Upward revision of the annual growth target
for rental income to 15%
Regulatory News:
ANF Immobilier (Paris:ANF):
Activity in the 1st half of 2015 demonstrated the pertinence
of ANF Immobilier’s strategy. The impact of the investment program
and the refocusing of the real estate company, both in commercial
real estate and geographically, resulted in a sharp rise in its
financial and real estate indicators. Net Asset Value thus rose 4%
and the annual growth target for rental income was revised upwards
to 15%.
1) Financial indicators rising sharply
- Rental income: up 21%, stemming from
new investment
Growth at constant scope: 1% compared with the 1st half of
2014
- EPRA recurring cash flow: up 21%
compared with the 1st half of 2014
- Increase in Fair Value: €13 million due
to new acquisitions and commercial real estate projects, in
particular the development of the new 13,100 sq.m. head office for
the Adecco France group in Lyon
- Asset value of €1.16 billion: up 16%
compared with end-June 2014
2) Acceleration of the shift in the portfolio towards
commercial real estate
- Delivery of a 36,600 sq.m. office
complex in Lyon, leased to Alstom for 12 years, generating
additional rental income of €6.3 million per year from July 1,
2015
- Second partnership with the Crédit
Agricole group and DCB International for total commercial real
estate investments in Lyon amounting to nearly €54 million
- Portfolio rebalancing leading to an
improvement of 1.4% in the occupancy rate and growth of 0.1% in the
EPRA yield
3) Increase in NAV stemming from growth in cash flow
and increase in fair value
- Pro forma EPRA NAV of €29.80 per share:
up 4% after taking into account the dividend payment of €1.10 per
share
Results
Rental income totaled €23.2 million in the 1st half of
2015, a sharp rise of 21% compared with the 1st half of 2014 (up 1%
at constant scope). This growth was primarily due to two
transactions carried out in the 2nd half of 2014: the acquisition
of the Areva building in the Part-Dieu district of Lyon and the
delivery of the second part of the Nautilus building in the
Bassins-à-Flot district in Bordeaux. Portfolio income stemmed from
office leases (45%), retail leases (25%) and hotel leases
(11%). The residential sector now only accounts for 16% of rental
income.
Recurring EBITDA increased 26% to €16.3 million,
resulting mainly from new acquisitions and deliveries in the
commercial real estate segment.
EPRA Recurring Net Income after minority interests
amounted to €6.9 million. Net income after minority interests
(IFRS) was €8.4 million.
Recurring Cash flow increased 21% to €9.3 million, or
€0.50 per share.
The portfolio value established by two independent
appraisers amounted to €1,165 million (excluding transfer
taxes), up 16% compared with end-June 2014, and up 5% compared with
end-December 2014.
The Loan-To-Value ratio was 45.0% at June 30, 2015
compared with 47.5% at December 31, 2014. The cost of debt came to
3.3% in the 1st half-year. Restated for the temporary impact of
pre-hedges contracted upstream of financing, the cost of recurring
debt came to 3.0% for the 1st half-year.
At June 30, 2015, the Net Asset Value was €29.8 per
share, based on the EPRA method. Restated for the dividend payment
of €1.10 per share, this represented an increase of 4%, mainly
stemming from the increase in fair value of €13 million and the
impact of cash flow in the half-year.
Consolidated data (H1 2015/H1 2014)
SUMMARIZED FINANCIAL STATEMENTS (EPRA/IFRS)
(million €)
6/30/2015 6/30/2014
EPRA IFRS EPRA IFRS
Chg EPRA (%)
Gross rental income 23.2 23.2 19.2 19.2 21% Net operating
expenses -1.6 -2.4 -1.5 -1.5
Net rental
income 21.6 20.8 17.7
17.7 22% Margin 93% 90% 92% 92% Administrative
expenses -5.3 -5.9 -4.7 -4.7
Recurring
EBITDA 16.3 14.9 12.9
12.9 26% Margin 70% 64% 67% 67% Financial expenses
-6.9 -8.3 -5.3 -6.3
Cash flow
9.3 6.6 7.7 6.6
21% Amortization - -0.3 - -0.3 Change in Fair Value -
13,0 - -18.5 Other items -0.2 -0.2 -0.4 2.7 Taxes -0.2 -0.2
-0.1 -4.1
Recurring Net Income 8.9
18.9 7.1 -13.6 26% Margin
38% 81% 37% -71%
Recurring Net Income, Group Share 6.9
8.4 7.1 -13.9 -3% Margin 30%
36% 37% -73%
LTV
45,0% 42.2% Gross Asset Value
1.165
1.004
16% Net Asset Value 546.7 551.7
-1%
The Alstom Transport investment: a
cornerstone of ANF Immobilier's shift to commercial real
estate
On June 30, 2015, ANF Immobilier took delivery of its flagship
Lyon project: a 36,600 sq.m. office complex in the Carré de Soie
district in Lyon, fully leased to Alstom Transport. The real estate
company made an investment of €100 million, alongside the Caisse
d’Epargne Rhône-Alpes (CERA) and DCB International. Specific
financing of 60% was granted by Crédit Foncier de France.
This project is a key step in ANF Immobilier's shift towards
commercial real estate. It extends the average length of current
leases to more than seven years and increases the total EPRA
initial yield on assets by 0.1%. With this project, ANF Immobilier
once again confirms its ability to act upstream and accompany major
European cities in their development.
A second partnership with the Crédit
Agricole group and the launch of work on the new head office for
the Adecco France group in Lyon
In April 2015, the Crédit Agricole group (45%), DCB
International (approximately 5%) and ANF Immobilier (majority
shareholder with more than 50%) joined forces for the twin project
involving the acquisition of the Adecco France group's current head
office in the Tête d’Or district (9,000 sq.m.) and development of
the temporary staffing group's new headquarters in the Carré de
Soie district (13,100 sq.m.) of Lyon. The total investment
amounting to €54 million is financed by LCL and Crédit Agricole
Centre-Est.
The new headquarters of the Adecco France group, for which work
started at the same time as the partnership agreement was signed,
will be delivered in the 3rd quarter of 2016. It has been fully let
under a firm nine-year off-plan lease. The project will provide a
return of 7.6%. The office complex is in the thriving Lyon - Carré
de Soie district, immediately adjacent to the new premises occupied
by Alstom Transport. In particular, it enjoys the same advantages
in terms of transport connections and localization.
Strong pace of secured
investments
In the 1st half of 2015, the real estate company invested nearly
€84 million in new projects, of which 73% was in commercial real
estate assets in Lyon and 24% in hotel assets across France.
Regarding the pipeline established at the end of 2014, this
six-month investment corresponds to 25% of the €330 million program
to be undertaken by end-2014. At June 30, 2015, projects yet to be
delivered amounted to €230 million and were expected to produce
more than €17 million in additional rental income. The largest
component of this is the development of the Armagnac plot, 46,600
sq.m. in the center of the Euratlantique district in Bordeaux, for
which phased delivery is expected between 2017 and 2019.
Governance
The Company's organizational structure also changed in the 1st
half of 2015, with the appointment of Ghislaine Seguin, Member of
the Executive Board, as Deputy Chief Executive Officer. With 25
years of experience in real estate, working closely with Renaud
Haberkorn, Chairman of the Executive Board, her role will involve
supporting the real estate company's transformation and major
expansion.
Outlook
ANF Immobilier’s strategy and identity are based on three
pillars: investment to support the development of high-potential
regional cities, increasing the proportion of commercial real
estate assets, and an acknowledged ability to act upstream of all
its projects as an investor, promoter and asset manager.
Following an active investment phase between 2012 and 2014,
which has secured new projects totaling €500 million, 80% of which
are already rented or pre-rented, ANF Immobilier is concentrating
on the development of its investments in 2015 and 2016, by
completing and delivering the projects underway.
Once this business plan has been fully implemented, ANF
Immobilier will have doubled its rental income, will be focused
mainly on commercial property in the heart of large, dynamic
regional cities, and will have improved its EPRA yield. In the
medium term, the real estate company’s recurring cash flow will
exceed its steadily growing distribution.
For 2015, ANF Immobilier has revised its annual growth target
for rental income upwards. It now expects to see annual rental
income growth of 15% (compared with 12% previously), continuing to
invest in and to promote regional cities.
2015-2016 Financial Agenda Publication of revenue for the
3rd quarter 2015 November 12, 2015 (before the start of trading)
Presentation of the annual results March 22, 2016
About ANF
Immobilier
ANF Immobilier (ISIN FR0000063091) is a
French listed real estate investment company which owns a
diversified portfolio of office, retail, hotel and residential
property worth €1,165 million. It is currently undergoing a major
transformation to concentrate on commercial real estate, and aims
to invest in the regions and promote regional cities. It currently
has assets in Bordeaux, Lyon and Marseille. Listed on Eurolist B of
Euronext Paris and included in the EPRA real estate index, ANF
Immobilier is a company of the Eurazeo Group.
http://www.anf-immobilier.com
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version on businesswire.com: http://www.businesswire.com/news/home/20150720006527/en/
ANF Immobilier:Laurent Milleron, Tel.: +33 1 44 15
01 11investorrelations@anf-immobilier.comorPress:Perrine
Piat, Tel.: +33 1 58 47 94 66perrine.piat@havasww.com
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