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  Communiqué de la société PAREF du 28/07/2022

  28/07/2022 - 18:45

PAREF - Half-year Results 2022


Strong performance of the Group's 3 business lines

In the first half of 2022, PAREF Group demonstrated the relevance of the transformation of its business model aimed at creating synergies between its activities. Both the own assets portfolio, the third-party regulated management (PAREF Gestion), and the redevelopment and asset management activity (PAREF Investment Management) have contributed to a strong increase in Net Profit.

The Net Profit at € 13.6m for the first half of 2022 is multiplied by 4 compared to the same period in 2021 (€ 3.6m), driven by :

  • an increase of value of € 11m of its own portfolio principally related to the signing of new lease in Levallois-Perret;
  • an substantial growth in gross management fees to € 8m (or +51% vs. H1 2021) thanks to the increase of 159% in fundraising compared to H1 2021;
  • a strong increase in gross subscription fees to € 10.7m (or 2.7x vs. H1 2021); and
  • a performance fee of € 1.3m from Medelan project managed by Paref Investment Management for institutional investor.

All three business lines therefore contribute to the performance, confirming the resilience, earnings growth and synergy of PAREF Group's model.

At the Group level, assets under management are up to a total of almost € 2.9 billion

  • 198m of own assets (+11.3% on a like-for-like basis vs. 31 December 2021) ;
  • 2,676m managed on behalf of institutional or individual third parties (+7% vs. 31 December 2021).

The balance sheet situation continues to strengthen, with financial and management indicators improving steadily:

  • EPRA Net Reinstatement Value (NRV) keeps on rising by 3% to € 134.1 per share (€ 130.0 at 31 December 2021);
  • Loan to Value ratio (LTV1) is maintained at a low level of 22% (equal to 31 December 2021);
  • Interest coverage ratio (ICR2) improves significantly to 7.4x (from 4.6x at year-end 2021);
  • Financial occupancy rate of owned assets maintained at 95.1% in line with the level at 31 December 2021.

The Board of Directors of PAREF, during the meeting held on July 28, 2022, approved the closing of the half-year consolidated accounts as at June 30, 2022.

"In 2021, PAREF Group completed the first stage of its transformation and, through the results of the first half of 2022, confirmed the benefits of its diversified, resilient and synergistic business model. The business lines are producing excellent operating results and PAREF Group's financial position continues to improve to enable us to seize growth opportunities."

Magali Volet - Group CFO

"We are highly confident that PAREF Group is well-positioned to navigate the changing macroeconomic environment, which is reflected in the continued trust of our clients. We enter the second half of the year confident but still cautious with a robust pipeline of investment opportunities and new fund strategies"

Antoine Castro - Group CEO

I - Real-estate activity (PAREF REIT)

As at June 30, 2022, PAREF holds:

  • 8 assets directly;
  • 2 main subsidiaries, namely PAREF Gestion and PAREF Investment Management; and
  • financial participations in SCPIs and OPPCIs.

PAREF's owned assets3 amounts to € 198m as at June 30, 2022, +1% vs the end of 2021. The portfolio consists of investment property for € 185m and financial participations in funds managed by the Group for € 13m.

Key indicators on owned assets4 Dec 31, 2021 June 30, 2022
Number of assets 9 8
Lettable area (in operation) 82,363 m² 76,801 sqm
Valuation € 184m € 185m

As a result of the implemented strategy, the assets are now mostly located in or around Paris.

The real estate assets owned by PAREF amounts to € 185m, increasing by 1% on a like-for-like basis compared to the end of 2021, mainly explained by:

  • capitalized expenses and development of € 9m in H1 2022;
  • an increase in fair value of the assets in the portfolio of about € 10.5m; et
  • the disposal of Gaïa asset on the March 28th 2022, which is in line with the repositioning strategy.

During the first half of 2022, PAREF actively managed its portfolio especially with the signing of a 9-year lease on the full building of The Go in Levallois, 6 months before its delivery. The financial occupancy rate of owned asset portfolio remains stable at 95.1% as at June 30, 2022, compared to 95.2% as at December 31, 20215, and the weighted average unexpired lease term of owned asset portfolio stands at 4.2 years as at June 30, 2022, compared to 4.4 years at the end of December, 2021.

The expiry schedule of rents of owned assets is as follows:

PAREF continued its portfolio repositioning strategy and this strategy resulted in a decrease by 6% in net rental income for PAREF, reaching € 3.2m for the 1st semester of 2022 compared to € 3.4m for the same period in 2021. Indeed, the disposals realized in 2021 and 2022 and the redevelopment of a Parisian asset entailing eviction costs have a short-term impact on both gross rental income and rental expenses reinvoicing:

  • Gross rental income decreased by 12%;
  • Reinvoicing of rental expenses amounted to € 1.8m, decreasing by -5% compared to H1 2021; the decrease is mostly caused by the settlement of rental expenses for previous accounting periods.
Rental income on owned assets (in k€) June 30, 2021 June 30, 2022 Evolution in %
Gross rental income 4,008 3 526 -12%
Rental expenses re-invoiced 1,927 1 824 -5%
Rental expenses -2,587 -2 191 -15%
Other income 2 0 n.a.
Total net rental income 3,351 3 158 -6%

The average gross initial yield on these assets slightly improved, reaching 6.7%6 as at June 30 2022 compared to 6.6% as at December 31,2021.

II - Management activity on behalf of third parties (PAREF Gestion and PAREF Investment Management)

  • Asset under management activity

PAREF Gestion collected € 110m of gross subscriptions on SCPI funds during 1st semester of 2022, representing a strong increase of 159% compared to H1 2021. This increase is mainly explained by the increase in Novapierre Allemagne 2 during the 1st quarter of 2022 (+€ 61m compared to Q1 2021), catching back to pre-Covid levels.

Breakdown of the gross subscriptions for the 1st semester in 2022:

Type Funds Gross subscription
as of June 30, 2021
(€ m)
Gross subscription
as of June 30, 2022
(€ m)
Evolution in %
SCPI Novapierre Allemagne 2 10 71 602%
Interpierre France 10 15 35%
Novapierre Résidentiel 11 11 13%
Interpierre Europe Centrale 8 10 19%
Novapierre Allemagne 3 2 -31%
Novapierre 1 0,2 0,3 50%
Total   42 110 159%

PAREF Gestion has completed investments of approximately € 150m for all the SCPI funds under management, as follows:

  • € 73m for Novapierre Allemagne 2;
  • € 30m for Interpierre France;
  • € 27m for Novapierre Résidentiel; and
  • € 20m for Interpierre Europe Centrale.

PAREF Gestion has also closed disposals for about € 52m:

  • € 45.5m for Cifocoma 1 and Cifocoma 27;
  • € 4.8m for Novapierre Résidentiel ; and
  • € 1.5m for Novapierre 1.

The asset under the management of PAREF Gestion increased by 6%, totaling € 1,960m as at June 30, 2022, compared to € 1,845m as at December 31, 2021.

Breakdown of the assets under PAREF Gestion management as at June 30,2022:

Type Funds Strategy Assets under
Management
(€ m)
Dec 31, 2021
Assets under Management
(€ m)
June 30, 2022
Evolution in %
SCPI Novapierre Allemagne8 Retail 672 667 -1%
Novapierre Résidentiel8 Residential 351 363 3%
Novapierre 18 Retail 247 243 -2%
Interpierre France8 Office/Logistics 208 237 14%
Novapierre Allemagne 28 Retail 185 296 60%
Cifocoma 29 Retail 25 2 -90%
Cifocoma 19 Retail 26 2 -93%
Interpierre Europe Centrale8 Office/Logistics 16 36 122%
Sub-total SCPI   1,732 1,847 7%
OPPCI Vivapierre Hotel resorts 87 87 0%
Sub-total OPCI   87 87 0%
Other AIF   26 26 0%
Total     1,845 1,960 6%

PAREF Investment Management operates in France, Italy, Switzerland, Germany and Hungary to provide institutional investors with the expertise already at the service of PAREF and PAREF Gestion, notably in terms of investment, asset management, project management and property management.

The redevelopment of “The Medelan” asset, located in the historical city center of Milan, managed by the Italian subsidiary of PAREF Investment Management, was delivered end of the first quarter 2022.

  • A substantial growth in both subscription and management fees

Management fees increased by 51% compared to H1 2021, amounting to € 8.0m as at June 30, 2022. The increase is mainly explained by the following elements:

  • +€ 1.3m: outperformance fee after the delivery of The Medelan asset by PAREF Investment Management Italy;
  • +€ 0.8m: new mandates BC 140 asset in Budapest and the Trade in Frankfurt managed by PAREF Investment Management; and
  • +€ 0.6m: new investments realized in Interpierre Europe Centrale and Novapierre Allemagne 2.

Gross subscription commissions reached € 10.7m in H1 2022, increasing by 165% compared to € 4.0m in H1 2021.

In parallel, retro-commissions increased accordingly to €9.8m, compared to €4.7m in H1 2021 (+109%). This is due to the increase of subscriptions (+€ 5.0m compared to H1 2021).

Commissions (in €m) June 30, 2021 June 30, 2022 Evolution in %
Management commissions 5,3 8,0 51%
Subscription commissions 4,0 10,7 165%
Retro-commissions -4,7 -9,8 109%
Net commissions 4,7 8,9 91%

III - H1 2022 Results

Consolidated P&L

Detailed consolidated P&L (in €k) June 30, 2021 June 30, 2022 Evolution in %
Gross rental income 4,008 3,526 -12%
Reinvoiced rental expenses, taxes and insurance 1,927 1,824 -5%
Rental expenses, taxes and insurance -2,587 -2,191 -15%
Non-recoverable rental expenses -660 -368 -44%
Other income 2 0 -100%
Net rental income 3,351 3,158 -6%
Revenues on commissions 9,349 18,716 100%
-of which management commissions 5,313 8,019 51%
-of which subscription commissions 4,036 10,696 165%
Net revenues on commissions 9,349 18,716 100%
Retro-commissions -4,691 -9,801 109%
General expenses -6,580 -8,561 30%
Depreciation and amortization -598 -432 -28%
Current operating result 831 3,080 271%
Variation of fair value on investment properties 2,049 10,504 +413%
Result on disposals of investment properties 0 0 n.a.
Operating result 2,880 13,585 372%
Financial products 5 0 -100%
Financial expenses -528 -485 -8%
Net financial expenses -523 -485 7%
Other expenses and incomes on financial assets 92 1,783 1 838%
Fair-value adjustments of financial instruments - - n.a.
Results of companies consolidated under the equity-method 1,190 -939 n.a.
Result before tax 3,639 13,943 283%
Income tax -62 -395 536%
Net result 3,577 13,549 279%
Non-controlling interests - - n.a.
Net result (owners of the parent) 3,577 13,549 279%
Average number of shares (non-diluted) 1,507,608 1,509,152  
Net result / share (owners of the parent) 2.37 8.98 279%
Average number of shares (diluted) 1,510,088 1,509,312  
Net result / share (owners of the parent diluted) 2.37 8.98 279%

The half-year net result of PAREF Group was € 13.6m, increasing by 279% compared to H1 2021. This is mainly explained by the following elements:

  • Net rental income of € 3.2m (-6% vs H1 2021), due to the disposals realized in 2021 and 2022 and the redevelopment of a Parisian asset entailing evictions which has a short-term impact on gross rental income as well as rental expenses reinvoicing linked to the settlement for previous accounting periods;
  • Net commissions of € 18.7m, up by 100%, reflecting the strong increase of subscriptions (€ 110m) in H1 2022 (vs. € 42m in H1 2021), the delivery of The Medelan by PAREF Investment Management Italy, the new mandates of BC 140 in Budapest and the Trade in Frankfurt by PAREF Investment Management and the disposals of H1 2022 by PAREF Gestion (+51% compared to the same period in 2021);
  • General expenses amounted to € 8.6m, +30% compared to H1 2021, in relation to the reinforcement of the teams;
  • Retro-commissions increased to € 9.8m, compared to the € 4.7m in H1 2021 (+109%) in line with the increase in subscriptions (+€ 5.0m compared to H1 2021).
  • Amortization and depreciation of € 0.4m, decreased compared to H1 2021, reflecting a decrease of provision for bad debt;
  • A positive variation of fair value in investment properties reached € 10.5m for the first 6 months of 2022, mainly related to The Go located in Levallois-Perret, fully let before its delivery;
  • Net financial expenses is stable at € 0.5m in H1 2022 compared to H1 2021;
  • Results of companies consolidated under the equity-method amounted to € -0.9m, compared to € 1.2m in H1 2021. The negative result is generated by the important tax and works cost related to the disposal of Gaïa asset in Nanterre;
  • Other expenses and incomes on financial assets increased to € 1.8m in H1 2022, compared to € 0.1m in H1 2021 thanks to the distribution of dividend following the disposal of Gaïa asset through Wep Watford; and
  • Income tax amounted to € -0.4m in H1 2022 (€ -0.1m in H1 2021) linked to a supplementary income of € 1.3m following the delivery of Medelan project compared to the same period of last year.

IV - Financial resources

Gross drawn financial debt of PAREF amounts to € 66m as at June 30, 2022 compared to € 60m as at December 31, 2021.

Its cost increases to 1.88% as at June 30, 2022 compared to the end of 2021.

The evolution of financing cost starting from 2018 is as follows:

The average debt maturity is 1.6 years as at June 30, 2022 (vs. 2.1 years at year-end 2021). The drawn debt is fully hedged against interest rate fluctuations.

Financial covenants improved as of June 30, 2022:

  June 30, 2021 June 30, 2022 Covenant Covenant
LTV10 26% 22% <50% <50%
ICR11 2.8x 7.4x >2.5x >2.5x
DSF12 13% 13% <30% <30%
Consolidated asset value13 € 235m € 235 m >€ 125m >€125 m

Debt repayment schedule:

V - Assets under Management at the Group level

The value of the assets under management increased by +7% and reached almost € 2.9bn.

In k€ Dec 31, 2021 June 30, 2022 Evolution in %
1 - Management for owned assets      
PAREF owned assets 165,420 184,877 12%
PAREF participations14 30,850 13,315 -57%
Total Asset of PAREF 196,270 198,192 1%
       
2 - Management for retail and institutional third parties      
Novapierre Allemagne 672,424 667,883 -1%
Novapierre Résidentiel 351,465 363,353 3%
Novapierre Allemagne 2 185,114 295,693 60%
Novapierre 1 247,903 243,443 -2%
Interpierre France 208,252 236,702 14%
Interpierre Europe Centrale 16,166 35,833 122%
Cifocoma 1 25,933 2,490 -90%
Cifocoma 2 25,179 1,800 -93%
Vivapierre 87,050 87,400 0%
Other assets managed on behalf of third parties15 681,684 741,412 9%
Total Assets under Management for third parties 2,501,169 2,676,008 7%
Adjustments -11,660 -13,315 14%
3 - TOTAL Asset under Management 2,685,779 2,860,885 7%

VI - EPRA Net Asset Value

PAREF Group EPRA Net Reinstatement Value (NRV) and EPRA Net Tangible Asset (NTA) increased to €134.1 per share and €133.5 per share respectively as at June 30, 2022, compared to €130.0 per share and €129.4 per share as at December 31, 2021.

EPRA NAV indicators are based on consolidated equity under IFRS rules (including fair value of assets) and financial instruments and debt at fair-value, according to EPRA Best Practices Recommendations Guideline.

EPRA NAV metrics as at June 30, 2022:

June 30, 2022

In k€
EPRA NRV (Net Reinstatement Value) EPRA NTA (Net Tangibile Assets) EPRA NDV (Net Disposal Value)
IFRS Equity attributable to shareholders 153,293 153,293 153,293
Include / Exclude :      
Hybrid instruments - - -
Diluted NAV 153,293 153,293 153,293
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)16 37,105 37,105 37,105
Revaluation of tenant leases held as finance leases - - -
Revaluation of trading properties - - -
Diluted NAV at Fair Value 190,398 190,398 190,398
Exclude :      
Differed tax in relation to fair value gains of IP - - -
Fair value of financial instruments -1,272 -1,272 n.a.
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 -975 n.a
Include :      
Fair value of debt17 n.a n.a 150
Revaluation of intangible to fair value - n.a -
Real estate transfer tax 13,295 13,295 n.a
NAV 202,421 201,446 190,548
Fully diluted number of shares 1,509,312 1,509,312 1,509,312
NAV per share 134.1 133.5 126.3

 

VII - Post-closing events

The asset held by PAREF in Juvisy-sur-Orge was sold on July 27th 2022.

 

VIII - Financial agenda

October 27th, 2022: Financial information as at September 30, 2022

 

About PAREF Group

As of June 30th 2022, PAREF has €2.9bn assets under management.
The Group operates in two major complementary areas : (i) investments owned by SIIC PAREF primarily in commercial real estate in the Paris region (€0.2bn asset) and (ii) management on behalf of third parties by PAREF Gestion (€2bn), AMF-certified management company, and by PAREF Investment Management (€0.7bn).

PAREF is a company listed on Euronext Paris, Compartment C, under ISIN FR00110263202 - Ticker PAR.
More information on www.paref.com

 

Press contacts

PAREF
Raphaëlle Chevignard
+33(6) 16 65 56 36
raphaelle.chevignard@paref.com
Citigate Dewe Rogerson
Yoann Besse
+33 (6) 63 03 84 91
paref@citigatedewerogerson.com

 

 

APPENDIX

Other EPRA indicators

  • EPRA Earnings
In k€ June 30, 2021 June 30, 2022 Evolution in %
Earnings per IFRS income statement 3,577 13,549 279%
Adjustments      
(i) Change in fair-value of investment properties -2,049 -10,504 413%
(ii) Profits or losses on disposal of investment properties and other interests 0 0 -100%
(iii) Profits or losses on disposal of financial assets available for sale - -  
(iv) Tax on profits or losses on disposals - -  
(v) Negative goodwill / goodwill impairment - -  
(vi) Changes in fair value of financial instruments and associated close-out costs 0 0 -100%
(vii) Acquisition costs on share deals and non-controlling joint-venture - -  
(viii) Deferred tax in respect of the adjustments above - -  
(ix) Adjustments (i) to (viii) above in respect of companies consolidated under equity method -213 -95 -55%
(x) Non-controlling interests in respect of the above - -  
EPRA Earnings 1,314 2,949 124%
Average number of shares (diluted) 1,507,608 1,509,152  
EPRA Earnings per share (diluted) €0.87 €1.95 124%
  • EPRA Vacancy rate
In k€ Dec 31, 2021 June 30, 2022 Evolution in bps
Estimated rental value of vacant space (1) 727 378  
Estimated rental value of the whole portfolio (1) 9,819 7,716  
EPRA Vacancy Rate 7.4% 4.9% -2.5 pts

(1) Including the participation in Gaïa office, excluding shares in OPPCI Vivapierre in 2021.. Gaïa was sold at the end of first quarter 2022.

  • EPRA Net Initial Yield (NIY) and ‘topped-up' NIY
In % Dec 31, 2021 June 30, 2022 Evolution in bps
PAREF Net yield 6.84% 6.68% -0.16bps
 Impact of estimated duties and costs -0.46% -0.33% -0.13bps
 Impact of changes in scope -0.12% -0.06% -0.06bps
EPRA Net initial yield (1) 6.26% 6.29% +0.03bps
 Excluding lease incentives 0.43% 1.08% +0.65bps
EPRA “Topped-Up” Net initial yield (2) 6.69% 7.37% +0.68bps

(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.

  • Capital expenditure
In K€ June 30, 2021 June 30, 2022
Acquisition - -
Development (1) 698 5,239
Portfolio on a like-for-like basis (2) 193 189
Other (3) 654 3,525
Total 1,545 8,953

(1) Including investment related to “The Go” project of the asset located in Levallois-Perret and asset located in Paris Leon Frot
(2) Including mainly investment on resort complex in the assets situated in Croissy Beaubourg and Aubergenville as well as the 6 floors in the Franklin Tower
(3) Including eviction indemnities, rent adjustments and capitalized financial costs relating to "The Go" project and eviction indemnities of development project in the asset located in Paris Leon Frot

  • EPRA cost ratios

The ratio below is computed based on PAREF Group owned assets perimeter (including companies consolidated under the equity method).

In k€ June 30, 2021 June 30, 2022 Evolution in %
Include:      
(i) General expenses -562 -734 31%
(ii) Costs related to properties - - -
(iii) Net service charge costs/fees -2,587 -2,035 -21%
(iv) Management fees less actual/estimated profit element - - -
(v) Other operating income/recharges intended to cover overhead expenses - - -
(vi) Share of general expenses of companies consolidated under equity method -163 -139 -15%
Exclude:      
(vii) Depreciation and amortization     -
(viii) Ground rent costs 1,226 1,338 9%
(ix) Service charge costs recovered through rents but not separately invoiced 756 853 13%
EPRA Costs (including direct vacancy costs) (A) -1,331 -717 -46%
(x) Less: Direct vacancy costs (unrecoverable rent costs) 658 136 -79%
EPRA Costs (excluding direct vacancy costs) (B) -673 -580 -14%
(xi) Gross Rental Income less ground rent costs 4,372 4,497 3%
(xii) Less: service charge costs included in Gross Rental Income -1,024 -1,338 31%
(xiii) Add: share of Gross Rental Income less ground rent costs of companies consolidated under equity method 1,535 719 -53%
Gross Rental Income 4,883 3,877 -21%
EPRA Cost Ratio (including direct vacancy costs) (A/C) 27.3% 18.5% -8.8pts
EPRA Cost Ratio (excluding direct vacancy costs) (B/C) 13.8% 15.0% +1.2pts

 

Consolidated balance sheet

Balance sheet (in €k) Dec 31, 2021 June 30, 2022
Non-current assets    
Investment properties 165,420 180,450
Intangible assets 882 975
Other property, plant and equipment 1,524 1,230
Financial assets 13,886 248
Shares and investments in companies under the equity method 16,183 14,264
Financial assets held for sale 1,126 1,125
Financial instruments - 1,272
Total non-current assets 199,020 199,564
Current assets    
Stocks - -
Trade receivables and related 12,093 17,528
Other receivables 909 1,645
Financial instruments - -
Cash and cash equivalents 8,845 14,476
Total current assets 21,847 33,649
Properties and shares held for sale - 4,427
TOTAL ASSETS 220,867 237,640
     
Equity Dec 31, 2021 June 30, 2022
Share capital 37,755 37,755
Additional paid-in capital 42,193 42,193
Fair-value through equity 31 89
Fair-value evolution of financial instruments -477 1,272
Consolidated reserved 55,546 58,436
Consolidated net result 11,034 13,549
Shareholder equity 146,082 153,293
Minority interest - -
Total Equity 146,082 153,293
Liability    
Non-current liabilities    
Non-current financial debt 60,507 66,331
Non-current financial instruments 477  
Non-current taxes due & other employee-related liabilities 10 20
Non-current provisions 283 337
Total non-current liabilities 61,277 66,688
Current liabilities    
Current financial debt 559 520
Trade payables and related 4,218 8,479
Current taxes due & other employee-related liabilities 5,734 6,102
Other current liabilities 2,997 2,559
Total current liabilities 13,509 17,660
TOTAL LIABILITIES 220,867 237,640

 

Cash flow statement

CASH-FLOW STATEMENT (in € €k) June 30, 2021 June 30, 2022
Operating cash-flow    
Net result 3,577 13,549
Depreciation and amortization 568 432
Valuation movements on assets -2,049 -10,504
Valuation movements on financial instruments - -
Valuation on financial assets held for sale - -
Tax 62 395
Result on disposals - -
Results of companies consolidated under the equity method -1,190 939
Cash-flow from operating activities after net financial items and taxes 968 4,810
Net financial expenses 523 485
Tax paid 296 526
Cash-flow from operating activities before net financial items and taxes 1,786 5,822
Other variations in working capital 1,053 -2,954
Net cash-flow from operating activities 2,839 2,868
Investment cash-flow    
Acquisition of tangible assets -1,839 -8,953
Acquisition of other assets -260 -199
Assets disposal - -
Acquisition of financial assets -564 13,667
Financial assets disposal - -
Financial products received - -
Change in perimeter 5  
Cash-flow from investments -2,659 4,515
Financing cash-flow    
Self-detention shares    
Variation in capital - -
Variation in bank loans 39 3
Variation in other financial debt 2,000 14,000
Repayment of financial lease - -
Repayment of bank loan -292 -8,287
Costs of loan issuance - -
Variation on bank overdraft 339 -14
Financial expenses paid -402 -364
Dividend paid to shareholders and minorities -3,468 -7,089
Cash-flow from financial activities -1,783 -1,752
Increase/ Decrease in cash -1,602 5,631
Cash & cash equivalent at opening 7,325 8,845
Cash & cash equivalent at closing 5,722 14,476

 

1Loan-to-value (LTV): consolidated withdrawn net debt divided by the consolidated asset value excluding transfer taxes
2 Interest Coverage Ratio ( ICR): EBITDA divided by consolidated financial expenses excluding penalties on debt early repayment
3 Including interests in companies consolidated under the equity method (27.24% in Vivapierre OPPCI) and excluding the value of PAREF Gestion shares. In 2021, 50% of WEP Watford (company which holds the asset Gaïa located in Nanterre) was included and the asset hold by the company was sold end of Q1 2022
4 Excluding shares in Vivapierre and the value of Paref Gestion shares. In 2021, 50% of WEP Watford (company which holds the asset Gaïa located in Nanterre) was included but it is excluded in 2022 following the disposal realized in Q1 2022
5 Excluding Gaïa office. The financial occupancy rate is computed excluding assets undergoing redevelopment (The Go in Levallois-Perret and asset located in Paris Leon Frot)
6 Excluding the asset being restructured (The Go in Levallois-Perret and asset located in Paris Leon Frot)
7 Cifocoma 1 and Cifocoma 2 sold 105 assets on June 29, 2022 for higher prices than the latest independent valuations dated December 31st, 2020
8 Open-ended funds
9 Close-ended funds
10 Loan-to-value: consolidated withdrawn net debt divided by the consolidated asset value excluding transfer taxes.
11 ICR : EBITDA divided by consolidated financial expenses excluding penalties on debt early repayment.
12 DSF : secured financial debt divided by the consolidated asset value (including the value of PAREF Gestion's share).
13 Including the value of PAREF Gestion as at Dec 31, 2020
14 Including shares in companies consolidated under the equity method whereas 27.24% in Vivapierre OPPCI. Excludes Paref Gestion shares. In 2021, the 50% of the company consolidated under the equity method of asset Gaïa located in Nanterre was sold end of first quarter of 2022
15 Including Foncière Sélection Régions managed by PAREF Gestion, asset “The Medelan” in Italy, asset “The Trade” in Germany and an office asset “BC 140” in Hungary managed by PAREF Investment Management
16 PAREF Gestion valuation was performed by a qualified external expert as at Dec 31, 2020.
17 Including the fair value of financial debt related to the participation of 27.24% in Vivapierre


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  Original Source : PAREF