I NVESTOR PRESENTATION September 2016 I NVESTOR PRESENTATION S TPHAN - - PowerPoint PPT Presentation

INVESTOR PRESENTATION

September 2016

September 2016

INVESTOR PRESENTATION STÉPHAN SONNEVILLE S.A.

CHIEF EXECUTIVE OFFICER

SIDNEY D. BENS

CHIEF FINANCIAL OFFICER

Overview

• 1. EXECUTIVE SUMMARY
• 2. SHAREHOLDERS & ORGANISATION
• 3. STRATEGY
• 4. PORTFOLIO
• 5. RESULTS & FINANCIALS
• 6. KEY OFFERING DATA
• 7. KEY INVESTMENT HIGHLIGHTS

September 2016

• 1. EXECUTIVE SUMMARY

Investor presentation – September 2016

• ATENOR is a real estate developer specializing in exceptionally located, large scale,

urban projects - office buildings, mixed-use and residential complexes - built with great technical and architectural quality. The company has acquired diversified know-how which it uses to design and build projects in Belgium and other countries.

• ATENOR is listed on the regulated market of Euronext Brussels.
• Active for over 25 years in the real estate development sector, ATENOR has had success

after success and built know-how recognised throughout the market. Over the last years, the Group has refocused its activities on real estate development alone. The record-breaking results achieved over the latest financial periods have demonstrated the value of this strategic choice. Responding to multiple changes in the real estate market, ATENOR became interested in the residential and commercial markets, therefore expanding its field of competences. This know-how based on the development of large scale, mixed use, real estate complexes has turned out to be very relevant. From a geographical standpoint and since 2007, ATENOR has also laid a solid foundation for a presence in Central Europe where it has focused on Romania and Hungary.

• The focus of ATENOR is targeted towards top locations in a limited number of countries

with a high development and value creation potential.

Overview

• 1. EXECUTIVE SUMMARY
• 2. SHAREHOLDERS & ORGANISATION
• 3. STRATEGY
• 4. PORTFOLIO
• 5. RESULTS & FINANCIALS
• 6. KEY OFFERING DATA
• 7. KEY INVESTMENT HIGHLIGHTS

September 2016

• 2. SHAREHOLDERS’ STRUCTURE

Investor presentation – September 2016

On 31 December 2015, the structure of shareholding is as follows:

• 2. BOARD OF DIRECTORS

Investor presentation – September 2016

• Mr Frank Donck

Chairman

• Stéphan Sonneville s.a.

Managing Director represented by Mr Stéphan Sonneville

• Prince Charles-Louis d’Arenberg

Director

• Baron Luc Bertrand

Director

• Mr Marc De Pauw

Director

• Investea sprl

Director Represented by Mrs Emmanuèle Attout

• MG Praxis sprl

Director represented by Mrs Michèle Grégoire

• Luxempart s.a.

Director represented by Mr Jacquot Schwertzer

• Sogestra sprl

Director represented by Mrs Nadine Lemaitre

• Mr Philippe Vastapane

Director

• 2. EXECUTIVE COMMITTEE

Investor presentation – September 2016

• Stéphan Sonneville s.a.

Chief Executive Officer

• Sidney D. Bens

Chief Financial Officer

• Laurent Collier

for Strat UP sprl, Executive Officer

• William Lerinckx

for Probatimmo bvba, Executive Officer

• Olivier Ralet

for OR BDM sprl Executive Officer

Overview

• 1. EXECUTIVE SUMMARY
• 2. SHAREHOLDERS & ORGANISATION
• 3. STRATEGY
• 4. PORTFOLIO
• 5. RESULTS & FINANCIALS
• 6. KEY OFFERING DATA
• 7. KEY INVESTMENT HIGHLIGHTS

September 2016

 Urban Demographic Growth  Residential Market growing fast

• > To pay attention to market segments evolution

 Offices obsolescence

• technical, environmental, end user’s way of occupancy
• location  Public transport station
• > To pay attention to EEC Administration evolution

and structural evolution  Presence in 4 countries of which Romania and Hungary Competing with differencial advantages

• > To pay attention to the favorable evolution
• f the economy and the real estate markets

 Diversified portfolio approach

• 3. STRATEGY

City Dox, Brussels The One, Brussels Europa Vaci Greens, Hungary

Investor presentation – September 2016

Dacia one, Romania

Overview

• 1. EXECUTIVE SUMMARY
• 2. SHAREHOLDERS & ORGANISATION
• 3. STRATEGY
• 4. PORTFOLIO
• 5. RESULTS & FINANCIALS
• 6. KEY OFFERING DATA
• 7. KEY INVESTMENT HIGHLIGHTS

September 2016

• 4. PORTFOLIO

Investor presentation – September 2016

• According to location : 5 regios
• According to project type & know-how : 2 sectors

Total : 683,202 m²

 Well diversified portfolio

• 4. PORTFOLIO

Investor presentation – September 2016

15 PROJECTS

Projects Building Permit Introduced Building Permit Obtained Construction Commercialisation

Trebel (Brussels) X X X X

Delivered Q2-2016

The One (Brussels) X X X X Realex (Brussels) X X

Due diligence ongoing

Palatium (Brussels) X X X X City Dox (Anderlecht) X X X X Victor (Brussels) Les Berges de l'Argentine (La Hulpe) X Le Nysdam (La Hulpe)

70% let

Port du Bon Dieu (Namur) X X X X Port du Bon Dieu (CBC) (Namur) X X X X Au Fil des Grands Prés (Mons) X X X X La Sucrerie (Ath) X X X X Les Brasseries de Neudorf (Luxembourg) X X X X AIR (Luxembourg) X X X X

Delivered Q1-2016

NAOS (Luxembourg)

New project

Hermès Business Campus (Bucharest) X X X X Dacia I (Bucharest)

New project

Vaci Greens (Budapest) X X X X

TREBEL

(BRUSSELS)

Location : European District Project : 29,766 m² offices Architects : Jaspers-Eyers & Partners Developer : Atenor Owner : European Parliament

NEWS

• Provisional delivery 29/06/2016
• Contribution to HY results : € 6.62 M
• Total generated results : € 47.75 M

Investor presentation – September 2016

THE ONE,

BRUSSELS EUROPA

NEWS

• Construction works in progress
• Apartments’ commercialisation launched

(32/99 units sold on 30/06/2016)

Investor presentation – September 2016

Location : Brussels – rue de la Loi / Wetstraat Project : 29,000 m² offices + 9,000 m² residential units Architects : BURO II & ARCHI+I Developer : The One Office S.A. – The One Estate S.A. (100 % Atenor)

REALEX

(Brussels) NEWS

• New investment in the European Quarter
• Period of exclusive negotiations with ERE III sarl
• Due diligence ongoing

Location : Brussels – rue de la Loi / Wetstraat Project : 41,000 m² offices Architects : Assar Architects Developer : Luxlex sarl (90% Atenor)

Investor presentation – September 2016

PALATIUM

(Brussels)

Location : Place Jean Jacobs 6 – Bd de Waterloo 7 – 1000 Brussels Project : Mixed project (14,000 m² residential units & offices) Architects : DDS & Partners Developer : Atenor

NEWS

• Renovation works ongoing
• Apartments’ commercialisation going

(48/155 units sold on 30/06/2016)

Investor presentation – September 2016

CITY DOX

(Brussels)

Location : Anderlecht, on the banks of the Willebroek Canal Project : Mixed used project ± 145,000 m² Architects : Architectes Associés : Residential Building, B to B building Etau Architects : Senior Housing and Serviced Flats Developer : Senior Island S.A. & Rest Island s.a. (100 % Atenor) Immobilière de la Petite Ile s.a. (100 % Atenor)

NEWS

• Elderly home sold
• Construction works launched in

06/2016

• Commercialisation apartments &
• ffices to be launched

Investor presentation – September 2016

Press conference on 15/09/2016

A

: logements

2

C - Logements D - S.I.E A - MRS B - RS

CITY DOX

(Brussels)

Investor presentation – September 2016

C

: logements

CITY DOX

(Brussels)

Investor presentation – September 2016

2 1

VICTOR

(Brussels) NEWS

• Regional Master Plan

approved January, 2016

• Building permit application to be introduced

Location : Brussels – South Station Project : Construction of offices, retail & residential units(109,500 m²) Architects : Jaspers-Eyers Developer : Immoange / Victor (Atenor 50 % / CFE 50 %)

65.000 m² offices 37.500 m² residential 7.000 m² retails & services 109.500 m²

Investor presentation – September 2016

UP-SITE

(Brussels)

Location : Brussels – Quai de Willebroek Project : Construction of 29,615 m² offices; 1,972 m² retails; 48,435 m² residential Architects : Ateliers LION, architectes urbanistes – A.2R.C Architects

NEWS

• Offices :fully sold
• Restaurant UPPETITE open
• Sale of last apartments going on
• 57/58 apartments let (Up³)
• Total generated result 2008-2015 :

€ 58 Mio.

Investor presentation – September 2016

LES BERGES DE L’ARGENTINE

(La Hulpe)

Location : Rue François Dubois – 1310 La Hulpe Project : Residential and services project (26,000 m²) ± 200 residential units – 4,000 m² offices Architects : MDW Architecture Developer : Atenor

NEWS

• Agreement with local authorities : PCAR
• 1st Building permit introduced in 2016
• 2nd Building permit to be introduced in 2017

Investor presentation – September 2016

NYSDAM

(La Hulpe)

Location : Avenue Reine Astrid 92 – 1310 La Hulpe Project : 15,600 m² offices Architects : Montois + Francois Schilling architecte Developer : Hexaten (100% Atenor) Tenants : 70% leased

NEWS

• Acquisition in 10/2015 of 100 % of the shares
• 70 % leased
• In the long term : redevelopment

alternatives

Investor presentation – September 2016

PORT DU BON DIEU « Residential »

(Namur)

Location : Namur Project : 18,225 m² - 140 residential units + 5 commercial units + 1 restaurant Architects : Atelier de l’Arbre d’Or / Montois & Partners Developer : Namur Waterfront (100 % Atenor)

NEWS

• New commercial actions
• 24 % for sale on 30/06 (111/146)

Investor presentation – September 2016

PORT DU BON DIEU « Offices »

(Namur)

Location : Namur Project : 7,600 m² offices Architects : Atelier de l’Arbre d’Or / Montois & Partners Developer : CPPM (100% Atenor)

NEWS

• Construction works in progress

Investor presentation – September 2016

AU FIL DES GRANDS PRÉS

(Mons) NEWS

• Construction and sales of Phase I (Zone II)

going on (134 residential units)

• 22 % for sale on 30/06/2016 (105/134)
• Phase 2 (Zone I) : PCAR in force (52,000 m²)

Location : Mons Project : Phase I (Zone II) : 20,000 m² of residential units – Phase 2 (Zone 1) : 50,000 m² mixed used project Architects : DDS & Partners Architects / H & V Architecture Developer : 100 % Atenor

Investor presentation – September 2016

Phase 1 (Zone II) : 134 residential units

AU FIL DES GRANDS PRÉS

(Mons)

Investor presentation – September 2016

Zone 1

Phase 2 (Zone I) : Offices + about 400 residential units

Location : Ath Project : Residential : 19,578 m² (183 residential units, 3 retails, 1 nursery) Architects : DDS & Partners Architects / H & V Architecture Developer : 100 % Atenor

LA SUCRERIE

(Ath) NEWS

• Construction and sales of

phases 1 & 2 (buildings C1, C2 & C3) : ongoing

• Phases 1 & 2 : 59% sold

Investor presentation – September 2016

LES BRASSERIES DE NEUDORF

(Luxembourg)

Location : Luxembourg (Neudorf) Project : 11,400 m² (87 residential units) Architects : Steinmetz Demeyer Developer : HF Immobilier s.a. (100 % Atenor)

NEWS

• Construction ongoing
• 100 % sold

Investor presentation – September 2016

NAOS

(Luxembourg)

Location : Luxembourg (Belval) Project : Office & retail building (14,000 m²) Architects : Beiler+ François Developer : Naos s.a. (55% Atenor) Tenants : multi – 42% ytd

NEWS

• Acquisition on July 2016
• Financing already organized
• Preletting : 42%

Investor presentation – September 2016

NAOS

(Luxembourg)

Investor presentation – September 2016

Location : Luxembourg (Belval) Project : Office & retail building (14,000 m²) Architects : Beiler+ François Developer : Naos s.a. (55% Atenor) Tenants : A3T, ARHS

AIR

(Luxembourg)

Location : Luxembourg (Cloche d’Or) Project : Renovation / Construction of 11,000 m² offices Architect : Beiler+François Developer : Air Properties (50 % Atenor) Tenant : CF Services (BDO)

NEWS

• Provisional delivery on 31/03/2016

Investor presentation – September 2016

Total result (2014-2016): € 11.42 Mios

HERMES BUSINESS CAMPUS

(Romania)

Location : Romania - Bucharest Project : Construction of 75,000 m² offices Architects : WGA (West Group Architecture) Developer : NGY (100 % Atenor) Tenants : multi

NEWS

• Building 1: fully let
• Building 2: 70% let, contacts on going

(up to 80%)

• Building 3: 86% let, discussion up to 100 %

Brussels Romania

Gross national product 2015 1,0 % < 3,3 % Gross national product 2016 (Forecast) 1,0 % < 4,1 % Average rent(€/year/sq.m.) 166 (RBC) 156 (=) Rate of capitalization (offices) 4,75 - 6,50 % 7,75 % Stock (in 000 sq.m.) 13.100 2.450 Vacancy rate (%) 9,3 12,8 Take-up 2015 (000 sq.m.) 299 109 Take-up H1 2016 268 108 Pipe line 2016-17 (000 sq.m.) (Speculative) 87 210 Investor presentation – September 2016

DACIA ONE

(Romania)

Location : Romania - Bucharest Project : Construction of 13,500 m² offices Architects : To be defined Developer : Victoriei 174 Development sarl (100% Atenor)

Investor presentation – September 2016

HBC Dacia 1

NEWS

• Class A office building
• Permit application to submit in 2017

DACIA ONE

(Romania)

Investor presentation – September 2016

VACI GREENS

(Hungary)

Location : Hungary - Budapest Project : Construction of office Buildings First phase (Buildings A-B-C) : 65,000 m² - Second phase (Buidings D-E-F) : 66,000 m² Architects : TIBA Studio – VIKAR & LUKACS Developer : City View Tower, Drews City Tower and City Tower : (100 % Atenor)

NEWS

• Building A : 87% let
• Building C : fully let
• Building B : provisional

delivery, 65% let

• Contact ongoing for sale

Gross national product 2015 1,0 % < 2,8 % Gross national product 2016 (expect) 1,0 % < 2,4 % Average rent(€ /year/sq.m.) 166 (RBC) 156 Rate of capitalization (offices) 4,75 - 6,50 % 7,25 % Stock (in 000 sq.m.) 13.100 3.300 Vacancy rate (%) 9,3 10,3 % Take-up 2015 (000 sq.m.) 299 364 Take-up H1 2016 268 118 Pipe line 2016-17 (000 sq.m.) (Speculative ) 87 165

Brussels Hungary

Building B Building A

Investor presentation – September 2016

PROSPECTS

CONCLUSIONS

 Diversified contributions to revenue (9 projects) + 3 projects with rental incomes  Comfort on the short & medium term results (Diversified and mature portfolio)  Vaci Greens & Hermes Business Campus : rental revenues + sales process going on  Safed balance sheet  Buy and sale process going on and new acquisitions going on too

Investor presentation – September 2016

Vaci Greens (Hungary) Hermes Business Campus (Romania) Les Brasseries de Neudorf (Luxemburg) Port du Bon Dieu (Namur)

Overview

• 1. EXECUTIVE SUMMARY
• 2. SHAREHOLDERS & ORGANISATION
• 3. STRATEGY
• 4. PORTFOLIO
• 5. RESULTS & FINANCIALS
• 6. KEY OFFERING DATA
• 7. KEY INVESTMENT HIGHLIGHTS

September 2016

• 5. FINANCIALS

CONSOLIDED GROUP RESULTS

(IFRS, In K €)

Investor presentation – September 2016

ATENOR Total on Total on CONSOLIDATED RESULTS ON 30.06.2016 IFRS (in € '000) 30.06.2016 30.06.2015 Turnover (Sales of goods) 53,547.0 46,081.7 Operating revenue (including turnover) 60,788.4 49,434.8 Other operating income 4,228.6 3,665.8 "Impairments" 1,045.3 Total operating expenses (-) (including "impairments")

• 50,761.2
• 40,656.2

RESULT FROM OPERATING ACTIVITIES 14,255.8 12,444.4 Financial expenses (-)

• 4,712.0
• 2,686.0

Financial income (Result on investments) 178.3 322.9 Share of profit (loss) from investments consolidated by the equity method

• 73.6
• 94.0

PROFIT (LOSS) BEFORE TAX 9,648.5 9,987.3 Income tax expense (income) (-)

• 3,002.3
• 4,794.2

PROFIT (LOSS) AFTER TAX 6,646.2 5,193.1 NET CONSOLIDATED RESULT (group share) 6,646.2 5,193.1

« 2016 HALF-YEAR RESULTS SUPPORTED BY

PRE SOLD PROJECTS + RENTAL INCOMES + SALES OF APARTMENTS »

• 5. FINANCIALS

Investor presentation – September 2016

TREBEL (BRUSSELS) AIR (LUXEMBOURG)

MAIN OBJECTIVE FOR THE FIRST SEMESTER : DELIVERY OF THE AIR AND TREBEL BUILDINGS

• 5. FINANCIALS – DEVELOPMENTS (€)

2016

Investor presentation – September 2016

TREBEL - Brussels 6,618,470 6,922,532 THE ONE - Brussels 748,383 PALATIUM - Brussels 542,435 CITY DOX - Anderlecht 1,512,563 37,189 VICTOR - Brussels 73,645

• 70,836
• NYSDAM - La Hulpe

248,864 PORT DU BON DIEU - Namur 1,101,218 1,221,100 AU FIL DES GRANDS PRES - Mons 1,132,149 370,951 LA SUCRERIE - Ath 290,427 226,951 LES BRASSERIES DE NEUDORF - Luxembourg 1,339,169 2,471,673 AIR - Luxembourg 991,274 1,404,864 HERMES BUSINESS CAMPUS (NGY - Romania) 473,966 477,472 VACI GREENS (CVT & DCT - Hungary) 2,666,695 1,176,103 DEVELOPPEMENTS (old) 180,571

• 335,832

17,411,397 14,573,831 3,248,630

• 2,219,671
• 4,360,347
• 2,311,354
• 3,156,217
• 4,849,715
• 6,646,203

5,193,091

NET CONSOLIDATED RESULT DEVELOPMENTS TOTAL DEVELOPMENTS CORPORATE CHARGES FINANCIAL RESULTS TAXES (DTA & DTL)

HALF-YEAR RESULTS

June 2016 June 2015

REAL REAL

BALANCE SHEET

• 5. FINANCIALS

Investor presentation – September 2016

ASSETS COVERAGE, INDEBTNESS AND GEARING RATIOS Balance sheet on 31 December 2015 and 30 June 2016 31/12/2015 30/06/2016 31/12/2015 30/06/2016 Consolidated Equity Capital 126.799.000 120.903.300 Valuation of acquisitions (lands - projects) 208.502.661 193.871.469 LT Financial Debt 222.553.000 255.140.000 Bond issue 2017 60.000.000 60.000.000 Bond issue 2019 25.000.000 25.000.000 MTN 55.650.000 57.900.000 Bank corporate financing 9.000.000 17.570.000 Bank projects financing 72.903.000 94.670.000 Valuation of development (land excluded) 291.325.568 236.111.888 ST Financial Debt 140.519.000 93.110.000 Bond issue 2015 MTN 8.750.000 2.750.000 Cash 23.158.099 82.830.080 Commercial Paper 36.769.000 64.550.000 Bank corporate financing 20.000.000 20.710.000 Other assets 29.221.950 29.116.900 Bank projects financing 75.000.000 5.100.000 Other Debt 62.337.278 72.377.037 TOTAL ASSETS 552.208.278 541.930.337 TOTAL LIABLITIES 552.208.278 541.530.337 Key ratios 31/12/2015 30/06/2016 Indebtness (Total Financial Debt / Total Asset 66% 64% Total Financial Debt 363.072.000 348.250.000 Gearing (Net Financial Debt / Equity) 2,68 2,20 Total Net Financial Debt 339.913.901 265.419.920 Net loans to cost ratio (LTC ratio) 68% 62% Loan used to finance a project to the cost to build the project (total liablities - cash) / (land + development) LIABILITIES ASSETS

NET INDEBTEDNESS

• 5. FINANCIALS

Investor presentation – September 2016 Situation on 30.06.2016: Total financing : € 348,25 M Cash : € 82,83 M

Net Indebtedness : € 265,42M

19,500 8,600 2,000 2,250 1,150 22,350 8,000 700

5,000 10,000 15,000 20,000 25,000

• Jul. 16

Aug 16

• Sept. 16
• Oct. 16
• Nov. 16
• Dec. 16
• Jan. 17
• Apr. 17

Amounts in € '000 Maturities

CP 2016 - 2017

2,750 250 20,050 11,950 18,500 6,150 500 500

5,000 10,000 15,000 20,000 25,000 2016 2017 2018 2019 2020 2021 2022 2026 Amounts in € '000 Maturities

MTN 2016 - 2026

Overview

• 1. EXECUTIVE SUMMARY
• 2. SHAREHOLDERS & ORGANISATION
• 3. STRATEGY
• 4. PORTFOLIO
• 5. RESULTS & FINANCIALS
• 6. KEY OFFERING DATA
• 7. KEY INVESTMENT HIGHLIGHTS

September 2016

• 6. KEY OFFERING DATA

Investor presentation – September 2016

ISSUER ATENOR SA RATING ISSUER Unrated DOCUMENTATION / FORMAT EUR 150Mio EMTN Programme – EMTN private placement TOTAL ISSUE AMOUNT Expected minimum 40,000,000 EUR STATUS Non-guaranteed, senior, unsecured notes, pari passu TENOR Dual tranche 5 and 7 year TRANCHE SIZE Expected minimum 20,000,000 EUR DENOMINATION 100,000 EUR RE-OFFER ISSUE PRICE 100% COUPON / YTM 5y: 3.00% 7y: 3.50% LISTING Alternext Brussels FORM Dematerialized CLEARING X/N clearing system of the National Bank of Belgium GOVERNING LAW Belgian law NEGATIVE PLEDGE Yes EVENTS OF DEFAULT Non-payment, Breach of other Obligations, Unlawfulness, Cross-default (EUR 20 Mio), Change of Business/Reorganisation, Bankruptcy/Winding Up EARLY REDEMPTION Redemption for taxation reasons at the option of the Issuer. Redemption at the option of the Bondholders upon Change of Control and Delisting. GLOBAL COORDINATOR Belfius Bank JOINT LEAD MANAGERS Belfius Bank / BNP Paribas Fortis CO-MANAGER Degroof Petercam TRADE DATE 20/09/2016 SETLLEMENT DATE 04/10/2016

Overview

• 1. EXECUTIVE SUMMARY
• 2. SHAREHOLDERS AND ORGANISATION
• 3. STRATEGY
• 4. PORTFOLIO
• 5. FINANCIALS
• 6. KEY OFFERING DATA
• 7. KEY INVESTMENT HIGHLIGHTS

September 2016

• 7. KEY INVESTMENT HIGHLIGHTS

Investor presentation – September 2016 Stable shareholders & experienced management Positive track record with long history Listed Company Real value creation by investing in top locations only Sound financial strategy Solid and stable shareholder structure with an implication of the management in the shareholding structure. Highly experienced and stable management in place. Over more than 20 years, Atenor has build-up an excellent and positive track record in developing and commercialising high-quality assets in top location. Atenor is listed on the regulated market of Euronext Brussels and has hence to comply with all regulatory and transparency requirements. The focus of Atenor is targeted towards top locations in a limited number of countries with a high development and value creation potential. Over the last years, Atenor has proved to dispose over a sound and conservative financial strategy with a positive track record as borrower on the capital markets. Recognized issuer Atenor has already issued two retail bonds (€ 75 M. in 2010, reimbursed in 2015 & € 60 M. in 2012) and a private placement offering (€ 25 M. in 2014) and is an active issuer on the commercial paper and Medium term notes markets since 1999.

More information:

www.atenor.be info@atenor.be Thank you for your attention

September 2016