Earnings Release • Apr 16, 2015
Earnings Release
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Consolidated sales: €347.1 million (+15.8%).
Unaudited figures at March 31, 2015
Tenant revenue was up by 0.5%2 in Q1 2015, despite an overall decline in spending in France (CNCC Index down 0.7% over the same period).
| (€ millions) | |
|---|---|
| Q1 2014 rental income | 43.1 |
| Net impact of disposals | -1.3 |
| Impact of deliveries | 1.2 |
| Shopping centers undergoing redevelopment |
-0.6 |
| Like-for-like change | 0.2 (+0.4%) |
| Q1 2015 rental income | 42.6 (-1.1%) |
This quarter stood out for several significant transactions:
| € millions including tax | 3/31/2015 | 3/31/2014 | Change |
|---|---|---|---|
| Own-brand business volume (High-Tech) | 68.2 | 64.3 | +6.0% |
| Galerie Marchande business volume | 28.8 | 28.7 | +0.4% |
| Total business volume | 97.0 | 93.0 | +4.3% |
| Galerie Marchande Commissions | 2.7 | 2.4 | +10.6% |
| Rue du Commerce revenue | 70.7 | 69.1 | +2.4% |
| Number of units | 3/31/20155 | 3/31/2014 | Change |
|---|---|---|---|
| Sales to institutional investors | 514 | 278 | +85% |
| Sales to individuals | 748 | 612 | +22% |
| o/w individual investors | 40% | 38% | +2 pts |
| Total reservations | 1,262 units | 890 units | +42% |
| € million including tax | €298 million | €211 million | +41% |
Growth was driven by sales of entry-level and midscale products to both individual and institutional investors.
1 Like-for-like.
2 Figure at 100% on a comprehensive "same-floor area basis" in late February 2015 in France, excluding property being redeveloped.
3 On an annual basis, 2015 net rents for Quartz come to approximately €16 million at 100%.This asset, which was previously consolidated under the equity method, will now be fully consolidated in the Group accounts.
4 Including the area of the hypermarket, which is not held by the Group.
5 Including Histoire & Patrimoine reservations, recognized at 55%.
| € millions including tax | 3/31/2015 | 3/31/2014 | Change |
|---|---|---|---|
| Percentage-of-completion revenue | 203.2 | 167.3 | +21.4% |
| € millions | 3/31/2015 | 12/31/2014 |
|---|---|---|
| Backlog6 | 1,498 | 1,459 |
| Number of months of sales | 21 months | 22 months |
| Property for sale | 626 | 562 |
| Future offering | 4,150 | 4,380 |
| => Pipeline7 | 4,776 | 4,942 |
At March 31, entry-level and midscale programs accounted for more than 70% of the pipeline.
| € millions including tax | 3/31/2015 | 3/31/2014 |
|---|---|---|
| Take-ups | 68.8 | 8.9 |
| Revenue | 25.3 | 14.7 |
| Backlog8 (off-plan / Property Development contracts) |
158 | 1679 |
A significant pipeline is currently being negotiated and should lead to the signature of new agreements in the coming weeks.
| € millions | Q1 2015 | Q1 2014 | 2015/2014 |
|---|---|---|---|
| Rental income | 42.6 | 43.1 | -1.1% |
| Services | 5.7 | 5.2 | 8.3% |
| "Brick-and-mortar" retail | 48.3 | 48.3 | 0.0% |
| Distribution sales | 68.1 | 66.6 | 2.1% |
| Galerie Marchande commissions | 2.7 | 2.4 | 10.6% |
| "Online" retail | 70.7 | 69.1 | 2.4% |
| Revenue | 203.2 | 167.3 | 21.4% |
| Services | (0.3) | 0.2 | n/a |
| Residential | 202.8 | 167.5 | 21.0% |
| Revenue | 24.1 | 14.2 | 70.3% |
| Services | 1.1 | 0.6 | 101.4% |
| Offices | 25.3 | 14.7 | 71.5% |
| Revenue | 347.1 | 299.7 | 15.8% |
6 The residential backlog comprises revenues excluding tax from notarized sales to be recognized on a percentage-of-completion basis and reservations to be notarized.
7 The 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.
8 The office property off-plan / Property Development contract backlog comprises revenues excluding tax from notarized sales to be recognized on a percentage-of-completion basis.
9 Backlog at December 31, 2014.
Annual General Meeting of Shareholders June 05, 2015 H1 2015 Results: July 30, 2015, after market
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. With operations in France, Italy and Spain, Altarea Cogedim manages a shopping center portfolio of €4 billion and ranks among the leading e-commerce sites in France thanks to its subsidiary, Rue du Commerce. Listed in compartment A of NYSE Euronext Paris, Altarea had a market capitalization of €1.7 billion at Wednesday, December 31, 2014.
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
Nicolas Castex, 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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