Earnings Release • Apr 17, 2014
Earnings Release
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Q1 2014 revenue and business activity
Unaudited figures at March 31, 2014
In France, tenants' revenue increases (+1.7%2 ) in a context of declining consumption (CNCC Index stable over the same period).
| (In € millions) | ||
|---|---|---|
| Q1 2013 rental income | 45.1 | |
| Net impact of disposals | -1.4 | |
| Effect of deliveries | -0.1 | |
| Refurbishments | -0.4 | |
| Like-for-like change | 0.0 | |
| o/w France | +0.3 (+0.9%) | |
| Q1 2014 rental income | 43.1 (-4.4%) |
| In € million excluding tax | 31/03/2014 | 31/03/2013 | Change |
|---|---|---|---|
| Own-brand business volume (High-Tech) | 64.3 | 69.5 | -7.6% |
| Galerie Marchande business volume | 28.7 | 28.7 | +0% |
| Total business volume | 93.0 | 98.2 | -5.3% |
| Galerie Marchande Commissions | 2.4 | 2.3 | +4.2% |
| Rue du Commerce revenue | 69.1 | 74.3 | -7.1% |
| Number of units | 31/03/2014 | 31/03/2013 | Change |
|---|---|---|---|
| Entry-level and mid-scale | 784 | 540 | +45% |
| Upscale | 97 | 51 | +90% |
| Sales to institutional investors | 271 | 120 | +226% |
| Sales to individual customers | 610 | 471 | +30% |
| o/w private investors | 38% | 27% | +11 pts |
| Total reservations | 881 lots | 591 lots | +49% |
| In € million including tax | €209 million | €177 million | +18% |
Reservations grow in all product categories and all investor profiles. The average value per unit is decreasing, following the Group's strategy of developing the entry-level and mid-scale products which now stand for 64% of total amount of sales (53% in Q1 2013).
| In € million excluding tax | 31/03/2014 | 31/03/2013 | Change |
|---|---|---|---|
| Percentage-of-completion revenues | 167.5 | 215.7 | -22.3% |
Percentage-of-completion revenues reflect, with a 2-year shift, the fall in reservations registered in 2012.
1 Like-for-like.
2 Figure at 100% on a "same-floor-area" basis, cumulative for the first two months of the year, excluding properties being redeveloped.
| In € million | 31/03/2014 | 31/12/2013 | Change |
|---|---|---|---|
| Backlog3 | 1,342 | 1,331 | 0.8% |
| Number of months of sales | 19 months | 17 months | |
| Properties for sale | 693 | 711 | |
| Future offering | 3,955 | 3,730 | |
| => Pipeline4 | 4,648 | 4,430 | +4.9% |
End of march 2014, the pipeline comprises over 80% of entry-level and mid-scale programs.
| In € million excluding tax | 31/03/2014 | 31/03/2013 | Change |
|---|---|---|---|
| Percentage-of-completion revenues | 14.7 | 36.7 | -59.9% |
| Backlog5 | 104 | 786 | +33.3% |
An off-plan forward lease agreement was signed with SAFRAN this quarter, to build a new 25,000 m² site close to Toulouse-Blagnac Airport.
A significant pipeline is currently being negotiated and should lead to the signature of new agreements in the coming months.
3 The residential backlog comprises revenues (excl. tax) from notarized sales to be recognized on a percentage-of-completion basis and reservations to be notarized.
4 The pipeline consists of tax-inclusive revenues from properties for sale and future offering, which includes all plots on which contracts (generally unilateral) have been signed.
5 The office property backlog comprises revenues (excl. tax) from notarized sales to be recognized on a percentage-of-completion basis, plus take-up not subject to a notarized deed yet and fees owed by third parties on signed contracts.
6 Backlog as of December 31, 2013.
Net bond and bank debt came to €1.842 billion at March 31, 2014, compared with €1.837 billion at December 31, 2013.
| In € million | Q1 2014 | Q1 2013 restated7 |
2014/2013 |
|---|---|---|---|
| Rental income | 43.1 | 45.1 | -4.4% |
| Services | 5.2 | 5.0 | 4.8% |
| Brick-and-mortar retail | 48.3 | 50.1 | -3.5% |
| Retail revenue | 66.6 | 72.0 | -7.4% |
| Galerie Marchande commissions | 2.4 | 2.3 | 4.2% |
| Online retail | 69.1 | 74.3 | -7.1% |
| Revenue | 167.3 | 215.6 | -22.4% |
| Services | 0.2 | 0.1 | n/a |
| Residential | 167.5 | 215.7 | -22.3% |
| Revenue | 14.2 | 36.0 | -60.6% |
| Services | 0.6 | 0.7 | n/a |
| Office property | 14.7 | 36.7 | -59.9% |
| Total Group revenue | 299.7 | 376.8 | -20.5% |
Altarea Cogedim is a leading property group. As both a commercial land owner and developer, it operates in all three classes of property assets: retail, residential and offices. It has the know-how in each sector required to design, develop, commercialize and manage made-to-measure property products. By acquiring Rue du Commerce, a leader in e-commerce in France, Altarea Cogedim became the first multi-channel property company.
With operations in both France and Italy, Altarea Cogedim managed a shopping center portfolio of €4 billion at December 31, 2013. Listed in compartment A of NYSE Euronext Paris, Altarea had a market capitalization of €1.5 billion at December 31, 2013.
Eric Dumas, Chief Financial Officer [email protected], tel : + 33 1 44 95 51 42
Catherine Leroy, Investor Relations [email protected], tel : +33 1 56 26 24 87 [email protected], tel : + 33 1 53 32 78 95 Nicolas Castex, Press Relations
[email protected], tel: + 33 1 53 32 78 88
This press release does not constitute an offer to sell or solicitation of an offer to purchase Altarea shares. For more detailed information concerning Altarea, please refer to the documents available on our website: www.altareacogedim.com.
This press release may contain statements that could be considered forecasts. While the Company believes such declarations are based on reasonable assumptions at the date of publication of this document, they are by nature subject to risks and uncertainties that may lead to discrepancies between actual figures and those indicated or inferred from such declarations.
7 Restated applying the consolidation standards (IFRS 10 et 11) starting January 1, 2013.
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