PARIS--(BUSINESS WIRE)--Regulatory News:
VITURA (Paris:VTR):
First-half 2021 key figures
In millions of euros |
June 30, 2021 |
June 30, 2020 |
Change |
Rental income (IFRS) |
30.1 |
31.6 |
-4.7% |
EPRA earnings |
18.9 |
19.8 |
-4.4% |
Portfolio (excl. transfer duties) |
1,455 |
1,460 |
-0.4% |
LTV ratio |
52.6% |
52.6% |
0 pts |
EPRA NAV per share excluding transfer duties (in €) |
44.1 |
44.1 |
-0.1% |
EPRA NNNAV per share excluding transfer duties (in €) |
43.9 |
43.7 |
+0.4% |
Dividend per share (in €) |
2.0 |
0.75 |
+167% |
Sustained asset management despite the health crisis
Despite the continued negative impacts of the health crisis in the first few months of 2021, leases were signed or renewed on more than 15,000 sq.m., i.e., 8% of the portfolio's total surface area, during the first six months of the year. The Europlaza tower will welcome two new tenants taking up 1,000 sq.m and Crédit Foncier de France will continue to occupy half of the office space in the Rives de Bercy building, having extended its lease for a further year until December 31, 2022. These leases will come into effect in the second half of 2021.
Vitura constantly strives to meet the needs and expectations of its tenants more effectively. That's why it is continuing to pursue investment programs across the portfolio, following the successful repositioning of the Europlaza tower. All of Vitura's assets offer key features such as ultra-modern services, shared indoor spaces redesigned as informal living areas where tenants can meet and interact, gardens and adaptable office space.
Supported by the Group's strong asset management strategy and the different assets' overall performance, the portfolio value increased by €6.3m or 0.4% in six months, from €1,448 million excluding transfer duties at December 31, 2020 to €1,455 million excluding transfer duties at June 30, 2021.
Solid results
In first-half 2021, Vitura maintained a high level of rental income, totaling €30.1 million. The 4.7% decrease compared with first-half 2020 is mainly due to the early departure of Hewlett Packard in 2020 from Arcs de Seine in Boulogne-Billancourt and of Vinci from the Hanami campus in
Rueil-Malmaison. The termination indemnities received in 2020 and 2021 helped to offset this loss of rental income.
These departures, for which the Group was prepared, bring the portfolio's occupancy rate to 87.2% at June 30, 2021, compared with 90.1% at December 31, 2020.
The Group recorded EPRA earnings of €18.9 million during the period, further demonstrating the Company's sound management. The 4.4% decline compared with first-half 2020 was attributable to higher expenses on vacant premises in 2021 compared with 2020.
The Group collected 100% of rents and charges for first-half 2021, buoyed by its pure-player positioning in the office real estate segment and its tenants’ financial solidity.
Consolidated debt stood at €766 million at June 30, 2021, representing a loan-to-value ratio of 52.6%, on a par with June 30, 2020.
EPRA NNNAV stood at €697.5 million or €44.1 per share at end-June 2021, compared with €704.5 million or €44.3 per share at December 31, 2020. This decrease mainly reflects consolidated earnings (positive €18.9 million impact), the change in portfolio value (positive €4.5 million impact), and the dividend payout (negative €31.8 million impact).
A strategy built on trust-based relationships
Vitura's priority is to forge relationships based on trust and long-term partnership with its stakeholders. This is reflected in the satisfaction and loyalty of solid, creditworthy first-class businesses, placing it in a leading position among real estate investors. Over the last four years, more than 56% of leases have been renewed and, in 2020, 90% of tenants at its properties reported that they were satisfied with their workplace, in particular with regard to comfort and well-being.
Vitura is constantly in pursuit of greater agility and flexibility, driven by the belief that every situation and every business is unique. The Company’s capacity to regularly upgrade its services and properties and to provide personalized services to its tenants allows it to look to the future with confidence, as it continues to reinvent the workplace of tomorrow.
A solid operating performance
On May 19, 2021, the Company paid a dividend of EUR 2.0 per share, demonstrating its stability and operating performance.
Investor Calendar
- November 10, 2021: Third-quarter 2021 revenue
About Vitura
Created in 2006, Vitura (formerly Cegereal) is a listed real estate company that invests in prime office properties in Paris and Greater Paris. The total value of the portfolio was estimated at €1,455 million at June 30, 2021 (excluding transfer duties). Thanks to its strong commitment to sustainable development, Vitura was named a Global Sector Leader in the 2020 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. Its entire portfolio has achieved NF HQETM Exploitation and BREEAM In-Use International certification. Vitura is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096). The Company had a market capitalization of €592 million at July 22, 2021.
Visit our new website to find out more: www.vitura.fr
APPENDICES
IFRS Income Statement (consolidated)
In thousands of euros, except per share data |
|||
|
June 30,
|
December 31,
|
June 30,
|
|
6 months |
12 months |
6 months |
|
|
|
|
Rental income |
30,070 |
63,032 |
31,567 |
Income from other services |
14,487 |
21,845 |
13,211 |
Building-related costs |
(14,514) |
(21,552) |
(19,938) |
Net rental income |
30,043 |
63,324 |
24,841 |
|
|
|
|
Sale of building |
|
|
0 |
Administrative expenses |
(7,315) |
(8,983) |
(1,774) |
Other operating expenses |
(148) |
(61) |
(6) |
Other operating income |
0 |
600 |
624 |
Increase in fair value of investment property |
11,024 |
29,129 |
10,688 |
Decrease in fair value of investment property |
(6,553) |
(55,103) |
(19,065) |
Total change in fair value of investment property |
4,472 |
(25,974) |
(8,377) |
|
|
|
|
Net operating income |
27,052 |
28,906 |
15,307 |
|
|||
Financial income |
191 |
230 |
0 |
Financial expenses |
(6,405) |
(13,042) |
(6,362) |
Net financial expense |
(6,214) |
(12,812) |
(6,362) |
|
|
|
|
Corporate income tax |
0 |
0 |
0 |
|
|
|
|
CONSOLIDATED NET INCOME |
20,838 |
16,094 |
8,945 |
of which attributable to owners of the Company |
20,838 |
16,094 |
8,945 |
of which attributable to non-controlling interests |
0 |
0 |
0 |
|
|
|
|
Other comprehensive income |
|
|
|
|
|
||
TOTAL COMPREHENSIVE INCOME |
20,838 |
16,094 |
8,945 |
of which attributable to owners of the Company |
20,838 |
16,094 |
8,945 |
of which attributable to non-controlling interests |
0 |
0 |
0 |
|
|
||
Basic earnings per share (in euros) |
1.31 |
1.01 |
0.56 |
Diluted earnings per share (in euros) |
1.28 |
0.98 |
0.54
|
IFRS Balance Sheet (consolidated)
In thousands of euros |
|||
|
June 30,
|
December 31,
|
June 30,
|
Non-current assets |
|||
|
|||
Property, plant and equipment |
19 |
25 |
31 |
Investment property |
1,454,490 |
1,448,170 |
1,460,380 |
Non-current loans and receivables |
15,330 |
17,780 |
20,220 |
Financial instruments |
3 |
8 |
38 |
Total non-current assets |
1,469,842 |
1,465,983 |
1,480,669 |
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Trade accounts receivable |
17,491 |
11,474 |
14,595 |
Other operating receivables |
13,322 |
11,459 |
12,955 |
Prepaid expenses |
239 |
366 |
188 |
Total receivables |
31,052 |
23,299 |
27,738 |
|
|
|
|
Cash and cash equivalents |
40,087 |
62,836 |
47,062 |
Total cash and cash equivalents |
40,087 |
62,836 |
47,062 |
|
|
|
|
Total current assets |
71,139 |
86,135 |
74,800 |
TOTAL ASSETS |
1,540,981 |
1,552,118 |
1,555,469 |
|
|||
Shareholders’ equity |
|||
|
|||
Share capital |
60,444 |
60,444 |
79,532 |
Legal reserve and additional paid-in capital |
41,134 |
74,206 |
55,118 |
Retained earnings |
600,603 |
583,574 |
583,645 |
Net income for the period |
20,838 |
16,094 |
8,945 |
Total shareholders’ equity |
723,020 |
734,318 |
727,240 |
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
Non-current borrowings |
669,648 |
671,322 |
763,883 |
Other non-current borrowings and debt |
7,936 |
8,585 |
11,117 |
Financial instruments |
0 |
658 |
637 |
Total non-current liabilities |
677,584 |
680,565 |
775,637 |
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Current borrowings |
97,972 |
96,821 |
3,871 |
Trade accounts payable |
718 |
0 |
0 |
Other operating liabilities |
12,838 |
10,056 |
14,920 |
Prepaid revenue |
10,607 |
8,916 |
12,427 |
Total current liabilities |
18,242 |
21,442 |
21,375 |
|
140,377 |
137,235 |
52,593 |
|
|
|
|
Total liabilities |
817,961 |
817,800 |
828,229 |
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES |
1,540,981 |
1,552,118 |
1,555,469 |
IFRS Statement of Cash Flows (consolidated)
In thousands of euros |
|
|
|
|
|
June 30,
|
December 31,
|
June 30,
|
|
|
|
|
|
|
OPERATING ACTIVITIES |
||||
Consolidated net income |
20,838 |
16,094 |
8,945 |
|
|
|
|
||
Elimination of items related to the valuation of buildings: |
|
|
|
|
Fair value adjustments to investment property |
(4,472) |
25,974 |
8,377 |
|
|
|
|
||
Elimination of other income/expense items with no cash impact: |
|
|
|
|
Depreciation of property, plant and equipment (excluding investment property) |
6 |
13 |
6 |
|
Free share grants not vested at the reporting date |
0 |
0 |
0 |
|
Fair value of financial instruments (share subscription warrants, interest rate caps and swaps) |
65 |
2 |
(65) |
|
Adjustments for loans at amortized cost |
1,016 |
2,265 |
1,151 |
|
Contingency and loss provisions |
0 |
0 |
0 |
|
Taxes |
0 |
0 |
0 |
|
|
|
|||
Cash flows from operations before tax and changes in working capital requirements |
17,454 |
44,347 |
18,414 |
|
Other changes in working capital requirements |
(2,624) |
(1,708) |
1,155 |
|
Working capital adjustments to reflect changes in the scope of consolidation |
|
|
||
|
|
|
||
Change in working capital requirements |
(2,624) |
(1,708) |
1,155 |
|
Net cash flows from operating activities |
14,830 |
42,639 |
19,569 |
|
|
|
|
||
INVESTING ACTIVITIES |
|
|
|
|
Acquisition of fixed assets |
(1,848) |
(10,224) |
(4,837) |
|
Net increase in amounts due to fixed asset suppliers |
(1,405) |
650 |
(785) |
|
|
|
|
||
Net cash flows used in investing activities |
(3,253) |
(9,573) |
(5,622) |
|
FINANCING ACTIVITIES |
||||
Capital increase |
0 |
0 |
0 |
|
Change in bank debt |
(1,493) |
(1,500) |
(750) |
|
Refinancing/financing transaction costs |
(51) |
(102) |
(51) |
|
Net increase in liability in respect of refinancing |
0 |
0 |
0 |
|
Net increase in current borrowings |
3 |
38 |
(22) |
|
Net decrease in current borrowings |
0 |
0 |
0 |
|
Net increase in non-current borrowings and debt |
(649) |
(1,502) |
1,030 |
|
Net decrease in other non-current borrowings and debt |
0 |
0 |
0 |
|
Purchases and sales of treasury shares |
(366) |
(124) |
(53) |
|
Dividends paid |
(31,770) |
(11,919) |
(11,919) |
|
|
|
|
||
Net cash flows used in financing activities |
(34,325) |
(15,110) |
(11,766) |
|
|
|
|
||
Change in cash and cash equivalents |
(22,748) |
17,956 |
2,182 |
|
|
|
|
||
Cash and cash equivalents at beginning of period* |
62,836 |
44,880 |
44,880 |
|
|
|
|
||
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
40,087 |
62,836 |
47,062 |
|
* There were no cash liabilities for any of the periods presented above. |
||||
|
||||
Reconciliation of Alternative Performance Measures (APM)
EPRA Earnings APM |
||
In thousands of euros |
June 30, 2021 |
June 30, 2020 |
Net income under IFRS |
20,838 |
8,945 |
Fair value adjustments to investment property |
(4,472) |
8,377 |
Other adjustments for changes in fair value |
65 |
(49) |
Adjustment for other fees |
2,500 |
2,533 |
EPRA earnings |
18,932 |
19,807 |
EPRA NNNAV APM |
||
In thousands of euros |
June 30, 2021 |
June 30, 2020 |
Shareholders’ equity under IFRS |
723,020 |
727,240 |
Portion of rent-free periods |
(24,233) |
(27,200) |
Market value of loans |
(766,696) |
(770,647) |
Carrying amount of loans |
765,403 |
765,617 |
NNNAV PER SHARE |
697,493 |
695,010 |
LTV ratio APM |
||
In thousands of euros |
June 30, 2021 |
June 30, 2020 |
Gross amount of balance sheet loans (statutory financial statements) |
766 |
768 |
Fair value of investment property |
1,455 |
1,460 |
LTV ratio (%) |
52.6% |
52.6% |
Occupancy rate APM |
||
The occupancy rate is the ratio of space for which the Company receives rent under a lease agreement to the total amount of available space. |
||
