How To Be A Leading Real Estate Player In France

Transcription

1 Conférence Nantes mars 2014 A l écoute des actionnaires 1

2 Contents A Leading Real Estate Player in Regions Page 03 An Accelerated Realignment Strategy Page 10 Shifting from Managing Existing Assets to Developing New Ones that Ignite Growth Page Empowering the Strategy with a Steady Investment Program Page 42 2

3 A Leading Real Estate Player in Regions Nantes

4 A Reliable Portfolio Value of 1 Billion Euros Appraisal EOP 2013 = 970 M Portfolio Value B&B - Lyon Disposals at close to Fair Value Cycle New strategy Yield applied by appraisers Marseille Dec 13 Jun 13 Dec 12 Lyon Dec 13 Jun 13 Dec 12 Offices 6.6% - 8.0% 6.6% - 8.0% 6.6% - 8.0% Offices 6.4% - 7.2% 6.6% - 7.2% 6.4% - 7.2% Retail 5.6% - 7.9% 5.6% - 7.9% 5.6% - 7.9% Retail 5.8% - 6.1% 5.8% - 6.1% 5.3% - 6.1% Residential 4.4% - 5.6% 4.4% - 5.6% 4.4% - 5.6% Residential 4.5% - 4.6% 4.5% - 4.6% 4.2% - 4.6% 4

5 A Strong Financial Structure for an Ambitious Strategy Cost of Debt = 3,1% Average Debt Maturity = 7.0 years Loan to Value = 40% Conservative hedging strategy 2014 Refinancing through 4 major French banks: Natixis, BECM, BNPP and CACIB 5

6 A Performing Top Line Illustrated by a +14% Increase in 2013 Rental Income M FY 2012 PF Rental Income 30.6 Organic +2.0 Acquisitions Rental Income 34.9 Diversified pool of tenants Reliable Main tenants CA M CA B Rental Income = +14% Organic Growth Impact = +6.7% Acquisitions Impact = +7.4% 6

7 Profitability and Cost Structure Efficiency Improvements in Rent Breakdown M Rental Income EBITDA Margin 2013 Reported 2012 proforma 34.9 M 30.6 M 21.6 M 62% 18.3 M 60% Cash Flow 14.5 M 12.4 M Net Consolidated Income 28.0 M EBITDA +18% (vs proforma) Cash Flow +17% (vs proforma) 7

8 An Increasing Triple Net Asset Value (after a payment of 1 /share dividend) 33,0 32,5 32,0 31, , ,5 30,0 29,5 30,52 31,55 29,0 NAV NAV 31/12/2012 Dec 12 FV Properties FV Swaps CF Dividend Disposal Other Nav 31/12/2013 NAV Dec13 ANR EPRA EPRA Triple Net Asset Value: 31.6 /share 8

9 Increased Dividends for Shareholders Proposed Dividend Yield of 4,70% Proposed Dividend FY14: 1.05 /share (increase of 5% from 2013) 9

10 An Accelerated Realignment Strategy Nantes

11 Portfolio Balancing - Reducing Risk and Increasing Profitability Gross Asset Value Business Plan Gross Asset Value 2017 Residential 17 % Residential 29 % Capital recycling to provide more value with acquisitions Marseille 76 % Marseille 58 % 11

12 An Engaged Asset Rotation Program to Diversify Risk and Extract Value + Value added to GAV 1 Follow-up on identified developments Marseille Lyon M 2 Acquisitions in top French cities outside of Paris Bordeaux Lyon Marseille etc M - Disposals 3 Asset rotation Non Core Assets Marseille Lyon Hotels M 12

13 Marseille, Lyon, Bordeaux amongst the Top Cities in France Transactions and «Prime» rates 5.7% Lille Rennes Strasbourg 6.5% Nantes Lyon 5.7% Area k m² % Bordeaux Grenoble 50 ANF Montpellier Nice Toulouse 6.2% 6.1% Aix/Marseille Source: BNPP Real Estate 2014 Transactions Offices 13

14 Resulting in Exceptional Cash Flow Perspectives 2013 Rents 35 M Reached + 14 % 2014 Rents 37 M + 12 % (like for like) Confirmed guidance, 17 % growth per year Accelerated growth from 2015 Rents Guidance (M ) 70,0 60, % CAGR ,0 40,0 30, ,0 10,0 More growth on acquisitions PF Existing Haussmann Developments Acquisitions

15 Taking Advantage of Significant Reversion Potential Significant reversion potential in Marseille M Residential vacancy reduction in Marseille M Potential for reversion from remaining Lyon assets M Disposal program in Marseille, Lyon, Hotels M 15

16 Coupled with a Disposal Plan Aimed at Lowering Residential Share Lower residential share 238 M Medium Term Disposal Plan 69% residential = 163 M 10% hotels = 24 M 16

17 Shifting from Managing Existing Assets to Developing New Ones that Ignite Growth Nantes

18 Image 18

19 A Strong Pipeline of Investments to Propel Growth Total committed to date 204 M Committed Developments* 85% already committed Total program 240 M Project Location Type Price* Delivery Adecco Lyon Carré de Soie Offices 13,400 m² 17 M T Adecco Lyon Tête d Or Offices 9,000 m² 10 M Existing Bègles Bordeaux Bègles Hotel 109 rooms 4 M T Banque de France Lyon Rue République Retail 3,000 m² 19 M T St Victoret Marseille Aéroport Hotel 82 rooms 2 M Existing Silky Way Lyon Carré de Soie Offices 36,600 m² 65 M T Vélodrome Marseille Vélodrome 2 hotels 246 rooms 12 M T Fabrique Bordeaux Bassins à Flot Offices 3,700 m² 10 M T Nautilus Bordeaux Bassins à Flot Offices 13,000 m² 27 M T SNCM Marseille Sea front Mixed use 25,000 m² 21 M T MilkyWay Lyon Confluence Offices 4,400 m² 17 M Delivered * ANF Share: Silky Way 65%, SNCM 50%, Adecco 50% and hotels 50% 19

20 Our Pipeline over Time Committed pipeline represents 85% of our 240 M program* MilkyWay (Lyon) Offices 17 M Nautilus Tr 1 (Bordeaux) Offices 17 M St Victoret (Marseille) Hotel 2 M Other projects Fabrique (Bordeaux) Offices 10 M Nautilus Tr 2 (Bordeaux) Offices 10 M Adecco Tête d Or (Lyon) Offices 10 M Alstom Carré de Soie (Lyon) Offices 65 M Vélodrome (Marseille) 2 Hotels 12 M Banque de France (Lyon) Retail - 19 M Bègles (Bordeaux) Hotel 4 M Adecco Carré de Soie (Lyon) Offices - 17 M SNCM (Marseille) Mixed use 21 M Ilot 34 (Marseille) Delivered Desbief (Marseille) Mixed use 40 M Euratlantique (bordeaux) Mixed use (under study) TAT (Lyon) Retail 10 M Montolieu (Marseille) Nursing homes 9 M Rabateau (Marseille) Offices 7 M * Delivery date and investment 20

21 A Pipeline Aligned with the Strategy Active balancing 100% Commercial Real Estate 100% New, High Quality and Sustainable Buildings 83% in Lyon and Bordeaux Cumulated Investments Deliveries (M ) 240 M St Victoret - B&B SNCM - Marseille Vélodrome - Marseille B&B - Bègles Fabrique - Bassins à Flot Nautilus - Bassins à Flot Adecco - Carré de Soie Adecco - Tête d'or Banque de France - République Alstom - Carré de Soie MilkyWay - Confluence Enhancing Total Return Value Creation c % Target Yield on Cost: % Strong Acceleration of Rental Income in 2015 due to Deliveries 21

22 Commercial Sectors in Lyon Lyon Office Market Carré de Soie 22

23 New Major Acquisitions Lyon Carré de Soie & Tête d Or - Adecco Major Acquisitions Lyon Adecco Acquisition of existing headquarters located in Tête d Or 9,000 m² offices Development of new headquarters located in Carré de Soie 13,000 m² offices -Delivery expected by year lease with Adecco Gross Bid Price 54 M * * ANF Share: 50% or 27 M 23

24 Acquisition Lyon Presqu Île - Banque de France TAT 2, 3, 4 République Banque de France 24

25 Acquisition Lyon Presqu Île - Banque de France Acquisition Lyon Banque de France 3,500 m² retail 4,500 m² residential/offices Delivery expected by 2015 Gross Bid Price 19 M Partnership with VINCI Immobilier 25

26 Acquisition Lyon - Carré de Soie - Alstom Acquisition Lyon Carré de Soie - Alstom 36,600 m² offices Delivery expected by 2015 Gross Bid Price 100 M * Partnership with CERA, DCB 12 year lease with Alstom Transport Top 3 Transactions in Lyon FY13* SANOFI 18,500 m² SNCF 22,000 m² ANF 36,600 m² *Source: BNPP RE «L année immobilière 2014» * ANF Share: 65% or 65 M 26

27 Acquisition - Delivered Lyon - Confluence - MilkyWay Acquisition Lyon MilkyWay 4,400 m² offices Delivered Gross Bid Price 17 M 27

28 Bordeaux Two Areas Selected: Euratlantique & Bassins à Flot 3 1. Euratlantique 2. Bastide 3. Bassins à flot 2 Bordeaux Office Market 1 28

29 Film Bordeaux Image Bordeaux - Bassins à flot Le Nautlilus Wine Museum Delivery by 2015 La Fabrique 29

30 Outlook Bordeaux - Les Bassins à Flot Offices Hotels Retail Offices 10,000 m² Pépinières d entreprises S Residential La Fabrique Offices 3,700 m² T Hotel 120 rooms S Residential Hotel 150 rooms Retail 3,000 m² Offices 8,000 m² T Retail 2,500 m² T Le Nautilus Offices 13,000 m² Residential Offices 8,000 m² S

31 Acquisition Bordeaux - Bassins à Flot - La Fabrique Acquisition Bordeaux La Fabrique 3,700 m² offices Delivery expected by 2014 Gross Bid Price 10 M 31

32 Acquisition Bordeaux - Bassins à Flot - Le Nautilus Acquisition Bordeaux - Le Nautilus 13,000 m² offices Segment 1 Delivered Segment 2 Delivery expected 2014 Gross Bid Price 27 M 12 year lease with CDiscount 32

33 New Acquisition Bordeaux - Bègles B&B Acquisition Bordeaux - B&B Bègles Hotel 109 rooms Delivery expected by 2016 Gross Bid Price 7 M * * ANF Share: 50% or 4 M 33

34 Image 34

35 Marseille: A Development Focused on the North of the City EUROMED ha 3.5 B Investment Strong performance by Marseille in 2013 Cité de la Méditerranée EUROMED ha 3.5 B Investment Place de la Joliette Saint-Charles Station Triangle D Or Rue de la République 35

36 Marseille: 76% of the Current Portfolio European Capital of Culture in 2013 & Euroméditerranée Work In Progres Summer 2014 Achieved Achieved Opened B Work in Progress Achieved Opened 36

37 Acquisition Marseille Stade Vélodrome - 2 Hotels Acquisition Marseille - Vélodrome 2 Hotels 246 rooms Gross Bid Price 24 M * 12 year leases with Mariott and B&B * ANF Share: 50% or 12 M 37

38 Acquisition Marseille - Euroméditerranée SNCM Acquisition Marseille - SNCM 25,000 m² mixed use Land-ground secured Permit obtained H Capex 43 M * * ANF Share: 50% or 21 M 38

39 Development - Delivered Marseille - Euroméditerranée Ilot 34 Project Marseille - Ilot 34 25,000 m² mixed use (hotel, residential and offices) 13,000 m² offices and hotel fully let Delivered Capex 57 M 39

40 Development - Secured Marseille - Euroméditerranée Desbief Project Marseille - Desbief 17,000 m² mixed use Land-ground secured Permit obtained H Capex 40 M 40

41 In a Nutshell Lyon Alstom - Carré de Soie Bordeaux - Nautilus Lyon Banque de France Adecco Carré de Soie Marseille Stade Vélodrome Marseille Desbief Lyon MilkyWay Marseille - SNCM Bordeaux La Fabrique 41

42 2014 Empowering the Strategy with a Steady Investment Program Nantes

43 2014, Empowering the Strategy with a Steady Investment Program Propelling the Strategy Generating 2013 solid results Empowering 2014 Guidance 43

44 44

45 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 herein is provided as of the date of the presentation and ANF Immobilier is under no obligation to keep current the information contained in this presentation. However, this information is subject to completion and/or revision and ANF Immobilier has the right to change the content hereof, in its sole discretion, at any time without prior notice. This document may contain information regarding current or future transactions as well as pro forma information to show ANF Immobilier as it would be after said transactions have been completed. These forward-looking statements are provided for information purposes only and are not guarantees of future performance. No information provided on this document constitutes, or should be used or considered as, an offer to sell or a solicitation of any offer to buy the securities or services of ANF Immobilier or any other issuer in any jurisdiction whatsoever /08/13

46 46