2013 Results: renewed growth of key indicators confirms
the TERREÏS economic model over the long term
- Liquidation NAV1 ¤27.31 per share (+14.4%)
- Rental income ¤61.8 million (+6 %)
- Current cash flow before disposals ¤31.5 million (+20%)
- Revalued portfolio2 ¤1,427 million (x 3.1 in 3 years)
- % of assets in Paris 85 % o/w 80% in/near Cent. Bus. Dist.
- 2013 dividend proposal ¤0.64 (+5%)
On 11 March 2014, the TERREÏS Board of Directors signed off the Group's consolidated financial statements for 2013. They are characterised by significant renewed growth in current cash flow before disposals (+20%) and NAV (+15%).
- Continued growth in results and cash generation
TERREÏS rental income stood at ¤61.8 million in 2013, up 6% compared to 2012. A third of this growth is due to net asset growth (acquisitions: +7.1% and disposals: -5%) and two-thirds to internal growth (rent indexing: +3.1% and lease management: +0.8%).
Tight control over expenses enabled the Group to post a current operating income of ¤31.2 million, a 5% increase, despite the 10% rise in acquisition-related depreciation.
Net income totalled ¤32.5 million. The portion related to rental activity (¤8.1 million) rose 25% compared to 2012. Net income for fiscal year 2012 included extraordinary profit of ¤16 million related to the favourable outcome of tax disputes.
Current cash flow before disposals rose 20% to ¤31.5 million. After disposals, it stood at ¤73.8 million. The commercial portfolio financial occupancy rate was a high 95.5%.
- Portfolio tripled in three years, to ¤1,427 million, 85% of which is in Paris
At 31 December 2013, the appraisal value of the net asset base was ¤1,427 million. The sole revaluation of the Group's assets, performed by BNP Paribas Real Estate, amounted to ¤91 million.
At 31 December 2013, the adjusted liquidation net asset value amounted to ¤27.31 per share, up 15% on the previous year. Adjusted replacement net asset value stood at ¤30.81 per share and rose by a proportionate amount.
The refocus on Paris commercial real estate now enables TERREÏS to have 85% of its assets in Paris (80% in the CBD and CBD border) and 12% in Ile-de-France.
The five acquisitions over the course of 2013 represent ¤240 million in assets in the Paris CBD (6/8 boulevard Malesherbes; 4/10 avenue de la Grande Armée; 10/12 avenue de Messine; 112/114 rue La Boétie; 50/52 boulevard Haussmann).
Disposals rose to ¤42 million (40% assets outside Paris and 60% residential assets). They were made above the expert appraisal values and expressed an accounting gain of ¤24 million.
- A solid financial structure
Net debt stood at ¤726 million; Loan to Value ratio was 51%.
All loans, which are essentially made up of redeemable loans, are at fixed or swapped variable rates with an average weighted cost of 4.17%, excluding credit lines.
- Continuation of the strategy of focusing on commercial property within the Paris CBD
TERREÏS' goal is to substantially increase its Paris commercial property portfolio in Paris CBD, and to focus 95% of its business in Paris.
TERREÏS will therefore continue to reduce its regional assets and its residential portfolio in 2014. At the same time, TERREÏS will pursue its policy of making acquisitions in the Paris commercial sector property market, depending on opportunities.
- Dividend of ¤0.64 per share (+5%)
The Board of Directors will propose to the General Meeting of Shareholders on 29 April the distribution of a dividend of ¤0.64 per share for 2013, i.e. a rise of 5% compared with 2012.
As an interim dividend of ¤0.32 was paid last November, the balance of ¤0.32 will be paid on 9 May 2014.
Publication of the sales figures for the 1st quarter of 2014 on 29 April 2014
Contact: Fabrice Paget-Domet, Chief Executive Officer - Tel: 33 (0)1 82 00 95 23
Olivier Froc, Chief Executive Officer, Ovalto Investissement - Tel: 33 (0)1 82 00 95 14
About TERREÏS (www.terreis.fr) ISIN: FR0010407049 - Mnemonic: TER
TERREÏS is a real estate company where the assets consist of offices and retail premises that are primarily located in the Paris CBD. TERREÏS has been listed on the NYSE Euronext regulated market in Paris since December 2006, and has been included in Compartment B since January 2012. The Group has opted for the status of listed property investment company ("SIIC") since 1 January 2007. Its shares have been included in the SBF250 Index (now the CAC-All Tradable Index) since September 2010.
1 NAV: Adjusted Net Asset Value corresponds to the net book value plus the difference between the property appraisal and the consolidated net carrying amount of the investment buildings
2 Value of the real estate portfolio based on the property appraisal performed by BNP Paribas Real Estate
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