Results · 2019. 11. 27. · Half-Year 2014-2015 results presentation Balance sheet key figures 11 31.03.2014 30.09.2014 3 11 24 29 73 1 174 295 69 Investment 0 50 100 150 200 250

Züblin Immobilière France

Half-Year 2014-2015 results presentation

Pre

senta

tion

H

alf

-Ye

ar

Re

su

lts

20

14-2

01

5

1



> Facts

> Portfolio & Lease management overview

> Financials

> Renovation projects

> Outlook

> Appendices

Agenda

2


Half-Year 2014-2015 results presentation 3

Fa

cts

H

Y 2

014/2

015



> Difficult economic and real estate environment

> Decision to lower rental rates to accelerate leasing of

renovated investment properties

> Change in shareholders and corporate governance

> Completion of Newtime building renovation

> Signature of an « all-inclusive flat-rate » green lease

on Imagine

> Chaganne building’s sale price above book value

> Partial repayment of Natixis mortgage loan

> Financial support of Züblin Group

> Search for a strategic investor

Facts HY 2014/2015

4



Po

rtfo

lio &

L

ea

se

Ma

na

ge

me

nt

ov

erv

iew



Portfolio key figures

Gross open market value :

Annualised rental income:

6

371 335 285

0

100

200

300

400

31.03.2013 31.03.2014 30.09.2014

(€m

)

10.8

7.6 7.8

0

5

10

15

31.03.2013 31.03.2014 30.09.2014

(€m

)



End-of-lease schedule

3-year break option schedule

% of 14/15 annualized rents

3%

18%

6%

3%

60%

5%

8%

24%

3%

32%

3%

28%

14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22+

7

Rental situation

> Occupancy rate is 38%

> Signature of a new green lease « all-inclusive

flat-rate » on Imagine

5% 0.0

1.0

2.0

3.0

4.0

5.0



Fin

ancia

ls

HY

20

14

/20

15



Key figures per share at 30.09.2014

9

EPRA NAV

93.8 76.8

14.0

7.57

6.20

1.13

0

2

4

6

8

31.03.2013 31.03.2014 30.09.2014

0

20

40

60

80

100

(€)

Operating Cash-Flow

-0.33

-0.70

-0.46

-0.8

-0.4

0

0.4

30.09.2013 31.03.2014 30.09.2014

(€m

)

(€)


Full-Year 2013-2014 results presentation

2,132 2,368

-1,130 -1,044

-5,556 -7,056

-726

751 899

2,546

-57,259

-20 000

-15 000

-10 000

-5 000

0

5 000

10 000

Income statement

(In €

th

ou

sand)

30.09.2014 30.09.2013

Net loss : - 1.98 €m Net loss : - 62.09 €m

10

Net financing cost

Change in fair-value of investment properties

Net rental income

Operating expenses

Swaps FV recycling trough P&L Investment property sale result



Balance sheet key figures

11

31.03.2014 30.09.2014

3 11

24 29

73 1

174 295

69

0

50

100

150

200

250

300

350

400

Assets Liabilities

3 7 25 30

83

4

173

245

8

0

50

100

150

200

250

300

350

400

Assets Liabilities

Assets

Investment properties

Other non-current assets

Available for sale

Current assets

Cash and cash equivalents

Liabilities

Equity

Bank debt (short and long term

part)

Inter-company debt (short and long

term part)

Other liabilities



6.7 6.9 -0.8

-2.8

-4.8

-0.5

2.1

7

-5

-3

0

3

5

8

10

Cash as of31.03.2014 Capex Loan repayment

Financialinterests Others

Operating cashflow ZIHAG loans

Cash as of30.09.2014

(€m

)

-8.9 €m

Financial resources

12

+9.1 €m



7.57 €

1.77 €

-4.63 €

0.20 € -0.46 €

0.64 €

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

NAV 31.03.14 Change FV IP FV swapthrough P&L

Operatingresult

NAV 30.09.14 Premium /share price

1.13 €

Change in NAV per share

13

Premium

57%

Share

price

18.11.14

€


Half-Year 2014-2015 results presentation 14 R

enovation

Pro

jects

H

Y 2

01

4/2

01

5



Newtime – Neuilly-sur-Seine

15

Start of works: March 2012

End of works: March 2014

Type of renovation:

Full renovation into energy efficient

building labels, (labels BREEAM

“excellent”, HQE, BBC)

Increase space by 20%

Use of water of Seine to heat and cool

Double layer ventilated facade

Investment (work + tax) :

59.5 €m

Marketing/tenant fitting out:

5.7 €m

Tenant: Active marketing with 3 big

marketers

Status of renovation:

Renovation completed



Outlook

20

14

/20

15



Outlook

> Continuing economic and real estate

environment difficulties

> No significant improvement anticipated on the

office market before mid-2015

> 2014/2015 and 2015/2016 results significantly

impacted by income loss due to technical

vacancy

> Active marketing of vacant spaces

> Search for a strategic investor

17



Swissness

Based on tradition, commited to the future



Appendices

> Consolidated financial statements as of

30.09.2014

> Portfolio summary

> Corporate governance

> Shareholding structure

19



Income statement

In € thousand 30.09.2014 30.09.2013

Gross rental income 3 629 4 252

Land taxes -539 -579

Net services charge expenses -603 -819

Porperty operating expenses -120 -722

Net rental income 2 368 2 132

Corporate expenses -532 -491

Personnel expenses -512 -639

Operating expenses -1 044 -1 130

IP sales 0 2 546

Positive changes in market values of investment properties 0 961

Negative changes in market values of investment properties -57 259 -1 687

Net valuation gain/(loss) -57 259 -726

Net operating result -55 935 2 823

Income from cash and cash equivalent 7 8

Net result on financial liabilities carried at fair value through the

P&L899 751

Interest and similar expenses -7 063 -5 564

Net financing cost -6 157 -4 806

Pre-tax result -62 092 -1 982

Income tax

Deferred tax

Net result -62 092 -1 982

Attributable to the owner of the parent -62 092 -1 982

Attributable to non-controlling interests



Statement of financial position - Assets

In € thousand 30.09.2014 31.03.2014

Non-current assets

Other tangible assets 120 152

Investment properties 245 300 295 310

Other non-current assets 3 672 1 034

Total non-current assets 249 093 296 496

Current assets

Assets available for sale 30 098 29 400

Trade accounts receivable 4 153 5 148

Other receivable 2 050 5 038

Prepaid expenses 463 581

Cash and cash equivalents 3 251 2 971

Total current assets 40 015 43 137

Total assets 289 108 339 633



In € thousand 30.09.2014 31.03.2014

Equity

Share capital 16 971 17 026

Capital reserve (prenium) 44 858 44 886

Mandatory convertible bonds 29 558 29 558

Consolidated reserves -17 213 -222

Hedging reserves -4 309 -5 374

Consolidated result -62 092 -16 989

Equity before minority 7 773 68 885

Minority interests

Total shareholders equity 7 773 68 885

Non-current liabilities

Long-term mortgages 75 418 153 738

Other financial debt 68 969 67 652

Derivative financial instruments 5 482 6 601

Total non-current liabilities 149 869 227 991

Current liabilities

Short-term bank debt 97 668 19 820

Short-term financial debt 18 783 10 323

Short-term financial instrument 1 034 1 878.23

Advance payments 9 100

Trade accounts payable 8 419 5 004

Tax and social security liabilities 2 406 1 771

Other liabilities 1 182 1 875

Deferred income 1 964 1 986

Total current liabilities 131 466 42 757

Total liabilities and equity 289 108 339 633

22

Statement of financial position - Liabilities



Consolidated cash flow statement In € thousand 30.09.2014 30.09.2013

Cash flows from operating activities

Net profit for the period -62 092 -1 982

Changes in fair value of investment properties 57 259 726

Net loss on investment properties disposal 0 -2 546

Other income and expenses -12 -168

Net financing cost 6 157 4 805

Cash flow before net financing cost and tax 1 312 835

Change in working capital related to operating activites 788 184

Net cash flows provided by operating activities 2 100 1 018

Cash flows from investing activities

Capex -7 904 -21 040

Acquisition of fixed assets in connexion with headquarters 0 -2

Change in capex payables 5 119 -5 533

Investment property sale 0 57 213

Net cash flows from investment activities -2 785 30 637

Cash flows from financing activities

Underwriting of loans form an owner of the parent 7 000 9 000

Repayment of loans -820 -37 000

Repayment of mandatory convertible bond -588 -560

Miscellaneous costs on financing activities 0 -2

Repayment of tenant deposits 0 -473

Increase in tenant deposits 45 59

Net interest expenses -4 804 -5 125

Net interest income 7 8

Net cash flow from financing activities 841 -34 093

Change in cash and cash equivalents 156 -2 438

Cash and cash equivalents at the end of the period 3 251 9 229

Cash and cash equivalents at the end of the period (including a €3,6m reserve as at

30.09.2014)6 857 14 075

Cash and cash equivalents at the beginning of the period 2 971 10 589

Cash and cash equivalents at the beginning of the period (including a €3,7m reserve

as at 31.03.2014)6 700 16 512

Change in cash and cash equivalents over the period 156 -2 438



Calculation of operating cash flow and NAV Operating cash flow per share on non-diluted and fully-diluted

basis

Net asset value per share on non-diluted and fully-diluted

basis

1 The potential shares referred to at September, 30th 2014 correspond to 2 656 250 shares issued from the

conversion of mandatory convertible bonds.

Non-diluted Fully-diluted

Net income before tax -62 092 K€ -62 092 K€

Adjustment for changes in the value of properties 57 259 K€ 57 259 K€

Investment properties sale results - K€ - K€

Adjustment for spread of the debt closing costs 38 K€ 38 K€

Adjustment speculative swap fair value -899 K€ -899 K€

Adjustment for the impact of discounting security deposits 41 K€ 41 K€

Operating cash flow -5 653K€ -5 653K€

Weighted average number of shares (including potential1 shares,

excluding treasury shares) 9 697 975 12 354 225

Operating cash flow per share as at 30.09.2014 -0.58 € -0.46 €

Operating cash flow per share as at 31.03.2014 -0.90 € -0.70 €


Consolidate equity 7 773 K€ 7 773 K€

– of which liability component of mandatory convertible bonds -29 558 K€ 1 939 K€

– cash flow hedging instruments revaluation adjustment 4 309 K€ 4 309 K€

Net liquidation asset value -17 476 K€ 23 196 K€

Adjustment of portfolio value (property transfer costs) 9 175 K€ 9 175 K€

Net replacement asset value -8 301 K€ 87 256 K€

Number of shares (including potential1 shares, excluding treasury

shares) 9 697 975 12 354 225

Net liquidation asset value per share -1.80 € 1.13 €

Replacement net asset value per share -0.86 € 1.88 €



Debt summary

1 Interest rate after taking into account hedging instruments (swaps)

2 Loan contracted in foreign currency for 9 CHFm 3 Participative loan cost: 9.5% + participation in any potential gain on the building (Based on the Newtime appraisal as of

30.09.2014 no participation would be payable) 4 Given the portfolio value as of 30.09.14, ZIF was in breach of covenants as of 30.09.14. In order to remediate to this situation a

€5.4m early repayment was performed in october 2014. If portfolio value remains the same as of 31.03.15, another early

repayment (€4.6m) would have to take place before 31.03.15

Lender Purpose Authorized

debt

(in €m)

Outstanding

debt

Principal +

capitalized

interests

(in €m)

Maturity Rate1

(in%)

Due

< 1 year

Due

from 1 to 5

years

Due

> 5

years

Aareal

Refinancing for Züblin

Immobilière Paris Ouest

(Newtime, Think)

75.8 75.8 2016 4.66 75.8

Aareal Financing for le Chaganne

(Gennevilliers) 18.0 18.0 2016 5.05 18.0

Natixis

Financing for Imagine,

Magellan & Salengro

80.8 80.8 2016 Euribor 3M +

2.25 11.6 4 69.2

Total bank

debt 174.6 174.6 29.6 145.0

ZIHAG loan2 7.4 7.7 2015 5.00 7.7

ZIHAG loan

Imagine

Renovation Imagine

financing 10.0 10.7 2021 7.50 10.7

ZIHAG loan

Chaganne

Renovation Chaganne

financing 8.0 8.5 2021 6.50 8.5

ZIHAG bridge

loan Short term financing 6.5 3.0 2016 10.00 3.0

Participative

Loan 3

Renovation Newtime

financing 48.0 47.0+6.4 2015 9.50 53.4

Total debts 243.8 45.8 201.4 10.7



Debt management

26

144.9

0

50

100

150

200

< 1year

1-2years

2-3years

3-4years

4-5years

29.6

(€m

)

30.09.2014

< 1 year 17 %

1-2 years 83 %

2-5 years -

Total 174.6 €m

Average interest

rate1 5.35 %

Loan maturity Debt structure

Net Loan to Value = 60 %

En €m 30.09.2014 31.03.2014

+ Outstanding bank debt 173.1 175.4

- Cash & cash equivalents 6.9 6.7

/ Portfolio gross appraisal value 275 324

= Net LTV 60.4% 51.4%

1 Interest rate after hedging 2 Intercompany loans included

Net global loan2 = 91 %



Portfolio summary

1 Including transaction costs

Building Location Main tenants Total

lettable

space

(m²)

Vacancy

rate

(%)

Annualised

rents

(in €

thousand)

Gross open

market

value1 (in €

thousand)

Rental yield

(%)

Newtime Neuilly-sur-

Seine N/A 17 598 100% N/A 113 609 N/A

Think Neuilly-sur-

Seine N/A 7 045 100% N/A 26 468 N/A

Le Chaganne Gennevilliers Europ

Assistance 8 093 - 2 200 32 175 7.0%

Imagine Neuilly-sur-

Seine

TMC Régie.

Cisac 8 950 58% 1 180 56 092 2.1%

Le Magellan Nanterre Faurecia 11 162 - 2 897 40 515 7.2%

Le Salengro Marseille Ville de

Marseille 5 835 - 1 475 15 714 9.4%

Total 58 518 50.9 % 7 752 284 573 4.8%


Full year 2013-2014 results presentation

Annualised rents breakdown by tenant (%)

28

34

27

21

18

30.09.2013

In M€ 30.09.2014 30.09.2013 30.09.2012

Faurecia 2.5 2.4 2.4

Europ Assistance 2.2 1.9 1.9

Ville de Marseille 1.5 1.5 1.4

Orange 0.0 0.0 1.0

Others 1.6 1.3 4.0

Total 7.8 7.1 10.7

37

28

19

15

30.09.2014

38

9

18

22

30.09.2012

13

29

Go

ve

rna

nc

e




Züblin

Immobilien

Holding AG

Züblin Immobilière France Le Chaganne Imagine Le Magellan Le Salengro

Züblin Immobilière

Paris Ouest 1

Newtime Think

59.16 %

100 % 100 %

Züblin Immobilière

France

Asset Management



Governance

Management

Boards of Directors

Vladislav

Osipov

Director

Pierre Essig

CEO

Dr. Iosif

Bakaleynik

Chairman

Iakov Tesis

Director

Corinne

Bourbon

Independent

Director

Pierre Essig

CEO

Eric Berlizon

CFO

Delphine

Benchetrit

Independent

Director

Alexandra Bourreau

Asset management

Director

Céline Francomme

Property management

Director

Laurent Schott

Technical Director



Sh

are

ho

ldin

g

str

uc

ture



Shareholding structure


Züblin Immobilien Group 5 765 375 5 765 375

Free float 2 754 468 2 754 468

Lamesa holding 1 148 794 3 805 044

Directors and management 29 338 29 338

Treasury shares 47 576 47 576

Total 9 745 551 12 401 801

30.68

22.42

46.49

0.30 0.38 0.24

33

Non-diluted basis, in % Fully-diluted, en %

0.49

59.16

28.26

11.79



Transparency creates trust, for a prosperous future.

Documents

Results · 2019. 11. 27. · Half-Year 2014-2015 results presentation Balance sheet key figures 11 31.03.2014 30.09.2014 3 11 24 29 73 1 174 295 69 Investment 0 50 100 150 200 250