Altarea Sca · EURONEXT:ALTA
Altarea Sca — Altarea Cogedim — H1 2013 Earnings Presentation
24 slides from Altarea Sca's earnings presentation, 2013
Slide 1: 2013 Half-Year Results
www.altareacogedim.com 2013 HALF-YEAR RESULTS
Slide 2: Disclaimer
DISCLAIMER This presentation does not constitute an offer to sell or a solicitation of an offer to sell or exchange securities, nor does it represent a recommendation to subscribe to or sell Altarea Cogedim securities. The distribution of this document in some countries may be restricted by law or r
Slide 3: Altarea Cogedim: A Growth Model on 3 Markets
ALTAREA COGEDIM A GROWTH MODEL ON 3 MARKETS RETAIL RESIDENTIAL OFFICE PROPERTY The 1st multi-channel Housing for everyone A comprehensive Retail REIT approach 2013 HALF-YEAR RESULTS 3
Slide 4: Key Facts H1 2013
KEY FACTS H1 2013 Operational KPIs well oriented (Merchant sales +1,1%) RETAIL Significant increase in net rental income (+12%) Rebound in sales activity (+9% in volume) RESIDENTIAL Decrease in operating income (-33%) OFFICE Strong rebound of the contribution to FFO PROPERTY Partnership 51/49 with A
Slide 5: 2013 Half-Year Results in Line with Objectives
2013 HALF-YEAR RESULTS IN LINE WITH OBJECTIVES H1 2013 Change Sales €787.6 mil. +8% FFO Group share (1) €69.9 mil. -1% FFO/share after dilution (2) €6.4 -7% NAV (Net asset value) (3) €1,524.6 mil. +0.9% NAV/share after dilution (4) €137.9 -0.4% (5) LTV published (6) 47.6% -170 bps Additional impact
Slide 6: Partnership with Allianz: A Massive Reduction of Group's Leverage
PARTNERSHIP WITH ALLIANZ: A MASSIVE REDUCTION OF GROUP’S LEVERAGE (~ -800 bps LTV IMPACT) Strategic partnership on five « core » assets owned by the Group Altarea to retain control over the assets post transaction (1) Transaction significantly boosting the Group’s reinvestment capacity Transaction t
Slide 7: Retail – The 1st Multi-Channel Retail REIT
CAP 3000 Shopping Center – Extension/redevelopment project RETAIL – THE 1ST MULTI-CHANNEL RETAIL REIT 2013 HALF-YEAR RESULTS 7
Slide 8: Portfolio France: Strong Asset Dynamic
PORTFOLIO FRANCE: STRONG ASSET DYNAMIC Strong resilience of tenant sales and footfall Significant impact of Cap 3000’s takeover Outperformance of large shopping centers Change in net rental income (1) (in € millions) Operational indicators Like-for-like (2) Cap 3000 change Tenants’ revenue +1.1% Cen
Slide 9: Asset Management Strategy: Optimising the Allocation of Capital
ASSET MANAGEMENT STRATEGY: OPTIMISING THE ALLOCATION OF CAPITAL Targeting the control of large « core » assets (possibly with financial partners) Development of management for third parties Pursuance of the disposals policy regarding mature or small size assets (1) CONTROLLED ASSETS (€3.2bn) OPERATI
Slide 10: A Development Portfolio Mainly Comprising Dominant Shopping Centers
A DEVELOPMENT PORTFOLIO MAINLY COMPRISING DOMINANT SHOPPING CENTERS The development portfolio equals 48% of current operated portfolio A development dynamic reinforcing the mid/long term Group’s allocation of capital on larger shopping centers Total, Total, INVESTMENTS BREAKDOWN (€1.5 billion) In €
Slide 11: Upmarket Transition for Rue du Commerce Marketplace
UPMARKET TRANSITION FOR RUE DU COMMERCE MARKETPLACE Strong hold of High-tech sales in a slowing down market Marketplace: recruitments of new merchants deriving from physical retail Visitor numbers (1) 90 mil. +3.4% o/w mobile (2) 10% No. of orders 1.1 mil. +10% Business volume €184 mil. +3% o/w High
Slide 12: Housing for Everyone
IVRY-SUR-SEINE - Les Jardins Inattendus, Coté Square HOUSING FOR EVERYONE 2013 HALF-YEAR RESULTS 12
Slide 13: Housing for Everyone
HOUSING FOR EVERYONE ENTRY LEVEL MIDSCALE HIGH-END Le Domaine de l’Erdre, Nantes Monts et Merveilles, Chambéry Jardin des Princes, Boulogne-Billancourt SERVICED RESIDENCES NEW NEIGHBORHOODS Le Domaine du Phare Cogedim Club®, Bénodet Atlantis Grand Ouest, Massy 2013 HALF-YEAR RESULTS 13
Slide 14: Rebound in Sales Activity, Reduced Margins
REBOUND IN SALES ACTIVITY REDUCED MARGINS Reservations upturn (+9% in volume, +5% in value) 60% of the reservations in entry-level and midscale (1) Uphold of revenue, decrease in operating income Entry- Reservations, Serviced Reservations €440 mil. +5% level & High-end TOTAL in € millions residences
Slide 15: Office Property – A Comprehensive Approach
Cœur d’Orly - Orly OFFICE PROPERTY – A COMPREHENSIVE APPROACH 2013 HALF-YEAR RESULTS 15
Slide 16: A Comprehensive Approach
A COMPREHENSIVE APPROACH DELIVERY DEVELOPMENT INVESTMENT COMPLEX REDEVELOPMENT OFF-PLAN SALE AGREEMENTS (VEFA) ALTAFUND (selected after SEMAPA Hôtel Dieu Intercontinental Marseille Head office of Mercedes-Benz France invitation to tender process) 248,000 sqf (23,000 sqm) 140,000 sqf (13,000 sqm) - D
Slide 17: Back to Profits in a Wait-and-See Market
BACK TO PROFITS IN A WAIT-AND-SEE MARKET Strong increase in financial results, in continuity with the sales achievements of previous years Growth supported by the launch of construction works on 2 new operations CONTRIBUTION OF THE OFFICE PROPERTY 248,000 sqf TO OPERATING PROFIT (IN € MILLIONS) 1 pr
Slide 18: Finance
FINANCE 2013 HALF-YEAR RESULTS 18
Slide 19: A Strong Balance Sheet
A STRONG BALANCE SHEET Equity €1,404 mil. +3% Group share €1,072 mil. Minority share €332 mil. LTV published (1) 47.6% -1.7 pt WCR €229.2 mil. (2) -14% % of consolidated revenue in 2012 14.5% -2.2 pt Liquidity €409 mil. o/w corporate €356 mil. (1) Before impact of the agreement signed with Allianz w
Slide 20: Revenue
REVENUE In € millions H1 2013 H1 2012 (1) Strong increase of rental income (€90.9 mil., « Brick-and-mortar » retail (1) 108.6 93.3 +16% i.e. +13.2%) following the controlling interest taken in Cap.3000 and the growth of rental income in France Online retail (2) 138.3 132.3 +5% (2) Growth of the dist
Slide 21: Income Statement
INCOME STATEMENT In € millions H1 2013 H1 2012 (1) « Brick-and-mortar » retail (1) 80.0 70.9 +13% Strong increase in operating cash flow due to the takeover on Cap 3000 and the growth in French rental Online retail (2) (5.9) (4.2) -41% income (2) Residential (3) 30.2 45.4 Implementation of the Marke
Slide 22: Diluted Going Concern NAV: €137.9 per Share
DILUTED GOING CONCERN NAV (1): €137.9 PER SHARE (2) (-0.4%) Change in Change in Change in value of value of value of assets assets Change in financial Minority France (3) internat. (4) Cogedim instruments shares (€1.3) gains (5) (€1.7) Other (6) €138.5 (€1.7) €2.7 €137.9 €7.0 (€2.1) 2013 2013 FFO di
Slide 23: Financial Position
FINANCIAL POSITION Decrease of LTV (-170 bps) thanks to high cash flow generation, disposals carried out and increases in the value of assets ECHEANCIER DE (in Maturity schedule LA€DETTE millions) Net debt (1) €2,083 m -5% (excluding property development) 630 Term 4.1 years Cash and cash 554 equival
Slide 24: Dividend in Shares
DIVIDEND IN SHARES Strenghtening of Group’s equity ECHEANCIERanDE The Group has offered its shareholders LA DETTE optional payment of the 2013 dividend in shares at a price of €104.6 (1) The subscription rate of this option was 52,11% leading to the issue of 536,364 new shares The new shares were ad