Foncière de Paris SIIC: 2014 Full-year financial statements
(Thomson Reuters ONE) -
Release - February 13th, 2015
2014 full-year financial results
Paris, February 13(th), 2015 - The Board of Directors of Fonciere de Paris met
on February 10(th), 2015 to approve the Company's financial statements
established according to the international accounting standards IFRS, for 2014
financial year from January 1(st) to December 31(st), 2014. It presented its
report on the financial statements to the Supervisory Board on February
13(th), 2015. Audit procedures were carried out by Statutory Auditors and their
report will be currently issued. This press release should be read with all
available information. The update of its reference document will be released at
the latest in April 2015 on the Company's website www.fonciere-de-paris.fr
TARGETED ACQUISITIONS: ?100m investments in Paris "intra-muros", i.e an
acquisition of 22,000 sq.m. of office spaces in Paris XVIth, XVIIth and XIXth
INCREASING OCCUPANCY RATE FROM 93.3% TO 95,1%
?80M OF RENTAL REVENUE AND AN ESTIMATED PORTFOLIO ASSET OF ?1.3 BILLION ON
MARKET VALUE
* Increase of the consolidated operating profit as at 31 December 2014: ?61m
(+24%)
* Increase of the stock of unrealised gains close to ? 200m as at 31 December
2014 (+27%)
* Growth of the net value asset on a diluted basis: ? 118.69 per share at
December 31(st), 2014, versus ? 111.17 per share at December 31(st), 2013
(+6.8%)
EXTENDED DEBT MATURITY AND DECREASED FINANCIAL COST
* Spot financing cost after hedging: 2.61% as at December 31(st), 2014 vs
3.17% as at December 31(st), 2013
* Issuing of a bond of ? 100m beginning July 2014, split into two tranches of
? 50m each with 2020 (2.99%) and 2021 (3.3%) terms, increasing the average
debt maturity to 3.4 years
INCREASED DIVIDEND TO ?6.1 (vs ?6 in 2013)
ACTIVITIES
* Rental Business Activity: Financial occupation rate reached 95.1% on
December 31(st), 2014 compared to 93.3% on December 31(st), 2013.
* During the period, the Company rented or re-commercialised
approximatively 13,500 sq.m. of the existing portfolio.
* The financial occupancy rate increased from 93.3% on December
31(st), 2013 to 95.1% on December 31(st), 2014. It reaches 97% in Paris
where almost ?1 billion in assets are concentrated, and represent 76.5%
of the total portfolio of Foncière de Paris.
* On December 31(st), 2014, the average lease maturity is of 4.2 years.
* FONCIERE DE PARIS INVESTED ? 100m IN PARIS INTRA MUROS IN 2014
Foncière de Paris concentrated its acquisitions on properties located in Paris
intra-muros. These assets, today mostly rented, offer a medium term value
creation.
* PARIS 16th - Bd DE MONTMORENCY- EADS HEAD OFFICE-
In June 2014, Foncière de Paris purchased the former EADS Head Office
located in Paris 16th. This building representing a total space of 14,100 sq.m.
with 120 parking places is entirely rented to EADS for a two year term. It will
then be refurbished.
* PARIS 19th - 218, AVENUE JEAN JAURES - DIAPASON BUILDING -
This building represents a surface of 6,300 sq.m. mostly let and
generates an immediate return of 7.6%.
* PARIS 17th - 251, Bd PEREIRE - MAILLOT 2000 BUILDING -
Fonciere de Paris purchased an additional space (1,150 sq.m.) to be
refurbished in a building where it already holds over 7,000 sq.m. of rented
offices.
Two sales were finalised in the second semester of 2014 (Building Lendit-
Lumière, 5,400 sq.m. in Saint Denis and the Company's proportionate share of
32.5% of the capital in the SCI Saints Pères Fleury*) and generated ?13.7m of
net capital gains.
*This SCI of which Fonciere de Paris only held 32.5%, owns the former Ecole des
Ponts et Chaussée, located rue des Saints Pères (approximatively 9,200 sq.m.)
now rented to Science Po with a long term lease agreement.
ASSET PORTFOLIO: ? 1.3bn OF REAL ESTATE PORTFOLIO VALUE
* The value of the portfolio appraised as of December 31(st), 2014 is of ?
1.3bn vs ? 1.24bn as of December 31(st), 2013. This change is mainly due to:
* ? 100m acquisitions performed during the period (cf. supra)
* An increase of unrealised capital gains from ? 157m at December
31(st), 2013 to ? 200m at December 31(st), 2014
* Peripheral asset disposals for an amount of ? 4.6m and capital gain of ?
1.9m
* ? 13m investments in the construction of the Coruscant Building in Saint
Denis, for the balance.
FINANCIAL DATA: NEARLY ? 80m IN RENTAL INCOME
* The consolidated turnover amounted to ? 113.3m at December 31(st), 2014,
split as following:
* ? 79.4m from rental income (?75.7m in 2013), in line with the annual
target of ? 80m, excluding dividends on shares held in Foncière des
6ème et 7ème and on Eurosic that amounted to ? 9m.
* ? 21.4m from lease payments for credit-leasing,
* ? 12.5m from hotel activity income.
* The operating profit reached ? 61m as at December 31(st), 2014 versus ? 49 M
as at December 31(st), 2013 (pro-forma on 12 months).
* The net consolidated profit is of ? 33.6m not comparable to the pro-forma
one of December 31(st), 2013 (?88.6m). Consolidated current cash-flow
amounts to ? 52m, i.e. ? 7.84 per share.
* The net income (résultat social), used to determine the dividend, reaches ?
41.1 M after taking into account the termination fees of ? 6.4m on swaps,
i.e. ? 6.21 per share.
* The consolidated shareholders' equity, including income, amounts to ? 565m.
Are added to this amount almost ? 200m (vs ? 157m as at December
31(st), 2013) of unrealised capital gains on the rental business assets and
? 73m OSRAs. The amount of the revalued capital equity and quasi-equity
amounts to ? 836m versus ? 791m on December 31(st), 2013 (pro-forma).
* The Revalued Net Asset for the six month period of Foncière de Paris,
amounts on a diluted basis to ? 118.69 per share, excluding transfer duties
on December 31(st), 2014 vs to ?111.17 per share excluding transfer duties
on December 31(st), 2013.
REFINANCING: DURING THE PERIOD, FONCIERE DE PARIS EXTENDED ITS DEBTS MATURITY
WHILE REDUCING ITS AVERAGE COST
* The long-term financial debt passed from ? 801m as at December 31(st), 2013
to ? 877m as at December 31(st), 2014, the short term-debt from ? 233m to ?
179m between December 31(st), 2013 and December 31(st), 2014. On December
31(st) 2014, the Company held ? 408m of undrawn credit lines.
* During the second semester, the Company purchased ? 157m swaps paying an
amount of ? 6.4m booked into expenses in 2014. After the impact of this
transaction, the Company is still hedged at 80% at an average rate of
2.41%. The spot cost of refinancing at December 31(st), 2014, passed to
2.61% compared to 3.17% on December 31(st), 2013.
* The Loan To Value ratio (net debt/asset revaluation) amounts to 44% vs 43%
at December 31(st), 2013.
* Due to the bond issue on July 10(th), 2014, and the signing of new credit
lines confirmed since the beginning of the financial year, the debt maturity
is of 3.4 years, compared to 2.9 years end of December 2013.
DIVIDEND INCREASING SLIGHTLY
* At the General Meeting of Shareholders the payment of a dividend of ? 6.1
per share will be proposed, versus ? 6 in 2013, confirming the Company's
distributive capacity. This represents a dividend yield of 6.1% on the stock
price at December 31(st, )2014 and of 5.5% on the stock price at February
10(th), 2015.
MERGER PROJECT WITH FONCIERE DES 6EME ET 7EME ARRONDISSEMENTS DE PARIS: A
RELUTIVE TRANSACTION AND A CONSOLIDATED ASSET PORTFOLIO OF APPROX. ? 3 BILLION
* On November 4(th), 2014, the Supervisory Board of Fonciere de Paris, on
proposal of the Management Board and the Board of Directors of Foncière des
6ème et 7ème Arrondissements de Paris met and approved the principle of a
merger of Foncière de 6ème et 7ème Arrondisements de Paris into Fonciere de
Paris (see Press Release of 4 November 2014).
* Mr. Kling and Ledouble were appointed Merger Auditors on November
24(th) 2014.
* Specialised on the real estate market of offices in Paris, the new group
will reach a consolidated portfolio asset of approximatively ? 3 billion
based on current value. This transaction will bring to the shareholders of
the two listed companies the following assets:
* This merger is expected to be accretive (relutive) due to the cancellation
of 17.6% of capital of Foncière des 6ème et 7ème Arrondissement de Paris
currently held by Foncière de Paris.
- A crystal-clear strategy: the high quality portfolio concentrated up
to 90% in Paris, Boulogne-Billancourt and Levallois-Perret
* Reinforced means in order to assure a long term development on equivalent
assets.
* In the future, the simplification of organisation of these two entities
should optimise value creation for the shareholders and assure sustained and
regular increase of the dividend.
FINANCIAL AGENDA
* March 5(th), 2015: Foncière de Paris Supervisory Board and Foncière des
6ème et 7ème Arrondissements de Paris Board of directors (exchange parity of
the merger).
* May 12(th), 2015: Both companies will hold an Annual General Meeting (on
2014 dividend) and an Extraordinary General Meeting (on the Merger treaty)
ABOUT FONCIERE DE PARIS
Foncière de Paris is listed on Euronext Paris since 1987 (code ISIN:
FR0000034431) under real-estate FTSE classification.
www.fonciere-de-paris.fr
Contacts
Fonciere de Paris
François Thomazeau / Olivier Riché / Arnaud Pomel
Séverine Farjon - farjon(at)foncieredeparis.fr - Phone: +33 (0)1 53 70 77 77-
Key Figures
Consolidated balance sheet - In thousands of euros
+---------------------------------------------------------+---------------------------------------------------------+
|ASSETS PRO FORMA |LIABILITIES PRO FORMA |
| 31/12/2014 31/12/2013 30/06/2013| 31/12/2014 31/12/2013 30/06/2013|
|In thousands 31/12/2013 |In thousands 31/12/2013 |
|of euros |of euros |
| | |
|INTANGIBLE 5 524 1 260 1 260 164|Capital 99 386 99 271 99 271 64 323|
|ASSETS | |
| | |
|Capital fixed | |
|for 976 462 1 016 417 1 016 417 242 028|Reserves 432 525 359 272 371 362 222 925|
|investment | |
|properties | |
| | |
|Capital fixed | |
|assets for 54 082 51 596 51 596 52 124| Transferable 12 108 -1 666 -1 666 1 375|
|hotel |reserves |
|activities | |
| | |
| | Treasury -18 466 -26 708 -26 708 -1 144|
| |shares |
| | |
|Capital |Other |
|assets for |consolidated 438 883 387 647 399 737 222 694|
|financial |reserves |
|leasing | |
| | |
|Capital | |
|assets for 4 433 6 511 6 511 7 261| |
|moveable | |
|leasing | |
| | |
|Capital | |
|assets for |Other equity |
|property 406 821 448 007 448 007 464 417|instruments |
|finance | |
|leasing | |
| | |
|Capital | |
|assets for 13 799 13 320 13 320 5 902| |
|financial | |
|leasing | |
| | |
| |Share in the |
| |income of 4 415 -2 476 -4 569 2 884|
| |associated |
| |undertakings |
| | |
|Operating |Not yet |
|fixed assets 586 565 565 382|allocated |
| |income/loss |
| | |
| |Income/loss |
| |excluding |
| |share in the 29 183 91 114 81 116 3 760|
| |income of |
| |associated |
| |undertakings |
| | |
|TANGIBLE 1 456 183 1 536 415 1 536 415 772 114|Income/loss 33 598 88 638 76 547 6 645|
|ASSETS | |
| | |
|Shareholdings |SHAREHOLDERS' |
|in associated 96 602 93 613 93 613 101 066|EQUITY GROUP 565 509 547 181 547 180 293 892|
|undertakings |SHARE |
| | |
|Securities | |
|and |Minority |
|receivables 9 24 24 31|interest 779 779 814|
|held to |income |
|maturity | |
| | |
|Available- |Minority |
|for-sale 84 781 72 259 72 259 75 451|interest 1 957 1 957 1 186|
|securities |reserves |
| | |
|Interest-rate | |
|instruments 1 248 354 354 65|MINORITY 2 736 2 736 2 000|
|(caps and |INTERESTS |
|swaps) | |
| | |
| |Bonds |
|Deferred tax- 2 252 1 980 1 980 4 833|redeemable 72 908 87 474 87 474 |
|assets |with shares |
| |(OSRA) |
| | |
| |FINANCIAL |
|Other 9 663 16 770 16 770 13 661|LIABILITIES 871 526 800 752 800 752 464 614|
|receivables |DUE IN MORE |
| |THAN ONE YEAR |
| | |
| |Interest-rate |
| |instruments 7 082 12 673 12 673 11 172|
| |swaps |
| | |
| | |
| | |
|OTHER NON- |Deferred tax |
|CURRENT 194 555 185 000 185 000 195 107|liabilities 1 957 171 171 1 595|
|ASSETS | |
| | |
| |Other debts 11 279 14 507 14 507 6 943|
| | |
| |MISCELLANEOUS 13 236 14 677 14 677 8 538|
| |DEBTS |
| | |
|TOTAL NON- |TOTAL NON- |
|CURRENT 1 656 262 1 722 675 1 722 675 967 385|CURRENT 1 530 261 1 465 493 1 465 493 780 217|
|ASSETS |LIABILITIES |
+---------------------------------------------------------+---------------------------------------------------------+
|Properties 77 022 16 166 16 166 1 186| |
|held for sale | |
| | |
| |PROVISIONS |
|Inventories 129 73 73 72|FOR 2 596 2 259 2 259 2 366|
| |CONTINGENCIES |
| |AND CHARGES |
| | |
|Accounts | |
|receivable on 8 801 9 807 9 807 2 723| |
|investment | |
|properties | |
| | |
|Accounts |FINANCIAL |
|receivable on 3 709 3 651 3 651 8 746|LIABILITIES 184 945 233 049 233 049 227 331|
|leasing |DUE IN LESS |
| |THAN ONE YEAR |
| | |
|Operating 12 510 13 457 13 457 11 469| |
|receivables | |
| | |
|Miscellaneous 8 325 8 668 8 668 12 861| |
|receivables | |
| | |
|Securities |MISCELLANEOUS |
|held for 1 486 243 243 118|DEBTS 53 875 69 962 69 962 34 459|
|trading | |
| | |
|cash and cash 15 944 9 482 9 482 51 282| |
|equivalents | |
| | |
|Cash 17 429 9 725 9 725 51 400| |
| | |
|CURRENT 115 415 48 088 48 088 76 988|TOTAL CURRENT 241 417 305 270 305 270 264 156|
|ASSETS |LIABILITIES |
+---------------------------------------------------------+---------------------------------------------------------+
|TOTAL ASSETS 1 771 678 1 770 763 1 770 763 1 044 373|TOTAL 1 771 678 1 770 763 1 770 763 1 044 373|
| |LIABILITIES |
+---------------------------------------------------------+---------------------------------------------------------+
NB In the consolidated financial statements established according to the
international standards IFRS, investment properties assets are booked in
historical value, which means that ?198m latent capital gains are not taken into
account.
Consolidated Income Statement - In thousands of euros
-------------------------------------------------------------------------------
In thousands of euros 31/12/2014 31/12/2013 31/12/2013 30/06/2013
PRO FORMA
-------------------------------------------------------------------------------
OPERATING REVENUE 155 421 147 255 59 608 43 769
-------------------------------------------------------------------------------
Revenue from rental activity 99 181 85 203 30 923 10 423
Rents 79 390 75 723 26 234 8 791
Re-invoiced expenses 17 358 8 080 4 342 1 262
Other revenues and transferred 1 351 641 275 49
expenses
Recoveries of impairment of 516 328 37 260
assets
Recoveries of doubtful accounts 566 286 36 61
Recoveries of provisions for 145
contingencies and charges 0
Revenue from financial leasing 42 929 46 571 21 915 24 658
Fees and taxes and other 21 352 24 580 12 109 12 471
revenues
Re-invoiced charges 8 825 12 231 4 243 7 988
Recoveries of provisions and 5 428 3 053 702 2 351
amortisations
Recoveries of provisions for 4 943 5 724 4 371 1 353
doubtful accounts
Capital gain on sales 1 196 454 65 389
Other revenue 1 185 529 424 105
Hotel operating revenue
Hotel operating revenue 12 545 12 459 6 240 6 219
Other revenue 766 3 022 530 769
Other recoveries of provisions for 1 700
contingencies and charges
-------------------------------------------------------------------------------
OPERATING EXPENSES 94 405 98 187 38 707 35 842
-------------------------------------------------------------------------------
Expenses on rental activity 49 644 38 018 14 506 5 549
Re-invoiceable expenses 17 358 8 080 4 342 1 262
Non re-invoiceable expenses 5 492 6 263 2 041 739
Depreciation and amortisation 21 040 20 992 6 679 2 217
Provisions for asset 3 694 1 954 920 1 206
depreciation
Provisions for contingencies and 176 176
charges
Expenses on doubtful accounts 675 248 158 90
Other expenses 1 386 305 191 35
Operating expenses on financial 20 736 30 274 10 644 19 630
leasing
Re-invoiceable expenses 8 825 12 231 4 243 7 988
Non re-invoiceable expenses 814 1 037 667 370
Provisions for assets 239 7 656 2 838 4 818
Expenses on doubtful account 6 404 6 776 2 672 4 104
Gain/loss on sales 4 293 2 350 2 350
Other expenses 161 224 224
Other operating expenses 9 657 9 935 5 279 4 657
Other hotel operating expenses 8 588 8 553 4 585 3 968
Depreciation and amortisation for 1 068 1 382 693 689
the hotel activity
General operating expenses 14 368 19 960 8 278 6 006
Payroll expenses 7 939 7 441 1 651 3 637
Other administrative expenses 3 845 10 154 5 879 1 620
Taxes and similar payments 1 379 1 165 490 396
Depreciation, amortisation and 755 623 201 251
provisions
Other operating expenses 450 577 56 103
-------------------------------------------------------------------------------
Operating profit or loss 61 016 49 068 20 901 7 926
-------------------------------------------------------------------------------
Income from sale of investment 6 123 1 526 46 1 480
properties
-------------------------------------------------------------------------------
Operating profit or loss including 67 140 50 594 20 947 9 406
sale of investment properties
-------------------------------------------------------------------------------
Profit/loss of associated 4 415 -2 476 -4 569 2 884
undertakings
-------------------------------------------------------------------------------
Cost of net debt -42 047 -34 715 -14 244 -7 576
Dividends and net revenue on 11 120 -2 056 -8 825 4 464
securities
Changes in value of financial -6 138 126 286 42
instruments
Changes in goodwill value 105 414 111 753
-------------------------------------------------------------------------------
Pre-tax income/loss 34 489 116 887 105 348 9 220
-------------------------------------------------------------------------------
Taxes (including deferred tax) -892 -26 657 -28 022 -1 761
-------------------------------------------------------------------------------
NET INCOME/LOSS 33 598 90 230 77 325 7 459
-------------------------------------------------------------------------------
Of which Minority interest share 1 593 779 814
Group share 33 598 88 638 76 547 6 645
-------------------------------------------------------------------------------
Earnings per share ? 5.34 ? 14.15 ? 1.55
Diluted earnings per share ? 5.24 ? 13.34 ? 1.55
-------------------------------------------------------------------------------
FDP - PR 2014 FY :
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Source: Foncière de Paris SIIC via GlobeNewswire
[HUG#1894569]
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Datum: 13.02.2015 - 19:23 Uhr
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News-ID 371611
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