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Cegereal - 2016 Annual Results: EPRA earnings up 54.8%

Freitag, 17.02.2017 08:05

Paris, February 17, 2017 - 8:00 a.m.
Regulated information
Cegereal
2016 Annual Results
       

EPRA earnings up 54.8%

" A number of important milestones were put in place this year, with the restructuring of the balance sheet, the major new acquisition and the renewal of the shareholder base, " said Cegereal's Chief Executive Officer Raphaël Tréguier. " In 2017, we are looking at growth opportunities in the office real estate sector." 

  • Key indicators

           

In millions of euros 2016 2015 Change
IFRS rental income 47.2 44.3 +6.5%
IFRS net income 41.3 81.0 -49.0%
EPRA earnings 28.2 18.2 +54.8%
Net cash flows from operations 34.8 22.5 +54.9%
Portfolio value (excluding transfer costs) 1,124 942 +19.3%
Portfolio value (excluding transfer costs) like-for-like 972 942 +3.2%
EPRA NNNAV per share excluding transfer costs (in €) 40.8 39.2 +4.1%
Replacement NAV per share including transfer costs (in €) 47.1 44.0 +11.6%
Dividend (in € per share) 2.1 2.0 +5.0%
Total Share Return over the last 12 months 9.2% 17.3%  

Attesting to the value created during the year, the Total Share Return over the last 12 months came to 9.2%, with NAV growth of 4.1% for the period and a distribution ratio of 5.1%.

EPRA NNNAV stood at €40.8 per share, reflecting the rise in fair value of properties (positive impact of €2.3 per share), dividend distributions (negative impact of €2.0 per share), consolidated earnings growth (positive impact of €0.8 per share), rent-free periods granted to new tenants (positive impact of €0.24 per share) and changes in the fair value of bank debt (positive impact of €0.2 per share).

Replacement NAV was higher, with half of the increase resulting from the rise in transfer duties (from 6.5% to 7.5%) in valuations and half from the addition of the Hanami property to the portfolio.

EPRA earnings for the year amounted to €28.2 million, compared with €18.2 million in 2015, with net cash flows from operations climbing 54.9% to represent €34.8 million.

Given that the Hanami property was added to the portfolio on December 15, its impact on annual results was very limited. For example, its contribution to 2016 IFRS rental income was €0.4 million (corresponding to theoretical annualized rental income of €9.3 million).

IFRS net income amounted to €41.3 million for the year ended December 31, 2016. The value of the real estate portfolio like-for-like continued to rise (up 3.2%), but to a lesser extent than in 2015 (up 8.2%), leading to a 49.0% relative decline in IFRS net income.

  • A renewed shareholder base 

After Northwood, which held 98.44% of Cegereal's share capital following the tender offer that closed in late January 2016, new leading investors have become shareholders of the Company, enabling it to continue qualifying for the preferential tax treatment granted to REIT-style French listed real estate investment companies (SIICs).

Only 55% of Cegereal's capital is now held in concert[1] by the Northwood entities alongside GIC, which has become the Company's second leading reference shareholder with close to 25% of the capital.

  • An optimized financial structure

Cegereal took advantage of favorable market conditions last summer to refinance a €405 million loan via a €525 million credit agreement, at the very competitive interest rate of 1.35%. The transaction, providing for a five-year loan with a two-year extension option, helped Cegereal reduce its finance costs by 45%.

In order to refinance the tax transparent holding company of the Rueil Malmaison acquisition, Cegereal entered into a credit agreement for €100 million on December 15, 2016. The loan carries interest at an average rate of about 1.50%.

Following these two transactions, Cegereal's debt ratio stood at 52.1%.

  • A major new acquisition

Cegereal has added an exceptional asset to its portfolio with the acquisition of the Hanami campus in Rueil Malmaison, the green city in the Western Crescent of Greater Paris. The 30,000 sq.m complex is made up of eight buildings spread across 3.3 hectares on a landscaped site on the banks of the Seine. Leased to first class tenants, the campus has an occupancy rate of 96%. 

With this fourth property in the portfolio, the estimated value of Cegereal's real estate assets surged 19.3% over the year to represent €1,124 million excluding transfer costs (€1,209 million including transfer costs or at "replacement value") at December 31, 2016, compared with €942 million a year earlier.

The portfolio's overall occupancy rate was 87% at December 31, 2016. Given that discussions regarding both the Arcs de Seine and Europlaza properties have reached an advanced stage, the occupancy rate should rise above 90 % in the very near future.

  • Operating excellence recognized at the international level

In recognition of the commitment it has made in recent years to corporate social responsibility, as currently expressed through its collaborative Upgreen Your Business program, Cegereal was ranked number one in the 2016 Global Real Estate Sustainability Benchmark (GRESB) in the "listed office property companies in Europe" category.

In addition, Cegereal obtained ISO 14001:2004 certification for its environmental management system.

Lastly, Cegereal won two awards at the European Public Real Estate Association (EPRA) conference, thereby positioning itself among Europe's leaders in financial and extra-financial reporting.

  • Amount to be distributed in dividends in 2017: €2.1 per share

At the Annual Shareholders' Meeting in April 2017, Cegereal intends to recommend paying a total of €2.1 in dividends per share in 2017. The dividend will be paid on July 13, 2017, subject to shareholders' approval.

Cegereal's Board of Directors met on February 16, 2017 to approve the audited consolidated financial statements for the year ended December 31, 2016.

The annual results presentation can be viewed on the Company's website:

www.cegereal.com

Investor Calendar

  • April 21, 2017              First-quarter 2017 revenue
  • April 2017                    Annual Shareholders' Meeting
  • July 13, 2017               Payment of the 2016 dividend
  • July 21, 2017               First-half 2017 results
  • October 26, 2017         Third-quarter 2017 revenue

For more information, please contact:

Media Relations
Aliénor Miens / +33 1 53 32 84 77
alienor.miens@citigate.fr   
Investor Relations
Raphaël Tréguier / +33 1 42 25 76 36
raphael.treguier@cegereal.com
   

About Cegereal

Created in 2006, Cegereal is a commercial property company that invests in prime office properties in Greater Paris. The portfolio's appraisal value is estimated at €1,209 million as of December 31, 2016 (replacement value).
To date, Cegereal is the first French property company with a fully certified portfolio from an environmental point of view (HQE and BREEAM "Very Good") and ranks as "Sector Leader" in the international benchmark GRESB.
Cegereal is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096). The Company had a market capitalization of €495 million on February 13, 2017.
www.cegereal.com



APPENDICES

IFRS Income Statement (consolidated)

In thousands of euros, except per share data    
  2016 2015
  12 months 12 months
     
Rental income 47,196  44,310 
Income from other services 13,991  11,349 
Building-related costs (17,221)  (17,156) 
Net rental income 43,965  38,504 
     
Sale of building    
Administrative costs (3,663)  (4,976) 
Other operating expenses (716)  (5) 
Other operating income 65 
     
Increase in fair value of investment property 34,292  62,736 
Decrease in fair value of investment property (13,900)   
Total change in fair value of investment property 20,392  62,736 
     
Net operating income   59,987   96,323
     
Financial income 53  15 
Financial expenses (17,972)  (14,719) 
Net financial expense (17,919)  (14,705) 
     
Corporate income tax (802)  (662) 
     
CONSOLIDATED NET INCOME   41,265   80,957
of which attributable to owners of the Company 41,265  80,957 
of which attributable to non-controlling interests
     
Other comprehensive income    
     
TOTAL COMPREHENSIVE INCOME   41,265   80,957
of which attributable to owners of the Company   41,265   80,957
of which attributable to non-controlling interests
     
Basic earnings per share (in euros)   3.09   6.06
Diluted earnings per share (in euros)   2.95   6.06


IFRS Balance Sheet (consolidated)

In thousands of euros      
  Dec. 31, 2016 Dec. 31, 2015
     
Non-current assets    
     
Property, plant and equipment 61  61 
Investment property 1,124,100  942,000 
Non-current loans and receivables 22,949  28,928 
Financial instruments 184   
Total non-current assets 1,147,294  970,989 
     
Current assets    
     
Trade accounts receivable 16,539  13,132 
Other operating receivables 12,709  6,899 
Prepaid expenses 354  96 
Total receivables 29,602  20,127 
     
Cash and cash equivalents 18,634  8,723 
Total cash and cash equivalents 18,634  8,723 
     
Total current assets 48,236  28,850 
  TOTAL ASSETS   1,195,530    999,839 
     
Shareholders' equity    
     
Share capital 66,863  160,470 
Legal reserve and additional paid-in capital 115,043  21,436 
Consolidated reserves and retained earnings 359,877  305,447 
Net attributable income 41,265  80,957 
Total shareholders' equity 583,048  568,309 
     
Non-current liabilities    
     
Non-current borrowings 576,951  402,664 
Other non-current borrowings and debt 4,605  3,951 
Non-current corporate income tax liability    
Financial instruments 920   
Total non-current liabilities 582,476  406,615 
     
Current liabilities    
     
Current borrowings 2,224  1,626 
Trade accounts payable 5,832  3,150 
Corporate income tax liability    
Other operating liabilities 7,985  4,573 
Prepaid revenue 13,966  15,566 
Total current liabilities 30,007  24,915 
     
Total liabilities 612,483  431,530 
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES   1,195,530    999,839 

IFRS Statement of Cash Flows (consolidated)

In thousands of euros      
  2016 2015
OPERATING ACTIVITIES    
Consolidated net income 41,265  80,957 
     
Elimination of items related to the valuation of buildings:    
Fair value adjustments to investment property (20,392)  (62,736) 
Indemnity received from lessees for the replacement of components    
     
Elimination of other income/expense items with no cash impact:    
Depreciation of property, plant and equipment (excluding investment property)
Free share grants not vested at the reporting date 102   
Fair value of financial instruments (share subscription warrants, interest rate caps and swaps) 895   
Adjustments for loans at amortized cost 2,949 775 
     
  Cash flows from operations before tax and changes in working capital requirements   24,828   19,001
     
Other changes in working capital requirements 376  (2,975) 
Working capital adjustments to reflect changes in the scope of consolidation 134   
     
 Change in working capital requirements   511   (2,975)
     
 Net cash flows from operating activities   25,339   16,026
INVESTING ACTIVITIES    
Acquisition of fixed assets (161,717)  (8,331) 
Net decrease in amounts due to fixed asset suppliers 621  (384) 
     
 Net cash flows used in investing activities   (161,096)   (8,715)
FINANCING ACTIVITIES    
Increase in share capital 0
Change in bank debt 181,000
Issue of financial instruments (share subscription warrants)  
Refinancing transaction costs (8,542)   
Purchases of hedging instruments (168)   
Net increase in current borrowings   (90) 
Net decrease in current borrowings (523)   
Net increase in other non-current borrowings and debt 654  (215) 
Net decrease in other non-current borrowings and debt  
Purchases and sales of treasury shares (43)  252 
Dividends paid (26,720)  (22,034) 
     
 Net cash flows used in financing activities  145,668   (22,087)
     
 Change in cash and cash equivalents   9,911   (14,776)
  Cash and cash equivalents at beginning of the period* 8,723  23,499 
     
 CASH AND CASH EQUIVALENTS AT END OF THE PERIOD   18,634   8,723


French GAAP Income Statement

In euros          
  France Exports 2016 2015
  12 months 12 months
  Total Total
  Sales of goods for resale     0  
  Sales of manufactured products     0  
  Sales of services     70,000 46,667
NET REVENUE 0 0   70,000   46,667
  Change in finished goods and in-progress inventory     0  
  In-house production     0  
  Operating subsidies     0  
  Reversal of depreciation and amortization charges, provisions for impairment and expense transfers 30,141 27,155
  Other revenue 0  
Total operating revenue        100,141   73,822
  Purchases of goods 0  
  Change in inventories of goods held for resale 0  
  Purchases of raw materials and other supplies 0  
  Change in inventories (raw materials and other supplies) 0  
  Other purchases and external charges 2,130,369 1,745,487
  Taxes, duties and other levies 2,611,034 129,284
  Wages and salaries 792,428 649,380
  Social security charges 334,152 266,126
  Fixed assets: depreciation and amortization 0  
  Fixed assets: provisions for impairment 0  
  Current assets: provisions for impairment 0  
  Contingency and loss provisions 20,347  
  Other expenses 194,550 122,762
Total operating expenses       6,082,881   2,913,039
     
OPERATING INCOME       (5,982,740)   (2,839,218)
     
  Allocated income or transferred loss 0  
  Loss incurred or transferred income 0  
  Financial income from controlled entities 0  
  Income from other securities and receivables 0  
  Other interest income 29,933 144
  Reversal of provisions for impairment, other provisions and expense transfers 0 5,956
  Foreign exchange gains 0  
  Net income on sale of short-term investment securities 0  
Total financial income/(loss)       29,933   6,100
     
  Depreciation, amortization, provisions for impairment and other provisions 0 0
  Interest expenses 12,599 16,302
  Foreign exchange losses     3  
  Net expenses on sales of short-term investment securities 0  
Total financial expenses       12,602   16,302
     
NET FINANCIAL EXPENSE        17,331   (10,202)
     
RECURRING INCOME/(LOSS) BEFORE TAX       (5,965,409)   (2,849,420)


In euros        
      2016 2015
    12 months 12 months
         
  Non-recurring income on management transactions 0  
  Non-recurring income on capital transactions 83,162 53,309
  Reversal of provisions for impairment, other provisions and expense transfers 0  
Total non-recurring income       83,162   53,309
         
  Non-recurring expenses on management transactions 0  
  Non-recurring expenses on capital transactions 281 5,111
  Depreciation, amortization and provisions for impairment 0  
Total non-recurring expenses       281   5,111
         
NET NON-RECURRING EXPENSE       82,881   48,198
         
  Employee profit sharing 0  
  Corporate income tax 802,365 661,939
         
TOTAL INCOME        213,235   133,230
TOTAL EXPENSES        6,898,129   3,596,391
         
NET INCOME       (6,684,893)   (3,463,161)


French GAAP Balance Sheet

In euros          
 ASSETS Gross amount Depr., amort. & prov. Dec. 31, 2016 Dec. 31, 2015
         
Uncalled subscribed capital   -      -   
Intangible fixed assets   -       
  Start-up costs   -      -   
  Research and development costs   -      -   
  Licenses, patents and similar concessions   -      -   
  Goodwill   -      -   
  Other intangible fixed assets   -      -   
  Advances/down payments on intangible assets   -      -   
    -       
Property, plant and equipment   -       
  Land   -      -   
  Buildings   -      -   
  Plant, machinery and equipment   -      -   
  Other property, plant and equipment   -      -   
  Property, plant and equipment in progress   -      -   
  Advances and down payments   -      -   
    -       
Financial fixed assets   -       
  Receivables from controlled entities   326,405,364      326,405,364    361,229,772 
  Other long-term investments   -      -   
  Loans   -      -   
  Other financial fixed assets   725,947      725,947    643,078 
         
FIXED ASSETS   327,131,311   -    327,131,311   361,872,850
         
Inventories and work in progress        
  Raw materials and other supplies   -      -   
  Manufactured products in progress   -      -   
  Services in progress   -      -   
  Semi-finished and finished goods   -       
  Goods held for resale   -      -   
         
Advances/down payments on orders       -   
         
Receivables        
  Trade accounts receivable   -      -   
  Other receivables   3,046,532      3,046,532    266,196 
  Subscribed capital, called up but not paid   -      -   
         
Short-term investment securities   -      -   
Cash and cash equivalents   3,748,046      3,748,046    109,145 
         
CURRENT ASSETS   6,794,577   -    6,794,577   375,341
         
Prepaid expenses   44,035      44 035    58,718 
Adjustment accounts   -      -   
         
 TOTAL ASSETS   333,969,924   -    333,969,924   362,306,909
In euros        
 EQUITY AND LIABILITIES   Dec. 31, 2016 Dec. 31, 2015  
         
Capital        
  Share capital (including paid-up capital: 66,862,500) 66,862,500 160,470,000  
  Additional paid-in capital   99,004,926 5,388,776  
  Revaluation reserve   152,341,864 152,341,864  
         
Reserves        
  Legal reserve   16,047,000 16,047,000  
  Statutory or contractual reserves   0   -  
  Regulated reserves   0   -  
  Other reserves   10,670 30,188,422  
Retained earnings        
  Retained earnings   24,910 30,409  
  Net income/(loss) for the year     (6,684,893)   (3,463,161)  
  Interim dividend   0 0  
         
Investment subsidies       -  
Regulated provisions       -  
         
SHAREHOLDERS' EQUITY      327,606,977   361,003,310  
         
Income from the issue of equity instruments     -    
Contingent advances     -    
         
OTHER EQUITY     -    -   
         
Contingency provisions        
Loss provisions   20,347    
         
CONTINGENCY AND LOSS PROVISIONS     20,347   -   
         
Non-current borrowings and debt        
  Convertible bonds 0   -  
  Other bonds 0   -  
  Bank borrowings 0   -  
  Miscellaneous borrowings and debt 2,079,134 0  
         
Trade accounts payable and other current liabilities        
  Advances/down payments received on orders in progress   -   -  
  Trade accounts payable 3,769,534 823,375  
  Tax and social liabilities 493,932 480,224  
  Amounts owed to fixed asset suppliers   0  
  Other liabilities 0 0  
  Prepaid revenue 0 0  
         
LIABILITIES     6,342,600   1,303,599  
         
Adjustment accounts   0 0  
         
 TOTAL EQUITY AND LIABILITIES      333,969,924   362,306,909  



[1] Companies may maintain SIIC (REIT) status provided that one or several shareholders acting in concert within the meaning of Article L.223-10 of the French Commercial Code (Code de commerce) does not directly or indirectly hold 60% or more of their capital (see also Article 208C of the French Tax Code (Code général des impôts)).




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Cegereal SA via Globenewswire