Cegereal, the French Core Office REIT: 2014 - Strong growth in operating performance (+24%)
(Thomson Reuters ONE) -
Paris, February 13, 2015 - 8:00 a.m.
Regulated information
Cegereal - Annual Results
2014: Strong growth in operating performance (+24%)
* Solid operating performance
In 2014, EPRA earnings rose by 24% to ?23.7 million, up from ?19.1 million in
2013. This solid performance is mainly driven by a 12.9% growth in net rental
income and an increase in the occupancy rate to 90%, leading to a fall in
finance costs.
* Creation of the first Garden Tower in La Défense
With its unique Garden Tower project in the heart of La Défense, Cegereal is
reinventing the relationship between green spaces and office buildings by
offering Europlaza users, as from spring 2015, an exceptional outdoor space and
fully remodelled ground-floor common areas. Europlaza will give tenants and
their visitors the opportunity to enjoy a more than 3,000-sq.m. private garden,
as well as two internal gardens, all designed by architect Juan Trindade.
The interior creations, to be located in the building's entrance hall, are in
the final phases of their development, while the outdoor space remodeling is
ongoing.
* Successful completion of the Go Green program, start of Upgreen Your
Business
Cegereal completed its Go Green project, launched in 2012, thus becoming
France's first fully "green" REIT with a portfolio that has been entirely
certified for its environmental qualities.
Cegereal's environmentally responsible approach recently earned its Green Star
status in the Global Real Estate Sustainability Benchmark (GRESB). The GRESB
recognized Cegereal in its first appearance in the ranking as a benchmark
property company in the areas of responsible management and sustainable
development.
In January 2015, Cegereal demonstrated its continued commitment to CSR with the
launch of the "Upgreen Your Business" collaborative program.
* Increase in net rental income (up 12.9%)
In 2014, rental income calculated in accordance with IFRS totaled ?44.7 million,
up 3.3% compared with 2013. Expense recoveries and penalties received from
tenants rose 25% on 2013 at ?13.2 million. Building-related costs slightly
decreased and amounted to ?16.3 million. Overall, the net rental income
increased from ?36.8.million to ?41.6 million.
The portfolio's overall occupancy rate was 90% at December 31, 2014, compared
with 89% at end-2013.
Arcs de Seine: 97% occupancy rate
In 2014, Cegereal kept up its marketing strategy for Arcs de Seine, the standout
property in Paris's Telecommunication Valley. Located on the banks of the Seine
on Quai du Point du Jour in Boulogne-Billancourt, Arcs de Seine was entirely
renovated in 2012.
In that year, 22,220 sq.m. were leased, followed by a further 7,800 sq.m. in
2013. In 2014:
* a new lease on 700 sq.m. was signed with a new tenant, BBC, which came into
effect during the second quarter;
* Sagem leased an additional 700 sq.m. of space in April, bringing its leased
surface area to 5,600 sq.m.;
* in September, Huawei leased an additional 1,400 sq.m. of space, increasing
to 5,200 sq.m. the total surface area occupied by this fast-growing tenant.
In January 2015, Cegereal signed two new six-year leases on 4,200 sq.m. of
office space. Amgen will occupy 2,800 sq.m. of space and Exclusive Networks
1,400 sq.m.
These new signings raise the property's occupancy rate to 97% at December
31, 2014 (compared with 81% at December 31, 2013), leaving just 1,400 sq.m. of
the building's 45,000 sq.m. on the market.
Rives de Bercy: HQE and BREEAM In-Use Very Good certification
The new nine-year lease signed as part of the Go Green program in January 2013
with Crédit Foncier, the building's long-standing sole tenant, includes
stringent mutual undertakings by the owner and the tenant to meet environmental
targets.
In December 2014, Rives de Bercy (32,000 sq.m.) was officially granted HQE
Exploitation environmental performance certification by Certivéa, an independent
organization.
On January 20, 2015, the building also received the BREEAM In-Use International
Very Good certification.
Europlaza: a buoyant rental activity
During the period, three tenants renewed their leases, with two of them leasing
additional surface area, and two new tenants moved in:
* Galderma's lease on 4,000 sq.m. was renewed with effect from January
1, 2014 and a further 800 sq.m. were leased during the second quarter.
* The lease with Crédit Agricole/BforBank on 1,700 sq.m. was also renewed,
with a further 1,300 sq.m. leased in the second quarter.
* The lease with NTT Europe on almost 1,300 sq.m. was renewed in May.
* 900 sq.m. were leased to Gas Natural, effective from May, and 600 sq.m. to
Heinz France from July.
The Europlaza occupancy rate stood at 77% at December 31, 2014 versus 89% at
end-2013.
Following the departure of Cap Gemini from the building's lower floors,
Europlaza currently has 10,800 sq.m. of office space available for lease. This
space overlooks the new gardens, which will be completed in spring 2015.
* A healthy financial position
Cegereal refinanced all of its debt in 2012 and does not have any repayment
obligations until August 2017. Its loan to value is stable at 46.5%.
This debt was refinanced at the competitive rate of 3.40%, reducing finance
costs by around 20%. The rate is reduced to 3.15% as soon as the occupancy rate
exceeds 90%.
* Amount to be distributed in dividends in 2015: ?1.65 per share
At the Annual Shareholders' Meeting on April 15, 2015, Cegereal intends to
recommend paying a total of ?1.65 in dividends per share in 2015. It will be
paid on July 16, 2015, subject to shareholders' approval.
* Key indicators
------------------------------------------------------------------------------
in millions of euros 2014 2013 Change
------------------------------------------------------------------------------
IFRS rental income 44.7 43.3 +3.3%
------------------------------------------------------------------------------
IFRS turnover 57.9 53.8 +7.7%
------------------------------------------------------------------------------
IFRS net rental income 41.6 36.8 +12.9%
------------------------------------------------------------------------------
IFRS net income 42.4 1.9 N/A
------------------------------------------------------------------------------
EPRA earnings 23.7 19.1 +24.1%
------------------------------------------------------------------------------
EPRA NNNAV per share excluding transfer costs (in ?) 34.8 34.1 +2.1%
------------------------------------------------------------------------------
NAV per share including transfer costs (in ?) 39.3 38.0 +3.4%
------------------------------------------------------------------------------
Portfolio value (excluding transfer costs) 871 849 +2.6%
------------------------------------------------------------------------------
Dividend (in ? per share) 1.65 1.50 +10.0%
------------------------------------------------------------------------------
The portfolio was valued by DTZ Eurexi at ?871 million excluding transfer costs
(?928 million including transfer costs) as of December 31, 2014 versus ?849
million excluding transfer costs as of December 31, 2013.
The three properties' appraisal values, excluding transfer costs, are as
follows:
* Arcs de Seine: ?347 millions
* Europlaza: ?333 millions
* Rives de Bercy: ?191 millions
EPRA NNNAV excluding transfer costs stood at ?34.8 per share at December
31, 2014, compared with ?34.1 per share at the 2013 year-end. The decline over
the period reflected dividend distributions (negative impact of ?1.5 per share),
consolidated earnings growth (positive impact of ?1.6 per share), changes in the
properties' appraisal values (positive impact of ?1.6 per share), rent-free
periods granted to new tenants (negative impact of ?0.7 per share) and changes
in the fair value of bank debt (negative impact of ?0.4 per share).
Raphaël Tréguier, Cegereal's Chief Executive Officer, said:
"In 2014, we outperformed our targets with more than 20% growth in recurring net
income per share. In addition to this achievement, we are delighted to report on
the success of the Go Green program and the launch of Europlaza's transformation
into a Garden Tower, both of which are central to our development. 2015 is set
to be a promising year for Cegereal, as we look to actively engage in arbitrage
opportunities and acquisition operations."
Cegereal's Board of Directors met on February 12, 2015 to approve the audited
consolidated financial statements for the year ended December 31, 2014.
The annual results presentation and video can be viewed on the Company's
website: www.cegereal.com.
Investor Calendar
* April 15, 2015 Annual Shareholders' Meeting
* April 16, 2015 First-quarter 2015 revenue
* July 16, 2015 Payment of the 2014 dividend
* July 24, 2015 First-half 2015 results
* October 22, 2015 Third-quarter 2015 revenue
About Cegereal (NYSE Euronext Paris - Compartment B - CGR)
Cegereal is a REIT-style property company ("SIIC") that invests in very large
prime office properties. Its portfolio currently comprises three office
buildings located in the near suburbs of Paris. The portfolio's appraisal value,
as estimated by independent valuers DTZ Eurexi as of December 31, 2014, is ?928
million including transfer costs.
Listed on Euronext since 2006, in compartment B, its market capitalization as of
February 9, 2015 totaled ?377 million.
www.cegereal.com.
Media relations Relation investisseurs
Aliénor Miens / +33 (0)1 53 32 84 77 Raphaël Tréguier / +33 (0)1
/ 42 25 76 36 /
alienor.miens(at)citigate.fr raphael.treguier(at)cegereal.com
APPENDICES
IFRS Income Statement (consolidated)
In thousands of euros, except per share data
+----------------------------------------------------+-----------+-----------+
| | 2014 | 2013 |
+----------------------------------------------------+-----------+-----------+
Rental income 44,746 43,303
Income from other services 13,173 10,462
Building-related costs (16,341) (16,927)
Net rental income 41,579 36,838
Sale of building
Administrative costs (3,057) (2,754)
Other operating expenses 0 (4)
Other operating income
Increase in fair value of investment property 42,637 15,386
Decrease in fair value of investment property (23,933) (32,531)
Total change in fair value of investment property 18,704 (17,145)
+----------------------------------------------------+-----------+-----------+
| Net operating income | 57,226 | 16,935 |
+----------------------------------------------------+-----------+-----------+
Financial income 17 0
Financial expenses (14,533) (14,994)
Net financial expense (14,515) (14,994)
Corporate income tax (312) 0
+----------------------------------------------------+-----------+-----------+
| CONSOLIDATED NET INCOME | 42,398 | 1,940 |
+----------------------------------------------------+-----------+-----------+
of which attributable to owners of the Company 42,398 1,940
of which attributable to non-controlling interests 0 0
Other comprehensive income
+----------------------------------------------------+-----------+-----------+
| TOTAL COMPREHENSIVE INCOME | 42,398 | 1,940 |
+----------------------------------------------------+-----------+-----------+
of which attributable to owners of the Company | 42,398 | 1,940 |
| | |
of which attributable to non-controlling interests 0 0
| | | |
| | | |
+----------------------------------------------------+-----------+-----------+
| Basic and diluted earnings per share (in euros) | 3.18 | 0.15 |
+----------------------------------------------------+-----------+-----------+
IFRS Balance Sheet (consolidated)
In thousands of euros
+----------------------------------------------+---------------+---------------+
| | Dec. 31, 2014 | Dec. 31, 2013 |
+----------------------------------------------+---------------+---------------+
Non-current assets
Investment property 871,000 849,000
Non-current loans and receivables 30,941 29,331
Total non-current assets 901,941 878,330
Current assets
Trade accounts receivable 6,469 12,508
Other operating receivables 6,276 261
Prepaid expenses 107 68
Total receivables 12,852 12,837
Cash and cash equivalents 23,499 16,018
Total cash and cash equivalents 23,499 16,018
Total current assets 36,351 28,856
+----------------------------------------------+---------------+---------------+
| TOTAL ASSETS | 938,292 | 907,186 |
+----------------------------------------------+---------------+---------------+
Shareholders' equity
Share capital 160,470 160,470
Legal reserve and additional paid-in capital 21,436 31,465
Consolidated reserves and retained earnings 284,831 292,754
Net attributable income 42,398 1,940
Total shareholders' equity 509,135 486,629
Non-current liabilities
Non-current borrowings 401,889 395,797
Other non-current borrowings and debt 4,166 3,469
Non-current corporate income tax liability 0 0
Total non-current liabilities 406,055 399,266
Current liabilities
Current borrowings 1,716 1,776
Trade accounts payable 2,148 1,479
Corporate income tax liability 295 0
Other operating liabilities 5,045 3,762
Prepaid revenue 13,898 14,275
Total current liabilities 23,102 21,292
Total liabilities 429,157 420,557
+----------------------------------------------+---------------+---------------+
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 938,292 | 907,186 |
+----------------------------------------------+---------------+---------------+
IFRS Statement of Cash Flows (consolidated)
In thousands of euros
+---------------------------------------------------------+---------+----------+
| | 2014 | 2013 |
+---------------------------------------------------------+---------+----------+
| |
OPERATING ACTIVITIES | |
| |
Consolidated net income 42,398 1,940
Elimination of items related to the valuation of
buildings:
Fair value adjustments to investment property (18,704) 17,145
Indemnity received from lessees for the replacement of
components
Elimination of other income/expense items with no cash
impact:
Adjustments for loans at amortized cost 1,091 1,107
| | |
Cash flows from operations before tax and changes in | 24,785| 20,192|
working capital requirements | | |
| | |
Other changes in working capital requirements (629) (15,393)
| | |
Change in working capital requirements | (629)| (15,393)|
| | |
| | |
Net cash flows from operating activities | 24,156| 4,799|
| | |
INVESTING ACTIVITIES
Acquisition of fixed assets (3,296) (745)
Net increase/(decrease) in amounts due to fixed asset
suppliers 874 (1,045)
| | |
Net cash flows used in investing activities | (2,422)| (1,790)|
| | |
FINANCING ACTIVITIES
Increase in share capital
Change in bank debt 5,000
Refinancing transaction costs
Net increase in current borrowings (60)
Net increase in other non-current borrowings and debt 697 796
Net decrease in other non-current borrowings and debt
Purchases and sales of treasury shares 134 (35)
Dividends paid (20,025) (8,674)
| | |
Net cash flows used in financing activities | (14,254)| (7,914)|
| | |
| | |
Change in cash and cash equivalents | 7,480| (4,904)|
| | |
Cash and cash equivalents at beginning of year* 16,018 20,921
| | |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 23,499| 16,018|
*including the 2014 interim dividend of ?0.75 per share paid by Cegereal
(representing a total amount of ?10,029 thousand euros).
French GAAP Income
Statement In euros
| | | | |
| | | | |
| | | 2014 | 2013 |
| France | Exports | | |
| | +-------------+-------------+
| | | Total | Total |
| | | | |
Sales of goods for
resale
Sales of manufactured
products
Sales of services
+-----------------------+------------+-------------+-------------+-------------+
|NET REVENUE | - | - | - | - |
+-----------------------+------------+-------------+-------------+-------------+
Change in finished
goods and in-progress
inventory
In-house production
Operating subsidies
Reversal of depreciation and amortization 21,208 37,757
charges, provisions for impairment and expense
transfers
Other revenue 1 39
+--------------------------------------------------+-------------+-------------+
|Total operating | 21,209| 37,796|
|revenue | | |
+--------------------------------------------------+-------------+-------------+
Purchases of goods
Change in inventories of goods held for resale
Purchases of raw materials and other supplies
Change in inventories (raw materials and other
supplies)
Other purchases and external charges 1,488,996 1,406,634
Taxes, duties and other levies 50,810 51,165
Wages and salaries 258,734 265,545
Social security charges 121,105 111,548
Fixed assets: depreciation and amortization
Fixed assets: provisions for impairment
Current assets: provisions for impairment
Loss and contingency provisions
Other expenses 127,967 92,898
+--------------------------------------------------+-------------+-------------+
|Total operating | 2,047,612| 1,927,789|
|expenses | | |
+--------------------------------------------------+-------------+-------------+
+--------------------------------------------------+-------------+-------------+
|OPERATING LOSS | (2,026,403)| (1,889,993)|
+--------------------------------------------------+-------------+-------------+
Allocated income or transferred loss
Loss incurred or transferred income
Financial income from controlled entities 68,300,000
Income from other securities and receivables 0
Other interest income 4,797
Reversal of provisions for impairment, other
provisions and expense transfers
Foreign exchange gains
Net income on sale of short-term investment
securities
+--------------------------------------------------+-------------+-------------+
|Total financial income | 68,304,797| - |
+--------------------------------------------------+-------------+-------------+
Depreciation, amortization, 5,956
provisions for impairment and other
provisions
Interest expenses 499,078 140,647
Foreign exchange
losses
Net expenses on sales of short-term investment
securities
+--------------------------------------------------+-------------+-------------+
|Total financial | 505,034| 140,647|
|expenses | | |
+--------------------------------------------------+-------------+-------------+
+--------------------------------------------------+-------------+-------------+
|NET FINANCIAL | 67,799,763| (140,647)|
|INCOME/(EXPENSE) | | |
+--------------------------------------------------+-------------+-------------+
+--------------------------------------------------+-------------+-------------+
|RECURRING INCOME/(LOSS) | 65,773,360| (2,030,640)|
|BEFORE TAX | | |
+--------------------------------------------------+-------------+-------------+
In euros
+-------------------------------------------------------+----------+-----------+
| | | |
| | 2014 | 2013 |
| | | |
+-------------------------------------------------------+----------+-----------+
|
Non-recurring income on management transactions |
|
Non-recurring income on capital transactions | 78,336 153,570
|
Reversal of provisions for impairment, other |
provisions and expense transfers |
+-------------------------------------------------------+----------+-----------+
|Total non-recurring income | 78,336| 153,570|
+-------------------------------------------------------+----------+-----------+
|
Non-recurring expenses on management transactions |
|
Non-recurring expenses on capital transactions |
|
Depreciation, amortization and provisions for |
impairment |
+-------------------------------------------------------+----------+-----------+
|Total non-recurring expenses | - | - |
+-------------------------------------------------------+----------+-----------+
+-------------------------------------------------------+----------+-----------+
|NET NON-RECURRING INCOME | 78,336| 153,570|
+-------------------------------------------------------+----------+-----------+
|
Employee profit sharing |
|
Corporate income tax | 312,460
|
+-------------------------------------------------------+----------+-----------+
|TOTAL INCOME |68,404,342| 191,365|
| | | |
|TOTAL EXPENSES | 2,865,106| 2,068,436|
+-------------------------------------------------------+----------+-----------+
+-------------------------------------------------------+----------+-----------+
|NET INCOME/(LOSS) |65,539,236|(1,877,070)|
+-------------------------------------------------------+----------+-----------+
French GAAP Balance Sheet
In euros
| | | |
| Depr., | | |
Gross amount | amort. & |Dec. 31, 2014 |Dec. 31, 2013 |
ASSETS | prov. | | |
| | | |
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 387,709,685 387,709,685 349,301,810
controlled entities
Other long-term
investments
Loans
Other financial 794,802 5,956 788,846 716,466
fixed assets
| | | |
FIXED ASSETS 388,504,487| 5,956| 388,498,531| 350,018,276|
| | | |
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 21,067 21,067 77,127
Subscribed
capital, called up
but not paid
Short-term
investment
securities
Cash and cash 460,028 460,028 1,580,482
equivalents
| | |
CURRENT ASSETS 481,095| -| 481,095| 1,657,609
| | |
Prepaid expenses 87,792 87,792 23,691
Adjustment accounts
| | |
389,073,374| 5,956| 389,067,418| 351,699,576
TOTAL ASSETS | | |
In euros
| |
EQUITY AND LIABILITIES Dec. 31, 2014 |Dec. 31, 2013|
| |
Capital
|
Share capital (including paid-up capital: | 160,470,000 160,470,000
160,470,000) |
|
Additional paid-in capital 5,388,776 15,418,151
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 0 8,423
Income
Retained earnings (3,256,815) (1,422,072)
Net income/(loss) for the year 65,539,236 (1,877,070)
Interim dividend (10,029,375)
Investment subsidies
Regulated provisions
|
SHAREHOLDERS' EQUITY 386,500,686| 340,986,296
|
Income from the issue of equity instruments
Contingent advances
|
OTHER EQUITY - | -
|
Contingency provisions
Loss provisions
|
LOSS AND CONTINGENCY PROVISIONS - | -
|
Non-current borrowings and debt
|
Convertible bonds |
|
Other bonds |
|
Bank borrowings |
|
Miscellaneous borrowings and debt | 1,806,957 10,174,731
|
Trade accounts payable and other current
liabilities
|
Advances/down payments received on orders in |
progress |
|
Trade accounts payable | 357,837 444,399
|
Tax and social liabilities | 401,938 93,397
|
Amounts owed to fixed asset suppliers |
|
Other liabilities | 752
|
Prepaid revenue |
|
|
LIABILITIES 2,566,732| 10,713,280
|
Adjustment accounts
| |
| TOTAL EQUITY AND LIABILITIES 389,067,418| 351,699,576
| |
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Source: Cegereal SA via GlobeNewswire
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Datum: 13.02.2015 - 08:02 Uhr
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News-ID 371499
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