CFI (EPA:CFI) - Activity and Results as At 31 December 2013
Directive transparence : information réglementée Communiqué sur comptes, résultats, chiffres d’affaires
17/02/2014 19:07
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ACTIVITY AND RESULTS AS AT 31 DECEMBER 2013
Paris, 17 February 2014. The Board of Directors met on 13 February 2014 to
review the activity and approve the financial statements for 2013.
Commercial real estate market still difficult but opening up
Real estate investment volumes showed further strength in 2013 despite
continuing weakness in overall economic conditions and a significant
deterioration in the rental market. There is still an imbalance towards "core"
assets although this has been tempered by a degree of recovery in "value-added"
transactions.
The Company focused on the management of its cinema property portfolio operated
by UGC. Deconsolidation of the Bordeaux-Image SCI subsidiary pursuant to
IAS 27
Since 1 January 2013, and for the same reason as sister company CFI-Image in
2012(1), Bordeaux- Image SCI has been deconsolidated. The presentation of key
figures was adapted since 30 June 2012 so as to provide appropriate information
on a constant and therefore comparable basis.
3% increase in rental income
In 2013, rental income contributed by subsidiaries benefited from the
indexation to the ILC retail rental index (+3.07% as at 1 January for
CFI-Image) and amounted to EUR1 5,187 thousand versus EUR14,744 thousand
in 2012.
NAV per share: EUR 83.91
According to CBRE's appraisal valuation based on the discounted cash flow
method, the market value of the property portfolio comes to EUR220,990 thousand
as of 31 December 2013, net of costs and transfer taxes, down 7.9% from
EUR239,710 thousand on 31 December 2012 (and down 3.2% compared with 30 June
2013). This latest appraisal reflects the prospect of reduced rent indexation
in the current unfavourable economic environment and incorporates the impact of
a residual lease term now half way between 9 and 6 years.
Accordingly, Net Asset Value, net of costs and transfer taxes, stands at
EUR83.91 per share, down 7.5% compared with 31 December 2012 and down 2.7%
compared with 30 June 2013.
(1) Being the date when the call option granted to UGC for the CFI-Image shares
held by CFI became exercisable (see Press Release of 19 February 2013)
72, rue du Faubourg Saint Honoré 75008 Paris / Tél. 01 40 07 81 03 /
Fax. 01 40 07 85 12 / www.cfi-france.com
Société Anonyme au capital de 25 626 720 euros / 542 033 295 R.C.S Paris /
FR 45 542 033 295
Total comprehensive income, a significant financial aggregate which
incorporates both the items recognised in the income statement and those
posted directly to equity, was a negative figure of EUR2,902 thousand for the
Group share (compared with a positive amount of EUR9,959 thousand on
31 December 2012).
Key figures
(in thousands of euro) 2013 2012
Subsidiaries' key indicators 15,187 14,744
. Net rental income
. Fair value of property portfolio as of 31/12 220,990 239,710
. Change in fair value of properties (18,720) 6,870
Consolidated data
Total comprehensive income, Group share (2,902) 9,959
i.e. per share (EUR) (3.40) 11.67
Net Asset Value, Group share as of 31/12 71,643 77,398
i.e. per share (EUR) 83.91 90.72
Proposed dividend: EUR3.51 per share up 17.8%. Remaining EUR2.11 per share to
be paid on 30 July 2014
The Ordinary General Meeting of Shareholders to be held on 28 March 2014 will
be asked to approve a dividend of EUR3.51 per share. After taking into account
the interim dividend of EUR1.40 per share paid on 1 August 2013, the final
dividend for 2013 will be EUR2.11, payable on 30 July 2014.
12-month extension of bank loan negotiated by CFI-Image
The Board of Directors has been informed that the Company's subsidiary
CFI-Image signed an agreement on 25 July 2013 with its financing banks, led by
Crédit Agricole-CIB, to extend by 12 months the five-year financing arranged on
13 February 2009 for the acquisition of the property portfolio of UGC cinemas.
This financing will now mature on 13 February 2015.
The change in interest rate hedging instrument from a swap at 2.95% to a cap
with effect from 13 February 2014 will allow CFI-Image to benefit from the
positive effect of low interest rates environment.
Outlook
In connection with (a) the expiry on 30 June 2014 of the call option granted to
UGC on the shares of subsidiaries owning the portfolio of cinema properties and
(b) the new maturity date of the debt, the Board of Directors began a review of
the different options regarding the prospects for the portfolio.
The next Board of Directors meeting will be held on 28 March 2014, at the close
of the Ordinary General Meeting of Shareholders.
In the meantime, the Company will continue to manage and enhance the value of
its existing portfolio over the medium term.
Investor relations: contact@cfi-france.com
Tel. 33 (0)1 40 07 81 03