Vitura SA · EURONEXT:VTR
Vitura SA — Cegereal — FY2016 Earnings Presentation
32 slides from Vitura SA's earnings presentation, Feb 17, 2017
Slide 1: 2016 Annual Results
2016 ANNUAL RESULTS February 17, 2017
Slide 2: Disclaimer
DISCLAIMER Cegereal SA, a Société Anonyme incorporated under French law, is a listed closed end property investment company. Cegereal is registered with the French Financial Markets Authority (AMF). The value of your investment may fluctuate. Past performance is no guarantee for the future. The info
Slide 3: Overview
OVERVIEW KEY FACTS 2016 Slide 4 MARKET REVIEW Slide 12 OUR PORTFOLIO Slide 16 FINANCE Slide 20 APPENDICES Slide 25
Slide 4: Key Facts 2016
PARTIE 1 KEY FACTS 2016 4
Slide 5: 2016, a promising first year
2016, A PROMISING « FIRST » YEAR A successfully redesigned shareholder base Total €625M financings for an optimized balance sheet structure Hanami, an exceptional campus in the Western Crescent, as first growth transaction A modern organisation rank #1 in Europe both in Financial Reporting a
Slide 6: Share performance in 2016
SHARE PERFORMANCE IN 2016 2016 ANNUAL RESULTS - 2017.02.17 6
Slide 7: A tender offer & a shareholder base successfully redesigned
A TENDER OFFER & A SHAREHOLDER BASE SUCCESSFULLY REDESIGNED Commerz Real NOVEMBER 2015 sells to Northwood Investors acquires 59.78% of Cegereal from Commerz Real DECEMBER 2015- JANUARY 2016 Northwood pre-sells 10.7% to 4 institutional investors NWI files tender offer with AMF and response from
Slide 8: An optimized financing structure
AN OPTIMIZED FINANCING STRUCTURE Main objectives: 1- optimizing the balance sheet structure while taking advantage of the historical low interest rates 2- best equilibrium between attractive fixed rates (with embedded negative ST interest rates) and duration Total €625M of mortgage financings, p
Slide 9: Hanami, a first growth transaction
HANAMI, A FIRST GROWTH TRANSACTION A real estate complex of 32,000 sqm office spaces developed over a 3.3-hectare land plot by the architect Valode & Pistre in 1991 An exceptional and strategic location in Rueil-Malmaison 91% let to good credit tenants: Axens (15,700 sqm), Brandt France (5,500
Slide 10: Hanami, a first growth transaction
HANAMI, A FIRST GROWTH TRANSACTION 2016 ANNUAL RESULTS - 2017.02.17 10
Slide 11: A modern & recognized organisation
A MODERN & RECOGNIZED ORGANISATION “Silver Award” last year, Cegereal won the “Most Improved Award” for its 2015 annual report and joined the companies who received a “Gold Award” in 2016. The EPRA aims at promoting, developing and representing all listed real estate #1 in Financial reporting compan
Slide 12: Market Review
PARTIE 2 MARKET REVIEW 12
Slide 13: Paris region office market: steady letting performance
PARIS REGION OFFICE MARKET: STEADY LETTING PERFORMANCE Sources: BNPP RE 2016 ANNUAL RESULTS - 2017.02.17 13
Slide 14: Paris region office market
PARIS REGION OFFICE MARKET Sources: Etude Grand Paris Office Crane Survey (Deloitte Analysis), Cushman & Wakefield, IEIF, Immostat 2016 ANNUAL RESULTS - 2017.02.17 14
Slide 15: Paris region office investment market
PARIS REGION OFFICE INVESTMENT MARKET Ajouter photo: RT Sources: BNPP RE, Immostat 2016 ANNUAL RESULTS - 2017.02.17 15
Slide 16: Our Portfolio
PARTIE 3 OUR PORTFOLIO 16
Slide 17: Cegereal: unique position in the Paris region market
CEGEREAL: UNIQUE POSITION IN THE PARIS REGION MARKET EUROPLAZA HANAMI 52.000 sqm in La Défense 32.000 sqm in Rueil Malmaison Occupancy rate : 82% Occupancy rate : 92% Valuation as at Dec. 31, 2016: € 362 M Valuation as at Dec. 31, 2016: €152 M ARCS DE SEINE RIVES DE BERCY 47.000 sqm in Boulogne 31.9
Slide 18: Rental income up by 6.5%
RENTAL INCOME UP BY 6.5% In €m 2016 ANNUAL RESULTS - 2017.02.17 18
Slide 19: First-class tenants
FIRST-CLASS TENANTS TMT Services Real Estate Pharma IT - Software Industry Food Financials Energy 2016 ANNUAL RESULTS - 2017.02.17 19
Slide 20: Finance
PARTIE 4 FINANCE 20
Slide 21: Financial highlights
FINANCIAL HIGHLIGHTS FY-2016 FY-2015 Growth LFL Growth Net Rental Income 43.9 38.5 14.0% 13.0% EPRA Earnings 28.2 18.2 54.9% 53.1% EPRA Earnings per share (1) 2.0 1.4 45.5% 43.8% Portfolio Value 1124 942 19.3% 3.2% LTV 52.1% 43.0% Average cost of debt 2.4% 3.4% Going Concern NAV (2) 47.1 44.0 7.1% E
Slide 22: EPRA earnings & net cash-flows from operations
EPRA EARNINGS & NET CASH-FLOWS FROM OPERATIONS In thousands euros 2016 2015 Growth IFRS rents 47 196 44 310 Recovered real estate expenses 11 385 11 349 Termination indemnities received 2 606 - Real estate expenses (13 247) (14 012) Net rents 47 940 41 647 15.1% Asset management fees (3 975) (3 143)
Slide 23: EPRA NNNAV up 4.1%
EPRA NNNAV UP 4.1% 50 40 (0,2) 0,1 (1,6) 6,3 0,7 5,3 30 20 39,2 40,8 40,8 47,1 10 0 NAV 31.12.2015 Consolidated net Change in RE Change in loan Rent free + TI Dividends NAV 31.12.2015 NAV 31.12.2016 Transfer Duties Going Concern NAV income before values value 31.12.2016 change in RE values 2016 ANNU
Slide 24: Dividend history
DIVIDEND HISTORY 2016 ANNUAL RESULTS - 2017.02.17 24
Slide 25: Appendices
WUUULLE RL lee TBUUULLLLULE Pastis TWUULEL ELE Fatiees TPUUULELLULE Hee WURELELLULE: A PARTIE APPENDICES 25
Slide 26: Investor calendar
INVESTOR CALENDAR Annual Q1 2017 Payment of the H1 2017 Q3 2017 Shareholders' Revenue dividend Results Revenue Meeting April 21, 2017 July 13, 2017 July 21, 2017 Oct. 2017 April 2017 2016 ANNUAL RESULTS - 2017.02.17 26
Slide 27: Share details
SHARE DETAILS Name Cegereal SA Listing market Euronext Paris Investor Relations 42, rue de Bassano ISIN FR0010309096 75008 Paris Tel: +33 (0)1 42 25 76 36 Symbol CGR CFI ESVUFB Type REIT Registrar BNPP Securities Services Section Eurolist compartment B Grands Moulins de Pantin 9 rue du Débarcadère I
Slide 28: IFRS income statement (consolidated)
IFRS INCOME STATEMENT (CONSOLIDATED) In thousands of euros, except per share data 2016 2015 12 months 12 months Rental income 47 196 44 310 Income from other services 13 991 11 349 Building‐related costs (17 221) (17 156) Net rental income 43 965 38 504 Sale of building Administrative costs (3 663)
Slide 29: IFRS balance sheet (consolidated)
IFRS BALANCE SHEET (CONSOLIDATED) In thousands of euros Dec. 31, 2016 Dec. 31, 2015 Shareholders' equity In thousands of euros Dec. 31, 2016 Dec. 31, 2015 Share capital 66 863 160 470 Legal reserve and additional paid‐in capital 115 043 21 436 Non‐current assets Consolidated reserves and retained ea
Slide 30: IFRS statement of cash flows (consolidated)
In thousands of euros 2016 2015 OPERATING ACTIVITIES IFRS STATEMENT Consolidated net income 41 265 80 957 OF CASH FLOWS Elimination of items related to the valuation of buildings: Fair value adjustments to investment property (20 392) (62 736) (CONSOLIDATED) Indemnity received from lessees for the r
Slide 31: French GAAP income statement
FRENCH GAAP INCOME STATEMENT In euros 2016 2015 France Exports 12 months 12 months Total Total Sales of goods for resale 0 Sales of manufactured products 0 Sales of services 70 000 46 667 NET REVENUE 0 0 70 000 46 667 Change in finished goods and in‐progress In euros inventory 0 In‐house production
Slide 32: French GAAP balance sheet
In euros EQUITY AND LIABILITIES Dec. 31, 2016 Dec. 31, 2015 Capital FRENCH GAAP BALANCE SHEET Share capital (including paid‐up capital: 66,862,500) Additional paid‐in capital 66 862 500 99 004 926 160 470 000 5 388 776 In euros Depr., amort. & Revaluation reserve 152 341 864 152 341 864 Gross amount