- Rental income of €40.1 million, up 15%,
exceeding objectives
- Improved current cash flow of €14.8
million, or €0.82 per share
- EPRA NAV at €29.7 per share
- Real estate assets now above the one
billion euro mark at €1.1 billion
- Secure investment program of €462
million
- Proposed dividend of €1.10 per share,
up 5%
- Change in Governance: Renaud Haberkorn
is appointed Chairman of the Executive Board/CEO (effective as of
the Shareholders’ Meeting of May 6, 2015).
Regulatory News:
ANF Immobilier (Paris:ANF):
At its meeting of March 3, 2015, the Supervisory Board chaired
by Alain Lemaire examined the 2014 financial statements.
Governance and new management
At its meeting of March 3, 2015, the Supervisory Board appointed
Renaud Haberkorn as Chairman of the Executive Board/CEO effective
May 6, 2015, the date of the next Shareholders’ Meeting. He will
take over from Bruno Keller who spent ten years on the development
of ANF Immobilier and its transformation from an asset-holding
company into a leading real estate investment company focused on
large regional cities. The appointment of Bruno Keller as member of
the Supervisory Board will be proposed to the Shareholders’ Meeting
next May 6.
Alain Lemaire made the following statement: "During these few
months of transition, I noted the efficiency of the duo formed by
Bruno Keller and Renaud Haberkorn on the Executive Board of ANF
Immobilier. I am certain that the proposed changes will ensure the
continued transformation of this successful real estate investment
company, which has become, in the space of a few years, a key
regional developer and the partner of major French cities."
Bruno Keller made the following statement: "The strategic ANF
Immobilier transformation plan we launched at the beginning of 2013
started to visibly take shape in 2014, marked by a significant
increase in the number of secured projects, now totaling €462
million. We have targeted large regional cities with high
potential, refocused our real estate assets and our investments on
the commercial sector and optimized our yield by going higher up
the value creation chain. After these months of joint work, I
extend my full support to Renaud Haberkorn, whose solid experience
in commercial real estate and private equity are valuable assets
for the future of ANF Immobilier. I will hand him the reins of a
leading commercial real estate investment company in regional
French cities, in the full swing of its transformation."
Renaud Haberkorn added: "I want to thank the Supervisory Board
and Bruno Keller for the trust they place in me. ANF Immobilier is
embarking on a new stage of its transformation, which involves a
more rapid shift to commercial real estate and stringent asset
management, on which we are actively working with Ghislaine Seguin,
Real Estate Director and member of the Executive Board. In the
upcoming years, ANF Immobilier will undergo profound changes, for
stronger growth, increased visibility and more value creation."
Consolidated data (2014/2013)
SUMMARIZED FINANCIAL
STATEMENTS (EPRA/IFRS) (million €)
2014
2013 EPRA IFRS EPRA
IFRS
VarEPRA (%)
Gross rental income 40.1 40.1 34.9 34.9 15% Net operating
expenses - 3.9 - 3.9 - 2.6 - 2.6
Net rental
income 36.1 36.1 32.3
32.3 12% Margin 90% 90% 93% 93% Administrative
expenses - 9.2 - 11.8 - 10.9 - 11.1
Recurring EBITDA 27.0 24.4 21.4
21.2 25% Margin 67% 61% 61% 61% Financial
expenses - 12.2 - 14.3 - 7.1 - 7.1
Cash
flow 14.8 10.0 14.3
14.1 4% Amortization - - 0.6 - - 0.6 Change in
Fair Value - - 29.2 - 15.3 Other items - 0.4 2.4 - 0.5 - 0.8 Taxes
- 0.3 - 2.9 - 0.6 - 0.6
Recurring Net
Income 14.1 - 20.3 13.1
27.4 8% Margin 35% -51% 38% 79%
Recurring Net Income, Group
Share 13.5 - 20.5 13.1
27.4 2% Margin 34% -51% 38% 79%
LTV 47.5% 40.4% Gross
Asset Value 1,107 970 14% Net Asset
Value 545.4 569.8 -4%
Stronger-than-expected growth in rental income: +15%
For 2014 as a whole, ANF Immobilier exceeded its growth targets
for rental income. It achieved rental income of €40.1 million, up
15% and 18% on an adjusted scope excluding disposals. This was over
the stated forecast of 12% compared to the latter.
Portfolio income mainly stemmed from office leases (34%),
commercial leases (31%) and hotels (12%). The residential sector
now only accounts for 18% of rental income.
€462 million in secured investments
Secured investments 80% rented or
pre-let/let
2014 was marked by a significant increase in pipeline volume,
which totaled €462 million (€282 million after minority interests)
at the end of 2014, versus €230 million (€182 million after
minority interests) at the end of 2013. These commitments should
generate an average yield of more than 7%.
To date, 80% of the rental income has been secured through the
signing of leases with major players such as Cdiscount (Casino
Group), Alstom Transport, Adecco and Areva.
This pipeline growth stems from the major new investments made,
such as:
- The acquisition of Areva's regional
headquarters in Lyon, representing 36,000 sq.m. of office space in
the heart of the Part-Dieu business district;
- A dual transaction involving the
acquisition of Adecco's former headquarters and the development of
its new headquarters in Lyon located respectively in the Tête d’Or
and Carré de Soie districts. The new headquarters will encompass
13,000 sq.m. of office space;
- The Ilot Armagnac development,
representing 46,000 sq.m. of mixed-use premises in the
Euratlantique district, near Bordeaux's future LGV station;
- The second phase of Le Nautilus, a
building with 13,000 sq.m. of floor space located on Quai de
Bacalan in Bordeaux, wholly rented to Cdiscount.
These investments mark a shift in the composition of the real
estate portfolio: 57% of the assets are in Lyon, 32% are in
Bordeaux and 11% are in Marseille; in terms of use, 85% are
offices, 11% are hotels and 4% are retail premises.
A diversified financing plan
Alongside these investments, ANF Immobilier has increased its
resilience by securing new sources of financing in a rapidly
changing environment:
- In May 2014, the Company took out a
7-year mortgage loan of €400 million with four partnering French
banks, in line with the expansion strategy laid down at the
beginning of 2013. This new financial arrangement provides
attractive financing terms and real flexibility for future
financing;
- ANF Immobilier has entered into
emblematic partnerships with institutions such as Crédit Agricole
Assurances, Caisse d’Epargne Provence-Alpes-Corse and Caisse
d’Epargne Rhône-Alpes;
- Moreover, the Company is pushing ahead
with the disposal of its non-strategic assets.
At December 31, 2014, ANF Immobilier's loan-to-value ratio was
47.5%. Following the refinancing operation, the average cost of the
debt stands at 3.2%, excluding the temporary impact of swap
restructuring, increasing overall coverage from 66% to 85%.
Results
Recurrent EBITDA increased 25% to €27.0 million, mainly
due to the new acquisitions and deliveries in the commercial real
estate segment.
Net Recurring Income after minority interests (EPRA) rose
2%, to €13.5 million. Net income after minority interests (IFRS)
decreased by €20.5 million due to adjustments following the
negative impact of changes in regulatory market conditions (Pinel
law and increase in registration fees) and in Marseille's
residential market.
Current cash flow progresse increased to €14.8 million,
or €0.82 per share.
The asset value established by two independent appraisers
amounted to €1,107 million (excluding transfer taxes), up 14%
compared to the end of 2013.
At December 31, 2014, the Net Asset Value was €29.7 per
share, based on the EPRA method. Excluding the 2014 dividend, this
represents a drop of 4.3%, mainly due to the negative impact of
changes in regulatory market conditions and in Marseille's
residential market.
Shareholders' Meeting: proposed dividend
At the Shareholders' Meeting to be held on May 6, 2015,
shareholders will be asked to approve the payment of a dividend of
€1.10 per share, up 4.8% compared to the previous year. Based on
the closing price on December 31, 2014, this dividend represents a
yield of 5.4%.
Outlook
Having started with mixed real estate assets, most of which were
Haussmannian buildings located in Marseille and Lyon, ANF
Immobilier has gradually changed its footprint by ensuring the
turnover of its historical assets and investing in high-potential
districts (e.g. Euratlantique in Bordeaux and Le Carré de Soie in
Lyon). It has thus established itself as a leading player in large
regional cities and has attracted prominent partners such as
Caisses d’Epargne, Vinci Immobilier and Crédit Agricole Assurances,
which enable it to take part in emblematic operations and
significantly spread its risk.
After an active investment phase between 2012 and 2014, which
secured new projects totaling €500 million, 80% of which are
already rented or pre-let/let, ANF Immobilier will concentrate on
the development of its investments in 2015 and 2016, by completing
and delivering the projects underway.
In 2015, a certain number of buildings will come on stream:
Alstom Transport's offices at Le Carré de Soie (Lyon), a hotel in
Bègles (Bordeaux) and a hotel built next to the new Velodrome
stadium in Marseille. They will be followed, in 2016, by the
renovated building formerly housing the Banque de France in Lyon
(for which work has just started), Adecco's new regional
headquarters at Le Carré de Soie in Lyon, and two hotels in
Marseille. The Armagnac project covering, 46,000 sq.m. of floor
space at Bordeaux Euratlantique, will come on stream between 2017
and 2019.
Following the implementation of this business plan, 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 generate an enhanced EPRA yield. For
2015, it is expecting a 12% increase in its rental income.
2015 Financial Agenda Publication of revenue for the
1st quarter 2015 May 6, 2015 (before the start
of trading) Shareholders' Meeting May 6, 2015
2015 half-year results July 21, 2015 (before
the start of trading)
About ANF Immobilier
ANF Immobilier (ISIN FR0000063091) is a French listed real
estate investment company which owns a diversified portfolio of
French office, retail, hotel and residential property worth €1,107
million. It is currently undergoing a major transformation to
concentrate on commercial real estate, create value and support the
development of large, dynamic regional cities in France. 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
ANF Immobilier:Laurent Milleron, +33 1 44 15 01
11investorrelations@anf-immobilier.comorPress:Perrine
Piat, +33 1 58 47 94 66perrine.piat@havasww.com
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