Atenor S.a. · EURONEXT:ATEB
Atenor — H1 2022 Earnings Presentation
42 slides from Atenor's earnings presentation, September 2022
Slide 1: HY 2022 Results
HY 2022 RESULTS September 2022 HY 2022 RESULTS
Slide 2: Agenda
AGENDA ❑ Highlights HY 2022 ❑ Activity Report ❑ International Growth plan 2017-2026 : roll out ❑ Market insights ❑ Strategy ❑ Portfolio ❑ Financial Report ❑ Outlook 2022 2 HY 2022 RESULTS
Slide 3: Highlights HY 2022
HIGHLIGHTS HY 2022 HY 2022 RESULTS : € 9.0 M in line with forecasts MAJOR CONTRIBUTION: MAJOR ACQUISITION GETTING BULDING PERMIT AT 30/06/2022 BRUSSELS : ASTRO 23 58,600 M² CLOCHE D’OR € 13.1 M 10,250 M² Active pipeline FORECAST 2022 ISSUE OF A GREEN EMTN : € 55 M 212,000 M² € 53 M GREEN FINANCING (
Slide 4: HY 2022 Activity Report
HY 2022 ACTIVITY REPORT Fleet House – London 4 HY 2022 RESULTS
Slide 5: Activity Report
ACTIVITY REPORT 2019 : 79,200 m² 2019 : 130,000 m² 2020 : 78,800 m² 2020 : 92,000 m² 2021 : 223,000 m² 2021 : 128,500 m² 06/2022 : 58,600 m² Launching of the 06/2022 : 44,000 m² 12/2022 : 212,000 m² (f) construction 12/2022 : 191,000 m² (f) 2019 : 102,100 m² 2019 : 86,500 m² 2020 : 188,000 m² 2020 :
Slide 6: Activity Report: Acquisitions
ACTIVITY REPORT ACQUISITIONS NET IMPACT BUILDING PERMIT PARTICIPATION LOCATION NAME OF PROJECT FUNCTION OF PROJECT POTENTIAL SURFACE TREASURY FORECAST 100% Brussels Astro 23 Office 10,250 m² Q1/2024 ACQUISITIONS IN France PIPELINE : Portugal Germany UK Hungary Astro 23 – Brussels 6 HY 2022 RESULTS
Slide 7: Activity Report: Application for Building Permits
ACTIVITY REPORT APPLICATION FOR BUILDING PERMITS BUILDING PERMIT INTRODUCTIONS LOCATION NAME OF PROJET FUNCTION OF PROJET POTENTIAL SURFACE FORECAST Q1/2022 Luxembourg Cloche D’Or Office 34,000 m² Q4/2022 Q1/2022 Budapest Bakerstreet II Office 29,500 m² Q2/2022 Q2/2022 Brussels Realex Office & confe
Slide 8: Activity Report: Getting of Building Permit
ACTIVITY REPORT GETTING OF BUILDING PERMIT FUNCTION OF POTENTIAL DELIVERANCE LOCATION NAME OF PROJECT PROJECT SURFACE Q2/2022 Lisbon WellBe Office 29,100 m² Q2/2022 Budapest Bakerstreet II Office 29,500 m² TOTAL 58,600 m² BUILDING PERMIT FUNCTION OF POTENTIAL LOCATION NAME OF PROJET FORECAST PROJET
Slide 9: Activity Report: Projects Under Construction
ACTIVITY REPORT PROJECTS UNDER CONSTRUCTION SURFACE UNDER PROJECT NAME LOCATION FUNCTION DELIVERY FORECAST TYPE OF RISK CONSTRUCTION City Dox lot 7.1 Brussels Residential 8,000 m² Q4 2024 Partial risk De Molens Deinze Residential 6,600 m² Q2 2024 Partial risk Au Fil des Grands Prés Mons Office 14,50
Slide 10: Activity Report: Letting and Sales
ACTIVITY REPORT LETTING AND SALES LETTING LOCATION PROJECT NAME SURFACE TENANTS Luxembourg Cloche d’Or 34,000 M² PWC Budapest Vaci Greens 4,650 M² Sanofi/Audax Brussels City Dox 861 M² Nivea/Eucerin La Hulpe BDA 673 M² MUS/NextFrames La Hulpe Nysdam 566 M² Atenor Budapest Bakerstreet I 16,200 M² E-o
Slide 11: International Growth Plan
INTERNATIONAL GROWTH PLAN The Stage – The Hague Perspectiv’ - Belval 11 HY 2022 RESULTS
Slide 12: International Growth Plan
INTERNATIONAL GROWTH PLAN 10 Countries in Europe 16 Cities 32 Projects 1 300 000 m² in portfolio 12 HY 2022 RESULTS
Slide 13: International Growth Plan
INTERNATIONAL GROWTH PLAN Phase 1 Phase 2 : 2022 – 2026 (increase in activities in the Territories) Graphic « Project gross margin»/ year in € M Graphic « Portfolio size » in m² 180 Millions 1.900.000 160 1.700.000 140 1.500.000 120 1.300.000 100 1.100.000 80 68 73 900.000 58 55 700.000 60 43 43 36
Slide 14: Market Insights HY 2022
MARKET INSIGHTS HY 2022 Well Be - Lisbon 14 HY 2022 RESULTS
Slide 15: Market Insights: Fundamentals of Office Market
MARKET INSIGHTS https://www.imf.org/external/datamapper/NGDP_RPCH@WEO/OEMDC/ADVEC/WEOWORLD Fundamentals of Office Market Prime Investment Country/market Stock (m²) Take up (m²) % 2021/2022 Vacancy Prime Yield Rent/year Volume- M€ Belgium (Brussels) 13,430,000 130,300 -30 % 7.67 % 320 €/M² 3.60 % 1,1
Slide 16: Market Insights: Fundamentals of Residential Market
MARKET INSIGHTS Fundamentals of Residential Market 41 % of the portfolio of Atenor Country / Market Stock ATENOR Estimated number (m²) of dwellings Belgium 141,950 1,904 The Netherlands 78,000 2,735 Luxembourg 23,650 388 Germany (Düsseldorf) 2,900 33 Poland (Warsaw) 186,000 2,270 Hungary (Budapest)
Slide 17: Market Insights
MARKET INSIGHTS Covid crisis Future of offices ? New way of working, talent search Ukraine crisis Energy cost ? Zero Energy Building (Offices and residential) EU Green Deal € 750 Milliards Basic trends 2050 - Zero Carbon Economy USA Inflation Reduction Act 430 Milliards $ helps fight Climate Change
Slide 18: Strategy of Atenor
STRATEGY OF ATENOR Lakeside – Poland 18 HY 2022 RESULTS
Slide 19: Strategy of Atenor: Urban
STRATEGY OF ATENOR URBAN SUSTAINABLE INTERNATIONAL LISTED REAL ESTATE DEVELOPER 19 HY 2022 RESULTS
Slide 20: Strategy of Atenor: International
STRATEGY OF ATENOR INTERNATIONAL URBAN SUSTAINABLE LISTED REAL ESTATE DEVELOPER 20 HY 2022 RESULTS
Slide 21: Strategy of Atenor: Sustainable 2.0
STRATEGY OF ATENOR INTERNATIONAL SUSTAINABLE 2.0 URBAN LISTED REAL ESTATE DEVELOPER 21 HY 2022 RESULTS
Slide 22: Strategy of Atenor
STRATEGY OF ATENOR « Obsolete » « Meets demand» 22 HY 2022 RESULTS
Slide 23: Strategy of Atenor: Sustainability Think&do Tank
STRATEGY OF ATENOR The Atenor think&do tank Architectural S U S TA I N A B I L I T Y Societal Technical 23 HY 2022 RESULTS
Slide 24: Strategy of Atenor: Company Sustainability
STRATEGY OF ATENOR The Atenor think&do tank Company S U S TA I N A B I L I T Y BREEAM WELL TAXONOMY GRESB,… Funding Product 24 HY 2022 RESULTS
Slide 25: Strategy of Atenor: Sustainability Policy
STRATEGY OF ATENOR SDG Financial Markets ATENOR SUSTAINABILITY POLICY Economic Economic resilience E Environmental contribution S Social impact G Extended governance Sustainability Report GRESB and Refinitiv ratings on the way 25 HY 2022 RESULTS
Slide 26: Portfolio
PORTFOLIO UP-site Bucharest – Bucharest 26 HY 2022 RESULTS
Slide 27: Portfolio Diversification by Countries as of June 2022
PORTFOLIO DIVERSIFICATION BY COUNTRIES AS OF JUNE 2022 • Given that the building permit applications, diversification will increase in the future ➢ Diversification as a source of resilience in crisis ➢ Diversification as a drive for growth in recovery ➢ Diversification as a unique advantage for inve
Slide 28: Portfolio Diversification by Functions as of June 2022
PORTFOLIO DIVERSIFICATION BY FUNCTIONS AS OF JUNE 2022 The two sectors has their own opportunities 28 HY 2022 RESULTS
Slide 29: Portfolio Diversification by Stage of Development
PORTFOLIO DIVERSIFICATION BY STAGE OF DEVELOPMENT AS OF JUNE 2022 0 L 2 2.366.180 € 472.0 .413 € 107.485.143 € 174.33 .747 € 1.046.2 0.483 € 0 5 “Building permit” risk : Not a risk concerning the permit, but concerning the schedule ! “Commercial risk” : Forward sale or letting as an ATENOR competenc
Slide 30: Portfolio Diversification by Stage of Development
PORTFOLIO DIVERSIFICATION BY STAGE OF DEVELOPMENT AS OF JUNE 2022 0 DÉCEMBRE 2021 352.300 372.34 556.832 1.300.000 m² 9 Strong evolution of the risk profile HY 2022 RESULTS 30
Slide 31: Financial Report
FINANCIAL REPORT Arena Business Campus – Budapest 31 HY 2022 RESULTS
Slide 32: Financial Report: Consolidated Results
FINANCIAL REPORT CONSOLIDATED RESULTS ANNUAL RESULTS JUNE 2022 JUNE 2021 DEVELOPMENTS BELGIUM 8.120.378 5.582.294 LUXEMBOURG 15.710.754 1.633.251 POLAND 90.234 1.365.412 HUNGARY 1.385.874 38.299.796 ROMANIA -52.886 146.393 DEVELOPMENTS (others) -862.816 -233.125 TOTAL DEVELOPMENTS 24.391.538 46.794.
Slide 33: Financial Report: Consolidated Balance Sheet
FINANCIAL REPORT CONSOLIDATED BALANCE SHEET ASSETS LIABILITIES JUNE 2022 DECEMBER 2021 JUNE 2022 DECEMBER 2021 Total equity 285 301 Belgique 223.335.477 225.724.827 Pays-Bas 26.393.275 26.393.275 Retail Bonds 170 190 Luxembourg 174.980.486 41.654.936 Green Bonds 100 100 France 30.071.103 30.071.103
Slide 34: Financial Management as of 30.06.2022
FINANCIAL REPORT FINANCIAL MANAGEMENT AS OF 30.06.2022 ASSETS € . 9 M LIABILITIES € . 9 M Land € 658 M Equity € 285 M Permanent Capital : € 865 M € 1.046 M Constructions € 388 M Long term debts* € 580 M Total debts : € 0M Short term debts € 240 M Other assets € 148 M Other liabilities € 0M STOCK € .
Slide 35: Diversification of Funding Sources
FINANCIAL REPORT DIVERSIFICATION OF FUNDING SOURCES 35 HY 2022 RESULTS
Slide 36: Maturities Diversification
FINANCIAL REPORT MATURITIES DIVERSIFICATION "Standalone" Not Green Bonds - "Standalone" Green Bonds - EMTN - MTN - Green EMTN Situation on 30.06.2022 80.000 5.000 5.000 70.000 8.100 10.000 500 2.500 60.000 Amounts in € '000 14.500 25.000 50.000 40.000 75.000 30.000 65.000 65.000 28.250 30.000 55.000
Slide 37: Dividend Policy
EVOLUTION OF DIVIDEND FINANCIAL REPORT DIVIDEND POLICY 8 7 6,71 6 6,25 5,41 5 4 4,07 3,59 3,73 3 3,43 2,85 2,54 2,33 2,42 2 2,20 2,31 2,00 1,88 2,00 2,00 2,00 2,04 2,08 1 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Gross dividend (DPS) - LHS Earning per share (EPS) - LHS 37 HY 2022 RESU
Slide 38: Value Creation
VALUE CREATION 2019 : 79,200 m² 2019 : 130,000 m² 2020 : 78,800 m² 2020 : 92,000 m² 2021 : 223,000 m² 2021 : 128,500 m² 06/2022 : 58,600 m² Launching of the 06/2022 : 44,000 m² 12/2022 : 212,000 m² (f) construction 12/2022 : 191,000 m² (f) 2019 : 102,100 m² 2019 : 86,500 m² 2020 : 188,000 m² 2020 :
Slide 39: Outlook 2022: SWOT
OUTLOOK 2022 SWOT Strengths Weaknesses International and sustainable Politician and administrative positioning behavior re planning fabric S W Opportunities Threats Value creation cycle : O T Unpredictable consequences of Stage of development unpredictable economic and political troubles 39 HY 2022
Slide 40: Outlook 2022: Business Model Update
OUTLOOK 2022 BUSINESS MODEL UPDATE Gross margin/ sqm OFFICE 600 €/m² RESIDENTIAL 300 €/m² Mixed 60 % OFFICE 40 % RESIDENTIAL AVERAGE GROSS MARGIN : 480 €/m² Stock : 1,3 M m² Average cycle : 4,5 year FROM 400 €/m² to 480 €/m² 40 HY 2022 RESULTS
Slide 41: Outlook 2022
OUTLOOK 2022 DIVERSIFICATION • Geographical RESILIENCE • Functional ENVIRONMENT • Financial ATENOR ARCHILAB GROWTH PLAN & OUTLOOK ESG Project and funding certifications Leader company SOCIAL GROWING DIVIDEND GOVERNANCE HY 2022 RESULTS 41
Slide 42: Thank you for your attention!
Thank you for your attention ! Perspectiv’ – Esch-sur-alzette Move’Hub – Brussels 42 HY 2022 RESULTS