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  PAREF company press release from 31/07/2020

  31/07/2020 - 17:50

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      
  • Vivapierre
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. Change in fair-value of investment properties
-1,613 - 1,496 -7%
  1. Profits or losses on disposal of investment properties and other interests
-1,881 18 n.a
  1. Profits or losses on disposal of financial assets available for sale
- - -
  1. Tax on profits or losses on disposals
- - -
  1. Negative goodwill / goodwill impairment
- -  
  1. Changes in fair value of financial instruments and associated close-out costs
270 234 -13%
  1. Acquisition costs on share deals and non-controlling joint-venture
- - -
  1. Deferred tax in respect of the adjustments above
  - -
  1. Adjustments (i) to (viii) above in respect of companies consolidated under equity method
170 -639 n.a
  1. Non-controlling interests in respect of the above
- -  
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
  1. 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
  1. 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.
  2. 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:      
  1. General expenses
-620 -599 -4%
  1. Costs related to properties
-100 0 n.a
  1. Net service charge costs/fees
-2,418 -2,808 16%
  1. Management fees less actual/estimated profit element
- - -
  1. Other operating income/recharges intended to cover overhead expenses
- - -
  1. Share of general expenses of companies consolidated under equity method
-354 -99 -72%
Exclude:      
  1. Depreciation and amortization
     
  1. Ground rent costs
1,352 1,460 8%
  1. Service charge costs recovered through rents but not separately invoiced
840 1,181 41%
EPRA Costs (including direct vacancy costs) (A) -1,301 -864 -34%
  1. Less: Direct vacancy costs (unrecoverable rent costs)
408 280 -31%
EPRA Costs (excluding direct vacancy costs) (B) -893 -584 -35%
  1. Gross Rental Income less ground rent costs
4,704 6,008 28%
  1. Less: service charge costs included in Gross Rental Income
-1,352 -1,460 8%
  1. Add: share of Gross Rental Income less ground rent costs of companies consolidated under equity method
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
  1. In 2019, including investment related to “The Go” project of the asset located in Levallois-Perret
  2. In 2018, including mainly investment on resort complex in Dax
  3. 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

info@paref.com
Phone: 01 40 29 86 86

Press Contact
Citigate Dewe Rogerson

Paref@citigatedewerogerson.com
 
Antoine ONFRAY
Deputy CEO

info@paref.com
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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  Original Source: PAREF