Press release – Thursday 15July 2021 – 5:4
Exceptional increase in net income
group share to €338m
for the first half of 2021
Consolidated income statement | First half 2021 | First half 2020 | Change | |
Rental income | €76.2m | €69.5m | +10% | |
Recurring net income | €55.4m €2.5/share* | €50.6m €2.3/share | +9% | |
Net income group share Incl. change in fair value of properties | €338.3m €15.1/share* €286.2m | €49.6m €2.2/share €5.7m | +582% | |
Balance sheet information | 30 June 2021 | Change (6 months) | ||
NAV EPRA NRV**/ share | €87/share | €73/share | +19% | |
Value of the portfolio excluding transfer taxes | €3.3bn | €3bn | +9% | |
LTV ratio | 49% | 54% | -500bps | |
Cost of debt | 1.65% | 1.65% | - | |
Occupancy rate | 99% | 100% | -1 point |
*Calculated on the weighted average number of shares of 22,402,294
**
On 12 July 2021, the Executive Board approved the interim consolidated accounts as at 30 June 2021. Limited review procedures on these accounts have been completed and the report of the statutory auditors regarding the half-year financial information is about to be issued.
Recurring net income up +9%
Recurring net income is up +9% to €55.4m as at 30
Premium portfolio valued at €3.3bnexcluding transfer taxes (€3.45bn including transfer taxes)
The delivered portfolio (excluding real estate assets under development) amounts to 3,100,000 sqm as at 30
The valuation of the delivered portfolio at €3.3bn excluding transfer taxes results in a capitalisation rate of 4.70% excluding transfer taxes (4.50% including transfer taxes), down compared to 5.05% excluding transfer taxes as at
The average remaining fixed length of the leases remains stable at 5.5 years compared to 5.7 years as at
The occupancy rate for the portfolio is 99% and its weighted average age is 9.8 years.
LTV ratio down at 49% and cost of debt stable at 1.65%
Gross financial debt relating to assets delivered amounts to €1.64bn, including bond issues of €155m.
Including residual cash, net LTV (net financial debt/appraisal value excluding transfer taxes) falls to 49% as of
Debt consists of fixed rate bonds for 9% of the total, fixed rate amortising loans for 47%, hedged variable rate amortising loans for 39% and variable rate amortising loans for the remaining 5%. The average cost of debt as of 30
The exceptional drop in the debt ratio at the end of June is transitory and given the deliveries expected for the second half of the year,
+19% increase in the NAV EPRA Net Reinstatement Value (NRV) at €87 per share
In accordance with the updated EPRA recommendations,
NAV EPRA Net Reinstatement Value (NRV) amounts to €86.7 per share as at
NAV EPRA Net Tangible Asset (NTA) amounts to €77.2 per share as at
NAV EPRA Net Disposal Value (NDV) amounts to €77 per share as at
This significant increase of €13.8 in the NAV EPRA NRV per share compared to
Upward revision of 2021 targets
Given the excellent half-year results and the significant increase in the value of the portfolio according to expert appraisals,
Key indicators | Increasedtargets | Initial targets |
Value of the portfolio | €3.5bn | €3.2bn |
NAV ANR NRV/share | €90 | €80 |
Financial calendar 2021 (Publication of the press release after closing of the stock exchange)
- 01 October: 3rd quarter sales 2021
- 03 January: Annual revenue 2021
- 19 January: Annual results 2021
About
As at
www.argan.fr
Tel: +33 1 47 47 05 46 E-mail: contact@argan.fr www.argan.fr | Tel: +33 6 14 64 15 65 Tel: +33 6 64 12 53 61 E-mail: argan@citigatedewerogerson.com |
Simplified consolidated income statement (IFRS)
In millions of € | 30 June 2020 (6 months) | 31 December 2020 (12 months) | 30 June 2021 (6 months) |
Rental income | 69.5 | 142.4 | 76.2 |
Rental income and expenses | -1.2 | -1.5 | -1.1 |
Other IFRS 16 income and expenses | 1.1 | 2.5 | 1.4 |
EBITDA (Current Operating Income) | 64.2 | 132.2 | 72.4 |
Including impact of IFRS 16 | 0.1 | 0.4 | 1.4 |
Change in fair value of the portfolio | 5.7 | 174.6 | 286.2 |
Income from disposals | -0.1 | 9.3 | - |
EBITDA, after value adjustments (FV) | 69.8 | 316.1 | 357.6 |
Income from cash and equivalents Cost of gross financial debt Interest on IFRS 16 lease liabilities Borrowing costs Borrowing costs for the bridge « Cargo » Change in fair value of hedging instruments | 0.0 -12.4 -0.8 -1.0 -3.0 -0.8 | 0.1 -26.4 -1.6 -2.3 -3.0 -1.7 | 0.0 -14.2 -0.8 -1.3 - -0.5 |
Income before tax | 51.8 | 281.2 | 340.7 |
Other financial expenses | -2.0 | -2.0 | 2.0 |
Tax | - | - | - |
Share of profit of equity-accounted companies | -0.2 | -0.3 | - |
Consolidated net income | 49.6 | 278.9 | 342.7 |
Net income group share | 49.6 | 278.9 | 338.3 |
Diluted earnings per share (€) | 2.2 | 12.5 | 15.1 |
Recurring net income
In millions of € | 30 June 2020 (6 months) | 31 December 2020 (12 months) | 30 June 2021 (6 months) |
Consolidated net income | 49.6 | 278.9 | 342.7 |
Borrowing costs for the bridge « Cargo » | 3.0 | 3.0 | - |
Change in fair value of hedging instruments | 0.8 | 1.7 | 0.5 |
Change in fair value of the portfolio | -5.7 | -174.6 | -286.2 |
Income from disposals | 0.1 | -9.3 | - |
Other financial expenses | 2.0 | 2.0 | -2.0 |
Tax | - | - | - |
Share of profit of equity-accounted companies | 0.2 | 0.3 | - |
Impact of IFRS 16 | 0.7 | 1.2 | 0.4 |
Recurring net income | 50.6 | 103.4 | 55.4 |
Recurring net income per share (€) | 2.3 | 4.6 | 2.5 |
Simplified consolidated balance sheet (IFRS)
In millions of € | 31 December 2020 | 30 June 2021 | |
ASSETS | 3,393.9 | 3,758.9 | |
Non-current assets | 3,272.8 | 3,581.6 | |
Current assets | 121.1 | 108.9 | |
Assets held for sale | - | 68.4 | |
LIABILITIES | 3,393.9 | 3,758.9 | |
Shareholders’ equity | 1,478.6 | 1,828.0 | |
Non-current liabilities | 1,685.8 | 1,679.0 | |
Current liabilities | 229.5 | 233.5 | |
Liabilities held for sale | - | 18.4 |
Attachment
- 20210715 - ARGAN Half year results 2021
© OMX, source