Slide 1: Analyst Meeting 2013 Annual Results
Analyst Meeting 2013 Annual Results 1
Slide 2: Contents
Contents ■ 2013 – A Year of Solid Growth ■ Page 03 ■ An Accelerated Realignment Strategy ■ Page 10 ■ Strong Pipeline of Investments to Propel ■ Page 17 Growth ■ 2014 – Empowering the Strategy with a ■ Page 37 Steady Investment Program ■ Appendix ■ Page 40 ■ Questions ■ Page 63 2
Slide 3: 2013 A Year of Solid Growth
2013 A Year of Solid Growth FY13 results 3
Slide 4: 2013 Rental Income Target of +14% Reached
2013 Rental Income Target of +14% Reached ■ Rental Income ■ Organic Growth Impact = +6.7% □ Marseille – Retail: 3rd segment of Rue de la M€ FY République showed strong improvement because of McDonalds, Monoprix, Casino, 2012 PF Rental Income 30.6 Picard, Brioche Dorée, Vita Club □ Marseille – Office
Slide 5: Increase in Profitability and Cost Structure Efficiency
Increase in Profitability and Cost Structure Efficiency 2013 Rent Breakdown 2013 2012 M€ Reported proforma Rental 34.9 M€ 30.6 M€ Income EBITDA 21.6 M€ 18.3 M€ Margin 62% 60% Cash Flow 14.5 M€ 12.4 M€ Net Consolidated Income 28.0 M€ ■ EBITDA +18% (vs proforma) □ Company cost structure aligned with ■
Slide 6: A Reliable Portfolio Value of Nearly 1B€
A Reliable Portfolio Value of Nearly 1B€ ■ Appraisal = 970 M€ ■ Portfolio Value 2005-2013 □ Stable cap rate across portfolio □ In line with on going diversification B&B - Lyon Disposals at close to Fair Value strategy Cycle New strategy ■ Yield applied by appraisers Marseille Dec 13 Jun 13 Dec 12 Ly
Slide 7: A Strong Financial Structure for an Ambitious Strategy
A Strong Financial Structure for an Ambitious Strategy Debt sources Breakdown Secured ■ Cost of Debt = 3,1% (mortgage) □ Low market rates ■ Loan to Value = 40% Gross Debt □ Net financial debt = 392 M€ 395 M€ □ 72 M€ available financing Unsecured (corporate) ■ Conservative strategy □ Sources of debt
Slide 8: An Increasing Triple Net Asset Value
An Increasing Triple Net Asset Value (after a payment of 1€/share dividend) 33,0 32,5 +0.83 -1.00 32,0 +0.43 -0.09 -0.11 31,5 31,0 +0.97 30,5 31,55 30,0 30,52 29,5 29,0 NAV FV FV Swaps CF Dividend Disposal Other Nav NAV Dec 12 Properties 31/12/2012 NAV Dec13 31/12/2013 ANR EPRA EPRA Triple Net Asset
Slide 9: Proposed Dividend of 1.05 €/share
Proposed Dividend of 1.05 €/share € Proposed Dividend: 1.05 €/share (increase of 5% from 2013) Yield of 4,70% 9
Slide 10: An Accelerated Realignment Strategy
An Accelerated Realignment Strategy FY13 results10
Slide 11: Portfolio Balancing - Reducing Risk and Increasing Profitability
Portfolio Balancing - Reducing Risk and Increasing Profitability Gross Asset Value 2013-2017 Gross Asset Value Business Plan 2013 2017 Residential 17 % Capital recycling Residential 29 % to provide more value with acquisitions Marseille Marseille 76 % 58 % 11
Slide 12: An Active Asset Rotation Program to Diversify Risk and Extract Value
An Active Asset Rotation Program to Diversify Risk and Extract Value + Value added to GAV ■ Follow-up on identified developments Marseille 1 □ Renovation of Marseille Haussmann assets 62 M€ □ Identified developments in Marseille (Ilot 34, Rabatau, Lyon + 170 M€ Desbief, SNCM et Montolieu) and Lyon (
Slide 13: Marseille, Lyon, Bordeaux amongst the Top Cities in France
Marseille, Lyon, Bordeaux amongst the Top Cities in France Transactions and « Prime » rates 5.7% Lille Rennes Strasbourg 6.5% Nantes Lyon Area k m² 250 5.7% 100 50 6.4% Bordeaux Grenoble ANF Montpellier Nice Toulouse 6.2% 6.1% Aix/Marseille Source: BNPP Real Estate – 2014 Transactions – Offices 13
Slide 14: Resulting in Exceptional Cash Flow Perspectives
Resulting in Exceptional Cash Flow Perspectives 2013 Rents 2014 Rents ■ Confirmed guidance, 17 % growth per year Rebalancing pillars with acquisitions & disposals 35 M€ 37 M€ impact Reached ■ Accelerated growth relevant with significant + 12 % deliveries which will occur from mid 2015 + 14 % (like f
Slide 15: Taking Advantage of Significant Reversion Potential
Taking Advantage of Significant Reversion Potential ■ Significant reversion potential in Marseille □ + 7 % pa on a like-for-like basis □ Re-letting of retail and offices 4.0 M€ ; renewal 0.6 M€ ; + 8.5 M€ turnover rent and furnished areas 1.0 M€ ; index 2.9 M€ ■ Residential vacancy reduction in Mars
Slide 16: Coupled with a Disposal Plan Aimed at Lowering Residential Share
Coupled with a Disposal Plan Aimed at Lowering Residential Share Lower residential share 238 M€ Medium Term Disposal Plan □ 84% in Marseille; 69% in residential □ 53% launched: 24% already secured & 29% ■ 69% residential = 163 M€ work-in-progress □ 73,000 m², i.e. c.75% of total area □ 50% of total
Slide 17: Strong Pipeline of Investments to Propel Growth
Strong Pipeline of Investments to Propel Growth FY13 results17
Slide 18: Image
Image 18
Slide 19: A Strong Pipeline composed of High Quality and High Yield Assets
A Strong Pipeline composed of High Quality and High Yield Assets Total committed to date Total program 182 M€ 240 M€ 76% already committed ■ Committed Developments* Project Location Type Price* Delivery Bègles Bordeaux – Bègles 1 hotel property 7 M€ Q1 2016 Banque de France Lyon – Rue République Ret
Slide 20: Our Pipeline over Time
Our Pipeline over Time ■ Committed pipeline represents 76% of our 240 M€ program* 2013 2014 2015 2016 2017 Milky Way (Lyon) Offices – 17 M€ Alstom Carré de Banque de France Fabrique (Bordeaux) (Lyon) Offices – 10 M€ Soie (Lyon) Retail - 19 M€ Nautilus Tr 1 Offices – 65 M€ SNCM (Marseille) (Bordeaux)
Slide 21: An Acceleration in line with Project Deliveries
An Acceleration in line with Project Deliveries ■Investments Breakdown by ■Cumulated Investments – Deliveries (M€) Location (182 M€) 240 M€ A volume of 126 M€ to be delivered between Actively balancing the portfolio 2015 and 2017 Strong Acceleration of Rental Income Growth from 2015 21
Slide 22: Commercial Sectors in Lyon
Commercial Sectors in Lyon ■ Lyon Office Market □ Population: 484 K (urban region: 2.9 M) □ Size of Office market = 5.5 M m² (+40% compared to ten years ago) □ Shortfall of immediate supply (especially new and restructured) □To Take-up Lyon Airport 2013 = 252,000 m² Carré de □ Investments 2013 = 0.9
Slide 23: Acquisition Lyon - Banque de France
Acquisition Lyon - Banque de France TAT 2, 3, 4 République Banque de France 23
Slide 24: Acquisition Lyon - Banque de France
Acquisition Lyon - Banque de France Acquisition Banque de France – Lyon 3,500 m² retail 4,500 m² residential/offices Delivery expected by 2015 Gross Bid Price 16 M€ Partnership with VINCI Immobilier ■ Environment □ Exceptional opportunity in one of the most valuable streets regarding retail activity
Slide 25: Acquisition Lyon - Carré de Soie
Acquisition Lyon - Carré de Soie Acquisition Carré de Soie – Lyon 36,600 m² offices Gross Price 100 M€ 12 year lease with no break option ■ 36,600 m² offices □ Fully rented to Alstom Transport (12 year lease) □ Delivery expected by 07/2015 □ HQE & BREAM Very Good certifications expected □ Investment
Slide 26: Lyon - Carré de Soie: The Most Significant Transaction in Lyon in 2013
Lyon - Carré de Soie The Most Significant Transaction in Lyon in 2013 ■ Top 3 Transactions in Lyon FY13* ANF 36,600 m² SNCF 22,000 m² SANOFI 18,500 m² *Source: BNPP RE – « L’année immobilière 2014 » ■ Movie duration: 1min30sec 26
Slide 27: Bordeaux: Two Areas Selected: Euratlantique & Bassins à Flots
Bordeaux Two Areas Selected: Euratlantique & Bassins à Flots 1. Euratlantique 2. Bastide 3 3. Bassins à flots ■ Bordeaux Office Market □ Population: 239 K (urban region: 1.1 M) 2 □ Size of office market = 2.2 M m² □ Shortfall of immediate supply □ 2013, available supply = 130,000 m² out of which 10,
Slide 28: Film Bordeaux
■Film Bordeaux Image Bordeaux - Bassins à flots Le Nautlilus Wine Museum La Fabrique Delivery 2015 28
Slide 29: Bordeaux - Les Bassins à Flots Outlook
Bordeaux - Les Bassins à Flots Outlook Offices Hotels Retail Offices 10,000 m² Residential Pépinières d’entreprises S1 2015 La Fabrique Offices 3,700 m² T4 2014 Hotel 120 rooms S1 2015 Hotel 150 rooms Retail 3,000 m² Residential Offices 8,000 m² 2015-2017 T4 2016 Le Nautilus Retail 2,500 m² Offices
Slide 30: Acquisition Bordeaux Bassins à Flots - La Fabrique
Acquisition Bordeaux Bassins à Flots - La Fabrique Acquisition Bassins à flots La Fabrique - Bordeaux Gross Price 10 M€ ■ Environment □ Shortage of new offices supply in 2013/2014 □ 3,700 m² office building, next to Nautilus □ Delivery by Q4 2014 30
Slide 31: New Acquisition B&B Bègles - Bordeaux
New Acquisition B&B Bègles - Bordeaux Acquisition B&B Bègles – Bordeaux 109 rooms Gross Price 7 M€ ■ Environment □ Turnkey agreement (VEFA) with ADIM Sud Ouest (Vinci Construction) □ Located in the center of Bordeaux, Next to the new Tramway station □ 12 year lease with no break option □ Delivery by
Slide 32: Image
Image 32 32
Slide 33: Marseille: A Development Focused on the North of the City
Marseille: A Development Focused on the North of the City EUROMED 2 ■ Strong performance in Marseille 170 ha □ More attraction developed in 3.5 B€ connection with European Capital of Investment Culture (number of tourists +30%) □ Sustainable retail activity in rue de la République □ No worsening eco
Slide 34: Marseille: 76% of the Current Portfolio
Marseille: 76% of the Current Portfolio European Capital of Culture in 2013 & Euroméditerranée Work In Progres Summer 2014 Achieved Achieved Opened Work in Progress B Achieved Opened 34
Slide 35: Development - Delivered Marseille Euroméditerranée – Ilot 34
Development - Delivered Marseille Euroméditerranée – Ilot 34 Work in Progress Euroméditerranée Ilot 34 Delivered Capex 57 M€ ■ 26,000 m² mixed use □ Offices, hotel, residential, retail □ 13,000 m² offices fully let □ Some areas sold (residential) ■ 30 months of work □ Started Q2 2011 □ Delivered Q4
Slide 36: In a Nutshell
In a Nutshell Lyon – Alstom - Carré de Soie Bordeaux - Nautilus Lyon – Banque de France Bordeaux – B&B Bègles Marseille – Desbief Marseille – Stade Vélodrome Lyon – Milky Way Marseille - SNCM Bordeaux – La Fabrique 36
Slide 37: Empowering the Strategy with a Steady Investment Program
2014 Empowering the Strategy with a Steady Investment Program FY13 results37
Slide 38: 2014, Empowering the Strategy with a Steady Investment Program
2014, Empowering the Strategy with a Steady Investment Program ■ Propelling the Strategy ■ Generating 2013 solid results □ 2013 Targets Achieved □ Cash flow +17% vs pro forma ■ Empowering 2014 Guidance □ Quality Pipeline of 182 M€ □ Rental income lfl +12% growth And There’s more... 38
Slide 39: New Major Investment Secured: Lyon – Carré de Soie
New Major Investment Secured and to be announced Next Week Lyon – Carré de Soie Acquisition Prime tenant - Lyon Development of new headquarters located in “Carré de Soie” 13,000 m² offices -Delivery expected by 2016 Commercial Center Gross Bid Price 34 M€ Pôle multimodal Assiette du projet ■ Creatin
Slide 40: Appendix
Appendix FY13 results40
Slide 41: ANF Immobilier Portfolio
ANF Immobilier Portfolio Areas breakdown Type Area (m²) 31/12/13 Existing 276 130 Projects 98 544 Total 374 674 Location Area (m²) 31/12/13 Marseille 274 540 Lyon 64 638 Bordeaux 16 724 B&B 18 772 Total 374 674 Asset Type Area (m²) 31/12/13 Offices 125 812 Retail 56 922 Residential 114 290 Hotel 38
Slide 42: ANF Immobilier & Euroméditerranée
ANF Immobilier & Euroméditerranée E C I G J B F A A. B. Trinquet Fauchier C. Forbin D. Rive Neuve E. Ilot 34 F. Dames G. Ilot 25 H H. I. Pavillon Vacon Desbief J. SNCM D 42
Slide 43: Marseille: Intense Business Activity
Marseille: Intense Business Activity New retailers show attractiveness: Monoprix in Segment 2 in 2013 ANF Mazenod Immobilier Assets Dames Forbin Plot 25 Latest market rent evidence Retail : 500 € – 700 €/m² Offices: 160 € – 200 €/m² Residential: 11 € – 13 €/m² (month) Public Parking garage Desbief 8
Slide 44: Development - Secured Lyon, place de la République – TAT
Development - Secured Lyon, place de la République – TAT Estimated lease income: 7M€ Suggested project Buildings occupied by Printemps 44
Slide 45: Development - Secured Marseille Euroméditerranée – Desbief
Development - Secured Marseille Euroméditerranée – Desbief Secured Pipeline Marseille Place de la Joliette Land-ground secured Capex 40 M€ ■ 17,000 m² mixed use □ Offices, residential, retail □ Restructuring ■ 26 months of work □ Permit obtained H2 2013 45
Slide 46: Development - Secured Marseille Euroméditerranée – SNCM
Development - Secured Marseille Euroméditerranée – SNCM Secured Pipeline Marseille Quai de la Joliette Land-ground secured Capex 43 M€ ■ 25,000 m² mixed use □ Offices, hotel, residential, retail □ Restructuring ■ 36 months of work □ Petition for permit H1 2014 46
Slide 47: Investment - Committed Marseille – Stade Vélodrome Hotels
Investment - Committed Marseille – Stade Vélodrome 2 Hotels Acquisition Marseille Stade Vélodrome 2 Hotels Gross Price 12 M€ 12 year leases ■ Environment □ Large renovation program of 100,000 m² around Stade Vélodrome (6/2014) □ 2 hotels: Budget (162 rooms) & Luxury (126 rooms) □ Delivery expected 1
Slide 48: Development – Secured Bordeaux Bassins à Flots - Le Nautilus
Development – Secured Bordeaux Bassins à Flots - Le Nautilus Acquisition Ongoing Bordeaux Bassins à flot Le Nautilus ■ 13,000 m² of office buildings Gross Price □ Fully rented to C Discount (99.6 % Casino subsidiary) 27.4 M€ □ 51 parking lots 2,140 €/m² ■ Turnkey Contract Rental Value □ Developer: E
Slide 49: Acquisition - Delivered Lyon Confluence - MilkWay
Acquisition - Delivered Lyon Confluence - MilkWay ■ Office building = 4,366m² □ Renovation of an existing building (former Candia HQ) □ Delivery in December 2012 □ 120 parking garages ■ Financing conditions □ Gross Price = 16.8 M€ excl. tax □ Rental income: minimum 220€/m² excl. tax (excl. parking)
Slide 50: Bordeaux: 6th French Metropolis
Bordeaux: 6th French Metropolis ■ Airport □ 2,500,000 travellers annually - 31 destinations ■ Railway □ 4 million travellers annually; 15 trains a day in each direction □ Bordeaux/Paris TGV Atlantique: 35 daily connections on the European network In 2017: Bordeaux will be 2 hours from Paris via TGV
Slide 51: Bordeaux – Euratlantique
Bordeaux – Euratlantique Bordeaux Rive Gauche Ilot Armagnac Mixed use 50,000 m² 51
Slide 52: 2013 Figures
2013 Figures 2012 31/12/2013 % growth 31/12/2012 31/12/2011 (€million) pro forma* * Gross rental income 34.9 30.6 14% 71.5 83.6 Net operating expenses -5.3 -3.7 43% -4.1 -5.0 Administrative expenses -8.0 -8.6 -8% -11.2 -9.0 EBITDA 21.6 18.3 18% 56.3 69.6 EBIDTA margin 62% 60% 79% 83% Financial expen
Slide 53: Balance Sheet As of December 31st 2013
Balance Sheet As of December 31st 2013 53
Slide 54: Balance Sheet As of December 31st 2013
Balance Sheet As of December 31st 2013 54
Slide 55: Profit & Loss As of December 31st 2013
Profit & Loss As of December 31st 2013 In thousands of euros 31/12/2013 31/12/2012 31/12/2011 Revenues: rental income 34 862 71 472 83 576 Other operating income 4 076 7 091 6 585 TOTAL OPERATING INCOME 38 938 78 562 90 161 Property expenses -6 734 -9 901 -10 112 Other operating expenses -646 -757 -
Slide 56: Pro Forma - Profit & Loss As of December 31st 2013
31/12/12 In thousands of euros 31/12/2013 proforma Revenues: rental income 34 862 30 622 Other operating income 4 076 3 622 TOTAL OPERATING INCOME 38 938 34 243 Property expenses -6 734 -6 172 Other operating expenses -646 -638 TOTAL OPERATING EXPENSES -7 380 -6 810 GROSS OPERATING MARGIN FROM PROPE
Slide 57: Focus on 2012 Transactions
Focus on 2012 Transactions 30/06/2012 31/12/2012 1,685 M€ Gross Asset Value 884 M€ Acq. Acq. B&B 1% 4% Lyon 3% B&B Marseille 13 % 31 % 41 % Lyon Marseille 27 % 80 % - 558 M€ Gross Debt - 314 M€ - 39 M€ Cash & others + 528 M€ Distribution - 495 M€ Distribution expenses - 11 M€ Other assets & liabilit
Slide 58: Stock Price Evolution - Rebased
Stock Price Evolution - Rebased 2013 Discount = 29% (22.32€/share 31/12/2013) 58
Slide 59: History
History Before 2002 2002 2004 2005 SCHP & partners SCHP & partners SCHP & partners SCHP and partners Rue Impériale Sté Immobilière Rue Impériale Eurazeo Eurazeo de Lyon Marseillaise Real estate Eurazeo ANF Immobilier Eurazeo Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiar
Slide 60: ANF Immobilier, Social Responsibility
ANF Immobilier, Social Responsibility Corporate Social Responsibility Integrated into ANF Immobilier Practices ■ Sustainable development in the pipeline □ ANF Immobilier was amongst the first companies to be granted “BBC” label (low consumption building) in renovation □ New developments in High Qual
Slide 61: About ANF Immobilier
About ANF Immobilier Shareholding Financial Calendar □ 2014 Q1 Revenue - May 6th, 2014 □ Shareholder’s Meeting – May 6th, 2014 □ 1st Half 2014 Revenues & Results – July 20th, 2014 Investor Relations Contact investorrelations@anf-immobilier.com +33 1 44 15 01 11 Research on ANF Immobilier □ Invest Se
Slide 62: Corporate Governance December 2013
Corporate Governance December 2013 Half of the Supervisory Board is Independent Supervisory Board (12) Alain Lemaire*, President Patrick Sayer (vice-président) Philippe Monnier* Philippe Audouin Jean-Pierre Richardson Sébastien Bazin Isabelle Xoual* Sabine Roux de Bézieux* Théodore Z
Slide 63: Questions
| (Hil) Questions =IMMOBILIER FY13 results
Slide 64: =IMMOBILIER
=IMMOBILIER
Slide 65: 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 66: www.anf-immobilier.com
www.anf-immobilier.com investorrelations@anf-immobilier.com 66