Half-year results

2014
July 24
th
, 2014
Future Veolia head office (Aubervilliers, 93)
2
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in certain countries by legislation or regulations.

As a result, any person who comes into possession of this document is required to 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.
July 24
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, 2014 Half-year results 2014
Disclaimer
3
1. Resilient results
2. Pro-active management of liabilities
3. A unique property investment company
4. Useful diversification
5. Outlook
Appendices
July 24
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, 2014 Half-year results 2014
Contents
1. Resilient results
Future Veolia head office (Aubervilliers, 93)
5 July 24
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, 2014 Half-year results 2014
Resilient results in a market that remains under pressure
1. RESILIENT RESULTS
(m)
30/06/2013
a
30/06/2014 Change
Rental income 187 275 +47.0%
EBITDA 158 228 +44.4%
Profit on disposals 39 2 (93.9)%
Operating profit 95 90 (4.8)%
Net financial items -(54) (82) (51.0)%
Profit from other activities 16 12 (27.8)%
Net profit (Group share) 45 6 (87.4)%
EPRA Earnings from Property Investment 82 130

+58.3%
EPRA Earnings from Property Investment per share

1.58 1.76

+11.1%
Net current cash flow
b
100 147

+46.4%
Net current cash flow per share
b
1.94 1.99

+2.8%
EPRA NNNAV
c
5,704 5,419 (5.0)%
EPRA NNNAV per share
c
77.3 73.2 (5.3)%
LTV
c
37.5% 40.3% +2.8pt
a
Restated in accordance with the application from 1 January 2014
of the new IFRS 11 standard relating to joint-venture partnerships
b
Adjusted for Icade Sant minority interests
c
Data at 31 December for 2013
6 6
187
275
+97
(10)
+1
0
July 24
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, 2014 Half-year results 2014
Growth in rental income: +47%
Acquisition of Silic: +89m
Other acquisitions (incl. clinics): +8m
Asset disposals: -10m
Indexation: +1m (0.4% on average)
Like-for-like growth: +0.2%
Improvement in net rental rate: +3.0pt
Net rental rate: 90.6%
Effect of acquisition of Silic
1. RESILIENT RESULTS
Growth in rental income
Like-for-like
+0.2%
Change in the scope of consolidation
+47%
30/06/2013 Acquisitions Disposals
& restructuring
Indexing Rental
activity
30/06/2014
7 July 24
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Positioning in phase with demand
In the most promising areas (inner Paris rim)
In resilient areas (La Dfense)
Targeting major clients
Veolia
French Ministry of Justice
KPMG
Asset management teams with the ability
to tackle vacancies
Vacancy rates in line with, or below, the market average
Pro-active marketing strategy applied to former Silic parks
Alternative strategies to deal with structural vacancy
Disposals
Conversion to housing
1. RESILIENT RESULTS
Key strengths to withstand market
conditions
Trends in takeup
102
32
143
191
62
180
H1 2013 H1 2014
Vacancy rate
12.0%
9.5%
17.6%
12.8%
7.5%
Sources: MBE Conseil / Immostat
La Dfense &
surrounding area
Paris inner rimh
North
Paris outer rim
+87%
+97%
+26%
La Dfense
& surrounding area
Paris inner rim
North
Paris outer rim
South
Market vacancy rate
Icade vacancy rate (excl. EQHO)
14.7%
8 8 July 24
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Major contracts in 1
st
half 2014
1. RESILIENT RESULTS
Notable commercial successes
94
leases
67,500m
14m
in rental
income
Additions / losses
+5
years
9m
in rental
income
41,400m
28
leases
Renewals
EQHO (La Dfense, 92)
40,500m
KPMG
Tour Initiale (La Dfense, 92)
5,600m
Tarkett
Saint-Quentin Fallavier Warehouse (38)
6,500m
Findis
Millnaire 2 (Paris, 75)
2,500m
Agence Rgionale de Sant
Europen (Evry, 91)
2,500m
La Direccte
+28m
in rental
income
+85,500m
+50
leases
9 July 24
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1. RESILIENT RESULTS
Change in EPRA Earnings from Property Investment
(/share)
1.58
1.76
+0.01
+0.03
+0.09
+0.04
30/06/2013 Property Investment Operating property
depreciation
Financial result Income tax 30/06/2014
+11.1%
10 July 24
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1. RESILIENT RESULTS
1.94
1.99
+0.01
(0.16) (0.03)
+0.02
+0.10
+0.11
30/06/2013 Property
Investment
Property
Development
Services Inter-division Financial
result
Income tax 30/06/2014
+2.8%
a
Adjusted for Icade Sant minority interests
Change in net current cash flow
a
(/share)


11 July 24
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Change in EPRA NNNAV
(/share)
1. RESILIENT RESULTS
77.3
(3.7)
+0.1
+0.4
+0.1
(0.9)
(0.1)
31/12/2013 Dividend 2014 Consolidated
net income
Change
in unrealised gains
on property assets
Change
in unrealised gains
on property development
and services
Change
in fair value
of derivatives and
fixed-rate debt
Other 30/06/2014
73.2
12 July 24
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Change in yields
1. RESILIENT RESULTS
a
Impact on appraisal value of revision of capitalisation and discount rates applied by property appraisers
b
Impact on appraisal value of revised assumptions in building business plans (e.g. rent index, lease renegotiation, adjustment of market rental value, change in vacancy rate, change in construction plans and unbillable expenses, etc.)
c
Annualised net rent from rented space plus potential net rent from vacant space at market rental value, divided by appraisal value excluding transfer duties of rentable space
d
Icade Sant share
Appraisal value (excluding transfer duties)
on a like-for-like basis

Average yield
(excluding transfer duties)
c
30/06/2014 Change in H1
of which
discount rate
effect
a
of which
business
plan effect
b
30/06/2014 Change in H1
Offices, France 3,526 (1.5)% (1.2)% (0.3)% 7.1% +12bp
Business parks 4,062 (0.4)% +0.8% (1.2)% 8.0% +14bp
Total Strategic 7,588 (0.9)% (0.1)% (0.8)% 7.5% +13bp
Healthcare
d
1,114 (0.4)% +0.2% (0.6)% 6.9% +4bp
Non-strategic 168 (4.2)% (0.6)% (3.6)% 10.2% +126bp
Commercial property 8,870 (0.9)% (0.1)% (0.8)% 7.5% +11bp
2. Pro-active management
of liabilities
Vert & O (Aubervilliers, 93)
14 July 24
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Optimised debt
2. PRO-ACTIVE MANAGEMENT OF LIABILITIES
Reduction in average cost Longer average term
4.1%
3.8%
3.8% 3.8%
3.3%
30/06/2012 31/12/2012 30/06/2013 31/12/2013 30/06/2014
3.6
4.3
4.3
4.6
4.6
30/06/2012 31/12/2012 30/06/2013 31/12/2013 30/06/2014
Anticipated
reduction by
40-60bp

a
Loan to value = (Net debt including fair value of derivatives) / (Portfolio value excluding transfer taxes + Value of Service and Development companies)
b
Bank covenant limit
c
Restated in accordance with IFRS 11
d
Interest Coverage Ratio = EBITDA (operating profit adjusted
for depreciation) / Cost of net debt
LTV in line with guidance
a
Solid ICR
d

37.0% 36.7%
36.2%
37.5%
c
40.3%
30/06/2012 31/12/2012 30/06/2013 31/12/2013 30/06/2014
4.5x
3.5x
3.3x
4.0x
c
3.6x
30/06/2012 31/12/2012 30/06/2013 31/12/2013 30/06/2014
2.0
b
52.0%
b
15
591
440
546 543
378
576
124
650
787
118
H2 2014 2015 2016 2017 2018 2019 2020 2021 2022 and
beyond
Debts
Ornane
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Secure and stable resources
2. PRO-ACTIVE MANAGEMENT OF LIABILITIES
a
Excluding debt relating to equity investments and bank overdraft facilities
b
Debts including bank loans, finance leases, mortgage loans, bonds
and private placements
Drawn debt maturity schedule
a
(m)
b
Undrawn facilities
1,280m
Cash
700m
Hedging ratio
93%

16 July 24
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Increasing diversification
2. PRO-ACTIVE MANAGEMENT OF LIABILITIES
a
Including 200m secured private placement
30/06/2014
Corporate loans
and finance leases
50.0%
2010
Mortgage
loans
12.9%
Bonds
30.0%
Private placements
a

6.1%
Other liabilities
1.0%
Corporate loans
and finance leases
83.3%
Mortgage
loans
14.2%
Other liabilities
2.5%
Total debt as at 30/06/2014
4,792m
3. A unique property
investment company
Monet (Saint-Denis, 93)
18 July 24
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Generating recurring cash flow,
secured over the long term

3. A UNIQUE PROPERTY INVESTMENT COMPANY
OFFICES
LIQUID ASSETS
GENERATING
SECURE REVENUE
BUSINESS PARKS
ASSETS WITH
VERY SIGNIFICANT POTENTIAL
FOR VALUE CREATION
CASH FLOW
RECURRENT
AND SECURE
OVER THE LONG TERM
19 July 24
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3. A UNIQUE PROPERTY INVESTMENT COMPANY
Management tailored to each segment
Business parks
Substantial land
reserves providing
a reservoir of value
creation for the long
term: increase in
commercial property,
density and
diversification

Offices
Maximising asset
value through
dynamic asset
management and
medium-term asset
turnover
Healthcare
Leader in an
attractive sector

Non-strategic
Non-strategic assets
due to be sold
gradually (housing,
retail, warehouses)
20 July 24
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A refocused portfolio
3. A UNIQUE PROPERTY INVESTMENT COMPANY
Total portfolio value at 30/06/2014
9,044m (Group share)
Alternative
12%
Non-strategic
4%
Paris
Inner rim
22%
La Dfense &
surrounding area
26%
French provinces
1%
Paris
Outer rim
23%
Other western
crescent
12%
Paris
16%
Strategic
84%
20
21 21 July 24
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Warehouses, office and retail property
a shopping centre in Montpellier
land at the Portes de Paris business park
Offices, Germany
2 office buildings in Munich and Hamburg
2 parcels of land in Berlin
Residential
48 individual units sold
3. A UNIQUE PROPERTY INVESTMENT COMPANY
Active rotation of the portfolio
MILLNAIRE 5&6 (Paris 19
e
)
Acquisition of 50% of the offices owned by Klepierre
38m acquisition in January 2014013
MILLNAIRE 3 (Paris 19
e
)
Completion of 32,000 m expected in 2015,
fully let to the Ministry of Justice
27m of investment in H1 2014
HEALTHCARE
Acquisition of 3 clinics from the Mdiple Sud Sant Group
for 71m
Signature of agreement with Capio to acquire a further
7 clinics
SISLEY (Saint-Denis, 93)
Completion in April 2014
11m of investment in H1 2014
Disposals: 153m Investments: 257m
TGV stations
Existing
Proposed
Launch date
of Grand Paris Express
Airport
Before 2030
Beyond 2030
PARIS - SAINT-DENIS - AUBERVILLIERS
PARIS - LA DFENSE - NANTERRE
ROISSY - PARIS NORD 2
PARIS ORLY - RUNGIS
Icades portfolio
in the Paris region
Business parks Offices
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3. A UNIQUE PROPERTY INVESTMENT COMPANY
A key positioning in Grand Paris
22
July 24
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3. A UNIQUE PROPERTY INVESTMENT COMPANY
A well-served portfolio
23
PARIS - SAINT-DENIS - AUBERVILLIERS
PARIS - ORLY - RUNGIS
4. Useful diversification
Le Garance (Paris 20
e
)
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Working with Frances major cities
4. USEFUL DIVERSIFICATION
25
Le Garance (Paris 20
e
)
Offices, creche and college
Space: 30,000m
2
Architects: Brigitte Mtra et associs
Lyon Confluence (lot A3)
Housing, offices and retail property
Space: 26,400m
Architects: Herzog & de Meuron /
Atelier AFAA
Les Docks de Strasbourg
Mixed commercial and residential
development (45 eco-active homes),
restaurants, spaces dedicated to
education, art and culture
Space: Net usable floor area of 11,600m
Architects: Georges Heint /
Anne-Sophie Kehr
26 July 24
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Stability in profits from other activities
4. USEFUL DIVERSIFICATION
Property Development

Services Inter-division TOTAL
(m) 30/06/2013
a
30/06/2014 30/06/2013 30/06/2014 30/06/2013
a
30/06/2014 30/06/2013 30/06/2014
Revenues 425 465 23 21 (14) (10) 434 476
EBITDA 14 16 1 (1) (2) 0 13 15
EBITDA margin (EBITDA/revenue)
3.4% 3.5% 3.0% (5.1)% 15.0% 2.1% 3.0% 3.1%
Operating profit 25 23 0 (1) 0 (3) 25 18
Net financial items 1 2 0 0 0 0 1 2
Tax (10) (9) 0 0 0 0 (10) (9)
Net profit 16 15 0 (1) 0 (3) 16 12
Enterprise value
b
484 529 37 39 n.a. n.a. 520 568
a
Restated in accordance with the application from 1 January 2014
of the new IFRS 11 standard relating to joint-venture partnerships
b
Inclusive of enterprise value of subsidiaries accounted for
on an equity basis
27
62 establishments / 2.0bn excl. transfer taxes
9 operators-partners
In progress: +7 Capio Sant clinics
July 24
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4. USEFUL DIVERSIFICATION
Icade Sant: controlled risks
Breakdown by operator
(% of total portfolio value)
26.9%
Mdi-Partenaires
+ Mdiple Sud Sant
29.6%
Gnrale
de Sant
+ Ramsay
Vedici
28.7%
6 regional
groups
14.8%

a
MSO: Medicine, surgery, obstetrics
b
FRC: Follow-up and rehabilitation care
c
MHE: Mental health establishment
49 MSO clinics
a

13 FRC
b
and MHE
c
7 clinics currently being acquired
(Capio)















































28 July 24
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Diversification generating dynamic
and secure cash flow
Long leases: residual maturity as at 30 June 2014 of nearly 9 years
Triple net indexed rents
Net current cash flow: +12%
Attractive yields
Average yield of 6.9%
a
Multiple options for financing development
Further capital increases
Partnership
Initial Public Offering
4. USEFUL DIVERSIFICATION
Icade Sant: a clear leader
a
Annualised net rent from rented space plus potential net rent from vacant space at market rental value,
divided by appraisal value excluding transfer duties of rentable space
Source: Jones Lang LaSalle Expertises
Recurrent
annualised
rental income
19
45
56
86
114
130
135
536
661
829
1,317
1,725
1,887
1,971
2008 2009 2010 2011 2012 2013 H1 2014
Portfolio
value
(m) 30/06/2013 31/12/2013 30/06/2014
Net rental income 58.9 122.4 64.8
EBITDA 55.4 115.0 60.9
Operating profit 28.9 60.5 32.7
Net current cash flow 44.6 92.7 49.9
Asset value 1,844.9 1,886.8 1,971.4
Net debt 684.8 676.1 781.2
NAV 1,151.0 1,205.7 1,182.6
LTV 37.2% 35.9% 39.6%
5. Outlook
Nanterre Prfecture (92)
30
435m of investment
141,000 m, of which 90% pre-let
July 24
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5. OUTLOOK
A value-creating secured pipeline
269
118
49
2014 2015 2016
2014
2015
2016
BRAHMS
(Colombes, 92)
8,700m
Main tenant: Alcatel
Rent: 2.6m
Lease term: 9 years
Yield: 8.2%
SISLEY
(Saint-Denis, 93)
18,700m
Main tenant: Siemens
Rent: 6.4m
Lease term: 9 years
Yield: 6.8%
QUBEC
(Rungis, 94)
12,000m
Rent: 3.4m
Yield: 7.2%
MONET
(Saint-Denis, 93)
20,600m
Main tenant: SNCF
Rent: 6.3m
Lease term: 9 years
Yield: 7.1%
MILLNAIRE 3
(Paris 19
e
)
32,000m
Main tenant: Ministry
of Justice
Rent: 11.6m
Lease term: 12 years
Yield: 7.7%
VEOLIA
(Aubervilliers, 93)
45,000m
Main tenant: Veolia
Rent: 16.5m
Lease term: 9 years
Yield: 7.4%
31 July 24
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An additional pipeline primed for economic recovery
5. OUTLOOK
a
Total amount of works excluding land costs
6 projects in hand
186,000 m
680m
a
of investment
Project launches seeing satisfactory
pre-marketing conditions
LOT E (Saint-Denis, 93)
28,300m
Rent: 9.1m
Completion: 30 months
after launch
MILLNAIRE 4 (Paris 19
e
)
24,600m
Rent: 8.7m
Completion: 24 months
after launch
CAMPUS DFENSE (Nanterre, 92)
79,200m
Rent: 29.1m
Completion: 36 months
after launch
OTTAWA (Rungis, 94)
14,000m
Rent: 3.9m
Completion: 24 months
after launch
VANCOUVER (Rungis, 94)
7,000m
Rent: 1.6m
Completion: 17 months
after launch
VAUBAN (Rungis, 94)
33,000m
Rent: 7.6m
Completion: 34 months
after launch
32
3.5
4.0
5.2
(0.1)
+0.3
+0.1
+0.2
+0.8
(0.1)
+0.5
Estimated EPRA
Earnings
31/12/2014
Disposals
under
contract
Projects launched
and pre-let
Clinics
(acquisitions
under contract)
Additional
secured rents
(Tour EQHO,
Tour Initiale)
Secured EPRA
Earnings
Rental
optimisation
Disposal of
non-strategic
assets
Non-committed
projects
Potential EPRA
Earnings
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Potential change in EPRA Earnings from Property Investment
over 5 years
5. OUTLOOK
a
b
a
Corresponds to potential rental income from vacant space as at 30 June 2014
plus vacancy cost (recovery of expenses)
b
Corresponds to the following projects: lot E, Millnaire 4, Qubec,
Campus Dfense, Vauban, Ottawa, Vancouver
per share
33 July 24
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5. OUTLOOK
Priority: Energy and carbon footprints
Signature of the Pelletier Charter for
Sustainable Building and participation
in market reporting
Introduction of a methodology for monitoring
regulated green leases
and extension to certified buildings
Systematic environmental certification of
all new buildings: at least HQE Excellent
Continuing to build Icades expertise in
renovation of commercial property targeting
the highest levels of certification
and labelling

Reduction in consumption
in the major commercial
buildings owned by Icade
through to 2020



Reduction in greenhouse gases
linked to operational energy use
on the basis of 2011
emissions
CONTINUATION OF ENVIRONMENTAL
CERTIFICATION PROCESS
8
8
,
0
0
0

1
8
7
,
0
0
0

2
1
8
,
0
0
0

2
3
8
,
0
0
0

3
8
8
,
4
9
7

4
3
0
,
4
9
7

4
8
4
,
2
6
3

5
8
3
,
3
9
6

2009 2010 2011 2012 2013 2014e 2015e 2016e
Floor space of HQE certified
assets
(m
2
)
EQHO
80,000 m
START
30,000 m
BEAUVAISIS
a
14,000 m
and
a
First BBC Rnovation certified building in Paris
and
LONG-TERM
PUBLIC COMMITMENTS
2%
per m
2
/year
18%
relative to
2011

3%
/year
1/4
of emissions
by 2020

STRONG MANAGEMENT ACTION
TO REDUCE ENERGY & CARBON
FOOTPRINTS IN THE SHORT TERM
34
5. OUTLOOK
Priority: sustainable city
July 24
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, 2014 Half-year results 2014
Veolia Environnement HQ, is one of the five
pilot companies for the testing and
development of the proposed Biodivercity
label
Experimental research with Ecole Normale
Suprieure into urban green roofs
Progress plan based on 4 key challenges
relating to the CDC Energy and Ecology
Transition programme
The diversity of Icades residential clients
shows a very balanced view of the city.
These figures confirm its position as
a unique operator in France promoting
sustainable cities and social diversity
CONNECTED BUILDINGS
Production of a sustainability assessment
tool for urban projects looking
at planning/mobility integration
Creation of an information platform
for business park accessibility

Car-sharing and electric vehicles
in residential projects
Arbitrage of development and land projects
using a connectivity indicator
GREATER FUNCTIONAL
AND SOCIAL MIXITY
COMMITMENT TO
BIODIVERSITY
ECO-MOBILITE effinergie
Type of client 2013
Tax-efficient investment 21%
Social housing 25%
First-time buyers 30%
Second-time buyers 8%
Investment without tax breaks 12%
Other 4%
Total 100%
35
Maintenance of 2014 guidance of consolidation in EPRA Earnings from Property Investment per share,
thanks to:
increased marketing efforts across the entire portfolio in order to bring the financial occupancy rate above 90%
the development of major projects at business parks under secure conditions allowing for improvement in cash flow
control of operating expenses, primarily as a result of cost synergies from the merger with Silic
maintaining the LTV ratio at around 40% and further reduction in the average cost of debt by means of increased financial
disintermediation
As of 2015, Icade should see significant improvement in EPRA Earnings from Property Investment thanks
to the full letting of EQHO and the completion of secure development projects (Monet and Millnaire 3
due to be completed in 2015, Veolia in 2016)
July 24
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5. OUTLOOK
Guidance
Q&A
Appendices
Les Closbilles (Cergy, 95)
38 July 24
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Calculation of EPRA Earnings from Property Investment
APPENDICES
(m)
30/06/2013 30/06/2014 Change
Net profit 52 16 (70)%
Profit from other activities (16) (12) (28)%
Profit from property income (a) 36 4 (89)%
Change in value of investment property and depreciation (96) (129) +35%
Gains on disposals of fixed assets 36 (4) (111)%
Tax on profits relating to disposals and impairment losses 1 0 NA
Change in fair value of financial instruments 2 (10) NA
Adjustments for affiliates (6) (3) (47)%
Minority interests (Icade Sant) 17 22 +25%
Total restatements (b) (46) (126) +174%
EPRA Earnings from Property Investment (a b) 82 130 +58%
EPRA Earnings from Property Investment (/share) 1.58 1.76 +1%
39 July 24
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EPRA Net Asset Value
APPENDICES
(Group share, in m)
30/06/2013 31/12/2013 30/06/2014
Change over
6 months
(%)
Change over
one year
(%)
EPRA NAV 4,226 5,822 5,610 (3.6)% +32.7%
EPRA NNNAV 4,079 5,703 5,419 (5.0)% +32.8%
Number of shares, fully diluted (million) 51.7 73.8 74.0
EPRA NAV per share 81.7 78.9 75.8 (3.9)% (7.3)%
EPRA NNNAV per share 78.9 77.3 73.2 (5.3)% (7.2)%
40 July 24
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EPRA NNNAV
APPENDICES
(m)
(12) (15) (16)
2,547
4,168
3,850
1,500
1,492
1,521
44
58
64
30/06/13 31/12/13 30/06/14
Unrealised gains on property assets
net of transfer duties
Unrealised gains
on Property Development / Services
Shareholders equity
(+FMV of debt
and impact of dilution)
Tax on property assets
and companies
5,703
or 77.3 per share
4,079
or 78.9 per share
5,419
or 73.2 per share
41 July 24
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, 2014 Half-year results 2014
Income statement by asset type
a
APPENDICES
Strategic
assets

Alternative
assets
Non-strategic
assets
Other
(Head office costs,
intra-group items) TOTAL

(m, share of total) June 2013 June 2014 June 2013 June 2014 June 2013 June 2014 June 2013 June 2014 June 2013 June 2014
Rental income 103 193 60 66 27 19 (3) (3) 187 275
Net rental income 90 174 59 65 18 13 (3) (2) 164 249
Rental margin 87.0% 90.0% 98.8% 98.9% 66.9% 65.9% NA NA 87.6% 90.6%
EBITDA 84 161 55 61 17 11 2 (4) 158 228
Operating profit 17 61 29 33 48 3 0 (6) 95 90
a
Restated in accordance with the application from 1 January 2014
of the new IFRS 11 standard relating to joint-venture partnerships
42 July 24
th
, 2014 Half-year results 2014
Portfolio indicators
APPENDICES
Figures at
30 June 2014
a
Portfolio
value
excluding
transfer duties
(m)
Rentable space
(m)
EPRA vacancy
rate
(%)
IFRS rental
income,
annualised
(m)
Remaining
committed
lease
term
(years)
Offices, France 3,526 592,609 14.9%
b
180.3

4.6
Business parks 4,062 1,468,789 13.4% 222.3 3.1
Total Strategic 7,588 2,061,398 14.1% 402.6 3.8
Alternative
a
1,114 507,867 0.0% 76.4 8.8
Non-strategic 168 320,176 4.0% 15.1 5.9
COMMERCIAL PROPERTY 8,870 2,889,440 11.9% 494.2 4.6
a
Icade Sant share
b
Adjusted for lettings at Tour EQHO and Tour Initiale, the EPRA vacancy rate is 7.5%
for offices in France
43 July 24
th
, 2014 Half-year results 2014
Yield
a
APPENDICES
a
Annualised net rent from rented space plus potential net rent from vacant space
at market rental value, divided by appraisal value excluding transfer duties of rentable space
6
.
8
%

7
.
7
%

6
.
9
%

8
.
0
%

7
.
3
%

6
.
8
%

7
.
3
%

6
.
8
%

8
.
2
%

7
.
1
%

6
.
7
%

7
.
6
%

6
.
9
%

9
.
0
%

7
.
3
%

6
.
8
%

7
.
6
%

6
.
9
%

8
.
1
%

7
.
2
%

6
.
9
%

7
.
9
%

6
.
9
%

8
.
9
%

7
.
4
%

7
.
1
%

8
.
0
%

6
.
9
%

1
0
.
2
%

7
.
5
%

Offices, France Business parks Healthcare Non-strategic commercial TOTAL COMMERCIAL
PROPERTY
31/12/2010 31/12/2011 31/12/2012 30/06/2013 31/12/2013 30/06/2014
44 July 24
th
, 2014 Half-year results 2014
French commercial property market
APPENDICES
a
Source: CBRE
b
Source: Banque de France
0
5
10
15
20
25
30
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
H1 H2
15.5
10.7
0%
1%
2%
3%
4%
5%
6%
7%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 H1
2014
Yield on "prime" Paris CBD offices
OAT TEC 10
4.00%
0.21%
1.63%
699
467
294
200
400
600
800
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 H1 2014
PrimeParis Centre West PrimeLa Dfense Average Greater Paris
Commercial property commitments
in France by half-year period
a
(bn)
Rental values in the Paris region
between 2000 and H1 2013
a
/ m / year, excluding VAT and charges
Comparison of yields (at end of period)
b
Vacancy rates in the Paris region
a
30/06/2013 30/06/2014
West Central Paris 5.6% 5.6%
South Paris 3.3% 3.9%
Northeast Paris 3.6% 4.1%
Paris average 4.5% 4.8%
La Dfense 7.6% 12.1%
Western Crescent 11.5% 11.8%
Inner rim, North 10.3% 9.4%
Inner rim, East 7.5% 7.6%
Inner rim, South 7.9% 9.4%
Outer rim 5.5% 5.4%
Total Paris region 6.7% 7.0%
45 July 24
th
, 2014 Half-year results 2014
Residential Property Development market
APPENDICES
459
512
460
555
435
697
463
359
458
326
355
H1 2009 H2 2009 H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014
650
811
1,028
1,082
1,012
909
31/12/2009 31/12/2010 31/12/2011 31/12/2012 31/12/2013 30/06/2014
9.2%
13.4%
12.7%
7.8%
6.6%
6.1%
31/12/2009 31/12/2010 31/12/2011 31/12/2012 31/12/2013 30/06/2014
40
33
16
21 21
22
31/12/2009 31/12/2010 31/12/2011 31/12/2012 31/12/2013 30/06/2014
(22.4)%
(10.1)%
(7.6)%
+6.2%
Most residential developments have NF Logement and BBC certification
Housing reservations - Value
(m)
Backlog
(m)
Disposal rate of marketable stock Unsold homes value
(m)