Earnings Release • Nov 6, 2013
Earnings Release
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Strong growth for percentage-of-completion revenues: +42.2% to €117.4 million
Unaudited figures at September 30, 2013
In France, tenants' revenue remained stable (-0.2%2 ) in a context of declining consumption (CNCC Index down 1.3% at August 31, 2013).
| (In € millions) | ||
|---|---|---|
| 2012 9-month published rental income | 120.0 | |
| Net impact of disposals3 | -6.7 | -5.6% |
| Delivery effect4 | 4.0 | +3.3% |
| Full consolidation of Cap 30005 | 17.5 | +14.5% |
| Shopping centers undergoing redevelopment6 |
-1.5 | -1.2% |
| Like-for-like change | 2.1 | +1.8% |
| 2013 9-month rental income | 135.4 | +12.8% |
The 12.8% growth in rental income year-on-year was particularly due to full consolidation of Cap 3000, now 100% controlled by the group.
Rents increased 4.3% like-for-like in France7 , while rents for international portfolio assets dropped 5.1%.
Rue du Commerce confirmed its positioning among leading e-commerce sites in France, with an average of 5.6 million unique visitors per month since the beginning of the year8 .
Revenue generated since the beginning of 2013 was up 2.8% against a backdrop of flat sales on major retail sites (iCE 100 Index9 up 1% since the beginning of 2013).
| In value terms (in €millions) | 9/30/2013 | Change |
|---|---|---|
| Distribution business volume | 195.4 | +1.7% |
| Galerie Marchande business volume | 84.9 | +4.6% |
| Total business volume | 280.3 | +5.1% |
| Rue du Commerce revenue | 210.3 | +2.8% |
1 Excluding impact of deliveries, extensions and disposals, growth measured on the basis of like-for-like rental value in Q3 2012.
2 Figure at 100% on a "same-floor-area" basis, cumulative for the first nine months of the year. Excluding properties being redeveloped.
3 Including the March disposal of the only owned office property asset, developed together with the Okabé shopping center. The shopping center remains in the Group's portfolio.
4 Including income generated by the Costières Sud Family Village® in Nîmes, inaugurated in early April 2013.
5 Impact of the full consolidation of Cap 3000 (initially consolidated using the proportionate consolidation method).
6 Including Aix-en-Provence, where extension works and the redevelopment of the shopping gallery began in August 2013.
7 Excluding impact of deliveries, extensions and disposals, growth measured on the basis of like-for-like rental value in Q3 2012.
8Médiamétrie//NetRating data, January-August 2013 average.
9 FEVAD iCE 100 survey (like-for-like growth of leading sites).
| In volume (number of lots) | 9/30/2013 | 9/30/2012 | Change |
|---|---|---|---|
| Sales to institutional investors | 552 | 537 | +3% |
| Sales to individuals | 1,594 | 1,522 | +5% |
| Total reservations in number of lots | 2,146 lots | 2,059 lots | +4% |
| Total reservations in value terms | €598 million | €599 million | -0% |
Business activity held steady (+4% in volume, 0% in value terms) for all product categories and all investor profiles.
Cogedim is continuing its strategy of enhancing its entry-level and midscale offering, as these ranges account for 76% of reservations in value terms.
| In € million excluding tax | 9/30/2013 | 9/30/2012 | Change |
|---|---|---|---|
| Percentage-of-completion revenues | 651.9 | 663.5 | -1.8% |
| In € million including tax | 9/30/2013 | 6/30/2013 | Change |
|---|---|---|---|
| Backlog 10 | 1,279 | 1,338 | -4.4% |
| Number of months of sales | 16 months | 17 months | |
| Pipeline 11 | 4,327 | 3,930 | +10% |
| Properties for sale | 761 | 796 | |
| Property assets | 3,566 | 3,134 |
| In € million including tax | 9/30/2013 | 9/30/2012 | Change |
|---|---|---|---|
| Percentage-of-completion revenues | 117.4 | 82.6 | +42.2% |
10The residential backlog comprises revenues excluding VAT from notarized sales to be recognized on a percentage-of-completion basis and reservations to be notarized.
11The pipeline consists of tax-inclusive revenues from properties for sale and the land bank, which includes all plots on which contracts (generally unilateral) have been signed.
Net bank debt came to €2.223 billion at September 30, 2013.
| In € millions | 9/30/2013 | 9/30/2012 | 2013/2012 |
|---|---|---|---|
| "Brick-and-mortar" retail: | 159.2 | 139.7 | 14.0% |
| Rental income | 135.4 | 120.0 | 12.8% |
| Services and other | 23.8 | 19.7 | 21.1% |
| "Online" retail | 210.3 | 204.5 | 2.8% |
| Residential | 652.0 | 664.0 | -1.8% |
| Office property | 117.4 | 82.6 | 42.2% |
| Total Group revenue | 1,138.8 | 1,090.7 | 4.4% |
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, 2012. Listed in compartment A of the NYSE Euronext Paris, Altarea had a market capitalization of €1.4 billion at September 30, 2013.
Eric Dumas, Chief Financial Officer [email protected], tel: + 33 1 44 95 51 42
Catherine Leroy, Analyst and Investor Relations [email protected], tel: +33 1 56 26 24 87
Agnès Villeret, Analyst and Investor Relations [email protected], tel: + 33 1 53 32 78 95
Servane Taslé, Press relations [email protected], tel: + 33 1 53 32 78 94
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 declarations in the nature of 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 which may lead to differences between real figures and those indicated or inferred from such declarations.
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