Full Year 2020 Covivio SA Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Florent Laroche-Joubert - ODDO BHF Corporate & Markets, Research Division - Analyst : Congratulations for your very strong performance. So I would have maybe 3 questions. So my first question will be on your guidance for 2021. So what we can see is that your EPRA earning guidance is not -- in 2021, it's not certainly different from your performance in 2020. So maybe could you please give us some more color on how you have built this guidance in particularly for the hotels recovery? This would be my first question. Maybe second question. So would it be possible to have an update on the pre-letting process of assets that are not fully let on your pipeline? And maybe the third question will be on the valuation of offices in less attractive locations. So how do you think that this -- the new approval value can be resilient in 2021? So for example, in La DTfense?

Question: Thomas Martin - HSBC, Research Division - Analyst : Just a follow-up on German resi. Could you remind me to what extent the rent frees will impact your 2020 cash flow? And then more specifically, I mean, since November, I think -- or from November onwards, you had to reduce, I think, rents to the new sealing levels and running contracts as well. I mean, you just said that the -- that you don't take into account the core decision but to what extent would that impact your guidance probably for '21, assuming we get the decision in June or July, and you can collect again the former rent levels you had to reduce from the rent onwards. Is that -- would that impact your guidance? What's the implied potential on that would be? would be Interesting.