Earnings Release • Nov 15, 2012
Earnings Release
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The last few weeks were marked by the issuing of five year bonds in the amount of 60 million euro. The net proceeds of this bond issue will be allocated primarily to financing the construction of the projects in the portfolio in addition to, or even as a substitute for, bank loans.
As far as the profits are concerned, in the absence of major unforeseeable events specific to ATENOR GROUP or of a macroeconomic order, the 2012 annual results should approach the annual results for 2011.
In general, ATENOR GROUP is continuing the development of its portfolio, which currently includes 11 projects and represents an area in the order of 650,000 m² to be developed on prime locations.
The provisional acceptance of the B3 building (Unizo) was granted on 15 October 2012 as scheduled. Construction of the B2 building that was sold in June 2012 to PMV (Participatie Maatschappij Vlaanderen NV) and of the B1 building (in the commercialisation phase) is continuing in line with the planning.
As far as the residential units are concerned, the commercialisation of the apartments in the tower is progressing in a satisfactory way in a market that has been slowed down, among other things, by the contraction of mortgage credit. The commercial campaign proposing a guaranteed rental income over three years is attracting a new segment of buyers.
As its construction continues (currently at level +18), this emblematic tower is establishing itself in the Brussels skyline and demonstrates, a little more every day, the promising transformation of this district.
The urban planning permit was issued at the end of September 2012. We started the preliminary decontamination and demolition works without delay. The commercialisation will start in January 2013.
The excavation works covering the first block (18,000 m²) started in the beginning of September. The fact that the construction work restarted on the site has given rise to new signs of interest which could soon result in the conclusion of the first lease.
The A building (17,362 m² taking into account the modified permit that was obtained) should be completed in May 2013. Several contacts are confirming the interest of potential tenants, in a market that is however dominated by the renewal of expiring leases.
Within the framework of the application for an urban planning permit, the support committee for the impact study completed its work in September. It appears that the Brussels‐Capital Region is orienting itself concerning the neighbourhood of the South Station toward the definition of a development plan for the South Station area, which will encompass, amongst others, the Victor project. Moreover, contacts with prospective lessees are continuing.
The preliminary investigation of the application for an urban planning permit submitted in December 2011 is following its course. On the technical level, this project already requires major preparatory work.
The impact study expedited by the Brussels‐Capital Region and relating to the RRUZ (Regional Zoned Planning Regulation) of the rue de la Loi is ongoing (to the best of our knowledge). In parallel, we have finalised our new project design, within the parameters of the PUL (Paysage Urbain Loi); consequently, we will submit this permit application before the end of this year.
1 This intermediate press release in intended to inform our shareholders, the financial markets and more generally the public within the context of the Edict of 14 November 2007 relating to the obligations of securities issuers, especially in the matter of periodic information.
The preliminary investigation of the file for the draft PAP (Plan d'Aménagement Particulier, special development plan) concerning the site of the former Henri Funck breweries in Luxembourg is following its course. According to the new schedule, the urban planning procedure will lead, probably in October 2013, to an urban planning permit authorising the construction of ± 10,000 m² of residential units and commercial spaces.
The administrative and political procedure of drafting a new PRAS (Regional Land Development Plan) seems to be moving forward. This draft PRAS stipulates, in particular for the City Docks parcel, a change of functions, which is required for the development of a major mixed urban project.
We are confident in the potential of this project because its development is in line with some of the challenges which the Brussels‐Capital Region faces.
The former tenant of the industrial site is currently working on the soil clean‐up and demolition work.
We are finalising the formal acquisition of the land. Background: this concerns a set of parcels totalling around 7 ha and located alongside the site of the new railway station, the future Ikea and the shopping gallery "Les Grands Prés". This location is ideal for a major mixed urban project to be developed in in consultation with the local authorities.
ATENOR won a competition, organised by the municipality, concerning the development of ± 20,000 m² of residential units on the site of the Anciennes Sucreries in the neighbourhood of the railway station of Ath. This acquisition, subject to certain administrative procedures, is in the process of finalisation.
The hotel, under the PARK INN brand, generated a very good operating result in the course of the third quarter. ATENOR, jointly with its partners, is continuing commercial steps in view of the sale of its investment (40%) under the best possible conditions.
During the third quarter 2012, ATENOR GROUP did not acquire any own shares.
ATENOR currently holds 157,583 own shares bought at an average price of 40.45 euros for a total amount of 6.37 million euro. These shares are intended to cover the 2007 to 2012 stock options.
Publication of annual results 2012 8 March 2013 General Meeting of Shareholders 2012 26 April 2013 Intermediate declaration for first quarter 2013 16 May 2013 Publication of the half‐yearly results 2013 30 August 2013
For more detailed information, please contact Stéphan Sonneville SA, CEO or Sidney D. Bens, CFO. +32‐2‐387.22.99 ‐ e‐mail: [email protected] ‐ www.atenor.be
ATENOR GROUP is a real estate property promotion company quoted on NYSE Euronext Brussels. Its mission aims at providing, through its urban planning and architectural approach, appropriate responses to the new requirements imposed by the development of urban and professional life. Within this framework, ATENOR GROUP is investing in large scale property projects meeting strict criteria in terms of location, economic efficiency and respect for the environment.
Reuters: ATE0.BR ‐ Bloomberg: ATEB BB
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