Vitura SA · EURONEXT:VTR

Vitura SA — Cegereal — FY2015 Earnings Presentation

33 slides from Vitura SA's earnings presentation, Feb 18, 2016

  1. Slide 1: 2015 Annual results

    2015 Annual results February 18, 2016 Rives de Bercy – Charenton-le-Pont

  2. Slide 2: Overview

    Overview Market review : Page 4 Our Portfolio : Page 9 Finance : Page 17 Appendices : Page 25 Rives de Bercy – Charenton-le-Pont

  3. Slide 3: 2015, A Year of Transition

    2015, A Year of Transition  Continued marketing of the Arcs de Seine and Europlaza buildings - Leases on 4,200 sq.m. renewed for six to nine years with major corporate tenants (Gartner, Software and Gas Natural) - New leases on 7,100 sq.m. signed (with Amgen, Exclusive Networks, Boursorama, KPMG an

  4. Slide 4: Share Performance in 2015

    Share Performance in 2015 CGR share performance vs. EPRA and IEIF indices 40 35 30 25 20 janv.-14 avr.-14 juil.-14 oct.-14 janv.-15 avr.-15 juil.-15 oct.-15 Cegereal EPRA Europe Index IEIF French SIIC Index Arcs de Seine – Boulogne-Billancourt Cegereal – 2015 Annual Results – February 18, 2016 3

  5. Slide 5: Market Review

    2015 Market Review

  6. Slide 6: Paris Region Market: Steady Letting Performance

    Paris Region Market : Steady Letting Performance Vacancy rates in the main European cities (end-2015) 20% 15,5% 15% 13,0% 10,8% 9,8% 10% 8,0% 5,9% 4,2% 4,5% 4,3% 5% 0% Berlin Hamburg Madrid Milan Frankfurt Munich Brussels Great London Paris Take-up in the main European cities in 2014 and 2015 (milli

  7. Slide 7: Stable Take-up Rate in the Paris Region in 2015

    Stable Take-up Rate in the Paris Region in 2015 Paris – IDF office take-up rate and large transactions (million sq.m. by segment) 800 680 700 600 600 600 490 500 440 400 400 340 300 300 270 300 200 100 0 < 500 m² 500 - 2000 m² 2000 - 5000 m² 5000 -10000 m² > 10000 m² 2014 2015  The Paris Region off

  8. Slide 8: Paris Region Office Market – Market Rents and occupancy rate

    Paris Region Office Market – Market Rents and occupancy rate Paris – IDF average office rents (€/year) 600 500 400 300 200 100 Paris CBD Ile de France La Défense 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Paris – IDF average occupancy rate Source : Immostat – IEIF – C&W

  9. Slide 9: Paris Region Office Investment Market

    Paris Region Office Investment Market Commercial real estate investment flows in France (€bn) 35 14,0 13,2 30 12,0 25 10,0 20 7,3 7,6 8,0 5,8 6,1 15 6,0 4,4 4,3 10 4,0 2,8 3,3 2,1 5 2,0 0,0 0 Moins de 50m€ 50 à 100m€ 100 à 300m€ 300 à 500m€ Plus de 500m€ 2006 2007 2008 2009 2010 2011 2012 2013 2014

  10. Slide 10: Our portfolio

    Our portfolio Europlaza, the Garden Tower

  11. Slide 11: Uniquely Positioned in the Paris Region Market with 93% Occupancy

    Cegereal: Uniquely Positioned in the Paris Region Market with an Aggregate Occupancy Rate of 93% EUROPLAZA 50,000 sq.m in La Défense Occupancy rate : 82% Valuation as at Dec. 31, 2015 : € 361 M RIVES DE BERCY 31,900 sq.m in Charenton Occupancy rate : 100% Valuation as at Dec. 31, 2015 : € 202 M ARCS

  12. Slide 12: Rental Income Down a Slight 1%

    Rental Income Down a Slight 1% Cegereal – Change in rental income, 2014-2015 (€m) €M 40 Indexing Tenants Tenants Renegotiation Other + 0,1 arrival departure (0,4) 0,2 30 + 2,9 (3,3) 44,7 44,3 20 10 0 Rental income Rental income 2014 2015 Cegereal – 2015 Annual Results – February 18, 2016 11

  13. Slide 13: First-class Tenants

    First-class Tenants 100% 1% 1% 1% 90% 2% 6% 4% 4% 3% 3% 80% 70% 60% Rating 4 & 5 50% 100% 100% 99% 96% 96% 97% 97% 94% 95% Rating 3 40% Ratings 1 & 2 30% 20% 10% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source : Dun & Bradstreet ratings Rives de Bercy Cegereal – 2015 Annual Results – February

  14. Slide 14: Appraisal Values and Unrealized Capital Gains

    Appraisal Values and Unrealized Capital Gains Unrealized capital +308m€ gains Higher appraisal € millions values +8.2% 1 100 1032 961 938 942 1 000 854 188 861 854 865 849 871 900 828 187 163 202 800 168 168 191 168 156 169 172 700 385 600 363 350 309 300 310 379 500 340 311 322 347 400 300 200 412

  15. Slide 15: Rives de Bercy: A Majestic Campus in the Center of an Expanding Business District

    Rives de Bercy: A Majestic Campus in the Center of an Expanding Business District Rives de Bercy – Changes in rental income, 2014-2015 (€m) €M 10  Triple net lease with Crédit Foncier since delivery in 2003 (0,1) 8  Renegotiation of a new nine-year lease until 2021 6 4 10,0 9,8  Recently certifie

  16. Slide 16: Arcs de Seine: 100% Occupancy Rate Since April 2015

    Arcs de Seine: 100% Occupancy Rate Since April 2015  The entire Arcs de Seine building has been let following its complete renovation in 2012. Three new leases were signed in 2015 on 5,600 sq.m.: - Amgen (+€0.9m) - Exclusive Networks (€0.3m) - Boursorama (+€0.5m) Arcs de Seine – Growth in rental in

  17. Slide 17: Europlaza: The First Garden Tower in La Défense

    Europlaza: The First Garden Tower in La Défense A multi-tenant building, with more than 700 private parking spaces, top-notch amenities and enclosed gardens, forming a campus-style office complex aligned with current demand  82% occupancy rate as of end- December 2015  2015 rental income was impac

  18. Slide 18: Finance

    Finance Arcs de Seine – Boulogne-Billancourt

  19. Slide 19: Financial Highlights

    Financial Highlights Dec. 31, 2015 Dec. 31, 2014 Variance 15/14  Portfolio value € 942 M € 871 M +8.2%  Loan to value ratio 43.0% 46.5% -3.5 bps  EPRA NNNAV per share € 39.2 € 34.8 +12.6%  IFRS Rental income € 44.3 M € 44.7 M -1.0%  IFRS net result € 81.0 M € 42.4 M +90.9%  EPRA result € 18.2

  20. Slide 20: EPRA earnings & Net Cash-Flows From Operations

    EPRA earnings & Net Cash-Flows From Operations In thousands euros 2015 2014 Variance 15/14 IFRS rents 44 310 44 746 Recovered real estate expenses 11 349 13 173 Real estate expenses (14 012) (13 293)  Net rents 41 647 44 627 -6,7% Asset management fees (3 143) (3 048) Other management fees (4 916)

  21. Slide 21: Non recoverable Operating Expenses

    Non recoverable Operating Expenses In thousands euros 2015 2014 Building maintenance 498 20 Expenses on vacant premises 1 299 1 707 Asset management fees 3 143 3 049 Other building-related costs – lessor 985 243 Wages and salaries 957 550 Other overhead costs 3 812 2 376  Total 10 694 7 944 Cegerea

  22. Slide 22: Unique Bank Loan

    Unique Bank Loan  €405M in financing obtained from a pool of four banks, maturing in August 2017  Flexible interest rate with a boni of 25bps when the occupancy rate is above 90%  Hard covenants: LTV at 70% and ICR at 1.50x New financing (Nov 15, 2012) Additional loan (Nov 21, 2014) Total amount

  23. Slide 23: EPRA NNNAV up 12.6%

    EPRA NNNAV up 12.6% €/share 40 (0,2) 0,1 35 (1,6) 0,7 5,3 30 25 20 39,2 34,8 15 10 5 0 NNNAV Recurring Change in fair Change in fair Rent-free Dividends NNNAV Dec 31, 2014 income value of real value of debt period Dec 31, 2015 estate assets Cegereal – 2015 Annual Results – February 18, 2016 22

  24. Slide 24: 2015 Dividend

    2015 Dividend Dividend history (in €/share) 1,84 1,95 1,95 2,0 2,0 1,7 1,65 1,5 1,1 0,65 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Dividends (€) Europlaza – La Défense Cegereal – 2015 Annual Results – February 18, 2016 23

  25. Slide 25: Outlook 2016

    Outlook 2016  Maintain REIT status  Optimize the financial structure  New governance  First growth transactions  Upgreen Your Business Cegereal – 2015 Annual Results – February 18, 2016 24

  26. Slide 26: Appendices

    Appendices Arcs de Seine – Boulogne-Billancourt

  27. Slide 27: Investor Calendar

    Investor Calendar Annual Q1 2016 Payment of H1 2016 Q3 2016 Shareholders' Revenue the dividend Results Revenue Meeting April 15, 2016 July 20, 2016 July 22, 2016 Oct. 2016 May 2016 Cegereal – 2015 Annual Results – February 18, 2016 26

  28. Slide 28: Share details

    Share details Name Cegereal SA Investor Relations 42, rue de Bassano Listing market Euronext Paris 75008 Paris ISIN FR0010309096 Tel: +33 (0)1 42 25 76 36 Email: info@cegereal.com Symbol CGR CFI ESVUFB Registrar Type REIT BNPP Securities Services Grands Moulins de Pantin Section Eurolist compartment

  29. Slide 29: IFRS Income Statement (consolidated)

    IFRS Income Statement (consolidated) in thousands of euros, except per share data 2015 2014 12 months 12 months Rental income 44 310 44 746 Income from other services 11 349 13 173 Building-related costs (17 156) (16 341) Net rental income 38 504 41 579 Sale of building Administrative costs (4 976)

  30. Slide 30: IFRS Balance Sheet (consolidated)

    IFRS Balance Sheet (consolidated) in thousands of euros in thousands of euros Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014 Non-current assets Shareholders' equity Property, plant and equipment 61 Share capital 160 470 160 470 Investment property 942 000 871 000 Legal reserve and additiona

  31. Slide 31: IFRS Statement of Cash Flows (consolidated)

    in thousands of euros 2015 2014 IFRS Statement of OPERATING ACTIVITIES Cash Flows Consolidated net income 80 957 42 398 Elimination of items related to the valuation of buildings: (consolidated) Fair value adjustments to investment property (62 736) (18 704) Indemnity received from lessees for the r

  32. Slide 32: French GAAP Income Statement

    French GAAP Income Statement in euros 2015 2014 France Exports 12 months 12 months Total Total Sales of goods for resale Sales of manufactured products Sales of services 46 667 NET REVENUE 0 0 46 667 - Change in finished goods and in-progress inventory In-house production Operating subsidies Reversa

  33. Slide 33: French GAAP Balance Sheet

    French GAAP Balance Sheet in euros in euros EQUITY AND LIABILITIES Dec. 31, 2015 Dec. 31, 2014 Gross amount Dec. 31, 2015 Dec. 31, 2014 ASSETS Capital Uncalled subscribed capital - Share capital (including paid-up capital: 160,470,000) 160 470 000 160 470 000 Intangible fixed assets Additional paid-

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