Atenor S.a. · EURONEXT:ATEB
Atenor — Investor Presentation (September 2023)
39 slides from Atenor's investor presentation, September 2023
Slide 1: Investor Presentation September 2023
Investor Investor Presentation Presentation September 2023
Slide 2: Agenda
01 Atenor at a glance Agenda 02 Market context Investor Presentation 03 Atenor’s response & strategy 04 Financial statements 05 Reasons to invest
Slide 3: Atenor at a glance
Investor Presentation 01 Atenor at a glance
Slide 4: We are a real estate developer
Atenor at a glance Real Estate Developer A leader in the transformation towards a Sustainable environment We are… Investor Presentation … a real estate developer with a robust business model for future-proof building development With an International Supported by presence and expertise a strong Gove
Slide 5: Bringing value at every stage of development
Atenor at a glance - Real estate developer Bringing value at every stage of development Building permit Launch of the delivery 03 04 construction Investor Presentation From “obsolete” To “grade A” Brown Discount Green Premium 02 05 Building permit Leasing submission 01 06 Acquisition Sale 4
Slide 6: A proven business model applied to a well-balanced and diversified portfolio
Atenor at a glance - Real estate developer A proven business model applied to a well-balanced and diversified portfolio Portfolio by function as of 30 June, 2023 Portfolio by stage as of 30 June, 2023 Others 20% 6% Permit delivered (cleared of any appeal) Investor Presentation 245,250 m² Permit subm
Slide 7: Strong resiliency based on a Pan-European portfolio
Atenor at a glance - International Strong resiliency based on a Pan-European portfolio 15 years of exporting local expertise, Brussels knowledge and success through Paris international development with presence London in 10 countries. Investor Presentation Lisbon The Hague Luxembourg ville Leudelang
Slide 8: Robust international track record
Atenor at a glance - International Robust international track record: consistently developing and selling high quality assets Président (LU) The One (BE) Hermes (RO) UP-site (BE) Naos (LUX) Investor Presentation 2010 2015 2018 2019 Year of sale 2005 2016 2020 2021 North Galaxy (BE) Vaci Greens (HU)
Slide 9: ESG at the heart of our strategy
Atenor at a glance – Sustainability strategy ESG at the heart of our strategy – recognised by reliable institutions Corporate rating as of 2022 Projects certifications for all projects under development as of 30 June 2023 Investor Presentation Governance Environmental Well-being Environmental & soci
Slide 10: ArchiLab, an in-house think & do tank
Atenor at a glance – Sustainability strategy ArchiLab, an in-house think & do tank, where the future of the projects and the company is shaped Technical innovations Architectural quality • Wood construction, prefabrication, use • Design competitions attracting ArchiLab defines the best practices Inv
Slide 11: A listed company with diversified and committed shareholders
Atenor at a glance - Governance A listed company with diversified and committed shareholders ALVA SA 9.2% Luxempart SA Public 11.0% Investor Presentation 45.3% Reference 3D NV shareholders have 13.9% been present for over 10 years. ForAtenoR SA 12.0% Stéphan Sonneville SA & Treasury shares consorts
Slide 12: Relying on an experienced and stable Board of Directors
Atenor at a glance - Governance Relying on an experienced and stable Board of Directors Frank Donck Stéphan Sonneville Emmanuèle Attout Nadine Lemaitre Laure le Hardÿ Chair & Member of Chief Executive Officer & Independent Director & Director & Chair of the de Beaulieu the Audit Committee Member of
Slide 13: Managed by a dynamic and forward thinking team
Atenor at a glance - Governance Managed by a dynamic and forward thinking team Stéphan Sonneville* William Lerinckx * Laurent Collier * Sven Lemmes* Laurent Jacquemart * Chief Executive Executive Officer Executive Officer Executive Officer Chief Financial Officer Officer & Member Rep. of Lerinvestim
Slide 14: Transversal and local structure of management
Atenor at a glance - Governance Transversal and local structure of management Executive Committee 115 People worldwide Belgium Netherlands Luxembourg France Portugal Germany Poland Hungary Romania UK Investor Presentation Country directors √ √ √ √ √ √ √ √ √ √ Int. Executive Directors Corporate team
Slide 15: Market context
Investor Presentation 02 Market context 14
Slide 16: Market changes impacting the real estate sector
Market context Market changes impacting the real estate sector Sanitary changes Covid-19 impact Financial changes Impact on real estate Delay in building permit delivery Rapid increase in the cost of financing Delay of construction supplies Investor Presentation Homeworking Problems in banking secto
Slide 17: Accelerating trends in real estate
Market context Accelerating trends in real estate Real estate Market changes Real Estate is responsible for 40% Demand for sustainable buildings greenhouse gas emissions (Source - UN Environment Programme) Investor Presentation Societal trends 40% CO2 Energy costs Regulation: Green Deal, CSRD 33% wa
Slide 18: ESG buildings facilitate higher rents and lower vacancy
Market context ESG buildings facilitate higher rents and lower vacancy Investor Presentation Source JLL Source JLL – Brussels Regeneration report 2023 Source Savills 16 July, 2023 Rents of prime office space in Europe have increased by an average of 7.4% since Covid-19, says Savills ➢ Note – Vacancy
Slide 19: Atenor's response & strategy
03 Investor Presentation Atenor’s response & strategy 18
Slide 20: Atenor's short term response to the current environment
Response & Strategy Atenor’s short term response to the current environment Continued impact on sales due to ‘wait and see’ attitude in the industry leading to short term actions Sales at market conditions Establishing partnerships Investor Presentation • of 10% of portfolio (in terms of surface • w
Slide 21: Sustainable and international growth plan
Response & Strategy – Growth plan Sustainable and international growth plan PHASE 2017 – 1 2021 (international increase and Project gross margin per year in M EUR doubled gross margin) Highlighting our 160 150 sustainability approach in Investor Presentation 140 each territory with the objective of
Slide 22: Strong long term development strategy and growth plan
Response & Strategy Strong long term development strategy and growth plan underpinned by international and sustainable pillars Sustainability 1 Investor Presentation Atenor started its sustainable journey in 2018 as defined in the strategy plan Develop projects delivering assets that respond to the
Slide 23: Atenor on track to reach targets
Response & Strategy - Sustainability Atenor on track to reach targets 2025 Deliver 100% projects with energy consumption at least 10% below the Nearly Zero Energy Building standard (actual performance of 92% in 2022) Produce renewable energy in 100% of projects 100% of projects integrate climate ada
Slide 24: Recognised by strong ESG rating
Response & Strategy - Sustainability Recognised by strong ESG rating 5 Investor Presentation stars On 18 October 2022, Atenor obtained 5 stars, the highest score awarded by the 96% score Global Real Estate Sustainability Benchmark (GRESB), an international organisation evaluating Environmental, Soci
Slide 25: A solid and strong business model: illustrative office building
Response & Strategy - Sustainability EUR/m2 2021 2022 Future Acquisition costs 650 650 520 (-20%) Development costs 2,625 2,887 (10%) 3,018 (5%) A solid and strong business Total costs 3,275 3,537 3,538 Investor Presentation model: an illustrative Interest charges 61 (2,5%) 101 (3,5%) 101 example of
Slide 26: A robust and science-based approach for future-proof buildings
Response & Strategy - Sustainability A robust and science-based approach for future-proof buildings 1200 office requirement The SBTi (Science-Based Target initiative) developed 1000 Sectoral Decarbonization Approach, a scientifically- 1000 residential requirement informed method for companies to set
Slide 27: 100% sustainable financing
Response & Strategy - Sustainability Consolidated loans (Figures x 1,000,000 EUR) 1,000 900 800 100% sustainable financing* 700 Investor Presentation Diversification 600 100% sustainable financing 500 of funding sources 400 towards green financing 300 200 100 - 31-12-2021 31-12-2022 30-06-2023 31-12
Slide 28: Expanding international presence with local teams
Response & Strategy - International Expanding international presence 1994 with local teams Belgium A strong local expertise across 10 European countries. 1998 Luxembourg Investor Presentation 2008 Hungary Romania 2017 France 2017 Poland 2018 Portugal Germany 2020 The Netherlands 2022 UK 27
Slide 29: Portfolio diversification underpinned by 35 projects
Response & Strategy - International Portfolio diversification underpinned by 35 projects Value per country – June 2023 (Figures x 1,000,000 EUR) Belgium 26% - 304 EUR France 20% - 235 EUR ► A source of resilience in times of crisis 3% 2% 2% 4% Hungary 13% - 146 EUR ► A growth driving force in times
Slide 30: 2023-2025 Value creation cycle per year
Response & Strategy 2023-2025 Value creation cycle per year M² M² 24/25 310,000 22 108,000 23 240,000 Launch 22 21 122,500 223,000 Building permit 03 04 of the 21 20 92,000 128,500 20 78,800 delivery construction 19 130,000 19 79,200 Investor Presentation M² M² 02 05 22 45,000 100,500 24/25 105,000
Slide 31: Financial statements
04 Investor Presentation Financial statements
Slide 32: Profit & loss account
Financial statements Countries HY 2023 FY 2022 FY 2021 Belgium 1,476 11,006 16,774 Luxembourg -1,132 14,698 7,506 * Poland -17,168 - 44 2,077 * Hungary -8,864 2,290 43,150 Developments Romania 388 - 1,488 3,995 The Netherlands -196 - 403 0 France -557 -1,493 0 Portugal 4,297 0 0 Investor Presentatio
Slide 33: Consolidated Balance Sheet
Financial statements Consolidated Balance Sheet (Figures x 1,000,000 EUR) 30 June, 2023 31-12-21 D 31-12-22 D 30-06-23 30-06-23 D 31-12-22 D 31-12-21 Inventories 933 29 962 -1 961 142 8 134 0 134 Issued capital - Sales -52 -15 0 -15 0 -15 Treasury shares - Construction 51 114 -26 153 -27 180 Reserve
Slide 34: Maturities of financings
Financial statements Maturities of financings (Figures x 1,000 EUR) Investor Presentation Diversification of the financing maturities Objective: maintain current maturities of loans to a maximum of 15% of the total DCM (Debt Capital Market). 33
Slide 35: Reasons to invest
Investor Presentation 05 Reasons to invest
Slide 36: Financial Opportunity
Reasons to invest Financial Opportunity Equity per share (Total shares as of 30 June 7.425.010 including own shares) EUR 37 Current Results 30 June 2023 EUR -7 Results 30-06-2023 Current value EUR 30 Investor Presentation Portfolio value creation 30.06.2023 : 1.200.000 m² EUR 54 Av. gross margin: 55
Slide 37: Investment case and Outlook 2023
Outlook 2023 Investment case 11 22 33 4 4 Investor Presentation Reliable, sustainable Robust financial track Focused strategy Committed & engaged international record management developer • Resilient business model • Positioned for the future • Executive team with 25 • ESG at the forefront of the •
Slide 38: Case study - Twist
Reasons to invest Case study - Twist Location Project specifications Boulevard du Jazz et Boulevard de Intended energy performance: la Recherche, Belval (Sanem) 114 kWh/m² (45% lower than the NZEB requirements) Luxembourg Heat energy from the district heating network. Investor Presentation Specific
Slide 39: Thank you
Thank you investors@atenor.eu Investor Presentation