Paris, July 22, 2016 - 8:30 a.m.
Regulated information
Cegereal
First-half 2016
RENTAL INCOME UP 11.1%
- Strong operating activity - EPRA earnings up 64%
BforBank expanded its premises in the Europlaza tower by signing a lease on June 1, 2016 for a "garden floor" covering 2,200 sq.m.
Boursorama will gradually move from its offices at Arcs de Seine to its You building in Boulogne this summer. Marketing of the soon-to-be-vacant premises (approximately 10,000 sq.m) is already under way.
The occupancy rate for the Company's assets was up compared with first-half 2015, at 94.6%.
IFRS revenue for first-half 2016 stood at €35 million, up 16.1% compared with the prior-year period.
EPRA earnings for the six months ended June 30, 2016 increased significantly to €14 million from €8.4 million for the year-earlier period, thanks mainly to higher rental income and €4 million in indemnities received.
- Total Share Return 17.3% over the last 12 months
The portfolio was valued at €967 million excluding transfer duties (€1,040 million including transfer duties) as of June 30, 2016, versus €942 million as of December, 2015 and €902 million as of June 30, 2015. This resulted in a reduction in the loan-to-value (LTV) ratio to 41%.
EPRA NNNAV excluding transfer duties stood at €40.0 per share, compared with €39.2 per share as of December 31, 2015. The increase over the first half year reflected higher recurring income (positive impact of €0.60 per share), benefits granted to lessees (positive impact of €0.20 per share), changes in the properties' appraisal values (positive impact of €1.90 per share) and changes in the fair value of bank debt (positive impact of €0.20 per share), partly offset by dividend distributions (impact of €2.00 per share).
The Total Share Return for the last 12 months is 17.3%, with a NAV growth of 11.8% and a distribution ratio on NAV of 5.5%
| in millions of euros | First-half 2016 | First-half 2015 | Change | |
| IFRS revenue | 35.0 | 30.1 | +16.1% | |
| IFRS rental income Portfolio occupancy rate: 94.6% | 24.4 | 21.9 | +11.1% | |
| IFRS operating income | 40.5 | 40.4 | +0.3% | |
| IFRS net income | 32.6 | 32.1 | +1.5% | |
| EPRA earnings | 14.0 | 8.4 | +64.4% | |
| EPRA NNNAV per share excluding transfer duties (in €) | 40.0 | 35.8 | +11.8% | |
- Outlook
The Company should soon face an important milestone with the global refinancing of its portfolio and a first growth transaction.
Investor Calendar
- October 26, 2016 Third-quarter 2016 revenue
For more information, please contact:
| Media relations Aliénor Miens / +33 (0)1 53 32 84 77 alienor.miens@citigate.fr | Investor relations Raphaël Tréguier / +33 (0)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 €1,040 million as of June 30, 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 benefits from the Green Star rating 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 €488 million on July 21, 2016.
www.cegereal.com.
Interim Financial Statements
(IFRS)
Six-month period ended June 30, 2016
Excerpts from the interim financial report
approved by the Board of Directors on July 21, 2016.
The Statutory Auditors have performed a review
of the interim financial statements.
Consolidated Statement of Comprehensive Income (IFRS) for the six months ended June 30, 2016
| in thousands of euros, except per share data | |||
| June 30, 2016 | Dec. 31, 2015 | June 30, 2015 | |
| 6 months | 12 months | 6 months | |
| Rental income | 24,354 | 44,310 | 21,926 |
| Income from other services | 10,597 | 11,349 | 8,169 |
| Building-related costs | (11,396) | (17,156) | (11,427) |
| Net rental income | 23,555 | 38,504 | 18,668 |
| Sale of building | |||
| Administrative costs | (1,849) | (4,976) | (2,038) |
| Depreciation, amortization and provisions for impairment | (4) | ||
| Other operating expenses | (741) | (5) | (0) |
| Other operating income | 8 | 65 | |
| Increase in fair value of investment property | 37,561 | 62,736 | 23,736 |
| Decrease in fair value of investment property | (18,030) | ||
| Total change in fair value of investment property | 19,531 | 62,736 | 23,736 |
| Net operating income | 40,500 | 96,323 | 40,366 |
| Financial income | 0 | 15 | |
| Financial expenses | (7,074) | (14,719) | (7,555) |
| Net financial expense | (7,074) | (14,705) | (7,555) |
| Corporate income tax | (802) | (662) | (662) |
| CONSOLIDATED NET INCOME | 32,623 | 80,957 | 32,149 |
| of which attributable to owners of the Company | 32,623 | 80,957 | |
| of which attributable to non-controlling interests | 0 | 0 | |
| Other comprehensive income | |||
| TOTAL COMPREHENSIVE INCOME | 32,623 | 80,957 | 32,149 |
| of which attributable to owners of the Company | 32,623 | 80,957 | 32,149 |
| of which attributable to non-controlling interests | 0 | 0 | 0 |
| Basic and diluted earnings per share (in euros) | 2.44 | 6.06 | 2.41 |
Consolidated Balance Sheet (IFRS) at June 30, 2016
| in thousands of euros | |||
| June 30, 2016 | Dec. 31, 2015 | June 30, 2015 | |
| Non-current assets | |||
| Property, plant and equipment | 66 | 61 | 61 |
| Investment property | 967,300 | 942,000 | 902,000 |
| Non-current loans and receivables | 26,416 | 28,928 | 30,346 |
| Total non-current assets | 993,781 | 970,989 | 932,407 |
| Current assets | |||
| Trade accounts receivable | 11,823 | 13,132 | 12,945 |
| Other operating receivables | 7,039 | 6,899 | 5,562 |
| Prepaid expenses | 193 | 96 | 200 |
| Total receivables | 19,054 | 20,127 | 18,706 |
| Cash and cash equivalents | 26,346 | 8,723 | 24,072 |
| Total cash and cash equivalents | 26,346 | 8,723 | 24,072 |
| Total current assets | 45,400 | 28,850 | 42,778 |
| TOTAL ASSETS | 1,039,182 | 999,839 | 975,185 |
| Shareholders' equity | |||
| Share capital | 160,470 | 160,470 | 160,470 |
| Legal reserve and additional paid-in capital | 21,436 | 21,436 | 21,436 |
| Consolidated reserves and retained earnings | 359,663 | 305,447 | 305,202 |
| Net attributable income | 32,623 | 80,957 | 32,149 |
| Total shareholders' equity | 574,192 | 568,309 | 519,257 |
| Non-current liabilities | |||
| Non-current borrowings | 403,254 | 402,664 | 402,442 |
| Other non-current borrowings and debt | 4,058 | 3,951 | 4,061 |
| Non-current corporate income tax liability | |||
| Total non-current liabilities | 407,312 | 406,615 | 406,503 |
| Current liabilities | |||
| Current borrowings | 1,591 | 1,626 | 1,794 |
| Trade accounts payable | 2,525 | 3,150 | 3,106 |
| Corporate income tax liability | 802 | 660 | |
| Other liabilities | 37,968 | 4,573 | 30,722 |
| Other financial liabilities | 750 | ||
| Prepaid revenue | 14,041 | 15,566 | 13,143 |
| Total current liabilities | 57,678 | 24,915 | 49,424 |
| Total liabilities | 464,990 | 431,530 | 455,927 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 1,039,182 | 999,839 | 975,185 |
Consolidated Statement of Cash Flows for the six months ended June 30, 2016
| in thousands of euros | ||||||
| June 30, 2016 | Dec. 31, 2015 | June 30, 2015 | ||||
| OPERATING ACTIVITIES | ||||||
| Consolidated net income | 32,623 | 80,957 | 32,149 | |||
| Elimination of items related to the valuation of buildings: | ||||||
| Fair value adjustments to investment property | (19,531) | (62,736) | (23,736) | |||
| 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) | 4 | 5 | ||||
| Fair value of financial instruments (share subscription warrants) | 741 | |||||
| Adjustments for loans at amortized cost | 590 | 775 | 554 | |||
| Cash flows from operations before tax and changes in working capital requirements | 14,427 | 19,001 | 8,967 | |||
| Change in amounts due to owners | 26,746 | 0 | 22,065 | |||
| Other changes in working capital requirements | 6,574 | (2,975) | (1,916) | |||
| Change in working capital requirements | 33,320 | (2,975) | 20,149 | |||
| Net cash flows from operating activities | 47,747 | 16,026 | 29,116 | |||
| INVESTING ACTIVITIES | ||||||
| Acquisition of fixed assets | (5,777) | (8,331) | (7,325) | |||
| Disposal of fixed assets | ||||||
| Net decrease in amounts due to fixed asset suppliers | 2,314 | (384) | 837 | |||
| Net cash flows used in investing activities | (3,464) | (8,715) | (6,488) | |||
| FINANCING ACTIVITIES | ||||||
| Increase in share capital | ||||||
| Change in bank debt | ||||||
| Issue of financial instruments (share subscription warrants) | 9 | |||||
| Refinancing transaction costs | ||||||
| Net increase in current borrowings | (35) | (90) | 78 | |||
| Net increase in other non-current borrowings and debt | 107 | (215) | (105) | |||
| Net decrease in other non-current borrowings and debt | ||||||
| Purchases and sales of treasury shares | 5 | 252 | 38 | |||
| Dividends paid | (26,746) | (22,034) | (22,065) | |||
| Net cash flows used in financing activities | (26,660) | (22,087) | (22,054) | |||
| Change in cash and cash equivalents | 17,623 | (14,776) | 573 | |||
| Cash and cash equivalents at beginning of the period* | 8,723 | 23,499 | 23,499 | |||
| CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | 26,346 | 8,723 | 24,072 | |||
