TERREIS : Terreïs - 2013 1st half results

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  • Rental income: ¤30.5 million (+6.9%)
  • Cash flow from operations before disposals: ¤16.2 million (+11.1%)
  • Interim 2013 dividend: ¤0.32 per share on 15 November (+6.7%)
  • Continuation of the strategy aimed at refocusing on real estate in the Paris Central Business District
  • ¤14 million gain on residential and regional asset disposals

The TERREÏS Board of Directors has approved the consolidated financial statements for the 1st half of 2013, as reviewed by the Statutory Auditors.

In millions of euros   1st half 2013   1st half 2012   Change (%)
Rental income 30.5 28.5 +6.9%
Current operating income (before disposals) 16.3 14.7 +10.8%
Current operating income (after disposals) 30.4 26.2 +15.9%
Cash flow from operations (before disposals) 16.2 14.6 +11.1%
Cash flow from operations (after disposals) 45.6 30.0 +51.9%
Net income 19.2 15.1 +27.5%
Interim dividend (¤/share) 0.32 0.30 +6.7%

· Continued growth in rental income and in cash flow from operations

TERREÏS' rental income amounted to ¤30.5 million in the 1st half of 2013, an increase of 6.9% compared with the 1st half of 2012. After restatements for the acquisitions and disposals made in 2012, the Group's organic growth rate amounted to almost 6%.

Ongoing tight controls on operating costs resulted in a 10.8% rise in current operating income before disposals, which amounted to ¤16.3 million. EBITDA amounted to ¤27.3 million, i.e., an EBITDA to Rental Income margin of 90%, which increased from one half-year to the next (88% in the 1st half of 2012, and 85% in the 1st half of 2011).

The programme to dispose of regional real estate and residential assets as and when they are vacated, which is the result of TERREÏS' disposal strategy, was actively pursued. The programme involved overall disposals amounting to ¤39.2 million (of which ¤29.4 million has been finalised) in the 1st half of 2013, which generated a capital gain of ¤14 million, compared with ¤11.5 million in the 1st half of 2012.

After taking these gains into account, operating income amounted to ¤30.4 million, an increase of 15.9% compared with the 1st half of 2012.

The cost of net financial debt amounted to ¤10.9 million, which was stable compared with the 1st half of 2012. Net income amounted to ¤19.2 million, a 27.5% increase compared with the 1st half of 2012. Excluding the profits from asset disposals net of tax, net income amounted to ¤5.1 million compared with ¤3.6 million for the same period in 2012.

Cash flow from operations before disposals posted a 11.1% increase to ¤16.2 million, i.e., ¤0.64 per share, compared with ¤0.57 per share in the 1st half of 2012. Cash flow from operations after disposals amounted to ¤45.6 million, compared with ¤30.0 million in the 1st half of 2012.

· A financial structure that remains sound, and a debt profile that is exceptionally comfortable

The Loan-to-Value ratio (net financial debt to asset value ratio) amounted to 47% as at 30 June 2013, i.e., unchanged compared with 30 June 2012.

TERREÏS' debt profile remained particularly comfortable: all of the company's loans, which primarily consist of repayment loans, are at fixed or swapped variable rates, with an average weighted cost of 4.31%. TERREÏS therefore continues to benefit from a sound financial structure, which enables the Group to remain on the lookout for any opportunities offered by the Paris market.

· An interim dividend of ¤0.32 per share will be paid on 15 November this year

TERREÏS has traditionally paid its dividend in two instalments, in the form of an interim payment, followed by payment of the balance in May. Given the results for the 1st half of 2013, and the business outlook for the year as a whole, the Board of Directors has decided to set the 2013 interim dividend at ¤0.32 per share, an increase of almost 7% compared with the interim dividend paid last year (¤0.30 per share). This interim dividend will be paid on 15 November this year.

· Outlook: ongoing refocus on high-quality Paris office real estate

TERREÏS will continue the disposal programme for its regional assets, which is already well underway, and well as disposals at its residential unit. At the same time, TERREÏS will remain on the look-out for new market opportunities, especially in Central Paris.

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· Publication of 3rd quarter revenues on 23 October 2013.

Contact: Fabrice Paget-Domet, Chief Executive Officer - Tel: 33(0)1 82 00 95 23
Laurent Jauffret, Deputy Chief Executive Officer, Ovalto Investissement - Tel: 33 (0)1 82 00 95 00

About TERREÏS (www.terreis.fr)
TERREÏS is a real estate company where the assets consist of offices and retail premises that are primarily located in Paris. 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 SBF Index (now the CAC-All Tradable Index) since September 2010.
ISIN Codes: FR0010407049 - Ticker symbol: TER

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