{"id":978,"date":"2015-07-24T06:39:16","date_gmt":"2015-07-24T06:39:16","guid":{"rendered":"https:\/\/vitura.fr\/press\/cegereal-first-half-2015-epra-nav-85-0\/"},"modified":"2021-06-14T05:54:26","modified_gmt":"2021-06-14T03:54:26","slug":"cegereal-first-half-2015-epra-nav-85-0","status":"publish","type":"post","link":"https:\/\/vitura.fr\/en\/press\/cegereal-first-half-2015-epra-nav-85-0\/","title":{"rendered":"Cegereal \u2013 First-half 2015 EPRA NAV UP +8.5%"},"content":{"rendered":" <\/p>\n
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Paris, July 24, 2015 \u2013 8:00 a.m.<\/span><\/p>\nRegulated information<\/span><\/p>\n![\"\"](\"https:\/\/vitura.fr\/wp-content\/uploads\/2015\/04\/arcdeseine.png\")
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Cegereal \u2013 First-half 2015<\/span><\/p>\n <\/p>\n
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EPRA NAV UP +8.5%<\/span><\/strong><\/p>\n <\/p>\n
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“ We are at the beginning of a very promising cycle for creating value for our shareholders. Our NAV is growing steadily, lifted by the trend toward investment in the office property market and our recent realizations on assets. We anticipate an increase in market rents over the coming year and, in the meantime, a further compression in cap rates.”<\/em> said Rapha\u00ebl Tr\u00e9guier, Cegereal Chief Executive Officer.<\/p>\n<\/span><\/p>\n
\u00b7 <\/span><\/span>Vibrant rental activity: 10,000 sq.m. leased<\/span><\/strong><\/p>\nWhile the rental market for large properties was sluggish in the first six months of 2015, Cegereal made the most of its ability to provide flexible solutions for tenants and continued to turn in a strong letting performance for the Arcs de Seine and Europlaza buildings. <\/span>In all, seven new leases were signed for a total of 10,000 sq.m. These new leases brought the occupancy rate for the Company’s assets to 92%.<\/span><\/p>\nWork was completed on the lobby, landscaping and services at the Garden Tower in the spring of 2015. Renovation of Europlaza’s new \u201cgarden floors\u201d is under way, in preparation for marketing starting in September.<\/span><\/p>\n\u00b7 <\/span><\/span>Operating income tripled<\/span><\/strong><\/p>\nIFRS revenue stood at \u20ac30.1 million, declining by 5.3% from the prior-year period, due primarily to Cap Gemini’s departure from 7,300 sq.m. at the Europlaza site in October 2014.<\/span><\/p>\nIFRS operating income tripled to \u20ac40.4 million versus \u20ac13.8 million as of June 30, 2014, thanks in particular to an increase in the value of the real estate portfolio, which rose to \u20ac902 million excluding transfer costs as of end-June 2015 (\u20ac961 million including transfer costs) from \u20ac844 million a year earlier (excluding transfer costs), and \u20ac871 million excluding transfer costs as of December 31, 2014.<\/span><\/p>\nThe three properties’ appraisal values June 30, 2015, excluding transfer costs, are as follows:<\/span> <\/span><\/p>\n\n- <\/span><\/span>Europlaza: <\/span> <\/span>\u20ac354 million<\/span><\/li>\n
- Arcs de Seine: <\/span> <\/span>\u20ac353 million<\/span><\/li>\n
- Rives de Bercy:<\/span> <\/span>\u20ac195 million<\/span><\/li>\n<\/ul>\n
Cegereal has a healthy balance sheet, with a stable loan-to-value (LTV) ratio of 44.9%.<\/span><\/p>\nEPRA NNNAV excluding transfer costs stood at \u20ac35.8 per share, compared with \u20ac34.8 per share as of December 31, 2014. The increase over the period reflected dividend distributions (negative impact of \u20ac1.65 per share), consolidated earnings growth (positive impact of \u20ac0.1 per share), rent-free periods granted to new tenants (positive impact of \u20ac0.1 per share), changes in the properties’ appraisal values (positive impact of \u20ac2.3 per share) and changes in the fair value of bank debt (positive impact of \u20ac0.1 per share).<\/span><\/p>\n\n\n\n| \n In millions of euros<\/span><\/em><\/p>\n<\/td>\n| \n First-half 2015<\/span><\/strong><\/p>\n<\/td>\n| \n First-half 2014<\/span><\/strong><\/p>\n(pro forma IFRIC 21)<\/span><\/em><\/p>\n<\/td>\n| \n Change<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n\n| \n IFRS revenue<\/span><\/p>\n<\/td>\n | \n 30.1<\/span><\/p>\n<\/td>\n | \n 31.7<\/span><\/p>\n<\/td>\n | \n -5.3%<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n IFRS rental income<\/span><\/p>\nPortfolio occupancy rate: 91.7%<\/span><\/p>\n<\/td>\n | \n 21.9<\/span><\/p>\n<\/td>\n | \n 22.6<\/span><\/p>\n<\/td>\n | \n -3.1%<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n IFRS operating income<\/span><\/p>\n<\/td>\n | \n 40.4<\/span><\/p>\n<\/td>\n | \n 13.8<\/span><\/p>\n<\/td>\n | \n +293.6%<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n IFRS net income<\/span><\/p>\n<\/td>\n | \n 32.1<\/span><\/p>\n<\/td>\n | \n 6.6<\/span><\/p>\n<\/td>\n | \n +387.6%<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n EPRA earnings<\/span><\/p>\n<\/td>\n | \n 8.4<\/span><\/p>\n<\/td>\n | \n 12.5<\/span><\/p>\n<\/td>\n | \n -32.7%<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n EPRA NNNAV per share excluding transfer costs (in \u20ac)<\/span><\/p>\n<\/td>\n | \n 35.8<\/span><\/p>\n<\/td>\n | \n 33.0<\/span><\/p>\n<\/td>\n | \n +8.5%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\nIn accordance with IFRIC 21 “Levies”, an interpretation providing guidance on IAS 37, rental expenses incurred by the lessor on behalf of lessees and expenses chargeable to the lessees under the terms of the lease (including property tax and tax on office premises) are recorded in the statement of comprehensive income under \u201cBuilding-related costs”. These expenses are recognized at January 1 and not spread over the fiscal year. The impact is reflected in the financial statements for 2015, including the interim financial statements. The pro forma accounts for the six months ended June 30, 2014 have been restated to reflect the impact of IFRIC 21 “Levies” had it been applied at that date. <\/span><\/em><\/p>\nInvestor Calendar<\/span><\/strong><\/p>\n\n- October 7 & 8, 2015<\/span> <\/span>Large and Midcap Event (Paris)<\/span><\/li>\n
- October 22, 2015 <\/span> <\/span>Third-quarter 2015 financial information<\/span><\/li>\n<\/ul>\n
For more information, please contact:<\/span><\/strong><\/p>\n\n\n\n| \n Investor Relations<\/span><\/strong><\/p>\n<\/td>\n| \n Media relations<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n\n| \n Rapha\u00ebl Tr\u00e9guier \/ <\/span>+33 (0)1 42 25 76 36 <\/span>\/<\/span><\/p>\n<\/td>\n | \n Ali\u00e9nor Miens \/ <\/span>+33 (0)1 53 32 84 77<\/span> \/<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n raphael.treguier@cegereal.com<\/span><\/p>\n<\/td>\n | \n alienor.miens@citigate.fr<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n <\/p>\n About Cegereal<\/span><\/span><\/strong><\/p>\nCreated in 2006, Cegereal is a commercial property company that invests in prime office properties in Greater Paris. The portfolio’s appraisal value is estimated by independent valuers DTZ Eurexi at \u20ac961 million as of June 30, 2015 (replacement value).<\/span><\/p>\nTo 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.<\/span><\/p>\nCegereal is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096). The Company had a market capitalization of \u20ac385 million on July 21, 2015.<\/span><\/p>\nwww.cegereal.com.<\/span><\/a><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/p>\n <\/span><\/p>\n <\/p>\n <\/span><\/p>\n <\/p>\n Interim Financial Statements<\/span><\/p>\n <\/p>\n (IFRS)<\/span><\/p>\n <\/p>\n Six-month period ended June 30, 2015<\/span><\/p>\n <\/p>\n <\/span><\/p>\n <\/p>\n <\/span><\/p>\n <\/p>\n <\/span><\/p>\n <\/p>\n Excerpts from the interim financial report<\/span><\/p>\n <\/p>\n approved by the Board of Directors on July 23, 2015<\/span><\/p>\n <\/p>\n <\/span><\/p>\n <\/p>\n <\/span><\/strong><\/p>\n <\/p>\n The Statutory Auditors have performed a limited review<\/span><\/p>\n <\/p>\n of the interim financial statements<\/span><\/p>\n <\/span><\/strong><\/p>\n <\/span><\/strong><\/p>\n <\/p>\n Consolidated Statement of Comprehensive Income (IFRS) for the six months ended June 30, 2015<\/span><\/strong><\/p>\n\n\n\n| \n in thousands of euros, except per share data<\/span><\/em><\/p>\n<\/td>\n| \n <\/span><\/p>\n<\/td>\n | \n <\/span><\/p>\n<\/td>\n | \n <\/span><\/p>\n<\/td>\n | \n <\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n <\/span><\/strong><\/p>\n<\/td>\n| \n June 30, 2015<\/span><\/strong><\/p>\n<\/td>\n| \n Dec. 31, 2014<\/span><\/strong><\/p>\n<\/td>\n| \n June 30, 2014<\/span><\/strong><\/p>\n<\/td>\n| \n June 30, 2014<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n\n| \n <\/span><\/strong><\/p>\n<\/td>\n| \n <\/span><\/strong><\/p>\n<\/td>\n| \n <\/span><\/strong><\/p>\n<\/td>\n| \n <\/span><\/strong><\/p>\n<\/td>\n| \n | | | | | | | | | | | | | | | | | | | | | | | | | |