ALTAREA (EPA:ALTA) - ALTAREA Q3 2011 REVENUES AND BUSINESS PERFORMANCE

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07/11/2011 09:02

Paris, 7 November 2011                                        Press release

Q3 2011 Revenues and business performance
Consolidated revenues up +27.5%
Strengthening in all businesses of the Group

Retail property

    Rental income stable at EUR121.1m
    Slight increase in tenant revenues (+1%)
    Strategic position taken in e-commerce through the acquisition of a block
     representing 28.64% of RueduCommerce share capital and the launch of a
     takeover bid for the remaining RueduCommerce shares

Residential property

    Strong growth in percentage-of-completion revenues (up +40%)
    Reservations stable (up +3%)
    High financial visibility with a backlog of EUR1.6 billion excluding VAT or
     26 months' revenue

Office property

    Revenues up +44% to EUR78m

                                       Unaudited figures at 30 September 2011

Alain Taravella, Chairman and founder of Altarea Cogedim

"More than ever the strength of Altarea Cogedim is demonstrated by the growth in
each of our business lines. Innovation remains a priority for the Group and we
have demonstrated this by launching a takeover bid for RueduCommerce, which will
make us a leading multi-channel retail real estate company. Despite the current
economic environment the Group is still on track to hit its target of a
recurring net profit growth of well above 10% over the full year 2011".

I. ACTIVITY

1. RETAIL PROPERTY: Resilience of asset portfolio, increased development and
strategic position taken in the e-commerce business

Slight increase in tenant revenues

Tenant revenues have risen slightly (+1.0%(1)) and rental income remains stable
at EUR121.1m in a context of slower consumer spending.

Tenant revenues growth*                         "Like-for-like"
Retail Parks et Family Villages                       3.2%
Shopping Centres                                      0.0%
All                                                   1.0%
CNCC index                                           -0.3%

                                  * From 1 January to 31 August - France only

Rental income

Rental income is stable and reflects the active management on the asset
portfolio.

                                                (In EURm)
Net rental income 30/09/2010                      121.6
Shopping centres opened                             6.6
Net impact of disposals                           -10.9
Net impact of acquisitions                          4.3
Refurbishments                                     -1.2
Like-for-like change                                0.7
Net rental income 30/09/11                        121.1

The Group has an EUR825m pipeline of shopping centre projects. Almost 85% of
projects in the pipeline are located in demographically dynamic areas
(Ile-de-France and the South East of France).

The commercial success of the Villeneuve-la-Garenne operation, which started in
September 2011, has been confirmed with over 80 leases signed. The regional
shopping centre (86,000 m2) is now 60% pre-let, 2 years before the opening date.

Sales and re-letting operations are in line with the road map, particularly for
Cap 3000.

2. RESIDENTIAL PROPERTY: Strong earnings growth

The 40% increase in percentage-of-completion revenues (EUR537m excl. VAT)
reflects market shares gained between 2008 and 2011 by Cogedim, with an increase
from 2.5% to 6% of market shares by value in France during this period.

(1) Cumulative LFL sales over 8 months

Trends in reservations

Reservations remained stable at EUR787m (up +3%) including VAT (excluding
exceptional impact of Laennec) despite uncertainties in terms of economic and
fiscal environment. Take-up rates remain high (19% in September) and were driven
by growth in buy-to-let investors and block sales.

  - Ile de France accounted for 56% of sales compared to 52% in 20102
  - Buy-to-let investors accounted for 45% compared to 41% in 20103
  - Block sales accounted for 27% of sales in 2011 compared to 19% in 20104

EUR millions                           30/09/2011  30/09/2010  % change
Net reservations (excluding Laennec)      787         765         +3%
Laennec                                    53         235         N/A
Net reservations (including Laennec)      840       1,000        -16%
Percentage-of-completion revenues
(excl. VAT)                             537.0       382.3        +40%
Backlog5 (excl. VAT)                    1,570    1,395(6)        +13%

EUR millions                           30/09/2011  31/12/2010  % change
Properties for sale                       511         403        +27%
Future offer (land portfolio)           2,875       2,095        +37%
Residential property pipeline(7)        3,386       2,498        +36%
Months of activity                         36          24        +50%

At a time in which the sector is becoming increasingly uncertain, Cogedim
benefits from a strong financial visibility (backlog of EUR1.6 billion excl. VAT
as of 30 September, or 26 months) and from a pipeline(8) allowing to meet market
demand and to remain competitive.

Cogedim launched 13 new housing programmes during Q3. Including the operations
due for launch in Q4, the Group will have launched a total of 86 programmes
during 2011 for a total of 5 150 units.

3. OFFICE PROPERTY: Altarea Cogedim is ready to seize all opportunities

The strong growth in revenues (+44% to EUR78m) reflects the completion of
several programmes managed during the preceding cycle (Saint-Cloud,
Aix-en-Provence) as well as contributions from several regional projects,
particularly in the hotel sector (Marseilles and Nantes).

The Group has also gained contacts with major users for the development of
tailor-made operations in the region of Paris.

EUR millions                        30/09/2011  30/09/2010  % change
Take-up (incl. VAT)                    88          210        -58%
Deliveries (net floor area, m2)      164,900     44,000      x3.75
Backlog (excl. VAT)                   164         194(9)      -15%
Percentage-of-completion revenues
(excl. VAT)                          78.4         54.4         44%

(2) Not including Laennec
(3) Not including Laennec
(4) Not including Laennec
(5) The backlog comprises revenues excluding VAT from notarised sales to be
recognised according to the percentage-of-completion method and reservations to
be notarised. Backlog at 30 September 2011 represents 26 months of activity by
comparison with backlog at end of December 2010 representing 29 months of
activity.
(6) Data as of 31 December 2010
(7) Potential revenues from projects for which an option is held on the land +
potential revenues including VAT on properties for sale
(8) EUR3.4 billion incl. VAT, or 36 months of activity (EUR0.5 billion of assets
for sale and a EUR2.9 billion property portfolio in the form of unilateral
agreements, almost making up the whole)
(9) As of 31 December 2010

II. REVENUES AND FINANCIAL SITUATION

1. ALTAREA COGEDIM REVENUES FOR THE NINE MONTHS TO 30 SEPTEMBER 2011

In thousands
of Euros               Q1 2011   Q2 2011   Q3 2011   Total   Q1 2010   Q2 2010

Rental income           40,779    39,975    40,381  121,135   40,585    40,283
Services to third
parties                  3,003     2,873     3,205    9,081    1,956     2,043
Shopping centers        43,782    42,848    43,586  130,216    42,54    42,325

Property development
for third parties
Revenues               183,578   211,038   216,758  611,374  143,972   140,095
Services to third
parties                  1,611     1,691     1,412    4,713    2,343     4,443
Property development
for third parties      185,189   212,729   218,170  616,088  146,315   144,538
Residential property
Revenues               164,413   179,562   192,996  536,972  122,644   126,144
Services to third
parties                    353       200       145      698      379     1,946
Residential property   164,766   179,762   193,141  537,670  123,023   128,089
Commercial property
Revenues                19,165    31,476    23,762   74,402   21,328    13,952
Services to third
parties                  1,257     1,491     1,267    4,015    1,964     2,497
Commercial property     20,423    32,967    25,029   78,418   23,292    16,449
Recurring activities   228,971   255,577   261,756  746,304  188,856   186,863
Revenues                 1,432        46        39    1,517   11,758     4,586
Services to third
parties                    147        98     2,463    2,708      901     1,108
Ron-recurring
activities               1,579       144     2,501    4,224   12,659     5,694
Total revenues         230,550   255,721   264,257  750,528  201,515   192,557

  Q3 2010    Q4 2010    Total    30/09/2011
                                     vs
                                 30/09/2010
   40,700     42,828  164,396      -0.4%
    2,004      4,428   10,431      51.3%
   42,705     47,257  174,827       2.1%
  145,637    212,884  642,588      42.3%
    3,089      4,430   14,304     -52.3%
  148,725    217,314  656,893      40.2%
  133,502    195,121  577,411      40.5%
      556        778    3,659     -75.8%
  134,058    195,899  581,069      39.6%
   12,135     17,763   65,178      56.9%
    2,532      3,652   10,645     -42.6%
   14,667     21,415   75,823      44.1%
  191,430    264,571  831,719      31.6%
    2,973      9,355   28,671     -92.1%
      256        873    3,138      19.5%
    3,228     10,228   31,809     -80.4%
  194,658    274,799  863,529      27.5%

2. FINANCIAL SITUATION OF THE GROUP

Net bank debt stood at EUR2,221m as of 30 September 2011 compared to EUR2,055m
as of 31 December 2010, related to the investments in shopping centres and the
financing of residential and office development.

About Altarea Cogedim - FR0000033219 - ALTA
Altarea Cogedim is a leading retail property investment and development group
active in all three main property markets: retail, office, and residential. It
has the skills and experience to effectively design, develop, sell, and manage
customised property assets in each of these markets. The Group's risk exposure
is aligned with its long-term vision, and it creates value by designing and
building attractive assets and by seizing profitable opportunities in the
property sector.
Altarea Cogedim operates in France and Italy and had a property portfolio worth
EUR2.7 billion at 30 June 2011. Altarea is listed in Compartment A of NYSE
Euronext Paris and had a market capitalisation of EUR1.3 billion at end
September 2011.

ALTAREA COGEDIM CONTACTS       CITIGATE DEWE ROGERSON CONTACTS
Eric Dumas,                    Yoann Nguyen,
Chief Financial Officer        Analyst and investor relations
edumas@altareacogedim.com,     yoann.nguyen@citigate.fr,
tel: + 33 1 44 95 51 42        tel: + 33 1 53 32 84 76

Nathalie Bardin,               Aliénor Miens,
Head of Communications         Press relations
nbardin@altareacogedim,        alienor.miens@citigate.fr,
tel: +33 1 56 26 25 36         tel: + 33 1 53 32 84 77

NOTICE
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy Altarea shares. For more information about Altarea, please refer
to the documents available on the Group's website, www.altareacogedim.com.
This press release may contain forward-looking information. Although the Group
feels that this information is based on reasonable assumptions at the time this
press release was issued, this information is subject to inherent risks and
uncertainties that may cause actual results to differ materially from those
stated in or implied by this forward-looking information.

ALTAREA COGEDIM - Q3 2011 Revenues and business performance - Press release

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