Societe de la Tour Eiffel : 2012 annual turnover

Societe de la Tour Eiffel : 2012 annual turnover 
PARIS -- (Marketwire) -- 02/14/13 -- 


 
                    Turnover and EPRA occupancy rate stable,
            4.5% increase in rental income on a like for like basis

 
The  company's consolidated turnover  for 2012 amounted to  EUR 82.4M,
compared to EUR 82.3M  for 2011, of which rents  represented
respectively EUR 69.5M and EUR 69.4M. The  stability of the turnover
has  been achieved despite approximately 110 M of asset sales over
the 2011-2012 period. 
This  rental  outcome  results  from  a  combination  of rents
received on newly
delivered  properties  (+EUR 0.1M),  net 
relettings  (+EUR 0.6M)  and indexation of passing  rents (+EUR
2.4M), set against property  disposals during the said period
(- EUR
3M of rents). 
On a like for like basis, rents increased by 4.5%. 


 
           Consolidated turnover
+-----------------------------+------+------+
| (in M EUR)                  | 2012 | 2011 |
+-----------------------------+------+------+
| First quarter               | 20.7 | 20.2 |
|                             |      |      |
| Second quarter              | 20.7 | 20.8 |
|                             |      |      |
| Third quarter               | 20.4 | 20.9 |
|                             |      |      |
| Fourth quarter              | 20.6 | 20.4 |
+-----------------------------+------+------+
| Cumulated as at 31 December | 82.4 | 82.3 |
|                             |      |      |
| Of which rents              | 69.5 | 69.4 |
+-----------------------------+------+------+

 
The  relative resilience  of business  activity was  further
demonstrated by the EPRA  occupancy rate performance  of 91.6% for the
 overall portfolio at 31st
December 2012 compared with 91.3% at 31st
December 2011. 
Portolio evolution: 
Disposals  completed in  2012 globally amounted  to EUR  70M in line
with the last prevailing  independent valuations, a  further EUR 40M
being  under contract as at 31st December 2012. 
The net asset value as of 31st December 2012 amounted to EUR 915M to
be compared
with EUR 999M a year ago and EUR 955M in June 2012. The
decline results largely from asset  disposals but  also reduced 
property values  of 2.8% on  a like-for-like basis  (compared  with 
31st December  2011) principally concerning provincial sorting 
centers and business parks. Parisian  office properties values that
are core to the company's activity remain stable. 
Other operational highlights for the 2012 fourth quarter: 
* finalized the refinancing program with the signing of a new 287M,
5-year 
loan. All the 2013 maturities have been refinanced or
renegotiated by     anticipation during 2012. The company's overall
financing cost is extremely 
competitive (below 4%) with an
average duration of more than 5 years; 
* 24,500 m^2 of new lettings and lease renewals representing EUR
2.9M of annual     rents including 3,000 m^2 in Chartres (revised
occupancy rate 52%) for 18     years; 
* the on-going construction of green LEB 5,200 m^2 office
development in 
Montrouge (EUR 23M of investment pre-financed in
2011); the delivery of which 
has been scheduled for the 2013 2nd
quarter; 
* the sale of the company's minority stake in a business park in
Chatenay 
Malabry and of one of the buildings in the NXP Campus,
Caen for an aggregate 
EUR 11M. 
Calendar:   -  20th March  2013: 2012 results  and  new strategy
press release
after market close with  ensuing conference call in
English 
-   21st March 2013: SFAF meeting in French (2012 results and new
strategy) 
- 30th May 2013: Annual General Meeting 
About Societe de la Tour Eiffel 
A << SIIC >> quoted on the Euronext Paris Exchange, the company
pursues a strategy focused  on the  ownership and  the development 
of quality  office and business
space  capable of  attracting a  wide
range  of tenants  in both established and emerging  locations. The
company's  portfolio stands above  900 million Euros of assets spread
evenly between the Paris area and the regions. Societe  de la Tour 
Eiffel is listed  on NYSE Euronext  Paris (compartment B) - ISIN 
code : 0000036816 - Reuters :  TEIF.PA - Bloomberg  EIFF.F. Member of
IEIF
Foncieres and IEIF Immobilier France indices. 
Societe de la Tour Eiffel - 2012 annual results:
http://hugin.info/143560/R/1677965/547453.pdf 
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originality of the information contained therein. 
Source: Societe de la Tour Eiffel via Thomson Reuters ONE 
[HUG#1677965] 
Press contact
Jean-Philippe MOCCI
Capmot
Tel:+33 (0)1 71 16 19 13/+ 33(0)6719118 83
jpmocci@capmot.com 
www.societetoureiffel.com 
Communication
Jerome DESCAMPS
Chief Financial Officer
Tel: +33 (0)1 53 43 07 06
jerome.descamps@societetoureiffel.com
 
 
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