Vitura: 2022 Annual Results

Press release

2022 Annual Results - Regulated Information Paris, March 8, 2023 - 8:00 a.m.

Vitura: 2022 Annual Results

• No. 1 worldwide for its sustainable development strategy in 2022 GRESB ranking
• 23,000 sq.m let in 2022, 7 transactions in the fourth quarter
• 42,000 sq.m renovated or under renovation
• Portfolio value excl. transfer duties of €1.5 billion
• EPRA NTA of €44.3/share

"Despite the different geopolitical, macroeconomic, climate and financial challenges faced in 2022, it was a strong year for Vitura. Portfolio activity was brisk, demonstrating the attractiveness of our properties on the market. In our constant pursuit to create value for our shareholders over the long term and provide our tenants with premium workplaces, we have continued to improve and enhance our portfolio, to combine the best levels of service with the highest environmental standards", says Jérôme Anselme, Vitura's Chief Executive Officer.

Acceleration in lettings

In 2022, Vitura delivered a solid rental performance with leases signed, extended or renewed on 23,000 sq.m, i.e., 13% of the portfolio's total surface area. The fourth quarter was particularly active, with seven transactions secured for a total of 10,000 sq.m.

Some 8,000 sq.m concerns new space, representing a positive impact on the Group's occupancy rate. This mainly concerns Arcs de Seine and Europlaza, which have been repositioned through regular investment programs and have proven their attractiveness by achieving occupancy rates of 78% and 81%, respectively. The 3 percentage point drop in the Group's occupancy rate, which stood at 81% at December 31, 2022 compared with 84% at December 31, 2021(1), is attributable to Unilocations' departure from Europlaza.

1. The 81% occupancy rate at December 31, 2022 excludes Rives de Bercy, which is undergoing redevelopment work. Including Rives de Bercy, the occupancy rate stood at 68% (compared with 78.5% at December 31, 2021).

Thanks to these signings, extensions and renewals, the average remaining lease term remains at five years.

The Group's tenants are mainly large corporates with solid profiles, over 90% of which have a Dun & Bradstreet rating of 1 or 2. These accounts contributed to stable rental income of €54.0 million in 2022 (compared with €55.4 million in 2021). The full-year impact of leases signed in 2022 will be felt in 2023.

Repositioning the portfolio

Vitura is committed to continuously improving performance and service. To meet its tenants' short-, medium- and long-term expectations with precision and speed, Vitura works with recognized partners, putting people first in keeping with its vision of "Workplaces for people. By people. ".

As part of the repositioning of the Arcs de Seine campus in Boulogne Billancourt, which began in 2016 with the renovation of the common areas and building B, 2022 saw the renovation of 10,000 sq.m building C, by G+ Architectes. In early 2023, the campus' existing amenities, which include a restaurant area and private gardens, were rounded out with a new fitness center and business center, redesigned by ilimelgo.

As with the work carried out on Europlaza in La Défense, the renovation of Arcs de Seine once again demonstrates the ability of Vitura's teams to successfully implement ambitious redevelopment projects.

Rives de Bercy, vacated by Crédit Foncier in December 2022, is currently being renovated by architecture firm Naço. Designed to meet new user expectations, the work will open up access to the heart of the building - its patios and gardens - which will become its new entrance, closer to the metro, footpaths and cycle paths. Naço has also been closely assisted on the 30,000 sq.m project by environmental consultant Wild Trees, who are helping to push the boundaries of environmental performance based on five major concerns: low-carbon footprint, circular economy, energy efficiency, biodiversity and comfort/well-being. The work will be delivered in the first quarter of 2024.

In line with its long-term value creation objective, Vitura is preparing a repositioning program for Passy Kennedy and Office Kennedy. The aim is to bring the two complexes together within a single 34,000 sq.m campus, located along the Seine in Paris' wider central business district. The campus will offer a host of amenities to meet market expectations - food service facilities, a gym, wellness and social areas, as well as facilities encouraging low-carbon mobility - and be aligned with the most exacting environmental standards.

The estimated portfolio value (excluding transfer duties) stood at €1,506 million at year-end, down 3% compared with the previous 12 months due to a slight increase in capitalization rates in all sectors.

Solid financial fundamentals

The Group's IFRS consolidated net debt stood at €827 million at December 31, 2022, stable compared to end-2021. A credit agreement was signed in June 2022 to refinance €94 million worth of loans, extending the maturity of the Group's debt and strengthening its financial structure. This loan is backed by the Hanami campus, a 34,000 sq.m real estate complex located in Rueil-Malmaison.

Almost two thirds of our debt is composed of green loans and we aim to increase this share to 100%.

In response to the sharp rise in interest rates, the Group set up new interest rate hedges to hedge against changes in the Euribor. The cost of setting up these instruments totaled €8 million for the period. At December 31, 2022, 100% of the Group's debt was hedged, at an average rate of 0.70%.

The loan-to-value ratio remained unchanged at 54.9%, with an average maturity of 3.5 years.

Excluding non-recurring items, Vitura's EPRA earnings amounted to €18.9 million for 2022, compared with €28.7 million for the prior year. The €9.8 million contraction mainly corresponds to the increase in financial expenses for the period (negative €5.0 million impact) and vacancy costs (negative €4.6 million impact).

Recurring cash flow stood at €24.5 million at December 31, 2022, driven by the financial solidity of the Group's tenants.

The Group reported a net loss of €4.2 million in 2022 under IFRS, compared with net income of €36.9 million in 2021. The decrease is mainly due to a decline in property values in 2022 (negative impact of

€67 million), in line with the market, following an increase in 2021. Changes in fair value of financial instruments had a positive impact of €49 million over the period.

EPRA NTA stood at €756 million at December 31, 2022, vs. €822 million one year earlier. The decrease is mainly attributable to changes in property values (negative €67 million impact), the dividend distribution (negative €21 million impact), 2022 EPRA earnings (positive €14 million impact) and the capital increase carried out in March 2021 (positive €8 million impact). At December 31, 2022, EPRA NTA stood at €44.3 per share.

Proactive environmental approach delivers results, CSR communities set up

Since the Company was founded in 2006, environmental excellence has been one of Vitura's core values. Each year, it strengthens its leadership position with an increasingly demanding and innovative action plan. Vitura has been awarded the highest levels of certification by non-financial rating agencies, and in 2022 was ranked world number one in the GRESB ranking (listed office property companies category) for the fourth year in a row. This achievement comes despite increasing competition, with all real estate companies now legally obliged to take action in this area.

Vitura also brings its stakeholders on board through an ISO 14001-certified environmental management system.

In 2022, Vitura went a step further in its environmental approach. Recognizing that ESG information must be as accessible, reliable and verifiable as financial information, Vitura automated the collection of energy data at all of its sites thanks to a new partnership with Stonal, one of the leaders in this market. In addition, amid tensions over Europe's energy supply, Vitura stepped up its efforts to raise awareness and educate its stakeholders on energy issues and ESG more generally. Ahead of winter, it initiated energy efficiency plans with its property managers and tenants. Thanks to Vitura's already close relationship with its tenants, the teams were able to spring into action and draw up programs tailored to the buildings in question and their specific characteristics. This saw the creation of CSR communities that will help foster discussion and unlock new initiatives.

This approach has yielded clear results: in 2022, the Group reduced its greenhouse gas emissions by 40% and its energy consumption by 32% compared to 2013.

Dividend distribution

On March 7, 2023, the Board of Directors authorized the 2022 individual and consolidated financial statements for issue. In order to pursue its investment policy and continue to optimize its financial flexibility, Vitura has decided to recommend to the General Shareholders' Meeting to be held on May 10, 2023 that the 2023 dividend be capped at the level of the distribution obligations for listed real estate investment companies in France (SIICs), i.e., €3.5 million.

Appointment to the Board of Directors

The Board of Directors has decided to appoint Erin Cannata to replace Jérôme Anselme on the Board of Directors. Jérôme Anselme will step down as a director and will continue to serve as Chief Executive Officer. Shareholders will be asked to approve the appointment at the next General Shareholders' Meeting.

Key figures

In € millions (as reported)

Rental income (IFRS)

2022 2021 Change

54.0 55.4 -2.4%

EPRA earnings	14.1	38.7	-63.6%
Recurring income	18.9	28.7	-34.2%
Portfolio (excl. transfer duties)	1,506	1,560	-3.4%
Occupancy rate	81%	84%	-3 pts
LTV ratio	54.9%	53.2%	+1.7 pts
EPRA NTA (in €)	44.3	48.9	-8.1%

Investor Calendar

• May 10, 2023: General Shareholders' Meeting
• May 11, 2023: First-quarter 2023 revenue

• May 23, 2022:

Ex-dividend date

• May 25, 2023: Dividend payment date

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For more information, please contact:
Investor Relations	Press contact
Charlotte de Laroche	Aliénor Miens/Alexis Ouaki-Manseur
[phone]	[phone]
[e-mail]	[e-mail]

About Vitura

Created in 2006, Vitura is a listed real estate company ("SIIC") that invests in prime office properties in Paris and Greater Paris. The total value of the portfolio was estimated at €1,506 million at December 31, 2022 (excluding transfer duties).

Thanks to its strong commitment to sustainable development, Vitura was named Global Sector Leader in the most recent Global Real Estate Sustainability Benchmark's (GRESB) listed office property companies category and received two Gold Awards from the European Public Real Estate Association (EPRA) for the quality and transparency of its financial and non-financial reporting.

Vitura is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096). The Company had a market capitalization of €414 million at March 7, 2023.

Visit our website to find out more: www.vitura.fr

APPENDICES

IFRS Income Statement (consolidated)

In thousands of euros, except per share data

2022

2021

	12 months	12 months
Rental income	54 047	55 362
Income from other services	23 975	29 558
Building-related costs	(28 646)	(21 249)
Net rental income	49 377	63 671
	0	0
Sale of building	0	0
Administrative costs	(8 817)	(18 204)
Other operating expenses	(10)	40
Other operating income	453	0
Total change in fair value of investment property	(66 653)	1 348
	0	0
Net operating income	(25 651)	46 855
	0	0

Financial income

Financial expenses

Net financial expense

Corporate income tax

CONSOLIDATED NET INCOME

of which attributable to owners of the Company of which attributable to non-controlling interests

Other comprehensive income

TOTAL COMPREHENSIVE INCOME

of which attributable to owners of the Company of which attributable to non-controlling interests

Basic earnings per share (in euros)

Diluted earnings per share (in euros)

48 863

(27 396)

21 467

0

0

0

(4 183)

(4 183)

0

0

0

0

(4 183)

(4 183)

0

-

(0,25)

(0,25)

5 487

(15 409)

(9 922)

0

0

0

36 932

36 932

0

0

0

0

36 932

36 932

0

-

2,29

2,21