Slide 1: Transformation(s): 2021 Annual Results
TRANSFORMATION(S) 2021 ANNUAL RESULTS
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared for information purposes only and is intended to supplement other information published by Altarea, to which readers are encouraged to refer. It is not, and must not be interpreted as a solicitation, recommendation or offer to purchase, sell, exchange o
Slide 3: Agenda
AGENDA 1. ALTAREA, AN ENTREPRENEURIAL STORY p. 4 2021 Annual results 2. ALTAREA, LEADER IN URBAN TRANSFORMATION p. 9 3. FINANCIAL PERFORMANCE p. 20 3 4. SHAPING TODAY THE CITY OF TOMORROW p. 28 5. OUTLOOKS p. 36 6. APPENDICES & GLOSSARY p. 39
Slide 4: Altarea, an entrepreneurial story
1. ALTAREA, 2021 Annual results AN ENTREPRENEURIAL STORY 4 Les Madriers – Montreuil (93)
Slide 5: Altarea, an entrepreneurial story
ALTAREA, AN ENTREPRENEURIAL STORY INITIALLY A RETAIL LEADER AND EXPANDING SPECIALIST WITH A IN URBAN TOWARD REAL ESTATE DEVELOPER DNA TRANSFORMATION ASSET MANAGEMENT 1995 2007 2021 2021 Annual results 5 Richelieu (Paris)
Slide 6: An outstanding human asset
AN OUTSTANDING HUMAN ASSET A strong corporate culture Excellence Creativeness Performance Dedication 2021 Annual results A team Campus EM Lyon An exciting working atmosphere Unique projects Enriched work experiences of 2,000 Corporate pride 6 committed professionals A shared value Best in class remu
Slide 7: Altarea, leader in urban transformation
ALTAREA, LEADER IN URBAN TRANSFORMATION Consolidated pipeline (1) 2021 Annual results €19.4 bn potential value 7 800 projects 4.3 millions m² (1) This pipeline doesn’t include the backlog of Groupe which amounts to more than €4.1 bn. Projects from left to right and from top to bottom : Tours Aillaud
Slide 8: Altarea enjoying buoyant growth on the eve of Primonial acquisition
ALTAREA ENJOYING BUOYANT GROWTH ON THE EVE OF PRIMONIAL ACQUISITION 2021 Annual results FFO group share €264.4 m A transformative +14.8% acquisition 8 (guidance +10%) to be closed in March 2022 €14.35/share +9.3% Richelieu (Paris)
Slide 9: Altarea, leader in urban transformation
2. ALTAREA, LEADER IN 2021 Annual results URBAN TRANSFORMATION 9 Cœur de Ville – Bobigny (93)
Slide 10: A hard working year
A HARD WORKING-YEAR A multi-dimensional approach of the urban transformation market 2021 Annual results Operational Continuous product innovation 10 successes in all business Agile, responsive, ready to adapt to any changing lines environment Eria (La Défense)
Slide 11: Large mixed-use projects, epitomizing the urban transformation
LARGE MIXED-USE PROJECTS, 15 EPITOMIZING THE URBAN TRANSFORMATION projects underway 3 projects delivered Bezons, Toulouse Montaudran, Strasbourg 2 projects launched Bobigny, Toulouse Guillaumet €4 bn 5 new projects underway potential value Annecy, Rouen, Tours, Nanterre, Sartrouville 935,000 m² 10,5
Slide 12: Residential offer reoriented towards individuals
RESIDENTIAL OFFER REORIENTED TOWARDS INDIVIDUALS A context of Delay in commercial launches NTN SNR (Annecy) products scarcity difficulties in obtaining building permits, sanitary crisis Massive sales to Institutionals in 2020 decline in short-term offering and supply 2021 Annual results Sustained de
Slide 13: Enhancing residential brands identities
ENHANCING RESIDENTIAL BRANDS IDENTITIES Healthy homes for healthy people Closer Historical places for your stories 2021 Annual results 10 commitments: well-being, air quality, neutral to go further Restoring outstanding architectural materials, CO2 emission reduction, energy saving, Local partner of
Slide 14: Adapting to new demographic trends by extending territorial coverage
ADAPTING TO NEW DEMOGRAPHIC TRENDS BY EXTENDING THE GROUP’S TERRITORIAL COVERAGE Lille Amiens Le Havre Beauvais Compiègne Metz Caen Rouen Reims Strasbourg Nancy Paris Vannes Rennes Colmar Chartres 2021 Annual results Angers Orléans Mulhouse Tours Dijon L’Echo du Bois (Tours) Nantes La Rochelle Lyon
Slide 15: Business property: a rewarding strategy
BUSINESS PROPERTY: A REWARDING STRATEGY Catching up Rising demand for offices in Regions with the new In line with residential demographic trends territorial dynamics Upgrading standards Architecture / Materials / Services 2021 Annual results Designing Collaborating working spaces Campus Orange Tolo
Slide 16: Business property: emblematic successes in all products and territories
BUSINESS PROPERTY: EMBLEMATIC SUCCESSES IN ALL PRODUCTS AND ALL TERRITORIES Successful deals 3 sales Béziers, Mérignac, Villeurbanne in large regional 8 new projects Lyon, Aix, Nantes, Angers cities 8 deliveries Nantes, Marseille, Toulouse, Bordeaux,… Launch of emlyon construction site 2021 Annual r
Slide 17: Logistics: critical infrastructures for retail
LOGISTICS CRITICAL INFRASTRUCTURES FOR RETAIL Logistic platforms 3 additional deals signed Bollène (84) for retailers 9 projects in total (XXL platforms, multi-users’ hub) for e-commerce players for 700,000 m² 2021 Annual results 17 Puceul (44) Derval (44) Hexahub Occitanie – Béziers (34) Urban logi
Slide 18: Retail: operations stabilised, implementing asset management strategy
RETAIL: OPERATIONS STABILISED IMPLEMENTING THE ASSET MANAGEMENT STRATEGY Operations Tenants’ sales: +1% Net rental income: €162.5 m (Jul. to Dec. 2021 vs 2019) +2.0% stabilised Vacancy: 2.9% Rent collection rate : 88.3% (-1.3 pt) on 2021 invoicing 325 new leases signed (i.e. €33 m in rents) 2021 Ann
Slide 19: Paris-Montparnasse railway station: on-time delivery and respect of budget
PARIS-MONTPARNASSE RAILWAY STATION ON-TIME DELIVERY AND RESPECT OF BUDGET Proven expertise on large & complex projects 2021 Annual results 19 77 millions yearly visitors 4 years of works without 90 millions expected interruption of operations 120 shops, 18,200 m² GLA Paris-Montparnasse (Paris 14ème)
Slide 20: Financial performance
3. 2021 Annual results FINANCIAL PERFORMANCE 20 Les Lucioles – Savigny le Temple (77)
Slide 21: Financial performance 2021: guidance exceeded
FINANCIAL PERFORMANCE 2021 GUIDANCE EXCEEDED 2021 Annual results Strong FFO growth on the eve of Primonial acquisition Delivering 21 steady A strengthened financial structure performance L’Essentielle (Le Perreux)
Slide 22: 2021 FFO group share: +14.8%
2021 FFO GROUP SHARE: +14.8% GUIDANCE (+10%) EXCEEDED +26.6 +2.2 264.4 Other (1) CAP3000 (Saint-Laurent du Var) 230.3 +3.4 +1.9 22% 14% Residential Business Business Retail Business property property property 2021 Annual results Retail Positive perimeter impact (including partnerships) 55% Growth in
Slide 23: 2021 FFO group share: comparison versus 2019
2021 FFO GROUP SHARE: COMPARISON VERSUS 2019 CURRENT ONGOING TRENDS TO CONTINUE OVER 2022 +18.5 -23.4 +12.4 Retail 293.1 deliveries Retail partnerships Property & disposals -22.2 development 2021 Annual results Retail Covid-19 -13.0 -1.0 264.4 impacts Corporate Other (1) tax Property development res
Slide 24: Strong financial structure
STRONG FINANCIAL STRUCTURE €6,816 m Equity at fair value (1): +€492m Capital increase, profit of the period, dividend • Flat on per-share basis: €157.4 (+0.6%) €3,195 m (€157.4/s) 2021 Annual results Minority equity at fair value: +€349m 24 €1,307 m Retail Parks partnership closed in 2021 Railway st
Slide 25: Successful capital increase
SUCCESSFUL CAPITAL INCREASE WITH SHAREHOLDERS’ PREFERENTIAL SUBSCRIPTION RIGHTS 2021 Annual results €350.1 m Strong support from historical shareholders (funders, CAA, APG, Opus) 13.6% of capital 25 2,435,190 new shares 2 new investors joining Altarea 124% of subscription rate Richelieu (Paris)
Slide 26: Primonial acquisition for €1.9bn: financing fully secured
PRIMONIAL ACQUISITION FOR €1.9 BN(1) FINANCING FULLY SECURED Liquidity: €3,429 m end of 2021 Closing of retail partnership in railway stations in early 2022 2021 Annual results with Crédit Agricole Assurances +€215 m of additional equity and cash 26 Signature of a syndicated loan for €800 m (2) 4 ba
Slide 27: Increase of dividend for 2021
INCREASE OF DIVIDEND FOR 2021 (1) PARTIAL SCRIPT DIVIDEND OPTION Payment options €9.75 ‣ Either 100% in cash per share (2) ‣ Or 50% shares / 50% cash (3) +€0.25/s vs 2020 2021 Annual results Tax considerations ‣ €6.21 (64%) : Share-premium refund 27 ‣ €1.98 (20%) : Distribution from taxable income ‣
Slide 28: Shaping today the city of tomorrow
4. 2021 Annual results SHAPING TODAY THE CITY OF TOMORROW 28 28 Les Madriers – Montreuil (93)
Slide 29: A project that conveys strong values
SHAPING TODAY THE CITY OF TOMORROW A PROJECT THAT CONVEYS STRONG VALUES Social Fighting against climate change responsibilities Bridging the urban divide Caring for all generations 2021 Annual results Preserving the urban legacy 29 Principles applied Building the City on the City to all projects Cit
Slide 30: RE 2020 regulation and low carbon conception
“RE 2020" REGULATION AND LOW CARBON CONCEPTION CHALLENGES FOR THE NEXT DECADE A CO2 emissions reduction trajectory to 2031 Eria (La Défense) Construction phase (in kgCO2/m²) Operating phase 740 Construction method 650 2021 Annual results Envy (Marseille) -36% 560 Concrete (current 580 method) -64% T
Slide 31: Timber construction: meeting today the requirements of tomorrow
TIMBER CONSTRUCTION: MEETING TODAY THE REQUIREMENTS FOR ENERGY EFFICIENCY OF TOMORROW Clear benefits Excellent thermal insulation Carbon trap Fast construction (prefabrication) Reduced construction site nuisance Passage Marie (Saint Ouen) 2021 Annual results Passage Marie (Saint Ouen) Technical and
Slide 32: Issy Cœur de Ville: building the low carbon city
ISSY CŒUR DE VILLE BUILDING THE LOW CARBON CITY The largest Geothermal network at district scale private Shared-use between housing, shops and offices Optimisation of energy consumption throughout the day building A state-of-the-art facility which cost is amortized at district scale site in 70% of r
Slide 33: Les Grands Moulins de Paris: renovation rather than rebuilding
LES GRANDS MOULINS DE PARIS RENOVATION RATHER THAN REBUILDING Renovating produces half as much CO2 as rebuilding 2021 Annual results 33 Built nearly 100 years ago and closed 30 years ago, the Grands Moulins de Paris flour mill (Marquette-lez-Lille) is giving way to a new urban life The flour shop, c
Slide 34: CAP3000 - biodiversity labelling
CAP3000 - BIODIVERSITY LABELLING A WORLD FIRST FOR A SHOPPING CENTRE Signature of a €350m green loan(1) 2021 Annual results 34 CAP3000 is located near the mouth of the Var river, in the heart of a natural area classified as "Natura 2000" (coastal wetland of the French riviera) and rich in biodiversi
Slide 35: 2030 carbon trajectory group target
2030 CARBON TRAJECTORY GROUP TARGET (SCOPE 1, 2 & 3) Property development Greenhouse gas (scope 3) emission/m² kgCO2/m² 2021 Annual results down by 37% 35 2019 2022 2025 2028 2030 Retail Contribution to carbon neutrality (scopes 1 & 2) 100% of centers in operation certified Breeam-in-Use Avenue 83 (
Slide 36: Outlooks
5. OUTLOOKS 36 36 2021 Annual results
Slide 37: A new growth dynamic ahead
A NEW GROWTH DYNAMIC AHEAD Primonial acquisition expected in March 2021 Annual results FFO 2022 Integration into Altarea’s consolidated statement Sharp increase expected Current perimeter Half year 2022 results Primonial contribution 37 Marked increase in corporate tax Comprehensive set of accounts,
Slide 38: Independent leader in real estate investment & property development
Independent leader 2021 Annual results in real estate investment & property development 38
Slide 39: Appendices & glossary
APPENDICES 2021 Annual results & GLOSSARY 39
Slide 40: 2021 income statement
2021 INCOME STATEMENT Changes in value, Funds from Business Other estimated In €m Retail Residential operations TOTAL Property Corporate expenses and (FFO) transaction costs Revenue 216.8 2,498.0 314.9 0.1 3,029.8 – 3,029.8 Change vs. 31/12/2020 +0.2% +3.4% (25.5)% n.a. (0.9)% (0.9)% Net rental inco
Slide 41: Net asset value (NAV)
NET ASSET VALUE (NAV) 31/12/2021 31/12/2020 In €m Change €/share Change In €m Consolidated equity, Group share 2,236.2 110.2 1,758.5 101.8 Other unrealized capital gains 874.3 867.0 Deferred tax on the balance sheet for non-SIIC assets(a) 2021 Annual results 19.4 20.9 Fixed-rate market value of debt
Slide 42: Loan to value
LOAN TO VALUE In €m 31/12/2021 31/12/2020 Gross debt 3,271 3,470 Cash and cash equivalents (1,626) (1,277) Consolidated net debt 1,646 2,193 2021 Annual results Retail at value (FC) (a) 4,064 3,982 Retail at value (EM securities), other (b) 193 212 Investment properties valued at cost (c) 205 213 Bu
Slide 43: Balance sheet (1/2)
BALANCE SHEET (1/2) NON-CURRENT ASSETS 31/12/2021 31/12/2020 In €m 5,170.8 5,132.2 Intangible assets 332.5 330.4 o/w Goodwill 209.4 209.4 o/w Brands 105.4 105.4 o/w Other intangible assets 17.7 15.7 Property plant and equipment 27.8 26.1 Right-of-use on tangible and intangible fixed assets 128.4 140
Slide 44: Balance sheet (2/2)
BALANCE SHEET (2/2) In €m 31/12/2021 31/12/2020 EQUITY 3,543.6 2,716.7 Equity attributable to Altarea SCA shareholders 2,236.2 1,758.5 Capital 310.1 264.0 Other paid-in capital 513.9 233.8 Reserves 1,200.5 1,568.5 Income associated with Altarea SCA shareholders 211.6 (307.7) Equity attributable to m
Slide 45: Glossary
GLOSSARY • Appraisal value – Retail: Value of portfolio assets including transfer duties (at 100% or Group Share) • Average total cost of the debt: Average total cost including related fees (commitment fees, CNU, etc.) • LTV (Loan to Value): Net bond and bank debt/Restated value of assets including