Slide 1: 2017 Full-Year Results
2017 SMART PLACES FOR BUSINESS 2017 FULL-YEAR RESULTS February, 16 2018
Slide 2: Contents
CONTENTS 2017: HEY HIGHLIGHTS page 3 MARKET REVIEW page 8 PORTFOLIO page 11 FINANCE page 15 APPENDICES page 19
Slide 3: 2017: Key Highlights
1 2017: KEY HIGHLIGHTS
Slide 4: 2017 Key Figures and Facts
2017 KEY FIGURES AND FACTS 41,000 sqm: Office space leased during 2017, delivering transactions across close to 25% of the portfolio 91.4%: Physical occupancy rate as of Dec. 31, 2017 versus 87% as of Dec. 31, 2016 5.7 years: Weighted average residual duration of leases €1,169m: Portfolio va
Slide 5: Solid Share Performance in 2017
SOLID SHARE PERFORMANCE IN 2017 € 42 40 38 36 34 32 30 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Cegereal Europe EPRA index Annual results – February, 16 2018 5
Slide 6: Stable Shareholding Structure
STABLE SHAREHOLDING STRUCTURE Cegereal is owned by leading international investors, who ensure the Company’s financial robustness, and a panel of private and institutional shareholders. Annual results – February, 16 2018 6
Slide 7: Awards for Cegereal's CSR Commitments
AWARDS FOR CEGEREAL’S CSR COMMITMENTS Cegereal won two Gold Awards at the annual EPRA conference for the quality of the financial and environmental information provided in its Gold Awards 2016 annual report. The EPRA aims at promoting, developing and representing all listed real estate companies at
Slide 8: Market Review
2 MARKET REVIEW
Slide 9: Investment Market Overview
INVESTMENT MARKET OVERVIEW In 2017, €18.9 billion was invested in commercial real estate in the greater Paris area. Office space remained by far the most attractive asset class, accounting for 86% or €16.3 billion of the total invested. Low interest rates and strong performance in the rental mar
Slide 10: Paris Region Office Market
PARIS REGION OFFICE MARKET 10-YEAR FRENCH GOVERNMENT BONDS, PRIME OFFICE YIELDS AND 7% INVESTMENT VOLUMES 18 16 6% 14 5% 12 4% €billions 10 3% 8 6 2% 4 1% 2 0% 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Investment volumes 10-year french government bonds Offices TAKE-UP BY SURFACE AREA
Slide 11: Portfolio
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Slide 12: Highly Attractive Premium Assets
HIGHLY ATTRACTIVE PREMIUM ASSETS EUROPLAZA HANAMI 52,100 sqm in La Défense 34,400 sqm in Rueil Malmaison Occupancy rate: 74% Occupancy rate: 100% Valuation as of Dec 31, 2017: €370m Valuation as of Dec, 31 2017: €168m ARCS DE SEINE RIVES DE BERCY 47,200 sqm in Boulogne-Billancourt 31,900 sqm in Char
Slide 13: Increasing Rental Income
INCREASING RENTAL INCOME 60 Tenant Acquisition of arrivals & Hanami Other Tenant renegotiations +9.0 + 0.1 departures €m + 1.9 (7.2) Indexation 50 + 0.3 51.3 47.2 40 IFRS Rental IFRS Rental income 2016 income 2017 Annual results – February, 16 2018 13
Slide 14: A Permanent Commitment to Our Buildings and Tenants
A PERMANENT COMMITMENT TO OUR BUILDINGS AND TENANTS Annual results – February, 16 2018 14
Slide 15: Finance
4 FINANCE
Slide 16: Key Figures
KEY FIGURES in millions of euros 2017 2016 Var 17/16 Portfolio Value 1 169 1 124 +4.0% Occupancy rate 91.4% 87.0% +4.4 pts LTV 53.4% 52.1% +1.2 pt Average cost of debt 1.4% 2.4% -1.0 pt IFRS Rental Income 51.3 47.2 +8.6% EPRA Earnings 32.7 28.2 +15.9% (1) EPRA NNNAV in € 43.8 40.8 +7.3% (2) Dividend
Slide 17: Evolution of EPRA NNNAV
EVOLUTION OF EPRA NNNAV 50 45 Change in Change in fair value of rent-free bank debt periods and €m +0.2 other lease Dividends incentives paid in 2017 Change in +0.2 (2.1) fair value of 40 Recurring real estate income 2017 assets 43.8 (IFRS) +3.4 40.8 +1.3 35 NNNAV per NNNAV per share at share at Dec
Slide 18: Outlook
OUTLOOK Development of the portfolio Leasing of vacant spaces Completion of active investments Pursuit of CSR commitment Annual results – February, 16 2018 18
Slide 19: Appendices
s) APPENDICES
Slide 20: Investor Calendar
INVESTOR CALENDAR General Shareholder’s Meeting April 24, 2018 Q1 revenue April 25, 2018 Dividend payment May 4, 2018 Half-year results July 26, 2018 Q3 revenue November 2018 Annual results – February, 16 2018 20
Slide 21: Share Details
SHARE DETAILS Investor Relations Name Cegereal SA 42, rue de Bassano Listing market Euronext Paris 75008 Paris ISIN FR0010309096 Tel: +33 (0)1 42 25 76 36 Symbol CGR Email : info@Cegereal.com CFI ESVUFB Type REIT Registrar Section Eurolist compartiment B BNPP Securities Services CAC All Shares Grand
Slide 22: EPRA Earning
EPRA EARNING In thousands of euros Dec. 31, 2017 Dec. 31, 2016 YoY change Rental income 51 259 47 197 9% Rebilled expenses 14 640 11 385 29% Termination indemnities received 1 526 2 606 -41% Building-related cost (17 818) (13 247) 35% Net rental income (IFRS) 49 606 47 940 3% Administrative costs (4
Slide 23: Recurring Cash-Flow
RECURRING CASH-FLOW In thousands of euros Dec. 31, 2017 Dec. 31, 2016 YoY change Rental income 54 204 52 510 3% Rebilled expenses 14 640 11 385 29% Termination indemnities received 1 526 2 606 -41% Building-related cost (17 818) (13 247) 35% Net operating income 52 552 53 254 -1% Administrative cost
Slide 24: Disclaimer
DISCLAIMER This document was prepared by Cegereal solely for use of presenting the Cegereal 2017 full-year results published on February 16, 2018. 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