BLACK SWANS (STRASBOURG, 67)

Transcription

1 BLACK SWANS (STRASBOURG, 67)

2 2 This presentation is not an offer or an invitation to sell or exchange securities, or a recommendation to subscribe, buy or sell Icade securities. Distribution of this document may be restricted in certain countries by legislation or regulations. As a result, any person who comes into possession of this document should familiarise themselves and comply with such restrictions. To the extent permitted by the applicable laws, Icade excludes all liability and makes no representation regarding the violation of any such restrictions by any person whatsoever.

3 3

4 4 5 th largest Property Investment player in France (1) Commercial Property Investment: bn Offices: bn - in the Paris region Business parks: bn - in the Paris region HEALTHCARE (3) OTHER bn OFFICES Healthcare Property Investment: largest player in France and Europe Healthcare Property Investment: 1.7bn (Icade share) ( of Icade Santé) Paris region and other French regions Property Development: 3 rd largest player in France (2) of Group equity ( m) 2015 revenues: m - Commercial Property Development - Residential Property Development local branches in France ( M) BUSINESS PARKS 1,693 1,539 COMMERCIAL PROPERTY INVESTMENT 31/12/ /12/ /12/ /12/2015 Resid. development (incl settlements) Public & healthcare amenities 1,234 Comm. Development Exec. Dir. Ass.-Services backlog Notes: (1) Based on Group GAV (data reported as part of 2014 results) (2) Based on 2014 revenues from Property Development (3) Group share AMONG LEADERS IN REAL ESTATE INVESTMENT AND DEVELOPMENT

5 PARIS NORD EST (PARIS 19 th )

6 6 New governance scheme, as the functions of Chairman and Chief Executive Officer have been dissociated A renewed and expanded management team. A compensation policy aligned with shareholders interests A strategic plan focused on growth and value creation A project to simplify the shareholding structure to be implemented in 2016

7 7 Clearer shareholding structure HoldCo SIIC will be absorbed by Icade, resulting in CDC and Groupama being direct shareholders of Icade The company is no longer controlled by the public sector New shareholders' agreement: Groupama and CDC will work together Change in Icade's governance in compliance with the AFEP-MEDEF code Two additional independent directors Committees will be chaired by independent directors Public Employees HoldCo SIIC Public Employees Note: (1) Subject to satisfaction of conditions precedent THE MERGER PROPOSAL WILL BE SUBMITTED (1) TO THE APPROVAL OF AN EXTRAORDINARY GENERAL MEETING IN Q2 2016

8 8 Stable like-for-like rental income Strong value creation recorded with the sale of the Millénaire 2 and 3 buildings (capital gain of m) Significant acquisition for Icade Santé (Vedici/Vitalia) m The property development division is picking up (backlog up ) Multi-awarded CSR strategy Value adjustments for some specific assets: net impact of asset impairments on profit/loss: m Dispute on exit tax settled ( m) Successful bond issue ( m - years - coupon)

9 9 EPRA EARNINGS FROM PROPERTY INVESTMENT PER SHARE GROUP NCCF PER SHARE EPRA TRIPLE NET NAV PER SHARE (Group share fully diluted in ) IN 2014 IN 2014 IN 2014 PROPERTY DEVELOPMENT ROE LTV COST OF DEBT bps bps IN 2014 IN 2014 IN 2014

10 NANTERRE PREFECTURE (LA DÉFENSE, 92)

11 11 Rental values at their lowest level in the past 10 years In 2015, the market is showing signs of recovery: Slight reduction in incentives ( vs. in 2014, following three years of increases) Increase in rental values Overall decrease in vacancy rate ( at the end of 2015 vs. at the end of 2014) Healthcare spending is expected to grow (faster than GDP) Increasing share of private players in the healthcare system Now a genuine asset class The sale of Gecimed shows that prices have risen compared to appraisal values as of 31/12/2015 ( ) For 2016: Take-up is expected to rise slightly ( The vacancy rate will continue to go down, especially in suburb areas Rental income should expand in 2016 (faster than GDP, i.e. ) million sq.m) RESIDENTIAL: favourable market thanks to the PINEL scheme, intermediate rental loan (PLI), expanded interest-free loan and low interest rates COMMERCIAL: renewed appetite among investors, growth in speculative off-plan developments

12 12 COMMERCIAL PROPERTY INVESTMENT Sustained leasing activity lease renewals for a surface area of sq.m, rental income decrease (- m) New leases: sq.m ( m additional rental income) Exit: sq.m Completed office buildings: over sq.m ( secured) Average remaining lease term increased to years (vs. years) The EQHO tower is leased MILLÉNAIRE 3 (PARIS, 19 th DISTRICT) Active management of the portfolio Sale of the Millénaire 2 and 3 buildings ( m, capital gain m) Disposal of non-strategic assets ( m) Continuation of development projects: sq.m (Veolia, Millénaire 4, Open) Increased occupancy rate The financial occupancy rate improved by pps (to ) 31/12/ /12/2015 NANTERRE PREFECTURE (92) QUÉBEC (ORLY-RUNGIS PARK, 94) OFFICES BUSINESS PARKS COMMERCIAL PROPERTY INVESTMENT

13 13 HEALTHCARE PROPERTY INVESTMENT CLINIQUE TOULOUSE LAUTREC (ALBI, 81) CLINIQUE SAINT CLAUDE (SAINT QUENTIN, 78) HÔPITAL PRIVÉ OCÉANE (VANNES, 56) Portfolio still growing Portfolio of clinics for m acquired from Vitalia (yield: ) clinics (Albi and Stains) acquired for m (yield: ) Net rents up vs. 31 December 2014 Long-term, predictable cash flows Long leases: average remaining lease term of as of 31 December 2015 years Triple net indexed rents (2015 average indexation rate: ) Attractive overall yield Recurring yield of excluding transfer duties ( including transfer duties) Significant increase in overall portfolio value in 2015: ( on a like-for-like basis) ICADE SANTÉ: GROWTH IN THE HEALTHCARE PORTFOLIO UNDER CONTROL ( OF TOTAL PROPERTY PORTFOLIO), ATTRACTIVE DIVERSIFICATION

14 14 PROPERTY DEVELOPMENT PNE (PARIS 19 e ) EKLA BUSINESS, LILLE (59) SKY 56 (LYON, 69) Strong increase of the backlog: m ( ) Stable residential development backlog at m ( ) (exceptional impact of the completion of Paris Nord Est project in 2014, residential units) Significant growth in the «Commercial / Public and Healthcare Property Development» backlog to m ( ); off-plan sale agreements signed, mainly outside the Paris region: Lyon (SKY 56, Ivoire, Les Girondins commercial area), Lille (EKLA Business, Le Conex), Montpellier (high-speed train station), Rennes or Paris Growing sales of residential units Housing reservations up in value terms Notarised sales reached plots ( in volume terms) The property investment portfolio included plots ( ) Customer mix: Individual investors ( ), first-time buyers ( ), social housing companies ( ), Institutional investors ( ) Change in prices: ( /sq.m on average) Commercial / Public and Healthcare Property Development Operation portfolio of over million sq.m ICADE PROMOTION REPRESENTS OF ICADE S CAPITAL, ROE IMPROVEMENT EXPECTED IN VIEW OF MARKET CONDITIONS AND OPTIMISED CAPITAL ALLOCATION

15 CHR ORLÉANS (45)

16 16 ( PER SHARE) (0.27) (0.02) (0.02) /12/2014 COMMERCIAL PROPERTY INVESTMENT HEALTHCARE PROPERTY INVESTMENT NET DEPRECIATION SAVINGS IN NET FINANCIAL ITEMS CORPORATE TAX 31/12/2015 Commercial Property Investment Healthcare Property Investment

17 17 (a) (0.27) (0.33) (0.02) /12/2014 COMMERCIAL PROPERTY INVESTMENT HEALTHCARE PROPERTY INVESTMENT PROPERTY DEVELOPMENT & SERVICES NET DEPRECIATION SAVINGS IN NET FINANCIAL ITEMS CORPORATE TAX 31/12/2015 Note: (a) Group net current cash flow is defined as the sum of the following aggregates: (1) EBITDA (2) EBITDA and financial income net of corporate tax included in net income from affiliates (3) Financial income adjusted for changes in fair value of hedging instruments and ORNANE bonds (4) Corporate tax on (1) and (3) (5) Adjustment of minority interests included in (1) (3) (4) Total (1) to (5) Group net current cash flow Commercial Property Investment Healthcare Property Investment Property Development and Services

18 AXE SEINE (NANTERRE, 92)

19 19 ( M) Non-strategic assets Healthcare Business Parks Offices (53.8) (222.1) (335.6) 31/12/2014 ASSET DISPOSALS ACQUISITIONS / OTHER (1) LIKE-FOR-LIKE 31/12/2015 CONSTRUCTION WORK ON A LIKE-FOR-LIKE BASIS CHANGE. THE VALUE OF THE PORTFOLIO REMAINS STABLE IN THE CONTEXT OF VALUE ADJUSTMENTS FOR SOME SPECIFIC ASSETS Note: (1) Includes transfer duties and fees, change in the value of assets acquired during the financial year, construction work for properties sold and changes in the values of assets treated as financial receivables (PPP and other)

20 20 ( PER SHARE) (1) EPRA TRIPLE NET NAV (2) (3.7) Notes: EPRA TRIPLE NET NAV 31/12/2014 (2.8) EPRA TRIPLE NET NAV 31/12/2015 ANR EPRA Dividende 2015 CONSOLIDATED Résultat Variation CHANGE IN Variation CHANGE IN CHANGE Variation IN DIVIDEND NET INCOME CAPITAL GAINS ANR EPRA ON PROPERTY ASSETS (1) EPRA TRIPLE NET NAV as of 31/12/2014: 5,527.8m (2) EPRA TRIPLE NET NAV as of 31/12/2015: 5,383.0m CAPITAL GAINS ON DEVELOPMENT AND SERVICES ACTIVITIES FAIR VALUE OF DERIVATIVES AND FIXED-RATE DEBT NEGATIVE IMPACT OF IMPAIRMENTS ON NAV MORE THAN OFFSET BY POSITIVE IMPACTS FROM INTEREST RATE EFFECT, ASSETS SOLD ABOVE APPRAISAL VALUE AND REVALUATION OF THE PROPERTY DEVELOPMENT AND SERVICES BUSINESSES NAV UP COMPARED TO 30 JUNE 2015

21 THÉMIS CLICHY BATIGNOLLES (PARIS 17 th )

22 22 INCREASING AVERAGE MATURITY DIVERSIFIED AND BALANCED DEBT PROFILE LOWERING AVERAGE COST OF DEBT MAINTAINING LTV BELOW C.40

23 23 TOTAL DEBT AS OF 31/12/2015 m TOTAL UNDRAWN DEBT AS OF 31/12/2015 m CASH AS OF 31/12/2015 m * (*) et + * Commercial papers First Settlement date Maturity Coupon Notional 14/09/ /09/2022 1, m 16/04/ /04/2021 2, m 30/09/ /01/2019 2, m 30/09/ /09/2023 3, m

24 24 Stronger sources of financing in 2015 New bond issue of m in September 2015, with a coupon Increase in available credit facilities to The amount of outstanding commercial papers rises from m to m bn MORTGAGE LOANS AND CBI GRANTED BY BANKS OTHER LIABILITIES MORTGAGE LOANS NOT GRANTED BY FINANCIAL INTERMEDIARIES BONDS Prudent management of interest rate risk (hedging rate of ) Financial strength confirmed by Standard & Poor's (BBB+, stable outlook) CREDIT FACILITIES GRANTED BY BANKS BANK LOANS CREDIT FACILITIES NOT GRANTED BY FINANCIAL INTERMEDIARIES COMMERCIAL PAPERS PRIVATE PLACEMENTS

25 25 37,5 40,3 36,9 38,2 (1) Icade s internal limit 4,0 x 3,4 x EBITDA ICR 3,5 x 3,4 x Bank ICR 4,7 x 4,0 x 3,9 x 2,7 x x x (1) 31/12/ /06/ /12/ /06/ /12/ /12/ /06/ /12/ /06/ /12/2015 4,6 4,6 4,7 3,8 4,3 3,3 3,1 2,8 31/12/ /06/ /12/ /06/ /12/ /12/ /06/ /12/ /06/ /12/2015 Definitions: EBITDA ICR: "EBITDA-To-Interest" Coverage Ratio = EBITDA / Cost of net debt Bank ICR: Bank interest Coverage Ratio = EBITDA (operating profit adjusted for depreciation) / Cost of net debt Note: (1) Bank covenant limit

26 CAMPUS DÉFENSE (NANTERRE, 92)

27 27 OF GROUP ASSETS m / MILLION SQ.M OF LAND RESERVES AND PROJECTS UNDER DEVELOPMENT Thanks to the resilience of the Healthcare Property Investment division, more development projects in the Commercial Property Investment division Thanks to Icade Promotion, the Commercial Property Investment division s portfolio of property charges can be optimised more quickly Icade Promotion will develop properties with high yields on costs on behalf of the Commercial Property Investment division (Greater Paris and high-speed train cities) Property development contracts and/or delegated prime contractor contracts between Icade Santé and Icade Promotion (1) bn IN FRANCE OF EQUITY CAPITAL TARGET ROE: Notes: (1) Icade share (56,51) Capex procurement, support functions, acquisition of Key Accounts and Investors

28 28 1,4 1,3 1,2 1,1 1,0 0,9 0,8 0,7 0,6 0,5 (IN BN) Executive direction assistance Commercial Public and healthcare amenities Residential Backlog showing a strong increase Very promising pipeline Return to a favourable cycle within 3 years ( BN) Portfolio value 31/12/2015 (1,5) Asset disposals 1,2 Asset acquisitions 0,5 Developement Property Development for Property Investment 2,0 Development pipeline, indexation and value creation Portfolio value 31/12/2019 Healthcare Other Healthcare Other Improved operational performance Optimisation of capital allocation Offices Offices Business parks COMMERCIAL PROPERTY INVESTMENT Business parks COMMERCIAL PROPERTY INVESTMENT

29 29 FLIGHT TO QUALITY ON BUSINESS PARKS: REDUCE VACANCY RATE Launch of the "Coach Your Growth with Icade" plan DISPOSAL OF SERVICES In progress "Non-binding offers" expected by the end of February REFOCUS ON SOME BUSINESS PARKS: LAUNCH THE DISPOSALS OF NON-CORE PARKS Disposal process underway TARGET INVESTMENT OPPORTUNITIES IN MAJOR FRENCH CITIES Assessment of first opportunities START DEVELOPING SYNERGIES BETWEEN INVESTMENT AND DEVELOPMENT 5 projects currently being developed in the Paris region A single construction team for Commercial Investment and Development in the Paris region IMPLEMENT AN ALIGNED COMPENSATION INCENTIVE SCHEME FOR THE MANAGEMENT O. Wigniolle bought Icade shares in early January compensation of ExCo members will be closely linked to the NCCF and stock price

30 30 Increasing share of certified assets in the office portfolio (THOUSANDS OF SQ.M AND ) Social policy committed to the promotion of mobility, diversity and quality of life at work of positions filled internally of employees hired with permanent contracts are under 26 in 20 employees teleworks Employee commitment index: Construction Exploitation Inclusion of criteria related to environment and social impact for new buildings reduction in CO 2 emissions from materials and contruction sites between 2014 and 2015 Over of offices and residential units are NF, HQE or BREEAM certified of construction projects include professional integration commitments ICADE IS CLEARLY MOVING UP CSR RATING AGENCIES' RANKINGS Ranks according to GRESB places in the Vigeo ranking FSIF Trophy for CSR policy Sustainability Gold Award received from EPRA

31 31 NCCF INCREASE OF AROUND BOARD OF DIRECTORS' PROPOSAL FOR THE DIVIDEND POLICY BACK TO A DIVIDEND POLICY BASED ON THE EVOLUTION OF NCCF PER SHARE 2015 DIVIDEND IS OF PER SHARE (STABLE COMPARE TO 2014)

32 32

33 YNFLUENCES (LYON, 69)

34 34 RESULTS FOR COMMERCIAL AND HEALTHCARE PROPERTY INVESTMENT ( M) EARNINGS FROM PROPERTY INVESTMENT (EPRA) 31/12/ /12/2014 YOY CHG. NON- RECURRING ITEMS TOTAL IFRS EARNINGS FROM PROPERTY INVESTMENT (EPRA) NON- RECURRING ITEMS RENTAL INCOME NET RENTAL INCOME OPERATING PROFIT 0.93 (476.6) (9.5) (178.5) NET FINANCIAL ITEMS (126.8) (139.0) (5.3) (144.3) CORPORATE TAX (37.0) (45,7) (6.9) (0.2) (7.1) EARNINGS FROM OPERATIONS FALLING UNDER THE SCOPE OF IFRS 5 TOTAL IFRS (20.5) (20.5) NET PROFIT(/LOSS) 3.94 (532.0) (202.6) (183.3) NET PROFIT (GROUP SHARE) 1.15 (501.2) (228.2) (155.5) INCL. COMMERCIAL PROPERTY INVESTMENT (4.41) (461.1) (261.5) (119.2) 89.6 HEALTHCARE PROPERTY INVESTMENT (40.0) (36.2) 24.8 EPRA EARNINGS FROM PROPERTY INVESTMENT PER SHARE 1.10

35 35 Stable rental income COMMERCIAL PROPERTY INVESTMENT: net rental income down to m Impact of asset disposals: m Like-for-like rental income is stable ( ) (offices, business parks ) Margin rate (net rental income / gross rental income) stable at HEALTHCARE PROPERTY INVESTMENT: rental income up to m Impact of acquisitions m Like-for-like rental income is stable ( ) Slight decline in margin rate to ( pps) NET RENTAL INCOME UP TO M

36 36 Operating costs (structural costs) of m ( ) m ( ) for Commercial Property Investment m ( ) for Healthcare Property Investment Decreased EPRA cost ratio (1) ( vs. ) Improvement in net financial items to m (vs. m in 2014) Reduction in average cost of debt ( bps) Note: (1) EPRA cost ratio (including vacancy costs) EPRA EARNINGS UP TO M EARNINGS FROM COMMERCIAL PROPERTY INVESTMENT DOWN EARNINGS FROM HEALTHCARE PROPERTY INVESTMENT UP

37 37 Second best year of this decade for the property investment market As usually happens, an acceleration was observed in Q4 this year. A total volume of bn was recorded in Q3 and Q4. This year, there were fewer large-scale transactions, with only 3 of them exceeding m and which accounted for of invested volumes Interest rates continued to drop in 2015 and they still offer an attractive risk premium compared to French 10 year government bonds, which are below Q4 represents a significant proportion of full-year take-up million sq.m take-up in 2015 ( compared to 2014) Good performance of transactions for less than 5,000 sq.m, vs. clear decline in transactions for more than 5,000 sq.m With a take-up approaching million sq.m, the strongest performance since 2006 was recorded in the Paris market. West Central Paris and Western Crescent also showed good performance and a good level of activity was recorded in La Défense Source: CBRE / Immostat ( bn) ( M) 3,0 2,5 2,0 1,5 1,0 0,5 0, in 1 year Q1 Q2 Q3 Q H1 H2

38 38 (1) (1) ( BN) ( / SQ.M / YEAR, EXCLUDING VAT AND CHARGES) H1 H West Central Paris, prime La Défense, prime Paris region average (2) (1) Unfavourable real-estate risk premium Financing costs soar Sources: (1) CBRE (2) Banque de France Office prime yield (Paris CBD) 3-month Euribor TEC 10 gov bond Attractive real-estate risk premium Historically low financing costs 31/12/ /12/2015 WEST CENTRAL PARIS SOUTH PARIS NORTHEAST PARIS PARIS AVERAGE LA DÉFENSE WESTERN CRESCENT INNER RIM, NORTH INNER RIM, EAST INNER RIM, SOUTH OUTER RIM TOTAL PARIS REGION

39 39 Leases effective from 2015 signed with renowned companies EQHO TOWER (La Défense, 92) sq.m leased to KPMG, Air Liquide, Banque de France, U.B.A.F. DÉFENSE 2 BUILDING (Nanterre, 92) sq.m leased to the Departmental Council of Hauts-de-Seine PORTES DE PARIS PARK (Saint-Denis and Aubervilliers, 93) sq.m leased to QVC LE MAUVIN PARK (Aubervilliers, 93) sq.m leased to Lapeyre Disposals represented sq.m (properties that were intended to be restructured or sold) OPEN (Issy-les-Moulineaux, 92) sq.m sold to Coca-Cola DÉFENSE 456 BUILDING (Nanterre Prefecture, 92) sq.m sold to Axa France sq.m incl. 20,570 sq.m of completed properties CHANGE IN THE SCOPE OF CONSOLIDATION incl. 42,964 sq.m of disposals sq.m ON A LIKE-FOR-LIKE BASIS

40 40 VEOLIA (Aubervilliers) sq.m building due to be completed in July 2016 and fully leased to Veolia m investment in 2015 MILLÉNAIRE 4 (Paris, 19 th district) sq.m due to be completed in Q m cumulative investments in 2015 MILLÉNAIRE 3 (Paris, 19 th district) Completed in March 2015 m investment in H LE MONET (Saint-Denis, 93) sq.m completed in June 2015 and fully leased to SNCF m investment in 2015 OFFICES Millénaire 3 in March 2015 for m Millénaire 2 in December 2015 for 2 office buildings in Evry for m HEALTHCARE Le Renaison clinic for m Le Parc clinic for m RESIDENTIAL UNITS 62 units sold for a total of m m HEALTHCARE Clinic acquired in Albi for m Clinic acquired in Stains for m Portfolio of clinics acquired for m as part of the Vedici-Vitalia merger, which resulted in the formation of the Eslan Group 3 development projects signed (Toulouse, Reims, Domont) for m excl. tax

41 41 (Aubervilliers, 93) Completion sq.m - Rent: M (Paris 19 e ) Completion sq.m - Rent: M (Issy-les-Moulineaux, 92) Completion sq.m - Rent: M (Reims, 51) Work start Completion sq.m (Paris 17 e, Clichy - Batignolles) Work start Completion sq.m (Issy-les-Moulineaux, 92) Building permit application date Completion housing units & sq.m of offices (Carré de Soie - Vaux-en-Velin, 69) Work start Completion sq.m (Toulouse, 31) Work start Completion sq.m (Trouville, 76) Work start Completion housing units

42 42 ( M) m m m m > Offices Business parks Healthcare Warehouses (1) High risk Moderate risk Low risk Notes: (1) Icade Santé share

43 43 31/12/ /12/2015 OFFICES BUSINESS PARKS OPTIMISATION POTENTIAL m OFFICES M BUSINESS PARKS M HEALTHCARE COMMERCIAL PROPERTY INVESTMENT HEALTHCARE PROPERTY INVESTMENT TOTAL PROPERTY INVESTMENT OF 2015 PROPERTY INVESTMENT EARNINGS m m m m m Annualised potential rents from vacant space Annualised face rents Annualised vacancy costs Data are presented on a Group share basis Potential optimisation = annualised potential rents for vacant space (excluding an average 10 structural vacancies for business parks) from assets in operation + annualised vacancy costs

44 44 PROPERTY LOCATION FINANCIAL OCCUPANCY RATE AS OF 31 DECEMBER 2015 IMPROVEMENT IN TOTAL OCCUPANCY RATE POTENTIAL RENTAL INCOME EQHO TOWER (1) La Défense pp m PB5 TOWER La Défense pp m CRYSTAL PARK Neuilly-sur-Seine pp m AXE SEINE Nanterre-Seine pp m QUÉBEC Orly-Rungis pp m SÉVILLE-VENISE Orly-Rungis pp m ROSTAND Paris Nord 2 pp m Note: (1) On a pro forma basis for signings already announced (Celgene, Mersen and KPMG), EQHO tower has a financial occupancy rate of 91. Improvement in the pro forma total occupancy rate is 1.0 pp and pro forma potential rental income is 4m.

45 45 (1) OFFICES BUSINESS PARKS HEALTHCARE TOTAL (2) Change in like-for-like yields 31/12/ /12/2014 Notes: (1) Annualised net rent from rented space plus potential net rent from vacant space at market rental value, divided by appraisal value excluding duties of rentable space (2) Includes non-strategic commercial property assets (Residential and Warehouses)

46 (1) Credit Update March-April OFFICES BUSINESS PARKS NON-STRATEGIC HEALTHCARE COMMERCIAL PROPERTIES TOTAL INVESTMENT PROPERTIES 31/12/ /06/ /12/ /06/ /12/ /06/ /12/2015 Note: (1) Annualised net rent from rented space plus potential net rent from vacant space at market rental value, divided by appraisal value excluding duties of rentable space

47 47 DATA AS OF 31 DECEMBER 2015 (1) PORTFOLIO VALUE EXCLUDING TRANSFER DUTIES ( m) RENTABLE SPACE (sq.m) EPRA VACANCY RATE () ANNUALISED IFRS RENTAL INCOME (M ) REMAINING COMMITTED LEASE TERM (YEARS) OFFICES 3, , BUSINESS PARKS 3, ,424, SUBTOTAL NON-STRATEGIC PROPERTIES , TOTAL COMMERCIAL INVESTMENT PROPERTIES TOTAL HEALTHCARE INVESTMENT PROPERTIES (1) TOTAL INVESTMENT PROPERTIES (excl. residential units) Note: (1) Icade Santé share

48 48 ( M) ( M) 158 (18) (293) (24.1) 62 (19.1) (389.1) 31/12/2014 ASSET DISPOSALS CONSTRUCTION WORK OTHER (1) LIKE-FOR-LIKE CHANGE. 31/12/ /12/2014 ASSET DISPOSALS CONSTRUCTION WORK OTHER (1) LIKE-FOR-LIKE CHANGE. 31/12/2015 ON A LIKE-FOR-LIKE BASIS POSITIVE IMPACT OF LOWER INTEREST RATES AND BUSINESS PLANS ON A LIKE-FOR-LIKE BASIS IMPACT OF THE ADJUSTMENT OF BUSINESS PLANS AND FROM THE TREND IN THE RENTAL MARKET Note: (1) Includes transfer duties and fees, change in the value of assets acquired during the financial year, construction work for properties sold and changes in the values of assets treated as financial receivables (PPP and other)

49 (16.6) (15.7) 31/12/2014 ASSET DISPOSALS ACQUISITIONS / CONSTRUCTION WORK OTHER (1) LIKE-FOR-LIKE CHANGE. 31/12/2015 ON A LIKE-FOR-LIKE BASIS IMPACT OF THE ACQUISITION OF HEALTHCARE FACILITIES CONTRACTION IN INTEREST RATES HAS A LIMITED IMPACT AS OF 31/12/2015 Note: (1) Includes transfer duties and fees, change in the value of assets acquired during the financial year and construction work for properties sold

50 50 Not committed CAMPUS LA DÉFENSE (Nanterre, 92) sq.m Rent: m Completion: after launch ÎLOT E (Saint-Denis, 93) sq.m Rent: m Completion: after launch Not committed Not committed OPEN (Issy-les-Moulineaux, 92) sq.m Rent: m Completion: OTTAWA (Rungis, 94) sq.m Rent: m Completion: after launch VEOLIA (Aubervilliers, 93) sq.m Tenant: Lease term: years Rent: m Yield (1) : Completion: ICADE S PORTFOLIO IN THE PARIS REGION Business parks Offices LAUNCH OF GRAND PARIS EXPRESS 18 11, 15 15, 16, MILLÉNAIRE 4 (Paris, 19 th district) sq.m Rent: m Yield (1) : Completion: Note: (1) Rent relative to cost of project as approved by Icade s governance bodies

51 51 Increased concentration among private healthcare operators The shareholders of major private healthcare providers continue to conduct large transactions, e.g. in 2015, merger of Générale de Santé and Ramsay France and combination of VEDICI and VITALIA to form ELSAN (REVENUES IN M) 2,111 Strong growth in healthcare property investment, with the emergence of an active secondary market A number of different asset managers are raising funds to invest in this asset class, which is more and more attractive to investors due to the yields they deliver 1, International property investment companies and investment companies are looking to penetrate the healthcare property market Companies like Primonial, BNP Paribas, EUROSIC or Swiss Life are strengthening their positions GECINA recently sold its healthcare real estate subsidiary Gecimed (2 nd largest property owner in the market after Icade Santé) in order to refocus on office properties Ramsay + Générale de Santé Vitalia + Vedici Médipôle Partenaires Capio Vivalto Almaviva Santé + DV The next companies: HPM (Lille) 165m OC Santé (Montpellier) 160m Saint-Gatien (Tours) 150m Courlancy (Reims) 150m Bordeaux Nord (Bordeaux) 150m STRONG CONSOLIDATION OF THE FRENCH CLINIC MARKET

52 52 Brest Lorient Vannes Laval Nantes Le Mans Dunkerque Saint-Omer Villeneuve d Ascq Chartres Vendôme Arras Orléans Valenciennes Soissons Notes: (1) MSO: Medicine, surgery, obstetrics (2) FRC: Follow-up and rehabilitation care (3) MHE: Mental health establishment Nancy La Roche-sur-Yon Besançon Les Sables- Poitiers Nevers d Olonne Niort Vichy Puilboreau Limoges Arnas Saintes Clermont-Ferrand Lyon Angoulême Brive Saint-Etienne Bergerac Aurillac Bordeaux Aire- sur- Adour Pau Caen Auch Agen Toulouse / Muret Montauban Albi Avignon Montpellier Castres Barcarès Troyes Courlancy Marseille Toulon PARIS REGION Domont Stains Drancy Paris Ermont Le Bourget Poissy Bry-sur- Le Chesnay Marne Charenton Trappes Nogent sur-marne Champigny- Vitry-sur-Seine sur-marne N S Draguignan As of 31 December 2015 clinics including MSO facilities (1) (3 under construction) FRC (2) and MHE (3) centres (AS A OF TOTAL PORTFOLIO VALUE) RAMSAY GÉNÉRALE DE SANTÉ CAPIO REGIONAL GROUPS CLINICS HEALTHCARE PROVIDERS MÉDIPÔLE PARTENAIRES ELSAN (FORMERLY: VEDICI & VITALIA) PORTFOLIO VALUE bn VALUE EXCL. DUTIES ( )

53 53 The residential market regained momentum in 2015 Individual investors are making a strong comeback (Pinel incentive scheme, low interest rates) The market is clearly picking up outside the Paris region, recovery in the Paris region market The comeback of individual investors offsets the decline of first-time buyers In 2016, the residential market should follow the same trend as in 2015 The revenues from the residential development division are expected to bounce back in 2016, driven by projects under development all across the country In the Paris region, the intention of Métropole du Grand Paris to take the production of new housing units to is a positive signal for future revenues Icade is confident in the future of the Pinel scheme and in the expansion of interest-free loans for first-time buyers

54 54 MARKET SHARE Reservations ( units) up in a market showing first signs of recovery YNFLUENCE SQUARE (LYON, 69) CUSTOMER MIX Average price per habitable sq.m incl. tax: relative to 2014 First-time buyers: PNE (PARIS 19 th DISTRICT) CUSTOMER BASE Individual investors: Institutional investors: Source: Crédit Logement BLACK SWANS (STRASBOURG, 67)

55 55 sq.m sq.m sq.m sq.m sq.m sq.m sq.m sq.m sq.m Transactions registered or currently under preliminary sales agreement Amounts excl. taxes - Icade share COMMERCIAL PROPERTY DEVELOPMENT BACKLOG M VS. 31 DECEMBER 2014

56 56 Sourcing, definition of the project, building permits

57 57 ( M) ( M) H H H H H H H H /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/2015

58 58 Renewed CSR governance in 2015 Within the Executive Committee, CSR is headed by 3 members: Emmanuelle Baboulin, Commercial Property Investment division Corinne Lemoine, Human Resources Marianne de Battisti, Innovation, Corporate relations and Communication Creation of a CSR strategic orientation committee where external experts who represent Icade's stakeholders, as well as Icade's Chairman and executive committee, meet twice a year Employee involvement Sustainable Development Week organised by Icade Survey conducted among Icade employees about CSR priorities Icade recognised by its peers Icade won the 2015 edition of the trophy for SIIC companies called "bringing life to responsible and sustainable cities"

59 59 1 st Autolib stations in a private business park st private commercial building to receive the HQE construction certification "Company-Territory" charter signed with Plaine Commune st all-electric river shuttle in a commercial park st Vélib stations in a private business park st commercial building to receive the HQE Exploitation certification Collective disabilities agreement 1 st shopping centre to obtain both the HQE and the BREEAM certification in Europe Partnership signed with Philips for innovation In 2015, Icade took first place in the ranking of female representation in the governing bodies of SBF 120 companies, in the category "gender balance in the executive committee" 1 st incubator for real estate start-ups fully funded by a private company in France 1 st private company to obtain the "Bâtiment biosourcé" label Among the 1 st developers to obtain the NF Habitat HQE certification with the new HQE criteria st commercial park to be ISO certified in France st real estate company to subject itself to a comprehensive carbon footprint assessment (Bilan Carbone ) st environment appendix signed and 1 st green lease committee with Pierre & Vacances, 3 years before the regulation came into force Creation of BIHOME shared lodging st HQE Aménagement certification Among the st property investment players to obtain the Biodivercity label Pilot project for the BBCA label (low-carbon building), construction due to begin in 2016 Partnership signed with the "Nos Quartiers ont des Talents" association (our neighbourhoods have talent)

60 60 IN CO 2 INTENSITY BETWEEN 2011 AND 2020 OF THE PORTFOLIO IN POSITIVE BIODIVERSITY BY 2020 LONG-TERM CUSTOMER SATISFACTION STRONGER ACTIONS IN TERMS OF LOCAL JOBS AND PROFESSIONAL INTEGRATION IMPLEMENTATION OF CSR OBJECTIVES FOR EXECUTIVES AND MANAGERS STARTING IN 2016 of renewable energy by 2020 Energy performance contract (CPE) for of the property portfolio in 2016 wood-based buildings every year Pilot project applying for the BBCA certification (low-carbon building) Biodiversity diagnoses systematically performed starting in 2016 Ecojardin certification for of business parks in 2016 Pilot project applying for the Biodivercity certification satisfaction index for the property development business by 2018 "User Clubs" in our business parks by 2017 Involve employees in associative partnerships Professional integration commitment for our most significant construction projects OF EMPLOYEES WILL BENEFIT FROM I.T. TRAINING IN 2016 INCREASE THE RATE OF FEMALE MANAGERS FROM TO BY 2018 STRONG CSR COMMITMENT WILL CONTRIBUTE TO EXCELLENCE AND PERFORMANCE

61 61 Real estate solutions 3.0, at the service of new ways of working: Maison des start-up, business centre and mobile offices TRINOV FLEXIBLE SOLUTIONS Optimised waste management and data analysis Implemented in the Portes de Paris park DATA NEW SERVICES JOBBERS Digital concierge services Implemented in the Orly-Rungis park PHILIPS Sustainable building: Open energy building lighting innovation CONNECTED BUILDING

62 62 A place for interaction, encounters, dialogue for the 450 contributors of the 28 innovative projects A conference cycle to stimulate, challenge, surprise (internal/external) A news media for real estate innovation created by Icade Coming soon: Creation of a corporate social network: foster interaction among members of the innovation community Launch of the application Installation of interactive terminals in the lobby

63 63 Collaborations with work groups from the Hub: 6 already launched, 6 being launched 1 st incubator dedicated to real-estate innovation It houses 11 start-ups Inaugurated on 4 November 2015

64 64 Signing of partnerships Actual collaborations LED LIGHTING IN THE PDM4 AND VEOLIA BUILDINGS IS BEING INSTALLED, POWER OF ETHERNET IN PB5, COURLANCY CLINIC ENERGY PERFORMANCE CONTRACTS FOR MILLÉNAIRE 4 AND OPEN, ENERGY ASSESSMENT OF THE PORTES DE PARIS PARK Icade has been contacted by several companies for new partnerships

65 65 Innovation monitoring Participation in the "Ville durable de Paris&Co" platform Creation of a joint start-up between Icade, FDR and Gecina, with the support of The Family Implementation outside the Paris region of the "Maison des start-up" concept (Lille and Bordeaux) and of ecosystems with local partnerships Affiliation to the Open Innovation Club (+ 20 corporations) Participation in the Paris Club for innovation leaders and in the Innovation & real estate club (Business Immo)

66 66 ( M) 31/12/ /12/2014 REVENUE 1,718.3 EBITDA DEPRECIATION NET OF INVESTMENT SUBSIDIES (273.5) CHARGES AND REVERSALS RELATED TO IMPAIRMENT ON TANGIBLE, FINANCIAL AND OTHER CURRENT ASSETS PROFIT(/LOSS) FROM ASSET DISPOSALS 99.1 OPERATING PROFIT AFTER PROFIT(/LOSS) OF EQUITY-ACCOUNTED COMPANIES COST OF NET DEBT NET FINANCIAL ITEMS CORPORATE TAX (5.5) (131.0) (140.7) (32.3) EARNINGS FROM OPERATIONS FALLING UNDER THE SCOPE OF IFRS NET PROFIT(/LOSS) NET PROFIT(/LOSS) (GROUP SHARE) 151.5

67 67 ( M) 31/12/2015 COMMERCIAL PROPERTY INVESTMENT 31/12/201 4 HEALTHCARE PROPERTY INVESTMENT PROPERTY DEVELOPMENT INTER-DIVISION TOTAL 31/12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/2014 REVENUE ,166.7 (24.9) 1,718.3 EBITDA (1.6) EBITDA MARGIN (EBITDA/REVENUE) OPERATING PROFIT (3.3) NET FINANCIAL ITEMS (120.2) (24.0) (140.7) CORPORATE TAX (7.0) - (25.2) - (32.3) EARNINGS FROM OPERATIONS FALLING UNDER THE SCOPE OF IFRS NET PROFIT(/LOSS) (3.3) NET PROFIT (GROUP SHARE) (3.3) 151.5

68 68 BUSINESS PARKS OF EXCELLENCE LIFE QUALITY, WORK QUALITY CREATE A SHARING AND LEARNING COMMUNITY Branding, signage and connectivity Abundant green areas The model in terms of sustainable development Promotion of low-impact transport Unrivalled services Clear security measures Parks designed like villages Areas for a different way of working Wide range of sports and wellbeing activities A real "lunching experience" Icade pro areas (Smart desks, coworking space ) Events organised by Icade Icade Connected, a digital community platform Creation of auditoriums Maison des Start-up

69 69 Scope: Icade's 7 business parks Orly/Rungis, Portes de Paris park, Millénaire park, Pont de Flandre park, Le Mauvin park, Paris-Nord 2, Colombes sq.m - Value: bn An ambitious plan Financial occupancy rate: (2018/2019) Capture a significant portion of current vacancy costs: m (2015 net rental income: m) Plus valuation impact Proactive investment of the value of business parks, i.e. m Investment to be completed in 2016 and 2017 Quick implementation Orly-Rungis pilot park Actions already launched (Smartdesk, digital platform...) Implementation due to be completed by 2017 ORLY/RUNGIS (94) MILLÉNAIRE PARK (PARIS 19 th DISTRICT) PARIS-NORD 2 (VILLEPINTE, 93)

70 70 [Icade] +10 THE HUB employees involved industrial partnerships start-up partnerships Experimentation INNOVATION BOARD Innovation managers & Sponsors Operational divisions INVESTMENT - DEVELOPMENT HEALTHCARE - SUPPORT Project implementation Inclusion of innovations in Icade's portfolio Innovative projects