2015 Annual Results. March 9, la foncière parisienne

Transcription

1 2015 Annual Results March 9, 2016

2 Content I. Introduction II. Portfolio III. Rental business IV. Financial results V. Outlook 2

3 2015: key figures EPRA liquidation NAV Rental income Parisian Tertiary Revalued portfolio % of assets within Paris LTV ratio 2015 Dividend* /share (+16.6 %) 53.1 m (+3,2 %) 1,712m (+7,3 %) 90 % (+3 pts) 44 % (-3 pts) 0.76 /share (+8,6 %) * To be approved by the General Meeting of Shareholders 3

4 Content I. Introduction II. Portfolio III. Rental business IV. Financial results V. Outlook 4

5 2015 : a new year of strong growth of portfolio Portfolio: + 7,3 % In million Lfl: +7,3 % * ,712 1,596 1,596 Refocusing strategy on Prime Parisian Tertiary End of 2014 * 61m sales price Acquisitions + Capex Disposals (Value 2014) End of 2015 before revaluations Revaluations End of

6 Renewed compression of yields in 2015 Sq.m. Value excl. duties 2015 Rental income m Yield / Value /sq.m Tertiary 189,358 1, ,7 % o/w Paris CBD 104,434 1, ,3 % 5,3 % 4,8 % Residential 21, ,219 9,131 6

7 2015 acquisitions: 37.5m for three parisian assets 1, Cité Paradis, Paris 10 10, rue Chaptal, Paris 9 44, rue Copernic, Paris 16 7

8 1, Cité Paradis, Paris 10 Offices building 2,008 sq.m. + 7 parkings 8

9 10, rue Chaptal (Paris 9) Offices building 1,361 sq.m. 9

10 44, rue Copernic (Paris 16) Offices building 1,785 sq.m. 10

11 Continuation of sales of non strategic assets 2015 disposals Amount: 60.8m (sales price) 53.9m (appraisal value) Net book gain: 27.5m Residential in Paris: 43.7m of disposals at an average price of 11,324 /sq.m. Net book gain of 24.5m Ile-de-France and Regions: 17.1m of disposals Net book gain of 3.0m 11

12 Growth drivers Merger with Avenir & Investissement Acquisitions Disposals Revaluations In Billion euros 1.0 (0.2) End of 2008 End of

13 Focusing on Tertiary assets within the Paris CBD A continuing strategy of focusing the assets portfolio on the Tertiary vs Residential on Paris vs In-the-Country on Paris CBD vs Paris out of CBD % 89% 78% 90% 77% 88% 1,1 billion 1.7 billion 1.1 billion 1.7 billion 0.9 billion 1.4 billion Basis 100 % total assets Basis 100 % total assets Basis 100 % parisian assets 13

14 Focusing on Tertiary assets within the Paris CBD 14

15 Focusing on Tertiary assets within the Paris CBD 15

16 Focusing on Tertiary assets within the Paris CBD 16

17 Focusing on Tertiary assets within the Paris CBD 17

18 Focusing on Tertiary assets within the Paris CBD 18

19 Focusing on Tertiary assets within the Paris CBD 19

20 Focusing on Tertiary assets within the Paris CBD 20

21 Focusing on Tertiary assets within the Paris CBD 21

22 Focusing on Tertiary assets within the Paris CBD 22

23 Focusing on Tertiary assets within the Paris CBD 23

24 Focusing on Tertiary assets within the Paris CBD 24

25 Focusing on Tertiary assets within the Paris CBD 25

26 Focusing on Tertiary assets within the Paris CBD 26

27 Content I. Introduction II. Portfolio III. Rental business IV. Financial results V. Outlook 27

28 Parisian Tertiary rental income: + 1.6m (- 1.2m globally) Total rental income ( m) Parisian Tertiary: + 1.6m Other Tertiary: - 1.7m Net acquisitions 0.1 (0.2) Lease management / Indexation Disposals (1.5) Lease management Residential: - 1.1m

29 2015 key indicators for Parisian Tertiary assets Paris Paris CBD Potential revenues ( m) Paris Paris CBD Rental income ( /sq.m.) 29

30 Secured Parisian tertiary portfolio by a high number of leases Paris Tertiary rental income Number of leases Average area / lease Paris excl. CBD 7.6m sq.m. Paris CBD 45.5m sq.m. 30

31 EPRA vacancy rate Based on leasable portfolio 8.0 % 9.0 % 6.0 % 5.8 % Total portfolio Paris Tertiary Relocations: 70 rue St Lazare (Paris 9) and 198bis rue Lafayette (Paris 10) during Q rue Galilée (Paris 8) on December 1st, Bd Haussmann : 2,050 sq.m. plateau relocated during Q

32 2015 investments on portfolio Maintenance and repair (reinvoiced to tenants) Works related to disposals 3 % 3 % Works related to acquisitions 37 % 17.6m 57 % Refurbishing and valuation works 32

33 Content I. Introduction II. Portfolio III. Rental business IV. Financial results V. Outlook 33

34 EPRA Earnings (In million) Change % Rental income Rental expenses incurred and others SG&A Other operating revenues and charges Financial result Taxes EPRA Earnings 70.7 (1.1) (5.7) (0.8) (28.8) (0.8) (0.3) (5.5) (1.3) (27.9) (0.7) % -7.6 % 34

35 Net result (In million) Change % EPRA Earnings % Amortisation on investment properties Depreciation on investment properties Profit on disposals Fair value of financial instruments (32.0) (11.9) (28.1) (0.1) 26.5 (0.2) Net result

36 Renewed growth of EPRA liquidation NAV: % % Two leverages for growth: Strategy of focusing of assets on Paris CBD Mechanical effect of the reimbursement of annually redeemable loans End of 2013 End of 2014 End of

37 Breakdown of NAV ( m) 31 December December 2014 Buildings 1,712 1,596 o/w Tertiary Paris 1,353 1,156 o/w Tertiary Ile-de-France and regions o/w Residential Net debt Others EPRA Liquidation NAV Acquisition costs Replacement NAV 1, Number of shares (diluted, net of own control) 25,663,444 25,671,095 EPRA Liquidation NAV per share Replacement NAV per share

38 Still decreasing LTV ratio 1,596m 1,712m 772m 746m 48 % 44 % End of 2014 End of 2015 Revalued portfolio Net debt LTV ratio 38

39 Secured long term financing Net debt breakdown as of 31 December % 8 % 746m 72 % Redeemable loans Credit lines and others Corporate financing Weighted average cost of gross debt: 3.69% in m 100% redeemable loans In fine 40m Credit lines Maturities per year (In m) Situation as of 31 December 2015 Corporate financing 39

40 A sustained growth policy for the dividend per share + 8.5% on a yearly average +8.6 % 0.76* , Complement to total dividend Interim dividend * To be approved by General Meeting of Shareholders on May 11,

41 Content I. Introduction II. Portfolio III. Rental business IV. Financial results V. Outlook 41

42 Clear positioning of long-term and proactive investor 526m of value created over (o/w 116 m in 2015) Continuous search for quality assets in Paris on strict criteria (multi-tenancy, occupancy rates, etc) In m Acquisitions on optimal conditions Valuation gain realized at the acquisition Value created as measured by experts revaluations 42

43 2016 outlook Goal: keep focusing on Paris CBD TERREÏS will continue to seek investment opportunities which come available in the prime Paris Tertiary sector Will pursue to optimize the resale of its residential, and tertiary assets regional and Paris area in optimal conditions Net proceeds from disposals will be reinvested in tertiary assets within Paris CBD 43

44 359m of assets on sale 359m of assets to be sold, or 21% of total portfolio Ile-de-France 136m Residential 194m Regions 29m Tertiary within Paris Net proceeds from disposals to be reinvested in tertiary assets within Paris CBD 44

45 Tertiary assets in Ile-de-France: Antony 11 to 15 avenue Lebrun 9-year fixed lease Term in 2024 Rented to FONCIA 45

46 Tertiary assets in Ile-de-France: Issy les Moulineaux Portes Sainte Lucie Under promise 46

47 Tertiary assets in Ile-de-France: Ivry sur Seine Quai Auguste Deshaies 13,000 sq.m., vacant since mid-february 2016 Relocation over the next few months, or conversion into hotel residence 47

48 Residential assets rue Marbeuf Paris avenue de Messine Paris 8 43 rue de Lille Paris 7 48

49 Regional assets Shopping arcade, downtown Chartres Tours (4,500 sq.m.) Thiers Tower Nancy (4,300 sq.m., 20%) 49

50 TERREÏS Model key aspects Property investment company focused on tertiary assets in Paris CBD with diluted tenant risk and high occupancy rates Strong capacity to create value from the moment of acquisition and through optimal and inexpensive management conditions Financing through fixed rates mortgaged-redeemable loans Dividend partly provided by non-strategic assets disposals programme Mechanical improvement of NAV through annual reimbursement of debt 50

51 NAV and net debt long term trends Liquidation NAV Net debt Time Everything being equal, the regular reimbursement of a 100% mortgagedredeemable debt mechanically improves NAV and mechanically reduces LTV ratio 51

52 Global value creation Gain on NAV/share (Year N NAV Year N-1 NAV) /share Dividend ( /share) Gain on NAV + dividend / NAV at the begining of period 25.6 % 24.2 % 16.9 % 19.3 % 19,0 % 4.77 /share 4.13 /share /share /share ,05 /share 5, ,76* * To be approved by the General Meeting of Shareholders 52

53 APPENDIX

54 Profit and loss account (1/2) In % In % of rental of rental (In million) 2015 income 2014 Change % income Rental income % % -1.7 % Other revenues Reinvoiced charges Management and rental fees 2.0 (2.5) (0.7) 1.8 (1.5) (0.6) Net revenue income % % -2.9 % Operating charges (6.4) (5.6) - EBITDA % % -4.5 % Depreciation (32.0) (28.9) % Current operating income % % % 54

55 Profit and loss account (2/2) (In million) Change % Current operating income % Margin on assets disposals Others 27.1 (11.9) 26.5 (0.4) Operating income Financial income Taxes (28.8) (0.8) (28.1) (0.7) Net income Group share Minority interests Net income per share

56 Consolidated balance sheet (In million) ASSETS Buidings Other non current assets Current assets Cash* Total , , , ,100 Shareholders equity Non current liabilities o/w financial debt Current liabilities o/w financial liabilities Total , ,100 56

57 TERREÏS shareholding basis as of 31 December 2015 Individual shareholders Ovalto Investissement Float 46 % 54 % 54 % 46 % Institutional shareholders (48 % France, 52 % International) 57

58 TERREÏS Stock price and liquidation NAV /share NAV per share TERREÏS stock price Index IEIF Europe Index CAC Mid et Small Jan Jan Jan Jan Jan Jan Jul Jan Jul Jan

59 Disclaimer The present document contains projections and descriptions of TERREÏS future strategy, objectives and prospects. These projections and descriptions may be affected by known or unknown risks, uncertainty and other random factors that could ensure that TERREÏS future results, performance and achievements are significantly different from what is envisaged or suggested in the present document. These risks are described in the «Risks Factors» part of the Document de Référence registered with AMF on April 10, 2015 with the number D TERREÏS makes no commitment and extends no guarantee that it will fulfil or meet its future strategy, objectives and prospects. Unless the law states otherwise, TERREÏS makes no commitment to update or revise the projections and descriptions contained in the present document. The present document does not constitute in any way a solicitation to sell, buy or subscribe to TERREÏS shares. 59