Analyst Meeting Analyst Meeting First Half 2013 Results 1 Growth - PowerPoint PPT Presentation

Analyst Meeting Analyst Meeting First Half 2013 Results 1

■ Growth & Profitability Image ■ Strong Pipeline of Investments ■ Strong Pipeline of Investments 2

Contents ■ Growth & Profitability ■ Page 04 ■ Strong Pipeline of Investments ■ Page 11 ■ Guidance Page 29 ■ Page 32 ■ Appendix ■ 3

Growth & Profitability 2013 H1 Results 4

Evolution of Rental Income H1 FY M€ ■ Organic Growth = +10% □ Retail progress in Marseille Rue de la 2012 PF Rental Income 14.5 30.6 République – Seg 3: McDonalds, Monoprix, Casino, Picard, Brioche Dorée Organic +1.5 +2.3 □ Carlton lease renewed in Lyon Acquisitions +1.1 +2.5 ■ Total Growth= +18% □ Impact of 2012-2013 acquisitions 2013 Rental Income 17.1 35.4 2013 Target +14% confirmed 2013 Target +14% confirmed 36.0 0.6 35.0 1.4 34.0 33.0 35.4 2.4 32.0 31.0 0.4 30.6 30.0 31/12/2012 Hotels Offices Retail Other 31/12/2013 5 * Loyers 2012 proforma des cessions Angel de Lyon et B&B

2013 H1 Key Figures : Increase in Profitability 2013 H1 Rent Breakdown Hotels 2013 2012 9 % M€ Reported proforma Others Residential 4 % 22 % Rental 17.1 M€ 14.5 M€ Income Offices EBITDA 11.4 M€ 8.7 M€ 26 % Margin 67% 60% Cash Flow 8.3 M€ 5.3 M€ Retail Retail 40 % ■ EBITDA +31% (vs proforma) ■ Cash Flow +57% (vs proforma) □ Company structure adapted □ Lower cost of debt □ +7 margin points vs proforma 6

Solid Portfolio Value = €927M ■ Appraisal = €927M □ Stable cap rate across portfolio 1,800 □ Limited impact in residential for 1,650 comparison value 1,600 1,543 1,400 513 Bordeaux 466 2 % 1,200 B&B 4 % 927 1,000 884 Lyon 800 673 16 % 627 600 600 444 714 703 - 400 275 Marseille 450 451 78 % 200 169 119 122 - DEC 05 DEC 08 DEC 11 DEC 12 JU 13 ■ Yield applied by appraisers Marseille 30/06/2013 31/12/2012 Commerces 5.60% - 7.90% 5.60% - 7.90% Bureaux 6.60% - 8.00% 6.60% - 8.00% Logements (hors loi 48) 4.40% - 5.60% 4.40% - 5.60% 7

Strong Financial Structure = Firepower to Implement Strategy ■ Loan to Value = 39% Debt sources Breakdown □ Net financial debt = 357 M€ Secured Gross Debt (mortgage) □ 36 M€ available financing 4 % 360 M€ 400 9 350 62 25 300 Unsecured 360 250 (corporate) 314 96 % 96 % 200 200 150 Dette 31/12 Remb CACIB Triages ANF Tirage SW Dette conso 30/06 ■ 2014 Refinancing Discussions ■ Cost of Debt = 3.10% □ Diversify sources and maturities □ Reimbursement of expensive debt □ 225 M€ refinancing + new debt □ Low market rates 8

Stable Triple Net Asset Value 30.7 30.7 30.8 0.0 30.6 0.5 30.4 30.2 1.0 0.3 30.0 29.7 29.8 0.2 29.6 29.4 29.2 29.0 NAV Dec 12 Dividend NAV Dec 12 post FV Properties FV Swaps Cash Flow Others NAV Jun 11 div EPRA Triple Net Asset Value 30.7 €/share 9

Image 10 10

Strong Pipeline of Investments 2013 H1 Results 11 11

Objective 2013-2017 + Value added to GAV ■ Follow-up identified developments ① ① ① ① Marseille □ Renovation of Marseille Haussmann assets 62 M€ + 170 M€ Lyon □ Identified developments in Marseille (Ilot 34, Rabatau, Desbief, SNCM et Montolieu) and Lyon (TAT): 108 M€ Bordeaux ② ② ② ② ② ② ② ② ■ Acquisitions in top French cities outside Paris ■ Acquisitions in top French cities outside Paris Lyon Lyon + 240 M€ □ Large cities with committed public developments Marseille etc… - Disposals ■ Follow-up assets rotation Marseille ③ ③ ③ ③ - 238 M€ Lyon □ Mainly residential to balance asset type Hotels & geographical exposure 12 12

Status on Disposal Plan Lower residential share 238 M€ Medium Term Disposal Plan □ 84% in Marseille; 69% in residential □ 53% launched: 20% already secured & 33% work-in-progress ■ 69% in residential = 163 M€ □ 73,000 m², ie c.75% of total area □ In 6 months 50% of total program initiated: Hotels Offices already 15% secured & 35% work-in- 24 24 progress Parkings 27 ■ 10% in hotels = 24 M€ □ Fully secured with Foncière des Murs Residential 163 13 13

ANF Approach on acquisitions LOCATION ■ Focus on French domestic market - major provincial cities (outside of Paris) □ ANF expertise & knowledge of local markets □ Less foreign competition drives reasonable valuation ■ Along with city development □ Part of large scale ambition involving public & private actors □ Capitalize on local footprint ■ Selected cities so far □ Marseille Euroméditerranée, Vélodrome □ Lyon Confluence, Carré de Soie □ Bordeaux Bassin à Flots, Euratlantique ■ ANF’s Angle on Location □ Strong relationship with local partners □ Buildup orientation 14 14

ANF Approach on acquisitions ASSET TYPE ■ Focus on liquid assets □ Proven track record on acquisition, property management & asset management □ Less foreign competition drives reasonable valuation ■ Decreased appetite for residential □ Significant current exposure with limited room for appreciation □ Uncertainty of fiscal regime ■ Selected asset types Selected asset types □ Offices □ Retail □ Hotels ■ ANF’s Angle on Asset Type □ Strong expertise in Asset management □ Ability to build partnerships 15 15

2013 H1 Highlights : Very Active in Investments ■ Acquisition: ■ Strong performance of Marseille Banque de France (Lyon) □ More attraction developed in connection with European Capital of Culture □ 2 buildings Rue de la République 8,000 m² □ Sustainable retail activity in Rue de la □ ANF keeps 3,500 m² of retail République □ Vinci Immobilier 4,500 m² res./offices □ No worsening economic conditions on tenants’ credits ■ Committed during 2013 H1 □ Silky Way - Lyon : 36,600 m² ; □ La Fabrique – Bordeaux : 5,000 m² □ La Fabrique – Bordeaux : 5,000 m² ■ Marseille – Ilot 34 delivered □ B&B Airport – Marseille □ 26,000 m² delivered in Euroméditerranée ■ Ongoing pipeline □ 4,000 m² sold; 13 000 m² already rented □ Nautilus – Bassin à Flots Acquisitions = 110 M€ committed in H1 2013 ■ Under study □ Bordeaux Euratlantique : Armagnac □ Lyon : several opportunities 16 16

Image 17 17

New Acquisition Lyon - Banque de France TAT 2, 3, 4 République 18 18

New Acquisition Lyon - Banque de France Acquisition Banque de France – Lyon 3,500 m² retail 4,500 m² residential/offices Delivery expected by 2015 Gross Bid Price 16 M€ Gross Bid Price 16 M€ P artnership with VINCI Immobilier ■ Environment □ Exceptional location where demand is high for retail premises □ Located in the 2 nd district, easy access to public transportation (subway station Cordeliers Bourse, tramway and bus stations) □ Built in the mid 1850’s and features a high architectural quality 19 19

Bordeaux Two Areas Selected: Euratlantique & Bassins à Flots 1. Euratlantique 2. Bastide 3 3. Bassins à flots ■ Bordeaux Office Market □ Size of Office market = 2.2 M m² 2 □ Shortfall of immediate supply □ 2013, available supply = 120,000 m² out of □ 2013, available supply = 120,000 m² out of which 11,800 m² are new (8,500 on Euratlantique and pre-let) □ Rental value 160-180 €/m² 1 20 20

■ Film Bordeaux Image Bordeaux - Bassins à flots Wine Museum Delivery 2014 Le Nautlilus 21 21

Bordeaux - Les Bassins à Flots Outlook Offices Hotels Retail Residential Offices 10,000 m² Pépinières d’entreprises S1 2015 La Fabrique Offices 3,700 m² T4 2014 T4 2014 Hotel 120 rooms S1 2015 Hotel 150 rooms Retail 3,000 m² Offices 8,000 m² Residential T4 2016 2015-2017 Le Nautilus Retail 2,500 m² Offices 12,000 m² T4 2014-2016 2012-2013 Residential Offices 8,000 m² S2 2017 22 22

New Acquisitions Bordeaux Bassins à Flots - La Fabrique Acquisition Bordeaux Bassins à flots La Fabrique Gross Price 10 M€ ■ Environment □ Shortage of new offices supply in 2013/2014 □ 3,700 m² office building, next to Nautilus □ Delivery by Q4 2014 23 23

Commercial Sectors in Lyon To Lyon Airport Carré de Soie 24 24

New Acquisitions Lyon - Carré de Soie Acquisition Lyon Carré de Soie - offices Gross Price 100 M€ 12 year lease Commercial Center ■ 36,600 m² offices □ Fully rented to Alstom Transport (12 year lease) □ Delivery expected by 07/2015 Pôle multimodal Assiette □ HQE & BREAM Very Good certifications expected du projet □ Investment in partnership alongside Caisse d’Epargne (35%) and a developer (5%) 25 25