Vitura SA · EURONEXT:VTR
Vitura SA — Cegereal — FY2019 Earnings Presentation
25 slides from Vitura SA's earnings presentation, Feb 28, 2020
Slide 1: Places for Smart Business 2019 Annual Results
PLACES FOR SMART BUSINESS 2019 ANNUAL RESULTS February 28, 2020
Slide 2: Contents
CONTENTS 01- HIGHLIGHTS Page 3 02- MARKET REVIEW Page 6 03- PORTFOLIO Page 9 04- FINANCE Page 14 05- APPENDICES Page 20
Slide 3: Highlights
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Slide 4: 2019 Key Figures
2019 KEY FIGURES €1,464m portfolio value up 3.9% in 2019 €63.4m rental income up 19.5% in 2019 96.9% occupancy rate (1) up 0.8pt in 2019 5.3-year weighted average lease term €2.3 dividend distribution per share 5.4% yield (2) (3) (1) Including leases signed in 2019 and taking effect in 2020. (2) App
Slide 5: Solid Share Performance
SOLID SHARE PERFORMANCE 42.8 39.6 CEGEREAL’S SHARE PRICE HAS OUTPERFORMED THE EPRA EUROPE INDEX FOR THE LAST FOUR YEARS 2019 ANNUAL RESULTS – FEBRUARY 28, 2020 5
Slide 6: Market Review
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Slide 7: Real Estate Investment Market in France
REAL ESTATE INVESTMENT MARKET IN FRANCE €41.5bn 38% €21.9bn +8% invested in France (6th foreign investors (of which invested in office buildings year-on-year growth in investment consecutive year of growth) 11% South Korean) in Greater Paris in office buildings in Greater Paris 2019 ANNUAL RESULTS –
Slide 8: Rental Market for Office Buildings in Greater Paris
RENTAL MARKET FOR OFFICE BUILDINGS IN GREATER PARIS A VERY DYNAMIC RENTAL MARKET RENTS CONTINUE TO RISE Take-up of 2.3 million sq.m Decrease in available supply Stable 1,000-5,000 sq.m segment (core market) Historically low vacancy rate: 7 transactions signed in Europlaza, representing 11% of • 4.5%
Slide 9: Portfolio
03 PORTFOLIO
Slide 10: Ideally Located Properties
IDEALLY LOCATED PROPERTIES Total surface area: 189,400 sq.m Occupancy rate: 96.9% (1) Market value: €1,464m Number of tenants: 42 Tenants with a D&B rating of 1 and 2: 90% WALT(2): 5.3 years Building Hanami Europlaza Arcs de Seine Passy Kennedy Rives de Bercy Surface area 34,400 sqm 52,100 sqm 47,20
Slide 11: Major Asset Management Work
MAJOR ASSET MANAGEMENT WORK CHANGE IN PORTFOLIO OCCUPANCY RATE Anticipation 96.9% (1) 3.1% of tenants’ expectations 91.4% 96.1% portfolio 87% vacancy rate Significant 82% investment 2015 2016 2017 2018 2019 (1) Including leases signed in 2019 and taking effect in 2020. 2019 ANNUAL RESULTS – FEBRUARY
Slide 12: Europlaza: Successful Positioning and Anticipation
EUROPLAZA: SUCCESSFUL POSITIONING AND ANTICIPATION 22,000 sq.m leased in 2019 Occupancy rate stable at 89% An efficient divisibility strategy 8-year WALT, up from 6.1 in 2018 2019 ANNUAL RESULTS – FEBRUARY 28, 2020 12
Slide 13: Recognized Social and Environmental Commitment
RECOGNIZED SOCIAL AND ENVIRONMENTAL COMMITMENT Cegereal won two Gold Awards at the annual EPRA conference for the quality of the financial and environmental information in its 2018 Annual Report. Gold Awards The EPRA (European Public Real Estate Association) aims to promote, develop and represent li
Slide 14: Finance
04 FINANCE
Slide 15: Rental Income Up 19.5%
RENTAL INCOME UP 19.5% +9.2 +3.5 (3.0) €63.4m 60,00 +0.7 New leases Departures Passy Kennedy €53.0m Indexation and signings 50,00 40,00 30,00 2018 2019 rental income rental income The Company’s operational and financial performance was positively impacted by its excellent rental activity as well as
Slide 16: Strong Command of Debt
STRONG COMMAND OF DEBT COST OF DEBT MATURITY OF DEBT 4 10 3 8 5.4 years 4.5 years 2 1.4% 1.3% 1.3% 5 3.5 years 1 3 0 0 2017 2018 2019 2017 2018 2019 LOAN TO VALUE INTEREST COVERAGE RATIO 100 10 75 53.4% 54.7% 52.6% 8 4.7x 4.8x 4.9x 50 5 25 3 0 0 2017 2018 2019 2017 2018 2019 2019 ANNUAL RESULTS – FE
Slide 17: Changes in EPRA NNNAV
CHANGES IN EPRA NNNAV (€M) +46.2 +1.3 (1.3) (36.6) +11.2 +34.5 €695,1m €639,6m +€55.5m NNNAV at 2019 recurring Change Change Change in 2019 Share capital NNNAV at Dec. 31, 2018 income (IFRS) in fair value of in fair value rent-free periods dividend operation Dec. 31, 2019 real estate assets of bank
Slide 18: €2.3 per Share Dividend Distribution
€2.3 PER SHARE DIVIDEND DISTRIBUTION EPRA earnings Recurring cash flow 50 50 42.9 40.0 40 40 35.2 30.7 30 +30.6% 30 +22.0% 20 20 10 10 0 0 2018 2019 2018 2019 2020 dividend distribution: €2.3 per share (1) Return: 5,4% (2) (1) Approved by the Board of Directors and submitted for approval at the Annu
Slide 19: 2019 ANNUAL RESULTS – FEBRUARY 28, 2020
2019 ANNUAL RESULTS – FEBRUARY 28, 2020 19
Slide 20: Appendices
05 APPENDICES
Slide 21: EPRA Earnings
EPRA EARNINGS 2019 2019 2018 2018 Δ 19 / 18 Δ 19 / 18 In thousands of euros LFL (1) LFL (1) LFL (1) Rental income 63,369 53,477 53,026 52,310 +19.5% +2.2% Termination indemnities received 1,941 1,941 391 391 Rebilled expenses and indemnities 18,104 14,859 14,619 14,448 Building-related costs (20,208
Slide 22: Recurring Cash Flow
RECURRING CASH FLOW 2019 2019 2018 2018 Δ 19 / 18 Δ 19 / 18 In thousands of euros LFL (1) LFL (1) LFL (1) EPRA earnings 40,046 33 381 30,674 30,193 +30.6% +10.6% IFRS adjustments (rent-free periods, etc.) 602 1,571 2,256 2,294 Restatement of deferred finance costs 2,260 1,897 2,247 2,217 Recurring c
Slide 23: Stable Ownership Structure and Governance
STABLE OWNERSHIP STRUCTURE AND GOVERNANCE 0.10% 12.70% 5.10% 57.20% 24.90% Northwood Investors GIC AXA Free float Treasury shares Cegereal is owned by leading international investors, who ensure the Company’s financial robustness, and a panel of private and institutional shareholders. 2019 ANNUAL RE
Slide 24: Share Details
SHARE DETAILS Name Cegereal SA Investor Relations Listing market Euronext Paris 42, rue de Bassano 75008 Paris ISIN FR0010309096 Tél. : +33 (0)1 42 25 76 42 Email : info@cegereal.com Symbol CGR CFI ESVUFB Type REIT Section Eurolist compartiment B Registrar BNPP Securities Services CAC All Shares Gra
Slide 25: Disclaimer
DISCLAIMER This document was prepared by Cegereal solely for use for the presentation of February 28, 2020. This document is not to be reproduced nor distributed, in whole or in part, by any person other than the Company. The Company takes no responsibility for the use of these materials by any pers