Achievements, Performances, Growth

Transcription

Achievements,
Performances, Growth
Half-year results 2015
23 July 2015
CONTENTS
>1. STRATEGIC POSITIONING
>2. REAL-ESTATE ACTIVITY
>3. FINANCIAL RESULTS
>4. OUTLOOK
>APPENDICES
FONCIÈRE DES RÉGIONS
2
1. Strategic
positioning
Dassault Systèmes - Greater Paris Region
3
STRATEGY
A LEADING OPERATOR IN ITS MARKETS
€10.8 billion portfolio Group share (€17.4 billion at 100%)
1 focus and 2 diversifications
France Offices
43%
18%
Italy Offices
> Sound fundamentals; market depth
> Attractive yield; value-creating pipeline
Non-strategic
> including France Residential (4%)
> Leadership position; prime assets
> Record cash flow visibility
19%
Germany Residential
7%
13%
Hotel real estate
> Sound economy; buoyant market
> Significant reversion potential; development
potential through acquisitions
> Leadership position; impressive track record
> Strong relationship with operators; high operating margin
An integrated operator with strong local teams
HALF-YEAR RESULTS 2015
4
STRATEGY
THE DNA OF FONCIÈRE DES RÉGIONS: QUALITY AND PROFITABILITY
Long
term and
secured leases
Average firm lease term: 6.8 years
Occupancy rate: 96.8%
Strong partnership culture
Exposure to buoyant markets
Diversified
model
Resilience
Complementarity
Offices: control of the entire value chain
Strong local
competence
German Residential presence for 10 years with 400 people locally
Hotel real estate: unique expertise for 10 years
An industrial model that generates high profitability
Average total return of 7.3%1 since 2010 compared with 5.1% on the Eurozone IPD Index
1Rental
and capital yield (change in value net of Capex)
5
STRATEGY
FIRST HALF OF 2015: PURSUIT OF A DYNAMIC ROTATION OF ASSETS
Investment in high-potential markets
€1.5 billion
(€1.1 billion GS)
in committed
investments
> Average yield of 6% on acquisitions and >7% on developments
> Offices (€231 million): 5 asset deliveries during the first half
> Germany Residential (€284 million): acquisitions primarily in Berlin and Hamburg
> Hotels in Europe (€540 million): Reinforcement of the stake in FDM; acquisitions primarily in Germany
Progressive withdrawal from non-strategic activities (€164 million)
€616 million
(€365 million GS)
of signed sales
agreements
> Average yield of 2.9%; 2.0% margin
Core activities: disposal of mature assets or assets having a less attractive risk/return profile (€201 million)
>
95% strategic
assets
at end 2015
Average yield of 5.1%; 7.3% margin
Portfolio quality improvement: an ongoing task
Prepare tomorrow's growth
Group share data
6
STRATEGY
A STRATEGY STRENGTHENED BY THE SOUNDNESS OF INDICATORS
Record firm term of leases
Historically high occupancy rates
6.8*
96.8%*
95.4%
2009
94.8%
95.8% 95.5% 96.0% 97.1%
2010 2011
2012 2013
6.1
5.8
2009
2014 H1 2015
6.0
2010 2011
5.5
5.8
2012 2013
5.8
2014 H1 2015
Firm lease expirations, as % of annualised rental income
Commercial portfolio (75% of total rents GS)
+3.3%
+2.2% +2.1%
+0.6%
2009
2010
2011
2012
+1.2%
2013
CB 21 La Défense
-0.1%*
+0.2%
-3.6%
+1.3%
2009
2010 2011 2012
-0.3%
+0.5%
+2.1%
2014 H1 2015
Rent: at like-for-like scope
Change in LFL vs. N-1
+2.1%
+5.3%
2013
2014 H1 2015
Growth in value
Change in LFL vs. N-1
Group share data
HALF-YEARLY RESULTS 2015
* Excluding non-strategic activities
7
2. Real-estate
activity
Quatuor – Lille-Roubaix
8
France Offices
Steel Paris
9
FRANCE OFFICES
Portfolio
A MAJOR OPERATOR WITH SOLID POSITIONING
€5.3 billion (100%)
€4.5 billion (GS)
Letting market during the first half: no strong indicators pointing to a rapid recovery
>
Paris Region, a market leader with healthy fundamentals: leading market in Europe; vacancy rate of 7.6%
>
Strong reduction in transactions at the end of June: -22% to 915,000 m² (10-year average of 1.1 million m²)
>
No recovery in rental income; incentives still high (around 20%)
>
Premium for quality: 9% decrease in new-build offer over the year
Foncière des Régions: a positioning behind the strong performance of first half -year indicators
>
Key accounts: 75% of rental income
>
Competitive rents (€250-€500/m²) in key locations: 75% of transactions in the Paris Region concern rental income < €460/m²
>
Geographic balance in the best markets: Paris (33%); Inner suburbs (44%); Major regional cities (13%)
Long-term leases
(firm maturity in years)
Historically high occupancy rates
96.3%
94.7% 94.3%
Performance at
like for like scope
96.0% 95.7% 95.8% 96.8%
4.8
5.7
5.7
5.3
5.7
5.4
5.4
2012
2013
2014
H1 2015
Rental income:
+0.9%
Values: +2.9%
2009
2010
2011
2012
2013
2014
H1 2015
2009
Firm performance of indicators
2010
2011
Sources: BNP Paribas Real Estate, DTZ, transactions of more than 5,000 m² between 2012 and 2014
10
FRANCE OFFICES
Portfolio
PURSUE INVESTMENTS IN THE PIPELINE
€5.3 billion (100%)
€4.5 billion (GS)
5 deliveries which strengthen the partnership strategy and portfolio quality
>
€118 million in cost price; 87% let under firm 9-year leases on average
EDF
Avignon
(4,100 m²)
Astrolabe
Marseille
(14,000 m²)
Quatuor
Lille
(9,700 m²)
Respiro
Nanterre
( 11,100 m²)
56% let
6.5 years
9 years
9 years
€823 million in deliveries since 2011
Which participate in quality improvement
(% of green France Offices )
+€60m
€823m in deliveries
+€164m
+€309m
+€100m
+€67m
+€66m
2011
9 projects
pre-let at
73%
+€56m
2012
2013
2014
2015
2016
2017
12 years
100%
57% > 2/3
41%
50%
24%
7%
Total
2009
Strengthen portfolio quality
Create value through dynamic asset rotation
2012
2013
2014
H1 2015
2017
2020
11
FRANCE OFFICES
DEVELOPMENT PROJECTS: PROVEN INDUSTRIAL EXPERTISE
PROJECTS
LAUNCHED SINCE
2011
AVERAGE
FIRM TERM FOR
LEASES SIGNED
29 for
€823m*
9.7 years
YIELD
OVER
COST PRICE
7.5%
Boulogne (Greater Paris) – 8,684 m² (2011)
Multi-tenants/6 years
Floria (Fontenay – Greater Paris) – 9,200 m² (2012)
Société Générale/6 years
Patio (Lyon) – 12,800m² (2013)
Multi-tenants /6 years
New Velizy (Greater Paris) – 45,600 m² (2014)
Thales/9 years
Astrolabe (Marseille)– 14,000 m² (H1 2015)
Multi-tenants/6.5 years
EDF (Avignon) – 4,100 m² (H1 2015)
EDF group/9 years
VALUE CREATION
>20%
A pipeline brought in-house by a dedicated
and recognised team
* In cost of operation
12
FRANCE OFFICES
A RENEWED PIPELINE: €1.2 BILLION IN PROJECTS
REPOSITIONING OF
PORTFOLIO ASSETS
Silex 2 (Lyon) – 30,700m²
ACQUISITION
FOR
REDEVELOPMENT
Issy-Grenelle (Issy-les-Moulineaux – Greater Paris) – 11,038m²
REAL ESTATE
RESERVES
Extensions
New developments
Canopée (Vélizy-Meudon - Greater Paris) – 46,900m²
13
FRANCE OFFICES
"RÉINVENTER PARIS": THE EXPERTISE OF FONCIÈRE DES RÉGIONS RECOGNISED
"Réinventer Paris": competition for innovative urban projects
>
Organised by the City of Paris at 23 sites
>
July 2015: 75 proposals selected out of 372 submitted (final decision beginning of 2016)
Foncière des Régions: finalists for its Les Arches Maillot project
>
Ternes-Villiers program (Paris 17th district): 4 candidates; strategic location (Porte Maillot between Paris CBD and La Défense)
>
Les Arches Maillot: innovative building-bridge
Porte Maillot – Paris 17th
21,500 m² above the Paris ring road
Technical, energy, and design innovations
Social urban space: offices, hotel, retail, services, garden/terraces
Les Arches Maillot – Paris 17th
Gather all the advantages of Foncière des Régions
in a single project
14
FRANCE OFFICES
Portfolio
REAPING THE BENEFITS OF THE STRATEGY
€5.3 billion (100%)
€4.5 billion (GS)
Foncière des Régions total return France Offices vs. Benchmark IPD
25%
21%
20%
19%
20%
15%
13%
14%
12%
Delta FDR/Benchmark
10%
9%
8%
6%
5%
6%
FDR Offices Portfolio
Benchmark
0%
-1%
-0.3%
-5%
Outperformance that strengthens a position based on:
>
strategic agreements with our partners
>
geographic diversification
>
Asset rotation strategy
Source: IPD
15
Italy Offices
Via de Petris - Naples
16
ITALY OFFICES
Portfolio
A LEADING OPERATOR IN ITS MARKETS
€4.0 billion (100%)
€1.9 billion (GS)
First Italian REIT with €4.0 billion assets (€1.9 billion GS)
>
€1.7 billion assets of Telecom Italia: secure rental income
>
€2.3 billion assets — 73% in Milan
>
Milan: 42 assets for €1.9 billion (€0.9 billion GS)
Milan
Northern Italy
77% of portfolio1
6%
46%
Turin
Rome
9%
Symbiosis
A key operator to take advantage of the current cyclical
improvement
1Core Portfolio
17
ITALY OFFICES
Portfolio
A FIRST HALF 2015 FULL OF CHANGES
€4.0 billion (100%)
€1.9 billion (GS)
Secure rental income and new opportunities in sight
>
Renewal of Telecom Italia lease: firm average maturity of portfolio in Italy of 10 years (+4 years)
>
Secured disposals: €234m (€113m GS) - 54% Telecom Italia assets
>
Rent at like-for-like scope
- 4.3% and 0% excluding impact of the Telecom Italia renegotiation and the 2014 vacancy of Corso Ferrucci in Turin
>
Values held up well at like-for-like scope: +0.3%
The extension of the Telecom Italia leases more than compensates for the decrease in rent
Lease maturities at a record level
(firm average in years)
8.5
2009
7.7
2010
7.8
7.1
6.9
2011
2012
2013
Maintenance of a high occupancy rate1
10.1
98.0% 97.1%
96.1%
97.7% 97.7% 95.2%
94.1%
H1 2015
2009
2011
2012
H1 2015
Lugaro, Turin
6.3
2014
2010
2013
2014
Tour Garibaldi, Milan
Improved fundamentals
Portfolio + dynamic: 91.2%
1Core
18
ITALY OFFICES
Portfolio
SUCCESS OF PARTNERSHIP STRATEGY: TELECOM ITALIA
2000-2002
Sale and leaseback
Since 2009
2015
Refinancing of Portfolio
>
€1.6 billion assets
>
72 Assets
>
21-year leases
>
c. €300 million
>
Yield 9%
>
Yield 5.75%
€1.9 billion (GS)
2014
Unit sales
>
€4.0 billion (100%)
€500 million of bank
Renegotiation of leases
>
borrowings
>
Securitisation
Extension of leases from 6 years to 15 years in
exchange for a 6.9% reduction in rent
Cost of debt: 2.5% compared
>
Disposal de 2 assets for €126 million
to 8.7% for securitisation
>
Capex program of €38 million together with
Telecom Italia
Telecom Italia portfolio at end-June 2015
159 Assets; €1.7 billion1
Yield: 6.4%
Maturity: 15.4 years firm
Italy Offices Portfolio
43%
Telecom Italia
57%
Other
Via Dante, Milan
Via Montegna, Milan
1 Prior
disposal of €126 million to Telecom Italia
19
ITALY OFFICES
Portfolio
STRATEGY: ACCELERATE QUALITY-ENHANCING PORTFOLIO ROTATION
€4.0 billion (100%)
€1.9 billion (GS)
Accelerate disposals
>
Reduce exposure to Telecom Italia
>
Sell non-core assets
Continue investments in Milan
>
€230 million of investments in Milan since 2011
>
New developments: Symbiosis in Milan
>
Redevelopment of Telecom Italia assets in the medium term
launch of first asset of 11,650 m² for €55 million and a yield >7%
Remain open to acquisition opportunities
Bocconi
University
Duomo
Prada
Foundation
Via Eman, Rome
A new stage in development
Via Agosto, Bologna
20
Germany
Residential
Berlin Residential
21
GERMANY RESIDENTIAL
Portfolio
GERMANY RESIDENTIAL: QUALITY AND GROWTH
€3.3 billion (100%)
€2.0 billion (GS)
A platform of €3.3 billion (€2.0 billion GS) concentrated on high-potential markets
>
44,500 units; average yield of 6.3%
Hamburg
> Average rent €9.0/m²; rental potential: approx. 30%
7%
31%
North Rhine-Westphalia (NRW)
> Average rent €5.4/m²; rental potential: approx. 5-10%
Berlin
54%
8%
Dresden & Leipzig
10 year favourable track record
Hamburg
Berlin
22
GERMANY RESIDENTIAL
Portfolio
A DYNAMIC FIRST HALF OF 2015
€3.3 billion (100%)
€2.0 billion (GS)
High rate of acquisitions in cities with potential
Outlook for residential demand by city
Change 2012-2030, forecasts for residential demand in m², in %
€1.2 billion in acquisitions since the end of 2011:
€747
million
€240
million
€245
million
Including €459 million committed during H1 2015
(€284 million GS):
€182
million
€240
million
€37
million
Munich
Dresden
Leipzig
Hamburg
Frankfurt
Berlin
Dusseldorf
Stuttgart
Cologne
Bremen
Dortmund
Essen
15%
Solid performance during first half and strong growth in Berlin
>
Rent: at like-for-like scope +1.7% of which +2.4% in Berlin; occupancy rate of 98.2%
>
Values at like-for-like scope +2.8% including +7.1% in Berlin
23
GERMANY RESIDENTIAL
NRW: HIGH AND SECURE YIELD
PORTFOLIO
€1.8 billion
(€1.1 billion GS)
NUMBER OF
UNITS
29,143
YIELD
VALUE PER M²
6.8%
€870
Acquisition of 5,500 units (2005)
€275 million; yield: 6.2%
Acquisition of 40,000 units(2006)
€2,125 million; yield: 6.6%
Disposal of 7,010 units (2013)
€361million; margin: 2.9%; yield: 7.3%
Disposal of 3,210 units (2014)
€160 million; margin: 5.4%; yield: 7.1%
Concentrate on core assets:
> €750 million in disposals since 2011*; 4% average margin
> Non-Core NRW assets: 14% of portfolio vs. 37% at the end of
2011
*€384 million GS
24
GERMANY RESIDENTIAL
BERLIN: A PRIME PORTFOLIO
NUMBER OF
UNITS
PORTFOLIO
€979 million
(€598 million GS)
9,012
YIELD
VALUE PER M²
5.4%
€1,490
Reinickendorf
Lichtenberg
Mitte
84% of portfolio
€76 million; 1,013 units (2012)
Share in the best locations: 100%
Rental income: €6.1/m²; reversion rate: + 30%
Yield: 6.5%
Pankow
Spandau
CharlottenburgWilmersdorf
€135 million; 1,748 units (2011)
Yield: 6.7%
Friedrichshain
-Kreuzberg
TempelhofSteglitz- Schöneberg
Zehlendorf
Neukölln
MarzahnHellersdorf
TreptowKöpenick
€181 million 1,925 units (2013)
Yield: 5.9%
€182 million 875 units (2015)
Yield: 4.9%
25
GERMANY RESIDENTIAL
DRESDEN & LEIPZIG: PROFITABILITY AND GROWTH
PORTFOLIO
€260 million
(€159 million GS)
NUMBER OF
UNITS
4,311
YIELD
VALUE PER M²
6.4%
€1,050
Dresden €46 million; 748 units ( 2013)
Yield: 7.1%; reversion rate: +21%
Dresden & Leipzig €19 million; 378 units (2014)
Yield: 6.5%; vacancy rate: 12%;
reversion rate: +16%
Dresden: €111 million; 1,971 units (2014)
Yield: 6.3%; reversion rate: +20%
Dresden & Leipzig €37 million; 935 units (2015)
Yield: 7.0%; reversion rate: +15-20%
26
GERMANY RESIDENTIAL
HAMBURG: A NEW MARKET WITH STRONG POTENTIAL
PORTFOLIO
€232 million
(€146 million GS)
NUMBER OF
UNITS
2,088
YIELD
VALUE PER M²
5.4%
€1,860
Acquisition in prime locations (Immoscout24 rating)
Reversion rate: +30%
27
GERMANY RESIDENTIAL
Portfolio
STRATEGY: ORGANIC GROWTH AND DEVELOPMENT
€3.3 billion (100%)
€2.0 billion (GS)
Take advantage of a strategy of differentiation
> Concentrate investments on prime city-centre assets
> Combine reversion rate potential (+25-30%) with medium-term potential for privatizations
> Rely on a recognized local team to source off-market transactions
Continue quality-enhancing portfolio rotation
> Already €459 million in acquisitions completed out of a target of €500 million in 2015
> Sales of non-core assets in NRW : €150 million in 2015 (€92 million GS)
Hamburg
Berlin
Berlin
Continue reinforcement in dynamic cities
28
Hotel real estate
in Europe
Sofitel - Lyon
29
HOTELS IN EUROPE
Portfolio
HOTEL REAL ESTATE LEADER
€3.5 billion (100%)
€1.4 billion (GS)
An asset class that tallies with Foncière des Régions' business DNA
>
Exposure via Foncière des Murs, a consolidated subsidiary of Foncière des Régions (Limited partners)
>
Partnership strategy adapted to Hotels:
Long-term visibility (firm lease maturity of 7.1 years); high profitability (operational margin of 94%)
>
Assets €3.5 billion (€1.4 billion GS) including €2.6 billion in Hotels (€1.0 billion GS)
74%
Hotels
Portfolio
> Average firm lease term: 6.6 years
> 450 hotels under management (48,280 bedrooms)
€3.5 billion
€1.4 billion GS
19%
Retail Premises
Motel One, Germany
7%
Healthcare
Accor, Boulogne - Paris
30
HOTELS
STRATEGY
IN EUROPE
Portfolio
HOTELS IN EUROPE: GROWTH AND TRANSFORMATION
>
Leading tourist destination: 50% of tourist arrivals
>
France, first in European market Solid fundamentals; no oversupply (+0.9% per year since 2000)
Economy hotel chains: outperformance and potential
>
Best resilience and outperformance
France: penetration rate of 44% compared with 35% in 2005
Germany: penetration rate of 9% compared with 4% in 2005
International arrivals of tourists (in millions)
30% of offer
€1.4 billion (GS)
Change in RevPar in France according to hotel chain segment
Europe: largest market worldwide
>
€3.5 billion (100%)
A market in full transformation
>
Leadership in large historic chains
>
Competition from new players with innovative concepts
>
Market loss by independent hotels
A liquid and very competitive market
>
€15 billion in investments in Europe in 2014 (+ 23% in a year)
>
Diversity of players: institutions, funds, private investors, French, foreign, etc.
1Average
revenue per room; Source: MKG Hospitality, Natixis, UNWTO
31
HOTELS IN EUROPE
Portfolio
A SINGLE PLAYER DEDICATED TO HOTEL OPERATORS
Economic and
midscale focus
Geographic
convictions
An
integrated real
estate operator
Sale and leaseback
/Acquisitions
Yield: 6%-7%
Resilience
30 major European cities
(financial and tourist
centres)
Developments/
Rehabilitations
Yield: 6.5%-8%
Adapted
leases
structures
€3.5 billion (100%)
€1.4 billion (GS)
First
partner
of hotel
operators
Variable leases
according to hotels
revenue
Indexed fixed leases
Outperformance
Investments
of premises and businesses
(FDM Management)
EBITDA yield: 8%-10%
Management contracts
Franchises
To be the natural ally of operators due to our track record,
our teams and our positioning as a long term integrated investor
32
HOTELS IN EUROPE
Portfolio
A DYNAMIC FIRST HALF OF 2015
€3.5 billion (100%)
€1.4 billion (GS)
Acceleration of exposure in Hotels
>
Acquisition of 14.7% of the capital of FDM by Foncière des Régions (to 43.1%): amounting to the equivalent of €432 million in assets
>
€174 million (€68 million GS) of leased acquisitions; yield of 6.4%
>
€115 million (€39 million GS) of developments underway, 68% in Germany; yield >7%
Management contracts: a new way to speed up the development in hotels and gain flexibility
>
Through FDM Management: 40.8%-owned subsidiary of Foncière des Murs
>
€104 million (€18 million GS) of committed investments
Solid operational performance
>
Strength of leases at like-for-like scope: +0.5%. in the absence of indexation (+0.8% on variable rental income from Accor hotels); Occupancy rate: 100%
>
Values at like-for-like scope +1.8% including +2.2% in Hotels
Golden Tulip, Marseille
Motel One, Berlin
33
HOTELS IN EUROPE
2015 INVESTMENTS: REFLECT OUR ABILITY TO POSITION OURSELVES WITH
INNOVATIVE PRODUCTS
Acquisition of 22 B&B hotels; €128 m (€51 m GS)
Main cities in Germany
Yield: 6.4%; 18 years firm
Conversion to Hotel Meininger; €30 m (€13 m GS)
Munich – Olympic Park
12,400 m² of offices converted
20 years firm beginning in 2018
Acquisition de two Motel One; €34 m (€15 m GS)
Berlin-Mitte; Frankfurt-Airport
Yield: 6.1%; 20 years firm
Development of 12 B&B hotels; €74 m (€32 m GS)
France; Germany
Yield >7%; 12 to 20 years firm
Developments for Accor; €56 m (€10 m GS)
Paris Airport – Charles-de-Gaulle
Management contract
Conversion to Hotels Louvre Hotels Group
€48 m (€8 m GS)
Germany; Existing hotels
Management contract
34
HOTELS IN EUROPE
Portfolio
STRATEGY: STRENGTHEN POSITION IN HOTEL REAL ESTATE
€3.5 billion (100%)
€1.4 billion (GS)
Hotel portfolio: Transformation underway
June 2015
End 2011
80%
Accor
(variable rent)
Other 15%
liabilities
€1.6 billion
otels
H
€0.4 billion GS
12%
excluding
France
63%
Accor
(variable rents)
15%
5%
B&B
Other
liabilities
€2.6 billion
Hotels
€1.0 billion GS
30%
excluding
France
22%
B&B
B&B, Paris
Pursue investments in Hotel real estate
>
Diversification of partners
>
Geographical diversification
>
Diversification in investment modes
Strengthen our position as leader in Europe
Accor, Paris
35
3. Financial
results
Respiro – Nanterre (Greater Paris)
36
FINANCIAL RESULTS
LIABILITIES: IMPROVEMENT IN S&P RATING FROM BBB- TO BBB
1
A better positioned portfolio
+€1.0 billion GS of Germany Residential
€0.6 billion in disposals in Logistics
Success of development pipeline for France Offices
2
Strengthening of cash flow quality
Historic occupancy rate: 96.8%
Improved
business
profile
Major agreement with Telecom Italia: record firm term of lease
BBB,
(6.8 years)
stable outlook
vs.
Increased exposure in Hotel real estate
BBB-,
3
stable outlook
Strengthening of solidity of the balance sheet
Successful capital increase of €255 million in early 2015
60% unsecured debt (vs. 23% at the end of 2011)
Improved
financial
profile
ICR: 3.0
37
FINANCIAL RESULTS
LIABILITIES: IMPROVING THE PROFILE
€2.2 billion (€1.4 billion GS) in financings and re-financings during first half…
>
Average maturity of financing: 8.3 years
>
Maintenance of a diversified financing policy in a volatile financial market
Strong diversification in financing
5%
Debt maturities under control
Average maturity 4.9 years
Investor mortgages
2.3
37%
Bank mortgage
loans
58%
unsecured
debt
1.7
37% Bonds
1.3
21% Corporate credits
0.1
0.5
2015
2016
1.5
1.3
0.8
2017
0.5
2018
2019
2020
2021
2021 2023
and following
Group Share - € billion
…which allow improvement in the debt profile
>
Improvement in debt maturity: 4.9 years as compared to 4.1 years at the end of 2014
>
Improvement in cost of debt: 2.9% compared to 3.3% at the end of 2014
>
ICR: 3.0 vs. 2.8 end of 2014
>
LTV (47.5%): effect of concentrating investments during the first half and dividend distribution
Group share data
Continue reducing cost of debt and
extending maturity
38
FINANCIAL RESULTS
RENTAL INCOME UP 2.8% OVER THE YEAR
Rental
income1
(€m)
Change
Change at likefor-like scope
France Offices
116.5
-4.1%
+0.9%
96.3%
5.4 years
Italy Offices
53.4
-9.5%
-4.3 %
94.1 %2
10.1 years
169.9
-5.9%
- 0.8%
95.7%
6.7 years
Germany Residential
55.3
+ 12.0%
+ 1.7%
98.2%
N/A
Hotels/ Service Sector
38.9
+ 56.7%
+ 0.5%
100%
7.1 years
Other
7.2
N/A
N/A
N/A
N/A
Total
271.2
+2.8%
-0.1%
96.8%
6.8 years
Change in rental income at like-for-like scope
Positive performance
Stable excluding effect of Telecom Italia transaction
and the vacating of Turin property in 2014
Offices
Berlin: +2.4%
Accor Hotels: +0.8%
Occupancy
rate
Residual
firm lease terms
Indexation: +0.4%
Occupancy rate: -0.5%
Renewals: 0.0%
Group share data
1 Excluding
Logistics (€10 million), classified as discontinued operations; 2 Core Portfolio (Italy occupancy rate and total of 91.2% and 96.1% with Italy Dynamic assets)
39
FINANCIAL RESULTS
RECURRING NET INCOME INCREASED 3.7%
€m
H1 2014
H1 2015
%
Rental income
263.7
271.2
o/w net rental income
243.7
249.8
Net operating costs
(25.5)
(28.9)
10.5
13.1
Current operating income
228.7
234.0
+ 2.3%
Net cost of financial debt
(83.9)
(78.2)
-6.8%
Recurring net income of MEE companies
7.0
6.4
Income from non consolidated affiliates
0.0
0.2
151.9
162.3
Recurrent tax
(1.8)
(0.5)
recurring net income of discontinued operations
13.4
7.7
163.6
169.6
49.3
158.1
- 139.4
-35.4
-3.3
-0.3
-23.3
-2.8
-2.8
-11.6
7.7
-2.7
51.7
274.8
Income from other activities
Pre-tax net income
EPRA Net Recurring Income
Fair value adjustment on real estate assets
Changes in the fair value of financial instruments
Margin on disposals
Other
Non-recurrent tax
Profit/loss on discontinued operations
Net income
+ 2.8%
+6.8%
+3.7%
Group share data
40
FINANCIAL RESULTS
RECURRING NET INCOME PER SHARE INCREASED 1.7%
H1 20141
H1 2015
Change vs.
H1 20141
163.6
169.6
+3.7%
EPRA RNI/share (€)
2.57
2.62
+1.7%
Average number of fully diluted
shares
62,699,082
64,771,181
+3.3%
EPRA RNI (in €m)
Strengthening position in Hotels
Stable rental income at like-for-like scope
Strengthening of Germany Residential
Impact of disposals 2014
Lower average cost of debt
Dilution impact from capital increase in 2015
Group share data
1 Post-adjustment
after preferential subscription rights distribution linked to the capital increase in early 2015 (adjustment coefficient of 0.986)
41
FINANCIAL RESULTS
PORTFOLIO: INCREASE IN VALUE AT LIKE-FOR-LIKE SCOPE: +2.1%
Values
H1 2015
Total share
Values
H1 2015
Group share
Change (%)
LFL
6 months
Yield ED
H1 2015
Group share
France Offices
5,301
4,550
+2.9%
6.4%
Italy Offices
4,018
1,941
+0.3%
5.8%1
France Offices
9,319
6,490
+2.1%
6.2%
Germany Residential
3,269
1,973
+2.8%
6.3%
Value of Berlin: +7.1%
Hotels/Service Sector
3,494
1,376
+1.8%
6.0%
Value of Hotels: +2.2%
Other
1,297
920
N/A
N/A
Total
17,379
10,759
+2.1%
6.0%
€m
Increase in Paris Region values and developments
Value of Telecom Italia portfolio: +0.4%
Group share data
Portfolio + dynamic: 5.7%
1Core
42
FINANCIAL RESULTS
COMPLETION OF 50% OF THE PROGRAM OF DISPOSALS
45% of non-strategic assets above the appraisal values including €143 million in France Residential
55% of non-core assets:
>
France Offices : disposals of vacant assets with strong added value
>
Italy Offices: disposals of €126 million (€61 million GS) of Telecom Italia assets at appraisal value
(€m, H1 2015)
Disposals
Disposals and
Margin vs.
and
agreements
Values
agreements
100%
2014
GS
Yield
France Offices
66
66
+16%
2.6%
Italy Offices
234
113
+1.1%
6.7%
Germany Residential
17
11
+27%
5.3%
Hotels & Service Sector
28
12
+0.2%
3.9%
Non-strategic
271
164
+ 2.0%
2.9%
Total asset disposals
616
365
+4.9%
4.1%
Quality improvement
Group share data
43
FINANCIAL RESULTS
EPRA NAV PER SHARE INCREASED BY 1.8% DESPITE THE DIVIDEND DISTRIBUTION
Successful capital increase of
>
€255 million earmarked for investments in progress
>
Followed-up by the primary shareholders of Foncière des Régions
>
3,917,722 new shares (6.2% of capital)
EPRA NAV supported by recurring net income and increase in values
> EPRA NAV: €5,075.6 million (+6.8% over six months) and €75.8 per share (+1.8% over six months1 and +7.5% excluding impact of dividend)
> EPRA NNNAV €4,437 million and €66.3 per share
€5,076 m
€4,754 m
€74.5/share1
+€170
million
RNI EPRA
Group share data
EPRA NAV
End 2014
€75.8/share
+€157
million
Property
values
increase
-€269
million
Distribution
+€13
million
Other
+€252 million
capital
increase
Number of shares used to calculate NAV/share:
66,919,402 for 2015 vs. 62,941,712 for 2014
EPRA NAV
30 June 2015
1 Post-adjustment
after preferential subscription rights distribution linked to the capital increase in early 2015 (adjustment coefficient of 0.986)
44
4. Outlook
Calypso - Marseille
45
OUTLOOK
2015 OUTLOOK CONFIRMED
A constantly stronger real estate portfolio
PURSUING H1 2015
ACHIEVEMENTS
>
95% of strategic activities at end 2015
>
€205 million GS of deliveries in Offices and Hotel real estate; start of new projects
>
Pursue acquisitions in German Residential and in Hotel real estate
>
Disposals: €700 million GS target for 2015
Vélizy Offices
Great stories with Key Accounts
>
New negotiations in-process with our partners
Milan Offices
Offices: use development projects as a base
>
EMBEDDED
FUTURE
GROWTH
Source of high profitability and value creation
Diversifications: two major growth drivers
>
German Residential: organic growth
>
Hotel real estate in Europe: benefit from favourable structural and cyclical factors
Berlin Residential
Liability: still possibilities to reduce the cost of debt
Confirmation of a slight increase in RNI per share for 2015
Paris Hotels
46
AGENDA
FINANCIAL AGENDA
Q3 2015: 5 November 2015
47
Appendices
Steel - Paris
48
APPENDIX: 1
COMMITTED PIPELINE
Rental
income
> €32 m
Value
creation
> 10%
Yield
> 7%
Pre-let at
60%
26 PROJECTS FOR €463 MILLION Group share
Projects
(% held)
Offices
Steel
Askia – Cœur d’Orly (FDR share: 25%)
Green Corner
Eiffage Campus (FDR share: 50%)
2015 Subtotal
Euromed Center – Calypso (FDR share: 50%)
Dassault Systèmes Extension (FDR share: 50%)
Schlumberger Montpellier Pompignane
Silex I
Clinique Saint-Mandé
Bose
2016 Subtotal
Thaïs
Euromed Center: Bureaux Hermione (FDR share: 50%)
2017 Subtotal
Hotels
B&B Porte de Choisy
B&B Lyon Caluire
B&B Romainville
B&B Mülheim
B&B Erfurt
B&B Osnabrück
2015 Subtotal
Euromed Center - Hotel (FDR share: 50%)
B&B Torcy
B&B Duisburg
B&B Berlin
B&B Konstanz
B&B Potsdam
B&B Hamburg
2016 Subtotal
Meininger Munich
Total
Type
Location
Projects
France Offices
France Offices
France Offices
France Offices
Paris Regions
Orly - Greater Paris
Saint-Denis - Greater Paris
Vélizy - Greater Paris
Refurbishment
Construction
Construction
Construction
France Offices
France Offices
France Offices
France Offices
France Offices
France Offices
Marseille
Vélizy - Greater Paris
Montpellier
Lyon
Saint-Mandé - Greater Paris
Saint-Germain-en-Laye - Greater Paris
Construction
Construction
Reconstruction
Refurbishment
Reconstruction
Construction
France Offices
France Offices
Levallois - Greater Paris
Marseille
Refurbishment
Construction
Hotels
Hotels
Hotels
Hotels
Hotels
Hotels
Paris Regions
Lyon
Romainville - Greater Paris
Germany
Germany
Germany
Construction
Construction
Construction
Construction
Construction
Construction
France Offices
Hotels
Hotels
Hotels
Hotels
Hotels
Hotels
Marseille
Torcy - Greater Paris
Germany
Germany
Germany
Germany
Germany
Construction
Construction
Construction
Construction
Construction
Construction
Construction
Hotels
Germany
Construction
128,550
3,700
18,500
20,400
23,000
65,600
9,600
13,100
3,150
10,600
5,500
5,100
47,050
5,500
10,400
15,900
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Delivery
Target rent
(€/m²/year)
2015
2015
2015
2015
600
250
285
270
2016
2016
2016
2016
2016
2016
250
305
155
280
N/A
225
2017
2017
N/A
250
2015
2015
2015
2015
2015
2015
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2016
2016
2016
2016
2016
2016
2016
2018
Preleasing
(as a %)
Total Budget2
(€M)
Target yield
Progress (%)
53%
0%
50%
70%
100%
63%
0%
100%
100%
0%
100%
100%
60%
0%
0%
0%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
60%
400.0
36.1
15.4
86.9
53
191.4
14.9
38.5
8.1
47.2
25.2
20.3
154.2
40
14.4
54.4
63.1
3,5
2,2
1,7
1,9
1,4
3,2
14,6
18,6
2,6
2,4
2,1
2,5
4,8
3,5
36,5
12,7
463
> 7%
6.0%
> 7%
> 7%
> 7%
> 7%
> 7%
6.0%
> 7%
6.0%
6.0%
> 7%
> 7%
6.0%
> 7%
> 7%
> 7%
6.3%
6.7%
> 7%
> 7%
> 7%
> 7%
> 7%
> 7%
> 7%
> 7%
> 7%
> 7%
> 7%
> 7%
> 7%
6.8%
> 7%
63%
100%
100%
85%
85%
89%
65%
35%
40%
35%
40%
65%
43%
20%
45%
27%
50%
91%
72%
84%
98%
54%
34%
78%
75%
59%
35%
35%
30%
27%
11%
53%
0%
61%
Group share data
Area1 (m²)
1100%
usable area excl. car park
2Group
share incl. land and financial cost
49
APPENDIX 2
ORANGE PORTFOLIO IN PARIS REGION: QUALITY; VALUE CREATION POTENTIAL
17 assets including 9 of the 10 primary Orange buildings; €780 million in value; 58% of the Orange portfolio
Montmartre
Carnot
Maillot
Laborde
Villette
Provence
Anjou
Menilmontant
Guttemberg
Voltaire
Cherche Midi
Philippe Auguste
Keller
Raspail
Gobelins
Bobillot
50
APPENDIX 3
GERMANY RESIDENTIAL PRIME LOCATIONS IN CITIES WITH POTENTIAL (RED SPOTS)
Rating
ImmoScout24
Hamburg
Berlin
Dresden
Leipzig
51
APPENDIX 4
GERMANY RESIDENTIAL : CHANGE IN RENT REGULATIONS
>
Before
Starting in
2015
New lettings
New lettings
New rent is freely determined
>
The new rent cannot exceed the reference rent (Mietpiegel, 3 comparable rents
appraised by an expert) by more than 10%
>
In the event of modernisation work: it is possible to increase the rent by 11% of
the cost of the work1
Existing tenants
Existing tenants
>
Rent increase limited from 15% to 20% (depending on the city) and not to exceed
the Mietspiegel (market average)
>
Increase possible every 3 years
>
In the event of modernisation work: rent may be increased by 11% of the cost of
the work1 but may not exceed the market average (Mietspiegel)
>
No change
Limited impact on Foncière des Régions
>
Implementation in Berlin, NRW and Hamburg since June-July 2015
>
Limit impact by using 3 comparable references as the reference rent
1 Modernisation
costs excluding maintenance share of investments
52
APPENDIX 5
ORGANISATION CHART
A development by financial partners in order to further the real estate strategy
Foncière des
Régions
48.3%
France Offices
Italy Offices
(Beni Stabili)
61.0%
43.1%
Germany
Residential
Hotels & Service
Sector
(Immeo)
(Foncière des Murs)
40.8%
Management
contracts
Consolidated
subsidiaries
(FDM Management)
Equity
affiliates
53
Contact
Paul Arkwright
Tel.: +33 1 58 97 51 85
Mobile: +33 6 77 33 93 58
[email protected]
Paris
30, avenue Kléber
75116 Paris
Tel.: +33 1 58 97 50 00

Achievements, Performances, Growth

Transcription

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Preliminary Consolidated Financial Statements 2015