AFFINE : Company overview - March 2016

f96d5bba-d51c-4bba-bc16-5dedeb0acd5b.pdf

MARCH 2016

PROPERTY COMPANY SPECIALIZED IN COMMERCIAL REAL ESTATE

DIRECT PROPERTIES (1)

€547M

DIRECT GROSS ANNUAL

RENTAL INCOME

€36M

€897M

TOTAL PORTFOLIO (1)(2)

1. Transfer taxes included

2. Including the fair value of properties of associates

   (Banimmo)

   
   

   
   

   BREAKDOWN OF DIRECT PROPERTIES BY TYPE

   ■ ■

   
   

   Lille

   Offices

   62.3%

   Retail

   23.9%

   
   

   ■ Warehouses and industrial

   13.8%

   Île-de-France Nantes

   
   

   Bordeaux Toulouse

   
   

   Lyon

   
   

   Marseille

   
   

   Paris Métropole

   
   

   STRATEGY & OUTLOOKS

   CONCENTRATE INVESTMENTS

   • Geographic: Paris Métropole* and 6 regional cities (Bordeaux, Lille, Lyon, Marseille, Nantes, Toulouse)

   • by type: Offices and retail premises in city center

     *Paris Métropole: Paris + Hauts-de-Seine + Val d'Oise

     + Val-de-Marne

     REJUVENATE THE PORTFOLIO

   • Investing in new or recent, prefera- bly with green certification buildings

   • with an average size of €10m to

     €30m

   • Providing relatively high yield

   • Containing a potential for value creation

   • Continuing gradual disposal of prop- erties out of our strategy

     INCREASE THE RENT VOLUMES

   • By investing in buildings with a good yield and good location

   • By making the improvement of the occupancy rate a strong goal

   • By incorporating the technologi- cal development into our tenant services

     BRING BACK BANIMMO TO PROFITABILITY

   • By completing successfully the planned sales

   • By tapping the potential of the land bank that it holds in Belgium,

   • And strengthening through partner- ships its intervention capacity in the retail sector in France

2015, IN BRIEF

KEY FIGURES

NET OPERATING PROFIT RISES SHARPLY TO €23.2M

NET PROFIT AT BREAK-EVEN

IMPROVEMENT IN LTV RATIO AT 46.6% (-2.7 POINTS)

CHANGE IN PORTFOLIO

EPRA EARNINGS PER SHARE (€)

1.441.38

1.15

DIVIDEND PER SHARE (€)

1.0 1.0

• (+) Increase in fair value, up €3.8m

• (+) Cost of debt down to 2.5%

• (+) € 2 . 2 m drop in corporate expenses

• (-) 10.7% drop in gross rental income

• (-) Negative contribution from Banimmo (-€16.5m)

• €39.0m acquisitions and works

• €94.7m disposals

  
  

  EPRA NAV PER SHARE: €21.6 DIVIDEND OF €1.0 PER SHARE(*)

  (*) Will be submitted to the vote

  at the General Shareholders' Meeting of 28 April 2016

  
  

  2013

  
  

  2014

  
  

  2015

  0.9

  
  

  2013

  
  

  2014

  
  

  2015

  
  

  EPRA EARNINGS DOWN

  CAPITAL RECYCLING (€M)

  • Investment ■ Disposal

EPRA NET ASSET VALUE (€M)

TO €13.3M

45.4

31.0

39.0

25.0

23.0

21.6

-7.8

-27.9

2013

2014

-94.7

2015

2013

2014

2015

MARCH 2016

FINANCIAL STATEMENTS

CONSOLIDATED EARNINGS (€M) 2013 2014 2015

Gross rental income 40.2 43.7 39.0

Net rental income 34.8 39.2 34.4

Other income 1.9 1.3 1.2

Corporate expenses (10.0) (10.1) (7.9)

Current EBITDA 26.7 30.3 27.7

Current operating profit 26.5 30.2 27.1

Other income and expenses (2.7) 0.5 (0.4)

Net profit or loss on disposal (0.1) 3.4 (7.2)

Operating profit (before value adj.) 23.7 34.1 19.5

Net balance of value adjustments (18.4) (25.3) 3.8

Net operating profit 5.4 8.9 23.2

Net financial cost (11.5) (10.9) (9.1)

Fair value adjustments of hedging instr. 4.0 (2.3) 2.1

Taxes (1.4) (1.1) 0.5

Associates (0.1) (0.2) (0.5)

Miscellaneous (5.3) (5.3) (15.7)

Net profit (8.8) (11.0) 0.4

Net profit - group share (8.8) (11.0) 0.4

Net profit - group share (excl. Banimmo) (2.1) (6.4) 16.9

EPRA adjustments 25.8 27.4 12.8

BANIMMO IN BRIEF

Repositioning and built-to-suit tertiary and retail buildings

in Belgium, France and Luxembourg

■

Affine holding

49.5%

■

Turnover

€51.9m

■

Operating result

€4.5m

■

Net result

-€33.2m

■

Portfolio

€350m

(Belgium: 64% and France: 36%)

BREAKDOWN OF AFFINE SHAREHOLDING

■ ■

EPRA earnings 17.0 16.5 13.3

EPRA earnings (excl. Banimmo) 17.0 18.3 17.4

NB: The Banimmo sub-group is consolidated under the equity method. Banimmo's accounts are currently under audit review.

Free float

68.3%

Voting rights 52.6%

Holdaffine

31.7%

Voting rights

47.4%

CONSOLIDATED BALANCE SHEET (€M) 2013 2014 2015

ASSET 779.4 706.3 623.6

Properties (excluding transfer taxes) 593.8 575.1 514.4

of which investment properties 550.4 426.9456.0

of which property held for sale 43.4 148.258.5

Equity holdings 0.3 0.3 0.0

Equity affiliates 60.4 54.7 38.8

Cash 39.4 4.3 6.7

Other assets 85.5 72.0 63.6

SHAREHOLDERS' DIARY

LIABILITIES 779.4 706.3 623.6

Shareholders equity (before allocation) 326.2 303.5 291.7

of which convertibles 20.6 20.44.2

of which PSL 73.2 73.273.2

Bank debt 366.5 346.7 286.5

Other liabilities 86.7 56.0 45.4

LTV (%) 46.8 49.3 46.6

20 APRIL 2016

• First quarter revenues

  28 APRIL 2016

• Annual General Meeting

6 MAY 2016

• Dividend payment (€1.0)

28 JULY 2016

• 2016 Half-year revenues and results

  19 OCTOBER 2016

  • Third quarter revenues

    
    

    AFFINE ON THE STOCK MARKET

    • Affine ■ Euronext IEIF SIIC France ■ EPRA Europe

21

19

17

15

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INFORMATION

AT 31 DECEMBER 2015

Market NYSE Euronext Paris

ISIN code FR0000036105

Ticker IML FP / BTPP.PA

/ F:IML

DSO Long only

Indices CAC Mid&Small, SIIC IEIF, EPRA

Shares

outstanding 10,056,071

Free float 68.3% Closing price €16.35

CONTACTS AFFINE Maryse Aulagnon

Chairman

and Chief Executive Alain ChaussardVice Chairman

and Co-Chief Executive

Frank Lutz

Investor Relations

& Capital Markets

5, rue Saint-Georges, 75009 Paris - France

Tél. : +33 (0)1 44 90 43 10

Fax : +33 (0)1 44 90 43 57

e-mail : info@affine.fr

01/2015

03/2015

05/2015

07/2015 09/2015 11/2015 01/2016

Market

capitalization €164.4m

www.affine.fr