Atenor S.A. · EURONEXT:ATEB
Atenor — Q1 2023 Earnings Presentation
16 slides from Atenor's earnings presentation, May 2023
Slide 1: May 2023
May 2023
Slide 2: Upgrade the Future
B upcrave tHe Future
Slide 3: Atenor at a glance
Atenor at a glance REAL ESTATE FOUNDED SUSTAINABLE INTERNATIONAL LISTED DEVELOPER WHO IS ATENOR ? > 25 years 40% Residential ESG / Archilab 10 countries Since 1935 Track record 60% Offices Gresb recognition 1.3M m² projects
Slide 4: Value creation cycle
Value creation cycle Portfolio in development 1,3M m² REAL ESTATE DEVELOPER from “obsolete”… … to “grade A”
Slide 5: A sustainable company delivering sustainable buildings
A sustainable company… … delivering sustainable buildings 100% 92% 96% 100% Office & 5 stars office office Residential SUSTAINABLE <Governance> <Environmental> <Well-being> <Environmental & social> Global Listed Sector Leader Min. Excellent level Min. Gold level EU Taxonomy aligned
Slide 6: Upgrade the future: buildings as part of the solution
Upgrade the future Buildings as part of the solution Measure and reduce environmental impact of 2024 2019 Rising cost of materials materials on their life cycle All projects include reused materials 2030 Perform below nearly Zero Energy (nZEB) 2024 2022 Energy crisis Integrate renewable energy produ
Slide 7: An international sustainable urban real estate developer
An international sustainable urban real estate developer 10 Countries/ 10 local Teams 16 Cities 36 Projects ± 1 300 000 m² Balance sheet >1 billion € INTERNATIONAL
Slide 8: Growth plan
Growth plan 2016-2021 2022-2026 2022 – 2026 BULDING Phase 1 Phase 2 1,3M m² to 1,8M m² PERMIT Graphic « Project gross margin» / year in € M Graphic « Portfolio size » in m² 180 STRATEGY – GROWTH PLAN 1.900.000 160 1.700.000 140 1.500.000 120 1.300.000 100 1.100.000 80 73,05 68,83 900.000 57,7 54,53
Slide 9: Business model Offices
Business model Offices EUR/m² EUR/m² Increase ACQUISITION Acquisition- costs 650 650 Development costs 2.625 2.985 + 15% Total costs 3.275 3.634 Interest charges 61 (2,5%) 111 (4%) SALE Lease 200 220 + 10% BUSINESS MODEL Yield 5% 5% “ESG EFFECT” Sales price 4.000 4.400 Margin 664 655
Slide 10: The Year 2023: Market disruption
The Year 2023 Market disruption INCREASE IN RATES - Increases the cost of financing INCREASE TOO FAST - Loss of bearings for investors - Slowing down of apartment and office sales - Investors' "Wait & See" mode 'What is the right return?' - Growing gap between the value of "ESG" and obsolete buildin
Slide 11: Confirmation of the fundamental trend
The Year 2023 Confirmation of the fundamental trend OUTLOOK Atenor’s strategy is validated de facto
Slide 12: Normalized total return
Normalized total return Normalized Total Return 2022 1.200,00 EPRA DEVELOPERS RESEARCH BENCHMARK ATENOR's Shares FTSE EPRA Nareit Developed Europe Index 1.100,00 1.000,00 SUSTAINABLE INVESTMENT 900,00 -11.13% 800,00 700,00 -36.55% 600,00 -41.26% 500,00 400,00 31-déc-21 31-janv-22 28-févr-22 31-mars-
Slide 13: Trading update Q1 2023
TRADING update Q1 2023 Measures Sale of some projects (which were initially planned in 2022 and 2023) under current market conditions, without the maximal margin initially targeted. These sales relate to surface areas of around 10% of the total surface area in the portfolio, i.e., 130,000 m² Search
Slide 14: Financial diversification
Financial diversification Diversification in funding sources Maturities diversification SUSTAINABLE FINANCE
Slide 15: Atenor investment case
Atenor investment case Reliable, sustainable and international pure developer with strong pipeline Reference player in core markets with aim to become reference player in more recently entered markets Solid, experienced management and robust shareholder structure Attractive dividend policy ESG at th
Slide 16: Thank you!
THANK YOU ! Questions? Please contact Stephanie Geeraerts IR Manager geeraerts@atenor.eu - 0474 86 76 59