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2011 Annual Results

February 17th 2012

Paris

1


Disclaimer

This document has been prepared by ANF Immobilier SA (“ANF Immobilier”) solely for the use of presentations made to investors or analysts.

ANF Immobilier makes no representations or warranties that the information contained herein is accurate, correct or complete.

The information set out herein is provided as of the date of the presentation and ANF Immobilier is under no obligation to keep current the information

contained in this presentation. However, this information is subject to completion and/or revision and ANF Immobilier has the right to change the content

hereof, in its sole discretion, at any time without prior notice.

This document may contain information regarding current or future transactions as well as “pro forma” information to show ANF Immobilier as it would

be after said transactions have been completed. These forward-looking statements are provided for information purposes only and are not guarantees of

future performance.

No information provided on this document constitutes, or should be used or considered as, an offer to sell or a solicitation of any offer to buy the securities

or services of ANF Immobilier or any other issuer in any jurisdiction whatsoever.

Feb 17’2012

2


2011 Highlights

♦ 2011 Gross Rental Income = €83.6M, of which

Recurring GRI= €75.7M

+11.9% on a like-for-like basis

+22.3% in city-center portfolio

♦ Improved profitability

EBITDA= €69.6M, +23%; margin= 83%

Recurring EBITDA= €61.7M, +9%

♦ Cash flow= €51.8M, +33% ; +12% recurring

Cost of debt = 4.30% (vs. 4.38%)

♦ Appraisal= €1,650M ; +7% like-for-like

NAV = €42.2 per share (excl. FV of fin. inst.) vs.

€40.3 at Dec. 2010

♦ New acquisitions in Lyon and Bordeaux

€44.2M committed investments, €13.4M already

invested in 2011

♦ Divestments: €41.5M in 2011

45,000 sqm residential disposal in progress

♦ Printemps lease renewed

Rent x6: €2.4M (vs. €0.4M)

€7.8M in retroactive rent

♦ Launch of eight sustainable development

projects

Construction projects, water, paper consumption,

electricity, waste, etc.

3


H1 2011 Figures, Strategy Strength Demonstration

€M 2011 Change

2010 2009

*

Consolidated Accounts (IFRS) like-for-

FY Reported like FY FY

Gross Rental Income 83.58 20.9% 69.13 65.06

B&B 33.10 1.1% 0.8% 32.74 30.94

City-center 42.65 17.2% 22.3% 36.40 34.12

Recurring GRI 75.75 9.6% 11.9% 69.13 65.06

EBITDA 69.56 23.0% 56.55 51.75

% margin 83.2% 0.0 82% 80%

Recurring EBITDA 61.73 9.1% 56.55 51.75

% margin 81.5% 0.0 81.5% 79.5%

Cash Flow 51.77 33.0% 38.91 35.60

Recurring cash flow 43.94 12.9% 38.91 35.60

RCF per share 1.60 12.6% 12.6% 1.43 1.34

Average # of shares 27.39 27.30 26.55

Capex 73.32 64.86 114.27

Change in fair value (incl KG on disp) 44.04 35.95 -89.58

Net Income 95.81 74.86 -53.98

1. Adjusted for 1-for-20 bonus share issue in 2010

€M Reported Reported Reported

30/06/2011 31/12/2010 31/12/2010

Real Estate portfolio 1,650

1,573 1,505

B&B 513

492 476

City-center 1,137

1,081 1,028

Net Debt 482 460 422

NAV per share (1) 42.2

40.3 38.9

Triple Net NAV (1) 40.8

39.0 37.8

LTV 29.2% 29.2% 28.1%

4


Balanced Asset Mix Able to Seize Growth in Attractive Locations

♦ 2011 Recurring Rents = €75.7M

44% of fixed-indexed-long term rents from

B&B Hotels portfolio

56% of growth rents

♦ €7.8M exceptional rent

Retroactive rent paid by Printemps on

renewal litigation

Gross Rental Income = €83.6M

♦ Strong demand in Lyon city-center leads

to record high prime rent

Retail lew leases signed at €2,650/sqm

Offices lew leases signed at €260/sqm

♦ Significant progress into Marseille rental

values

Retail new leases signed at €800/sqm

Offices lew leases signed at €220/sqm

B&B 33.10

44%

♦ City-center Recurring Rents

= €42M +22% like-for-like

Retail €20.4M +28%

Lyon €11.8M +40%

Marseille €8.6M +14%

Residential €10.0M +8%

Lyon €3.1M +14%

Marseille €7.1M+6%

Offices €10.1M +28%

Lyon €4.4M+3%

Marseille €5.6M+58%

City-center

42.65

56%

23%

24%

48%

5


Solid Valuation Appraisal = €1,650M

7% Value Growth like-for-like

♦ Appraisal = €1,650M +6.7% l-f-l

Limited cap rate compression on the Citycenter

portfolio: 10-25 bps

Stable cap rate on hotels portfolio : average

cap rate = 6.57% (vs. 6.58%)

♦ New acquisitions committed for €44.2M

200

€13M achieved in 2011 Lyon

♦ Disposal of €41.5M

(en k€) 31/12/2011 30/06/2011 Change

Lyon 372

Marseille 585

City-center properties 957

Undergoing Development 167

City-center Portfolio 1 124

B&B Hotel Porperties 513

New Acquisitions 13

ANF Immobilier 1 650

380

573

953

155

1 108

499

-

1 607

-2.1%

2.2%

0.5%

7.5%

1.5%

2.71%

na

2.7%

1 800

1 600

1 400

1 200

1 000

800

600

400

-

,368

Marseille

233

135

,444

Marseille

275

Lyon

169

,657

Marseille

409

Lyon

248

1,392

B&B

460

Marseille

581

Lyon

351

1,543

B&B

466

Marseille

627

Lyon

450

1,504

B&B

474

Marseille

613

Lyon

417

1,573

B&B

492

Marseille

646

Lyon

435

1,607

B&B

499

Marseille

655

Lyon

453

1 650

Acquisitions

13

B&B

513

Marseille

673

DEC 04 DEC 05 DEC 06 DEC 07 DEC 08 DEC 09 DEC 10 JU 11 DEC 11

Before disposals

20-22 République

Archers

Undergoing Development, no change in perimeter

• Restructuring: TAT, Plot 20 ‘Dames, Pavillon Vacon, Rive Neuve

• New construction: Rabatau, Plot 34, Desbief

• Fauchier, Forbin and Plot 25 as city-center properties

Lyon

451

6


Strong Financing structure

One of the Lowest Geared Company in Sector

♦ Loan-to-Value= 29%

Net financial debt= €482.3M (as 31/12/11)

Cash & equivalent= €37.7M (as 31/12/11)

♦ Conservative strategy

Financing balanced between available types

of debt

Sources of debt mixed of local and global

banks

Debt sources breakdown (€M)

Unsecured

(corporate)

268

Leasing

4

Gross Debt €520.0M

Secured

(mortgage)

251

♦ €164M available financing (as 31/12/11)

6 credit facilities available from 4 different

banks (average maturity= 5.5 years)

2012 & 2013 investment program financing

secured

♦ No refinancing until 2014

Cost of debt= 4.30% (vs 4.38% in 2011)

♦ Careful hedging policy

95% of existing drawn credit lines fully

hedged by plain vanilla swaps

€160.0M pre-hedged to benefit from low

rates until 2018 at 2.4%

♦ Outlook

Current pipeline financed with debt

Internal discipline not to exceed 35% LTV

(covenant= 50%)

7


Net Asset Value = €42.2/share (excluding fair value of hedging instruments

43.0

42.0

41.0

40.0

39.0

38.0

37.0

36.0

40.3

1.5

1.9

38.7 38.7 38.7

NAV Dec 10 Dividend NAV Dec 10

post div

1.6

40.7

(per share) 31/12/10 30/06/11 31/12/11 Chg 12 m

Net Asset Value 40.3 40.5 42.2 4.7%

3 Net Asset Value 39.0 39.6 40.8 4.6%

42.2

Cash Flow FV Properties NAV Dec 11

8


Enlarged Free Float Drives Significant More Stock Liquidity

♦ Free float of ANF increased to 34% from 26% (€61M)

♦ Liquidity increase: 2x more at December (vs. same period)

Average volume since 2012= 8,425 shares per day

♦ EPRA Liquidity rule matched since February 2011 inclusion

in EPRA Index expected for March 2012

Volume moving average over same period (2011 & 2010)

20,000

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

-

2011 3mth Average Volume

2010 3mth Average Volume

ANF Immobilier shareholding structure

CEPAC + BPCE

5%

CNP

Generali 5%

5%

Eurazeo

51%

Free float

34%

Number of shares 27,774,794

2x more

9


Significant Increase in Distribution

♦ Proposed Dividend per share= €1.69

Yield above 6%*

♦ Pay-out

100% of recurring cash-flow

33% of exceptional

♦ Distribution= €46.5M, above SIIC requirements (€16.7M)

Requirements from rental activity= €11.9M

Requirement from disposal= €4.8M

* Based on average share price at 31/12/2012

1.80

1.70

1.60

1.50

1.40

1.30

1.20

1.10

1.00

1.15

1.20

1.30 1.30

1.43

CAGR +7%

1.54

1.69

2005 2006 2007 2008 2009 2010 2011

2012 Distribution +10%

10


Strong Results Lead to Improved Guidance

140

120

100

80

60

40

20

-

76

♦ FY 2012 Rents= €78M +8% on city-center portfolio

♦ FY 2016 Rents Target = €124M +10% on average pa

8 4

2011 Recurring

Rents

13

11

16

11

7

Capex funding until 2016 (€ thou.)

Development - 189,881

Portfolio - 56,992

Acquisition - 117,000

Disposal 148,702

TOTAL - 215,171

Vacancy Reversion Index Developement Acquisitions Disposal 2016 Target

124

11


Marseille Residential Vacancy Reduction, a Value Creation Catalyst

Vacancy evolution in 2011

Vacancy as Target Vacancy as

31/12/2010 Rentals Disposals Total 31/12/2011

Segment 1 6,079 - 1,500 - 1,000 - 2,500 8,920

Segment 2 13,489 - 1,700 - 1,600 - 3,300 11,767

Segment 3 5,039 - 3,000

- 3,000 6,313

Segment 5 6,048

- - 2,000 - 2,000 5,506

Total vacancy 30,656 - 6,200 - 4,600 - 10,800 32,506

Base assumptions

New rent per month= €12/sqm

Technical vacancy= 11%

Does not include sale and disposal as merged with arbitrage

♦ €4.1M new rents potential for medium term

Full year run rate potential at a target rent of

€12/sqm per month

Excluding technical vacancy and disposal

♦ Segment 1: launch of segmented sales of plots 3 and 6

postponed due to the economy; switch to block sale

♦ Segment 1: increase due mainly to professional transfers

♦ Segment 2: change in strategy for plot 17, due to the success

of the rental model

♦ Segment 3: leasing postponed for plot 25 and deliberate

vacancy for plot 23 as future sales are planned

♦ Segment 5: Pavillon-Vacon sales are in progress; 931 m²

remaining for sale, of which 437 m² already secured

12


Plot 17 – Creation of 4,995 sqm. Student Furnished Apartments

Plot 17 refurbishment: Creation of student furnished apartments

♦ Tranche 1 (2010): From family apartments (29) to students apartments (80)

♦ Tranche 2 (2011): Follow-on with demand - objective 80 units

53 units undergoing (1,638sqm)

27 units (1,138sqm) currently occupied to be refurbished when vacant

* Includes retail GRI

Tranche 2 In 2011 Objective

Gross Rental Income*

out of Residential

All-in Capex

Private & common areas, facade

€619,000

€20/sqm

€811,000

€20/sqm

€4.5M €6,7M

Yield-on-cost 11% 12%

♦ Tranche 3 (2012): 61 apartments (1,164 sqm.) to be delivered by June 2012

13


City-center Portfolio: Significant Potential for Reversion

Additional €13.1M Annual Rental Income in the Near Term

♦ +€9.2M Rental Upside on leases

maturing before 2013

Retail most significant upside

Includes heavy renovation such Plot

20, Mansardes

♦ €3.9M Additional rents

New retail leases in Marseille (€1.1M)

Furnished apartment & offices in Lyon

(€1.3M) & Marseille (€1.5M)

Summary of ANF’s rental projection

Areas €/sqm Upside Total (€m)

Retail 29,158 203 5.91

Lyon 10,378 208 2.16

Marseille 18,780 200 3.75

Offices 20,954 100 2.10

Lyon 7,496 73 0.55

Marseille 13,458 115 1.55

Residential 30,095 3.24 1.17

Lyon 9,952 7.51 0.90

Marseille 20,143 3.24 0.27

9.18

Marseille market evidence

Offices CIF @ €180/sqm

Sistra @ €180/sqm

Retail McDo @ €450/sqm

Lyon market evidence

Offices M Page @ 260/sqm

Retail ING Kfé @ €2,500/sqm

14


Indexation,

€11.1M over 5 years

♦ Index assumptions

Between 2.00% and 2.50%

ILAT ICC Spread

2009 Q1 2.70% 0.40% +2.29

2009 Q2 1.07% -4.10% +5.16

2009 Q3 -0.73% -5.77% +5.05

2009 Q4 -1.26% -1.05% -0.21

2010 Q1 -0.96% 0.33% -1.29

2010 Q2 -0.08% 1.27% -1.35

2010 Q3 0.98% 1.20% -0.22

2010 Q4 1.55% 1.73% -0.17

2011 Q1 1.96% 3.05% -1.09

2011 Q2 2.32% 5.01% -2.69

2011 Q3 2.78% 6.84% -4.07

+12.00

+10.00

+8.00

+6.00

+4.00

+2.00

+0.00

-2.00

-4.00

-6.00

-8.00

source INSEE IRL (%) ICC (%) ILC (%)

2008 Q1 115.12

2008 Q2 116.07

2008 Q3 117.03

2008 Q4 117.54

2009 Q1 117.70

2009 Q2 117.59

2009 Q3 117.41

2009 Q4 117.47

2010 Q1 117.81

2010 Q2 118.26

2010 Q3 118.70

2010 Q4 119.17

2011 Q1 119.69

2011 Q2 120.31

2011 Q3 120.95

2011 Q4 121.68

+1.81 1,497

+2.38 1,562

+2.95 1,594

+2.83 1,523

+2.24 1,503

+1.31 1,498

+0.32 1,502

-0.06 1,507

+0.09 1,508

+0.57 1,517

+1.10 1,520

+1.45 1,533

+1.60 1,554

+1.73 1,593

+1.90 1,624

+2.11 -

2008 T1 2008 T2 2008 T3 2008 T4 2009 T1 2009 T2 2009 T3 2009 T4 2010 T1 2010 T2 2010 T3 2010 T4 2011 T1 2011 T2 2011 T3 2011 T4

+8.09 100.00

+8.85 101.20

+10.46 102.46

+3.32 103.01

+0.40 102.73

-4.10 102.05

-5.77 101.21

-1.05 101.07

+0.33 101.36

+1.27 101.83

+1.20 102.36

+1.73 102.92

+3.05 103.64

+5.01 104.44

+6.84 105.31

IRL

ICC

ILC

-

///

+3.85

+4.48

+4.16

+2.73

+0.84

-1.22

-1.88

-1.33

-0.22

+1.14

+1.83

+2.25

+2.56

+2.88

15


Development

♦ 5 identified value added development in Lyon and Marseille ANF’s land properties

(2012-2015)

Total amount of capex to spent around €147Mm for estimated rents of €15.7M

♦ Development starts with secured costs, financing & tenant

TAT (Lyon)

Plot 34 (Marseille)

Rabatau (Marseille)

Desbief (Marseille)

Montolieu (Marseille)

Works on progress

Rents

1

2

2012 2013 2014 2015

3

4

1

2

3

4

1

TAT Plot 34 Rabateau Desbief

Montolieu

2

3

4

1

2

3

4

1

2

2016

3

4

16


Marseille – European Capital of Culture 2013

A major advantage for ANF Immobilier

C

I

G

B

J

F

D

A

E

H

ANF Immobilier developments

A. Trinquet

B. Fauchier

C. Forbin

D. Rive Neuve

E. Plot 34

F. Dames

G. Plot 25

H. Pavillon Vacon

I. Desbief

J. Montolieu

17


Development to be launched in 2013: Targeted Yield Above 8%

♦ Desbief

New building

Offices 20,000sqm

30 months' work (start S2 2013)

Investment = €60M

Rents = €5.3M

♦ TAT

Desbief TAT

Restructuring

Restructuring a full plot, 31,000sqm

30 months' work

Printemps dispute – Start of work?

Investment = €78M

Rents = €7.5M

18


Sale & Disposal Program

Sale & Disposal since 2006 (€M) ♦ Ongoing disposal plan of 45,000sqm

residential in Marseille & Lyon

70

60

50

40

30

20

10

-

16

19

67

2006 2007 2009 2010 2011

Areas

(sqm)

Appraisal

(€ thou)

35

Sale Price

(€ thou)

2006 19,000 - 16,300

2007 7,821 - 18,700

2009 30,987 63,323 66,583

2010 15,935 31,855 34,512

2011 14,420 39,093 43,015

88,163

179,109

43

Launch in 2011 for 4 years

Already 30% achieved

(€ thou)

Sale price

Total Lyon 23,947

Total Marseille 19,264

Total 43,211

French

GAAP

9,562

Capital gain

Available to

Distribution

22,066

IFRS

2,335

♦ Guidance of a minimum €30M disposal

for 2012

♦ 2012-2016 Disposal should amount

€148.7M

Estimated rents sold= €6.8m

19


New Investment to Recycle Capital at Better Yield

♦ A €100M pipeline of new investments with an expected return of 7%

♦ Focus on French domestic market, in regional major cities

Selection criteria

Infrastructure & communications

Proactive local development policy

Density of the economic

Demography

20


New Acquisition

Lyon MilkWay

♦ Office building = 4,366 sqm

Renovation of an existing building (former Candia HQ)

Delivery in December 2012

120 parking garages

♦ Financing conditions

Gross Price = €16.8M excl. tax

Rents: minimum €220/m² excl. tax (excl. parking)

♦ Forward purchase agreement

Developer : DCB Internatial

50% of total price paid in December 2011

21


Bordeaux

♦ Airport: 2,500,000 travellers annually

♦ Railway: 4 millions travellers annually; 15

trains a day in each direction

Bordeaux/Paris TGV Atlantique: 35 daily

connections on the European network

=> In 2016: Bordeaux 2 hours from Paris via

TGV high-speed train

♦ Motorway: A10 (Bordeaux-Paris), A62

(Bordeaux-Toulouse), A63 (Bordeaux-

Bayonne), A89 (Bordeaux-Clermont-Lyon),

90,000 tonnes of road freight annually

♦ Demographic growth

7.6% in six years (1999/2005)

Population: 235,878 (2006)

Bordeaux metropolitan area (27 towns):

population of 714,727

One third of the population is younger than 25

♦ Surface area: 4,455 hectares

Bordeaux metropolitan area: 55,188 hectares

♦ Economic sectors:

Industry: 150,000 employees in the region (4 th

largest in France)

Office jobs: 238 000 in the Aquitaine region

Research: 14 grandes écoles (elite universities), 4

universities, 2 technical universities, 70,000

students, 200 laboratories and an estimated 5000

researchers

♦ About 100,000 sqm of office transactions

annually

22


New acquisitions

Bordeaux Le Nautilus – Bassin à Flot (wet dock)

♦ 12,800 sqmof office building

Fully rented to C Discount (99.6% Casino subsidiary)

51 parking lots

♦ Financial terms

Price = €27.4M (€2,140/sqm)

Rent: €160-175/sqm, excl. tax (excl. parking)

♦ Turn Key Contract

Developer: Eiffage Atlantique

Delivery Tranche 1 : Sept 2012

Tranche 2 : Sept 2014

23


New Investments alongside B&B

♦ New capex investments of €8M in 2012, with rents at 7% yield (€0.6M) providing €9M

value (yield spreads, valuation at 6.57%, the average yield on B&B assets)

ANF Immobilier plans major construction work (room, bathroom, lobby renovations) at 22 wellperforming

hotels able to bear an increase in rent (occupancy cost ratio) with a view to lease renewal in

2019

♦ Five new hotels in progress for a total amount of €22.2M

Saint Etienne €4.8M (7.1%) ; Lyon €3.7M (7.0%) ; Toulouse €6.0M (7.0%) ; Perpignan €3.6M (7.2%) ;

Marseille airport €4.1M (6.9%)

24


ANF Immobilier: Five Core Stength

Performance on Delivery

Innovative Asset Management

Secured Pipeline of Investment

Opportunistic Asset Rotation

Solid Financial Structure

25


Appendices

26


168 B&B Hotels

12,124 rooms

27


City-Center Portfolio Key Indicators

♦ Lyon Portfolio key indicators as at 31 December 2011

Offices Retail Residential Total Develop.

Surface Areas 26,000 sqm 30,000 sqm 32,000 sqm 88,000 sqm 4,200

Number of Units 143 111 338 592

Occupancy* 97.9% 99.7% 95.3% 97.5%

2011 Rents (€M€)

Others = 0.115

4.426 19.595 3.057 27.193

Out of €7.829M of non recurring rents from Printemps

♦ Marseille Portfolio key indicators as at 31 December 2011

Offices Retail Residential Total Develop.

Surface Areas 40,000 sqm 43,500 sqm 101,000 sqm 184,500 sqm 50,000 sqm

Number of Units 168 295 1 412 1 875

Occupancy* 97.5% 97.1% 64.0% 75.7%

2011 Rents (€M)

Others = 2 038

5.578 8.600 7.071 23.288

28


‘Rhône-Alpes’ Region

♦ Population of 6.2 million

♦ 3 major cities: Lyon, Grenoble, Saint

Etienne

♦ France’s first host region for

international businesses (after Paris)

♦ European hub connection (airports, high

speed train TGV)

♦ Greater Lyon, an expanding

agglomeration

29


Lyon, France 2nd Capital

♦ 6 th highest regional GDP in Europe

♦ 790,000 jobs (75% services)

♦ 135,000 companies with global

headquarter (Sanofi, Renault Truck,

SEB)

♦ City dynamic toward real-estate

♦ 2 nd French retail market

♦ High average income €2,398 per month

30


Lyon, France 2nd Capital

Rue de la République

31


Lyon: Intense Business Activity

Prime retail rent to €2,600/sqm near Place Bellecour

ANF Immobilier Assets

Latest market rent evidence

Retail : €2,200 – €2,600/sqm

Offices : €230 – €260/sqm

Residential : € 11– €13/sqm (month)

Latest market rent evidence

Retail : €600 – €1,000/sqm

Offices : € 230 – €260/sqm

Residential : €11 – €13/sqm (month)

32


Restructuring

Lyon: TAT (31,000 sqm)

Estimated lease income: €7M

Buildings occupied by Printemps

Suggested project

33


Printemps Litigation

A Major Step in a Long Run Value Creation Development

♦ Printemps lease - €0.4M - expired in June 2006

Printemps occupied 10,000sqm on Lyon, Place de

la République

Court to fix the renewal rents as both parties

unable to find an agreement

♦ New rent fixed at €2.4M value June 2006

Court followed experts values at €450/sqm for

weighted retail area

No appeal by Printemps

♦ €9.1M one-off paid by Printemps

Type Amount

Rents €7.8M

€0.9M

• Overdue rents from June 2006 to

December 2010 – Non recuring

• Jan 2011 – Jun 2011 Rents

Interest €0.4M • Interest for the overdue period

€9.1M

34


‘PACA’ Region

♦ Population of 4.5 million

♦ 4 major cities : Nice, Toulon, Marseille,

Avignon

♦ Urbanized region

♦ Highly connected (airports, high speed

train TGV, harbor)

♦ 3rd largest economic region in France

♦ Premier world tourist destination with 34

million visitors per annum

35


Marseille, the New French Metropolis

♦ French 2 nd city with population of

870,000

♦ Largest port in the Mediterranean

♦ Extensive city regeneration

♦ Exceptional location and weather

♦ Intense tourist activity

♦ European capital of culture in 2013

♦ Average income €2,116 per month

36


Marseille on the Move Towards 2013!

♦ Marseilles – Provence: 2 nd French metropolis

2 million inhabitants – 850,000 in Marseille – Positive net

balance since 2005

760,000 jobs – unemployment stable at 11%

155,000 establishments, including 700 foreign companies

♦ Exceptional accessibility

The leading French port: 2 million passengers, 96 million

tons of freight

International airport: 7 million passengers, 51%

international) – serving 76 cities – 26 countries

High-speed train link (TGV) - 3 hours to Paris: 22 millions

passengers a year – Brussels in 3 hours, London 7 hours

Major motorway intersection: 3 hours to Lyon, 5 hours to

Milan or Barcelona

♦ Industry, innovation, services: a wealth of expertise

Aeronautical: world leader for helicopter manufacture

Micro-electronics: leading area in France and in southern

Europe

Telecom: French telecoms hub

Multimedia: leading media pole in Southern Europe

Chemistry-petro-chemistry: 30% of French refinery

capacity

Food-processing: biggest industrial employer in France

Logistics - transport: multi-model hub in France: air-railsea-river-road

37


Euroméditerranée

♦ Public organization supported by the

European Union

♦ 3 dimensions

Urban planning

Real estate development

Economic development

♦ Building a metropolitan center

Enhance the attractiveness of the Marseille

region

Support the local economy with value-added

services

38


ANF Immobilier at the heart of Euroméditerranée

B

♦ Euroméditerranée: a structuring business district

€7 billion public and private investments

2nd financial services centre in France

Biggest number of telecom infrastructures in Southern

Europe

A reference site for international trade

♦ Around Rue de la République

Vieux-Port to be half pedestrian in 2013

Development of the Intercontinental Hôtel Dieu

Renovation of the Centre Bourse shopping centre

♦ 2012: World Water Forum

180 countries represented

♦ 2013: European Capital of Culture

€1 billion invested in around forty projects

10 million visitors expected – 6 million currently

♦ 2016: Soccer European cup

Project involving the Vélodrome stadium around 100,000sqm,

offices, retail outlets and residential units

€2.5 billion of public and private investments

39


Marseille, the New French Metropolis

Rue de la République

40


Marseille: Intense Business Activity

New retailers show attractiveness

ANF Immobilier Assets

Latest market rent evidence

Retail : €500 – €700/sqm

Offices : €160 – €200/sqm

Residential : €11– €13/sqm (month)

Public Car Park

800 spaces

Trinquet

Dames

Mazenod

Plot 25

Malaval

Fauchier

Segment 1 Segment 2 Segment 3

Forbin

Desbief

41


History

Rue Impériale

de Lyon

Before 2002 In 2002

SCHP and partners

Eurazeo

Sté Immobilière

Marseillaise

Subsidiary

Subsidiary

SCHP & partners

Rue Impériale

Eurazeo

Subsidiary

Subsidiary

Subsidiary

In 2004

SCHP & partners

Eurazeo

Real estate

Subsidiary

Subsidiary

Subsidiary

In 2005

SCHP & partners

Eurazeo

ANF Immobilier

♦ The companies ‘Rue Impériale de Lyon’ and ‘Société Immobilière Marseillaise’ were holding companies for the investment

companies Eurafrance and Gaz&Eaux

♦ Income from investments was much greater than that from real estate which was then used as capital gains provision

Subsidiary

Subsidiary

Subsidiary

♦ After restructuring its capital, Eurazeo inherited real estate assets from its parent companies and decided to manage them through

a dedicated subsidiary, ANF Immobilier

42


Summarized Financial Statements

(€m) 2011 2010 % growth 2009

Gross rental income 83.6 69.1 20.9% 65.1

B&B 33.1 32.7 30.9

City-center 42.7 36.4 34.1

Recurring gross rental income 75.7 69.1 9.6% 65.1

Net operating expenses -5.0 -4.3 16.3% -5.1

Administrative expenses -9.0 -8.3 9.0% -8.2

EBITDA 69.6 56.6 23.0% 51.8

Recurring EBITDA 61.7 56.6 9.1% 51.8

Financial expenses -17.8 -17.6 0.8% -16.2

Cash flow 51.8 38.9 33.0% 35.6

Recurring cash flow 43.9 38.9 12.9% 12.9% 35.6

Change in fair value 44.9 37.1 -87.3

Other items -0.9 -1.2 -2.3

Net income 95.8 74.9 -54.0

Interest cover ratio 3.9 3.2 3.3

Cash flow per share (€) 1.89 1.43 32.6% 1.34

Recurring cash flow per share (€) 1.60 1.43 12.6% 1.34

Average number of shares (million)* 27.4 27.3 26.5

31/12/2011 31/12/2010 % growth 31/12/2009

Real estate portfolio 1,650 1,573 4.9% 1,505

B&B 513 492 476

City-center 1,137 1,081 1,028

Net financial debt -482 -460 4.9% -422

Other items -10 -13 -21

NAV 1,158 1,101 5.2% 1,061

Fair value hedge -39 -35 9.3% -30

Deferred taxes 0 0 0

NNNAV 1,119 1,065 5.1% 1,031

Capex 73 65 114

Loan to value ratio (%) 29.2 29.2 28.1

NAV per share (€) 42.2 40.3 4.7% 38.9

NNNAV per share (€) 40.8 39.0 4.6% 37.8

Period end number of shares (million)* 27.5 27.3 27.3

* adjusted for bonus shares

* Number of shares adjusted for bonus issue of 1 share for every 20 held in 2010.

43


Yield Applied to ANF Immobilier

Portfolio valuation as December 31 2011

Fourchette Dec 2011 Fourchette Juin 2011 Fourchette Dec 2010 Fourchette Dec 2009 Fourchette Dec 2008

MARSEILLE

Bureaux 6.6% 8.0% 6.6% 7.7% 6.6% 7.7% 7.20% 8.00% 6.65% 7.45%

Commerces 5.8% 7.9% 5.8% 7.8% 5.8% 7.8% 6.00% 8.00% 5.75% 7.70%

Habitation 4.4% 5.6% 4.5% 5.4% 4.5% 5.5% 4.80% 5.60% 4.00% 5.05%

Loi 48 2.4% 5.0% 2.4% 5.2% 2.4% 5.2% 2.40% 5.30% 2.15% 4.80%

Fourchette Dec 2011 Fourchette Juin 2011 Fourchette Dec 2010 Fourchette Dec 2009 Fourchette Dec 2008

LYON

Bureaux 6.4% 7.2% 6.6% 7.2% 6.6% 7.2% 6.90% 7.70% 6.25% 7.20%

Commerces 5.3% 6.1% 5.3% 6.1% 5.4% 6.4% 5.75% 6.40% 5.45% 6.90%

Habitation 4.2% 4.6% 4.5% 4.9% 4.5% 4.9% 4.80% 5.20% 4.00% 4.65%

Loi 48 2.4% 4.5% 2.4% 4.7% 2.4% 4.7% 2.40% 4.95% 2.15% 4.40%

44


Appraisal Value at December 2011

1,800

1,600

1,400

1,200

1,000

800

600

400

200

-

Change

Like-for-like

368

Marseille

233

Lyon

135

2008-09 -1.22 %

2009-10 +6.73 %

2010-11 +6.74 %

+ 21%

444

Marseille

275

Lyon

169

+ 48 %

657

Marseille

409

Lyon

248

1,392

B&B

460

Marseille

581

Lyon

351

+ 16%

Hors

B&B

1,543

B&B

466

Marseille

627

Lyon

450

+1,5%

- 2%

1,504

B&B

474

Marseille

613

Lyon

417

+3,8%

+5,4 %

1573

B&B

492

Marseille

646

Lyon

435

+1,4 %

+1,4 %

1,607

B&B

499

+2,8 %

+ 1,4%* + 2,8%*

Marseille

655

Lyon

453

+ 2,7%

1 650

Acquisitions*

13

B&B

513

Marseille

673

DEC 04 DEC 05 DEC 06 DEC 07 DEC 08 DEC 09 DEC 10 JU 11 DEC 11

*Like-for-like change

Acquisitions : MilkyWay in Lyon & Nautilus Bordeaux

+ 40%

Hors

B&B

+ 4%*

- 7 % + 4,2% + 4% -0,4 %

+ 4,3%*

+ 3%*

+ 4,6%*

Lyon

451

45


Stock price

€/share Volume

36.00

35.00

34.00

33.00

32.00

31.00

30.00

29.00 Volumes ANF EPRA

28.00

27.00

26.00

25.00

24.00

23.00

22.00

Source: Bloomberg as of Jan 20, 2012

SBF 250 CAC 40

100,000

90,000

80,000

70,000

60,000

50,000

40,000

30,000

20,000

10,000

-

46


ANF Immobilier, Social Responsibility

Corporate Social Responsibility Integrated into ANF Immobilier Practices

♦ Sustainable development in the development pipeline

ANF Immobilier among first companies to be granted “BBC” label (low consumption building) in renovation

New developments at High Quality Environment standards

Process of evaluating day-to-day change for all employees in regards of sustainable developments

♦ A transparent company governance

Company with Executive board and Supervisory board

Board committees (audit, properties, compensation)

Full Registration Document filled since 2007

Ethic code signed by all employees

♦ A motivating and ambitious HR policy

Profit sharing agreement for all employees

Shareholder and senior staff interest aligned

Broaden social aids

Supplementary retirement plan for all employees

♦ Community involvement with non-for-profit organizations to help young form difficult suburbs

47


Compensation Scheme Historic

2007

Stock option

@ 47.00 €

Maximum number of share attributed

2008

Stock option

@ 28.00 €

2009

Stock option

@ 31.96 €

2010

Stock option

@ 31.16 €

2011

Stock option

@ 27.54 €

Bruno Keller 56,966 62,108 80,000 84,283 85,269

Xavier de Lacoste Lareymondie 25,534 37,105 38,500 40,632 41,107

Brigitte Perinetti 2,834 3,483 4,000 - -

Ghislaine Seguin - 4,787 8,500 9,060 9,166

Executive Board 85,324 101,083 131,000 133,975 135,542

Staff 22,708 27,270 27,500 32,945 33,330

Total 108,032 128,353 158,500 166,920 168,872

Strike price & quantity not adjusted

48


Corporate Governance

Half of Supervisory Board Independant

Patrick Sayer (vice-président)

Philippe Audouin

Sébastien Bazin*

Bruno Bonnell* (1)

Jean-Luc Bret

Fabrice de Gaudemar

Bruno Keller, Chairman

Supervisory Board (12)

Alain Lemaire*, President

Executive Board (3)

Xavier de Lacoste Lareymondie, COO

Ghislaine Seguin

Audit Committee

Philippe Audouin, Théodore Zarifi, Eric Le Gentil*

Remuneration and Selection Committee

Philippe Monnier*, Sébastien Bazin*, Isabelle Xoual*

Property Committee

Patrick Sayer, Sébastien Bazin*, Jean-Luc Bret, Philippe Monnier*

* Independent

(1) Mr Bonnell should be replaced at next AGM by Ms Sabine Roux de Bézieux

Eric Le Gentil*

Philippe Monnier*

Jean-Pierre Richardson

Isabelle Xoual*

Théodore Zarifi

Headcount

ANF Immobilier 56

Management 3

Property mgmt 20

Development 12

Accounting 13

Support 8

49


About ANF Immobilier

ANF Immobilier owns and manages a real-estate portfolio

of 1.7 billion euros in the city centres of Lyon and

Marseilles as well as a portfolio of 168 hotel properties in

France, all operated by the B&B chain

It is a real estate company with SIIC status, targeting

residential and third party property rentals with significant

operations in Lyon and Marseille city centres

Listed on Eurolist B of NYSE Euronext Paris, ANF

Immobilier is part of the Eurazeo group.

Research on ANF Immobilier

Exane: Valerie Guezi

HSBC: Stéphanie Dossmann

Invest Securities: Benoit Faure-Jarrosson, Paul Arkwright

Tradition Securites: Laetitia d'Eprémesnil

Kepler: Samuel Henry-Diesbach

Aurel BGC: Julien Guez

Financial Calendar

2011 Q3 Revenue November 10, 2011

2011 FY Results March 15, 2012

2012 Q1 Revenue May 10, 2012

2012 H1 Results August 28, 2012

Investor Relations Contact

ANF shares

ANF Immobilier

32, rue de Monceau – 75008 Paris - FRANCE

+33 1 44 15 01 11

investorrelations@anf-immobilier.com

ISIN code: FR0000063091

Bloomberg/Reuters: ANF FP, ACNF.PA

Listed on Euronext Eurolist B

Index: CAC Mid & Small, IEIF SIIC France

27,774,794 shares in circulation

Statutory threshold declarations 1%

50


www.anf-immobilier.com

investorrelations@anf-immobilier.com

51

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