Rostock, Germany
Rostock, Germany

Time filter

Source Type

News Article | February 23, 2017
Site: www.24-7pressrelease.com

American Health Council Names Sharon Pratt Lapkin, MS, RN, CPHRM to Nursing Board | Sharon Pratt Lapkin, Administrative Director and Senior Risk Manager at Bon Secours Health System, Inc., has been selected to join the Nursing Board at the American Health Council. | Sharon Pratt Lapkin, Administrative Director and Senior Risk Manager at Bon Secours Health System, Inc., has been selected to join the Nursing Board at the American Health Council. Source One Management Services Partners with the Institute of Supply Management as Diamond Sponsors of ISM2017 | Source One Returns to the ISM Annual Conference as Premier Sponsors of the ISM Annual Conference and the Executive-Only Subconference, ExecIn. | Source One Returns to the ISM Annual Conference as Premier Sponsors of the ISM Annual Conference and the Executive-Only Subconference, ExecIn. Become a More Confident Public Speaker with Alba International's 8 Top Tips | Brisbane-based retail sales specialists Alba International have vast experience coaching and mentoring young professionals, and one of the most common skills that they see people struggle to master is public speaking. | Brisbane-based retail sales specialists Alba International have vast experience coaching and mentoring young professionals, and one of the most common skills that they see people struggle to master is public speaking. LMC Interactive Services: You NEED Discipline | Sales and marketing experts LMC Interactive Services has been taking a frank look at the crucial role discipline plays in success. | Sales and marketing experts LMC Interactive Services has been taking a frank look at the crucial role discipline plays in success. Mojico Unveils How To Turn Limited Resources Into A Successful Business Venture | Sales and marketing firm Mojico believes passionate entrepreneurs can take limited resources and turn it into something successful. Here, the company shares the story of business owners who have done just that. | Sales and marketing firm Mojico believes passionate entrepreneurs can take limited resources and turn it into something successful. Here, the company shares the story of business owners who have done just that. Master Your Next Sales Conversation with K&A Global's Top Tips | Sales and marketing experts K&A Global have shared their top tips for mastering a sales conversation and closing every deal. | Sales and marketing experts K&A Global have shared their top tips for mastering a sales conversation and closing every deal. 1st Line Global: A Story of Inspiration | Sales and marketing firm 1st Line Global has shared the story of Roger Banister and how his once winning record has become the norm. Here, the firm reveals how all it takes is one person to demonstrate what is possible in order to inspire others. | Sales and marketing firm 1st Line Global has shared the story of Roger Banister and how his once winning record has become the norm. Here, the firm reveals how all it takes is one person to demonstrate what is possible in order to inspire others. Enigma Software Group Resolves Bleeping Computer Litigation | Enigma Software Group USA, LLC ("ESG") reported that it achieved a settlement in the suit it filed a year ago against Bleeping Computer LLC. The case will now be dismissed. | Enigma Software Group USA, LLC ("ESG") reported that it achieved a settlement in the suit it filed a year ago against Bleeping Computer LLC. The case will now be dismissed. Enigma Software Group's SpyHunter Receives 100% Effectiveness Score from AV-TEST | ESG's SpyHunter, an anti-malware software product and service, was given a 100% effectiveness score on the malware detection and remediation test conducted by AV-TEST. | ESG's SpyHunter, an anti-malware software product and service, was given a 100% effectiveness score on the malware detection and remediation test conducted by AV-TEST.


News Article | February 28, 2017
Site: www.businesswire.com

BOSTON--(BUSINESS WIRE)--Natixis Global Asset Management announced today the launch of the Mirova Global Green Bond Fund (MGGYX), a high-conviction fixed-income mutual fund managed by Natixis Asset Management U.S., LLC utilizing the investment and research expertise of Mirova. Mirova is an asset manager, based in Paris, that specializes in responsible investing, which for this strategy includes environmental, social and governance (ESG) analysis combined with identification of value in the green bond universe. Green bonds finance projects that provide environmental and sustainable benefits. “Investors are looking at ESG more closely to understand global trends that may impact their portfolios over the long term,” said David Giunta, President and CEO of Natixis Global Asset Management for the U.S. and Canada. “We are pleased to offer the Mirova Global Green Bond Fund to investors who recognize the opportunities that renewable energy and ecological transition may present and would like a vehicle to invest in these projects as a complement to a core fixed-income allocation and as a component of a durable portfolio.” The Mirova Global Green Bond Fund aims to provide total return, through a combination of capital appreciation and current income, by investing in green bonds. The fund is dedicated to financing environmental transition projects while potentially benefitting investors with global diversification and sustainable value. Mirova conducts full ESG analysis of the green bond issuer as well as analysis of financed projects, which aims to measure the environmental and social impact of each bond. Eligible green bond investments are then evaluated using traditional fundamental and credit analysis as well as security-specific analysis in seeking attractive relative value. It must invest at least 40% of assets in securities domiciled outside of the U.S. The fund is co-managed by Christopher Wigley and Marc Briand. “At Mirova, we have nearly three decades of sustainable investing experience, familiarity with the Green Bond Principles* and an in-house ESG research team which performs analysis on each issuer,” said Jens Peers, CFA, Chief Investment Officer at Mirova.** “The Mirova Global Green Bond Fund utilizes these assets, as well as traditional and fundamental credit evaluation, to populate the portfolio, resulting in a comprehensive, high-conviction, global green bond strategy.” The Mirova Global Green Bond Fund is one of the underlying funds in the new Natixis Sustainable Future target date fund offering. Visit http://ngam.natixis.com/us/natixis-sustainable-future-funds for more information. *Green Bond Principles 1. Use of Proceeds: based on documentation that specifies proceeds will be used to finance projects with positive environmental impact, such as projects related to climate change, preservation of resources, or pollution prevention. 2. Impact on Sustainable Opportunity: bond quality is tied to the environmental impact of a project. Assesses bonds as High, Significant, Little to None, or Negative impact. 3. Risk Evaluation: ESG-related practices of the issuer and the management of environmental and social risks during the life of the projects are analyzed and rated Risk, Neutral, or Positive. 4. Reporting: issuers should provide regular, transparent reports on use of proceeds. This reporting is also used to reevaluate all other aspects of the team’s analysis. **Mirova, an asset management company wholly-owned by Natixis Asset Management (Natixis AM) since 2014 and previously a division of Natixis AM, benefits from around 30 years of experience in Environmental, Social, Governance (ESG) investing through Natixis AM. Mirova is operated in the U.S. through Natixis Asset Management U.S., LLC. RISKS: Fixed-income securities may carry one or more of the following risks: credit, interest rate (as interest rates rise bond prices usually fall), inflation and liquidity. Below investment-grade fixed-income securities may be subject to greater risks (including the risk of default) than other fixed-income securities. Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than U.S. securities, due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets. Sustainable investing focuses on investments in companies that relate to certain sustainable development themes and demonstrate adherence to environmental, social and governance (ESG) practices; therefore the Fund’s universe of investments may be reduced. It may sell a security when it could be disadvantageous to do so or forgo opportunities in certain companies, industries, sectors or countries. This could have a negative impact on performance depending on whether such investments are in or out of favor. Non-diversified funds invest a greater portion of assets in fewer securities and therefore may be more vulnerable to adverse changes in the market. Derivatives involve risk of loss and may entail additional risks. Because derivatives depend on the performance of an underlying asset, they can be highly volatile and are subject to market and credit risks. Before investing, consider the fund's investment objectives, risks, charges, and expenses. Visit ngam.natixis.com or call 800-225-5478 for a prospectus or a summary prospectus containing this and other information. Read it carefully. NGAM Distribution, L.P. is a limited purpose broker-dealer and the distributor of various registered investment companies for which advisory services are provided by affiliates of Natixis Global Asset Management, S.A. NGAM Distribution, L.P. is located at 399 Boylston Street, MA 02116. 800-862-4863. ngam.natixis.com About Mirova Mirova, a subsidiary of Natixis Asset Management, offers a global responsible investing approach involving Equities, Fixed-Income, General and Renewable Energy Infrastructure, Impact Investing, and Voting and Engagement. It has $6.8 billion in assets under management (as of 12/31/16) and $44 billion in Voting and Engagement (as of 12/31/15). Its team of circa 60 multidisciplinary experts includes specialists in thematic investment management, engineers, financial and environmental, social and governance analysts, project financing specialists and experts in solidarity finance. About Natixis Asset Management U.S., LLC and Mirova Natixis AM U.S. provides access to investment solutions that benefit from the extensive resources of a leading European asset management group. Natixis AM U.S. launched in 2014, is a U.S.-based investment adviser, majority-owned by Natixis Asset Management and minority-owned by Mirova with $423 million in assets under management (as of 12/31/16). Natixis AM U.S. utilizes the expertise of Mirova, which is operated in the U.S. through Natixis AM U.S. About Natixis Global Asset Management Natixis Global Asset Management serves thoughtful investment professionals worldwide with more insightful ways to invest. Through our Durable Portfolio Construction® approach, we focus on risk to help them construct more strategic portfolios that seek to endure today’s unpredictable markets. We draw from deep investor and industry insights and partner closely with our clients to put objective data behind the discussion. Natixis Global Asset Management is ranked among the world’s largest asset management firms.1 Uniting over 20 specialized investment managers globally ($877 billion AUM2), we bring a diverse range of solutions to every strategic opportunity. From insight to action, Natixis Global Asset Management helps our clients better serve their own with more durable portfolios. Headquartered in Paris and Boston, Natixis Global Asset Management, S.A. is part of Natixis. Listed on the Paris Stock Exchange, Natixis is a subsidiary of BPCE, the second-largest banking group in France. Natixis Global Asset Management, S.A.’s affiliated investment management firms and distribution and service groups include Active Index Advisors®;3 AEW Capital Management; AEW Europe; AlphaSimplex Group; Axeltis; Darius Capital Partners; DNCA Investments;4 Dorval Finance;5 Emerise;6 Gateway Investment Advisers; H2O Asset Management;5 Harris Associates; IDFC Asset Management Company; Loomis, Sayles & Company; Managed Portfolio Advisors®;3 McDonnell Investment Management; Mirova;5 Natixis Asset Management; Ossiam; Seeyond;7 Vaughan Nelson Investment Management; Vega Investment Managers; and Natixis Global Asset Management Private Equity, which includes Seventure Partners, Naxicap Partners, Alliance Entreprendre, Euro Private Equity, Caspian Private Equity and Eagle Asia Partners. Visit ngam.natixis.com for more information. 1 Cerulli Quantitative Update: Global Markets 2016 ranked Natixis Global Asset Management, S.A. as the 16th largest asset manager in the world based on assets under management ($870.3 billion) as of December 31, 2015. 2 Net asset value as of December 31, 2016. Assets under management (AUM) may include assets for which non-regulatory AUM services are provided. Non-regulatory AUM includes assets which do not fall within the SEC’s definition of ‘regulatory AUM’ in Form ADV, Part 1. 3 A division of NGAM Advisors, L.P. 4 A brand of DNCA Finance. 5 A subsidiary of Natixis Asset Management. 6 A brand of Natixis Asset Management and Natixis Asset Management Asia Limited, based in Singapore and Paris. 7 A brand of Natixis Asset Management.


News Article | March 1, 2017
Site: www.businesswire.com

LONDRA--(BUSINESS WIRE)--Una migliore diffusione delle pratiche ambientali, sociali e di governance (ESG, Environmental, Social, and Governance), una maggior possibilità di entrare in contatto con gli amministratori, la divulgazione di una matrice di competenze del CdA e un solido processo di valutazione di quest'ultimo, oltre alla retribuzione basata sulle performance. Secondo i risultati dell'indagine annuale sugli investitori istituzionali di Morrow Sodali, sono queste alcune delle principali aree su cui si concentra l'interesse degli investitori istituzionali di tutto il mondo, in preparazione ai prossimi meeting annuali per il 2017 e ai temi su cui verteranno gli impegni a lungo termine.


News Article | February 27, 2017
Site: globenewswire.com

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN Rexel, a global leader in the professional distribution of products and services for the energy world, announced today that it intends to offer €300 million of senior unsecured notes due 2024 (the "Notes"). The Notes, callable at Rexel's discretion as from March 2020, will rank pari passu with Rexel's senior credit facility and other senior unsecured notes. Rexel will use the proceeds of the issuance of the Notes to redeem all or part of the 5.250% senior US$ notes due June 2020 issued by Rexel on April 3, 2013 (the "2020 Notes") of which US$330,000,000 remain outstanding. Rexel expects to redeem the outstanding 2020 Notes on or about June 15, 2017. Rexel can elect not to redeem the 2020 Notes if it does not issue the Notes or if there is a material adverse change in financial markets.  This issuance will allow Rexel to enhance its financial structure by extending its debt maturity profile and reducing its overall cost of financing. The Notes will be offered exclusively to investors outside the United States and are expected to be listed on the Luxembourg Stock Exchange (Euro MTF). Rexel expects the Notes to be rated by Moody's, Fitch and Standard & Poor's. Ratings announcements are expected to be released shortly by the rating agencies. BNP Paribas and Crédit Agricole Corporate and Investment Bank will act as Joint Global Coordinators, and as Joint Lead Bookrunners. Merrill Lynch International, HSBC Bank plc and Natixis will act as Joint Bookrunners for the Notes offering. Banco Bilbao Vizcaya Argentaria, S.A., Crédit Industriel et Commercial S.A. and Société Générale will act as Co-Lead Managers. This document is not an offer of securities for sale nor the solicitation of an offer to purchase securities in France, in the United States or any other jurisdiction. The securities described herein may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons unless they are registered or exempt from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The securities described herein have not been and will not be registered under Securities Act and Rexel does not intend to make a public offer of its securities in the United States. The offer and sale of the Notes in France will be carried out through a private placement in accordance with article L.411-2 of the French Financial and Monetary Code and other applicable laws and regulations. There will be no public offering in France. Rexel, a leader in the professional distribution of products and services for the energy world, addresses three main markets - residential, commercial and industrial. The Group supports its customers to be at their best in running their business, by providing a broad range of sustainable and innovative products, services and solutions in the field of technical supply, automation and energy management. Rexel operates through a network of some 2,000 branches in 32 countries, with more than 27,000 employees. The Group's sales were €13.2 billion in 2016. Rexel is listed on the Eurolist market of Euronext Paris (compartment A, ticker RXL, ISIN code FR0010451203). It is included in the following indices: SBF 120, CAC Mid 100, CAC AllTrade, CAC AllShares, FTSE EuroMid, STOXX600. Rexel is also part of the following SRI indices : FTSE4Good, STOXX® (STOXX® Global ESG Impact, STOXX® Low Carbon indices Global, Europe et EURO), Ethibel Sustainability Index Excellence Europe and Dow Jones Sustainability Index Europe, in recognition of its performance in corporate social responsibility (CSR).  For more information, visit Rexel's web site at www.rexel.com No communication and no information in respect of the offering by Rexel of notes described in this announcement (the "Notes") may be distributed to the public in any jurisdiction where a registration or approval is required. No steps have been or will be taken in any jurisdiction where such steps would be required. The offering or subscription of the Notes may be subject to specific legal or regulatory restrictions in certain jurisdictions. Rexel takes no responsibility for any violation of any such restrictions by any person. This announcement is not a prospectus within the meaning of Directive 2003/71/EC of the European Parliament ant the Council of November 4, 2003 as implemented in each member State of the European Economic Area and amendments thereto, including Directive 2010/73/EU (the "Prospectus Directive"). This announcement does not, and shall not, in any circumstances constitute a public offering nor an invitation to the public in connection with any offer in any jurisdiction. The offer and sale of the Notes in France will be carried out through a private in accordance with article L.411-2 of the French Financial and Monetary Code and other applicable laws and regulations. There will be no public offering in France. With respect to the member States of the European Economic Area, other than France, which have implemented the Prospectus Directive, the Notes may only be offered under circumstances not requiring Rexel to publish a prospectus as provided under article 3(2) of the Prospectus Directive. This communication does not constitute an offer to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the Notes. The distribution of this press release is not made, and has not been approved, by an "authorized person" within the meaning of Article 21(1) of the Financial Services and Markets Act 2000. As a consequence, this press release is directed only at persons who (i) are located outside the United Kingdom, (ii) have professional experience in matters relating to investments and fall within Article 19(5) ("investment professionals") of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (the "Order") , (iii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc.") of the Order or (iv) are persons to whom this communication may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). The Notes are directed only at Relevant Persons and no invitation, offer or agreement to subscribe, purchase or otherwise acquire such Notes may be proposed or made other than with Relevant Persons. Any person other than a Relevant Person may not act or rely on this document or any provision hereof. This press release is not a prospectus which has been approved by the Financial Services Authority or any other United Kingdom regulatory authority for the purposes of Section 85 of the Financial Services and Markets Act 2000. This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The Notes have not been and will not be registered under the Securities Act, or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the Securities Act ("Regulation S"), expect pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act. The Notes are being offered and sold only outside the United States to non-U.S. persons in "offshore transactions" as defined in and in accordance with Regulation S. Rexel does not intend to register any portion of the offering in the United States or to conduct an offering of securities in the United States. The distribution of this document in certain countries may constitute a breach of applicable law. The information contained in this document does not constitute an offer of securities for sale in the United States, Australia, Canada or Japan. This press release may not be published, forwarded or distributed in the United States, Australia, Canada or Japan.


News Article | February 28, 2017
Site: globenewswire.com

Disclosure of Trading in Own Shares from 20 to 24 February 2017 In compliance with general regulation on share buy-backs, SOCIÉTÉ BIC declares below the transactions made on its own shares from 20 to 24 February 2017: 2017 Agenda (all dates to be confirmed) BIC is a world leader in stationery, lighters, shavers and promotional products. For more than 60 years, BIC has honored the tradition of providing high-quality, affordable products to consumers everywhere. Through this unwavering dedication, BIC has become one of the most recognized brands in the world. BIC products are sold in more than 160 countries around the world. In 2016, BIC recorded net sales of 2,025.8 million euros. The Company is listed on "Euronext Paris" and is part of the SBF120 and CAC Mid 60 indexes. BIC is also part of the following Socially Responsible Investment indexes : CDP's Climate A List, CDP's Supplier Climate A List, CDP Supplier Engagement Leader Board, FTSE4Good indexes, Ethibel Sustainability Index (ESI) Excellence Europe, Euronext Vigeo - Eurozone 120, Euronext Vigeo - Europe 120, Stoxx Global ESG Leaders Index. For more information, please visit BIC corporate web site: www.bicworld.com


News Article | February 23, 2017
Site: www.businesswire.com

Le pipeline total d’opérations de développement et de restructuration augmente à plus de 3,7 Md€, en dépit de la livraison en 2016 de deux projets majeurs (« City 2 » et « Le Cristallin » à Boulogne). 7 nouveaux projets de développements ont été lancés en 2016, grâce aux nouveaux investissements sécurisés en cours d’année (Be Issy et rue de Madrid), mais également à 5 nouvelles opérations de restructuration actées en 2016 sur des actifs du patrimoine à la suite de la libération des surfaces concernées (3 nouveaux projets dans Paris intramuros, les deux autres se situant à Neuilly et Levallois-Perret). Gecina porte ainsi son pipeline de projets engagés à plus de 1,5 Md€ (contre 910 M€ à fin 2015), rassemblant 15 opérations situées à près de 90% dans Paris Intramuros et dans les meilleures zones du Croissant Ouest (Issy-les-Moulineaux, Neuilly et Levallois). Ce pipeline engagé sera significativement relutif sur l’ANR au fur et à mesure de l’avancement des travaux et sur le résultat récurrent net lors des livraisons des projets qui sont attendues entre 2017 et 2019. Le résultat récurrent net part du Groupe est stable en 2016 par rapport à 2015 (-0,5%). Retraité des frais liés au départ du précédent Directeur Général, le résultat récurrent net ressortirait à 349,7 M€ (+0,1%). Cette performance est le résultat de changements de périmètres conséquents, notamment avec d’importantes acquisitions réalisées en 2015 (principalement des immeubles T1&B à La Défense et du siège actuel du Groupe PSA dans le QCA parisien), mais également des cessions d’actifs non stratégiques et matures principalement concentrées sur 2016 (ventes du portefeuille de santé et d’immeubles de bureaux situés dans des zones non stratégiques pour Gecina). La performance 2016 traduit également la poursuite de l’optimisation des charges financières, en baisse de -28,3%, avec un coût moyen de la dette total de 2,2% (en baisse de 50 pb) et une maturité de la dette tirée et des couvertures de taux en hausse significative. La demande placée dans Paris Intramuros (où Gecina détient 54% de son patrimoine de bureaux) a cru de +14% en 2016, rassemblant près de la moitié du volume de transactions total de la Région parisienne, alors que l’offre immédiatement disponible y est en baisse de -30%. En conséquence le taux de vacance dans Paris intramuros se rapproche d’un plus bas historique à 3,5%, reflétant une situation de pénurie d’immeubles de qualité. CBRE note qu’une part croissante des transactions est motivée par la volonté de privilégier la centralité, reconnue comme un facteur de productivité et permettant de limiter la rotation des effectifs notamment pour les salariés à forte valeur ajoutée. Ces tendances favorables sont conformes aux anticipations de Gecina et soutiennent le bien-fondé de la stratégie de recentrage du Groupe annoncée début 2015. Gecina confirme les grandes orientations stratégiques telles que présentées début 2015 et maintiendra par conséquent la direction suivie ces dernières années autour des 4 grands piliers de création de valeur (Investissements à valeur ajoutée, Cessions opportunistes, Extraction de valeur sur notre propre patrimoine et Innovation) avec l’ambition d’accélérer le processus enclenché. Les équipes de Gecina travaillent d’ores et déjà sur les 3 leviers d’accélération suivants : 4 Ces objectifs ne supposent aucune cession ni investissement et pourront être par conséquent revus à la hausse comme à la baisse en fonction des opportunités d’investissements et de cessions qui pourraient être réalisées en cours d’année 5 Intégrant l’effet des cessions hors santé réalisées en 2016, des livraisons d’actifs en 2016 et 2017, et de la croissance organique 6 Cet objectif pourra être revu à la hausse comme à la baisse en fonction des opportunités d’investissements et de cessions qui pourraient être réalisées Méka Brunel, Directrice Générale : « Le projet stratégique est en ordre de marche, et nous sommes convaincus que la direction prise par le Groupe depuis début 2015 est la bonne pour l’avenir. Dans un environnement qui marque la fin de la baisse des taux, il faut aller plus vite et ne pas modérer nos ambitions. Encore plus aujourd’hui qu’hier, il convient d’être sélectif, réactif et flexible, dans un marché qui présentera certes de nouveaux risques mais aussi de nouvelles opportunités qu’il faudra savoir saisir. Une dynamique doit donc s’enclencher pour donner une nouvelle dimension aux ambitions du Groupe. Les performances opérationnelles de 2016 sont solides et encourageantes, le pipeline offre une réserve de création de valeur et de croissance sans égale en Europe continentale, afin de mieux servir nos actionnaires dans le futur ». A périmètre courant, la baisse de -6,0% résulte principalement du volume important de cessions réalisées et notamment de la cession du portefeuille de santé finalisée le 1er juillet 2016. Cette baisse traduit aussi les programmes de cessions réalisés en 2015 et 2016 permettant de matérialiser d’importantes plus-values de cessions, portant sur le patrimoine résidentiel mais également sur des immeubles de bureaux non stratégiques ou matures. Enfin, la variation des loyers à périmètre courant est également impactée par les pertes temporaires de revenus locatifs d’immeubles de bureaux à fort potentiel de création de valeur, qui ont été mis en restructuration à la suite du départ de leurs locataires. Sur la période, les loyers supplémentaires engendrés par des acquisitions et livraisons réalisées en 2015 et 2016, s’élèvent à +46,1 M€ avec les immeubles T1&B à La Défense, PSA-Grande Armée dans Paris QCA, City 2 à Boulogne-Billancourt, Guersant-2 à Paris et 4 résidences étudiants. En contrepartie, les pertes de loyers relevant des cessions s’élèvent à -70,5 M€, dont -37,1 M€ provenant de la vente du portefeuille de santé, et -33,4 M€ résultant des cessions tertiaires et résidentielles réalisées en 2015 et en 2016 notamment à Gentilly, Boulogne-Billancourt, La Garenne-Colombes, Neuilly, Suresnes et Rueil Malmaison. La variation des revenus locatifs est également impactée par les mises en restructuration d’immeubles en 2015 et 2016, représentant une perte de loyers de l’ordre de -8,2 M€. A périmètre courant, les revenus locatifs de bureaux s’inscrivent en hausse de +2,4% sous l’effet notamment de l’acquisition au deuxième semestre 2015 des immeubles T1&B à La Défense et du siège actuel de PSA dans le QCA parisien, et des acquisitions immédiatement génératrices de revenus locatifs qui ont été finalisées ou livrées en 2016 (City 2 à Boulogne-Billancourt, Guersant-2 à Paris). Ces acquisitions compensent sur l’exercice l’effet des cessions et mises en restructuration (notamment de l’immeuble Paris-Guersant 1 en 2015, et des actifs Octant-Sextant à Levallois, Paris-Ville l’Evêque, Paris-Friedland, et un ensemble immobilier à Neuilly en 2016). A périmètre constant les loyers s’inscrivent en baisse modérée de -0,5%, conforme aux attentes du Groupe. Cette légère baisse résulte d’une indexation particulièrement faible (+0,2%) et des derniers effets de renouvellements et renégociations octroyés en 2015 et début 2016 en périphérie parisienne, en contrepartie de l’allongement de la maturité des baux. La croissance à périmètre constant est notamment impactée par le départ d’Oracle qui a libéré fin août 2015 une partie de l’immeuble Crystalys à Vélizy (en seconde couronne de la Région parisienne) aujourd’hui partiellement relouée. En excluant ce seul actif, la croissance à périmètre constant serait positive à +0,3% sur 2016. Les tendances observées en 2016 confirment la confiance affichée par Gecina sur le redémarrage des zones tertiaires les plus centrales de la Région parisienne. Bien que faisant ressortir une reprise de la demande placée sur l’ensemble de la Région parisienne, les statistiques Immostat publiées récemment montrent cependant une forte hétérogénéité des tendances au sein de la Région. Si les zones les plus centrales et notamment Paris intramuros ont atteint un point de retournement locatif, la situation reste plus délicate dans les zones les plus périphériques (1ère et 2ème Couronnes) où Gecina est cependant très peu présente. La demande placée est en hausse de +7% en moyenne sur la Région parisienne par rapport à 2015, mais le volume de transactions enregistré reste principalement localisé dans les zones les plus centrales de la Région parisienne. La demande placée dans Paris Intramuros a ainsi cru de +14% en 2016, et le volume atteint ressort 32% au-dessus de la moyenne décennale, en rassemblant près de la moitié du volume de transactions total de la Région parisienne. La dynamique est cependant moins favorable dans le reste de la Région avec une demande placée en hausse de +1% seulement, inferieure aux moyennes décennales, notamment dans les zones les plus périphériques de la première et de la deuxième couronne. L’offre immédiatement disponible se contracte également de -10% en moyenne sur la Région parisienne. Mais là encore, les tendances sont très hétérogènes, et encore une fois en faveur des zones les plus centrales. Si l’offre disponible immédiatement décroit de -30% dans Paris intramuros et de -7% dans le Croissant Ouest et La Défense, elle ne baisse cependant que modérément en périphérie (-5% en 1ère Couronne et -2% en 2ème Couronne). Sur Paris intramuros la contraction de l’offre disponible est telle qu’elle ne représente que 15% des disponibilités immédiates totales de la Région parisienne. En conséquence, le taux de vacance moyen dans Paris Intramuros, communiqué par BNP Paribas Real Estate, s’établit maintenant en dessous de 3,5% (vs. 5% à fin 2015), faisant apparaitre une situation de pénurie de biens de qualité, et se rapprochant d’un plus bas historique. Ce taux passe de 7,4% à 6,7% en moyenne sur l’Ile-de-France. Les perspectives en matière d’offre disponible à un an suggèrent que l’équilibre de marché devrait rester favorable en 2017. Le déficit d’offre disponible de surfaces de qualité dans les zones les plus centrales de la Région, devrait soutenir les tendances locatives, et confirmer la reprise modérée des loyers de marchés observée principalement dans Paris et à La Défense. Le taux d’occupation financier moyen (TOF) en 2016 s’établit à 95,5% hors santé (95,9% y compris portefeuille de santé), affichant une stabilité sur 6 mois, et un léger repli sur un an principalement en raison de la livraison du « Cristallin », non loué à fin 2016. Ce taux n’intègre en effet pas la commercialisation de l’intégralité de cet actif, qui a fait l’objet de la signature d’un bail en janvier 2017 avec le Groupe Renault. La marge locative ressort à 92,4%, en hausse de 80 pb sur un an, tirée par l’amélioration de celle-ci sur le portefeuille de bureaux, bénéficiant de l’intégration dans le portefeuille de Gecina des actifs acquis en 2015, intégralement loués et mono-locataires, et ayant donc par conséquent une marge locative supérieure à la moyenne du Groupe. La marge locative sur le bureau est également impactée par le retraitement d’honoraires de gestion locative jusque-là pris en compte en tant que revenus de « services et autres produits ». A périmètre constant la marge locative sur les bureaux est en hausse de +0,1%. En parallèle de ces cessions, Gecina a d’ores et déjà sécurisé plus de 321 M€8 d’investissements nouveaux d’actifs à développer ou restructurer qui feront l’objet de livraisons en 2018 et 2019. Le pipeline de Gecina s’inscrit en hausse sur 2016 à plus de 3,7 Md€, malgré la livraison des immeubles « City 2 » et « Le Cristallin » à Boulogne-Billancourt. Plus de 41% de ce portefeuille est constitué de projets engagés (soit 1,54 Md€), 19% de projets contrôlés et certains (soit 0,70 Md€) dont les travaux démarreront lors du départ des locataires en place, et 40% (soit 1,49 Md€) est constitué de projets identifiés au sein du patrimoine de Gecina, mais dont le départ du locataire n’est pas encore certain. Le pipeline contrôlé « certain » concerne les actifs détenus par Gecina, dont la libération est engagée et sur lesquels un projet de restructuration satisfaisant les critères d’investissements de Gecina a été identifié. Ces projets seront donc engagés dans les semestres ou années qui viennent. L’ensemble de ces projets « certains » mais non encore engagés représente 0,70 Md€ (contre 1,2 Md€ à fin 2015). Cette baisse traduit la mise en restructuration au premier semestre des immeubles « Octant-Sextant » et « 20 Ville l’Evêque » et au second semestre d’un ensemble immobilier à Neuilly, et de deux autres à Paris. Le pipeline contrôlé « certain » est aujourd’hui intégralement situé dans le QCA parisien, avec des projets dont les dates indicatives de livraisons s’étalent de 2020 à 2021. A périmètre constant, la hausse de valeur du patrimoine bureau s’élève à +4,3%, traduisant une revalorisation de +6,4% sur le portefeuille parisien. Les autres zones affichent des hausses de moindre ampleur avec une hausse de +1,7% dans le Croissant Ouest et La Défense et une quasi stabilité sur les autres zones (1ère Couronne, 2ème Couronne et Lyon). Ces expertises reflètent une compression des taux de capitalisation à périmètre constant de 22 pb sur le bureau depuis fin 2015 à 4,65%. Cette variation bénéficie non seulement d’une compression des taux de capitalisation sur les bureaux à Paris notamment et d’un effet « business plan » légèrement positif, mais également des effets de la stratégie « total return » de Gecina, au travers de plus-values de cessions significatives réalisées ou en cours (+1,3€ par action), de la revalorisation des actifs récemment achetés, et du portefeuille en cours de développement (+2,9€ par action). L’année 2017 sera marquée par les choix forts de Gecina en matière d’extraction de valeur, et notamment par les cessions d’actifs non stratégiques et matures en 2016, ainsi que par la mise en restructuration de 5 immeubles (dont 3 fin 2016) occupés jusqu’alors, afin d’en optimiser l’extraction du potentiel de création de valeur. Par conséquent, le résultat récurrent net en 2017, retraité de l’effet de la cession de la santé, devrait être en baisse de près de -5% à -6%9. Cette performance attendue reflète l’effet combiné d’une croissance sous-jacente attendue autour de +2% à +3%10 intégrant l’effet des cessions (hors santé), et de l’effet des mises en restructuration d’immeubles du patrimoine à la suite de la libération des surfaces concernées. 9 Cet objectif pourra être revu à la hausse comme à la baisse en fonction des opportunités d’investissements et de cessions qui pourraient être réalisées en cours d’année 10 Intégrant l’effet des cessions hors santé réalisées en 2016, des livraisons d’actifs en 2016 et 2017 et de la croissance organique 11 Cet objectif pourra être revu à la hausse comme à la baisse en fonction des opportunités d’investissements et de cessions qui pourraient être réalisées Gecina détient, gère et développe un patrimoine immobilier de 12,1 milliards d’euros à fin 2016 situé à près de 97% en Ile-de-France. La foncière oriente son activité autour du premier patrimoine de bureaux de France et d’un pôle de diversification composé d’actifs résidentiels et de résidences étudiants. Gecina a inscrit l’innovation durable au cœur de sa stratégie pour créer de la valeur, anticiper les attentes de ses clients et investir en respectant l’environnement grâce à l’implication et l’expertise de ses collaborateurs. Gecina est une Société d’Investissement Immobilier Cotée (SIIC) sur Euronext Paris et a intégré les indices SBF 120, Euronext 100, FTSE4Good, DJSI Europe et World, Stoxx Global ESG Leaders et Vigeo. Pour concrétiser ses engagements citoyens, Gecina a créé une fondation d’entreprise dédiée à la protection de l’environnement et au soutien de toutes les formes de handicap. L’ensemble des maturités de crédit des trois prochaines années est couverte par les lignes de crédit non utilisées (2 245 M€) au 31 décembre 2016. Par ailleurs, 100% de la dette tirée (après prise en compte des lignes de crédits non tirées) a une maturité supérieure à 3 ans et près de 70% a une maturité supérieure à 5 ans. L’évolution des loyers annualisés entre le 31 décembre 2015 et le 31 décembre 2016 reflète les choix stratégiques de Gecina. Les loyers annualisés passent ainsi de 507 M€ (hors santé) à fin 2015 à 479 M€ à fin 2016 (soit un baisse de –5,4%), principalement en raison de l’effet des cessions (hors santé) réalisées sur l’année (-21 M€, -4,1%), mais également de 5 actifs mis en restructuration à la suite du départ de leur locataires (-17 M€, -3,3%) qui auront à terme un impact relutif sur les agrégats locatifs et patrimoniaux de Gecina. Ces grands changements de périmètre cachent ainsi un effet business plan positif (variation de la vacance, réversion locative acquisitions et livraisons) de l’ordre de +10 M€, soit +2,0%.


Rexel, un acteur majeur de la distribution professionnelle de produits et services pour le monde de l'énergie, est présent sur trois marchés : résidentiel, tertiaire et industriel. Le Groupe accompagne ses clients pour leur permettre de gérer au mieux leurs activités en leur offrant une large gamme de produits, solutions et services durables et innovants, dans les domaines des équipements techniques, des automatismes et de la gestion de l'énergie. Présent dans 32 pays, à travers un réseau d'environ 2 000 agences, Rexel compte plus de 27 000 collaborateurs. Son chiffre d'affaires a atteint 13,2 milliards d'euros en 2016. Rexel est coté sur le marché Eurolist d'Euronext Paris (compartiment A, symbole RXL, code ISIN FR0010451203) et figure dans les indices suivants : SBF 120, CAC Mid 100, CAC AllTrade, CAC AllShares, FTSE EuroMid, STOXX600. Rexel fait également partie des indices ISR suivants : FTSE4Good, STOXX® (STOXX® Global ESG Impact, STOXX® Low Carbon indices Global, Europe et EURO), Ethibel Sustainability Index Excellence Europe et du Dow Jones Sustainability Index Europe, grâce à sa performance en matière de responsabilité sociale d'entreprise. Pour plus d'information : www.rexel.com


Rexel, un des leaders de la distribution professionnelle de produits et services pour le monde de l'énergie, est présent sur trois marchés : résidentiel, tertiaire et industriel. Le Groupe accompagne ses clients pour leur permettre de gérer au mieux leurs activités en leur offrant une large gamme de produits, solutions et services durables et innovants, dans les domaines des équipements techniques, des automatismes et de la gestion de l'énergie. Présent dans 32 pays, à travers un réseau d'environ 2 000 agences, Rexel compte plus de 27 000 collaborateurs. Son chiffre d'affaires a atteint 13,2 milliards d'euros en 2016. Rexel est coté sur le marché Eurolist d'Euronext Paris (compartiment A, symbole RXL, code ISIN FR0010451203) et figure dans les indices suivants : SBF 120, CAC Mid 100, CAC AllTrade, CAC AllShares, FTSE EuroMid, STOXX600. Rexel fait également partie des indices ISR suivants : FTSE4Good, STOXX® (STOXX® Global ESG Impact, STOXX® Low Carbon indices Global, Europe et EURO STOXX), Ethibel Sustainability, Index Excellence Europe et Dow Jones Sustainability Index Europe, grâce à sa performance en matière de responsabilité sociale d'entreprise. Pour plus d'information : www.rexel.com


News Article | February 23, 2017
Site: www.businesswire.com

Value creation potential further strengthened in 2016 …around the four core strategic pillars defined at the start of 2015 with three new driving forces for acceleration: 1 All the figures presented in this document exclude any impact for IFRS 5 as well as the costs linked to the offer for Foncière de Paris, representing 4.2 million euros 2 Restated for costs linked to the departure of the previous Chief Executive Officer, recurrent net income represents 349.7 million euros (+0.1%) 3 Subject to approval by the General Meeting Strong focus on creating value and rationalizing the portfolio in 2016 Following on from an exceptional year for its portfolio’s rotation in 2015, Gecina maintained its firm focus on rationalizing its portfolio and creating value in 2016. The Group has secured nearly 2.0 billion euros of sales of real estate assets, delivering an immediate accretive impact on NAV, with 644 million euros excluding the healthcare portfolio’s sale and an average premium of around +15% versus the latest appraisal values, capitalizing on favorable conditions on the investment market to maximize value extraction by divesting mature or non-strategic assets. Alongside this, Gecina secured nearly 321 million euros of new investments in 2016 in the best business districts in the Paris Region, at the heart of Paris (rue Guersant, rue de Madrid) and in the Southern Loop of Paris’ Western Crescent (Be Issy in Issy-les-Moulineaux), through operations with strong potential for creating value. The total pipeline for development and redevelopment operations is up to over 3.7 billion euros, despite the delivery of two major projects in 2016 (City 2 and Le Cristallin in Boulogne). Seven new development projects were launched in 2016, thanks to the new investments secured during the year (Be Issy and rue de Madrid), as well as five new redevelopment operations that started up in 2016 on assets within the portfolio after the properties were vacated (three new projects in Paris City, with the other two located in Neuilly and Levallois-Perret). Gecina's pipeline for committed projects is up to over 1.5 billion euros (versus 910 million euros at end-2015), based on 15 operations, with nearly 90% located in Paris City and the Western Crescent's best sectors (Issy-les-Moulineaux, Neuilly and Levallois). This committed pipeline will have a significant accretive impact on NAV as the work progresses and on recurrent net income when the projects are delivered, expected for 2017 to 2019. NAV climbed +7.7% to 132.1 euros per share in 2016, with an increase of around +9.5 euros per share, driven primarily by the total return strategy rolled out, particularly with capital gains from sales, as well as growth in the value of assets acquired recently or under development. Including the 5 euro dividend paid in 2016, the total property return performance comes out at nearly +12%. Recurrent net income (Group share) was stable in 2016 compared with 2015 (-0.5%). Restated for costs linked to the departure of the previous Chief Executive Officer, recurrent net income represents 349.7 million euros (+0.1%). This performance factors in significant changes in scope, particularly with the major acquisitions made in 2015 (primarily the T1&B buildings in La Défense and the PSA Group's current headquarters in Paris' CBD), as well as sales of mature and non-strategic assets concentrated primarily over 2016 (sales of the healthcare portfolio and office buildings located in non-strategic areas for Gecina). The performance for 2016 also reflects the continued optimization of financial expenses, down -28.3%, with an overall average cost of debt of 2.2% (down 50 bp) and a significant increase in the maturity of drawn debt and rate hedging. Very positive market environment for central sectors, particularly in Paris City Take-up in Paris City - where Gecina holds 54% of its office portfolio – climbed +14% in 2016, accounting for nearly half of the total volume of transactions for the Paris Region, while immediate supply is down -30%. The vacancy rate for Paris City is close to an all-time low, with 3.5%, reflecting a shortage of quality properties. CBRE reports that a growing percentage of transactions are motivated by a preference for central locations, recognized as a productivity factor, while also making it possible to limit staff turnover, particularly for high value-added employees. These positive trends are in line with Gecina's expectations and confirm the relevance of the Group's realignment strategy announced at the start of 2015. The delivery of projects currently under development is expected to cover these growing needs, which will accelerate if this trend is reinforced by businesses relocating as a result of Brexit. Gecina is confirming its main strategic guidance as presented at the start of 2015 and will continue building on its progress from the last few years around four core pillars for creating value (Value added investments, opportunistic disposals, Harnessing value from our own portfolio and innovation), with its ambition to accelerate the process underway. Gecina's teams are already working on the following three drivers for acceleration: Outlook for the short and medium term 2017 will be marked by these strong choices made by Gecina in terms of value extraction, particularly the asset sales completed in 2016 and the launch of work to redevelop five buildings that were previously occupied, in order to optimize their value extraction. In 2017, recurrent net income, restated for the impact of the healthcare sale, is expected to contract by nearly -5% to -6%4. This expected performance reflects the combined impact of underlying growth, which is expected to reach around +2% to +3%5, and the start of redevelopment projects, which will be accretive when they are delivered, expected primarily for 2018 and 2019. Gecina therefore has very strong potential for growth and value extraction through its pipeline in particular, as well as positive trends for the Group's preferred sectors. In view of this, average recurrent net income growth (CAGR) over the medium term (between 2018 and 2021) is expected to come in at around +5% to +7%6. As a result, considering the Group’s confidence in its outlook for the medium term, Gecina plans to submit a proposal at the general meeting for a dividend up +4% to 5.20 euros per share for 2016. 4 These objectives do not include assumptions for any sales or investments and may therefore be revised up or down depending on opportunities for investments and sales during the year 5 Including the impact of sales (excluding healthcare) in 2016, deliveries of assets in 2016 and 2017, and organic growth 6 This objective may be revised up or down depending on opportunities for investments and sales Méka Brunel, Chief Executive Officer: “Our strategic project is moving forward, and we firmly believe that the direction taken by the Group since early 2015 is the right one for the future. In an environment marked by the end of rate cuts, it is essential to move more quickly and not curb our ambitions. Today, even more than in the past, we need to be selective, responsive and flexible, in a market that will involve not only new risks, but also new opportunities that will need to be capitalized on effectively. A dynamic approach therefore needs to be set in motion to give the Group's ambitions a new dimension. Our operational performances from 2016 are solid and encouraging, and our pipeline offers a source of value creation and growth that is unrivalled in continental Europe, in order to better serve our shareholders in the future”. Bernard Michel, Chairman: “The strategy put in place at the start of 2015 is already delivering benefits, as shown by our results for 2016. Acknowledging the major work accomplished by Gecina's teams, the Board of Directors believes that the strategy can be ramped up again in order to accelerate our effective creation of value. The Board is aware of Gecina's strategic potential and is therefore embarking on this new phase in the Group's history with confidence”. Rental income in line with the Group’s forecasts Gross rental income came to 540 million euros in 2016, down -6.0%, reflecting the significant changes in scope from the last two years. Like-for-like, rental income shows a moderate contraction of -0.5%. Like-for-like, this moderate contraction of -0.5% at end-2016 is consistent with the Group’s expectations. It factors in the level of indexation, which is still low (+0.2%), and the slightly negative reversion resulting from renegotiations in 2015, some of which came into effect at the start of 2016. Like-for-like growth has also been impacted by the departure of a tenant from a building located in the Outer Rim, while part of the space vacated has already been relet. Excluding just this asset, rental income is stable like-for-like (+0.1%). On a current basis, the -6.0% reduction is linked primarily to the high volume of sales completed and particularly the healthcare portfolio's sale, finalized on July 1, 2016. This drop also reflects the sales programs rolled out in 2015 and 2016, making it possible to achieve significant capital gains on residential assets, as well as mature or non-strategic office buildings. Lastly, the change in rental income on a current basis also factors in the temporary loss of rental income from office buildings with strong value creation potential, on which redevelopment work has been launched following their tenants' departures. Over the period, the additional rent generated by acquisitions and deliveries made in 2015 and 2016 totaled +46.1 million euros, with the T1&B buildings in La Défense, PSA-Grande Armée in Paris' CBD, City 2 in Boulogne-Billancourt, Guersant-2 in Paris and four student residences. On the other hand, the loss of rental income resulting from sales represents -70.5 million euros, with -37.1 million euros from the healthcare portfolio's sale and -33.4 million euros resulting from sales of commercial and residential assets in 2015 and 2016, particularly in Gentilly, Boulogne-Billancourt, La Garenne-Colombes, Neuilly, Suresnes and Rueil Malmaison. The change in rental income also reflects the impact of the building redevelopment projects launched in 2015 and 2016, representing a loss of rent of around -8.2 million euros. Offices: rental income up thanks to the Group’s growing specialization On a current basis, rental income from offices is up +2.4% thanks in particular to the impact of the acquisition of the T1&B buildings in La Défense and PSA’s current headquarters in Paris’ CBD in the second half of 2015, as well as acquisitions immediately generating rental income that were finalized in 2016 (City 2 in Boulogne-Billancourt, Guersant-2 in Paris). Over the year, these acquisitions offset the impact of sales and redevelopments (particularly the Paris-Guersant 1 building in 2015, as well as the Octant-Sextant assets in Levallois, Paris-Ville l’Evêque, Paris-Friedland and a real estate complex in Neuilly in 2016). Like-for-like, rental income is down slightly, with -0.5%, in line with the Group’s expectations. This slight contraction factors in a particularly low level of indexation (+0.2%) and the latest impacts of the renewals and renegotiations granted in 2015 and early 2016 on suburban Paris assets in return for extending the maturity of their leases. Like-for-like growth notably reflects the impact of the departure of Oracle, which vacated part of the Crystalys building in Vélizy at the end of August 2015 (in the Paris Region's Outer Rim). Today, this space has been partially relet. Excluding just this asset, like-for-like growth would be positive, with +0.3% for 2016. Like-for-like rental income growth is already positive for Paris City (+1.4%), confirming the first signs of rents picking up again in central sectors. In view of the improvement in rental market conditions in the Paris Region’s most central sectors, the like-for-like change in office rental income is expected to be positive in 2017. The trends observed for 2016 confirm Gecina’s confidence in the Paris Region’s most central business sectors picking up again. Although they reveal an upturn in take-up across the entire Paris Region, the Immostat statistics published recently show significantly contrasting trends within the region. While the most central areas and particularly Paris City have reached a rental turning point, the situation is still more delicate for more peripheral areas (Inner and Outer Rims), although Gecina has very few assets in these sectors. Take-up shows an average increase of +7% for the Paris Region compared with 2015, but the most central sectors have continued to account for the majority of the volume of transactions recorded. Take-up for Paris City climbed +14% in 2016, while the volume came in 32% higher than the 10-year average, accounting for nearly half of the total volume of transactions for the Paris Region. However, trends for the rest of the region are less positive, with an increase in take-up of only +1%, lower than the 10-year averages, particularly in more peripheral areas in the Inner and Outer Rims. Immediate supply levels are also contracting, with an average of -10% for the Paris Region. However, once again, the trends are very mixed and more positive for the most central sectors. While immediate supply levels are down -30% for Paris City and -7% for the Western Crescent and La Défense, they show only a moderate reduction for peripheral sectors (-5% for the Inner Rim and -2% for the Outer Rim). For Paris City, following the contraction in available supply, it now represents only 15% of total immediate supply for the Paris Region. As a result, the average vacancy rate for Paris City, reported by BNP Paribas Real Estate, is now down to less than 3.5% (vs. 5% at end-2015), highlighting the shortage of quality assets and moving close to an all-time low. On average for the Paris Region, this rate is down from 7.4% to 6.7%. The outlook in terms of available supply within one year suggests that the market balance will continue to be favorable in 2017. The lack of available supply for quality premises in the region's most central sectors is expected to support rental trends and confirm the moderate upturn in market rents seen primarily in Paris and La Défense. Rental income from traditional residential assets is virtually stable like-for-like (-0.3%), primarily due to no impact for indexation in 2016. On a current basis, the -6.2% contraction primarily factors in the program to sell apartments on a unit basis when they become vacant as tenants naturally free up assets. The student residence portfolio achieved strong growth in rental income (+17.5%) in 2016, driven by the major deliveries seen in the third quarter of 2015 in Paris, Bagnolet, Palaiseau-Saclay and Bordeaux. Like-for-like, rental income is down -1.6%, notably factoring in a temporary increase in the vacancy rate linked to work to overhaul the IT and operational systems in a residence in the Paris Region; excluding this residence, like-for-like growth comes out at +0.8%. The average financial occupancy rate for 2016 came to 95.5% excluding healthcare (95.9% including the healthcare portfolio), stable over six months and down slightly year-on-year, linked primarily to the delivery of Le Cristallin, which had not been let by the end of 2016. Indeed, this rate does not take into account the lease signed in January 2017 with the Renault Group to rent all of this asset. Significant lettings successes since the start of 2016 Gecina has secured major lettings transactions since the beginning of 2016, with nearly 95,000 sq.m let, prelet, relet or renegotiated. For instance, the Group has signed leases with CREDIPAR for the “Pointe Métro 2” building in Gennevilliers (10,000 sq.m), with the Orange Group for “SKY 56” in Lyon Part-Dieu (16,000 sq.m), with the Renault Group for “Le Cristallin” in Boulogne-Billancourt (11,600 sq.m), and with the Caisse Régionale RSI Ile-de-France for “Dock-en-Seine” (9 000 sq.m). Considering the discussions that are underway, Gecina is confident about the volume of transactions that will be able to be achieved in 2017. Recurrent net income (Group share) is almost stable year-on-year at 347.4 million euros (-0.5%). Excluding the costs linked to the departure of the previous Chief Executive Officer, recurrent net income (Group share) shows a very slight increase, up to 349.7 million euros (+0.1%). This stability reflects the impact of the acquisitions made in 2015 (including T1&B in La Défense and PSA’s current headquarters in Paris' CBD), as well as the continued optimization of financial expenses, which, during the year, offset the impact of the healthcare portfolio's sale (finalized on July 1, 2016) and the new projects launched to redevelop buildings after they have been vacated. The rental margin represents 92.4%, up 80 bp year-on-year, driven by the improved margin for the office portfolio, benefiting from the fully let, single-tenant assets acquired in 2015 being integrated into Gecina’s portfolio, with their higher rental margins than the Group average. The rental margin for offices also reflects the impact of the restatement of rental management fees previously recognized as revenue from “services and other income”. Like-for-like, the office rental margin is up +0.1%. 7 Recurrent net income excludes the costs linked to the offer for Foncière de Paris, representing 4.2 million euros Lower cost and higher average maturity for debt and hedging Gecina has continued to optimize its liabilities, capitalizing on a particularly positive environment to make progress on all its financial indicators. Net financial expenses are down -28.3% year-on-year to 86.0 million euros, thanks to the optimization work carried out in 2015 and 2016 in a very positive market environment. Overall, the average cost of debt (including undrawn credit lines) came to 2.2% for 2016, compared with 2.7% in 2015, down -50bp. As a result of this strong reduction in the average cost of debt and financial expenses, Gecina’s ICR shows a significant increase for the year, up from 3.9x at the end of 2015 to 4.9x at end-2016. In addition to optimizing the average cost of debt, Gecina has capitalized on favorable market conditions to increase its average maturity to 6.7 years (versus 5.7 years at end-2015). Gecina has also significantly strengthened hedging for its debt. At December 31, 2016, 77% of debt was hedged on average for the next seven years, with the average maturity of this hedging up to 7.3 years at end-2016 from 5.8 years one year previously. Net debt totaled 3,582 million euros at December 31, 2016, down 1,135 million euros for the year, resulting from a predominantly net seller profile in 2016. At end-2016, Gecina's LTV represented 27.7% including duties and 29.4% excluding duties, down -7.0 pts from end-2015 (36.4% excluding duties). This reduction primarily reflects the high volume of sales completed in 2016, and particularly the healthcare portfolio's sale, finalized on July 1. In addition, Gecina has 1.9 billion euros of available liquidity, making it possible to cover all its credit maturities through to 2020. Thanks to the Group’s balance sheet, Gecina has a particularly high level of financial headroom, enabling it to be extremely opportunistic, flexible and responsive on the investment market. 2.0 billion euros of sales secured or completed in 2016, with 644 million euros excluding healthcare In line with the Group's ambition to accelerate its portfolio rotation, Gecina has completed or secured nearly 2.0 billion euros of sales since the start of 2016 (excluding duties, Group share), including the sale of the Group's healthcare portfolio, which was finalized on July 1. The amount of sales completed or secured excluding the healthcare portfolio represents 644 million euros, including 483 million euros finalized with a premium of around +15% versus the latest appraisal values and an exit yield of approximately 4.2% based on expected annualized rents for 2016. Agreement to sell the healthcare portfolio for 1.35 billion euros, with a premium of around 16% Gecina finalized the sale of its healthcare portfolio to Primonial Reim on July 1, 2016. The transaction represented a total of 1.35 billion euros (including commissions and fees), with a net yield of 5.9% and a premium of around 16% versus the latest appraisal values. For reference, the value retained in the accounts at end-2015 already reflected the price agreed on with the buyer. 339 million euros of office sales completed or secured in 2016 Since January 1, 2016, the Group has completed or secured nearly 339 million euros of office sales, 319 million euros of which have already been finalized, primarily in Rueil-Malmaison, Suresnes and Neuilly. These operations show an average premium versus the end-2015 appraisals of almost 7.3%, with a loss of rental income of approximately 4.7% based on expected annualized rents for 2016. 305 million euros of residential sales completed or secured, with 189 million euros on a unit basis, achieving a premium of around 34% versus the appraisal values In 2016, Gecina completed or secured 189 million euros of vacant unit-based residential sales, with 162 million euros already completed on, achieving a premium of around 34% compared with their appraisal values, while the loss of rental income for Gecina represents 3.2%. At end-December 2016, nearly 28 million euros of sales were subject to preliminary agreements. Alongside this, Gecina has secured 113 million euros of block residential sales, also achieving a significant premium versus the latest appraisals (around 19%). Over 321 million euros of new investments secured Alongside these sales, Gecina has already secured over 321 million euros8 of new investments in assets for development or redevelopment that will be delivered in 2018 and 2019. This amount concerns the acquisition of three assets, including one off-plan in Issy-les-Moulineaux, while the other two assets - 34 rue de Guersant and 7 rue de Madrid, at the heart of Paris - are already being redeveloped or could benefit from redevelopment programs. During the first half of the year, Gecina signed an agreement with the developer PRD Office to acquire the “BE ISSY” office building off-plan, with delivery in 2018. This asset, located in Issy-les-Moulineaux, in the Southern Loop of Paris’ Western Crescent, will offer a gross leasable area of around 25,000 sq.m and 258 parking spaces. The transaction represents a total of 161 million euros including commissions and fees. Based on current market rents, Gecina expects this operation to achieve a net yield on delivery of 6.7%. At the start of the second half of 2016, Gecina also acquired a building at 34 rue Guersant (Paris 17th) for nearly 51 million euros. This building, currently occupied by CBRE under a lease that will end in 2017, is adjacent to another asset already owned by Gecina at 32 rue Guersant, which is under redevelopment. The two buildings will be able to represent a combined complex with 20,000 sq.m of space, which is rare at the heart of Paris, while potentially offering significant operational synergies. Lastly, the Group has acquired a 10,500 sq.m asset located at 7 rue de Madrid (Paris 8th), in Paris' CBD. This asset, which is currently vacant, is now being redeveloped, taking the total volume of investment up to almost 109 million euros, with a net yield on delivery of nearly 6.4%. 8 Total amount of investments secured including acquisition prices and outstanding capex through to project deliveries Buoyant project pipeline creating value over the short, medium and long term In 2016, Gecina's pipeline grew to over 3.7 billion euros, despite the delivery of the “City 2” and “Le Cristallin” buildings in Boulogne-Billancourt. More than 41% of this portfolio is made up of committed projects (1.54 billion euros), with 19% controlled and certain projects (0.70 billion euros), on which work will start up when their current tenants leave, while 40% (1.49 billion euros) is made up of projects identified within Gecina's portfolio, but when tenant departures are not yet certain. Seven new projects representing over 100,000 sq.m of offices were launched this year in Paris, Neuilly, Levallois-Perret and Issy-les-Moulineaux. In total, the pipeline for committed projects could generate up to 100 million euros of additional rental income. 1.54 billion euros of committed projects with deliveries expected primarily for 2018 The committed pipeline is up to 1.54 billion euros (versus 0.91 billion euros at end-2015), with an average yield on delivery of around 6.4% expected, offering significant value creation potential given the project locations. Half of this committed pipeline is concentrated in Paris City, with 37% in the Western Crescent (Levallois, Neuilly and Issy-les Moulineaux). The year-on-year increase in the committed pipeline (+628 million euros), despite the delivery of two buildings (City 2 and Le Cristallin), reflects the inclusion of seven new committed projects: At end-2016, 463 million euros were still to be invested on committed projects, with 276 million euros in 2017, 170 million euros in 2018 and 17 million euros in 2019. 0.70 billion euros of “controlled & certain” projects over the short or medium term, exclusively in Paris' CBD The “certain” controlled pipeline concerns the assets held by Gecina that are currently being vacated and for which a redevelopment project aligned with Gecina’s investment criteria has been identified. These projects will therefore be launched over the coming half-year or full-year periods. These “certain” projects that have not yet been committed to represent a combined total of 0.70 billion euros (versus 1.2 billion euros at end-2015). This reduction reflects the launch of redevelopment work for the “Octant-Sextant” and “20 Ville l’Evêque” buildings in the first half of the year, as well as a real estate complex in Neuilly and another two buildings in Paris during the second half of the year. The “certain” controlled pipeline is now concentrated exclusively in Paris' CBD, through projects with indicative delivery dates from 2020 to 2021. 1.49 billion euros of “controlled & likely” projects over the longer term, with 87% in Paris City The “probable” controlled pipeline covers the projects identified and owned by Gecina that may require pre-letting (for greenfield projects in peripheral locations within the Paris Region) or cases when tenant departures are not yet certain over the short term. (1) Total investment for the committed pipeline = latest appraisal value from when the project started up + total build costs. For the controlled pipeline = latest appraisal to date + operation's estimated costs (2) Includes the value of plots and existing buildings for redevelopments (3) This project, which is currently occupied, is classed as committed since the tenant's departure has been firmly agreed on for the end of the first half of the year Portfolio value up +3.8% like-for-like in 2016 The portfolio value (block) represents 12,078 million euros, up +3.8% (+4.6% on a unit value basis) like-for-like compared with December 31, 2015. This increase in value includes a very slightly positive rent effect, indicating the effective upturn on the rental market. Like-for-like, the office portfolio value is up +4.3%, reflecting a +6.4% increase in value for the Paris portfolio. The other sectors recorded lower increases, with +1.7% growth for the Western Crescent and La Défense, while the other sectors are virtually stable (Paris Inner and Outer Rim and Lyon). These appraisals reflect a 22 bp compression of capitalization rates for offices to 4.65% on a like-for-like basis since the end of 2015. The valuation retained for Gecina’s residential portfolio is up +2.2% like-for-like for the period. The average capitalization rate for Gecina’s portfolio, including the residential portfolio on a block value basis, comes to 4.60%, with an -18 bp compression over one year. NAV growth supported by the strategy and favorable market trends Diluted EPRA triple net NAV (block) came to 132.1 euros per share, with strong growth of +7.7% year-on-year. The total return performance represents nearly +12%, including the 5 euro dividend paid out in 2016. This performance reflects a compression of capitalization rates for offices in Paris in particular, and a slightly positive business plan effect, as well as the impacts of Gecina’s total return strategy, through high levels of capital gains on sales that have been completed or are underway (+1.3 euros per share), combined with the increase in the value of assets acquired recently, and the portfolio under development (+2.9 euros per share). NAV per share growth represents +9.5 euros for 2016 and can be broken down as follows: On a unit value basis, diluted EPRA NAV represented 143.6 euros per share at end-2016, compared with 133.7 euros per share at December 31, 2015, up +7.3%. Outlook for 2017 and the medium-term 2017 will be marked by Gecina's strong choices in terms of value extraction, particularly the sales of mature and non-strategic assets in 2016, as well as the launch of work to redevelop five previously occupied buildings (including three at end-2016) in order to optimize its extraction of value creation potential. In 2017, recurrent net income, restated for the impact of the healthcare sale, is expected to contract by nearly -5% to -6%9. This expected performance reflects the combined impact of underlying growth, which is expected to reach around +2% to +3%10 including the impact of sales (excluding healthcare) and the start of work to redevelop buildings from the portfolio after they have been vacated. Gecina therefore has very strong potential for growth and value extraction through its pipeline in particular, as well as positive trends for the Group's preferred sectors in terms of real estate investment. In view of this, average recurrent net income growth (CAGR) over the medium term (between 2018 and 2021) is expected to come in at around +5% to +7%11. As a result, considering the Group’s confidence in its outlook for the medium term, Gecina plans to submit a proposal at the general meeting for a dividend up +4% to 5.20 euros per share for 2016. 9 This objective may be revised up or down depending on opportunities for investments and sales during the year 10 Including the impact of sales (excluding healthcare) in 2016, deliveries of assets in 2016 and 2017, and organic growth 11 This objective may be revised up or down depending on opportunities for investments and sales Gecina owns, manages and develops property holdings worth 12.1 billion euros at end-2016, with nearly 97% located in the Paris Region. The Group is building its business around France’s leading office portfolio and a diversification division with residential assets and student residences. Gecina has put sustainable innovation at the heart of its strategy to create value, anticipate its customers' expectations and invest while respecting the environment, thanks to the dedication and expertise of its staff. Gecina is a French real estate investment trust (SIIC) listed on Euronext Paris, and is part of the SBF 120, Euronext 100, FTSE4Good, DJSI Europe and World, Stoxx Global ESG Leaders and Vigeo indices. In line with its commitments to the community, Gecina has created a company foundation, which is focused on protecting the environment and supporting all forms of disability. At the Board meeting on February 23, 2017, chaired by Bernard Michel, Gecina's Directors approved the financial statements at December 31, 2016. The audit procedures have been performed on these accounts, and the certification reports have been issued after verifying the information contained in the annual report, included in the reference document. 3- FACTORS FOR LIKE-FOR-LIKE RENTAL INCOME CHANGES IN 2016 VS 2015 Gecina's tenants operate across a very wide range of sectors responding to various macroeconomic factors. Breakdown of tenants by sector (offices - based on annualized rents): Volume of rental income by three-year break and end of leases: Gecina’s gross financial debt represented 3,640 million euros at December 31, 2016, compared with 4,863 million euros at end-2015; net financial debt came to 3,582 million euros at end-2016, down 1,135 million euros, primarily linked to sales completed during the year. The main characteristics of the debt are as follows: (1) Gross financial debt = Gross nominal debt + impact of the recognition of bonds at amortized cost + accrued interest not due + other items The following table presents the schedule for Gecina's financing facilities at December 31, 2016, including unused credit lines: All the credit maturities for the next three years are covered by the unused credit lines (2,245 million euros) at December 31, 2016. In addition, 100% of drawn debt (after factoring in undrawn credit lines) has a maturity of over three years and nearly 70% has a maturity of over five years. In line with the 2016 bond issue, the company has adapted its short-term hedging portfolio, with 23 million euros paid out. Gecina's financial position at December 31, 2016 is compliant with the various limits likely to affect the conditions for repayment or early repayment clauses in the various credit agreements. The following table presents the position for the main financial ratios covered under the agreements: The change in annualized rental income between December 31, 2015 and December 31, 2016 reflects Gecina's strategic choices. From 507 million euros (excluding healthcare) at end-2015, annualized rental income came to 479 million euros at end-2016 (down –5.4%), primarily due to the impact of sales (excluding healthcare) carried out during the year (-21 million euros, -4.1%), in addition to five assets that are now being redeveloped following their tenants’ departures (-17 million euros, -3.3%), which will have an accretive impact on Gecina’s rental and valuation aggregates. The significant changes in scope conceal a positive business plan effect (change in the vacancy rate, rental reversion on acquisitions and deliveries) of around +10 million euros, i.e. +2.0%. Annualized rental income corresponds to the effective rental position on the year-end reporting date. As such, it does not take into consideration lettings or properties vacated, or sales or acquisitions of buildings that would not have an impact by the year-end reporting date. A proposal will be submitted at the General Meeting on April 26, 2017 to approve a cash payout of 5.2 euros per share in relation to 2016. Once the dividend for 2016 has been released for payment, a 50% interim payment (2.6 euros) will be made on March 8, 2017, followed by the balance on July 7, 2017. This document does not constitute an offer to sell or a solicitation of an offer to buy Gecina securities and has not been independently verified. If you would like to obtain further information concerning Gecina, please refer to the public documents filed with the French Financial Markets Authority (Autorité des marchés financiers, AMF), which are also available on our internet site. This document may contain certain forward-looking statements. Although the Company believes that such statements are based on reasonable assumptions on the date on which this document was published, they are by their very nature subject to various risks and uncertainties which may result in differences. However, Gecina assumes no obligation and makes no commitment to update or revise such statements.


News Article | February 24, 2017
Site: globenewswire.com

* Sales in 2016 reached EUR 2,202 million, an increase in local currencies by 1.9%. Q4 sales grew 0.8%, measured in local currencies. * The Business Transformation Programme is now successfully completed ahead of schedule and will continue as integrated part of our business. The related redundancy costs included in 2016 amount to EUR 8.0 million. * EBIT* increased by 38% to EUR 237 million equal to an EBIT margin of 10.8%. * EBIT* in Q4 was EUR 62 million and the EBIT margin reached 10.6%. * Investments before disposal of assets and investment grants totalled EUR 101 million. * Free cash flow improved by EUR 140 million to EUR 237 million for 2016. Q4 generated a strong free cash flow of EUR 97 million and resulted in a net cash position end of the year of EUR 119 million. * Profit for the year reached EUR 166 million, an improvement of EUR 76 million. Net profit in Q4 was EUR 44 million. * In line with the new dividend policy the proposed dividend per share is DKK 18.80, up from DKK 11.50 last year. *) Ex. redundancy costs from the Business Transformation Programme from 2016 and 2015 and write-downs in Asia in 2015. * Growth in net sales expected to reach between 2-4% in local currencies. * EBIT margin slightly above 10% * Investment level of around EUR 130 million. * Investment plans include the purchase of land in Sweden, Romania and the United States to enhance geographic coverage, increase capacity and improve the efficiency and quality of the production process. CEO comment Commenting on the Group’s performance, CEO Jens Birgersson says: “We ended the year 2016 with 10.8% EBIT, strong cash flow and a flawlessly executed transformation. The way the organisation embraced the challenges and even accelerated the change, 12 months ahead of plan, has been impressive and is something I am very proud of. Even more so as we complemented the positive financial performance with a strong improvement in our ESG (Environmental, Social and Governance) rankings, bringing our success beyond the bottom line.”

Loading ESG GmbH collaborators
Loading ESG GmbH collaborators