Financial information

2019 half-year results

Consolidated revenue: +17%
Strong growth in Residential sales
Success in Business Property and Large Mixed-use projects
Value creation in Retail
Guidance confirmed

“The operational performances in this semester has been one of our best.

All business lines of the Group experienced a very strong growth: development of our offer in high-demand areas and gains in market shares in Residential, pipeline refuelling and major commercial real estate agreements, and strong value creation in retail driven both by railway stations and the strength of our portfolio. The combined size of all projects under development amounts to €19.4 billion with potential value representing 4.5 million m². Our Group’s potential as never appeared so promising.

Our vocation consists in building the city in all its real estate components and especially in cities affected by metropolisation which are facing ever-growing real estate needs. This market is not only immense but is also growing at a sustained pace, validating the strategic choices made by our Group over the past several years. Altarea Cogedim is the only player with development expertise in all real estate asset classes. Our strong balance sheet allows us to implement our ambitious development strategy while maintaining a prudent risk profile. This ability has been recognized by the rating agencies which renewed the BBB rating with stable outlook for our Group and its subsidiaries.

Today, our company is fundamentally looking towards the future.

The future of cities, to make them more sustainable and resilient: with this in mind, the Group has acquired a 50% stake in Woodeum, a leader in wooden residential development. More generally our entire strategy has been designed to meet the highest ecological standards.

The future of our company, which shallstrengthen its organization to ensure its long-term development: the appointment of Jacques Ehrmann, an experienced professional and recognized manager who recently joined our Group in order to lead, alongside with me, all the teams towards new ambitions, falls in line with this goal.

Regarding 2019, Altarea Cogedim aims at achieving a FFO target between €17.50 and €17.70 per share after taking into account the dilutive effect of the payment of the 2018 dividend in shares (which occurred mid-2019), and will propose a dividend of €13.00 per share (subject to approval by the General Meeting).

As for 2020, the Group confirms its FFO target of €300 million taking into account the increase in taxes on non-SIIC activity and changes in accounting standards (IFRS 15 & 16 and IAS 23).”

Alain Taravella, Chairman and Founder of Altarea Cogedim

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Altarea Cogedim