HALF-YEAR BUSINESS REVIEW

Leading property developer in France 

• Consolidated pipeline: Potential value of €17.8 billion (+4%)
• Large mixed-use projects: 10 projects underway (over 860,000 m²)
  2 bids won (Joia Meridia in Nice, Quartier des Gassets in Val-d’Europe)

Residential 

• New orders: 5,207 units (+8%) worth €1.3 billion incl. tax (+7%)
• Revenue: €798.5 million (+25%)

Business property 

• New orders: €332 million incl. tax
• AltaFund: Sale of the future headquarters of Parfums Christian Dior to Sogecap for €466 million
• Revenue: €191.8 million (+15%)

Retail 

• Net rental income: €84.2 million (+0.9% like-for-like)
• Development: Paris-Montparnasse rail station: success of the 1st tranche letting
• Portfolio: €4.7 billion (€3.1 billion in Group share)

Results 

• Revenue: €1,095.6 million (+20.1%)
• FFO: €124.2 million (+7.6%) i.e. €7.77/share (+2.6%)
• Diluted Going Concern NAV5: €171.2/share (+7,0% vs. 30/06/2017)
• LTV6: 38.5% (+240bps)

Rating 

• S&P Global assigned to the Altarea Cogedim Group a BBB rating (outlook stable), including its Altareit subsidiary (property development branch) which issued its 1st public bond for €350 million with a 7-year maturity.