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Altarea

Interim / Quarterly Report • Jul 28, 2016

1101_ir_2016-07-28_5faf3cde-a756-4d8c-8781-e76fb5341b8d.pdf

Interim / Quarterly Report

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RESULTATS SEMESTRIELS 20162016 HALF-YEAR RESULTS

INTRODUCTION

First-half 2016 – Positive operational dynamic across all business lines

ALTAREA
OGEDIM

INTRODUCTION

Altarea Cogedim, a responsible and innovative company

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(
Inte
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rtific
atio
n).
rnat
ma
nag
por
cer
nme

DEVELOPMENT

Two major mixed-use urban projects won in H1

DEVELOPMENT (residential and offices)

A new dimension

RESIDENTIAL DEVELOPMENT

Market share gains: 4,000 units sold (+47%) / €961m (+50%)

I
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OFFICE DEVELOPMENT

Strong contribution to results in the first half of 2016 and in upcoming periods

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(1) Market value equivalent: Share of the amounts signed for off-plan and Property Development contracts, or share of capitalised fees for delegated projects, or cost price at 100% for AltaFund.

RETAIL REITL'Avenue 83 – Toulon-La Valette

L'AVENUE 83 IN TOULON-LA VALETTE: A SUCCESSFUL LAUNCH

51,000 m² shopping and leisure centre 12 medium-sized outlets (Primark, Nike Store, etc.)One Pathé movie theatre with 15 screens70 shops and kiosks

100% leased

A great start Drawing more than 1.5 million visitors in less than three months

Awarded a 2016 Janus du Commerce prize

C
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s		 l
1
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e
s		 €
1.
1
m

23

RETAIL REIT

RETAIL REIT

Operational performance of the portfolio

KEY PERFORMANCE INDICATORSFOR SHOPPING CENTRES

(
)
1
T
'
t
e
n
a
n
s
r
e
e
n
e
v
u		 2
2
%
+
C
h
i
l
i
t
t
a
n
g
e
n
n
e
r
e
n
a
n
c
o
m
e		 6
8
%
+
(
1.
6
%
l
i
ke
-fo
l
i
ke
+
on
a
r-
ba
is
)
s
(
)
2
O
i
t
t
c
c
p
a
n
c
c
o
s
r
a
o
u
y		 9
4
%
(
)
3
B
d
d
b
i
t
t
a
e
r
a
o		 1.
8
%
(
)
4
F
i
i
l
t
n
a
n
c
a
a
c
a
n
c
r
a
e
v
y		 3
1
%

(1) France only.

(2) Calculated as rent and expenses charged to tenants (incl. taxes and rent reductions), in proportion to revenue (incl. taxes) at 100 % in France. Excluding assets being redeveloped and currently in arbitration

(3) Net amount of allocations to and reversals of provisions for bad debt plus any write-offs during the period as a percentage of total rent and expenses charged to tenants, at 100% in France. Excluding assets being redeveloped and currently in arbitration.

(4) Estimated rental value (ERV) of vacant units as a percentage of total estimated rental value. Excluding assets being redeveloped and currently in arbitration.

(5) Opening of the first Cogedim Store (a qualitative showroom for residential acquisitions) in June 2016 and of the first American Five Guys restaurant in France in August.

2016 HALF-YEAR RESULTS

RETAIL REIT

Outlook: doubling of rental income upon completion(1)

P
I
P
E		 L
I
N
E		 U
P
C
O
M
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N
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e
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i
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e		 €
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m		 P
d
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a
(
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2
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e		 €
1
8
7.
7
m		 F
l
d
a
n
r
e
s
(
Ro
)
nc
q
/w
G
ha
o
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up
s
re
/w
ha
f
h
ir
d
ies
t
t
o
s
re
o
p
ar		 €
1
4
6m
7.
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4
0.
1m		 D
l
i
d-
2
0
1
7
e
v
e
r
y
:
e
n
0
%
l
7
t
p
r
e-
e

(1) At 100%, including internet expenses and internal costs.

(2) €147.6m of potential rental income above a current portfolio generating €145.2m in rental income (figures on a Group share basis).

FINANCIAL RESULTS

Significant growth, driven by development: €92.0m (+15.3%)

RECURRING INCOME (FFO)(1) (GROUP SHARE) (€M)

C
o
C
o		 l
i
d
d
F
F
O
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h
t
n
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e
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e		 €
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0
m
€
6.
9
6		 1
5.
3
%
+
1
0.
8
%
+
O
h
t		 (
2)
e
r		 €
(
)
5.
5
m		 4.
4
%
7
+
D
e		 l
t
e
o
p
m
e
n
v		 €
3
8.
3
m		 4
6.
5
%
+
R
t
e		 i
l
R
E
I
T
a		 €
5
9.
3
m		 4.
4
%
+

(1) Net profit excluding changes in value, calculated costs, transaction fees and changes in deferred tax, and excluding activities held for sale (IFRS 5), in Group share.

(2) Services and Development for REIT and Other Corporate.

2016 HALF-YEAR RESULTS

FINANCIAL RESULTS

Robust growth, driven by development : €92.0m (+15.3%)

I
€
n
m		 Ot
he
r
R
e
v
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u
e		 1
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+		 (
)
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b
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w		 (
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1
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5		 (
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1.
4		 - (
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1
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1
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2
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2
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O		 5
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3		 4
%
+		 2
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4
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+		 1
1.
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3
%
+		 (
)
5.
5		 9
2.
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FINANCIAL STRUCTUREReinforcement of equity

Q
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9
:
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4)
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f
l
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4
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8
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(1) The Terrassoux group reinvested a portion of the proceeds from the disposal of Pitch Promotion, in the amount of €31.7 million, by subscribing for 190,000 new shares.

(2) The option for the payment of the 2015 dividend in shares was exercised by 91.69% of shareholders, resulting in the creation of 821,762 new shares.

(3) €474 million in available cash and €361 million in unused revolving credit facilities (including €150 million secured against specific projects).

(4) New shares issued, less new shares subscribed for by the main shareholders upon the payment of the 2015 dividend in shares and the capital increase by way of a public offering, equivalent to 3.7% of the share capital prior to these transactions.

2016 HALF-YEAR RESULTS

FINANCIAL STRUCTUREContinued optimisation of resources

D
E
B
T		 H
E
D
G
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S
i
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i
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€
9
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2
)
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)
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:
<
⇒		 2.
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l
t
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r
m
(
1)
Can
cell
atio
n of
€68
4m
in s
ing
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–20
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(
2)
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~
2
0
1
6		 H
A
L
F-
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E
A
R
R
E
S
U
L
T
S

FINANCIAL STRUCTUREStability of debt maintained

VALUE OF GROUP ASSETS

Strong value creation: +€492m (+9.0%)

NAV(1): GROWTH IN VALUE OF €13.2/SHARE

(1) Diluted going-concern NAV: market value of equity in the perspective of continuing operations.

(2) Share capital transactions above the NAV: €155.5 for the option for the payment of the 2015 dividend in shares, €140 for the capital increase by way of a public offering and €166.6 for the reserved capital increase (acquisition of Pitch Promotion).

(3) Including deferred tax, estimated expenses, transaction costs and the change in value of the Development division (Cogedim) and of Semmaris.

2016 HALF-YEAR RESULTS

OUTLOOK

A reaffirmed growth momentum

2 M
0 I
1 D
6 T
2 E
0 R
1 M
7 -
F
F
O
f
€
1
3
5
F
F
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1
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4
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(1) At 100%.

DETAILED INCOME STATEMENT

/06
/20
30
16		 30
In
€m		 Fu
nd
Op
era
(
FF		 s F
rom
tio
ns
O
)		 Ch
in v
alu
ang
es
e,
Ca
lcu
late
d c
har
and
g
es
ctio
tra
ost
nsa
n c
s		 TO
TA
L		 Fu
nd
fro
s
m
Op
tio
era
ns
(
FF
O
)		 Ch
in v
alu
ang
es
e,
Ca
lcu
late
d c
har
and
g
es
ctio
tra
ost
nsa
n c
s		 TO
TA
L
Sh
ing
ntr
op
p
ce
es		 106
.1		 9.6
%		 5.5 11
1.6		 96
.8		 2.3 99
.0
Re
sid
tia
l
en		 50
5.6		 12.2
%		 – 50
6.0		 45
0.8		 – 45
0.8
O
ffic
es		 106
.1		 100
.4%		 – 106
.1		 52
.9		 – 52
.9
RE
VE
NU
E		 71
8.2		 19.
6%		 5.5 72
3.7		 60
0.5		 2.3 60
2.8
Sh
ing
ntr
op
p
ce
es		 87
.0		 5.2
%		 62
.9		 149
.9		 82
.7		 32
.3		 115
.0
Re
sid
tia
l
en		 33
.3		 36.
3%		 (
4.9
)		 28
.4		 24
.5		 (
1.5
)		 23
.0
O
ffic
es		 13
.7		 60.
5%		 (
2.9
)		 10
.8		 8.5 (
0.3
)		 8.2
Ot
he
r		 1.2 n/a (
)
1.1		 1.1 (
)
1.4		 (
)
0.3
OP
ER
AT
ING
IN
CO
ME		 13
5.2		 15.
7%		 54
.0		 18
9.2		 11
6.9		 29
.1		 14
5.9
Ne
t b
ing
sts
orr
ow
co		 (
19
.1)		 40.
9%		 (
2.8
)		 (
21
.9
)		 (
13
)
.5		 (
3.0
)		 (
16
)
.5
Dis
tin
f d
eb
nd
eiv
ab
les
t a
co
un
g
o
rec		 – - (
0.1
)		 (
0.1
)		 – (
0.1
)		 (
0.1
)
Ch
e i
alu
nd
inc
fro
dis
al o
f fi
ial
an
g
n v
e a
om
e
m
p
os
na
nc
ins
tru
nts
me		 – - (
.4)
103		 (
.4)
103		 – (
)
0.1		 (
)
0.1
fro
f in
Pro
ed
the
di
al o
stm
ts
ce
s
m
sp
os
ve
en		 – - (
0.1
)		 (
0.1
)		 – – –
Co
inc
te
e t
rp
ora
om
ax		 (
)
2.3		 n/a (
)
9.4		 (
.7)
11		 (
)
1.0		 (
)
3.6		 (
)
4.6
NE
T R
ES
UL
TS
FR
OM
CO
NT
INU
ING
OP
ER
AT
IO
NS		 11
3.9		 11.
3%		 (
.7)
61		 52
.2		 10
2.4		 22
.3		 12
4.7
No
llin
inte
tro
ts
n-c
on
g
res		 (
)
21
.9		 (
2.9
)
%		 (
)
23
.6		 (
45
.6
)		 (
22
.6
)		 (
2.3
)		 (
24
.9
)
NE
T I
NC
OM
E,
Gr
sh
ou
p
are		 92
.0		 15.
3%		 (
85
.4)		 6.6 79
.8		 20
.0		 99
.8
FF
O
(
Gr
sh
)
sh
ou
p
are
p
er
are		 6.9
6		 10.
8%		 6,
28
Dilu
ted
ber
of
har
es(
1)
av
era
ge
num
s		 13,2
25		 12,
710

(*) Restated to reflect the impact of the application of IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations": sale of Rue du Commerce to Carrefour on 1 January 2016. Only continuing operations (real estate) are presented.(1) Pursuant to IAS 33, the weighted average number of shares (diluted and non-diluted) was adjusted retrospectively to take account of the capital increase with preferential subscription rights that took place during H1 2016

DETAILED BALANCE SHEET (1/2)

(
in
€
M
)		 /
/
3
0
0
6
2
0
1
6		 /
/
5
3
1
1
2
2
0
1
N
O
N-
C
U
R
R
E
N
T
A
S
S
E
T
S		 4,
7
9
0.
0		 4,
4
9
8.
0
Int
ible
set
an
g
as
s		 26
1.7		 20
2.1
/w
dw
ill
o
g
oo		 156
.1		 128
.7
/w
bra
nd
o
s		 89
.9		 66
.6
/w
clie
rel
ati
nt
o
on
s		 8.3 -
/w
oth
int
ible
ts
o
er
an
g
as
se		 7.4 6.7
Pro
ert
lan
t a
nd
uip
nt
p
y,
p
eq
me		 14
.0		 6.2
Inv
est
nt
ert
ies
me
p
rop		 3,
90
9.6		 3,
75
9.6
/w
inv
ies
in
tion
fa
ir v
alu
tm
t p
ert
at
o
es
en
rop
op
era
e		 3,
58
5.9		 3,
45
3.6
/w
inv
ies
de
r d
elo
d u
nd
ctio
tm
t p
ert
nt
tru
t c
t
o
es
en
rop
un
ev
p
me
an
er
co
ns
n a
os		 32
3.7		 30
6.0
Se
ritie
nd
inv
in
uity
ffil
iate
nd
lida
ted
in
est
nts
ter
est
cu
s a
me
eq
a
s a
no
n-c
on
so
s		 43
5.7		 36
1.0
Lo
nd
eiv
ab
les
(
t)
an
s a
rec
no
n-c
urr
en		 7.4 42
.9
De
fer
red
ta
ts
x a
sse		 120
.6		 126
.2
C
U
R
R
E
N
T
A
S
S
E
T
S		 2,
1
2
3.
0		 1,
6
3
4.
9
Ne
t in
rie
nd
rk
in
nto
ve
s a
wo
p
rog
res
s		 88
2.2		 71
1.5
Tra
de
d o
the
iva
ble
an
r re
ce
s		 55
7.5		 47
5.0
Inc
dit
e t
om
ax
cre		 7.3 6.0
Lo
nd
eiv
ab
les
(
nt)
an
s a
rec
cu
rre		 36
.5		 29
.2
De
riva
tive
fin
cia
l in
str
ts
an
um
en		 10
.4		 20
.0
De
nd
eiv
ab
les
ma
rec		 37
.0		 -
Ca
sh
d c
h e
iva
len
ts
an
as
qu		 59
2.2		 26
6.0
As
s h
eld
fo
ale
d
fro
dis
nti
ed
tio
set
r s
an
m
co
nu
op
era
ns		 - 127
.2
S
S
S
T
O
T
A
L
A
E
T		 6,
8
2.
0
7		 6,
1
3
2.
9

DETAILED BALANCE SHEET (2/2)

(
in
)
€
M		 /
/
3
0
0
6
2
0
1
6		 /
/
3
1
1
2
2
0
1
5
E
Q
U
I
T
Y		 2,
5
5
2.
2		 2,
2
5
0.
9
Eq
uit
rib
ble
Al
S
CA
sh
ho
lde
att
uta
to
tar
y
ea
are
rs		 1,
46
2.4		 1,
23
0.3
Ca
ital
p		 229
.7		 191
.2
Oth
id-i
ital
er
pa
n c
ap		 588
.3		 396
.6
Re
ser
ves		 635
.5		 534
.0
SC
Inc
cia
ted
wi
th A
ltar
A s
har
eho
lde
om
e a
sso
ea
rs		 8.9 108
.4
Eq
uit
rib
ble
ino
rity
sh
ho
lde
of
bs
idi
ari
att
uta
to
y
m
are
rs
su
es		 1,
08
9.8		 1,
02
0.6
Re
iate
d w
ith
min
orit
har
eho
lde
f su
bsi
dia
ries
ser
ves
as
soc
y s
rs o		 849
.1		 749
.8
Oth
ity
ent
ubo
rdin
ate
d p
etu
al n
ote
er
equ
com
pon
s, s
erp
s		 195
.1		 195
.1
Inc
cia
ted
wi
th m
ino
rity
sh
hol
der
f su
bsi
dia
ries
om
e a
sso
are
s o		 45.
6		 75.
8
N
O
N-
C
U
R
R
E
N
T
L
I
A
B
I
L
I
T
I
E
S		 2,
6
1
4.
7		 2,
4
1
6.
2
No
nt b
win
and
fin
ial
liab
ilitie
n-c
urre
orro
gs
anc
s		 2,5
47.
6		 2,3
66.
4
o/w
rtic
ipa
ting
loa
and
ad
fro
cia
tes
pa
ns
van
ces
m a
sso		 76.
3		 63.
6
o/w
bo
nd
iss
ues		 51
1.7		 477
.8
o/w
bo
win
from
len
din
blis
hm
sta
ent
rro
gs
g e
s		 1,9
59.
6		 1,82
5.0
Lon
term
ovi
sio
g-
pr
ns		 19.
5		 17.
4
De
its
and
ity
inte
ive
d
ts r
pos
se
cur
res
ece		 30.
9		 29.
8
Def
d ta
x li
abi
lity
erre		 16.
7		 2.5
C
U
R
R
E
N
T
L
I
A
B
I
L
I
T
I
E
S		 1,
70
5.1		 1,
4
6
5.
8
Cu
t bo
ing
nd
fina
nci
al l
iab
ilitie
rren
rrow
s a
s		 610
.3		 450
.6
o/w
bo
nd
iss
ues		 4.3 4.4
o/w
bo
win
from
edi
t in
stit
utio
(ex
clu
din
dra
fts)
rro
gs
cr
ns
g o
ver		 329
.8		 335
.1
o/w
tre
ote
asu
ry n
s		 22
1.0		 60.
5
o/w
ba
nk
rdra
fts
ove		 6.6 4.9
o/w
ad
fro
m G
har
eho
lde
nd
tne
van
ces
rou
p s
rs a
par
rs		 48.
6		 45.
8
fin
De
riva
tive
ial
ins
trum
ent
anc
s		 122
.6		 37.
3
Acc
ble
d o
the
ting
lia
bilit
ies
ts p
oun
aya
an
r op
era		 955
.8		 837
.7
Tax
du
e		 12.
6		 9.5
of t
of b
Lia
bilit
ies
he
act
ivity
in
the
ein
old
pr
oce
ss
g s		 - 130
.7
T
O
T
A
L
L
I
A
B
I
L
I
T
I
E
S		 6,
8
2.
0
7		 6,
1
3
2.
9

NET ASSET VALUE

G
R
O
U
P
N
A
V		 /
/
3
0
0
6
2
0
1
6		 /
/
3
0
0
6
2
0
1		 5
In
€m		 Ch
an
g
e		 €
/s
ha
(d)
re		 Ch
e /sh
an
g
are		 In
€m		 €
/s
ha
(d)
re
(a)
Co
l
i
da
d e
i
Gr
ha
te
ty,
ns
o
q
u
ou
p
s
re		 1,
4
5
9.
0		 9
7.
1		 1,
1
8
0.
0		 9
4.
3
Ot
he
alis
ed
ita
l g
ain
r u
nre
ca
p
s
Re
f fi
ial
ins
sta
tem
t o
tru
nts
en
na
nc
me
(b)
De
fer
red
he
ba
lan
sh
t fo
-SI
IC
ta
n t
set
x o
ce
ee
r n
on
as
s		 40
6.3
113
.4
20
.1		 28
1.8
22
.2
18
.0
E
P
R
A
N
A
V		 1,
9
9
8.
8		 +3
3.1
%		 1
3
3.
0		 10.
8%		 1,
5
0
2.
1		 1
2
0.
0
f fi
Ma
rke
t v
alu
ial
ins
tru
nts
e o
na
nc
me
Fix
ed
rke
alu
f d
eb
te
t v
t
-ra
ma
e o
-SI
IC
Eff
ive
x f
lise
d c
ita
l g
ain
s*
ect
ta
set
or
un
rea
ap
s o
n n
on
as
(c)
Op
tim
isa
tio
f tr
fer
du
tie
n o
an
s
s
(d)
Pa
' sh
rtn
ers
are		 (
.4)
113
(
19
.2)
(
)
19
.3
65
.3
(
15
.1)		 (
.2)
22
(
11
.6
)
(
)
6.6
65
.7
(
14
)
.5
E
P
R
A
N
N
N
A
V
(
N
A
V
l
iq
i
da
ion
)
t
u		 1,
8
9
7.
1		 +2
5.4
%		 1
2
6.
2		 4.4
%		 5
1,
1
2.
8		 1
2
0.
9
Es
tim
d t
fer
du
tie
nd
llin
fee
ate
ran
s
s a
se
g
s
(d)
Pa
' sh
rtn
ers
are		 96
.8
(
)
0.8		 71
.3
(
)
0.7
D
i
lu
d
Go
in
Co
N
A
V
te
g
nc
er
n		 1,
9
9
3.
1		 2
5.
9
%
+		 1
3
2.
6		 4.
8
%		 1,
5
8
3.
5		 1
2
6.
5
(a
)
Aft
of
the
div
ide
nd
(
€1
illio
n).
ent
40.
5 m
er p
aym
(
b)
Inte
tion
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ts.
rna
sse
(c
)
Var
ies
ord
ing
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f di
sal
i.e.
le o
f as
sal
f
to
typ
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spo
sa
or
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,
urit
ies
sec
(
d)
Ma
xim
dil
utio
f 12
0,0
00
sha
um
n o
res
(e
)
Nu
mb
f sh
fter
dil
utio
er o
are
s a
n		 15,
030
,28
7		 12,
513
,43
3

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