP DECARB+ strives to
achieve CO
2
reduction with attention to biodiversity. And WDP GREEN must guarantee
a sustainable and future-proof WDP with permanent easy access to (green) capital. Our
ambitions within this climate action plan – and their realisation – are based on trans parent,
real consumption data collected by the integrated utilities and the energy management
platform nanoGrid. So, it was a logical step for WDP to acquire a 25% stake in and to
partner with this energy, property technology company.
These growth prospects and the opportunities created by the positive structural trends
in our sector and opportunities within the diversied portfolio and client base make us
optimistic for the future. At the same time, we remain vigilant in the short term. Even
though the global pandemic seems to be moving quickly in a positive direction, the
start of the year 2022 was marked by increased market volatility due to a changing
interest rate climate, the tragic events in Ukraine and related geopolitical tensions. In this
context, we remain condent that the protability of WDP is ination-resistant and that
our company has grown into a robust ship that can even navigate in rough seas, while
maintaining manoeuvrability of a speedboat. Moreover, we never deviate from our goal
and mission: to provide a home for the supply chain and to help our customers grow
through warehouses with brains.
To this end, as always, we rely on the professionalism, the pursuit of quality, and the drive
for innovation of our teams and business partners. And this will provide our customers
with consistent future-oriented and sustainable solutions. This is how we contribute to
the continued development of the essential infrastructure of the post- Covid economy
and play an essential role in climate transition.
Rik Vandenberghe
Chairman of the Board of Directors
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Strategy and value creation
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WDP
2021 Annual Report
3
VALUE CREATION BASED ON DISTINCT PILLARS
WDP aims to achieve balanced growth within
a context of transparent and fair governance.
In doing so, we offer answers to economic, social,
and environmental needs. This makes us a reliable
partner for all our stakeholders and leads to sound
nancial metrics and attractive, recurring returns.
Our 'warehouses with brains' are an
indispensable link in the supply chain
of our customers. The high-quality and
future-oriented logistics infrastructure
we offer facilitates and optimises our
customers' activities and guarantees
them quality, sustainability, and
continuity.
We are committed to a strong and reliable value chain:
from our suppliers, who help shape the core product of
WDP to our clients who distribute their goods globally.
Our strong relationship with our different business
partners ensures we can respond to their wishes
and challenges. We contribute to the health, safety,
and integrity of their staff. Moreover, we take on our
responsibility in terms of risk management in our supply
chain, including human rights. This is how we raise
WDP’s value creation to a higher level.
Sustainable
growth
Future
logistics
#TeamWDP is the driving force behind
our value creation. Accordingly, we
actively commit to the well being, safety,
and development of our staff. We strive
to ensure our activities have a positive
impact on the immediate surroundings
and contribute to the needs of the local
communities.
Vitally
engaged
Impact by
responsibility
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2021 Annual Report
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IMPACT 2021
Sustainable
growth
Vitally engaged
Long-term partnerships
Impact by
responsibility
Future
logistics
WDP CLIMATE ACTION PLAN
M.A.D.E.
for FUTURE
WDP ENERGY.
WDP DECARB+.
WDP GREEN.
Property portfolio
>6 billion euros
EPS FY 2022 guidance:
1.20 euros (+9% y/y)
Objectives
within reach
Growth plan 2019-23
GROWTH
for FUTURE
New growth plan 2022-25
EPS of 1.50 euros by 2025
(+8% CAGR)
Portfolio growth of 2 billion euros
+500 million euros in new investments
Development pipeline of
590 million euros
Occupancy rate 98.6%
(98.6% in 2020)
Gross dividend per share
(
+10% y/y)
0.88
€
90
%
Loan-to-value
(-8 p.p. y/y)
37
%
Average cost of debt
(-10b.p. y/y)
2.0
%
Net debt / EBITDA
(adjusted)
(-0.4x y/y)
7.9
x
Solar panel capacity
95
MWp
EPRA Earnings per share
(
+10% y/y)
1.10
€
Satisfaction score
(8.2/10 in 2020)
#TeamWDP
7.9/10
Property portfolio
(+27% y/y)
6
bn €
Lease renewal
(90% in 2020)
50
%
Repeat business
(50% in 2020)
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2021 Annual Report
5
IPO property
investment fund.
Activities expand
to Italy and Czech
Republic.
Expansion
of the
property
portfolio in
France.
The Netherlands is
added as a new region.
Strategic growth plan 2011-13:
three growth pillars: leasing, CO
2
-neutral
portfolio and acquisitions.
Launch of the solar energy project
(30MWp). 1 million m² in lettable area
in the property portfolio.
Strategic growth plan
2006-09: doubling the portfolio
value to 700million euros.
Development of the
property portfolio
of the Jos DePauw
family in Belgium
(Rederij DePauw).
Free oat
increases to
70%.
Entry into the
Romanian
market.
20001999 2001 2008 201120072004
1billion euros 450million euros 280million euros
A SOLID REAL ESTATE PARTNER
1977-1997 2006
160million euros
2006-09 GROWTH PLAN 2011-13 GROWTH PLAN
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2021 Annual Report
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First Green Bond issue and
further roll-out of the solar
panel programme.
Strategic growth plan 2016-20:
targeted portfolio growth by 1billion
euros to 3billion euros and a
cumulative increase in earnings by
25% per share. WDP is included in the
AMX index. Luxembourg as a new core
market.
A robust balance
sheet, strong
liquidity, and
a diversied
portfolio support
WDP during
the COVID-19
pandemic.
Increasing growth
ambitions: planned
investment
volume of 2 billion
euros and EPRA
Earnings in 2024
of minimum 1.25
euros per share.
20162014 2018 2021201720152013 2019
| 1.2 billion euros
WDP is 2017 Entrepreneur of the Year®.
Investment volume target raised within
the framework of the 2016-20
growth plan to 1.25billion euros
through further growth within existing
geographical core markets.
Regulated Real Estate Company
(GVV/SIR) status.
Market capitalisation exceeds
1billion euros.
2.1 billion euros 3.5 billion euros
4.2 billion
euros
6.0 billion euros
Strategic growth plan for 2019-23:
Target annual portfolio growth of 10% to 5billion euros and
an annual increase in EPRA Earnings of 6% to 1.15 euros
by 2023. WDP is included in BEL20. Regional expansion
to Germany. First ABB for a GVV/SIR. Legal form converted
to NV/SA. Implementation of 2019-23 ESG Roadmap. Split
share by a factor of 7.
| 2billion euros
WDP shares also listed on Euronext
Amsterdam. 2013-16 growth plan targets
achieved one year early: portfolio of circa
2billion euros and EPRA Earnings of
0.71 euros per share.
Strategic growth plan 2013-16:
portfolio expansion by 50% to 1.8billion
euros and cumulative growth of EPRA
Earnings per share increases from 20%
to 25%.
2020
Original ambitions
of 2019-23 growth
plan to be realised
one year earlier.
Introduction
of new growth
plan 2022-25:
ambitionned annual
increase in EPRA
Earnings per share
of +8% to 1.50
euros by 2025 and
an investment plan
increase of 2 billion
euros to a portfolio
of 8 billion euros.
Launch of WDP
Climate Action Plan:
net-zero target by
2050 for the entire
value chain.
4.8 billion euros
2016-20 GROWTH PLAN 2019-23 GROWTH PLAN2013-16 GROWTH PLAN 2022-25 GROWTH PLAN
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2021 Annual Report
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OUR PROFILE
WDP
develops and leases logistics real estate for own account aligned with modern
industry standards and sectoral trends. In addition, WDP invests directly in
existing quality sites, always with a view to long-term letting. The Company is the
market leader in the Benelux and Romania.
1
The long-term vision WDP applies to each property decision also underpins its
relationship with all customers. First and foremost, WDP wants to be a partner to its
customers, while developing a successful long-term relationship with them and
supporting them in their activities. To this end, WDP offers a wide range of buildings that
can take the form of, or are suitable for, storage, XXL distribution, manufacturing, cross-
docking, high-bay, urban logistics, etc. That is how we work together on a forward-
looking growth story.
WDP is listed on Euronext Brussels (BEL20) and Amsterdam (AMX) and has the REIT
status in Belgium (as GVV/SIR), in the Netherlands (as FBI), and in France (as SIIC). WDP
is subject to the prudential supervision of the supervisory authority FSMA.
France
7
192,000
m
2
Benelux
189
4.5 mio
m
2
Germany
1
6,300
m
2
Romania
60
1.2 mio
m
2
1 This statement is based on a comparative calculation of the number of square metres of lettable area in the portfolio.
6.0 mio m
2
warehouse
Pure player strategy
6 countries
Belgium, the Netherlands,
Luxembourg, France,
Germany, and Romania
323 clients
Diversied customer portfolio
spread across various
sectors and geographies
96 #TeamWDP
WDP manages its property
portfolio from its ofces
in Wolvertem (Belgium),
Breda (the Netherlands),
and Bucharest (Romania).
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2021 Annual Report
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Our vision
Our warehouses with brains
help our customers to grow at
the heart of their supply chain.
Our mission
We construct a sustainable
shell around the logistics
process. With smart
warehouses, #TeamWDP and
innovative entrepreneurship,
we create value for our
customers and shareholders.
Our goal
A home for the supply chain
Warehouses are the linchpin in the supply chain for a sustainable future. These
are an indispensable storehouse for the food on our plates, medication when we
are sick, the technological gadgets we cherish, and all the other goods that we
depend on every day. They help make the supply chain robust and resilient. Our
warehouses are a smart and exible house that helps our customer achieve their
operational, social, and climate objectives. They feel at home in the heart of their
supply chain. Their home is our home. Our warehouse with brains.
PURPOSE, MISSION, VISION
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WDP'S VALUE CHAIN
WDP's own activities
Central to the WDP value chain are its own activities as developer/end investor and lessor
of logistics property in the Benelux, France, Germany, and Romania. WDP works in an
integrated manner using in-house specialised teams. Our local business development
teams prospect for suitable land and premises and take care of the commercialisation
of new projects and existing buildings, supported by the marketing team. This involves
close cooperation with the nance and legal team for structuring the various transactions
and with the project development team for developing new projects. The management
Planning
Design
Management
and ownership
Refurbishment Re-use
WDP inuence
Client operations
and logistic supply
chain
Distribution
Consumption
Production
Logistics
Financing(Re)
Development
and acquisition
Commer-
cialisation
WDP has a total lettable
area of 6 million m² and
a further 1.5 million m² of
land of potentially lettable
surface area for future
development.
On an annual
basis WDP, pays
more than 500
million euros to its
suppliers.
WDP facilitates the
supply chain of no less
than 323 customers.
WDP nances
investments with
at least 50% equity
and a maximum
of 50% debt.
and maintenance of our properties is in the good hands of our local property management
teams. They also take the lead when a renovation is needed, if necessary in collaboration
with the project development team.
See chapter 2. Our profile pp. 8 and 6. Financial results and property report pp. 85. for more details about the markets in
which WDP operates and its property portfolio.
See chapter 3. Strategy and value creation pp. 13 for more background on the current trends in logistics property.
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Upstream activities
Within our supply chain, we consider our construction partners (architects, engineering
rms, contractors) as our critical suppliers, given their direct contribution to the core
product of WDP – the warehouse. WDP calls on reputable, highly qualied and (nancially)
reliable parties, preferably strong local partners. This part of our supply chain is the most
labour-intensive.
Numerous advisers and consultants assist WDP in its activities: lawyers, notaries,
real estate agents, marketing consultancy rms, IT, human resources, environment,
sustainability, etc. The collaboration is usually project-driven always with an eye for long-
term partnerships with parties who are familiar with our business and compatible with our
company culture. As a capital-intensive real estate company with an ambitious growth
plan, we naturally also appeal to the capital market, for example through debt nancing
with both Belgian and foreign banks and investors.
See chapter 6. Financial results and property report pp. 66 for more information on our investments, nancing, and the
results of the past year.
See chapter 4. Performance pp. 29 for more details on our collaboration with suppliers.
Downstream activities
Downstream is represented by our customers, namely our properties’ tenants. The
customer is central in our strategy. Again, our company focusses on the creation of
long-term partnerships, which is reected in high occupancy rates, strong retention, and
long-term leases as well as in the high share of repeat business in external growth. We
offer them a modern logistics infrastructure. Through the WDP Climate Action Plan, we
not only invest in making premises available, but we also are able to provide services in
the context of energy transition.
See chapter 6. Financial results and property report pp. 84 for more information on the property portfolio rental situation.
See chapter 4. Performance pp. 29 for more details on our collaboration with customers and for our ambitions on the
further expansion of our services to our customers.
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2021 Annual Report
11
STRATEGY AND VALUE CREATION
3.
“
We aim to be at the forefront of the global
combat against climate change by becoming
net-zero across our entire value chain.
Supply the future
Page 15 Strategy
Page 17 Value creation
Page 18 Ambition
Page 26 Stakeholder engagement
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Annual accounts
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Results
Strategy and value creation
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“
Brownfield developments offer a sustainable
and innovative answer to land scarcity.
DOMINANT TRENDS
There are a limited number of plots available for development, which exerts upward
pressure on land prices. Therefore, real estate companies are increasingly focusing on
redevelopment projects, so-called brownfield developments. Such sites are transformed
into contemporary logistics sites: the (former) pollution is eliminated through remediation,
sustainable technologies and materials are implemented – i.e. a better ecological footprint
– and the health and safety of the employees who will be working there is taken into
account from the very first sketch. A brownfield development also forces one to think
out-of-the-box, for example by using vertical construction. A multi-storey structure
optimises the distribution capacity of a building.
Introduction
The demand for logistics real estate is at an all-time high. Unexpected market events
once again emphasise the crucial importance of a flexible and resilient supply chain.
Globally, supply chains are under pressure due to the strong economic recovery and
rapidly expanding e-commerce business but also due to unforeseen events disrup-
ting global supply chains. Consumers are experiencing dependence on an efficient
supply chain and the demand for omnichannel, food and pharma-related activities
continues to grow strongly. Technological progress optimises logistics services and
the productivity, efficiency, and storage capacity of companies. This in turn influences
the demand for modern logistics space as well as design. Moreover, the decreasing
availability of building plots, rising land prices, and the increasing pressure for sus-
tainability will lead to radical changes in the logistics property market. On the one
hand, the design will focus more than ever on energy efficiency, renewable energy
production, and a low-carbon future, and on the other hand, it will strive to minimise
the building’s (ecological) footprint.
From old to future-proof
The shortage of readily available land slows
down the
development of new logistics
property and challenges real estate companies
to provide an appropriate response by
redeveloping outdated, existing sites.
See 4. Performance pp. 29 for more information on how WDP responds to these trends.
WDP
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DOMINANT TRENDS
“
Companies are taking the next
step in their supply chain.
as home furnishings, food, and pharmaceuticals.
Companies were urged to switch quickly towards online
shopping, driven by digitalisation and automation. This
is because consumers, regardless of distance, expect
quick deliveries of purchased products, flexible returns,
and an extensive online assortment. Besides increased
digitalisation, this omni-channel service also requires a
different type of storage space.
It is expected that e-commerce will remain one of the
main growth drivers within the logistics real estate sector,
which could result in the realisation of approximately
30million square metres of omni-channel-related logistics
real estate space by 2025.
Automation
An efficient supply chain implies digital information flows
in the supply chain that predict fluctuating patterns and
implement smart inventory systems. The supply chain of
the future also expects more automation including smart
technologies and robotics, with a major impact on both
building design and operations. Until now, the high initial
investment cost and complexity have been an inhibiting
factor for the integration and adoption rate. Well-
resourced companies can count on a significant
competitive advantage.
The optimisation of the supply chain has already begun:
investments in robotics and semi-automated warehouses
are increasing, organisations will further diversify their
supplier base and focus on increasing the efficiency of
their supply chain. This creates versatility and eases
inventory pressure due to improved matching of supplier
capacity and consumer demand. Moreover, multimodal
transport options are being further developed and
distribution is increasingly based on the just-in-case
model – accruing a secure strategic stock to avoid stock
shortages. WDP considers a large regionalisation of the
global supply chains in Western Europe (nearshoring)
unlikely: after all, supply chains are complex and capital-
intensive. Moreover, moving production closer to the end
customer is expensive and not always desirable from a
regional perspective. The benefits of nearshoring depend
on the type of product, the level of automation, other
costs, as well as the decision to adopt a more regional
and self-reliant approach. Nevertheless, we are seeing
some activities that add value, such as personalisation
and postponed manufacturing.
Omni-channel
The accelerated growth of online sales has continued
unabated since the start of the pandemic in 2020,
as has the emergence of online niche markets, such
Supply chain transformation
Companies must respond to
fluctuations in a resilient manner so they
can face the future with confidence. The supply
chain is questioned and reoriented according to
the changed environment.
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2021 Annual Report
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DOMINANT TRENDS
Climate transition
Sustainability is no longer a trend
but an integral part of business
strategy. Climate objectives can only
be achieved with efforts made
throughout the entire value chain.
Energy efficiency is a priority, not just because of the
obvious cost savings, but also from a regulatory
perspective. The EUGreen Deal requires a net-zero CO
2
emission by 2050. To achieve this goal, a strong
commitment is required for the continued roll-out of
renewable energy, energy efficiency, and the sustainable
use of materials to mitigate climate change.
The logistics property sector is committing itself by
investing in solar panels and carbon-free buildings. It is
certain that those who neglect sustainability run the risk
of vacancies, lower rent levels, and repercussions for
non-compliance with the law.
Although the investments are mainly for the account of
the property owner (and mainly for the benefit of the
user), offering sustainable solutions has so far had a
limited impact on customer decisions. However,
customers are now also being increasingly pressured to
reduce their ecological footprint. Specifically, owners of
logistics real estate are being urged by users to contribute
to making the entire value chain more sustainable.
The demand for buildings with higher sustainability
standards will result in higher rental levels. Moreover,
owner-occupiers will turn to a real estate specialist to find
a solution to give their existing outdated building a new
future with a focus on sustainability and the well-being of
staff. To that end, this is an opportunity for the logistics
real estate sector.
“
Companies
must be part
of the climate
solution.
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2021 Annual Report
15
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OUR STRATEGY
Pure player with a clear focus
Our strategy is aimed to create value for our customers, our shareholders, and all stakeholders
Strategic drivers
#TeamWDP
Good governance
#TeamWDP is the beating heart
of our company. We want our
employees to grow and hone
their skills, to feel good as part of
a strong team that responds to
customer needs. Doing business
with integrity and in a sustainable
manner form the basis of our daily
operations.
Sustainable warehouses
Geographical distribution
Our 100% client-centric approach
ensures the development of
sustainable buildings in strategic
locations that help our customers
grow and guarantees maximum
occupancy of our warehouses.
Smart financing
Innovative solutions
With our smart warehouses, we are
responding to the logistics issues
of today and tomorrow. Smart
financing ensures a stable and
profitable WDP that creates value
for all stakeholders.
Value creation for all stakeholders
INNOVATIVE
ENTREPRENEURSHIP
CLIENT-ORIENTED
#TEAMWDP
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2021 Annual Report
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OUR STRATEGY
#TeamWDP
It is important that our staff feel good and appreciated
and get the opportunity to develop their talents. WDP
strives to promote the skills of its employees to facilitate
a sustainable and dedicated team and to build capacity
and continuity.
#TeamWDP’s entrepreneurship combined with short, fast
decision-making lines and the flat structure providing
room for innovation, ensure a dynamic cooperation.
#TeamWDP is the anchor point throughout the entire
process: after the commercial team has drawn up
the outlines of the lease agreement, the buildings are
developed under the guidance of experienced project
managers, after which the property managers relieve the
customer of the burden of managing them. WDP also
maintains firm control over its financial, accounting, and
legal affairs.
Good governance
Conducting business fairly and with integrity, open
communication and transparent reporting ensure
responsible business practices that balance the interests
of different stakeholders and the community.
Sustainable warehouses
WDP provides a solution to the demand for modern,
intelligent storage facilities with the latest sustainability
developments. The customer requests for an energy-
efficient (and therefore cost-reducing) location that is
strategically embedded to promote an optimal flow of
goods. WDP offers a diverse portfolio of sustainable and
state-of-the-art buildings that are always adapted to the
needs of the sector.
Geographical distribution
WDP sites are always chosen based on their strategic
location, for example, in the immediate vicinity of storage
and distribution hubs and/or multimodal transport
facilities. The majority of properties are located in
the economic heart of North-Western Europe, in the
hinterland of the ports of Amsterdam and Rotterdam - the
import and export gateways of Europe. The properties
are spread along the Amsterdam-Rotterdam-Breda-
Antwerp-Brussels-Lille logistics axis and extend to
North Rhine-Westphalia and the ports of Bremen and
Hamburg. In Central Europe, WDP is active in Romania,
which serves as a gateway for supplying South-Eastern
Europe.
Smart financing
A healthy mix of equity and loan capital is used to finance
real estate investments. The goal is to synchronise the
issuance of new capital and the taking on of external
green financing. This is how the rhythm of investment
is followed by the rhythm of financing. By reserving a
portion of the profits, we create a financial buffer for the
future and these funds can be reinvested in the further
growth of WDP.
Innovative solutions
The development of a new building or lease of an existing
location is preceded by an analysis of the customer and
its activities, and in close consultation we find a suitable
real estate solution. Jointly reflecting with the customer
implies being open to and leading the way with innovative
solutions regarding location, the type of building, goods
flows, technology, production of renewable energy, etc.
WDP
2021 Annual Report
17
Annual accounts
Governance
Results
Strategy and value creation
This is WDP
HOW WDP CREATES VALUE
Stable
cash ow
Development and
long-term lease
#TEAMWDP
CLIENT-ORIENTED
INNOVATIVE
ENTREPRENEURSHIP
STRATEGY
COMMERCIALISATION
RENOVATION
#WeEducate 807 hours
Satisfaction score 7.9/10
Absentee rate 0.221%
#WeCare 125,000 euros
See pp.
49
#SpeakUp no violations reported
Due diligence on critical suppliers
no violations detected
Lease renewal 90%
Repeat business 50%
MyWDP customer portal
See pp.
56
Impact by responsibility
Vitally engaged
#TeamWDP is the driving force
of our value creation. We are
committed to their well-being,
safety, and development and to
the environment of our operations
and local communities.
We are committed to a strong and
reliable value chain, with an eye for
health, safety, and integrity. We take
responsibility for risk management,
including human rights.
Output OutcomeInput Contribution to SDGsBusiness model
WDP electricity procurement green
56%
Energy monitoring system coverage
73%
LED lighting in property portfolio
40%
See pp.
30
Future logistics
Our high-quality logistics
infrastructure facilitates and optimises
the activities of our customers and
guarantees them quality,
sustainability, and continuity.
Value of portfolio 6.0 billion euros
Development pipeline 594 million euros
Occupancy rate 98.6%
EPRA Earnings per share 1.10 euros
Dividend per share 0.88 euro
Green certified warehouses 29%
Solar panel capacity 95 MWp
See pp.
40
Sustainable growth
WDP targets a balanced growth
through transparent and fair
governance. This is how we
respond to economic, social,
and environmental needs.
Financial capital
Equity reinforced with
>350 million euros
Loan-to-value 36.7%
Net debt / EBITDA (adjusted) 7.9x
Green financing 800 million euros
(36% of total debt position)
Real estate
Lettable area 5.9 million m²
Warehouses 257
Development potential ~1.5 million m²
Intellectual and human capital
#TeamWDP 96
Training and education 17 hours/FTE
Flexible company organisation
Project Brains
Social capital
Partnership with the customer
#WeMakeADifference
Employee Code of Conduct
Supplier Code of Conduct
Natural capital
M.A.D.E. for FUTURE
Energy monitoring system
Solar energy capacity 95 MWp
PURPOSE
A home for the supply chain
VISION
Our warehouses with brains help our
customers to grow at the heart of
their supply chain
DEVELOPER / END INVESTOR
ACQUISITIONS
WDP
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Annual accounts
Governance
Results
Strategy and value creation
This is WDP
VALUE CREATION BASED ON DEFINED OBJECTIVES
Sustainable growth
Targets Performance in 2021 Status
2019-23 growth plan Property portfolio: >6 billion euros
EPRA EPS in 2021: 1.10 euros
(previously 1.07 euros)
EPRA EPS in 2024: >1.25 euros
Property portfolio: 6 billion euros
EPRA EPS: 1.10 euros
EPRA EPS FY 2022 guidance: 1.20
euros
Intended targets within reach

Growth plan 2022-25 Property portfolio: 8 billion euros
EPRA EPS in 2025: 1.50 euros
–

WDP GREEN. Green certified assets: >75% by 2025
Green financing: >75% by 2025
TCFD: adoption of requirements by
2024
Green certied assets: 29%
Green nancing: 36%
TCFD: governance, risk management,
metrics & targets

WDP ENERGY. Renewable energy capacity:
250 MWp by 2025
Renewable energy capacity: 95 MWp

Reporting standards,
ratings, and indexes
EPRA: Gold
GRI: Core
MSCI: A in 2023 onwards
ISS ESG: Prime C in 2023 onwards
DJSI Europe: inclusion
EPRA: Gold
GRI: Core
MSCI: A (since 2022)
ISS ESG: Not Prime C-
DJSI Europe: inclusion

Future logistics
Targets Performance in 2021 Status
WDP DECARB+. Scope 3 leased assets (down-
stream): net-zero by 2040
Scope 3 capital goods (upstream):
net-zero by 2050
First measurement of WDP's climate
footprint with 2020 as the base year

WDP ENERGY. WDP electricity procurement green:
100% by 2023
Energy monitoring system: 100%
coverage by 2025
LED lighting: 100% coverage by
2030
WDP electricity procurement green:
56%
Energy monitoring system: 73%
coverage
LED lighting: 40% coverage

Vitally engaged
Targets Performance in 2021 Status
#WeMakeADifference #WeEducate: support for minimally
100 students per year
#WeAreConscious: 100% coverage
energy monitoring system by 2025
#WeEducate: support for 100 stu-
dents
#WeAreConscious: 73% coverage
energy monitoring system
#WeCare: 125,000 euros of nancial
support

ESG targets for
#TeamWDP
Annually at least 90% realisation of
ESG targets by #TeamWDP
90% realisation of ESG targets by
#TeamWDP

WDP +100 track Ownership, intrapreneurship, crea-
tivity, and innovation embedded in
#TeamWDP by 2025
-

Impact by responsibility
Targets Performance in 2021 Status
Long-term business
partnerships
At least 80% lease renewal Lease renewal: 90%
Repeat business: 50%

Supply chain manage-
ment
Further expansion and formalisation
-

Remuneration
These KPIs are part of the remuneration of the Board of Directors, Management
Committee, and #TeamWDP.
WDP
2021 Annual Report
19
Annual accounts
Governance
Results
Strategy and value creation
This is WDP
2019-23 GROWTH PLAN
1.5 billion euros
(identied investment volume)
0.3 billion euros in acquisitions
350 million euros in acquisitions
40 million euros in disposals
1.2 billion euros of projects
Green and browneld projects and
investments in solar energy
Scorecard as per 31 December 2021
Dynamic portfolio development
75
%
of target growth identified
Base year 2018 3.5 billion € Base year 2018 € 0.86
~1.5
billion euros of investments
FY 2021 FY 2022 guidance
Identified
growth
EPRA EPS
Property
portfolio
EPRA EPS
FY 2022
GUIDANCE
OBJECTIVES
WITHIN REACH
+2.0 billion euros of investments
ambition 2023
2019-23
AMBITION
>6
billion €
>6
billion €
1.20
€
At least
1.25
€
+40% cumulative
+45% cumulative
ambition 2024
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2021 Annual Report
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Annual accounts
Governance
Results
Strategy and value creation
This is WDP
INTRODUCTION OF NEW GROWTH PLAN 2022-25
+8
%
p.a.
+500
million €
p.a.
1.50
€
EPRA EPS
8
billion €
Portfolio
1.10
€
EPRA EPS
6
billion €
Portfolio
2025 Objectives
Based on: net debt /
EBITDA (adj.) ~8x
FROM EXTERNAL GROWTH TO EXTERNAL GROWTH+
Within the framework of the 2019-23 growth plan, WDP has identified a complete
package of investments of 1.5 billion euros by the end of 2021, accounting for
75 per cent of the targeted cumulative volume of 2.0 billion euros). Given WDP’s
ambition of EPRA Earnings of 1.20 euros for 2022, the ambitions set to date –
including EPRA Earnings per share of at least 1.25 euros in 2024 (and originally
1.15 euros in 2023) – are achievable one year earlier. In that context, WDP wishes
to start a new chapter in its growth trajectory.
The key driver for earnings growth remains the continuing structural demand for
logistics property, enabling WDP to help its customers grow further in the heart
of the supply chain. Moreover, WDP sees future value creation also supported by
opportunities in the existing portfolio – which is becoming increasingly important
due to growing scarcity – and the pressing issue of climate change also offers both
business opportunities and challenges, both driven by technology and innovation.
GROWTH
FOR
FUTURE
Structural growth Value creation within
the existing portfolio
Climate as an opportunity
INVESTMENTS IN SUPPLY CHAIN AND OMNI-CHANNEL CUSTOMER FOCUS AND HIGH-QUALITY PORTFOLIO SCALING UP ENERGY AS A BUSINESS WITH A FOCUS ON
ENERGY TRANSITION
IN THE BENELUX AND ROMANIA (< 20% IN ROMANIA) INCREASING SCARCITY OF LAND WITH UPWARD PRESSURE
ON MARKET RENTS
SECTOR LEADERSHIP AND ENGAGEMENT WITH CUSTOMERS/
SUPPLIERS ON DECARBONISATION
WIDENING EU FOOTPRINT: FURTHER DEVELOPMENT IN
GERMANY AND CAPITALISATION OF FRANCE
WELL POSITIONED TO ABSORB HIGH(ER) INFLATION
THROUGH CPI-LINKED RENT
RECOGNITION OF CLIMATE RISKS COMBINED WITH BUSINESS
OPPORTUNITIES
STRATEGIC LAND BANK WITH A FOCUS ON PRE-LET
DEVELOPMENTS WITHIN THE DEVELOPER/INVESTOR MODEL
MEDIUM-TERM RENT REVIEW POTENTIAL, WITH
COMMERCIAL APPROACH
TECHNOLOGY AND INNOVATION
COMPETITIVE LOGISTICS SECTOR ACHIEVED VIA RESILIENCE
AND GROWTH OF PROSPECTS
EXPANSION OF SERVICES (UPGRADE, INNOVATION,
SUSTAINABILITY, PROPTECH, ETC.)
WDP CLIMATE ACTION PLAN WITH TARGETS THROUGHOUT
THE ENTIRE VALUE CHAIN
External Growth External Growth+
This forecast is based on the current knowledge and situation and barring
unforeseen circumstances (such as the further evolution and macroeconomic
implications of a changing interest rate climate and the tragic events in
Ukraine and related geopolitical tensions).
Base year 2021
Base year 2021
External Growth+
WDP
2021 Annual Report
21
Annual accounts
Governance
Results
Strategy and value creation
This is WDP
M.A.D.E. for FUTURE
The WDP Climate Action Plan outlines the ambitious path that WDP will take to achieve net zero throughout its entire value
chain (scope 1, 2 and 3) by 2050, taking into account a 1.5 °C scenario and the ambitious objectives of the EU Green Deal.
This plan provides a clear framework that addresses both climate risks and business opportunities.
M.A.D.E. for FUTURE: the objective of this climate action plan is clearly linked to the WDP operating activities, namely Material
use, Adaptation, Decarbonisation, and Electrification. The plan is the basis for the roll-out of three tracks, each with clear,
ambitious, and transparent objectives:
Download M.A.D.E. for FUTURE
M.A.D.E.
FOR
FUTURE
CLIMATE ACTION PLAN
WDP ENERGY.
YOUR ENERGY SERVICE PROVIDER
WDP DECARB+.
REDUCING OUR ENVIRONMENTAL
FOOTPRINT
WDP GREEN.
A SUSTAINABLE & FUTURE-PROOF WDP
SUSTAINABLE CAR CHARGING RESPONSIBLE LAND USE GREEN CERTIFICATIONS
WAREHOUSE AS SOLAR POWER STATION MATERIAL DATABASE AND PASSPORT TCFD
ENERGY EFFICIENCY SERVICES PREDICTIVE MAINTENANCE EU GREEN DEAL
NEXT GEN WAREHOUSE CIRCULAR PROCUREMENT EU TAXONOMY
RENEWABLE HEATING & COOLING CIRCULAR WAREHOUSE DESIGN ESG BENCHMARKS
SUSTAINABLE TRUCK CHARGING CARBON REMOVAL & SEQUESTRATION GREEN LEASE
1 With regard to the contracts that WDP has under its own management.
2 Compliance with TCFD by 2024 (Annual Report 2023).
3 For relevant buildings.
WDP electricity procurement green
1
Renewable energy capacity Scope 1 and 2
corporate ofces
Scope 1 and 2 car park
Adoption of recommendations
2
Green nancing
100
%
by 2023
56
%
in 2021
250
MWp
by 2025
95
MWp
in 2021
Net-zero
by 2025
Net-zero
by 2030
TCFD
by 2024
>75
%
by 2025
36
%
in 2021
Energy monitoring system coverage
3
LED coverage
3
Scope 3 downstream Scope 3 upstream
Green certied assets
100
%
by 2025
73
%
in 2021
100
%
by 2030
40
%
in 2021
Net-zero
by 2040
Net-zero
by 2050
>75
%
by 2025
29
%
in 2021
WDP
2021 Annual Report
22
Annual accounts
Governance
Results
Strategy and value creation
This is WDP
ESG materiality analysis
WDP examined the main aspects regarding ESG for its relevant stakeholders in
autumn 2018. This included assessing the importance of these materialities for the
stakeholders, as well as the potential impact of each materiality for WDP, taking into
account the opportunities resulting from it, or the risks associated with it.
The analysis resulted in a matrix that shows a clear divide and leads us to the seven focus
themes that are most relevant for WDP – the WDP ESG Framework.
This working framework was created using the United Nations Sustainable Development
Goals (SDGs) as a guide. As well as the analysis of industry trends and developments,
other ESG frameworks, reporting standards (such as the European Public Real Estate
Association (EPRA), Global Reporting Initiative (GRI) and Sustainability Accounting
Standards Board (SASB)) and leading rating and research agencies (such as Vigeo, MSCI,
ISS and the Dow Jones Sustainability Index (DJSI)) were also taken into consideration.
Using this framework, WDP has further shaped its ESG policy in recent years. These
seven focus themes are also the basis for the multi-year WDP ESG Roadmap in which all
underlying actions are stated together with the associated managers and deadlines. This
applies within #TeamWDP, which is also reflected in everyone's goals.
1
To attain more integrated reporting with a focus on WDP's value creation, we defined
four value pillars in 2021: Future logistics, Sustainable growth, Vitally engaged, Impact
by responsibility.
Subsequently and given the fact that WDP is now more mature in terms of its ESG
policy – for instance, its WDP Climate Action Plan – we will also carry out a new materiality
exercise in the course of 2022, once again within the framework of the SDGs.
In the materiality analysis of 2018, we started by assuming the impact of certain themes
on the business of WDP. In 2022, we will conduct the analysis based on double materiality.
To this end, we will examine the effects of WDP's business on various sustainability
factors. Moreover, we will also examine how such sustainability factors influence the
development, performance, and position of the company. This is how we are preparing
ourselves for the reporting requirements arising from the future Corporate Sustainability
Reporting Directive.
1 See 4. Performance on page 29.
FOCUS THEMES VALUES
Company culture Sustainable growth
Digitisation Sustainable growth
Good governance Sustainable growth
Energy efficiency Future logistics
Health and safety Vitally engaged / Impact by responsibility
Employee development Vitally engaged
Attracting and retaining talent Vitally engaged
Importance for WDP stakeholders
Attracting and retaining talent
Energy efficiency
Digitisation
Corporate culture
Employee development
Good governance
Health and safety
Water management
Waste management
Involvement of local
community
Greenhouse gas emissions
Impact of climate change
Diversity and inclusion
Business impact for WDP
WDP
2021 Annual Report
23
Annual accounts
Governance
Results
Strategy and value creation
This is WDP
WDP’s contribution to the United Nations SDGs
The United Nations’ goals guide us. WDP aims to contribute to those SDGs that are deemed most relevant to the company and its operations.
Employee development
WDP seeks to improve the personal and professional development of its staff by means of general
and individual training and personalised development plans.
WDP wants to play a leading role in the transition to renewable energy and optimum energy
consumption. The Climate Action Plan M.A.D.E. for FUTURE formulates concrete targets
regarding green energy procurement, maximising solar energy capacity, and the use of LED
lighting. The energy monitoring system provides an overview of WDP’s energy consumption and
its customers’ consumption as a foundation for optimising energy consumption.
A safe and healthy workplace is a vital aspect of WDP’s operational management. A good mix of
different talents, cultures and personalities is critical to the recruitment policy. In order to retain
talent within the company, WDP strives for continuous development and engagement with the
company and its projects.
As a long-term investor, WDP plays a role in continued sustainable deployment of infrastructure
in the regions where the company operates. WDP firmly believes that good governance leads to a
good balance between the interests of the different stakeholders and the community.
WDP has set specific targets for the reduction of CO
2
emissions and intends to have climate-
neutral operations (scope 1, 2, and 3) by 2050. By focusing on its entire value chain, WDP can
take effective action on climate change.
Energy efficiency
Health and safety
Attracting and retaining talent
Good governance
Energy efficiency
WDP
2021 Annual Report
24
Annual accounts
Governance
Results
Strategy and value creation
This is WDP
ESG BENCHMARK PERFORMANCE
Introduction
Active participation in benchmarks and ratings and reporting according to recognised
international standards underlines our ambition to take on an increasingly prominent role
in all aspects of sustainability. Our choice always keeps in mind the complementarity and
versatility of the benchmarks so we can communicate as reliably and transparently as
possible to the widest possible audience. We are also considering the added value for
WDP itself: our participation should enable us to monitor our progress and better assess
our performance in the sector as a whole. Moreover, the rating or benchmark scores
received by WDP are part of the performance targets within the remuneration policy of
the Board of Directors, the Management Committee, and #TeamWDP.
Reporting standards, ratings and indexen
2019 Score Ambition Description Importance for WDP
Gold Gold
2021
Gold The EPRA Sustainability Best Practices Recommendations (sBPR) are intended to standardise and increase
the consistency of sustainability reporting of European listed real estate companies. EPRA sBPR is largely
based on the GRI Standards (2016 edition) and the Construction and Real Estate Sector Supplement
Disclosure.
The EPRA reporting standards are closely aligned with the (real estate)
activities of WDP and ensure transparent and consistent reporting on
sustainability by real estate companies. Their alignment with the GRI
international standard emphasises their relevance.
GRI
Core Core
2021
Core The GRI (Global Reporting Initiative) is an independent, international organisation that helps companies and
other organisations to take responsibility and to report transparently and consistently on their economic,
environmental, and human impact, as well as their contribution to sustainable development. The GRI
Standards are one of the world's most widely used sustainability reporting standards.
Reputable standard for relevant stakeholders (investors, policymakers,
capital markets, and the community). EPRA aligns its reporting with
this standard.
BB
Dec 2018
A
2022
A
2023 et
seq.
MSCI is a leading supplier of decision-support tools and services to investors worldwide. MSCI ESG
Research researches, scores and analyses environmental, social, and governance-related business practices
(both in terms of risks and opportunities). These ratings, data, and analyses are also used in compiling the
MSCI ESG indexes.
MSCI analyses and scores companies on environmental issues. It also
thoroughly analyses governance and social issues. This rating is very
well known within the investor community and links with CDP.
Not
PrimeD+
Not Prime
C-
2021
Prime C
2023 et
seq.
ISS ESG Corporate Solutions helps investors benchmark listed companies on their risks and opportunities
and how they manage ESG issues using quantitative and qualitative data based on GRI, SASB, and TCFD.
The ISS ESG Corporate Rating provides investors with a clear picture
of the strengths and weaknesses in terms of the sustainability strategy
of the companies they have analysed. This rating is widely supported
within the investor community. The link with GRI and TCFD is
considered a plus by WDP.
First
parti cipation
Inclusion
in DJSI
Europe
2021
Inclusion
in DJSI
Europe
2021 et
seq.
The Dow Jones Sustainability Indices (DJSI) are a family of indices that evaluate the sustainability performance
of listed companies. The DJSI is the reference point for sustainable investment for investors and companies
under the auspices of S&P Global. The DJSI is based on an analysis of companies' economic, environmental,
and social performance, assessing corporate governance, risk management, branding, climate change,
supply chain standards, and labour practices.
The inclusion in the DJSI Europe Index provides autonomous credibility
in terms of sustainability and how WDP invests in ESG. The versatility
and thorough analysis of all aspects of ESG help WDP to further
develop its ESG strategy.
- - First parti-
cipation
2022
CDP (Carbon Disclosure Project) is an international environmental disclosure system that provides an
overview of the environmental metrics and risk management in the areas of climate change, water and
deforestation of participating companies. CDP assigns a score based on this data to each company as an
indicator of their climate approach. The indicator reflects the company's progress in the area of environmental
stewardship.
After the introduction of the WDP Climate Action Plan, participation in
CDP (Climate Change) is a given. This is how (potential) investors can
benchmark WDP's climate approach in an independent and transparent
manner.
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2021 Annual Report
25
Annual accounts
Governance
Results
Strategy and value creation
This is WDP
Decision-making process
The ESG decision-making process is fully embedded in the day-to-day organisation and
governance structure of the Company. Below is an overview of the teams and governing
bodies involved, with a focus on their roles and responsibilities. Continuous interaction is
also key here. Moreover, a top-down and bottom-up approach are combined.
Board of
Directors
♦
Approves the
proposed ESG
strategy (including
targets and
commitments).
♦
Monitors the
ESG strategy
implementation, risks,
and opportunities.
ESG committee
♦
Acts as a liaison between the ESG team
and the Executive Board.
♦
Ensures information and education
on ESG-related issues is propagated
upstream.
♦
Advises the Board of Directors – and if
applicable, the Audit Committee – about
ESG subjects and formulates proposals,
recommendations, and reports on
these topics, such as target setting,
assessment of non-financial information,
or information required by prevailing
legislation with regard to ESG, ESG risks,
and opportunities related to the Audit
Committee and the Board of Directors.
♦
Aligns the various operational initiatives
and the ESG strategy.
ESG team
♦
Forum for the development of the ESG strategy
(including objectives and commitments) to be
approved by the Management Committee and
Board of Directors.
♦
Ensures complete coordination and necessary
interaction between the environmental, social,
and governance tracks.
♦
Ensures the information, non-financial or
otherwise, required by prevailing ESG legislation
is prepared (and reported) to both internal and
external stakeholders.
♦
Monitors the progress of ESG strategy
implementation.
♦
Composition: Head of Energy & Sustainability,
Head of Human Resources, General Counsel,
Investor Relations.
♦
Quarterly meetings.
#TeamWDP
♦
Is responsible for
implementing the ESG
strategy.
♦
An integrated approach is
guaranteed by dedicated
interdepartmental working
groups focused on
specific ESG themes. This
is how the knowledge
of our specialist staff is
maximised and ownership
of the initiatives and
the planned targets is
ensured.
Refer also to chapter 7. Corporate Governance Declaration for more information related to
the role, responsibilities, and composition of the Board of Directors, the ESG Committee,
and the Management Committee, and also on the risk management policy applicable
within WDP.
Management
Committee
♦
Submits proposals for the
ESG strategy (including
targets and commitments)
to the ESG Committee
based on input from the
ESG team.
♦
Is responsible for the
continuous evaluation
of the ESG strategy
and for monitoring its
implementation.
♦
Is responsible for the
follow-up and monitoring
of ESG risks and
opportunities.
WDP
2021 Annual Report
26
Annual accounts
Governance
Results
Strategy and value creation
This is WDP
VALUE CREATION THROUGH DIALOGUE AND CLEAR FOCUS
Stakeholder engagement
What are stakeholders’ expectations and how are they being met by WDP.
Stakeholder Their expectations Our engagement
Customers
♦
Strategic location
♦
Sustainable real estate with a focus on well-being, safety, and environment
♦
Optimisation of supply chain and operating activities
♦
Reliable partnership with a clear understanding of customer expectations
♦
Competent business partner with expertise and know-how
♦
Easy contact with WDP
♦
Supports customers' contribution to the climate issue
♦
Contemporary and future-oriented Warehouses with brains –
logistics real estate in all of its facets
♦
In-house know-how: continuous interaction between our
property, project, and commercial managers and (future)
customers
♦
Solar panel programme
♦
Energy monitoring system in all WDP warehouses
♦
Energy-efcient measures in the buildings
♦
Leases at market conditions
♦
Property managers respond quickly and exibly to
customer demands
♦
Creation of long-term partnerships
♦
Continuous brainstorming with partners on innovation
and sustainable solutions
#TeamWDP
♦
Work-life balance
♦
Personal and professional development
♦
Attractive salary package
♦
Health and safety
♦
Ethical conduct
♦
Corporate social responsibility
♦
Good understanding of any staff concerns
♦
Pleasant working environment to support creativity, well-
being, and motivation for #TeamWDP
♦
Employee Code of Conduct
♦
Corporate engagement activities
♦
#HealthyAndSafe statement
♦
Regular communication with all staff
♦
#SpeakUp
♦
Annual and semi-annual feedback moments
♦
Training and coaching programmes
♦
Annual analysis of the remuneration policy
♦
An open culture offering constructive feedback and
innovation
♦
Minimum employee score of 8/10
Investors
Financiers
Shareholders
Third-party
benchmarks
Analysts
♦
Value creation and prot generation
♦
Long-term business model with clear targets and strategy with a view to
further growth
♦
Stable partnership with WDP
♦
ESG as part of the business plan
♦
Transparent communication at regular intervals with publications containing
accurate and complete information on WDP and its business plan
♦
Objective performance benchmarking via participation in ESG questionnaires
♦
Mutual dialogue
♦
WDP contribution to the climate issue
♦
Investments and creation of long-term cash ows
♦
Dened growth plan with quantied targets
♦
Transparent communication and nancial information via
quarterly publications and (interim) annual reports
♦
Participation in and knowledge of the expectations within a
selection of ESG questionnaires
♦
Expansion of strong long-term relationships through
continuous and intensive dialogue, such as annual
roadshows and investor fairs, recurring moments of
consultation and Investor Day
♦
Annual General Meeting
Suppliers
♦
Reliable and long-term partnership where WDP expectations of suppliers are
clearly stated, including in the area of sustainability
♦
Doing business correctly
♦
Safe working environment
♦
Collaboration based on clear agreements and interaction
♦
Payment deadline compliance
♦
Creation of a long-term relationship
♦
HSES Team - HSES Corporate Action Plan
♦
Supplier Code of Conduct
♦
#HealthyAndSafe statement
Policymakers
♦
Knowledge of and compliance with prevailing regulations
♦
Contribution to the objectives of the EU Green Deal
♦
Continuous monitoring and compliance with prevailing
regulations
♦
Open dialogue through membership of reputable
professional organisations
♦
Open dialogue with policymakers in the spirit of transparency
and ethical awareness
♦
Open and proactive dialogue with local and
national regulating associations during the project
development cycle
♦
No monetary contributions to political parties or
campaigns
Community
♦
Minimal negative impact of activities on the immediate environment
♦
Clear communication regarding (the possible impact of) WDP projects in
development'
♦
Measures to reduce ecological impact
♦
Economic growth
♦
Employment
♦
Sustainable management
♦
Mutual dialogue
♦
Corporate citizenship strategy
♦
Continuous and mutual dialogue between customer,
community, and WDP
♦
Direct and transparent contact with the community (e.g. via
an information evening) and relevant stakeholders
♦
Corporate citizenship via #WeMakeADifference
♦
Contribution to the infrastructure
♦
Membership of various associations and societies
WDP
2021 Annual Report
27
Annual accounts
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Results
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Stakeholder Engagement in 2021 Value pillar
Customers
♦
50% repeat business
♦
90% lease renewal
♦
Dialogue with the customer:
- each customer meets with the property team at least twice a year
- each customer meets with the sales team at least once a year
♦
Thinking along with the customer:
the multi-layered new construction project for De Jong Packaging
demonstrates WDP’s participation in its customer's innovation plans
♦
Launching of the WDP Climate Action Plan
♦
MyWDP, an online and responsive customer portal
Future logistics
Impact by
responsibility
#TeamWDP
♦
Training plan for each employee
♦
The annual HSES Corporate Action Plan 2021 and the #HealthyAndSafe statement ensure a safe
and healthy work environment
♦
Safe and healthy during the COVID-19 pandemic
♦
Average score of 7.9/10 for the employee satisfaction score
♦
Digital innovation
♦
Annual feedback in open dialogue and interaction for all staff
♦
#SpeakUp related to the Employee Code of Conduct: no reports
Vitally Engaged
Sustainable growth
Investors
Financiers
Shareholders
Third-party
benchmarks
Analysts
♦
Annual 360° consultations with each partner bank
♦
One-on-one and group discussions with approximately 200 institutional investors at international
roadshows, real estate events, and multiple calls
♦
Direct contact with private investor via video call #CatchUp video call by CEO with retail
investors
♦
Dialogue with the existing shareholder via the General Meeting
♦
Press conference following the annual results and replay webcast
♦
Online Financial calendar that announces the quarterly publications, interim or yearly report,
(Extraordinary) General Meeting, and other relevant dates
♦
Shareholder rights
♦
Conference calls with analysts and investors following quarterly results
♦
Active participation in ESG questionnaires and assessments of ISS,
MSCI, and DJSI and proactive interaction with ISS, MSCI, and DJSI
♦
Transparent communication on consensus and analyst expectations
♦
Launching of the WDP WDP Climate Action Plan
♦
MyWDP, an online and responsive customer portal
Sustainable growth
Suppliers
♦
The long-term relationships are supported by framework contracts with a selection of the
existing contractors
♦
Our collaboration with a permanent pool of contractors, architects, engineering rms, and legal
advisers reects the importance WDP places on long-term relationships
♦
The annual HSES Corporate Action Plan 2021 and the
#HealthyAndSafe statement ensure a safe and healthy work
environment, including during the COVID-19 pandemic
♦
Supplier Code of Conduct: due diligence for our most critical suppliers
Impact by
responsibility
Policymakers
♦
Regular neighbourhood consultations, in collaboration with the competent authorities, e.g. for
the projects in Lokeren and Breda
♦
In 2021, 56 building applications were submitted
♦
Proactive interaction with FSMA and AFM
♦
WDP did not make any monetary contributions to political parties or
campaigns
Impact by
responsibility
Community
♦
Sharing knowledge:
- Joost Uwents teaches at AMS, is a member of the general council of Vlerick Business School,
and is a jury member for an ASRE graduation project
- Joost Uwents is a board member of Logistics in Wallonia and a member of the EPRA Advisory
Board
- Tony De Pauw is a member of the VBO strategic committee
- Marc De Bosscher is chairman of the EPRA PropTech committee
- WDP hosted the workshop for the Masters in Logistics programme at the AMS
- Mickaël Van den Hauwe is Treasurer of the BE-REIT Association and a member of the
Regulatory & taxation committee of EPRA
♦
Regular neighbourhood consultations, in collaboration with the
competent authorities, e.g. for the projects in Lokeren and Breda
♦
Dedicated website for the project in Lokeren with status of the work
♦
In 2021, 56 building applications were submitted
♦
#WeMakeADifference in 2021: #WeEducate: 807 hours of training
support by #TeamWDP, #WeAreConscious: coverage of energy
monitoring system is 73%, #WeCare: 25,000 euros in nancial support
for Manuel Neuer Kids Foundation and favourable lease terms for
MaatWERKbedrijf BWB
Vitally engaged
Future Logistics
WDP
2021 Annual Report
28
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PERFORMANCE
4.
“
Our core product, the warehouse with brains,
and our services are based on future-oriented
value pillars.
Responsible, sustainable,
and demand-driven growth
Page 30 Future logistics
Page 40 Sustainable growth
Page 49 Vitally engaged
Page 56 Impact by responsibility
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WDP
2021 Annual Report
29
FUTURE LOGISTICS
Introduction
Our ‘warehouses with brains’ represent an indispensable link in the supply chain of
our clients. Our high-quality and future-oriented logistics infrastructure, facilitates and
optimises our clients’ activities and ensures quality, sustainability, and continuity.
Energy efficiency
Objective
We will take actions set out in the WDP ENERGY track in WDP’s Climate Action Plan
to, among other things, further optimise the energy consumption of our buildings,
partly to reduce the energy costs for our clients.
Accomplishments in 2021
Focus theme
♦
Energy efficiency
WDP electricity
procurement green
1
56
%
Energy monitoring
system coverage
2
73
%
LED lighting in our
entire portfolio
2
40
%
1 This is the electricity purchased by WDP and consumed by the client.
Weproactively seek to increase green energy purchases together with our clients.
2 Coverage for relevant properties.
Energy consumption CO
2
e
Climate footprint
WDP corporate offices
Scope 1 and 2
-42
% y/y
More info
Financial results: see pp. 66
WDP Climate Action Plan: see pp. 22
WDP policies
MyWDP
Stakeholder engagement 2021 see pp. 27
Responsibilities and decision-making process
see pp. 26
Grievance mechanism see pp. 47
Actions
Building standard new development
For many years, WDP’s blueprint of new developments is annually tested and updated
where energy efciency is one of the priority considerations. We are committed to fully
insulating walls and roofs, LED lighting with dimming and motion detection, the greenest
and most energy-efcient insulation, and heating and air conditioning systems. When
using the completed building, we want to initiate concrete initiatives, such as green energy
procurement, smart monitoring of energy, water, and staff circulation, and implementing
sustainable maintenance strategies. Finally, we are always on the lookout for the latest
energy innovations so we can keep improving.
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2021 Annual Report
30
w
Lokeren, Belgium
Client Barry Callebaut
Lettable area 60,000 m²
Investment budget 92 million euros
(including investments in automation)
Completion Q3 2021
BREEAM Outstanding
WDP has developed the new home base for Barry Callebaut’s Global Logistics
Distribution Centre on the industrial estate in Lokeren. This site was built to the highest
construction standards and consists of a logistics low bay and a 40-metre-high,
fully automated high bay, covering a total lettable area of 60,000 m². This new hub
allows Barry Callebaut to anchor its global chocolate distribution and further optimise
its footprint by centralising eight sites and expanding capacity by up to 50%. The
distribution centre offers a direct connection to the E17 motorway and Port of Antwerp.
The unique, sustainable logistics hub is energy-neutral and received the highest
sustainability score. The roofs are equipped with solar panels. Low life-cycle cost
materials and geothermal energy were used. Employees can use charge points for
their electric vehicles and extensive bicycle facilities. This hub is fossil-fuel-free and
energy-neutral due to, among other things, having highly insulated and airtight buildings
and energy-efcient heating and cooling systems, which covers the remaining energy
demand.
WDP and Barry Callebaut:
a Belgian success story
PROJECT IN THE SPOTLIGHT
The energy-neutral warehouse
consists partly of a cooled high
bay where high-tech intelligent
design ensures optimisation
of the flow of goods and safe
storage of (food) products.
– Koen Baele,
Project manager WDP
“
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WDP
2021 Annual Report
31
WDP
DECARB+.
Reducing our environmental
footprint
WDP
ENERGY.
Your energy service provider
More info
WDP Climate Action Plan
pp. 22
1 Embodied carbon emissions
from developments and
renovation activities.
2 This is the electricity purchased
by WDP and consumed by the
client. We proactively seek to
increase green energy purchases
together with our clients.
3 Coverage for relevant properties.
nanoGrid
In 2018, WDP resolutely put forward the ambition to measure the electricity, water,
and gas consumption of the entire WDP portfolio using nanoGrid, a digital system
that monitors utilities and energy in real time. This tool measures the consumption
of utilities, such as electricity, gas, and water, as well as solar panel performance,
and provides insight into the client’s consumption (scope 3 downstream leased
assets).
We believe that we can only make a sustainable difference in energy efciency
after assessment of the total impact of the consumption in our buildings. That
includes the tenant’s consumption governed by the utility contracts they entered
into. Given the increasing importance in the real estate sector of accurate energy
monitoring and data analytics, WDP entered into a strategic partnership in 2021
with the energy proptech company nanoGrid by acquiring a 25% stake. Today,
nanoGrid has been rolled out across 73% of WDP’s property portfolio and
provides the perfect basis for the reporting under EPRA’s sustainable Best Practice
Recommendations (sBPR). For more information and interpretation on the EPRA
environmental performance indicators, see chapter 9. Reporting according to
recognised standards pp. 169.
Impact
Energy efficiency in our corporate offices
The sBPR reporting already demonstrates a positive evolution in our energy
efciency for the #TeamWDP ofces (Wolvertem, Breda, and Bucharest). Both the
absolute and the like-for-like GHG gures show the effect of our efforts to further
electrify our ofces and switch to green energy procurement. The graph below
shows the evolution of GHG emissions and a reduction in our CO
2
emissions from
our ofces of no less than 69% (geothermal installation installed in the Belgium
ofce) from 2017 until the end of 2021.
Objectives
Net-zero
Scope 3
Leased assets
Downstream
2040 AMBITION
100
%
WDP electricity
procurement green
2
2023 AMBITION
100
%
LED lighting in
our entire portfolio
3
2030 AMBITION
Net-zero
Scope 3
Capital goods
Upstream
1
2050 AMBITION
100
%
Energy monitoring
system coverage
3
2025 AMBITION
FUTURE LOGISTICS
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2021 Annual Report
32
As sBPR’s reporting focuses only on real estate, it does not provide us with any additional
insights into the CO
2
emissions from our car park. To this end, we use the GHG protocol
methodology (for more information and clarication about the GHG protocol, see
chapter 9. Reporting according to recognised standards pp. 184). The graph below also
shows the evolution of this since 2015. The effect of the actions taken to achieve a fully
electric/hybrid car park will manifest itself here in the coming years.
“
Sustainability
is a way of
designing, a way
of developing,
a way of doing
business. We
have it M.A.D.E.
for FUTURE.
Outlook
WDP announced its WDP Climate Action Plan in January 2022.
M.A.D.E. for FUTURE.
We want the actions and pathways outlined in the Climate Action Plan to
further future-proof our core product and property portfolio, while taking into
account climate change and the ambitious objectives of the EU Green Deal.
We aim to achieve a net-zero goal in the use of our buildings by 2040 (scope
3 – downstream leased assets). To this end, in addition to green power and
heat, we will work with our clients on energy efciency and sustainable
maintenance using materials with a circular life cycle. We can offer the right
complementary services to make the installations even more energy and
water efcient thanks to our energy monitoring system.
Moreover, we want to achieve a maximum reduction in embodied carbon,
especially those arising from developments, solar panels, and renovations:
net-zero by 2050 (scope 3 – capital goods). We will do this by using
sustainable materials with a circular life cycle. For both building and power
supply (PV panels), we seek the minimal use of rare earths and choice of low-
carbon insulation, concrete, and steel.
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2021 Annual Report
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We are targeting net-zero scope 1 and 2 for our corporate ofces in 2025.
This demonstrates that WDP is also taking the necessary steps within its own
organisation to stop global warming. Of course, we are aware that this is only
Ofces scope 1
Ofces scope 2
2015 2016 2017 2018 2019 2020 2021
Car park scope 1
160
140
120
100
80
60
40
20
0
(Ton CO
2
eq)
GHG emissions in T CO
2
e Targets
The increase through 2018 can mainly be attributed to the growth of #TeamWDP
and the fact that more ofce oor space was taken up, both in Belgium (40%
increase in surface area in 2018) and in the Netherlands (doubling space in 2017).
In 2017, the decision was made in Belgium to install a geothermal system – due
to the continued expansion and renovation of the ofces – and thus to completely
electrify the heating of the buildings, which is also reected in the increased
electricity consumption. Moreover, the ofce in Belgium has been using 100%
green electricity since 2020. As of May 2021, the ofce in Belgium is completely
decoupled from fossil fuel. This means the positive trend will continue in 2022.
By 2020, the Romania staff has moved into a highly energy-efcient building
(LEED certied) with 100% green electricity consumption. This ofce has gas
central heating, which is reected in the CO
2
emissions in 2021 (scope 1).
Since 2021, the ofce in the Netherlands (Energy Class A) has had 100% green
electricity consumption. That ofce is also connected to a local heat and cold
network, which is reected in the CO
2
emissions in 2021 (scope 2).
a very small part, less than 1%, of our climate footprint. Which is why we focus on the further
optimisation of our buildings in terms of energy consumption and our clients’ consumption in
our buildings (scope 3).
Net-zero
Scope 1 and 2
Corporate offices
2025 AMBITION
Net-zero
Scope 1 and 2
Car park
2030 AMBITION
Energy efficiency in our corporate offices
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2021 Annual Report
34
Energy intensity
Absolute
Distribution of landlord-obtained
and tenant-obtained electricity
Energy intensity
Like-for-like
Energy
consumption
Absolute
Intensiteit 2020
Electricity
(kWh/m
2
)
Heat
( kWh/m
2
)
Energy
(x million kWh/m
2
)
GHG location-based
(T CO
2
e/m)
GHG Market-based
(T CO
2
e/m)
Water
(m
3
/m
2
)
180
160
140
120
100
80
60
40
20
0
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Intensiteit 2021
Electricity
(x 1,000 kWh)
Heat
(x 1,000 kWh)
Energy
(x 1,000 kWh)
GHG location-based
(x 1,000 T CO
2
e)
GHG Market-based
(x 1,000 T CO
2
e)
Water
(in m
3
)
500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
Consumption in kWh of T CO
2
e
Verbruik 2019
Verbruik 2021
Verbruik 2020
Energy monitoring system coverage 2019
Energy monitoring system coverage 2021
Energy monitoring system coverage 2020
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
From the analysis of the 2020 and 2021 gures, we can observe two major trends across the
various indicators:
Energy intensity – Like-for-like
In general, we see that our clients’ energy consumption and energy climate footprint continued
to remain fairly stable during 2020 and 2021. Where there is an increase, this can be explained
Energy intensity – absolute
The increase in absolute intensity metrics is due to the addition of some large consumers at the
end of 2020. The sharp increase in absolute water consumption gures can also be explained
by the addition of a large number of sites to our energy monitoring system, namely, in Romania
in 2020 and 2021 and some large-scale sites in Belgium. This trend is not yet visible in the like-
for-like gures.
Continuous improvement of our data quality, including the further roll-out of our energy
monitoring system, will ensure that we can make an increasingly accurate assessment of our
clients’ energy consumption. Based on this, we can outline further actions within our Climate
Action Plan.
Distribution of landlord-obtained and tenant-obtained electricity
In total, 24% of the electricity consumption monitored was of 100% green origin (61,818 MWh).
Wenote that the use of green electricity has decreased in 2021 because several electricity contracts
were transferred by WDP to the tenant. For the time being, due to a lack of data, we are taking a
conservative approach and estimating that grey electricity is purchased through these contracts.
Thistrend is also reected in the metric GHG-int-Abs.
by the higher activity ratio in our clients’ premises due to the less stringent COVID regulations
compared with 2020.
Energy consumption – absolute
The sharp increase in absolute consumption is due to (i) our portfolio growth in lettable m²
(8% year-on-year) and (ii) an increase in the number of buildings in scope given the roll-out
of the energy monitoring system in the period 2020 and 2021.
180
160
140
120
100
80
60
40
20
0
Intensity - Absolute
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Electricity
(kWh/m
2
)
Heat
(kWh/m
2
)
Energy
(x million kWh/m
2
)
GHG location-based
(T CO
2
e/m)
GHG Market-based
(T CO
2
e/m)
Water
(m
3
/m
2
)
Intensiteit 2019
Intensiteit 2021
Intensiteit 2020
Energy monitoring system coverage 2019
Energy monitoring system coverage 2021
Energy monitoring system coverage 2020
Landlord-obtained electricity green
Landlord-obtained electricity grey | unknown
Tenant-obtained electricity green
Tenant-obtained electricity grey | unknown
2019
2020 2021
100%
80%
60%
40%
20%
0%
Coverage by the energy monitoring systemCoverage by the energy monitoring system
Coverage by the energy monitoring system
Energy efficiency in our property portfolio
Intensity 2019
Intensity 2020
Intensity 2021
Energy monitoring system
coverage 2019
Energy monitoring system
coverage 2020
Energy monitoring system
coverage 2021
Consumption 2019
Consumption 2020
Consumption 2021
Energy monitoring system
coverage 2019
Energy monitoring system
coverage 2020
Energy monitoring system
coverage 2021
Intensity 2020
Intensity 2021
Energy monitoring system
coverage 2021
Landlord obtained electricity green
Landlord obtained electricity grey | unknown
Tenant obtained electricity grey | unknown
Tenant obtained electricity green
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2021 Annual Report
35
THE WDP APPROACH
This XXL Pharma Logistics Distribution Centre reects the increased
demand for pharma-related activities but also the self-reliant
approach in building a safe inventory to counter the increasing
uncertainty in supply. This uncertainty was painfully exposed during
the coronavirus pandemic.
WDP is developing a new state-of-the-art distribution centre for
Alloga, which is a part of Alliance Healthcare Nederland and market
leader in Europe in the eld of specialist services in supply chain
solutions for healthcare. With a total lettable area of over 70,000
m
2
, the site contains a distribution hall, ofces, and ample parking
facilities. As from 2023 it will house Alliance Healthcare's head ofce
and consolidate the activities of several existing distribution centres.
Veghel is centrally located for supplying the Belgian and German
markets. Schiphol and Eindhoven Airport are also easily accessible.
The site will be completed in compliance with TAPA-A security.
The new building will also be built to comply with BENG standards
and will feature a gas-free all-electric climate system, solar panels,
triple high-efciency glazing, controlled LED lighting, and an energy
monitoring system. Staff will be able to use bicycle storage space
with charge points. A large number of charging points for electric
vehicles will also be provided. Water management and biodiversity
are also taken into account during implementation at this location.
Pharma logistics and
supply chain resilience
This innovative distribution
centre meets the high demands
for pharmaceutical logistics
buildings. It provides the
required economy of scale
that eliminates potential stock
shortages and guarantees
product availability.
Veghel, the Netherlands
Client Alloga / Alliance Healthcare
Lettable area 71,000 m
2
Investment budget 68 million euros
Completion Q2 2023
BREEAM Very Good
PROJECT IN THE SPOTLIGHT
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Decarbonisation
Objective
WDP’s Climate Action Plan goes much further than its focus on energy efciency. The
DECARB+ track focuses on various dimensions that help determine our environmental
footprint: land use, use of materials, resilience of our buildings, energy consumption,
biodiversity, air pollution, water pollution, soil pollution. For more information on this,
please see our Climate Action Plan pp. 22.
Actions
To date, WDP has already taken a great many actions to contribute to reducing its
environmental footprint. The road mapped out in the WDP Climate Action Plan must
massively reinforce and expand our current approach.
262,760 m²
Brownfield projects under development
WDP breathes new life into older underused sites. Browneld developments meet the
scarcity of free space. In addition to redeveloping such sites into modern new-build
warehouses with new sustainable technologies, such a project often also involves
cleaning up the (formerly) polluting site. This will reduce the environmental footprint
of the site and also contribute to the health of the workers who will occupy the
premises and the surrounding area.
Green leases
WDP makes green investments in its property
portfolio at the request of the client or on its own
initiative in combination with an adjustment to the
lease terms and reduced energy consumption.
This is how relighting projects regularly occur in
existing buildings.
BREEAM
A total of 20 WDP locations, both in Belgium and
the Netherlands.
920,210 m²
Multimodal locations with direct access to road, water, rail, and/or air
WDP believes that the future of logistics lies in multimodal solutions. WDP strategically plans its
warehouses in locations where hubs for road, shipping, rail, and air trafc can be or have already been
developed. WDP intends to generate added value from these multimodal locations by creating synergies
between customers, regions, cities, ports, public services, and so on to achieve smart logistics (such
as bundling or agricultural logistics). In the future, this may provide opportunities to create energy
communities.
Biodiversity
Local laws and regulations are observed in
the development of projects and renovations.
Biodiversity provisions are based on the EU
directives, such as the Habitat Directive and the
LULCF Directive. Moreover, WDP works closely
with architects, contractors, ecologists, and
biodiversity experts during the permitting process,
design phase, and the construction phase of a
warehouse.
EDGE
A total of 48 locations, covering the entire
Romanian property portfolio.
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Impact
The actions and pathways outlined in the Climate Action Plan should lead us to the net-
zero targets for scope 1, 2, and 3 with 2020 as the base year. This is how we map out our
entire footprint, not only downstream (consumption by our customers in our buildings),
but also upstream as well (embodied carbon in project developments, renovations, and
solar panels). Starting with the Annual Report 2022, we will show progress against the
relative metrics listed below and report on the various actions we are taking to reach our
net-zero targets.
For the methodology we used to calculate our WDP climate footprint, we refer to the
explanation of the reporting according to the GHG Protocol as explained in chapter 9.
Reporting according to recognised standards – EPRA and GHG Environmental
Performance Indicators.
FUTURE LOGISTICS
Corporate offices
scope 1 and 2
In Belgium, a heat pump was installed and the ofce is completely gasless.
For more details on the energy efciency in our corporate ofces, see pp. 34.
Car park
scope 1 and 2
With a view to achieving the net-zero target in 2030, WDP is already rolling out a car policy as of
1 January 2022 that permits only hybrid and electric company cars.
For more details on the CO
2
emissions of our car park, see pp. 34.
Energy consumption
clients –
scope 3 downstream
leased assets
A further analysis of the EPRA sBPR data for energy consumption in our buildings shows, among other
things, that in 2021 more than 65% of energy consumption is due to electricity consumption. Logically,
it is the refrigerated warehouses that consume the most electricity.
As far as heating premises with fossil fuels, less than 1% of the premises are heated with heating oil.
For each of these buildings, a practical plan to drawn up on decoupling from fossil fuels.
For more details on the energy efciency of our property portfolio, see pp. 35.
Embodied carbon –
developments
scope 3 upstream
The current analysis shows that the use of concrete and PIR panels (rigid foam for insulation) make a
high contribution to our climate footprint for the developments, as does the construction of the road
network around the properties.
Embodied carbon
renovations
scope 3 upstream
In renovations, it is mainly the contribution of the PIR panels (rigid foam for insulation) that has a
signicant impact on our climate footprint.
Embodied carbon
solar panels
scope 3 upstreame
The current analysis shows that a further exploration of the supply chain can lead to improving our
footprint. To this end, we will focus on the minimal use of rare earth materials and recycling in the chain.
WDP CLIMATE FOOTPRINT
base year 2020
Scope 3 >99% of WDP climate footprint
Scope 1 and scope 2 <1% of WDP climate footprint
50% energy consumption
corporate offices
50% energy consumption
car park
25 kg CO
2
e / m
2
55% developments
5% solar panels
5% renovations
35% energy
consumption clients**
270 kg CO
2
e / m
2
* 3,010 kg CO
2
e / kWp*
100 kg CO
2
e / m
2
*
17 kg CO
2
e / m
2
*
1,150 kg CO
2
e / FTE
* This calculation of the materials climate footprint includes the upstream greenhouse gas
emissions for the extraction of the raw material and the processing of the material and the
transport to the construction site (cradle-to-gate), in accordance with the GHG Protocol
methodology.
** This energy climate footprint includes energy consumption in our customers’ warehouses,
in accordance with the GHG Protocol methodology.
Annual accounts
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Results
Strategy and value creation
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WDP
2021 Annual Report
38
Multilayer warehouse
De Lier, Nederland
KlantDe Jong Verpakking
Oppervlakte 83.000 m
2
Investeringsbudget54 miljoen euro
Oplevering Q4 2022
WDP is building a multi-storey distribution centre in De Lier for
De Jong Verpakking, an ambitious company active in packaging
for food, non-food, ornamental horticulture, e-commerce, and
fruit and vegetables. By increasing e-commerce activity, the
demand for corrugated packaging grew strongly. To keep up
with demand, De Jong Verpakkingen wants to anchor and
expand its presence in the region. WDP will develop more than
85,000 m² of production, storage, and distribution space with
ofces. It will be spread over two oors on a plot of only 56,000
m². Such areas normally require a total lettable area of over
150,000 m². The production hall on the ground oor conveys
lorries via a ramp to the distribution hall on the rst oor. The
goods will be stored fully automatically. This greatly reduces
the building’s footprint while storage and distribution capacity
are greatly optimised.
THE WDP APPROACH
WDP will use vertical
development to offer
asustainable, efficient,
and innovative answer to
the scarcity of available
logistics plots and rising
land prices. This vertical
innovation minimises the
footprint of the buildings
and optimises storage and
distribution capacity.
De Lier, The Netherlands
Client De Jong Verpakking
Lettable area 83,000 m
2
Investment budget 54 million euros
Completion Q4 2022
PROJECT IN THE SPOTLIGHT
Annual accounts
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WDP
2021 Annual Report
39
SUSTAINABLE GROWTH
Introduction
WDP aims to achieve balanced growth within a context of
transparent and fair governance. In doing so, we respond
to economic, social, and environmental needs. This
makes us a reliable partner for all our stakeholders and
leads to sound nancial metrics and attractive, recurring
returns.
Accomplishments in 2021
More info
Financial results see pp. 66
Strategic growth plan see pp. 20
WDP Climate Action Plan see pp. 22
Reporting standards, ratings, and
indices see pp. 25
Corporate governance see pp. 102
WDP policies
MyWDP
Stakeholder engagement 2021
see pp.27
Responsibilities and decision-
making process see pp. 26
Grievance mechanism
see pp. 47
95
MWp
Solar panel capacity
0
Breaches
of Code of Ethics, Dealing Code,
Employee Code of Conduct,
Supplier Code of Conduct, Human
Rights Policy, nor violations or
judgements of the competition law
or as a result of corruption or fraud,
nor reports of discrimination or
intimidation.
Cyber security
External strategic cyber security
assessment and design of the
roadmap to further optimise the
maturity of cyber security.
12
International workshops
Quarterly workshops every quarter
in which cross-country knowledge
and experience is exchanged
between the staff throughout the
WDP group. This is how WDP
facilitates international contact
between the entire team, despite
the COVID-19 situation.
31
x
CAPturing your thoughts
Interactive break-out sessions
informing #TeamWDP about the
WDP Climate Action Plan.
A digital customer portal for even better
service to our customers
MyWDP
EPRA Earnings per share
+10% y/y
1.10
€
98.6
%
Occupancy rate
Property portfolio
+27% y/y
6
bln €
Dividend per share
+10% y/y
0.88
€
Financial debt via
green financing
36
%
Green certified assets
29
%
20,111
T CO
2
e
Avoidance
♦
Company Culture
♦
Good governance
♦
Digitisation
Focus themes
79,354
MWh
Produced energy
Investments identified
+500
mio €
Annual accounts
Governance
Results
Strategy and value creation
This is WDP
WDP
2021 Annual Report
40
Meer info
WDP Climate Action Plan zie blz.
[…]
TCFD zie blz. […]
98
%
Occupancy rate
2022 AMBITION
Objectives
EPRA Earnings per share
+9% y/y
2022 AMBITION
1.20
€
Dividend per share
+9% y/y
2022 AMBITION
0.96
€
Dividend per share
+8% CAGR
2025 AMBITION
1.20
€
Stakeholder
engagement
Review the materiality analysis from
the dual materiality perspective. To
this end, we will examine the effects
of WDP’s business on various
sustainability factors. Moreover,
we will also examine how such
sustainability factors influence the
development, performance, and
position of the company. In parallel,
this will be linked to the stakeholder
engagement exercise.
2022 AMBITION
Reporting
standards, ratings,
and indexes
See 3. Strategy and value creation
pp. 25
2022 AMBITION et seq.
Transparent
reporting
about reports submitted via
the Grievance Management
Procedure
2022 AMBITION et seq.
Compliance
training
Training programme for
#TeamWDP that provides
recurring training on the
behavioural principles and
values in the Code of Conduct
(including discrimination,
harassment, human rights,
anti-corruption and bribery),
Corporate Governance
Charter, HSES, Risk
Management etc.
2023 AMBITION
0 breaches
of WDP policies, nor
violations or convictions
related to competition law
or as a result of corruption
or fraud, nor reports of
discrimination or intimidation.
2023 AMBITION
Cyber security
Implementation of practical
and targeted actions within
the framework of a 3-year
roadmap to increase the
maturity of cyber security in
various domains.
2024 AMBITION
More info
Growth plan 2022-25: see pp. 21
Reporting standards, ratings, and
indices see pp. 25
Corporate governance: see pp. 102
WDP policies
WDP Climate Action Plan see pp. 22
TCFD see pp. 187
Green certified
assets
2025 AMBITION
>75
%
Green
financing
2025 AMBITION
>75
%
ENERGY
AS A BUSINESS
WDP
GREEN.
A SUSTAINABLE &
FUTURE-PROOF WDP
Renewable energy capacity
2025 AMBITION
250
MWp
EPRA Earnings per share
+8% CAGR
2025 AMBITION
1.50
€
Adoption of
requirements
2024 AMBITION
TCFD
SUSTAINABLE GROWTH
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2021 Annual Report
41
Transactions and realisations
Occupancy rate
Lease contracts
expiring in 2021
Renewed
of the rents collected
Lease contracts
expiring in 2022
98.6
%
10
%
14
%
Rent collection Q4 2021
90
%
99
%
Already renewed
54
%
Projects in 2021
Lettable area
365,000
m
2
Investments
303
mio
€
Initial gross rental yield
6.4
%
5.8%
in West Europe
8.5% in Romania
Average lease term
10
years
881,000
m
2
594
mio
€
6.3
%
5.9%
in West Europe
8.4% in Romania
12
years
>1,500,000
m
2
Completed Ongoing Potential
Acquisitions
173
mio €
Confirmation of trust
Property investments that support our growth
SUSTAINABLE GROWTH
Annual accounts
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Results
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WDP
2021 Annual Report
42
Location Tenant
Lettable area
(in m²)
Investment budget
(in million euros)
BE Gent Gates 20,000 12
BE Lokeren, Brandstraat 30 DPG Media Services 36,905 22
BE Mechelen Various 4,000 4
BE Flanders Various 9,651 9
BE Flanders Fully let 2,860 9
BE Flanders Fully let 66,701 40
BE 140,117 96
NL Hasselt Scania 4,635 1
NL Zoetermeer Fully let 10,000 7
NL 14,635 8
RO Deva Pehart Tec / Vibracoustic 9,511 6
RO Bucharest Whiteland 52,393 6
RO 61,904 12
Total 216,656 116
WDP continued to grow in 2021 with a year-on-year increase of 10% in EPRA Earnings per share to
1.10 euros. This was driven by our external growth through new construction projects for our clients
and was also thanks to our deeply entrenched position within the logistics landscape.
During 2021, WDP was able to deliver pre-let projects with a total lettable area of 365,000m
2
,
representing an investment amount of approximately 303 million euros. A number of acquisitions
were identied with a total investment volume of approximately 173 million euros
1
.
Protability was supported by a high and stable occupancy rate of 98.6% based on very healthy
market dynamics and customer condence, which was reected in our high retention rate. 90% of
leases expiring during 2021 were renewed.
Moreover, WDP has a development pipeline of pre-let projects of about 594 million euros with a
lettable area of approximately 881,000 m
2
. To further support future growth and protability, WDP
has a land reserve of more than 1,500,000 m
2
for future development.
1 Of which an amount of 102 million euros remains to be invested after 31 December 2021.
Existing property Land reserve
116
mio €
57
mio €
217,000
m
2
1,000,000
m
2
2021 Acquisitions
Outlook
The objectives within the 2022-25 growth plan are based on an investment
volume of 2 billion bringing the portfolio to 8 billion euros. This growth will
be supported by a continued structural demand for high-quality logistics
property, as well as future value creation supported by opportunities in
the existing portfolio – which is becoming increasingly important due to
increasing scarcity. The growth plan also aims to scale up the ENERGY
AS A BUSINESS strategy, where we scale up the volume of solar energy
production and ensure its sustainable integration into the existing grid,
including energy storage or grid stabilisation services to maximise the
balance between our energy needs and production.
Financing assumes a healthy mix of equity and debt and smart nancing via
the synchronous issuance of new equity and the sound diversication of the
different sources of nancing. New property investments will be nanced with
at least 50% equity and a maximum of 50% debt. Moreover, WDP aims to
maintain a stable capital structure with a net debt / EBITDA (adj.) around 8x.
This smart nancing is also integrated in the WDP Climate Action Plan: the
WDP GREEN track sets clear targets on green nancing and green-certied
warehouses.
SUSTAINABLE GROWTH
Annual accounts
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Results
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WDP
2021 Annual Report
43
Location Tenant
Delivery
date
Lettable
area (in m²)
Investment
budget
(in million euros)
BE Asse – Mollem, Zone 5 nr. 191, 192, 320, 321 AMP 3Q21 3,200 2
BE Courcelles, rue de Liège 25 Conway 2Q21 2,190 2
BE Heppignies, rue de Capilône 6 Trac 2Q21 13,000 5
BE Lokeren, Industrieterrein E17/4 Barry Callebaut 3Q21 60,000 92
BE Londerzeel, Weversstraat 27-29 Colruyt 2Q21 20,000 9
BE Willebroek Maersk 4Q21 9,250 5
BE 107,640 114
NL Bleiswijk, Prismalaan West 31 Boland 1Q21 16,400 18
NL Den Haag, Westvlietweg CEVA Logistics 3Q21 26,000 19
NL Dordrecht Crocs Europe 1Q21 48,000 56
NL Heerlen, Argonstraat 10-12 CEVA Logistics 4Q21 26,000 15
NL Ridderkerk, Nieuw Reijerwaard Kivits Groep Holding 1Q21 4,500 2
NL Weert, Witvennenveld Thijs Logistiek 4Q21 7,700 10
NL 128,600 120
RO Bucharest – Stefanestii de Jos Decathlon 1Q21 10,000 5
RO Bucharest – Stefanestii de Jos (1) LPP 3Q21 22,000 10
RO Bucharest – Stefanestii de Jos (2) Eobuwie 4Q21 15,640 8
RO Bucharest – Stefanestii de Jos (2) Metro – Extension 4Q21 9,715 5
RO Cluj Fedex 4Q21 2,198 2
RO Craiova Pro 2Q21 58,000 33
RO Paulesti Rosti 2Q21 11,000 7
RO 128,553 69
Total 364,793 303
Completed projects in 2021
Land reserves acquired for future development (i.e. without pre-letting agreement) (in million euro)
Land acquired for immediate development (i.e. based on pre-letting agreement) (in million euro)
1 Not yet re ected in the balance sheet
110.3
159.8
173.5
+45.6
-45.6
+9.1
-9.1
+13.7
-36.8
+86.3
Land reserve
31.12.2020
Future
land reserves
1
Land reserve
31.12.2021
Land reserves
secured
1
Transfers
to projects
1
Transfers
to projects
Additional
land reserves
Continuous replenishment of land reserves
1 Not yet accrued in the balance sheet.
SUSTAINABLE GROWTH
Annual accounts
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Results
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WDP
2021 Annual Report
44
Location Type Tenant
Planned
delivery
date
Lettable area
(in m²)
Investment
budget
in million euros)
Pre-
leased
Projected
yield
BE Antwerp Region New development Fully let 4Q23 7,872 11 100%
BE Courcelles, rue de Liège 25 New development Fully let 2Q23 2,885 6 100%
BE Flanders New development Fully let 3Q23 19,200 27 100%
BE Geel, Hagelberg 12 New development Distrilog 1Q22 8,000 4 100%
BE Gent New development Fully let 1Q23 17,094 15 100%
BE Heppignies New development Trac 1Q22 2,000 5 100%
BE New development 150,000 23 100%
BE 207,051 90 100%
LU Bettembourg (Eurohub Sud 4) New development Fully let | multi-tenant 2Q22 25,000 13 100%
LU Contern New development DB Schenker + in
commercialisation
4Q22 15,000 10 60%
LU 40,000 23 83%
NL Amsterdam, Hornweg Redevelopment Fully let 3Q22 13,700 11 100%
NL Barendrecht,
Spoorwegemplacement 3-5
Redevelopment Fully let 3Q22 26,700 24 100%
NL 17,200 13 74%
NL Breda Redevelopment Helmer 1Q22 13,000 10 100%
NL Breda Redevelopment Nassau Sneltransport Breda 2Q22 1,500 3 100%
NL Breda, Heilaarstraat 263 Redevelopment Lidl 2Q23 31,000 22 100%
NL Breda, The Bay Redevelopment Brand Masters / Brouwerij
Frontaal / In commercialisation
1Q22 47,860 48 70%
NL De Lier, Jogchem van der Houtweg Redevelopment De Jong Verpakking 4Q22 83,000 54 100%
NL Kerkrade, Van Swietenstraat /
Wenckebachstraat
New development In commercialisation 3Q23 29,500 29 0%
NL Oss, Keltenweg New development Movianto 2Q22 13,500 12 100%
NL Veghel New development Alloga / Alliance Healthcare 2Q23 71,000 68 100%
NL Zoetermeer New development Fully let 3Q22 6,000 9 100%
NL Zuid-Limburg New development Fully let 1Q23 31,000 24 100%
NL Zwolle New development wehkamp 4Q22 33,000 26 100%
NL Zwolle New development E-commerce projects 2Q23 30,000 25 100%
NL 447,960 377 88%
RO Buzau New development Metro 2Q22 3,750 6 100%
RO Deva – Calan New development Auchan 1Q22 25,000 19 100%
RO Roman New development Pro 1Q22 12,000 14 100%
RO Slatina New development Pirelli 1Q23 25,000 15 100%
RO Timisoara New development Pro 2Q22 57,000 38 100%
RO 122,750 92 100%
DE Gelsenkirchen Redevelopment Dokas / Imperial 2Q22 46,000 13 100%
DE 46,000 13 100%
Total 863,761 594 91% 6.3%
For the redevelopment projects, this does not factor in the fair value of the redevelopment projects before the
start of the redevelopment. With regard to the total investment volume of 594 million euros, an amount of 400 million
euros is to be invested at 31 December 2021.
Ongoing projects in 2021
1
1 Based on 100% of the investment for the fully consolidated entities (including
WDP Romania) and the proportionate share for the joint ventures (i.e. 55% for
Luxembourg, 50% for Germany, and 29% for the WDPort of Ghent Big Box –
X
2
O Badkamers / Exterioo).
SUSTAINABLE GROWTH
Annual accounts
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Results
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WDP
2021 Annual Report
45
Company culture
Objective
Based on the spirit of a family business, a exible, at corporate structure and
hands-on and can-do entrepreneurship are inherent to WDP’s DNA. We aim to
stay on top of things and support long-term partnerships with all stakeholders.
This company culture requires enterprising people with like-minded motivation,
where every employee within #TeamWDP contributes to the company’s
success.
Actions
Promoting this company culture starts with the onboarding process for new
staff, providing space to get to know WDP’s values. A visit to a construction
site or an existing property immerses them in the day-to-day operation of the
company.
A united company culture is furthermore conveyed through team spirit, synergies
in the organisation, and streamlined processes across national boundaries and
business units. The linking communication platform WDPConnect! ensures that
#TeamWDP continues to be informed of all news, internal communications and
practical info. The company strives for continuous and ad hoc multidisciplinary
and interdisciplinary reection, for example, through internal international
workshops or break-out sessions that inform or collect employees’ ideas.
That means each person is introduced to everyone else’s job content, which
automatically increases each employee’s engagement and the mutual respect
for each other’s work. New initiatives or tools are also integrated into the
business processes more quickly when they are mutually promoted by staff
rather than imposed by the management.
International workshops
and break-out sessions
These quarterly workshops allow cross-country knowledge and
experience to be exchanged between the staff throughout the
WDP group. This is how WDP facilitates international contact
between the entire team, despite the pandemic.
#TeamWDP is comprehensively informed about the WDP
Climate Action Plan using easily accessible, interactive break-out
sessions.
SUSTAINABLE GROWTH
Annual accounts
Governance
Results
Strategy and value creation
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WDP
2021 Annual Report
46
Good governance
Objective
Doing business honestly and correctly, open communication and transparent
reporting with regard to good governance guarantee responsible business
practices. Therefore, WDP takes into consideration a good balance between
the interests of the different stakeholders and the community.
Actions
An improved and high-quality report on good governance is only possible if
WDP develops a long-term vision that is reected in the company’s value pillars.
Sustainable growth can only be created when good governance is paramount.
Reporting and ESG rating agencies
This vision is also reected in the choice WDP has made regarding recognised
international standards for reporting and ESG rating agencies. On the one
hand, WDP has opted for EPRA and GRI given their sector relevance and
international recognition. We also actively participate in ISS and MSCI. They
use a framework that monitors a broad spectrum of environmental, social and
governance topics and trends with a material impact on different industries
and companies. After introducing the WDP Climate Action Plan, WDP will
benchmark with CDP for the rst time in 2022. Continued inclusion in the DJSI
Europe index remains a long-term goal.
Grievance mechanism
WDP maintains a procedure to properly address formal grievances raised by
stakeholders about WDP, our property, our services, or any processes we
use. To this end, WDP developed a procedure for its staff and its suppliers’
staff: #Speak-up. This procedure includes several safeguards to protect both
the person reporting and the person about whom an irregularity is reported.
Moreover, a formal complaints procedure has been developed for the
community: #ShareYourThoughts. Mediation is key here.
Digitisation
Objective
The integration of new digital technologies should lead to an improvement of the business
processes, the optimisation of the cooperation between the different teams across the different
countries, as well as the quality and service for all stakeholders. Each project is logically based
on the most efcient approach, supported by (new) innovative, digital tools that offer added
value for both employees and clients.
MyWDP
MyWDP is a digital customer portal used to provide even better
service to our customers. The user-friendly portal provides the
customer with a complete overview of all relevant information
about their WDP property (invoicing, insurance, etc.), provides
insight into the real-time energy monitoring of his energy
consumption, and provides the option of immediately contacting
the WDP property management team in the event of problems.
Grievance mechanism
#SpeakUp for
#TeamWDP
Concerns about (possible)
violations of the law or
procedures, ethics
standards or procedures,
such as the WDP Corporate
Governance Charter,
Employee Code of Conduct,
Supplier Code of Conduct,
Human Rights Policy, Ethics
Code, etc.
#SpeakUp for the staff
of WDP suppliers
Online contact point to
report problems or violations
in the workplace.
#ShareYourThoughts
for third parties
Online contact point for
complaints regarding WDP
(in the broad sense) by all
stakeholders. This is not
limited to reporting
improper and/or illegal
practices, but can also
serve to report any
dissatisfaction with the
activities of WDP and/or
its staff.
SUSTAINABLE GROWTH
Annual accounts
Governance
Results
Strategy and value creation
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WDP
2021 Annual Report
47
Londerzeel
Client Colruyt Group
Lettable area 20,000 m
2
Investment budget 9 million euros
Completion Q2 2021
WDP has redeveloped an existing site in Londerzeel into a sustainable
new construction project to support the growing e-commerce activities
of Collect&Go, Colruyt Group’s online shopping service. Collect&Go is
signicantly increasing its distribution capacity with this new site and will
handle online orders and deliver to the Collect&Go pick-up points. The new
e-DC is strategically located next to the A12 Brussels-Antwerp motorway
and can thus accommodate the growing ow of goods between different
cities so it can guarantee quality for the customer.
The increasing growth of online shopping and e-commerce is also
affecting the demand for logistics property. This growth, accelerated by the
coronavirus pandemic, is further supported by urbanisation, digitalisation,
the increasing rate of online purchases, and companies adopting an omni-
channel sales strategy. This structural change in consumer behaviour also
provides new opportunities for online food retailers. The online market
share of food retail lagged for years and is quickly establishing itself as a
major player in the demand for logistics property.
An e-commerce DC
for Collect&Go
The central location near the
A12 motorway, right in between
Antwerp and Brussels, ensures
fast rotation of goods, shorter
delivery times, and guarantees
the very best quality of our
products.
– Tom Malfroid
Supply Chain Manager Collect&Go
“
PROJECT IN THE SPOTLIGHT
Annual accounts
Governance
Results
Strategy and value creation
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WDP
2021 Annual Report
48
VITALLY ENGAGED
Introduction
#TeamWDP is the driving force behind our value
creation. Accordingly, we actively commit to the well
being, safety, and development of our staff. We strive
for a positive impact of our activities on their immediate
surroundings and contribute to the needs of the local
communities.outlining
Annual accounts
Governance
Results
Strategy and value creation
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WDP
2021 Annual Report
49
Accomplishments in 2021
More info
EPRA sBPR: pp. 169
Workplace accidents, deaths,
absence due to illness, incidents
of non-compliance with health and
safety regulations, health and safety
assessment: EPRA sBPR.
#WeMakeADifference
HSES Corporate Action Plan 2021
Stakeholder engagement 2021
See pp. 27
Responsibilities and decision-
making process
See pp. 26
Grievance mechanism
See pp. 47
♦
Attracting and retaining talent
♦
Health and safety
♦
Employee development
105,882
€
807
hours
25,000
€
100,000
€
Coverage energy
monitoring system
73
%
#WeMakeADifference
90% ESG
targets
The short-term individual
targets for each employee
include at least one ESG-
related target. The entire
#TeamWDP achieved 90% of
the total of these ESG targets.
Feedback form
#TeamWDP
Online feedback form
that includes an annual
satisfaction survey for each
employee.
#WeCare
Financial support for Manuel
Neuer Kids Foundation.
Focus themes
Bonus
#TeamWDP
The targets within the
2019-23 growth plan are
achievable one year earlier.
WDP thanks #TeamWDP for
its commitment and provides
an additional bonus for each
employee (the equivalent of 2
weeks’ salary).
Health & well-
being
New agreements on flexible
working
26% of staff work part-time
25 influenza vaccines
#WeCare
MaatWERKbedrijf BWB can avail
themselves of financially favourable
lease terms. For example, WDP
supports this company that offers
employment to people with disabilities.
#WeAre
Conscious
Contribution to sustainable operational
management for our customers who can
see their energy consumption using this
utility monitoring. The customer can query
their consumption in real time via MyWDP,
the digital customer portal.
#WeEducate
Support for training programmes that
are in line with the WDP vision.
Objectives
Support and
guidance for at
least 100 students
#WeEducate
2022 AMBITION
100% coverage
energy monitoring
system
#WeAreConscious
2025 AMBITION
Roll-out
delegation matrix
Given the previously strong
and anticipated growth of
#TeamWDP, their authorities
and responsibilities must be
clearly defined. Of course, this
must be in line with the current
governance structure within WDP
and throughout the WDP Group.
This will strengthen the ownership
within #TeamWDP.
2023 AMBITION
At least 1 HSES
audit
Annually HSES audit for existing
WDP premises, projects, or
offices.
2022 AMBITION
At least 8/10
as average
satisfaction score
2022 AMBITION
At least 90%
realisation of
ESG targets by
#TeamWDP
Every member of #TeamWDP was
assigned at least one specific short-
term and long-term ESG objective to
motivate them to contribute to WDP’s
growth plan and its ESG ambitions.
For the short-term ESG targets, we
aim to achieve at least 90% of those
assigned targets across all members of
#TeamWDP.
2022 AMBITION
Attracting and retaining talent
Objective
As a growing organisation, WDP has to attract the right talent and integrate it into the
company and the company culture. This is the only way to guarantee WDP Group is
future-proof, increase the company’s resilience and facilitate its continual growth A good
mixture of different talents, cultures and personalities is of the utmost importance. WDP
is looking for staff with the right skills that best t the company culture and activities, with
due regard to objective selection procedures and diversity.
Actions
Organisational structure
The family atmosphere within the company ensures that staff are regarded as individuals
and are not purely seen in terms of their professional performance. It is vital that everyone
on the team feels good and valued and has space to deploy their talents. WDP employees
receive leeway for their own initiative, and Management does its utmost to feed and
stimulate the ideas of its people, rather than pushing through top-down decisions.
The innovative, at organisational structure ensures a continuous dynamic and fosters
involvement, responsibility and ownership.
New talent
A brief but thorough selection process, clear information and attention for the right match
are the basis of successful recruitment. A dedicated WDP HR job website will support the
search for the right proles. It will provide insight into onboarding, the company culture,
#TeamWDP, and opportunities for further development and expansion of talent from the
very rst workday.
The onboarding procedure wishes to provide close understanding to the business of
WDP:
◆
an extensive onboarding procedure, a well-equipped workplace and the right tools;
◆
an onboarding package for each new employee with attention for the Employee Code
of Conduct;
◆
allocation of a mentor for each new employee to show them around the company
informally;
◆
personal introductory talks with colleagues from all departments across country
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Diversity of thoughts
The outlining of the WDP Climate Action Plan (CAP)
came about through a multidisciplinary project group,
the CAP team. This team gathered members from the
Sustainability Team, Finance, Corporate Legal, and ESG
Team. Two members of the Management Committee acted
as sponsors for this working group. Given the importance
and complexity of the matter and the ambitious timing,
professional assistance in project management and
external consultancy was provided from the outset so that
the members of the CAP team could further develop their
skills in that area.
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◆
a fee linked to the collective long-term performance targets in WDP’s growth plan
2022-25. To this end, nancial targets, such as EPS, occupancy rate, net debt/EBITDA
(adjusted), as well as non-nancial metrics, such as the objectives in the framework
of the WDP Climate Action Plan, the objectives in the framework of the programme
of cooperation, ownership and intrapreneurship, and so on are taken into account.
Payment of short-term variable remuneration will be made depending on the place of
employment taking into account local legislation and the employee’s position and social
status: in cash, by the granting of warrants as part of a warrant plan, by a non-recurring
result-related benet, and/or by a contribution to the group insurance scheme. Payment
of the long-term variable remuneration is made in cash and/or via a contribution to the
group insurance scheme.
As is the case with regard to the directors and the members of the Management
Committee, there is currently no share or share option scheme for the staff of WDP.
In principle, all our staff are employed on the basis of a permanent employment contract;
a xed-term contract for temporary replacement is provided in exceptional cases. WDP
also offers opportunities of part-time work or adapted employment plans.
borders, including a talk with the compliance ofcer for a further explanation and a
formal introduction to the WDP policies (e.g. Dealing Code and Code of Conduct);
◆
a visit to construction sites and/or a visit to customers together with one of the project
managers or property managers; and
◆
feedback interviews about the quality of the onboarding after one month and with the
HR person responsible after six months.
Fair and balanced remuneration
WDP applies a remuneration policy that is based on three principles: straightforward,
transparent and in keeping with the corporate strategy. As is the case with the
remuneration of the members of the Management Committee, the remuneration of
employees consists of a xed and a variable remuneration, where relevant supplemented
with non-statutory benets such as a company car, a smartphone and group insurance
(dened contribution). The concrete interpretation of these three components always
depends, among other things, on the position and social status of the person in question,
as well as on the local regulations to which the employee is subject. Obviously, the
remuneration is based on the “equal pay for equal work” principle. On an annual basis,
WDP compares its remuneration policy with that of other listed and non-listed property
companies and other non-property companies with a similar scope and interest. We are
currently using the services of the internationally recognised payment consultant Willis
Towers Watson for this purpose. This way, WDP can be assured that it is offering its
employees compensation packages in line with market conditions.
In combination with the launch of WDP’s new growth plan 2022-25, the Company has
decided to further align the remuneration policy of employees with that of the members of
the Management Committee, in particular by adding a long-term variable remuneration.
Consequently, with effect as of 1 January 2022, the variable remuneration of employees
consists of:
◆
remuneration linked to individual performance targets, at least one of which must be
an ESG target; and
◆
a fee linked to collective short-term performance targets directly arising from WDP’s
2022-25 growth plan. For example, the EPRA earnings per share and the occupancy
rate determine to what extent the collective variable remuneration is granted and paid
to the employees; and
Mentorship 100%
Average turnaround of vacancies 4 months
0% of the positions were filled internally
50+
years
40-49
years
30-39
years
2 2
<30 years
6
1
4 Employees on the move
Retired 1
Dismissal 1
Chose a new challenge 2
Total employee turnover 4%
Voluntary employee turnover 2%
Region
WDP BE 4
WDP NL 3
WDP RO 4
WDP Management Committee In-House Group Shared Services
7 11
Persons responsibleMembers
0
%
100
%
55
%
45
%
Project development,
Controlling, Accounting,
HR, Investor relations,
Corporate finance, Project
operations, Marketing,
Corporate legal, IT
5
50+
jaar
40-49
jaar
30-39
jaar
0
<30 jaar
2
0
5
50+
jaar
40-49
jaar
30-39
jaar
1
<30 jaar
2
3
Nationality
Belgium 86%
The Netherlands 14%
Nationality
Belgium 100%
Seniority
<5 years 14%
5-10 years 29%
10-15 years 29%
15-20 years 0%
>25 years 29%
Seniority
<5 years 36%
5-10 years 36%
10-15 years 18%
15-20 years 9%
>25 years 0%
Diversity policy
See also pp. 124
Diversity policy
See also pp. 124
11
New talent
47
89
Staff
Seniority
<5 years 58%
5-10 years 21%
10-15 years 15%
15-20 years 4%
>25 years 1%
Nationality
Belgium 53%
Romania 26%
The Netherlands 19%
Belarus 1%
Ukraine 1%
Educational
background
University or college 88%
Secondary education 12%
17
33 33
50+
years
40-49
years
30-39
years
<30 years
6
1 STEM stands for Science, Technology,
Engineering and Mathematics
44
%
56
%
Supported by a
dedicated team
from In-House
Group Shared
Services
Women in STEM positions
1
7%
Employees benefit from an adapted
end-of-career employment plan 2
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Employee development
Objective
The continuous development, growth and motivation of all employees ensure that they
feel good within the company and that they can continue to expand their competencies.
WDP strives to boost the skills of its employees to facilitate a sustainable team and
increase capabilities and continuity. However, employee development should not be
focused purely on the required job-related skills, but also on the development of soft
skills.
Actions
Personal development plans
Personalised development plans and opportunities for internal mobility promote strong
performance and development for both employees and the company. Individual or
collective training (of which 10 hours of compulsory training per FTE and 7 hours of
Employee development
Average training fee
per FTE
Average training
per FTE
587
€
17
hours
Average training per FTE
-24
hours
This decrease is due to, among other
things, more short courses and some
long courses (e.g. postgraduate) being
completed. In 2021, there were fewer
training sessions for #TeamWDP on IT
and software systems compared to 2020,
which was then part of Project Brains.
Outlook
WDP +100 track
WDP is committed to expanding #TeamWDP in terms of both leadership and
support proles so that WDP can deliver on the objectives of its ambitious
2022-25 growth plan and respond to new challenges and opportunities,
both operationally and in the context of climate change. This sets the stage
for a company with more than 100 employees in various regions. Such
growth requires special attention so that everyone’s commitment to WDP is
safeguarded.
So, in 2022, we will focus on developing a programme for all members of
#TeamWDP based on cooperation, ownership, and intrapreneurship. To this
end, we will focus on cultural leadership training, efcient meeting techniques,
and the promotion of an innovative approach.
2025 AMBITION ownership, intrapreneurship, creativity and innovation embedded in
#TeamWDP
Types of trainings
IT/digitisation 366 hours
Personal development 572 hours
Technical 222 hours
Financial 206 hours
Real estate 20 hours
Legal 84 hours
Administration/General 31 hours
Commercial 0 hours
Tax 12 hours
non-compulsory training per FTE) provides for (exchange of) expertise, e.g. via in-house
Learn@lunch sessions. Moreover, WDP also provides individual coaching projects to
develop specic competencies, both technical and soft skills or adapted employment
plans (part-time work, Werkbaar Werk).
Feedback moments
All employees receive formal feedback moments that are organised annually with
their direct supervisor. In addition to the evaluation and assessment of individualised
performance targets, these also pay extensive attention to job performance, team
atmosphere, work resources, training and further personal development. Regular informal
chats give everyone an opportunity to offer or receive additional feedback.
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Health and safety
Objective
A safe and healthy living and working environment for #TeamWDP, customers, investors,
suppliers and the wider community is essential to WDP’s operational management. WDP
continues to systematically improve health, physical and mental well-being and safety at
work, taking into account specic risks and hazards.
Actions
HSES Corporate Action Plan
All employees, regardless of their position, are expected to help in the identication and
the prevention of safety and health hazards in order to create a safe, healthy and carefree
working environment for #TeamWDP and all stakeholders.
Within the WDP Group, there is one prevention advisor and 4 people who have followed
a recognised rst-aid course.
Each year, an HSES Corporate Action Plan is rolled out step by step by the WDP
HSES Team, which consists of property managers (at least one from each platform),
arepresentative of the project managers, the prevention advisor, and the CTO.
From the #TeamWDP 2021
satisfaction survey
Employee
engagement 2021
Overall average satisfaction score
7.9
/10
Staff engagement and dedication
8.5
/10
Health & well-being
After a long period of working from home forced upon us by the outbreak of the
COVID-19 pandemic, #TeamWDP now works in a exible way where they alternate
telework with ofce work (minimally three days a week). TEAMwork, this new form of
working together focuses on efciency and exibility with an eye to a decent work-life
balance where solidarity remains crucial. To this end, WDP staff can count on an adjusted
IT infrastructure that will be rolled out in the course of 2020. It goes without saying that
during the coronavirus crisis, WDP increased (compulsory) teleworking options for as
long as necessary in keeping with the prevailing government measures.
A good work-life balance is also supported by certain forms of exible or part-time work.
In Belgium, the Netherlands and Romania, periods of maternity leave, adoption leave,
paternity leave, parental leave, care leave and time credit (in Belgium only) are provided
for in law. You will nd more information on our website about these theme holidays and
the legal provisions per child.
From #TeamWDP, the initiatives of the Ofce Well-being Team and the Move Team
contribute to a healthy and sporty atmosphere in the ofce – and, of course, to team
spirit.
Corporate citizenship
Objective
WDP employs a corporate citizenship strategy – #WeMakeADifference. This strategy is
fully aligned with the WDP corporate strategy and focuses on initiatives in the vicinity of
the property portfolio to contribute to the UN Sustainable Development Goals.
Actions
The three pillars on which we focus – #WeCare, #WeAreConscious and #WeEducate – aim
to have a long-term impact on social initiatives within the local community, sustainable
energy consumption by our customers, and support for students and young workers
within the logistics property market, respectively.
Atmosphere at work 8.5/10
The job meets expectations 7.7/10
Satisfied with work-life 8.3/10
balance
Satisfied with personal 7.3/10
development
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PROJECT IN THE SPOTLIGHT
Craiova, Romania
Client Profi
Lettable area 58,000 m
2
Investment budget 33 million euros
Completion Q2 2021
Pro chose WDP as its real estate partner for the expansion of its food distribution
in Romania. In 2021, the food retailer was able to move into a new warehouse with
a lettable area of over 58,000 m² in Craiova. And, in 2022, WDP will also complete an
additional 70,000 m² of distribution centres for Pro in Roman and Timisoara. These
DCs streamline the ow of goods and provide faster service to consumers.
Over 30% of WDP’s customers today are active in food and pharmaceuticals. These
projects are a clear example of the trend in the retail trade where all forms of storage,
such as cold storage and freezer storage, are brought under one roof. This approach
guarantees the quality and freshness of the products that the end consumer can
choose in the shop. However, their complexity within the supply chain should not be
underestimated: an appropriate infrastructure, insulation, and the right cooling, freezing
and storage capacity are important.
WDP is following its customer’s
growth path
Our local presence,
customer focus, and
expertise make our
warehouses a crucial part of
our customer’s supply chain
and distribution strategy.
– Jeroen Biermans,
General Manager WDP Romania
“
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IMPACT BY RESPONSIBILITY
Introduction
We are committed to a strong and reliable value chain:
from our suppliers, who help shape the core product of
WDP to our clients who distribute their goods globally.
Our solid relationship with our different business partners
ensures we can address wishes and challenges. We
contribute to the health, safety, and integrity of their staff.
Moreover, we take on our responsibility in terms of risk
management in our supply chain, including human rights.
This is how we accelerate WDP's value creation.
Accomplishments in 2021
Meer info
Long-term customer relationships:
see pp. 10
WDP HSES Action Plan
WDP policies
Stakeholder engagement 2021
See pp. 27
Responsibilities and decision-
making process
See pp. 26
Grievance mechanism
See pp. 47
♦
Health and safety
Focus theme
Average lease term
5.8
years
Repeat business
50
%
Lease renewal
90
%
HSES audit
of a WDP site in Veghel
(the Netherlands).
Awareness
campaign
White papers on gasless
building, launch of digital
customer portal, EDGE
certificates promotion.
Supplier
Code of
Conduct
Signed by critical
suppliers.
Human rights
policy
Anti-bribery and
corruption policy
Publication of the policies and
implementation within the
relationship with suppliers and
clients.
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Objectives
Supplier
Code of Conduct
At least 80%
lease renewal
Client satisfaction indicator:
the percentage of contracts
that mature in a relevant year
and are renewed.
2022 AMBITION
At least 1 HSES
audit
Annually HSES audit for
existing WDP buildings,
projects, or WDP corporate
offices.
2022 AMBITION
Client
well-being
The extra services that WDP is
developing as part of its growth plan
2022-25 focus, among other things,
on the well-being of our clients and
their staff.
2025 AMBITION
Long-term partnerships
Objective
WDP’s growth is based on long-term partnerships with all stakeholders. Our customers
are key to our strategy, and our business partners are essential to achieving our goals.
Actions
Customers
WDP primarily wishes to be a partner to its clients, develop a successful long-term
relationship with them, and support them in their activities. We listen carefully to clients
needs and make use of our expertise and long-standing knowledge of the logistics
market and its processes to provide our clients with the most suitable premises at the
most suitable location. Long-term leases, high occupancy rate, strong retention, and
a high share of repeat business in external growth reect this strategy. With respect
to project development and property management, our clients praise our solution
orientation, easy accessibility, exibility, short lines of communication, and proactive
approach.
Our organisational structure is also designed to optimally serve our clients by having
a high level of interaction between the different platforms. For example, Management
Committee – including the three country managers – meet on a weekly basis and
international workshops ensure cross border exchange of knowledge.
We support our clients by helping them provide healthy and safe workplaces for their
staff so that they too can develop to their full potential. We want to focus even more on
this by developing additional services in the coming years specically for the well-being
of our clients staff.
Our MyWDP digital client portal shows that we are committed to providing even better
service to our clients. MyWDP is the intelligent link between our clients and #TeamWDP,
which helps transform real-time data into valuable insights. It is the one-stop shop that
provides access to all crucial information about each warehouse in the portfolio and
enables reporting and troubleshooting at the click of a button. The portal combines
ease of use with operational efciency. Clients can access important information about
Expansion of supply
chain management
Minimally, the critical suppliers will
sign this code and thus formally
endorse the principles stated
therein.
2022 AMBITION
Further formalisation of supply chain
management, taking into account
future legal requirements for due
diligence in the value chain.
2025 AMBITION
IMPACT BY RESPONSIBILITY
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buildings, contracts, invoices, and documents. Problems can be reported in
a jiffy, and it is easy to reach the WDP contact person. Moreover, real-time
information about energy consumption helps and motivates our customers
to make their businesses more sustainable. This is how we also increase our
clients awareness about energy efciency.
Supply Chain
To achieve our goals, we depend on a strong network of business partners,
suppliers of materials, products, and services. WDP works every day with
construction partners, such as contractors, architects, and engineering rms
as well as with specialist consultants and nancial partners.
The WDP selection process here is aimed at nding long-term partnerships
rather than a one-off collaboration. Such a relationship of trust guarantees
quality, continuity, and proactivity when developing projects and implementing
renovations, high-quality client service, and a constant exchange of knowledge
and best practices. In principle, WDP chooses partners with relevant
experience (e.g. construction partners who are familiar with the logistics
development sector, have a long history, and have a solid track record).
WDP works with nancially and operationally sound suppliers and – as needed –
partners experienced with guarantees (e.g. 10-year construction guarantee) and
nancial securities. WDP screens its potential partners in advance and not just
from a nancial perspective. It also screens their activities, quality, reputation, and
track record in terms of operations, customers, activities, safety instructions, and
corporate social responsibility.
We use the Supplier Code of Conduct to communicate to our suppliers which
principles must be endorsed in a business relationship. These include compliance
with human rights, the provision of fair working conditions, attention to health and
Outlook
Driven by the EU Green Deal and our ambitious goal to have net-zero energy
consumption in our leased assets by 2040, we will focus even more actively on
our partnerships with clients to further improve their sustainability awareness and
performance. To this end, we will use tools, such as the client portal, green lease
clauses, tips & tricks on efcient building management, workshops on waste
management, white papers, and so on.
In the future, WDP wants to focus even more on guaranteeing the robustness and
reliability of the supply chain. To this end, we will implement the due diligence
procedures needed to cover all aspects of the Supplier Code of Conduct while
taking into account the relevant regulations.
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safety, and the pursuit of sound business ethics. When rolling out its Supplier
Code of Conduct, WDP primarily required its critical suppliers to formally adopt
the code and strongly recommended it to other suppliers. As clearly stated in
the code, WDP aims to work with suppliers through collaboration, dialogue,
and support to ensure compliance with the principles. That is why WDP invests
heavily in its close contact with suppliers while they are performing their services
(whether or not on the construction site). For example, we monitor suppliers
through on-site visits by our project managers during the construction of a
project. Health and safety and code compliance are also monitored during
project site meetings.
Evidently, health & safety is of paramount importance. As mentioned before
1
,
a safe and healthy living and working environment for all stakeholders is
essential as part of the operational management of WDP. WDP continues to
systematically improve health, physical and mental well-being and safety at
work, taking into account specic risks and hazards.
Human Rights Policy
WDP's Human Rights Policy documents and outlines its
commitments to human rights. It also provides a framework for
WDP’s compliance with human rights when conducting business
and throughout its value chain. This policy is in line with the
United Nations Universal Declaration of Human Rights. The policy
applies to all entities and activities of the Group, activities of its
suppliers, and other entities with which WDP has a business
relationship. This policy is applied both in our relationship with
clients (via the rental agreement) and in our relationship with
suppliers (via the Supplier Code of Conduct). WDP strives to
avoid all exposure to human rights risks. Such risks are identied
while performing our proper due diligence that is embedded
in the WDP risk management system. Any complaints can be
reported through WDP's Grievance Management Procedure.
WDP transparently reports any such incidents in its Annual Report
(see 4. Performance pp. 40).
1 See 4. Performance pp. 54.
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Gelsenkirchen, Germany
Client Dokas / Imperial
Lettable area 46,000 m
2
Investment budget 13 million euros
Completion Q2 2022
WVI, the joint venture between WDP and VIB WDP, will provide logistics
storage space in Gelsenkirchen as from the summer of 2022 for Dokas, a
provider of pet food and snacks, and Imperial, a logistics service provider.
Both clients will continue to roll out their activities from this central location.
The rst phase of this warehouse site was completed on 1 December 2021
and has a lettable area of approximately 20,000 m². The second phase
–covering a lettable area of 26,000 m² – is still under construction at this
time.
Gelsenkirchen is located in the heart of North Rhine-Westphalia, Germany,
i.e. the Ruhr area. With its direct connection to different motorways, this
region has an excellent infrastructure of supra-regional and European
importance and can count on the proximity of several airports.
Geographical expansion
for further growth
We believe in the successful
dynamics within the German
logistics sector and look
forward to serving more
customers in the future.
– Tony De Pauw
CEO WDP
“
PROJECT IN THE SPOTLIGHT
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SHARES AND BONDS
5.
“
The shareholder return
follows the growth rate
of our company.
A consistent
track record
Page 62 The share
Page 64 Shareholding
Page 64 The bonds
Page 65 Financial calendar
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SHARES AND BONDS
The share
By emphasising the creation of long-term recurrent cash ows, in combination with the
high earnings disbursement obligation, a GVV/SIR such as WDP provides investors with a
fully-edged, protable, liquid alternative to direct ownership of property. In this respect,
WDP was once again able to build on its reputation and strengths. First of all, potential
investors and shareholders acknowledge the added value that WDP brings to the table.
This includes our market leadership in logistics and semi-industrial real estate in the
Benelux and Romania and the high degree of stability in generated earnings, combined
with our growth plan. Added to this is the fact that WDP is a self-managed company,
with management conducted in-house for the sole benet of our shareholders and other
stakeholders. Due to the scale of its property portfolio, WDP provides shareholders with
a substantial economy of scale in well-dened regions as well as healthy diversication.
WDP’s policy is geared towards having the dividend track its EPRA earnings per share.
EURONEXT Brussels and Amsterdam
IPO: 28/06/1999
Listing: continuous
ISIN code: BE0974349814
Liquidity provider: Kempen & Co and KBC Securities
Figures per share
31.12.2021 31.12.2020 31.12.2019
Number of shares in circulation on
closing date 184,772,193 174,713,867 172,489,205
Free oat 76% 75% 75%
Market capitalisation (in euros) 7,793,691,101 4,937,413,881 3,996,821,298
Traded volume in shares 55,353,642 67,393,146 65,984,303
Average daily volume (in euros) 7,132,819 6,812,194 5,533,360
Free oat velocity¹ 39.3% 51.1% 50.7%
Stock exchange price
highest 42.3 31.4 23.1
lowest 26.7 17.0 16.3
closing 42.2 28.3 23.2
IFRS NAV² (in euros) 19.0 13.5 12.2
EPRA NTA (in euros)♦ 20.1 14.3 12.8
Dividend payout ratio 81% 83% 84%
EPRA Earnings/share³ (in euros) 1.10 1.00 0.93
EPRA Earnings/share
4
(in euros) 1.08 0.96 0.88
Gross dividend/share (in euros) 0.88 0.80 0.74
Net dividend/share (in euros) 0.62 0.56 0.52
The Alternative Performance Measures (APM), used by WDP, are accompanied by a symbol (♦). The denition and
reconciliation can be consulted in chapter 9. Reporting according to recognised standards and chapter 12. Annexes –
Alternative perfomance measures.
1 The number of shares traded divided by the total number of free oat shares at the end of the year.
2 IFRS NAV: the IFRS NAV is calculated as shareholder equity as per IFRS divided by the number of dividend-entitled
shares on the balance sheet date. It pertains to the net value according to GVV/SIR legislation.
3 On the basis of the pro-rata-temporis basis for the weighted average number of shares over the period.
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62
SHARES AND BONDS
4 Based on the number of shares entitled to dividend for the 2021 nancial year (payable in 2022). The number of shares
entitled to dividend amounts to 185,931,267 due to the increase in capital via the realised contribution in kind during
the rst quarter of 2022. For more information, please refer to 6. Financial results and property report – Management of
financial resources.
Share price
In the rst few months of 2021, the WDP share price rose from 28.3 euros on 31 December
2020 to around 30 euros in May 2021 on the payout of the dividend, then rose further to a
closing price of 42.2 euros on 31 December 2021.
Long-term price trend and return
For 2021, the total return
1
on WDP shares was +52.1%.
Data provided by EPRA further show that WDP – with a total annualised return of +13.0%
since the initial public offer at the end of June 1999 – continues to outperform European
property indexes (+8.0%), investment properties in the eurozone (+8.6%), and Belgian
property investments (+9.2%).
Dividend
WDP remains committed to generating strong cash ow as the basis for an attractive
dividend. The company also rmly believes that the quality of the property portfolio and
the tenants, plus the fact that a high dividend is paid every year, continues to point
towards a strong future.
Share price versus EPRA NTA
0
200
400
600
800
1,000
1,200
1,400
1,600
’00’99 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21
1999 indez
1999 index = 100
WDP share return versus EPRA indexes
1 The share return over a specic period is equal to the gross yield. This gross yield is the sum of the following components:
- the difference between the share price at the end and at the start of the period;
- the gross dividend (i.e. the dividend before deduction of the withholding tax);
- the gross yield of the dividend received when reinvested in the same share.
0
5
10
15
20
25
30
35
0
5
10
15
20
25
30
35
40
45
’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21
Share price (in euros per share)
EPRA NTA (in euros)
FTSE EPRA/NAREIT Belgium/Luxembourg Index Total return (in euros)
FTSE EPRA/NAREIT Euro Zone Index Total return (in euros)
FTSE EPRA/NAREIT Developed Europe Total return (in euros)
WDP Total return (in euros)
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63
SHARES AND BONDS
Shareholding
The following overview shows the share ownership situation as of the date of this report.
Number of shares
(declared)
Date of the
statement (in %)
Free oat 141,852,221 76.29%
BlackRock-related companies¹ 9,448,417 12.02.2021 5.08%
AXA Investment Managers S.A.¹ 4,738,986 02.11.2018 2.55%
Other shareholders under the statutory treshold² 127,664,818 21.05.2021 68.66%
Family Jos De Pauw (reference shareholder)³ 44,079,046 21.05.2021 23.71%
Total 185,931,267 100.00%
1 The percentage is determined under the assumption that the number of
shares has not changed since the most recent declaration of transparency,
and taking into account the total number of outstanding shares in WDP.
2 The number of publicly held shares was determined under the assumption
that since the declarations of transparency, nothing has changed with regard
to the composition of the share portfolio of the shareholders obligated
to report major holdings by virtue of the Belgian Law of 2 May 2007 on
disclosure of major holdings in issuers whose shares are admitted for trading
on a regulated market and with various provisions.
3 On 26 October 2012, the Reference Shareholder, the Jos De Pauw family,
assigned all of its shares, held in mutual concert, in joint ownership under the
family company structure RTKA, which institutionalised the existing mutual
concert. The holders of voting rights are the members of the management
body RTKA, namely Robert, Tony, Kathleen and Anne De Pauw, to the
exclusion of all other right holders in respect to the participation.
Bonds
WDP also relies on the debt capital market to nance its investment projects. This nancing as of 31 December 2021 is
shown below:
Emittent ISIN code
Nominal amount
(in million euros) Term (in years) Maturity date
Listed bonds
WDP NV BE0002248178 37.1 10 1 April 2026
WDP NV BE0002249184 22.9 10 1 April 2026
WDP NV BE0002234038 54.4 7 2 July 2022
WDP NV BE0002235043 37.8 7 2 July 2022
Unlisted bonds
WDP NV n.r. 100.0 11 29 March 2029
WDP NV n.r. 50.0 11 18 March 2031
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64
SHARES AND BONDS
Financial calendar
13 April 2022 Deadline to register shares for participation in the Annual
General Meeting on 27 April 2022
22 April 2022 Publication of Q1 2022 results
21 April 2022 Deadline to conrm participation in Annual General Meeting on
27 April 2022
27 April 2022 Annual General Meeting on the 2021 nancial year
28 April 2022 2021 ex-dividend date
29 April 2022 Record date dividend 2021
18 May 2022 Payment date 2021 dividend
29 July 2022 Publication of HY 2022 results and publication of the Interim
Report
19 October 2022 Publication of Q3 2022 results
27 January 2023 Publication of 2022 annual results
26 April 2023 Annual General Meeting on the 2022 nancial year
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65
FINANCIAL RESULTS AND PROPERTY REPORT6.
Page 67 Financial results
Page 77 Management of financial
resources
Page 84 Property report
Page 97 Outlook
“
WDP GREEN seeks to integrate sustainability
into the Group’s developments, financing,
and operations
Sustainable real estate
reduces the client’s
climate footprint
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2021 Annual Report
66
EPRA key performance indicators
1
31.12.2021 31.12.2020
EPRA NTA (in euros per share) 20.1 14.3
EPRA NRV (in euros per share) 21.7 15.7
EPRA NDV (in euros per share) 19.0 13.5
EPRA Net Initial Yield (in %) 4.7 5.4
EPRA Topped-up Net Initial Yield (in %) 4.7 5.4
EPRA vacancy rate (in %) 1.5 1.5
EPRA Cost Ratio (incl. direct vacancy costs) (in %) 10.5 10.6
EPRA Cost Ratio (excl. direct vacancy costs) (in %) 10.2 10.2
1 The denition and reconciliation of the EPRA key performance measures are to be consulted in chapter 9. Reporting
according to recognised standards.
Share performance
0
15
10
5
20
30
35
40
45
0.00
0.20
0.40
0.60
0.80
1.00
1.20
EPRA EPS (in euro per aandeel) (rechterschaal)
DPS (in euro per aandeel (rechterschaal))
WDP beurskoers (in euro per aandeel) (linkerschaal)
EPRA NTA (in euro per aandeel) (linkerschaal)
’00
’01
’02
’03
’04
’05
’06
’07
’08
’09
’10
’11
’12
’13
’14
’15
’16
’17
’18
’19
’20
’21
EPRA EPS (in euros per share) (rhs)
DPS (in euros per share) (rhs)
WDP share price (in eurosper share) (lhs)
EPRA NTA (in eurosper share) (lhs)
FINANCIAL RESULTS
20.1
€
6.0
bn €
+10%
1.10
€
EPRA Earnings
EPRA Earnings per share
1.4
%
Like-for-like rental growth
Fair value of the
property portfolio
EPRA NTA per share
201.2
mio €
+15%
90.7
%
Operating margin
5.8
years
Average term
of the leases
98.6
%
Occupancy rate
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67
CONSOLIDATED KEY FIGURES
Key figures
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Operational
Fair value of property portfolio (including solar panels)
(in million euros) 1,163.1 1,273.1 1,567.3 1,930.0 2,203.8 2,669.8 3,449.6 4,175.8 4,766.5 6,054.3
Total surface area (in m²) (including concession land) 4,793,766 4,849,454 5,701,562 6,613,567 7,309,128 8,767,182 11,843,174 12,475,388 13,170,851 14,911,239
Lettable area (in m²) 2,018,150 2,137,602 2,432,230 3,081,943 3,375,482 3,756,983 4,485,050 5,038,303 5,490,697 5,931,807
Gross rental yield (including vacancies)¹ (in %) 8.0
8.2 8.0 7.6 7.5 7.1 6.7 6.3 6.1 5.2
Average lease term (until rst break)² (in years) 7.2 7.3 7.1 6.5 6.3 6.2 5.8 6.0 5.9 5.8
Occupancy rate³ (in %) 97.3 97.4 97.6 97.5 97.0 97.4 97.5 98.1 98.6 98.6
Operating margin (in %)♦ 91.3 91.8 91.8 92.1 93.3 92.5 91.3 91.6 90.7 90.7
Result (in million euros)
Property result 81.3 89.0 101.8 129.1 139.7 154.5 187.9 216.6 242.7 278.4
Operating result (before the result on the portfolio) 74.3 81.8 93.5 119.0 130.2 142.8 171.6 198.3 220.1 252.6
Financial result (excluding change in the fair value of nancial
instruments) -21.3 -21.4 -25.4 -27.1 -30.3 -25.7 -33.0 -40.2 -38.7 -39.9
EPRA Earnings♦ 52.1 59.6 67.3 90.9 100.8 121.4 134.4 152.4 174.5 201.2
Result on the portfolio (including share joint ventures) – Group
share♦ 1.7 -0.7 19.7 47.4 31.2 101.5 208.3 277.4 187.9 730.5
Variations in the fair value of the nancial instruments – Group share -18.5 20.8 -19.4 7.8 1.8 16.5 -9.0 -29.9 -31.0 52.4
Depreciation and write-down on solar panels (including the share
of joint ventures) – Group share n.r. n.r. -2.9 -3.4 -3.5 -4.2 -4.8 -6.2 -6.8 -1.8
Net result (IFRS) – Group share 35.3 79.7 64.7 142.7 130.2 235.2 328.8 393.7 324.6 982.3
1 Calculated by dividing the annualised contractual gross (cash) rents by fair value. The fair value is the value of the
property portfolio after deduction of transaction costs (mainly transfer tax).
2 Including solar panels that are taken into account at the remaining weighted average duration of green energy
certicates.
3 Calculated based on the rental values of leased properties and the unleased surface areas, including the income from
solar panels. This does not include projects under development or renovations.
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CONSOLIDATED KEY FIGURES
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Financial
Balance sheet total (in million euros) 1,181.1 1,283.1 1,570.3 1,907.3 2,182.6 2,675.3 3,483.3 4,222.8 4,790.4 6,106.2
Shareholders’ equity (in million euros) 520.6 576.7 682.5 829.4 1,091.7 1,238.4 1,580.5 2,103.9 2,353.9 3,510.3
Net nancial debt (in million euros) 644.1 686.8 863.6 1,041.8 1,045.6 1,348.6 1,696.0 1,851.2 2,108.2 2,184.4
Loan-to-value (in %)♦ 55.6 54.4 56.0 55.2 48.4 51.3 50.0 45.0 45.0 36.7
Gearing ratio (proportional) (in line with GVV/SIR
Royal Decree) (in %) 56.1 55.5 56.7 56.8 50.5 53.1 51.8 46.7 46.6 38.1
Net debt / EBITDA (adjusted) (in x)♦ 8.1 8.1 8.8 8.5 7.9 8.6 9.0 8.0 8.3 7.9
Average cost of debt (in %)♦ 3.6 3.6 3.5 2.9 2.8 2.6 2.4 2.2 2.1 2.0
Interest Coverage Ratio
4
(in x) 3.4 3.6 3.3 4.2 4.1 5.2 4.6 4.5 4.9 5.6
Details per share (in euros)
Gross dividend 0.44 0.46 0.49 0.57 0.61 0.64 0.69 0.74 0.80 0.88
EPRA Earnings♦ 0.52 0.55 0.59 0.71 0.76 0.80 0.86 0.93 1.00 1.10
Result on the portfolio (including share joint ventures) -
Group share♦ 0.02 -0.01 0.17 0.37 0.23 0.67 1.33 1.69 1.08 4.00
Variations in the fair value of the nancial instruments – Group share -0.19 0.19 -0.17 0.06 0.01 0.11 -0.06 -0.18 -0.18 0.29
Depreciation and write-down on solar panels – Group share n.r. n.r. -0.03 -0.03 -0.03 -0.03 -0.03 -0.04 -0.04 -0.01
Net result (IFRS) – Group share 0.36 0.74 0.56 1.12 0.98 1.55 2.10 2.40 1.87 5.38
EPRA NTA♦ 4.9 5.1 5.6 6.4 7.3 8.3 10.2 12.8 14.3 20.1
IFRS NAV
5
4.3 4.7 5.0 5.9 6.9 8.0 9.8 12.2 13.5 19.0
Share price 6.7 7.5 9.0 11.6 12.1 13.3 16.5 23.2 28.3 42.2
Some gures are subject to rounding adjustments. Consequently, it may occur that
gures shown as totals in certain tables are not a precise arithmetical totals of foregoing
gures.
The Alternative Performance Measures (APM) used by WDP, including the EPRA Key
Performance Indicators, are accompanied by a symbol (♦) and are found in chapter
9. Reporting according to recognised standards and chapter 12. Appendices – Alternative
Performance Measures listing the denition and reconciliation.
4 Dened as operating result (before result on the portfolio), divided by interest charges, minus interest and dividend
collection, minus compensation for nancial leasing and others.
5 IFRS NAV: Net Asset Value before prot distribution for the current nancial year as per the IFRS balance sheet. The
IFRS NAV is calculated by dividing the shareholders’ equity as per IFRS by the number of shares entitled to dividend
on the balance sheet date.
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NOTES TO THE INCOME STATEMENT
Consolidated results (analytical scheme)
(in euros x 1,000) FY 2021 FY 2020 ∆ y/y (abs.) ∆ y/y (%)
Rental income, net of rental-related expenses 255,525 228,449 27,076 11.9%
Indemnication related to early lease terminations 435 0 435 n.r.
Income from solar energy 17,754 16,472 1,282 7.8%
Other operating income/costs 4,731 -2,218 6,949 n.r.
Property result 278,445 242,703 35,743 14.7%
Property charges -9,082 -8,325 -757 9.1%
General Company expenses -16,751 -14,314 -2,437 17.0%
Operating result (before the result on the portfolio) 252,613 220,064 32,549 14.8%
Financial result (excluding change in the fair value of the nancial instruments) -39,873 -38,674 -1,199 3.1%
Taxes on EPRA Earnings -7,497 -2,620 -4,877 n.r.
Deferred taxes on EPRA Earnings 84 -779 863 n.r.
Share in the result of associated companies and joint ventures 2,013 1,257 756 n.r.
Minority interests -6,150 -4,733 -1,417 29.9%
EPRA Earnings 201,190 174,516 26,674 15.3%
Variations in the fair value of investment properties (+/-) 825,957 186,417 639,540 n.r.
Result on disposal of investment property (+/-) 6,410 408 6,002 n.r.
Deferred taxes on the result on the portfolio (+/-) -113,226 -2,727 -110,499 n.r.
Share in the result of associated companies and joint ventures 16,610 3,574 13,036 n.r.
Result on the portfolio 735,751 187,672 548,079 n.r.
Minority interests -5,292 232 -5,524 n.r.
Result on the portfolio - Group share 730,459 187,904 542,555 n.r.
Change in the fair value of nancial instruments 52,388 -31,049 83,438 n.r.
Change in the fair value of financial instruments 52,388 -31,049 83,438 n.r.
Minority interests 0 0 0 n.r.
Change in the fair value of financial instruments - Group share 52,388 -31,049 83,438 n.r.
Depreciation and write-down on solar panels -1,423 -7,270 5,847 n.r.
Share in the result of associated companies and joint ventures 0 0 0 n.r.
Depreciation and write-down on solar panels -1,423 -7,270 5,847 n.r.
Minority interests -349 510 -858 n.r.
Depreciation and write-down on solar panels - Group share -1,772 -6,761 4,989 n.r.
Net result (IFRS) 994,056 328,601 665,456 n.r.
Minority interests -11,791 -3,991 -7,799 n.r.
Net result (IFRS) - Group share 982,266 324,610 657,656 n.r.
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NOTES TO THE PROFIT AND LOSS ACCOUNT OF 2021
Key ratios
(in euros per share) FY 2021 FY 2020 ∆ y/y (abs.) ∆ y/y (%)
EPRA Earnings¹ 1.10 1.00 0.10 9.7%
Result on the portfolio - Group
share¹ 4.00 1.08 2.92 n.r.
Change in the fair value of
nancial instruments - Group
share¹ 0.29 -0.18 0.47 n.r.
Depreciation and write-down on
solar panels - Group share¹ -0.01 -0.04 0.03 n.r.
Net result (IFRS) - Group share¹ 5.38 1.87 3.51 n.r.
EPRA Earnings² 1.08 0.96 0.12 12.8%
Proposed payout 163,619,515 145,520,359 18,099,156 12.4%
Dividend payout ratio (versus
EPRA Earnings)³ 81.3% 83.4% -2.1% n.r.
Gross dividend 0.88 0.80 0.08 10.0%
Net dividend 0.62 0.56 0.06 10.0%
Weighted average number of
shares 182,624,126 173,802,120 8,822,006 5.1%
Number of shares entitled to
dividend
4
185,931,267 181,900,449 4,030,818 2.2%
1 Calculation based on the weighted average number of shares.
2 Calculation based on the number of shares entitled to dividend.
3 The dividend payout ratio is calculated in absolute terms based on the consolidated result. Dividend is distributed
based on the statutory result by WDP NV/SA.
4 As a result of the capital increase through contribution in kind realised during the rst quarter of 2022, the number of
shares entitled to a dividend for the 2021 nancial year (payable in 2022) is 185,931,267. For more information, please
refer to 6. Financial results and property report - Management of financial resources.
Property result
The property result amounts to 278.4 million euros for 2021, an increase of 14.7%
compared to last year (242.7 million euros). This increase is driven by continued portfolio
growth in 2020-21, primarily through new pre-let projects. Without changes in the
portfolio, rental income levels increased by 1.4%, mainly as a result of the indexation of
leases and a slight increase in the occupancy rate.
The property result also includes 17.8 million euros of income from solar panels –
compared to 16.5 million euros last year – from higher income due to a higher installed
capacity and somewhat higher income from organically higher electricity prices.
The other operating income and expenses include a one-off income related to the green
certicates in Romania of 3.6 million euros in addition to some other non-recurring fees.
The historical PV projects in Romania receive 4 xed plus 2 deferred certicates per unit
of energy produced. The turnover for the 2 deferred certicates was previously never
recognised in the accounts given the legal uncertainty. However, a recent amendment
to the law ensures that these certicates can be recuperated on a linear basis starting in
2021 by selling these on the energy market over a period of ten years. So, the 3.6 million
euros in operating income reect the value of this future receivable discounted for risk
and time.
1
Operating result (before the result on the portfolio)
The operating result (before the result on the portfolio) amounts to 252.6 million euros
for 2021, an increase of 14.8% compared to the same period last year (220.1 million
euros). Property and other general expenses amounted to 25.8 million euros in 2021,
an increase of 3.2 million euros year-on-year in line with the growth of the portfolio. The
operating margin remains high at 90.7%.
1 The net impact on the P&L is 2.6 million euros after deduction of 16% corporation tax and 15% minority interests.
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NOTES TO THE PROFIT AND LOSS ACCOUNT OF 2021
Financial result (excluding change in the fair value of the
financial instruments)
The nancial result (excluding changes in the fair value of the nancial instruments)
amounts to -39.9 million euros for 2021, a limited increase of 3.1% compared to last year
(-38.7 million euros). This is also in line with the limited increase in nancial liabilities given
that the investments in 2021 were mainly nanced through equity capital. This nancial
result includes the recurring cost of -2.6 million euros for land under concession, which in
accordance with IFRS 16 will be accounted for through the Financial result.
The total nancial debt (in accordance with IFRS) amounted to 2,193.7 million euros
on 31 December 2021, compared to 2,119.5 million euros at the end of last year. The
average interest rate is 2.0% for 2021, a decrease compared to the same period in 2020
(2.1%).
EPRA Earnings
WDP EPRA earnings for 2021 amount to 201.2 million euros. This result marks an
increase of 15.3% compared to the result of 174.5 million euros in 2020. The EPRA
Earnings per share are up 9.7% year-on-year, to 1.10 euros, including an increase of
5.1% in the weighted average number of outstanding shares. This increase in EPRA
earnings is mainly due to the strong growth of the WDP portfolio in 2020-21 from pre-
let projects in the Netherlands and Romania as well as some non-recurring income (see
Property result).
Result on the portfolio (including the share of joint ventures) –
Group share
The result on the portfolio (including the share of joint ventures and after tax) – Group
share for 2021 amounts to +730.5 million euros or +4.00 euros per share. For the same
period last year, this result amounted to +187.9 million euros or 1.08 euro per share.
This breaks down by country as follows: Belgium (+350.8 million euros), the Netherlands
(+290.9 million euros), France (+45.4 million euros), Romania (+30.0 million euros),
Germany (+7.2 million euros) and Luxembourg (+6.1 million euros).
The revaluation of the portfolio (excluding deferred taxes on the portfolio result and
the result on the disposal of investment properties) amounts to 848.2 million euros, an
increase of +17% year-to-date. This revaluation is mainly driven by the yield shift in the
existing portfolio (-80 base points during 2021) and by the increase in estimated market
rent values and unrealised capital gains on the projects (both completed and in progress).
Changes in the fair value of financial instruments –
Group share
Changes in the fair value of nancial assets and liabilities – Group share
2
amount to 52.4
million euros or 0.29 euros per share for 2021 (versus -31.0 million euros or -0.18 euros
per share in 2020). This positieve impact is due to the variation of the fair value of the
interest rate hedges (Interest Rate Swaps) concluded as at 31December 2021 due to the
increase in long-term interest rates during 2021.
The change in the fair value of these interest rate hedges has been fully accounted for
in the prot and loss account, not in shareholders’ equity. Since this impact involves a
non-cash and unrealised item, it is excluded from the nancial result in the analytical
presentation of the results and is shown separately in the prot and loss account.
2 Changes in the fair value of nancial assets and liabilities – Group share (non-cash item) are calculated based on the
mark-to-market (M-t-M) value of interest rate hedges concluded.
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NOTES TO THE PROFIT AND LOSS ACCOUNT OF 2021
Depreciation and write-down on solar panels (including the
share of joint ventures) – Group share
The solar panels are valuated on the balance sheet at fair value based on the revaluation
model in accordance with IAS 16 Tangible xed assets. In compliance with IAS 16, WDP
must include a depreciation component in its IFRS accounts according to the residual
service life of the PV installations. The depreciation is calculated based on the fair value
from the previous balance sheet date. This newly calculated net book value is subsequently
revalued at the fair value. This revaluation is booked directly in the equity capital insofar
that it still exceeds the historical cost price, plus accumulated depreciations. If it does not,
then it is entered in the prot and loss account. The depreciation component amounts to
-5.3 million euros, and a reversal of already booked write-downs on solar panels of +3.5
million euros. Since this impact involves a non-cash and unrealised item, it is excluded
from the nancial result in the analytical presentation of the results from the operating
result and is shown separately in the prot and loss account.
Net result (IFRS) – Group share
The EPRA Earnings along with the result on the portfolio, changes in the fair value of
nancial instruments and the depreciation and write-down on solar panels produce a net
result (IFRS) – Group share of 982.3 million euros in 2021 (compared to the same period
last year, when this gure was 324.6 million euros).
The difference between the net result (IFRS) – Group share of 982.3 million euros and the
EPRA Earnings of 201.2 million euros can mainly be attributed to the increase in value of
the portfolio and the positive fair value variations in the interest rate hedging instruments.
When preparing the prot and loss account, a situation was taken into account as of
1 January 2021 in which WDP could not continue to qualify as FBI in the Netherlands,
due to the current signicant uncertainty in view of the tax ruling that was revoked as of
1 January 2021, as previously explained at the publication of the 2020 annual results in
January 2021.
3
This has an impact on EPRA earnings of approximately 1 million euros per quarter, and
an impact on portfolio result in 2021 of 99.2 million euros through a deferred tax on the
portfolio result.
WDP processes these commissions in its accounts out of a principle of prudence. Given
that a tax ruling is not an absolute requirement to be able to apply the FBI regime, and
that WDP is of the opinion that it meets all the conditions, the circumstances and facts
are unchanged, the company will continue to le its tax returns as an FBI. Moreover, some
important steps were recently taken with the competent authorities in the Netherlands
regarding the preservation of the FBI regime, but this is not yet certain.
3 See the press release dated 29 January 2021.
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NOTES TO THE BALANCE SHEET
Consolidated balance sheet
(in euros x 1,000) 31.12.2021 31.12.2020 ∆ (abs.) ∆ (%)
Intangible xed assets 1,101 1,193 -92 n.r.
Investment property 5,795,243 4,566,601 1,228,641 26.9%
Other tangible xed assets (including solar panels) 164,586 126,719 37,867 29.9%
Financial xed assets 7,126 6,929 197 2.8%
Trade receivables and other xed assets 5,931 2,747 3,184 115.9%
Participations in associated companies and joint ventures 51,581 24,346 27,235 111.9%
Fixed assets 6,025,568 4,728,536 1,297,033 27.4%
Assets held for sale 286 15,543 -15,256 n.r.
Trade receivables 14,840 12,073 2,767 n.r.
Tax receivables and other current assets 50,292 17,232 33,060 n.r.
Cash and cash equivalents 9,230 11,240 -2,010 n.r.
Accruals and deferrals 6,008 5,781 227 n.r.
Current assets 80,657 61,869 18,787 n.r.
Total assets 6,106,225 4,790,405 1,315,820 27.5%
(in euros x 1,000)
31.12.2021 31.12.2020 ∆ (abs.) ∆ (%)
Capital 196,378 188,130 8,248 4.4%
Issue premiums 1,206,266 923,843 282,423 30.6%
Reserves 1,125,420 917,352 208,068 22.7%
Net result for the nancial year 982,266 324,610 657,656 202.6%
Shareholders' equity attributable to Group shareholders 3,510,330 2,353,935 1,156,395 49.1%
Minority interests 63,662 49,858 13,804 27.7%
Shareholders' equity 3,573,992 2,403,793 1,170,199 48.7%
Non-current nancial debt 1,886,788 1,740,284 146,504 8.4%
Other non-current liabilities 257,154 197,847 59,306 30.0%
Non-current liabilities 2,143,942 1,938,131 205,811 10.6%
Current nancial debt 306,891 379,170 -72,279 -19.1%
Other current liabilities 81,401 69,311 12,090 17.4%
Current liabilities 388,292 448,481 -60,190 -13.4%
Liabilities 2,532,233 2,386,612 145,621 6.1%
Total liabilities 6,106,225 4,790,405 1,315,820 27.5%
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NOTES TO THE BALANCE SHEET 2021
Key ratios
(in euros per share) 31.12.2021 31.12.2020 ∆ (abs.) ∆ (%)
IFRS NAV 19.0 13.5 5.5 41.0%
EPRA NTA♦ 20.1 14.3 5.8 40.4%
Share price 42.2 28.3 13.9 49.3%
Premium/Discount with respect to EPRA
NTA
109.8% 97.4% 12.5% n.r.
(in euros x million)
Fair value of the portfolio (including solar
panels)¹ 6,054.3 4,766.5 1,287.8 27.0%
Loan-to-value♦ 36.7% 45.0% -8.3% n.r.
Gearing ratio (proportional)²♦ 38.1% 46.6% -8.6% n.r.
Net debt / EBITDA (adjusted)♦ 7.9x 8.3x -0.4x n.r.
1 Based on 100% of the fair value for the fully consolidated entities (including WDP Romania) and the proportional share
for the joint ventures (in particular 55% for Luxembourg, 50% for Germany, and 29% for WDPort of Ghent Big Box).
2 For the method used to calculate the gearing ratio, refer to the Royal Decree of 13 July 2014 on the GVV/SIR.
Property portfolio
According to independent property experts Stadim, JLL, Cushman & Wakeeld, CBRE
and BNP Paribas Real Estate, the fair value
4
of the WDP property portfolio on 31 December
2021 according to IAS 40 amounted to 5,894.5 million euros, compared to 4,644.1 million
euros at the start of the nancial year (including Assets held for sale). Together with the
valuation at fair value of the investments in solar panels
5
, the total portfolio value amounts
to 6,054.3 million euros, compared to 4,766.5 million euros at the end of 2020.
This value of 6,054.3 million euros includes 5,441.2 million euros in completed properties
(standing portfolio).
6
Ongoing projects account for a value of 288.7 million euros. Moreover,
WDP has strategic land reserves with a fair value of 164.5 million euros, which equates
to a development potential of approximately 1.5 million square metres of lettable surface
area.
The investments made in solar panels were valued on 31 December 2021 at a fair value
of 159.8 million euros.
Overall, the portfolio is valued at a gross rental yield of 5.2%
7
. The gross rental yield after
deduction of the estimated market rent value for the non-let portions is 5.2%.
NAV per share
The EPRA NTA per share amounted to 20.1 euros on 31 December 2021. This represents
an increase of 5.8 euros compared to an EPRA NTA per share of 14.3 euros on
31December 2020 as a result of prot generation (+), dividend distribution (-), capital
increases (+), and portfolio revaluation (+). The IFRS NAV per share
8
amounted to
19.0euros on 31December 2021, compared to 13.5 euros on 31 December 2020.
4 For the exact valuation method, we refer to the BE-REIT press release of 10 November 2016.
5 Investments in solar panels are valued in accordance with IAS 16 by applying the revaluation model.
6 Including a right of use of 59 million euros, related to the land held through a concession in accordance with IFRS 16.
7 Calculated by dividing the annualised contractual gross (cash) rents and the rental value of the unlet parts by the fair
value. The fair value is the value of the investment properties after deduction of transaction costs (mainly transfer tax).
8 The IFRS NAV is calculated as the equity capital as per IFRS divided by the total number of shares entitled to dividend
on the balance sheet date. This is the net value according to Belgian GVV/SIR legislation.
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NOTES TO THE BALANCE SHEET 2021
Contribution to the treasury
In 2021 WDP and its subsidiaries together paid 59.6 million euros in social, scal and
sector-specic taxes to the treasury.
in euros (x 1,000) FY 2021 FY 2020
Corporate tax 3,067 635
Exit tax 0 8
Advance levy 42,276 36,718
Subscription fee 3,042 2,306
Social security contribution (employers' contribution) 1,063 920
Non-recoverable VAT 748 1,262
Property tax and other taxes related to immovable goods
borne by the owner 7,553 4,879
Transfer taxes 1,281 2,766
Other taxes 560 412
Total 59,589 49,907
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MANAGEMENT OF FINANCIAL RESOURCES
Financing policy
The nancing policy of the WDP Group is geared towards optimal nancing of the
company with an ideal mix of debt and shareholders’ equity, and the availability of
adequate resources to complete ongoing projects and capitalise on any opportunities
that arise.
The key objectives within this context are the following:
◆
a proactive management of the capital structure;
◆
a balance of equity capital and loan capital;
◆
a good diversication of the various sources of nancing;
◆
a good spread of the maturities of the liabilities;
◆
an adequate liquidity risk;
◆
a sustainable long-term relationship with all nancing partners;
◆
an active nancial risk control including interest risk, liquidity risk and counter-party risk.
The scale on which WDP practices its business activities, in combination with strict
regulations which, as GVV/SIR, is subject to compliance and the high degree of visibility
on the rental ows, gives WDP a competitive edge in the search for appropriate sources of
nancing. This is extremely important in the continuously changing nancing environment
where key words are high creditworthiness and diversication.
Financial key figures
31.12.2021 31.12.2020
Loan-to-value♦ 36.7 45.0
Gearing ratio (proportional) (in line with the GVV/SIR Royal Decree)
(in %) 38.1 46.6
Net debt / EBITDA (adjusted) (in x)♦ 7.9 8.3
Interest Coverage Ratio (in x)¹ 5.6 4.9
Average cost of debt (in %)♦ 2.0 2.1
Average remaining term of outstanding debts (in years) 4.5 4.6
Weighted average maturity of all drawn and undrawn credit lines 4.6 4.9
Hedge ratio (in %)♦ 82.9 89.6
Average remaining term of interest rate hedges (in years)² 6.3 6.9
The Alternative Performance Measures (APM) used by WDP, are accompanied by a symbol (♦). Their denition and
reconciliation can be consulted in chapter 12. Annexes - Alternative Performance Measures.
1 Dened as operating result (before the result on the portfolio) divided by interest charges less interest and dividends
collected less the fee for nancial leasing and other.
2 Remaining term of debt at xed rate and interest rate hedges entered into to hedge the debt against interest rate
uctuations.
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3,500
3,000
2,500
2,000
1,500
1,000
500
0
(in million euros)
Growth
portfolio
2010-21
Funding
source
2010-21
Capex existing portfolio
Solar panels
Pre-let (re-)developments
Acquisitions
Retained earnings
New equity
Disposals
Change in net nancial debt
Debt structure
As far as possible WDP endeavours to guarantee a matching of its assets and liabilities
throughout the cycle. From that point of view the portfolio generates a gross yield of 5.2%
based on a very high level of visibility with an average duration of the leases (including
solar panels) of 5.8 years to rst maturity, and 7.0 years to nal maturity. These are then
nanced by debt that today carries an average cost of approximately 1.8%, based on a
high hedging ratio with long-term hedging instruments (6.3 years on average).
This wide margin between yields and costs ensures adequate support to cover the costs
of nancing, resulting in an interest coverage ratio of 5.6x. Moreover, the visibility on both
the income and expenses results in a robust revenue ow.
Matching of assets and liabilities
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Gearing ratio
The use of debt is legally limited via the Belgian GVV/SIR Royal Decree. For instance,
the gearing ratio cannot exceed 65% (both on a consolidated and statutory level) and
moreover, dividend distributions to the shareholders are only permitted if the dened
limit is not exceeded – given that they must be used at that time to bring the debt ratio
back down below 65%. Debts are used to optimise returns for shareholders, but must
be applied with prudence taking numerous factors into account, such as access to
renancing capital, capacity to cover interest costs, quality of the portfolio, the term of
the leases and the portion of projects under development. WDP prefers a nancial policy
where the gearing ratio is lower than 50% based on the current valuation of the portfolio.
As of 31 December 2021, total nancial liabilities (according to IFRS) increased slightly
to 2,193.7 million euros compared to 2,119.5 million euros at the end of 2020. After all,
the more than 400 million euros of investments in 2021 were mainly nanced through
equity. The balance sheet total rose from 4,790.4million euros on 31 December 2020 to
6,106.2million euros on 31 December 2021.
The gearing ratio (proportional) decreased to 38.1% as of 31 December 2021, compared
to 46.6% as of 31 December 2020, driven by the capital increases (approximately 350
million euros through ABB, contribution in kind, optional dividend, and retained earnings)
and the revaluation of the portfolio (848 million euros). The loan-to-value, which compares
the net nancial debts with the value of the portfolio
1
, is 36.7% on 31 December 2021
compared to 45.0% on 31 December 2020.
1 Based on IFRS statements including solar panels and receivables from and participations in joint ventures.
9.1%
Commercial paper
200.0 million euros
0.2%
Straight loan
4.7 million euros
Breakdown of debt
13.7%
Bond loans
301.6 million euros
76.9%
Bilateral long-term
credit lines
1,687.4 million euros
Outstanding consolidated financial debt as at 31.12.2021
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Maturity dates
The majority of the debt instruments used are bullet type instruments, which implies that
over the term, interest debts are due on the principal sum and that full repayment of the
capital is due on the nal maturity date. The maturity dates are evenly distributed over
time. 46% of the debts mature between one and ve years and 40% expire after more
than ve years. The other short-term nancial debts of 306.9 million euros include the
commercial paper programme (200.0 million euros), short-term straight loans (4.7 million
euros) and long-term nancing maturing within the year (102.2 million euros). The latter
(mainly retail bonds for 92 million euros) will be renanced from the existing free credit
lines.
The weighted average maturity of WDP's outstanding nancial liabilities as of
31December 2021 is 4.5 years
2
and the weighted average maturity of all drawn and
undrawn lines is 4.6 years. At 2020 year-end, this was 4.6 and 4.9 years, respectively.
On 31 December 2021, the total undrawn and conrmed long-term credit lines amounted
to approximately 750 million euros
3
, which can be used to cover the ongoing projects
and planned purchases (of which on 31 December 2021, 501 million euros still had to be
invested) and the maturity dates of the long-term debts (approximately 370 million euros)
until the end of 2023 can be accommodated, taking into account the annual impact of
the reserved prots and the optional dividend in 2022-23 (combined 114 million euros
in 2021).
Bonds
Long-term credit facilities (undrawn)
’32
500
450
400
350
300
250
200
150
100
50
0
(in million euros)
’22
’23
’24
’25
’26
’27
’28
’29
’30
’31
Commercial paper and straight loans
Long-term credit facilities (drawn)
Maturity dates of the credit lines
2 Including current liabilities: this mainly includes the commercial paper programme which is fully covered
by back-up facilities.
3 Excluding the credit facilities to hedge the commercial paper programme.
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80
’21
’22
’23
’24
’25
’26
’27
’28
’29
’30
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Hedge ratio (left scale)
Weighted average term of hedges (in y) (right scale)
8y
7y
6y
5y
4y
3y
2y
1y
0y
Hedges
WDP's risk policy regarding interest rates, aims to overcome the uctuations in interest
rates as far as possible and to optimise the cost of the debt. This is done through a
centrally managed macro-hedging policy, in which interest derivatives are used solely for
the hedging of nancial debts.
The hedge ratio, which measures the percentage of nancial debt with a xed or oating
interest rate and subsequently hedges this by means of Interest Rate Swaps (IRS), came
to 83% as at 31 December 2021.
Evolution hedge ratio
For a consistent debt position, this hedging ratio changes into 80% in 2022 and 79%
in 2023
4
.
However, WDP's result is still subject to uctuations (see also 7. Financial results and
property report - Prospects for a sensitivity analysis with respect to short-term interest
rates).
Covenants and securities
The contractual provisions of the credit facilities generally stipulate that WDP remains
qualied as a regulated real estate company (GVV/SIR) in Belgium, including a maximum
gearing ratio of 65%, that there is a minimum Interest Coverage Ratio of 1.5x, that
the value of speculative (i.e. without pre-letting) development projects may amount to
a maximum of 15% of the book value of the portfolio and that the nancial debts at
subsidiary level may amount to a maximum of 30% of the total outstanding nancial
debts.
4 The GVV/SIR’s hedging policy implicitly assumes the long-term maturity of existing interest rate hedges on the
condition that the absolute level of outstanding debt is maintained.
Evolution in hedge ratio
WDP conrms that all of these conditions were met throughout the entire 2021 nancial
year. The Interest Coverage Ratio was 5.6x, the percentage of speculative developments
was 0.3% at the end of 2021 and the debt at the subsidiary level was 1% of the total
outstanding nancial debt.
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MANAGEMENT OF FINANCIAL RESOURCES
Implementation of the financing strategy
In 2021, an investment volume of over 400 million euros net was realised. In advance, an
appropriate nancing strategy was outlined in order to meet the investment requirements,
and to safeguard the solid capital structure of the company.
Thus, the net capital expenditure was nanced with equity in the amount of approximately
350 million euros (through ABB, contribution in kind, optional dividend, and retained
earnings) and the balance through the issue of new debt, through which the buffer of
unused credit lines could also be strengthened to over 750 million euros. This already
anticipated the maturity dates for loans in 2022.
The company boosted its nancial resources over 2021 as follows:
◆
Capital increase through contribution in kind for 9 million euros
5
At the beginning of 2021, WDP acquired the Sip-Well site in Londerzeel through a
contribution in kind against payment of 348,975 new WDP shares. The transaction
has led to a 9.4 million euros increase in shareholders’ equity.
◆
Capital increase through accelerated private placement for 200 million euros
6
At the start of February 2021, WDP launched a capital increase in cash within the
authorised capital with cancellation of the statutory pre-emptive rights of existing
shareholders (partly in favour of WDP’s current Reference Shareholder, the
management body RTKA, the family company owned by the Jos De Pauw family)
and without granting an irreducible allocation right to existing shareholders. The
capital increase was achieved through an exempt accelerated private placement with
international qualied and/or institutional investors with the composition of an order
book (ABB or an accelerated bookbuild).
The gross amount of this capital increase amounted to 200 million euros via the issue
of 6,837,607 new shares at an issue price of 29.25 euros per share. The 6,837,607
new shares (including the 683,761 new shares allocated to the Jos De Pauw family in
the amount of 20 million euros in accordance with the xed subscription commitment)
corresponds to approximately 3.91% of the outstanding capital prior to the increase
in capital. The issue price represents a discount of 3.3% compared with the last
trading price on Wednesday 3 February 2021 of 30.24 euros.
◆
Optional dividend of approximately 59 million euros
7
WDP’s shareholders opted to contribute their dividend rights for 57.8% of their shares
in exchange for new shares instead of cash dividend payments. This result led to a
capital increase for WDP of approximately 59 million euros through the creation of
2,102,558 new shares, assuming an issue price of 28.00 euros per share.
◆
Capital increase through contribution in kind for 25.7 million euros
8
At the beginning of October 2021, WDP acquired the DPG Media Services site in
Lokeren through a contribution in kind against payment of 769,186 new WDP shares.
The transaction has led to a 25.7 million euros increase in equity.
◆
New funding
Moreover, over the course of 2021, WDP secured approximately 300 million euros in
additional nancing from various Belgian and foreign banks.
5 See the press release dated 14 January 2021.
6 See the press releases dated 3 and 8 February 2021.
7 See the press release of 21 May 2021.
8 See press release dated 7 October 2021.
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Financial risks
In 2021, WDP has again continuously monitored the potential impact of nancial risks
and has taken the necessary measures to manage these risks. These risks include the
counterparty risk (insolvency or credit risk affecting nancial partners), liquidity risk (non-
availability of nancing or very expensive nancing options) and risks related to interest,
budget, agreements and exchange rates.
Significant events after the balance sheet date
◆
Capital increase through contribution in kind for 37 million euros
9
At the beginning of 2022, WDP realised the acquisition of three neighbouring buildings
in the Hoogveld industrial zone in Dendermonde through a contribution in kind against
a payment of 1,159,074 new WDP shares. The transaction has led to a 36.8 million
euros increase in equity.
MANAGEMENT OF FINANCIAL RESOURCES
9 See press release of 10 March 2022.
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PROPERTY REPORT
Review of the consolidated property portfolio
Description of the portfolio as at 31 December 2021
The independent property experts Stadim, JLL, Cushman & Wakeeld, CBRE and BNP
Paribas Real Estate value the WDP property portfolio (including Assets held for sale and
excluding solar panels) in accordance with IAS 40 at a fair value
1
of 5,894.5 million euros
as of 31 December 2021. The fair value at the end of 2020 amounted to 4,644.1 million
euros.
The portfolio breaks down as follows:
Fair value
(in million euros) Belgium The Netherlands France Romania Luxembourg Germany Total
Existing buildings 1,848.8 2,575.8 174.5 779.8 56.8 4.6 5,440.5
Projects under development 16.2 185.7 0.0 56.7 10.9 19.3 288.7
Land reserves 29.7 56.2 0.7 78.0 0.0 0.0 164.5
Assets held for sale 0.8 0.0 0.0 0.0 0.0 0.0 0.8
Total 1,895.4 2,817.7 175.2 914.5 67.7 23.9 5,894.5
1 The fair value at which the investment property is measured consists of the investment value less transaction costs.
The average theoretical local transaction costs deducted from the investment value are as follows, by country:
Belgium: 2.5%, The Netherlands: 8.2%, France: 5.6%, Luxembourg: 7.0%, Germany: 7.6% and Romania: 1.5%.
Geographical breakdown of the fair value of the portfolio
France
3.0%
Germany
0.4%
Luxembourg
1.1%
The Netherlands
47.8%
Romania
15.5%
Belgium
32.2%
Fair value
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PROPERTY REPORT
Portfolio statistics by country
Belgium The Netherlands France Luxembourg Romania Germany Total
Number of lettable sites 83 103 7 3 60 1 257
Gross lettable area (in m²) 2,036,757 2,409,923 192,056 50,161 1,236,622 6,287 5,931,807
Land (in m²) 3,914,440 4,672,337 464,891 83,357 5,723,326 52,888 14,911,239
Fair value (in million euros) 1,895.4 2,817.7 175.2 67.7 914.5 23.9 5,894.5
% of total fair value 32% 48% 3% 1% 16% 0% 100%
% change in fair value (YTD) 18.2% 13.9% 26.3% 13.8% 5.4% 35.7% 14.4%
Vacancy rate (EPRA)¹
,
² 2.7% 1.1% 2.2% 3.2% 0.3% 0.0% 1.5%
Average lease length till rst break (in y)² 5.2 5.6 3.6 8.1 6.3 3.9 5.6
WDP gross initial yield³ 4.8% 5.0% 4.3% 5.5% 7.4% 6.0% 5.2%
Effect of vacancies -0.1% -0.1% -0.1% -0.1% 0.0% 0.0% -0.1%
Adjustment gross to net rental income (EPRA) -0.2% -0.3% -0.1% -0.4% -0.2% -0.1% -0.2%
Adjustments for transfer taxes -0.1% -0.3% -0.2% -0.3% -0.1% -0.4% -0.2%
EPRA net initial yield¹ 4.3% 4.3% 3.9% 4.7% 7.1% 5.6% 4.7%
Value and composition of the rental portfolio
The total surface area comprises 1,491.1 hectares, including 100.6 hectares granted in
concession. The balance of 1,390.6 hectares has a fair value of 1,507.5 million euros
or 26% of the total fair value. This results in an average land value of 108 euros per
m², excluding transaction costs. This area also includes the strategic land reserves,
particularly in Belgium, The Netherlands, and Romania.
1 Financial performance indicator calculated according to EPRA’s (European Public Real Estate Association) Best
Practices Recommendations. Please see www.epra.com.
2 Excluding solar panels.
3 Calculated by dividing the annualised contractual gross (cash) rents and the rental value of the unlet properties by fair
value. The fair value is the value of the property investments after deduction of transaction costs (mainly transfer tax).
Changes in fair value during 2021
In 2021, WDP invested a total amount of 152.1 million euros in new investments. In
addition, 265.9 million euros was spent on the completion of pre-let projects for own
account and investments in the existing portfolio.
The change in the valuation of the investment properties amounted to an additional 848.8
million euros during 2021 on a portfolio of approximately 5.9 billion euros. The gross
rental yield based on the contractual rent, after the addition of the estimated market rent
value for the unlet parts, amounts to 5.2% at 31 December 2021, compared to 6.1% at
the end of 2020.
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PROPERTY REPORT
Designated use as of 31 December 2021
Built surface
(in m²)
Estimated rental value
(in million euros)
Estimated average rental
value per m² (in euros)
% of
total rental value
Warehouses 5,220,795 249.8 47.8 85%
Ofces at warehouses 392,507 37.7 96.2 13%
Miscellaneous (mixed-use, parking and archive spaces) 318,506 4.7 14.7 2%
Total 5,931,807 292.2 49.3 100%
4,644.1
265.9
117.0
-16.4
35.1
848.8
5,894.5
6,000
5,400
4,800
4,200
3,600
3,000
2,400
1,800
1,200
600
0
(in million euros)
Fair value
31.12.2021
Acquisitions by
means of share
purchases
Disposals
Changes in
fair value
during 2021
Acquisitions
New
investments
Fair value
31.12.2020
’10
’11
’12
’13
’14
’15
’16
’17
’18
’20
’21
’19
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0
Initial rental yield (based on the contractual rent plus the rental value of unleased parts)
Initial rental yield (based on contractual rent)
(in million euros)
Historic gross rental yield of the WDP portfolio
Change in the property portfolio during 2021
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Breakdown of existing property
portfolio by property type (based
on fair value)
2 Buildings that have undergone signicant renovations
are considered new once their renovations are
complete.
85.5% Warehouses
12.9% Ofces at warehouses
1.6% Miscellaneous (mixed-use,
parking and archive spaces)
48.8% 0 to 5 years
24.1% 5 to 10 years
13.9% 10 to 15 years
5.6% 15 to 20 years
7.5% older than 20 years
58.1% Class A warehouse
28.5% Class A green
certied warehouse
3
9.9% Class B warehouse
1.9% Class C warehouse
1.5% Other
54.5% General warehouse
23.4% Big box/XXL (> 50,000 m2)
8.1% Manufacturing
4.0% Cross-dock
3.3% Future redevelopment
5.0% High bay/Multiple oor
1.6% Other
49.0
%
Urban logistics properties are General warehouse or
Cross-dock buildings that are close to large, densely
populated consumer areas and can offer quick
delivery times.
Breakdown of fair value by age
2
Breakdown of total rental value by
intended use
Breakdown of existing property
portfolio (based on fair value) by
property quality categorisation
3 Class A green-certied warehouse refers to the Class
A BREEAM and Class A EDGE certied buildings
within the existing WDP property portfolio.
Share of Urban logistics
in the total property portfolio
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PROPERTY REPORT
Rental situation of the available buildings
The occupancy rate of the WDP portfolio amounts to 98.6% at the end of 2021 (including
solar panels)
1
. This represents the outcome of WDP’s commercial strategy, which is
aimed at developing long-term relationships with clients and supports the company's
performance with a high operating margin.
The development of long-term partnerships with customers is further reected in the fact
that the average remaining term of the leases is 6.9 years. Assuming the rst option of
termination, the average remaining duration is 5.6 years.
If the income from the solar panels
2
is also taken into account, the average remaining term
to maturity is 7.0 years. Assuming the rst option of termination, the average remaining
duration is 5.8 years.
The share of the ten most important tenants is 33% and each make use of several WDP
locations. The Top 20 make up a share of 49%.
1 Excluding solar panels, the occupancy rate is also 98.6%.
2 See 10. Annual accounts, explanatory note XIII. Other tangible fixed assets on page 227.
Solar panels
Kuehne + Nagel
CEVA Logistics
Distrilog Group
Greenyard
Carrefour
Pro
Ahold Delhaize
Greenery
Lidl
5.4%
4.6%
3.8%
3.6%
3.4%
2.6%
2.6%
2.5%
2.1%
2.1%
BE
NL RO
Historical occupancy rate of the WDP portfolio (including solar panels)
Top-10 tenants
‘02’00 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18 ‘19‘01 ‘03 ‘05 ‘07 ‘09 ‘11 ‘13 ‘15 ‘17 ’20 ’21
100.0%
97.5%
95.0%
92.5%
90.0%
87.5%
85.0%
Occupancy rate
Vacancy due to unleased project developments
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PROPERTY REPORT
Rental income expiry dates (till next option of termination)
2022 2023 2024 2025 2026 2027 2028 2029 2030
40%
35%
30%
25%
20%
15%
10%
5%
0%
>2031
% already extended as at 31.12.2021 (left scale)
% of rental income falling due (including solar energy) (left scale)
Average term (until rst break option) (including solar energy) (in number of years)
(right scale)
8y
7y
6y
5y
4y
3y
2y
1y
0y
Rental income by category of end user
18% Industrial
14% Retail (food)
13% FMCG
12% Food, fruit & vegetables
10% Retail (Non-Food)
7% Automotive
6% Other
6% Post & parcel delivery
5% Wholesale
5% Healthcare
4% Technology, media & telecom
64% 3PL
36% Eindgebruiker
waarvan
10% dedicated E-commerce
36
%
3PL
64
%
End user
Dedicated e-commerce
11
%
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PROPERTY REPORT
Overview of projects under development
For a complete overview of ongoing projects as of 31 December 2021, refer to chapter
4. Performance on page 45.
Key data of the properties
The sites listed in this overview were all inspected during 2021 by the independent
property experts Stadim, JLL, Cushman & Wakeeld, CBRE and BNP Paribas Real
Estate.
Year of
construction
(last
renovation/
expansion)
Lettable area
(in m²)
Rental
income 2021
Occupancy
rate¹
31.12.2021
Belgium
2,036,757 77,234,460 97.3%
WDP NV (100% owned by WDP)
Aalst, Tragel 47 1998-1999
(2013)
24,990 1,270,836 100%
Aalst, Wijngaardveld 3A 2005 (2015) 4,584 297,861 100%
Aalst, Wijngaardveld 3B 1992 (2005) 17,998 464,236 100%
Aarschot, Nieuwlandlaan B19 2009 8,603 434,830 98%
Asse - Kobbegem, Broekooi 280 1989 12,100 461,553 100%
Asse - Kobbegem, Brusselsesteenweg
347
1993 (2020) 31,083 1,528,665 100%
Asse - Mollem, Z.5 191, 192, 320, 321 1967 (2020) 33,267 1,594,808 100%
Asse - Mollem, Z.5 200 2011 3,287 338,639 100%
Asse - Mollem, Z.5 340 1989 (2005) 5,993 293,366 100%
Asse - Zellik, Z.4 Broekooi 170 2004 13,271 518,394 100%
Asse - Zellik, Z.4 Broekooi 180 1975 (1993) 30,364 408,186 100%
Asse - Zellik, Z.4 Broekooi 290
(building 2)
1995 7,862 453,429 100%
Asse - Zellik, Z.4 Broekooi 295
(building 1)
2017 30,383 1,721,090 100%
Beersel - Lot, Heideveld 64 2001 7,275 313,725 100%
Beersel, Stationsstraat 230 2005 5,149 244,553 100%
Beringen - Paal, Industrieweg 135 2002 (2008) 10,626 400,485 100%
Boom, Industrieweg 1C 2000-2001 37,776 1,616,137 95%
Boortmeerbeek, Industrieweg 16 1991 (2011) 26,493 549,317 61%
Bornem, Oude sluisweg 32 2011 108,905 4,774,748 92%
Bornem, Rijksweg 17 1996 (2004) 11,911 195,404 100%
Year of
construction
(last
renovation/
expansion)
Lettable area
(in m²)
Rental
income 2021
Occupancy
rate¹
31.12.2021
Bornem, Rijksweg 19 2004 (2013) 22,325 1,216,791 97%
Courcelles, rue de Liège 25 2007 (2021) 32,746 1,227,379 93%
Geel, Hagelberg 12 2012 13,465 614,905 100%
Geel, Hagelberg 12 (in progress) n.r. n.r. n.r.
Geel, Hagelberg 14 2009 24,064 1,003,997 100%
Genk, Brikkenovenstraat 48 2008 (2010) 35,056 1,499,386 98%
Genk, Brikkenovenstraat 50 2009 19,180 837,078 100%
Gent - Desteldonk, Korte Mate 1 2006 19,656 219,674 100%
Gent - Evergem, Amerigo
Vespuccistraat 2
2016 (2019) 34,420 1,573,005 100%
Gent - Evergem, Amerigo
Vespuccistraat 2B
2017 9,210 423,369 100%
Grimbergen, Eppegemsesteenweg 31² 1978 (2013) 66,346 1,259,437 97%
Grimbergen, Industrieweg 16 2008 15,409 622,844 99%
Heppignies - Fleurus, rue de Capilône 6 2016 (2019) 60,319 1,617,618 97%
Heppignies - Fleurus, rue de Capilône 6 (in progress) n.r. n.r. n.r.
Heppignies - Fleurus, rue de Capilône 6C
2020 32,941 1,380,446 100%
Jumet, Zoning Industriel 2ième rue 1995 (2005) 6,386 78,954 43%
Kontich, Satenrozen 11-13 1985 (2006) 63,725 2,214,381 100%
Kortenberg, A. De Conincklaan 2-4 1997 (2012) 6,182 274,694 100%
Lokeren, Ambachtenstraat 2 2021 70,242 1,766,358 100%
Lokeren, Brandstraat 30 2004 62,006 367,072 100%
Londerzeel, Nijverheidsstraat 13 2015 11,506 1,394,825 100%
Londerzeel, Nijverheidsstraat 15 1989 (2013) 18,329 609,867 100%
Londerzeel, Technologielaan 3 1998 9,408 530,780 100%
Londerzeel, Weversstraat 2 2014 16,311 732,692 100%
Londerzeel, Weversstraat 15 2007 11,075 721,679 100%
Londerzeel, Weversstraat 17 2010 7,640 347,596 100%
Londerzeel, Weversstraat 21 1996 6,765 263,452 100%
Londerzeel, Weverstraat 27-29 2021 21,079 482,157 100%
Luik - Flémalle, rue de l'Arbre Saint-
Michel 99
2011 (2014) 12,792 461,964 100%
Luik - Hermalle-sous-Argenteau,
rue de Trilogiport 27
2016 30,012 717,729 100%
Machelen, Rittwegerlaan 91-93 2001 (2006) 17,282 1,001,458 100%
Mechelen, Zandvoortstraat 3 2005 32,817 1,234,855 99%
Nijvel, chaussée de Namur 66 1974 (2011) 11,201 400,650 98%
Nijvel, rue Buisson aux loups 8 2013 14,557 357,995 100%
Nijvel, rue de l'Industrie 30 1990 (2020) 29,708 1,234,047 91%
Nijvel, rue du Bosquet 12 2007 11,592 429,330 78%
Puurs, Schoonmansveld 1 1994 (2018) 49,096 1,347,683 97%
Rumst - Terhagen, Polder 5 jaren '50 (2007) 28,564 495,657 82%
Sint-Katelijne-Waver, Drevendaal 1 1991 (2007) 20,957 1,041,393 100%
Sint-Katelijne-Waver, Drevendaal 3 1996 (1997) 22,575 1,578,558 100%
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PROPERTY REPORT
Year of
construction
(last
renovation/
expansion)
Lettable area
(in m²)
Rental
income 2021
Occupancy
rate¹
31.12.2021
Sint-Katelijne-Waver, Fortsesteenweg
19 en 27
2016 27,223 905,377 100%
Sint-Katelijne-Waver, Strijbroek 10 1989 (2007) 2,103 377,572 100%
Ternat, Industrielaan 24 1977 (2010) 26,126 659,971 83%
Tongeren, Heesterveldweg 17A 2019 6,278 370,859 100%
Vilvoorde, Havendoklaan 10 2015 8,200 372,294 94%
Vilvoorde, Havendoklaan 12 1977 (2001) 13,863 736,328 80%
Vilvoorde, Havendoklaan 13 2006 10,606 404,927 100%
Vilvoorde, Havendoklaan 18 1994 (2001) 76,399 4,083,766 100%
Vilvoorde, Havendoklaan 19 2002 (2010) 11,706 570,396 99%
Vilvoorde, Jan Frans Willemsstraat 95 2004 (2006) 11,243 363,887 100%
Vilvoorde, Willem Elsschotstraat 5 1995 (2016) 24,205 970,586 94%
Westerlo - Oevel, Nijverheidsstraat 12 2018 41,150 1,703,789 100%
Willebroek, Koningin Astridlaan 14 2015 1,770 195,187 100%
Willebroek, Koningin Astridlaan 16 2008 (2015) 56,208 2,886,979 100%
Willebroek, Victor Dumonlaan 4 1991 (2018) 32,309 1,321,272 92%
Willebroek, Victor Dumonlaan 32 2015 40,450 1,670,268 100%
Zaventem, Fabriekstraat 13 1984 (1993) 7,854 418,220 100%
Zaventem, Leuvensesteenweg 573 2001 19,140 1,077,363 92%
Zele, Lindestraat 7 2003 (2008) 41,246 1,552,531 99%
Zonhoven, Vogelsancklaan 250 1977 45,735 1,574,996 100%
Zwevegem - Harelbeke, Blokkestraat 101 1980 74,383 1,428,464 100%
Zwijndrecht, Vitshoekstraat 12 2006 (2013) 49,696 1,920,462 100%
Rental income was still received for
properties that were sold in 2021.
n.r. 0 206,952 n.r.
WDPort of Ghent Big Box NV (29% ownedby WDP)
Gent - Evergem, Ferdinand
Magellaanstraat
(in progress) n.r. n.r. n.r.
The Netherlands 2,409,923 122,697,328 98.9%
WDP Nederland N.V. (100% owned by WDP)
Alblasserdam, Nieuwland Parc 121 2015 8,707 890,986 100%
Alkmaar, Berenkoog 48 1990 7,872 447,297 100%
Alphen aan den Rijn, Antonie Van
Leeuwenhoekweg 35
2007 (2012) 13,837 605,837 75%
Alphen aan den Rijn, Eikenlaan 32-34 2012 24,429 638,682 82%
Alphen aan den Rijn, H. Kamerlingh
Onnesweg 3
1996 (2015) 4,048 216,295 100%
Alphen aan den Rijn, J. Keplerweg 2 2005 16,048 990,281 100%
Amersfoort, Basicweg 1-3 1992 11,679 802,615 100%
Amsterdam, Kaapstadweg 25 2018 15,112 1,325,512 100%
Year of
construction
(last
renovation/
expansion)
Lettable area
(in m²)
Rental
income 2021
Occupancy
rate¹
31.12.2021
Amsterdam, Maroastraat 81 2008 2,597 901,001 100%
Arnhem, Delta 57 2019 20,687 1,169,260 100%
Barendrecht, Dierensteinweg 30/A 2017 26,034 1,561,731 100%
Barendrecht, Dierensteinweg 30/B 2016 18,899 1,210,017 100%
Barendrecht, Dierensteinweg 30/
C1+C2
2018 (2021) 27,873 1,843,008 100%
Barneveld, Nijverheidsweg 50-52 1981 (2013) 34,883 2,358,558 100%
Bleiswijk, Brandpuntlaan Zuid 12 2018 12,354 834,465 100%
Bleiswijk, Brandpuntlaan Zuid 14 2018 32,374 1,420,617 100%
Bleiswijk, Prismalaan Oost 17-19 2020 23,436 1,342,503 100%
Bleiswijk, Prismalaan West 31 2021 16,402 443,840 100%
Bleiswijk, Prismalaan West 43 2019 10,505 697,921 100%
Bleiswijk, Snelliuslaan 13 2020 17,466 974,369 100%
Bleiswijk, Snelliuslaan 15 2019 9,063 525,105 100%
Bleiswijk, Spectrumlaan 29-31 2018 6,144 420,790 100%
Bleiswijk, Spectrumlaan 31 2018 7,537 484,704 100%
Bleiswijk, Spectrumlaan 7-9 2014 10,678 707,845 100%
Bodegraven, Schumanweg 4 1970 (2003) 6,379 221,844 100%
Breda, Hazeldonk 6462 en 6464 1994 (2006) 37,913 1,166,448 100%
Breda, Heilaartstraat 263 2019 64,915 2,570,078 100%
Breda, Kapittelweg 10 2020 25,911 917,379 100%
Breda, Leursebaan 260 2016 16,778 858,934 100%
Breda, Prinsenhil 1-3 1989 16,955 712,962 100%
Den Bosch, Ketelaarskampweg 11 2020 55,488 2,679,361 97%
Den Haag, Westvlietweg 7-8 2021 30,792 7,336 100%
Deventer, Nering Bögelweg 40 2019 25,405 931,541 100%
Dordrecht, Burgemeester van
Zuurenstraat 510
2021 47,977 2,250,141
Drachten, Dopperlaan 10 2020 28,318 899,487 100%
Duiven, Innovatie 1 1997 (2006) 27,556 1,952,196 100%
Duiven, Typograaf 2 2008 3,558 582,206 100%
Echt - Susteren, Fahrenheitweg 1 2014 131,807 4,307,529 100%
Echt, Fahrenheitweg 24 2018 14,707 647,373 100%
Eindhoven, Achtseweg Noord 20 1994 (2017) 31,381 1,600,042 100%
Eindhoven, Park Forum 1129 2014 20,756 1,410,001 100%
Harderwijk, Archimedesstraat 9 2015 35,019 1,455,382 100%
Hasselt, Hanzeweg 18-22 2018 28,561 653,617 100%
Hasselt, Hanzeweg 21 2015 20,502 957,556 100%
Hasselt, Hanzeweg 29 2015 20,340 216,343 100%
Hasselt, Hanzeweg 31 2015 11,392 712,279 100%
Heerlen, Argonstraat 14-16 2020 52,347 1,355,510 100%
Heerlen, Earl Bakkenstraat 7-15 2017 51,927 2,773,773 100%
Heinenoord, Sikkel 11-13 2019 22,126 1,218,097 100%
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Year of
construction
(last
renovation/
expansion)
Lettable area
(in m²)
Rental
income 2021
Occupancy
rate¹
31.12.2021
Helmond, Sojadijk 2 2011 13,025 839,849 100%
Kerkrade, Steenbergstraat 25 2020 26,943 1,530,306 100%
Klundert, Energieweg 4 2018 18,682 946,052 100%
Maastricht, Habitatsingel 59 2020 16,789 713,310 100%
Maastricht-Aachen-Beek,
Engelandlaan 30
2011 (2012) 25,004 1,067,185 100%
Moerdijk, Transitoweg 5 2000 42,370 1,646,316 100%
Nieuwegein, Brigadedok 1 2020 16,423 1,081,035 100%
Nieuwegein, Divisiedok 1 2020 15,105 936,214 100%
Nieuwegein, Inundatiedok 34 2010 (2012) 38,508 2,335,056 100%
Oosterhout, Denariusstraat 15d 2017 11,522 542,751 100%
Oss, Keltenweg 70 2012 17,141 1,455,452 100%
Oss, Menhirweg 15 2010 (2012) 11,074 609,687 100%
Papendrecht, Nieuwland Parc 140 2015 16,866 1,123,049 100%
Raamsdonksveer, Zalmweg 27 1980 (2011) 9,745 312,208 100%
Ridderkerk, Handelsweg 20 en 25 2005 (2008) 43,194 5,990,879 100%
Ridderkerk, Selderijweg 90 2020 25,594 1,826,506 100%
Roosendaal, Aanwas 9 2012 9,551 980,611 100%
Roosendaal, Borchwerf 23 1994 16,780 839,517 100%
Rozenburg, Incheonweg 11-13 2018 22,547 2,044,492 100%
Schiphol Logistic Parc, Incheonweg 7 2012 12,574 1,292,450 100%
Schiphol Logistic Parc, Pudongweg 3 2015 16,814 1,424,326 100%
Schiphol, Folkstoneweg 65 2000 8,845 365,854 100%
Soesterberg, Centurionbaan 2015 7,419 582,170 100%
Tiel, Medel 1A 2014 (2018) 72,874 4,007,487 100%
Tilburg, Hermesstraat 1 2007 47,962 2,589,502 100%
Tilburg, Marga Klompeweg 11 2000 (2011) 20,717 916,022 100%
Tilburg, Siriusstraat 7-9 2009 17,922 1,275,599 100%
Utrecht, Ruimteweg 1-5 1980 (1998) 15,770 636,604 100%
Utrecht, Rutherfordweg 1 1992 (2011) 12,139 795,641 100%
Veghel, Doornhoek 3765 2006 (2011) 9,820 586,434 100%
Veghel, Eisenhowegweg 15 2017 19,417 1,096,227 100%
Veghel, Kennedylaan 19 2002 (2013) 21,020 1,100,934 100%
Veghel, Kennedylaan 20 2018 12,377 719,131 100%
Veghel, Marshallweg 1 1990 (2017) 46,163 1,460,602 100%
Veghel, Marshallweg 2 2018 16,747 1,083,820 100%
Venlo, Ampèrestraat 7-9 2008 (2012) 32,550 1,501,743 100%
Venlo, Edisonstraat 9 1990 26,135 750,764 100%
Venlo, Logistiekweg 1-3 2017 53,061 2,096,890 100%
Venray, Newtonstraat 8 2013 17,746 669,605 100%
Venray, Wattstraat 2-6 2013 43,226 2,057,430 100%
Voorhout, Loosterweg 33 1987 (2007) 38,579 630,856 100%
Year of
construction
(last
renovation/
expansion)
Lettable area
(in m²)
Rental
income 2021
Occupancy
rate¹
31.12.2021
Wijchen, Bijsterhuizen 2404 2010 16,260 1,519,544 100%
Zaltbommel, Heksenkamp 7-9 2012 10,620 733,485 100%
Zwolle, Galvaniweg 1 1984 52,634 2,518,132 100%
Zwolle, Lippestraat 15 2009 (2014) 20,109 1,488,262 100%
Zwolle, Mindenstraat 7 2002 (2012) 26,601 1,348,663 100%
Zwolle, Paderbornstraat 21 2015 47,996 2,673,357 100%
Zwolle, Pommerenstraat 2 2019 36,775 1,509,791 100%
Four properties generating rental
income in 2021 have a fair value of
less than 2.5 million euros. These
are the properties in Bodegravenat
Schumanweg 1C, in Meppel at
Oeverlandenweg 8, in Zwolle on
Hessenpoort and in Schiphol Logistic
Parc, Pudongweg. In addition, rental
income was received for properties
that were a project in exeution at the
end of 2021.
n.r. 24,715 574,877 n.r
WDP Development NL N.V. (100% ownedby WDP)
Amsterdam, Hornweg (in progress) n.r. n.r. n.r.
Barendrecht, Spoorwegemplacement
3-5
(in progress) n.r. n.r. n.r.
Bleiswijk (in progress) n.r. n.r. n.r.
Breda IABC (in progress) n.r. n.r. n.r.
Breda, Heilaarstraat 263 (in progress) n.r. n.r. n.r.
Breda, The Bay (in progress) n.r. n.r. n.r.
De Lier, Jogchem van der Houtweg 20 (in progress) n.r. n.r. n.r.
Kerkrade, Van Swietenstraat /
Wenckebachstraat
(in progress) n.r. n.r. n.r.
Oss, Keltenweg 70 (in progress) n.r. n.r. n.r.
Veghel (in progress) n.r. n.r. n.r.
Zoetermeer (in progress) n.r. n.r. n.r.
Zuid-Limburg (in progress) n.r. n.r. n.r.
Zwolle (in progress) n.r. n.r. n.r.
France 192,056 6,853,519 97.8%
WDP France SARL (100% owned by WDP)
Lille - Roncq, avenue de l'Europe 17 2003 (2006) 13,251 517,540 95%
Neuville-en-Ferrain, rue de Reckem 33 2006 13,434 519,629 100%
Vendin-le-Vieil, rue Calmette - rue des
frères Lumière
2004 28,597 541,341 90%
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PROPERTY REPORT
Year of
construction
(last
renovation/
expansion)
Lettable area
(in m²)
Rental
income 2021
Occupancy
rate¹
31.12.2021
Lille - Seclin, rue Marcel Dassault 16B 2008 13,224 532,611 100%
Lille - Libercourt, Zone Industrielle -
le Parc à stock
2008 (2016) 60,393 2,306,099 98%
Labastide-Saint-Pierre, Zac du Grand
Sud
2017 43,975 1,739,081 100%
Lille - Templemars, route d'Ennetières 40 1989 (2008) 19,182 697,218 100%
Romania 1,236,622 48,312,847 99.7%
WDP Romania SRL (85% owned by WDP)
Almaj (Dolj) - Craiova, Building 1 2021 57,726 163,718 100%
Apahida (Cluj), Constructorilor 26, Jud.
Cluj, Building 1
2017 5,121 220,854 100%
Apahida (Cluj), Constructorilor 33-35,
Jud. Cluj, Building 5
2018 21,212 936,244 100%
Apahida (Cluj), Str Industriilor, Nr. 1,
Building 4
2018 41,647 1,769,715 100%
Apahida (Cluj), Str Industriilor, Nr. 1B,
Building 2
2018 9,693 433,070 100%
Apahida (Cluj), Str Industriilor, Nr. 1C,
Building 3
2018 29,633 1,861,216 100%
Apahida (Cluj), Str Industriilor, Nr. FN,
Building 6
2018 2,199 24,000 100%
Aricestii Rahtivani (Prahova), Aricestii
Rahtivani Village 874, Aricesti
Rahtivani, Building 1
2015 7,856 356,503 100%
Aricestii Rahtivani (Prahova), Aricestii
Rahtivani Village 874, Aricesti
Rahtivani, Building 2
2015 12,397 736,747 100%
Aricestii Rahtivani (Prahova), Aricestii
Rahtivani Village 874, Aricesti
Rahtivani, Building 3
2018 4,383 314,083 100%
Braila (Braila), Zona libera Braila II,
Braila,Building 1
2015 43,987 2,824,311 100%
Brazi-sat Negoiesti (Prahova), Basarab 2,
Brazi, Building 1
2018 35,077 1,452,199 100%
Budesti (Racovita - Valcea), Drumul
Faurecia 1, Valcea, Building 1
2016 17,320 1,233,044 100%
Budesti (Racovita - Valcea), Drumul
Faurecia 1, Valcea, Building 2
2017 8,034 493,805 100%
Buzau, Transilvania Street 443,
Building 1
2019 40,077 838,216 100%
Buzau (in progress) n.r. n.r. n.r.
Year of
construction
(last
renovation/
expansion)
Lettable area
(in m²)
Rental
income 2021
Occupancy
rate¹
31.12.2021
Clinceni (Ilfov), Transalkim street 3,
Clinceni, Building 1
2015 12,086 533,301 100%
Codlea (Brasov), Vulcanului 33,
Codlea, Building 1
2016 25,496 807,589 100%
Deva (Calan) (in progress) n.r. n.r. n.r.
Dragomiresti Vale (Ilfov), Piersicului/
DE116 1, Dragomiresti 1, Building 1
2017 13,631 542,734 100%
Dragomiresti Vale (Ilfov), Piersicului/
DE116 1, Dragomiresti 1, Building 2
2017 5,598 364,556 100%
Dragomiresti Vale (Ilfov), Piersicului/
DE116 1, Dragomiresti 4, Building 4
2019 33,030 1,291,251 100%
Dragomiresti Vale (Ilfov), Tarla /DE116
63,Dragomiresti 2, Building 3
2018 23,780 1,344,104 100%
Dragomiresti Vale (Ilfov), Tarla /DE116
63,Dragomiresti 3, Building 1
2018 10,244 421,698 100%
Dumbravita (Timis), DJ 691, km 7-142,
Dumbravita 1, Building 1
2017 6,025 284,464 100%
Dumbravita (Timis), DJ 691, km 7-142,
Dumbravita 1, Building 2
2018 5,987 278,495 100%
Dumbravita (Timis), DJ 691, km 7-142,
Dumbravita 1, Building 3
2017 3,960 183,247 100%
Dumbravita (Timis), DJ 691, km 7-142,
Dumbravita 1, Building 4
2018 8,273 461,073 100%
Dumbravita (Timis), DJ 691, km 7-142,
Dumbravita 2, Building 1
2018 16,325 451,854 100%
Dumbravita (Timis), DJ 691, km 7-142,
Dumbravita 3, Building 1
2009
33,334 1,311,051
100%
Dumbravita (Timis), DJ 691, km 7-142,
Dumbravita 3, Building 3
2015 8,850 459,248 87%
Ghimbav (Brasov), DE 301/305, KM
0+500, Ghimbav, Building 1
2018 19,526 426,264 100%
Oarja (Arges), Autostrada A1 KM 102-
103, Oarja, Building 1
2011 16,147
728,745 100%
Oarja (Arges), Autostrada A1 KM 102-
103, Oarja, Building 2
2011 8,762 479,300 100%
Oarja (Arges), Autostrada A1 KM 102-
103, Oarja, Building 3
2017 57,998 2,115,788 100%
Oradea (Bihor), Anghel Saligny 15,
Oradea 1, Building 1
2018 7,852 303,086 100%
Oradea (Bihor), Ogorului 214, Oradea
2, Building 2
2018 15,742 1,030,521 100%
Oradea (Bihor), Petre P. Carp 20,
Oradea 3,Building 1
2019 34,389 1,597,807 100%
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PROPERTY REPORT
Year of
construction
(last
renovation/
expansion)
Lettable area
(in m²)
Rental
income 2021
Occupancy
rate¹
31.12.2021
Paulesti (Prahova), Buda 22, Paulesti,
Building 1
2018 4,870 252,133 100%
Paulesti (Prahova), Buda 22, Paulesti,
Building 2
2019 10,879 259,181 100%
Paulesti (Prahova), Buda 22, Paulesti,
Building 3 2021 11,445 753,793 100%
Roman (Neamt), Magurei 2, Roman,
Building 1 2017 44,389 1,860,079 100%
Roman (in progress) n.r. n.r. n.r.
Santuhalm (Hunedoara - Deva), Calea
Hunedoarei, Nr.3A, Building 1
2020 44,076 798,474 100%
Sibiu (Sibiu), Barcelona fn, Sibiu 1,
Building 1
2016 8,247 513,182 100%
Sibiu (Sibiu), Barcelona fn, Sibiu 1,
Building 2
2016 17,457 252,000 100%
Sibiu (Sibiu), Barcelona fn, Sibiu 3,
Building 4
2020 4,509 229,398 100%
Slatina (Olt), Draganesti 35A, Slatina,
Building 1
2019 63,835 3,124,918 100%
Slatina (in progress) n.r. n.r. n.r.
Stefanestii de Jos (Ilfov) - Tarla 36-37 /
077175 Stefanesti 2 (9HA), Building 11 2021 16,061 127,911 100%
Stefanestii de Jos (Ilfov), Sinaia 50,
Stefanesti 1, Building 1 2017 40,238 1,257,897 100%
Stefanestii de Jos (Ilfov), Sinaia 50,
Stefanesti 1, Building 2
2017 17,981 773,808 100%
Stefanestii de Jos (Ilfov), Sinaia 50B,
Stefanesti 2 (44HA), Building 1
2019 68,804 3,410,844 100%
Stefanestii de Jos (Ilfov), Sinaia 50B,
Stefanesti 2 (44HA), Building 2
2019 43,573 993,852 100%
Stefanestii de Jos (Ilfov), Sinaia 50B,
Stefanesti 2 (44HA), Building 3
2020 2,973 135,202 100%
Stefanestii de Jos (Ilfov), Sinaia 50B,
Stefanesti 2 (44HA), Building 4 2020
22,050 1,677,983 100%
Stefanestii de Jos (Ilfov), Sinaia 50B,
Stefanesti 2 (44HA), Building 8 2019 8,612 421,285 100%
Stefanestii de Jos (Ilfov), Sinaia,
Stefanesti 2 (18HA), Building 3
2020 61,224 1,343,018 100%
Timisoara (in progress) n.r. n.r. n.r.
Year of
construction
(last
renovation/
expansion)
Lettable area
(in m²)
Rental
income 2021
Occupancy
rate¹
31.12.2021
Six properties generating rental
income in 2021 have a fair value of
less than 2.5 million euros. These are
the properties in Codlea (Brasov),
Vulcanului 33, Codlea - Building 2; Dej
(Cluj) - Henri Coanda 13A / 405200
Dej - Building 1; Mihail Kogalniceanu
(Constanta), DN 2A, KM 181, Mihail
Kogalceanu - Building 1; Sibiu (Sibiu),
Theodor Mihaly 3-5, Sibiu 2 -Building
3; Stefanestii de Jos (Ilfov), Sinaia 50B,
Stefanesti 2 (44HA) - Building 5 and
Stefanestii de Jos (Ilfov), Sinaia 50B,
Stefanesti 2 (44HA) - Building 6.
n.r. 42,002 1,053,992 n.r.
Luxembourg 50,161 2,886,024 96.8%
WDP Luxembourg SA (55% owned by WDP)³
Dudelange, Z.A.E. Wolser G, 311-315
(building 1)
2014 14,794 878,060 100%
Dudelange, Z.A.E. Wolser G, 321-325
(building 2)
2018 18,213 952,603 100%
Dudelange, Z.A.E. Wolser G, 331-335
(building 3)
2020 17,154 1,055,361 96%
Dudelange, Z.A.E. Wolser G, 341-345
(building 4)
(in progress) n.r. n.r. n.r.
Contern (in progress) n.r. n.r. n.r.
Germany 6,287 271,185 100.0%
WVI GmbH (50% owned by WDP)
4
Bottrop - Am Rhein-Herne-Kanal 7 1986 (2010) 6,287 271,185 100%
Gelsenkrichen (in progress) n.r. n.r. n.r.
TOTAL 5,931,807 258,255,364 98.5%
1 The occupancy rate is calculated based on the rental values of the leased properties and the non-leased space. This
does not include projects under development and/or renovations.
2 The site in Grimbergen is held in joint ownership with another GVV/SIR, Montea NV/SA, as an undivided interest based
on a 50-50 split. WDP NV/SA is therefore a co-owner of this site.
3 The gures from WDP Luxembourg SA indicate the proportionate share of WDP in the portfolio (55%).
4 The gures from WVI GmbH indicate the proportionate share of WDP in the portfolio (50%).
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94
REVIEW OF THE LOGISTICS PROPERTY MARKET
Belgium and Luxembourg
Demand for logistics and industrial property in Belgium and Luxembourg also remained
high throughout 2021 despite a record take-up in 2020 of over 1.7 million m². A
provisional assessment for 2021 indicates that take-up of logistics and semi-industrial
real estate surpassed 2.2 million m
2
, a year-on-year increase of 15%. The demand for
modern logistics space will continue to be driven primarily by omni-channel activities –
including in the food and pharmaceutical sectors – and backed up by the crucial role of
logistics service providers in the supply chain. While this wide range of trends bolsters
condence, high demand for logistics property is offset by a historically low vacancy
rate of only 0.47% (compared to 1.28% at the end of 2020). The scarcity of immediately
available space is greatest in the regions of Antwerp, Brussels, and Liège with 0.83%,
0.35%, and 0.51% respectively. Moreover, the project pipeline for 2022 is to a large
extent pre-let to new projects, which will perpetuate the low level of availability. This may
encourage developers to embark on more speculative developments.
The minimum availability rate and the limited available land holdings in combination with
the strong demand is putting pressure on land prices and rental levels. For example,
land prices in the Brussels periphery have risen to 280 euros per m², 210 euros per m² in
Antwerp, and 100 euros per m² in Liège. However, the top rental prices in Brussels remain
stable at around 58 euros per m² and within a range of 44 to 48 euros per m² elsewhere.
Compared to the same period last year, we see a decrease in prime yields by 75 basis
points to about 3.50% at the end of the third quarter.
The Netherlands
The Dutch logistics rental market experienced unprecedented strong growth in 2021.
Although stagnant during the rst quarter, over 3.4 million m
2
of logistics property was
put into operation through 2021 – a historical record. This strong growth is partly driven
by the strong recovery of exports. Moreover, the pandemic drove the accelerated growth
of online purchases in the food sector and the share of omni-channel logistics increased,
a trend expected to continue. This is also reected in a further decrease of the vacancy
rate to approximately 3.5% (around 4.7% at the end of 2020) combined with continued
investor interest in logistics property. The total investment volume in industrial and
logistics property for 2021 exceeds 5.3 billion euros (about 4.5 billion euros in the same
period last year). For 2022, a slight decrease is expected due to the limited number of
new developments that are in the pipeline and the increasing interest in the generally
small-scale urban logistics. In general, we can say that the share of logistics property
within the total volume of investment property at the end of 2021 is 30.4%, an increase
of 21% compared to 2020. Prime yields are around 3.3%, a year-on-year decrease of 60
basis points.
France
The French logistics property market can count on a take-up of logistics property for the
rst nine months of 2021 of about 3.1 million m
2
- an increase of 22% compared to the
same period in 2020, which surpasses the ten-year average take-up level by 21%. This
increase is mainly attributed to the increased importance of the 3PL sector, the strong
demand for omni-channel, and the rising share of e-commerce. Both of the latter factors
are also causing increased interest in urban logistics real estate. This strong demand is
mainly situated in the Paris region (25% of the total take-up and +51% year-on-year)
and the Haute-de-France region (28% of the total take-up) where we also see a strong
increase in XXL distribution centres (>50,000 m
2
).
The vacancy rate is 4.8% as of Q3 2021. Regionally, there remain signicant
differences: a slight oversupply in Nord-Pas-de-Calais (6.5% compared to 11.1%
last year) versus scarcity in Rhône-Alpes (1.7%). The shortage of immediately
available space reduces take-up in this region by about 30% year-on-year. In
the south and east of the country, immediately available space is also limited,
for example there is only 2.5% of available space in the Provence-Alpes-Côte
d'Azur region. So, rental levels are undergoing an upward pressure in these regions. In
the Rhône-Alps region, the prime rent rises from 48 euros/m
2
/year to 53 euros/m
2
/year.
In the region around Paris, this increase is even more prominent with a prime rent of 70
euros/m
2
/year (+25% year-on-year).
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REVIEW OF THE LOGISTICS PROPERTY MARKET
In the rst nine months of 2021, investments in French logistics and industrial real estate
amounted to about 3.5 billion euros, an increase of 13% compared to the same period
last year. Here too, e-commerce and supply chain optimisation play a signicant role. On
an annual basis, the supply-demand imbalance puts further pressure on prime yields,
with a 50-basis-point decline to 3.25%.
Romania
The Romanian logistics and industrial property market can expect a take-up of 460,000
m
2
for the rst nine months of 2021, down 30% compared to 2020. The demand for
logistics property is still mainly situated in and around the capital Bucharest (59%),
followed by cities, such as Brasov, Craiova, and Timisoara. Of the total take-up,
warehousing (30%) and distribution (23%) were among the tenants' main objectives with
retail and the automotive industry together accounting for 39% of the total demand.
Although only 40,400 m² of logistics property could be completed in the third quarter
of 2021, over 280,000 m
²
were commissioned for the rst nine months of 2021 – almost
half of them in and around the capital Bucharest. This brings the total surface area of
logistics and industrial property in Romania to 5.4 million m
2
. The year 2022 can count
on a development pipeline of more than 700,000 m², which will help the total volume of
logistics and industrial real estate in Romania to pass the 6 million m
2
mark.
The continuing demand for modern logistics space, combined with a limited volume
of new development, translates into a drop in the average vacancy rate to 4.7%, a
remarkable year-on-year decrease of 180 basis points. In Bucharest, the vacancy rate
even decreased by 250 basis points to 5.5% by the end of September 2021. On average,
rental levels per m
2
remain stable in Romania. Prime yields are around 7.4%, a year-on-
year decrease of about 30 basis points.
Germany
The German logistics property market experienced a 10% increase in take-up over the
rst nine months to about 5.8 million m
2
. This take-up exceeds the ve-year and ten-year
averages by 19% and 30% respectively. About a third of these are in the top ve German
regions, namely Berlin, Düsseldorf, Rhine-Maine, Hamburg and Munich.
The shortage of immediately available logistics property in these top ve regions, rising
building costs combined with continuing strong demand, is causing top rents to rise
by 5% to about 6.58 euros per m
2
per month. Average rental levels at the national
level remain stable at around 5.2 euros per m
2
per month. Moreover, there is also an
awareness of further ination of rental levels due to limited availability, the recovery of the
manufacturing industry in a post-COVID-19 economy, the strengthening of the supply
chain and continued demand from the e-commerce sector. The focus on sustainability is
also becoming more prominent. The prime yield fell by 35 basis points to 3.20% year-on-
year. Due to the continuing market demand for sustainable projects and the increasing
scarcity of land holdings, interest in redevelopments is also growing here.
Source: WDP Research and broker reports
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96
The forecasts described below contain the expectations for the 2022 nancial year with
regard to the consolidated EPRA Earnings and WDP's consolidated balance sheet. The
basis for their drafting and preparation is similar to that of the outlook for the 2021 and
2020 nancial years and is in accordance with the WDP’s accounting policy according
to IFRS
1
.
These forecasts were drawn up based on information available on 31December 2021.
The forecasts with regard to the consolidated balance sheet and the EPRA Earnings
are predictions that will depend on changes in the economy, the nancial markets
and property markets. This prospective information and these forecasts, opinions and
estimates prepared by WDP relating to its currently expected future performance and
the market in which WDP operates do not constitute a commitment for the company.
By their very nature, ‘forward-looking statements’ imply inherent risks, uncertainties and
assumptions (both general and specic), including a risk that these statements will not
prove to be accurate.
Assumptions concerning elements that WDP cannot
influence directly
◆
Inflation: a weighted average ination rate of 4.0% based on the economic consensus
expectations as of 31 December 2021. This takes into account a like-for-like growth
of rental income of 2.5% in 2022 due to indexation of the leases, which is lower than
the assumption of the average ination level because the leases will be indexed over
2022.
◆
Interest rates: an average level of one, three and six-month Euribor rates of -0.53%,
-0.50%, and -0.47% respectively.
◆
Financial hedging instruments: given their volatility, variations in their market values
were not taken into account. These changes are irrelevant to the forecasts associated
with the EPRA Earnings.
◆
Valuation of real estate portfolio and solar panels: no predictions are made
regarding the variations in the fair value of the real estate portfolio and solar panels.
OUTLOOK
1 For the auditor’s report on the EPRA prot forecast, see chapter 12. Appendices – External audit
2 For an overview of projects under development, see chapter 4. Performance.
3 For an overview of the capital increases via contribution in kind realised in the rst quarter of 2022, see chapter
7. Financial results and property report – Management of financial resources.
This would be unreliable and subject to a multitude of external factors over which the
company has no inuence. These variations are also not relevant to the outlook for
EPRA Earnings.
◆
External events: it is assumed that no material changes will occur in the (geo)political
and/or economic climate which could have a material impact on the Group, as well
as no serious negative consequences due to subsequent coronavirus waves and/or
lockdowns.
◆
Regulatory and tax framework: it is assumed that no material changes occur in
tax legislation or regulatory requirements that would affect the Group's results or its
accounting methods.
◆
Risks: the outlook may be affected, inter alia, by market, operational, nancial and
regulatory risks as described in chapter 8. Risk factors.
Assumptions that are within WDP’s direct control
◆
Net rental result: the increase is mainly driven by external growth. The net investment
volume of over 400 million euros achieved in 2021 will largely contribute to the result
during the 2022 nancial year. Moreover, as announced, various pre-leased new
construction projects are ongoing with gradual delivery over 2022
2
, as well as the
acquisitions via a contribution in kind in the course of 2022
3
. As regards organic
growth, the indexation of the leases is taken into account (see above). In 2022, 14%
of the contracts will come to maturity, of which 54% could already be renewed at the
time of the publication of the 2021 results and for which the current rent is therefore
known. For the remaining 46%, lease extensions and/or renewals after a possible
vacancy period are taken into account. WDP is assuming a minimum average
occupancy rate of 98% for 2022.
◆
Solar energy revenues: estimated at about 19 million euros, an increase driven by
the additional PV projects in the Netherlands and Belgium, as well as higher income
from organically higher electricity prices.
◆
Other operating income/expenses: this item includes the net effect of property
taxes, the property management fee charged by WDP as well as some non-recurring
income.
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OUTLOOK
◆
Property costs: these are mainly the net costs (i.e. after any recharges) for
maintenance and repairs, insurance contracts and commissions. They have been
estimated for 2022 on the basis of the current portfolio, the expected investments,
and the evolution of the gures from previous nancial years.
◆
General costs: these costs evolve in line with the growth of the portfolio, whereby
the operational platform is further developed in a cost-efcient manner,in particular,
while maintaining the high operating margin above about 91%. These costs include
the operating costs of WDP, mainly salaries, renting ofces, fees to external advisors
and costs related to the stock exchange listing and external communication.
◆
Financial result: the evolution of nancial debt is assumed to dependent on the
investment programme. Taking into account the short-term interest rate changes and
a hedge ratio of 83% based on the situation as of 31 December 2021, overall nancing
costs of 1.8% are assumed for 2022. The assumptions were based on no loans being
repaid prematurely, nor that current IRS contracts will be terminated prematurely.
The total nancial costs were then reduced by capitalised interest included in the
investment cost of the existing project developments at an interest rate equivalent to
the estimated overall nancing cost. The nancial charges include the recurring cost
of concessions in the amount of 2.9 million euros (for the sites on which WDP does
not have bare ownership but does retain usufruct).
◆
Taxes: these include the annual corporate income tax and withholding tax on
dividends, depending on the tax status of each entity. Because of the uncertainty of
the scally transparent status of WDP Nederland, taxes were estimated cautiously to
encompass WDP not continuing to qualify as FBI. This has an effect of approximately
5 million euros (or 0.03 euros per share).
◆
Share in the result of joint ventures: this result includes the result of WDPort of
Ghent Big Box, the Luxembourg joint venture WDP Luxembourg and the German
joint venture WVI.
Forecast of consolidated results
Based on the current outlook and the above assumptions, WDP expects EPRA Earnings
per share of 1.20 euros (approximately 224 million euros) in 2022, up 9% from 1.10 euros
in 2021 (including the number of shares issued via the capital increase via the contribution
in kind realised during the rst quarter of 2022). Based on the current prot expectations,
WDP intends to pay a gross dividend per share of 0.96 euros for the nancial year 2022
(payable in 2023), also an increase of 9%.
These prot forecasts are based on the current knowledge and situation and barring
unforeseen circumstances (such as the further evolution and consequences of the
COVID-19 pandemic and macroeconomic implications of a changing interest rate
climate).
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OUTLOOK
Consolidated results (analytical scheme)
FY 2021 FY 2022
in euro (x 1,000) Actual Budget
Rental income, net of rental-related expenses 255,525 286,547
Indemnication related to early lease terminations 435 -
Income from solar energy 17,754 19,198
Other operating income/costs 4,731 6,126
Property result 278,445 311,871
Property charges -9,082 -10,653
General Company expenses -16,751 -18,471
Operating result (before the result on the portfolio)
252,613 282,748
Financial result (excluding variations in the fair value of the
nancial instruments) -39,873 -42,012
Taxes on EPRA Earnings -7,497 -12,956
Deferred taxes on EPRA Earnings 84 -
Share in the result of associated companies and joint ventures 2,013 3,594
Minority interests -6,150 -7,084
EPRA Earnings 201,190 224,290
Weighted average number of shares 182,624,126 187,466,450
EPRA Earnings (per share) 1.10 1.20
Dividend (per share) 0.88 0.96
Forecast of the consolidated balance sheet
In drawing up the projected balance sheet, account was taken of factors that could
reasonably be estimated. The following assumptions were taken into account:
◆
Assets - property portfolio: the investments as mentioned above were taken into
account.
◆
Assets - solar panels: fair value valuation, using the same assumptions as at 31
December 2021, subject to the roll-over of the valuation model by one year
3
.
◆
Liabilities - equity: account has been taken of a strengthening of equity through the
capital increase via a contribution in kind realised during the rst quarter of 2022, the
dividend distribution for 2021 in the form of an optional dividend with the assumption
of 50% absorption in shares and the EPRA earnings development during the 2022
nancial year.
◆
Liabilities - financial debts: evolution based on the expected investment volume and
the part that is expected to be nanced through equity (via contribution in kind, retained
earnings and the optional dividend). A loan-to-value below 40% is expected as of 31
December 2022. On 31 December 2021, WDP has a buffer of about 750 million euros
in unused long-term credit lines, which can be used to cover the ongoing projects
and planned purchases (of which on 31 December 2021, 501 million euros still had to
be invested) and the maturity dates of the long-term debts (approximately 370 million
euros) until the end of 2023 can be accommodated, taking into account the annual
impact of the retained earnings and the optional dividend in 2022-23 (combined
114 million euros in 2021).
4 See also Note XIII. Other tangible fixed assets.
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OUTLOOK
Consolidated balance sheet
31.12.2021 31.12.2022
in euro (x 1,000) Actual Budget
Fixed assets 6,025,568 6,504,260
Investment property 5,795,243 6,254,095
Other tangible xed assets (including solar panels) 164,586 163,313
Financial xed assets 7,126 7,126
Other xed assets 7,032 5,606
Participations in associated companies and joint ventures 51,581 74,119
Current assets 80,657 87,884
Assets held for sale 286 -
Cash and cash equivalents 9,230 9,230
Other current assets 71,141 78,655
Total assets 6,106,225 6,592,145
Shareholders' equity 3,573,992 3,742,137
Shareholders' equity - Group share 3,510,330 3,671,801
Minority interests 63,662 70,336
Liabilities 2,532,233 2,850,008
Non-current liabilities 2,143,942 2,460,189
Non-current nancial debt 1,886,788 2,187,070
Other non-current liabilities 257,154 273,119
Current liabilities 388,292 389,819
Current nancial debt 306,891 309,850
Other current liabilities 81,401 79,968
Total liabilities 6,106,225 6,592,145
Gearing ratio (proportionate) 38.1% 40.1%
Loan-to-value 36.7% 38.6%
Growth plan 2022-25
Focus on profitable growth
The new strategic growth plan for 2022-25 is a four-year plan in which WDP aspires to
achieve an annual increase in EPRA Earnings per share of +8% to 1.50 euros in 2025.
The dividend per share is expected to evolve synchronously towards 1.20 euros in 2025
based on a low pay-out ratio of 80%.
Strong drivers for profit growth
A series of fundamental changes and trends have increased the importance of the
logistics sector in recent years. Examples include the continued growth in e-commerce,
the demand for food and pharmaceutical-related activities, technological progress and
sustainability. Distribution networks were adapted accordingly and, as expected, the
extremely high demand for modern logistics infrastructure will continue. So, the basic
engine for prot growth remains the continuing structural demand for logistics property,
to which WDP as market leader can take advantage further and help its customers grow
further in the heart of the supply chain.
Moreover, WDP sees future value creation also supported by opportunities in the existing
portfolio – which is becoming increasingly important due to growing scarcity – and the
pressing issue of climate change also offers both business opportunities and challenges,
both driven by technology and innovation.
This plan is based on an investment volume of 2 billion euros up to a portfolio of 8
billion euros. The growth will be driven by:
Structural growth
◆
Investments in strengthening the supply chain and omni-channel;
◆
mainly through pre-let developments on our own and new sites;
◆
within the existing markets in the Benelux and Romania (<20% in Romania);
◆
but also further geographical expansion within the EU through further development
in Germany and capitalisation of the activities in France;
◆
in sync with a dynamic, strategic land bank focusing on pre-let developments
within the developer/investor model.
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2021 Annual Report
100
OUTLOOK
Value creation within the existing portfolio
◆
Further differentiation in terms of customer focus and a high-quality portfolio,
supported by technology, energy, and sustainability.
◆
Increasing scarcity of land leads to upward pressure on market rents.
◆
Well positioned to absorb high(er) ination through CPI-linked rent.
◆
Rent review potential in the medium-term with a commercial approach.
◆
Further expansion of services, such as upgrades, innovation, and investments in
sustainability, proptech, etc.
Climate as an opportunity
◆
Scaling up the Energy as a business strategy with a clear role on energy transition.
◆
Moreover, WDP wants to take the lead within its sector and make a clear
commitment to its customers and suppliers with regard to decarbonisation.
◆
This is based on the WDP Climate Action Plan in which clear objectives have been
formulated throughout the entire value chain;
◆
where WDP recognises the climate risks and combines these with business
opportunities; and
◆
made possible by technology and innovation.
This strategy is backed by a stringent capital discipline that allows for:
◆
Financing of investments through minimum 50% equity and maximum 50% debt.
◆
Stable capital structure based on a net debt/EBITDA (adjusted) circa 8x.
◆
Loan-to-value <50% throughout the entire cycle.
Moreover, WDP allows for the following assumptions and underlying assumptions:
◆
Continuing structural demand for new, modern, logistics property
◆
A stable operating environment separated from exogenous market shocks leading to
economic volatility
◆
Solid operational base metrics (high occupancy rate, long-term leases, sustainable
rent levels)
Sensitivity
The following table provides a non-exhaustive overview of external and internal factors
which have an inuence on the key parameters of the company, namely the EPRA
Earnings, the gearing ratio and shareholders’ equity.
Sensitivity analysis based on the consolidated figures as of 31 December 2021
∆ Inflation (in %) -1.0% -0.5% 0.0% 0.5% 1.0%
∆ EPRA Earnings (in million euros) -2.8 -1.4 - 1.4 2.8
∆ Occupancy rate (in %) -1.0% -0.5% 0.0% 0.5% 1.0%
∆ EPRA Earnings (in million euros) -3.1 -1.6 - 1.6 3.1
∆ Euribor (in %) -1.0% -0.5% 0.0% 0.5% 1.0%
∆ EPRA Earnings (in million euros) - - - -1.9 -3.8
∆ Fair value of investment properties
(in %) -5.0% -2.5% 0.0% 2.5% 5.0%
∆ Gearing ratio (in %) 1.9% 0.9% - -0.9% -1.7%
∆ Investments (in million euros) -100 -50 0 50 100
∆ Gearing ratio (in %) -1.0% -0.5% - 0.5% 1.0%
∆ Fair value of investment properties
(in %) -5.0% -2.5% 0.0% 2.5% 5.0%
∆ Fair value of investment properties and
shareholders’ equity (in million euros) -294.7 -147.4 - 147.4 294.7
∆ Interest rates (in %) -0.50% -0.25% 0.00% 0.25% 0.50%
∆ Fair value of hedging instruments and
shareholders’ equity (in million euros) -38.2 -18.9 - 18.6 36.7
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101
7. CORPORATE GOVERNANCE STATEMENT
“
We safeguard the rights and integrity
of all stakeholders and stand for a
reliable supply chain.
No sustainable
value creation without
good governance
Page 105 Board of Directors
Page 119 Management Committee
Page 125 Remuneration report
Page 137 Risk management and
internal control
Annual accounts
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WDP
2021 Annual Report
102
CORPORATE GOVERNANCE STATEMENT
Targets growth plan 2019-23
achievable earlier
Attendance rate
Board of Directors 96%
Upgrade Enterprise Risk
Management Policy
Realisations in 2021
7
50+
years
40-49
years
30-39
years
0
<30
years
5
50+
years
40-49
years
30-39
years
0
<30
years
5
7
2
0
0
0
Board of Directors
Management Committee
Duration of mandates
0-4 years 2
5-8 years 2
9-12 years 0
+12 years 3
2
0
Expertise
Corporate governance 100%
(Corporate) Finance 79%
Risk 60%
Audit 60%
International experience 42%
Real Estate 42%
Innovation 42%
Sales & marketing 30%
ESG/Sustainability 30%
Logistics 30%
REIT 30%
Expertise per person
Co-CEO’s 2
CFO 1
Country Managers 3
CTO 1
Nomination Committee
Remuneration Committee
Audit Committee
ESG Committee
Board of Directors
Risk manager
Compliance ofcer
Internal Auditor
Management Committee
Governance structure WDP
Managing
Directors
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2021 Annual Report
103
CORPORATE GOVERNANCE STATEMENT
Governance principles
Since its foundation, WDP has prioritised honest and proper business practices, always
based on our core values. WDP strives to meet the highest of standards in the area of
corporate governance, out of a rm belief that this contributes to the long-term success
of the company and to protecting the interests of all stakeholders. The Board of Directors
monitors to ensure that the corporate governance principles and processes developed
for this purpose are suitable for the Company and meet the applicable corporate
governance rules or standards at all times.
Our governance principles and processes are reected in our Corporate
Governance Charter, our Ethics Code and the Dealing Code. They are available on our
website.
Reference Code | 2020 Corporate Governance Code
In accordance with Article 3:6 (§2) CCA and the Royal Decree of 12 May 2019 indicating
the mandatory corporate governance code for listed companies, WDP applies the 2020
Belgian Corporate Governance Code ('2020 Code'), taking into account the special
circumstances related to the GVV/SIR legislation. The 2020 Code is available online at
www.corporategovernancecommittee.be.
The 2020 Code applies the comply or explain principle, meaning that any deviations from
the recommendations must be justied. As of the date of this Annual Report, WDP is in
compliance with the provisions of the 2020 Code, except for the following principles:
Principles3.19 to 3.21 of the 2020 Code cover the appointment of secretaries in the
company.
EXPLAIN | Given the rather small size of the Board of Directors, and to use the strengths
within the company with maximum efciency, for the time being the Board of Directors
has opted not to assign the position of secretary to one specic person. At WDP, the
function of secretary is performed by the CFO, who is also present at the Board of
Directors’ meetings, and the General Counsel, both of whom have the necessary skills
and knowledge with regard to management issues:
◆
supporting the Board of Directors and its committees in all governance matters;
◆
preparing the Corporate Governance Charter and Corporate Governance Statement;
◆
ensuring a proper ow of information within the Board of Directors and its committees
and between the executive management and the non-executive directors;
◆
accurately recording the essence of the discussions and decisions in the board
meetings in the minutes; and
◆
facilitating initial training and supporting professional development where necessary.
Each director may contact the CFO or General Council individually.
External regulations
◆
Code of Companies and
Associations
◆
GVV/SIR legislation
◆
Euronext Rulebook
◆
2020 Corporate Governance
Code
◆
IFRS
◆
EU accounting regulations
◆
EU Market Abuse Regulation
Interne Policies
◆
Articles of Association
◆
Corporate Governance Charter
◆
Dealing Code
◆
Employee Code of Conduct
and Supplier Code of Conduct
◆
Remuneration Policy
◆
Code of Ethics
◆
Grievance Mechanism
◆
Human Rights Policy
◆
Anti-bribery and corruption
Policy
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CORPORATE GOVERNANCE STATEMENT
Principle7.6 of the 2020 Code states that non-executive directors should receive part
of their remuneration in the form of shares in the company.
EXPLAIN | WDP deviates from this principle and does not provide remuneration in shares
to non-executive directors. Taking into account the current remuneration amounts and
the independent nature of the non-executive directors, WDP is of the view that providing
part of the remuneration in shares would not necessarily contribute to the objective of the
2020 Code to have these directors act with the perspective of a long-term shareholder.
As a GVV/SIR, WDP strives for a robust prot and dividend per share, in line with the
perspective of a long-term shareholder. Since its listing in 1999, WDP has focused
on creating stable cash ows over the long-term which, in combination with its high
disbursement obligation as a GVV/SIR, makes WDP a fully edged, protable and liquid
alternative to direct investments in real estate based on rental income. This is the basis
of its strategy, as determined by the Board of Directors, which is also clearly reected in
its strategic operational and ESG growth plan.
The remuneration report included in this Corporate Governance Statement gives a
summary of the total remuneration for the non-executive directors.
Principle 7.9 of the 2020 Code states that the Board of Directors must set a minimum
threshold for shareholdings of members of the Management Committee.
EXPLAIN | WDP deviates from this principle and does not set any explicit minimum
threshold for WDP shareholdings for Management Committee members. As a GVV/SIR,
WDP strives for a robust prot and dividend per share, in line with the perspective of a
long-term shareholder. Since its listing in 1999, WDP has focused on creating stable cash
ows over the long-term which, in combination with its high disbursement obligation as a
GVV/SIR, makes WDP a fully edged, protable and liquid alternative to direct investments
in real estate based on rental income. This is the basis of its strategy, as determined by
the Board of Directors, which is also clearly reected in its strategic operational and
ESG growth plan. It is this strategy that Management Committee members must roll out
operationally. WDP therefore believes that its remuneration policy establishes a clear
link with the creation of stable long-term cash ows and thus ensures that Management
Committee members act from the perspective of a long-term shareholder. WDP does in
fact encourage Management Committee members to accrue and hold shares in WDP.
Both CEOs have now each accrued shareholdings of this kind themselves.
The remuneration report in this Corporate Governance Statement gives a summary of the
shareholdings that the Management Committee members have in their own portfolios.
Thus, this is a self-accrued stake in the Company.
Board of Directors
Situation as of 1 October 2019
On 1 October 2019, after the conversion of WDP from a partnership limited by shares
managed by a Statutory Manager into a public limited company with a unitary board
(one-tier governance structure), the directors were appointed for the rst time in WDP
NV/SA, which is legally a different entity.
However, this appointment took into account the terms of these directors on the Board of
Directors of the former statutory manager of WDP, in the sense that:
◆
they were appointed for the remaining period of their term with the former statutory
manager; and
◆
in drawing up their status as an independent director (Article 7:87 CCA), they also
took into account the terms they had as independent and/or non-executive director
with the former statutory manager.
At least once every three years, the Board of Directors will evaluate the governance
structure it has chosen to determine whether it is still suitable, and if not, it will propose
a new governance structure to the General Meeting. A nal review of the governance
structure took place in 2019, when WDP was converted into a public limited company.
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CORPORATE GOVERNANCE STATEMENT
Composition
Principles
The WDP Articles of Association state that the Company must be run by a Board of
Directors consisting of at least 3 directors appointed by the General Meeting for up to
four years. The Board of Directors consists of a majority of non-executive directors and
also has an appropriate number of independent directors. The Articles of Association
provide, in accordance with the 2020 Code, that at least three Directors have the status
of independent Directors in accordance with the criteria described in the 2020 Code and
this CG Charter. Moreover, WDP also strives for the Board of Directors to consist of a
majority of independent directors.
The membership of the Board of Directors enables the management of WDP in
accordance with its Articles of Association and its permitted activities (as described in
Article4 of the GVV/SIR Act).
Members of the Board of Directors must meet the requirements set on the GVV/SIR
under the applicable law, including membership exclusively comprising natural persons
that meet the requirements of Articles 14 and 15 of the GVV/SIR Act (t-and-proper test
for directors).
The membership of the Board of Directors as a whole must provide a combination of
experience, knowledge and skills from individual members that enables optimal fullment
of the role of the Board of Directors. Thus, on the whole, the Board of Directors must offer
at least the following characteristics:
◆
a proper balance in terms of knowledge, competencies and experience, beginning
with the requirements for doing business efciently in the markets where the company
operates;
◆
its members must ensure that it functions as an agile and effective body at all times,
driven by an entrepreneurial spirit;
◆
in decisions regarding its membership, the Board of Directors also strives to achieve
diversity (in terms of gender, age and nationality) as well as to minimise present or
future conicts of interest between members and the WDP Group (legal, business,
economic and ethical conicts of interest).
The Corporate Governance Charter also sets out the specic qualitative requirements
on individual members, including an independent and enterprising personality, an
impeccable reputation and proper business ethics.
Moreover, the following principles must also be applied:
♦
conformity with diversity requirements (Article 3:6 CCA);
♦
conformity with specic gender diversity requirements (Article 7:86 CCA);
♦
application of the dened age limit of 70 years, in that the term of a director shall
end on conclusion of the annual meeting in the year in which the director turns 70
years of age, unless the Board of Directors resolves otherwise at the proposal of the
Nomination Committee;
♦
for the non-executive directors: up to 5 appointments as director of a listed company,
subject to approval from the Board of Directors (with application of the comply or
explain principle).
Binding nomination right
The articles of association of WDP provide for a binding nomination right for any natural
person, legal entity or company (with or without legal personality) that individually and
directly holds at least 10% of the shares in the company, under specic conditions as
described in Article15 of the Articles of Association of WDP.
By virtue of this binding nomination right, Tony De Pauw was appointed by the
Extraordinary General Meeting of WDP of 11 September 2019 as a director of WDP,
effective as of 1 October 2019 at the proposal of the current Reference Shareholder of
the company, the management body RTKA. As of the date of this Annual Report, Tony
DePauw is the only director appointed based on this binding nomination.
Membership of the Board of Directors as of 31 December 2021
The Board of Directors comprises seven members (natural persons):
♦
two executive directors, one of whom has been nominated by the Reference
Shareholder (the management body RTKA): Tony DePauw; and
♦
ve non-executive directors, four of which are independent directors in the sense of
Article 7:87 (§1) CCA.
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2021 Annual Report
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CORPORATE GOVERNANCE STATEMENT
Frank Meysman’s mandate as non-executive director will come to an end at the 2022
General Meeting. His mandate will not be renewed taking into account the age limit
stipulated in the Corporate Governance Charter. As Frank Meysman is also the chair
of the Remuneration Committee, so after his retirement, this position will be assumed
by Jürgen Ingels, subject to the approval by the General Meeting of 27 April 2022 of its
re-appointment as non-executive director.
The Board of Directors, on the advice of the Nomination Committee, proposes at its
General Meeting of 27 April 2022 to renew the mandates for the term of four years of
Cynthia Van Hulle, Anne Leclercq, and Jürgen Ingels as non-executive and independent
directors as stipulated in Article 7:87 §1 of the CCA and the 2020 Code. In view of the
long-standing (international) experience, the broad knowledge, their complementarity,
and the substantiated contributions to the meeting of each of these directors, the Board
of Directors is of the opinion that these reappointments will support the good functioning
of the Board. So, if approved by the General Meeting, their mandate will run until the
2026 General Meeting.
Moreover, the Board of Directors, on the advice of the Nomination Committee, proposes
at its General Meeting of 27 April 2022 to renew the mandate of Joost Uwents as
executive director of the Company for a term of four years, or until the General Meeting
of 2026. Considering his extensive experience in the logistics and supply chain sector
and his sustained leadership as executive director and CEO since 2010, the Board of
Directors believes that his reappointment will provide signicant added value so that the
Board of Directors will be run properly.
Name Capacity Independent
First appointment at WDP
Comm. VA
First appointment
at WDP NV End of term
Board of Directors
Attendance
Rik Vandenberghe Non-executive director
◆
April 2019 October 2019 April 2023 20/20
Frank Meysman Non-executive director April 2006 October 2019 April 2022 19/20
Anne Leclercq Non-executive director
◆
April 2015 October 2019 April 2022 20/20
Cynthia van Hulle Non-executive director
◆
February 2015 October 2019 April 2022 20/20
Jürgen Ingels Non-executive director
◆
April 2018 October 2019 April 2022 20/20
Tony de Pauw Executive Director May 1999 October 2019 April 2023 15/20
Joost Uwents Executive Director April 2002 October 2019 April 2022 20/20
Annual accounts
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2021 Annual Report
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CORPORATE GOVERNANCE STATEMENT
has been the independent, non-executive chair of the Board of Directors
of WDP since April 2019. He is the holder of a diploma in Commercial
Engineering from the KU Leuven. In the period 2017–2021, he served as
CEO of Besix Group, a leading multidisciplinary construction and real
estate company operating in twenty-ve countries across ve continents,
where he was instrumental in strengthening Besix Group's multidisciplinary
offering. Today, he is still executive director of Besix Group and assists
management in an advisory capacity. Rik Vandenberghe started his career
in the banking sector, working at ING for thirty years, where he held
numerous leadership roles and, as CEO of ING Luxembourg and ING
Belgium, enjoyed close working relationships with key actors in the real
estate market and garnered extensive international experience. At ING
Belgium, he headed the Real Estate & Development Financing department
(1991-97), a department that also fell under his broader responsibilities
until 2007. As CEO, he also formed part of the Risk Committee of ING
Luxembourg (2007-13) and the Market Risk Committee of ING Belgium
(2013-17). His experience as the chairman of organisations, such as
Febeln, subsidiaries of the Besix Group, and ING, his knowledge of real
estate, nance and the stock market, his entrepreneurial spirit as well as
his eye for innovation, support the management of WDP and the further
growth of the company.
Other active terms on
31 December 2021
Listed companies
–
Non-listed companies
Besix Group
BESIX Infra
T.P.F.
New Vision
Besix Stay (chair)
Les News 24
Next Day Capital Holding
Next Day Asset Management
(chair)
Next Day Investment
Management (chair)
Orientalis Nex Day Smart Livinv
(chair)
High Five Next Day Smart Living
(chair)
Terms ending on
31 December 2021,
but held in the period from
2016 onwards
ING Bank Belgium
ING Luxembourg
Entreprises Jacques Delens
Établissements Jean Wust
Febeln
Franki Foundations Belgium
LUX T.P.
Olympiades Brussels Hotel
Socogetra
BESIX Park
BESIX Real Estate Development
BESIX
Olympic Invest
Vanhout
Compagnie Belge de Bâtiment
(chair)
Six Construct
Watpac
Van den Berg
WDP shareholdings as at
28 March 2022
10,200
has been an independent non-executive director since April 2015. She
studied law at the Catholic University of Leuven and also attained a
diploma from the Kellogg School of Management and an MBA from the
Vlerick Business School. At the University of Cambridge Institute for
Sustainability Leadership, she took the Business Sustainability
Management course in 2020.
From 1980 to 1998, Anne Leclerq worked at several banks where, as
Directeur Trésorerie, she was responsible for the Tresorerie and Trading
Books as well as the investment portfolio of the respective banks. She
was also a member of the ALM Committee (asset and liability management)
and she was afliated with the Belgian Debt Agency from 1998 to 2019.
As from 2008, she became the Director of Treasury and Capital Markets.
In this capacity, she was responsible for dening the nancing policy of
the Belgian national debt and the organisation of secondary markets. She
was a member of the Strategic Committee, which sets the strategy and
risk management for sovereign debt nancing, and as Director of Treasury
and Capital Markets chaired the Market Committee, responsible for the
implementation of nancing and its continuous assessment against the
risk framework. These positions contributed to gaining extensive
knowledge and experience in enterprise risk management. Her general
management experience, combined with her knowledge and expertise
regarding nancial markets and risk-based, efcient nancial management
(debt capital markets), provide substantial added value to the nancing
policy of WDP.
In addition, she has served in various roles in supra -national institutions
such as the IMF, the World Bank and the OECD.
Other active terms on
31 December 2021
Listed companies
–
Non-listed companies
Argenta Bank- en
Verzekeringsgroep
Argenta Assuranties
Argenta Spaarbank
Fluxys Belgium
Catholic University of Leuven
(audit committee chair)
University Hospital of Leuven
(audit committee chair)
LRD (audit committee chair)
Plexus
Z.org Leuven
(audit committee chair)
De Warande
AZ Sint-Maria-Ziekenhuis Halle
Terms ending on
31 December 2021, but held in
the period from 2016 onwards
–
WDP shareholdings as at
28 March 2022
0
Rik Vandenberghe
Born in 1961
Kipdorpvest 60,
B-2000 Antwerp
Anne Leclercq
Born in 1956
Herhout 62,
B-1570 Tollembeek
Annual accounts
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2021 Annual Report
108
CORPORATE GOVERNANCE STATEMENT
has been a non-executive director since 2006 (until April 2018 he was also
an independent director and until 2016 he held this appointment at
M.O.S.T. BV, of which he himself was the permanent representative).
Frank Meysman offers ample knowledge and international experience
(such as in the Netherlands). He has expertise in the area of marketing and
can support WDP’s focus on the customer.
He has held top positions in international companies, such as Procter &
Gamble, Douwe Egberts and Sara Lee.
Other active terms on
31 December 2021
Listed companies
-
Non-listed companies
Terhills
Terms ending on
31 December 2021,
but held in the period
from 2016 onwards
Grontmij (chair)
Betafence (chair)
JBC (chair)
Thomas Cook Group (chair)
Picanol
Spadel (chair)
WDP shareholdings as at
28 March 2022
12,437
Van Hulle has been an independent non-executive director since February
2015. She earned her doctorate in Applied Economic Sciences at the
University of Leuven where she is a professor at the Faculty of Economics
and Business Studies.
She had previously studied at Yale University and at the University of
Chicago and taught at the University of Columbia. In addition, she has
held the Francqui chair at the University of Ghent.
Key areas of expertise in her academic work include corporate nance,
restructuring and governance issues. She brings thorough knowledge of
accounting and auditing to the table.
Other active terms on
31 December 2021
Listed companies
Miko (audit committee chair)
Non-listed companies
Argen-Co
Argenta Bank- en Verzekerings-
groep
Argenta Assuranties
Argenta Spaarbank
Terms ending on
31 December 2021,
but held in the period
from 2016 onwards
–
WDP shareholdings as at
28 March 2022
0
Cynthia Van Hulle
Born in 1956
Heikant 22,
B-9190 Stekene
Frank Meysman
Born in 1952
Drielindenbaan 66,
B-1785 Merchtem
Annual accounts
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CORPORATE GOVERNANCE STATEMENT
has been an independent non-executive director since April 2018. He
holds a master’s in Political and Social Sciences and an MBA from the
University of Antwerp.
He started his career as investment manager at Dexia Ventures,
Dexia’s venture capital fund. He made his rst major breakthrough with
Clear2Pay, a pioneering nancial technology company.
Today, Jürgen is managing partner atSmartFin, a venture capital fund
which nances and supports growing European technology companies.
He is the engine behind various start-ups and scale-ups, and two
important Belgian technology events (SuperNova and The Big Score).
His expertise in nancial technology, digital innovation and technology in
the broader sense contributes to the growth and future-proong of WDP.
Other active terms on
31 December 2021
Listed companies
Materialise
Non-listed companies
Smartn
Willemen Groep
Ghelamco
GS Pledge Co.
Itineris
Bright Analytics
NG Data
Projective
The Glue
Mensura
Maria DB
Startups.be / Scaleups.eu
Akinon
Deliverect
Royal Antwerp Football Club
Recharge.com
Terms ending on
31 December 2021,
but held in the period
from 2016 onwards
B_Hive Europe
Trendminer
Option
Clear2Pay
NG Data Europe
Newtec
Silvern
Exellys
Finsight Solutions
Innovis
Itiviti AB
Uniedpost Group
Pay-Nxt
Vavato
WDP shareholdings as at
28 March 2022
0
has been executive director and CEO since 1999 and represents the
Reference Shareholder, the Jos DePauw family (viathe family company
structure RTKA).
His vast experience and expertise in investing in and managing (logistics)
real estate and the sector as a whole go hand in hand with his
entrepreneurship.
Other active terms on
31 December 2021
Listed companies
–
Non-listed companies
VBO (Strategy Committee
member)
Le Concert Olympique
Terms ending on
31 December 2021,
but held in the period
from 2016 onwards
Ensemble Leporello
WDP shareholdings as at
28 March 2022
73,338
Jürgen Ingels
Born in 1971
Clemenceaustraat 177A,
B-2860 Sint Katelijne Waver
Tony De Pauw
Born in 1954
Ganzenbos 5,
B-1730 Asse
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CORPORATE GOVERNANCE STATEMENT
Board of
Directors
Audit
Committee
Nomination
Committee
Remuneration
Committee
Rik Vandenberghe
◆ ◆ ◆ ◆
Frank Meysman
◆ ◆ ◆ ◆
Anne Leclercq
◆ ◆ ◆ ◆
Cynthia Van Hulle
◆ ◆ ◆ ◆
Jürgen Ingels
◆ ◆ ◆ ◆
Tony DePauw
◆ ◆
Joost Uwents
◆ ◆
◆
President
◆
Member
Roles and responsibilities of the Board of Directors
The WDP Board of Directors is authorised to perform all activities that are necessary or
useful for achieving the object of the Company, with the exception of activities legally
falling to the General Meeting.
The Board of Directors sets the strategy and core values of WDP, decides on investments
and the nancing strategy and monitors the quality of the management.
It prepares the WDP nancial statements as well as the Annual Report (including Corporate
Governance Statement and remuneration report) and convenes the General Meetings of
the company. The Board of Directors decides on the use of the authorised capital.
Moreover, it is the Board of Directors that decides on the structure of the management
of WDP, and the powers individually or collectively conferred on the CEOs and/or other
Management Committee members.
has been a director since 2002 and executive director and CEO since
2010. He is a commercial engineer and holds an MBA.
His banking background gives him strong knowledge of real estate and
nance. Before his appointment as CEO, he was CFO of WDP for ten
years. Over the years, he has built up expertise in the logistics and supply
chain sector. Together with his drive for innovation, his expertise
contributes to the expansion of WDP's sustainable strategy.
Other active terms on
31 December 2021
Listed companies
Xior Student Housing
Uniedpost Group
Non-listed companies
Logistics in Wallonia
EPRA (Advisory Board member)
Terms ending on
31 December 2021,
but held in the period
from 2016 onwards
–
WDP shareholdings as at
28 March 2022
196,608
Raad van Bestuur en comités
Joost Uwents
Born in 1969
Hillarestraat 4A,
B-9160 Lokeren
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CORPORATE GOVERNANCE STATEMENT
Finally, the Board of Directors is the body responsible for facilitating effective dialogue
with shareholders by means of, for example, transparent communication in press
releases, the annual report and other channels.
The Board of Directors, acting as a collegial body, represents the company in all judicial
and extrajudicial acts. The company is legally represented by two directors acting jointly
in all judicial and extrajudicial acts.
The Board of Directors has delegated the day-to-day management to both CEOs, each
of whom may act alone, within the meaning of Article 7:121 CCA. The Company may also
be represented by a special proxy.
Functioning of the Board of Directors
The Board of Directors meets at least six times a year at the invitation of the chair. The
meeting times are set in advance for the entire year to minimise absences. Additional
meetings will also be called whenever the interests of the Company so require or when
at least two directors so request.
At least once every three years, the Board of Directors will evaluate the governance
structure it has chosen to determine whether it is still suitable, and if not, it will propose
a new governance structure to the General Meeting.
In addition, the non-executive directors meet at least once a year in the absence of the
CEOs and the other members of the Management Committee.
The CEOs inform the chairman of the Board of Directors of the progress of all matters
and les that fall under the competence of the Board of Directors. The chairman sets the
agenda of the meetings in consultation with both CEOs. The agenda contains a xed
list of items to be discussed, which are thoroughly prepared and documented so that all
directors have the same information in good time.
With regard to decision-making, the WDP Articles of Association specify the following:
◆
deliberations and decisions of the Board of Directors are only valid if the majority of
the members are present or represented;
◆
decisions are made by a simple majority of votes;
◆
any director who is unable to attend or is absent may designate another member of
the Board of Directors to represent him at a specic meeting of the Board of Directors
and to legally vote on his or her behalf;
◆
decisions by the Board of Directors can be made upon unanimous written agreement
from the directors.
The decisions made by the Board of Directors are minuted and the minutes are
incorporated in a specially designated register, which is maintained at the company’s
registered ofce. The minutes of the meetings of the Board of Directors are signed by the
chair and members of the Board of Directors that request such.
Activity report of the Board of Directors
The Board of Directors met 20 times during the 2021 nancial year, mainly to discuss the
following items:
◆
operating and nancial reporting;
◆
communications policy;
◆
strategy and investment policy;
◆
nancing policy;
◆
composition and evaluation of the Board of Directors;
◆
analysis and approval of the 2022 budget;
◆
Long-term strategy and analysis and approval of the new 2022-2025 growth plan;
◆
ESG strategy of WDP and follow-up of the ESG Roadmap developed for this purpose;
◆
analysis and approval of the WDP Climate Action Plan with specic climate objectives,
◆
analysis and approval of investment, divestment and development dossiers;
◆
analysis and approval of some credit agreements;
◆
internal audit, digitisation, and business processes;
◆
analysis and approval of an updated Enterprise Risk Management framework;
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◆
analysis, evaluation and implementation of specic actions with respect to specic
risks such as the COVID-19 pandemic and the regulatory risk surrounding the FBI
status;
◆
drafting of the Board of Directors reports related to the contribution in kind of a claim
(in the context of the optional dividend);
◆
approval of the capital increase by way of an accelerated bookbuild (ABB) within the
authorised capital;
◆
capital increases by contribution in kind of immovable property of SIP-WELL NV and
DPG Media Services NV respectively, within the scope of the authorised capital;
◆
analysis and approval of the entry into the capital of nanoGrid BV by WDP Invest NV/SA;
◆
completion of the aforementioned transactions and determination of the resulting
capital increases within the authorised capital; and
◆
drafting and approving of the 2020 Universal Registration Document.
Nomination procedure
The General Meeting nominates the directors, which it selects from the candidates
proposed by the Board of Directors, on the recommendation of the Nomination Committee
and with prior approval of the nomination(s) by the FSMA as required under GVV/SIR
legislation. Where applicable, the binding nomination right of the Reference Shareholder
shall be applied in the nomination (as per Article15 of the WDP Articles of Association).
The selection of a new director is based on a professional, objective selection process.
For each nomination to the Board of Directors, an evaluation is made of the competencies,
knowledge and experience already present or required. This evaluation is initiated by the
Nomination Committee in collaboration with the chair of the Board of Directors and the
Remuneration Committee.
In light of this evaluation, a description of the required role, competencies, knowledge and
experience is drawn up. Based on this prole, the Nomination Committee searches for
candidates who have the required competencies. The Nomination Committee then checks
the curriculum vitae and references of the candidates. The nal list of candidates is drawn
up taking into account the relevance of their references, and for those candidates who
are already directors, an evaluation of their performance. For non-executive directors, the
number and importance of their other commitments are also taken into account. After the
candidates have been identied, they meet individually with the chairman of the Board
of Directors as well as one or more members of the Nomination Committee, if necessary.
In any case, the candidates on the nal list are screened by an independent recruitment
agency (headhunter) and, if necessary, an assessment is organised to provide additional
screening of the competencies of the candidates.
After the aforementioned procedure, and based on the recommendations of the
Nomination Committee, the chairman of the Board of Directors presents a list of
candidates for the position of WDP director to the Board of Directors for analysis and
approval.
Following the decision of the Board of Directors, the nomination of the selected candidate
is submitted for the approval of the General Meeting. This proposal is accompanied
by a recommendation by the Board of Directors and mentions the proposed term of
appointment as well as the relevant information concerning the professional qualications
of the candidate, together with a list of the positions that the candidate already holds.
For the sake of clarity, the foregoing procedure also applies in the event of a reappointment
of a director.
As soon as a director vacancy arises, a new director is co-opted as soon as possible
and/or desired. The next General Meeting must conrm the appointment of the co-opted
director.
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Chairman of the Board of Directors
The chairman is appointed from the members of the Board of Directors. He is a person
recognised for his professionalism, independence of mind, coaching skills, ability to
reach consensus, and communication and meeting management skills.
The chairman is responsible for running and monitoring the progress of the meeting of
the Board of Directors. The role of chairman of the Board of Directors and of CEO cannot
be performed by the same person.
The chairman is responsible for the quality and continuity of the Board of Directors,
ensures effective communication with shareholders and acts as an intermediary
between the Board of Directors and the members of the Management Committee, while
accomplishing professional and constructive interaction between the Board of Directors
and the Management Committee.
Evaluation
At least once every three years, the Board of Directors evaluates its own performance,
its inter action with the Management Committee and its members, as well as its size,
membership and operation and that of its committees.
The evaluation process is led by the chairman and is also monitored by the Nomination
Committee. Its objectives include:
◆
assessing the operation of the Board of Directors or of the relevant committee;
◆
verifying whether important matters are properly prepared and discussed;
◆
assessing the effective contribution of each director on the basis of his/her attendance
at the Board of Directors meetings or the relevant committee and his/her constructive
involvement in the discussions and decision-making. In this evaluation, a minimum
individual attendance rate of 75% applies, unless there is a sufciently substantiated
explanation for a lower attendance rate (e.g. health or family circumstances);
◆
verifying whether the actual composition of the Board of Directors and committees
is appropriate.
The evaluation is conducted through a formal procedure that may or may not be facilitated
externally, in keeping with a methodology approved by the Board of Directors.
On the one hand, evaluation of the directors (as members of the Board of Directors and as
members of a committee) is ongoing, in particular mutual evaluation amongst colleagues.
If a director has doubts about the contribution of another director, the former director
may raise this as an agenda item for the Board of Directors or in the relevant committee,
or discuss the matter with the chairman of the Board of Directors. The chairman may then
take the necessary steps, at the chairman’s own discretion.
On the other hand, all directors are evaluated individually once a year, and more often
where applicable, by the Nomination Committee, taking into account factors such as
their attendance rate at the Board of Directors and relevant committee meetings (see
above for the minimum attendance rate), level of participation in meetings, commitment,
suggestions brought forward outside of meetings, provision of innovative ideas based on
their experience on other boards or committees, constructive involvement in discussions
and decision-making and their sense for risk identication and mitigation.
The Nomination Committee also assesses whether the contribution of each director
adapts to changing circumstances.
The Board of Directors takes action based on the results of this performance evaluation.
Where applicable, this means nominating new members for appointment, proposing that
existing members not be reappointed, or taking measures that are considered useful for
the effective operation of the Board.
IN 2021 | The Nomination Committee came to the joint conclusion for 2021 that the
current collaboration between the directors is satisfactory and proactive. The Committee
also believes that the interaction between the Board of Directors (through its chair)
and the Management Committee (such as through its CEOs and the CFO) is working
extremely well, and that there is a steady ow of information. The new governance
structure has also proved to be a solid basis in this context. Also in 2021, the Board of
Directors managed to consult regularly, either remotely or in person, and, if necessary, on
an ad hoc basis, depending on the changing government measures in the context of the
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coronavirus pandemic. This was possible thanks to WDP's coherent and lean governance
structure, and also to each director’s signicant degree of involvement and exibility. The
Board of Directors, at the recommendation of the Nomination Committee, has concluded
that each director individually has fullled the role of director in a proper and constructive
manner. Discussions and decisions show a high level of commitment, with adequate
interest in risk identication and management. Moreover, thanks to their mutually
complementar y skills, the directors form a formidable collective whole.
Declarations
Based on the information at its disposal, the WDP Board of Directors states that:
♦
the members of the Board of Directors and the Management Committee do not share
any kind of familial connections;
♦
none of the directors or Management Committee members have been convicted of
any fraud-related offences, at least during the past ve years;
♦
none of the directors or Management Committee members, at least for the last
ve years, have been the subject of ofcial and public allegations and/or penalties
imposed by a statutory or supervisory authority (including a recognised professional
association), or have ever been declared by a court to be unt to act as a member
of a managerial, supervisory or oversight body of a company or to act within the
framework of the management or performance of the activities of a company;
♦
no director and no member of the Management Committee has held - for at least the
previous ve years - an executive function as a senior manager or as a member of
the administrative, management or supervisory bodies of any company at the time
of its bankruptcy, receivership or liquidation, with the exception of Frank Meysman
who was chairman of the board of directors of Thomas Cook Group at the time of its
dissolution on 22 September 2019; and
♦
none of the directors or Management Committee members have concluded any
management or employment contract that provides for a severance payment at the
end of the contract, with the exception of what is listed below in the Remuneration
report.
Committees of the Board of Directors
The Board of Directors has formed specialised committees to advise it regarding
decisions to be taken, to ensure that certain matters are adequately addressed, and if
necessary, to bring specic matters to the attention of the Board of Directors.
However, decision-taking remains the collective responsibility of the Board of Directors.
The Board of Directors has formed three specialised committees within WDP, each with
its own internal regulations: the Audit Committee, the Nomination Committee and the
Remuneration Committee.
All committees may decide to invite members of the Management Committee as well
as executive and management personnel to attend committee meetings and to provide
them with relevant information and insights relating to their areas of responsibility.
Furthermore, each committee may speak with any relevant person without a member of
the Management Committee present.
Each committee may also gather external professional advice, at the expense of the
company, on topics falling under the specic competencies of the committee. The
chair of the Board of Directors must in fact be informed of this in advance, taking into
consideration the nancial impact on the Company.
After each committee meeting, the Board of Directors receives a report on the ndings
and recommendations of the committee in question as well as oral feedback at a future
Board meeting.
IN 2021 | It was decided that an ESG committee was set up within the Board of Directors
following the discussions and the elaboration of the Climate Action Plan of WDP. This ESG
Committee acts as the link between the ESG team and the Board of Directors. It advises
the Board on ESG issues and formulates proposals, recommendations, and reports in
this regard. Rik Vandenberghe assumes the position of chair of the ESG Committee. For
further explanation of this ESG committee, refer to chapter 3. Strategy and value creation
pp. 26 and the Corporate Governance Charter.
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Audit Committee
Role and responsibilities of the Audit Committee
The Audit Committee supports the Board of Directors in the fullment of its monitoring
responsibilities, ensuring control in the broadest sense, including risk control.
The main responsibilities of the Audit Committee are:
◆
monitoring of the nancial reporting process;
◆
monitoring the effectiveness of the company’s systems for internal control and risk
management;
◆
monitoring the internal audit and its effectiveness;
◆
monitoring of statutory auditing of the nancial statements and the consolidated
nancial statements, including follow-up on questions and recommendations posed
by the statutory auditor;
◆
assessing and monitoring the independence of the statutory auditor.
Membership
Attendance
Cynthia Van Hulle | chair 5/5
Frank Meysman 4/5
Anne Leclercq 5/5
Rik Vandenberghe 5/5
Jürgen Ingels 5/5
Number of meetings
5
Attendance rate
96%
3 2
Number of members
5
Independent
80
%
The Audit Committee reports regularly to the Board of Directors on the performance of its
duties and whenever the Board of Directors draws up the annual nancial statements, the
consolidated annual nancial statements and the condensed nancial summary intended
for the public. Prior to all half-yearly meetings of the Board of Directors, the statutory
auditor must prepare and present an interim report to the Audit Committee.
Functioning of the Audit Committee
The Audit Committee meets at least ve times a year and whenever it deems such
necessary for proper performance of its duties, at the request of its chair, one of its
members, the chair of the Board of Directors or one of the co-CEOs. The chair of the
Audit Committee prepares the agenda for each meeting, where applicable in consultation
with the chair of the Board of Directors or supplemented with points requested by
Management Committee members. The advice and recommendations are taken by
majority. The chairman of the Audit Committee does not have a casting vote.
At least one member of the Audit Committee must possess the necessary expertise in
the eld of accounting and auditing and, as an independent director, must meet Article
7:87 CCA. At this time, Cynthia Van Hulle meets these conditions.
IN 2021 | the Audit Committee mainly discussed the following items in the performance
of its duties:
◆
quarterly review of accounts, periodic press releases and nancial reports;
◆
analysis of internal management procedures and independent control duties along
with effective management (based on the internal audit by the external internal auditor
and the audit by the statutory auditor), also with a view to the required reporting to
the FSMA;
◆
monitoring of changes in the law and regulations.
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Nomination Committee
Role and responsibilities of the Nomination Committee
The task of the Nomination Committee is to advise the Board of Directors on appointments
of directors, CEOs and other members of the Management Committee (on the proposal
of the CEO).
The main responsibilities of the Nomination Committee are:
◆
periodically evaluating the optimal size and membership of the Board of Directors
and, if necessary, advising the Board of Directors on this topic;
◆
leading the (re)appointment process for directors;
◆
evaluating candidates for a position on the Management Committee;
◆
drawing up plans for the orderly succession of the directors, together with the chair
of the Board of Directors;
◆
assisting the chair with the performance evaluations of the Board of Directors,
the committees and the Management Committee;
◆
providing appropriate programmes for talent development and for promoting diversity
in leadership.
Membership
Attendance
Rik Vandenberghe | chair 4/4
Frank Meysman 3/4
Anne Leclercq 4/4
Cynthia Van Hulle 4/4
Jürgen Ingels 3/4
Joost Uwents 4/4
Tony De Pauw 4/4
Number of meetings
4
Attendance rate
93%
5 2
Number of members
7
Independent
57
%
Functioning of the Nomination Committee
The Nomination Committee meets often enough to enable it to carry out its duties
effectively, and at least twice a year. The chairman of the Nomination Committee may
convene a meeting whenever necessary, or at the request of one of its members.
The chairman of the Nomination Committee draws up the agenda for each meeting, if
necessary in consultation with the chairman of the Board of Directors or supplemented
with items requested by members of the Nomination Committee or Management
Committee.
The Nomination Committee aims for consensus. If the Nomination Committee cannot
reach a consensus on a specic topic, the chairman of the Nomination Committee will
refer it to the Board of Directors, explaining the different positions of the members of the
Nomination Committee.
IN 2021 | the Nomination Committee mainly discussed the following items in the
performance of its duties:
◆
evaluating the composition of the current Board of Directors; and
◆
starting the procedure for evaluating the non-executive directors whose term of ofce
expires at the end of the General Meeting on 27 April 2022 and who are candidates
for a renewal of their mandate;
◆
starting the procedure to nd a new director following the expiry of Frank Meysman's
mandate;
◆
annual evaluation of the members of the Board of Directors.
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Remuneration committee
Role and responsibilities of the Remuneration Committee
The role of the Remuneration Committee consists of assisting and advising the Board of
Directors on all issues concerning the remuneration policy and remuneration techniques
for the directors and members of the Management Committee.
The main responsibilities of the Remuneration Committee are:
◆
it submits proposals to the Board of Directors on the remuneration policy of the
directors, CEOs and other members of the Management Committee;
◆
it submits proposals to the Board of Directors on the individual remunerations of the
directors and the members of the Management Committee including the variable
remuneration and long-term performance bonuses, possibly linked to shares in the
form of share options or other nancial instruments, and severance payments, and on
the resulting proposals to be submitted to the shareholders by the Board of Directors;
Membership
Attendance
Cynthia Van Hulle 2/2
Frank Meysman | chair 2/2
Anne Leclercq 2/2
Rik Vandenberghe 2/2
Jürgen Ingels 1/2
Number of meetings
2
Attendance rate
90%
3 2
Number of members
Independent
80
%
5
◆
it evaluates the performance of the CEOs and other members of the Management
Committee compared to the agreed performance targets and submits proposals on
this to the Board of Directors;
◆
in the case of the CEOs, this is done on the basis of a reasoned proposal by the
chairman of the Board of Directors;
◆
in the case of other members of the Management Committee, this is done on the
basis of a reasoned proposal by the CEOs in consultation with the chairman of the
Board of Directors;
◆
it prepares the remuneration report that the Board of Directors attaches to the
Corporate Governance Statement included in the Annual Report and explains it at
the annual General Meeting.
Functioning of the Remuneration Committee
The Remuneration Committee meets often enough to enable it to carry out its duties
effectively, and at least twice a year. The chairman of the Remuneration Committee may
convene a meeting whenever necessary, or at the request of one of its members. The
chairman of the Remuneration Committee draws up the agenda for each meeting, if
necessary in consultation with the chairman of the Board of Directors or supplemented
with items requested by members of the Remuneration Committee and/or the
Management Committee.
The Remuneration Committee aims for consensus. If the Remuneration Committee cannot
reach a consensus on a specic topic, the chairman of the Remuneration Committee will
refer it to the Board of Directors, explaining the different positions of the members of the
Remuneration Committee.
IN 2021 | the Remuneration Committee mainly discussed the following items in the
performance of its duties:
◆
preparation of the remuneration report of 31 December 2020;
◆
proposal of the targets for the members of the management committee according to
their variable remuneration for 2021;
◆
proposal of the individual remuneration for the board members and members of the
management committee for the 2021 nancial year.
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Management Committee
By a decision of the Board of Directors, a Management Committee was created on 1
October 2019 to act as an advisory body to the Board of Directors.
Composition
Principles
The members are appointed by the Board of Directors on the recommendation of the
Nomination Committee. Members of the Management Committee may be either natural
persons or legal entities. In the case of a legal entity, it must appoint a single permanent
representative who will represent it at Management Committee meetings.
The Board of Directors decides the length of the term of each member of the Management
Committee at the time of his appointment.
The remuneration, term and conditions for dismissal of a member of the Management
Committee are governed by an agreement between each Management Committee
member and the Company (with approvals by the Board of Directors and on the
recommendation of the Nomination Committee and Remuneration Committee).
The Management Committee members have selected the address of the registered ofce
of WDP NV/SA as their ofce address, with a view to their role in WDP NV/SA.
Composition
Name Capacity
Tony DePauw Co-CEO
Joost Uwents Co-CEO
Mickaël Van denHauwe Chief Financial Ofcer
Christoffel DeWitte Country Manager BE-LU-FR
Michiel Assink Country Manager NL
Jeroen Biermans Country Manager RO
Marc De Bosscher Chief Technical Ofcer
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Management Committee
We refer to the description above under
Board of Directors.
Joost Uwents
Born in 1969
We refer to the description above under Board of Directors.
Tony De Pauw
Born in 1954
has been CFO of WDP since 2011 and is responsible for Finance, Investor
relations and IT. He studied at the Solvay Business School at the Free
University of Brussels and is a business engineer specialising in Finance.
He started his career as a controller at Unilever Bestfoods Belgium before
moving on to Delta Lloyd – Bank Nagelmackers, where he gained
experience as a buy-side specialist. In 2005, he accepted a position as a
sell-side analyst of property shares for Dexia. Four years later, he became
a sell-side analyst for KBC Securities.
Other active terms on
31 December 2021
BE-REIT Association
Terms ending on
31 December 2021,
but held in the period
from 2016 onwards
–
WDP shareholdings as at
28March 2022
28,060
Mickaël
Van den Hauwe
Born in 1981
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CORPORATE GOVERNANCE STATEMENT
became the Netherlands Country Manager for WDP in 2017 and is
heading the WDP ofce in Breda. Before this, he worked at real estate
broker CBRE for 13 years, serving in multiple roles, such as Business Unit
Director/Senior Industrial & Logistics Director and Associate Capital
Markets Director. He holds a BSc in Economics Marketing.
Other active terms on
31 December 2021
–
Terms ending on
31 December 2021,
but held in the period
from 2016 onwards
CBRE (Senior Director)
WDP shareholdings as at
28 March 2022
0
Michiel Assink
Born in 1977
is WDP’s Country Manager Belgium, Luxembourg and France since 2014.
His responsibility in this role is to coordinate the commercial team and the
property managers. He holds a Master in Business Economics and a
Master in Real Estate Management. He is also a member of the Royal
Institute of Chartered Surveyors.
Christoffel has over 25 years of experience in commercial property. He
started his career as a real estate broker before joining UK logistics REIT
Segro, serving in several commercial roles in Belgium over a ten-year
period. From 2007 to 2008, he was the Europe Development Director and
Belgium Country Manager at US REIT First Industrial. After this, he
worked as the Managing Director of Belgian real estate developer
MG Real Estate for 5 years.
Other active terms on
31 December 2021
REAL ISTIC
BM De Witte
Comaan (joint shareholder)
Terms ending on
31 December 2021,
but held in the period
from 2016 onwards
SFELK-IMMO
WDP shareholdings as at
28March 2022
0
Christoffel
De Witte
Born in 1967
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After his law studies, Jeroen specialised in export management and
logistics. He rst spent two years working at the Bar of Antwerp
before taking a position as an international legal and nancial
controller at Den Braven Sealants. In 2001, Jeroen became an
international entrepreneur through joint ventures with Romanian,
Dutch and Belgian partners. Since 2007, he has been responsible for
expanding the WDP property portfolio in Romania as the Country
Manager and co-shareholder.
Other active terms on
31 December 2021
J.B. Top Pro Invest
Vuurkruisenbizz
Antonino Invest
Apartementele Trandarul
Asta Pro Invest
Beltech
Brabuild Invest
Joca Invest
NBR Pro Invest SRL
Paulina Invest
San Carlo Invest
Mills Invest
Lamast Invest
Terms ending on
31 December 2021,
but held in the period
from 2016 onwards
–
WDP shareholdings as at
28 March 2022
0
Jeroen Biermans
Born in 1971
as CTO, is responsible for project development in WDP. He draws from
years of experience in project management and develop ment in numerous
roles at renowned companies. For instance, he was Technical Director at
Armonea, Project Manager at Besix, and Project Coordinator at the
University Hospital of Leuven. He also spent over 14 years working
internationally as a Project Coordinator for DEME.
After his studies in Applied Science (Civil Engineer, Architect), he was an
assistant at the University of Ghent.
Other active terms on
31 December 2021
–
Terms ending on
31 December 2021,
but held in the period
from 2016 onwards
–
WDP shareholdings as at
28 March 2022
1,100
Marc
De Bosscher
Born in 1963
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Role and responsibilities of the Management Committee
The role of the Management Committee is to consult with the Board of Directors and
advise them on the day-to-day management of WDP, and always in accordance with the
values, strategy, general policy and business plan determined by the Board of Directors.
The role of the CEOs is to work with the other members of the Management Committee
on the following:
◆
implementing the WDP mission, policy plan and strategic objectives as determined
by the Board of Directors;
◆
implementing the decisions of the Board of Directors and following up on the
performance and results;
◆
reporting to the Board of Directors on the progress of all matters and les that fall
under the competence of the Board of Directors.
The Board of Directors has delegated the day-to-day management to both CEOs,
each of whom may act alone, within the meaning of Article 7:121 CCA. The day-to-day
management comprises all actions and decisions that do not extend beyond the needs
of the company’s day-to-day proceedings as well as the actions and decisions which,
due to their lesser importance or urgency, do not justify the intervention of the Board of
Directors.
Each member of the Management Committee is individually responsible for the tasks
delegated to them by the CEOs (or, in the case of the CEOs, by the Board of Directors).
The Management Committee has no other responsibility than to act as an advisory
committee to the Board of Directors.
ACTION2022 | In view of the growth and internationalisation, WDP is currently working
on a new delegation matrix. Preparations will be made for its implementation in the rst
half of 2022. Moreover, each member of the Management Committee is individually
responsible for certain aspects of the day-to-day management of the Company and its
business:
◆
to this end, the Board of Directors delegates special powers of decision and
representation to the two CEOs;
◆
the allocation of individual and special decision-making and representational powers
to the other members of the Management Committee is sub-delegated by the two
CEOs.
These delegations will be published in an update to the Corporate Governance Charter
in the course of 2022 as soon as the delegation matrix is nalised and implemented.
In the meantime, the civil and corporate laws will apply to the responsibilities and
decision-making and representational powers of the Board of Directors, the CEOs and
the members of the Management Committee. In this context, we refer to Articles17, 21
and 22 of WDP’s Articles of Association.
Functioning of the Management Committee
The Management Committee meets when convened by its chairman, in principle once a
month. When necessary, the Committee can be convened at any time by the chairman,
or at the request of at least two members.
One of the two CEOs acts as the chairman of the Management Committee. The chairman
of the Management Committee may choose to invite members of the internal organisation
of WDP or other specialists in a certain eld to Management Committee meetings on an
ad hoc basis. If the chairman is not present, those present appoint an ad hoc chairman
after joint consultation.
Any member may add items to the agenda and in any case, each member is required
to ensure that any decision to be taken by him under the powers delegated to him and
which are essential to the day-to-day management of the company be added to the
agenda.
Valid deliberation can only take place if all members of the Management Committee have
been invited and the majority is present. The members of the Management Committee
who were not present are informed by the chairman of the discussions that took place
in their absence.
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Even though the decision-making powers are attributed to each member of the
Management Committee acting individually or together with another member of the
Management Committee, the Management Committee strives to reach a consensus on
the envisaged decisions.
In any case, the Management Committee decides unanimously on the report addressed
to the Board of Directors. If unanimity cannot be reached (e.g. regarding which items
should be included in the report to the Board of Directors, or regarding the scope of
reporting on a specic topic), then that item will be reported separately to the Board of
Directors, with a summary of each of the positions within the Management Committee.
The minutes of the meeting are drawn up by the chairman, or a secretary designated
during the meeting. The minutes are signed by the chairman and any member who so
requests.
The Management Committee is represented at the Board of Directors by one or both
CEOs, who provide explanations via the Management Committees unanimously
approved report, which summarises all material decisions discussed in the Management
Committee during the relevant period.
As such, the Management Committee has no authority to represent the Company.
Evaluation of the Management Committee
The Management Committee will make an annual evaluation of its own functioning,
powers and responsibilities. The chairman of the Management Committee shall present
and discuss the results of this evaluation with the Board of Directors. The Board of
Directors can, if necessary, take appropriate measures. The Management Committee
can in turn act on the results of the evaluation by recognising its strengths and improving
its weaknesses.
Diversity policy
Diversity in all of its facets (cultural, gender, language, professional experience, etc.),
equal opportunity and respect for human capital and human rights are intrinsic to the
WDP company culture. The company rmly believes that these values contribute towards
balanced interaction, enrichment of vision and thinking, innovation and an optimal
working environment.
WDP has set some diversity guidelines for members of the Board of Directors and the
Management Committee. These guidelines are reected in the internal rules of the Board
of Directors and the Nomination Committee, describing the procedure for nomination
and evaluation of directors and members of the Management Committee. The selection
process for members of the Board of Directors and Management Committee strives
to ensure complementary skills, knowledge, expertise, and diversity in terms of
education, knowledge, gender, age, experience, nationality, etc.
This results in a Board of Directors that is highly balanced in its skills, knowledge and
experience. The membership of the Board of Directors (two women and ve men) also
meets the legal provisions on gender diversity (Article 7:86 CCA). The members of the
Management Committee also represent a balanced team, each with his own required
expertise (see below for their curriculum vitae), albeit with regard to gender. However, it
must be taken into account that the Management Committee is assisted by a dedicated
corporate Shared Services team. As the company has only a rather small team with a
at structure, it is more appropriate to consider diversity across the entire group. More
interpretation on the different facets of diversity in this context is available in chapter
4. Performance pp. 52.
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Remuneration report
Introduction
This remuneration report was drafted according to the provisions of 3:6 (§3) CCA and is
a special part of the WDP Corporate Governance Statement. It was also prepared in the
spirit of the current draft of the non-binding guidelines of the European Commission for
the standardised presentation of the remuneration report.
1
It covers the period from 1 January 2021 to 31 December 2021.
This Remuneration Report describes the remuneration of and the application of
the remuneration policy to the members of the Board of Directors and Management
Committee, as well as on the actual performance of the members of the Management
Committee compared to the targets set.
On 29 April 2020, the General Meeting of WDP approved the current remuneration
policy by a large majority (97.3% of those present voted to approve the motion). This
remuneration policy went into effect on 1 January 2020. The remuneration report for
the performance year 2020 was also approved with a broad majority of 94.6% of the
votes present, and there were no specic comments to be taken into account in the
remuneration for performance year 2021.
1
Draft guidelines on the standardised presentation of the remuneration report under Directive 2007/36/EC,
as amended by Directive (EU) 2017/828, with regard to the promotion of long-term shareholder engagement.
In 2021, WDP posted
a strong result
EPRA Earnings per
share
Portfolio growth Occupancy rate
1.10
€
1.3
mia €
98.6
%
♦
Initial prot targets achievable one year earlier
♦
Realisation Climate Action Plan
♦
Digital transformation: roll-out digital client portal MyWDP
♦
ESG Ratings: inclusion in DJSI Europe
♦
Upgrade WDP Enterprise Risk Management Policy
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Implementation of the remuneration policy in 2021
The total remuneration of the non-executive members of the Board of Directors
corresponds to the amounts approved by the General Meeting of 29 April 2020. These
amounts are in line with WDP's remuneration policy: a xed directors' fee that takes
account of each individual director’s responsibilities and is considered sufcient to attract
the right proles to contribute to WDP's strategy.
The total remuneration in 2021 of the members of the Management Committee is also
in line with the remuneration policy. This remuneration consists of a xed remuneration
and a variable remuneration.
◆
The xed remuneration is in line with the provisions of the remuneration policy and
with the amounts set by the Board of Directors (on the recommendation of the
Remuneration Committee) in January 2021.
◆
The short-term and long-term variable remuneration is also in line with the remuneration
policy. The criteria for the short-term and long-term variable remuneration are linked
to WDP’s nancial performance: EPS, portfolio growth, occupancy rate. In this way,
the remuneration policy emphasises the creation of stable cash ows. Moreover, the
variable remuneration is linked to achieving WDP's ESG targets, risk management
policy, and long-term development.
TRANSPARANT
Just like WDP’s strategy of open
and transparent communication
towards all of its stakeholders
SIMPLE
As WDP’s business plan, it is always
based on clearly defined targets
IN LINE WITH CORPORATE
STRATEGY
Focusing on sustainable business as
a long-term real estate partner for the
logistics sector
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CORPORATE GOVERNANCE STATEMENT
Short-term | annual
annual payment
125% cap
Quantitative
EPS
Portfolio growth
Occupancy rate
Qualitative
Min. 1 ESG KPI
Min. 1 Risk management policy KPI
Short-term | 2020-23
partly deferred payment
125% cap
Quantitative
EPS 1.15 euros
Portfolio growth to 5 billion euros
MSCI: A
ISS ESG Corporate Rating: Prime
Qualitative
Contribution to long-term development
of WDP
Management committee remuneration policy
Fixed remuneration
The Board of Directors sets the xed remuneration annually, taking into account factors such as:
◆
position and corresponding responsibilities
◆
social security status, experience, competencies
◆
local regulations
◆
benchmark provided by the Remuneration Committee
The annual remuneration may be reviewed based on changes in the preceding parameters.
Each year, the Board of Directors determines the variable remuneration as a percentage of the
annual xed remuneration.
The annual variable remuneration in cash (i.e. the amount related to the 100% achievements of the
targets) amounts to:
◆
for the CEOs and CFOs: 90% of the annual xed remuneration;
◆
for the other members of the Management Committee: 80% of the annual xed remuneration.
Co-CEOs and CFO
20
%
40
%
30
%
10
%
Other members ManCom
25
%
15
%
10
%
50
%
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CORPORATE GOVERNANCE STATEMENT
Total remuneration
The table below sets out the total remuneration of the directors, CEOs, and, on a collective
basis, other members of the Management Committee.
Total remuneration (in euros)
Name Function Year Fixed remuneration Variable remuneration
Extra-
ordinary
items
Pension
expense³
Total
remuneration
Proportion of the
fixed and variable
remuneration
Base salary² Fees
Other
benets
4
One year
variable
Multi-year
variable Fixed Variable
Tony De Pauw executive (CEO)¹ 2021 350,000 / 16,500 220,500 311,850 0 / 898,850 41% 59%
2020 350,000 / 17,000 206,325 0 0 / 573,325 64% 36%
Joost Uwents executive (CEO)¹ 2021 535,000 / 19,100 337,400 477,180 0 / 1,368,680 40% 60%
2020 535,000 / 2,600 315,710 0 0 / 853,310 63% 37%
Rik Vandenberghe non-executive 2021 75,000 / / / / / / 75,000 100% 0%
(chairman of the Board of Directors) 2020 75,000 / / / / / / 75,000 100% 0%
Frank Meysman non-executive 2021 35,000 / / / / / / 35,000 100% 0%
(chairman of the Remuneration Committee) 2020 35,000 / / / / / / 35,000 100% 0%
Cynthia Van Hulle non-executive 2021 35,000 / / / / / / 35,000 100% 0%
(chairman of the Audit Committee) 2020 35,000 / / / / / / 35,000 100% 0%
Anne Leclercq non-executive 2021 35,000 / / / / / / 35,000 100% 0%
2020 35,000 / / / / / / 35,000 100% 0%
Jürgen Ingels non-executive 2021 35,000 / / / / / / 35,000 100% 0%
2020 35,000 / / / / / / 35,000 100% 0%
Management Committee (excl. CEOs) 2021 1,080,000 / 26,230 802,100 697,950 0 22,850 2,629,130 43% 57%
(in aggregate) 2020 1,055,435 / 24,733 685,130 0 0 21,595 1,786,893 62% 40%
1 The executive directors are remunerated only in their capacity as CEO and not in their capacity as members of the
Board of Directors.
2 The basic remuneration for the CEOs and non-executive directors includes an expense allowance of 3,500 euros
per year.
3 So, the amounts stated here are employer’s contributions to the WDP group insurance (Dened contribution plan)
for the year 2021, and are in addition to the variable remuneration received.
4 These other benets consist of a company vehicle and a smartphone for example, with a benet in kind calculated
for each one.
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Explanation of the performance of the members of the Management
Committee
The xed remuneration of the members of the Management Committee for 2021 as
shown in the above table Total Remuneration is equal to the remuneration as approved
by the Board of Directors on the recommendation of the Remuneration Committee in
January 2021.
The annual variable remuneration is 90% of the annual xed remuneration for the CEOs
and CFOs and 80% of the annual xed remuneration for the other members of the
Management Committee, upon 100% achievement of the performance targets.
Short-term variable remuneration
Quantitative performance targets
The short-term targets set by WDP in its 2019-23 growth plan are underpinned by linking
the short-term performance targets of members of the Management Committee to the
Company's nancial performance, specically at least each of the following criteria: EPS,
portfolio growth, occupancy rate. These are weighted to 40% (co-CEOs and CFO) or
50% (other Management Committee members).
PERFORMANCE 2021 | WDP's nancial performance criteria were adopted by the Audit
Committee in January 2022.
The following performance thresholds and ceilings were used for these criteria:
< threshold threshold target ceiling
0 50% 100% 125%
Based on this, the Board of Directors – on the advice of the Remuneration Committee
– determined in January2022 that the short-term quantitative performance objectives
were achieved and above target.
Qualitative performance targets
The Board of Directors set at least one performance target for the Management
Committee members regarding the implementation of the WDP ESG Roadmap and at
least one regarding the implementation of WDP's risk management policy. These are
weighted to 20% (co-CEOs and CFO) or 25% (other Management Committee members).
PERFORMANCE 2021 | Based on the realisation of the WDP Climate Action Plan (see
chapter 4. Performance pp. 33 and 37), the further digital transformation using the
MyWDP customer portal (see chapter 4. Performance pp. 47) and the upgrade of the
Enterprise Risk Management Policy (see chapter 7. Corporate Governance Statement
pp. 141), the Board of Directors – on the advice of the Remuneration Committee –
determined in January 2022 that the short-term qualitative performance targets were
achieved on target.
Long-term variable remuneration
The long-term performance targets were also linked to the Company's long-term nancial
performance, specically EPS and portfolio growth. Moreover, part of the remuneration
was conditional on achieving specic ESG ratings by 2023. The choice fell on the
internationally recognised ESG rating agencies, ISS and MSCI, which use a framework
that monitors a broad spectrum of environmental, social and governance topics and
trends with a material impact on different industries and companies.
Target 2023
ISS ESG Corporate Rating Prime C
MSCI A
PERFORMANCE 2021 | WDP has launched a new business plan 2022-25 GROWTH
for FUTURE.
2
Based on the gures as of 31 December 2021, the initial prot targets
of the growth plan appeared achievable one year earlier – more specically in 2022
- partly due to the faster pace of investment and driven by the underlying structural
market trends. In addition to the long-term quantitative performance targets (EPS,
portfolio growth, occupancy rate), most of the long-term qualitative performance
targets were also achieved. For example, in November 2021, WDP has been
included in the leading Dow Jones Sustainability Index Europe, a result of years of
2 As also stated in the press release dated 28 January 2022.
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CORPORATE GOVERNANCE STATEMENT
commitment to ESG.
3
MSCI's rating was also raised from BBB to A on 4 February
2022. Moreover, new services were developed that continue to evolve the form of
our warehouses with brains. For example, the Energy as a Business in the WDP
Climate Action Plan. In January 2022, the Board of Directors – on the advice of the
Remuneration Committee – determined that the long-term performance targets of the
growth plan 2019-2023 had been achieved and well above target, with most of these
being also achieved one year earlier than originally planned. So, the long-term variable
remuneration for each member of the Management Committee is set at 125% of the
long-term bonus initially foreseen over 3 performance years of the plan.
Achieving the quantitative and qualitative performance targets results in the following
payments for performance year 2021:
Performance of CEOs and other members of the Management
Committee
Name Function Performance targets
Relative
weight
Measured
performance
vs. target
Joost Uwents CEO
Short-term | quantitative (#4)
40%
EPS
10% 125%
Portfolio growth
10% 125%
Occupancy rate
10% 125%
Other
10% 125%
Short-term | qualitative (#6)
20%
ESG
3% 100%
Risk management policy
3% 100%
Other
14% 100%
Long-term
40% 125%
EPS
Targets growth plan 2019-23
feasible one year earlier
Portfolio growth
Targets growth plan 2019-23
feasible one year earlier
Occupancy rate
Targets growth plan 2019-23
feasible one year earlier
ESG
Targets growth plan 2019-23
feasible one year earlier
Other
Targets growth plan 2019-23
feasible one year earlier
Total variable remuneration 2021 (en euros) 100% 814,580
3 As also stated in the press release dated 17 November 2021.
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CORPORATE GOVERNANCE STATEMENT
Name Function Performance targets
Relative
weight
Measured
performance
vs. target
Tony
De Pauw
CEO Short-term | quantitative (#4) 40%
EPS
10% 125%
Portfolio growth
10% 125%
Occupancy rate
10% 125%
Other
10% 125%
Short-term | qualitative (#6)
20%
ESG
3% 100%
Risk management policy
3% 100%
Other
14% 100%
Long-term
40% 125%
EPS Targets growth plan 2019-23
feasible one year earlier
Portfolio growth Targets growth plan 2019-23
feasible one year earlier
Occupancy rate Targets growth plan 2019-23
feasible one year earlier
ESG Targets growth plan 2019-23
feasible one year earlier
Other Targets growth plan 2019-23
feasible one year earlier
Total variable remuneration 2021 (en euros) 100% 532,350
Name Performance targets
Relative
weight
1
Measured
performance
vs. target
Members Management
Committee (excl.CEOs)
Short-term | quantitative (#4) 50% | 40%
EPS
12,50% | 10% 125%
Portfolio growth
12,50% | 10% 125%
Occupancy rate
12,50% | 10% 125%
Other
12,50% | 10% 125%
Short-term | qualitative (#6)
25% | 20%
ESG
4% | 3% 100%
Risk management policy
4% | 3% 100%
Other
17% | 14% 100%
Long-term
25% | 40% 125%
EPS Targets growth plan 2019-23
feasible one year earlier
Portfolio growth Targets growth plan 2019-23
feasible one year earlier
Occupancy rate Targets growth plan 2019-23
feasible one year earlier
ESG Targets growth plan 2019-23
feasible one year earlier
Other Targets growth plan 2019-23
feasible one year earlier
Total variable remuneration 2021 (in euros) 100% 1,500,050
1 Depending on the position where the CFO has a weighting of 40% and 20% that applies in the short term and 40%
in the long term. The other members of the Management Committee have a weighting of 50% and 25% for the short
term and 25% for the long term.
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CORPORATE GOVERNANCE STATEMENT
Share-related information
Shareholdings of directors and members of the Management Committee –
for its own account 31.12.2021
Tony De Pauw¹ 73,338
Joost Uwents² 171,608
Rik Vandenberghe 10,200
Frank Meysman 12,437
Jürgen Ingels 0
Cynthia Van Hulle 0
Anne Leclercq 0
Christoffel De Witte 0
Marc De Bosscher³ 500
Mickaël Van den Hauwe
4
3,060
Michiel Assink 0
Jeroen Biermans 0
1 This number corresponds to a multiple of 9 times his base remuneration for 2021 (WDP share closing price on
31.12.2021, namely 42.18 euros). Naturally, Tony De Pauw via RTKA Maatschap, as Reference Shareholder, retains the
majority of his participating interest in the Company.
2
This number corresponds to a multiple of 14 times his base remuneration for 2021 (WDP share closing price on
31.12.2021, namely 42.18 euros). Joost Uwents held 196,608 shares as of the date of publication of the annual report.
3 Marc De Bosscher held 1,100 shares as of the date of publication of the annual report.
4 Mickaël Van den Hauwe held 28,060 shares as of the date of publication of the annual report.
For the sake of completeness, refer to the explanation of the deviation from the
recommendations of 2020 Code - principles 7.6 and 7.9.
Severance pay
In 2021, there were no departures from the Board of Directors or the Management
Committee.
The remuneration policy gives an overview of the various departure times and contractually
provided severance payments for members of the Management Committee.
Use of clawback rights
No use was made in 2021 of the contractually provided clawback mechanism in the
agreements with the co-CEOs and the CFO.
This mechanism entitles WDP to reclaim a variable remuneration from the beneciary,
in full or in part, up to 1 year after its payment, if it turns out during that period that the
payment took place on the basis of incorrect information about meeting the performance
targets on which the variable remuneration is based, or about the circumstances on
which the variable remuneration was made dependent, if such incorrect information was
also due to fraud on the part of the beneciary.
Deviations from the remuneration policy
In the implementation of the remuneration policy in 2021 there was no deviation from the
procedures provided for therein, nor were any deviations permitted in the sense of Article
7:89/1, §5 of the CCA.
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Proposed new remuneration policy as of 1 January 2022
As part of its annual analysis of the remuneration policy and in line with the decision-
making process provided for in the remuneration policy, the Board of Directors – on
the advice of the Remuneration Committee – decided on 24 January 2022 to submit a
new remuneration policy for approval at the General Meeting on 27April 2022. This is
due to the growth plan of 2019-23 being closed early as the initial planned prot targets
appeared to be achievable one year earlier and because the remuneration policy provides
that when a new business plan is launched, a new remuneration policy is submitted to
the General Meeting.
So, the proposed remuneration policy is fully in line with the new growth plan 2022-25
GROWTH for FUTURE and can be found as a part of the Corporate Governance Charter.
Main changes for the non-executive directors
Based on the Company's strong growth, the increase in the number of meetings of the
Board of Directors and its committees, the new growth plan 2022-25 as well as taking
into account the increasing complexity and technical nature of the matters under the
competence of the Board of Directors, the Board of Directors proposes, with effect as of
1 January 2022, to increase the remuneration of the non-executive directors to 50,000
euros (including an expense allowance of 5,000 euros) on an annual basis and that of
the chairman to 100,000 euros (including an expense allowance of 5,000 euros) on an
annual basis.
Main changes for members of the Management Committee
As of 1 January 2022, the annual variable remuneration (i.e. the amount related to
100% achievement of targets) for the CEOs and the CFO is 100% of the annual xed
remuneration (previously 90%). For the other members of the Management Committee,
the annual variable remuneration remains at 80% of the annual xed remuneration.
Moreover, WDP chooses – with a view to the sustainable value creation by the Company
– to align the performance targets to which the variable remuneration of the members
of the Management Committee is linked even more with the targets of its growth plan
2022-25 GROWTH for FUTURE. This includes both the nancial metrics and the ESG
objectives.
Further aligning the remuneration policy of #TeamWDP with that of the
members of the Management Committee
As of 1 January 2022, a component has been added to #TeamWDP's remuneration
methodology, namely a long-term variable remuneration consisting of a fee linked to
collective long-term performance targets directly arising from WDP's 2022-25 growth
plan. These long-term performance targets are fully aligned with those of the Management
Committee.
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CORPORATE GOVERNANCE STATEMENT
Evolution of the remuneration and performance of WDP
2017 vs 2016 2018 vs 2017 2019 vs 2018 2020 vs 2019¹ 2021 vs 2020⁶
6
Remuneration
2021 (amount in
euros)
Total remuneration directors - annual change in %
Rik Vandenberghe | non-executive (chairman of the Board of Directors) / / / 0% 0% 75,000
Frank Meysman | non-executive (chairman of the Remuneration Committee) 0% 9% 0% 17% 0% 35,000
Cynthia Van Hulle | non-executive (chairman of the Audit Committee) 0% 9% 0% 17% 0% 35,000
Anne Leclercq | non-executive 0% 9% 0% 17% 0% 35,000
Jürgen Ingels | non-executive / / 50%² 17% 0% 35,000
Remuneration Tony De Pauw | CEO - annual change in %
Total remuneration 8% 5% 26% -24% 57% 898,850
Base salary 0% 3% 4% 12% 0% 350,000
Variable remuneration + extra-ordinary items 19% 7% 14% -51% 158% 532,350
Remuneration Joost Uwents | CEO - annual change in %
Total remuneration 17% 7% 25% -1% 60% 1,368,680
Base salary 15% 7% 8% 23% 0% 535,000
Variable remuneration + extra-ordinary items 19% 7% 14% -25% 158% 814,580
Total remuneration other members Management Committee (excl. CEOs) -
annual change in %³
Other members Management Committee (excl. CEOs) (in aggregate) / / / / 47% 2,629,130
WDP Performance
EPRA EPS - annual change in % 5% 7% 8% 8% 10%
Portfolio growth - annual change in % 21% 29% 21% 14% 27%
Occupancy rate 97,40% vs 97% 97,50% vs 97,40% 98,10% vs 97,50% 98,60% vs 98,10% 98,60% vs 98,60%
Rating MSCI B vs BB BB vs B BBB vs B BBB vs BBB BBB vs A
ISS ESG Corporate Rating D+ vs D+ D+ vs D+ D+ vs D+ C- vs D+ C- vs C-
Average remuneration on a FTE basis of employees - annual change in %
4
/ / 14% -4% 12%
2021
Ratio highest remuneration of member of the Management Committee /
lowest remuneration (in FTE) of employees (Article 3:6 §3 CCA)
5
55,32
Ratio total yearly remuneration CEO / average remuneration employee 18,01
1 Occasional large uctuations at the level of the CEOs are entirely due to the fact that an extraordinary bonus was
given in 2019 and a settlement took place according to the old remuneration policy. Moreover, as of 2020, a new
remuneration policy has been in place with a deferred long-term variable remuneration.
2 This increase is explained by the fact that Jürgen Ingels received a remuneration in 2018 proportional to the basic
remuneration for 8 months as his mandate started in April 2018.
3 As the Management Committee was only formally instituted as of 1.10.2019, the evolution of the total remuneration of
the Management Committee will be reported for the rst time in the Annual Report for 2020.
4 The average employee remuneration is calculated based on Remuneration and direct social benets divided by the
Average number of staff (in FTE) as shown in Note XXIII. Average workforce and breakdown of staff costs in the annual
accounts (i.e. on a consolidated basis). This comparison starts in 2018 as WDP Romania S.R.L. has been included in
the scope of consolidation as of 1 January 2018.
5 The highest remuneration is currently that of Joost Uwents. The lowest remuneration of employees is calculated
based on the workforce (in FTE) as shown in Note XXIII. Average workforce and breakdown of staff costs in the annual
accounts (i.e. on a consolidated basis).
6 The large surges are attributable entirely to the fact that there is a settlement according to the remuneration policy for
the growth plan 2019-23 where the long-term variable remuneration for each member of the Management Committee
was set to 125% of the long-term bonus initially planned over 3 performance years in such plan. This will be paid out
at a rate of 66% in 2022 and 34% in 2023 in accordance with the same remuneration policy. There was no such long-
term variable remuneration in performance year 2020 because the performance period to acquire it was still ongoing at
that time.
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CORPORATE GOVERNANCE STATEMENT
Regulations and procedures
Preventing conflicts of interest
With respect to preventing conicts of interest, the Company is subject to the provisions
of the CCA the special provisions of the GVV/SIR legislation regarding an integrity policy,
and certain transactions referred to in Article37 of the GVV/SIR Act.
The directors have a duty to protect the interests of all shareholders equally. Each director
acts according to the principles of reasonableness and fairness.
When the Board of Directors or the members of the Management Committee take a
decision, the members do not pursue their personal interests. Furthermore, they do not
use business opportunities that are intended for the company for their own benet.
Directors nominated by a Reference Shareholder (on the basis of the binding nomination
right) must ensure that the interests and intentions of said shareholder are sufciently
clear and are made known to the Board of Directors in a timely manner.
The directors and members of the Management Committee must adhere to all statutory
and customary principles relating to conicts of interest and comply with the prevention
policy for conicts of interest. In any case, WDP imposes on every member of the Board
of Directors and Management Committee that the occurrence of conicts of interest, or
the perception of such conicts, must be avoided as much as possible.
The rules on the prevention of conicts of interest are described in detail in the Corporate
Governance Charter.
Conflicts of interest involving directors (Article 7:96 CCA)
In 2021 | In view of a possible proprietary conict of interest, Tony DePauw did not
participate in the Board of Directors meetings held in the context of the capital increase
by way of an exempt accelerated private placement via an exempt accelerated private
placement with international qualied and/or institutional investors with the composition
of an order book (ABB or an accelerated bookbuild), dated 3 February 2021 within the
authorised capital with cancellation of the preferential right, partially beneting the in
favour of WDP’s current Reference Shareholder, the company RTKA, namely the family
company owned by the Jos De Pauw family (hereafter the Jos De Pauw family) and
without application of the irreducible allocation right (the Capital increase). This was
because he had a proprietary conict of interest in this respect: after all, the Jos DePauw
Family would have had the certainty that they would be able to subscribe to new shares
to the value of 20million euros, unlike the other WDP shareholders. Consequently, the
Jos DePauw family, of which Tony DePauw is a member, could have (at least) limited
the dilution of its stake due to the Capital increase. The Board of Directors approved
the granting of the pre-allocation and resulting cancellation of the statutory preferential
rights of existing shareholders, partly to the benet of the JosDePauw Family (and in
the continuation of the pre-allocation, the determination of the issue price) in the context
of the Capital increase, in particular in view of the following circumstances: (i) the xed
subscription obligation underlying the pre-allocation will support the success and pricing
of the capital increase, (ii) the xed subscription obligation underlying the pre-allocation
offers WDP certainty (if it opts to proceed with the capital increase) of subscription to new
shares to the value of 20million euros at the nal issue price, (iii) the Jos DePauw Family,
as the historical Reference Shareholder of WDP, again shows its condence in WDP and
its future prospects with its xed subscription obligation, (iv) the pre-allocation does not
itself result in any additional dilution of the rights of the existing shareholders (other than
the Jos DePauw family). Moreover, it does not result in any additional nancial dilution,
given that the Jos De Pauw family has committed itself, as part of the xed subscription
obligation, to subscribe for new shares at the nal issue price.
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Tony De Pauw and Joost Uwents did not participate in the deliberations and the vote
concerning their remuneration as co-CEOs at the Board of Directors meeting of 25
January 2021, in view of their conicting interest of a proprietary nature, within the
framework of the allocation of the variable remuneration for the performance year 2020
and the determination of the remuneration for the performance year 2021.
The capital consequences of the Remuneration Committee's proposal to award the
short-term variable remuneration for the 2020 nancial year to the co-CEOs correspond
to the amounts shown below:
◆
Tony DePauw: variable remuneration of 206,325 euros;
◆
Joost Uwents: variable remuneration of 315,710 euros.
The other members of the Board of Directors acknowledge that the granting of this
remuneration is in WDP’s interest, partly because of the special skills and expertise they
both have, as well as their performance in the previous nancial year.
The capital consequences for WDP as a result of the granting the remuneration of the
co-CEOs for the 2021 nancial year correspond to the amounts shown below:
◆
Tony de Pauw: xed remuneration of 350,000 euros and a variable remuneration of
315,000 euros (linked to 100% target achievement);
◆
Joost Uwents: xed remuneration of 535,000 euros and a variable remuneration of
482,000 euros (linked to 100% target achievement).
Conflicts of interest involving transactions with affiliates (Article 7:97 CCA)
IN 2021 | The procedure pursuant to Article 7:97 CCA was applied within the context of the
exempted accelerated private placement with international qualied and/or institutional
investors with composition of an order book (accelerated book building) dated 3 February
2021
4
within the authorised capital with cancellation of the preferential right partly in
favour of the current reference shareholder of WDP, the Jos DePauw Family, and without
application of the irreducible allocation right (the Capital Increase). The Jos De Pauw
Family is a party related to WDP in the sense of Article 7:97 CCA. In accordance with
Article 7:97 CCA, a committee of independent directors of the Company was asked to
issue a written and detailed motivated opinion on the Capital Increase. The committee
of independent directors came to the joint conclusion that the intended Capital Increase
was in the best interests of WDP and its shareholders.
Functional conflicts of interest within the context of Article37
of the GVV/SIR Act
IN 2021 | Potential functional conicts of interests arose (both under the Belgian GVV/Sir
Act and under the stricter denition applied by WDP), particularly within the framework
of the optional dividend offered on 28 April 2021 to the shareholders and under which
certain directors as well as the Reference Shareholder derived some capital benet from
it, because of their capacity as shareholders of WDP. The Board of Directors approved
the optional dividend, given that this transaction was in the interest of WDP (the capital
increase accompanying the transaction boosted WDP shareholders’ equity and,
consequently, reduced its gearing ratio, which is limited by law). This transaction was
also carried out under normal market conditions, with all shareholders treated equally.
Other employment conflict of interest situations within the framework of the
WDP Corporate Governance Charter
IN 2021 | There were no such conicts of interest in 2021.
Rules in the area of confidentiality
The WDP Corporate Governance Charter states very clearly that the members of the
Board of Directors, as well as the members of the Management Committee, must exercise
the required discretion and, in cases of insider information, the required condentiality
with regard to all information and documentation obtained in the context of their role as
a member of the Board of Directors and/or the Management Committee.
Rules to prevent market abuse
The code of conduct for nancial transactions are included in a separate business code:
the Dealing Code. The Dealing Code is intended to inform its readers of the regulations
on market abuse and the resulting obligations on (i) WDP in its capacity as the issuer
of nancial instruments and (ii) everyone carrying out activities within or for the WDP
Group who have access to sensitive information. By means of this policy, WDP strives to
prevent market abuse by the persons in question.
4 As also stated in the press release of 3 February 2021.
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CORPORATE GOVERNANCE STATEMENT
Each employee, director or member of the Management Committee who fulls a role in or
on behalf of WDP receives an explanation of this Dealing Code from the compliance ofcer
– as part of the onboarding procedure, and is also asked to sign this Dealing Code as
read and agreed. It is also the compliance ofcer who must ensure compliance with
these rules to limit the risk of market abuse with insider information. For this purpose,
the ofcer maintains insider lists as specied in European regulations and follows the
procedures for reporting transactions by supervisors or the questions for trading during
blocked or closed periods. The ofcer does this in consultation with the Market Disclosure
Committee. The Corporate Governance Charter also provides for a reporting procedure
in case someone would like to report an actual or potential breach of the Dealing Code
or other regulations.
IN 2021 | Application of these rules did not result in any kind of difculties.
Ethics
The WDP Employee Code of Conduct denes the expectations of staff regarding their
actions for or on behalf of the company. The Code of Conduct, in conjunction with the
Human rights policy and the Anti-Bribery and corruption policy, reinforces the commitment
of everyone within #TeamWDP, regardless of contract type or work location, to help build
a strong company culture. A culture built on mutual respect, integrity and ethics.
Risk management and internal control
Framework
WDP organises its internal control and risk management on the basis of the principles of the
Enterprise Risk Management (ERM) model developed by COSO (Committee of
Sponsoring Organisations of the Treadway Commission). This involves mapping out
a control environment, conducting an analysis of the risks to which WDP is exposed,
estimating their impact on WDP and determining the degree to which WDP has control
over these risks and the actions the company is taking to mitigate these risks. Finally,
internal control is assessed annually.
Methodology
When it comes to risk management, WDP applies an integrated approach based on the
‘three lines of defence model’. This model determines how specic responsibilities can
be assigned within WDP’s organisation with a view to achieving WDP’s objectives and
control of the associated risks.
This methodology contributes to reinforcing the risk culture, taking responsibility for
managing risks and internal control and continued optimisation and integration of
independent control functions (risk management, compliance, internal audit).
First line – ownership and management of risks and control
Business itself is responsible for all risks of its own processes and must ensure their
identication and effective controls. Here, business ensures that the right controls are
conducted properly, that the self-assessment by the business is qualitatively adequate,
that risk awareness is sufcient, and that adequate capacity is allocated to risk matters.
Risk management is an integral part of running the company. It ranges from day-to-
day nancial and operational management – including the four-eyes principle – analysis
of new investment les and formulation of strategy and objectives, to strict and rmly
established decision-making procedures. For this reason, risk management is the
responsibility of the entire WDP Group, i.e. across all layers of the organisation, with
different responsibilities at each level.
Second line – continuous monitoring of risks and control
These functions offer support to business and management by applying expertise and
formulating an opinion independently of business with regard to the risks facing WDP:
risk management function, compliance function, nancial control function, IT security
function.
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These functions offer proper certainty that business itself (via rst-line management) has
its risks under control. The primary responsibility naturally still lies with the rst line. For
this, the second line functions serve to identify, measure and report risks.
Third line – provision of an independent control system
The internal audit can be understood as an independent assessment function embedded
in the organisation, focusing on examination and evaluation of proper functioning,
effectiveness and efciency of the processes, procedures and activities of WDP. This
may involve areas such as operational matters (quality and suitability of systems and
procedures, organisational structures, policy lines and methods and resources used to
meet objectives), nancial matters (reliability of accounting, annual nancial statements
and the nancial reporting process), the compliance with applicable accounting and
other regulations, management matters (quality of the management function and staff
services with respect to company objectives), as well as the compliance function and
risk management function.
Company organisation
The Board of Directors set up an Audit Committee, Remuneration Committee and
Nomination Committee under its purview. A Management Committee was also created
in October 2019.
WDP currently has three operational platforms: Belgium/Luxembourg/France, the
Netherlands and Romania. Each platform performs the following functions: Sales &
Business Development, Property Management, Contracting, Back Ofce. These teams
can count on the support of the following services: Project Development, Finance,
IT, Investor Relations, Legal, Marketing, Human Resources and Administration. This
structure is explained in an organisational chart and features a clear internal segregation
of duties.
Notwithstanding the further professionalisation and considerable reinforcement of the
teams in recent years – because of the growth of the company – the size of the team
remains limited, where an overbearing structure and excessive formalism must be
avoided, in view of factors such as the nature of the activities of the company. A certain
degree of exibility is still indispensable, with people on call to step in for others for
specied tasks, according to the urgency of the case at hand. The responsibilities are
however strictly dened and current issues are monitored by means of ongoing daily
consultations.
The independent control functions, as also implemented by the GVV/SIR legislation,
are fullled in a suitable and proportionate manner, and always in accordance with the
nature, scope and complexity of WDP’s activities.
◆
The independent compliance function is performed by WDP General Counsel
Johanna Vermeeren, appointed for an indenite term. The compliance ofcer reports
directly to the CEO, Joost Uwents.
◆
At WDP, CFO Mickaël Van denHauwe serves in the role of risk manager, appointed for
an undetermined period. The risk manager reports directly to the Audit Committee.
◆
WDP has entrusted the internal audit function to an external legal entity through the
appointment of an independent consultant, namely BDO Advisory BV, permanently
represented by a single natural person, Mr Christophe Quiévreux. In his role as
manager bearing nal responsibility for the internal audit, Rik Vandenberghe is
responsible, on behalf of WDP, for supervision of the internal audit function assigned
to the external internal auditor.
The effective leaders (Joost Uwents, Tony DePauw and Mickaël Van denHauwe) are
responsible for the organisation of internal control under the supervision of the Board of
Directors of WDP.
Organisation of internal control – Audit Committee
Aside from general organisation of the internal audit structures, the Audit Committee
has a special task with regard to internal audit. It supports the Board of Directors in
the fullment of its monitoring responsibilities, ensuring control in the broadest sense,
including risk control. The responsibilities, membership, powers and functioning of this
Audit Committee are described in the Internal Rules of the Audit Committee, available in
the Corporate Governance Charter.
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CORPORATE GOVERNANCE STATEMENT
Enterprise Risk Management
WDP is convinced that risk management should be an integral part of the company
culture to foster an environment in which people are motivated to identify and address
risks and ensure the necessary transparency with regard to any possible risks. To this
end, WDP has drawn up and implemented a risk management policy that applies equally
and fully to its entire operations (i.e. across all WDP entities, geographies, operations,
etc.).
A detailed explanation is given in the WDP Enterprise Risk Management Policy.
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CORPORATE GOVERNANCE STATEMENT
Risk Management Approach
Top-down
strategic risk
management
Continuous reporting
operational risk
management
Bottom-up
Risk
Governance
Risk
Management
Risk
Ownership
Business units and risk
ambassadors
♦
Identify and assess risks
♦
Respond to risks
♦
Monitor risks
♦
Ensure operation effectives of
key controls
Management committee
♦
Identify and monitor key risks
and emerging risks
♦
Evaluate proposed strategies
against risk appetite
♦
Design, implementation and
evaluation of the system
of internal control, and for
ensuring its operational
effectiveness
Audit Committee
♦
Assist the Board of Directors
in balancing risk exposure
against risk appetite
♦
Review the efciency of the
company’s risk management
and internal control processes
Internal Audit
♦
Providing assurance on the
efcacy of the company’s risk
management
♦
Test key controls and risk
response plans for key risks
Board of Directors
♦
Set the risk culture
♦
Review external environment
♦
Monitor the company risk management with an annual in-depth review
♦
Determine risk appetite
♦
Agree the Enterprise Risk Management Policy and the risk assessment tool
♦
Discuss WDP Group’s key risks and emerging risks with the risk manager and Management
Committee
Support functions:
compliance officer, financial controller, IT security
♦
Provide guidance/support to the risk manager and the
business in identifying, assessing, and reporting risks
Risk Manager
♦
Assist management with the identication and
assessment of key risks and emerging risks
♦
Aggregate risk information and submit to the Management
Committee and Board of Directors
♦
Monitor the risks and response plans in line with the risk
appetite
♦
Create a general risk framework and common language as
well as provide direction on applying that framework
♦
Provide guidance and training
♦
Facilitate risk escalations
1
st
line of defense 3
rd
line of defense2
nd
line of defense
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CORPORATE GOVERNANCE STATEMENT
Updated risk management policy
In 2021, the Group’s enterprise risk management policy was reviewed, enhanced and
brought into line with the current complexity, dimension and strategic goals of WDP, as
well as changing contexts, such as regulations, ESG, and climate change.
First of all, the Risk Manager has drawn up a risk register that serves as an overview of the
risks the business faces. Risks are categorised and labelled (trend, term, source, type).
This risk register has been challenged and validated by the Management Committee and
the Audit Committee, before being presented to and approved by the Board of Directors.
Following its approval, the Board of Directors has determined the risk appetite for each
of the risks and – after a risk assessment – dened the risk value of each risk.
The Board of Directors will conduct a thorough review of WDP's risk management and
risk register each year because such periodic review and monitoring ensures we can
guarantee that WDP's risk management continues to improve (e.g. identify new risks,
strengthen WDP's resilience, adjust the level of risk appetite, align the Company's
risk management with WDP's strategic objectives, assess the adequacy of the risk
assessment tool, etc.).
Risk identification | risk evaluation | risk management | risk monitoring |
risk reporting
On a quarterly basis, the CFO, acting as risk manager, conducts an analysis and
evaluation of these risks through the various departments and countries, with attention
to the potential negative impact, the expected value in terms of materialisation of the risk,
as well as the degree of control of the risk. This analysis is done in collaboration with the
compliance ofcer and the different risk ambassadors across the business, supported
where necessary by specialised (external) advisors.
WDP uses a risk assessment tool to ensure risks are evaluated consistently. Within this
context, a scenario analysis is also drawn up based on the expected value of each scenario
and the possibilities to avoid or remediate a risk, insofar as this can be inuenced.
Based on the above evaluation, the implementation of risk management can be done
through different methods: prevent, mitigate, share, preserve.
The risk monitoring is embedded in the process of enterprise risk management and the
responsibility for monitoring is at the different levels of the organisation: #TeamWDP, the
Management Committee, the Board of Directors.
The result of the quarterly analysis, the evaluation of the risks as well as the formulation
of concrete recommendations to the other departments of WDP, is formalised in a risk
dashboard under the supervision of the risk manager, which is discussed in detail in
the Management Committee. Where necessary, the risk dashboard is further adjusted
for subsequent submission by the risk manager to the Audit Committee and Board of
Directors for pointing out the most signicant risks affecting WDP’s strategic goals.
Taking into account the input of the risk manager, the Audit Committee and Board of
Directors conduct quarterly evaluations of the risks to which WDP is exposed and take
the necessary decisions based on these evaluations (such as with regard to setting the
interest rate hedging strategy, evaluation of tenant risks, etc).
WDP values transparency and thus communicates to its stakeholders on this topic of risk
and risk management both on an ad hoc basis as through the periodic reporting in the
quarterly press releases. The annual report also includes a list of specic and material
risk factors with their description and an estimate of the potential impact of these risks,
as well as the mitigating factors and some examples of key risk indicators.
Control activities
The various departments of the Company perform checks in response to the identied
risks, as shown in chapter 8. Risk factors.
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CORPORATE GOVERNANCE STATEMENT
Operational control activities
◆
Lease: constant monitoring of the lease vacancy rate, end dates of lease agreements
and the risks and opportunities related to rental income, constant monitoring of the
client portfolio and regular analysis of customer solvency. Monthly screening of the
amounts and validity of the lease deposits of all tenants.
◆
Property portfolio: maintenance of a healthy portfolio diversity in various dimensions,
such as customers, building types, locations and also continuous monitoring
of portfolio quality and sustainability. This is managed based on frequent internal
reporting as well as collaboration with renowned construction partners, architects
and engineering rms.
◆
For each commitment of the company towards third parties, the double signature
principle (the four-eyes principle) is applied within the limits of the delegation of
powers, for the purchase of property, leases, all types of orders and approvals of
invoices and payments.
◆
Operational processes, both for the existing portfolio and for new investments, are
based on workows that are harmonised within the WDP Group and are audited
regularly.
Financial control activities
◆
Budget: conducting an extensive quarterly variation analysis (actual versus the
preceding period) and updating of this by the Audit Committee and Board of Directors.
◆
Purchasing policy: all orders must be preceded by a purchase order and must then
be approved by validation of the invoice via a digital approval ow with audit log and
application of the four-eyes principle.
◆
ERP package: WDP uses SAP Real Estate for accounting, controlling and reporting.
SAP contains all accounting and nancial aspects and all aspects related to WDP
property activities (such as follow-up on lease agreements, settlement of charges,
orders, purchases, budget follow-up for new construction projects, etc.).
◆
Financing cost: follow-up on the sensitivity of the cost of debts associated with the
interest rates based on internal models and using software.
Financial reporting control activities
The process for preparing the nancial information is structured based on predened
tasks to perform and schedules to meet. WDP uses a detailed checklist of all tasks and
sub-tasks to perform for closure of the annual, semi-annual and quarterly accounts of
WDP (individually for each entity and consolidated for the Group). Each task is assigned
to a manager in the nance department and a mandatory timeframe. Based on this
checklist, everyone at the nance department knows what tasks to perform and by when.
This checklist is built around the following dimensions:
◆
the types of activity are divided up as follows: pre-closing, closing, consolidation,
internal and external reporting and audit;
◆
subsequently, for the actual closing and consolidation process, a specic task is
linked to each account of the balance sheet and prot and loss account, with a SAP
transaction code and a description;
◆
wherever possible, the tasks are deduplicated and linked to specic deadlines with
a responsible person (as well as a backup) in the Finance Department for each task.
Moreover, every attempt is made to move tasks forward wherever possible, i.e. before
the actual balance sheet date, to guarantee process speed and especially process
quality;
◆
the above is also linked to standardised templates that serve for control and as a
basis for the audit les;
◆
WDP and its subsidiaries follow the above procedure.
For efcient performance of the audit process, before the balance sheet date a pre-audit
meeting is always held with the statutory auditor, with discussion of all signicant trends
and special points needing attention over the past period.
Once all accounting tasks are complete and have been processed in the consolidation
and reporting set, the gures are checked by the CFO.
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CORPORATE GOVERNANCE STATEMENT
Directors supervises the performance of the tasks of the Audit Committee, using
tools such as reports from the Audit Committee to the complete Board of Directors;
and
◆
internal audit: the company has hired an external internal auditor as a third-line
function in the internal audit structure. All critical business processes are audited
as part of a three-year cycle. In addition, the compliance function, the risk
management function and at least one additional specic process are subject to an
annual internal audit. In 2021, an internal audit was carried out on the processes and
internal controls related to the debt nancing cycle.
Information as per Article34 of the Belgian Royal Decree
of 14 November 2007
In accordance with Article34 of the Belgian Royal Decree of 14 November 2007 on
obligations on issuers of nancial instruments admitted for trading on a regulated
market, WDP gives a summary and, if applicable, explanation of the following items, to
the extent that these items, due to their nature, will have an impact in cases of a public
acquisition bid.
The capital structure
As of 31 December 2021, the capital of WDP comes to 211,695,385.73 euros,
represented by 184,772,193 ordinary shares, each representing 1/184,772,193 of the
capital. All shares are fully paid up and are either registered or dematerialised. None of
these shares provides special voting or other rights. Each share confers the right to one
vote at the General Meeting.
This control mainly consists of:
◆
a variance analysis between the actual and budgeted gures (the budgeted gures
are prepared once a year and updated quarterly based on a forecast);
◆
a variance analysis between the actual and historical gures; and
◆
an ad hoc analysis of all material amounts and entries.
Once these checks are complete, the gures are submitted to the CEOs of WDP and
adopted in mutual consultation with the CFO. The quarterly, semi-annual and annual
reports, including corresponding press releases, are submitted to and analysed by the
Audit Committee and Board of Directors, which approve them for publication.
The nancial reporting is drawn up in accordance with the IFRS (International Financial
Reporting Standards) as adopted in the European Union and with the legal and
administrative regulations applicable in Belgium. These standards include all new
and revised standards and interpretations published by the International Accounting
Standards Board (IASB) and the International Financial Reporting Interpretations
Committee (IFRIC). Regular discussions are scheduled with the statutory auditor and
the required training is arranged for the responsible persons in the organisation in order
to meet the accounting standards in their latest versions.
The statutory auditor audits the annual gures (full scope) and semi-annual gures
(limited scope). The statutory auditor does not audit quarterly gures.
Stakeholders in the evaluation of internal control
Over the course of the nancial year, the quality of the internal control is assessed by:
◆
the statutory auditor: on the one hand within the framework of the audit of the
semi-annual and annual gures, and on the other hand within the framework of the
annual review of underlying processes and procedures. Furthermore, we refer to the
statutory auditor's report (see chapter 12. Annexes pp. 269). The internal control
systems for the key audit matters, i.e. the valuation of the property investments,
have been analysed. Based on the recommendations of the statutory auditor, the
process is adjusted as needed;
◆
the Audit Committee: as indicated above, the Audit Committee performs a special
task with regard to internal control and risk management for WDP. The Board of
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CORPORATE GOVERNANCE STATEMENT
Share transfer provisions under the law, the Articles of Association or
by convention
The transfer of shares in WDP is not subject to any provisions under the law or the
Articles of Association. All WDP shares are listed on Euronext Brussels and Amsterdam.
Special rights of control
Special rights of control are not granted to any (categories of) shareholders.
Mechanism for auditing a share scheme for employees when rights of
control are not exercised directly by employees
WDP does not have a share scheme for employees.
Voting restrictions under the law or the Articles of Association
The law and the Articles of Association do not set any restrictions on voting rights.
Shareholder agreements known to WDP that may give rise to
restrictions on share transfers and/or voting rights
As far as WDP is aware, no shareholder agreements exist which could result in restrictions
on share transfers or voting rights.
Rules for appointment and replacement of members of the
management body and for amendment of the Articles of Association
of WDP
For rules on appointment and replacement of members of the Board of Directors, please
refer to the explanatory note in chapter 7. Corporate Governance Statement, as well as
to Article14 of the Articles of Association of the company, which states that directors
are appointed by the General Meeting for a period of four years in principle and that the
General Meeting may remove them at any time. Where applicable, the binding nomination
right of the Reference Shareholder(s) must be applied in the nomination, as per Article15
of the Articles of Association.
With regard to the amendment of the Articles of Association of the company, please refer
to the GVV/SIR legislation, which provides that any draft amendment of the Articles of
Association must be submitted to the FSMA for approval in advance. Moreover, Article
31 of the Articles of Association and the provisions of the Code of Companies and
Associations apply.
The powers of the management body, particularly with regard to the
option to issue or purchase shares
In accordance with Article 8 of the Articles of Association of the Company, the Board of
Directors is authorised, within the constraints of the mandatory provisions contained in
the applicable company law, to increase the share capital on the dates and subject to
the conditions that it species, in one or more increments, up to a maximum amount of:
◆
I. 104,202,599.66 euros, if the capital increase to be realised is a capital increase
by cash with the possibility for the shareholders of the company to exercise their
preferential right or the irreducible allocation right (as referred to in the GVV/SIR
legislation); and
◆
II. 104,202,599.66 euros if this capital increase is performed in the context of paying
an optional dividend; and
◆
III. 20,840,519.93 euros, if the capital increase to be realised (a) is a capital increase
via a contribution in kind, or (b) a capital increase in cash without the possibility
for the Company's shareholders to exercise the preferential right or the irreducible
allocation right (as referred to in the GVV/SIR legislation), or (c) any other form of
capital increase; with the proviso that the capital under this authorisation may not
be increased by an amount higher than the amount of the capital on the date of the
Extraordinary General Meeting which approves the authorisation, being 29 April 2020.
This authorisation is renewable.
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CORPORATE GOVERNANCE STATEMENT
Up to the date of this annual report, the Board of Directors has used the authorisation
granted to it twice to increase the capital, and thus the available balance of the authorised
capital still amounts to:
◆
I. 104,202,599.66 euros, if the capital increase to be realised is a capital increase in
cash with the option of the company’s shareholders to exercise their preferential right
or irreducible allocation right (as referred to in the GVV/SIR legislation);
◆
II. 104,202,599.66 euros if this capital increase is performed in the context of paying
an optional dividend;
◆
III. 18,631,292.77 euros if the capital increase is performed (a) by a contribution
in kind, (b) a contribution in cash without the option for company shareholders to
exercise their statutory preferential rights or irreducible allocation rights (as referred
to in the GVV/SIR legislation) or (c) any other form of capital increase;
with the understanding that in the context of the authorised capital, for the ve-
year authorisation period, the capital can never be increased beyond an amount of
208,405,199.33 euros.
In accordance with Article11 of the Articles of Association, WDP may acquire, accept in
pledge, and sell its own shares and associated depository receipts in accordance with
the applicable company legislation.
In addition, the Board of Directors is authorised to perform the following actions for ve
years starting on 11 September2019:
◆
acquire shares in the Company and associated depository receipts and accept these
in pledge, at a minimum price or countervalue equal to 0.01 euros and at a maximum
price or counter value equal to 125% of the closing price on the trading day before
the date of the transaction, where the Company shall not be permitted to possess
shares in the Company or associated depository receipts that represent more than
10% of the total number of shares;
◆
transfer shares in the Company and associated depository receipts, such as to one
or more specic people who are not employees, at a minimum price or countervalue
equal to 75% of the closing price of the trading day before the date of the transaction.
As of 31 December 2021, WDP does not possess any of its own shares.
Major agreements to which WDP is a party that come into force,
undergo amendments or expire in cases of a change of control over
WDP after a public acquisition bid
The General Meeting of 28 April 2021 approved the change of control clause in connection
with (i) the credit agreement entered into by the Company with KBC on 1 July 2020, (ii)
the credit agreement entered into by the Company with European Bank for Construction
and Development (EBRD) on 15 July 2020, (iii) the credit agreement entered into by the
Company with Industrial and Commercial Bank of China (Europe) S.A. on 30 September
2020. Brussels Branch (ICBC), (iv) the credit agreement entered into by the Company on
23 November 2020 with VDK Bank, (v) the credit agreement entered into by the Company
on 18 December 2020 with European Investment Bank (EIB), and (vi) the credit agreement
entered into by the Company on 23 December 2020 with Ethias.
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CORPORATE GOVERNANCE STATEMENT
Agreements concluded between WDP and its directors or employees
that provide for remuneration if a public acquisition bid results in
the resignation of directors or their forced departure without a valid
reason or the end of employment of an employee.
The agreements concluded with the co-CEOs and the CFO include a clause stating that
if the management agreement with the person in question is terminated by either party
within six months after a public acquisition bid, in the absence of a serious error, the
person in question is entitled to a severance payment of 18 months for co-CEOs and
12months for the CFO.
The agreements concluded with other Management Committee members and WDP staff
do not include any contractual clauses of this kind.
WDP shareholder structure
76
%
24
%
Family
Jos de Pauw
Free float
3
%
AXA Investment Managers
5
%
BlackRock-related companies
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CORPORATE GOVERNANCE STATEMENT
Group structure
WDP NV
Warehouses De
Pauw
Romania S.R.L
WVI GmbHWDP Luxembourg SA
WDP Development
NL N.V.
WDP France SARL
100
%
100
%
55
%
85
%
50
%
WDP Nederland N.V.
100
%
WDP Invest NV
100
%
A 55-45%
joint venture with
the Luxembourg
government
50-50% joint venture
with L.I.F.E. NV
A 85-15%
shareholdership with
entrepreneur and
Romania specialist
Jeroen Biermans
A 50-50%
joint venture with
VIB Vermögen AG
25%+1 participation
of WDP in energy
proptech company
nanoGrid
Joint venture -
WDP NV 29%
I Love Hungaria NV
50
%
Eurologistik 1
Freehold BV
100
%
WDPort of
Ghent
Big Box NV
29
%
nanoGrid BV
25
%
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RISK FACTORS8.
“
It goes without saying that every
employee actively participates in
risk management.
Doing business responsibly
within an integrated risk
culture
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RISK FACTORS
The strategy of WDP is aimed at creating long-term value for its clients, its shareholders
and all its stakeholders. WDP aims to create a robust and growing income stream and
dividend while safeguarding the long-term value of its properties and solid operational
and nancial KPIs. WDP’s operations are exposed to a number of internal and external
risks or uncertainties that could impact the Group’s ability to achieve its overall strategic
objectives.
WDP Group’s risk management focuses on risk awareness and control and/or mitigation
of real risks or threats whilst allowing controllable risks (combined with opportunities)
in pursuit of generating and protecting value for its shareholders, clients and other
stakeholders. Risk management is performed on a continuous basis. Moreover, the
Group is convinced that risk management should be an integral part of the company
culture to foster an environment in which people are motivated to identify and cope with
risks and ensuring the necessary transparency with regard to any possible risks. Risk
management is embedded in the Company’s day-to-day operational activities so that
it can easily adapt to changes that may occur in the environment in which it operates.
In 2021, the Enterprise Risk Management Policy of the WDP Group was reviewed,
updated, and brought into line with the current complexity, dimension, and strategic
goals of WDP, as well as changing contexts, such as regulation, ESG and climate change.
The WDP Enterprise Risk Management Policy is described in 7. Corporate Governance
Statement pp. 137.
Risk
monitoring
Continuous monitoring on
risk impact and possible
changing risks
#TeamWDP
Risk manager
Management
Committee
Board of Directors
Risk
management
Active risk management
through prevention, mitigation,
risk sharing and/or retention
of risks
#TeamWDP
Risk
evaluation
Analysis and evaluation of
identied risks, taking into
account their likelihood and
impact
Compliance ofcer
Risk ambassadors
Risk manager
Risk
identification
Review and identication
of (new) risks within the
risk register
#TeamWDP
Risk ambassadors
Risk manager
Management
Committee
Board of Directors
Risk management process
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RISK FACTORS
Risk appetite
WDP works within the contours of a cautious-to-balanced risk appetite. The near-
zero tolerance or cautious appetite relates to legal, regulatory, HSES, compliance
and nancial risks. The Group has a limited to balanced risk appetite in pursuing the
achievement of its strategic and operational objectives.
The Board of Directors determines the risk level which is acceptable to WDP in order to
achieve its strategic objectives and annually reviews the Group’s risk appetite.
Key risks
WDP annually reports on its key risks, which are dened based on their specicity and
materiality, taking into account their impact and likelihood. Evidently, WDP also faces
generic risks, which are considered, mapped and monitored throughout WDP’s Risk
management assessment. These risks are not considered as the most signicant risks
because they are not specic or because their net risk value
1
is not considered to be
material.
These key risks are presented on the following page based on their net materiality, i.e.
after mitigating actions, ranked per category from high to low and are discussed in detail
in this chapter. WDP is aware of the fact that other risks may occur, which are unknown,
not signicant and/or material at the publication date of this annual report. To clarify
WDP’s risk management process, each of the main risks includes some of their Key Risk
Indicators. These Key Risk Indicators can provide an early indication of risk exposure
and offer concrete guidelines for risk assessment.
1 Net risk value (taking into the mitigating factors) represents the impact x likelihood of each risk.
The classication and identication of key risks are based on WDP’s revised and
enhanced 2021 Enterprise Risk Management Policy. Changes in the identication and
appetite related to the key risks will be described annually in future reports of risk factors.
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RISK FACTORS
Risk value of key risks
Key risks
(in order of materiality per category)
2
Impact on WDP’s value pillars
Compliance
Climate transition Future logistics
REIT status Sustainable growth
Financial
Fair value decline Sustainable growth
Future logistics
Financing Sustainable growth
Market
Investment market cycle Sustainable growth
Credit cycle Sustainable growth
Rental market cycle Sustainable growth
Operational
Property developments Future logistics
Sustainable growth
Impact by responsiblility
Tenant solvency Sustainable growth
Vacancy Sustainable growth
Future logistics
Supply chain Impact by responsiblility
Human capital Vitally engaged
2 Materiality is measured by the net risk value (impact x likelihood) for each risk.
Likelihood
Impact
Fair value decline
1 2 3 4 5
1
2
3
4
5
Climate transition
Investment
market cycle
Tenant solvency
Vacancy
Financing
Rental market cycle
Developments
Supply chain
Human capital
Credit cycle
REIT status
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RISK FACTORS
Key risks
Compliance
Risks related to tightening climate policies and
regulations to shift towards a lower-carbon
economy
Across the world, we see a tightening of climate
policies and regulations to shift the economy away
from fossil fuels towards a lower-carbon economy.
The consequential requirements through tightening
of climate policies can result in restrictions on the
letting or the sale of buildings that do not comply
with minimum standards. The same goes for
technologically obsolete buildings which may require
higher maintenance costs or capex requirements
to meet minimum efciency standards and modern
work trends.
Tightening climate policies and regulations can give
rise to shifts in the Company’s entire value chain,
going from investors to clients’ demands as this
might lead to a reduction in available capital and
revenues.
Why is this risk significant to WDP?
♦
As a capital intense real estate company we
need to secure our access to nancing (debt
and equity). The clear regulatory shift towards
green nancing implies a higher demand from
investors and nancial institutions for green
investments and green certied assets. The
targeted investment volume in the new 2022-25
growth plan amounts to 2 billion euros, where,
by 2025, we strive to increase the green certied
assets from the current 29% to 75% for the total
property portfolio and the green nancing from
the current 36% to at least 75% for the total debt.
♦
More stringent energy performance and efciency
requirements and the goal of reducing embodied
carbon in project developments will incur
increasing capex.
♦
Land use is critical for logistics development
projects. In 2021, WDP has completed
365,000m² of developments, representing a land
area of approximately 750,000 m².
How does WDP mitigate this risk?
♦
Various actions are taken as a part of the WDP
Climate Action Plan (see 4. Performance – Future
Logistics):
♦
analysis of the portfolio’s exposure to
transition risk;
♦
WDP as an energy service provider;
♦
the implementation of an energy monitoring
system in the entire property portfolio.
♦
WDP takes part in various specialised industry
organisations so it is always up to date on
developments with regard to EU and global
regulations.
Which Key Risk Indicators help WDP to monitor
this risk?
♦
Percentage of green certied assets.
♦
Percentage of green funding.
♦
GHG emissions (scope 1, 2, and 3).
♦
Percentage of electricity consumption from
renewable energy sources for WDP corporate
ofces and property portfolio.
Risk appetite: limited
Climate transition
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RISK FACTORS
Regulatory risks related to non-compliance with
and loss of REIT regimes
WDP has a REIT status in Belgium and France (as
GVV/SIR and SIIC) and is of the opinion that the
company still is entitled to the FBI status in the
Netherlands (See chapter 6. Financial results and
property report pp. 73).
To maintain the REIT status – and their scally
transparent regime – WDP must take into account
certain activity restrictions, diversication
requirements, restrictions on the level of its
subsidiaries, restrictions on its gearing ratio,
requirements on prot disbursement, requirements
on its shareholder structure, procedures for conicts
of interest, requirements related to corporate
governance and other specic requirements as set
out in the relevant national REIT legislations.
Why is this risk significant to WDP?
♦
Potential loss of the scally transparent regime
causing a signicant negative impact on the net
result and NAV.
♦
On 31 December 2021, WDP had a total of
2,193.7 million euros in outstanding credit
facilities. The contractual provisions of these
credit facilities generally stipulate that WDP NV/
SA must remain qualied as a regulated real
estate company (GVV/SIR) in Belgium. Moreover,
with regard to credit facilities amounting to
175million euros, WDP historically entered into
a commitment to remain designated as a scal
investment institution (FBI).
How does WDP mitigate this risk?
♦
Rigorous internal control procedures. See chapter
7. Corporate Governance Statement on pp. 137.
♦
Continuous monitoring of statutory requirements
and compliance, assisted by specialist external
consultants.
♦
Intensive dialogue with the regulator as part of the
prudential regulation of REIT regimes.
♦
Representation of the Company in organisations
that represent the REIT industry.
Which Key Risk Indicators help WDP to monitor
this risk?
♦
Changes in the government’s position related to
the REIT status.
♦
A regulatory warning for inadequate compliance
with REIT regulations.
♦
Legal ratios imposed by REIT regulations.
Negative variations in the fair value of the
buildings
The fair value of the real estate investments of the
WDP Group is subject to change and depends on
various factors. Some of these are exogenous and
thus potentially beyond the control of the WDP
Group (such as decreasing demand or occupancy
rates in the respective sub-markets in which the
WDP Group is active and changes in expected
investment returns or increases in transaction costs
related to the acquisition or disposal of real estate).
Why is this risk significant to WDP?
♦
A negative impact on net result and EPRA NAV.
A 1% decrease in the occupancy rate implies a
1.4% decrease in the EPRA Earnings.
♦
A negative change in debt ratio. A 5.0% decrease
in the fair value of real estate investments leads to
a 1.9% increase in the gearing ratio. See chapter
6. Financial results and property report pp. 101.
♦
(Partial) inability for dividend distribution if the
cumulative negative change in fair value exceeds
the distributable reserves. See chapter
10. Annual accounts pp. 249.
How does WDP mitigate this risk?
♦
Investment policy that focuses on high-quality
property in strategic logistics hubs or secondary
locations with growth potential.
♦
Highly diversied portfolio with a maximum risk
per building of less than 2.5% in terms of fair
value.
♦
The property portfolio is evaluated by
independent experts on a quarterly basis
to identify trends and take timely proactive
measures.
♦
Prudent, clearly dened management of capital
structures. See chapter 6. Financial results and
property report pp. 77.
♦
Sufcient distributable reserves of approximately
560 million euros (after payment of the proposed
dividend for 2021).
Which Key Risk Indicators help WDP to monitor
this risk?
♦
Fair value of each building vs. fair value of total
portfolio.
♦
Occupancy rate.
♦
Average age of the portfolio.
♦
Average lease duration.
♦
Debt ratio.
♦
Cumulative unrealised prot/loss of the
investment property portfolio.
♦
Distributable reserves.
Risk appetite: cautious
Risk appetite: cautious
REIT status
Fair value decline
Financial
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RISK FACTORS
Financing risk (liquidity and cost of capital)
As a capital-intensive growth company, WDP’s
strategy depends largely on its ability to attain
nancial resources, in the form of either debt
or equity so that it can nance its activities and
investments. Various negative scenarios (such as
disruptions in the international nancial debt and
share capital markets, a reduction in banks’ lending
capacities, a deterioration in the WDP Group’s
creditworthiness, a negative investor perception
towards real estate companies) may occur, resulting
in difculties in accessing funding under the existing
or new credit facilities or within the capital markets.
A material increase of the cost of capital of the
Company may have an impact on the protability of
the Company as a whole and on new investments.
Why is this risk significant to WDP?
♦
An inability to nance acquisitions or projects
(both from equity and debt). As of 31 December
2021, an amount of 500 million euros of identied
investments remained to be invested.
♦
The unavailability of nancial resources (via cash
ow or available credit facilities) for interest and
operating costs and repayment of outstanding
capital on loans and/or bonds on the expiry date.
As of 31 December 2021, approximately 102.2
million euros in long-term debt will mature within
one year.
♦
Financing at an increased cost resulting in a
decrease in targeted protability. An increase of
100 basis points in Euribor interest rates implies
a negative effect on EPRA Earnings of 3.8 million
euros (-1.7%).
♦
Potentially increased funding risk for current
liabilities. 205 million euros or 9% of the
outstanding debt relates to commercial paper
and short-term straight loans.
How does WDP mitigate this risk?
♦
Conservative and prudent nancing strategy with
a balanced spread of maturity dates for debts.
See 6. Financial results and property report
pp. 77.
♦
Secure sufcient credit lines to nance
operating costs and planned investments.
As of 31December 2021, the total amount of
undrawn and conrmed long-term credit facilities
amounted to approximately 750 million euros
after covering the commercial paper programme
See chapter 6. Financial results and property
report pp. 77.
♦
Protection against interest rate rises with hedging
instruments so that 83% of the debt could be
hedged. If the rise in interest rates is the result of
higher ination, the indexation of rental income is
also a mitigating factor.
♦
Continuous dialogue with investors and banking
partners to build solid long-term relationships.
♦
The commercial paper is fully covered by the
backup lines and unused credit facilities that
serve as a guarantee for renancing if the full
placement or extension of the commercial paper
proves impossible. Backup lines and unused
credit facilities also required periodic reviews.
Which Key Risk Indicators help WDP to monitor
this risk?
♦
Remaining duration of all drawn and undrawn
credit lines.
♦
Amount of undrawn and conrmed credit lines.
♦
Diversication rate of nancing sources.
♦
Hedge ratio.
♦
Average nancing costs.
♦
Cost of capital.
Risk appetite: cautious
Financing
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RISK FACTORS
Market
Risks related to investment market cycle
The investment market for logistics property may be
negatively impacted by reduced investor demand
for real estate. Structural drivers, such as omni-
channel, supply chain revision, or sustainability, may
cause signicant (negative or positive) changes in
the companies’ logistics approach, hence their real
estate.
In addition, inappropriate response towards an
evolving property market may result in investments
or disposals by WDP taking place at unfavourable
prices or time in the cycle.
Why is this risk significant to WDP?
♦
Every 5% decrease in the value of the property
portfolio can lead to a -1.6 euro (-8%) decrease in
the EPRA NAV and a 1.9% increase in the gearing
ratio.
♦
Acquisitions or disposals at unfavourable yields
may affect the protability of the Company and
negatively impact the targeted EPRA Earnings.
How does WDP mitigate this risk?
♦
Investment strategy aimed at high-quality
buildings that generate stable long-term income,
embedded in a multi-year growth plan with
dened guidance and yield expectation.
♦
Continuous monitoring of property market cycle
and possible changing market conditions.
♦
High percentage of land reserve in the valuation
of the property portfolio (26%), which has
withstood decreases in value in the past.
Which Key Risk Indicators help WDP to monitor
this risk?
♦
Geographical diversication for the entire property
portfolio.
♦
Initial rental yield of realised acquisitions and
project developments.
♦
Transactions’ prime yields and take-up volumes in
relevant regions.
Investment market cycle
Risk appetite: balanced
Credit cycle risk and volatility in capital markets
Extreme volatility and uncertainty in international
markets may negatively impact the cost of capital
and can lead to more difcult access to funding,
both to share markets to acquire new capital/
shareholders’ equity and to debt nancing through
existing and/or new loans.
Why is this risk significant to WDP?
♦
More difcult access to share markets to retrieve
new capital/shareholders’ equity and limitations
in the availability of debt nancing with regard
to existing and/or new credit facilities. As of
31December 2021, total nancial debt amounts
to 2,193.7 million euros, of which an amount of
approximately 102.2 million euros in long-term
debt will mature within one year.
♦
Volatility and uncertainty in international markets
can lead to sharp uctuations in share price.
♦
Financing at an increased cost resulting in a
decrease in targeted protability. An increase of
100 basis points in Euribor interest rates implies
a negative effect on EPRA Earnings of 3.8 million
euros (-1.7%).
How does WDP mitigate this risk?
♦
Extensive and frequent dialogue with capital
markets and nancial counterparties and
transparent communication with clear targets.
♦
Strict monitoring and control of any risk which
could negatively affect perceptions of the
Company by investors and nanciers
♦
Aim to build long-term relationships with nancial
partners and investors.
♦
Availability of unused credit facilities to cover the
commercial paper programme
Which Key Risk Indicators help WDP to monitor
this risk?
♦
Remaining duration of all drawn and undrawn
credit lines.
♦
Amount of undrawn and conrmed credit lines.
♦
Diversication rate of nancing sources.
♦
Hedge ratio.
♦
Average nancing costs.
♦
Cost of capital.
Risk appetite:
cautious
Credit cycle
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RISK FACTORS
Risks related to rental market cycle
The rental market may face weakening demand
for logistics property, with possible oversupply.
This may impact the occupancy rate of the property
portfolio, which is the main driver of our company’s
operational activities. Additionally, this may have
an impact on the ability of pre-letting the project
development pipeline and therefore also on the
targets predetermined by WDP in its
2022-25 growth plan.
Why is this risk significant to WDP?
♦
A decrease in the occupancy rate will affect rental
income and vacancy charges. A decrease of 1%
of the occupancy rate would result in a -1.4%
decrease in EPRA Earnings.
♦
A decrease in the fair value of the property
portfolio and, thus, also of the NAV. Every 5%
decrease in the value of the property portfolio
decreases the EPRA NAV by 1.6 euros (-8%).
♦
Inability to pre-let projects and to further develop
and yield land potential within the portfolio. As of
31 December 2021, WDP owns a land reserve of
approximately 3.0 million m² with a fair value of
164.5 million euros.
How does WDP mitigate this risk?
♦
Diversied client base with a maximum exposure
per client and a wide spread across various
tenant sectors (as well as tenants’ clients,
especially if they are third-party logistics service
providers).
♦
Thorough integration in the real estate and
logistics market thanks to years of experience
and in-house commercial teams.
♦
Focus on high-quality sites in strategic logistics
hubs or secondary locations with growth
potential.
Which Key Risk Indicators help WDP to monitor
this risk?
♦
Occupancy rate.
♦
Percentage in pre-let transactions within the
development pipeline.
♦
Diversication of the client base.
Risk appetite: balancedRental market cycle
Risks related to the Company’s development
activities
For example, the quality of the work delivered by the
construction partner may impose a risk to the value
of the project. Delays may occur during construction
resulting in loss of potential revenue. Given the
focus on pre-let developments, the time lag between
the commercial agreement and commitment of the
construction partner may result in the unavailability
of the construction partner and may cause a delay
in the implementation of the work. Moreover, the
required materials may increase in price due to
scarcity, ination, etc. Subsequently, this may lead to
not achieving the intended returns on developments
or exceeding investment budgets.
Why is this risk significant to WDP?
♦
Within the growth plan 2022-25, an investment
volume of 2 billion euros is envisaged, focussing
primarily on pre-let developments.
♦
In 2021, WDP developed about 365,000 m²,
representing an investment volume of around 303
million euros. On 31 December 2021, an area of
about 865,000 m² was under construction, i.e. an
investment volume of about 594 million euros.
How does WDP mitigate this risk?
♦
Long-term partnerships with construction
partners, taking into account solvency and quality.
♦
Strict monitoring of projects under development
with the implementation of penalty clauses for
non-compliance with contracts by third parties.
♦
Internal specialised development team with a
strong track record and use of external advisors
to cover risks.
Which Key Risk Indicators help WDP to monitor
this risk?
♦
Outstanding development pipeline.
♦
Timely delivery of project developments.
♦
Budget overrun.
♦
Construction partner’s nancial situation.
Risk appetite: balancedProject developments
Operational
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RISK FACTORS
Tenant solvency risk
(Partial) default of payment by customers can
signicantly affect the Company’s rental income,
cash ow, the portfolio’s occupancy rate, and EPRA
Earnings.
Why is this risk significant to WDP?
♦
As of 31 December 2021, outstanding trade
receivables amounted to 16 million euros. An
increase of bad debts of 1 million euros would
result in a 0.4% decrease in EPRA Earnings.
♦
As of 31 December 2021, a decrease in rental
income by 2 million euros would reduce EPRA
Earnings per share by -0.9%.
How does WDP mitigate this risk?
♦
Extensive tenant solvency check by internal
specialists and external rating agencies before
inclusion in the portfolio.
♦
Rigorous internal procedure for invoicing and rent
collection.
♦
Lease strategy that aims for long-term contracts
with high-quality stable, solvent tenants and client
diversication throughout the property portfolio.
Which Key Risk Indicators help WDP to monitor
this risk?
♦
Percentage of rent collection.
♦
Days Sales Outstanding.
♦
Tenant’s nancial situation.
♦
Tenants’ diversication throughout the property
portfolio.
Risk appetite: limited
Tenant solvency
Portfolio vacancy risk
WDP maintains a strategy of long-term leasing of
developments and/or acquisitions. WDP keeps the
buildings in its portfolio to generate a stable cash
ow through leasing, whereby a high and constant
occupancy rate is essential for the growth of the
Company. Vacancies may arise when expiring
lease agreements are not renewed and when lease
agreements are terminated before the end date.
The occupancy rate of the WDP portfolio at the
end of the year amounted to 98.6%. Given the high
occupancy rate the risk of future rental vacancies is
greater than the potential to increase the occupancy
rate.
Why is this risk significant to WDP?
♦
A decrease in the occupancy rate will affect rental
income and vacancy charges. A decrease of -1%
of the occupancy rate would result in a -1.4%
decrease in EPRA Earnings.
How does WDP mitigate this risk?
♦
Internal property management team and
commercial teams.
♦
Quality and multi-purpose buildings located at
strategical logistics crossroads facilitate re-letting.
♦
Preference for realistic rental levels and long-term
rental contracts.
♦
Diversied client base with limited exposure
towards one tenant and well-spread sector base.
Which Key Risk Indicators help WDP to monitor
this risk?
♦
Occupancy rate.
♦
Solvency of customer portfolio (percentage of
rent collection and doubtful debts).
♦
Buildings’ spread (geography, building type, age)
within the property portfolio.
♦
Average lease duration and lease renewal rate.
Risk appetite: limitedVacancy
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RISK FACTORS
Risks related to under-resourcing, attracting and
retaining talent, and staff development
#TeamWDP is one of WDP’s strategic drivers
realising the Group’s business plan. Failure
in recruitment, development, and retention of
team members with the right skills may result in
underperformance, which would impact Company’s
decision-making, operational efciency, and general
performance.
Why is this risk significant to WDP?
♦
The Company’s activities, business processes,
and decisions call for highly qualied and/
or experienced staff within a dense team (96
employees as of 31 December 2021).
♦
88% of WDP staff holds a university or college
degree.
♦
WDP activities are constantly evolving (i.e.
becoming more complex and specialised), so
there is a need for additional highly qualied
proles. In 2021, four new key positions were
created.
How does WDP mitigate this risk?
♦
Competitive pay package for employees, which
is benchmarked regularly.
♦
Annual employee engagement survey.
♦
Individual employee training programs for each
member of #TeamWDP, combined with – if
applicable – internal mobility.
♦
Efforts related to well-being, company
atmosphere and operational activities.
See 4. Performance – Vitally engaged.
Which Key Risk Indicators help WDP to monitor
this risk?
♦
Staff turnover.
♦
Average turnaround of vacancies.
♦
Employee seniority and age.
♦
Employee engagement survey results.
Risk appetite: cautiousHuman capital
Supply chain risks related to business continuity,
quality, resilience, labour regulations, and
working conditions
WDP maintains contact with various stakeholders
who contribute to the operational activities of the
Company at various levels within the supply chain.
The (re) development projects are the focal point
of our supply chain. We also call on a wide range
of service providers (architects, engineering rms,
construction companies, etc.). This interaction does
not only affect business processes or services, but
also involves corporate responsibility and reputation
risks.
Why is this risk significant to WDP?
♦
In the 2019-23 growth plan, some 80% of
external growth was generated by pre-let
development projects. Pre-let developments will
also remain the primary driver of expected growth
within the 2022-25 growth plan.
♦
In 2021, WDP developed about 365,000 m²,
representing an investment volume of around 303
million euros. On 31 December 2021, an area of
about 865,000 m² was under construction, i.e. an
investment volume of about 594 million euros.
How does WDP mitigate this risk?
♦
By requiring our suppliers to abide by the WDP
Supplier Code of Conduct, we involve them
as important stakeholders in achieving our
objectives in the area of sustainability.
♦
The WDP Grievance mechanism ensures
awareness about inappropriate and unlawful
practices with the goal of ending and resolving
such grievances.
♦
Critical suppliers to the Company are subject to
regular due diligence.
Which Key Risk Indicators help WDP to monitor
this risk?
♦
Reported breaches of the Supplier Code of
Conduct.
♦
Changes in regulations related to the Company’s
supply chain.
Risk appetite: cautiousSupply chain
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REPORTING ACCORDING TO RECOGNISED STANDARDS9.
“
Reputable standards indicate the relevance
of our activities within our sector.
Page 169 EPRA and GHG
Page 187 TCFD
Page 191 GRI
Transparency,
complementarity, and
international recognition
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The statutory auditor conrms that the EPRA Earnings, the EPRA NAV indicators, and the
EPRA cost ratio were calculated according to the denitions of the EPRA Best Practices
EPRA KEY PERFORMANCE INDICATORS
Recommendations and that the nancial data used to calculate these ratios matches the
bookkeeping data from the consolidated nancial statements.
Table
EPRA key
performance
indicator Definition Purpose
in euros
(x 1,000)
in euro/
share
I. EPRA Earnings Recurring earnings from the core operational activities. A key measure of a company’s underlying operating results from
its property rental business and an indicator of the extent to which
current dividend payments are supported by earnings.
201,190 1.10
II. EPRA NAV metrics EPRA Net Reinstatement Value (NRV): the aim of the metric is to
also reect what would be needed to recreate the company through
the investment markets based on its current capital and nancing
structure, including real estate transfer taxes.
The EPRA NAV set of metrics make adjustments to the NAV per the
IFRS nancial statements to provide stakeholders with the most
relevant information on the fair value of the assets and liabilities of
a real estate investment company, under 3 different scenarios.
4,016,474 21.7
EPRA Net Tangible Assets (NTA): this is the NAV adjusted to include
properties and other investments at their fair value and exclude certain
line items that are not expected to take shape in a business model with
investment properties over the long term.
3,713,956 20.1
EPRA Net Disposal Value (NDV): the EPRA Net Disposal Value provides
the reader with a scenario of the disposal of the company's assets
resulting in the settlement of deferred taxes and the liquidition of debt
and nancial instruments.
3,509,812 19.0
Table
EPRA key
performance
indicator Definition Purpose %
III. EPRA Net Initial Yield
(NIY)
Annualised rental income based on the cash rents passing at the
balance sheet date, less non-recoverable property operating expenses,
divided by the market value of the property, increased with (estimated)
purchasers’ costs.
A comparable measure for portfolio valuations within Europe. In the
past, discussions were held on portfolio valuations in Europe. This
measure should make it easier for investors to judge themselves, how
the valuation of portfolio X compares with portfolio Y.
4.7%
III. EPRA TOPPED-UP
NIY
This measure incorporates an adjustment to the EPRA NIY in respect
of the expiration of rent-free periods (or other unexpired lease
incentives such as discounted rent periods and step rents).
Providing detail on the calculation that reconciles the difference
between EPRA NIY and EPRA TOPPED-UP NIY.
4.7%
IV. EPRA
vacancy rate
Estimated Market Rental Value (ERV) of vacant spaces, divided by ERV
of the whole portfolio.
A pure (in %) measure of investment property space that is vacant,
based on ERV.
1.5%
V. EPRA cost ratio Administrative/operating costs including or reduced by the immediate
vacancy costs, divided by gross rental income.
An important criterion to make a meaningful measurement of changes
in the operating costs of a property company possible.
Including direct
vacancy costs
10.5%
Excluding direct
vacancy costs
10.2%
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EPRA KEY PERFORMANCE INDICATORS
I. EPRA Earnings
in euros (x 1,000) FY 2021 FY 2020
Earnings per IFRS income statement 982,266 324,610
Adjustments to calculate the EPRA Earnings, exclude:
I. Changes in value of investment properties,
development properties held for investment
and other interests -824,534 -179,146
- Changes in the value of the real estate portfolio -825,957 -186,417
- Depreciation and write-down on solar panels 1,423 7,270
II. Prot or losses on disposal of investment properties,
development properties held for
investment and other interests -6,410 -408
VI. Changes in fair value of nancial instruments and
associated close-out costs -52,388 31,049
VIII. Deferred tax in respect of EPRA adjustments 113,226 2,727
IX. Adjustments (I.) to (VIII.) to the above in respect of joint
ventures -16,610 -3,574
X. Minority interests in respect of the above 5,641 -742
EPRA Earnings 201,190 174,516
Weighted average number of shares 182,624,126 173,802,120
EPRA Earnings per share (EPS) (in euros) 1.10 1.00
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EPRA KEY PERFORMANCE INDICATORS
II. EPRA NAV indicators
, 31.12.2021 31.12.2020
in euro (x 1,000) EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV
IFRS NAV 3,510,330 3,510,330 3,510,330 2,353,935 2,353,935 2,353,935
IFRS NAV/share (in euros) 19.0 19.0 19.0 13.5 13.5 13.5
Diluted NAV at fair value (after the exercise of options, convertibles and other equity interests)
3,510,330 3,510,330 3,510,330 2,353,935 2,353,935 2,353,935
Exclude:
(V) Deferred tax in relation to fair value gains of investments properties 138,091 138,091 18,630 18,630
(VI) Fair value of nancial instruments 66,636 66,636 129,904 129,904
(VIII.b) Intangibles as per the IFRS balance sheet -1,101 -1,193
Subtotal 3,715,057 3,713,956 3,510,330 2,502,469 2,501,276 2,353,935
Include:
(IX) Fair value of xed interest rate debt -518 -2,433
(XI) Real estate transfer tax 301,417 237,481
NAV 4,016,474 3,713,956 3,509,812 2,739,950 2,501,276 2,351,502
Number of shares 184,772,193 184,772,193 184,772,193 174,713,867 174,713,867 174,713,867
NAV/share (in euros) 21.7 20.1 19.0 15.7 14.3 13.5
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EPRA KEY PERFORMANCE INDICATORS
III. EPRA NIY and EPRA TOPPED-UP NIY
in euros (x 1,000) 31.12.2021 31.12.2020
Investment property - wholly owned 5,795,243 4,566,601
Investment property - share of joint ventures 98,524 61,415
Less developments, land reserves and the right of use
of consessions -560,523 -438,912
Completed property portfolio 5,333,244 4,189,104
Allowance for estimated purchasers' costs 276,197 221,204
Gross up completed property portfolio valuations A 5,609,441 4,410,309
Annualised cash passing rental income 275,059 249,835
Property outgoings -13,642 -11,615
Annualised net rent B 261,416 238,221
Notional rent expiration of rent free period or other
lease incentives 0 0
Topped-up net annualised rent C 261,416 238,221
EPRA NIY B/A 4.7% 5.4%
EPRA TOPPED-UP NIY C/A 4.7% 5.4%
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EPRA KEY PERFORMANCE INDICATORS
IV. Investment properties – Rental dates and vacancy rate
Gross rental
income 2021
Net rental
income 2021
Leasable space
as at 31.12.2021
Annualised gross
rental income
Projected
rental value for
vacant spaces
31.12.2021
Total expected
rental value Vacancy
Segment in euros (x 1,000) in euros (x 1,000) in euros (x 1,000) in euros (x 1,000) in euros (x 1,000) in euros (x 1,000) (in %)
Belgium 76,597 77,588 2,036,757 83,732 2,528 91,472 2.7%
The Netherlands 122,697 116,946 2,409,923 124,658 1,346 127,822 1.1%
France 6,854 7,202 192,056 7,370 175 8,021 2.2%
Luxembourg 2,886 2,907 50,161 2,920 35 3,014 3.2%
Romania 48,313 49,671 1,236,622 56,099 162 57,631 0.3%
Germany 271 203 6,287 279 0 289 0.0%
Total 257,617 254,518 5,931,807 275,059 4,246 288,250 1.5%
Reconciliation to the consolidated IFRS profit and loss account
Rental income related to:
- investment properties already sold 202 202
- income from solar panels 17,754
- other adjustments: joint ventures
- Luxembourg -2,886 -2,907
- Germany -271 -203
Total 254,663 269,363
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EPRA KEY PERFORMANCE INDICATORS
V. EPRA cost ratio
in euros (x 1,000) FY 2021 FY2020
Include:
I. Administrative/operating expenses (IFRS) -29,862 -27,300
I-1. Impairments of trade receivables 314 -499
I-2. Recovery of property charges 0 0
properties -4,343 -4,163
refurbishment at end of lease 0 0
I-5. Property charges -9,082 -8,325
I-6. General company expenses -16,751 -14,314
III. Management fees less actual/estimated prot
element 1,088 1,079
V. Administrative/operating expenses of joint ventures
expense -450 -372
Exclude (if part of the above):
VI. Investment property depreciation 303 293
Administrative/operating expenses related to solar
panels 2,115 2,085
EPRA costs (including direct vacancy costs) A -26,806 -24,217
IX. Direct vacancy costs 733 855
EPRA costs (excluding direct vacancy costs) B -26,073 -23,362
X. Gross rental income (IFRS) 254,663 228,401
Less net ground rent costs -1,697 -1,550
XII. Gross rental income of joint ventures 3,157 2,120
Less net ground rent costs -163 -139
Gross rental income C 255,960 228,832
EPRA Cost Ratio (including direct vacancy costs) A/C 10.5% 10.6%
EPRA Cost Ratio (excluding direct vacancy costs) B/C 10.2% 10.2%
Administrative/operating expenses are net of administrative and operating expenses
capitalised according to IFRS for an amount of 3.0 million euros. Costs capitalised
primarily relate to internal employee staff costs of employees directly involved in
developing the property portfolio.
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EPRA KEY PERFORMANCE INDICATORS
VI. Investment properties – Changes in net rental income on a constant baseline
2021 2020
Like-for-like
growth in net
rental income
2021 (in %)
in euros (x 1,000)
Properties held
for two years Acquisitions Disposals Projects
Total
net rental income
Properties held
for two years
Belgium 63,868 1,118 202 12,602 77,790 63,617 0.4%
The Netherlands 93,514 1,628 0 21,804 116,946 91,743 1.9%
France 7,202 0 0 0 7,202 7,204 0.0%
Luxembourg 1,852 0 0 1,055 2,907 1,708 8.4%
Romania 30,632 936 0 18,103 49,671 30,167 1.5%
Germany 0 203 0 0 203 0 -
Property available for lease 197,068 3,885 202 53,564 254,720 194,439 1.4%
Reconciliation to the consolidated IFRS profit
and loss account
Income from solar energy 17,283 0 0 471 17,754
Luxembourg -1,852 0 0 -1,055 -2,907
Germany 0 -203 0 0 -203
Operating result for the property portfolio in the
consolidated IFRS profit and loss account 212,500 3,681 202 52,980 269,363
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EPRA KEY PERFORMANCE INDICATORS
VII. Investment properties – Valuation data
in euros (x 1,000) Fair value
Changes in the
fair value during
the year
EPRA NIY yield
(in %)
Belgium 1,810,880 345,510 4.3%
The Netherlands 2,558,781 390,139 4.3%
France 174,550 45,433 3.9%
Luxembourg 53,513 9,267 4.7%
Romania 779,058 49,278 7.1%
Germany 4,641 8,551 5.6%
Investment properties available for lease 5,381,423 848,177 4.7%
Reconciliation to the consolidated IFRS balance sheet
- Investment properties under development for own account with the purpose of being rented out 288,750
- Land reserves 164,525
- Rights of use to concessions 59,069
- Assets held for sale 286
- Other adjustments: joint ventures
- Investment properties available for lease -58,154
- Investment properties under development for own account with the purpose of being rented out -37,077
- Land reserves
- Rights of use to concessions -3,293
- Assets held for sale
Investment properties in the consolidated IFRS balance sheet 5,795,529
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EPRA KEY PERFORMANCE INDICATORS
VIII. Investment properties – Data related to rental contracts
Details on next expiry dates of leases Details on final expiry dates of leases
Passing rent of leases coming to
their next expiry date in euros (x 1,000)¹
Passing rent of leases coming to
their expiry date in euros (x 1,000)¹Average term
until first break until expiry date
Segment (in years) (in years) year 1 year 2 year 3-5 year 1 year 2 year 3-5
Belgium 5.2 8.0 16,272 10,255 22,696 5,471 2,457 20,557
The Netherlands 5.6 5.9 19,764 8,787 38,560 17,660 5,271 37,304
France 3.6 5.3 461 1,006 3,838 0 520 3,027
Luxembourg 7.6 9.6 0 0 1,075 0 0 667
Romania 6.4 7.6 2,822 4,911 14,860 2,067 3,971 9,180
Germany 1.8 2.6 34 0 860 34 0 245
Total 5.6 6.9 39,354 24,960 81,890 25,232 12,220 70,980
1 For Luxembourg (55%) and Germany (50%), the proportionate share of WDP in the passing rent is indicated.
IX. EPRA Capital expenditure analysis
1
FY 2021 FY 2020
in euros (x 1,000)
Group (excluding
joint ventures)
Joint ventures
(proportionate
share) Total Group
Group (excluding
joint ventures)
Joint ventures
(proportionate
share) Total Group
Acquisitions² 131,476 4,175 135,650 57,792 3,687 61,479
Development 239,803 11,145 250,948 311,226 6,178 317,405
Like-for-like portfolio 9,404 240 9,644 8,265 16 8,282
Incremental lettable space - - - - - -
No incremental lettable space 9,404 240 9,644 8,265 16 8,282
Capitalised interest³ 5,275 15 5,290 6,105 31 6,136
Totale CapEx 385,958 15,575 401,533 383,388 9,912 393,301
Adjustment for non-cash items
4
-42,715 3,714 -39,001 5,238 112 5,350
Totale CapEx (cashflows)
5
343,243 19,289 362,532 388,626 10,024 398,650
1 The overview below shows which investments were included in the balance sheet in the course of 2021. For an overview of all
transactions and realisations that were identied in 2021, see chapter 4. Performance.
2 This is the net investment for all purchases and disposals executed.
3 This concerns the capitalised interests activated for the project developments.
4 The adjustment for non-cash items of -42.7 million euros for the Group (excluding joint ventures) does not only include the
accrual to cash basis adjustment, but also includes an adjustment of -35.1 million euros related to the acquisitions realized
through a contribution in kind. An overview of the acquisitions realized in 2021 through contribution in kind can be
consulted in chapter 6. Financial results and property report.
5 The reconciliation with the cash ow statement (see chapter 10. Annual accounts) can be made by abstracting the
capitalised interest in the table above, as the capitalised interest is not regarded as an investment activity in the cash
ow statement, but as interest paid.
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Methodology
Organisational perimeter
WDP uses the operational control approach for sustainability reporting. WDP manages all
of the warehouses in its property portfolio. These warehouses as well as all of the ofces
where #TeamWDP works (for Belgium in Wolvertem, for the Netherlands in Breda, and for
Romania In Bucharest) are included in our sustainability reporting.
EPRA AND GHG ENVIRONMENTAL PERFORMANCE INDICATORS
Operational perimeter
WDP measures and reports both scope 1, 2, and 3 emissions related to its activities
across its value chain.
Interpretation of scope 1, 2 en 3
Scope Included Energy carrier Application
Scope 1: Direct
greenhouse gas
emissions
All direct emissions that result from our activities and are caused by the local combustion of a
primary energy source.
♦
Natural Gas
♦
Diesel
♦
Fuel oil
♦
Petrol
♦
Ofces where #TeamWDP is active
♦
The car park of WDP
Scope 2: Indirect
greenhouse gas
emissions
All indirect emissions that result from our activities and that occur at another location during
the combustion of a primary energy source.
♦
Electricity
♦
Steam
♦
Cooling
♦
Heating
♦
Ofces where #TeamWDP is active
♦
The car park of WDP
Scope 3: Indirect
greenhouse gas
emissions
All other indirect emissions in our value chain, i.e. the emissions during the production and
delivery of building materials and the direct emissions that are caused by the consumption
of gas and fuel oil by the tenant, as well as the indirect emissions that are caused by the
consumption of electricity and/or district heating and cooling by the tenant. The Greenhouse
Gas Protocol denes 15 categories of scope 3 emissions. These are further explained below.
♦
Natural gas
♦
Fuel oil
♦
Electricity
♦
Steam
♦
Cooling
♦
Heating
Warehouses in the WDP property portfolio
Note on the EPRA environmental performance indicators
Since 2017, WDP reports in accordance with the EPRA Best Practice Recommendations
for Sustainability Reporting (EPRA sBPR). The EPRA sBPR guidelines are based on
the recommendations and methodology of the internationally used Greenhouse Gas
Protocol (GHG Protocol). This provides a consistent manner in which listed real estate
companies can measure sustainability performance, which contributes to transparency
in sustainability reporting. WDP has received a Gold Award for EPRA sBPR every year
since 2017.
WDP reports on each relevant EPRA performance indicator for its property portfolio and
the ofces where #TeamWDP works.
For our data coverage, we report the performance indicators according to their absolute
performance and their Like-for-Like performance:
◆
The absolute performance (Abs): the absolute indicators reect the gross total of
the available data for a specic period and utility (e.g. Elec-Abs, DH&C-Abs).
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EPRA AND GHG ENVIRONMENTAL PERFORMANCE INDICATORS
◆
Like-for-Like performance (LfL): the Like-for-Like indicators reect the change
in performance unrelated to uctuations in portfolio size (constant boundary)
(e.g. Elec-LfL, DH&C-LfL). In WDP’s reporting, only buildings with consumption data
available for a specic utility for the entire years 2020 and 2021 are considered in
the Like-for-Like indicators. For the Energy and GHG gures, the Like-for-Like scope
is limited to a perimeter where complete consumption data for each energy supply
(i.e. electricity, gas, heating oil, or other heating sources) in a building is available for
the full years 2020 and 2021.
The table below shows the distribution of energy in 2021 per landlord-obtained and tenant-obtained, by origin.
Distribution of Landlord-obtained and Tenant-obtained utilities
Belgium
The
Netherlands Luxembourg France Romania Total WDP
Electricity
Landlord-obtained
green 34% 15% 0% 92% 22% 24%
grey | unknown 0% 6% 0% 0% 55% 16%
Tenant-obtained
green 0% 0% 0% 0% 2% 0%
grey | unknown 66% 79% 100% 8% 21% 60%
Heat
Landlord-obtained
natural gas 33% 7% 100% 100% 97% 43%
fuel oil 0% 0% 0% 0% 0% 0%
DH&C 0% 0% 0% 0% 0% 0%
Tenant-obtained
natural gas 65% 93% 0% 0% 3% 56%
fuel oil 2% 0% 0% 0% 0% 1%
DH&C 0% 0% 0% 0% 0% 0%
Water
Landlord-obtained 26% 26% 34% 100% 15% 25%
Tenant-obtained 74% 74% 66% 0% 84% 75%
1 IEA stands for International
Energy Agency. IEA works with
countries around the world to
shape energy policies for a
secure and sustainable future.
www.iea.org
Indirect greenhouse gas emissions (both scope 2 and 3 emissions) are reported according
to the location-based and market-based accounting method.
◆
For the location-based accounting method, a country-average emission factor
from the IEA report
1
is used in the calculation.
◆
The calculations in the market-based accounting method are based on an inventory
across the WDP portfolio in which certain matters are noted, such as the responsibility
for utilities' management (whether this is done by WDP or the customer), the source of
the electricity (green, grey, or mixed), and, if available, the supplied electricity emission
factor. If no specic data is available for utilities, the country-average emission factor
is used (as with the location-based method).
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EPRA AND GHG ENVIRONMENTAL PERFORMANCE INDICATORS
Data driven consumption and emission data (no estimate or extrapolation)
The complete reporting on energy consumption and CO
2
emissions for the ofces where
#TeamWDP works is based on actual data. No estimate or extrapolation of consumption
data is used unless the sources for the consumption data were not yet available as of
31December 2021. These sources are the invoice data that WDP receives from the ofce
owners and the data from the energy monitoring system (nanoGrid) in the Belgian ofce.
The reporting of the property portfolio gures is solely based on actual data without
estimating or extrapolating consumption data. This is possible because WDP has installed
an energy monitoring system (nanoGrid) for its entire property portfolio. Consequently,
we use a proprietary data model with two sources for consumption data: (1) data from the
energy monitoring system and (2) data from the invoices that WDP receives directly from
the utilities to supplement the overall data coverage of the portfolio.
Consumption and emission data for 2020 (restated)
The gures for 2020 are shown as restated in this Annual Report 2021. This is because
the gures published in the Annual Report 2020 were based on data from the energy
monitoring system (67%) and invoices (33%). Since then, the continued roll-out of
nanoGrid means that the data shown for 2020 in this Annual Report 2021 is based on
90% from the energy monitoring system, and supplemented by 10% billing data (which
also includes billing data that became available after 31.12.2020). Moreover, we have
rened our calculation models through 2021, which led to a restatement of the previous
annual accounts. This renement is an increase in the level of granularity, such as the use
of site-specic emission factors.
Limited assurance
All EPRA environmental performance indicators marked with an ✓ have been reviewed by
Deloitte Company Auditors as part of a limited assurance check for 2021.
Note on reporting according to the GHG Protocol
As of the publication of this Annual Report 2021, WDP will annually report its full GHG
climate footprint according to the GHG Protocol methodology. This protocol provides a
systematic framework for measuring, managing, and reducing the emissions in our value
chain and is a tool for WDP to manage and respond to the risks and opportunities related
to these emissions.
The table below provides an overview of the methodology used at WDP and its activities
throughout the value chain for scope 1, 2, and 3.
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EPRA AND GHG ENVIRONMENTAL PERFORMANCE INDICATORS
GHG PROTOCOL categories (scope 1, 2, and 3)
GHG Scope Category Applicability Included
Methodology / Justification for exclusion
Activity data source
Emission-factor data
sourceCalculation method (GHG-protocol)
Scope 1 Scope 1 Yes Emissions from the combustion
of fuels used in corporate
ofces, carpark and service
activities of WDP
The emissions are calculated according to category by
multiplying fuel consumption with a specic emission factor
per application.
(1) For our utilities, we refer to our EPRA sBPR methodology
on a market-based approach.
(2) For our car park, we apply well-to-wheel vehicle-specic
factors combined with general transport data.
(1) Consumption data of
invoices (BE and RO)
(2) Commuting distance of
the car park
(1) Fuels specic emission
factors
(2) CO
2
specications of the
vehicles
Scope 2 Scope 2 Yes Emissions from the production
of electricity and DH&C
consumed in corporate ofces
and car park of WDP
The emissions are calculated according to category by
multiplying energy consumption with a specic emission
factor per application.
(1) For our utilities, we refer to our EPRA sBPR methodology
on a market-based approach.
(2) For our car park, we apply national grid factors, according
to our commonly used IEA source, combined with general
transport data.
(1) Consumption data
from invoices (BE, NL and
RO) supplemented with
monitoring data (BE)
(2) Commuting distance of
the car park
(1) Specic emission
factors based on contract
information as far as
available, supplemented
with country-average
emission factors from the
IEA report
(2) Market-based grid
factors for electricity in the
ofces
Scope 3 Scope 3
Upstream
cat.1 Purchased
goods and
services
(PG&S)
No n/a Not applicable due to inclusion of purchased goods in
cat. 2-8
n/a n/a
cat.2 Capital goods Yes All upstream (cradle-to-gate)
emissions released during the
construction of our warehouses
(including solar panels)
via the building materials
(embodied carbon), transport
of building materials as well
as energy consumption on the
construction sites.
The emissions are calculated from a number of reference
projects in BE, NL and RO on the basis of a detailed life
cycle assessment in cooperation with an external expert.
The listing of material types and quantities is combined with
the material-specic emission factor from various material
databases.
An extrapolation to the total developed area gives the total
emission. This analysis is repeated annually, applied to new
developments as well as renovations
Bill of materials from
reference projects in BE,
NL and RO, based on
buildings specications and
BREEAM assessments.
EPD (European
Environmental Product
Declarations)
For NL: NMD (Nationale
Milieu Database); For BE:
TOTEM (Tool to Optimise
the Total Environmental
impact of Materials)
cat.3 Fuel- and
energy-related
activities
No n/a These emissions are included in scope 1 and 2. n/a n/a
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GHG Scope Category Applicability Included
Methodology / Justification for exclusion
Activity data source
Emission-factor data
sourceCalculation method (GHG-protocol)
cat.4 Upstream
transportation
and
distribution
No n/a These emissions are included in cat. 2 Capital goods because
of the cradle-to-gate denition where both the production of
construction materials and transport to the site are included.
n/a n/a
cat.5 Waste
generated in
operations
Yes Emissions related to the waste
collection and processing of the
activities in the ofces of WDP.
Excluded because of below:
(1) Only in the BE ofce is operational control over the waste
collection. For ofces NL and RO, the waste collection is
managed by the ofce owners and we do not have sufcient
data. This is directly reected inthe relatively low coverage in
the EPRA Waste-Abs indicator.
(2) No quantication of emissions related to waste collection
and processing has yet been established for the 3 ofces.
Not yet available n/a
cat.6 Business travel Yes Emissions from the transport of
employees for business-related
activities in vehicles that are
not owned or operated by WDP
i.e. private car, public transport,
airplane.
Excluded because of:
(1) data not yet available
Not yet available n/a
cat.7 Employee
commuting
Yes Emissions from commuting
travel by employees with
private transport (car owned by
employee).
Excluded because of:
(1) data not yet available
Not yet available n/a
cat.8 Upstream
leased assets
No n/a These emissions are already included in scope 1 and 2. n/a n/a
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EPRA AND GHG ENVIRONMENTAL PERFORMANCE INDICATORS
GHG Scope Category Applicability Included
Methodology / Justification for exclusion
Activity data source
Emission-factor data
sourceCalculation method (GHG-protocol)
Downstream
cat.9 Downstream
transportation
and
distribution
No n/a WDP is a logistics property player, with a clear focus on
development and renovation for long-term ownership and
letting. The core business of WDP is not oriented towards
development with the intention of selling, hence the exclusion
of this category in the scope.
n/a n/a
cat.10 Processing of
sold products
No n/a WDP is a logistics property player, with a clear focus on
development and renovation for long-term ownership and
letting. The core business of WDP is not oriented towards
development with the intention of selling, hence the exclusion
of this category in the scope.
n/a n/a
cat.11 Use of sold
products
No n/a WDP is a logistics property player, with a clear focus on
development and renovation for long-term ownership and
letting. The core business of WDP is not oriented towards
development with the intention of selling, hence the exclusion
of this category in the scope.
n/a n/a
cat.12 End-of-life
treatment of
sold products
No n/a WDP is a logistics property player, with a clear focus on
development and renovation for long-term ownership and
letting. The core business of WDP is not oriented towards
development with the intention of selling, hence the exclusion
of this category in the scope.
n/a n/a
cat.13 Downstream
leased assets
Yes Emissions caused by energy
consumption in WDP's property
portfolio: electricity, DH&C and
fuel.
The emissions are calculated according to category by
multiplying energy consumption with a specic emission
factor per application. For the specic calculation we refer to
our EPRA sBPR methodology for a market-based approach.
Monitoring data (nanoGrid)
supplemented with invoice
data for buildings where
nanoGrid has not yet been
rolled out.
Site-specic emission
factors based on
contract information
as far as available and
supplemented with
country-average emission
factors from the IEA report.
cat.14 Franchises No n/a WDP is a logistics property player, with a clear focus on
development and renovation for long-term ownership and
letting. The core business of WDP is not oriented towards
development with the intention of selling, hence the exclusion
of this category in the scope.
n/a n/a
cat.15 Investments No n/a WDP is a logistics property player, with a clear focus on
development and renovation for long-term ownership and
letting. The core business of WDP is not oriented towards
development with the intention of selling, hence the exclusion
of this category in the scope.
n/a n/a
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EPRA environmental performance indicators – WDP corporate offices
Energy – Absolute performance – WDP corporate offices
EPRA
GRI
CRESSD Indicator Unit 2020¹ 2021 yoy
Limited
assurance
Data coverage
Number of buildings # 3 3 0%
Number of buildings in data coverage # 3 3 0%
Coverage % 100% 100% 0%
Electricity
Elec-Abs 302-1 Total electricity consumption kWh 361,165 402,107 +11%
✓
green kWh 361,165 402,107
grey/unknown kWh 0 0
Heat
Heat-Abs Total heat consumption kWh 210,594 193,288 -8%
✓
DH&C-Abs 302-1 Total district heating & cooling consumption kWh 41,892 50,260 +20%
✓
Fuels-Abs 302-1 Total fuel consumption kWh 168,702 143,028 -15%
✓
Energy
Total energy consumption kWh 571,759 595,395 +4%
Energy-Int 302-3
CRE1
Building energy intensity kWh/m²
227
236 +4%
✓
1 These are restated gures for the Annual Report 2020, as indicated in the methodology.
EPRA AND GHG ENVIRONMENTAL PERFORMANCE INDICATORS
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Greenhouse gases – Absolute performance – WDP corporate offices
EPRA
GRI
CRESSD Indicator Unit 2020¹ 2021 yoy 2020¹ 2021 yoy
Limited
assurance
Greenhouse Gases
location-based market-based
GHG-Dir-Abs 305-1 Direct | Scope 1 T CO
2
e 41 34 -17% 41 34 -17% ✓
GHG-Indir-Abs 305-2 Indirect | Scope 2 T CO
2
e 97 102 +5% 23 3 -88% ✓
GHG-Indir-Abs 305-3 Indirect | Scope 3 T CO
2
e n/a n/a - n/a n/a - ✓
Total GHG Scope 1 + 2 T CO
2
e 137 136 -1% 63 36 -42% ✓
Total GHG Scope 1 + 2 + 3 T CO
2
e 137 136 -1% 63 36 -42% ✓
GHG-Int 305-4
CRE3
GHG Intensity | Scope 1 + 2 kg CO
2
e/m² 54 54 0% 25 14 -44%
✓
GHG-Int 305-4
CRE3
GHG Intensity | Scope 1 + 2 + 3 kg CO
2
e/m² n/a n/a - n/a n/a -
✓
Water – Absolute performance – WDP corporate offices
EPRA
GRI
CRESSD Indicator Unit 2020¹ 2021 yoy
Limited
assurance
Data coverage
Number of buildings # 3 3 0%
Number of buildings in data coverage # 3 3 0%
Coverage % 100% 100% 0%
Water
Water-Abs 303-1 Total water consumption m³ 1,585 2,015 +27%
✓
Water-Int CRE2 Building water intensity m³/m² 0.63 0.80 +27%
✓
1 These are restated gures for the Annual Report 2020, as indicated in the methodology.
EPRA AND GHG ENVIRONMENTAL PERFORMANCE INDICATORS
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Energy – Like-for-Like performance – WDP corporate offices
EPRA
GRI
CRESSD Indicator Unit 2020¹ 2021 yoy
Limited
assurance
Data coverage
Number of buildings # 3 3 0%
Number of buildings in data coverage # 3 3 0%
Coverage % 100% 100% 0%
Electricity
Elec-LfL 302-1 Total electricity consumption kWh 361,165 402,107 +11%
✓
green kWh 361,165 402,107
grey/unknown kWh 0 0
Heat
Heat-LfL Total heat consumption kWh 210,594 193,288 -8%
✓
DH&C-LfL 302-1 Total district heating & cooling consumption kWh 41,892 50,260 +20% ✓
Fuels-LfL 302-1 Total fuel consumption kWh 168,702 143,028 -15%
✓
Energy
Total energy consumption kWh 571,759 595,395 +4%
Energy-Int 302-3
CRE1
Building energy intensity kWh/m² 227 236 +4%
✓
Greenhouse gases – Like-for-Like performance – WDP corporate offices
EPRA
GRI
CRESSD Indicator Unit 2020¹ 2021 yoy 2020¹ 2021 yoy
Limited
assurance
Greenhouse Gases
location-based market-based
GHG-Dir-LfL 305-1 Direct | Scope 1 T CO
2
e 41 34 -17% 41 34 -17%
✓
GHG-Indir-LfL 305-2 Indirect | Scope 2 T CO
2
e 97 102 +5% 23 3 -88%
✓
GHG-Indir-LfL 305-3 Indirect | Scope 3 T CO
2
e n/a n/a - n/a n/a -
✓
Total GHG Scope 1 + 2 T CO
2
e 137 136 -1% 63 36 -42%
✓
Total GHG Scope 1 + 2 + 3 T CO
2
e 137 136 -1% 63 36 -42%
✓
GHG-Int 305-4
CRE3
GHG Intensity | Scope 1 + 2 kg CO
2
e/m² 54 54 0% 25 14 -44%
✓
GHG-Int 305-4
CRE3
GHG Intensity | Scope 1 + 2 + 3 kg CO
2
e/m² n/a n/a - n/a n/a -
✓
1 These are restated gures for the Annual Report 2020, as indicated in the methodology.
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Water – Like-for-Like performance – WDP corporate offices
EPRA
GRI
CRESSD Indicator Unit 2020¹ 2021 yoy
Limited
assurance
Data coverage
Number of buildings # 3
3
0%
Number of buildings in data coverage # 3 3 0%
Coverage % 100% 100% 0%
Water
Water-LfL 303-1 Total water consumption m³ 1,585 2,015 +27%
✓
Water-Int CRE2 Building water intensity m³/m² 0.63 0.80 +27%
✓
Waste – WDP corporate offices
EPRA
GRI
CRESSD Indicator Unit 2020¹ 2021 yoy
Limited
assurance
Data coverage
Coverage % 48% 48% 0%
✓
Waste
Waste-Abs 306-2 Total weight of waste by disposal route Ton 5.68 3.80 -33%
✓
recycling 2.08 2.00 -4%
✓
plastic Ton 0.18 0.07 -60%
✓
paper Ton 1.90 1.92 +1%
✓
incineration with or without energy recovery 3.60 1.80 -50%
✓
residual Ton 3.60 1.80 -50%
✓
hazardous Ton n/a n/a
non-hazardous Ton 5.68 3.80
Waste-LfL 306-2 Like-for-like weight of waste by disposal route Ton 5.68 3.80 -33%
✓
recycling 2.08 2.00 -4%
✓
plastic Ton 0.18 0.07 -60%
✓
paper Ton 1.90 1.92 +1%
✓
incineration with or without energy recovery 3.60 1.80 -50%
✓
residual Ton 3.60 1.80 -50%
✓
hazardous Ton n/a n/a
non-hazardous Ton 5.68 3.80
1 These are restated gures for the Annual Report 2020, as indicated in the methodology.
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EPRA environmental performance indicators – property portfolio
Energy – Absolute performance – property portfolio
EPRA
GRI
CRESSD Indicator Unit 2020¹ 2021 yoy
Limited
assurance
Data coverage
Coverage Electricity % 82% 91% +10%
Coverage Heat % 57% 69% +22%
Coverage Energy & GHG % 60% 77% +28%
Electricity
Elec-Abs 302-1 Total electricity consumption kWh 189,776,898 255,983,327 +35%
✓
landlord-obtained for shared services kWh 0 0 -
landlord-obtained (sub)metered to tenants kWh 89,058,549 101,832,258 +14%
green kWh 57,067,405 60,042,474
grey/unknown kWh 31,991,144 41,789,784
tenant-obtained kWh 100,718,349 154,151,069 +53%
green kWh 502,783 979,940
grey/unknown kWh 100,215,566 153,171,129
Heat
Heat-Abs Total heat consumption kWh 54,688,095 114,581,393 +110%
✓
DH&C-Abs 302-1 Total district heating & cooling consumption kWh 23,473 179,825 +666%
✓
landlord-obtained for shared services kWh 0 0 -
landlord-obtained (sub)metered to tenants kWh 0 0 -
tenant-obtained kWh 23,473 179,825 +666%
Fuels-Abs 302-1 Total fuel consumption kWh 54,664,622 114,401,568 +109%
✓
landlord-obtained for shared services kWh 0 0 -
landlord-obtained (sub)metered to tenants kWh 33,814,433 48,489,575 +43%
tenant-obtained kWh 20,850,189 65,911,993 +216%
Energy
Total energy consumption kWh 244,464,993 370,564,720 +52%
Energy-Int 302-3
CRE1
Building energy intensity kWh/m² 87 95 +8%
✓
1 These are restated gures for the Annual Report 2020, as indicated in the methodology.
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Greenhouse gases – Absolute performance – property portfolio
EPRA
GRI
CRESSD Indicator Unit 2020¹ 2021 yoy 2020¹ 2021 yoy
Limited
assurance
Greenhouse Gases
location-based market-based
GHG-Dir-Abs 305-1 Direct | Scope 1 T CO
2
e n/a n/a - n/a n/a -
✓
GHG-Indir-Abs 305-2 Indirect | Scope 2 T CO
2
e n/a n/a - n/a n/a -
✓
GHG-Indir-Abs 305-3 Indirect | Scope 3 T CO
2
e 50,503 79,760 +58% 46,350 74,721 +61%
✓
Total GHG Scope 1 + 2 T CO
2
e 0 0 - 0 0 -
✓
Total GHG Scope 1 + 2 + 3 T CO
2
e 50,503 79,760 +58% 46,350 74,721 +61%
✓
GHG-Int 305-4
CRE3
GHG Intensity | Scope 1 + 2 kg CO
2
e/m² n/a n/a - n/a n/a -
✓
GHG-Int 305-4
CRE3
GHG Intensity | Scope 1 + 2 + 3 kg CO
2
e/m² 14 18 +25% 13 17 +29%
✓
Water – Absolute performance – property portfolio
EPRA
GRI
CRESSD Indicator Unit 2020¹ 2021 yoy
Limited
assurance
Data coverage
Coverage Water % 69% 78% +12%
Water
Water-Abs 303-1 Total water consumption m³ 317,883 464,868 +46%
✓
landlord-obtained for shared services m³ 0 0 -
landlord-obtained (sub)metered to tenants m³ 111,351 114,260 +3%
tenant-obtained m³ 206,532 350,607 +70%
Water-Int CRE2 Building water intensity m³/m² 0.10 0.12 +20%
✓
1 These are restated gures for the Annual Report 2020, as indicated in the methodology.
EPRA AND GHG ENVIRONMENTAL PERFORMANCE INDICATORS
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Energy – Like-for-Like performance – property portfolio
EPRA
GRI
CRESSD Indicator Unit 2020¹ 2021 yoy
Limited
assurance
Data coverage
Coverage Electricity % 66% 60% -9%
Coverage Heat % 25% 23% -8%
Coverage Energy & GHG % 24% 22% -8%
Electricity
Elec-LfL 302-1 Total electricity consumption kWh 154,071,813 153,408,076 -0%
✓
landlord-obtained for shared services kWh 0 0 -
landlord-obtained (sub)metered to tenants kWh 68,898,150 61,022,210 -11%
green kWh 46,085,458 40,471,680
grey/unknown kWh 22,812,692 20,550,530
tenant-obtained kWh 85,173,663 92,385,866 +8%
green kWh 0 0
grey/unknown kWh 85,173,663 92,385,866
Heat
Heat-LfL Total heat consumption kWh 32,485,854 42,635,070 +31%
✓
DH&C-LfL 302-1 Total district heating & cooling consumption kWh 0 0 -
✓
landlord-obtained for shared services kWh 0 0 -
landlord-obtained (sub)metered to tenants kWh 0 0 -
tenant-obtained kWh 0 0 -
Fuels-LfL 302-1 Total fuel consumption kWh 32,485,854 42,635,070 +31%
✓
landlord-obtained for shared services kWh 0 0 -
landlord-obtained (sub)metered to tenants kWh 17,883,102 23,995,846 +34%
tenant-obtained kWh 14,602,752 18,639,224 +28%
Energy
Total energy consumption kWh 186,557,667 196,043,146 +5%
Energy-Int 302-3
CRE1
Building energy intensity kWh/m² 91 96 +5%
✓
1 These are restated gures for the Annual Report 2020, as indicated in the methodology.
EPRA AND GHG ENVIRONMENTAL PERFORMANCE INDICATORS
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Greenhouse gases – Like-for-Like performance – property portfolio
EPRA
GRI
CRESSD Indicator Unit 2020¹ 2021 yoy 2020¹ 2021 yoy
Limited
assurance
Greenhouse Gases
location-based market-based
GHG-Dir-LfL 305-1 Direct | Scope 1 T CO
2
e n/a n/a - n/a n/a -
✓
GHG-Indir-LfL 305-2 Indirect | Scope 2 T CO
2
e n/a n/a - n/a n/a -
✓
GHG-Indir-LfL 305-3 Indirect | Scope 3 T CO
2
e 19,941 21,102 +6% 18,474 19,912 +8%
✓
Total GHG Scope 1 + 2 T CO
2
e 0 0 - 0 0 -
✓
Total GHG Scope 1 + 2 + 3 T CO
2
e 19,941 21,102 +6% 18,474 19,912 +8%
✓
GHG-Int 305-4
CRE3
GHG Intensity | Scope 1 + 2 kg CO
2
e/m² n/a n/a - n/a n/a -
✓
GHG-Int 305-4
CRE3
GHG Intensity | Scope 1 + 2 + 3 kg CO
2
e/m² 18 19 +6% 17 18 +8%
✓
Water – Like-for-Like performance – property portfolio
EPRA
GRI
CRESSD Indicator Unit 2020¹ 2021 yoy
Limited
assurance
Data coverage
Coverage Water % 29% 26% -10%
Water
Water-LfL 303-1 Total water consumption m³ 98,217 93,492 -5%
✓
landlord-obtained for shared services m³ 0 0 -
landlord-obtained (sub)metered to tenants m³ 23,200 19,841 -14%
tenant-obtained m³ 75,017 73,651 -2%
Water-Int CRE2 Building water intensity m³/m² 0.07 0.07 -3%
✓
1 These are restated gures for the Annual Report 2020, as indicated in the methodology.
EPRA AND GHG ENVIRONMENTAL PERFORMANCE INDICATORS
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Certification – property portfolio
EPRA
GRI
CRESSD Indicator Unit 2020¹ 2021 yoy
Limited
assurance
Cert-Tot CRE8 Type and number of sustainability certified assets # 67 70 +4%
✓
BREEAM Good # 7 8 +14%
✓
BREEAM Very Good # 8 10 +25%
✓
BREEAM Excellent # 3 3 0%
✓
BREEAM Outstanding # 1 1 0%
✓
EDGE # 32 32 0%
✓
EDGE Advanced # 16 16 0%
✓
1 These are restated gures for the Annual Report 2020, as indicated in the methodology.
EPRA AND GHG ENVIRONMENTAL PERFORMANCE INDICATORS
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GHG PROTOCOL
GHG Carbon Footprint
GHG Scope Category Unit 2020 2021 yoy
emissions
% of value
chain emissions
% of value
chain
Scope 1 Scope 1 T CO
2
e 103 0% 111 0% 8%
Utilities corporate ofces T CO
2
e 41 0% 34 0% -17%
Car park T CO
2
e 63 0% 77 0% 23%
Scope 2 Scope 2 T CO
2
e 23 0% 3 0% -88%
Utilities corporate ofces T CO
2
e 23 0% 3 0% -88%
Car park T CO
2
e 0 0% 0 0% -
Scope 3 Scope 3 T CO
2
e 215,131 100% 189,208 100% -12%
Upstream T CO
2
e
cat.1 Purchased goods and services (PG&S) T CO
2
e n/a 0% n/a 0% -
cat.2 Capital goods T CO
2
e 137,000 64% 96,985 51% -29%
cat.3 Fuel- and energy-related activities T CO
2
e n/a 0% n/a 0% -
cat.4 Upstream transportation and distribution T CO
2
e n/a 0% n/a 0% -
cat.5 Waste generated in operations T CO
2
e n/a 0% n/a 0% -
cat.6 Business travel T CO
2
e n/av 0% n/av 0% -
cat.7 Employee commuting T CO
2
e n/av 0% n/av 0% -
cat.8 Upstream leased assets T CO
2
e n/a 0% n/a 0% -
Downstream T CO
2
e
cat.9 Downstream transportation and distribution T CO
2
e n/a 0% n/a 0% -
cat.10 Processing of sold products T CO
2
e n/a 0% n/a 0% -
cat.11 Use of sold products T CO
2
e n/a 0% n/a 0% -
cat.12 End-of-life treatment of sold products T CO
2
e n/a 0% n/a 0% -
cat.13 Downstream leased assets T CO
2
e 78,131 36% 92,223 49% 18%
cat.14 Franchises T CO
2
e n/a 0% n/a 0% -
cat.15 Investments T CO
2
e n/a 0% n/a 0% -
Total emissions T CO
2
e 215,257
189,321
-12%
EPRA AND GHG ENVIRONMENTAL PERFORMANCE INDICATORS
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WDP corporate offices
EPRA GRI Indicator Boundaries Unit and description 2020 2021
Limited
assurance
Diversity-Emp 405-1 Gender diversity Employees Percentage female 46% 44%
✓
Employees Percentage male 54% 56%
✓
Management Committee Percentage female 0% 0%
✓
Management Committee Percentage male 100% 100%
✓
Board of Directors (non-executive) Percentage female 40% 40%
✓
Board of Directors (non-executive) Percentage male 60% 60%
✓
Diversity-Pay 405-2 Gender pay ratio Employees Ratio average pay male vs. average pay female 1.01 1.04
✓
Emp-Training 404-1 Employee training and
development
Employees and Management
Committee - Headcount
Average number of hours of training 37.09 15.38
✓
Employees and Management
Committee - FTE
Average number of hours of training 39.53 16.39
✓
Emp-Dev 404-3 Employee performance
appraisals
Employees and Management
Committee
Percentage of evaluation 100% 100%
✓
Emp-New hires 401-1 New hires Employees Number of new employee hires 9 11
✓
Employees Percentage of new employees vs. total number of employees 11% 12%
✓
Emp-Turnover 401-1 Turnover Employees Number of employees that have left the organisation voluntarily
or due to dismissal, retirement or death in service
3 4
✓
Employees Percentage of employees that have left the organisation
voluntarily or due to dismissal, retirement or death in service vs.
total number of employees
4% 4%
✓
H&S-Emp 403-2 Injury rate Employees and Management
Committee
Percentage of employees or Management Committee involved
vs. total number of hours
0.001% 0.000%
✓
Lost day rate Employees and Management
Committee
Percentage of number of days when incapable of working vs.
total number of hours
0.118% 0.320%
✓
Absentee rate (long-term) Employees and Management
Committee
Percentage of number of days incapacitated due to long-term
illness vs. total number of hours
0.026% 0.221%
✓
Absentee rate (short-term) Employees and Management
Committee
Percentage of number of days incapacitated due to short-term
illness vs. total number of hours
0.092% 0.099%
✓
Work-related fatalities Employees and Management
Committee
Number of work-related fatalities 0 0
✓
H&S-Asset 416-1 Asset health and safety
assessments
WDP corporate ofces Percentage of assets for which health and safety impacts have
been assessed
100% 100%
✓
H&S-Comp 416-2 Asset health and safety
compliance
WDP corporate ofces Number of incidents of non-compliance with regulations
concerning the health and safety impacts
0 0
✓
Comty-Eng 413-1 Community engagement,
impact assessments and
development programs
WDP corporate ofces Percentage assets covered 100% 100%
✓
See 4. ESG - Value
creation through dialogue
and clear focus
#WeMakeADifference:
see 3. Strategy and
value creation and
4. Performance
EPRA SOCIAL PERFORMANCE INDICATORS
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WDP corporate offices
EPRA GRI Indicator Boundaries Unit and description 2020 2021
Limited
assurance
Gov-Board 102-22 Composition of the highest
governance body
Board of Directors Composition See 8. Corporate Governance
Statement - Board of Directors -
Composition
See 7. Corporate Governance
Statement - Board of Directors -
Composition
✓
Gov-Selec 102-24 Process of nominating
and selecting the highest
governance body
Board of Directors Description of nomination and
selection
See 8. Corporate Governance
Statement - Board of Directors -
Composition
See 7. Corporate Governance
Statement - Board of Directors -
Composition
✓
Gov-Col 102-25 Process of managing
conicts of interest
Board of Directors Description of process regarding
conicts of interest
See 8. Corporate Governance
Statement - Board of Directors -
Conflicts of interest
See 7. Corporate Governance
Statement - Board of Directors -
Conflicts of interest
✓
EPRA GOVERNANCE PERFORMANCE INDICATORS
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Results
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186
In 2017, the Task Force on Climate-related Financial Disclosures (TCFD) established
a framework to provide investors and other stakeholders with useful decision-making
information on climate-related risks and opportunities relevant to one's business. The
TCFD has structured its recommendations around four thematic areas that represent the
core elements of how organisations operate: governance, strategy, risk management,
and metrics & targets.
In our WDP Climate Action Plan, we set ourselves the clear target of implementing the
recommendations of the TCFD by 2024. So, our focus for 2021 was set on the themes of
governance, risk management, and metrics & targets. With respect to strategy, we carried
out an initial identication and analysis of the climate-related risks and opportunities
facing WDP in the short, medium, and long term, as well as the impact of these risks
on our operations. In the future, we will continue to develop this subject area by further
testing the resilience of our strategies based on various climate-related scenarios and to
further describe and quantify the impact of climate-related risks and opportunities on our
operations, strategy, and nancial planning.
Governance
We refer to:
◆
Chapter 3. Strategy and value creation pp. 26 for further clarication about the
decision-making process
◆
Chapter 3. Strategy and value creation pp. 22 for background on WDP's
Climate Action Plan
◆
Chapter 7. Corporate Governance pp. 125 for WDP's remuneration policy
◆
WDP's Enterprise Risk Management Policy
Description of the Board of Directors monitoring of climate-related
risks and opportunities
In 2022, in combination with the announcement of our Climate Action Plan, the Board of
Directors established a dedicated ESG committee to ensure we had a more future-proof
approach to ESG. Given the current relevance of sustainability in the European real estate
world, it was decided to have the entire Board of Directors sit on the ESG Committee.
Note that the chairman of the ESG Committee, Rik Vandenberghe, is the primary liaison
with the ESG team within WDP.
The Board of Directors considered climate as an opportunity when drawing up WDP's
2022-25 growth plan: ENERGY AS A BUSINESS. Moreover, in the new remuneration policy
for the members of the Management Committee and by extension for #TeamWDP, which
is fully in line with the aforementioned growth plan, a clear link has been made to ESG with
very concrete short-term and long-term climate-related targets (net-zero targets).
The Board of Directors receives a regular ESG policy update (at least twice a year) that
addresses the most relevant sustainability themes. This is the basis used for discussing
(climate-related) sustainability risks and opportunities. The reporting is combined with that
of the risk management policy and includes a dashboard showing the progress on the
different tracks embedded in the Company to achieve the ESG objectives.
Description of management's role in assessing and managing
climate-related risks and opportunities
The primary responsibility for identifying and assessing climate-related risks and
opportunities lies with the Head of Energy & Sustainability. At least quarterly, a risk
assessment is carried out within the different WDP departments, which also includes
climate-related risks. The Head of Energy & Sustainability can rely on input from her
team, the risk manager, the risk ambassadors, and the ESG team.
WDP has anchored ESG in the entire organisation for years. The role of the ESG team
is to ensure the alignment and necessary interaction between the environmental, social,
and governance tracks within WDP. The Head of Energy & Sustainability has ownership
over the environmental component, the Head of HR over the social component, and
the General Counsel over governance. Investor relations takes the lead in the reporting
component. Specically for the environmental component, the focus is on evaluating and
managing climate-related risks and opportunities, following up on the objectives in our
Climate Action Plan, evaluating the performance on those objectives, and communicating
to internal and external stakeholders.
TCFD
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187
TCFD
Our risk management policy includes a reporting process where risks are assessed
with our risk assessment tool and reported to the Management Committee via a risk
dashboard. Once the Management Committee has reviewed the proposed risk strategy,
the Energy & Sustainability team jointly with other relevant teams within WDP will be
responsible for the operational implementation of that strategy and continued monitoring
of the risk.
Risk Management
We refer to:
◆
Chapter 8. Risk factors pp. 148 for an overview of WDP substantial risks
◆
Chapter 7. Corporate Governance pp. 139 for more detail about the WDP risk
management policy
◆
WDP's Enterprise Risk Management Policy for more information regarding the risk
assessment process used in WDP
◆
Chapter 3. Strategy and value creation pp. 22 for background on WDP's Climate
Action Plan
Description of WDP's processes for identifying and assessing
climate-related risks
Climate change risks are identied and assessed within our overall risk management
policy. This identication is part of a continuous process where the Sustainability and
Energy team plays a crucial role with the support of the ESG team and risk ambassadors.
Climate change, both transitional and physical, is considered an emerging and further
increasing risk for the activities of WDP. As previously explained, we consider the risk of
climate transition to be one of the key risks for WDP (i.e. both a specic and material risk).
Description of WDP's processes for managing climate-related risks
The responsibility for and management of climate-related risks is assigned to the Head of
Energy & Sustainability and her team, which ensures the operational implementation of
risk response plans, the risk strategy, and continued monitoring of the risk.
For the actions related to managing climate-related risks, we refer to the Climate Action
Plan where concrete actions are proposed per track (Decarb+, Green, Energy) to achieve
our targets. Here, the input of project managers, property managers, sustainability
engineers, and external consultants is essential.
Description of how the processes for identifying, assessing, and
managing climate-related risks are integrated into WDP's overall risk
management
Climate change risks are an integral part of our risk management policy and are subject
to the same system of identication, control, and monitoring.
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2021 Annual Report
188
TCFD
Strategy
As a real estate company, our operations are exposed to both physical and transitional
risks and opportunities with respect to climate change.
Risk due to climate transition
Description
Across the world, we see a tightening of climate policies and regulations to shift the
economy away from fossil fuels towards a lower-carbon economy. Here, WDP takes into
account the obligations and upcoming changes arising from the EU Green Deal, including
the EU Taxonomy, EU Directive on sustainability reporting by companies (CSRD), EU Energy
Performance of Buildings Directive (EPBD), and EU Emission Trading System.
This can result in restrictions being imposed on the letting or the sale of buildings that do not
comply with minimum standards, which can have a negative impact on the Company’s income.
The same goes for technologically obsolete buildings which may require higher maintenance
costs or capex requirements to meet minimum efciency standards and modern work trends.
Tightening climate policies and regulations can give rise to shifts in the Company’s entire value
chain, going from investors to clients’ demands as this might lead to a reduction in available
capital and revenues.
How does WDP
mitigate this risk?
We consider it as one of the key risks that WDP is exposed to and it is further described -
both in terms of its specicity and materiality (nancial impact) and our current risk mitigation
measures - in chapter 8. Risk factors pp. 152.
Physical climate-related risks
Description
As a long-term property owner, we must ensure that our buildings can withstand extreme
weather conditions (oods or droughts, rising sea levels, extreme winds, hurricanes, etc.)
because such events can cause local closures, asset damage, and repair costs. Assets located
in risky locations may be subject to higher insurance premiums and higher maintenance and
investment costs to increase the resilience of the assets.
Moreover, changes in weather patterns associated with rising average temperatures must be
taken into account, which can result in higher operating costs (higher cooling requirements,
more wear and tear on the building, higher recurring operational costs, and possible property
devaluation).
How does WDP
mitigate this risk?
WDP's strategy of developing and investing in high-quality assets in the best locations ts in
perfectly with our objective of developing a resilient portfolio.
In fact, we currently already take specic aspects of climate change into account in our
development process. For example, all (legally required) measures regarding the ooding risk
in the Netherlands (where 50% of WDP’s assets are currently located) are embedded in the
construction and maintenance process.
Climate-related opportunities
Description
WDP considered climate as an opportunity when drawing up WDP's 2022-25 growth plan:
ENERGY AS A BUSINESS.
Here, WDP focuses on the energy transition in which the Company wishes to play an important
role with its warehouses that can function as decentralised energy plants of the future.
How does WDP
incorporate this
opportunity into its
strategy?
M.A.D.E. for FUTURE
We refer to chapter 3. Strategy and value creation pp. 22 for more explanation of the
WDP Climate Action Plan.
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TCFD
Metrics & Targets
We refer to:
◆
Chapter 3. Strategy and value creation pp. 22 for background on WDP's Climate
Action Plan
◆
Chapter 7. Corporate Governance pp. 125 for WDP's remuneration policy
◆
Chapter 9. Reporting according to recognised standards pp. 175 for the 2020 and
2021 metrics (sBPR and GHG protocol)
Disclosure of the metrics WDP uses to assess climate-related risks
and opportunities in line with its strategy and risk management
process.
Climate change and
mitigation
% green-certied assets (as % portfolio value) See pp. 40
Browneld developments
in progress
m² See pp. 37
Energy % electricity consumption from renewable energy
sources
See pp. 35
Energy intensity property portfolio per m² See pp. 179
Renewable energy
production
Total solar energy produced in MWh See pp. 40
GHG GHG intensity property portfolio per m² See pp. 180
GHG intensity WDP corporate ofces per m² See pp. 177
Water Water intensity buildings per m² See pp. 180
Disclosure of Scope 1, Scope 2, and Scope 3 GHG emissions in line
with the Greenhouse Gas Protocol
See chapter 9. Reporting according to recognised standards pp. 184.
Describe WDP's targets for managing climate-related risks and
opportunities and its performance against targets
For the targets, we refer to the Climate Action Plan.
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GRI 102: General disclosures
Page, url or
comment
102-1 Name of the organisation 256
102-2 Activities, brands, products and services 8, 9, 12-18
102-3 Location of headquarters 205, 258
102-4 Location of operations 8, 147
102-5 Ownership and legal form 64, 256
102-6 Markets served 8, 9, 12-18, 84-96
102-7 Scale of the organization 52, 64, 84-96, 198-204
102-8 Information on employees and other workers 50-53, 185, 242
102-9 Supply chain 10-11
102-10 Signicant changes to the organization
and its supply chain
10-11, 18, 27-28, 64,
Supplier Code of Conduct
102-11 Precautionary Principle or approach 12-22, 29-60, 137-143
102-12 External initiatives 27-28
102-13 Membership of associations
Membership in
associations and societies
102-14 Statement from senior decision-maker
Statement by the CEO
102-15 Key impacts, risks and opportunities
12-22, 29-60, 137-143,
148-158, Employee Code
of Conduct, Supplier Code
of Conduct
102-16 Values, principles, standards and norms of behaviour
4, 16-17, 23-24, 46,
135-137, Dealing
Code,Employee Code of
Conduct, Supplier Code
of Conduct, Corporate
Governance Charter
102-17 Mechanisms for advice and concerns about ethics
135-137, Grievance
mechanism, Code of
Ethics
102-18 Governance structure
26, 102-124, Corporate
Governance Charter
102-19 Delegating authority 26
102-20 Executive-level responsibility for economic,
environmental, and social topics
26, 105-113, 119-124
GRI 102: General disclosures
Page, url or
comment
102-21 Consulting stakeholders on economic, environmental,
and social topics
16-17, 27-28
102-22 Composition of the highest governance body
and its committees
105-119
102-23 Chair of the highest governance body 108, 111, 114
102-24 Nominating and selecting the highest governance
body
113, 124
102-25 Conicts of interest 135-137
102-26 Role of highest governance body in setting purpose,
values and strategy
26, 111-112
102-27 Collective knowledge of highest governance body 26, 108-111, 113
102-28 Evaluating the highest governance body’s
performance
114-115
102-29 Identifying and managing economic, environmental,
and social impacts
23-24, 26-28
102-30 Effectiveness of risk management processes
112-113, 137-143,
Corporate Governance
Charter
102-31 Review of economic, environmental and social topics 26, 137-143, 187-190
102-32 Highest governance body’s role in sustainability
reporting
26
102-33 Communicating critical concerns
26, 27-28, 135-143,
Employee Code of
Conduct, Supplier
Code of Conduct
102-35 Remuneration policies 125-134
102-36 Process for determining remuneration 125-134
102-37 Stakeholders’ involvement in remuneration 125-134
102-40 List of stakeholder groups 27-28
102-41 Collective bargaining agreements
www.wdp.eu/ESG/social
102-42 Identifying and selecting stakeholders 16-17, 18, 23, 27-28
102-43 Approach to stakeholder engagement 27-28
102-44 Key topics and concerns raised 27-28
GRI
Annual accounts
Governance
Results
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2021 Annual Report
191
GRI
GRI 102: General disclosures
Page, url or
comment
102-45 Entities included in the consolidated
nancial statements
219
102-46 Dening report content and topic boundaries 23-24
102-47 List of material topics 23-24
102-48 Restatements of information 170-171, 175-183
102-49 Changes in reporting n/a
102-50 Reporting period Financial year from
01.01.2021 to 31.12.2021
102-51 Date of most recent report This report relates to the
activities for the 2021
nancial year. This report
follows the Annual report
2020, published on 28
March 2022.
102-52 Reporting cycle Annual
102-53 Contact point for questions regarding the report 287
102-54 Claims of reporting in accordance with
the GRI Standards
This report has been
prepared in
accordance with the GRI
Standards:
Core option
102-55 GRI content index 191-193
102-56 External assurance Deloitte Bedrijfsrevisoren
issues a report on the
EPRA Earnings forecast,
the consolidated nancial
statements and
a selection of
environmental,
social and governance
indicators, published in
this annual report.
Materiality GRI Standard
Page, url or
comment
Corporate culture
GRI 103 Management
approach
103-1 Explanation of the material topic
and its boundary
46, 194
103-2 The management approach
and its components
40-47
103-3 Evaluation of the management approach 40-47
GRI 102 2018 General
disclosures
102-16 Values, principles, standards
and norms of behaviour
4, 16-17, 23-24, 46,
135-137,Employee
Code of Conduct,
Supplier Code of
Conduct, Corporate
Governance Charter,
Code of Ethics
Attracting and retaining talent
GRI 103 Management
approach
103-1 Explanation of the material topic
and its boundary
50-53, 194
103-2 The management approach
and its components
50-53
103-3 Evaluation of the management approach 50-53
GRI 401 Employment 401-1 New employee hires and employee
turnover
52, 185
GRI 405 Diversity and
equal opportunity
405-1 Diversity of governance bodies
and employees
52, 103, 124, 185
405-2 Ratio of basic salary and remuneration
of women to men
185
Digitisation
GRI 103 Management
approach
103-1 Explanation of the material topic
and its boundary
47, 194
103-2 The management approach
and its components
47
103-3 Evaluation of the management approach 47
GRI 203 Indirect
economic impacts
203-1 Infrastructure investments
and services supported
47, 112
Annual accounts
Governance
Results
Strategy and value creation
This is WDP
WDP
2021 Annual Report
192
GRI
Materiality GRI Standard
Page, url or
comment
Employee development
GRI 103 Management
approach
103-1 Explanation of the material topic
and its boundary
53, 194
103-2 The management approach
and its components
53
103-3 Evaluation of the management approach 53
GRI 404 Training and
education
404-1 Average hours of training per year
per employee
53, 185
404-3 Percentage of employees receiving
regular performance and career development
reviews
185
Energy efficiency
GRI 103 Management
approach
103-1 Explanation of the material topic
and its boundary
30-36, 194
103-2 The management approach
and its components
30-36
103-3 Evaluation of the management approach 30-36
GRI 302 Energy 302-1 Energy consumption within
the organization
169-183
302-2 Energy consumption outside
of the organization
169-183
302-3 Energy intensity 169-183
302-4 Reduction of energy consumption 169-183
302-5 Reductions in energy requirements
of products and services
169-183
Materiality GRI Standard
Page, url or
comment
Health and safety
GRI 103 Management
approach
103-1 Explanation of the material topic
and its boundary
54, 194
103-2 The management approach
and its components
54
103-3 Evaluation of the management approach 54
GRI 403 Occupational
health and safety
403-2 Types of injury and rates of injury,
occupational diseases, lost days, and
absenteeism and number of work-related
fatalities
185
GRI 416 Customer
health and safety
416-1 Assessment of the health and safety
impacts of product and service categories
185
416-2 Incidents of non-compliance concerning
the health and safety impacts of products and
services
185
Good governance
GRI 103 Management
approach
103-1 Explanation of the material topic
and its boundary
47, 194
103-2 The management approach
and its components
47
103-3 Evaluation of the management approach 47
GRI 102 General
information
102-22 Composition of the highest governance
body and its committees
106-119
102-24 Nominating and selecting the highest
governance body
113
102-25 Conicts of interest 135-137
GRI 307
Environmental
compliance
307-1 Non-compliance with environmental
laws and regulations
47, 152
GRI 419 Socio-
economic compliance
419-1 Non-compliance with laws and
regulations in the social and economic area
47, 152
Annual accounts
Governance
Results
Strategy and value creation
This is WDP
WDP
2021 Annual Report
193
Focus themes EPRA indicator
GRI/CRESD
standard
disclosure Category Aspect
Boundary within the
organisation
Boundary outside the
organisation
Attracting and retaining talent Emp-Turnover 401-1 Social Employment WDP Group¹ –
Emp-New Hires 401-1 Social Employment WDP Group¹ –
Diversity-Emp 405-1 Social Diversity and equal opportunity WDP Group¹ –
Diversity-Pay 405-2 Social Diversity and equal opportunity WDP Group¹ –
Corporate culture – – – – WDP Group¹ –
Employee development Emp-Training 404-1 Social Employment WDP Group¹ –
Emp-Dev 404-3 Social Training and education WDP Group¹ –
Good governance Gov-Board 102-22 Economic Governance WDP Group¹ All stakeholders
Gov-Selec 102-24 Economic Governance WDP Group¹ All stakeholders
Gov-Col 102-25 Economic Governance WDP Group¹ All stakeholders
– 307-1 Economic Environmental Compliance WDP Group¹ All stakeholders
– 419-1 Economic Socioeconomic Compliance WDP Group¹ All stakeholders
Digitisation – – – – WDP Group¹ –
Energy efciency Cert-Tot CRE8 Environmental Energy WDP Group¹ Customers
Elec-Abs 302-1 Environmental Energy WDP Group¹ Customers
Elec-LfL 302-1 Environmental Energy WDP Group¹ Customers
DH&C-Abs 302-1 Environmental Energy WDP Group¹ Customers
DH&C-LfL 302-1 Environmental Energy WDP Group¹ Customers
Fuels-Abs 302-1 Environmental Energy WDP Group¹ Customers
Fuels-LfL 302-1 Environmental Energy WDP Group¹ Customers
Energy-Int 302-3, CRE1 Environmental Energy WDP Group¹ Customers
Health and safety H&S-Emp 403-2 Social Health and safety WDP Group¹ –
H&S-Asset 416-1 Social Health and safety WDP Group¹ Customers and suppliers
H&S-Comp 416-2 Social Health and safety WDP Group¹ Customers and suppliers
1 See also 7. Corporate Governance Statement - Group structure.
WDP ESG FOCUS THEMES VS. EPRA SBPR AND GRI-CORE
Annual accounts
Governance
Results
Strategy and value creation
This is WDP
WDP
2021 Annual Report
194
ANNUAL ACCOUNTS
10.
“
Strong results ensure
commercial strength.
Efficient and digital
business operations
WDP
Annual accounts 2021
195
WDP
Annual accounts 2021
196
TABLE OF CONTENTS
1. Annual consolidated financial statement for the 2021 financial year 198
Prot and loss account 198
Consolidated statement of the overall result 200
Components of the net result 200
Balance sheet 201
Cash ow statement 202
Consolidated statement of changes in the shareholders’ equity 203
2. Notes 205
I. General information on the Company 205
II. Basis of presentation 205
III. Accounting principles 206
IV. Signicant accounting judgements and key uncertainties
affecting estimates 213
V. Segmented information – Operating result 214
VI. Segmented information - Assets 217
VII. Information on subsidiaries 218
VIII. Overview of future income 219
IX. Result on the disposal of investment properties 220
X. Financial result 220
XI. Taxes 221
XII. Investment properties 222
XIII. Other tangible xed assets 227
XIV. Financial instruments 230
XV. Assets held for sale 234
XVI. Trade receivables and doubtful debtors 235
XVII. Participation in associated companies and joint ventures 236
XVIII. Tax receivables and other current assets 236
XIX. Capital 237
XX. Provisions 238
XXI. Statement of nancial debt 239
XXII. Other current and non-current nancial liabilities 240
XXIII. Average workforce and breakdown of staff costs 241
XXIV. Transactions between related parties 241
XXV. Rights and obligations not included on the balance sheet 241
XXVI. Financial relations with third parties 242
XXVII. Signicant events after the balance sheet date 243
3. Condensed version of the statutory financial statements
for financial year 2021 244
Prot and loss account 244
Consolidated statement of the overall result 246
Components of the net result 246
Balance sheet 247
Statutory appropriation of results 248
Distribution obligation in accordance with the GVV/SIR Royal Decree
of 13 July 2014 249
Non-distributable shareholders’ equity as per Article 7:212 of the
Belgian Code of Companies and Associations 250
Statement of changes in non-consolidated equity 251
WDP
Annual accounts 2021
197
in euros (x 1,000) Note FY 2021 FY 2020
I. Rental income 255,098 228,401
Rent
VIII
254,663 228,401
Indemnification related to early lease terminations 435 0
III. Costs related to leases 862 48
Rent to be paid for leased premises 548 546
Impairments of trade receivables
XVI
-31 -751
Reversals of impairments of trade receivables
XVI
345 252
Net rental result
V 255,960 228,449
IV. Recovery of property costs 0 0
V. Recovery of rental charges and taxes
normally paid by the tenant on let
properties 23,557 20,525
Re-invoicing rental charges paid out by the owner 12,851 10,620
Re-invoicing advance property levies and taxes on
let buildings 10,706 9,905
VI. Costs payable by tenants and paid out
by the owner for rental damage and
refurbishment at end of lease 0 0
VII. Rental charges and taxes normally paid
by the tenant on let properties -27,900 -24,688
Rental charges paid out by the owner -13,104 -10,840
Advance levies and taxes on let buildings -14,796 -13,848
VIII. Other income and charges related to
leases 26,828 18,417
Property management fees 1,088 1,079
Other operating income/costs 7,985 866
Income from solar energy
XIII
17,754 16,472
Property result
V 278,445 242,703
in euros (x 1,000) Note FY 2021 FY 2020
IX. Technical costs -5,807 -5,420
Recurrent technical costs -5,772 -5,381
- Repairs -4,346 -3,916
- Insurance premiums -1,426 -1,464
Non-recurrent technical costs -35 -40
- Damage -35 -40
X. Commercial costs -896 -685
Estate agency commissions -223 -177
Advertising -433 -330
Lawyers’ fees and legal charges -240 -178
XII. Property management costs -2,379 -2,219
Fees paid to external managers -430 -433
(Internal) property management costs -1,949 -1,786
Property charges
V -9,082 -8,325
Property operating result
V 269,363 234,378
XIV. General Company expenses -16,751 -14,314
X V. Other operating income and expenses
(depreciation and write-down on solar
panels) -1,423 -7,270
Operating result (before the result on the portfolio)
V 251,189 212,793
XVI. Result on disposals of investment
properties
IX 6,410 408
Net property sales (sales price – transaction costs) 22,668 6,450
Book value of properties sold -16,258 -6,042
XVIII. Variations in the fair value of investment
properties
XII 825,957 186,417
Positive variations in the fair value of investment
properties 836,162 227,605
Negative variations in the fair value of investment
properties -10,205 -41,188
Operating result 1,083,557 399,619
Profit and loss account
1. ANNUAL CONSOLIDATED FINANCIAL STATEMENT FOR THE 2021 FINANCIAL YEAR
WDP
Annual accounts 2021
198
in euros (x 1,000) Note FY 2021 FY 2020
XX. Financial income 467 398
Interests and dividends received 302 254
Other financial income 165 144
XXI. Net interest charges -38,513 -37,878
Interest on loans -21,687 -23,644
Interest capitalised during construction 5,169 6,105
Cost of permitted hedging instruments -16,813 -15,933
Other interest charges -5,182 -4,406
XXII. Other financial charges -1,827 -1,194
Bank charges and other commissions -85 -69
Other financial charges -1,742 -1,125
XXIII. Variations in the fair value of financial
assets and liabilities
XIV 52,388 -31,049
Financial result
X 12,516 -69,723
XXIV. Share in the results of associated
companies and joint ventures
XVII 18,623 4,831
Result before taxes 1,114,695 334,727
XXV. Corporate income tax -120,639 -6,126
XXVI. Exit tax 0 0
Taxes
XI -120,639 -6,126
Net result 994,056 328,601
Attributable to:
- Minority interests 11,791 3,991
- Shareholders of the Group
982,266
324,610
Profit and loss account continued
WDP
Annual accounts 2021
199
Components of the net result
in euros (x 1,000) FY 2021 FY 2020
EPRA Earnings 201,190 174,516
Result on the portfolio (including share joint ventures) -
Group share¹ 730,459 187,904
Change in the fair value of financial instruments – Group share 52,388 -31,049
Depreciation and write-down on solar panels (including share
joint ventures) - Group share -1,772 -6,761
Net result (IFRS) - Group share 982,266 324,610
in euros (per share)²
FY 2021 FY 2020
EPRA Earnings 1.10 1.00
Result on the portfolio (including share joint ventures) -
Group share¹ 4.00 1.08
Change in the fair value of financial instruments – Group share 0.29 -0.18
Depreciation and write-down on solar panels (including share
joint ventures) - Group share -0.01 -0.04
Net result (IFRS) - Group share 5.38 1.87
in euros (per share) (diluted)²
FY 2021 FY 2020
EPRA Earnings 1.10 1.00
Result on the portfolio (including share joint ventures) -
Group share¹ 4.00 1.08
Change in the fair value of financial instruments – Group share 0.29 -0.18
Depreciation and write-down on solar panels (including share
joint ventures) - Group share -0.01 -0.04
Net result (IFRS) - Group share 5.38 1.87
1 Including deferred taxes on portfolio result.
2 Calculated on the weighted average number of shares.
Consolidated statement of the overall result
in euros (x 1,000) FY 2021 FY 2020
I. Net result
994,056 328,601
II. Other elements of the overall result
(recoverable through profit and loss) 31,060 4,220
G. Other elements of the comprehensive result, after tax
31,060 4,220
- Revaluation on solar panels 31,060 4,220
Comprehensive result
1,025,116 332,821
Attributable to:
- Minority interests 13,162 3,914
- Shareholders of the Group 1,011,954 328,907
WDP
Annual accounts 2021
200
Balance sheet – Liabilities
in euros (x 1,000) Note 31.12.2021 31.12.2020
Shareholders' equity 3,573,992 2,403,793
I. Shareholders' equity attributable to the
parent company shareholders 3,510,330 2,353,935
A. Capital
XIX 196,378 188,130
Subscribed capital 211,695 200,171
Costs of capital increase -15,317 -12,041
B. Issue premiums 1,206,266 923,843
C. Reserves 1,125,420 917,352
D. Net result for the financial year 982,266 324,610
II. Minority interests 63,662 49,858
Liabilities 2,532,233 2,386,612
I. Non-current liabilities 2,143,942 1,938,131
A. Provisions
XX 160 170
Other 160 170
B. Non-current financial debt
XIV, XXI 1,886,788 1,740,284
Credit institutions 1,676,949 1,438,187
Other 209,839 302,097
C Other non-current financial liabilities
XIV 118,103 175,938
Hedging instruments 67,821 129,901
Other non-current financial liabilities
XXII 50,283 46,038
D Trade payable and other non-current liabilities 4,785 3,552
E. Deferred taxes – Liabilities 134,105 18,187
II. Current liabilities 388,292 448,481
B. Current financial debt
XIV, XXI, XXII 306,891 379,170
Credit institutions 214,429 253,848
Other 92,462 125,323
C. Other current financial liabilities
XIV 183 171
Permitted hedging instruments
0 3
Other current financial liabilities
XXII 183 168
D. Trade payables and other current debts
XIV 46,945 41,439
Exit tax 0 0
Others 46,945 41,439
Suppliers 35,566 34,314
Tax, salaries and social security 11,379 7,125
E. Other current liabilities 6,927 7,049
Other 6,927 7,049
F. Accrued charges and deferred income
XIV 27,346 20,652
Total liabilities 6,106,225 4,790,405
Balance sheet – Assets
in euros (x 1,000) Note 31.12.2021 31.12.2020
Fixed assets 6,025,568 4,728,536
B. Intangible fixed assets 1,101 1,193
C. Investment property
XII 5,795,243 4,566,601
Property available for lease 5,379,045 4,206,902
Property developments 251,673 249,381
Other: land reserves 164,525 110,318
D. Other tangible fixed assets
XIII 164,586 126,719
Tangible fixed assets for own use 4,811 4,366
Solar panels 159,775 122,353
E. Financial fixed assets
XIV 7,126 6,929
Assets at fair value through result 1,184 0
Permitted hedging instruments 1,184 0
Financial assets at amortised cost 5,942 6,929
Other 5,942 6,929
G. Trade receivables and other fixed assets
XIV 5,931 2,747
I. Participations in associated companies and
joint ventures
XVII 51,581 24,346
Current assets 80,657 61,869
A. Assets held for sale 286 15,543
Investment properties
XV 286 15,543
D. Trade receivables
XIV, XVI 14,840 12,073
E. Tax receivables and other current assets
XVIII 50,292 17,232
Tax receivables 4,560 12,240
Other current assets 45,732 4,992
F. Cash and cash equivalents
XIV 9,230 11,240
G. Accruals and deferrals
XIV 6,008 5,781
Total assets 6,106,225 4,790,405
WDP
Annual accounts 2021
201
in euros (x 1,000) Notes FY 2021 FY 2020
Net cash flows concerning investment
activities -353,012 -391,024
Investments -368,271 -395,257
Payments regarding acquisitions of real
estate investments -360,636 -388,971
Purchase of other tangible and intangible
fixed assets -7,635 -6,286
Disposals
22,668 6,450
Receipts from the disposal of investment
properties 22,668 6,450
Financing provided to entities not fully
controlled -7,409 -2,218
Financing provided to entities not fully
controlled
XXIV -11,409 -2,218
Repayment of financing for entities not fully
controlled
XXIV 4,000 0
Net cash flows concerning financing
activities 127,653 158,390
Loan acquisition
XXI
580,498 738,528
Loan repayment
XXI
-517,152 -456,866
Dividends paid² -86,818 -78,264
Capital increase 196,893 0
Interest paid³ -45,768 -45,009
Net increase (+)/decrease (-) in cash and cash
equivalents -2,010 7,636
Cash and cash equivalents, closing balance 9,230 11,240
1 Including the deferred taxes on the investment portfolio as well as the deferred income tax.
2 This is only the cash-out: after all, in 2021 and 2020, an optional dividend was offered, with 58% and 55% of the
shareholders, respectively, opting for payout of the dividend in shares instead of cash.
3 Since 2021, the interest paid are shown under net cash ows concerning nancing activities. Previously these were
presented under net cash ow concering operational activities. The 2020 gures have been adjusted accordingly.
Cash flow statement
in euros (x 1,000) Notes FY 2021 FY 2020
Cash and cash equivalents, opening balance
sheet 11,240 3,604
Net cash flows concerning operating
activities 223,349 240,270
Net result 994,056 328,601
Taxes¹
XI
120,639 6,126
Net interest charges
X
38,513 37,878
Financial income
X
-467 -398
Gain(-)/loss (+) on disposals
IX
-6,410 -408
Cash flows from operating activities before
adjustment of non-monetary items, working
capital and interest paid 1,146,331 371,798
Variations in the fair value of financial derivatives
XIV
-52,388 31,049
Variations in the fair value of investment
properties
XII -825,957 -186,417
Depreciations and write-downs (addition/
reversal) on fixed assets 3,155 8,425
Share in the result of associated companies and
joint ventures
XVII -18,623 -4,831
Other adjustments for non-monetary items 2,683 2,880
Adjustments for non-monetary items -891,130 -148,893
Increase (+)/decrease (-) in working capital
requirements -31,852 17,366
WDP
Annual accounts 2021
202
Consolidated statement of changes in the shareholders’ equity for 2021
in euros (x 1,000)
01.01.2021 Allocation of results from the 2020 financial year
Other elements
of the overall result Other 31.12.2021
Profit
for the
previous
financial
year
Transfer
of result
on
portfolio¹
Transfer
of the
result of
the
participa-
tions
which are
not held
for 100%
by the
mother
company
Dividend
payments
from par-
ticipating
interests
that are
not held for
100% by
the mother
company
Transfer of
variations
in the fair
value of
financial
instru-
ments Other
Net
result
for the
current
financial
year
Variations
in the
fair value
of solar
panels
Capital
increases
Dividends
distributed
and capital
increase as
a result of
an optional
dividend
Reclassifi-
cation with
regard to
the selling of
investment
properties
Minority
interests Other
A. Capital 188,130 0 0 0 0 0 0 0 0 6,014 2,234 0 0 0 196,378
Subscribed capital 200,171 9,115 2,409 211,695
Costs of capital increase -12,041 -3,101 -175 -15,317
B. Issue premiums 923,843 0 0 0 0 0 0 0 0 225,960 56,463 0 0 0 1,206,266
C. Reserves 917,352 324,610 0 0 0 0 0 0 29,688 0 -145,520 0 0 -710 1,125,420
Reserves for the balance of variations in the
fair value of the properties (+/-) 779,081 184,850 395 -4,435 959,891
Reserve for the share in the profit or loss in
the unrealized results of the participating
interests that are not held for 100% by the
mother company 46,163 20,796 -640 66,319
Reserves for the balance of variations in the
fair value of permitted hedging instruments
that are not subject to hedging accounting
as defined in IFRS (+/-) -81,819 -48,085 -129,904
Reserves for the balance of exchange
rate differences for monetary assets and
liabilities (+/-) -184 -184
Reserves for conversion differences arising
from the conversion of a foreign activity 249 249
Reserves for deferred taxes related to
property located abroad -634 -634
Other reserves 31,115 17,347 29,688 -412 77,738
Result carried forward from previous
financial years 143,380 324,610 -184,850 -20,796 48,085 -17,742 -145,520 4,435 342 151,944
D. Net result of the financial year 324,610 -324,610 0 0 0 0 0 982,266 0 0 0 0 0 0 982,266
Total shareholders’ equity attributable to
shareholders of the Group 2,353,935 0 0 0 0 0 0 982,266 29,688 231,974 -86,823 0 0 -710 3,510,330
Minority interests 49,858 11,791 1,372 641 63,662
Total shareholders’ equity 2,403,793 0 0 0 0 0 0 994,056 31,060 231,974 -86,823 0 0 -69 3,573,992
1 This includes the variations in the fair value of the portfolio of WDP NV and of the portfolio of the participation interest held for 100% by the mother company.
WDP
Annual accounts 2021
203
Consolidated statement of changes in the shareholders’ equity for 2020
in euros (x 1,000)
01.01.2020 Allocation of results from the 2019 financial year
Other elements
of the overall result Other 31.12.2020
Profit
for the
previous
financial
year
Transfer of
result on
portfolio¹
Transfer of
the result of
the
participati-
ons which
are not held
for 100% by
the mother
company
Dividend
payments
from par-
ticipating
interests
that are
not held for
100% by
the mother
company
Transfer of
variations
in the fair
value of
financial
instru-
ments
Net result
for the
current
financial
year
Variations
in the
fair value
of solar
panels
Capital
increases
Dividends
distributed
and capital
increase as
a result of
an optional
dividend
Reclassifi-
cation with
regard to
the selling of
investment
properties
Minority
interests Other
A. Capital 185,746 0 0 0 0 0 0 0 0 2,384 0 0 0 188,130
Subscribed capital 197,623 2,549 200,171
Costs of capital increase -11,877 -165 -12,041
B. Issue premiums 876,849 0 0 0 0 0 0 0 0 46,994 0 0 0 923,843
C. Reserves 647,590 393,732 0 0 0 0 0 4,297 0 -127,642 0 0 -627 917,352
Reserves for the balance of variations in
the fair value of the properties (+/-) 513,715 265,172 194 779,081
Reserve for the share in the profit or loss in
the unrealized results of the participating
interests that are not held for 100% by the
mother company 20,094 26,069 46,163
Reserves for the balance of variations in the
fair value of permitted hedging instruments
that are not subject to hedging accounting
as defined in IFRS (+/-) -51,936 -29,883 -81,819
Reserves for the balance of exchange
rate differences for monetary assets and
liabilities (+/-) -184 -184
Reserves for conversion differences
arising from the conversion of a foreign
activity 249 249
Reserves for deferred taxes related to
property located abroad -634 -634
Other reserves 26,818 4,297 31,115
Result carried forward from previous
financial years 139,469 393,732 -265,172 -26,069 29,883 -127,642 -194 -627 143,380
D. Net result of the financial year 393,732 -393,732 0 0 0 0 324,610 0 0 0 0 0 0 324,610
Total shareholders’ equity attributable
to shareholders of the Group 2,103,917 0 0 0 0 0 324,610 4,297 0 -78,264 0 0 -627 2,353,935
Minority interests 45,944 3,991 -78 49,858
Total shareholders’ equity 2,149,861 0 0 0 0 0 328,601 4,220 0 -78,264 0 0 -627 2,403,793
1 This includes the variations in the fair value of the portfolio of WDP NV and of the portfolio of the participation interest held for 100% by the mother company.
WDP
Annual accounts 2021
204
NOTES
2.
Standards and interpretations applicable for the financial year
beginning on or after 1 January 2021
◆
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16 Interest Rate Benchmark
Reform – Phase 2
◆
Amendment to IFRS 16 Leases: COVID-19-Related Rent Concessions beyond 30
June 2021 (applicable for nancial years beginning on or after 1 April 2021 but not yet
endorsed in the European Union)
New or amended standards and interpretations that are not yet
effective
A number of new standards, amendments to standards and interpretations were not
yet in force in 2021, but could have been applied earlier. Unless stated otherwise, WDP
has not yet adopted these. Below is a description of the potential inuence of any new
standards, amendments or interpretations relevant to WDP on the consolidated nancial
statements for 2022 and beyond.
◆
Amendments to IAS 16 Property, Plant, and Equipment: Proceeds before Intended
Use (applicable for nancial years beginning on or after 1 January 2022, but not yet
endorsed in the European Union)
◆
Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets:
Onerous Contracts - Cost of Fulfilling a Contract (applicable for nancial years
beginning on or after 1 January 2022, but not yet endorsed in the European Union)
◆
Amendments to IFRS 3 Business Combinations: Reference to the Conceptual
Framework (applicable for nancial years beginning on or after 1 January 2022, but
not yet endorsed in the European Union)
◆
Annual Improvements to IFRS Standards 2018–2020 (applicable for nancial years
beginning on or after 1 January 2022, but not yet endorsed in the European Union)
◆
IFRS 17 Insurance Contracts (applicable for nancial years beginning on or after 1
January 2023, but not yet endorsed in the European Union)
◆
Amendments to IFRS 4 Insurance Contracts – Extension of the Temporary Exemption
from Applying IFRS 9 (applicable for nancial years beginning on or after 1 January
2023, but not yet endorsed in the European Union)
I. General information on the Company
WDP is a publicly regulated real estate company and has the form of an NV/SA
under Belgian law. Its registered office is at Blakebergen15, 1861 Wolvertem
(Belgium). The phone number is +32 (0)52 338 400.
The annual consolidated nancial statements of the company of 31 December 2021
include the company
and its subsidiaries. The nancial statements were prepared and
released for publication by the Board of Directors on 23 March 2022.
WDP is listed on Euronext Brussels and Amsterdam.
II. Basis of presentation
The annual consolidated nancial statements are drawn up in accordance with the IFRS
(International Financial Reporting Standards) as adopted in the European Union and with
the legal and administrative regulations applicable in Belgium. These standards include
all new and revised standards and interpretations issued by the International Accounting
Standards Board (IASB) and the International Financial Reporting Interpretations
Committee (IFRIC) that apply to the Group's activities and apply to the nancial years
beginning on or after 1 January 2021.
The annual consolidated nancial s tatements a re p resented i n t housands o f euros,
rounded to the nearest thousand. The 2020 and 2021 nancial years are shown in this
document. For historical nancial information for the 2019 nancial year, please refer to
the annual reports for 2020 and 2019.
Accounting methods were consistently applied to the nancial years shown.
The annual report was drawn up in accordance with the ESEF (European Single
Electronic Format) reporting requirements. According to the ESEF requirements, the
primary nancial statements are labelled with XBRL tags. You can nd the annual report
in the iXBRL standard at www.wdp.eu. See also 12. Appendices – Report of the statutory
auditor on the annual financial statements.
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This means that the Group’s assets, liabilities and results are indicated in full. All intragroup
transactions and prots are fully eliminated.
Minority holdings are holdings in subsidiaries that are not held directly or indirectly by
the Group.
Joint ventures
Joint ventures are companies over which the Group has joint control, as specied by
contractual agreement. Such joint control is applicable when the strategic nancial and
operational decisions with regard to the business require unanimous agreement from the
parties that share the control (the shareholders in the joint venture).
As set out in IFRS11 Joint arrangements, the results and balance sheet impact of the
joint ventures I Love Hungaria (in which WDP holds a 50% stake), WDPort of Ghent Big
Box (in which WDP holds a 29% stake), WDP Luxembourg (in which WDP holds a 55%
stake), WVI (in which WDP holds as 50% stake), and nanoGrid (in which WDP holds as
25% stake) processed using the equity accounting method. With regard to the statistics
in relation to the reporting on the portfolio, WDP’s proportionate share in the portfolio of
I Love Hungaria, WDPort of Ghent Big Box, WDP Luxembourg and WVI is still shown.
The result from transactions with the above joint ventures is not eliminated in the amount
of the share of the WDP Group, but fully recognised in the result (under the headings
Operating result (before the result on the portfolio) and Financial result).
Transactions eliminated from the consolidation
All transactions between Group companies, balances and unrealised prots and losses
on transactions between Group companies are eliminated in the preparation of the
annual consolidated nancial statements.
◆
Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities
as Current or Non-current (applicable for nancial years beginning on or after 1
January 2023, but not yet endorsed in the European Union)
◆
Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice
Statement 2: Disclosure of Accounting Policies (applicable for nancial years
beginning on or after 1 January 2023, but not yet endorsed in the European Union)
◆
Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and
Errors: Definition of Accounting Estimates (applicable for nancial years beginning on
or after 1January 2023, but not yet endorsed in the European Union)
◆
Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities
arising from a Single Transaction (applicable for nancial years beginning on or after
1 January 2023, but not yet endorsed in the European Union)
III. Accounting principles
Consolidation principles
Subsidiaries
Subsidiaries are entities over which the company exercises control. A company exercises
control over a subsidiary if, and only if, the parent company:
◆
has control over the shareholding;
◆
is exposed to, or has rights to variable revenues, by virtue of its involvement in the
participation; and
◆
has the ability to use its control over the shareholding to inuence the amount of
investor returns.
The companies in which the Group has control over the nancial and operational policy in
order to benet from its activities are included in full in the Group’s annual consolidated
nancial statements.
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Foreign activities
Assets and liabilities are converted at the closing rate, except for properties, which are
converted at the historical rate. The prot and loss account is converted at the average
rate over the nancial year.
The resulting conversion differences are included in a separate component of
shareholders’ equity. These conversion differences are included in the prot and loss
account when the foreign entity is disposed of, sold or liquidated.
Investment properties
Land and buildings held to generate rental income over the long term are included as
investment properties. On initial recognition, investment properties are valued at the
purchase price, including the transaction costs and directly attributable costs.
Land held for the purposes of initiating property developments with a view to subsequent
leasing and long-term increase in value, but for which no specic construction plans or
project developments (as referred to in the denition of project development) have been
initiated (land reserves), is also deemed to be investment property.
The rights of use recognised in the balance sheet for the concession, ground lease,
or similar leases (due to entry into force of IFRS16) are also considered investment
properties.
The nancing costs directly attributable to acquisition of an investment property are
capitalised as well. If special funds are borrowed for a specic asset, the actual nancing
costs for this loan are capitalised during the period, minus any investment returns from
temporary investment of this loan.
After initial recognition, the investment properties are valued at fair value, in accordance
with IAS 40. From the seller’s perspective, the valuation is after deduction of the
registration fees. These transaction costs depend on the geographical area where these
properties are located.
This entails that the transaction costs are incorporated into the prot and loss account
as per IAS 40. According to the GVV/SIR Royal Decree, this must then be included in the
designated reserves at the end of the nancial year.
Business combinations and goodwill
If WDP acquires control over an integrated set of activities and assets, as dened in
IFRS 3 Business combinations, the identiable assets, liabilities and contingent liabilities
of the acquired company are booked at fair value on the acquisition date. Goodwill is
the positive difference between the acquisition costs and the share of the Group in the
fair value of the acquired net asset. If this difference is negative (negative goodwill), it is
immediately booked in the result after revaluation of the values.
After the initial recognition, goodwill is not written off, but rather subjected to an
impairment test conducted every year on the cash ow generating units to which the
goodwill is allocated. If the book value of a cash-ow-generating unit exceeds the
value in use, the loss of value following from this will be booked in the result and initially
included in the reduction of any goodwill, and subsequently to the other assets of the
unit, in proportion to their book value. An impairment of goodwill cannot be reversed in a
subsequent nancial year.
Foreign currency
The individual nancial statements of each Group member are presented in the currency
of the primary economic environment in which the entity operates (its functional
currency). For the preparation of the annual consolidated nancial statements, the results
and the nancial position of each entity are expressed in euros, which is the functional
currency of the parent company, and the currency used for the presentation of the annual
consolidated nancial statements.
Foreign currency transactions
Transactions in foreign currency are immediately booked at the exchange rate on the
transaction date. Monetary assets and liabilities in foreign currency are converted at the
closing price.
Realised and unrealised exchange rate differences are recognised in the prot and loss
account, except when they relate to intra-group borrowing that meets the denition of
a net investment in a foreign activity. In that case, the exchange rate differences are
included in a separate component of shareholders’ equity and recognised in prot and
loss after disposal of a net investment.
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Capitalisation of nancing costs is suspended during long periods of interruption in active
development. Capitalisation is not suspended during periods of extensive technical and
administrative work. Nor is capitalisation suspended if a temporary delay constitutes an
essential part of the process to prepare a property for its intended use or sale.
The prot/loss realised on the sale is included in the prot and loss account under Result
on disposal of investment properties. The result is determined as per IAS 40 and is the
difference between the sale price and the fair value from the most recent valuation. This
result achieved is recognised at the time of execution of the notarial deed for the sale.
Other tangible fixed assets
General
Other tangible xed assets are valued at their cost less the cumulative depreciations and
write-downs. The cost includes all directly attributable costs and the relevant part of the
indirect costs incurred in preparing the assets for use.
Future disbursements for repairs are immediately recorded in the result unless they
increase the future nancial prots of the asset.
The straight-line depreciation method is applied over the estimated useful life of the
assets. The useful life and depreciation method are reviewed at least once a year at the
end of each nancial year. The tangible xed assets are depreciated according to the
following depreciation rates:
◆
plant, machinery and equipment: 10-33%;
◆
rolling stock: 10-33%;
◆
ofce equipment and furniture: 10-33%;
◆
computers: 10-33%;
◆
other tangible xed assets: 10-20%.
Solar panels
These are valuated under the revaluation model as per IAS 16 Tangible fixed assets.
After initial recognition, assets whose fair value can be reliably established must be
booked at the revalued value, which is the fair value at the time of the revaluation, less
any subsequent accumulated depreciation and special impairments. The fair value is
determined based on the discounting method for future revenues.
Property under construction or development for future use as investment property
(project development) is also included in Investment properties at fair value.
After initial recognition, the projects are valuated at fair value. The fair value takes substantial
development risks into account. In this respect, the following criteria must be met: there
must be a clear understanding of the project costs, all permits required for the project
development must have been obtained and a substantial part of the project development
must be pre-leased (nalised and signed lease). This fair value measurement is based
on the valuation by the independent property expert (in accordance with customary
methods and assumptions) and takes into account costs to be incurred (including an
estimation of unforeseen costs) before nal completion of the project.
All charges directly related to the purchase or construction of immovable goods and
all other investment expenditures are included in the cost of the development project.
In accordance with IAS23, nancing costs attributable directly to the construction or
acquisition of an investment property are also capitalised for the period during which the
investment property is prepared for leasing.
Capitalisation of nancing costs as part of the cost of an eligible asset must begin as
soon as:
◆
expenses are incurred for the asset;
◆
nancing costs are incurred;
◆
activities are in progress to prepare the asset for its intended use.
The activities required to prepare the asset for its intended use include more than just
physical construction of the asset. They also encompass the technical and administrative
work before the start of actual construction, such as activities related to obtaining permits.
However, such activities do not include holding an asset without carrying out any
production or development that changes the condition of the property:
◆
nancing costs that are incurred during preparation of land, for instance, are
capitalised during the period in which these activities occur;
◆
on the other hand, nancing costs incurred in the period that the land is held for
construction purposes without any development activity are not eligible for
capitalisation.
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Special impairments
On the balance sheet date, the tangible and intangible xed assets of the Group are
examined for indications that the book value of an asset is greater than the recoverable
value.
If such indications are present, the realisable value of the asset must be estimated.
Goodwill is subject to an annual test for special impairment, regardless of whether there
is an indication of such.
A special impairment is booked if the book value of an asset or the cash ow generating
unit to which the asset belongs is higher than the realisable value.
The realisable value is the value in use or the fair value less sales charges, whichever
is higher. The value in use is the capitalised value of the expected future cash ows
for the continued use of the asset and its disposal at the end of its useful life, on the
basis of a discount rate that takes into account the current market evaluations for the
time value of the cash and the risks inherent to its assets. The fair value minus sales
charges is the amount that may be realised from the sale of an asset in a commercial,
objective transaction between well-informed independent parties between whom there
is a consensus ad idem, after deduction of the disposal costs.
For an asset that does not generate signicant cash income in itself, the realisable value
is established for the cash ow generating unit to which the asset belongs.
If the book value of an asset or a cash ow generating unit is higher than the realisable
value, the surplus is recorded immediately as a special impairment in the prot and loss
account.
Special impairments recognised in previous nancial years are reversed if a subsequent
increase in the recoverable value can be objectively connected to a circumstance or
event that took place after the special impairment was booked. Special impairments on
goodwill are not reversed.
The useful life of the solar panels is estimated at thirty years, without taking into account
any residual value.
The capital gain when starting a new site is recognised in a separate component of
shareholders’ equity. Capital losses are also recognised in this component, unless
they have been realised or the fair value drops below the original cost less cumulative
depreciation. In the latter case, they are included in the result.
Lease
WDP as lessee
At the start of the lease period, the leases (except for leases with a maximum term of
twelve months and leases whose underlying assets are of low value) are recognised on
the balance sheet as rights of use and lease liabilities at the present value of the future
lease payments. Next, all rights of use that qualify as investment properties are valuated
at fair value, in accordance with the valuation rules detailed under Investment properties.
The minimum lease payments are recognised in part as nancing costs and in part as
settlement of the outstanding liability, in a manner resulting in a constant periodic interest
rate on the remaining balance of the liability. The cost of nancing is offset directly against
the result. The cost of nancing is offset directly against the result. Conditional lease
payments are incorporated as costs in the periods in which they were made.
WDP as lessor
If a lease meets the conditions of a nancial lease (according to IFRS16), WDP as the
lessor will recognise the lease from its start date as a receivable in the balance sheet at
an amount equal to the net investment in the lease. The difference between this latter
amount and the book value of the leased property (exclusive of the value of the residual
right held by WDP) at the start of the lease will be recognised in the prot and loss account
for that period. Each periodic payment made by the lessee will be partly recognised by
WDP as a repayment of the capital and partly as nancial income based on a constant
periodic return for WDP.
The residual right held by WDP will be recognised at its fair value on each balance sheet
date. This value will increase every year and will correspond to the market value of the full
right of ownership at the end of the lease. These increases will be recognised in Changes
in the fair value of investment properties in the prot and loss account.
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Financial liabilities
Financial liabilities are classied as nancial liabilities at fair value through prot or loss or
as nancial liabilities at amortised cost.
Financial liabilities at fair value through profit or loss
Financial liabilities are classied at fair value through prot or loss if they are held for
trading purposes. Specically, for WDP, these are Interest Rate Swaps for which hedge
accounting is not applied to the extent that they have a negative fair value. Financial
liabilities at fair value through prot or loss are valued at fair value, with all resulting
income and expenditures recognised in the result. A nancial liability is included in this
category if it is primarily acquired for sale in the short term. Derivatives are also included
in the category at fair value through prot or loss, unless they are considered to be
hedges and are effective.
Financial liabilities valuated at amortised cost
Financial liabilities valuated at amortised cost, including debts, are initially valuated at fair
value after deduction of the transaction costs. After initial recognition, they are valuated
at amortised cost. The Group’s nancial liabilities valued at amortised cost include the
non-current nancial liabilities (bank debts, lease debts, bond loans), other non-current
liabilities, current nancial liabilities, trade debts and payable dividends in the other
current liabilities.
Revaluations due to variations in foreign currencies of the nancial liabilities measured at
amortized cost are a non-cash item and are therefore considered unavailable.
Equity instruments
Equity instruments issued by the Group are classied based on the economic reality
of the contractual agreements and the denitions of an equity instrument. An equity
instrument is any contract that includes the remaining interest in the assets of the Group,
after deduction of all liabilities. The accounting policies with regard to equity instruments
are described below.
Equity instruments issued by the company are recognised for the sum of the amounts
received (after deduction of directly attributable issue costs).
Financial instruments
Financial assets
All nancial assets are recognised or no longer recognised in the balance sheet on
the transaction date if the purchase or sale of a nancial asset is based on a contract
prescribing conditions for delivery of the asset within the term generally prescribed
or agreed on the market in question and initially valued at fair value, plus transaction
costs, except for nancial assets at fair value with changes in value in the prot and loss
account, which are initially valued at fair value.
The nancial assets are classied in one of the categories provided for in IFRS9 Financial
instruments based on both the business model of the entity for management of the
nancial assets and the properties of the contractual cash ows of the nancial assets
and are recorded on their initial recognition. This classication determines the valuation
of the nancial assets on future balance sheet dates: amortised cost or fair value.
Financial assets at fair value through profit or loss
Financial assets are classied at fair value with changes in value through prot or loss
if they are held for trading purposes. Financial assets at fair value with changes in value
through prot or loss are valued at fair value, with all resulting income and expenditures
recognised in the result. A nancial asset is included in this category if it is primarily
acquired for sale over the short term. Derivatives are also included in the category at
fair value with changes in value through prot or loss, unless they are considered to be
hedges and are effective.
Financial assets at amortised cost
Financial assets at amortised cost are not derivatives and are retained within a business
model geared towards retaining nancial assets to receive contractual cash ows (Held
to collect) and on certain dates, the contractual conditions of the nancial asset give
rise to cash ows that are exclusively for settlement of and interest payments on the
outstanding principal (Solely Payments of Principal and Interest – SPPI). This category
includes cash and cash equivalents, non-current receivables and trade receivables.
Cash equivalents are short-term, very often liquid investments that can be immediately
converted to cash of a known amount, have an original term of no more than three
months and entail no signicant risks of impairment. The cash equivalents held by WDP
consist of bank deposits and are therefore fully valuated at amortised cost.
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◆
it is likely that an outow of funds may be required to settle the obligation; and
◆
the amount of the liability can be reliably estimated.
The recognised provision is the best estimate on the balance sheet date of the funds
needed to settle the existing liability, possibly discounted if the time value of the cash is
relevant.
Employee benefits
The Company has a number of dened contribution retirement schemes. A dened
contribution pension scheme is a pension plan under which the Company pays xed
contributions to a separate company. The Company has no legal or constructive
obligation to pay further amounts should the fund not have sufcient assets to pay out
the pensions of all employees with regard to services that they have provided in current
or past periods of employment. Amounts are recognised as expenses when they are due
and will be included under staff costs at that time.
For permanent personnel, salaries, additional remunerations, retirement compensations,
and compensations for dismissal or disruption are included in the prot and loss account
in the period to which they pertain.
Revenue
Rental income includes rents and revenues directly related to these, such as compensation
for early lease termination.
Revenue is valued at the fair value of the received or receivable compensation. Revenue
is only recognised if it is likely that the economic benets will befall the entity and can be
determined with sufcient certainty.
Rental income, and other income and expenses, are recognised in the prot and loss
account in the period to which they pertain.
The fees for premature lease termination are recognised immediately in the result for the
nancial year.
Derivatives
The Group uses derivatives to limit risks related to unfavourable interest rates resulting
from the operational, nancial and investment activities within the framework of its
operational management. The Group does not use these instruments for speculative
purposes, does not hold any derivatives and does not issue derivatives for trading
purposes.
Derivatives are valuated at fair value as per IFRS 9. The derivatives currently used by
WDP do not qualify as hedging transactions.
As a result, changes in the fair value are immediately included in the result. These
derivatives are included in nancial assets or liabilities with changes in the fair value
through prot or loss.
Assets held for sale
Fixed assets and groups of assets to be disposed of are classied as Assets held for sale
if their book value will mainly be realised in a sale transaction and not by their continued
use. This condition is only met if the sale is highly likely and the asset (or group assets
to be disposed of) is immediately available for sale in its current state. The management
must have agreed to a plan for the sale of the asset (or group assets to be disposed of),
which is expected to be eligible for recognition as a completed sale within one year after
the date of the classication.
A xed asset (or group of assets being disposed of) classied as held for sale is recognised
at book value or fair value less costs of sale, whichever is lower.
Investment properties intended for sale are valued the same way as other investment
properties (at fair value). These investment properties are presented separately in the
balance sheet.
Provisions
A provision is included when:
◆
the Group has an existing – legal or constructive – obligation as a result of an event
in the past;
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Tax on results
GVV/SIR status offers a scally transparent status, given that a GVV/SIR is only subject to
tax on specic components of the result, such as disallowed expenses and exceptional
and gratuitous advantages. No corporate tax is paid on prots from leases or realised
capital gains.
Tax on the result for the nancial year includes taxes due and deductible taxes for the
current and previous reporting periods, the deferred tax and the exit tax due. The tax
charge is recognised in the prot and loss account unless it pertains to components
recognised directly in the shareholders’ equity. This latter case also includes the tax on
shareholders’ equity.
To calculate the tax on the year’s taxable prot, tax rates applicable on the balance sheet
date are used.
Exit taxes – tax on capital gains resulting from a merger of a GVV/SIR with a non-regulated
real estate company – are deducted from the established revaluation surplus at merger
and if applicable are recognised as a liability.
In general, deferred income taxes (tax receivables) are recognised for all taxable
(deductible) temporary differences. Such claims and liabilities are not recorded if the
temporary differences result from the initial recognition of goodwill or the initial recognition
(other than in a business combination) of other assets or liabilities. Deferred tax liabilities
are recognised to the extent that it is likely that a tax benet will be available against
which the deductible temporary difference can be offset. Deferred tax receivables are
reduced when it is no longer likely that the associated tax benet will be realised.
The proceeds from the sale of green energy to the tenant, the sale of green energy to the
lessor and green energy certicates are recognised when the green energy is generated.
Costs
Lease-related costs pertaining to write-downs and decreases in trade receivables that
are recognised in the results if the book value is higher than the estimated realisation
value and the rent to be paid on leased assets.
Rental charges and tax on leased buildings and the recovery of these costs that fall to the
tenant or lessee by law or custom. Depending on the contractual agreements, the owner
may or may not pass these charges on to the tenant.
Other lease-related income and expenses include the passing of management fees on to
tenants as well as other revenues that do not fall under rental income (including revenue
from solar energy).
The Overhead costs of the Company are expenses related to the management and
general operation of WDP. This includes expenses such as general administrative
costs, staff costs for general management, and depreciation of assets used for general
management.
Costs related to works performed in the buildings are booked in various ways depending
on the type of works:
◆
maintenance and repair: maintenance and repair costs are booked as property costs
for the accounting period, given that these do not increase the expected future
economic benets of the building and do not add any functionality or improve the
level of comfort in the building;
◆
improvement and renovation: these are works carried out occasionally to add
features to the property and considerably increase the expected future economic
benets of the building. The costs of these works (materials, contractor remuneration,
technical studies, internal expenses, architect remuneration and interest during the
construction period) are capitalised. Examples: installation of a new air conditioning
system, new roof, thorough renovation of all or part of the building. Worksites for
which costs are being capi talised are identied beforehand according to the above-
mentioned criteria.
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Assumptions in determining the fair value of solar panels
WDP has made a signicant investment in solar energy. The solar panels or PV systems
installed on a number of sites are valued, after initial recognition, according to the
revaluation model as per IAS 16 and booked as xed assets under Other tangible fixed
assets. This revaluation is booked directly in shareholders’ equity. No best practice is
available for the valuation method for this asset class. The fair value of PV systems is
calculated according to a valuation model based on future cash ows (see explanatory
noteXIII. Other tangible fixed assets).
Assumptions in determining the financial liability in accordance with
IFRS16
For some of its investments, WDP does not have full ownership, but rather only usufruct
through a concession, ground lease, or similar arrangement. Specically, a nancial
liability is recognised for this in accordance with IFRS16. This nancial liability is the
present value of all future lease payments. The calculation of the present value of
these future lease payments involves a few assessments and estimates, in particular in
determining the duration of the concession (depending on concession contract extension
options, on the one hand, and, on the other hand, on the economic life of the building
that the property appraiser applies in determining the fair value) and in determining the
incremental interest rate as the discount rate for the lease payments. The discount rate
applied in determining this liability was based on a combination of the interest curve
plus a spread according to the WDP credit risk, both in line with the remaining duration
of the underlying right of use (see explanatory noteXIV. Financial instruments). Here, the
interest curve is based on observable market data. The spread is based on recent WDP
transactions and then updated based on market trends and extrapolated as a function of
the timeframe; consequently, this is a non-observable input. For a sensitivity analysis of
this discount rate, please refer to explanatory noteXIV. Financial instruments.
IV. Significant accounting judgements and
key uncertainties affecting estimates
Significant estimates in the drawing up of financial statements
◆
Determining whether control, joint control or signicant inuence is being exercised
over investments (see explanatory noteIII. Accounting principles).
◆
Determining whether an entity holding investment property is a business, and thus
also determining, in the acquisition of control over an entity of this kind, whether
the acquisition is regarded as an IFRS 3 Business combination, is a signicant
assessment.
◆
Determining whether derivatives qualify for hedge accounting. The Group has no
hedging instruments that would qualify for this, and thus changes in the fair value
of hedging instruments are incorporated through the prot and loss account (see
explanatory noteXIV. Financial instruments).
Determining the fair value of investment property
The fair value of the investment properties is determined by independent property experts
according to the GVV/SIR regulations (see explanatory note XII. Investment properties).
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213
V. Segmented information – Operating result
in euros (x 1,000)
FY 2021
Belgium
The
Netherlands France Romania
Unallocated
amounts Total IFRS Luxembourg² Germany²
Other joint
ventures²
I. Rental income 77,234 122,697 6,854 48,313 0 255,098 2,886 271 0
III. Costs related to leases 256 455 548 -397 0 862 46 0 0
Net rental result 77,491 123,153 7,401 47,916 0 255,960 2,932 271 0
IV. Recovery of property costs 0 0 0 0 0 0 0 0 0
V. Recovery of rental charges normally
paid by the tenant on let properties 8,341 1,982 1,652 11,582 0 23,557 106 0 0
VI. Costs payable by tenants and paid
out by the owner for rental damage
and refurbishment at end of lease 0 0 0 0 0 0 0 0 0
VII. Rental charges and taxes normally
paid by the tenant on let properties -8,801 -5,313 -1,640 -12,146 0 -27,900 -121 0 0
VIII. Other income and charges related to
leases¹ 14,165 5,404 148 7,110 0 26,828 50 0 0
Property result 91,196 125,226 7,562 54,462 0 278,445 2,967 271 0
IX. Technical costs -2,266 -2,902 -226 -414 0 -5,807 -43 -18 0
X. Commercial costs -918 354 -114 -218 0 -896 -4 -50 -2
XII. Property management costs -1,585 -370 -20 -404 0 -2,379 -12 0 0
Property charges -4,769 -2,917 -360 -1,036 0 -9,082 -59 -68 -2
Property operating results 86,427 122,309 7,202 53,426 0 269,363 2,907 203 -2
XIV. General company expenses 0 0 0 0 -16,751 -16,751 -358 -25 -33
XV. Other operating income and
expenses (depreciation and write-
down on solar panels) -2,550 -1,199 0 2,326 0 -1,423 0 0 0
Operating result (before result on the
portfolio) 83,877 121,110 7,202 55,752 -16,751 251,189 2,549 178 -35
XVI. Result on disposals of investment
properties 6,410 0 0 0 0 6,410 0 0 0
XVIII. Variations in the fair value of
investment properties 341,108 390,139 45,433 49,278 0 825,957 9,267 8,551 4,402
Operating result 431,395 511,248 52,635 105,030 -16,751 1,083,557 11,816 8,729 4,367
WDP
Annual accounts 2021
214
in euros (x 1,000)
FY 2020
Belgium
The
Netherlands France Romania
Unallocated
amounts Total IFRS Luxembourg² Germany²
Other joint
ventures²
I. Rental income 73,007 110,723 6,855 37,816 0 228,401 2,044 76 0
III. Costs related to leases 373 247 -495 -79 0 48 -35 0 0
Net rental result 73,381 110,970 6,361 37,737 0 228,449 2,009 76 0
IV. Recovery of property costs 0 0 0 0 0 0 0 0 0
V. Recovery of rental charges normally
paid by the tenant on let properties 8,001 1,806 1,462 9,256 0 20,525 82 0 0
VI. Costs payable by tenants and paid
out by the owner for rental damage
and refurbishment at end of lease 0 0 0 0 0 0 0 0 0
VII. Rental charges and taxes normally
paid by the tenant on let properties -8,501 -4,705 -1,520 -9,963 0 -24,688 -89 0 0
VIII. Other income and charges related to
leases¹ 10,336 5,652 128 2,301 0 18,417 36 1 0
Property result 83,217 113,723 6,431 39,332 0 242,703 2,039 77 0
IX. Technical costs -2,362 -2,696 -190 -172 0 -5,420 -35 -18 0
X. Commercial costs -701 188 -75 -97 0 -685 -8 -77 0
XII. Property management costs -1,540 -275 -40 -365 0 -2,219 -5 0 0
Property charges -4,604 -2,783 -304 -634 0 -8,325 -47 -95 0
Property operating results 78,613 110,940 6,127 38,698 0 234,378 1,992 -18 0
XIV. General company expenses 0 0 0 0 -14,314 -14,314 -241 -16 31
XV. Other operating income and
expenses (depreciation and write-
down on solar panels) -3,200 -1,523 0 -2,548 0 -7,270 0 0 0
Operating result (before result on the
portfolio) 75,414 109,417 6,127 36,150 -14,314 212,793 1,751 -34 31
XVI. Result on disposals of investment
properties 409 -20 20 0 0 408 0 0 0
XVIII. Variations in the fair value of
investment properties 65,462 115,980 3,408 1,567 0 186,417 4,544 752 0
Operating result 141,285 225,376 9,555 37,717 -14,314 399,619 6,295 718 31
1 In 2021, income from solar energy totalled 17.754 million euros against 16.472 million euros in 2020. This income was generated in Belgium (8.637 million euros), the Netherlands (5.363 million euros) and Romania (3.754 million euros). In addition
to the income from solar energy, the property management fees and other operating income/costs are part of the Other income and charges related to leases. The other income and charges related to leases of 2021 include a non-recurring income
related to the green certicates in Romania of 3.6 million euros, next to some remaining non-recurring fees.
2 The joint ventures are incorporated using the equity accounting method, as per IFRS 11 Joint arrangements. The table shows the operating result (before overhead expenses and based on the proportionate share of WDP) and then gives the
reconciliation with the proportionate share in the results of these entities, as reported under the equity accounting method as per IFRS.
WDP
Annual accounts 2021
215
The basis for reporting per segment within WDP is the geographical region. This
segmentation basis reects the geographical markets in Europe in which WDP is active.
WDP's activity is divided into six regions. More information on which subsidiaries are
located within the geographical regions can be found in the group structure, see note
VII. Information on subsidiaries.
This segmentation is important for WDP given that the nature of its business, its clients,
etc. represent similar economic characteristics within these segments. Business
decisions are taken at this level, and different key performance indicators (such as rental
yield, occupancy rates, etc.) are monitored in this manner.
A second segmenting basis is not considered relevant by WDP as the business mainly
focuses on the leasing of logistics sites.
WDP
Annual accounts 2021
216
VI. Segmented information - Assets
31.12.2021
in euros (x 1,000) Belgium
The
Netherlands France Romania Total IFRS Luxembourg Germany
Other joint
ventures
Investment properties 1,887,799 2,817,726 175,208 914,509 5,795,243 67,680 23,947 6,896
Existing buildings 1,848,822 2,575,827 174,550 779,846 5,379,045 56,806 4,641 0
Projects under development for own account 9,315 185,707 0 56,650 251,673 10,874 19,306 6,896
Land reserves 29,662 56,192 658 78,013 164,525 0 0 0
Assets held for sale 286 0 0 0 286 0 0 465
Other tangible fixed assets 76,415 62,540 0 25,632 164,586 15 0 0
Tangible fixed assets for own use 2,281 29 0 2,501 4,811 15 0 0
Other: solar panels 74,134 62,511 0 23,130 159,775 0 0 0
31.12.2020
in euros (x 1,000) Belgium
The
Netherlands France Romania Total IFRS Luxembourg Germany
Other joint
ventures
Investment properties 1,446,576 2,248,610 129,304 742,112 4,566,601 53,703 4,443 3,276
Existing buildings 1,330,811 2,111,564 128,790 635,738 4,206,902 49,512 4,443 0
Projects under development for own account 97,733 95,581 0 56,067 249,381 4,191 0 3,276
Land reserves 18,032 41,465 514 50,307 110,318 0 0 0
Assets held for sale 15,543 0 0 0 15,543 0 0 544
Other tangible fixed assets 62,217 50,625 0 13,877 126,719 0 0 0
Tangible fixed assets for own use 2,047 82 0 2,237 4,366 0 0 0
Other: solar panels 60,170 50,543 0 11,639 122,353 0 0 0
WDP
Annual accounts 2021
217
VII. Information on subsidiaries
Share of equity 31.12.2021 31.12.2020
Name and full address of the registered offices % Ownership % Voting rights Method of consolidation % Ownership
WDP NV
- Blakebergen 15 - 1861 Wolvertem - Belgium
Parent company Parent company
WDP France SARL - rue Cantrelle 28 - 36000 Châteauroux - France 100% 100% Full Consolidation 100%
WDP Nederland N.V. - Hoge Mosten 2 - 4822 NH Breda - Netherlands
100% 100%
Full Consolidation
100%
WDP Development NL N.V. - Hoge Mosten 2 - 4822 NH Breda - Netherlands¹ 100% 100% Full Consolidation 100%
Eurologistik 1 Freehold BVBA - Blakebergen 15 - 1861 Wolvertem - Belgium² 100% 100% Full Consolidation 100%
WDP Invest NV/SA - Blakebergen 15 - 1861 Wolvertem - Belgium³ 100% 100% Full Consolidation 100%
WDP Romania SRL - Office Center Equilibrium - Strada Gara Herstrau 2, Etaj 10 - 077190
Bucarest - Romania³ 85% 85%
Equity method
80%
I Love Hungaria NV/SA - Mechelsesteenweg 64, Bus 401 - 2018 Antwerp - Belgium
4
50% 50% Equity method 50%
WDPort of Ghent Big Box NV - Blakebergen 15 - 1861 Wolvertem - Belgium
5
29% 29% Equity method 29%
nanoGrid BV - Churchillsteenweg 17 - 9320 Aalst - Belgium
6
25% 25% Equity method
WDP Luxembourg SA - Zone d'activité économique Wolser G 440 - 3434 Dudelange -
Luxembourg
7
55% 55%
Equity method
55%
WVI GmbH - Tillypark 1 - 86633 Neuburg a.d. Donau - Germany
8
50% 50% Equity method 50%
1 WDP Development NL N.V. was founded in August 2011 as a permanent development company for own account of
WDP Nederland N.V.
2 On 7 June 2013 WDP acquired 100% of the shares in Eurologistik 1 Freehold BVBA, holding the rights to an existing
logistic site in Vilvoorde.
3 As part of the streamlining of the Group and its foreign non-REIT participations, the shares of WDP Romania SRL and
WDP Luxembourg SA held by WDP NV/SA were contributed to WDP Invest NV/SA on 22 December 2020 by way
of capital increase by contribution in kind. WDP Invest acts as an autonomous investment and nancing vehicle for
the international activities of the Group as from the aforementioned date. The participation ratio between WDP and
partner/entrepreneur Jeroen Biermans changed in 2021 due to a capital increase from 80/20 to 85/15.
4 This is a joint venture founded in May of 2015 between WDP NV/SA and project developer L.I.F.E. NV/SA with a view to
redevelopment of the Hungaria building in Leuven.
5 The joint venture was set up in December 2020 between WDP NV/SA and the co-shareholders Sakolaki and Vendis Capital
(shareholders of Exterioo, Juntoo and X²O Badkamers), in view of the expansion of the WDPort of Ghent that will be leased
by these retailers.
6 WDP and energy proptech company nanoGrid (founded by Joost Desmedt) cemented their partnership with a 25% stake in
the last quarter of 2021.
7 This is a joint venture, of which the Luxembourg government owns 45% and of which WDP acquired 55% of the shares on
13 October 2017.
8 8 On the 18th of December 2019 WDP NV/SA bought, through its fully subsidiary WDP Invest NV/SA, a participation in of
50% in WVI Gmbh, a joint venture with VIB Vermögen.
WDP
Annual accounts 2021
218
The group structure is shown visually under 7. Corporate Governance Statement.
I love Hungaria NV/SA, WDPort of Ghent Big Box NV, nanoGrid BV, WDP Luxembourg
SA, and WVI GmbH are the joint ventures in the Group and are consolidated under the
equity accounting method.
A reconciliation difference does not exist between the value recognised on the
balance sheet under the equity accounting method and the proportionate share of the
shareholders’ equity of these joint ventures, nor were dividends paid out from these joint
ventures, nor do any limits apply to cash transfers to other Group companies.
In the segmented information, WDP Luxembourg and WVI are shown separately, given
the geographic distance. I Love Hungaria, WDPort of Ghent Big Box, and nanoGrid are
shown under Other joint ventures.
VIII. Overview of future income
in euros (x 1,000) 2021 2020
Future rental income (including income from solar energy)
less than one year 276,042 246,279
one to five years 765,160 689,309
more than five years 833,584 736,580
Total 1,874,786 1,672,168
This table contains an overview of the future rental income (including the income from
solar energy) under the current agreements. It is based on the non-indexed rents received
up to and including the rst due date, as set out in the leases.
The impact of the applied indexing of rents amounts to an average of 1.3% and 1.6% for
the 2021 and 2020 nancial years, respectively.
The future income with respect to the previous year rose by 12.1%. This mainly stems
from the strong portfolio growth (see also 6. Financial results and property report).
Type lease agreement
Rents are normally paid monthly in advance (sometimes quarterly). They are indexed
annually on the anniversary date of the lease.
According to the contractual provisions, taxes and charges (including withholding tax),
insurance premiums and collective charges are passed on to the tenant. The tenant must
pay a monthly (or quarterly) charge for this. The tenant receives an annual invoice for the
actual expenses.
To ensure compliance with the duties that the contract imposes on the tenant, the latter
must provide a deposit, usually in the form of a bank deposit equivalent to six months
of rent.
At the start of the lease contract, a joint property survey is conducted between the parties
by an independent expert. On expiry of the contract, the tenant must return the leased
space in the same condition as described in the move-in inspection report, apart from
normal wear and tear. A move-out inspection report is prepared. The tenant must pay for
repairing any damage that is determined, and should the premises be unavailable during
repair.
The tenant is not permitted to carry out any high-risk activities in the spaces it rents,
without the prior written approval of WDP. In such cases, WDP may demand that the
tenant take certain precautions. Before the end of the contract, tenants who have
performed a risk activity during the lease period must have an exploratory soil inspection
carried out, and if soil pollution is established, pay for any clean-up operations and
consequential damage.
The tenant is responsible for obtaining operational and environmental authorisation.
Refusal or withdrawal of such authorisation will not be cause for dissolution or annulment
of the contract.
The tenant may not transfer the contract or sublease the leased premises without prior
written authorisation from WDP.
If approval is granted to transfer a lease, the original tenant shall remain jointly and
severally liable to WDP.
The tenant is obligated to register the agreement at its own expense.
WDP
Annual accounts 2021
219
X. Financial result
in euros (x 1,000) FY 2021 FY 2020
Financial income 467 398
Interest and dividends received 302 254
Other financial income 165 144
Net interest charges -38,513 -37,878
Interest on loans -21,687 -23,644
Interest capitalised during construction 5,169 6,105
Cost of permitted hedging instruments -16,813 -15,933
Interest charges related to leasing debts booked in
accordance with IFRS 16 -2,475 -2,470
Other interest charges -2,707 -1,936
Other financial charges -1,827 -1,194
Bank charges and other commission -85 -69
Other financial charges -1,742 -1,125
Variations in the fair value of financial assets and liabilities 52,388 -31,049
Financial result 12,516 -69,723
The comments on the nancial result are available under 6. Financial results and property
report on page 72.
WDP’s risk policy with respect to the nancial policy is explained in
8. Risk factors on page 153. The derivatives currently used by WDP do not qualify as
hedging transactions. As a result, changes in the fair value are immediately included in
the result.
IX. Result on the disposal of investment properties
in euros (x 1,000) FY 2021 FY 2020
Net property sales (sales price – transaction costs) 22,668 6,450
Book value of properties sold -16,258 -6,042
Result on the disposal of investment properties 6,410 408
A capital gain of 6.4 million euros was achieved. In 2021, the site at Anderlecht – Frans
Van Kalkenlaan (Belgium) and a part of the site at Leuven – Vaart 25-35 (Belgium) were
sold.
WDP
Annual accounts 2021
220
XI. Taxes
in euros (x 1,000) FY 2021 FY 2020
Corporate tax and exit tax -7,497 -2,620
Deferred taxes -113,226 -2,727
Advance levy on mandatory dividends from subsidiaries 84 -779
Total -120,639 -6,126
When preparing the prot and loss account, a situation was taken into account as of
1January 2021 in which WDP could not continue to qualify as FBI in the Netherlands,
due to the current signicant uncertainty in view of the tax ruling that was revoked as of
1January 2021, as previously explained at the publication of the 2020 annual results in
January 2021.
1
In 2021, this had an impact on EPRA earnings of approximately 3.6 million euros, and an
impact on the portfolio result in 2021 of 99.2 million euros through a deferred tax on the
portfolio result. WDP processes these commissions in its accounts out of a principle of
prudence. Given that a tax ruling is not an absolute requirement to be able to apply the
FBI regime, and that WDP believes that it meets all the conditions, the circumstances
and facts are unchanged, the company will continue to le its tax returns as an FBI.
Moreover, some important steps were recently taken with the competent authorities in
the Netherlands regarding the preservation of the FBI regime, but this is not yet certain.
1 See the press release dated 29 January 2021.
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Annual accounts 2021
221
XII. Investment properties
31.12.2021
in euros (x 1,000) Belgium Netherlands France Romania Total IFRS Luxemburg Germany
Level according to IFRS 3 3 3 3 3 3
Fair value as at previous financial year-end 1,446,576 2,248,610 129,304 742,112 4,566,601 53,703 4,443
Investments 49,594 124,877 471 80,868 255,812 4,710 6,779
New acquisitions 16,223 54,101 0 42,494 112,818 0 4,175
Acquisition of investment properties by means of share-based payment
transactions 35,075 0 0 0 35,075 0 0
Transfers to fixed assets held for sale -777 0 0 0 -777 0 0
Disposals 0 0 0 -243 -243 0 0
Changes in the fair value 341,108 390,139 45,433 49,278 825,957 9,267 8,550
Latent changes in existing premises (+/-) 324,094 345,634 45,433 46,954 762,115 6,735 4,269
Latent changes in assets under construction (+/-) 17,014 44,505 0 2,324 63,843 2,532 4,281
Fair value as at 31.12.2021 1,887,799 2,817,726 175,208 914,509 5,795,243 67,680 23,947
Acquisition price 1,083,338 1,948,689 107,508 821,636 3,961,171 50,050 14,644
Insured value¹ 987,788 1,490,779 92,978 622,916 3,194,461 80,923 10,300
Rental income during 2021 77,234 122,697 6,854 48,313 255,098 2,886 271
31.12.2020
in euros (x 1,000) Belgium Netherlands France Romania Total IFRS Luxemburg Germany
Level according to IFRS 3 3 3 3 3 3
Fair value as at previous financial year-end 1,319,613 1,922,433 125,553 634,742 4,002,340 40,676
Investments 71,199 168,141 343 90,372 330,054 8,438 4
New acquisitions 6,393 44,753 0 15,432 66,578 0 3,687
Acquisition of investment properties by means of share-based payment
transactions 0 0 0 0
0
0 0
Transfers to fixed assets held for sale -16,090 0 0 0 -16,090 0 0
Disposals 0 -2,698 0 0 -2,699 0 0
Changes in the fair value 65,462 115,980 3,408 1,567 186,417 4,544 752
Latent changes in existing premises (+/-) 59,555 91,312 3,408 -2,836 151,438 4,348 752
Latent changes in assets under construction (+/-) 5,908 24,668 0 4,403 34,979 197 0
Fair value as at 31.12.2020 1,446,576 2,248,610 129,304 742,112 4,566,601 53,703 4,443
Acquisition price 978,824 1,769,961 107,036 698,519 3,554,340 45,423 3,691
Insured value¹ 861,224 1,426,978 92,978 524,560 2,905,740 81,902 9,988
Rental income during 2020 73,007 110,723 6,855 37,816 228,401 2,044 76
1 The insured value is the new-build value for which 100% of the property portfolio is insured. This is excluding the land.
WDP
Annual accounts 2021
222
Capital expenditures pertain to investments made as part of new acquisitions, in-house
project developments, and investments within the existing portfolio (for more information,
see 6. Financial results and property report on page 75.
The property portfolio is valued at fair value. The fair value is based on the and
consequently the assets within the investment properties up to level 3 of the fair value
hierarchy as determined in accordance with IFRS. No changes in the fair value hierarchy
level took place in 2021. For information: Level 1 of the fair-value hierarchy species that
the fair value is based on listed (non-adjusted) prices in an active market for identical
assets or liabilities, while level 2 is based on different information from level 1, which can
be determined directly or indirectly for the assets or liabilities in question.
No assets are valued according to their highest, optimum use, as no assets are being
used for less than their optimum use.
The positive change in the valuation of investment properties is due to the downward
trend of yields for logistics property in the investment market, as well as the increase in
the estimated market rent values and unrealised capital gains on project developments
(both completed and in progress).
The gross rental yield, after the addition of the estimated market rent value of the non-
leased parts, is 5.2% as of 31 December 2021, compared to 6.1% at the end of 2020.
In 2021, WDP identied a net investment volume of about 500 million euros (including
solar panels). This was achieved in the different core markets: the Benelux region, France
and Romania. Benelux, France, Germany, and Romania. For a detailed description of
the various individual acquisitions and the pre-leased and other projects completed and
under construction, please see 4. Performance on page 43.
The following table shows a comparison between the annual rental income for purchased
properties and the rental income actually received since the purchase of the properties
in the course of 2021 (in particular the year of purchase of these properties). In 2021, it
was also decided to sell some non-strategic sites in Leuven and Anderlecht. These sites
generated rents in an amount of 202,391 euros in 2021.
Acquired properties
in euros (x 1,000) Country
Annual rental
income
Actual rental
income 2021
Desteldonk, Korte Mate 1 BE 550 531
Lokeren, Brandstraat 30 BE 1,571 367
Londerzeel, Technologielaan 3 BE 860 220
Hasselt, Hanzeweg 18-21-22 NL 67 2
Dej, Henri Coanda 13A RO 476 48
Total 3,524 1,168
1. Valuation method
The estimation of a site consists of determining its value on a specic date, in other
words, the price at which the site would likely be tradable between well-informed buyers
and sellers, in the absence of information asymmetries, who wish to perform a similar
transaction, without taking account of any particular agreement between them. This value
is the investment value when it corresponds to the total price payable by the buyer, plus
any transaction costs or VAT, if the purchase is subject to VAT. The fair value, in the sense
of the IAS/IFRS reference scheme, can be obtained by deducting an adjusted minimum
charge for transaction costs and/or the VAT from the investment value. To calculate the
changes in the fair value, the hypothetical local transaction costs are deducted from the
investment value. On average, these breakdown as follows by country: Belgium: 2.5%,
The Netherlands: 8.2%, France: 5.6%, Germany: 7.6%, Luxembourg: 7% and Romania:
1.5%.
WDP
Annual accounts 2021
223
Non-observable inputs in the determination of fair value
1
Level
according
to IFRS
Classification
according to
geographic area
Fair value on
31.12.2021 in
euros (x 1,000) Valuation method Input
Range (min./max.) (weighted
average) on 31.12.2021
Range (min./max.) (weighted
average) on 31.12.2020
3 Belgium 1,895,447 Discounted cash flow &
Income capitalisation
ERV (euro/m²)² 25 - 98 euro/m² (46 euro/m²) 23 - 123 euro/m² (43 euro/m²)
Discount rate 3.3% - 6.7% (4.5%) 3.7% - 7.6% (5.8%)
Capitalisation factor (required return) 3.4% - 7.5% (4.8%) 4.2% - 8.1% (5.7%)
Remaining lease duration (until first break) 1 month - 49 years (5.2 years) 1 month - 26 years (4.2 years)
Remaining lease duration (until expiry date) 1 month - 49 years (8.0 years) 1 month - 49 years (6.6 years)
3 The Netherlands 2,817,726 Income capitalisation ERV (euro/m²)² 27 - 87 euro/m² (54 euro/m²) 25 - 85 euro/m² (49 euro/m²)
Capitalisation factor (required return) 3.1% - 8.3% (4.2%) 3.9% - 9.9% (5.1%)
Remaining lease duration (until first break) 1 month - 18 years (5.6 years) 1 month - 19 years (6.2 years)
Remaining lease duration (until expiry date) 1 month - 18 years (5.9 years) 1 month - 20 years (6.6 years)
3 France 175,208 Income capitalisation ERV (euro/m²)² 33 - 42 euro/m² (40 euro/m²) 38 - 40 euro/m² (39 euro/m²)
Capitalisation factor (required return) 3.9% - 4.8% (4.3%) 4.8% - 7.2% (5.6%)
Remaining lease duration (until first break) 1 year - 8 years (3.6 years) 1.5 years - 9 years (3.7 years)
Remaining lease duration (until expiry date) 1 year - 8 years (5.3 years) 2 years - 9 years (5.5 years)
3 Romania 914,509 Income capitalisation ERV (euro/m²)² 24 - 84 euro/m² (47 euro/m²) 24 - 82 euro/m² (48 euro/m²)
Capitalisation factor (required return) 6.8% - 8.3% (7.0%) 7.3% - 9.3% (7.5%)
Remaining lease duration (until first break) 1 month - 13 years (6.4 years) 1 month - 14 years (6.7 years)
Remaining lease duration (until expiry date) 1 month - 29 years (7.6 years) 1 month - 27 years (8.0 years)
3 Luxembourg 67,680 Income capitalisation ERV (euro/m²)² 60 euro/m² (60 euro/m²) 60 euro/m² (60 euro/m²)
Capitalisation factor (required return) 4.4% (4.4%) 4.9% - 5.2% (4.9%)
Remaining lease duration (until first break) 4 years - 11 year (8.1 year) 5 years - 12 years (9.1 year)
Remaining lease duration (until expiry date) 5 years - 13 years (9.6 years) 6 years - 14 years (10.7 years)
3 Germany 23,947 Income capitalisation ERV (euro/m²)² 46 euro/m² (46 euro/m²) 46 euro/m² (46 euro/m²)
Capitalisation factor (required return) 5.6% (5.6%) 5.6% (5.6%)
Remaining lease duration (until first break) 1 year - 3 years (1.8 years) 4 years (4 years)
Remaining lease duration (until expiry date) 1 year - 4 years (2.6 years) 7 years (7 years)
1 For other non-observable inputs not shown in the above table, please refer to 9. Reporting according to recognised
standards on page 179 and 6. Financial results and property report on page 90 (year of construction and lettable
area in m²).
2 For the ERV, only the rents for the available spaces are taken into account. The wide range (min./max.) is due to the different
kinds of storage premises (from outdoor storage to refrigerated warehouses).
The summary above shows the non-observable inputs used to determine the fair value of
the existing property portfolio and for the projects under development.
WDP
Annual accounts 2021
224
Sensitivity of valuations
The sensitivity of the fair value with regard to changes in signicant non-observable
inputs used in determining the fair value of objects classied as level3 according to the
IFRS fair-value hierarchy, is as follows (ceteris paribus):
Non-observable input
Impact on fair value at:
Decrease Increase
ERV (in euros/m²) negative positive
Discount rate positive negative
Required yield positive negative
Remaining lease duration (until first break) negative positive
Remaining lease duration (until expiry date) negative positive
Occupation rate (EPRA) negative positive
Projected growth in rent (inflation) negative positive
In addition, it is usually the case that an increase (decrease) in the remaining period of a
rental contract leads to an increase (decrease) in the discount rate (and required yield).
An increase (decrease) in the occupancy rate may result in a decrease (increase) in the
discount rate (and required yield).
In addition, the sensitivity of the fair value of the portfolio can be estimated as follows
(based on a ceteris paribus approach): the effect of an increase (decrease) of 1% of rental
income leads to an increase (decrease) in the fair value of the portfolio of approximately
59 million euros (ceteris paribus). The effect of an increase (decrease) in the required
return of 25 basis points gives rise to a decrease (increase) in the fair value of the portfolio
of approximately 330 million euros (ceteris paribus).
2. Valuation process
The valuation process at WDP follows a centralised approach where the policy and
procedures with regard to property estimates are determined by the CEO and CFO,
after approval by the audit committee. In addition, it is determined which independent
property expert will be appointed for the various parts of the property portfolio.
Contracts will typically be signed for a renewable term of three years subject to a double
rotation obligation according to the Law of 12 May 2014 in the scope of a GVV/SIR.
Some examples of the selection criteria would be local market knowledge, reputation,
independence and insurance of the highest professional standards. Property expert fees
are set for the period of their appointment and are not related to the value of the objects
appraised.
Independent property experts are appointed for each country, to ensure proper
consideration for the special characteristics of each geographical region and thus also
the diversied, pan-European nature of the property portfolio. The property portfolio is
valued externally by independent property experts on a quarterly basis. The valuation
method is determined by the external expert and is based on a multi-criteria approach.
The independent property expert determines the fair market value based on a discounted
cash-ow model, an income capitalisation method and/or comparable market
transactions. In addition, estimates determined in this way are compared to the initial
yield and available points of comparison via recent market transactions for comparable
objects (including those purchased by WDP itself during that year). The valuation cycle
within one nancial year consists of a site visit after which a detailed estimate report
is drawn up for each object as well as three desktop reviews in which new information
provided by WDP with regard to the lease situation are reected, and the most important
assumptions with regard to signicant non-observable inputs are recognised.
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3. Climate transition
Across the world, we see a tightening of climate policies and regulations to shift the
economy away from fossil fuels towards a lower-carbon economy. The consequential
requirements through tightening of climate policies can result in restrictions on the letting
or the sale of buildings that do not comply with minimum standards. The same goes
for technologically obsolete buildings which may require higher maintenance costs or
capex requirements to meet minimum efciency standards and modern work trends.
This could potentially impact how the market views such risks and how this is reected
in property sales and rentals. In the valuations, the independent property experts reect
their understanding of how the market currently allows for sustainability and climate
regulations in real estate transactions.
The management of these climate-related risks is an integral part of the WDP Group's risk
management approach, see chapter 8. Risk factors on page 152. So, WDP launched its
ambitious climate plan in January 2022, the WDP Climate Action Plan. The WDP Climate
Action Plan is a clear and transparent framework addressing both climate risks and
business opportunities (see 4. Performance – Future logistics on page 30). For example,
among other things, WDP set itself the target of implementing the recommendations of
the TCFD (Task Force on Climate-related Financial Disclosures) by 2024, see chapter
9. Reporting according to recognised standards – TCFD on page 187.
Property expert Country
Fair value in
euros (x 1,000)
Share of the
portfolio
Stadim Belgium¹ 1,134,221 19%
Jones Lang LaSalle Belgium Belgium 761,226 13%
Cushman & Wakefield The Netherlands 1,627,791 28%
CBRE Netherlands The Netherlands 1,189,935 20%
BNP Paribas Real Estate France 175,208 3%
CBRE Romania Romania 914,509 16%
Cushman & Wakefield Germany 23,947 0%
Jones Lang LaSalle Luxembourg Luxembourg 67,680 1%
Total 5,894,517 100%
1 Including the proportionate share of the portfolio in I Love Hungaria and WDPort of Ghent Big Box.
The independent property expert has full access to all quantitative and qualitative
information with regard to the property portfolio. The Controllers are responsible for
continuous contact with and provision of information to the relevant property experts
(such as all leases, information on occupancy rate, maturity dates, investments and
maintenance and repair costs). Twice a year, the CEO and Country Manager also discuss
the asset management plan for each object in detail with the property expert. When
estimate reports are handed in quarterly, all material differences (positive and negative)
are compared in absolute and relative terms with the previous four quarters and analysed
by the Controllers and the CFO. Based on this, the CEO and CFO then conduct a detailed
discussion with the respective property experts to ensure that all data with regard to the
sites are reected accurately and exhaustively in the estimate, with specic attention to
property development projects. The property experts draw up an independent estimate
of the future cash-ow prole and reect the risks via a combination of cash-ow
projections (rental growth, vacancy, incentives, investments, etc.) as well as the applied
required yields or discount rates. Next, the nal property estimates are submitted to the
Audit Committee.
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226
XIII. Other tangible fixed assets
Changes during the financial year
31.12.2021 31.12.2020
in euros (x 1,000) Solar panels Other¹ Total IFRS Solar panels Other¹ Total IFRS
Level(IFRS) 3 n/a 3 n/a
Attheendofthepreviousfinancialyear 122,353 4,366 126,719 121,010 4,234 125,244
Investments
5,993 1,238 7,231 4,352 1,101 5,453
New acquisitions
0 0 0 0 0 0
Acquisitions via share transactions
0 0 0 0 0 0
Disposals
0 0 0 0 -266 -266
Revaluation on solar panels
32,852 0 32,852 4,220 0 4,220
Depreciation and write-downs
-1,423 -793 -2,216 -7,230 -702 -7,932
Attheendofthefinancialyear 159,775 4,811 164,586 122,353 4,366 126,719
Acquisition price
130,765 9,565 140,330 122,086 8,154 130,240
1 Other means: Plants, Machinery and equipment, Furniture and rolling stock and Other tangible xed assets.
Insured value - Solar panels
Classification according
to the geographic area Belgium
The
Netherlands Romania
Insuredvalue(ineurosx1,000) 22,430 35,733 12,365
Valuation method – solar panels
Classification according to geographic area Belgium
The
Netherlands Romania
Level (IFRS) 3 3 3
Fairvalueasat31.12.2021
ineuros(x1,000) 74,134 62,511 23,130
Income2021
1
(ineurosx1,000) 8,637 5,363 3,754
including Green Energy Certificates
7,214 2,983 2,704
including green energy (minus
associated costs) 1,423 2,380 1,051
1 The revenues consist of the sale of green energy certicates and of green energy to the tenant and/or energy supplier,
minus costs associated..
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227
Belgium The Netherlands Romania
Valuation method Discounted cash flow Discounted cash flow Discounted cash flow
Implicit number of sunshine hours The model assumes an implicit 950 sunshine
hours per year. This is based on weather statistics
and the available data at the end of the year.
On31December 2021, the solar park consisted
of 47sites.
The model assumes an implicit 900 sunshine
hours per year. This is based on weather statistics
and the available data at the end of the year.
On31December 2021, the solar park consisted
of 45sites.
The model assumes an implicit 1,250 sunshine
hours per year. This is based on weather statistics
and the available data at the end of the year. As
at 31 December 2020, the solar panel installations
were spread across four sites.
Green Energy Certificates (GECs) Green Energy Certificates (GECs) in Flanders are
issued to each project by the Flemish Electricity
and Gas Market Regulator (the ‘VREG’) at a fixed
price per certificate for a fixed period of twenty
years. The price of certificates for operational
sites vary between 93- 450 euros per MWh. Green
energy certificates in Wallonia are issued to each
project by the Wallonia Energy Commission (the
‘CWaPE’) at a guaranteed price per certificate for
a fixed period of ten years. The price of certificates
for operational sites is 67.5 euros per certificate.
Each project receives a subsidy from the
Netherlands Enterprise Agency (the ‘RVO’) for
a period of fifteen years. The maximum subsidy
amount allocated per MWh produced depends on
the time of request and is set so the maximum yield
including subsidy is 97 to 148 euros per MWh.
Green Energy Certificates (GEC) are issued to each
project by the ANRE (Romanian Energy Regulatory
Authority) for a fixed period of fifteen years. The
PV projects for WDP in Romania receive 4 GECs
per MWh of green energy produced (two of which
are deferred in accordance with the regulatory
framework). Certificates can subsequently be sold
on the regulated market at a price of 29 euros per
certificate. With regard to solar parks, WDP has a
10-year purchasing agreement with Enel (a global
leader in the energy market).
Energy price
The energy price increases by 1.5% per year.
As a starting point, an average price is chosen of
the Belgian forward electricity market (ICE Endex
Power BE - see www.theice.com/marketdata/
reports).
The energy price increases by 1.5% per year. As
a starting point, an average price is chosen of the
Dutch forward electricity market (ICE Endex Power
NL - see www.theice.com/marketdata/reports).
The energy price increases by 1.5% per year. As
a starting point, an average price is chosen of the
forward electricity market.
Discount rate The required yield is calculated as the weighted
average cost of the capital according to long-term
interest, market risk premium and country-specific
risk.
The required yield is calculated as the weighted
average cost of the capital according to long-term
interest, market risk premium and country-specific
risk.
The required yield is calculated as the weighted
average cost of the capital according to long-term
interest, market risk premium and country-specific
risk.
Decrease in yield The yield of the PV installation has decreased by
0.6% per year and will be decommissioned after
thirty years. No account was taken here of any
possible residual value of the installation, nor of the
costs of dismantling the installation.
The yield of the PV installation has decreased by
0.6% per year and will be decommissioned after
thirty years. No account was taken here of any
possible residual value of the installation, nor of the
costs of dismantling the installation.
The yield of the PV installation has decreased by
0.6% per year and will be decommissioned after
thirty years. No account was taken here of any
possible residual value of the installation, nor of the
costs of dismantling the installation.
Maintenance and CapEx Account is taken of the various operational costs
related to exploitation as well as a ten-year
maintenance cost in order to keep the expected
evolution of the operational condition intact.
Account is taken of the various operational costs
related to exploitation as well as a ten-year
maintenance cost in order to keep the expected
evolution of the operational condition intact.
Account is taken of the various operational costs
related to exploitation as well as a ten-year
maintenance cost in order to keep the expected
evolution of the operational condition intact.
WDP
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228
Sensitivity of valuations
The sensitivity of the fair value with regard to changes in signicant non-observable
inputs used in determining the fair value of objects classied as level3 according to the
IFRS fair-value hierarchy, is as follows (ceteris paribus):
Impact on fair value at:
Non-observable input decrease increase
Implicit number of sunshine hours negative positive
Green Energy Certificates (GECs) negative positive
Energy price negative positive
Discount rate positive negative
Efficiency of solar panels negative positive
Maintenance and capex positive negative
In addition, the sensitivity of the fair value of the solar panels can be estimated as follows
(based on a ceteris paribus approach): the effect of an increase (decrease) of the required
yield of 25 base points leads to a decrease (increase) in the fair value of the solar panels
of approximately 3 million euros.
Valuation process
There is no standardised valuation model for investments in solar panels. The fair value
of these assets is calculated by WDP according to a discounted cash ow model based
on future cash ows.
The valuation cycle within a nancial year consists of a fully detailed estimate update per
year end of all assumptions and the expected cash ows as well as three desktop reviews
in which a roll forward of the model is performed and the most important assumptions
with regard to signicant non-observable inputs are recognised.
The data and input with regard to the expected future cash ows are continuously veried
with the available statistics over the totality of the PV systems, whereas a consistent,
comparable analysis is made of the nancial return requirements of investors. The Audit
Committee validates the denitive fair value calculations on a quarterly basis.
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229
XIV. Financial instruments
31.12.2021
in euros (x 1,000)
IFRS balance
sheet section Level (IFRS 13)
Financial assets/
liabilities valuated
at fair value
through profit or
loss
Financial assets/
liabilities at
amortised cost Book value Fair value
Financial assets
Assets at fair value through result – Permitted hedging instruments
Interest Rate Swap I. E. 2 1,182 1,182 1,182
Financial assets at amortised costs I. E. 2 5,942 5,942 5,942
Long-term receivables
Trade receivables and other non-current assets I. G. 2 5,931 5,931 5,931
Short-term receivables
Trade receivables II. D. 2 14,840 14,840 14,840
Cash and cash equivalents II. F. 2 9,230 9,230 9,230
Accruals and deferrals on the assets: interest charges on loans
and permitted hedging instruments
Interest on loans 2 52 52 52
Interest on permitted hedging instruments 2 0 0 0
Total 1,182 35,995 37,177 37,177
Financial liabilities
Non-current financial debt
Bond loan: private placement I. B. 2 209,358 209,358 209,615
Bank debt I. B. 2 1,676,949 1,676,949 1,676,949
Other non-current financial debt I. B. 2 480 480 480
Other non-current financial liabilities
Permitted hedging instruments: Interest Rate Swaps I. C. 2 67,821 67,821 67,821
Other non-current financial liabilities I. C. 3 50,256 50,256 50,256
Current financial debt
Bond loan: private placement II. B. 92,200 92,200 92,461
Commercial paper II. B. 2 200,000 200,000 200,000
Bank debt II. B. 2 14,429 14,429 14,429
Other current financial debt II. B. 2 262 262 262
Other current financial liabilities
Permitted hedging instruments: Interest Rate Swaps II. C. 2 0 0 0
Other current financial liabilities II. C. 3 183 183 183
Trade payables and other current debts II. D. 2 46,945 46,945 46,945
Accruals and deferrals on the liabilities: interest charges on loans
and permitted hedging instruments
Interest on loans 2 5,120 5,120 5,120
Interest on permitted hedging instruments 2 439 439 439
Total 68,260 2,296,182 2,364,442 2,364,960
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230
31.12.2020
in euros (x 1,000)
IFRS balance
sheet section Level (IFRS 13)
Financial assets/
liabilities
valuated at
fair value through
profit or loss
Financial assets/
liabilities at
amortised cost Book value Fair value
Financial assets
Assets at fair value through result – Permitted hedging instruments
Interest Rate Swap I. E. 2
Financial assets at amortised costs I. E. 2 6,929 6,929 6,929
Long-term receivables
Trade receivables and other non-current assets I. G. 2 2,747 2,747 2,747
Short-term receivables
Trade receivables II. D. 2 12,073 12,073 12,073
Cash and cash equivalents II. F. 2 11,240 11,240 11,240
Accruals and deferrals on the assets: interest charges on loans
and permitted hedging instruments
Interest on loans 2 77 77 77
Interest on permitted hedging instruments 2 0 0 0
Total 0 33,067 33,067 33,067
Financial liabilities
Non-current financial debt
Bond loan: private placement I. B. 2 301,355 301,355 302,424
Bond loan: retail I. B. 1 0 0 0
Bank debt I. B. 2 1,438,187 1,438,187 1,438,187
Other non-current financial debt I. B. 2 742 742 742
Other non-current financial liabilities
Permitted hedging instruments: Interest Rate Swaps I.C. 2 128,630 128,630 128,630
Permitted hedging instruments: Interest Rate Swaps (forward start) I.C. 2 1,271 1,271 1,271
Other non-current financial liabilities I.C. 3 46,011 46,011 46,011
Current financial debt
Bond loan: retail II. B. 1 125,000 125,000 126,018
Commercial paper II. B. 2 191,500 191,500 191,500
Bank debt II. B. 2 62,348 62,348 62,348
Other current financial debt II. B. 2 323 323 323
Other current financial liabilities
Permitted hedging instruments: Interest Rate Swaps II.C. 2 3 3 3
Permitted hedging instruments: Interest Rate Swaps (forward start) II.C. 2
Other current financial liabilities II.C. 3 168 168 168
Trade payables and other current debts II.D. 2 41,439 41,439 41,439
Accruals and deferrals on the liabilities: interest charges on loans
and permitted hedging instruments
Interest on loans 2 7,772 7,772 7,772
Interest on permitted hedging instruments 2 501 501 501
Total 130,405 2,214,845 2,345,250 2,347,337
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231
Valuation of financial instruments
The entirety of the nancial instruments of the Group corresponds to levels 1, 2 and 3 in
the hierarchy of the fair values. Valuation against fair value occurs regularly.
In the event of bankruptcy of one of both contracting parties, the net position of the
derivatives will be considered for the counterparty.
Level 1 in the hierarchy of fair values excludes money investments, funds and cash
equivalents regarding which the fair value is based on the share price.
Level2 in the hierarchy of fair values concerns the other nancial assets and liabilities of
which the fair value is based on observable inputs and other data that can be determined,
directly or indirectly, for the assets or liabilities concerned. The valuation techniques
concerning the fair value of the nancial instruments at level2 are as follows: the fair
value of the above nancial assets and liabilities are valued at the book value, except for
bond loans, where fair value is determined under a discounted cash ow model based
on market interest rates since they are not traded frequently (level2). Because the other
nancial liabilities are incurred at a oating interest rate, the fair value is very close to the
book value.
Level 3 in the fair value hierarchy retains the property portfolio and nancial liabilities
recognised in accordance with IFRS 16 whose fair value is determined using non-
observable inputs.
Determining the financial liability in accordance with IFRS 16
For some of its investments, WDP does not have full ownership, but rather only usufruct
through a concession, ground lease, or similar arrangement. Specically, a nancial
liability is recognised for this in accordance with IFRS 16. This nancial liability is
included under Other non-current financial liabilities and Other current financial liabilities.
The nancial liability is the present value of all future lease payments. The discount rate
applied in determining this liability was based on a combination of the interest curve plus
a spread according to the WDP credit risk, both in line with the remaining duration of the
underlying right of use.
The sensitivity of the calculation of this nancial liability can be estimated as follows
(based on a ceteris paribus approach): the effect of an increase (decrease) in the discount
rate of 50 basis points would give rise to a decrease (increase) in the nancial liability of
about 3.5 million euros, with an impact of 0.1% on the gearing ratio.
Liquidity requirement on maturity dates associated with non-current loans
(contractual cash flows and non-updated interest)
in euros (x 1,000) 31.12.2021
Between one and two years 367,780
Between two and five years 693,212
More than five years 1,080,743
Total 2,141,735
Financial instruments at fair value (as per IFRS 9)
The Group uses derivative nancial instruments to hedge the interest rate risk on its
nancial debts in order to reduce the volatility of EPRA Earnings (which forms the basis
for the dividend) while minimising the cost of the debt. Given the high hedging rate of
82.9% at year end 2021, both the interest rate risk and the volatility of the EPRA Earnings
are limited. These hedges are managed centrally through a macro-hedging policy. The
Group does not use derivative nancial instruments for speculative purposes and does
not hold derivatives for trading purposes. The derivatives currently used by WDP do not
qualify as hedging transactions. As a result, changes in the fair value are immediately
included in the result.
These contracts are valued at fair value as per IFRS 9 on the balance sheet date. This
information is received from the various nancial institutions and veried by WDP by
discounting the future contractual cash ows based on the corresponding interest rate
curves.
Fair value is based on observable inputs, and as such, the IRS contracts fall under level
2 in the fair value hierarchy as dened in IFRS. The fair value is calculated based on a
discounted cash ow model using the relevant market interest rates indicated in the
forward interest curve on the balance sheet date. No changes in the fair value hierarchy
level took place in the past year. During this period, no hedging instruments were arranged
prior to the maturity date. A number of existing hedging instruments were extended by
attening them over time in a cash-neutral manner.
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31.12.2021
Classification according
to IFRS Level (IFRS)
Notional
amount
in euros
(x 1,000)
Interest rate
(in %)
Duration
(in year)
Interest Rate Swap 2 1,317,425 0.77 6.4
Total 1,317,425 0.77 6.4
31.12.2020
Classification according
to IFRS Level (IFRS)
Notional
amount
in euros
(x 1,000)
Interest rate
(in %)
Duration
(in year)
Interest Rate Swap 2 1,267,425 0.91 7.3
Interest Rate Swap
(forward start) 2 50,000 -0.02 10.4
Total 1,317,425 0.77 7.4
The changes in fair value and the valuation of the hedging instruments at fair value on the
balance sheet date are as follows:
in euros (x 1,000) 31.12.2021 31.12.2020
Fair value on balance sheet date -66,636 -129,904
Financial fixed assets
1,184 0
Financial instruments at fair value via the profit and loss
account 1,184 0
Other non-current financial liabilities 67,821 129,901
Permitted hedging instruments 67,821 129,901
Other current financial liabilities 0 3
Permitted hedging instruments 0 3
Changes in the fair value of financial assets and liabilities 63,268 -48,085
Revenue 63,268 2,464
Costs 0 -50,549
The table below gives an overview of the impact of the fair value of the IRS if the interest
rate rises or falls by a max. of 0.50%
Change in the
interest rate
Impact on the change in fair value of the IRSes as at 31.12.2021
(in euros x 1,000,000)
-0.50% -38.2
-0.25% -18.9
0.00% 0.0
0.25% 18.6
0.50% 36.6
For the impact of interest rate changes on EPRA Earnings, please refer to
6. Financial results and property report on page 101.
Liquidity requirement on the maturity dates linked to the derivatives
in euros (x 1,000) 31.12.2021
Between one and two years 32,180
Between two and five years
25,399
More than five years 7,999
Total 65,578
For a detailed overview of nancial and other risks, their limiting factors and control, see
chapter 8. Risk factors on page 153. For a discussion of the management of nancial
risks (including credit risk, liquidity risk, interest risk, counterparty risk), see chapter
6. Financial results and property report on page 83. Please also refer to the sensitivity
analysis in chapter 6. Financial results and property report on page 101 and also to note
XXI. Statement of financial debt.
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233
XV. Assets held for sale
31.12.2021
in euros (x 1,000) Belgium Netherlands France Romania Total IFRS Luxemburg Germany
Level according to IFRS 3 3 3 3 3 3
Fair value as at previous financial year-end 15,543 0 0 0 15,543 0 0
Investments 138 0 0 0 138 0 0
Transfers from investment properties 777 0 0 0 777 0 0
Disposals -16,172 0 0 0 -16,172 0 0
Fair value at the end of the financial year 286 0 0 0 286 0 0
31.12.2020
in euros (x 1,000) Belgium Netherlands France Romania Total IFRS Luxemburg Germany
Level according to IFRS 3 3 3 3 3 3
Fair value as at previous financial year-end 4,292 1,486 0 0 5,778 0 0
Investments -252 14 0 0 -238 0 0
Transfers from investment properties 16,090 0 0 0 16,090 0 0
Disposals -4,587 -1,500 0 0 0 0 0
Fair value at the end of the financial year 15,543 0 0 0 15,543 0 0
At present, an amount of 0.3 million euros of Assets held for sale is listed on the balance
sheet.
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234
XVI. Trade receivables and doubtful debtors
Trade receivables
in euros (x 1,000) 31.12.2021 31.12.2020
Customers 15,501 12,700
Write downs booked for doubtful debtors -3,048 -3,677
Invoices to beprepared/credit notes to be received 2,388 3,050
Trade receivables 14,840 12,073
Trade receivables are payable prior to the regular lease period. The table below shows
the past due trade receivables.
in euros (x 1,000) 31.12.2021 31.12.2020
Non-expired and expired < 30 days 11,834
8,482
of which provisioned for as doubtful debtors 0 0
Expired 30-60days 559 19
of which provisioned for as doubtful debtors 0 0
Expired 60-90days 102 279
of which provisioned for as doubtful debtors 0 0
Expired > 90 days 3,005 3,921
of which provisioned for as doubtful debtors -3,048 -3,677
Total customers 15,501 12,700
of which provisioned for as doubtful debtors -3,048 -3,677
Doubtful debtors – mutation table
in euros (x 1,000) 31.12.2021 31.12.2020
At the end of the previous financial year -3,677 -2,765
Additions -31 -751
Reversals 345 252
Other 315 -413
At the end ofthe financial year -3,048 -3,677
The provision for doubtful debts is 3.0 million euros and has decreased compared to
last year.
Also in 2021, the COVID-19 pandemic only had a minor impact on customers' payment
behaviour. Rent collection followed a regular and consistent pattern.
A clear procedure is followed to determine provisions to be created for doubtful debts,
with quarterly estimates of the expected losses on outstanding trade receivables and
with application of corresponding write-downs. Under this method, the book value of
the trade receivables approaches their fair value. With regard to the policy on accounts
receivable, WDP ensures a regular screening of the creditworthiness of its tenant
portfolio. In addition, outstanding customer balances are reported internally to all sales
and technical staff every month. They can ensure adequate follow-up on rent in arrears
by means of their direct contact with the customer.
More generally, credit risks are limited by the fact that WDP guarantees an adequate
distribution amongst its tenants. Besides the legal standard of 20%, an in-house
goal has been set that no more than 10% of the rental income may come from one
customer (currently 5%). For the main tenants, see 6. Financial results and property
report on page88. Moreover, credit risks are limited to a maximum risk of 5% per site
(currently2%).
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235
XVII. Participation in associated
companies and joint ventures
in euros (x 1,000) 31.12.2021 31.12.2020
At the end of the previous financial year 24,346 19,707
Creation of new joint ventures 0 18
Acquisition of new joint ventures 549 0
Capital increases in joint ventures 8,060 200
Share in the result of associated companies and joint ventures 18,623 4,831
Others 3 -410
At the end of the financial year 51,581 24,346
XVIII. Tax receivables and other current assets
in euros (x 1,000) 31.12.2021 31.12.2020
Tax receivables 4,560 12,240
Other current assets 45,732 4,992
Total 50,292 17,232
The tax assets are primarily related to the investments in Romania and the Netherlands
for the new construction projects. This is because of the absence of a co-contractor
system, so 19% and 21% VAT is recoverable on each investment respectively.
The increase in other current assets is attributable to receivables from joint ventures and
advances related to property investments.
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236
XIX. Capital
Changes in subscribed
capital as at 31.12.2021
in euros (x 1,000) Number of shares¹
Creation Rederij De Pauw 50 0
Capital increase through reserves incorporation 12 0
Capital increase by public issue (including issue premium) 69,558 0
Capital increase through merger and split transactions 53 0
Capital increase through incorporation of reserves to round off to the nearest euro 327 0
Capital increase by discharging losses -20,575 0
1999 Subscribed capital and number of shares at IPO (June 1999) 49,425 46,480,000
2001 Capital increase following merger through Caresta takeover 2,429 1,817,151
2001 Capital increase through incorporation of reserves to round off to the nearest euro 46 0
2003 Capital increase by public issue (including issue premium) 27,598 6,899,592
2006 Capital increase partial demerger of Partners in Lighting International 29,415 4,952,304
2006 Capital increase associated with the creation of available reserves -40,000 0
2009 Capital increase DHL transaction 6,478 5,654,131
2009 Capital increase 25,130 21,934,388
2011 Capital increase through contribution of claim as a result of an optional dividend 5,216 4,553,059
2011 Capital increase Betafence transaction 3,642 3,179,022
2012 Capital increase through contribution of claim as a result of an optional dividend 4,988 4,354,091
2012 Capital increase partial demerger Immo Weversstraat 675 589,582
2012 Capital increase Lake Side bis transaction 5,910 5,158,524
2013 Capital increase through contribution of claim as a result of an optional dividend 4,600 4,015,172
2013 Capital increase as a result of the direct merger with three companies in Geel 3,400 2,967,713
2014 Capital increase through contribution of claim as a result of an optional dividend 3,693 3,222,219
2014 Capital increase Tiel transaction 7,213 6,293,560
2015 Capital increase as a result of the MLB transaction 5,468 4,772,796
2015 Capital increase through contribution of claim as a result of an optional dividend 3,102 2,707,516
2016 Capital increase through contribution of claim as a result of an optional dividend 3,603 3,144,561
2016 Capital increase in cash with irreducible allocation right 19,004 16,586,920
2017 Capital increase through contribution of claim as a result of an optional dividend 3,933 3,432,527
2017 Capital increase via a partial demerger and contribution in kind 1,547 1,350,111
2018 Capital increase through contribution of claim as a result of an optional dividend 3,989 3,481,275
2018 Capital increase, transaction, Asse-Zellik (1) 360 314,020
2018 Capital increase, transaction, Asse-Zellik (2) 956 834,582
2018 Capital increase, transaction, Tiel, Veghel and Bleiswijk 3,133 2,734,914
2019 Capital increase through contribution of claim as a result of an optional dividend 2,646 2,309,475
2019 Capital increase via an accelerated bookbuild (ABB) 10,025 8,750,000
2020 Capital increase through contribution of claim as a result of an optional dividend 2,549 2,224,662
2021 Capital increase, transaction, Sip-Well 400 348,975
2021 Capital increase via an accelerated bookbuild (ABB) 7,834 6,837,607
2021 Capital increase through contribution of claim as a result of an optional dividend 2,409 2,102,558
2021 Capital increase, transaction, DPG Media Services 881 769,186
Total 211,695 184,772,193
1 With a view to increased marketability, accessibility and attractiveness of WDP shares, the WDP share was split by a factor of 7 with effect from 2 January 2020. The gures displayed already take into account the WDP share split.
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Annual accounts 2021
237
31.12.2021 31.12.2020
Number of outstanding shares at the beginning of the
financial year¹ 174,713,867 172,489,205
Capital increase through contribution of claim as a result of
an optional dividend 2,102,558 2,224,662
Capital increase by contribution in kind
1,118,161 0
Capital increase via an accelerated bookbuild (ABB)
6,837,607 0
Number of outstanding shares at the end
of the financial year² 184,772,193 174,713,867
Net result (IFRS) – Group share in euros (x 1,000)
982,266 324,610
Net result (IFRS) – Group share per share (in euros)³
5.38 1.87
1 With a view to increased marketability, accessibility and attractiveness of WDP shares, the WDP share was split by a
factor of 7 with effect from 2 January 2020. The gures displayed already take into account the WDP share split.
2 As a result of the capital increase via contribution in kind for 9 million euros in January 2021 and the capital increase
via accelerated private placement for 200 million euros at the beginning of February, the number of shares entitled to
dividend for the 2020 dividend (payable in 2021) amounts to 181,900,449. Also in March 2022, a capital increase via
contribution in kind for 36.8 million euros took place. As a result, the number of shares entitled to a dividend for the
2021 dividend (payable in 2022) 185,931,267. For more information please refer to chapter 6. Financial results and
real estate report on page 83.
3 Calculated on the weighted average number of shares.
WDP has only one class of shares, namely ordinary shares (without nominal value).
Holders are entitled to receive the declared dividend and have one vote per share at the
Annual General Meeting of Shareholders.
All shares are fully paid up and are either registered or dematerialised.
The Board of Directors is authorised, within the limits of the mandatory provisions of the
applicable company law, to increase the capital in accordance with the authorisation
granted to it regarding authorised capital. As of 31 December 2021, the Board of
Directors has not used this authorisation. For more information on the approval of
authorised capital, see also the notes in chapter 11. Permanent document on page 258
and XXVII.Facts after the balance sheet date.
XX. Provisions
in euros (x 1,000) 31.12.2021 31.12.2020
Opening balance 170 357
Used amounts 0 0
Additions 0 0
Reversals -10 -187
Closing balance 160 170
Time of expected outflow of economic resources < 5 years < 5 years
In the course of the 2021 nancial year, ongoing investigations, monitoring activities and
remediation continued in order to full local legal obligations regarding soil remediation.
The outstanding Provisions item at the end of 2021 still amounted to 0.2 million
euros.
These facilities were mainly built for the possible decontamination of the sites in
Heppignies - rue de Capilône, Vilvoorde - Havendoklaan 10, Aalst - Tragel 47, and
Anderlecht - Frans Van Kalkenstraat 9.
WDP
Annual accounts 2021
238
XXI. Statement of financial debt
Included as of < 1 year 1-5 years > 5 years
in euros (x 1,000) 31.12.2021 31.12.2020 31.12.2021 31.12.2020 31.12.2021 31.12.2020 31.12.2021 31.12.2020
Commercial paper 200,000 191,500 200,000 191,500
Straight loans 4,733 9,173 4,733 9,173
Roll over loans 9,696 53,174 9,696 53,174
Bond loan 92,200 125,000 92,200 125,000
Other 262 323 262 323
Current financial liabilities 306,891 379,170 306,891 379,170
Roll over loans 1,676,949 1,438,187 957,790 718,138 719,159 720,049
Bond loan 209,358 301,355 59,865 92,200 149,494 209,155
Other 480 742 480 657 0 85
Non-current financial liabilities 1,886,788 1,740,284 1,018,135 810,995 868,653 929,289
Total 2,193,679 2,119,454 306,891 379,170 1,018,135 810,995 868,653 929,289
For further background information on the nancial debts, please refer to chapter
6. Financial results and property report on page 77.
For further information on the applicable nancial covenants, see Note XXV. Rights and
obligations not recognised on the balance sheet. For a complete overview of sensitivity,
please refer to the relevant table in chapter 6. Financial results and property report
on page 101.
For the calculation of the gearing ratio according to the GVV/SIR legislation, please refer
to on page 281.
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Annual accounts 2021
239
XXII. Other current and non-current financial liabilities
in euros (x 1,000) 31.12.2021 31.12.2020
Non-current financial liabilities 50,256 46,011
Financial liability in accordance with IFRS 16 50,256 46,011
Current financial liabilities 183 168
Financial liability in accordance with IFRS 16 183 168
Total 50,439 46,179
For some of its investments, WDP does not have full ownership, but rather only usufruct
through a concession, ground lease, or similar arrangement. The nancial liability is the
present value of all future lease payments. The table below shows the maturity dates for
this liability.
Total per < 1 year 1-5 year > 5 year
in euros (x 1,000) 31.12.2021 31.12.2020 31.12.2021 31.12.2020 31.12.2021 31.12.2020 31.12.2021 31.12.2020
Financial liability in accordance with IFRS 16 50,439 46,179 183 168 1,402 1,834 48,854 44,177
WDP
Annual accounts 2021
240
XXIII. Average workforce and breakdown of staff costs
in euros (x 1,000) 31.12.2021 31.12.2020
At fully consolidated enterprises
Average workforce (in FTEs¹) 77.3 69.2
a) Administrative staff 43.1 40.8
b) Technical staff 34.2 28.4
Geographic locations of workforce (in FTEs¹) 77.3 69.2
Western Europe 60.3 52.6
Central and Eastern Europe 17.0 16.6
Personnel costs in euros (x 1,000) 8,234 6,834
a) Salaries and direct social benefits 6,547 5,248
b) Employer contributions to social security 1,022 894
c) Employer premiums for non-statutory insurances 303 305
d) Other personnel costs 362 387
1 FTE stands for Full-Time Equivalents.
XXIV. Transactions between related parties
The remuneration in 2021 of the non-executive directors (in the amount of 215,000 euros),
the remuneration of Tony De Pauw (in the amount of 898,850 euros), the remuneration
of Joost Uwents (in the amount of 1,368,680 euros), as well as the remunerations of the
members of the Management Committee (in the amount of 2,629,130 euros, excluding
the remunerations of the two CEOs) are explained in the remuneration report in chapter
7. Corporate Governance Statement on page 125.
In February 2021, a capital increase was realised through an exempted accelerated private
placement with international institutional investors with order book composition. The pre-
allocation of 20 million euros (i.e. 683,761 shares) were assigned to the partnership RTKA.
The partnership RTKA participated as a WDP shareholder in the capital increases due
to the optional dividend offer in May 2020 and May 2021, each time for 100% of the
participation it held at that time.
In 2021, transactions also occurred between WDP and its joint ventures I Love Hungaria,
WDP Luxembourg, WVI, nanoGrid, and WDPort of Ghent Big Box. The table below
provides an overview of the WDP outstanding receivables for the joint ventures. This
primarily involves the long-term receivables, short-term receivables, charged management
fee, and nancial income booked in WDP and received from I Love Hungaria, WDP
Luxembourg, WVI, nanoGrid, and WDPort of Ghent Big Box.
The transactions were effected on market terms.
in euros (x 1,000) 31.12.2021 31.12.2020
Receivables 7,410 9,176
At more than one year 5,942 6,929
At up to one year (interest and outstanding customer
balance) 1,468 2,246
Operating result (before the result on the portfolio) 445 211
Management fee and others 445 211
Financial result 246 200
Income from financial fixed assets 246 200
XXV. Rights and obligations not included
on the balance sheet
WDP NV/SA and its subsidiaries had bank guarantees in place for a total of 5,072,026
euros as of 31 December 2021, the beneciaries of which fall under the following
categories for the following amounts:
in euros 31.12.2021
Environmental 1,464,848
Rent and concession 2,709,199
Services 7,979
Execution of works 890,000
WDP has undertaken several commitments as a part of its ongoing investment programme
related to projects and acquisitions, as stated in 4. Performance on page 43.
WDP
Annual accounts 2021
241
◆
For the nancing of operations in the Netherlands through WDP Nederland S.A., WDP
has historically entered into a commitment for a credit package to continue to qualify
as a scal investment institution (FBI).
◆
For some nanciers, WDP has agreed to repay the credit if a change of control occurs
and the nancier consequently asks for repayment.
As of 31 December 2021, WDP complies with all covenants with and commitments to
all nanciers.
XXVI. Financial relations with third parties
in euros 31.12.2021 31.12.2020
Statutory auditor
The statutory auditor(s) and the people with whom
they are associated
Statutory auditor’s pay 188,375 184,730
Pay for special work or special assignments that the
statutory auditor(s) perform within the Company
Other auditing assignments 41,835 45,556
Other non-auditing assignments 13,250 30,724
Pay for special work or special assignments that
persons associated with the statutory auditor(s)
perform within the Company
Tax consulting assignments 57,653 37,053
Pursuant to Article 3:64, §1-5 CCA: without prejudice to the prohibitions arising from
Article 3:63 CCA, the statutory auditor may not perform any services other than the
assignments entrusted by law or European Union legislation to the statutory auditor,
insofar as the total amount of the fees for these services amounts to more than seventy
percent of the total amount of the fees referred to in article 3:65, § 2 of the CCA. The
70% rule must be calculated as an average over the duration of the current mandate.
The fees for services invoiced by Deloitte Bedrijfsrevisoren BV are considered with
regard to this calculation, with the exception of fees for legal assignments entrusted
to the statutory auditor of the company. WDP NV has not exceeded the 70% rule as of
31December 2021.
Parent company WDP NV/SA has extended the following sureties for its various
subsidiaries:
◆
A security for the commitments of WDP Nederland S.A. amounting to 25 million euros
for ABN AMRO (for the short-term amounts nanced through a straight loan of max.
25 million euros, 3 million euros of which has been drawn).
◆
A security for the commitments of WDP Romania SRL amounting to 9 million euros
for EIB.
◆
A security for the commitments of WDP Luxembourg SA amounting to 17.5million
euros in favour of Banque et Caisse d’Epargne de l’Etat.
◆
A personal security for the commitments of WVI GmbH amounting to 35million euros
in favour of the BNPPF.
The WDP nancing agreements include the following covenants:
◆
An Interest Coverage Ratio
1
of at least 1.5x. For 2021, this is 5.6x.
◆
A statutory and consolidated gearing ratio below 65% in line with the GVV/SIR Law.
As of 31 December 2021 these are 38.4% and 38.1% respectively.
◆
Limitation on projects that have still not been pre-let (speculative developments) to
15% of the book value of the portfolio (excluding land reserves). As of 31 December
2021, this ratio is 0.3%.
◆
A maximum of 30% of the nancial debts with the subsidiaries compared to the
nancial debts of the group. As of 31 December 2021, this ratio is 1%.
WDP has entered into the following commitments with nanciers
2
:
◆
Commitment not to burden the assets with collateral such as mortgages (negative
pledge). WDP conrms that as of 2021, no mortgages or other collateral are
outstanding in the property portfolio or other assets.
◆
Commitment that it will continue to qualify as a GVV/SIR. For the conditions on this,
please see the Belgian Act of 12 May 2014 and the Royal Decree of 13 July 2014. For
more information, see11. Permanent document on page 255.
1 Dened as operating result (before result on the portfolio), divided by interest rates, minus interest and dividend
collection, minus compensation for nancial leasing and others.
2 The term ‘nanciers’ means the credit institutions as well as nanciers through debt capital markets, such as,
bondholders or investors in the commercial paper programme.
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Annual accounts 2021
242
XXVII. Significant events after the balance sheet date
One event occurred after the balance sheet date:
◆
Increase in capital by contribution in kind for 36,8 million euros.
3
The war in Ukraine and rising interest rates due to ination have increased market
volatility and uncertainty with respect to the macroeconomic outlook. In the short term,
WDP anticipates an impact of increased cost of capital to nance growth and upward
price pressure and longer delivery times for building materials. In the longer term, the
importance of logistics will be emphasised all the more by increased regionalisation,
continued investment in supply chain, and an accelerated energy transition.
For a description of signicant events occurring after 31 December 2021, please refer to
6. Financial results and property report on page 83.
in euros 31.12.2021 31.12.2020
Financial service fees 96,846 82,822
in euros
31.12.2021 31.12.2020
Property expert fees 481,515 475,362
Stadim 102,439 101,789
Cushman & Wakefield - Netherlands 121,406 136,707
BNP Paribas Real Estate 14,400 13,300
CBRE – Netherlands 83,060 78,675
Jones Lang LaSalle - Belgium 50,960 46,411
CBRE - Romania 93,850 93,050
Cushman & Wakefield - Germany 8,250 0
Jones Lang LaSalle - Luxembourg 7,150 5,430
in euros (x 1,000)
31.12.2021 31.12.2020
Insurance premiums 2,467
2,249
Belgium 692
662
The Netherlands 1,158
1,070
France 81
81
Luxembourg 55
43
Romania 372
298
Solar panels, Belgium 37
31
Solar panels, the Netherlands 48
42
Solar panels, Romania 23 22
3 See press release dated 10 March 2022.
WDP
Annual accounts 2021
243
CONDENSED VERSION OF THE STATUTORY FINANCIAL STATEMENTS
FOR FINANCIAL YEAR 2021
3.
The statutory nancial statements had not yet been submitted at the time of publication
of this annual report.
The statutory auditor has issued an unqualied opinion on the statutory annual nancial
statements of WDP NV/SA. These are drawn up in accordance with IFRS as adopted
within the European Union and as per the Belgian Royal Decree of 7December 2010.
Profit and loss account
in euros (x 1,000) FY 2021 FY 2020
I. Rental income
77,932 73,700
Rents
77,496 73,700
Indemnification related to early lease terminations
435 0
III.
Costs related to leases
256 373
Rent to be paid for leased premises
168 166
Impairments of trade receivables
-31 -45
Reversals of impairments of trade receivables
120 252
Net rental result 78,188 74,073
IV. Recovery of property costs
0 0
V. Recovery of rental charges and taxes normally
paid by the tenant on let properties
8,553 8,126
Re-invoicing rental charges paid out by the owner 2,270 2,035
Re-invoicing advance levies and taxes on let buildings
6,283 6,091
VI. Costs payable by tenants and paid out by the
owner for rental damage and refurbishment at end
of lease
0 0
VII. Rental charges and taxes normally paid by the
tenant on let properties
-9,004 -8,631
Rental charges paid out by the owner
-2,339 -2,083
Advance levies and taxes on let buildings
-6,666 -6,548
VIII. Other income and charges related to leases
14,170 10,342
Property management fees
922 891
Other operating income/costs
4,611 616
Income from solar energy 8,637
8,835
Property result 91,906 83,911
in euros (x 1,000) FY 2021 FY 2020
IX. Technical costs
-2,309
-2,407
Recurrent technical costs -2,298 -2,456
- Repairs -2,080 -2,201
- Insurance premiums -218 -255
Non-recurrent technical costs -10,690 48,882
- Damage -10,690 48,882
X. Commercial costs -945 -728
Agency commissions -135 -125
Advertising -750 -572
Lawyers’ fees and legal charges -60 -31
XII. Property management costs -1,600 -1,567
(Internal) property management costs
-1,600 -1,567
Property charges -4,854 -4,702
Property operating results 87,052 79,209
XIV. General company expenses 10,684 8,652
XV. Other operating income and expenses
(depreciation and write-down on solar panels) -2,550 -3,200
Operating result (before the result on the portfolio) 95,185 84,661
XVI. Result on disposals of investment properties 6,410 409
Net property sales (sales price – transaction costs) 22,668 4,950
Book value of properties sold -16,258 -4,542
XVIII. Variations in the fair value of investment properties 346,926 66,715
Positive variations in the fair value of investment properties 347,916 78,808
Negative variations in the fair value of investment properties -990 -12,093
Operating result 448,522 151,785
WDP
Annual accounts 2021
244
in euros (x 1,000) FY 2021 FY 2020
XX. Financial income 44,058 45,944
Interests and dividends received 43,889 45,831
Other financial income 169 113
XXI. Net interest charges -41,110 -41,621
Interests on loans -21,509 -23,316
Interest capitalised during construction 1,523 1,167
Cost of permitted hedging instruments -16,813 -15,933
Income from permitted hedging instrumenbts 0 0
Other interest charges -4,310 -3,540
XXII. Other financial charges -1,189 -991
Bank charges and other commission -70 -54
Other financial charges -1,118 -937
XXIII. Variations in the fair value of financial assets and
liabilities 52,388 -31,049
Permitted hedging instruments that are not subject to hedging
accounting as defined in IFRS 52,388 -31,049
Financial result 54,148 -27,717
Share in the profit or loss and in the unrealised results of
subsidiaries, associated shareholding, joint ventures that are
administratively processed according to the 'equity'-method 479,578 201,339
Result before taxes 982,248 325,407
XXIV. Corporate income tax 18 -797
XXV. Exit tax 0 0
Taxes 18 -797
Net result 982,266 324,610
WDP
Annual accounts 2021
245
Components of the net result
in euros (x 1,000) 31.12.2021 31.12.2020
EPRA Earnings 99,513 90,396
Result on the portfolio 353,336 67,124
Share in the profit or loss and in het unrealised results of
subsidiaries, associated shareholding, joint ventures that are
administratively processed according to the 'equity'-method 479,578 201,339
Revaluation of financial instruments 52,388 -31,049
Depreciation and write-down on solar panels -2,550 -3,200
Net result (IFRS) 982,266 324,610
in euros (per share)¹
31.12.2021 31.12.2020
EPRA Earnings 0.54 0.52
Result on the portfolio 1.93 0.39
Share in the profit or loss and in het unrealised results of
subsidiaries, associated shareholding, joint ventures that are
administratively processed according to the 'equity'-method 2.63 1.16
Revaluation of financial instruments 0.29 -0.18
Depreciation and write-down on solar panels -0.01 -0.02
Net result (IFRS) 5.38 1.87
in euros (per share) (diluted)¹
31.12.2021 31.12.2020
EPRA Earnings 0.54 0.52
Result on the portfolio 1.93 0.39
Share in the profit or loss and in het unrealised results of
subsidiaries, associated shareholding, joint ventures that are
administratively processed according to the 'equity'-method 2.63 1.16
Revaluation of financial instruments 0.29 -0.18
Depreciation and write-down on solar panels -0.01 -0.02
Net result (IFRS) 5.38 1.87
1 Calculated on the weighted average number of shares.
Consolidated statement of the overall result
in euros (x 1,000) FY 2021 FY 2020
I. Net result 982,266 324,610
II. Other elements of the overall result 29,688 4,297
G. Other elements of the overall result, after tax 29,688 4,297
Revaluation on solar panels Belgium 12,802 915
Revaluation on solar panels of the participating interests
accounted according to the equity method 16,886 3,382
Overall result 1,011,954 328,907
WDP
Annual accounts 2021
246
Balance sheet – Liabilities
in euros (x 1,000) 31.12.2021 31.12.2020
Shareholders' equity 3,510,330 2,353,935
I. Shareholders' equity attributable to the parent
company shareholders 3,510,330 2,353,935
A. Capital 196,378 188,130
B. Issue premiums 1,206,266 923,843
C. Reserves 1,125,420 917,352
D. Net result for the financial year 982,266 324,610
Liabilities 2,324,117 2,269,797
I. Non-current liabilities 1,989,275 1,891,844
A. Provisions 160 170
B. Non-current financial debt 1,886,788 1,731,284
Credit institutions 1,676,949 1,429,929
Other 209,358 301,355
C. Other non-current financial liabilities 102,237 160,264
D. Trade payable and other non-current liabilities 90 126
II. Current liabilities 334,842 377,953
B. Current financial debt 297,369 347,913
C. Other current financial liabilities 138 126
D. Trade payables and other current debts 20,254 15,824
E. Other current liabilities 358 313
F. Accrued charges and deferred income 16,723 13,777
Property income received in advance 8,197 4,783
Non-expired interest and other costs 5,609 7,708
Other 2,917 1,285
Total liabilities 5,834,447 4,623,732
Balance sheet – Assets
in euros (x 1,000) 31.12.2021 31.12.2020
Fixed assets 5,762,120 4,561,658
B. Intangible fixed assets 1,086 1,170
C. Investment property 1,903,060 1,455,957
Property available for lease 1,863,989 1,340,098
Property developments 9,315 97,733
Other: land reserves
29,756
18,126
D. Other tangible fixed assets 76,525 62,327
Tangible fixed assets for own use
2,391
2,157
Solar panels
74,134 60,170
E. Financial fixed assets 1,477,303 1,301,455
Assets at fair value through result 1,184 0
Permitted hedging instruments 1,184 0
Financial assets at amortised cost 1,476,119 1,301,455
Other 1,476,119 1,301,455
H. Trade receivables and other fixed assets 996 1,013
I. Deferred taxes 0 0
J. Investments that are administratively processed via
the 'equity' method 2,303,149 1,739,736
Current assets 72,327 62,074
A. Assets held for sale 286 15,543
Investment properties 286 15,543
D. Trade receivables 3,641 4,404
E. Tax receivables and other current assets 64,092 38,134
Tax receivables 50 65
Other current assets 64,042 38,068
F. Cash and cash equivalents 2,934 2,869
G. Accruals and deferrals 1,373 1,124
Property yields not yet due 0 0
Prepaid property costs 974 369
Prepaid interests and other financial costs 52 77
Other 347 677
Total assets 5,834,447 4,623,732
WDP
Annual accounts 2021
247
elements that make up these results are considered separately. The share in the result
of these 100% participations is allocated to the unavailable and available reserve items
as if it were the results of the parent company-GVV/SIR itself (there is, as it were, a
consolidation approach in the separate annual accounts at the level of the result
processing). The results of non-100% subsidiaries are fully allocated to the unavailable
reserves.
Statutory appropriation of results
in euros (x 1,000) 31.12.2021 31.12.2020
A. Net result 982,266 324,610
B. Addition to/withdrawal from reserves 914,505 174,597
1. Addition to/withdrawal from the reserve for the (positive or negative) balance of the variations in the fair value of investment properties¹ 776,679 184,850
Financial year 776,679 184,850
2. Addition to the reserve for the balance of variations in the fair value of permitted hedging instruments that are not subject to hedging accounting as defined in IFRS 0 0
Financial year 0 0
3. Withdrawal from the reserve for the balance of variations in the fair value of permitted hedging instruments that are subject to hedging accounting as defined in
IFRS 0 0
Financial year 0 0
4. Addition to the reserve for the balance of variations in the fair value of permitted hedging instruments that are not subject to hedging accounting as defined in IFRS 63,268 -48,085
Financial year 63,268 -48,085
5. Withdrawal from the reserve for the balance of variations in the fair value of permitted hedging instruments that are not subject to hedging accounting as defined in
IFRS 0 0
Financial year 0 0
6. Addition to/withdrawal from the reserves for the balance of exchange rate differences for monetary assets and liabilities 0 0
7. Addition to/withdrawal from deferred tax reserves in relation to foreign property 0 0
8. Addition to/withdrawal from reserves for the receipt of dividends intended for financial debt repayment 0 0
9. Addition to/withdrawal from other reserves² 74,557 37,832
Financial year 74,557 37,832
10. Addition to/withdrawal from results carried forward from previous financial
years 0 0
C. Compensation for capital in accordance with Article 13(§1)(1) GVV/SIR Royal Decree 91,834 86,396
D. Compensation for capital other than C 71,786 59,124
E. Result to be carried forward -95,858 4,492
1 This item consists out of the result on the portfolio of the 100%-afliates. Deferred taxes on investment properties are not taken into account.
2 This item mainly includes the result on the portfolio of the participating interests of which WDP holds less than 100%.
WDP applies the look-through approach in its statutory nancial statements. This means
that as far as 100% subsidiaries are concerned, EPRA Earnings (being the underlying
cash earnings of the core activity) are considered to be available and distributable at
the level of the parent company, regardless of whether these earnings have owed up
to the parent company as dividends. In this context, the share in the results of these
100% subsidiaries is not fully allocated to the unavailable reserves. Instead, the different
WDP
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The mandatory distribution in the GVV/SIR legislation only relates to the adjusted net
result as shown in the separate annual accounts for the GVV/SIR (drawn up in accordance
with the IFRS). The FSMA circular of 2 July 2020 recommends that the look-through
approach, when applied, should also be taken into account in determining the mandatory
distribution amount. WDP has applied this in the above table for its 100% subsidiaries,
which means, in concrete terms, that the EPRA Earnings of these subsidiaries have
been included in the calculation of the mandatory distribution amount (also taking into
account the company-law rules applicable to the subsidiary concerned; in other words:
the parent GVV/SIR is not obliged to distribute any results that cannot be distributed by
the subsidiary due mainly to differences between the IFRS and local accounting rules).
Distribution obligation in accordance with the GVV/SIR Royal Decree
of 13 July 2014
in euros (x 1,000) FY 2021 FY 2020
Net result 982,266 324,610
Depreciation and amortisation (+) 4,149 3,548
Write-downs (+) 31 294
Reversals of write-downs (-) -584 -252
Reversals of transferred and discounted rents (-) 0 0
Other non-monetary components (+/-) -517,733 -152,886
Result from property sales (+/-) -6,410 -409
Variations in the fair value of property (+/-) -346,926 -66,715
Dividends received from non-100% shareholdings that are
administratively processed via the 'equity' method 0 0
Adjusted result (A) 114,792 108,189
Capital gains/losses on property realised during the financial
year (+/-) 4,435 -194
Capital gains realised during the financial year that are
exempt from the mandatory distrubution provided they are
reinvested within a period of four years (-) -4,435 0
Capital gains on property previously exempt from mandatory
distribution that is not reinvested within a period of four years
(+) 0 0
Net capital gains on completion of properties not exempt
from mandatory distribution (B) 0 -194
Total (A+B) x 80% 91,834 86,396
Debt reduction (-) 0 0
Distribution obligation 91,834 86,396
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WDP applies the look-through approach in its statutory nancial statements. This means
that as far as 100% subsidiaries are concerned, EPRA Earnings (being the underlying
cash earnings of the core activity) are considered to be available and distributable at the
level of the parent company, regardless of whether these earnings have owed up to the
parent company as dividends.
After all, the subsidiaries of the WDP parent company generally draw up their separate
nancial statements in line with local accounting standards, which often deviate from
the IFRS rules applicable to the consolidated (and separate) nancial statements of the
parent company as a GVV/SIR. As a result, the net result of the subsidiary in its separate
annual accounts (on which its distribution of dividends is based) often differs from the
contribution of that subsidiary to the consolidated net result. In addition, restrictions
apply under local legislation, meaning the full cash earnings of the subsidiaries cannot
ow up as dividends, with the latter also effectively being distributed with a one-year
delay. Based on the look-through approach, these earnings are considered to be
distributable at the level of the parent company, even though they have not yet effectively
been realised at the parent company from a statutory perspective.
Given the international character of the WDP group, the company considers it important
to be able to apply the look-through approach in the context of its dividend policy. In that
context, WDP pays out more as dividends on a consolidated level than what it generates
on a statutory level as cash prots (but realises on a consolidated group level, whereby
it has a low pay-out ratio on a consolidated level), by using the look-through approach
to view the cash prots (including undistributed prots) of the 100% subsidiaries as
distributable at the group level. WDP believes that this does not constitute a problem
neither for the parent company nor for the subsidiaries, since they are fundamentally
sound and this cash has been effectively realised in the subsidiaries and is also fully
available in the parent company (among other things, by accrual through interest,
dividends, repayment of loans, etc.).
Non-distributable shareholders’ equity as per Article 7:212 of the Belgian
Code of Companies and Associations
in euros (x 1,000) FY 2021 FY 2020
Paid-up capital or, if it is higher, called-up capital 211,695 200,171
Issue premiums not available according to the Articles of
Association¹ 686,874 686,874
Reserve for the positive balance of the variations in the fair
value of properties² 1,736,386 964,326
Reserves for the balance of variations in the fair value of
permitted hedging instruments that are not subject to hedging
accounting as defined in IFRS -66,636 -129,904
Reserve voor het aandeel in de winst of het verlies en in de
niet-gerealiseerde resultaten van de niet 100%-deelnemingen
die adminstratief verwerkt worden volgens de 'equity'-
methode 151,754 66,959
Other reserves declared unavailable by the General Meeting³ 66,859 48,462
Non-distributable shareholders’ equity as per Article 7:212
of the CCA 2,786,933 1,836,887
Net assets 3,510,330 2,353,935
Proposed dividend payment -163,620 -145,520
Net assets after distribution 3,346,710 2,208,415
Remaining margin after distribution 559,778 371,527
1 The issue premium as a result of the ABB (‘accelerated bookbuild’) amounting to 192,166,088.68 euros and the issue
premiums as a result of the optional dividend amounting to 56,462,701.85 euros in 2021 and 46,994,404.80 euros in
2020 and the issue premium as a result of the contributions in kind in 2021 amounting to 33,793,868.75 euros was
not included in as the is booked on an available account.
2 It relates to the reserve for the positive balance of the variation in the fair value of properties from the mother
company and the 100% subsidiaries.
3 Based mainly on the revaluation reserves for the solar panels (including variations in the fair value of subsidiaries
with regard to solar panels) and the impact of IFRS 16 on shareholders’ equity (including variations in the fair value
of subsidiaries with regard to IFRS 16) given that this is also a non-distributable reserve. This pertains to a non-cash
item.
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Statement of changes in non-consolidated equity FY 2021
01.01.2021 Allocation of results from the 2020 financial year
Other elements of the
overall result Other 31.12.2021
in euro (x 1,000)
Profit
for the
previous
financial
year
Transfer of
the result on
portfolio¹
Transfer of
the result of
non-100%
share-
holdings
Dividend
payments
of non-
100%
share-
holdings
Transfer of
variations in
the fair value
of financial
instruments Other
Net result
for the
current
financial
year
Variations
in the fair
value of
solar panels
Capital
increases
Dividends
distributed
and capital
increase as
a result of
an optional
dividend
Reclassi-
fication in
relation to
the sale of
investment
properties Other
A. Capital 188,130 0 0 0 0 0 0 0 0 6,014 2,234 0 0 196,378
Subscribed capital 200,171 9,115 2,409 211,695
Costs of capital increase -12,041 -3,101 -175 -15,317
B. Issue premiums 923,843 0 0 0 0 0 0 0 0 225,960 56,463 0 0 1,206,266
C. Reserves 917,352 324,610 0 0 0 0 0 0 29,688 0 -145,520 0 -710 1,125,420
Reserves for the balance of
variations in the fair value of the
properties (+/-) 779,081 184,850 395 -4,435 959,891
Reserve for the share in
the profit or loss and in the
unrealised results of non-
100% shareholdings that are
administratively processed
according to the 'equity' method 46,163 20,796 -640 66,319
Reserves for the balance of
variations in the fair value of
permitted hedging instruments
that are not subject to hedging
accounting as defined in IFRS
(+/-) -81,819 -48,085 -129,904
Other reserves 31,115 17,347 29,688 -412 77,738
Result carried forward from
previous financial years 142,813 324,610 -184,850 -20,796 48,085 -17,742 -145,520 4,435 342 151,376
D. Net result of the financial
year 324,610 -324,610 0 0 0 0 0 982,266 0 0 0 0 0 982,266
Total shareholders’ equity 2,353,935 0 0 0 0 0 0 982,266 29,688 231,974 -86,823 0 -710 3,510,330
1 This includes the variations in the fair value of the portfolio of WDP NV and of the portfolio of the participation interest held for 100% by the mother company.
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Statement of shareholders’ equity prior to payment of dividends but after allocation of results
31.12.2021 Allocation of results from the 2021 financial year 31.12.2021
in euro (x 1,000)
Profit for
the previous
financial
year
Transfer of
the result on
portfolio¹
Transfer of
the result of
non-100%
share-
holdings
Dividend
payments of
non-100%
share-
holdings
Transfer of
variations
in the fair
value of
financial
instruments
Proposed
compen-
sation for
capital Other
Shareholders'
equity prior
to payment
of dividends
but after
allocation of
results
A. Capital 196,378 0 0 0 0 0 0 0 196,378
Subscribed capital 211,695 211,695
Costs of capital increase -15,317 -15,317
B. Issue premiums 1,206,266 0 0 0 0 0 0 0 1,206,266
C. Reserves 1,125,420 982,266 0 0 0 0 -163,620 0 1,944,067
Reserves for the balance of variations in the fair value of the properties (+/-) 959,891 776,679 -184 1,736,386
Reserve for the share in the profit or loss and in the unrealised results of non-100%
shareholdings that are administratively processed according to the 'equity' method 66,319 85,437 -1 151,754
Reserves for the balance of variations in the fair value of permitted hedging instruments
that are not subject to hedging accounting as defined in IFRS (+/-) -129,904 63,268 -66,636
Other reserves 77,738 -10,879 66,859
Proposed compensation for capital 0 -163,620 -163,620
Result carried forward from previous financial years 151,376 982,266 -776,679 -85,437 -63,268 11,064 219,323
D. Net result of the financial year 982,266 -982,266 0 0 0 0 0 0 0
Total shareholders’ equity 3,510,330 0 0 0 0 0 -163,620 0 3,346,710
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Statement of changes in non-consolidated equity FY 2020
01.01.2020 Allocation of results from the 2019 financial year
Other elements of the
overall result Other 31.12.2020
in euro (x 1,000)
Profit for
the previous
financial
year
Transfer of
the result on
portfolio¹
Transfer of
the result of
non-100%
shareholdings
Dividend
payments of
non-100%
shareholdings
Transfer of
variations in
the fair value
of financial
instruments
Net result for
the current
financial year
Variations in
the fair value
of solar
panels
Capital
increases
Dividends
distributed
and capital
increase as
a result of
an optional
dividend
Reclassification
in relation to
the sale of
investment
properties Other
A. Capital 185,746 0 0 0 0 0 0 0 0 2,384 0 0 188,130
Subscribed capital 197,623 2,549 200,171
Costs of capital increase -11,877 -165 -12,041
B. Issue premiums 876,849 0 0 0 0 0 0 0 0 46,994 0 0 923,843
C. Reserves 647,590 393,732 0 0 0 0 0 4,297 0 -127,642 0 -625 917,352
Reserves for the balance of
variations in the fair value of the
properties (+/-) 513,715 265,172 194 0 779,081
Reserve for the share in
the profit or loss and in the
unrealised results of non-
100% shareholdings that are
administratively processed
according to the 'equity' method 20,094 26,069 46,163
Reserves for the balance of
variations in the fair value of
permitted hedging instruments
that are not subject to hedging
accounting as defined in IFRS
(+/-) -51,936 -29,883 -81,819
Other reserves 26,818 4,297 31,115
Result carried forward from
previous financial years 138,900 393,732 -265,172 -26,069 29,883 -127,642 -194 -625 142,813
D. Net result of the financial
year 393,732 -393,732 0 0 0 0 324,610 0 0 0 0 0 324,610
Total shareholders’ equity 2,103,917 0 0 0 0 0 324,610 4,297 0 -78,264 0 -625 2,353,935
1 This concerns the changes in fair value of the real estate of WDP NV/SA and the real estate of the participations held for 100%.
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Basic information
Company name (Article 1 of the coordinated Articles of Association)
Warehouses DePauw, or WDP for short.
Place of registration, company number, identification code for legal
entities
The Company is registered in the Crossroads Bank for Enterprises, in the district
of
Brussels, Dutch language division, under the legal entity registration number
0417.199.869. Its identication code for legal entities (LEI – legal entity i dentier) is
549300HWDYC5JXC85138.
Legal form, incorporation
1
The Company was founded as a public limited company (‘NV’/‘SA’) under the name
Rederij DePauw by a deed executed before civil-law notary Paul DeRuyver in Liedekerke
on 27 May1977, published in the Annexes to the Belgian Ofcial Gazette on 21June1977
under number 2249-1. By means of a general merger and demerger operation,
this NV became the holding company bringing together the property portfolios of
nine companies. At the same time, the name of the Company was changed to
Warehousing & Distribution DePauw and was converted into a partnership limited by
shares under Belgian law (Comm. VA). The associated amendments to the Articles
of Association were provisionally enacted by a deed executed by civil-law-notary
Siegfried Defrancq in Asse-Zellik, acting as substitute for civil-law-notary Jean-
Jacques Boel in Asse due to his statutory incapacity, on 20 May1999, subsequently
published in the annexes to the Belgian Official Journal on 16 June under number
990616-21, and endorsed in two deeds dated 28 June1999 by the same civil-law
notary, subsequently published in the annexes to the Belgian Official Journal on 20
July under numbers 990720-757 and 758.
1 See also chapter 2. This is WDP. pp. 5.
The company name was changed during the Extraordinary General Meeting of
25 April 2001 into Warehouses De Pauw, as set out in the deed executed by the
aforementioned notary Siegfried Defrancq, replacing the aforementioned notary
Jean- Jacques Boel, due to his statutory incapacity, published in the annexes to the
Belgian Ofcial Journal on 18 May2001 under number 20010518-652.
At the Extraordinary General Meeting of 11 September2019, the legal form of WDP
was changed to a public limited company (‘naamloze vennootschap’) effective as
of 1 October 2019, as established in the deed executed before civil-law-notary Tim
Carnewal, published in the annexes to the Belgian Ofcial Journal of the following
25September2019, under number19127672.
At the Extraordinary General Meeting on 11 September2019, it was decided to split the
share by a factor of 7. This declaration deed was executed before Civil-Law Notary Eric
Spruyt in Brussels and was published in the Annexes to the Belgian Ofcial Gazette on
5February2020 under number20020249.
The WDP articles of association were last amended on 10 March 2022 by means of a
deed executed by a civil notary Tim Carnewal in Brussels, following the decision to the
capital increase in kind within the limits of the authorised capital. This deed was published
in the Annexes to the Belgian Ofcial Journal of 16 March 2022 under number 0317547.
REIT status
BELGIUM: Regulated Real Estate Company (GVV/SIR) status (Article 1 of the
coordinated Articles of Association)
Since 28 June 1999, WDP has been registered with the Belgian Financial Services
and Markets Authority, (the FSMA), as a xed-capital Belgian REIT (a Vastgoedbevak/
SICAF). On 16 October2014, in order to better meet the economic realities, and due
to the changes in the legal framework related to our capacity as an operational and
commercial real estate company, WDP changed its status to that of a public regulated
real estate company under Belgian law (public ‘GVV/SIR’). The relevant amendments
to the Articles of Association were enacted in a deed executed by the civil-law notary
Annual accounts
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Yves DeRuyver replacing the aforementioned civil-law notary Jean-Jacques Boel, due
to his statutory incapacity, as published in the annexes to the Belgian Ofcial Journal on
31October2014 under number14199666. Therefore, WDP is subject to the legal system
as determined in the GVV/SIR legislation.
Generally speaking, a public regulated real estate company under Belgian law, and
therefore also WDP since 16 October2014, must satisfy a number of crucial conditions
in order to be able to make use of the favourable regime while guaranteeing greater
transparency and a limitation of risk for the investor.
A public regulated real estate company under Belgian law:
◆
is a real estate company that (i) mainly makes immovable goods available to users,
(ii) may possess other types of property within the statutory limits (holding rights
in xed capital Belgian REITs (a ‘Vastgoedbevak/SICAF’), holding rights in certain
foreign ICBs, shares issued by other REITs, property certicates and holding rights
in a FIIS/GVBF), and (iii) within the framework of making immovable goods available,
may perform any and all activities associated with the construction, conversion,
renovation, development (for the company’s own portfolio), acquisition, disposal,
management and operation of immovable goods and (iv) within the legal limits, may
also invest in the infrastructure sector (including through PPPs) and the energy sector
(including renewable energy);
◆
has a statutory maximum gearing ratio of 65% of its assets;
◆
must distribute at least 80% of its prots to its shareholders;
◆
has the obligation of periodic and occasional valuation of the fair value of the property
by an independent property expert;
◆
diversies its properties in such a way as to spread the risks appropriately, by type of
property, geographic area and category of user or tenant, and no single transaction
shall result in more than 20% of its consolidated assets constituting a single property;
◆
is subject to corporation tax at the standard rate, although only on a limited taxable
base (i.e. non-deductible professional expenses, abnormal or gratuitous benets
and special assessment of secret commissions). When a GVV/SIR participates in
a merger, a demerger or a similar transaction, this transaction shall not benet from
the tax neutrality regime but will give rise to the application of the exit tax at the
rate of 15% as of 1 January2020. As a rule, the dividends paid by a GVV/SIR to
a shareholder give rise to the collection of an advanced levy at the rate of 30%;
◆
follows a strategy intended to retain possession of its properties over the long term;
◆
prioritises active management in the performance of its activities, which specically
entails that the company itself is responsible for the development and day-to-day
management of the immovable goods, and that all other activities that it performs
provide added value for these same immovable goods or their users, such as offering
services that supplement provision of the immovable goods;
◆
for performance of the aforementioned activities, has its own management structure,
administrative, accounting, nancial and technical organisation and suitable internal
control;
◆
is subject to the provisions of the GVV/SIR Act and of the Royal Decree on GVVs/
SIRs;
◆
must be incorporated in the form of a public limited company (‘NV/SA’);
◆
is listed, and at least 30% of the shares must be distributed in the market;
◆
cannot act (directly or indirectly) as a property developer (other than occasionally);
◆
may possess companies in which it owns, directly or indirectly, over 25% of the shares
(“perimeter” companies), which may or may not take the status of an institutional
GVV/SIR;
◆
must adhere to strict rules regarding conicts of interest and internal auditing
structures.
Public or institutional GVVs/SIRs fall under the supervision of the FSMA. For more
information on the GVV/SIR status, please refer to our website.
Aside from Articles 7:96 (conicts of interest of directors) and 7:97 (conicts of interest of
afliated companies) of the Belgian Code of Companies and Associations, which apply
to all listed companies, special rules apply to GVVs/SIRs regarding functional conicts of
interest (by virtue of Article37 of the GVV/SIR Act).
For further infor mation on each of these procedures, please refer to chapter 7. Corporate
Governance Statement pp. 135.
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THE NETHERLANDS: Fiscale Beleggingsinstelling (Fiscal Investment
Institution) (FBI)
As of 1 November2010, the FBI (Fiscal Investment Institution) regime applies to WDP
Nederland S.A., as a result of which the corporation tax rate of 0% applies. The company
must satisfy the following conditions in order to benet from this regime:
◆
WDP Nederland must be a B.V., N.V. or a mutual fund.
◆
The statutory objective as per the Articles of Association and the actual activities of
WDP Nederland S.A. are limited to the investment of capital.
◆
Only 60% of the nancing of the funds for investment (scal book value) can be
loan capital, in the case immovable goods. For other investments (not related to
immovable goods), only 20% of the scal book value of nancing can be loan capital.
◆
The operating prots of WDP Nederland S.A. must be provided to the shareholder of
WDP Nederland S.A. starting from application of the FBI regime within eight months
after the end of the nancial year.
◆
The prots distribution must be distributed evenly across all shares.
◆
75% or more of the shares in WDP Nederland S.A. must be held by a body that is not
subject to a tax based on prot.
◆
5% or more of the shares cannot be held directly or indirectly by natural persons.
◆
25% or more of the shares cannot be held by funds based abroad for persons residing
or legal entities domiciled in the Netherlands.
For more information on the evolution of the FBI status, we refer to chapter 6. Financial
results and property report pp. 72.
FRANCE: Société d’investissement immobilier cotée (SIIC)
Since 2005, WDP has been under the SIIC regime (Société d’Investissement Immobilier
Cotée) via its permanent establishment in France and its subsidiary WDP France SARL,
which means that a corporation tax rate of 0% applies. The company must satisfy the
following conditions in order to benet from this regime:
◆
The parent company must have the structure of an NV/SA or any other form of
company limited by shares that can be admitted for listing on the stock market. This
parent company must be listed on a stock market under EU law.
◆
The main activity of the SIIC must be limited to leasing immovable goods. Property
developments are not permitted to exceed the limit of 20% of the gross book value
of the portfolio.
◆
No more than 60% of the shares in WDP can be held by a single investor or a group
of investors acting in mutual consultation.
◆
The prot originating from the letting of buildings, the capital gains realised on the
sale of buildings, the capital gains realised on the sale of securities in the partnerships
or subsidiaries that are liable for corporation tax and that have opted for SIIC status,
contributions disbursed through their subsidiaries that have opted for SIIC status and
shares in the prot in partnerships are exempt from corporation tax.
◆
A distribution obligation applies to the results for 95% of the exempt prot originating
from rental income, 60% of exempt prot originating from the sale of buildings and
securities of partnerships and subsidiaries that are subject to SIIC status and 100% of
the dividends that are paid to them by their subsidiaries that are liable for corporation
tax and that have opted for SIIC status.
◆
Payment of an exit tax at a rate of 19% on the unrealised gains on buildings that are
the property of the SIIC or its subsidiaries that are liable for corporation tax and have
opted for SIIC status, and on the securities of partnerships that are not subject to
corporation tax.
Website and e-mail address of the Company (Article4 of the
coordinated Articles of Association)
The website of the Company is www.wdp.eu and the Company can be contacted at the
following e-mail address: shar[email protected].
Registered office of the Company (Article3 of the coordinated
Articles of Association)
The Company is based in the Flemish Region. The registered ofces can be relocated
in Belgium by a decision of the Board of Directors, provided the relocation does not
require a change in the language of the Articles of Association to comply with applicable
language legislation.
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Duration (Article 2 of the coordinated Articles of Association)
The duration of the Company is unlimited.
Company objective (Article5 of the coordinated Articles of
Association)
Article5 of the Articles of Association states that the sole objective of the Company is to:
a) make real estate available to users, directly or through a company in which it holds
an interest in accordance with the provisions of the GVV/SIR legislation and its
implementing decrees and regulations; and
b) possess real estate as referred to in Article 2(5°)(i to xi) of the GVV/SIR Act, within the
limits of the GVV/SIR legislation.
Real estate shall be understood to mean:
i) real estate as dened in articles517 and thereafter of the Civil Code and rights in
rem to the said real estate, excluding the real estate of a forestry, agricultural or
mining nature;
ii) shares with voting rights issued by real estate companies, of which the company
directly or indirectly retains more than 25% of the capital;
(iii) option rights on real estate;
(iv) shares in public or institutional GVVs/SIRs, provided in the latter case that the
company holds over 25% of the share capital, directly or indirectly;
v) rights arising from contracts giving the company leasehold of one or more assets,
or other analogous rights of use;
vi) holding rights in public and institutional real estate investment funds;
vii) holding rights in foreign institutions for collective investment in real estate
registered in the list referred to in Article260 of the Act of 19 April2014;
viii) holding rights in institutions for collective investment in real estate based in a
different Member State of the European Economic Area and not included in the
list referred to in Article260 of the Act of 19 April2014, insofar as they are subject
to equivalent supervision as public real estate investment trusts;
ix) shares or holding rights issued by companies (i) with a legal personality;
(ii) governed by the law of another Member State of the European Economic Area;
(iii) whose shares may or may not be admitted to trading on a regulated market
and which may or may not be subject to a regime of prudential supervision; (iv) the
principal activity of which consists of the acquisition or construction of immovable
property with a view to placing it at the disposal of users, or the direct or indirect
holding of shares in the capital of companies with a similar activity; and (v) which
are exempt from tax on income from prots resulting from the activity referred to
under (iv) above, subject to compliance with certain legal obligations, and which
are obliged to distribute at least part of their income to their shareholders (“Real
Estate Investment Trusts” (or “REITs” for short);
x) mortgage debentures as referred to in Article5(§4) of the Act of 16 June2006;
xi) holding rights in a FIIS/GVBF;
xii) as well as any other goods, shares or rights dened as real estate by the GVV/SIR
legislation.
Real estate as referred to in (vi), (vii), (viii), (ix) and (xi) that constitute holding rights in
alternative investment funds within the meaning of Directive2011/61/EU of the European
Parliament and of the Council of 8 June2011 on managers of alternative investment
funds and amending Directives2003/41/EC and 2009/65/EC and of the Regulations (EC)
no. 1060/2009 of the European Parliament and the Council of 16 September2009 on
credit rating agencies and (EU) no. 1095/2010 of the European Parliament and of the
Council of 24 November2010 establishing a European supervisory authority (European
Securities and Markets Authority) amending Decision no. 716/2009/EC and repealing
Commission Decision2009/77/EC cannot be qualied as voting shares issued by real
estate companies, regardless of the amount of the shareholding held directly or indirectly
by the company.
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c) the long-term conclusion of or accession to one or more of the following, with a public
contractor and either directly or by means of a company in which it holds a stake
in accordance with the provisions of the GVV/SIR legislation, where applicable in
collaboration with third parties:
i) DBF agreements, so-called “Design, Build, Finance” agreements;
ii) DB(F)M agreements, so-called “Design, Build, (Finance) and Maintain” agreements;
iii) DBF(M)O agreements, so-called “Design, Build, Finance, (Maintain) and Operate”
agreements; and/or
iv) contracts for public works concessions relating to buildings and/or other real
estate infrastructure and associates services, and on the basis of which:
i) the company is responsible for the provision, maintenance and/or operation
for a public entity and/or citizens as end users, in order to satisfy a social need
and/or to allow the provision of a public service; and
ii) the company, without necessarily having rights in rem, can assume, in whole
or in part, the associated nancing risks, availability risks, demand risks and/
or operating risks, in addition to any construction risk.
d) the long-term development, incorporation, management and operation, possibly by
means of third parties, and provision of the following, either directly or by means of a
company in which it holds a stake in accordance with the provisions of the GVV/SIR
legislation, where applicable in collaboration with third parties:
i) utilities and storage facilities for the transport, distribution or storage of electricity,
gas, fossil or non-fossil fuels and energy in general and associated assets;
ii) utilities for transport, distribution, storage or purication of water and associated
assets;
iii) installations for the generation, storage and transport of renewable or non-
renewable energy and associated assets; or
iv) waste and incineration plants and associated assets.
In the context of the provision of real estate, the Company may exercise all activities
related to the incorporation, construction (without infringing the prohibition on acting
as a property developer, except for occasional transactions), alteration, tting out,
renovation, development, acquisition, sale, letting, subletting, exchange, inclusion,
transfer, subdivision, bringing real estate assets into a system of co-ownership or joint
ownership, as described above, the granting or receipt of the right of supercie s, the
right to the usufruct, long-term lease or other real or personal rights, management and
running of properties.
In accordance with the GVV/SIR legislation, the Company may also:
◆
rent immovable goods with or without a purchase option;
◆
let immovable goods, with or without a purchase option, with the understanding that
it is only permitted to let immovable goods with a purchase option as a secondary
activity;
◆
invest in securities other than properties within the meaning of the GVV/SIR legislation,
on an occasional or temporary basis. These investments are made in accordance with
the risk management policy adopted by the Company and shall be diversied to ensure
suitable risk diversication. The Company may also possess unallocated liquid assets.
The liquid assets may be held in any currency in the form of demand or term deposits
or by any money market instrument susceptible to rapid mobilisation;
◆
offer mortgages or any other securities or guarantees for the nancing of the real estate
activities of the Company or its Group;
◆
grant loans;
◆
perform transactions on permitted hedging instruments (as dened in the GVV/SIR
legislation) to the extent that these transactions are part of a policy dened by the
Company to hedge nancial risks, with the exception of speculative transactions.
The Company may acquire, lease or rent, transfer or exchange any and all movable
or immovable goods, materials and necessities, and in general perform all commercial or
nancial operations directly or indirectly related to its objective and the exploitation of all
intellectual rights and commercial properties pertaining to these.
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Taking GVV/SIR legislation into account, the Company may obtain a share by contribution
in cash or in kind, merger, demerger or other restructuring under company law,
subscription, shareholding, nancial intervention or by any other means, in all existing
companies and enterprises, or those yet to be formed, in Belgium or abroad, whose
company objective is similar to its own or which, by its nature, seeks to accomplish or
facilitate the accomplishment of its own objective.
Any amendments to the Company’s Articles of Association shall require the prior approval
of the FSMA.
Company capital
Capital (Article 7 of the coordinated Articles of Association)
The capital of WDP NV/SA amounts to 213,023,348.64 euros and is represented by
185,931,267 ordinary shares, each of which represents 1/185,931,267 part of the capital.
None of these shares provides special voting or other rights.
Authorised capital (Article 8 of the coordinated Articles of
Association)
The Board of Directors is authorised, within the constraints of the mandatory provisions
contained in the applicable company law, to increase the capital on the dates and subject
to the conditions that it species, on one or more occasions, up to a maximum amount
of:
i) 104,202,599.66 euros, if the capital increase to be realised is a capital increase
by cash with the possibility for the shareholders of the Company to exercise their
preferential right or the irreducible allocation right (as referred to in the GVV/SIR
legislation); and
ii) 104,202,599.66 euros, if the capital increase to be realised involves a capital
increase in the context of paying an optional dividend; and
III. 20,840,519.93 euros if the capital increase is achieved (a) through a contribution
in kind, (b) a contribution in cash without the option for company shareholders
to exercise their statutory preferential rights or irreducible allocation rights (as
referred to in the GVV/SIR legislation) or (c) any other form of capital increase;
with the understanding that the capital under this authorisation may not be increased by
an amount exceeding the amount of the capital on the date of the Extraordinary General
Meeting which approves the authorisation, being 28 April2021.
This authorisation is renewable.
As of the date of this Annual Report, the Board of Directors made use of the authorisation
granted to it twice to increase the capital, and thus the available balance of the authorised
capital as at the date of this Annual Report:
i) 104,202,599.66 euros, if the capital increase to be realised is a capital increase
by cash with the possibility for the shareholders of the Company to exercise their
preferential right or the irreducible allocation right (as referred to in the GVV/SIR
legislation); and
ii) 104,202,599.66 euros, if the capital increase to be realised involves a capital
increase in the context of paying an optional dividend; and
iii). 18,631,292.77 euros if the capital increase is achieved (a) through a contribution
in kind, (b) a contribution in cash without the option for company shareholders
to exercise their statutory preferential rights or irreducible allocation rights (as
referred to in the GVV/SIR legislation) or (c) any other form of capital increase;
with the understanding that in the context of the authorised capital, for the ve-
year authorisation period, the capital can never be increased beyond an amount of
208,405,199.33 euros.
Capital increase(s) may be performed by contributions in cash or in kind or the conversion
of reserves, including prots carried forward and issue premiums as well as all the equity
components in the Company’s individual IFRS annual nancial statements (compiled on
the basis of the GVV/SIR legislation) which can be converted into capital, with or without
issuing or creating shares or other securities (of any existing kind), in accordance with the
mandatory provisions set out in the applicable company law and the GVV/SIR legislation.
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Eventual issue premiums will be shown in one or more separate accounts under
shareholders’ equity in the liabilities on the balance sheet. The Board of Directors shall
be free to decide to place any issue premiums – possibly after deduction of an amount
not exceeding the cost of the capital increase in the meaning of the applicable IFRS
rules – to an unavailable account, which shall constitute the third-party guarantee on the
same basis as the capital and cannot under any circumstances be reduced or eliminated
except by a resolution of the General Meeting voting as for an amendment to the Articles
of Association, except in cases of conversion into capital.
Under the conditions and within the limits set out in paragraphs one to ve inclusive of this
article, the Board of Directors can create or issue not only shares, but also subscription
rights (whether or not attached to another security), convertible bonds, bonds repayable
in shares, or other securities (of any existing kind), complying at all times with the
mandatory provisions set out in the applicable company law and the GVV/SIR legislation.
Without prejudice to application of the mandatory provisions of the applicable company
law and the GVV/SIR legislation, the Board of Directors may limit or cancel preferential
rights in this case, even if it benets one or more persons, other than employees of the
company.
The Board of Directors has the power to amend the Company’s Articles of Association
in accordance with capital increase(s) performed in the context of the authorised capital.
Share repurchases (Article11 of the coordinated Articles of
Association)
The Company may acquire, accept in pledge and sell its own shares and associated
depository receipts in accordance with the applicable company law.
In addition, the Board of Directors is authorised to perform the following actions for ve
years starting on 11 September2019:
◆
acquire shares in the Company and associated depository receipts and accept these
in pledge, at a minimum price or countervalue equal to 0.01 euros and at a maximum
price or counter value equal to 125% of the closing price on the trading day before
the date of the transaction, without the Company being allowed to own shares of
the Company or depositary receipts relating thereto representing more than 10% of the
total number of shares;
◆
transfer shares in the Company and associated depository receipts, such as to one
or more specic people who are not employees, at a minimum price or countervalue
equal to 75% of the closing price of the trading day before the date of the transaction.
On 31 December2021, WDP NV/SA did not possess any of its own shares.
Changes in capital (Article 12 of the coordinated Articles of
Association)
4° Except for the option to use authorised capital by a decision of the Board of Directors,
and taking into account the mandatory provisions in the applicable company law and the
GVV/SIR legislation, only an Extraordinary General Meeting can decide to increase or
decrease the capital, in the presence of a civil-law notary.
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◆
Capital increase in cash
Where the capital is increased by a cash contribution and without prejudice to the
application of the mandatory provisions of the applicable company law, the preferential
right can be restricted or cancelled.
In such cases, if the mandatory provisions of GVV/SIR legislation require the granting of
an irreducible allocation right to existing shareholders when new securities are allocated,
this irreducible allocation right must at least satisfy the following conditions:
1° it applies to all new securities issued;
2° it is granted to the shareholders in proportion to the share of capital that their
shares represent at the time of the transaction;
3° a maximum share price shall be announced by no later than the evening prior to
the opening of the public subscription period; and
4° in such cases, the public subscription period must be at least three trading days.
However, a capital increase in cash can also take place with the suspension of the
statutory preferential right and without the allocation of an irreducible allocation right,
provided that the following conditions are satised:
1° the capital increase takes place using the authorised capital;
2° the cumulative amount of capital increases carried out in accordance herewith
over a period of twelve months shall not exceed 10% of the amount of the capital
at the time of the decision to increase the capital.
This allows a GVV/SIR, among other things, to realise an exempted private offering of
new shares by means of an accelerated private placement with an order book (so-called
accelerated bookbuilding or ABB).
◆
Capital increase in kind
When issuing securities against contributions in kind, the following conditions must be
met without prejudice to the mandatory provisions contained in the applicable company
law:
1) the identity of the contributor must be disclosed in the special report of the
Board of Directors on the capital increase by contribution in kind, and also,
where applicable, in the invitations to the general meeting that will decide on the
contribution in kind;
2) the issue prices shall be no less than the lower value of (a) a net value per share
dated no more than four months prior to the date of the contribution agreement or,
at the discretion of the company, before the date of the capital increase deed, and
(b) the average closing price of the thirty calendar days before this date;
3) unless the issue price as well as the method used are determined by the working
day after conclusion of the contribution agreement and are announced to the
public with indication of the timeframe within which the capital increase will
actually be complete, the capital increase deed shall be executed within no more
than four months; and
4) the report provided for under point 1 above must also explain the impact of
the proposed contribution on the position of the earlier shareholders and more
particularly on their share in the prots, in the net value per share and in the capital
as well as the impact on voting rights.
For the application of point 2 above, an amount may be deducted from the sum specied
in clause 2(b) above, that is equal to the part of the undistributed gross dividend to
which the new shares may not grant a right. Where applicable, the Board of Directors
shall specically justify the dividend amount deducted, as described above, in its special
report, and explain the nancial conditions of the transaction in its annual nancial report.
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The special rules for capital increases in kind, explained above, do not apply to the
contribution of a right to a dividend in the context of payment of an optional dividend,
insofar as this is effectively open for payment to all shareholders.
◆
Mergers, demergers and equivalent operations
The special rules for capital increases in kind, explained above, apply mutatis mutandis
to mergers, demergers and similar operations to which the GVV/SIR legislation refers in
this specic context. In this case, the “date of the contribution agreement” refers to the
date on which the merger or demerger proposal was deposited.
Control over the Company
Special rights of control are not granted to any categories of shareholders. WDP currently
has only one reference shareholder, who has one representative on the Board of Directors
by virtue of the binding right of appointment as set out in Article15 of the coordinated
Articles of Association, an excerpt of which is provided below:
‘Notwithstanding the mandatory provisions in the applicable company law and
notwithstanding the GVV/SIR legislation, and subject to the conditions and terms
of this article, every natural person, legal entity or company (with or without legal
personality) that individually and directly holds at least 10% of the shares in the
Company (a ‘Reference Shareholder’), shall have a binding right to appoint one
director at the annual meeting. A Reference Shareholder shall have a binding right,
subject to the terms and conditions contained in this article, to appoint one additional
director for each block of 10% of the shares that the Reference Shareholder owns
individually and directly in the company…’
Statutory auditor (Article23 of the coordinated
Articles of Association)
On 25 April2007, Deloitte Bedrijfsrevisoren BV, that is a member of the Belgian Institute of
Registered Auditors with ofces at Gateway building Luchthaven Brussel Nationaal1J,
1930 Zaventem, was appointed as the statutory auditor for WDP.
On 27 April 2016, the statutory auditor, represented by its permanent representative,
Kathleen DeBrabander, was reappointed until the annual meeting of 2019.
On 6 December2016, WDP launched an open call for tenders for this term of appointment
as statutory auditor in accordance with the European Audit Directive 537/2014/EU. Due
to this legislation, the term of Deloitte Bedrijfsrevisoren already ended at the Annual
General Meeting of 26 April2017. This meeting concerned the reappointment of Deloitte
Bedrijfsrevisoren, represented by its permanent representative, Kathleen DeBrabander,
until the annual meeting of 2020.
The Annual General Meeting of 24 April 2019 conducted an internal rotation of the
permanent representatives of the statutory auditor in the context of Article 22(§3) of
the Act of 7 December2016 organising the profession and public supervision of statutory
auditors. Kathleen DeBrabander was succeeded by Rik Neckebroeck for the remainder
of the term, i.e. until the annual meeting of 2020.
At the Annual General Meeting of 29 April2020, it was decided to reappoint Deloitte
Bedrijfsrevisoren, with Rik Neckebroeck as permanent representative, for a period of
three years, i.e. until the Annual General Meeting of 2023.
The duties of the statutory auditor consist of the auditing the consolidated and separate
nancial statements of WDP NV/SA and the other Belgian subsidiaries.
In France, Deloitte & Associés, represented by Pierre-Marie Martin, with ofces at 67, rue
deLuxembourg, 59777 Euralille, was appointed as statutory auditor for the subsidiary
WDP France SARL.
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In the Netherlands, Deloitte Accountants BV, represented by Martijn Heerschop, with ofces
at Gustav Mahlerplein2970, 1081 LA Amsterdam, the Netherlands, was appointed as the
statutory auditor for the WDP Nederland S.A. and WDP Development NL S.A. subsidiaries.
In Luxembourg, Deloitte Audit SARL, represented by Ronan Richard, with ofces at
Boulevard de Kockelscheuer 20, 1821 Luxembourg, was appointed as statutory auditor
of the WDP Luxembourg S.A. subsidiary.
In Romania, Deloitte Audit SRL, represented by Claudiu Ghiurluc, with ofces at Building
The Mark, Calea Griviței no. 84-98 ți 100-102, etajul8 ți etajul9, Sector1, Bucharest, was
appointed as the statutory auditor of the Warehouses DePauw Romania SRL subsidiary.
The fees of the statutory auditor are determined on the basis of prices in line with market
conditions and independently of WDP as per the code of conduct and the standards
of the Belgian Institute of Registered Auditors and in accordance with the applicable
provisions with regard to the independence of statutory auditors set out in the Belgian
Code of Companies and Associations.
For further information on statutory auditor fees, please see explanatory note in chapter
10. Annual accounts pp. 240.
Financial service (paying agent)
ING België NV/SA
Marc Sanders
Sint-Michielswarande60, 1040 Brussels
+ 32 2 547 31 40
[email protected]
The fees for nancial services are determined on the basis of market conditions as a
percentage of the volume of the transactions concerned (such as dividend payments,
optional dividends, etc.) and are independent of the Company.
For further information on nancial service fees, please, we refer to chapter 10. Annual
accounts pp. 243.
Property expert
In accordance with the GVV/SIR legislation, the expert values all buildings of the GVV/
SIR and its subsidiaries at the end of each nancial year. The book value of the buildings
appearing on the balance sheet is adjusted to these values.
In addition, at the end of each of the rst three quarters of the nancial year, the
independent property expert updates the overall valuation prepared at the end of the
previous year based on the development of the market and the individual characteristics
of the properties in question. The expert also values the properties of the GVV/SIR and
its subsidiaries if the GVV/SIR wishes to perform transactions such as share issues or
mergers.
All immovable goods that the GVV/SIR or its subsidiaries want to acquire or transfer are
valued by the independent property expert prior to the transaction. The valuation of the
expert shall apply as a minimum price (in cases of disposal), or maximum price (in cases
of acquisitions) for the GVV/SIR when the counterparty is a person that is closely involved
with the GVV/SIR (as determined in the applicable regulations for GVVs/SIRs) or if such
persons receive any benets from the transaction in question.
The GVV/SIR legislation formulates statutory obligations on procedures followed by
property experts to ensure the necessary degree of independence of property appraisers
in the valuation of the property. It is stipulated that the remuneration cannot be related to
the value of the property that forms the subject matter of the expert’s report.
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An obligation is also imposed on the GVV/SIR to ensure replacement of the expert(s) that
it appoints under a double rotation requirement. Thus, the GVV/SIR may only appoint the
expert for a renewable term of three years. Moreover, an expert may only be entrusted
with the valuation of a particular property for a maximum period of three years, after
which a cooling-off period of three years must be observed. Therefore, an expert who has
already served a three-year term may only be appointed for a new three-year term if, for
this period, the expert is responsible for valuing a different part of the assets of the public
GVV/SIR or its subsidiaries. Special rules apply if the expert is a legal entity.
On 31 December2021, the property experts appointed by WDP NV/SA are:
◆
Stadim BV, Mechelsesteenweg 180, 2018 Antwerp - Belgium, represented (within
the meaning of Article24 of the GVV/SIR Act) by Elke DeWael, Leander Asnong and
Nicolas Janssens;
◆
Jones Lang LaSalle BV, Marnixlaan23, 1000 Brussels – Belgium, represented (within
the meaning of Article24 of the GVV/SIR Act) by Greet Hex;
◆
Cushman & Wakeeld VOF, Gustav Mahlerlaan362-364, 1082 ME Amsterdam , the
Netherlands, represented (within the meaning of Article24 of the GVV/SIR Act) by
Kristiaan Engelman;
◆
CBRE Valuation & Advisory Services B.V., Gustav Mahlerlaan 405, 1082 MK
Amsterdam, the Netherlands, represented (within the meaning of Article 24 of the
GVV/SIR Act) by W.F.A. Rodermond and J.B.H. Baars;
◆
BNP Paribas Real Estate, 167 quai de la Bataille de Stalingrad, 92867 Issy-Les-
MoulineauxCedex, France, represented (within the meaning of Article24 of the GVV/
SIR Act) by Laure Gougeon;
◆
CBRE Real Estate Consultancy SRL, Aviatorilor Blvd 8A, 1st District, Bucharest,
Romania represented (within the meaning of Article24 of the GVV/SIR Act) by Florin
Ianculescu-Popa;
◆
Jones Lang laSalle Luxembourg SECS, rue du Puits Romain37, L-8070 Bertrange,
Luxembourg, represented (within the meaning of Article24 of the GVV/SIR Act) by
Jaime delAlamoo.
◆
Cushman & Wakeeld (U.K.) LLP - German Branch, Rathenauplatz 1, 60313 Frankfurt
– Germany, represented (within the meaning of Article 24 of the GVV/SIR Act) by
Michael J. Störrlein.
Remuneration for property experts is not connected to the value of the property and is
based on a xed fee per property valued and/or a variable fee according to the surface
area valued. The agreements with the property experts satisfy the relevant regulations.
For further information on the division of the property portfolio or property expert fees,
see chapter 10. Annual accounts pp. 225-226 and pp. 243.
Insurance cover
WDP and its subsidiaries must take out adequate insurance cover for all of their immovable
goods. The insurance cover must be in line with customary market conditions.
All WDP buildings are insured for their new construction value.
For further information on the insured value and the premiums paid for insurance cover,
we refer to chapter 10. Annual accounts pp. 222 and pp. 243.
Structures abroad
To ensure optimal management of the property portfolio abroad, WDP NV/SA has
subsidiaries and sub-subsidiaries in a number of European countries (these companies
do not have the status of an institutional GVV/SIR).
◆
The companies in the Group have a number of features in common.
◆
The company structure is also the local equivalent of a private company (‘BV’) or
a public limited company (‘NV/SA’).
◆
WDP owns 100% of the shares in all foreign subsidiaries and sub-subsidiaries, except
for WDP Romania (85%), WDP Luxembourg (55%) and WVI (Germany) (50%).
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WDP NV/SA is represented in France by its permanent establishment at rue Cantrelle28,
36000 Châteauroux, France.
WDP Nederland S.A. has another 100% subsidiary, WDP Development NL S.A., Hoge
Mosten2, 4822 NH Breda.
The results of the subsidiaries are subject to local corporation tax, except for WDP
Nederland which has FBI status (Fiscale Beleggingsinstelling) and WDP France which
has SIIC status (Société d’Investissement Immobilier Cotée), with the corresponding
scal transparency.
More information on the FBI status and the SIIC status is available under REIT status
earlier on in this chapter.
The net prots can be disbursed to WDP, in which case the withholding tax or exemption
depends on the EU Parent-Subsidiary Directive, its implementation in the local
legislation of the respective countries and the applicable double taxation agreements
between Belgium and the various countries in which WDP is active. Results from foreign
subsidiaries are included in the consolidation, after elimination of the depreciation of
immovable goods and offset of deferred tax receivables.
The choice of nancing method (group loans versus bank loans) must always take into
account the impact of this nancing on the consolidated gearing ratio for WDP (the
maximum gearing ratio at the consolidated level must be respected and amounts to
65% as per GVV/SIR legislation. This same maximum gearing ratio also applies to the
separate statements of the GVV/SIR). At the consolidated level, subordinate group loans
do not affect the Group’s gearing ratio. On the other hand, bank loans do.
For this nancing strategy, the main factors to consider (aside from the gearing ratio) are
the two key principles of taxation that differ from country to country:
◆
the rules on the thin capitalisation obligation for companies;
◆
the withholding tax percentage to be deducted on interest payments on outstanding
group loans disbursed to the country of origin.
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APPENDICES
12.
Page 268 External verification
Page 278 Alternative performance
measures
Page 284 Information per reference
Page 286 Declarations
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Conclusions of the property experts
Dear Sirs,
We are pleased to present you with our estimate of the value of the property portfolio of
WDP NV as of 31 December 2021.
WDP appointed us as independent property experts to determine the investment value
and fair value of its property portfolio. Estimates were made taking into account both
the observations and denitions mentioned in the reports, and the guidelines of the
International Valuation Standards issued by the IVSC.
The fair value is dened in standard IAS 40 as the amount for which the property could
be exchanged between knowledgeable, willing parties in an arm's length transaction.
IVSC deems these conditions to be met if the above-mentioned denition of market value
is respected. The market value must reect the current lease contracts, the reasonable
assumptions relating to potential rental income and the expected costs.
In this context, the transaction costs must be adjusted to the actual situation on the
market. The fair value is calculated by adjusting the investment value based on customary
transaction costs.
As property experts, we possess relevant and recognized credentials as well as up-to-
date experience with properties of a type and location similar to those of the properties
in WDP's property portfolio.
In giving an estimate of the properties, we took into account both the current rental
agreements and all rights and obligations arising from these agreements. Each property
was valuated separately. The estimates do not account for any potential capital gain that
might be realized by offering the portfolio on the market in its entirety. Our estimates also
do not account for marketing costs specic to a transaction, such as estate agents' fees
or publicity costs. In addition to an annual inspection of these properties, our estimates
are also based on the information provided by WDP regarding the rental situation,
1 This value equals the sum of fair value that is conrmed by the individual property experts, as detailed in explanatory note Investment property in chapter 10. Annual accounts – Notes.
surface areas, sketches or plans, rental charges and taxes associated with each property
concerned, compliance and environmental pollution. The information provided was
deemed accurate and complete. Our estimates assume that there are no undisclosed
items that would affect the value of the property.
Each independent property expert is responsible for valuing the part of the portfolio that
was contractually assigned to him or her.
Based on the above statements, we can conrm that the fair value of the property portfolio
of WDP (excluding solar panels but including assets held for sale) on 31 December 2021
amounted to 5,894,517,984 euros (ve billion, eight hundred ninety-four million, ve
hundred seventeen thousand nine hundred forty-eight euros)
1
.
Yours faithfully,
Nicolas Janssens
Partner | Stadim
Greet Hex
Director, Valuations & Advisory | Jones Lang LaSalle Belgium
Walter de Geus
Director | CBRE Netherlands
Leopold Willems
Valuations & Advisory – The Netherlands | Cushman & Wakeeld
Jean-Claude Dubois
President of the Valuation department | BNP Paribas Real Estate Valuation France
Roderick Scrivener
Head of Valuations & Consulting Belux | Jones Lang LaSalle Secs
Florin Ianculescu-Popa
Director | CBRE Romania
Dipl.-Ing. Martin Belik
MRICS International Partner | C&W (U.K.) LLP – German Branch
EXTERNAL VERIFICATION
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EXTERNAL VERIFICATION
Report of the statutory auditor on the annual financial
statements
Statutory auditor’s report to the shareholders’ meeting of Warehouses De Pauw NV/SA
for the year ended 31 December 2021 - Consolidated nancial statements
In the context of the statutory audit of the consolidated nancial statements of Warehouses
De Pauw NV/SA (“the company”) and its subsidiaries (jointly “the group”), we hereby
submit our statutory audit report. This report includes our report on the consolidated
nancial statements and the other legal and regulatory requirements. These parts should
be considered as integral to the report.
We were appointed in our capacity as statutory auditor by the shareholders’ meeting of
29 April 2020, in accordance with the proposal of the board of directors (“bestuursorgaan”/
“organe d’administration”) issued upon recommendation of the audit committee. Our
mandate will expire on the date of the shareholders’ meeting deliberating on the nancial
statements for the year ending 31 December 2022. We have performed the statutory
audit of the consolidated nancial statements of Warehouses De Pauw NV/SA for
15 consecutive periods.
Report on the consolidated financial statements
Unqualified opinion
We have audited the consolidated nancial statements of the group, which comprise
the consolidated balance sheet as at 31 December 2021, the consolidated prot and
loss account, the consolidated statement of overall result, the consolidated statement
of changes in equity and the consolidated statement of cash ow for the year then
ended, as well as the summary of signicant accounting policies and other explanatory
notes. The consolidated balance sheet shows total assets of 6 106 225 (000) EUR
and the consolidated income statement shows a prot for the year then ended of
994 056 (000)EUR.
In our opinion, the consolidated nancial statements give a true and fair view of the
group’s net equity and nancial position as of 31 December 2021 and of its consolidated
results and its consolidated cash ow for the year then ended, in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European Union
and with the legal and regulatory requirements applicable in Belgium.
Basis for the unqualified opinion
We conducted our audit in accordance with International Standards on Auditing (ISA),
as applicable in Belgium. In addition, we have applied the International Standards
on Auditing approved by the IAASB applicable to the current nancial year, but not
yet approved at national level. Our responsibilities under those standards are further
described in the “Responsibilities of the statutory auditor for the audit of the consolidated
nancial statements” section of our report. We have complied with all ethical requirements
relevant to the statutory audit of consolidated nancial statements in Belgium, including
those regarding independence.
We have obtained from the board of directors and the company’s ofcials the explanations
and information necessary for performing our audit.
We believe that the audit evidence obtained is sufcient and appropriate to provide a
basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most
signicance in our audit of the consolidated nancial statements of the current period.
These matters were addressed in the context of our audit of the consolidated nancial
statements as a whole and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
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EXTERNAL VERIFICATION
Key audit matters How our audit addressed the key audit matters
Valuation of investment properties
♦
Investment properties measured at fair value (5 795 243 (000) EUR) represent more than 96
percent of the consolidated balance sheet total as at 31December 2021. Changes in the fair
value of the investment properties have a signicant impact on the consolidated net result for
the period and equity.
♦
The portfolio includes completed investments and properties under construction. Acquisitions
and divestments of investment properties are individually signicant transactions.
♦
The Group uses professionally qualied external valuers to fair value the Group’s portfolio at
three-monthly intervals. The valuers are engaged by the Directors and they perform their work in
accordance with the International Valuation Standards issued by the ‘IVSC’. The valuers used by
the Group have considerable experience in the markets in which the Group operates.
♦
The portfolio is valued based on a discounted cash ow model, or income capitalisation model
and / or based on comparative market transactions. Development properties are valued by
the same methodology with a deduction for all costs necessary to complete the development
together with a remaining allowance for risk. The key inputs into the valuation exercise are
yields and current market rent, which are inuenced by prevailing market forces, comparable
transactions and the specic characteristics of each property in the portfolio.
♦
Therefore, the audit risk relates to the assumptions and critical judgments linked to those key
inputs.
♦
We considered the internal control implemented by management and we tested the design and
implementation of controls over investment properties.
♦
We assessed the competence, independence and integrity of the external valuers.
♦
We analysed and challenged the valuation process, performance of the portfolio and signicant
assumptions and critical judgement areas, including yields and estimated rental values.
♦
We benchmarked and challenged the key assumptions that were used in the valuation to external
industry data and comparable property transactions, in particular the yield.
♦
We performed audit procedures to assess the integrity and completeness of information
provided to the independent valuers relating to rental income, key rent contract characteristics
and occupancy.
♦
We agreed the amounts per the valuation reports to the accounting records and from there we
agreed the related balances through to the nancial statements.
♦
As part of our audit procedures performed on the acquisitions and divestments of investment
properties, we examined the most signicant contracts and documentation on the accounting
treatment applied to these transactions.
♦
For development properties, we also conrmed that the supporting information for
construction contracts and budgets was consistent with the cost to complete deducted from
the valuation of development properties. Capitalized expenditure was tested on a sample
basis to invoices, and budgeted costs to complete were compared to supporting evidence
(for example by inspecting original construction contracts).
♦
Furthermore, we assessed the appropriateness of the disclosures provided on the fair values of
investment properties.
Reference to disclosures
We refer to the Financial Statements, including notes to the Financial Statements:
Note III, Valuation rules and Note XII, Investment properties.
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EXTERNAL VERIFICATION
Responsibilities of the board of directors for the preparation of the
consolidated financial statements
The board of directors is responsible for the preparation and fair presentation of the
consolidated nancial statements in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union and with the legal and regulatory
requirements applicable in Belgium and for such internal control as the board of directors
determines is necessary to enable the preparation of consolidated nancial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated nancial statements, the board of directors is responsible
for assessing the group’s ability to continue as a going concern, disclosing, as applicable,
matters to be considered for going concern and using the going concern basis of
accounting unless the board of directors either intends to liquidate the group or to cease
operations, or has no other realistic alternative but to do so.
Responsibilities of the statutory auditor for the audit of the consolidated
financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated
nancial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue a statutory auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISA will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to inuence the economic decisions
of users taken on the basis of these consolidated nancial statements.
During the performance of our audit, we comply with the legal, regulatory and normative
framework as applicable to the audit of consolidated nancial statements in Belgium.
The scope of the audit does not comprise any assurance regarding the future viability
of the company nor regarding the efciency or effectiveness demonstrated by the board
of directors in the way that the company’s business has been conducted or will be
conducted.
As part of an audit in accordance with ISA, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
◆
identify and assess the risks of material misstatement of the consolidated nancial
statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufcient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from an error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control;
◆
obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the group’s internal control;
◆
evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the board of directors;
◆
conclude on the appropriateness of the use of the going concern basis of accounting
by the board of directors and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast signicant
doubt on the group’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our statutory auditor’s
report to the related disclosures in the consolidated nancial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our statutory auditor’s report. However,
future events or conditions may cause the group to cease to continue as a going
concern;
◆
evaluate the overall presentation, structure and content of the consolidated nancial
statements, and whether the consolidated nancial statements represent the
underlying transactions and events in a manner that achieves fair presentation;
◆
obtain sufcient appropriate audit evidence regarding the nancial information of
the entities and business activities within the group to express an opinion on the
consolidated nancial statements. We are responsible for the direction, supervision
and performance of the group audit. We remain solely responsible for our audit
opinion.
1 ISAE 3000 (Revised) - Assurance engagements other than audits or reviews of historical information.
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EXTERNAL VERIFICATION
We communicate with the audit committee regarding, amongst other matters, the planned
scope and timing of the audit and signicant audit ndings, including any signicant
deciencies in internal control that we identify during our audit.
We also provide the audit committee with a statement that we have complied with
relevant ethical requirements regarding independence, and we communicate with them
about all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated to the audit committee, we determine those matters
that were of most signicance in the audit of the consolidated nancial statements of the
current period and are therefore the key audit matters. We describe these matters in our
report unless law or regulation precludes any public disclosure about the matter.
Other legal and regulatory requirements
Responsibilities of the board of directors
The board of directors is responsible for the preparation and the content of the directors’
report on the consolidated nancial statements and other matters disclosed in the annual
report on the consolidated nancial statements.
Responsibilities of the statutory auditor
As part of our mandate and in accordance with the Belgian standard complementary to
the International Standards on Auditing (ISA) as applicable in Belgium, our responsibility
is to verify, in all material respects, the director’s report on the consolidated nancial
statements and other matters disclosed in the annual report on the consolidated nancial
statements, as well as to report on these matters.
Aspects regarding the directors’ report on the consolidated financial
statements
In our opinion, after performing the specic procedures on the directors’ report on
the consolidated nancial statements, this report is consistent with the consolidated
nancial statements for that same year and has been established in accordance with the
requirements of article 3:32 of the Code of companies and associations.
In the context of our statutory audit of the consolidated nancial statements we are
responsible to consider, in particular based on information that we became aware of
during the audit, if the directors’ report on the consolidated nancial statements and other
information disclosed in the annual report on the consolidated nancial statements, i.e.:
◆
the required sections of Warehouses De Pauw NV's annual report in accordance
with articles 3:6 and 3:32 of the Belgian Companies and Associations Code, as set
out in the following sections of the annual report: 3. Strategy and value creation,
4. Performance, 6. Financial results and property report, 7. Corporate Governance
Statement, 8. Risk factors and 10. Financial statements
are free of material misstatements, either by information that is incorrectly stated or
otherwise misleading. In the context of the procedures performed, we are not aware of
such a material misstatement.
Statements regarding independence
◆
Our audit rm and our network have not performed any prohibited services and our
audit rm has remained independent from the group during the performance of our
mandate.
◆
The fees for the additional non-audit services compatible with the statutory audit, as
dened in article 3:65 of the Code of companies and associations, have been properly
disclosed and disaggregated in the notes to the consolidated nancial statements.
Single European Electronic Format (ESEF)
In accordance with the draft standard on the audit of the compliance of the nancial
statements with the Single European Electronic Format ("ESEF"), we have also performed
the audit of the compliance of the ESEF format and of the tagging with the technical
regulatory standards as dened by the European Delegated Regulation No. 2019/815 of
17 December 2018 ("Delegated Regulation").
The board of directors is responsible for the preparation, in accordance with the ESEF
requirements, of the consolidated nancial statements in the form of an electronic le in
ESEF format (“digital consolidated nancial statements”) included in the annual nancial
report.
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EXTERNAL VERIFICATION
Our responsibility is to obtain sufcient and appropriate evidence to conclude that the
format and the tagging of the digital consolidated nancial statements comply, in all
material respects, with the ESEF requirements as stipulated by the Delegated Regulation.
Based on our work, in our opinion, the format and the tagging of information in the
English version of the digital consolidated nancial statements included in the annual
nancial report of Warehouses De Pauw NV as of 31 December 2021 are, in all material
respects, prepared in accordance with the ESEF requirements as stipulated by the
Delegated Regulation.
Other statements
◆
This report is consistent with our additional report to the audit committee referred to
in article 11 of Regulation (EU) No 537/2014.
Signed at Zaventem.
The statutory auditor
Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL
Represented by Rik Neckebroeck
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EXTERNAL VERIFICATION
Report of the statutory auditor on the Profit Forecast
To the board of directors of
Warehouses De Pauw NV/SA
Blakebergen 15
B-1861 Wolvertem
Dear ladies and gentlemen
We report on the forecasted EPRA earnings (as dened in August 2011 (and amended
in November 2016) in the report “Best Practices Recommendations Guidelines“ of the
European Public Real Estate Association) of Warehouses De Pauw NV/SA (“WDP”, “the
Company”) and its subsidiaries (together “the Group”) for the 12 months period ending 31
December 2022 (the “Prot Forecast”). The Prot Forecast, and the material assumptions
upon which it is based are set out in chapter 7 Financial results and property report,
paragraph Outlook of the 2021 annual report of the WDP Group (the “Annual Report”)
issued by the Company. We do not report on the other elements of the net result nor on
the EPRA earnings per share, the projected dividend or the projected balance sheet.
This report is voluntarily required upon request by the board of directors of the Company
for the purpose to conrm the Prot Forecast has been compiled and prepared in
accordance with elements (a) and (b) as dened under item 11.2 of Annex 1 of the
Commission Delegated Regulation (EU) 2019/980 supplementing Regulation (EU)
2017/1129 of the European Parliament and of the Council as regards the format, content,
scrutiny and approval of the prospectus to be published when securities are offered
to the public or admitted to trading on a regulated market and repealing Commission
Regulation (EC) No 809/2004 (the “Commission Delegated Regulation”) and for no other
purpose.
Responsibilities
It is the responsibility of the directors of the Company (the “Directors”) to prepare the
Prot Forecast in accordance with Annex 1 section 11 of the Commission Delegated
Regulation.
It is our responsibility to form an opinion as to the proper compilation of the Prot Forecast
and to report that opinion to you.
Save for any responsibility arising under art. 26 of the Law of 11 July 2018 to any person
as and to the extent there provided, to the fullest extent permitted by law we do not
assume any responsibility and will not accept any liability to any other person for any loss
suffered by any such other person as a result of, arising out of, or in accordance with this
report or our statement, required by and given solely for the purposes of complying with
Annex 1 item 1.3 of the Commission Delated Regulation, consenting to its inclusion in the
Universal Registration document.
Basis of Preparation of the Profit Forecast
The Prot Forecast has been prepared on the basis stated in chapter 7 Financial results
and property report, paragraph Outlook of the annual report and is based on a forecast
for the 12 months to 31 December 2022. The Prot Forecast is required to be presented
on a basis consistent with the accounting policies of the Group.
Basis of opinion
We conducted our work in accordance with the International Standard on Assurance
Engagement 3400 “The Examination of Prospective Financial Information” (“ISAE 3400”)
issued by the International Auditing and Assurance Standards Board (“IAASB”). Our
work included evaluating the basis on which the historical nancial information included
in the Prot Forecast has been prepared and considering whether the Prot Forecast has
been accurately computed based upon the disclosed assumptions and the accounting
policies of the Group. Whilst the assumptions upon which the Prot Forecast are based
are solely the responsibility of the Directors, we considered whether anything came to
our attention to indicate that any of the assumptions adopted by the Directors which,
in our opinion, are necessary for a proper understanding of the Prot Forecast have not
been disclosed or if any material assumption made by the Directors appears to us to be
unrealistic.
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EXTERNAL VERIFICATION
We planned and performed our work so as to obtain the information and explanations
we considered necessary in order to provide us with reasonable assurance that the Prot
Forecast has been properly compiled on the basis stated.
Since the Prot Forecast and the assumptions on which it is based relate to the future
and may therefore be affected by unforeseen events, we can express no opinion as to
whether the actual results reported will correspond to those shown in the Prot Forecast
and differences may be material.
Our work has not been carried out in accordance with auditing or other standards and
practices generally accepted in jurisdictions outside Belgium, including the United States
of America, and accordingly should not be relied upon as if it had been carried out in
accordance with those standards and practices.
Opinion
In our opinion, the Prot Forecast has been properly compiled on the basis stated
which is comparable with the historical nancial information and is consistent with the
accounting policies of the Group.
Declaration
For the purposes of art. 26 of the Law of 11 July 2018 we are responsible for this report
as part of the Universal Registration document and declare that we have taken all
reasonable care to ensure that the information contained in this report is, to the best of
our knowledge, in accordance with the facts and contains no omission likely to affect its
import. This declaration is included in the Universal Registration document in compliance
with Annex 1 item 1.2 of the Commission Delegated Regulation.
Signed at Zaventem.
The statutory auditor
Deloitte Bedrijfsrevisoren / Réviseurs d’Entreprises BV/SRL
Represented by Rik Neckebroeck
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EXTERNAL VERIFICATION
Statutory auditor’s report on environmental, social and
governance performance indicators
Independent assurance report on selected environmental, social and governance
performance indicators published in the document “Annual report” of Warehouses De
Pauw NV/SA for the year ended 31 December 2021
To the board of directors
We have been engaged to conduct a limited assurance engagement on selected
environmental, social and governance performance indicators (“the ESG KPI’s”) published
in the document “Annual report” of Warehouses De Pauw NV/SA (the “Company”) for the
year ended 31 December 2021 (“the Document”). The ESG KPI’s have been dened
following the Best Practices Recommendations of the “European Public Real Estate
Association” (EPRA) regarding sustainable development reporting (EPRA sBPR on
Sustainability Reporting, 3rd version). The ESG KPI’s are identied with the symbol
in
the Document.
Based on our work as described in this report, nothing has come to our attention that
causes us to believe that the ESG KPI’s related to Warehouses De Pauw NV/SA identied
with the symbol
in the Document, have not been prepared, in all material respects, in
accordance with EPRA Best Practices Recommendations on Sustainability Reporting
(3rd version), (the “EPRA sBPR on Sustainability Reporting”).
Responsibility of the board of directors
The board of directors of the Company is responsible for the preparation of ESG KPI’s
and the references made to it presented in the Document as well as for the declaration
that its reporting meets the requirements of the EPRA sBPR on Sustainability Reporting.
This responsibility includes the selection and application of appropriate methods for the
preparation of the ESG KPI’s, for ensuring the reliability of the underlying information
and for the use of assumptions and reasonable estimations. Furthermore, the board of
directors is also responsible for the design, implementation and maintenance of systems
and procedures relevant for the preparation of the ESG KPI’s that is free from material
misstatement, whether due to fraud or error.
Nature and scope of work
Our responsibility is to express a conclusion on the ESG KPI’s based on our procedures.
We conducted our engagement in accordance with International Standard on Assurance
Engagements ISAE 3000 Assurance Engagements Other than Audits or Reviews of
Historical Financial Information, issued by the International Auditing and Assurance
Standards Board (IAASB), in order to state whether anything had come to our attention
that causes us to believe that the ESG KPI’s have not been prepared, in all material
respects, in accordance with the applicable criteria.
We apply International Standard on Quality Control 1 and, accordingly, maintain a
comprehensive system of quality control including documented policies and procedures
regarding compliance with ethical requirements, professional standards and applicable
legal and regulatory requirements.
Applying these standards, our procedures are aimed at obtaining limited assurance
on the fact that the ESG KPI’s do not contain material misstatements. The procedures
performed in a limited assurance engagement vary in nature and timing from, and are
less in extent than for, a reasonable assurance engagement and consequently, the level
of assurance obtained in a limited assurance engagement is substantially lower than
the assurance that would have been obtained had a reasonable assurance engagement
been performed.
The scope of our work has been limited to the ESG KPI’s covering the year 2021 and
includes only the environmental performance indicators of the buildings and the social
and governance indicators retained within the reporting scope dened by Warehouses
De Pauw NV/SA.
As indicated in the Document (chapter “EPRA and GHG environmental performance
indicators”), the scope of reporting for environmental performance indicators for
the Company's properties corresponds to all EPRA sBPR indicators. The coverage
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EXTERNAL VERIFICATION
per indicator is presented in the EPRA sBPR Tables of the chapter “EPRA and GHG
environmental performance indicators”.
Our work was performed on the data gathered and retained in the reporting scope by
Warehouses De Pauw NV/SA. Our conclusion covers therefore only these ESG KPI’s and
not all information included in the Document.
The scope of our work included, amongst others the following procedures:
◆
obtaining an understanding of the Company’s business, including internal control
relevant to collection of the information used to prepare the ESG KPI’s. This
included discussions with the Company’s management responsible for operational
performance in the areas responsible for the data underlying the ESG KPI’s, which are
identied with the symbol
in the table as mentioned in the Document.
◆
considering the risk of material misstatement of the ESG KPI’s;
◆
performing analytical procedures; and
◆
Examining,
on a sample basis, internal and external supporting evidence and
performing consistency checks on the consolidation of these ESG KPI’s.
Our report is made solely to the Company’s board of directors, as a body, in accordance
with ISAE 3000. Our work has been undertaken so that we might state to the Company
those matters we are required to state to them in this report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the Company and the Company’s board of directors for our work, this report,
or for the conclusions we have formed.
Independence
In conducting our engagement, we have complied with the independence and other
ethical requirements of the Code of Ethics for Professional Accountants issued by the
International Ethics Standards Board for Accountants (IESBA), which is founded on
fundamental principles of integrity, objectivity, professional competence and due care,
condentiality and professional behavior, and with the Belgian legal and regulatory
framework. This includes the verication that there are no conicts of interest with this
assurance engagement.
Signed at Zaventem on 23 March 2022
Deloitte Bedrijfsrevisoren / Réviseurs d’Entreprises BV/SRL
Represented by Rik Neckebroeck
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Result on the portfolio
(including the share of joint ventures) – Group share
This relates to the realised and unrealised capital gains/losses with respect to the latest
valuation by the property expert, taking into account the effective or deferred capital gains
tax due, including WDP’s proportionate share in the portfolio of associated companies
and joint ventures and excluding the minority interests.
in euros (x 1,000) FY 2021 FY 2020
Movement in the fair value of investment property 825,957 186,417
Result on disposal of investment property 6,410 408
Deferred taxation on result on the portfolio -113,226 -2,727
Participation in the result of associated companies and joint
ventures 16,610 3,574
Result on the portfolio 735,751 187,672
Minority interests -5,292 232
Result on the portfolio - Group share 730,459 187,904
Changes in gross rental income with an unchanged portfolio
This is the organic growth of the gross rental income year-on-year on the basis of an
unchanged portfolio, excluding development projects, acquisitions and disposals during
both periods of this comparison.
in euros (x 1,000)
FY 2021 FY 2020 ∆ y/y (%)
Properties owned throughout
the two years 200,101 197,426 1.4%
Development projects 53,564 30,475 n.r.
Acquisitions 3,952 1,954 n.r.
Disposals 202 666 n.r.
Total 257,819 230,521 n.r.
To be excluded:
Rental income of joint ventures -3,157 -2,120 n.r.
Indemnication related to early lease
terminations 435 0 n.r.
Rental income (IFRS) 255,098 228,401 n.r.
ALTERNATIVE PERFORMANCE MEASURES
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ALTERNATIVE PERFORMANCE MEASURES
Operating margin
The operating margin, obtained by dividing the operating result (before the result on the
portfolio) by the property result. Operating margin is a measure of protability that can
indicate how well the company is managing its operating property operations.
in euros (x 1,000)
FY 2021 FY 2020
Property result (IFRS) 278,445 242,703
Operating result (before the portfolio result) (excluding
depreciation and write-downs on solar panels) 252,613 220,064
Operating margin 90.7% 90.7%
Average cost of debt
This refers to the weighted average yearly interest rate for the reporting period, taking
into account the average outstanding debt and the hedging instruments during that
same period.
in euros (x 1,000)
FY 2021 FY 2020
Financial result (IFRS) 12,516 -69,723
To be excluded:
Changes in fair value of nancial assets and liabilities -52,388 31,049
Interest capitalised during construction -5,169 -6,105
Interest cost related to leasing debts booked in
accordance with IFRS 16 2,475 2,355
Other nancial costs and revenues 148 -246
To be included:
Interest expenses of joint ventures -340 -208
Effective financial expenses (proportional) A -42,758 -42,877
Average outstanding nancial debt (IFRS) 2,079,952 1,992,393
Average outstanding nancial debt of joint ventures 25,733 22,048
Average outstanding financial debt (proportional) B 2,105,685 2,014,441
Annualised average cost of debt A/B 2.0% 2.1%
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ALTERNATIVE PERFORMANCE MEASURES
Financial result (excluding change in the fair value of
the financial instruments)
This is the nancial result according to IFRS exclusive of the change in fair value of
nancial assets and liabilities, and reects the actual nancial expenses of the company.
in euros (x 1,000)
FY 2021 FY 2020
Financial result 12,516 -69,723
To be excluded:
Changes in fair value of nancial instruments -52,388 31,049
Financial result (excluding the changes in fair value of
financial instruments) -39,873 -38,674
Hedge ratio
Percentage of xed-rate and oating-rate debts hedged against interest rate uctuations
by means of derivatives. This economic parameter is not an obligatory parameter under
the Belgian regulated real-estate investment companies Law (Wet betreffende de
gereglementeerde vastgoedvennootschappen or 'GVV-Wet').
in euros (x 1,000)
31.12.2021 31.12.2020
Notional amount of Interest Rate Swaps 1,317,425 1,317,425
Fixed rate nancial debt 526,424 602,098
Fixed-interest financial debt at balance sheet date
and hedging instruments A 1,843,849 1,919,523
Current and non-current nancial debt (IFRS) 2,193,679 2,119,454
Proportional share in joint ventures in current and
non-current nancial debt 31,371 23,688
Financial debt at balance sheet date B 2,225,050 2,143,142
Hedge ratio A/B 82.9% 89.6%
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ALTERNATIVE PERFORMANCE MEASURES
Gearing ratio
Statutory ratio calculated based on the GVV/SIR legislation by dividing the nancial and
other liabilities by the total assets. For the method used in the calculation of the gearing
ratio, refer to the RD on Regulated real Estate Companies.
in euro (x 1,000)
31.12.2021
IFRS
31.12.2021
Proportionate
31.12.2020
IFRS
31.12.2020
Proportionate
Non-current and current liabilities 2,532,233 2,581,715 2,386,612 2,425,925
To be excluded:
- I. Non-current liabilities A. Provisions 160 160 170 170
- I. Non-current liabilities C. Other non-current nancial liabilities - Permitted hedging instruments 67,821 67,821 129,901 129,901
- I. Non-current liabilities F. Deferred taxes - Liabilities 134,105 143,989 18,187 22,460
- II. Current liabilities A. Provisions 0 0 0 0
- II. Current liabilities E. Other current liabilities Other: Hedging instruments 0 0 3 3
- II. Current liabilities - F. Accruals and deferred income 27,346 27,823 20,652 22,169
Total debt A 2,302,801 2,341,923 2,217,700 2,251,222
Total assets 6,106,225 6,155,707 4,790,405 4,829,718
To be excluded:
- E. Financial xed assets - Financial instruments at fair value through prot and loss - Permitted hedging instruments 1,184 1,184 0 0
Total assets taken into account for the calculation of the gearing ratio B 6,105,041 6,154,523 4,790,405 4,829,718
Gearing ratio A/B 37.7% 38.1% 46.3% 46.6%
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ALTERNATIVE PERFORMANCE MEASURES
Loan-to-value
The loan-to-value is obtained from the IFRS statements by dividing the net nancial
liabilities by the sum of the fair value of the property portfolio, the fair value of the solar
panels and nancing to and holdings in associated companies and joint ventures.
in euros (x 1,000)
31.12.2021
IFRS
31.12.2020
IFRS
Non-current and current nancial debt 2,193,679 2,119,454
Cash and cash equivalents -9,230 -11,240
Net financial debt A 2,184,449 2,108,214
Fair value of the real estate portfolio (excluding right of
use concessions) 5,739,753 4,534,584
Fair value of the solar panels 159,775 122,353
Financing of and participations in associated companies
and joint ventures 57,523 31,275
Total portfolio B 5,957,051 4,688,212
Loan-to-value A/B 36.7% 45.0%
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ALTERNATIVE PERFORMANCE MEASURES
Net debt / EBITDA (adjusted)
The net debt / EBITDA (adjusted) is calculated starting from the proportional accounts:
in the denominator taking into account the trailing-twelve-months normalized EBITDA
and adjusted to reect the annualized impact of external growth; in the numerator
taking into consideration the net nancial indebtedness adjusted for the projects under
development multiplied by the loan-to-value of the group (as these projects are not yet
income contributing but already (partially) nanced on the balance sheet).
in euros (x 1,000)
31.12.2021 31.12.2020
Non-current and current nancial debt (IFRS) 2,193,679 2,119,454
- Cash and cash equivalents (IFRS) -9,230 -11,240
Net debt (IFRS) A 2,184,449 2,108,214
Operating result (before the result on the portfolio)
(IFRS) (TTM)¹ B 251,189 212,793
+ Depreciation and write-down on solar panels 1,423 7,270
+ Share in the EPRA Earnings of joint ventures 2,013 1,257
EBITDA (IFRS) C 254,625 221,321
Net debt / EBITDA A/C 8.6x 9.5x
in euros (x 1,000) 31.12.2021 31.12.2020
Non-current and current nancial debt (proportionate) 2,225,050 2,143,142
- Cash and cash equivalents (proportionate) -10,417 -14,359
Net debt (proportional) A 2,214,633 2,128,782
- Projects under development x Loan-to-value -106,549 -115,864
- Financing to joint ventures x Loan-to-value -1,238 -1,511
Net debt (proportional) (adjusted) B 2,106,846 2,011,407
Operating result (before the result on the portfolio)
(IFRS) (TTM)¹ C 251,189 212,793
+ Depreciation and write-down on solar panels 1,423 7,270
+ Operating result (before the result on the portfolio) of
joint ventures (TTM)¹ 2,692 1,747
Operating result (before the result on the portfolio)
(proportionate) (TTM)¹ D 255,305 221,811
Adjustment for normalized EBITDA² 11,506 21,075
EBITDA (proportionate) (adjusted) E 266,811 242,886
Net debt / EBITDA (adjusted) B/E 7.9x 8.3x
1 For the calculation of this APM, it is assumed that the operating result (before the result on the portfolio) is a proxy
for EBITDA. TTM stands for trailing 12 months and means that the calculation is based on nancial gures for the
past 12 months.
2 On a normalized basis and including the annualized impact of external growth in function of the realized disposals,
acquisitions and projects.
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Information included by way of reference Document
1
Operating activities
Annual Report for 2020 2. This is WDP (p. 5-14)
3. Strategy and value creation (p. 16-21)
5. Transactions and realisations (p. 40-60)
7. Financial results and property report – Property report – Review of the consolidated property portfolio (p. 87-98)
2019 Annual nancial report 2. This is WDP (p. 8-19)
3.1 2019, an excellent start to the 2019-23 growth plan – Transactions and achievements (p. 22-49)
3.3.1 2019, an excellent start to the 2019-23 growth plan – Property report – Review of the consolidated
property portfolio (p. 68-80)
Main markets
Annual Report for 2020 7. Financial results and property report – Property report – Review of the consolidated property portfolio (p. 87-98)
7. Financial results and property report – Property report – Review of the logistics property market (p. 99-100)
11. Financial statements – 2. Notes – V. Segmented information – Operating result (p. 209-211)
11. Financial statements – 2. Notes – VI. Segmented information – Assets (p. 212)
11. Financial statements – 2. Notes – XII. Investment properties (p. 216-220)
2019 Annual nancial report 3.3.1 2019, an excellent start to the 2019-23 growth plan – Property report – Review of the consolidated
property portfolio (p. 68-80)
3.3.2 2019, an excellent start to the 2019-23 growth plan – Property report – Review of the logistics real estate
market (p. 81-82)
9.2 Financial statements – Notes – V. Segmented information – Operating result (p. 208-209)
9.2 Financial statements – Notes – VI. Segmented information – Assets (p. 210)
9.2 Financial statements – Notes – XII. Investment properties (p. 214-220)
Investments
Annual Report for 2020 5. Transactions and realisations (p. 40-60)
2019 Annual nancial report 3.1 2019, an excellent start to the 2019-23 growth plan – Transactions and achievements (p. 22-49)
Financial condition Annual Report for 2020 5. Transactions and realisations (p. 40-60)
7. Financial results and property report (p. 68-105)
13. Annexes – External verication – Conclusions of the property experts (p. 261)
10. Reporting according to recognised standards – EPRA key performance indicators (p. 161-170)
11. Financial statements (p. 190-247)
13. Annexes – External verication – Statutory auditor’s report on the nancial statements (p. 262-266)
13. Annexes – Alternative Performance Measures (p. 271-276)
2019 Annual nancial report 3.1 2019, an excellent start to the 2019-23 growth plan (p. 21-90)
11.2.1 Annexes – External verication – Conclusions of the property experts (p. 269-270)
7.1 Reporting according to recognised standards – EPRA Key Performance Indicators (p. 163-169)
9. Financial statements (p. 185-254)
11.2.2 Annexes – External verication – Statutory auditor’s report on the nancial statements (p. 271-274)
11.4 Annexes – Alternative Performance Measures (p. 282-285)
1 Reference is always made to the online versions of the documents, as available at www.wdp.eu/publications.
HISTORICAL FINANCIAL INFORMATION INCLUDED BY REFERENCE
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HISTORICAL FINANCIAL INFORMATION INCLUDED BY WAY OF REFERENCE
Information included by way of reference Document
1
Historical nancial information
Annual Report for 2020 11. Financial statements – 1. Consolidated nancial statements for the 2020 nancial year – Prot and loss
account (p. 192-193)
11. Financial statements – 1. Consolidated nancial statements for the 2020 nancial year – Balance sheet
(p. 195)
11. Financial statements – 1. Consolidated nancial statements for the 2020 nancial year – Cash ow statement
(p. 196)
11. Financial statements – 2. Explanatory notes (p. 199-237)
2019 Annual nancial report 9.1 Financial statements – Consolidated nancial statements for the 2019 nancial year – Prot and loss
account (p. 188)
9.1 Financial statements – Consolidated nancial statements for the 2019 nancial year – Balance sheet
(p. 191-192)
9.1 Financial statements – Consolidated nancial statements for the 2019 nancial year – Cash ow statement
(p. 193)
9.2 Financial statements – Explanatory Notes (p. 198-241)
Statement of the statutory auditor
Annual Report for 2020 13. Annexes – External verication – Statutory auditor’s report on the nancial statements (p. 262-266)
2019 Annual nancial report 11.2.2 Annexes – External verication – Statutory auditor’s report on the nancial statements (p. 271-274)
Dividend
Annual Report for 2020 7. Financial results and property report – Outlook – Projected consolidated results (p. 102-103)
7. Financial results and property report – Outlook – Growth Plan 2019-23 (p. 104)
6. Shares and bonds – The share (p. 63)
2019 Annual nancial report 3.4 2019, an excellent start to the 2019-23 growth plan – Forecasts – Dividend forecasts (p. 86)
Transactions with afliated parties
Annual Report for 2020 11. Financial statements – 2. Notes – XXV. Transactions between afliates (p. 235-236)
2019 Annual nancial report 9.2 Financial statements – Notes – XXV. Transactions between afliates (p. 239)
Information on the workforce
Annual Report for 2020 11. Financial statements – 2. Notes – XXIV. Average workforce and breakdown of personnel costs (p. 235)
2019 Annual nancial report 9.2 Financial statements – Notes – XXIV. Average workforce and breakdown of personnel costs (p. 231)
1 Reference is always made to the online versions of the documents, as available at www.wdp.eu/publications.
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285
The annual report is available at the Company’s registered ofce and can be consulted
on the website www.wdp.eu in three language versions (Dutch, French and English). The
annual report was drawn up in accordance with the ESEF (European Single Electronic
Format) reporting requirements. Thus, this version in ESEF in Dutch is the ofcial version
of the annual report and can also be found at the website www.wdp.eu. The electronic
versions of the annual reports may not be copied or made available anywhere. It is also
prohibited to print the text for further distribution.
Contact persons and additional information:
Joost Uwents, CEO
[email protected]
Mickaël Van den Hauwe, CFO
[email protected]
Joke Cordeels, Investor relations
[email protected]
Universal Registration Document
WDP declares that:
◆
the 2021 Annual Report was led with the FSMA as a Universal Registration Document
on the date of 28 March 2022, as the competent authority under Regulation (EU)
2017/1129 without prior approval under Article9 of Regulation (EU) 2017/1129;
◆
the Universal Registration Document may be used with a view to offering securities
to the public or the admission of securities to trading on a regulated market, provided
that it is approved by the FSMA, where applicable, along with any amendments
and a securities note and summary approved in accordance with Regulation (EU)
2017/1129.
The information made available via the website does not form part of this Universal
Registration Document unless such information is included as a reference.
People responsible for the content of the annual report
The members of the Board of Directors of WDP NV/SA, the composition of which is
described in chapter 7. Corporate Governance Statement, are responsible for the
information provided in this annual report.
Declarations
Tony De Pauw and Joost Uwents, both Managing Directors and co-CEOs, hereby declare,
on behalf of the Board of Directors, the composition of which is described in chapter
7. Corporate Governance Statement, after taking all measures to guarantee the same,
that to their knowledge, the data in this annual report are a fair presentation of reality,
and that no information has been omitted which would, if reported, alter the effect of this
annual report, and that as far as they are aware:
◆
the nancial statements, which have been drawn up in accordance with the applicable
standards for nancial statements, give a true and fair view of the group’s equity,
nancial position and of the results of the issuer and of the companies included in the
consolidation;
◆
the annual report gives a true overview of the development and the results of
the company and of the position of the issuer and the companies included in the
consolidation, as well as a description of the main risks and uncertainties they are
faced with;
◆
no signicant changes have occurred in the nancial position or nancial performance
of the Group since 31 December 2021, unless as otherwise reported in chapter
6. Financial results and property report pp. 83 and chapter 10. Annual accounts
pp. 243; and
◆
subject to what has been publicised with regard to the Dutch REIT status, no
government interventions, lawsuits or cases of arbitration exist – or have recently
occurred – that could inuence WDP’s nancial position or protability. They also
declare that, to their knowledge, no circumstances or facts exist that could lead to
such government interventions, lawsuits or cases of arbitration.
DECLARATIONS
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DECLARATIONS
Available documents
WDP hereby declares that, at least during the period of validity of the Universal
Registration Document, the following documents are available for viewing on its website
at www.wdp.eu:
◆
the latest deed of incorporation and Articles of Association of WDP;
◆
the annual reports;
◆
the reports, and respectively, the conclusions of the statutory auditor and the property
experts;
◆
press releases and mandatory nancial information. The company’s nancial reporting
is published in the nancial press where required by law;
◆
the Corporate Governance Charter;
◆
The obligations of the Company and the rights of the shareholders with regard to the
General Meeting are published on the Investors section of WDP’s website from the
meeting notice until participation and voting in full. This information remains available
on the Company website for a period of at least ve years starting from the date of
the General Meeting to which it pertains.
In accordance with the relevant provisions of the law, the separate and consolidated
nancial statements of the Company are deposited with the National Bank of Belgium.
Decisions related to the appointment and dismissal of members of the Board of Directors
are published in the Annexes to the Belgian Ofcial Gazette.
Information from third parties
WDP declares that the information provided by the property experts and the statutory
auditor has been faithfully reproduced. To WDP’s knowledge, and based on what it has
been able to deduce from the information published by the property experts and the
statutory auditor, no facts were omitted that would render the information provided by
the property experts or the statutory auditor incorrect or misleading. WDP also conrms
that the statutory auditor and property experts have given their approval for the content
of their report and conclusions respectively to be included in the annual report.
For condentiality reasons, the full report of the property experts has not been included
and cannot be consulted.
Required components of the annual report
In accordance with Articles 3:6 and 3:32 of the Belgian Code of Companies and
Associations, the required components of the WDP annual report appear in the following
chapters:
◆
6. Financial results and property report;
◆
7. Corporate Governance Statement;
◆
8. Risk factors; and
◆
10. Annual accounts.
This annual report provides an overview of the activities and nancial statements for the
nancial year ending on 31 December2021.
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287
Acquisition price
This refers to the value of the property at the time of purchase. Any transfer costs paid are included in the
purchase price. See also Transfer costs.
Accelerated bookbuild (ABB)
An exempt accelerated private placement with international institutional investors with the composition of
an order book.
APM (Alternative Performance Measure)
Financial measurement of historic or future nancial performance, nancial position or cash ow of a
company that has not been dened in the customary reporting guidelines. The Alternative Performance
Measures (APM) adopted by WDP – including the EPRA key performance indicators – are always
accompanied by a symbol () and are provided with their denition and reconciliation in the appendices
to this report.
BREEAM (Building Research Establishment Environmental Assessment Method)
BREEAM is a sustainability certicate related to the performance of a building over its complete life
cycle. BREEAM is the main and most commonly used sustainability label for buildings in Europe. Unlike
other standards, BREEAM applies a multi-criteria approach. The certication process examines not only
the energy consumption of a property, but also land use, ecology, the construction process, water use,
waste, pollution, transport, materials, health and comfort. As a total score, a building is rated Acceptable
(only applicable to BREEAM In-Use), Pass, Good, Very Good, Excellent or Outstanding.
Bullet loan
A debt instrument of the bullet type entails that over the term, interest liabilities are due on the principal
sum and repayment in full of the capital is due on the nal maturity date.
CAGR
Compounded annual growth rate.
Carbon dioxide (CO
2
)
A greenhouse gas produced by the decomposition of plant-based or animal matter.
Carbon removal
Carbon removal is a process where residual emissions (CO
2
) are removed from the atmosphere and
stored for long periods of time. The removal of GHGs means the removal of greenhouse gases (GHDs)
from the atmosphere by deliberate human activities. In other words, in addition to the removal that would
occur via the natural carbon cycle or atmospheric chemical processes. Carbon removal is integrated as
a part of the strategy to move – after the maximum reduction of greenhouse gas emissions – towards
net-zero emissions.
Compliance Officer
The compliance ofcer is tasked with monitoring compliance of the laws, regulations and codes of
conduct applicable to the Company and, in particular, the rules related to the integrity of the Company’s
activities.
Contractual rent
The gross rental prices as contractually stipulated in the lease agreements on the date of conclusion.
Corporate Governance Code2020
Belgian code drawn up by the Corporate Governance Committee with practices and provisions on good
governance that must be met by companies under Belgian law whose shares are traded on a regulated
market.
CO
2
neutral
Target for reducing greenhouse gases where CO
2
emissions are offset without necessarily being reduced.
Contribution in kind
The assets contributed when a company is incorporated or when its capital is increased, other than by
depositing money.
Cradle-to-Grave
Refers to a full life cycle inventory, including all emissions and disposals of a given product or material
starting from its acquisition up to the end of its useful life.
Cradle-to-Gate
Refers to a partial life cycle inventory, including all emissions and disposals starting from the purchase of
the material up to the moment the material reaches the WDP worksite (and thus excluding the use of the
end product and end of useful life).
Dealing Code
Code of conduct with rules to be complied with by members of the Board of Directors and the people
designated therein who would like to trade in nancial instruments issued by the company.
Derivatives
As a borrower, WDP would like to hedge itself against any interest rate increases. The interest rate risk
can be hedged in part by using derivatives (such as interest rate swaps).
Discounted cash flow
This is a valuation method based on a detailed projected revenue ow that is discounted to the current
net value at a specic discount rate according to the risk of the asset to be valued.
Dividend yield
Gross dividend divided by the trading price.
Due diligence
Extensive investigation conducted within the framework of all acquisitions and/or nancial transactions
in the areas of real estate, economics, taxation, law, bookkeeping and administration, possibly in
association with specialist external advisors.
EDGE (Excellence in Design for Greater Efficiencies)
Certication programme for green buildings that focuses on the efcient use of resources. EDGE
supports developers and builders to quickly and cost-effectively reduce energy and water consumption
or energy absorbed by materials. EDGE certicates are issued worldwide and are an initiative of IFC, part
of the World Bank Group.
Embodied carbon
Greenhouse gases released during the production, transport and construction of building materials as
well as during the demolition of buildings.
LEXICON
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LEXICON
EMIR (European Market Infrastructure Regulation)
This regulation species that information on all European derivative transactions must be reported to
transaction registers and must be accessible to supervisory authorities, including the European Securities
and Markets Authority (ESMA), so policymakers and supervisors have a clear overview of the markets.
This regulation also states that standard derivative contracts must be cleared through a Central Counter
Party (CCP), sets margin requirements on uncleared transactions and subjects these CCPs to strict
organisational requirements, codes of conduct and prudential requirements.
EMS
Energy monitoring system. WDP uses the nanoGrid system for this purpose.
EPRA (European Public Real Estate Association)
EPRA is a pan-European association of listed real estate companies that aims to promote the sector,
introduce best practices for bookkeeping, reporting and corporate governance, provide qualitative
information to investors and serve as a think tank for challenges facing the sector.
Estimated rental value (ERV)
The estimated rental value is the rental value determined by the independent property experts.
Ex-date
Start date of trading the share on the stock market without entitlement to the next dividend distribution,
in other words, the cut-off date of the coupon.
Exit tax
Companies that request recognition as a GVV/SIR or that merge with a GVV/SIR are subject to what is
known as the exit tax. This tax is deemed equal to a liquidation tax on the unrealised net gains and on the
tax-free reserves, and amounts to 15%.
Fair value
The fair value is dened in IAS 40 as the amount for which the property could be exchanged between two
well-informed, willing parties in an arm’s length transaction. The market value must additionally reect
the current rental incomes, the current gross margin for self-nancing (or cash ow), the reasonable
assumptions regarding potential rental income and the expected costs.
FBI (Fiscale Beleggingsinstelling)
Special scal status in the Netherlands available if specic requirements are met. See also 11. Permanent
document.
Free float
Percentage of shares owned by the public. According to the denition of EPRA and Euronext, this means
every individual shareholder that possesses 5% of the total number of shares.
FSMA (Financial Services and Markets Authority)
Along with the National Bank of Belgium (the NBB), the FSMA supervises the Belgian nancial sector.
The powers of the FSMA fall into the following six areas: supervision of nancial markets and listed
companies, conduct supervision, product supervision, supervision of nancial service providers and
intermediaries, supervision of supplementary pensions and facilitation of better nancial education.
Gearing ratio (proportionate)
Legal ratio calculated according to the GVV/SIR legislation by dividing the nancial and other debts by
the total assets. For the method used to calculate the gearing ratio, please refer to the GVV/SIR Royal
Decree.
Greenhouse gases (GHG)
Greenhouse gases are a collection of gases expressed in CO
2
equivalents that absorb heat from the sun
and trap it in the Earth's atmosphere.
Gross dividend
The gross dividend per share is the dividend before deduction of the withholding tax. See also
Withholding tax.
GVV/SIR Royal Decree
Royal Decree of 13 July2014 on regulated real estate companies and, together with the GVV/SIR Act, the
so-called GVV/SIR legislation. See also GVV/SIR Act, GVV/SIR legislation and REIT.
GVV/SIR Act
Act of 12 May2014 on regulated real estate companies and, together with the GVV/SIR Act, the so-called
GVV/SIR legislation. See also GVV/SIR Royal Decree, GVV/SIR legislation and REIT.
GVV/SIR legislation
The Act of 12 May2014 (GVV/SIR Act) and the Royal Decree of 13 July2014 (GVV/SIR Royal Decree).
IAS/IFRS
The IAS (International Accounting Standards) and IFRS (International Financial Reporting Standards)
apply to the preparation of nancial statements and are drafted by the International Accounting
Standards Board (IASB).
IAS 16 Tangible fixed assets
IAS16 is an IAS/IFRS that applies to the administrative treatment of tangible xed assets unless a
different standard requires or permits different treatment. The main issues arising in the administrative
treatment of tangible xed assets is the recognition of assets, calculation of their book value and
depreciation costs and special impairment losses to be recognised in relation to the assets.
IAS 40 Investment properties
IAS 40 is an IAS/IFRS that applies to recognition and measurement of and the provision of information on
investment properties. This standard therefore provides the treatment method for investment properties
and the corresponding disclosure requirements.
IFRS 9 Financial instruments: recognition and measurement
IFRS9 is a standard that determines how a company must classify and measure the nancial instruments
on its balance sheet. Among other things, this standard provides for the obligation that all derivatives
must be booked in the balance sheet at their fair value.
Initial yield
The ratio of the (initial) contractual rent of a purchased property to the acquisition cost. See also
Acquisition price.
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LEXICON
Indexation
The rent is contractually adjusted for ination annually on the anniversary of the contract start date based
on the reference index in each specic country.
Income capitalisation
This is a valuation technique used for valuing real estate where the income stream is discounted in a
perpetuity at a certain required rate of return. Subsequently, certain corrections are applied to account for
deviations in full occupancy under market conditions (subletting, incentives, vacancies, etc.).
Intrinsic value
The value of the portfolio as determined by the independent property experts, including transaction
costs. The fair value (see also Fair value), in the sense of the IAS/IFRS reference scheme, can be obtained
by deducting an appropriate quota for registration duties and/or VAT from the investment value.
Interest Rate Swap (forward)
An IRS where the start date is in the future.
Interest Rate Swap (IRS)
An interest rate swap is an instrument in which parties exchange interest payments with one another
for a set term. WDP uses Interest Rate Swaps to convert oating interest payments into xed interest
payments, to hedge against interest rate increases.
Interest hedging
The use of derivative nancial instruments to protect existing debt positions against an increase in
interest rates.
IVSC (International Valuation Standards Council)
An independent body that develops global standards regarding valuations that investors and other third
parties or stakeholders should be able to trust.
Liquidity
This is the average number of shares traded per trading day measured over a specic period of time.
Market capitalisation
Closing price on the stock market multiplied by the number of shares in circulation on that date.
Microgrid
Decentralised energy production to supply the local, autonomous energy system with integrated and
monitored ows of electricity.
Net dividend
This is equal to the gross dividend after deduction of the 30% withholding tax. See also Withholding tax.
Net zero
Target for reducing greenhouse gases where CO
2
emissions are reduced, removed and thus reduced to
zero.
Occupancy rate
The occupancy rate is calculated based on the rental values of the leased properties and non-leased
surface areas, including the income from solar panels. This does not include projects under development
or renovations.
Operating margin
The operating margin is obtained by dividing the operating result (before the result on the portfolio) by the
property result. See Operating margin.
Optional dividend
With an optional dividend, the dividend claim linked to an established number of existing shares provides
the right to a new share, at an issue price per share that may include a discount compared to the stock
market price (whether or not an average stock market price over a certain period). The issue of shares
within the framework of the optional dividend is subject to standard company law on capital increases.
If, in addition to a contribution in kind within the framework of the distribution of an optional dividend,
a contribution in cash is made, the special provisions of article26, §1 of the GVV/SIR Act concerning
capital increases in cash cannot be declared applicable in the articles of association, insofar as this
optional dividend is effectively made payable to all shareholders. The special rules on contribution in kind
to a GVV/SIR, as provided for by Article26, §2 of the GVV/SIR Act, do not apply either, provided certain
conditions are met.
Partial demerger
A partial demerger is a legal transaction in which part of the assets of a company (both rights and
obligations) is transferred to an existing or new company without dissolution, in exchange for transfer of
shares in the acquiring company to shareholders in the demerging company.
Project management
Management of construction or renovation projects. WDP has an internal team of project managers
working exclusively for the company.
Property management
Day-to-day management of the property portfolio, more specically formulation of the policy for
management of existing buildings (maintenance, modication and improvement works). WDP has an
internal team of property managers working exclusively for the company.
Portfolio value
The portfolio value is composed of investment properties, investment properties under construction for
own account with the purpose of being rented out, assets held for sale and the fair value of the solar
panels.
PV installation
Photovoltaic or solar panel system.
Quality distribution of the properties in the property portfolio
The quality distribution of the properties within the property portfolio is based on a classication
according to Class A green-certied warehouse, Class A warehouse, Class B warehouse and
Class C warehouse. This classication is based on the following parameters: age and location of the
property, clear height, prospects for expansion and/or development, equipment and parking.
Annual accounts
Governance
Results
Strategy and value creation
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2021 Annual Report
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LEXICON
Record Date
The date on which the positions are closed for identication of shareholders entitled to dividends, also
known as the ex-date for short.
Transfer costs
The transfer of ownership of a property is, in principle, subject to the collection by the state of transfer
rights that constitute the bulk of the transaction costs. The amount of these rights depends on the
method of transfer, the capacity of the buyer and the geographical location of the property.
Regulated Real Estate Company (GVV/SIR)
A regulated real estate company is a listed operational real estate company that specialises in making
real estate available to users and meets the legal requirements as set out in the GVV/SIR legislation.
It positions itself in an international context as a REIT, characterised by a regime of scal transparency.
The GVV/SIR is subject to the prudential supervision of the FSMA. See also GVV/SIR legislation.
Renewable Energy Certificates (RECs)
These are granted by the Flemish Electricity and Gas Market Regulator (the 'VREG') in Flanders, the
Wallonia Energy Commission (the 'CWaPE') in Wallonia and the Romanian Energy Regulatory Authority
(the 'ANRE') in Romania for alternative energy projects, including solar power, with a minimum price per
certicate.
Reference shareholder
Any natural person, legal entity or company (possibly with a legal personality) that holds at least 10%
of the shares in the Company individually and directly, in accordance with Article15 of the Articles of
Association of the Company.
REIT (Real Estate Investment Trust)
International designation for listed real estate investment funds with a special tax status (such as in
Belgium (see also GVV/SIR), the Netherlands (see also FBI) and France (see also SIIC)).
Risk management
Identication of the main risks facing the company, their potential impact and development of a strategy
to mitigate any impact.
Withholding tax
An advance levy deducted by a bank or nancial intermediary on the payment of a dividend. The
standard rate of the advance levy on dividends in Belgium is xed at 30%.
Scope 1
Direct greenhouse gas emissions caused by sources owned or under direct control of the Group, such as
ofce and transport-related activities.
Scope 2
Indirect greenhouse gas emissions from the generation of purchased electricity or heat. This energy
generation occurs outside the Group's control but results in the emission of greenhouse gases.
Scope 3
Indirect greenhouse gas emissions caused by the operating activities of another organisation in the value
chain, both from suppliers and customers of the Group.
SIIC (Société d’Investissement Immobiliers Cotée)
Special tax status available in France that listed real estate companies can opt for if the specic
requirements are met. See also 11. Permanent document.
Smart grid
An intelligent, integrated energy system that controls energy demand and aligns it with current energy
production.
TCFD
The Task Force on Climate-related Financial Disclosure is a reporting standard that allows companies to
report on the nancial impact of climate factors on business operations.
Annual accounts
Governance
Results
Strategy and value creation
This is WDP
WDP
2021 Annual Report
291
www.wdp.eu
WDP NV/SA
Blakebergen 15, B-1861 Wolvertem
T
. +32 (0)52 338 400
[email protected] | www
.wdp.eu
www.facebook.com/WDPwarehouses
@WDP_EU
linkedin.com/company/wdp
Company number: BE 0417.199.869 (Register of legal entities of Brussels, Dutch section)
Design and realisation: CF Report I Text and photography: WDP I Translations ElaN Translations
This report has been printed on FSC certied paper.
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