2014 Annual results February 13, 2015 Rives de Bercy - PowerPoint PPT Presentation

2014 Annual results February 13, 2015 Rives de Bercy – Charenton-le-Pont

Overview Market review : Page 4 Our Portfolio : Page 9 Finance : Page 19 Appendices : Page 27

2014: An Eventful Year  France's first property company fully certified to environmental standards All assets in the portfolio are certified to HQE Exploitation and BREEAM In-Use International standards  Leases renewed on 11,200 sq.m. for six to nine years, with big corporates (Crédit Agricole, Galderma, Sagem, Huawei and NTT Europe)  New leases signed on 6,400 sq.m. in the Arcs de Seine building, with the BBC, Heinz France, Gas Natural, Amgen and Exclusive Networks  Dividend of €1.65 per share to be recommended at the next Annual Shareholders' Meeting IFRS rental income (€m) EPRA earnings Dividend (€/share) +3% +24% +10% Cegereal – 2014 Annual Results – February 13, 2015 2

Share Performance in 2014 CGR share performance vs. EPRA and IEIF indices 28 24 20 16 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Cegereal EPRA Europe Index IEIF French SIIC Index Cegereal – 2014 Annual Results – February 13, 2015 3

2014 Market Review

Paris Region Market : rebound of rental transactions Vacancy rates in the main European cities (end-2014) 20% 15,9% 15% 12,9% 11,4% 10,3% 10% 7,6% 6,3% 6,2% 5,1% 4,7% 5% 0% Berlin Hamburg Madrid Milan Frankfurt Munich Brussels Greater Greater Paris London Take-up in the main European cities in 2013 and 2014 (million sq.m) 3,0 2,5 2,1 2,1 2,0 1,8 2,0 1,5 2013 1,5 1,2 2014 1,0 0,5 - 4 main German Greater Greater London cities: +7% Paris: +13% : +24% Source : IPD Immostat – DTZ Research Cegereal – 2014 Annual Results – February 13, 2015 5

Higher Take-up in the Paris Region in 2014 Paris – IDF office take-up rate and large transactions (million sq.m. by segment) 550 600 520 460 500 430 400 370 360 400 320 320 250 300 200 100 0 < 500 m² 500 - 2000 m² 2000 - 5000 m²5000 -20000 m² > 20000 m² 2013 2014  The office property market regained momentum in late 2014. Cumulative take-up rose by 13% year-on-year, representing 2.1 million sq.m. in 2014  2014 saw an upturn in transactions involving units of over 5,000 sq.m., representing a total of 831,200 sq.m., i.e. 40% of take-up for the year. This category delivered the year's largest improvement (up 24%) Source: IPD Immostat – DTZ Research Cegereal – 2014 Annual Results – February 13, 2015 6

Paris Region Office Market – Absorption and Market Rents Paris – IDF absorption (thousand sq.m.) 1 000 985 1 000 800 650 588 535 515 495 600 430 410 400 285 240 200 10 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Paris – IDF average office rents (€/year) 600 500 400 300 200 Paris CBD Ile de France La Défense 100 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: IPD Immostat – DTZ Research Cegereal – 2014 Annual Results – February 13, 2015 7

Paris Region Office Investment Market Commercial real estate investment flows in France 35 30 25 20 15 10 5 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1 Q2 Q3 Q4 Full year  At €22.7 billion, office property investment volume was up by 40% in 2014, attesting to a very strong performance  Offices accounted for 58% of the market, representing the asset type preferred by investors  There were 50 transactions in excess of €100 million (up 92%), corresponding to a total of €16.2 billion (up 87%). These large deals accounted for 65% of investment flows Source: DTZ Research Cegereal – 2014 Annual Results – February 13, 2015 8

Our portfolio Arcs de Seine - Boulogne

Cegereal: Uniquely Positioned in the Paris Region Market EUROPLAZA 50,000 sq.m in La Défense Occupancy rate : 77% Valuation as at Dec. 31, 2014 : € 333 M RIVES DE BERCY 31,900 sq.m in Charenton Occupancy rate : 100% Valuation as at Dec. 31, 2014 : € 191 M ARCS DE SEINE 45,000 sq.m in Boulogne Occupancy rate : 97% Valuation as at Dec. 31, 2014 : € 347 M Cegereal – 2014 Annual Results – February 13, 2015 10

2014 Rental Income up 3.3%, Boosted by the Lettings in Arcs de Seine Cegereal – Growth in rental income, 2013-2014 (€m) 0.5 2.8 48 0.1 (1.8) (0.1) 36 €m 24 44,7 43,3 12 0 2013 Rental Indexation Arrivals Departures Renegociation Other 2014 Rental income income Cegereal – 2014 Annual Results – February 13, 2015 11

Nearly 90% Occupancy Rate As a % of total area 100% 80% Maturity 60% Next Break 40% 20% 0% Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Occupancy rates since the Company’s formation Occupancy rate as at Dec-2014 100% 90% 80% Arcs de Seine 60% Europlaza 40% Rives de Bercy 20% 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 Cegereal – 2014 Annual Results – February 13, 2015 12

First-class Tenants 1% 1% 1% 100% 90% 2% 4% 6% 4% 3% 80% 70% Rating 4 & 5 60% Rating 3 50% 100% 100% 99% 96% 97% 96% 95% 94% Rating 1 & 2 40% 30% 20% 10% 0% 2007 2008 2009 2010 2011 2012 2013 2014 Source : Dun & Bradstreet ratings Cegereal – 2014 Annual Results – February 13, 2015 13

Appraisal Values and Unrealized Capital Gains Unrealized capital +221m€ gains Higher appraisal +2,6% € millions values 1032 1 100 961 938 1 000 871 861 865 854 188 854 849 828 900 187 163 800 168 168 191 168 169 172 156 700 385 600 350 363 310 309 300 340 311 322 347 500 400 300 459 425 412 200 386 387 384 361 355 346 333 100 0 Mar-06 Déc-07 Déc-09 Déc-11 Déc-13 Net book value Europlaza Arcs de Seine Rives de Bercy Valeur nette comptable Cegereal – 2014 Annual Results – February 13, 2015 14

Sustainable Development 2020 Water -10% Energy -15% UpGreen Your Business GHG -20% 2015-2018 Action plan in 3 axis involving tenants, suppliers and Go Green investors 2011-2014 > Business > Social 1st RE portfolio in France > Corporate 100% HQE Exploitation 100% Breeam In-Use Cegereal – 2014 Annual Results – February 13, 2015 15

Rives de Bercy: A Majestic Campus in the Center of an Expanding Business District Rives de Bercy – Growth in rental income, 2013-2014 (€m) 0.2 0.02  Triple net lease with Crédit Foncier since 10 delivery in 2003 5 10.0 9.7  Renegotiation of a new nine-year lease 0  Recently certified to HQE Exploitation and 2013 rental Indexation Other 2014 rental BREEAM In-Use Very Good standards income income Cegereal – 2014 Annual Results – February 13, 2015 16

Arcs de Seine: A Remarkable Rental Performance in 2014 Successful letting of Arcs de Seine  7 800 sq.m. of signed leases  1 400 sq.m. still available over a total surface of 45 000 sq.m. Occupancy rate 3.5% 6.5% 1.6% 3.2% 1.6% 80% 60% 97% 81% 40% 20% 0% 31 BBC Huawei Sagem Amgen Exclusive 31 December December décembre Networks décembre 31, 2013 31, 2014 2013 2014 Growth in rental income, 2013-2014 (€m) 16 2.2 0.1 12 8 14.0 11.8 4 0 2013 Rental 2013 Rental Indexation Indexation Arrivals Arrivals 2014 Rental 2014 Rental income income income income Cegereal – 2014 Annual Results – February 13, 2015 17

Europlaza: The First Garden Tower in La Défense A multi-tenant building, with more than 700 private parking spaces, top-notch amenities and enclosed gardens, forming a campus-style office complex aligned with current demand  77% occupancy rate as of end- December 2014  Some fifteen tenants, including Cap Gemini, General Electric, Galderma, BforBank, Experian and NTT Europlaza – Changes in rental income, 2013-2014 (€m) 0.6 0.02  The third building in France to earn 0.2 20 both HQE Exploitation and (1.8) (1.1) BREEAM In-Use Very good 21.8 20.8 10 certifications 0 2013 Rental Indexation Arrivals Departures Renegotiation Other 2014 Rental Income Income Cegereal – 2014 Annual Results – February 13, 2015 18

Finance Arcs de Seine – Boulogne-Billancourt

Financial Highlights Dec. 31, 2014 Dec. 31, 2013 Dec. 31, 2012 Variation 14/13  Portfolio value € 871 M € 849 M € 865 M +2.6%  Loan to value ratio 46.5% 47.1% 46.2% -0.6 bps  EPRA NNNAV per share € 34.8 M € 34.1 M € 35.7 M +2.1%  IFRS Rental income € 44.7 M € 43.3 M € 38.6 M +3.3%  IFRS net result € 41.4 M € 1.9 M € 16.9 M n/a  EPRA result € 23.7 M € 19.1 M € 7.5 M +24.1% Cegereal – 2014 Annual Results – February 13, 2015 20