Vitura SA · EURONEXT:VTR
Vitura SA — CeGeREAL — Shareholder Meeting (June 2007)
35 slides from Vitura SA's shareholder meeting presentation, Jun 6, 2007
Slide 1: Shareholders' Meeting
Shareholders’ Meeting Paris, 6 June 2007
Slide 2: Speakers
Speakers Richard Wrigley Chairman of the Board of CeGeREAL Daniela A. Siepmann Asset Manager for CGI Florence Hauducoeur PricewaterhouseCoopers 2
Slide 3: Agenda
Agenda 2006 key facts and figures CeGeREAL today 2006 detailed figures Corporate governance and stock performance Strategy and perspectives Auditors’ report Questions & Answers Presentation and vote of resolutions 3
Slide 4: One year after the IPO
One year after the IPO March 2006 31/03/2006 01/04/2006 01/06/2006 31/12/2006 CeGeREAL Early closing Opening of a Option for the End of the IPO of the financial new financial SIIC regime 9-month year starting year effective financial year on 01/01/2006 retroactively from 01/04/2006 + 21% + 23.4% for
Slide 5: 2006: An excellent year for office properties
2006: An excellent year for office properties Paris leading on the European real estate markets posting the best performance*: Good perspectives for total return and a low risk level 2.9 million m² marketed**: + 30% compared with 2005 Priority to large surface areas: Transactions amounting to more t
Slide 6: Key figures
Key figures 31/12/2006 (in M€ = Millions of Euros) (9 months) Valuation of the property holdings 963.0 (excluding duties) Rentals (IFRS) 40.1 Net income (IFRS) 117.4 Net income (French standards) 32.4 Revalued Net Asset per share (IFRS, 40.9 excluding duties) Dividend per share (in euros) 1.84 6
Slide 7: CeGeREAL today: its assets and its rental policy
CeGeREAL today: its assets and its rental policy 7
Slide 8: CeGeREAL: Class A offices pure play
CeGeREAL: Class A offices pure play A SIIC 100% dedicated to class A office buildings in the Paris Region A portfolio of first-class assets Three new or recently restructured property complexes Located in the most popular business districts in the immediate vicinity of Paris 100% occupied A profile
Slide 9: Europlaza
Europlaza An up-scale high-rise in the heart of Europe’s leading business centre Presentation History Complete restructuring in 1998 Acquisition in April 1999 Description High-rise with 31 floors (Building B of 4 floors) Main tenants Cap Gemini and GE Capital, accounting for more than 60% of the ren
Slide 10: Arcs de Seine
Arcs de Seine A fine architectural project ideally located in the Parisian West Presentation History Constructed or renovated in 1999-2000 Acquisition in February 2000 Description Three independent buildings Main tenants The leading tenant accounts for about 80% of the rentals The exit option on its
Slide 11: Rives de Bercy
Rives de Bercy A product meeting the highest standards in the new business sector in the Parisian East Presentation History Building completed in 2003 Acquisition in September 2001 Description A complex of 7 floors Main tenant Entirely rented to Crédit Foncier de France Occupancy rate 100% in 2006 A
Slide 12: Stable best-in-class tenants
Stable best-in-class tenants Breakdown of rentals on 31/12/2006 Other tenants 10% 3% 3% 32% 3% 5% 7% 17% 20% 12
Slide 13: A balanced expiration pattern
A balanced expiration pattern Lease expirations (in %) 30,0% 25,0% 21,0% 19,0% By date of the next exit option 15,0% By date of end of lease 10,0% % = Expirations during each year 8,0% as a function of the current rental. 5,0% 5,0% 3,0% 3,0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 Notes: 5 Euro
Slide 14: 2007 market trends
2007 market trends Continuing dynamic performance by the office property market Sustained take-up… …and scarce supply meeting international standards in the most desirable districts Continued decline of the new and restructured supply Increase of « prime » rentals Source: CB Richard Ellis France 14
Slide 15: Detailed figures for the 9-month financial year ending 31 December 2006
Detailed figures for the 9-month financial year ending on 31 December 2006 15
Slide 16: Context (1/2)
Context (1/2) Context The company has no subsidiaries, and hence does not establish any consolidated financial statements To make comparability possible with the other sector players, the company voluntarily establishes financial statements on the basis of the IFRS standards The financial statements
Slide 17: Context (2/2)
Context (2/2) Financial statements The company has completed its second financial year since its listing: a 9-month year, following the 3-month financial year ending on 31 March 2006 In the interest of greater comparability of the IFRS financial statements, the company established pro forma financia
Slide 18: Strong performance for 2006
Strong performance for 2006 31/12/2006 31/03/2006 31/12/2005 (in M€ = Million Euros) (9 months) (3 months) (9 months) Appraisal of the property 963 867.6 855 assets (excluding duties) Rentals (IFRS) 40.1 13.4 39.7 Net income (IFRS) 117.4 98.1 41.9 Net income (French standards) 32.4 (3.6) n/a * All o
Slide 19: Presentation of the financial statements
Presentation of the financial statements Comparability Net income for the financial year comes to 117.4 M€ on the basis of the IFRS standards, and to 32.4 M€ on the basis of French standards The comparability between French and IFRS standards is still a difficult issue: the taxation effect of the op
Slide 20: Presentation of the financial statements
Presentation of the financial statements Financial results On 31 December 2006, the reconciliation of the earnings on the basis of the two frames of reference brings out the following differences: Fair value of the property complexes: 95.4 M€ Cancellation of the transfers to depreciation: 19.6 M€ Ti
Slide 21: Strengthening of financial solidity
Strengthening of financial solidity 31/12/2006 31/03/2006 (in M€) (9 months) (3 months) Shareholders’ equity (IFRS) 555 443 Bank debt (IFRS) 376 376 Cash flow (IFRS) 24.3 0.9 21
Slide 22: Revalued Net Asset on an IFRS basis
Revalued Net Asset on an IFRS basis Revalued Net Asset (in €) 31/12/2006 31/03/2006 31/12/05 Revalued Net Asset per 40.9 33.1 31.8 share (excluding duties) Revalued Net Asset per share (including duties) 44.7 36.6 35.1 Criteria The Revalued Net Asset is determined on the basis of the recommendations
Slide 23: Corporate governance and stock performance
Corporate governance and stock performance 23
Slide 24: Organisation of governance
Organisation of governance Board Board of of Directors Directors 66 members, members, including including 22 independents independents Nomination Nomination and and Audit Audit Committee Committee Investment Investment Committee Committee Remuneration Committee Remuneration Committee 33 members memb
Slide 25: Composition of the Board of Directors
Composition of the Board of Directors 6 members, including two independents Richard Wrigley, Chairman of the Board Independent Director Dr. Heiko Beck Member of the CGI Board of Directors Leo Lousberg Member of the CGI Board of Directors Responsible for CGI acquisitions and sales of property assets
Slide 26: The various committees
The various committees 3 members, including at least two independents, appointed for 3 years Audit Committee Richard Wrigley (Chairman), independent Jean-Pierre Bonnefond, independent Dr. Heiko Beck Nomination and Remuneration Committee Jean-Pierre Bonnefond (Chairman), independent Graham Spensley,
Slide 27: Stock price performance since the IPO
+ 21% for the stock price 33% of float 28 /03 28 30 32 34 36 38 / 40 17 06 /04 / 07 06 /05 / 27 06 /05 / 16 06 /06 / 06 06 /07 / 26 06 /07 / 15 06 /08 / 04 06 /09 / 27 24 06 /09 / 14 06 /10 / 03 06 /11 / 23 06 /11 / 13 06 /12 / 02 06 /01 / 22 07 /01 Stock price performance since the IPO / 11 07 /02
Slide 28: Strategy and perspectives
Strategy and perspectives 28
Slide 29: A clear and unchanged strategy
A clear and unchanged strategy Ensure that shareholders will enjoy a high and regular payout level, while trying to maximise valuation over the long run Choice of the SIIC tax treatment: Payout of 85% of the net profit connected with the rental activity Installation of a seven-year credit line in Ma
Slide 30: Auditors' report
Auditors’ report — artace (oncies vislon immaubles bien.dtre patrimoine design International Stratégie Visibilité entreprises access!bilité Immobilier bureaux standing affaires visibilité confort surface foncier vision architecture immaubles — < 30 CeGeREAL
Slide 31: Questions & Answers
Questions & Answers — srface foncier vislon architecture immeubles espace blee-étre patrimoine design Internationa! Stratégie visibilite ‘iitd Imenobilier b standing affaires visibilité confort surface foncier vision architecture Immeubles — « 31 CeGeREAL
Slide 32: Presentation and vote of resolutions
Presentation and vote of resolutions 32
Slide 33: Ordinary agenda: resolution n°1 to n°5
Ordinary agenda: resolution n°1 to n°5 33
Slide 34: Extraordinary agenda: resolution n°6 to n°13
Extraordinary agenda: resolution n°6 to n°13 34
Slide 35: Shareholders' meeting
Shareholders’ meeting Paris. 6 June 2007