HALF-YEARRESULTS 2015 · 7/30/2015 · Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 End of lease Fixed term PERFORMANCE OF THE PORTFOLIO LEASEAVERAGEDURATION

2015HALF-YEAR RESULTS

Presentation of

30 July 2015

22015 HALF-YEAR RESULTS

AFFINE

H1 2015 KEY TAKEAWAYS

. BACK TO PROFIT

(+) €1.3M DROP IN CORPORATE EXPENSES

(+) COST OF DEBT DOWN TO 2.7%

(+) SIGNIFICANT REDUCTION IN FAIR VALUE DECLINES

(-) 8.2% DROP IN GROSS RENTAL INCOME

. EPRA EARNINGS ALMOST UNCHANGED

. SIGNIFICANT IMPROVEMENT IN OPERATING CASH FLOW

. CHANGE IN PORTFOLIO

INCREASE IN AVERAGE LEASE TERM TO 5.7 YEARS

€13.4M IN ACQUISITIONS, IMPROVEMENTS AND DEVELOPMENTS

€13.1M FROM DISPOSALS

. EPRA NAV PER SHARE: €22.2

2015 HALF-YEAR RESULTS 3

INVESTMENTS AND DISPOSALS


Toulouse

Les Amarantes 2


€13M OF INVESTMENTS AND €13M OF DISPOSALS

€6m: Development & Refurbishment€8m: Acquisition

€13m: Disposals

Palaiseau:

€1.8m

Lyon - Rhodanien:

€9.9m

Paris - RéaumurLi l le

Lyon - Tangram



TOULOUSE – LES AMARANTES 2

. 2,900 sqm of offices

4 floors (Ground -1 to G+2)

92 parking lots, 72 of which underground

81% let to Dalkia (6.5-year fixed lease)

. Located in the heart of the new Borderouge district

Major urban development area

Closed to

The newly-built Les Maourines shopping centre (Carrefour + 60 stores)

Toulouse Blagnac international airport (15 min)

Excellent public transportation links

Metro l ine B for quick access to the city centre

8 bus services covering a large part of the city

1 intermodal station

3 bicycle stands



LYON PART DIEU – TANGRAM

. Major refurbishment of 5,700 sqm offices space: €7.7m

2 buildings and parking lot for 121 cars

Located on Boulevard des Tchécoslovaques on the extension of the

Boulevard Vivier Merle, between the La Part-Dieu and Gerland districts

Easy and improved service and enhanced attractiveness

2 métro stations, several bus l ines

Tram

Completion by Q3 2015 and a well advanced marketing

2,750 sqm let to ISCOM with a 9-year fixed term lease

2,950 sqm under marketing

Building

Gare TGV

La Part-Dieu


INVESTISSEMENTS ET CESSIONS

INVESTMENT UNDERWAY: PORTE DE CLICHY – €7.9M

. Contract signed for 1,535 sqm of offices

7 floors (Ground -1 to G+5)

BREEAM Good

Green Façad

Completion expected on Q2 2016 – marketing under process

. Located at Porte de Clichy in the « Entrée de ville » ZAC

(Integrated development zone)

Major urban development area to the north west of Paris

Closed to

The new Parisian courthouse

The regional headquarters of the police judiciaire

(criminal investigation department)

Excellent public transportation links

Porte de Clichy station: RER C, metro lines 13 et 14 (under progress)

Train station Clichy-Levallois

Immediat access to the ring road and

and to A1, A13 and A14 motorways


PERFORMANCE OF THE PORTFOLIO


575 (13) +1 (7) +6 +7 570

31/12/14 Disposal Capital gain Like-for-like Capex Dev. Acq. 30/06/15

. Change in fair value excluding TT (€m)

. Breakdown of the 1.2% decrease in fair value on a like-for-like basis

Market rent effect (ERV): -0.8%

Cap rate effect: +1.3%

Miscellaneous: -1.7% (works, reversion, transfer taxes change …)


PORTFOLIO VALUE STABILIZED AFTER CAPEX


43.3 (0.0) (1.0)(1.7)

0.4 41.1

31/12/2014 Refurbishment Disposal Like-for-like Acquisition 30/06/2015


CHANGE IN HEADLINE RENTS

. Change in headline rents annualized (€m)

Total headline rents change: -5.2%, and -4% like-for-like

Due to :

Disposals

Departure of a tenant on the site of Tremblay-en-France: -€1.2m

Renegociations


88.5%

86.6%

88.8%

93.5%

85.0%

86.8%

88.5%

French Regions

Other Ile-de-France

Métropole du Grand Paris

Warehouses andindustrials

Retail

Offices

Total

94.0%92.2%

87.7%89.0%

87.8%

90.9% 90.2%88.5%

2008 2009 2010 2011 2012 2013 2014 H12015

. Financial occupancy rates (EPRA)

Impact of the departure of the tenant on the Tremblay-en-France site: 1.7 pt


OCCUPANCY RATE OF 88.5%

Impact

Baudry

-1.2 pt

Impact

JdQ

+0.8 pt

Métropole du Grand Paris : Paris + Hauts-de-Seine + Val d’Oise +

Val-de-Marne


0

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30

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Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24End of lease Fixed term


LEASE AVERAGE DURATION 5.7 YEARS (VS 5.1)

. Schedule in rents (€m) according to lease duration

Average time up to next break option: 3.2 years (vs 2.8 as at 31/12/2014)

Average time up to lease expiry: 5.7 years (vs 5.1)

29 new leases (14,400 sqm ; €2.1m) � +€0.9m in H2 2015

27 terminated leases and departures (23,400 sqm ; €3.0m) � -€1.2m in H2 2015

18 renegociated leases (49,000 sqm vs 49,500 sqm ; €2.6m vs €3.0m) � -€0.2m in H2

-€0.5m


SUBSIDIARIES

BANIMMO

. Repositionning property company

Portfolio: 21 buildings; Gross rental income: €3.9m; value: €384m

. Key events

Delivery of the Halle Secrétan in Paris (96% prelet)

Start of the renovation works and signing of new leases in the Marché

Saint-Germain (Paris) achieving a 100% preletting

Signing of a long-term lease with a Walloon regional entity for a new

office building in Namur (3,000 sqm)

Sale of the company Tetris Offices, owner of the Deloitte building in

Ghent, for a price of €22.6m

Agreement with the cities of Namur and Verviers on the reorganization

of the projects of the shopping centers

Bond issuance for a total amount of €44m, with a term of 5 years, and

an annual gross return of 4.25%

. H1 2015 Results

Operating result: €3.9m vs €2.5m

Net current result: €0.7m vs €0.9m

Net result: -€1.4m vs -€7.5m

More detailson

www.banimmo.be


CONSOLIDATEDACCOUNTS


CONSOLIDATED ACCOUNTS

CONSOLIDATED EARNINGS

(€m) 30/06/14 31/12/14 30/06/15

Gross rental income 22.5 43.7 20.7

Net rental income 20.7 39.2 18.2

Other income 0.5 1.3 0.8

Corporate expenses (5.1) (10.1) (3.8)

Current EBITDA 16.0 30.3 15.1

Current operating profit 16.0 30.2 15.0

Other income and expenses 0.1 (0.5) 0.2

Net financial cost (5.7) (10.9) (5.0)

Taxes (0.2) (0.5) (0.2)

Associates (2.2) (1.9) (2.2)

Miscellaneous (0.1) 0.1 (0.4)

Net current profit 7.9 16.5 7.4

Value adjustments of properties & profit on disposals (9.6) (21.1) (5.5)

Fair value adjustments of hedging instr. (2.3) (2.3) 1.9

Adjustements for associates (1.9) (3.4) 1.8

Others (0.4) (0.6) (0.0)

Net non-current profit – group share (14.3) (27.4) (1.9)

Net profit – group share (6.4) (11.0) 5.6

EPRA Earnings (Net current profit – group share) 7.9 16.5 7.4

EPRA Earnings (excl. Banimmo) 9.7 18.3 9.7


236.0 (6.0)(7.0)

+1.9+7.4 (4.3)

228.1

31/12/2014 Dividends paid FV properties FV FI EPRA earnings Others 30/06/2015

€23.0per share

€22.2per share

CONSOLIDATED ACCOUNTS

NET ASSET VALUE CHANGE

(€m) 30/06/14 31/12/14 30/06/15

Shareholders’ equity (before allocation) 310.3 303.5 298.3

PSL adjustment (73.2) (73.2) (73.2)

Fair value adjustments to hedging instr. 10.0 9.9 7.3

Net deferred tax (4.3) (4.3) (4.4)

EPRA NAV (excluding transfer tax) 242.8 236.0 228.1

EPRA NAV (including transfer tax) 278.7 272.5 264.2

EPRA NAV (excluding transfer tax) per share (€) 23.7 23.0 22.2

(M€)Excluding PSL (TSDI)

Based on the Net Asset Value

of Banimmo (€5.06 per

share)

Others: interest on

convertibles and PSL

Convertibles, etc

NAV per share after dilution

fromconvertibles


FINANCING


881 821 803

682 699 668 682 662

484423 407

310 327 330 329 33655.0%51.5%50.8%

45.5%46.8%49.3% 48.3% 50.8%

0%

20%

40%

60%

80%

100%

120%

0100200300400500600700

800900

2009 2010 2011 2012 2013 2014 S12014

S12015

Value

Loan

LTV

. LTV of 50.8% (€m)

Stability of the net debt: €336m excl. lease financing

Interest rate risk hedged

FINANCING

A CONTROLLED LTV


FINANCING

FINANCING AT FAVOURABLE CONDITIONS

. Average financing cost of 1.6%, or 2.7% hedging included

(vs 1.9% & 3.0% as at 31/12/2014)

. Banks relationship diversified

6 main banks

Average duration of the debt: 5.5 years

Financing asset by asset with mortgages

Amortizable over middle term

. Financing in H1 2015

Mortgage loan:

Financing: €9m

Refinancing: €40m


0

20

40

60

80

100

120

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Contractual amortisation Repayment at maturity Early repayment

FINANCING

A BALANCED DEBT PROFILE

. Amortisation of debt (€m)

A financing policy aiming at smoothing the amortisation

Repayment: around €30m p.a. on average

Short term available credit lines of €15m

The year refinancing program is covered up to 96%


STRATEGY & OUTLOOKS


STRATEGY & OUTLOOKS

OUR STRATEGY [1/2]

. Geographic concentration of investmentsOn Métropole du Grand Paris and regional cities

(Bordeaux, Lille, Lyon, Marseille, Nantes, Toulouse)

Cities benefitting from good national and international transport

network (TGV or air transport) and a strong economic dynamic

. Investing primarily in buildingsNew or recent, preferably with green certification

Of an average size of €10m to €30m

Ensuring high rental income

While also containing a potential for value creation by their location or

rental situation

. A sustained effort to improvement of assetsBy improving quality via a "sustainable development" approach

By paying attention to the comfort of its tenants in order to generate

improved rental stability

By optimizing management through an efficient information system

. Banimmo, to a more promising positioningBelgium market: built-to-suit, residential and shopping centers

French market: essentially shopping centers


53.3%

21.7%

24.9%

Offices

Retail

Warehouses and industrial

STRATEGY & OUTLOOKS

OUR STRATEGY [2/2]

. Breakdown of the portfolio in value term

La Métropole du

Grand Paris

75 + 92 +93 + 94


CONTACTS

CONTACTS

. Affine

. Liquidity contract: Invest Securities

. Website : www.affine.fr

Maryse Aulagnon Alain Chaussard

Chairperson and CEO Vice-Chairman and Co-CEO

+ 33 (0)1 44 90 43 10 – [email protected]

Frank Lutz

Investor Relations

+ 33 (0)1 44 90 43 53 – [email protected]


APPENDIX


APPENDIX

CONSOLIDATED CASH FLOW

(€m) 30/06/14 31/12/14 30/06/15

Funds from operation 11.9 22.8 11.2

Funds from operation (excluding cost of debt and tax) 17.9 34.3 16.3

Change in WCR (11.2) (13.2) 1.8

Taxes paid (1.0) (1.2) (1.0)

Operating cash flow 5.7 19.9 17.1

Acquisitions & Investments (4.7) (22.1) (6.5)

Disposals 12.2 25.2 6.1

Others 0.1 0.1 0.0

Investment cash flow 7.6 3.2 (0.4)

New loans 9.9 44.7 25.6

Loan repayments (18.0) (60.4) (35.8)

Interest (5.8) (11.2) (5.1)

Others (of which dividends) (8.2) (13.9) (6.1)

Financing cash flow (22.0) (40.8) (21.5)

Change in cash position (8.8) (17.7) (4.8)


APPENDIX

CONSOLIDATED BALANCE SHEET

(€m) 30/06/14 31/12/14 30/06/15

Properties 583.2 575.1 569.5

of which investment properties 431.9 426.9 462.8

of which property held for sale 151.3 148.2 106.7

Equity holdings 0.3 0.3 0.0

Equity affiliates 56.4 54.7 54.2

Cash 21.3 4.3 5.8

Other assets 80.0 72.0 76.9

Shareholders equity (before allocation) 310.3 303.5 298.3

of which convertibles 20.4 20.4 20.4

of which PSL 73.2 73.2 73.2

Bank debt 358.1 346.7 336.9

Other liabilities 72.8 56.0 71.2

Total balance sheet 741.2 706.3 706.4



PORTFOLIO YIELD

. Return by asset type

. Return by location

Portfolio Headline Potential

Split in value Yield yield

Offices 53.3% 6.4% 7.3%

Retail 21.7% 6.7% 7.8%

Warehouses & Industrials 24.9% 8.7% 9.3%

Total 100.0% 7.0% 7.9%

Portfolio Headline Potential

Split in value yield yield

Métropole du Grand Paris 28.8% 5.3% 6.0%

Other Ile-de-France 12.2% 9.3% 10.5%

French Regions 57.5% 7.4% 8.4%

Total 100.0% 7.0% 7.9%


12

13

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15

16

17

18

19

20

21

22

janv.-14 mars-14 mai-14 juil.-14 sept.-14 nov.-14 janv.-15 mars-15 mai-15 juil.-15

Affine Euronext IEIF SIIC France EPRA Europe

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APPENDIX

SHARE PRICE (€) AND AVG TRANSACTION VOL. (000)


APPENDIX

LTV (NET DEBT / PORTFOLIO VALUE)LO

AN

VA

LUE

(€m) 30/06/14 31/12/14 30/06/15

Net financial debt 347 345 347

Debt allocated to lease financing (18) (15) (11)

Debt for investment properties 329 330 336

Value of properties (incl. TT) 618 610 604

Property companies on equity basis 54 52 52

VEFA & Fixed assets adjustments 10 6 6

Adjusted portfolio value incl. taxes 682 668 662

LTV (net debt on portfolio value) 48.3% 49.3% 50.8%


9%4%

4%4%3%

77%

SNCF

Movianto

TDF

Distrib - Pharma

Ediacat

Others < 3%

322 Leases

TO

P 5

. A diversified portfolio of customer – Breakdown of rents

Overall, the group has 322 leases corresponding to an average rental

income of €128,000 by tenant or €100,000 excluding the TOP 5

APPENDIX

A DIVERSIFIED RISK ON TENANTS


APPENDIX

DIVIDEND

. Affine, high yield property company (€m)

A 6.0% yield based on the share price of 30/06/2015 (€16.77)

10.7

9.812.2 13.4

8.1

14.4

20.6

10.8 10.88.1 9.0

0

5

10

15

20

25

30

2006 2007 2008 2009 2010 2011 2012 2013 2014

Cash Share


Holdaffine35.2%

Free float*64.8%

(voting rights 51.2%)

(voting rights 48.8%)

APPENDIX

SHAREHOLDING

. Shareholding

Annualised capital turnover

rate of 48% based on

the float

Annualised capital turnover

rate of 31%

. Affine is listed on NYSE Euronext Paris 30 June 15

Number of shares 9,051,431

Share price €16.77

Market capitalisation €151.8m

Change in 2014 10.5%

EPRA earnings per share €0.62

Ticker (Bloomberg / Reuters) IML FP / BTPP.PA

* Of which Orexim and La Tricogne:

repectively 6.9% and 6.6% of capital and

5.0% and 4.8% of voting rights

Documents

HALF-YEARRESULTS 2015 · 7/30/2015 · Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 End of lease Fixed term PERFORMANCE OF THE PORTFOLIO LEASEAVERAGEDURATION