Icade Sa · EURONEXT:ICAD
Icade Sa — ANF Immobilier — H1 2012 Earnings Presentation
37 slides from Icade Sa's earnings presentation, Aug 29, 2012
Slide 1: Investor Presentation: 2012 First Half Results
Investor Presentation 2012 First Half Results 1
Slide 2: Disclaimer
Disclaimer This document has been prepared by ANF Immobilier SA (“ANF Immobilier”) solely for the use of presentations made to investors or analysts. ANF Immobilier makes no representations or warranties that the information contained herein is accurate, correct or complete. The information set out
Slide 3: Half-year Financial Report June 30, 2012
Half-year Financial Report June 30,2012 =IMMOBILIER
Slide 4: 2012 First Half Highlights
2012 First Half Highlights ♦ On-going sale process ♦ Strong demand in Lyon city-center leads B&B portfolio to record high prime rent Negotiation with a consortium made of La Retail new leases signed at €2,650/sqm Francaise AM & Foncière des Régions for New arrival : Paul, Claire’s all portfolio Offi
Slide 5: Image
Image 5
Slide 6: Balanced Asset Mix Able to Seize Growth in Attractive Locations
Balanced Asset Mix Able to Seize Growth in Attractive Locations ♦ 2012 H1 Gross Rental Income = €38.5M ♦ City-center Recurring Rents +6% like-for-like = €21.5M +8% like-for-like 56% from growth rents from city-center Retail €10.4M +9% portfolio 48% Lyon €6.0M +13% Marseille €4.4M +4% B&B City-center
Slide 7: H1 2012 Figures, Delivery on Growth
H1 2012 Figures, Delivery on Growth €M 2012 Change 2011 2010 * Consolidated Accounts (IFRS) like-for- H1 Reported like H1 H1 Gross Rental Income 38.5 -14.9% 45.2 34.0 B&B 16.9 2.8% 2.8% 16.5 16.3 City-center 21.5 -25.1% 7.8% 28.8 17.4 Recurring GRI 38.5 2.9% 5.6% 37.4 34.0 EBITDA 30.6 -20.2% 38.3 27
Slide 8: 8
8
Slide 9: Solid Portfolio Value = €1,685M
Solid Portfolio Value = €1,685M ♦ Appraisal = €1,685M 2,000 1,800 1 685 Cap rate stability over all asset types and 1573 1650 Acquisitions Acquisitions 21 1,543 13 1,600 locations 1,392 1,504 B&B B&B 1,400 Over all cap rate stability on hotels B&B 466 B&B B&B 492 513 512 474 portfolio : average cap
Slide 10: Image
Image 10
Slide 11: Comfortable financing structure, One of the Lowest Geared Company in Sector
Comfortable financing structure One of the Lowest Geared Company in Sector ♦ Loan-to-Value= 32% ♦ €126M available financing Net financial debt = €542.1M (as 30/06/11) 3 credit facilities available from 3 different Cash & equivalent = €15.8M (as 30/06/11) French banks 2012 & 2013 investment program f
Slide 12: Marseille, some ANF retailers
Marseille, some ANF retailers 12
Slide 13: Net Asset Value = €41.2/share
Net Asset Value = €41.2/share (excluding fair value of hedging instruments) 42.0 41.0 40.0 1.7 0.1 0.1 0.8 39.0 0.0 38.0 40.8 39.6 39.8 39.7 39.7 37.0 39.1 39.1 39.1 39.1 36.0 35.0 3n NAV 3n NAV Dividend NAV Dec 11 Cap Cash Flow FV FV Swaps 3n NAV (June 11) (Dec 11) post div Increase Properties (Jun
Slide 14: Image
Image 14
Slide 15: Improved Stock Liquidity
Improved Stock Liquidity ♦ June 2011 : Distribution of 7% block by Eurazeo ANF Immobilier shareholding structure CNP Generali 5% 5% ♦ March 2012 : Inclusion in the EPRA Index CEPAC + BPCE 5% Free float 34% Current liquity c. 8,000 shares/day Approx. €275,000 a day On average in August 2012 figures E
Slide 16: About the Transaction
> About the Transaction ANF =IMMOBILIER
Slide 17: Why a disposal?
Why a disposal? Rents Valuation High value creation on Lyon portfolio since 2005 Lyon 19 457 on Lyon portfolio : almost 3x value 10 169 Assets now at maturity level 31 déc 2005 31 déc 2011 31 déc 2005 30 juin 2012 76 Rents Cash Flow 44 B&B assets played their cash flow catalyst role B&B ANF 30 ANF s
Slide 18: On Going Disposal Negotiation
On Going Disposal Negotiation HOTELS PROPERTIES LYON PORTFOLIO ♦ Sale impossible until November 2012 ♦ Disposal of significant part of Lyon properties 159 properties acquired in 2007 +1 extra Mature properties 7 properties bought afterwards ANF keep value-added assets : TAT, MilkyWay, Carlton, 2 bui
Slide 19: Two Offers Summary
Two Offers Summary 52% of assets disposed 5% discount on appraisal 1,685 824 819 Bordeaux 21 Discount 7 Bordeaux 21 B&B 512 B&B 506 Includes €2.1 M capex committed at 2012 H1, and valued at 30/06/12 appraisal Discount 35 Lyon 319 Lyon 457 Includes €5.7 M capex committed at 2012 H1, and valued at 30/
Slide 20: Disposal Impact on Rents
Disposal Impact on Rents Budget B&B Lyon Budget 2012 Budget 2013 (€M) 2012 Disposal Disposal proforma proforma Gross Rental Income 78,975 - 32,252 - 16,022 30,701 38,817 Real Estate Expenses 4,208 - - 3,771 3,780 Net Rental Income 74,767 - 32,575 - 15,262 26,930 35,037 95% 88% 90% Non retraité de l’
Slide 21: Image
Image 21
Slide 22: Disposals Impact on Accounts
Disposals Impact on Accounts B&B Lyon (€M) Total Disposal Disposal IFRS Net Result on Disposal - 6.30 - 34.60 - 40.90 Fair Value - 3.00 * - - 3.00 Expenses - 4.00 - 2.00 - 6.00 - - - Financial Instrument Fair Value** - 17.80 - - 17.80 - - - 2012 Cash Flow Change - 3.50 - 1.27 - 4.77 - - - IFRS Total
Slide 23: Disposal Impact on NAV
Disposal Impact on NAV 100% distributed 30/06/2012 Transaction Post Valuation 30/06/12 (€M) B&B 31% Lyon 457.38 - 318.70 138.68 Marseille Marseille 693.93 693.93 41% B&B 512.14 - 482.14 30.00 Bordeaux + MW 21.24 21.24 Bordeaux + Discount - 41.10 MW 1% Lyon Total 1,684.68 842.74 27% Gross Debt (€M) C
Slide 24: From a diversify SIIC to a Growth Pure Player
From a diversify SIIC to a Growth Pure Player ANF Immobilier will retain significant resources to ensure its future developments ♦ Marseille Follow-on development on the portfolio toward maturity Developments: SNCM, Desbief, Montolieu ♦ Lyon Developments: TAT et MilkyWay Follow-on investments in Con
Slide 25: Target: 94% Growth Rents Over Four Years
ANF Immobilier Target: 94% Growth Rents Over Four Years Following Initial Plan to Catalyze Value Creation 70 Almost 2x Rents CAGR +16.2% 6 6 60 15 50 5 40 5 4 30 60 20 31 10 - 2012 E Vacancy Reversion Index Developement Acquisitions Disposal 2016 Target Recurring Rents 25
Slide 26: Appendices
AINE =IMMOBILIER Appendices
Slide 27: B&B Hotels
168 B&B Hotels 12,124 rooms 27
Slide 28: Lyon
Opera Lyon Place des Cordeliers Place de la République Part-Dieu District Place Bellecour Rue de la République Perrache Train station Confluence 1 Confluence 2 Gerland District 28
Slide 29: Lyon: rue de la République
Lyon : rue de la République Latest market rent evidence Latest market rent evidence Retail : €600 – €1,000/sqm Retail : €2,200 – €2,600/sqm Offices : € 230 – €250/sqm Offices : €230 – €250/sqm Residential : €11 – €13/sqm (month) Residential : € 11– €13/sqm (month) ANF Immobilier Assets 29
Slide 30: Marseille
EUROMED 2 Marseille EUROMED 1 Cité de la Méditerranée Place de la Joliette Saint-Charles Station Triangle d'Or Rue de la République 30
Slide 31: Marseille, Euroméditerranée & ANF Immobilier
Marseille, Euroméditerranée & ANF Immobilier E C I G B ♦ ANF Immobilier F A. Trinquet F. Dames A B. Fauchier G. Ilot 25 C. Forbin H. Pavillon Vacon D. Rive Neuve I. Desbief E. Ilot 34 H D 31
Slide 32: Marseille, rue de la République
Marseille, rue de la République ANF Immobilier Assets Mazenod Forbin Latest market rent evidence Retail : €500 – €700/sqm Dames Offices : €160 – €200/sqm Plot 25 Residential : €11– €13/sqm (month) Desbief Public Car Park 800 spaces Fauchier Trinquet Malaval Segment 1 Segment 2 Segment 3 32
Slide 33: New acquisitions: Bordeaux Le Nautilus
New acquisitions Bordeaux Le Nautilus – Bassin à Flot ♦ 12,800 sqmof office building Fully rented to C Discount (99.6% Casino subsidiary) 51 parking lots ♦ Financial terms Price = €27.4M (€2,140/sqm) Rent: €160-175/sqm, excl. tax (excl. parking) ♦ Turn Key Contract Developer: Eiffage Atlantique Deli
Slide 34: Performance boursière
Performance boursière 36.00 100,000 Volumes ANF EPRA 35.00 90,000 SBF 250 CAC 40 34.00 80,000 33.00 70,000 32.00 60,000 31.00 50,000 30.00 40,000 29.00 30,000 28.00 20,000 27.00 26.00 10,000 25.00 - 34
Slide 35: Corporate Governance
Corporate Governance Half of Supervisory Board Independant Supervisory Board (12) Alain Lemaire*, President Patrick Sayer (vice-président) Eric Le Gentil* Philippe Audouin Philippe Monnier* Sébastien Bazin* Jean-Pierre Richardson Sabine Roux de Bézieux* Isabelle Xoual* Jean-Luc Bret Théodore Zarifi
Slide 36: About ANF Immobilier
About ANF Immobilier ANF Immobilier owns and manages a real-estate portfolio Financial Calendar of 1.7 billion euros in the city centres of Lyon and 2012 Q3 Revenue November 9, 2012 Marseilles as well as a portfolio of 168 hotel properties in 2012 FY Results March 20, 2013 France, all operated by th
Slide 37: www.anf-immobilier.com
www.anf-immobilier.com investorrelations@anf-immobilier.com 37 37