ALTAREA (EPA:ALTA) - Q3 2012 REVENUES AND BUSINESS PERFORMANCE

Transparency directive : regulatory news

13/11/2012 17:57

Paris, November 13, 2012, 5:45 pm                                Press release

                   Q3 2012 Revenues and business performance

        9-month consolidated revenues up 14.5%(1) to EUR1,090.7 million

Retail

   * Shopping centers: Rental income posted solid growth(2) of 5.4% on a
     like-for-like basis
   * Online retail: Continued development of the "Galerie Marchande"
     marketplace and improved commission rates

Residential

   * Q3 2012 reservations: -20%
   * Strong growth for percentage-of-completion revenues: +23.6%
   * Good financial visibility with a backlog of EUR1.5 billion excluding tax

Office property

   * Stable operating activity
   * Revenues: +5.3%

Unaudited figures at September 30, 2012

(1)Pro forma sales figures (based on 2011 sales reincorporating Rue du
Commerce), i.e., +45.3% growth in reported sales.
(2)Excluding impact of deliveries and disposals.

I. BUSINESS

1. RETAIL: Income growth and positive performance for brick-and-mortar(3) and
online retailers

1.1. Shopping centers

Tenants' revenues

Tenants' revenues continue to grow (+1.4%(4) despite a general context of
diminishing consumption.

Changes in Revenue(4)                             9/30/2012
Shopping centers                                     1.5%
Retail Parks and Family Village(r)                   1.0%
Total                                                1.4%
CNCC index                                          -0.2%

Rental income

Overall, deliveries and asset management offset the impact of disposals. Rents
increased by 5.4% on a like-for- ike basis (including 2.1% for indexation).

                                          (In EUR millions)
Rental income at 9/30/2011                      121.1
Change like-for-like                             +6.6          +5.4%
Impact of deliveries                             +0.1          +0.0%
Net impact of disposals                          -7.6          -6.3%
Refurbishments                                   -0.2          -0.1%
Rental income at 9/30/2012                      120.0          -0.9%

The Group continues to pursue its asset concentration strategy, through both
arbitrage and development of pipeline projects (creation, refurbishment and
extension).

In late September, the Group delivered the eastern extension of Espace Gramont
in Toulouse, thus completing refurbishment of this regional shopping center.
Espace Gramont now features more than 110 shops and medium-size stores.

The next deliveries are scheduled for 2013:
- Costières Sud Family Village(r) in Nîmes (H1 2013) with a current take-up
   rate of 83%,
- Villeneuve-la-Garenne regional shopping center, featuring 185 shops and
   restaurants over 926,000 ft2 (86,000 m2) of leasable surface area to be
   delivered in late 2013. The take-up rate is nearly 80% a year before
   opening.

1.2. Online retail

In accordance with the strategy announced, Rue du Commerce continues to
reorient its own-brand distribution model (mainly high-tech products) towards
the general-merchandise centered marketplace ("Galerie Marchande"), which
generates commissions on the revenues of merchants hosted on the site.

In EUR million                       9/30/2012      9/30/2011      Change

Revenues                               204.5          202.3         +1.1%
   o/w  direct distribution            197.7          197.0         +0.4%
   and other revenues
   o/w  marketplace commissions          6.8            5.3          +28%

Revenues, marketplace merchants         76.9           68.5          +12%

Thanks to higher average commission rates, through enhancement of the product
mix, commissions collected through the marketplace outpaced revenues growth for
partner merchants.

(3)On a like-for-like basis.
(4)Figure for 100%, on a "reported floor area" comparable basis ("surfaces
constantes") over the first nine months.

2. HOUSING: Strong revenues growth

Revenues

In EUR million                        9/30/2012         9/30/2011      Change
Percentage-of-completion revenues         664               538        +23.6%
(excl. tax)

The 23.6% rise in percentage-of-completion revenues (EUR664 million excl. tax)
reflects market share gains achieved between 2008 and 2011.

Net reservations

In EUR millions over 9 months          9/30/2012         9/30/2011     Change

Private individual reservations(5)        477               603         -21%
Institutional investor reservations       121               237         -49%
Total reservations (incl. tax)            599               840         -29%
O/w Q3 reservations                       179               223         -20%

Breakdown of reservations (in EUR millions)      9/30/2012        9/30/2011

Paris Region                                    304     51%      490     58%
Other French regions                            295     49%      350     42%

Cogedim reported a 20% decline in reservations for Q3 2012. Reservations are on
track to recovery following a pronounced wait-and-see attitude early in the
year due to election season in France (cumulated drop of 29% since early 2012).

The overall decrease in reservations can also be attributed to a reduction in
sales to institutional investors compared to 2011 reservations, which were
characterized by a high volume of sales to medical establishments in the Paris
Region.

Pipeline

In EUR million including tax         9/30/2012    6/30/2012        Change
Property for sale                       628           650           -3%
Future offer (land portfolio)          3,174         3,129          +1%
=>Pipeline(6)                          3,802         3,779
Number of months of revenues         47 months     45 months        +1%

In a context of palpable uncertainty, Cogedim continues to manage its
commitments, as well as the volume of properties for sale. At the same time, it
maintains a pipeline sufficient to provide solutions suited to market
developments in terms of both products and volume.

As a result of the current economic context that underscores the need for
affordable housing and household solvency, recent launches have focused on
entry-level and mid-scale products. These products accounted for half of
properties for sale at 9/30/2012.

The stock of unsold completed apartments remained close to zero due to a
rigorous risk management policy.

(5)First-time homeowners and private investors
(6)The pipeline is composed of revenues (incl. tax) of the properties for sale
plus the land portfolio, which represents all the land under option (generally
at purchaser's hand).

Backlog

In EUR million excluding tax           9/30/2012         6/30/2012

Backlog(7)                               1,466             1,527
Number of months of revenues           19 months         20 months

With a backlog of EUR1.466 billion, Cogedim is given strong visibility on future
revenues and is confirming a significant growth of revenues for 2012.

3. OFFICE PROPERTY: Stable operating activity

In EUR million                         9/30/2012          9/30/2011

Percentage-of-completion revenues         82.6               78.4
(excl. tax)

In the first nine months of 2012, revenues in the office segment rose 5.3%
compared to 2011.

In addition to H1 2012 transactions, Altarea Cogedim Entreprise concluded a
delegated project management agreement with AltaFund for the complete
refurbishment of the "Raspail" building (106,500 ft2 or 9,900 m2 net area
located in the 6th arrondissement of Paris). AltaFund acquired the building in
early July 2012.

In EUR million                        9/30/2012             6/30/2012

Backlog(8) (excl. tax)                   122                   152

Altarea Cogedim currently has no significant commitments in the office sector.

(7)The Residential backlog comprises revenues (excl. tax) on notarized sales
remaining to be recognized on a percentage-of-completion basis plus sales
reservations remaining to be notarized.
(8)The Office backlog comprises of revenues (excl. tax) on notarized sales
remaining to be recognized on a percentage-of-completion basis plus take-up not
subject to a notarized deed yet and fees owed by third parties on signed
contracts.

II. ALTAREA COGEDIM Q3 2012 REVENUES

1. Rue du Commerce pro forma revenues figures

In EUR millions Q1 2012 Q2 2012 Q3 2012  Total  Q1 2011 Q2 2011 Q3 2011  Total

Rental income      40.4    39.9    39.7  120.0     40.8    40.0    40.4  121.1

Services            4.4     4.6     4.0    13.0     3.2     3.0     5.7   11.8

Other               1.7     2.3     2.7     6.6     1.4     0.0     0.0    1.4

"Brick-and-mortar"
retail:            46.5    46.8    46.4  139.7     45.4    42.9    46.0  134.4

Distribution
sales              67.2    60.5    70.0  197.7     73.8    56.4    66.8  197.0

Galerie marchande
commissions         2.3     2.3     2.2    6.8      1.4     1.8     2.1    5.3

Online retail      69.5    62.7    72.2  204.5     75.3    58.2    68.9  202.3

GM Business
volume             26.1    25.5    25.3   76.9     19.6    23.4    25.5   68.5
Total business
volume            93.3     86.0    95.3  274.6     93.4    79.8    92.3  265.6

Revenue          221.6    229.3   212.6  663.5    164.4   179.6   193.0  537.0

Services           0.2      0.1     0.1    0.4      0.4     0.2     0.1    0.7

Residential      221.8    229.4   212.7  663.9    164.8   179.8   193.1  537.7

Revenue           25.5     23.0    30.2   78.7     19.2    31.5    23.8   74.4

Services           1.0      1.8     1.1    3.9      1.3     1.5     1.3    4.0

Offices           26.5     24.8    31.3   82.6     20.4    33.0    25.0   78.4

Total
Group sales      364.3    363.8   362.6 1,090.7   305.8   313.8   333.1  952.8

Sept. 30 2012 /
Sept. 30 2011

-0.9%
10.4%
364.3%

  4.0%

  0.4%

27.9%
  1.1%

12.2%

  3.4%

23.6%
-42.2%
23.5%

  5.7%
-3.4%
  5.3%

14.5%

2. Reported revenues

Rental income     40.4     39.9    39.7  120.0     40.8    40.0    40.4  121.1

Services           4.4      4.6     4.0   13.0      3.2     3.0     5.7   11.8

Other               1.7     2.3     2.7    6.6      1.4     0.0     0.0    1.4

"Brick-and-mortar"
retail:            46.5    46.8    46.4  139.7     45.4    42.9    46.0  134.4

Distribution
sales              67.2   60.5     70.0  197.7                               -

Galerie marchande
commissions         2.3    2.3      2.2    6.8                               -

Online retail      69.5   62.7     72.2  204.5        -       -       -      -

GM Business
volume             26.1   25.5     25.3   76.9
Total business
volume             93.3    86.0    95.3  274.6

Revenue           221.6   229.3   212.6  663.5    164.4   179.6   193.0  537.0

Services            0.2     0.1     0.1    0.4      0.4     0.2     0.1    0.7

Residential       221.8   229.4   212.7  663.9    164.8   179.8   193.1  537.7

Revenue            25.5    23.0    30.2   78.7     19.2    31.5    23.8   74.4

Services            1.0     1.8     1.1    3.9      1.3     1.5     1.3    4.0

Offices            26.5    24.8    31.3   82.6     20.4    33.0    25.0   78.4

Total
Group sales       364.3   363.8   362.6 1,090.7   230.6   255.7   264.2  750.4

Sept. 30 2012 /
Sept. 30 2011

-0.9%
10.4%
364.3%

  4.0%



23.6%
-42.2%
23.5%

  5.7%
-3.4%
  5.3%

45.3%

Next meeting:
2012 annual results, February 27, 2013 (after market close)

About Altarea Cogedim - FR0000033219 - ALTA
Listed on Compartment A of NYSE Euronext Paris (SRD Long Only), Altarea Cogedim
is a leading property group. As both a commercial land owner and developer, it
operates in all three classes of property assets: retail, residential and
offices. It has the required know-how in each sector to design, develop, market
and manage made-to-measure property products. By acquiring Rue du Commerce, a
leader in e-commerce in France, Altarea Cogedim became the first multi-channel
property company.
Altarea Cogedim has a shopping center portfolio of EUR 2.5 billion, with a
market capitalization of approximately EUR1.3 billion.

ALTAREA COGEDIM CONTACTS:                   CITIGATE DEWE ROGERSON CONTACTS:

Eric Dumas,                                 Agnès Villeret,
Chief Financial Officer                     Analyst and Investor Relations
edumas@altareacogedim.com,                  agnes.villeret@citigate.fr,
tel: + 33 1 44 95 51 42                     tel: + 33 1 53 32 78 95

Nathalie Bardin,                            Aliénor Miens,
Group Communication Director                Press relations
nbardin@altareacogedim.com                  alienor.miens@citigate.fr,
tel: +33 1 56 26 25 36                      tel: + 33 6 64 32 81 75

NOTICE
This press release does not constitute an offer to sell or a solicitation of an
offer to purchase Altarea shares. For more  detailed information concerning
Altarea, please refer to the documents available on our website:
www.altareacogedim.com
This press release may contain forward-looking statements. While the Company
believes such declarations are based on reasonable assumptions at the date of
publication of this document, they are by nature subject to risks and
uncertainties which may lead to differences between real figures and those
indicated or inferred from such declarations.

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