Atenor S.A. · EURONEXT:ATEB
Atenor — FY2021 Earnings Presentation
38 slides from Atenor's earnings presentation, March 2022
Slide 1: 2021 Annual Results
2021 ANNUAL RESULTS March 2022 1 ANNUAL RESULTS 2021
Slide 2: Agenda
AGENDA ❑ Highlights 2021 ❑ Activity Report ❑ Strategy ❑ Identity ❑ Business Model ❑ Growth Plan ❑ Sustainable Policy ▪ Archilab ▪ 4 Axes ❑ Market insights ❑ Portfolio ❑ Financial Report ❑ Outlook 2022 2 ANNUAL RESULTS 2021
Slide 3: Highlights 2021
HIGHLIGHTS 2021 2021 RESULTS : € 38,07 M (vs. 2020 : € 24.13 M) MAJOR ACQUISITIONS MAJOR CONTRIBUTION: BUDAPEST : BAKERSTREET & LAKE 11 OBTENTION OF PERMIT 2021 10 PROJECTS OF PARIS : RUE VICTOR HUGO OUR PORTFOLIO LUXEMBOURG : CLOCHE D’OR 223,000 M² LONDON : FLEETHOUSE + 180 % VS 2020 Diversificatio
Slide 4: Activity Report 2021
ACTIVITY REPORT 2021 Vaci Greens – Budapest WellBe - Lisbon 4 ANNUAL RESULTS 2021
Slide 5: Activity Report
ACTIVITY REPORT 2019 : 79.200 m² 2019 : 130.000 m² 2020 : 78.800 m² 2020 : 92.000 m² Launching of the 2021 : 223.000 m² 2021 : 128.500 m² construction 2019 : 86.500 m² 2020 : 70.000 m² 2019 : 102.100 m² 2021 : 45.000 m² 2020 : 188.000 m² 2021 : 299.000 m² 2019 : 388.500 m² 2019 : 40.500 m² 2020 : 10
Slide 6: Activity Report: Acquisitions
ACTIVITY REPORT ACQUISITIONS BUILDING PERMIT PARTICIPATION LOCATION NAME OF PROJECT FUNCTION OF PROJECT POTENTIAL SURFACE FORECAST/DELIVERY +17% (33% -> 50%) Brussels CCN Mixed +26,800 m² Q1/2024 100% Luxembourg Renault Office 34,000 m² Q4/2022 100% Paris Victor Hugo Office 6,500 m² Q3/2022 100% Bud
Slide 7: Activity Report: Applications for Building Permits
ACTIVITY REPORT APPLICATION FOR BUILDING PERMITS BUILDING PERMIT INTRODUCTIONS LOCATION NAME OF PROJET FUNCTION OF PROJET POTENTIAL SURFACE FORECAST/DELIVERY Q1/2021 Warsaw FORT7 Office/Retail 61,000 m² Q4/2022 Residential + retail Q2/2021 Brussels City Dox lot 5 & 7 29,000 m² 2021 (5.100 m²) Q2/202
Slide 8: Activity Report: Getting of Building Permit
ACTIVITY REPORT GETTING OF BUILDING PERMIT FUNCTION OF POTENTIAL DELIVERANCE LOCATION NAME OF PROJECT PROJECT SURFACE Q2/2021 Budapest Bakerstreet I Office 18,600 m² De Molens phase 1 Q2/2021 Deinze Residential 6,600 m² (50%) Q3-Q4/2021 Brussels City Dox Lot 4 -5 & 7.1 Residential/retail 50,000 m² Q
Slide 9: Activity Report: Projects Under Construction
ACTIVITY REPORT PROJECTS UNDER CONSTRUCTION SURFACE UNDER PROJECT NAME LOCATION FUNCTION DELIVERY/FORECAST TYPE OF RISK CONSTRUCTION City Dox lot 3 Brussels Residential 29,200 m² Q4 2021 Low risk City Dox lot 3 Brussels Office 7,800 m² Q4 2021 At risk De Molens Deinze Residential 6,600 m² Q4 2023 Pa
Slide 10: Activity Report: Letting and Sales
ACTIVITY REPORT LETTING AND SALES LETTING LOCATION PROJECT NAME SURFACE TENANTS La Hulpe Les Berges de l’Argentine 500 M² Luxembourg Twist 10,600 M² Statec Luxembourg Buzz 3,650 M² EBRC Warsaw UBC 2 3,550 M² Emerson Warsaw Lakeside 1,500 M² Hewlett Packard Budapest ABC A 2,100 M² Heineken & Berlin C
Slide 11: Strategy
STRATEGY Cloche d’Or - Luxembourg Lake11 - Budapest 11 ANNUAL RESULTS 2021
Slide 12: Strategy: Identity
STRATEGY IDENTITY A listed international sustainable urban real estate developer a. A real estate developer b. An urban real estate developer c. A sustainable urban real estate developer d. An international sustainable urban real estate developer e. A listed international sustainable urban real esta
Slide 13: Strategy: Business Model
STRATEGY BUSINESS MODEL Launching of the construction « Obsolete » « Meets demand » 13 ANNUAL RESULTS 2021
Slide 14: Strategy: Growth Plan
STRATEGY GROWTH PLAN 10 Countries in Europe 16 Cities 32 Projects 1 300 000 m² in portfolio 14 ANNUAL RESULTS 2021
Slide 15: Strategy: Growth Plan
STRATEGY GROWTH PLAN Phase 1 Phase Phase 22 : 2022 – 2026 (increase in activities in the Territories) Graphic « Project gross margin»/ year in € M Graphic « Portfolio size » in m² 180 Millions 1.900.000 160 1.700.000 140 1.500.000 120 1.300.000 100 1.100.000 80 68 73 900.000 58 55 700.000 60 43 43 3
Slide 16: Strategy: Sustainable Policy
STRATEGY SUSTAINABLE POLICY Archilab 15 people + Country Directors Subjects : Sources of obsolescence : Architectural evolution Architectural Technical, technological evolution * energy Conceptual * materials Technical * proptech Technological Societal evolution Obsolescence of the use : way of work
Slide 17: Strategy: Sustainable Policy Axes
STRATEGY SUSTAINABLE POLICY 4 Axes Economic Economic resilience Resilience E Environmental contribution Breeam Certification Taxonomy alignement S Social Impact Well Certification G Extended governance As a listed company 17 ANNUAL RESULTS 2021
Slide 18: Portfolio
PORTFOLIO Heinrichstrasse – Düsseldorf UP-site Bucharest – Bucharest 18 ANNUAL RESULTS 2021
Slide 19: Strategy: Sustainable Policy Axes ESG
STRATEGY SUSTAINABLE POLICY 4 Axes ESG as Corporate E Product : Building &Tenant Finance : Green Finance Framework → See Sustainability Report 19 ANNUAL RESULTS 2021
Slide 20: Market Insights
MARKET INSIGHTS 2021 Bakerstreet – Budapest 20 ANNUAL RESULTS 2021
Slide 21: Market Insights: Fundamentals of Office Market
MARKET INSIGHTS https://www.imf.org/external/datamapper/NGDP_RPCH@WEO/OEMDC/ADVEC/WEOWORLD Fundamentals of Office Market Stock/Take % Prime Investment Country/market Stock (m²) Take up (m²) Vacancy Prime Yield Up 2020/2021 Rent/year Volume- M€ Belgium (Brussels) 13,100,000 472,000 27,7 +49 % 8,3 % 3
Slide 22: Market Insights: Fundamentals of Residential Market
MARKET INSIGHTS Fundamentals of Residential Market 40 % of the portfolio of Atenor Country / Market Stock ATENOR Estimated number of (m²) dwellings (Group part) Belgium 141,000 1,383 The Netherlands 90,000 1,354 Luxembourg 23,650 214 Germany (Düsseldorf) 2,900 33 Poland (Warsaw) 125,000 1,750 Hungar
Slide 23: Market Insights: Covid-proof Sustainable Urban Developer
MARKET INSIGHTS Covid-proof international sustainable urban real estate developer Macro economy • The underlying trends before the health crisis : - Climate shift - Energetic transition - Digital transition → Acceleration of building obsolescence • A questioning macro economy Environnement - What ab
Slide 24: Portfolio Diversification by Countries
PORTFOLIO DIVERSIFICATION BY COUNTRIES AS OF 31-12-21 or o o e co r o 2 202 M or o o co r o 2 202 e er d 3 or 3 or 2 er er 0 r ce 2 .2 . 4 € 332.025 Ro 7 e 2 o d7 e 28 228. 4.0 € 2 5.500 18 .244.115 € 251.035 Ro 8 8.423.23 € 104.5 5 e er d 7 85. 82. 05 € 5.500 4.8 2.128 € 85. 0 r 42.224. 5 € 8 1.2 1
Slide 25: Portfolio Diversification by Functions
PORTFOLIO DIVERSIFICATION BY FUNCTIONS AS OF 31-12-21 or o o e c o o 2 202 M or o o c o o 2 202 er er ce ce 78 Re de 7 Re de 0 83 .883.1 1 0. 1 183.81 .0 518. 83 48.054. 0 80. 4 1.0 8. 54.15 € 1.300.000 m² Both sectors have their own opportunities 25 ANNUAL RESULTS 2021
Slide 26: Portfolio Diversification by Stage of Development
PORTFOLIO DIVERSIFICATION BY STAGE OF DEVELOPMENT AS OF 31-12-21 “Building permit” risk : Not a risk on permits, but on timing ! “Commercial risk” : Forward sale or letting as an ATENOR competence ANNUAL RESULTS 2021 26
Slide 27: Financial Report
FINANCIAL REPORT Buzz – Leudelange City Dox - Brussels 27 ANNUAL RESULTS 2021
Slide 28: Financial Report: Consolidated Results
FINANCIAL REPORT CONSOLIDATED RESULTS ANNUAL RESULTS 2021 2020 DEVELOPMENTS BELGIUM 16.774.349 25.260.068 LUXEMBOURG 7.506.060 5.496.731 POLAND 2.077.098 3.087.644 HUNGARY 43.150.641 10.894.492 ROMANIA 3.995.239 9.810.247 DEVELOPMENTS (others) -454.116 -16.173 TOTAL DEVELOPMENTS 73.049.271 54.533.00
Slide 29: Financial Report: Financial Management
FINANCIAL REPORT FINANCIAL MANAGEMENT AS OF 31.12.2021 ASSETS € .230 M LIABILITIES € .230 M Land € 38 M Equity € 301 M Capital : € M € 1.0 M Constructions € 331 M Long term debts* € 13 M Total debts : € 833 M Short term debts € 220 M Other assets €1 1M Other liabilities € 5M STOCK € .0 M TOTAL INDEB
Slide 30: Financial Report: Diversification of Funding Sources
FINANCIAL REPORT DIVERSIFICATION OF FUNDING SOURCES Consolidated indebtedness position Green Banks - Projects - on on 31.12.2021 30.06.2021 1% EMTN2021-2027 EMTN 2021-2027 Banks – Short term €€103,60 73,60 M M MTN 2020 - 2026 - 9%- 13% Banks - Projects € 48,75 MMTN - 6% 2020 - 2026 € 162,61 M - 21%
Slide 31: Financial Report: Maturities Diversification
FINANCIAL REPORT MATURITIES DIVERSIFICATION Well-spread debt maturities FY 2021 group's weighted average interest rate : 2.40 % FY 2020 group's weighted average interest rate : 2.30 % Situation on 31.12.2021 Amounts in € ‘000 Maturities 31 ANNUAL RESULTS 2021
Slide 32: Evolution of Dividend
EVOLUTION OF DIVIDEND FINANCIAL REPORT DIVIDEND POLICY 8 7 6,71 6 6,25 5,41 5 4 4,07 3,73 3,59 3 3,43 2,54 2,85 2,42 2 2,33 2,20 2,31 2,00 2,00 2,00 2,00 2,04 2,08 1,88 1 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Gross dividend (DPS) - LHS Earning per share (EPS) - LHS 32 ANNUAL RESULTS 20
Slide 33: Outlook 2022
OUTLOOK 2022 Arena Business Campus – Budapest 33 ANNUAL RESULTS 2021
Slide 34: Outlook 2022: SWOT
OUTLOOK 2022 SWOT Strengths Weaknesses Diversification : Wrong image : - International - Offices - Office/Residential S W - East countries - Stage of development - Indebtness Opportunities Threats - Value creation cycle O T - Rising construction costs - Ahead on ESG Financing - Rising interest rates
Slide 35: Outlook 2022: Growth Plan
OUTLOOK 2022 GROWTH PLAN Phase 1 Phase Phase 22 : 2022 – 2026 (increase in activities in the Territories) Graphic « Project gross margin»/ year in € M Graphic « Portfolio size » in m² 180 Millions 1.900.000 160 1.700.000 140 1.500.000 120 1.300.000 100 1.100.000 80 68 73 900.000 58 55 700.000 60 43
Slide 36: Outlook 2022: Forecast
OUTLOOK 2022 FORECAST 2019 : 79.200 m² 2019 : 130.000 m² 2020 : 78.800 m² 2020 : 92.000 m² Launching of the 2021 : 128.500 m² 2021 : 223.000 m² construction 2019 : 102.100 m² 2019 : 86.500 m² 2020 : 188.000 m² 2020 : 70.000 m² 2021 : 299.000 m² 2021 : 45.000 m² 2019 : 388.500 m² 2019 : 40.500 m² 202
Slide 37: Outlook 2022
OUTLOOK 2022 DIVERSIFIED GREEN BOND EXPERIENCED - Geographic TEAM WORK Green Financing - Function ARCHILAB ATENOR GROWING DIVIDEND A step ahead ESG Attractive Share Price Leading company BUSINESS OUTLOOK GROWTH PLAN MODEL 2022 – 2027 2022 ANNUAL RESULTS 2021 37
Slide 38: Thank you for your attention!
Thank you for your attention ! Lakeside – Poland 38 ANNUAL RESULTS 2021