Gecina Sa · EURONEXT:GFC
Gecina Sa — FY2021 Earnings Presentation
67 slides from Gecina Sa's earnings presentation, Feb 18, 2022
Slide 1: FY-2021 Earnings
FY-2021 Earnings 18th February 2022 FY-2021 Earnings RIGHT PLACE, RIGHT TIME February 18, 2022 February 18, 2022 Wood’up, Paris
Slide 2: Contents
Contents 1 Strategic & operational overview: right time to look beyond the crisis Right place 2 Transformative year on CSR commitments 3 Rental markets: and perspectives well Driving operational performance 4 Polarized Investment Markets: Highlighting outperformance on Gecina’s preferred locations 5
Slide 3: Strategic & Operational Overview
STRATEGIC & OPERATIONAL OVERVIEW RIGHT PLACE RIGHT TIME TO LOOK BEYOND THE CRISIS FY - 2021 3 - February 18, 2022 Biopark, Paris
Slide 4: Accelerated trends in tenants' requirements
Accelerated trends in tenants’ requirements towards Grade A assets in core locations 1 Accessibility & Centrality Central & well-connected to public transportation locations Adapted to soft mobility and walkable access Tenants’ assessment criteria moving further toward 2 Flexibility & Agility Centra
Slide 5: Accelerated trends in tenants' requirements
Accelerated trends in tenants’ requirements Gecina’s offer increasingly aligned with emerging trends 1 68% of Gecina’s office portfolio in Paris City Accessibility & (vs. 55% end-2016) Centrality 75% incl. Neuilly-sur-Seine1 (58% end-2016) 92% of portfolio is trophy, core/core+ or residential Client
Slide 6: 2021 marked by …
2021 marked by … An accelerated polarization in favour of Gecina’s preferred locations Office portfolio: Polarization favouring 75% in Paris City + Gecina’s preferred Neuilly/Levallois locations: Polarization on take-up recovery La • +58% vs 2020 in Paris CBD Défense extended1, above pre-covid level
Slide 7: 2021 marked by …
2021 marked by … A record year for Gecina in terms of lettings already above 2019 Gecina’s leasing activity +9% above 2019 Carré Recovery largely driven by new leases (excl. renewals) Michelet: 17,000 sq.m 180,000 sq.m let in 2021 96% occupied 165,000 sq.m (delivered 2019) 162,000 sq.m 51% of new Bo
Slide 8: 2021 marked by… solid operational performance
2021 marked by… solid operational performance ✓ Take-up recovery largely driven by central locations (+32% Paris Region, +58% for extended CBD) Offices ✓ Record high level of rental transactions signed by Gecina (180,000 sq.m, +9% above 2019 level) Centrality outperforms ✓ Positive ERVs dynamic for
Slide 9: Progressive recovery of offices markets in post Covid
Progressive recovery of offices markets in post Covid Increasing operational and financial visibility for 2022 & 2023 H2-2020 2021 2022 & 2023 Preliminary signs of recovery Normalization and recovery Operational and financial start in the most central recovery sectors Indexation recovery Record year
Slide 10: Transformative Year on CSR Commitments
TRANSFORMATIVE YEAR ON CSR COMMITMENTS FY - 2021 10 - February 18, 2022 55 Amsterdam – Paris
Slide 11: Key CSR trends create strong opportunities for Gecina
Key CSR trends create strong opportunities for Gecina Real estate represents Leading to strong stakeholders a key driver to face CSR … generating opportunities expectations … challenge since it accounts for 40% of energy consumption ▪ Clients satisfaction Stronger expectations of direct & 1 indirect
Slide 12: Our CSR priorities, our ambitions, our targets
Our 4 CSR priorities, our ambitions, our targets CAN0P-2030: net zero CO2 emission by 2030 on all our assets in operation Scope: all emissions in operation (scope 1,2,3), controlled and not controlled according to GHG Protocol 2025 target 2021 2019 2008 Carbon – buildings in operation kgCO2/sq.m/yr
Slide 13: CAN0P-2030: net zero carbon trajectory by 2030
CAN0P-2030: net zero carbon trajectory by 2030 on assets in operation -61%1 vs. 2008 (-2 kgCO2/sq.m per year), yearly progress on track with this 2030 target Key drivers - Energy mix Moving towards 100% green / renewable kgCO2/sq.m/year - Tenant’s behaviour Engaging with our tenants, 79 clients iden
Slide 14: Gecina's outperformance for lowering greenhouse emission and certifying its portfolio
Gecina’s outperformance for lowering greenhouse emission and certifying its portfolio Carbon Emissions – Fixed based index Certification of buildings in use: – 2010 – 2021 Gecina’s portfolio almost 3 times Market vs Gecina more certified than its market 105 95 HQE 85 Offices Operation (Market-OID) 1
Slide 15: How we do it? Headquarters contribution to CSR pillars
How we do it? 16 rue des capucines (Gecina’s Headquarters) – Contribution to CSR pillars Carbon impact (- 74% these last 5 years) - -74% kgCO2/sq.m/year in 5 years (5.8 kgCO2/sq.m/year) without heavy refurbishment - Key actions implemented: purchasing of renewable energy, use of renewable energies o
Slide 16: A leadership recognized by key extra-financial ratings
A leadership largely recognized by key extra-financial ratings Score ESG topics analyzed Ranking 2021 Environmental targets, action 2nd in the French 93/100 plans and performance office category 1 Governance Social responsibility of products Low risk Within the top 30% Human resources Governance AAA
Slide 17: Rental Markets Driving Operational Performance
RENTAL MARKETS DRIVING OPERATIONAL PERFORMANCE AND PERSPECTIVES WELL 17 - February 18, 2022 View from Boétie, Paris
Slide 18: Polarisation is accelerating in favor of Paris City
Polarisation is accelerating in favor of Paris City Significantly stronger take-up recovery in central locations Immediate supply already decreasing in Paris City (FY-2021 vs FY-2020) (Q4-2021 vs Q2-2021) +49% +58% in CBD +9.8% extended +9.0% +0.9% Paris City +32% Western Crescent Inner Rim +30% Par
Slide 19: Reversionary potential embedded in central areas
Reversionary potential embedded in central areas Reversionary potential to be captured along tenant’s rotation: +6% 68% of Gecina’s office portfolio 27% 2% 3% CBD & 5th, 6th, 7th: Other +16% Paris: +12% Western Crescent: -7% Other Paris region: Other: -1% +1% Reversionary achieved in 2021 +6% in tot
Slide 20: Record year in letting activity driven by new lettings
Record year for Gecina in term of letting activity driven by new lettings Which demonstrates appetite for central & prime offices Capturing reversionary potential in Record year in term of Proactive reletting centrals areas before tenant departure lettings with 180,000 sq.m: • +9% vs 2019 (pre-Covid
Slide 21: Polarized Investment Markets
POLARIZED INVESTMENT MARKETS OUT- PERFORMANCE ON GECINA’S PREFERRED LOCATIONS FY - 2021 21 - February 18, 2022 View from 7 Madrid, Paris
Slide 22: Real Estate market still attractive in a post Covid world
Real Estate market still attractive in a post Covid world Benefiting from an historically high-risk premium 7,0% Prime CBD yield / Gecina’s portfolio yield vs risk-free rate 6,0% Appealing risk 5,0% premium for investors 4,0% 4.0% • Still historically 3,0% +330 2.7% bp high property risk 2,0% +200 p
Slide 23: Investment Market: Polarization since Covid-19
Investment Market: Polarization since Covid-19 In favor of central areas EVOLUTION OF AVERAGE CAPITAL VALUES (€/SQ.M) SINCE 2017… …SUPPORTING GECINA’S CAPITAL VALUES IN CENTRAL LOCATIONS Values changes – Gecina portfolio Paris CBD: (like-for-like, FY 2021 vs FY 2020) +10% vs Q4 2019 19 500 €/sq.m +5
Slide 24: Supportive transactions in Paris CBD
Supportive transactions in Paris CBD Deeply contrasting with Gecina’s implicit value1 DYNAMIC INVESTMENT MARKETS FOR CORE ASSETS & PRIME LOCATIONS… Emblematic transactions in Paris City suggest capital values are growing in core locations 2021 2021 2021 Gecina implicit value1: €15,000/sq.m CBD excl.
Slide 25: Enhancing portfolio quality by disposals of non-core assets
2021: Enhancing the quality and centrality of Gecina’s portfolio by disposals of non-core assets €512m disposals achieved in 2021 • 55 Deguingand Renewed 92% outside of Paris • Disposed in 2021 • Western Crescent City • 5,000 sq.m c.+9% premium above last appraisal value Paris’s weight in the portfo
Slide 26: Residential Portfolio: Securing Rental Growth and Value Creation
RESIDENTIAL PORTFOLIO: SECURING RENTAL GROWTH AND VALUE CREATION FY - 2021 26 - February 18, 2022 View from YouFirst Campus – Paris La Défense
Slide 27: Our roadmap for growth & performance
Our roadmap for growth & performance Enhancing operational, environmental and financial performance Optimizing process and margins Harnessing scale effects and reversionary potential 4. Improving quality and services Capturing investment opportunities when accretive to cashflow & NAV 3. 2. Capturing
Slide 28: Traditional residential: +30% to +40% embedded rental growth
Traditional residential: +30% to +40% embedded rental growth Upflift potential of approx. +30% to +40% +15% to be progressively captured along enhancement / refurbishment capex on common & private parts included in a c.€200m capex Portfolio in operation plan + vacancy reduction expected along upgrad
Slide 29: Operating portfolio: Enhancing quality, capturing rental uplift
Operating portfolio: Enhancing quality, capturing rental uplift thus value, optimizing process Renovate common (in the coming years) and private parts (along tenant’s rotation of c. 15% / year) Capturing reversionary Implement innovative / potential digitalized tools (c. +15% on total portfolio) for
Slide 30: External growth & development – embedded rental growth
External growth & development – embedded rental growth c. €700m pipeline to secure rental growth & value creation ahead • Belvedère • Doumer • Oasis • • H2 2024 Bordeaux • • H1 2024 Rueil-Malmaison • • H1 2025 Bordeaux Embedded growth • 8,000 sq.m • 5,500 sq.m • 7,700 sq.m until 2025: 7 new projects
Slide 31: External growth & development – embedded rental growth
External growth & development – embedded rental growth c. €700m pipeline to secure rental growth & value creation ahead RESIDENTIAL COMMITTED DEVELOPMENT PIPELINE MORE THAN DOUBLED IN 2021 C. 1000 ADDITIONAL UNITS TO BE DELIVERED AHEAD BEFORE 2025 … … C. 17% OF CURRENT RESIDENTIAL PORTFOLIO Developm
Slide 32: Student housing: on the path to full recovery
Student housing: on the path to full recovery Spot financial occupancy rates: almost normalized Normalization on-going: 94.1% • Spot occupancy rate 93.6% 92.7% “almost” back in line with 93.1% pre-covid figures 91.0% • Fully digitalized process 85.9% enables to accelerate letting process & enhance Y
Slide 33: A proven track record from renewed strategy
A proven track record, with tangible contribution from renewed strategy RESIDENTIAL PORTFOLIO: ACCRETIVE CONTRIBUTION TO GECINA’S PERFORMANCE EVIDENCE OF A SUCCESSFUL RENEWED STRATEGY Uplift materialized on LfL valuation growth in FY-2021 (yoy) new lettings in €321m FY-2021 Acquisitions of +3.5% +5.
Slide 34: Non-Replicable Pipeline
NON- REPLICABLE PIPELINE SET TO DRIVE EARNINGS GROWTH AND VALUE CREATION AHEAD FY - 2021 34 - February 18, 2022 Boétie, Paris
Slide 35: Pipeline contributed & will contribute to value creation
Pipeline contributed & will contribute to value creation +5 OFFICES IN 2020 & 2021 + 2 RESIDENTIAL ASSETS 16 COMMITTED PROJECTS TO BE DELIVERED IN 2022, 2023 & 2024 • Porte Sud • L1ve • Boétie • 7 Madrid • Anthos • Biopark • 157 CDG • Being • H1 2024 • H2 2022 • H1 2023 • Paris CBD • Boulogne • Pari
Slide 36: Pipeline refueled after 7 new residential projects acquired in 2021
Gecina’s pipeline refueled after 7 new residential projects acquired in 2021 PIPELINE EVOLUTION 2020 - 2021 CHANGE IN PIPELINE PERIMETER 2022 Positive net contribution to 2022/2023 rental growth +€321m Potential annualized 3 assets headline rents delivered in (assuming 100% occupied, 2022 157 CDG l1
Slide 37: Accretive pipeline to RRN
Accretive pipeline to RRN €120m-€130m additional net IFRS rents Potential rents Rental privation (headline, fully let) (IFRS rents annualized before redevelopment at end 2021) Committed pipeline 67% pre-let €1.8bn; 4.8% YoC office deliveries 71% offices (>90% in Paris City / Neuilly) 29% residential
Slide 38: Accretive pipeline to NAV
Accretive pipeline to NAV 5.0% expected yield-on-cost for central Parisian offices & residential Further potential value creation to be booked (2022-2027) Value creation +30% to +60% of TIC Value creation c. €300m net value gains already booked Already booked Total Capex: €1.5bn €3.7bn €3.4bn ow. Co
Slide 39: Financial Performance in 2021
FINANCIAL PERFORMANCE IN 2021 FY - 2021 39 - February 18, 2022 YouFirst Collaborative – 159 CDG
Slide 40: Financial performance in 2021
Financial performance in 2021 In €m FY 2020 FY 2021 Growth LfL growth Offices 533.6 490.4 -8.1% -0.6% Residential 106.0 105.4 -0.5% +1.4% Student housing 18.4 17.5 -5.2% -6.8% Gross rents 658.0 613.3 -6.8% -0.4% RNR in €m 420.6 392.0 -6.8% RNR per share (in €) 5.72 5.32 -7.0% LTV (excl. duties) 35.6
Slide 41: FY-2021 recurring net results, changing scope and performance
FY-2021 recurring net results, changing scope and performance €5.72 per share -€2.3m Optimization & management: +€16m +€6.8m €5.32 -€22.0m per share +€0.2m +€3.3m -€8.7m +€7.9m Portfolio rotation: +€4.9m -€22m €421m €18.6m Pipeline: -€1.9m Positive contribution to RNR in 2022 & 2023 €392m Renovation
Slide 42: Gross rents performance in 2021: Rebound expected in 2022
Gross rents performance in 2021: Rebound expected in 2022 Gross rents Change (%) Rental margin Occupancy rate Dec 31, 2020 Dec 31, 2021 YoY LfL Dec 31, 2020 Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Offices 533.6 490.4 -8.1% -0.6% 92.1% 91.9% 93.1% 90.7% Traditionnal residential 106.0 105.4 -0.5% +1.4%
Slide 43: NTA EPRA NAV supported by LfL valuation changes
NTA EPRA NAV supported by LfL valuation changes +€12.2 per share Total return 2021 +7% +€0.7 -€0.6 (var NTA incl div) +€1.4 +€1.1 +€4.3 +€5.3 +3.5% LfL Traditional Residential (+1.9% in H2) +1.6% LfL Student Housing (+2.0% in H2) € 176.3 -€5.3 +4.5% LfL Paris City (+2.8% in H2) -€0.6 € c.0% LfL in t
Slide 44: NAV: performance supported by solid market trends
NAV: performance supported by solid market trends Change on comparable Average value per Breakdown by segment Appraised values Net capitalisation rates basis sq. m Dec 31, 2021 vs. In million euros Dec 31, 2021 Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020 Offices 16,147 4.0% 4.0% +2.9% 11,616
Slide 45: Proactive & sustainable management of Gecina's financing
Proactive & sustainable management to enhance Gecina’s capacity to operate its strategy A3 A- 4,5% 3.9% Average cost and maturity of drawn debt 8,0 7,5 Moody’s S&P 4,0% 3.7% 3.5% 7.5 3,5% 7.3 7.1 7.4 7,0 6.9 3.0% 6,5 6.7 3,0% 6,0 5.7 €5.7bn of 2,5% 5,5 2.2% green bonds 2,0% 5.0 5,0 4.9 1.7% 4,5 1,5%
Slide 46: Sound maturity and hedging profile
Sound maturity and hedging profile Feeding confidence for the coming years 90% hedged against interest Sound maturity & hedging rate increase in 2022 +10 pp over the last 2 years Already 45% for 2028 (at iso-debt volume) 6.8 72% of financial expenses hedged in 6.2 6.0 5.9 average 5.2 for the 7 comin
Slide 47: Guidance 2022
Guidance 2022 +3.3% c.€5.50 €5.32/share Per share €5.23/share +5.1% vs 2021 proforma (assuming 2021 disposals achieved 1st January 2021) RRN 2021 RRN 2021 ➢ Positive contribution from the RRN Guidance proforma pipeline (net of rental loss for assets 2022 assuming disposals 2021 transferred to the co
Slide 48: Q&A
Q&A FY - 2021 48 - February 18, 2022 View from IBOX, Paris
Slide 49: Appendix
APPENDIX FY - 2021 49 - February 18, 2022 Le France, Paris
Slide 50: FY-2021 P&L and Recurrent Net Income
FY-2021 P&L and Recurrent Net Income in million euros Dec 31, 20 Dec 31, 21 Change (%) Gross rental income 658.0 613.3 -6.8% Net rental income 592.4 549.7 -7.2% Operating margin for other business 1.6 2.8 +76.9% Services and other income (net) 4.4 4.3 -0.5% Salaries and management costs (82.2) (80.5
Slide 51: FY-2021 Balance Sheet
FY-2021 Balance Sheet ASSETS Dec. 31, Dec. 31, LIABILITIES Dec. 31, Dec. 31, In million euros 2020 2021 In million euros 2020 2021 Non-current assets 19,504.5 20,039.8 Shareholders' equity 12,500.9 12,983.2 Investment properties 17,744.3 17,983.5 Share capital 573.9 574.3 Buildings under redevelopme
Slide 52: EPRA NAV indicators at end-2021
EPRA NAV indicators at end-2021 EPRA NTA EPRA NDV EPRA NRV Net Net Net Reinstatement Tangible Asset Dissolution Value Value Value IFRS Equity attributable to shareholders 12,956.3 12,956.3 12,956.3 Due dividends 0.0 0.0 0.0 Include / Exclude i) Hybrid instruments 0.0 0.0 0.0 Diluted NAV 12,956.3 12,
Slide 53: EPRA NAV, EPRA NRV, NTA & NDV at FY 2021
EPRA NAV, EPRA NRV, NTA & NDV at FY 2021 € -€14.5 193.5 -€2.5 -€0.1 -€1.7 +€0.1 -€1.8 € 179.0 € 176.3 € 173.0 EPRA NRV Duties EPRA NAV (old Goodwill Non tangible EPRA NTA (Net MtM of debt Duties Non tangible EPRA Net Format) assets Tangible Asset and financial assets Dissolution NAV Reinstatement Va
Slide 54: Pipeline at FY-2021 in details
Pipeline at FY-2021 in details Total Total Allready Still to Est. Yield Prime First rents Investment Invest on cost average Delivery space (1) (2) Invest (4) yields % for signed Project Location date (sq.m) (€m) (€m) (€m) % (BNPPRE) Pre-let leases Neuilly - 157 Charles de Gaulle Offices Western Cres
Slide 55: Rental Challenges in details
Rental Challenges in details ANALYSIS OF OFFICE BREAK-UP OPTIONS IN PARIS CITY ANALYSIS OF OFFICE BREAK-UP OPTIONS OUTSIDE OF PARIS CITY 83,192 112,874 108,230 77,624 sq.m sq.m sq.m 75,738 sq.m sq.m 67,222 81,713 sq.m sq.m 54,559 73,287 sq.m sq.m 42,296 52,847 36,685 sq.m sq.m sq.m 68ksqm 25,800 ow
Slide 56: LfL Rental growth - offices
LfL Rental growth - offices 3,0% 7,0% 6.4% 2,5% 6,0% 5.3% 2,0% 5,0% 1,5% 4,0% 3.5% 3.3% 3.5% 2.5% 2.7% 1,0% 1.9% 3,0% 1.7% 1.2% 0,5% 2,0% 0.8% 0.9% 0.7% 0.5% 0.6% 0.6% 0.1% 0.2% 0.0% 0.3% 0,0% 1,0% -0.2% -0.4% -0.8% -0,5% 0,0% -1.1% 0,0% -1,0% -0.9% -1,0% -1,5% -2,0% -2.0% -2,0% -3,0% 2013 2014 2015
Slide 57: ILAT contribution: Recovery of office indexation expected
ILAT contribution: Recovery of office indexation expected in 2022 & 2023 5% 2021estim. Recovery of indexation 4% expected in 2022 & 2023: 3% ILAT composition: • 50% CPI 2% • 25% France GPD growth • 25% Construction 1% Cost Index Gecina indexation 0% follow ILAT 2010 2011 2012 2013 2014 2015 2016 201
Slide 58: Annualized rent at end-2021
Annualized rent at end-2021 Annualized rents in €m Dec-20 Dec-21 Offices 502 479 Traditional residential 106 105 Student housing 19 22 Total 627 606 Annualized rental income is down (-€21m) compared with December 31, 2020, with (-€22m) linked to the impact of the 28 assets sold during the year and t
Slide 59: Financial ratios & covenants
Financial ratios & covenants 31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/12/2021 Gross financial debt (€ billion) (1) 3.6 8.4 7.4 7.2 7.2 6.9 Net financial debt (€ billion) 3.6 8.3 7.4 7.2 7.0 6.9 Gross nominal debt (€ billion) (1) 3.6 8.4 7.4 7.2 7.1 6.9 Unused credit lines (€ billion
Slide 60: High visibility on our debt schedule
High visibility on our debt schedule Gross debt schedule (as a % of dec-21 gross debt) 75% €3.3bn liquidity at 2021 60% year-end (net of short-term resources) covering c. 3 years of 24% 21% financing 7% 7% 5% 1% maturities 0% 0% 0% 0% < 1 year 1-2 years 2-3 years 3-4 years 4-5 years > 5 years Withou
Slide 61: Paris CBD: Market view
Paris CBD: Market view Take-up recovery post Covid-19 (rebased 100 Q4 -19) Paris CBD Q4 2021 Take up: 160 +51% vs pre-Covid 140 Take-up recovery driven by most central sectors 120 100 • All sectors recovering ... but not at the same pace 80 • Take-up in 2021: +54% in CBD vs 2020 • Market driven by <
Slide 62: Vacancy in Paris CBD: tipping point reached in H1-2021
Vacancy in Paris CBD: tipping point reached in H1-2021 Paris CBD: Low immediate vacancy & short future supply Structural low vacancy in Central areas Future supply (>5,000 sq.m) mostly located outside of Paris City Stuctural shortfall 14,2% 13,6% 45% 29% in Paris City: 10,7% -140bp vs 26% Q2 2021 •
Slide 63: Our priorities, our ambitions, our 2025 targets
Our 4 priorities, our ambitions, our 2025 targets CAN0P-2030: Ø net CO2 emissions in controlled and uncontrolled operation(scope 1,2,3) without compensation by 2030 on all our assets Low-Carbon Circular Economy Wellbeing Biodiversity New development Offices: New development New development New devel
Slide 64: Best in class performance on construction process for new developments
Targeting also best in class performance on construction process for new developments - 42% carbon footprint on new development construction process in 5 years 7 Madrid 1 187 kgCO2/sq.m 157 CDG L1VE Mondo Market 923 kgCO2/ sq.m average 1,109 <799 kgCO2/ sq.m <827 kgCO2/ sq.m kgCO2/sqm Boétie Target
Slide 65: Asset value return at end-2021
Asset value return at end-2021 160 MSCI / IPD Capital return index Offices France (rebased 2011) AVR – In €m Value creation from investments, 150 restructurations and acquisitions AVR Gecina (rebased 2011) Value creation (capital gains) from 140 disposals (net of transaction fees) Value creation on
Slide 66: Number of shares and shareholding structure at end-2021
Number of shares and shareholding structure at end-2021 Treasury stocks 3.7% Ivanhoé Cambridge 15.1% Crédit Agricole Assurances - Predica 13.7% Other shareholders 58.1% Norges Bank 9.4% Dec 31, 20 June 30, 21 Dec 31, 21 Number of shares issued 76,526,604 76,526,604 76,572,850 Stock options 143,106 1
Slide 67: Photo credit / Disclaimer
Photo credit WILMOTTE & ASSOCIES MY PHOTO AGENCY LAN ALEXIS PAOLI FLORIAN BEAUPÈRE ARCHITETURE THIERRY LEWENBERG-STURM ERIC LAIGNEL BAUMSCHLAGER EBERLE ARCHITEKTEN SANDRINE MULAS JAVIER CALLEJAS SEVILLA SAGUEZ JEAN THIRIET AAA FARSHID MOMAYEZ BECHU GAMMA IMAGE GECINA PHOTO LIBRARY VIGUIER CHARLY BRO