2016 1 ST HALF RESULTS SFAF MEETING, 28 TH SEPTEMBER 2016 The low - - PowerPoint PPT Presentation

▶
2016 1 st half results
SMART_READER_LITE
LIVE PREVIEW

2016 1 ST HALF RESULTS SFAF MEETING, 28 TH SEPTEMBER 2016 The low - - PowerPoint PPT Presentation

Jun 15, 2023 349 likes •708 views

2016 1 ST HALF RESULTS SFAF MEETING, 28 TH SEPTEMBER 2016 The low cost retail park specialist The low cost retail park specialist Disclaimer This document was prepared by Patrimoine & Commerce for the sole purpose of presenting its first

slide-1
SLIDE 1

The low cost retail park specialist

The low cost retail park specialist

2016 1ST HALF RESULTS

SFAF MEETING, 28TH SEPTEMBER 2016

slide-2
SLIDE 2

The low cost retail park specialist The low cost retail park specialist

Disclaimer

This document was prepared by Patrimoine & Commerce for the sole purpose of presenting its first half results on 28 September 2016. This document may not be copied or circulated, in whole or in part, without the Company’s prior

  • approval. Patrimoine & Commerce cannot be held liable if this document is used by any person who

does not belong to the Company. This document contains no quantified results forecasts. The Company makes no undertaking and provides no guarantee with regard to the achievement of its targets or of any goals announced as part of its business plans. Although the Company believes that its targets are reasonable, investors are reminded that the achievement of these targets is subject to risks and uncertainties, including those described in the section entitled “Risk factors” in the annual Registration Document.

2

slide-3
SLIDE 3

The low cost retail park specialist The low cost retail park specialist

CONTENTS

  • 1. Patrimoine & Commerce,

A dynamic half year

  • 2. Patrimoine & Commerce,

The successful project of a value-oriented SIIC

3

slide-4
SLIDE 4

The low cost retail park specialist

Key figures as at 30 June 2016

4

NAV(5)

€ 23.7 383 000

m²

surface area

7.4%

LTV(3)

44.5%

€m

total asset value(2)

662

Capitalization rate(4)

€m

rental income(1)

20.5

(1) Gross rental income (2) Excluding taxes (incl. group share of Cherbourg and Studio Prod) (3) Adjusted for security deposits and hedging instruments (4) Annualized rental income + ERV of vacant spaces / value not including transfer taxes (5) Triple net EPRA/share

100% of assets +24% vs June 2015 +30 M€ vs Dec. 2015

slide-5
SLIDE 5

The low cost retail park specialist The low cost retail park specialist

Highlights of the 1st half of 2016

Acquisitions / projects totaling more than 26 000 m²

> Provins (77) - retail park measuring 3 240 m² > Loches (37) - retail park measuring 6 228 m² > Lempdes - Clermont-Ferrand (63) - retail park measuring 6 800 m² > Champniers - Angoulême (16) - retail park measuring 10 100 m²

Disposal of an office asset in Chasseneuil-du-Poitou (86) Refinancing for €9.5m

> Arcinvest in April 2016 – Arçonnay asset (72)

96% of SIIC assets

> SIIC status for the asset located at Place des Fêtes à Paris (75)

5

slide-6
SLIDE 6

The low cost retail park specialist The low cost retail park specialist

Champniers retail park - Angoulême (16)

6 Surface area: 10 100 m²

slide-7
SLIDE 7

The low cost retail park specialist The low cost retail park specialist

  • 1. 2016 1ST HALF RESULTS

7

A DYNAMIC HALF YEAR

slide-8
SLIDE 8

The low cost retail park specialist The low cost retail park specialist

Funds From Operations growth of: +25.7%

8 In €m

6 months 30/06/16 6 months 30/06/15 Variation in M€ Variation % Gross rental income 20.5 16.6 +3.9 +23.7% Net rental income 19.6 15.9 +3.7 +23.2% Operating expenses (2.1) (1.7) (0.4) +24.0% Normative EBITDA(1) 17.5 14.2 +3.3 +23.1% Non-SIIC assets current tax

  • (0.1)

+0.1

  • 100.0%

Net cost of debt (4.9) (4.1) (0.8) +20.1% Funds From Operations (FFO) 12.6 10.0 +2.6 +25.7%

FFO / action 1.02 € 0.82 € +0.21 € +25.2%

Note: (1) EBITDA does not include development business (reclassified as other income and expenses)

slide-9
SLIDE 9

The low cost retail park specialist The low cost retail park specialist

Income statement (cont’d)

9 In €m

6 months 30/06/16 6 months 30/06/15 Variation in M€ Variation % Funds From Operations (FFO) 12.6 10.0 +2.6 +25.7% Change in FV of properties 1.1 0.7 +0.4 n.a. Change in FV of financial instruments (2.7) 2.1 (4.8) n.a. Equity method investees (excluding change in FV) 0.2 0.1 +0.1 n.a. Other income and expenses 0.2 0.1 +0.1 n.a. Net income 11.4 13.0 (1.6)

  • 12.4%

Minority interests (1.3) (0.5) (0.8) n.a. Net income, group share 10.1 12.5 (2.4)

  • 19.2%
slide-10
SLIDE 10

The low cost retail park specialist

Strong growth in gross rental income

10

Gross rental income 30 June 2015

16.6

Gross rental income 30 June 2016 Acquisitions and deliveries Indexing, renegotiations, and other

4.3 0.1

Turnover

20.5

(0.4)

+23.7%

In €m

slide-11
SLIDE 11

The low cost retail park specialist The low cost retail park specialist

Revenue resilience

11

Lease expiration dates (end of lease)

€2m €4m €6m Automatic renewal 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 >2026

96%

Occupancy rate

2%

Unpaid/late payments

2%

Turnover

74% ILC 23% ICC 113 €/m²

Average rent, retail parks

262 €/m²

Average rent, Shopping malls and centers

slide-12
SLIDE 12

The low cost retail park specialist The low cost retail park specialist

95%

Net rental income / Rental income

Very good performance indicators

12

(1) Restatement of Croix St Jacques/Ville du Bois

89%

Reinvoicing rate(1)

11%

G&A

89%

EBITDA / Net rental income

64%

FFO / Net rental income

slide-13
SLIDE 13

The low cost retail park specialist The low cost retail park specialist

Solid financial structure

13 In €m 50 32 Treasury Portfolio’s appraisal value €662m

  • incl. group share of ownership

in assets owned by entities consolidated using the equity method

Liabilities June 2016

Other Other 65 Financial debt 337 Minority interests 24 292 Equity (group share)

718 718

636

Assets June 2016

Stable NAV €23.7

(interest only strip)

slide-14
SLIDE 14

The low cost retail park specialist The low cost retail park specialist

Dynamic investment strategy

14

Portfolio’s appraisal value 1 January 2016 Portfolio’s appraisal value 30 June 2016 Acquisitions and deliveries Disposals Fair value (result)

606.0 636.0

29.5 (0.7) 1.4 In €m

slide-15
SLIDE 15

The low cost retail park specialist The low cost retail park specialist

LTV in line with objectives

15

Net debt in €m LTV in %

250 200 150 100 50 65% 45% 35% 25%

46.1% 214

300

Dec. 2012 Dec. 2013 Dec. 2014 Dec. 2015 June 2016

55%

222 199 262 283 46.4% 39.0% 43.2% 44.5%

slide-16
SLIDE 16

The low cost retail park specialist The low cost retail park specialist

Pro-active debt management

16

Dec. 2014 June 2015 Dec. 2015 June 2016 3.32X 3.53X 3.44X 3.46X

ICR ratio Average interest rate

3.6% 3.6% 3.4% 3.2%

5.8 years

Average maturity

93%

Hedged

slide-17
SLIDE 17

The low cost retail park specialist The low cost retail park specialist

Successful stock dividend payment

17

2012 2013 2014 2015

Dividend € / share Yield % of FFO

€ 1.00 € 0.85 € 0.80 € 0.63 28% 40% 53% 60%

0.30 0.20 0.10 0.40 0.50 0.60 0.70 0.80 0.90 1.00 60% 10% 20% 30% 40% 50%

Stock dividend subscribed

+70% +59%

in 4 years

slide-18
SLIDE 18

The low cost retail park specialist The low cost retail park specialist

  • 2. PATRIMOINE & COMMERCE

THE SUCCESSFUL PROJECT OF A VALUE SIIC

18

slide-19
SLIDE 19

The low cost retail park specialist The low cost retail park specialist

19

Shareholders

as of 13 July 2016

Market profile of an institutional SIIC

Stock price

Base 100 since 31 Dec. 2012

BPVF

9.2%

Predica

19,8%

Duval Family

24.4%

Suravenir

4.1%

Vergely Family

12.9%

Robbe Family

6.3%

Float

23.2%

2013

Patrimoine & Commerce IEIF SIIC France

80 100 120 140 160 180 2014 2015 2016

+41% +62%

€300m

market cap.

slide-20
SLIDE 20

The low cost retail park specialist The low cost retail park specialist

20

Governance compliant with MiddleNext Code

Compensation Committee

3 independent members / 4

  • M. de Fresnoye (Suravenir)

Investment Committee

4 independent members / 5 Chairman: M. Ranjard

Audit Committee

1 independent member / 3 Chairman: M. Louis-Victor

Supervisory Board

15 members, including 11 independent

Chairman: M. Louis-Victor

NB: Predica – considered non-independent – has two members on the supervisory board and one on each sub-committee

slide-21
SLIDE 21

The low cost retail park specialist The low cost retail park specialist

21

A player with critical mass

> 77 assets > 383 000 m² > €662m assets value (group share) > 4 regional offices

Assets in m€ 96%

SIIC assets

2009 2012 2015 S1 2016

CAGR 24%

164 489 632 662

slide-22
SLIDE 22

The low cost retail park specialist The low cost retail park specialist

Cergy (95) Buchelay (78) Plérin (22) Poitiers (86) Cognac (16) Soyaux (16) Limoges (87)

Strengthening territorial coverage

22

Lexy (54) Mulhouse (68) Champagne-au-Mont-d’Or (69) Saint Priest (69) Salon-de-Provence (13) Rivesaltes (66)

2016 2017 2018 2019

A pipeline worth €214m

In M€ 20 40 80 Committed pipeline Identified pipeline 60

slide-23
SLIDE 23

The low cost retail park specialist The low cost retail park specialist

Attractive nationwide retailers

23

TOP 15 retailers

38% of total rents

Breakdown in rents

by type of retailer

90%

Nationwide brands

Household goods

28%

Beauty & Health

9%

Food

8%

Personal products

33%

Leisure & Culture

17%

Services

6%

slide-24
SLIDE 24

The low cost retail park specialist The low cost retail park specialist

Institutionalization of financing

24

€50m €100m €350m €300m €250m €200m €150m Dec. 2009 June 2011 Dec. 2012 Dec. 2014 Dec. 2015 June 2016 94% 81% 44% 29% 23% 21% 6% 19% 50% 12% 57% 21% 19% 18% 61% Financial lease Mortgage loans Bonds 44%

6 to 79%

slide-25
SLIDE 25

The low cost retail park specialist

P&C’s shift to a value SIIC

25

Assets X4 NAV X5 Dividend 60% of FFO

End 2009 Dec. 2010 June 2011 Sept. 2011 Dec. 2012 Aug. 2014 Dec. 2014 Q1 2015 Creation P&C BPVF invests Suravenir invests Suravenir bond Integration

  • f Sépric

Predica invests EuroPP issue Trimax deal H2 2015 Foncière Sepric merges with P&C July 2016 Successful stock dividend +70%

slide-26
SLIDE 26

The low cost retail park specialist The low cost retail park specialist

Winning strategy of a value SIIC

Leader in French low cost retail parks Target asset valuation of €1bn Yield above 7.0% Loan To Value ratio below 50% Dividend payout around 60% of FFO

26

Cergy retail park

slide-27
SLIDE 27

The low cost retail park specialist The low cost retail park specialist

27

APPENDIX

slide-28
SLIDE 28

The low cost retail park specialist

Cognac retail park (16)

28 Surface area: 4 500 m²

slide-29
SLIDE 29

The low cost retail park specialist

Poitiers retail park (86)

29 Surface : 5 500 m²

ASIA Restaur ant

Signature prévue le 30/09/16 Poitiers Tranche 1 & 2

slide-30
SLIDE 30

The low cost retail park specialist

Champagne au Mont d’Or retail park (69)

Lyon - West

30 Surface area: 4 500 m²

slide-31
SLIDE 31

The low cost retail park specialist

Wittenheim retail park (68)

31 Surface area: 23 000 m²

D429

slide-32
SLIDE 32

The low cost retail park specialist

Cergy retail park (95)

32 Surface area: 21 100 m²

slide-33
SLIDE 33

The low cost retail park specialist

Lexy retail park (54)

33 Surface area: 16 900 m²

Longwy

slide-34
SLIDE 34

The low cost retail park specialist The low cost retail park specialist

34

Acquisitions completed in 1st half of 2016

Loches (37) 6 228 m²

  • Cap. rate: 7.7%

Tenants: Intersport, Gémo, ChaussExpo Lempdes (63) 6 800 m²

  • Cap. rate: 8.4%

Tenants: Fly Provins (77) 3 240 m²

  • Cap. rate: 7.5%

Tenants: Décathlon, Orchestra