2014 Annual Results. 10 March la foncière parisienne

Transcription

1 2014 Annual Results 10 March 2015

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

3 2014: key figures Rental income Cash Flow before disposals Revalued portfolio % of assets in Paris EPRA liquidation NAV 2014 Dividend proposal* 71.9 million (+16.4 %) 37.0 million (+22.5 %) billion (x3.5 in 4 years) 87 % /share (+16.8 %) 0.70 / share (+9.4 %) * 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 2014: a new year of strong growth of portfolio Portfolio: + 12 % In million Like-for-like: + 8 % ,596 1, ,478 Refocusing strategy on Prime parisian commercial property End of 2013 Acquisitions Disposals (Value 2013) End of 2014 before revaluations Revaluations End of

6 Careful ratio used for portfolio appraisal Yields On the basis of 2014 expertises Sq. meters Value excl. duties m 2014 Rental income m Yield Value /sq. m Tertiary 188,994 1, % 7, 233 o/w Paris CBD 100,630 1, % 10, % 5.51 % Residential 24, % 9,131 8,672 6

7 2014 acquisitions: two parisian assets located in the CBD 41 avenue de Friedland, 8 e avenue de la Grande-Armée, 16 e 7

8 41, avenue de Friedland, Paris VIIIe Offices building, 6,157 sq. m parkings Yield: 5 % 8

9 43-47, avenue de la Grande-Armée, Paris XVIe 900 sq. m. of offices + 24 parkings Yoeld: 5.5 % 9

10 Continuation of sales of residential and regional assets 2014 disposals Amount: 35.4 million Net book gain: 26.5 million Residential assets in Paris: 29.7 million of disposals at an average price of 9,536 /sq. m. Net book gain of 23.8 million Regional assets: 5.7 million of disposals Net book gain of 2.7 million 10

11 Leverages to growth Merger with Avenir & Investissement Acquisitions Disposals 969 m Revaluations ( 147 m) 410 m 1,596 m 149 m 215 m End of 2008 End of

12 Strategy of focusing on tertiary assets within the Paris CBD A continuing strategy of focusing the assets portfolio on the Tertiary vs Residential on Paris vs Regions on Paris CBD vs Paris out of CBD % 86% 78% 87% 77% 85% 1.1 billion 1.6 billion 1.1 billion 1.6 billion 0.9 billion 1.4 billion Basis 100 % total assets Basis 100 % total assets Basis 100 % parisian assets 12

13 Focusing on tertiary assets within the Paris CBD 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 Content I. Introduction II. Portfolio III. Rental business IV. Financial results V. Outlook 26

27 16.4% growth of rental income (+19.8 % in the Tertiary) Rental income in million % Tertiary: +19.8% Residential 11.0 (0.2) 0.4 (0.3) 0,1 (0.8) Indexation Lease management +0.3 % lfl Disposals Indexation Lease management Net acquisitions % 7 % 38 % 52 % Tertiary Paris CBD Other Tertiary 32 % 61 % Residential 27

28 High occupancy rate for tertiary assets 96.0 %* 95.3 %* 95.3 %* * Total vacancy included, o/w technical vacancies Key indicators for tertiary parisian portfolio Total Paris Paris CBD Potential revenues ( million) Total Paris Paris CBD Rental income ( /sq m) 28

29 End of refurbishing and re-rental of 6, boulevard Malesherbes, Paris VIIIe 1,874 sq. m. Yield on offices and retail after refurbishing: 6 % Re-rented after the end of refurbishing on 1st November Sale of apartments under progress 29

30 2014 investments on portfolio Maintenance & repair (reinvoiced to tenants) 10 % 34 % 10.4 m 37 % Works related to acquisitions Refurbishing and valuation works 18 % Works related to disposals 30

31 Secured Tertiary Portfolio by a high number of leases Total tertiary rental income: 67.4 m Total number of leases: 387 Average surface /lease: 427 sq. m. Regions 2.7 m sq. m. Paris area 12.5 m 37 1, 154 sq. m. Paris excl. CBD 7.3 m sq. m. Paris CBD 44.9 m sq. m. 31

32 Content I. Introduction II. Portfolio III. Rental business IV. Financial results V. Outlook 32

33 Key figures (In million) Change % Rental income % Current operating income % Net income % o/w rental activities % o/w assets disposals % o/w non current items nm Cas flow before disposals % Capital expenditures nm EPRA liquidation NAV ( /share) % Dividend ( /share) 0.70* % * To be approved by the General Meeting of Shareholders 33

34 Consolidated P&L (1/2) As a % of rental (In million) 2014 income 2013 As a % of rental income Change % Rental income % % % Other incomes Reinvoiced charges Management and rental fees 1.8 (1.5) (0.6) - (2.5) (2.0) Net revenue income % % % Operating charges (5.6) (2.6) - EBITDA % % % Depreciation (29.1) (23.5) % Current operating income % % % 34

35 Consolidated P&L (2/2) (In million) Var. % Current operating income % Margin on assets disposals Others 26.5 (0.4) Operating income % Financial income Taxes (28.1) (0.7) (23.0) (0.4) % Net income % Group share Minority interests Net income per share % 35

36 Contribution of rental revenues to net income: 2 fold increase over 4 years Average annual progression of 18% since 2011 (In million)

37 Current cash flow before disposals per share: + 21 % Current cash flow per share ( /share)

38 Renewed growth of NAV EPRA liquidation NAV ( /share)*: % Two leverages for growth: % Strategy of focusing assets on Paris CBD Mechanical effect of the reimbursement of annually redeemable loans End of 2011 End of 2012 End of 2013 End of 2014 * 2013 and 2014 : EPRA liquidation NAV 2011 and 2012 : liquidation NAV 38

39 Breakdown of NAV ( m) 31 December December 2013 Buildings 1,596 1,427 o/w Retail / Offices Paris 1,334 1,128 o/w Retail / Offices in regions o/w parisian residential Net debt Others EPRA Liquidation NAV Acquisition costs Replacement NAV Number of shares (diluted, net of own control) 25,671,095 25,252,918 EPRA Liquidation NAV per share Replacement NAV per share

40 LTV ratio below 50% 1,427 million 1,596 million 726 m 772 m 51 % 48 % End of 2013 End of 2014 Revalued portfolio Net debt LTV ratio 40

41 Secured long term financing Net debt breakdown at 31 December % 8 % 772 m 72 % Redeemable loans Credit lines and others Corporate financing Weighted average cost of gross debt: 3.88 % 120 m 40 m Maturities per year (In m) Situation at 31 December % redeemable loans: 559 m, with an average weigthed maturity of 11.8 years Corporate finanancing: 150 m 41

42 A sustained growth policy for the dividend per share + 8.4% on a yearly average % 0.70* Complement to total dividend Interim dividend * To be approved by General Meeting of Shareholders on 6 May 42

43 Content I. Introduction II. Portfolio III. Rental business IV. Financial results V. Outlook 43

44 Clear positioning of long-term and proactive investor 410m of value created over (o/w 118m in 2014) Continuous search for quality assets in Paris on strict criteria (multi-tenancy, occupancy rates, etc) In m Acquisitions on favourable terms Value creation from the moment of acquisition Value created as measured by experts revaluations 44

45 2015 outlook: continuation of the portfolio arbitrage policy Goal: substantially increase Paris tertiary portfolio, focusing on Paris CBD (2/3 of total assets at the end of 2014) TERREÏS will continue to seek investment opportunities which come available in the prime Paris commercial sector Will pursue to optimize the resale of its residential, regional and Paris area assets in the best conditions Net proceeds from disposals will be reinvested in tertiary assets within Paris CBD 45

46 Breakdown of portfolio at 31 December 2014: 1,596 million Residential 229 million Regions 33 million Paris area 178 million* Paris Tertiary intra-muros 1,156 million Net proceeds from disposals to be reinvested in tertiary assets within Paris CBD * 90% made of 2 buildings in Antony, 1 in Ivry s/seine and 1 in Issy-les-Moulineaux 46

47 Residential assets rue Marbeuf Paris 8 e avenue de Messine Paris 8 e 43 rue de Lille Paris 7 e 47

48 Regional assets Downtown Chartres Tours Thiers Tower Nancy 48

49 Paris area assets Quai Aguste-Deshaies Ivry-sur-Seine 11 à 15 avenue Lebrun Antony Le Newton Antony Portes Sainte Lucie Issy-les-Moulineaux 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 program 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 (N Year NAV N-1 Year NAV) /share Dividend ( /share) Gain on NAV + dividend / NAV at the begining of period 25.6 % 24.2 % 16.9 % 19.3 % 4.77 /share 4.13 /share 4.04 /share /share * * To be approved by the General Meeting of Shareholders 52

53 APPENDIX

54 Consolidated balance sheet (In million) ASSETS Buidings Other non current assets Current assets Cash* Total 1, , ,039 Shareholders equity Non current liabilities o/w financial debt Current liabilities o/w financial liabilities Total , ,039 54

55 janv. juil.-08 janv. juil.-09 janv. juil.-10 déc.-10 juil.-11 déc.-11 juin-12 déc.-12 juin-13 déc.-13 juin-14 déc.-14 TERREÏS Stock price and liquidation NAV Terreïs Indice IEIF Europe Indice CAC Mid & Small NAV ANR per par action share

56 TERREÏS shareholding basis at 31 December 2014 Individual shareholders Ovalto Investissement Float 47 % 53 % 54 % 46 % Institutional shareholders (53 % France, 47 % International) 56

57 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 4 April 2014 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. 57