Icade Sa · EURONEXT:ICAD
Icade Sa — Debt Investor Presentation (April 2017)
79 slides from Icade Sa's debt investor presentation, April 2017
Slide 1: Credit Update March-April 2017
2016 CREDIT UPDATE MONDAY, FEBRUARY MARCH-APRIL 13, 20172017
Slide 2: Disclaimer
DISCLAIMER This presentation is not an offer or an invitation to sell or exchange securities, or a recommendation to subscribe, buy or sell Icade securities. Distribution of this document may be restricted in certain countries by legislation or regulations. As a result, any person who comes into pos
Slide 3: Agenda
Introduction 1. 2016 highlights 2. Strong dynamic in our 3 business lines Agenda 3. 2016 financial results 4. 2017 outlook Appendices
Slide 4: Introduction
ARC OUEST (PARIS, 15TH DISTRICT) INTRODUCTION
Slide 5: A company ahead of schedule on its strategic plan
Introduction A COMPANY AHEAD OF SCHEDULE ON ITS STRATEGIC PLAN ● One year after the launch of its new strategic plan, Icade has changed considerably A governance structure in line with best practices in the industry: more independant directors, a transparent shareholding structure A team of hand
Slide 6: A new identity
Introduction A NEW IDENTITY... ● Because Icade has undergone significant change, let’s fully embrace our new identity ● Result of employee brainstorming ● To build a full-fledged brand known and recognised by our clients ● To highlight our features ● To be less an institution and more a key player i
Slide 7: 2016 Highlights
PULSE (SAINT-DENIS, SEINE-ST-DENIS) 1. 2016 HIGHLIGHTS
Slide 8: 2016 priorities: what we said and what we did
1. 2016 highlights 2016 PRIORITIES: WHAT WE SAID WE WOULD DO AND WHAT WE ACTUALLY DID 1. EXIT THE PROPERTY SERVICES BUSINESS 4. START DEVELOPING SYNERGIES BETWEEN As of September 30 all companies had been sold PROPERTY INVESTMENT AND DEVELOPMENT First joint bids for tenders, sales of land plots, a s
Slide 9: 2016 highlights
1. 2016 highlights Completion of 69,500 sq.m of new projects in the commercial segment (Veolia and Millénaire 4), and 122 new leases signed for a total of 131,000 sq.m Proactive asset rotation in the office portfolio: 4 acquisitions for €592m (1), disposals for €578m Healthcare Property Investment:
Slide 10: 2016 key indicators
1. 2016 highlights 2016 KEY INDICATORS +8.6% +5.2% €4.02/share €1bn -53 bps vs. €3.70 per share in 2015 vs. €0.95bn in 2015 +7.6% €296.8m PROPERTY DEVELOPMENT 2.18% €78.7/share PROPERTY INVESTMENT EPRA earnings from Property Development revenue vs. 2.71% as of 12/31/2015 vs. €73.1 per share as of 12
Slide 11: Share price TSR and NAV TSR
1. 2016 highlights SHARE PRICE TSR AND NAV TSR +15.7% +12.7% +15.7% Share price TSR +6.6% 2016 SHARE PRICE TSR (1) NAV TSR +3.3% +2.0% +2.2% +0.3% +12.7% 2013 2014 2015 2016 -2.1% 2016 NAV TSR (2) PERFORMANCE INDICATORS AT THEIR 4-YEAR HIGH 11 Notes: (1) Total Shareholder Return based on share perfo
Slide 12: Strong dynamic in our business lines
ORSUD (GENTILLY, VAL-DE-MARNE) 2. STRONG DYNAMIC IN OUR 3 BUSINESS LINES 2.1. Commercial Property Investment
Slide 13: Commercial Property Investment: 2016 highlights
2.1. Division: Commercial Property Investment COMMERCIAL PROPERTY INVESTMENT: 2016 HIGHLIGHTS Go Spring (Nanterre, Hauts-de-Seine) Arc Ouest (Paris, 15th district) Robust leasing activity ● New leases: 131,133 sq.m (€40.0m in additional rental income) ● Renewal of 65 leases for a total floor area of
Slide 14: Commercial Property Investment: 2015 and 2016
2.1. Division: Commercial Property Investment COMMERCIAL PROPERTY INVESTMENT: 2015 AND 2016 In an enabling market environment: French commercial property investment market: €23.6bn Office rental market in the Paris region: take-up of 2.4 million sq.m, i.e. +7% in one year; 3.5 million sq.m of av
Slide 15: Healthcare Property Investment
DOMONT PRIVATE HOSPITAL (VAL-D'OISE) 2. STRONG DYNAMIC IN OUR 3 BUSINESS LINES 2.2. Healthcare Property Investment
Slide 16: Healthcare Property Investment: 2016 highlights
2.2. Division: Healthcare Property Investment HEALTHCARE PROPERTY INVESTMENT: 2016 HIGHLIGHTS Portfolio still growing Pont de Gien private psychiatric hospital (Gien, Loiret) The “Ronsard” private psychiatric hospital (Chambray-les-Tours, Indre-et-Loire) ● Acquisition of a portfolio operated by Rams
Slide 17: Healthcare Property Investment: 2015 and 2016
2.2. Division: Healthcare Property Investment HEALTHCARE PROPERTY INVESTMENT: 2015 AND 2016 In an enabling market environment: French property investment market: 2016, a record year in terms of transactions – substantial value increase: yields between 5.5% and 5.7% (including duties) for prime MSO
Slide 18: Property Development
YNFLUENCE SQUARE (LYON, RHÔNE) 2. STRONG DYNAMIC IN OUR 3 BUSINESS LINES 2.3. Property Development
Slide 19: Property Development: 2016 highlights
2.3. Division: Property Development PROPERTY DEVELOPMENT: Economic revenues up 5.2% to €1,005m ● Commercial revenues grew by as much as 30.9% (to €338.5m) 2016 HIGHLIGHTS ● Residential revenues dropped 4.4% (to €666.5m) EKLA Life (Lille, Nord) Karré (Lyon, Rhône) Backlog is growing: €1,597m (+5.9% c
Slide 20: Property Development: 2015 and 2016
2.3. Division: Property Development PROPERTY DEVELOPMENT: 2015 AND 2016 In an enabling market environment: Residential market: very strong momentum, driven by the effects of the PINEL tax incentive scheme, revamped "interest-free loan", low interest rates, housing units put up for sale up 19% as o
Slide 21: CSR: commitments fulfilled, widely acknowledged results
2.4. CSR policy CSR: COMMITMENTS FULFILLED, WIDELY ACKNOWLEDGED RESULTS COMMERCIAL PROPERTY INVESTMENT HEALTHCARE PROPERTY INVESTMENT Greenhouse gas emissions in offices and business parks: HQE certification for 100% of significant projects under development -23% between 2011 and 2016 GREENHOUSE
Slide 22: 2016 Financial results: Income statement
LE GRAND PHARE (ISSY-LES-MOULINEAUX, HAUTS-DE-SEINE) 3. 2016 FINANCIAL RESULTS 3.1. Income statement
Slide 23: EPRA earnings from Commercial and Healthcare Property Investment
3.1. 2016 results: key indicators on the rise EPRA EARNINGS FROM COMMERCIAL AND HEALTHCARE PROPERTY INVESTMENT AT €296.8M (+8.7%) ● Healthcare Property Investment: €91.2m, +24.3% - impact of external growth Rental income greatly increased: +22.3% to €207.3m – Slight like-for-like growth: +0.2% – S
Slide 24: Spotlight on EPRA earnings from property investment
3.1. 2016 results: key indicators on the rise SPOTLIGHT ON EPRA EARNINGS FROM COMMERCIAL AND HEALTHCARE PROPERTY INVESTMENT: +8.7% IN ONE YEAR 12/31/2016 12/31/2015 EPRA EPRA EPRA EPRA earnings EPRA EPRA earnings earnings from earnings from earnings from earnings from Commercial 2015 Healthcare from
Slide 25: Property Development: improved financial results in 2016
3.1. 2016 results: key indicators on the rise PROPERTY DEVELOPMENT: IMPROVED FINANCIAL RESULTS IN 2016 ● Economic revenues up 5.2% to €1,005.0m Commercial revenues increased sharply (+30.9% to €338.5m), thanks to several contracts signed and the progress of some projects Residential revenues dow
Slide 26: Property Development NCCF up 9.3%
3.1. 2016 financial results PROPERTY DEVELOPMENT NCCF UP 9.3%, DRIVEN BY THE COMMERCIAL SEGMENT 12/31/2016 12/31/2015 YoY (€m) Residential Commercial Total Residential Commercial Total change Economic revenue (1) 666.5 338.5 1,005.0 5.2% 696.8 258.7 955.5 Current economic operating profit/(loss) (1)
Slide 27: Growth in Group NCCF driven by all 3 business lines
3.1. 2016 financial results GROWTH IN GROUP NCCF (a) DRIVEN BY ALL 3 BUSINESS LINES (€m) +5.1 +17.9 +1.9 325 (€4.41 per share) (€4.07 per share) 300 Contribution of each division in 2016: Property Development: 7% Healthcare Property Investment: 28% Commercial Property Investment: 65% 12/31/201
Slide 28: Value of the property portfolio
VEOLIA’S HEADQUARTERS (AUBERVILLIERS, SEINE-ST-DENIS) 3. 2016 FINANCIAL RESULTS 3.2. Value of the property portfolio
Slide 29: Commercial Property Investment: value growth in the entire portfolio
3.2. 2016 financial results COMMERCIAL PROPERTY INVESTMENT: VALUE GROWTH IN THE ENTIRE PORTFOLIO OFFICES BUSINESS PARKS (€m) 4,063.6 (€m) +215.9 +479.6 +55.6 3,642.3 3,621.2 +46.1 3,503.7 +149.5 (329.8) (313.1) 12/31/2015 12/31/2015 31/12/2015 31/12/2016 31/12/2015 31/12/2016 12/31/2016 12/31/2016 D
Slide 30: Healthcare Property Investment: strong value growth
3.2. 2016 financial results HEALTHCARE PROPERTY INVESTMENT DIVISION (GROUP SHARE): STRONG VALUE GROWTH (€m) +173.9 2,024.7 +73.4 1,735.3 +42.1 12/31/2016 12/31/2015 ACQUISITION (1) WORKS (2) LIKE-FOR-LIKE AND OTHER (3) CHANGE +€173.9m (+10.0%) LIKE-FOR-LIKE SHARP INCREASE IN VALUES AND YIELD DEC
Slide 31: Commercial and Healthcare property investment portfolio
3.2. 2016 financial results COMMERCIAL AND HEALTHCARE PROPERTY INVESTMENT PORTFOLIO (GROUP SHARE; COMMERCIAL AND HEALTHCARE INCLUDING RESIDENTIAL) (€m) +411.5 9,727.1 +280.2 9,162.1 +521.7 (648.4) 12/31/2016 12/31/2015 DISPOSALS (1) ACQUISITIONS (2) WORKS (3) AND LIKE-FOR-LIKE OTHER (4) CHANGE LIKE-
Slide 32: Significant increase in EPRA triple net asset value
3.2. 2016 financial results SIGNIFICANT INCREASE IN EPRA TRIPLE NET ASSET VALUE (€ per share) +7.7 +0.3 +0.5 78.7 (2) 73.1 (1) +0.8 (3.7) 12/31/2015 12/31/2016 EPRA NNNAV 2015 CONSOLIDATED CHANGE IN CHANGE IN CHANGE IN EPRA NNNAV DIVIDEND NET PROFIT CAPITAL GAIN CAPITAL GAIN FAIR VALUE ON PROPERTY O
Slide 33: Liabilities
THEMIS (PARIS, 17TH DISTRICT) 3. 2016 FINANCIAL RESULTS 3.3. Liabilities
Slide 34: Debt restructuring on several levels
3.3. 2016 financial results DEBT RESTRUCTURING ON SEVERAL LEVELS Prepayment of bank loans €500m, 9-year bond with a coupon of 1.125% (€657m) Refinancing of a €225m mortgage €750m, 10-year bond with a coupon of 1.75% for a term of 20 years and with a 2.172% rate Liability management transac
Slide 35: Substantial positive impacts on all indicators
3.3. 2016 financial results SUBSTANTIAL POSITIVE IMPACTS ON ALL INDICATORS AVERAGE DEBT MATURITY EXTENDED (+2.1 YEARS) AVERAGE COST OF DEBT DOWN (-53 BPS) 3.07% 6.6 3.83% 4.7 2.71% 4.6 4.5 2.18% 31/12/2013 31/12/2014 31/12/2015 31/12/2016 2013 2014 2015 2016 SHARP RISE IN ICR (+0.7 x) LTV RATIO STAB
Slide 36: Optimised financial structure
3.3. 2016 financial results OPTIMISED FINANCIAL STRUCTURE DIVERSIFICATION OF FUNDING SOURCES MATURITY SCHEDULE OF DRAWN DEBT €41.6m €501.7m Other debt NEU Commercial Paper €667.8m €85.5m €2,798.8m €225.0m €528.5m 529 770 75% of debt is not granted by financial intermediaries 596 563 25% of debt is g
Slide 37: Dividend
GO SPRING (NANTERRE, HAUTS-DE-SEINE) 3. 2016 FINANCIAL RESULTS 3.4. Dividend
Slide 38: Dividend: Board of Directors' proposal to the General Meeting
3.4. 2016 financial results DIVIDEND: BOARD OF DIRECTORS' PROPOSAL TO THE GENERAL MEETING DIVIDEND DISTRIBUTIONS IN 2012 – 2016 (€ per share) 4.00 5.97% Yield / Average share price 3.73 3.73 in January 2017 Stable 3.67 3.64 5.08% Yield / EPRA triple net asset value as of 12/31/2016 90.70% vs. 91.6%
Slide 39: 2017 Outlook
LE SWING (CHESSY, SEINE-ET-MARNE) 4. 2017 OUTLOOK
Slide 40: 2017: active start for Icade
4. 2017 outlook 2017: ACTIVE START FOR ICADE ● New off-plan lease signed by Icade Promotion with Orange, in Villejuif: 18,000 sq.m of office space in Villejuif due to be completed in Q4 2019 (9-year lease with no break option, and Orange has an option to buy) ● New lease signed with Groupama for 11,
Slide 41: Property investment: very significant development pipeline
4. 2017/2018 outlook PROPERTY INVESTMENT: VERY SIGNIFICANT DEVELOPMENT PIPELINE (€1.9bn) DEVELOPMENT PIPELINE FOR 2020 > 300,000 sq.m PORTES DE PARIS FOR THE COMMERCIAL PROPERTY INVESTMENT DIVISION BUSINESS PARK NANTERRE / 186,000 sq.m ORIGINE PDM1 (29,700 sq.m) - Offices Pulse (28,000 sq.m) - Offic
Slide 42: Our priorities for 2017
4. 2017 outlook OUR PRIORITIES FOR 2017 Continue acquisitions and launch new development projects Finalise the rollout of the “Coach Your Growth with Icade” marketing plan Step up the development of synergies between the Commercial Property Investment and Property Development divisions Ramp up the i
Slide 43: Property Development: revenue and profitability objectives confirmed
4. 2017/2018 outlook PROPERTY DEVELOPMENT: REVENUE AND PROFITABILITY OBJECTIVES CONFIRMED 2018 REVENUE FORECAST 2015/2016 ROE FOR THE PROPERTY DEVELOPMENT DIVISION (in €bn) AND 2018 FORECAST 1.300 437 12% Project Owner Net profit/(loss) Assistance attributable to the Group 340 (€m) 1.005 Commercial
Slide 44: Portfolio growth ambition
4. 2017/2018 outlook PORTFOLIO GROWTH AMBITION (in €bn) +1.4 11.4 9.2 +0.5 +0.7 9.7 +0.7 +0.5 Objective: total portfolio value of €11.4bn by the end (0.6) (0.9) of 2019, CAGR (1) expected over 4% until then 12/31/2015 12/31/2016 12/31/2019 (assuming market size remains unchanged) In 2016, we are ahe
Slide 45: 2017 NCCF growth: at least 4%
4. 2017 outlook 2017 NCCF Growth: at least 4% DIVIDEND Based on the change in POLICY NCCF per share SHAREHOLDER MEETING: APRIL 20, 2017 MARCH-APRIL 2017 – ICADE CREDIT UPDATE • 45
Slide 46: Q&A
Q&A
Slide 47: Appendices
CŒUR PLAISANCE (CANET-EN-ROUSSILON, PYRÉNÉES-ORIENTALES) APPENDICES
Slide 48: Our business model: being an integrated real estate player
Appendices OUR BUSINESS MODEL: BEING AN INTEGRATED REAL ESTATE PLAYER PR O PERT Y I N VEST M EN T 79% offices Thanks to Icade Promotion, €7.7bn (1) portfolio COMMERCIAL the Commercial Property Investment Division’s land 1 million sq.m land bank Thanks to the resilience bank can be optimised faster D
Slide 49: CSR commitments are an integral part of our project
Appendices CSR COMMITMENTS ARE AN INTEGRAL PART OF OUR PROJECT PRODUCTS AND SERVICES IN LINE WITH SOCIAL POLICY ENERGY TRANSITION AND NEW LIFESTYLES AND PARTNERSHIPS AND EMPLOYEE PRESERVATION OF RESOURCES WITH LOCAL AUTHORITIES ENGAGEMENT -40% 25% Long-term Strengthen our initiatives Implementation
Slide 50: 2017 CSR priorities
Appendices 2017 CSR PRIORITIES ● Engaging and mobilising employees: introduce CSR awareness and biodiversity training ● Implementing teleworking following the pilot project’s positive results (100% of the managers want teleworking to continue) ● Energising employees around innovative community proje
Slide 51: Innovation key figures
Appendices INNOVATION KEY FIGURES HUMAN ASPECTS THE PROJECTS THE TOOLS 5 pillars: 5 30 Hub, Hub Smartcity, start-ups, communities Hub projects schools, industrial partners 500 8 5 employees involved projects at the implementation stage industrial partnerships 23 10 The innovation library: CSR / inno
Slide 52: Innovation: several implementations in 2016
Appendices INNOVATION: SEVERAL IMPLEMENTATIONS IN 2016 Real Estate 3.0 “Coach Your Growth by Icade (Smartdesk, with Icade” WorkUp, GrowUp) Modular Homes fully equipped housing solutions Implementation of with automation digital concierge services technologies in in our business parks collaboration w
Slide 53: An excellence label in business parks
Appendices AN EXCELLENCE LABEL IN BUSINESS PARKS EXAMPLE OF THE ORLY-RUNGIS BUSINESS PARK: PILOT IMPLEMENTATION OF THE “COACH YOUR GROWTH” PLAN ENTRANCE OF THE BUSINESS PARK THE “VILLAGE SQUARE” A colourful design giving life and movement It is the focal point of the business park, a true meetin
Slide 54: French commercial property market
Appendices FRENCH COMMERCIAL PROPERTY MARKET QUARTERLY INVESTMENTS IN COMMERCIAL REAL ESTATE IN FRANCE (1) French commercial property investment market: (in €bn) Volume levelled off at a high level 25 €23.6bn, a volume driven by Q4 2016 with €8bn, but down by 8% (2) year-on-year. 20 Q4 Paris and
Slide 55: French commercial property market: yields and rents
Appendices FRENCH COMMERCIAL PROPERTY MARKET YIELDS (AT PERIOD END) (2) PRIME OFFICE RENTAL VALUES IN THE PARIS REGION BETWEEN 2003 AND 2016 (1) (CURRENT € / SQ.M / YEAR, EXCLUDING TAX AND CHARGES) Unfavourable property Unfavourable property risk premium risk premium 7% Finance costs soar Historical
Slide 56: Commercial Property Investment at the heart of Greater Paris
Appendices The Commercial Property Investment Division (1) at the heart of the Greater Paris area MAUVIN BUSINESS PARK 22,115 sq.m ROISSY-PARIS-NORD 2 BUSINESS PARK 155,232 sq.m PORTES DE PARIS BUSINESS PARK LA DÉFENSE-NANTERRE 302,153 sq.m 284,232 sq.m SAINT-DENIS 62,119 sq.m COLOMBES BUSINESS PARK
Slide 57: Commercial Property Investment: offices and business parks
Appendices COMMERCIAL PROPERTY INVESTMENT OFFICES BUSINESS PARKS GO SPRING PARIS NORD 2 (Nanterre, Hauts-de-Seine) (Villepinte, Seine-St-Denis) ● 33 operating office buildings (1) ● 8 business parks (Orly/Rungis, Portes de Paris, Millénaire, ● The assets are mainly located in the Paris region (2): 4
Slide 58: Commercial Property Investment: value-creating investments
Appendices COMMERCIAL PROPERTY INVESTMENT: VALUE-CREATING INVESTMENTS Acquisitions carried out in 2016: ORSUD BUILDING PARISSY BUILDING ARC OUEST BUILDING GO SPRING BUILDING (1) TOTAL in Gentilly, 100% leased, in Issy-les-Moulineaux, in the 15th district of Paris, in Nanterre, "BREEAM in use" certif
Slide 59: Commercial Property Investment: development pipeline on the rise
Appendices COMMERCIAL PROPERTY INVESTMENT: DEVELOPMENT PIPELINE (1) ON THE RISE Estimated date of Floor area Expected Yield on Total Remaining Pre-leased Project name Location completion (sq.m) rent cost (2) investment (3) investment > 2016 or pre-sold PROJECTS STARTED 84,150 26.8 6.0% 444 166 64% D
Slide 60: Land bank as of December 31, 2016
Appendices LAND BANK AS OF DECEMBER 31, 2016 ROISSY - PARIS NORD 2 BUSINESS PARK 30,000 sq.m - 50,000 sq.m PORTES DE PARIS PORTES DE PARIS ROISSY - PARIS NORD 2 BUSINESS PARK BUSINESS PARK 362,000 sq.m BUSINESS PARK 362,000 sq.m 30,000 - 50,000 sq.m Land bank to be defined more precisely depending o
Slide 61: A vigorous Commercial Property Investment business
Appendices A VIGOROUS COMMERCIAL PROPERTY INVESTMENT BUSINESS ● Leases that started in 2016 were signed with renowned companies MILLÉNAIRE 4 (Paris, 19th district) 2016 additions 2016 exits 24,500 sq.m leased to a leading company PB5 TOWER (La Défense, Hauts-de-Seine) 6,244 sq.m leased to PwC 20
Slide 62: Financial occupancy rate optimisation
Appendices COMMERCIAL PROPERTY INVESTMENT: FINANCIAL OCCUPANCY RATE OPTIMISATION Main rental challenges identified IMPROVEMENT IN FINANCIAL OCCUPANCY TOTAL OCCUPANCY RATE RATE AS OF FROM COMMERCIAL POTENTIAL RENTAL ASSET LOCATION SEGMENT DECEMBER 31, 2016 PROPERTY INVESTMENT INCOME (1) PB5 TOWER La
Slide 63: Healthcare: favourable market conditions
Appendices HEALTHCARE: FAVOURABLE MARKET CONDITIONS HEALTHCARE An active and attractive French market ● Resilient yields compared with other asset classes(1) ● A mature market with large transactions on the secondary market A historically high premium to the French 10-year Acquisition of the Gecim
Slide 64: Icade Santé's portfolio
Appendices ANNUALISED BREAKDOWN BY OPERATOR RENTAL INCOME AS OF DECEMBER 31, 2016 (€m) (as a % of portfolio value) ICADE SANTÉ’S PORTFOLIO 39.7% AS OF DECEMBER 31, 2016 Elsan 96 facilities owned by Icade Santé - 11 partner operators 10.1% Portfolio value: €3.6bn excluding duties (full consolidation
Slide 65: Details of the development pipeline: Healthcare
Appendices DETAILS OF THE DEVELOPMENT PIPELINE – HEALTHCARE PROPERTY INVESTMENT NUMBER OF INPATIENT AND REMAINING OUTPATIENT INVESTMENT COST(1) YIELD ON OPERATOR MUNICIPALITY BEDS (€M) (€M) COST COMPLETION PRE-LEASED OF WHICH TOTAL 2017 PROJECTS 1,179 149.9 104.8 244.9 6.7% STARTED REIMS-BEZANNES CO
Slide 66: Icade Santé: a privileged position in a market of experts
Appendices ICADE SANTE: A PRIVILEGED POSITION IN A MARKET OF EXPERTS HIGH STAKES ICADE SANTE’S STRENGTHS Increased pressure on operators’ profitability due to hospital Growth in business volume offsets the price effect and the considerable 1. fees decided by the French Social Security (which have ef
Slide 67: Healthcare: a sustainable mixed model
Appendices HEALTHCARE: A SUSTAINABLE MIXED MODEL WHERE THE PRIVATE SECTOR BREAKDOWN OF STAYS IN MSO FACILITIES IN 2014 PLAYS A KEY ROLE BY SECTOR AND TYPE ● In France, hospital care (short-term/MSO and medium-term/ FRC and MHE) is provided by 3 sectors: Outpatient 3.0 M 3.5 M 0.6 M The public sect
Slide 68: Segments of the healthcare market
Appendices SEGMENTS OF THE HEALTHCARE MARKET HEALTH SECTOR (ICADE SANTÉ’S TARGET) MEDICAL-SOCIAL SECTOR Short-term care facilities - MSO(1) Medium-term care facilities – Long-term care facilities (EHPAD…) ● 4 national tenant operators FRC(2) / MHE(3) ● About 10 national tenant operators and about 10
Slide 69: Strong increase in value of property investment assets
Appendices STRONG INCREASE IN VALUE OF ASSETS FROM THE PROPERTY INVESTMENT BUSINESS (COMMERCIAL AND HEALTHCARE) YEAR-ON-YEAR LFL CHANGE IMPLIED YIELDS IN PORTFOLIO VALUE (EXCL. DUTIES) (1) Exposure 2016 change as of Dec. 31, 2016 on a like-for-like basis 5.6% Offices €4,063.6m +6.5% 6.1% 7.5% Busine
Slide 70: Implied yields of investment properties
Appendices IMPLIED YIELDS (1) OF INVESTMENT PROPERTIES (COMMERCIAL AND HEALTHCARE) 8.6% 7.9% 7.9% 7.6% 7.5% 7.4% 7.4% 7.3% 7.2% 7.1% 6.9% 6.9% 6.9% 6.8% 6.7% 6.7% 6.4% 6.1% 6.1% 5.6% OFFICES BUSINESS PARKS HEALTHCARE TOTAL PROPERTY INVESTMENT 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 No
Slide 71: Well-anticipated lease expiries
Appendices WELL-ANTICIPATED LEASE EXPIRIES IN THE PROPERTY INVESTMENT BUSINESS (COMMERCIAL AND HEALTHCARE) €148m ● Renewed leases represented 138,911 sq.m as of December 31, 2016, €67m i.e. €33m of rents extended for an €60m €63m €61m additional 7.4 years (12% discount) €48m €41m €42m ● 23% of tenan
Slide 72: Financial occupancy rate for Property Investment
Appendices FINANCIAL OCCUPANCY RATE FOR THE PROPERTY INVESTMENT DIVISION (COMMERCIAL AND HEALTHCARE) IMPROVED FINANCIAL OCCUPANCY RATE FINANCIAL VACANCY RATE: FOR THE COMMERCIAL PROPERTY POTENTIAL TO BE EXPLOITED INVESTMENT DIVISION Offices Business parks Healthcare 12/31/2015 12/31/2016 9% 7% OFFIC
Slide 73: Property Development: favourable market conditions
Appendices PROPERTY DEVELOPMENT: FAVOURABLE MARKET CONDITIONS HOUSING STARTS AND BUILDING PERMITS Residential: a growing market IN FRANCE AS A WHOLE (1) ● +19% change in units put up for sale as of 09/30/2016 relative to 09/30/2015 (sales showed a similar increase) (in thousands of housing units) ●
Slide 74: Icade Promotion, one of the market leaders
Appendices ICADE PROMOTION, ONE OF THE MARKET LEADERS BREAKDOWN OF REVENUE BY REGIONAL OFFICE ● 1st French property developer in the commercial segment, 6th in the residential segment, among the highest scoring in CSR by GRESB in 2016 ● National coverage with 21 locations in France ● Exclusive prope
Slide 75: A well-defined roadmap for 2017
Appendices A WELL-DEFINED ROADMAP FOR 2017 HIGH STAKES RESOURCES ALLOCATED ACCORDINGLY Regain its leadership position in the residential Operational roadmap with ambitious revenue targets: 1. segment and maintain its lead in the commercial double-digit growth expected in 2017 segment Considerably im
Slide 76: Developing synergies between investment and development
Appendices DEVELOPING SYNERGIES BETWEEN COMMERCIAL PROPERTY INVESTMENT AND PROPERTY DEVELOPMENT Stronger collaboration between the teams and centralisation of the procurement function The Property Development Division will systematically act as Delegated Project Manager for projects in the developme
Slide 77: Commercial property development: very favourable order backlog
Appendices COMMERCIAL PROPERTY DEVELOPMENT: VERY FAVOURABLE ORDER BACKLOG (1) Q1 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Lyon Lille Montpellier Lyon Rennes Lyon Paris, 17th district IVOIRE LE CONEX HIGH-SPEED TRAIN STATION OXAYA URBAN QUARTZ SKY 56 TWIST 10 7,550 7,622 sq.m 8,354 sq.m 7,200 sq.
Slide 78: IFRS income statement by division
Appendices IFRS INCOME STATEMENT BY DIVISION INTERSEGMENT COMMERCIAL PROPERTY HEALTHCARE PROPERTY PROPERTY TRANSACTIONS TOTAL INVESTMENT INVESTMENT DEVELOPMENT AND OTHER ITEMS (€m) 12/31/2016 12/31/2015 12/31/2016 12/31/2015 12/31/2016 12/31/2015 12/31/2016 12/31/2015 12/31/2016 (1) 12/31/2015 (1) R
Slide 79: Summary consolidated income statement
Appendices SUMMARY CONSOLIDATED INCOME STATEMENT 12/31/2016 (1) 12/31/2015 (1) (€m) Current Non-current Total YoY change Current Non-current Total REVENUE 1,492.7 1,492.7 3.7% 1,439.7 1,439.7 EBITDA 521.1 521.1 3.9% 501.5 501.5 including depreciation charges (323.3) (323.3) (281.8) (281.8) including