77d364b1-09c6-4445-a98f-8b62026d872b.pdf 2015 AnnuAl RepoRt CONTENTS

PROGRESS REPORT

  1. Profile

  2. Chairman's message

  3. Management and organization

  4. The business/Social and environmental policy

  5. Assets

13 Financial data

FINANCIAL REPORT

17 The Board's Operating and Financial Review

85 Annual financial statements

109 Consolidated financial statements

183 Auditors' report

2 2015 PROGRESS REPORT

Acanthe Développement

PROFILE

ACANTHE DEVELOPPEMENT is a European and property company eligible for French SIIC (real estate investment company) tax status. More than 96,13 % of its properties are located in the privileged districts of Paris.

ACANTHE DEVELOPPEMENT's strategy is underpinned by rigorous management of exceptional assets and the search for the best names to ensure capital growth on its portfolio and to secure a return on its assets.

ACANTHE DEVELOPPEMENT is listed in the C compartment of NYSE Euronext Paris and on the IEIF SIIC-REITS index.

ASSETS

66,94 %

in value comprising

office space and commercial premises at 31/12/2015

17 085m2

total floor area

31/12/2015

€181

€191,9

million equity

96,13

million at 31/12/2015

%

in value in Paris's central business district and in its historic centre

10buildings

at 31/12/2015

2015 PROGRESS REPORT

CHAIRMAN'S MESSAGE

Acanthe Développement 3

2015 was the second best year for the business property market in France, just behind the record year of 2007. Ile-de-France still enjoys the best part of investments. Inner Paris, in particular the central business district, again attracted investors looking for properties regarded as safe investments. This strong appeal of emblematic properties resulted in a fall in the yield from "prime" properties, down from 4% in 2014 for the best service-sector assets in Paris's central business district to between 3 and 3.5%. ACANTHE DEVELOPPEMENT is thus capitalizing on its strategy initiated in the 2000s of refocusing its assets on the central business district of Paris. The Group will continue to invest in Paris's favoured quarters, which are the best sources of capital gains.

The trade-offs on its assets reaching maturity in financial year 2015 enabled the group to derive the full benefit of this market trend.

After the sales in 2015, its adjusted net asset value totals 191.98 million euros (1.3049 euros per share). Net consolidated income for 2015 attributable to the group's shareholders totals 44.03 million euros.

IN recent years the group has succeeded in consolidating its financial soundness. At 31 December 2015, the Group's cash assets amounted to 82.70 million euros. On the same date the total capital balance on our loans amounts to 45.46 million euros.

You are reminded that the mandatory distributions under the REIT (Real Estate Investment Trust) tax system amount to 56.55 million euros. These obligations are determined on the basis of the Company's profits, which retain capital gains according to their historical cost, not consolidated income, which records changes in fair value every year.

At the general shareholders' meeting we will suggest distributing a dividend of 57.38 million euros to the shareholders. We have already paid an interim dividend of 39.7 million euros in August 2015. This distribution will satisfy our obligations under the REIT tax system. The cash that is not distributed will be used to invest in good market opportunities.

Alain DUMÉNIL

Chairman of the Board of Directors

Acanthe Développement SA published this content on 05 July 2016 and is solely responsible for the information contained herein.
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