Altarea Sca · EURONEXT:ALTA
Altarea Sca — Altarea — H1 2021 Earnings Presentation
30 slides from Altarea Sca's earnings presentation, July 2021
Slide 1: 2021 Half-Year Results
2021 HALF-YEAR RESULTS July 2021
Slide 2: Strong operational performance in all asset classes
Strong operational performance in all asset classes Growth in financial results Residential Sales shift towards Individuals Increase in results Retail Revenues : €1.4 bn (+2.9%) Early signs of recovery after a half year impacted by the health crisis FFO : €118.0 m (+3.1%) Business property LTV : 33.
Slide 3: Strong outlook driven by urban transformation and upcoming Primonial acquisition
Strong outlook driven by urban transformation and enhanced by upcoming Primonial acquisition Leadership in urban transformation (€19.4 bn of pipeline) New usages in all asset classes Fight against climate change Rising demand (residential, healthcare, logistics…) and mixed-use trends Independant lea
Slide 4: Operational performance - Residential
1. Operational performance - Residential Cœur de Ville – Bobigny (93)
Slide 5: Residential: a strategy designed to size a large and diversified demand
Residential : a strategy designed to size a large and diversified demand A multi-brand A wide range Implantations RESIDENTIAL strategy offer focused in High, Mid, Entry-level range Serviced residences High-demand areas Historic monument, land Grand Paris & regional deficits gateway cities Low-carbon
Slide 6: Accelerated sales shift towards Individuals
Accelerated sales shift towards Individuals New orders in units 6,667 units RESIDENTIAL Individuals 4,923 units predominant again (-26%) Institutional investors 67% L’ECRIN DU CHÂTEAU – Chatenay Malabry (92) Institutional investors 43% +28% Individuals 57% Individuals Swift decision-making 33% Quick
Slide 7: Individuals: buy-to-let sales topping historical highs
Individuals : buy-to-let sales topping historical highs New orders (buy-to-let) (in units, all brands included) 1,126 RESIDENTIAL 873 809 729 558 2nd quarter 2021: Real estate 365 an 18 months peak a safe haven Q1 Q2 Q3 Q4 Q1 Q2 2020 2020 2020 2020 2021 2021 Best 6 months performance ever LES CARRAT
Slide 8: Properties for sale: strong ramp-up ahead
Properties for sale : strong ramp-up ahead Properties for sale in units RESIDENTIAL H1 commercial launches Playing the cycle 3,770 units (mainly June) Gaining market 5,898 +14% shares 4,784 4,816 4,216 Pipeline Commercial launches Strong momentum 48,640 units expected in H2 31/12/2019 30/06/2020 31/
Slide 9: Operational performance - Business Property
1. Operational performance - Business Property EM LYON – Lyon (69) 2021 half-year results 9
Slide 10: Pipeline reloaded
Pipeline reloaded PROPERTY BUSINESS Development 5 new projects Largest business for 32,000 sqm property developer in France BE-TWIN (CERA) – Lyon (69) Pipeline Investment 62 projects 2 new projects for 37,000 sqm €5.6 bn of potential value LOUIS LE GRAND – Paris (75) SYTRAL – Villeurbanne (69) 2021
Slide 11: Major successful deals in Paris La-Défense
Major successful deals in Paris La-Défense ERIA BELLINI PROPERTY BUSINESS A model designed to deliver large projects with little capital exposure ERIA BELLINI 26,000 sqm 18,000 sqm Delivered and leased Sale agreement with Swiss Life AM to Campus Cyber (future headquarters of Swiss Life) Two AltaFund
Slide 12: Operational performance - Retail
1. Operational performance - Retail L’AVENUE 83 – La Valette-du-Var (83)
Slide 13: Early signs of recovery after the 3rd lockdown
Early signs of recovery after the 3rd lockdown in 18 months Sharp recovery in Retailer confidence Stable asset values consumer spending is back RETAIL €4.6 bn Tenants sales 170 signed lease (+0.5%) +8% in H1 (€18.1 m) A performance directly 36 assets linked to the sanitary (+12% June 2021/2019) Decr
Slide 14: Roll-out of the asset management strategy
Roll-out of the asset management strategy RETAIL €1 bn partnership of retail assets owned Capitalising on by Altarea Altarea’s expertise (51%-49%) with an optimised Retail parks & railway capital allocation Espace Saint Quentin (78) stations Allianz appoints Altarea Commerce as manager of Espace Sai
Slide 15: Financial performance
2. Financial performance RICHELIEU – Paris (75)
Slide 16: Key figures as of June 30, 2021
Key figures as of June 30, 2021 FINANCE Funds from 6.75 Consolidated revenue €1,424 m operations €118.0 m €/share (FFO) -1.1% +2.9% +3.1% vs. 30/06/2020 vs. 30/06/2020 Going LTV 33.9% concern €2,582 m 149.1 €/share NAV +1.5% +0.9 pt +1.8% vs. 31/12/2020 vs. 31/12/2020 excl. dividend 2021 half-year r
Slide 17: Group share FFO: €118.0 m (+3.1%)
Group share FFO : €118.0 m (+3.1%) In €m +3.1% Business property Residential FINANCE €34.4 m €61.9 m (+18%) (+64%) 11.3 (10.4) 118.0 114.5 Other Volume effect Business (on revenues, 2020 block sales) (9.3) 12.0 Property incl. taxes Disposal 24% Retail Residential 33% of 15% of Bridge Margin effect (
Slide 18: Going concern NAV: €149.1/share
Going concern NAV: €149,1 /share (+1.5% vs 31/12/2020 post 2020-dividend) In €/share +1,5% FINANCE 156.4 H1 21 Group Share FFO (0.7) (1.6) (9.5) 6.8 Change in (0.5) 149.1 Stabilisation of Retail Financial (1.8) 146.9 unrealised instruments IFRS 16 Other assets value capital and gains Dividend Fixed-
Slide 19: Net debt: €2,281 m
Net debt: €2,281 m In €m FINANCE 2,281 28.7 2,193 Other (118.0) 176.3 Slight increase 2,075 63.4 (62.2) in net debt H1 21 Development (+€88.3 m) FFO Invest. Disposal WCR Retail of Bridge as a result to the change in the Development WCR due to the evolution of the client mix 31/12/2020 30/06/2021 202
Slide 20: Enhanced financial structure
Enhanced financial structure Liquidity: €2.9 bn Strong credit ratios FINANCE vs 31/12/2020 Debt: no major maturities before 2024 LTV 33.9% +90 bps Duration: 5 years and 5 months (+4 months) ICR 7.5x +0.2x Average cost: 1.79% (-15 bps) Net Debt/ EBITDA 6.0x +0.1x Reinforcement of consolidated equity
Slide 21: 2021 Outlook
3. 2021 Outlook L’ECOQUARTIER DU CANAL – Nancy (54)
Slide 22: FFO growth confirmed for 2021
FFO growth confirmed for 2021 OUTLOOK Provided that the health situation does not deteriorate significantly and retail rent collection progressively reverts to normal Altarea confirms the resumption of its FFO growth for the full year 2021 2021 half-year results 22
Slide 23: Appendices and glossary
Appendices and glossary Résultats annuels 2020 23
Slide 24: 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 25: H1 2021 Income statement
APPENDICES H1 2021 Income statement Changes in Funds from Business Other value, estimated In €m Retail Residential operations TOTAL Property Corporate expenses and (FFO) transaction costs Revenue 96.7 1,208.7 118.4 0.1 1,424.0 – 1,424.0 Change vs. 30/06/2020 (11.8)% +12.5% (40.6)% n.a. 2.9% Net rent
Slide 26: Net asset value (NAV)
APPENDICES Net asset value (NAV) 30/06/2021 31/12/2020 In €m Change €/share Change In €m €/share Consolidated equity, Group share 1,706.3 98.5 1,758.5 101.8 Other unrealized capital gains 818.5 867.0 Deferred tax on the balance sheet for non-SIIC assets(a) 18.2 20.9 Fixed-rate market value of debt (
Slide 27: Loan To Value
APPENDICES Loan To Value In €m 30/06/2021 31/12/2020 Gross debt 3,357 3,470 Cash and cash equivalents (1,076) (1,277) Consolidated net debt 2,281 2,193 Retail at value (FC) (a) 4,023 3,982 Retail at value (EM securities), other (b) 176 212 Investment properties valued at cost (c) 230 213 Business Pr
Slide 28: Balance sheet (1/2)
APPENDICES Balance sheet (1/2) In €m 30/06/2021 31/12/2020 NON-CURRENT ASSETS 5,090.3 5,132.2 Intangible assets 333.8 330.4 o/w Goodwill 209.4 209.4 o/w Brands 105.4 105.4 o/w Other intangible assets 19.0 15.7 Property plant and equipment 27.3 26.1 Right-of-use on tangible and intangible fixed asset
Slide 29: Balance sheet (2/2)
APPENDICES Balance sheet (2/2) In €m 30/06/2021 31/12/2020 EQUITY 2,729.1 2,716.7 Equity attributable to Altarea SCA shareholders 1,706.3 1,758.5 Capital 264.7 264.0 Other paid-in capital 130.8 233.8 Reserves 1,207.2 1,568.5 Income associated with Altarea SCA shareholders 103.5 (307.7) Equity attrib
Slide 30: Glossary
ANNEXES Glossary • Appraisal value – Retail: Value of portfolio assets including • LTV (Loan to Value): Net bond and bank debt/Restated value of transfer duties (at 100% or Group Share) assets including transfer duties • Average total cost of the debt: Average total cost including related • Net debt