Atenor S.A. · EURONEXT:ATEB
Atenor — H1 2021 Earnings Presentation
42 slides from Atenor's earnings presentation, September 2021
Slide 1: HY 2021 Results
HY 2021 RESULTS September 2021 HY 2021 RESULTS 1
Slide 2: Agenda
AGENDA ❑ Highlights HY 2021 ❑ Activity Report ❑ International Growth plan 2017-2026 : roll out ❑ Market insights ❑ Strategy ❑ Portfolio ❑ Financial Report ❑ Statement Covid-19 – Outlook 2021 2 HY 2021 RESULTS
Slide 3: Highlights HY 2021
HIGHLIGHTS HY 2021 HY 2021 RESULTS : € 29,6 M (vs. 2020 : € 19,62 M) MAJOR CONTRIBUTION: MAJOR ACQUISITIONS OBTENTION OF PERMIT AT 30/06/2021 BUDAPEST : BAKERSTREET & LAKE 11 VACI GREENS F PARIS : RUE VICTOR HUGO 25.350 M² € 30,65 M LUXEMBOURG : CLOCHE D’OR ACTIVE IN 10 COUNTRIES FORECAST 2021 ISSUE
Slide 4: HY 2021 Activity Report
HY 2021 ACTIVITY REPORT HBC – Bucharest 4 HY 2021 RESULTS
Slide 5: Activity Report
ACTIVITY REPORT (F) (F) (F) (F) (F) (F) 5 HY 2021 RESULTS
Slide 6: Activity Report: Acquisitions
ACTIVITY REPORT ACQUISITIONS BASED ON PAYMENTS NET IMPACT BUILDING PERMIT PARTICIPATION LOCATION NAME OF PROJET FUNCTION OF PROJET POTENTIAL SURFACE TREASURY FORECAST 33% Brussels CCN Mixed 43.300 m² X Q1/2023 100% Luxembourg Renault Office 34.000 m² X Q4/2022 100% Warsaw Fort 7 Mixed 250.000 m² X Q
Slide 7: Activity Report: Applications for Building Permits
ACTIVITY REPORT APPLICATION FOR BUILDING PERMITS BUILDING PERMIT INTRODUCTIONS LOCATION NAME OF PROJET FUNCTION OF PROJET POTENTIAL SURFACE FORECAST Residential + retail APRIL 2021/JUNE 2021 Brussels City Dox lot 5 & 7 38.000 m² 2022 (5.100 m²) JUNE 2021 La Hulpe Les Berges de l’Argentine Residentia
Slide 8: Activity Report: Getting of Building Permit
ACTIVITY REPORT GETTING OF BUILDING PERMIT FUNCTION OF POTENTIAL DELIVERANCE LOCATION NAME OF PROJET PROJET SURFACE De Molens phase 1 June 2021 Deinze Residential 6.600 m² (50%) April 2021 Budapest Bakerstreet I Office 18.750 m² TOTAL 25.350 m² BUILDING PERMIT FUNCTION OF POTENTIAL LOCATION NAME OF
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 3 Brussels Residential 29.200 m² Q4 2021 Low risk City Dox lot 3 Brussels Office 7.800 m² Q4 2021 At risk De Molens Deinze Residential 6.600 m² Q4 2023 Pa
Slide 10: Activity Report: Letting and Sales
ACTIVITY REPORT LETTING AND SALES LETTING LOCATION PROJECT NAME SURFACE TENANTS La Hulpe Les Berges de l’Argentine 250 M² Luxembourg Twist 10.600 M² Statec Warsaw UBC 2 3.550 M² Emerson Budapest Vaci Greens E 3.990 M² Chemaxon Budapest Vaci Greens F 110 M² HBC 2.250 M² TOTAL 20.750 M² SALES OFFICES
Slide 11: International Growth Plan
INTERNATIONAL GROWTH PLAN The Stage – The Hague Perspectiv’ - Belval 11 HY 2021 RESULTS
Slide 12: International Growth Plan
INTERNATIONAL GROWTH PLAN 10 Countries in Europe 16 Cities 33 Projects 1 300 000 m² in portfolio 12 HY 2021 RESULTS
Slide 13: International Growth Plan: Initial situation 2013-2016
INTERNATIONAL GROWTH PLAN Initial situation : 2013 - 2016 Graphic « Project gross margin»/ year in € M Graphic « Portfolio size » in m² 50 Millions 43 43 700.000 38 39 40 36 600.000 500.000 30 25 22 400.000 20 300.000 11 10 200.000 100.000 0 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 201
Slide 14: International Growth Plan: Phase 2017-2021
INTERNATIONAL GROWTH PLAN Phase 1 : 2017 – 2021 (expansion of territories) Graphic « Projects gross margin »/ year in € M Graphic « Portfolio size » in m² 80 1.500.000 Millions 68 1.300.000 70 58 60 55 1.100.000 50 43 43 900.000 38 39 40 36 700.000 30 30 500.000 20 300.000 10 100.000 0 2013 2014 201
Slide 15: International Growth Plan: Phase 2022-2026
INTERNATIONAL GROWTH PLAN Phase 22 : 2022 – 2026 (increase in activities in the Territories) Phase 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 68 900.000 58 55 700.000 60 43 43 36 38 3
Slide 16: Market Insights
MARKET INSIGHTS HY 2021 Bakerstreet – Budapest 16 HY 2021 RESULTS
Slide 17: 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) % 2020/2021 Vacancy Prime Yield Rent/year Volume- M€ Belgium (Brussels) 13,000,000 188,000 +7 % 7.8 % 315 €/M² 3.75 % 1,066
Slide 18: Fundamentals of Residential Market
MARKET INSIGHTS Fundamentals of Residential Market 40 % of the portfolio of Atenor Country / Market Stock ATENOR Estimated number (m²) of dwellings Belgium 180,995 2,413 The Netherlands 78,000 2,735 Luxembourg 23,650 214 Germany (Düsseldorf) 2,900 33 Poland (Warsaw) 125,000 1,785 Hungary (Budapest)
Slide 19: Covid-proof international sustainable urban real estate developer
MARKET INSIGHTS Covid-proof international sustainable urban real estate developer Macro economy • The underlying trends before the health crisis : - Climate shift - Energetic transition - Digital transition → Acceleration of building obsolescence • A macro economy favorable to real estate → Low inte
Slide 20: Strategy of Atenor
STRATEGY OF ATENOR Vaci Greens – Hongrie 20 HY 2021 RESULTS
Slide 21: A listed international sustainable urban real estate developer
STRATEGY OF ATENOR A listed international sustainable urban real estate developer a. A real estate developer b. An urban real estate developer c. A sustainable urban real estate developer d. An international sustainable urban real estate developer e. A listed international sustainable urban real est
Slide 22: A real estate developer
STRATEGY OF ATENOR a. A real estate developer « Obsolete » « Meets demand» 22 HY 2021 RESULTS
Slide 23: An urban real estate developer
STRATEGY OF ATENOR b. An urban real estate developer → Cities, where we are facing the biggest challenges → Life, people, needs are changing : Atenor is acting for cities to meet new needs Economic → New balance : social, economy, environmental (+ technology and democracy) = Smart Cities Social Envi
Slide 24: An urban real estate developer: sources of obsolescence
STRATEGY OF ATENOR b. An urban real estate developer 13 personnes + Country Directors Subjects : Sources of obsolescence : Architectural evolution Architectural Technical, technological evolution * energy Conceptual * materials Technical * proptech Technological Societal evolution Obsolescence of th
Slide 25: A sustainable urban real estate developer
STRATEGY OF ATENOR c. A sustainable urban real estate developer ➢ ATENOR, First « Sustainable Report » ATENOR’s Strategy aligned with SDG Framework → SDG 11 "Sustainable Cities and Communities" = our core business → 3 impact levels SDG's are Projects or Corporate related ESG • Financial market respo
Slide 26: An international sustainable urban real estate developer
d. An international sustainable urban STRATEGY OF ATENOR real estate developer 10 Countries/ 10 Local Teams 16 Cities 33 Projects ± 1 300 000 m² 26 HY 2021 RESULTS
Slide 27: An international sustainable urban real estate developer
d. An international sustainable urban STRATEGY OF ATENOR real estate developer 27 HY 2021 RESULTS
Slide 28: A listed international urban real estate developer
STRATEGY OF ATENOR e. A listed international urban real estate developer Long Term Shareholding structure Reference shareholding At 31th December 2020 ALVA s.a. - 9,26% ▪ Reference Shareholders : - Stable LUXEMPART s.a. - - Diversified 10,66% - Long-term vision Public - 47,01% ▪ Shareholders and Man
Slide 29: Portfolio
PORTFOLIO UP-site Bucharest – Bucarest 29 HY 2021 RESULTS
Slide 30: Portfolio Diversification by Countries
PORTFOLIO DIVERSIFICATION BY COUNTRIES AS OF 06-09-21 • 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 inves
Slide 31: Portfolio Diversification by Functions
PORTFOLIO DIVERSIFICATION BY FUNCTIONS AS OF 06-09-21 2020 : A market focused on Residential : resilience 2021 : Recovery on the office market : opportunities 31 HY 2021 RESULTS
Slide 32: Portfolio Diversification by Stage of Development
PORTFOLIO DIVERSIFICATION BY STAGE OF DEVELOPMENT AS OF 06-09-21 “Building permit” risk : Focus on invested capital rotation “Commercial risk” : Forward sale or letting as an ATENOR competence HY 2021 RESULTS 32
Slide 33: Financial Report
FINANCIAL REPORT Arena Business Campus – Budapest 33 HY 2021 RESULTS
Slide 34: Consolidated Results
FINANCIAL REPORT CONSOLIDATED RESULTS HALF-YEAR RESULTS JUNE 2021 JUNE 2020 DEVELOPMENTS BELGIUM 5.582.294 17.953.302 LUXEMBOURG 1.633.251 2.892.590 POLAND 1.365.412 1.541.109 HUNGARY 38.299.796 5.191.578 ROMANIA 146.393 4.749.710 DEVELOPMENTS (others) -233.125 -12.413 TOTAL DEVELOPMENTS 46.794.020
Slide 35: Consolidated Balance Sheet
FINANCIAL REPORT CONSOLIDATED BALANCE SHEET ASSETS LIABILITIES JUNE 2021 DECEMBER 2020 JUNE 2021 DECEMBER 2020 Total equity 299 261 Belgique 223.335.477 225.724.827 Pays-Bas 26.393.275 26.393.275 Retail Bonds 190 210 Luxembourg 174.980.486 41.654.936 Green Bonds 100 0 France 30.071.103 30.071.103 EM
Slide 36: Financial Management as of 30.06.2021
FINANCIAL REPORT FINANCIAL MANAGEMENT AS OF 30.06.2021 ASSETS € 1.171 M LIABILITIES € 1.171 M Land € 657 M Equity € 299 M Capital : € 770 M € 1.010 M Constructions € 353 M Long term debts € 471 M Total debts : € 777 M Short term debts € 306 M Other assets € 161 M Other liabilities € 96 M STOCK € 1.0
Slide 37: Diversification of Funding Sources
FINANCIAL REPORT DIVERSIFICATION OF FUNDING SOURCES Consolidated indebtedness position on 30.06.2021 EMTN 2021-2027 Banks – Short term € 103,60 M - 13% MTN 2020 - 2026 € 162,61 M - 21% € 51,25 M - 7% Commercial Paper € 130,50 M - 17% Bonds € 210,00 M - 27% Banks – Long term € 19,25 M - 2% Green Bond
Slide 38: Maturities Diversification
FINANCIAL REPORT MATURITIES DIVERSIFICATION Well-spread debt maturities HY 2021 group's weighted average interest rate : 2.47 % FY 2020 group's weighted average interest rate : 2.30 % Bonds - Green Bonds - EMTN - MTN situation on 30.06.2021 5.000 80.000 5.000 70.000 500 8.100 10.000 2.500 Amounts in
Slide 39: Evolution of Dividend
EVOLUTION OF DIVIDEND FINANCIAL REPORT DIVIDEND POLICY 8 7 6,71 6 6,25 5 4 4,07 3,59 3,73 3 3,43 2,85 2 2,33 2,31 2,42 2,08 2,20 2,00 1,88 2,00 2,00 2,00 2,04 1 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021(e) Gross dividend (DPS) - LHS Earning per share (EPS) - LHS 39 HY 2021 RESULTS
Slide 40: Value Creation
VALUE CREATION (F) (F) (F) (F) (F) (F) 40 HY 2021 RESULTS
Slide 41: Outlook 2021
OUTLOOK 2021 HEALTH CRISIS, TELEWORKING, … SOLID BALANCE SHEET 2021 OBJECTIVES • A world and troubled minds… • Optimized return on equity • € 80 M gross margin as a target in the • A wait-and-see real estate market • Decrease in debt ratio international plan • Sharp drop in office rental • Diversifi
Slide 42: Thank you for your attention!
Thank you for your attention ! 42 HY 2021 RESULTS