Altarea Sca · EURONEXT:ALTA
Altarea Sca — Altarea — H1 2022 Earnings Presentation
29 slides from Altarea Sca's earnings presentation, Jul 28, 2022
Slide 1: 2022 Half-Year Results
2022 HALF-YEAR RESULTS ALTAREA
Slide 2: 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 3: Altarea, leader in urban transformation
ALTAREA, LEADER IN URBAN TRANSFORMATION Consolidated pipeline (1) 2022 half-year results €20.2 bn potential value 3 830 projects 4.3 millions m² (1) This pipeline doesn’t include the backlog of Groupe which amounts to more than €4.0 bn. Projects from left to right and from top to bottom: Joia Meridi
Slide 4: Strong performance in an evolving environment
STRONG PERFORMANCE IN AN EVOLVING ENVIRONMENT Residential Effective sourcing resulting in growing offer and sales Optimized pricing policy in an undersupplied market Rising construction costs offset by price increases 2022 half-year results Retail Rolling the asset management strategy Normalization
Slide 5: Strong operational performance
STRONG OPERATIONAL Half-year results 2022 PERFORMANCE 5 Cœur de Ville – Bobigny (93)
Slide 6: Residential: growing offer due to intensified sourcing
RESIDENTIAL: GROWING OFFER DUE TO INTENSIFIED SOURCING Successful Strong residential dynamics Sangnier (Villeneuve-La-Garenne) deployment Affordable prices in new territories(1) 20 to 25% of supplies in 2022 2022 half-year results Spectacular growth Supply: +27% across the Building permits granted:
Slide 7: Strong new order increase in an undersupplied market
STRONG NEW ORDER INCREASE IN AN UNDERSUPPLIED MARKET +9% +2% Vertuose (Annecy) New order increase 1,414 5,030 4,923 €1,414m, +9% 1,294 5,030 units, +2% 2022 half-year results H1 21 H1 22 H1 21 H1 22 Value (€m) Units 7 La fabrique (Romainville) Priority given to Retail take-up rate > 12% Individual c
Slide 8: Success across all the residential brands
SUCCESS ACCROSS ALL THE RESIDENTIAL BRANDS A full range of products, for all types of customers, covering all territories, serving various investment strategies Zone Hana – Joia Meridia (Nice) B2 Accession Accession Healthy homes for healthy people 2022 half-year results Closer Osmose (Combs-la-Vill
Slide 9: Construction costs increase offset by agile price strategy
CONSTRUCTION COSTS INCREASE OFFSET BY AGILE PRICE STRATEGY Construction costs +5% to +7% on average La fabrique (Romainville) (40% to 60% of the cost price) Depending on territories The peak seems to have been reached 2022 half-year results An agile Focus on individuals (vs. block) Price Individual
Slide 10: Retail: rolling the asset management strategy
RETAIL: ROLLING THE ASSET MANAGEMENT STRATEGY Growth in 55% 45% assets under management 2022 half-year results €5.4 bn AuM €2.4 bn Group share (+3.1% vs end-2021) (+1.8% like-for-like) NICETOILE (Nice) NICETOILE contract won, 12 million visitors per year 10 reinforced partnership 17,300 m² GLA - 100
Slide 11: Operations back to normal
OPERATIONS BACK TO NORMAL Back to normal Tenants ’sales: +31% vs H1 2021 for retailers +3% vs H1 2019 Higher average shopping basket 2022 half-year results 201 new leases signed in H1 2022 Sustained +€17.6m in rents demand Vacancy: 2.7% from retailers -0.9 pt vs H1 2021 11 Lower bad debts, Normalise
Slide 12: Business property: success in all product ranges and territories
BUSINESS PROPERTY: SUCCESS IN ALL PRODUCT RANGES AND TERRITORIES 1-3 Valhubert – former headquarters of CACEIS (Paris 13th) Emblematic 1 transactions 2 2022 half-year results in Greater Paris Disposal of the Delivery of 1 of 3 New win: rehabilitation remaining 10% office buildings of CACEIS former o
Slide 13: Logistics: a comprehensive set-up
LOGISTICS: A COMPREHENSIVE SET-UP Large-scale logistics Ecoparc Côtière new project (50,000 m²) XXL platforms, multi-user Pipeline of 10 operations hubs 800,000 m² Ecoparc Côtière (Lyon) 2022 half-year results Urban logistics Manufacture de Reuilly (Paris 12th ) a first operation completed Lease to
Slide 14: Ongoing delivery of the largest private building site in Île de France
ON GOING DELIVERY OF THE LARGEST PRIVATE BUILDING SITE IN ÎLE DE FRANCE 105,500 m² 2022 half-year results 630 units 17,300 m² 40,900 m² Digital center, schools, nursery, senior residence 14 100% let or sold 70% use of geothermal energy
Slide 15: Financial performance
FINANCIAL Half-year results 2022 PERFORMANCE 15 Les Lucioles – Savigny le Temple (77)
Slide 16: Strong growth in operating income: +17.5%
STRONG GROWTH IN OPERATING INCOME: +17.5% In €m +14.2 -0.8 223.3 +€33.2m (+17.5%) +24.8 -5.2 Other corporate 26% Singulier (Challes les Eaux) 191.1 Residential Business property Business property Retail 24% 2022 half-year results Business property Retail NRI (€94,8m) up +33.5% 35% Strong decrease in
Slide 17: FFO Group share: +10.2%, dilution nearly offset
FFO GROUP SHARE: +10.2% (+22.8% like-for-like) DILUTION NEARLY OFFSET In €m +33.2 -2.3 +0.9 -7.6 130.1 +10.2% Non-controlling Cost of debt Couvent des Sœurs de la Charité (Bourges) 118.0 -12.1 interest and other Corporate financial tax 105.9 results 2022 half-year results Retail Operating partnershi
Slide 18: A sound financial structure
A SOUND FINANCIAL STRUCTURE Equity at fair value (1) • €169.5/share (+7.7%) including fixed rate debt (2) • €158.0/share (-0.7%) excluding fixed rate debt €3,440 m 2022 half-year results Equity attributable to minority shareholders at fair 18 €1,545 m value mainly related to Retail partnerships +238
Slide 19: Net debt stability
NET DEBT (1) STABILITY In €m +37 -264 +200 176 17 1,682 +€36m 1,646 -130 Capex 2022 half-year results Other H1 2022 Dividend Partnerships WCR FFO and disposals Promotion 19 Funds from retail partnerships were used to finance the growth of the Residential development WCR 31/12/21 30/06/22 Gare Paris-
Slide 20: Agile liability management
AGILE LIABILITY MANAGEMENT LONG-TERM COST OF DEBT OPTIMISED AND SECURED Optimisation of available liquidity • Partial buyback of 3 bond issues (€270m nominal amount bought back for €251.1m) • Early redemption of a €80m term loan 2022 half-year results Available liquidity: €2,970m vs. €3,429m at end-
Slide 21: Guidance
2022 Half-year results 2022 GUIDANCE 21 Les Madriers – Montreuil (93)
Slide 22: 2022 Guidance
2022 GUIDANCE For 2022, Altarea expects significant growth in FFO (1) 2022 half-year results provided that the environment does not deteriorate 22 Eria (La Défense) (1) Funds Funds from operations (FFO): net profit excluding changes in value, estimated expenses, transaction fees and changes in differ
Slide 23: Appendices & Glossary
Half-year results 2022 APPENDICES & GLOSSARY 23 Bridge – Issy-les-Moulineaux (92)
Slide 24: Income statement
INCOME STATEMENT Changes in value. Funds from Business Other estimated In €m Retail Residential operations TOTAL Property Corporate expenses and (FFO) transaction costs Revenue 110.5 1,147.4 164.6 0.1 1,422.5 – 1,422.5 Change vs. 30/06/2021 +14.2% -5.1% 38.9% n.a. -0.1% -0.1% Net rental income 94.8
Slide 25: Net asset value (NAV)
NET ASSET VALUE (NAV) 30/06/2022 31/12/2021 In €m Change €/share Change In €m Consolidated equity, Group share 2,239.5 110.4 2,236.2 110.2 Other unrealized capital gains 852.3 874.3 2022 half-year results Deferred tax on the balance sheet for non-SIIC assets(a) 21.2 19.4 Fixed-rate market value of d
Slide 26: Loan to value
LOAN TO VALUE In €m 30/06/2022 31/12/2021 Gross debt 2,704 3,271 Cash and cash equivalents (1,023) (1,626) Consolidated net debt 1,682 1,646 2022 half-year results Retail at value (FC) (a) 4,119 4,064 Retail at value (EM securities), other (b) 197 193 Investment properties valued at cost (c) 202 205
Slide 27: Balance sheet (1/2)
BALANCE SHEET (1/2) NON-CURRENT ASSETS 30/06/2022 31/12/2021 In €m 5,094.0 5,170.8 Intangible assets 331,8 332.5 o/w Goodwill 209,4 209.4 o/w Brands 105,4 105.4 o/w Other intangible assets 17,1 17.7 Property plant and equipment 26,2 27.8 2022 half-year results Right-of-use on tangible and intangible
Slide 28: Balance sheet (2/2)
BALANCE SHEET (2/2) In €m 30/06/2022 31/12/2021 EQUITY 3,784.5 3,543.6 Equity attributable to Altarea SCA shareholders 2,239.5 2,236.2 Capital 310.1 310.1 Other paid-in capital 387.0 513.9 Reserves 1,343.8 1,200.5 Income associated with Altarea SCA shareholders 198.6 211.6 Equity attributable to min
Slide 29: Glossary
GLOSSARY • Appraisal value – Retail: Value of portfolio assets including transfer duties (at 100% or Group Share) • Average total cost of the debt: Average total cost including related fees (commitment fees, CNU, etc.) • LTV (Loan to Value): Net bond and bank debt/Restated value of assets including