Slide 1: 2009 full-year results
1 2009 full-year results 1
Slide 2: Summary
1 Summary 2
Slide 3: 2009 results summary
1 1 2009 results summary Net rental income (€m) Development revenues (€m) 140,8 769.0 -9% +20% 701.2 Average 117,3 174,1 595.9 152,1 growth of +42% 92,7 82,0 per year Office property 57,3 594,9 513,9 549,1 34,2 Residential property Operating margin 2007 2008 2009 2005 2006 2007 2008 2009 12.4% 7.5%
Slide 4: 2009 highlights
1 2 2009 highlights Shopping centres: strong growth in cash flow Property development 2008-09 completions: +€20m increase in net Residential property: sharp increase in rental income reservations 2009 reservations: €887m (+59% vs. 2008 and +33% Growth (like-for-like): +€4.3m (+4.0%) vs. 2007) Market
Slide 5: Consolidated net profit
1 3 Consolidated net profit Property % €m (IFRS) Shopping centres Total 2009 Total 2008 development Net rental income 140.8 - 140.8 117.3 +20% Net property income - 66.2 66.2 75.6 External fees 8.1 16.4 24.5 36.1 Net overhead expenses (17.9) (27.8) (45.7) (59.6) Other (4.1) (3.0) (7.1) (7.5) Operati
Slide 6: Going concern NAV
1 4 Going concern NAV Positive impacts Recurring net profit €37m (€72m) Completion of 4 €109m Completions Dividend (€53m) properties/extensions Rec. net Swaps/Caps (€138m) €1,274m profit Changes in FV €12m €1,168m -8% Negative impacts: Misc. Dividend payment (€7 per share) Reduction in valuation of
Slide 7: Operating performance: shopping centre development
2 Operating performance: shopping centre development 7
Slide 8: Shopping centre development: Operating profit
1 Shopping centre development: 2 Operating profit Very strong growth in operating profit (+22%) (€m) 2009 2008 Rental income 153.5 126.6 +21% Land expense (4.4) (2.1) Unrecoverable rental expenses (3.7) (2.7) Non-performing loans (4.3) (4.3) Net rental income 140.8 117.3 +20% Net overhead expenses (
Slide 9: Shopping centre portfolio (1/2)
2 2 Shopping centre portfolio (1/2) Increase in value of portfolio mainly thanks €2,270m (€110m) €18m (€119m) €247m €2,384m to completion of 4 properties Capitalisation rate up +50bp at 6.58% and Disposals Acquisitions Like-for-like Completions change +110bp over 18 months France 81% France 82% Inte
Slide 10: Shopping centre portfolio (2/2)
2 3 Shopping centre portfolio (2/2) Positive change in economic situation for tenants in H2 2009 Tenants' revenues down -1.6% over the full year in 2009 vs. -3.8% in H1 2009 Occupancy cost ratio: 9.5% (vs. 9.9% at 30 June 2009 and 9.0% in 2008) Relative reduction in non-payments in H2 2009: 2.9% of
Slide 11: 2009 completions
2 4 2009 completions 4 centres/extensions completed representing 53,000 sqm (Group share) Carré de Soie Wagram Area: GLA of 30,400 sqm Area: GLA of 11,000 sqm Signed rental income: €5.2m Signed rental income: €6.0m Percentage let: 98% Hotel operated by Marriott Crèches Occitania extension Area: GLA
Slide 12: Shopping centre projects portfolio: Controlled investment
Shopping centre projects portfolio: 2 5 Controlled investment Shopping centres pipeline 4 properties completed €1,941m (€179m) Gradual and cautious upturn Completio (€409m) in development: €259m of ns €259m Under review (€71m) €1,541m new development projects Withdraw % change 32% als New including
Slide 13: Development project portfolio: Breakdown of commitments
Development project portfolio: 2 6 Breakdown of commitments Operational classification of risks and commitments Already invested: all Projects Projects at Preparing to investment costs (€m) under begin works advanced stage Total recognised at the construction of review accounting date Already invest
Slide 14: Arbitrage operations and investments in 2009
Arbitrage operations and investments in 2 7 2009 Arbitrage operations of €110m in 2009 including Espace Saint- Georges in Toulouse Property redeveloped in 2004 without potential for extension due to its location (GLA of 15,150 sqm) Sold to a German fund for €90m all-in, in line with the appraisal va
Slide 15: Main development project in 2009: Villeneuve-la-Garenne
Main development project in 2009: 2 8 Villeneuve-la-Garenne Creation of the latest major regional facility within the A86 Large hypermarket and shopping mall attracting local shoppers Estimated catchment area of 560,000 people Its large size will enable it to access the markets in the north and west
Slide 16: Operating performance: Residential property development
3 Operating performance: Residential property development 16
Slide 17: Residential property development: Operating profit
Residential property development: 3 1 Operating profit Growth in operating profit despite deterioration in net property income Control of cost of (€m) 2009 2008 sales: Revenues 546.1 591.7 -8% Renegotiation of land Cost of sales (495.3) (528.0) Construction costs Net property income 50.8 63.6 -20% %
Slide 18: Residential property development: Business activity 1/3
Residential property development: 3 2 Business activity 1/3 Very significant increase in residential sales 2009 2008 2007 Significant impact of Scellier tax incentives on individual sales: 50% of Number of lots sold 4,345 2,417 2,996 reservations % change (2009 vs.) +80% +45% Average price of lots s
Slide 19: Residential property development: Business activity 2/3
Residential property development: 3 3 Business activity 2/3 Le Cottage, Garches Sisley, Suresnes 98 apartments 219 apartments Average price of €7,000 per sqm Average price of €5,900 per sqm Atmosph’air, Grenoble Citalis, Vitry sur Seine 79 residences 77 apartments Average price of €3,000 Average pri
Slide 20: Residential property development: Business activity 3/3
Residential property development: 3 4 Business activity 3/3 €m incl. tax 2009 2008 2007 Two new product lines for Cogedim Upscale properties 341 281 338 Nouveaux Quartiers (19% of 2009 revenues) (New Districts) % of total 38% 50% 51% Serviced residences (3% of 2009 Midscale properties 353 276 330 re
Slide 21: Residential property development: Properties for sale
Residential property development: 3 5 Properties for sale Operating phases Preparation Land Land (land not acquired/project acquired/project in Residential acquired) not yet started progress stock 63% of properties for sale relate to developments on Expenses incurred which construction has not 12 29
Slide 22: Operating performance: Office property
4 Operating performance: Office property 22
Slide 23: Office property: Operating profit
Office property: 4 1 Operating profit Decline in operating profit in a market down sharply (€m) 2009 2008 Revenues 138.6 147.9 -6% Increase in net property income: 150,000 sqm Cost of sales (123.3) (136.0) completed in 2009: Net property income 15.4 12.0 +28% % of revenues 11.1% 8.1% Severe market c
Slide 24: Office property: Business activity
Office property: 4 2 Business activity Brisk rate of completions in 2009 in a market at breakeven 8 completions representing 150,000 sqm Take-up of €140m (property development contracts, off-plan sales and delegated project management), including €58m for the first sale on an unlet basis since the b
Slide 25: Financial position
5 2 Debt summary Financial position Debt Liquidity 25
Slide 26: Debt Summary
Debt 5 1 Summary Breakdown of gross debt Property Net debt at 31 December 2009: €2,064m1 development Consolidated covenants (corporate debt) Cogedim debt acquisition debt LTV ICR December 2009 55.7% 2.6x Corporate debt December 2008 53.4% 2.6x Mortgage debt Covenant ≤65% ≥2x Specific covenants Shopp
Slide 27: Debt Coverage
Debt 5 2 Coverage 100% of debt covered at end-2009 Altarea: gross debt coverage €m Coverage 2 500 5,00% 2 000 4,50% 1500 1000 4,00% 500 - 3,50% 2009 2010 2011 2012 2013 2014 2015 2016 2017 Total Coverage Total Gross debt Coverage rate Average cost of debt of 4.21% vs. 4.68% in 2008 Valuation issue D
Slide 28: Cash and cash equivalents Summary
Cash and cash equivalents 5 3 Summary Net cash position of €319m Corporate resources: €238m Confirmed authorisations: €81m Current cash and cash equivalents covers identified commitments Shopping centres: €150m (see slide 13, "Breakdown of commitments") Property development: no needs beyond allocati
Slide 29: Outlook
6 Outlook 29
Slide 30: Outlook
6 1 Outlook Shopping centres Stepping up the asset management policy 2010 deliveries challenges Pipeline review: improvement in risk/return profile yield at 31 December 2009: 8.8% Residential property development 84 development projects to be launched in 2010 representing 4,700 homes Start of works
Slide 31: Retail property, a multi-product developer
Retail property, a multi-product 6 2 developer Shopping centres Residential property development Office property Very long cycle, niche market very strong value Short and clear-cut cycle Regular and clear-cut cycle creation Deep market with end demand generally unsatisfied in Deep market, highly sen
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