Paref Sa · EURONEXT:PAR
Paref Sa — FY2021 Earnings Presentation
26 slides from Paref Sa's earnings presentation, Feb 17, 2022
Slide 1: 2021 Annual Results
2021 ANNUAL RESULTS February 17th, 2022
Slide 2: 2017-2021 Highlights
BZPAREF 2017-2021 HIGHLIGHTS PAW AVAVAV /. Li Sigml, PMT LT sit ZN AOA 1a___/imal
Slide 3: 2017-2021 Highlights: European expansion supported by track record
2017-2021 Highlights European expansion supported by track record over past 31 years Attractive Products across All Asset and Risk Classes Our Pan-European Investment Strategies are Designed to Best Serve Our Client Needs 31 €2 .7bn Years of Real Estate Assets under Experience Management Excellent F
Slide 4: Value creation alongside institutionalization and internationalization
2017-2021 Highlights Value creation alongside institutionalization and internationalization Over the last 4 years, we focused on fixing the portfolio as well as on institutionalization and internationalization of the Group, yielding results in conquest and shareholder value Value creation for shareh
Slide 5: REIT Portfolio: Portfolio optimization to create value
2017-2021 Highlights REIT Portfolio: Portfolio optimization to create value Resilient value creation through successful Asset Management initiatives On-going transformation of PAREF’s asset portfolio since 2017 Focus on quality and value creation opportunities 15 non-core assets out of 24 were dispo
Slide 6: PAREF Gestion: Fund offering optimization
2017-2021 Highlights PAREF Gestion: Fund offering optimization Long term track record of resilient returns in line with investors' expectations Repositioning of the retail funds portfolio Focus on expansion of French existing open-ended funds (Novapierre Résidentiel, Interpierre France, and Novapier
Slide 7: PIM: Asset Management track record – leasing
2017-2021 Highlights PIM: Asset Management track record – leasing Strong Asset Management performance during difficult market environment generating a track record TOTAL Office building in La Défense, 2 thermal treatment assets FRANKLIN full letting achieved DAX Lease extended and rent up WALB/T Occ
Slide 8: PIM: Asset Management track record – redevelopments – REIT
2017-2021 Highlights PIM: Asset Management track record – redevelopments – REIT Excellent Project and Development Management track record in Greater Paris Region on own assets… THE GO Lettable Area +5.6% Rental Income (Expected) +76% Redevelopment Project Lettable Area +40% Rental Income (Expected)
Slide 9: PIM: Asset Management track record – redevelopments – mandates
2017-2021 Highlights PIM: Asset Management track record – redevelopments – mandates … combined with successful value generation internationally for institutional investors THE MEDELAN, Italy ESTRELLA, Germany BC 140, Hungary Overview Overview Overview • Leasing progressing • Office building redevelo
Slide 10: Towards predictable revenue streams and diversified client base
2017-2021 Highlights Towards predictable revenue streams and diversified client base Moving towards a Balanced Revenue and AuM Mix with Increasing Share of Resilient Asset Management Fees Group Gross Income Evolution since 2017 2017 2018 2019 2020 2021 21% 17% 31% 27% 30% 28% 43% 51% 60% 19% 59% 24%
Slide 11: 2021 Financial Results
BZPAREF 2021 FINANCIAL RESULTS PAW AVAVAV /. i A LOAY ANN ZA VAY Mal AMM / 49 f.
Slide 12: Solid KPIs
FINANCIAL RESULTS Solid KPIs STRONG DISCIPLINED HEALTHY Operating Performance Operating Profile Financial structure +35% 6.6% (1) 22% 2021 Net Result vs 2020 Yield LTV +13% 95.3% (2) 2.1 Years Financial Occupancy Rate Average Maturity of Debt AuM growth +17% 4.4 Years 4.6x Management fees Average fi
Slide 13: Trends
FINANCIAL RESULTS Trends Net Result AuM NRV / share(1) 130,0 2 686 125,1 117,9 2372 106,3 106,7 2 173 13,4 11,8 1 658 1 585 11 8,3 8,2 2017 2018 2019 2020 2021 in €Mn 2017 2018 2019 2020 2021 in €Mn 2017 2018 2019 2020 2021 in €Mn +35% vs 2020 +13% vs 2020 +4% vs 2020 (1) Communication of EPRA Net A
Slide 14: REIT financial structure
FINANCIAL RESULTS REIT financial structure Strong financial flexibility to support development Evolution of cost of debt since 2017 2.1-year LTV(1) ICR(2) Cost of debt 4,2% Average 22% 4.6x 1.7% maturity of debt 3,6% Robust debt management ▪ PAREF gross debt at €60Mn as at December 31st 2021, of whi
Slide 15: Solid growth reflected in the EPRA NRV: +4%
FINANCIAL RESULTS Solid growth reflected in the EPRA NRV: +4% EPRA NRV evolution In €Mn 15
Slide 16: Proposed distribution of €4.7 per share
FINANCIAL RESULTS Dividend Proposed distribution of €4.7 per share For 2021 fiscal year to be paid in cash in 2022 for a total amount of €7.0Mn Distribution rate: 64% of the net result (€7.3 per share) Dividend doubled compared to last year (€2.30 per share for a total amount of €3.5Mn) Highest divi
Slide 17: 2022-2024 Outlook
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Slide 18: Institutional investor appetite
2022-2024 Outlook Institutional investor appetite France and Value-add on top of investors’ agenda, and office high in focus Non-European investors have preference for France, Germany and UK. European investors, open to consider a wider variety of European markets Non-listed funds are among the most
Slide 19: Vision: Owner and IM with local operating capabilities in key markets
2022-2024 Outlook Vision: Owner and IM with local operating capabilities in key markets Continue the growth of … while adding value to IM business through … supported by the REIT owned assets and attractive product to seed funds and realizing SOTP value offering from PG and mandates, … through asset
Slide 20: Financial Angle: Industrial operations driven performance multiplier
2022-2024 Outlook Financial Angle: Industrial operations driven performance multiplier Continue fund management operations development, achieving performance multiplier growth through combination of co-investments… Industrial Multiplier Assets under Management Outlook Asset investment Co-investment
Slide 21: Financial Angle: AuM growth to recurring revenue streams
2022-2024 Outlook Financial Angle: Industrial operations driven performance multiplier … with AuM growth to translate into recurring revenue streams AuM Split Evolution Outlook Management Fee Evolution Outlook 2021 2024 SCPI & OPPCI REIT Third Party Institutional 2021 2024 21
Slide 22: ESG – Create MORE
2022-2024 Strategy ESG – ”Create MORE” Clearly defined ESG strategy to support our growth story for a sustainable future Activities Expected Outcome & Impact Environment RE-Generate • • GHG emissions calculation and reduction Energy efficiency investments (LED and solar panels) 1 Decarbonisation & N
Slide 23: ESG Considerations
2022-2024 Strategy ESG Considerations Real Estate as a Driving Force of a Net Zero Carbon Economy and Happier Lives REgenerate Nature REunite People REinforce Community o Decarbonize our own operations and align o Invest in our talents’ competencies to get o Increase satisfaction and wellbeing of ou
Slide 24: Q&A
BZPAREF Q&A
Slide 25: Q&A Management Team
Q&A Management Team Antoine CASTRO Group CEO 23 years of experience in real estate management and management within international companies, such as: Fosun Hive Holding, Quantum Global Real Estate, Morgan Stanley Real Estate and Archon Group (Goldman Sachs subsidiary). He joined PAREF Group in 2017
Slide 26: 153, bd Haussmann 75008 Paris
153, bd Haussmann 75008 Paris + 33 (0)1 40 29 86 86 [email protected]