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22.02.2019 08:00
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Cegereal, the French Core Office REIT, actively pushes ahead with its growth in 2018
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Paris, February 22, 2019 – 8:00 am
2018 Annual Results – Regulated Information
CEGEREAL ACTIVELY PUSHES AHEAD WITH ITS GROWTH STRATEGY IN 2018
- Acquisition of the Passy Kennedy office property
- Sharp increase in the occupancy rate to 96.1%
- €35.2 million in recurring cash flow
- €2.3 per share distribution
Jérôme Anselme, Chief Executive Officer of Cegereal, commented: “The performance of Cegereal’s teams in 2018 enabled us to deliver results in line with the ambitious objectives set in 2017. The acquisition of Passy Kennedy illustrates our selective acquisition strategy focused on Paris – an area with strong potential for rental income growth – and brings our portfolio value to €1,409 million, up 20.5% year on year. Our rental activity remained robust in 2018, as illustrated by the leases signed with the European Banking Authority and KPMG for 10,000 sq.m of space in the Europlaza building. These new leases come less than a year after the units were vacated and help to drive a sharp increase in the occupancy rate to 96.1%. We are confident about the year ahead and intend to continue on our path of controlled growth that creates value for our shareholders, leveraging our strategy of investing in our assets.”
First acquisition in Central Paris
In 2018, Cegereal continued to expand its portfolio with the acquisition of the Passy Kennedy office property. The 23,800 sq.m iconic Parisian building is set in a highly sought-after location along the banks of the Seine in Paris’ wider central business district, and offers stable cash flow and potential for growth in rental income over the long term.
The transaction was financed through an €80 million capital increase with pre-emptive subscription rights for existing shareholders and a €148.5 million bank loan. Following these operations, the Group’s loan-to-value ratio stood at 54.7% at December 31, 2018, compared with 53.4% one year earlier.
Value-creating investment policy
Cegereal continued to invest significantly in its different properties during the year. Thanks to the gradual repositioning of Europlaza, begun in 2016, and our policy of guiding potential tenants in their choice of property from the start of the process, we leased over 10,000 sq.m in under ten months at a rate of between €480 and €500 per sq.m:
- In April, the European Banking Authority will take possession of 5,300 sq.m of space for a period of nine years.
- KPMG extended its existing lease to cover almost 7,400 sq.m of space for a period of nine years with no break option.
These new leases drive a sharp rise in Cegereal’s overall occupancy rate to 96.1% (up from 91.4% at December 31, 2017).
Rental income came in at €53.0 million in 2018 (€52.3 million on a comparable portfolio basis, i.e., excluding the €0.7 million contribution from Passy Kennedy), up 3.4% compared with the prior-year period. The increase was mainly led by our excellent rental activity. The Passy Kennedy acquisition and the recently signed leases will have a significant impact on 2019 rental income.
At December 31, 2018, the estimated value of Cegereal’s real estate portfolio was up 1.5% on a comparable portfolio basis from €1,169 million excluding transfer duties at December 31, 2017. Including Passy Kennedy, the portfolio value stood at €1,409 million excluding transfer duties, up 20.5% year on year.
EPRA earnings stable at €30.7 million
EPRA earnings came in at €30.7 million for 2018, compared with €32.7 million for 2017. After adjusting for the 3% corporate income tax contribution on dividends, which was reimbursed in 2017 in an amount of €1.7 million, EPRA earnings were stable year on year, retreating 0.3% from €30.9 million to €30.7 million. The contribution of Passy Kennedy, acquired at the end of the year, was modest in 2018, but will have a significant impact on 2019 EPRA earnings.
EPRA NNNAV stood at €639.6 million at December 31, 2018, up from €585.4 million one year earlier. The increase was mainly attributable to the capital increase (positive €79.1 million impact) and the contribution of consolidated net income (positive €33.1 million impact).
IFRS net income came in at €33.1 million, compared with €62.4 million in 2017. The year-on-year difference reflects the significant €37.2 million rise in fair value of investment property recorded in 2017, caused by last year’s interest rate squeeze. In contrast, the fair value of investment property increased by €11.7 million in 2018.
Recognition for our financial and environmental performance
Cegereal has been committed to an ambitious CSR policy for a number of years. In 2018, its initiatives were once again recognized with a number of awards:
- Two Gold Awards at the annual conference of the European Public Real Estate Association (EPRA) for the quality of its financial and non-financial reporting.
- Second place in the Global Real Estate Sustainability Benchmark’s (GRESB) “listed office property companies in Europe” category, ranking among the top 3 for the fourth consecutive year.
- Dual BREEAM In-Use International and NF HQETM Exploitation certification for its entire portfolio.
Solid governance
Cegereal’s Board of Directors validates the strategy implemented since Jérôme Anselme was first appointed and has decided to renew its confidence in him by confirming his position as Chief Executive Officer.
2019 distribution: €2.3 per share
Cegereal’s recurring cash flow remained stable at €35.2 million, compared with €35.8 million in 2017.
At the Annual Shareholders’ Meeting to be held in April 2019, Cegereal intends to recommend distributing an amount of €2.3 per share, up 4.5% compared with the prior year (excluding the special distribution).
Cegereal’s Board of Directors met on February 21, 2019 to approve the audited consolidated financial statements for the year ended December 31, 2018.
The annual results presentation can be viewed on the Company’s website:
www.cegereal.com
Investor Calendar
- April 30, 2019 Annual Shareholders’ Meeting
- April 30, 2019 First-quarter 2019 revenue
- May 7, 2018 Payment of the 2018 dividend
- July 25, 2019 First-half 2019 results
For more information, contact:
| Media Relations Aliénor Miens/Alexandre Dechaux +33 7 62 72 71 15 cegereal@citigatedewerogerson.com | Investor Relations Charlotte de Laroche +33 1 42 25 76 38 info@cegereal.com |
About Cegereal
Created in 2006, Cegereal is a commercial property company that invests in prime office properties in Greater Paris. The total value of the portfolio is estimated at €1,409 million at December 31, 2018 (excluding transfer duties).
From an environmental point of view, Cegereal’s portfolio is fully certified with NF HQETM Exploitation and BREEAM In-Use International certification, and benefits from the “Green Star” rating in the international GRESB benchmark.
Cegereal is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096). The Company had a market capitalization of €555 million at February 19, 2019.
APPENDICES
IFRS Income Statement (consolidated)
| In thousands of euros, except per share data | ||
| 2018 | 2017 | |
| 12 months | 12 months | |
| Rental income | 53 026 | 51 259 |
| Income from other services | 15 010 | 16 166 |
| Building-related costs | (31 002) | (29 416) |
| Net rental income | 37 034 | 38 008 |
| Sale of building | 0 | 0 |
| Administrative costs | (4 039) | (4 765) |
| Other operating expenses | (89) | (10) |
| Other operating income | 0 | 175 |
| Increase in fair value of investment property | 12 501 | 41 978 |
| Decrease in fair value of investment property | (800) | (4 800) |
| Total change in fair value of investment property | 11 701 | 37 178 |
| Net operating income | 44 607 | 70 587 |
| Financial income | 6 | 597 |
| Financial expenses | (11 508) | (10 542) |
| Net financial expense | (11 502) | (9 945) |
| Corporate income tax | 0 | 1 765 |
| CONSOLIDATED NET INCOME | 33 106 | 62 408 |
| of which attributable to owners of the Company | 33 106 | 62 408 |
| of which attributable to non-controlling interests | 0 | 0 |
| Other comprehensive income | ||
| TOTAL COMPREHENSIVE INCOME | 33 106 | 62 408 |
| of which attributable to owners of the Company | 33 106 | 62 408 |
| of which attributable to non-controlling interests | 0 | 0 |
| Basic earnings per share (in euros) | 2,40 | 4,67 |
| Diluted earnings per share (in euros) | 2,27 | 4,37 |
IFRS Balance Sheet (consolidated)
| In thousands of euros | ||
| Dec. 31, 2018 | Dec. 31, 2017 | |
| Non-current assets | ||
| Property, plant and equipment | 47 | 56 |
| Investment property | 1 408 520 | 1 169 400 |
| Non-current loans and receivables | 20 230 | 21 591 |
| Financial instruments | 597 | 31 |
| Total non-current assets | 1 429 393 | 1 191 078 |
| Current assets | ||
| Trade accounts receivable | 7 747 | 18 481 |
| Prepaid expenses | 116 | 347 |
| Total receivables | 22 589 | 29 029 |
| Cash and cash equivalents | 53 367 | 61 718 |
| Total cash and cash equivalents | 53 367 | 61 718 |
| Total current assets | 75 957 | 90 747 |
| TOTAL ASSETS | 1 505 350 | 1 281 825 |
| Shareholders' equity | ||
| Share capital | 78 006 | 66 863 |
| Legal reserve and additional paid-in capital | 93 277 | 77 600 |
| Consolidated reserves and retained earnings | 470 500 | 410 662 |
| Total shareholders’ equity | 674 889 | 617 532 |
| Non-current liabilities | ||
| Non-current borrowings | 763 321 | 616 043 |
| Other non-current borrowings and debt | 9 543 | 5 929 |
| Non-current corporate income tax liability | 0 | 0 |
| Financial instruments | 791 | 548 |
| Total non-current liabilities | 773 655 | 622 519 |
| Current liabilities | ||
| Current borrowings | 3 152 | 2 979 |
| Trade accounts payable | 24 996 | 11 589 |
| Corporate income tax liability | 0 | 0 |
| Other operating liabilities | 9 698 | 9 644 |
| Prepaid revenue | 18 960 | 17 561 |
| Total current liabilities | 56 806 | 41 774 |
| Total liabilities | 830 461 | 664 293 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 1 505 350 | 1 281 825 |
IFRS Statement of Cash Flows (consolidated)
| In thousands of euros | ||
| 2018 | 2017 | |
| OPERATING ACTIVITIES | ||
| Consolidated net income | 33 106 | 62 408 |
| Elimination of items related to the valuation of buildings: | ||
| Fair value adjustments to investment property | (11 701) | (37 178) |
| Annulation des dotations aux amortissement | ||
| Indemnité perçue des locataires pour le remplacement des composants | 0 | 0 |
| Elimination of other income/expense items with no cash impact: | ||
| Depreciation of property, plant and equipment (excluding investment property) | 11 | 9 |
| Free share grants not vested at the reporting date | 0 | 0 |
| Fair value of financial instruments (share subscription warrants, interest rate caps and swaps) | 473 | (219) |
| Adjustments for loans at amortized cost | 2 247 | 1 752 |
| Contingency and loss provisions | 0 | 0 |
| Corporate income tax | (1 765) | |
| Penalty interest | (165) | |
| Cash flows from operations before tax and changes in working capital requirements | 24 136 | 24 841 |
| Other changes in working capital requirements | 19 621 | 14 380 |
| Working capital adjustments to reflect changes in the scope of consolidation | ||
| Change in working capital requirements | 19 621 | 14 380 |
| Net cash flows from operating activities | 43 757 | 39 221 |
| INVESTING ACTIVITIES | ||
| Acquisition of fixed assets | (227 422) | (8 126) |
| Net increase in amounts due to fixed asset suppliers | 2 620 | 493 |
| Net cash flows used in investing activities | (224 802) | (7 633) |
| FINANCING ACTIVITIES | ||
| Capital increase | 79 901 | 0 |
| Capital increase transaction costs | (794) | |
| Change in bank debt | 147 000 | 37 875 |
| Issue of financial instruments (share subscription warrants) | ||
| Refinancing/financing transaction costs | (1 930) | (508) |
| Net increase in liability in respect of refinancing | 420 | |
| Purchases of hedging instruments | (796) | |
| Net increase in current borrowings | 134 | 729 |
| Diminution nette des emprunts (part à moins d'un ans) | ||
| Net increase in other non-current borrowings and debt | 3 615 | 1 323 |
| Net decrease in other non-current borrowings and debt | 0 | 0 |
| Purchases and sales of treasury shares | (42) | 130 |
| Dividends paid | (54 813) | (28 053) |
| Net cash flows from financing activities | 172 694 | 11 496 |
| Change in cash and cash equivalents | (8 351) | 43 084 |
| Cash and cash equivalents at beginning of period* | 61 718 | 18 634 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 53 367 | 61 718 |
* There were no cash liabilities for any of the periods presented above.
French GAAP Income Statement
| In euros | ||
| Dec. 31, 2018 | Dec. 31, 2017 | |
| 12 months | 12 months | |
| Sales of services | 249 160 | 85 544 |
| NET REVENUE | 249 160 | 85 544 |
| Reversal of depreciation and amortization charges, impairment and expense transfers | 235 610 | 58 434 |
| Other revenue | 1 886 | |
| Total operating revenue | 486 656 | 143 978 |
| Purchases of raw materials and other supplies | 0 | 49 |
| Other purchases and external charges | 2 564 773 | 1 769 653 |
| Taxes, duties and other levies | 80 181 | 41 960 |
| Wages and salaries | 714 151 | 871 904 |
| Social security charges | 300 884 | 367 612 |
| Fixed assets: depreciation and amortization | 1 955 | 189 |
| Contingency and loss provisions | 0 | 235 610 |
| Other expenses | 191 927 | 175 512 |
| Total operating expenses | 3 853 871 | 3 462 489 |
| OPERATING LOSS | (3 367 215) | (3 318 511) |
| Financial income from controlled entities | 3 353 425 | 1 332 000 |
| Other interest income | 6 347 | 165 006 |
| Foreign exchange gains | 0 | 432 |
| Total financial income | 3 359 772 | 1 497 438 |
| Interest expenses | 85 396 | 34 619 |
| Foreign exchange losses | 0 | 852 |
| Total financial expenses | 85 396 | 35 471 |
| NET FINANCIAL INCOME | 3 274 376 | 1 461 967 |
| RECURRING LOSS BEFORE TAX | (92 839) | (1 856 544) |
| Non-recurring income on capital transactions | 68 222 | 19 982 |
| Reversal of impairment, provisions and non-recurring expense transfers | 194 056 | |
| Total non-recurring income | 262 278 | 19 982 |
| Non-recurring expenses on management transactions | 0 | 1 680 |
| Non-recurring expenses on capital transactions | 213 895 | 4 178 |
| Total non-recurring expenses | 213 895 | 5 858 |
| NET NON-RECURRING INCOME | 48 383 | 14 125 |
| Corporate income tax | 0 | (1 765 185) |
| TOTAL INCOME | 4 108 706 | 1 661 398 |
| TOTAL EXPENSES | 4 153 162 | 1 738 632 |
| NET LOSS | (44 456) | (77 234) |
French GAAP Balance Sheet
In euros
| ASSETS | Gross amount | Depr., amort. & prov. | Dec. 31, 2018 | Dec. 31, 2017 |
| Property, plant and equipment | ||||
| Other property, plant and equipment | 6 896 | 2 143 | 4 753 | 3 807 |
| Financial fixed assets | ||||
| Receivables from controlled entities | 242 004 686 | 242 004 686 | 299 050 733 | |
| Loans | 0 | 0 | ||
| Other financial fixed assets | 801 745 | 801 745 | 673 967 | |
| FIXED ASSETS | 242 813 327 | 2 143 | 242 811 184 | 299 728 507 |
| Receivables | ||||
| Trade accounts receivable | 241 992 | 241 992 | ||
| Other receivables | 73 376 973 | 73 376 973 | 2 103 079 | |
| Cash and cash equivalents | 14 762 019 | 14 762 019 | 998 862 | |
| CURRENT ASSETS | 88 380 984 | 88 380 984 | 3 101 941 | |
| Prepaid expenses | 11 206 | 11 206 | 52 460 | |
| TOTAL ASSETS | 331 205 517 | 2 143 | 331 203 374 | 302 882 908 |
| In euros | |||
| EQUITY AND LIABILITIES | Dec. 31, 2018 | Dec. 31, 2017 | |
| Capital | |||
| Share capital (including paid-up capital: 66,862,500) | 78 006 250 | 66 862 500 | |
| Additional paid-in capital | 86 278 764 | 70 922 676 | |
| Revaluation reserve | 152 341 864 | 152 341 864 | |
| Reserves | |||
| Legal reserve | 7 800 625 | 6 686 250 | |
| Other reserves | 122 849 | 2 711 437 | |
| Retained earnings | |||
| Retained earnings | 14 006 | 29 421 | |
| Net loss for the year | (44 456) | (77 234) | |
| SHAREHOLDERS’ EQUITY | 324 519 901 | 299 476 914 | |
| OTHER EQUITY | 0 | 0 | |
| Loss provisions | 0 | 235 610 | |
| CONTINGENCY AND LOSS PROVISIONS | 0 | 235 610 | |
| Non-current borrowings and debt | |||
| Miscellaneous borrowings and debt | 5 630 705 | 2 112 261 | |
| Trade accounts payable and other current liabilities | |||
| Trade accounts payable | 758 313 | 718 155 | |
| Tax and social liabilities | 294 455 | 338 969 | |
| Amounts owed to fixed asset suppliers | 0 | 999 | |
| LIABILITIES | 6 683 473 | 3 170 384 | |
| TOTAL EQUITY AND LIABILITIES | 331 203 374 | 302 882 908 | |
Reconciliation of Alternative Performance Measures (APM)
| Cegereal recurring cash flow APM | ||
| In thousands of euros | 2018 | 2017 |
| Net income under IFRS | 33,106 | 62,408 |
| Restatement of changes in fair value of investment property | (11,701) | (37,178) |
| Other restatements of changes in fair value | 475 | 17 |
| Restatement of other fees | 8,794 | 7,443 |
| EPRA earnings | 30,674 | 32,689 |
| Restatement of 3% corporate income tax contribution on dividends | 0 | (1,752) |
| Cegereal recurring income | 30,674 | 30,937 |
| IFRS adjustments (rent-free periods, etc.) | 2,256 | 2,946 |
| Restatement of deferred finance costs | 2,247 | 1,966 |
| Cegereal recurring cash flow | 35,177 | 35,849 |
| EPRA NNNAV APM | ||
| In thousands of euros | 2018 | 2017 |
| Shareholders’ equity under IFRS | 674,889 | 617,532 |
| Portion of rent-free periods | (27,315) | (26,832) |
| Market value of loans | (772,432) | (622,519) |
| Carrying amount of loans | 764,507 | 617,190 |
| NNNAV PER SHARE | 639,649 | 585,355 |
| LTV ratio APM | ||
| In thousands of euros | 2018 | 2017 |
| Gross amount of balance sheet loans (statutory financial statements) | 771 | 624 |
| Fair value of investment property | 1,409 | 1,169 |
| LTV ratio (%) | 54.7% | 53.4% |
Occupancy rate APM
The occupancy rate is the ratio of space for which the Company receives rent under a lease agreement to the total amount of available space.
Taking into account the upcoming arrival of the European Banking Authority and KPMG, Cegereal’s overall occupancy rate is up sharply at 96.1%.
At December 31, 2018, i.e., before the effective date of these new leases, the occupancy rate stood at 92.3% (91.1% on a comparable portfolio basis), versus 91.4% one year earlier.
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