PAREF : 2020 HALF-YEAR RESULTS
2020 HALF-YEAR RESULTS
In the context of a global health crisis the strategy adopted has shown its resilience
A portfolio of assets under management reaching €2.3 Bn (+7%)
- €197[1] Mn of owned assets (+3% on a like-for-like basis compared to December 31,2019);
- €2,143 Mn managed on behalf of third parties mainly through SCPI[2] and OPCI[3] (+8% compared to December 31, 2019).
Healthy financial indicators
- EPRA Net recurring results increased by 9% reaching €3.65 per share (€3.35 as at June 30,2019);
- EPRA NAV Net Tangible Asset (NTA) increased by 15% over 1 year reaching €128.2 per share (€111.1 as at June 30, 2019);
- Leverage (LTV) remains low at 26% vs. 28% as at December 31,2019.
- Substantial liquidity of approximatively €40 Mn (including an undrawn committed credit line)
“The period we are living through is without precedent and a challenge to the resilience of the Group strategy. Thanks to the in-depth transformation in the past years, the acceleration of digitalization and the continuous efforts from the teams, the operational activities haven't been interrupted and have enabled us to continue creating value for our shareholders and clients. Despite a slowdown in the fundraising for SCPI funds, the model based on the 3 pillars (directly owned assets through PAREF, management for institutional and retail investors with PAREF Investment Management and PAREF Gestion) confirms its resilience, translating into solid financial results for the first half of 2020. With a robust balance sheet, sufficient liquidity, adapted tools and competent teams, we continue to invest in directly owned assets, strengthen both existing and newly created SCPI funds and develop management for institutional third parties.”
Antoine Onfray – Deputy CEO
“Our business transformation around the three pillars aims to provide stability during period of serious stress. The model was tested in the 2nd quarter of 2020 with robust financial results delivered for the first semester. This builds on the momentum of new IT systems, demonstrating the ongoing operational resilience of our platform via remote working. We remain focused on supporting our employees, communities, and clients, while proactively managing our assets and our development in Europe.”
Antoine Castro – CEO
The management board of PAREF, during the board meeting held on July 31, 2020, approved the closing of the half-year accounts as at June 30, 2020.
I - Real-estate activity (PAREF SA)
PAREF has continued its strategy of active management of its portfolio during the first semester of 2020 and notably has:
- Signed a new lease on the Gaïa office asset in February 2020 over a total area of 1,751 sqm with 9-year firm period. The occupancy rate of this asset increases to approximately 64%;
- Finalized the disposal of 4 assets, owned by PAREF located in Meythet, Saint-Etienne, Thyez and Trappes, for the total net disposal price of almost €5 Mn, in line with the latest valuation. The Group continues its strategy on owned portfolio by repositioning it on larger assets and mainly in the Grand Paris region.
Financial occupancy rate increases at 87.5% vs 86.3% as at December 31,2019[4].
The weighted average unexpired lease term of owned asset portfolio stands at 4.6 years at the end of June 2020. The expiry schedule of rents of owned assets is as follows:
PAREF Group portfolio valuation of owned assets stands at €184 Mn as at June 30, 2020, +2.36% on a like-for-like basis vs. December 31, 2019.
Key indicators on owned assets[5] | 2019 | 2020 |
Number of assets | 16 | 12 |
Lettable area (in operation) | 111,074 sqm | 100,143 sqm |
Valuation | €185 Mn | €184 Mn |
Geographical breakdown of owned assets for its own account |
% |
Paris | 6% |
Grand Paris | 81% |
Regions | 13% |
In total, the net rental income of PAREF's owned assets stands at €4.4 Mn in H1-2020, considerably increasing compared to the same period in 2019 (+42%). This increase is explained by the acquisition of 6 floors in Franklin Tower offset by disposal of assets in 2019 and during H1 2020. The average gross initial yield on these assets stands at 6.7% (excluding Gaïa office).
H1-2020 rental income on owned assets (in k€) | H1-2019 | H1-2020 | Evolution in % |
Gross rental income | 3,353 | 4,548 | 36% |
Rental expenses re-invoiced | 2,191 | 2,642 | 21% |
Rental expenses | -2,518 | -2,808 | 12% |
Non-recoverable rental expenses | - | - | - |
Other income | 66 | 1 | -98% |
Total net rental income | 3,092 | 4,382 | 42% |
II - Management activity on behalf of third parties (PAREF Gestion)
- Subscription and portfolio under management
The group has recorded total gross subscription of €86 Mn during the first half of 2020 from retail investors, representing 40% drop compared to the same period in 2019 (€144 Mn in H1 2019).This result is mainly explained by the impact of COVID-19 which has significantly slowed down the rhythm of retail investors to invest in SCPI products and a transaction in 2019 to acquire a portfolio of nearly €100 Mn for Novapierre 1, resulting in €40 Mn exceptional gross subscription.
PAREF Gestion has successfully completed more than €120 Mn in investments for all the SCPI funds under management, including €54 Mn for Novapierre Allemagne 2 following the launch of the fund last September, €44 Mn for Novapierre Allemagne for the acquisition of a retail portfolio, €17 Mn for Interpierre France and €7 Mn for Capiforce.
As at June 30, 2020, PAREF Gestion manages €1,758 Mn of assets on behalf of third parties, increasing by 9% compared to end 2019 (€1,611 Mn as at December 31, 2019).
Breakdown of the funds managed by PAREF Gestion as at June 30, 2020:
Type | Funds | Strategy | Assets under Management (€ Mn) Dec 31, 2019 |
Assets under Management (€ Mn) Jun 30, 2020 |
Evolution in % |
SCPI | Novapierre Allemagne (OF) | Retail (Germany) | 543 | 604 | 11% |
Novapierre Résidentiel (OF) | Residential (Paris) | 286 | 295 | 3% | |
Novapierre 1 (OF) | Retail (Greather Paris) | 254 | 254 | 0% | |
Interpierre France (OF) | Office/Logistic | 154 | 176 | 15% | |
Novapierre Allemagne 2 (OF) | Retail (Germany) | 70 | 118 | 68% | |
Capiforce Pierre (CF) | Diversified | 62 | 68 | 9% | |
Atlantique Pierre 1 (CF) | Diversified | 57 | 56 | -1% | |
Cifocoma 2 (CF) | Retail | 25 | 25 | 2% | |
Cifocoma 1 (CF) | Retail | 25 | 25 | 0% | |
Novapierre Italie (OF) | Retail (Italy) | 3 | 3 | 26% | |
Sub-total SCPI | 1,477 | 1,624 | 10% | ||
OPCI | Vivapierre (OF) | 92 | 92 | 0% | |
Sub-total OPCI | 92 | 92 | 0% | ||
Other | 42 | 43 | 0% | ||
Total | 1 611 | 1,611 | 1,758 | 9% |
OF: Open-ended funds
CF: Close-ended funds
Breakdown of the H1-2020 gross subscription:
Type | Funds | Gross subscription in H1-2019 (€ Mn) |
Gross subscription in H1-2020 (€ Mn) |
Evolution in % |
SCPI | Novapierre Allemagne | 77 | 2 | -97% |
Novapierre Allemagne 2 | - | 56 | n.a | |
Novapierre Italie | - | 1 | n.a | |
Novapierre 1 | 40 | 1 | -99% | |
Interpierre France | 23 | 14 | -39% | |
Novapierre Résidentiel | 4 | 13 | 225% | |
Total | 144 | 86 | -40% |
- Commissions
Management commissions are stable at €4.6 Mn in H1-2020, explained by the growing asset under management on behalf of third parties and revenue from PAREF Investment Management Italy platform, acquired in Q3 2019. This effect is offset by a drop in commissions on disposals and investments (-€0.4 Mn), the impact of the uncollected rents in the context of the Covid-19 (-€0.3 Mn) and the end of the OPCI 54 Boétie and the OPPCI de murs d'hôtels (-€0.2 Mn).
Gross subscription commissions achieved €8.4 Mn in H1-2020 decreasing compared to the same period in 2019 mainly explained by the impact of the Covid-19 which has significantly slowed down the rhythm of retail investors to invest in SCPI products.
Retro-commissions amounted to €6.8 Mn, of which retro-commissions paid to subscription distributors reduced in line with the slowdown in subscriptions, offset by fees paid to service providers in Germany due to nearly €100 Mn investments for Novapierre Allemagne and Novapierre Allemagne 2.
Commissions (in €k) | H1-2019 | H1-2020 | Evolution in % |
Management commissions | 4,622 | 4,617 | 0% |
Subscription commissions | 13,065 | 8,401 | -36% |
Retro-commissions | -9,852 | - 6,773 | -31% |
Net commissions | 7,836 | 6,245 | -20% |
III – 2010 H1 Results
Consolidated P&L
Detailed consolidated P&L (in €k) | H1-2019 | H1-2020 | Evolution in % |
Gross rental income | 3,353 | 4,548 | 36% |
Reinvoiced rental expenses, taxes and insurance | 2,191 | 2,642 | 21% |
Rental expenses, taxes and insurance | -2,518 | -2 808 | 12% |
Non-recoverable rental expenses | - | - | - |
Other income | 66 | 1 | -98% |
Net rental income | 3,092 | 4,382 | 42% |
Revenues on commissions | 17,688 | 13,018 | -26% |
-of which management commissions | 4,622 | 4,617 | 0% |
-of which subscription commissions | 13,065 | 8,401 | -36% |
Retro-commissions | -9,852 | -6,773 | -31% |
Net revenues on commissions | 7,836 | 6,245 | -20% |
General expenses | -5,119 | -4,829 | -6% |
Depreciation and amortization | -278 | -235 | -15% |
Current operating result | 5,531 | 5,564 | 1% |
Variation of fair value on investment properties | 1,613 | 1,496 | -7% |
Result on disposals of investment properties | 1,881 | -18 | n.a |
Operating result | 9,025 | 7,042 | -22% |
Financial products | 37 | 28 | -25% |
Financial expenses | -1,281 | -864 | -33% |
Net financial expenses | -1,244 | -836 | -33% |
Other expenses and incomes on financial assets | 171 | 132 | -29% |
Fair-value adjustments of financial instruments | 204 | - | -100% |
Results of companies consolidated under the equity-method | 888 | 1,335 | 50% |
Result before tax | 9,045 | 7,673 | -15% |
Income tax | -1,166 | - 480 | -59% |
Net result | 7,878 | 7,193 | -9% |
Non-controlling interests | - | - | - |
Net result (owners of the parent) | 7,878 | 7,193 | -9% |
Average number of shares (non-diluted) | 1,439,948 | 1,454,552 | |
Net result / share (owners of the parent) | 5.47 | 4.95 | -10% |
Average number of shares (diluted) | 1,445,876 | 1,460,480 | |
Net result / share (owners of the parent diluted) | 5.45 | 4.93 | -10% |
PAREF Group has realized net consolidated results of €7.2 Mn in H1-2020, decreasing by 9% compared to H1-2019, mainly explained by the following:
- Net rental income stands at €4.4 Mn, increasing thanks to the acquisition of 6 floors in Franklin Tower;
- Net commissions stand at €6.2 Mn representing a decrease of 20% due to the impact of the Covid-19;
- Net financial expenses stand at €0.8 Mn in H1-2020 versus €1.2 Mn in H1-2019. This evolution is explained by the full year effect of the refinancing of the Group in February 2019;
- Results of companies consolidated under the equity-method increase to €1.3 Mn vs. €0.9 Mn, including €0.6 Mn from Vivapierre and €0.7 Mn thanks to the positive revaluation of Gaïa office following new leases signed.
IV - Financial resources
As at June 30, 2020, the gross debt of the Group stands at €70 Mn vs. €78 Mn as at December 31, 2019.
The average cost of drawn debt of the Group stands at 1.7 % as at June 30,2020 decreasing compared to end 2019 (2.2% as at December 31, 2019). This evolution is explained by the full year effect of the refinancing of the Group in February 2019.
The average debt maturity is 3.6 years as at June 30,2020 (vs. 4.4 years end 2019).
The drawn debt is fully covered by hedging instruments, limiting the sensitivity of the Group to interest rates fluctuations.
Financial ratios are solid with loan-to-value (LTV[6]) at 26% and interest coverage ratio (ICR[7]) of 9.5x (versus 28 % and 7.8 x respectively end 2019).
The Group respects the financial covenants on its bank debt, mainly LTV < 50% and ICR > 2.5x.
Debt repayment schedule:
Debt repayment schedule | €Mn |
2020 | 0 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 and beyond | 70 |
The Group has an amount of cash and cash equivalent of €9 Mn as at June 30, 2020, to meet the regulatory requirement of minimum amount to be held by PAREF Gestion and €30 Mn from an undrawn committed credit line.
V - Assets under Management
In k€ | Dec 31, 2019 | Jun 30, 2020 | Evolution in % |
PAREF owned assets | 167,450 | 166,300 | -1% |
PAREF participations[8] | 29,322 | 30,735 | 5% |
Total patrimoine PAREF | 196,772 | 197,035 | 0% |
SCPI | |||
Novapierre Allemagne (OF) | 543,273 | 603,808 | 11% |
Novapierre Résidentiel (OF) | 285,639 | 294,651 | 3% |
Novapierre 1 (OF) | 254,027 | 254,467 | 0% |
Interpierre France (OF) | 153,559 | 175,918 | 15% |
Novapierre Allemagne 2 (OF) | 70,047 | 117,798 | 68% |
Capiforce Pierre (CF) | 61,879 | 67,680 | 9% |
Atlantique Pierre 1 (CF) | 57,051 | 56,238 | -1% |
Cifocoma 2 (CF) | 24,801 | 25,183 | 2% |
Cifocoma 1 (CF) | 24,558 | 24,565 | 0% |
Novapierre Italie (OF) | 2,620 | 3,311 | 26% |
Sub-total SCPI | 1,477,456 | 1,623,618 | 10% |
OPCI | |||
|
91,780 | 91,740 | 0% |
Sub-total OPPCI | 91,780 | 91,740 | 0% |
Other assets managed on behalf of third parties (1) | 417,380 | 426,710 | 2% |
Total Assets under Management by PAREF Gestion | 1,986,616 | 2,142,068 | 8% |
Retreatments (2) | -10,762 | -11,390 | 6% |
TOTAL | 2,172,626 | 2,327,714 | 7% |
(1) Including Foncière Sélection Régions and The Medelan asset
(2) Part of PAREF portfolio is managed through OPPCI (Vivapierre) by PAREF Gestion
PAREF's owned assets stand at €166 Mn (excluding le Gaïa asset), representing a decrease of -1% compared to end 2019, mainly explained by:
- Disposals of €4.8 Mn (valuation as at December 31, 2019);
- Capitalized expenses of €2.1 Mn during the first semester of 2020; and
- Increase in fair value of investment properties of €1.5 Mn.
The like-for-like change in fair value amounted to €3.6 Mn in H1 2020, representing an increase of +2.2% compared to end 2019 (excluding assets consolidated under the equity method)
The average gross initial yield on PAREF's owned assets stands at 6.7% vs. 7.0% at the end of 2019 (excluding Le Gaïa office building).
VI – EPRA Net Asset Value
EPRA Net Reinstatement Value (NRV) and EPRA Net Tangible Asset (NTA) stand at €128.2 per share as at June 30, 2020, increasing by nearly 15% over 1 year and 9% over 6 months (€111.1 per share as at June 30, 2019 and €117.9 per share as at December 31, 2019).
This evolution is mainly explained by 2020 H1 net results, the positive variation of the valuation of PAREF Gestion's management mandates (+73% vs. December 31, 2019) which is from 2020 performed by an external appraiser, partially offset by the dividend payment for 2019 financial year.
EPRA NAV indicators is based on consolidated equity under IFRS rules (including fair value of assets) and financial instruments and debt at fair-value, according to the Best Practices Recommendations Guidelines.
New EPRA NAV metrics at the end of Jun 2020:
June 30, 2020 In k€ |
EPRA NRV (Net Reinstatement Value) | EPRA NTA (Net Tangible Assets) |
EPRA NDV (Net Disposal Value) |
IFRS Equity attributable to shareholders | 137,237 | 137,237 | 137,237 |
Include / Exclude : | |||
Hybrid instruments | - | - | - |
Diluted NAV | 137,237 | 137,237 | 137,237 |
Include : | |||
Revaluation of investment properties (if IAS 40 cost option is used) | - | - | - |
Revaluation of investment property under construction (IPUC) (if IAS 40 cost option is used) | - | - | - |
Revaluation of other non-current investments (PAREF Gestion)[9] | 42,528 | 42,528 | 42,528 |
Revaluation of tenant leases held as finance leases3 | - | - | - |
Revaluation of trading properties4 | - | - | - |
Diluted NAV at Fair Value | 179,765 | 179,765 | 179,765 |
Exclude : | |||
Differed tax in relation to fair value gains of IP | - | - | n.a |
Fair value of financial instruments5 | 865 | 865 | - |
Goodwill as a result of deferred tax | - | - | - |
Goodwill as per the IFRS balance sheet | n.a | - | n.a |
Intangibles as per the IFRS balance sheet | n.a | - | n.a |
Include : | |||
Fair value of debt | n.a | n.a | 48 |
Revaluation of intangible to fair value | - | n.a | - |
Real estate transfer tax | 12,767 | 12,767 | n.a |
NAV | 193,397 | 193,397 | 179,813 |
Fully diluted number of shares | 1,509,136 | 1,509,136 | 1,509,136 |
NAV per share – 30/06/2020 | 128.2 | 128.2 | 119.1 |
NAV per share – 31/12/2019 | 117.9 | 117.9 | 108.5 |
NAV per share – 30/06/2019 | 111.1 | 111.1 | 103.8 |
As an indication, EPRA NAV of old format is presented as follows:
Dec 31, 2019 | Jun 30, 2020 | Evolution in % | |
NAV per the financial statements | 132.5 | 137.2 | 4% |
Fair value of financial instruments | 0.4 | 0.9 | 1,1x |
Revaluation of intangible and operating assets (PAREF Gestion)[10] | 24.5 | 42.5 | 74% |
Other | - | - | n.a |
EPRA NAV (in €M) | 157.4 | 180.6 | 15% |
EPRA NAV per share (in €) | 109.0 | 119.7 | 10% |
Fair value of financial instruments | -0.4 | -0.9 | 1,1x |
Fair value of debt | -0.3 | - | |
Deferred taxes | -0.7 | -1.3 | 84% |
EPRA NNNAV (in M€) | 155.9 | 178.5 | 15% |
EPRA NNNAV per share (in €) | 108.0 | 118.3 | 10% |
Deferred taxes | 0.7 | 1.3 | 84% |
Estimated transfer taxes | 12.8 | 12.8 | -1% |
Going concern NAV (in M€) | 169.4 | 192.6 | 14% |
Going concern NAV / per share (in €) | 117.3 | 127.6 | 9% |
Table of transition for EPRA NAV from old format to new indicators:
In € | EPRA NRV | EPRA NTA | EPRA NDV |
NAV per share (old format) | 119.7 | 119.7 | 119.7 |
Transfer taxes | 8.5 | 8.5 | - |
Goodwill | - | - | - |
Intangible assets | - | - | - |
Fair value of financial instruments and debts | - | - | -0.5 |
NAV per share | 128.2 | 128.2 | 119.1 |
VII – Post-closing events
None
VIII – Other EPRA indicators
- EPRA Earnings
In k€ | Jun 30, 2019 | Jun 30, 2020 | Evolution in % |
Earnings per IFRS income statement | 7,878 | 7,193 | -9% |
Adjustments | |||
|
-1,613 | - 1,496 | -7% |
|
-1,881 | 18 | n.a |
|
- | - | - |
|
- | - | - |
|
- | - | |
|
270 | 234 | -13% |
|
- | - | - |
|
- | - | |
|
170 | -639 | n.a |
|
- | - | |
EPRA Earnings | 4,823 | 5,310 | 10% |
Average number of shares (diluted) | 1,439,948 | 1,454,552 | |
EPRA Earnings per share (diluted) | €3.35 | €3.65 € | 9% |
- EPRA Vacancy rate
In k€ | Dec 31, 2019 | Jun 30, 2020 | Evolution in % |
Estimated rental value of vacant space (1) | 1,420 | 1,121 | |
Estimated rental value of the whole portfolio (1) | 10,824 | 10,241 | |
EPRA Vacancy Rate | 13.1% | 11.0% | -2.1 pts |
- Including the participation in Gaïa office, excluding shares in OPPCI Vivapierre. Excluding Gaïa, EPRA vacancy rate stands at 7.2% as at June 30, 2020 vs. 7.7% as at December 31, 2019.
- EPRA Net Initial Yield (NIY) and ‘topped-up' NIY
In % | Dec 31, 2019 | Jun 30, 2020 | Evolution in % |
PAREF Net yield | 6.15% | 6.46% | +0.31pts |
Impact of estimated duties and costs | -0.4% | -0.4% | +0.05pts |
Impact of changes in scope | -0.1% | -0.1% | +0.05pts |
EPRA Net initial yield (1) | 5.59% | 6.00% | +0.41pts |
Excluding lease incentives | 0.2% | 0.30% | +0.07pts |
EPRA “Topped-Up” Net initial yield (2) | 5.82% | 6.30% | +0.48pts |
- The EPRA Net Initial Yield rate is defined as the annualized rental income, net of property operation expenses, after deducting rent adjustments, divided by the value of the portfolio, including duties.
- The EPRA ‘topped-up' Net Initial Yield rate is defined as the annualized rental income, net of property operating expenses, excluding lease incentives, divided by the value of the portfolio, including taxes.
- EPRA cost ratios
The ratio below is computed based on PAREF Group owned assets perimeter (including companies consolidated under the equity method).
In k€ | Jun 30, 2019 | Jun 30, 2020 | Evolution in % |
Include: | |||
|
-620 | -599 | -4% |
|
-100 | 0 | n.a |
|
-2,418 | -2,808 | 16% |
|
- | - | - |
|
- | - | - |
|
-354 | -99 | -72% |
Exclude: | |||
|
|||
|
1,352 | 1,460 | 8% |
|
840 | 1,181 | 41% |
EPRA Costs (including direct vacancy costs) (A) | -1,301 | -864 | -34% |
|
408 | 280 | -31% |
EPRA Costs (excluding direct vacancy costs) (B) | -893 | -584 | -35% |
|
4,704 | 6,008 | 28% |
|
-1,352 | -1,460 | 8% |
|
976 | 1,163 | 19% |
Gross Rental Income | 4,328 | 5,711 | 32% |
EPRA Cost Ratio (including direct vacancy costs) (A/C) | 30.1% | 15.1% | -15pts |
EPRA Cost Ratio (excluding direct vacancy costs) (B/C) | 20.6% | 10.2% | -10pts |
- Capital expenditure
En K€ | Dec 31, 2018 | Dec 31, 2019 |
Acquisition | - | - |
Development (1) | 93 | 1,408 |
Portfolio on a like-for-like basis (2) | 540 | 697 |
Other (3) | 820 | - |
Total | 1,397 | 2,104 |
- In 2019, including investment related to “The Go” project of the asset located in Levallois-Perret
- In 2018, including mainly investment on resort complex in Dax
- Including eviction indemnities, rent adjustments and capitalized financial costs relating to "The Go" project
Balance Sheet - Assets (in €k) | Dec 31, 2019 | Jun 30, 2020 |
Non-current assets | ||
Investment properties | 162,950 | 167,243 |
Intangible assets | 339 | 556 |
Other property, plant and equipment | 2,612 | 2,337 |
Financial assets | 10,662 | 11,469 |
Shares and investments in companies under the equity method | 13,664 | 14,999 |
Financial assets held for sale | 1,160 | 1,296 |
Differed tax assets | 15 | - |
Total non-current assets | 191,402 | 197, 900 |
Current assets | ||
Stocks | - | - |
Trade receivables and related | 16,807 | 21,221 |
Other receivables | 98 | 312 |
Financial instruments | - | - |
Cash and cash equivalents | 16,357 | 9,129 |
Total current assets | 33,262 | 30,661 |
Properties and shares held for sale | 4,750 | - |
TOTAL ASSET | 229,414 | 228,562 |
Balance Sheet - Liabilities (in €k) | Dec 31, 2019 | Jun 30, 2020 |
Equity | ||
Share capital | 36,106 | 37,755 |
Additional paid-in capital | 39,983 | 42,285 |
Fair-value through equity | 59 | 77 |
Fair-value evolution of financial instruments | -407 | -865 |
Consolidated reserved | 43,246 | 50,793 |
Consolidated net result | 13,474 | 7,193 |
Shareholder equity | 132,459 | 137,237 |
Minority interest | - | - |
Total Equity | 132,459 | 137,237 |
Liability | ||
Non-current liabilities | ||
Non-current financial debt | 78,473 | 70,976 |
Non-current taxes due & other employee-related liabilities | 55 | 40 |
Non-current provisions | 260 | 261 |
Total non-current liabilities | 78,788 | 71,277 |
Current liabilities | ||
Current financial debt | 1,096 | 606 |
Current financial instruments | 407 | 865 |
Trade payables and related | 7,111 | 7,796 |
Current taxes due & other employee-related liabilities | 7,095 | 7,625 |
Other current liabilities | 2,457 | 3,156 |
Total current liabilities | 18,167 | 20,047 |
TOTAL LIABILITIES | 229,414 | 228,562 |
CASH-FLOW STATEMENT (in €k) | Jun 30, 2019 | Jun 30, 2020 |
Operating cash-flow | ||
Net result | 7,878 | 7,193 |
Depreciation and amortization | 142 | 223 |
Valuation movements on assets | -1,613 | -1,496 |
Valuation movements on financial instruments | -204 | - |
Valuation on financial assets held for sale | 15 | - |
Tax | 1,166 | 480 |
Result on disposals | -1,881 | 18 |
Results of companies consolidated under the equity method | -888 | -1,335 |
Cash-flow from operating activities after net financial items and taxes | 4,615 | 5,083 |
Net financial expenses | 1,244 | 836 |
Tax paid | -1,899 | -898 |
Cash-flow from operating activities before net financial items and taxes | 3,960 | 5,021 |
Other variations in working capital | -1,208 | -2 185 |
Net cash-flow from operating activities | 2,752 | 2,836 |
Investment cash-flow | ||
Acquisition of investment properties | -1,397 | -2,798 |
Right of use | -24 | -283 |
Acquisition of other assets | 16,000 | 4,732 |
Assets disposal | -1,064 | -1,085 |
Acquisition of financial assets | - | - |
Financial assets disposal | - | - |
Variation in companies consolidated under the equity-method | 37 | 28 |
Financial products received | - | - |
Change in perimeter | - | - |
Cash-flow from investments | 13,553 | 594 |
Financing cash-flow | ||
Variation in capital | 64 | 3,945 |
Self-detention shares | -199 | 27 |
Increase in financial debt | 30,000 | - |
Other financial debt evolution | - | - |
Repayment of financial leasing | -2,078 | -8,520 |
Repayment of bank loan | -24,276 | - |
Variation on bank overdraft | -10 | 168 |
Financial expenses paid | -2,327 | -504 |
Dividend paid to shareholders and minorities | -5,552 | -5,775 |
Cash-flow from financial activities | - 4,377 | -10,659 |
Increase/ Decrease in cash | 11,928 | -7,228 |
Cash & cash equivalent at opening | 28,437 | 16,357 |
Cash & cash equivalent at closing | 40,365 | 9,129 |
The statutory auditors' issued their report on the half-yearly financial information on July 31,2020 after having performed a limited review on the consolidated financial statements relating to the period from January 1 to June 30,2020.
Financial agenda
October 29, 2020: Financial information as at September 30, 2020
About PAREF Group
PAREF operates in two major complementary areas: (i) Commercial and residential investments owned by SIIC PAREF primarily in corporate real estate in the Paris region (€0.2 Bn asset as at June 30, 2020) and (ii) Management on behalf of third parties via PAREF Gestion (€1.8 Bn funds under management as at June 30, 2020), an AMF-certified management company, and via PAREF Investment Management (€0.4 Bn as at June 30, 2020).
PAREF is a company listed on Euronext Paris, Compartment C, under ISIN FR00110263202 – Ticker PAR.
More information on www.paref.fr
Contacts
Antoine CASTRO Chief Executive Officer [email protected] Phone: 01 40 29 86 86 Press Contact Citigate Dewe Rogerson [email protected] |
Antoine ONFRAY Deputy CEO [email protected] Phone: 01 40 29 86 86 |
[1] Including participations owned by PAREF
[2] « Sociétés Civiles de Placements Immobiliers » (non-trading real estate investment companies)
[3] « Organisme de Placement Collectif Immobilier » (property investment mutual funds)
[4] Including Gaïa office. Excluding Gaïa offce, Financial occupancy rate stands at 91.0% au 30 juin 2020, vs 91.7% en of 2019.
[5] Including Gaïa office share. Excluding shares in Vivapierre and the value of Paref Gestion shares.
[6] Loan-to-value: consolidated net debt divided by the consolidated asset value excluding transfer taxes
[7] ICR: financial expenses (including interest on swaps and undrawn credit lines but excluding penalty on fixed debt repayment) divided by EBITDA
[8] Including shares in companies consolidated under the equity method (50% in Wep Watford (Gaïa office - Nanterre, La Défense), and 27.24% in Vivapierre OPPCI. Excludes Paref Gestion shares
[9] As at Jun 30, 2020, PAREF Gestion valuation is for the first time performed by a qualified external appraiser.
[10] As at Jun 30, 2020, PAREF Gestion valuation is for the first time performed by a qualified external appraiser.
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Regulated information:
Inside Information:
- News release on accounts, results
Full and original press release in PDF: https://www.actusnews.com/news/64608-2020-h1-results-pr_ve_vdef.pdf
Source Actusnews