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ADC SIIC: Press release on half-year results as of June 30, 2022 – 09/27/2022 at 6:15 pm


ADC SIIC

2022 HALF YEAR RESULTS

In Brussels, on 09/27/2022 at 6:15 p.m.


Regulated information – privileged information


Highlights


Inheritance



€38.8 million

(at fair value)


Consolidated net income




Group share



– €1,103K


Comprehensive net income




Group share



– 475 K€


ANR



€0.3658 / Share


Course of



2



6



/09/20



2



2

:

€0.07 /Share

i.e. a discount of 80.8% compared to the NAV

  • An appraised portfolio of €38.8 million made up of the majority of the walls of a 4-star hotel located rue du Faubourg St Honoré in Paris (8

    th

    ), for €35.6 million, 85% owned via a subsidiary, and a Parisian apartment (7

    th

    ) for €3.2 million in bare ownership.

  • A stake of €20.2 million in the company Dual Holding, holding directly and indirectly via a subsidiary, three luxury properties.

  • A stake of €5.2 million representing 50% in the company HILLGROVE INVESTMENTS GROUP, holding via its English subsidiary, a property located in London (Great Britain).


Business key figures



consolidated

Synthetic consolidated balance sheet

(In millions of euros)

06/30/2022

31/12/2021

Property portfolio at fair value

38.8

39.2

Other non-current assets

0.5

0.5

Investments accounted for using the equity method (Dual Holding and Hillgrove Investments Group)

25.4

25.3

Current assets (excluding investment properties)

9.1

9.5

(of which cash and cash equivalent)

2.3

2.9

Total assets

7

3.7

74

.5

Synthetic consolidated balance sheet

(In millions of euros)

06/30/2022

31/12/2021

Equity (group share)

49.3

49.8

Minority interests (1)

5.5

5.5

Current and non-current financial debt

0.4

0.5

Current & non-current liabilities excluding financial

18.5

18.8

Total liabilities

7

3.7

74

.5

(1) Minority interests accrue to the minority shareholder (15.01%) of BASSANO DEVELOPPEMENT

Statement of net income and synthetic comprehensive income

(In thousands of euros)

06/30/2022

06/30/2021

Gross property income

492

461

Net income from buildings

365

292

Operating expenses and income

(113)

(343)

Change in value of investment properties

(415)

(220)

Other allowances and reversals

(39)

(61)

Operating income before disposal

(202)

(332)

Disposal result

Operating income after disposal

(202)

(332)

Share in the results of associates

(502)

223

Operating income after share of net income of associates

(704)

(108)

bottom line

(

245

)

(349)

Income Taxes

(129)

Consolidated net income

(

1 0

7

9

)

(456)

Minority interests

25

1

Net income, group share

(1,103)

(457)

Translation difference on the financial statements of a foreign activity

628

(89)

Consolidated comprehensive income group share

(475)

(546)


Results

As of June 30, 2022, the group’s net income stood at €364,000, up 25% (+€73,000) compared to June 30, 2021. This change is mainly due to a drop in non-recoverable expenses for the property in rue Saint-Honoré, and an increase in rent linked to indexing to the same address.

Other expenses and income excluding buildings are down €230K, mainly due to a positive adjustment (decrease) in debt on Kerry for €244K.

The share of companies accounted for using the equity method had a negative impact of €502,000 (Dual Holding,

€428K and Hillgrove Investments Group, €74K).

Consolidated net income, group share, amounts to -€1,103k taking into account a negative change in the fair value of buildings of €415k (-1.06%)


Inheritance

As of June 30, 2022, the portfolio of the Alliance Développement Capital SIIC group is mainly composed of the majority of the walls of a 4-star hotel of 4,088 m² as well as 1,026 m² of associated shops located rue du Fbg St Honoré in Paris ( 8th).

The company that owns these assets is 85% owned by ADC SIIC and 15% by another SIIC-listed property company.

ADC SIIC also has bare ownership of a 270 m² apartment in Paris (7th).

The value of the portfolio stands at €38.8 million as of June 30, 2022, a very limited drop of €415 thousand compared to December 31, 2021.

The appraisals were carried out by recognized and RICS-certified experts.

Alliance Développement Capital SIIC also holds two holdings:

  • 27% in DUAL Holding (Switzerland) whose value as of June 30, 2022 is €20.2 million, directly and indirectly holding three luxury properties through its subsidiary.

  • 50% in HILLGROVE INVESTMENTS GROUP, the value of which as of June 30, 2022 is €5.2 million. This company owns a property located in London via an English subsidiary.


Revalued net assets

NET ASSETS REVALUED EXCLUDING DUTIES


(In thousands of euros)

06/30/202

2

31/12/2021

Consolidated net situation (group share)

(1)

49,297

49,775

Treasury shares

(

2

)

167

4,167

Unrealized capital gain on treasury shares

252

256

Total

49,717

50 199

Number of actions

135 928 119

135 925 119

NAV per Share

0.3658

0.3693

(1) The portion of the capital gain on the building in rue du Faubourg Saint-Honoré attributable to minority interests, ie 15%, is not taken into account in the calculation.

(2) 1,147,640 treasury shares as of June 30, 2022 and December 31, 2021.


Events after June 30, 20



2



2

No post-closing item has been identified.

The management and the teams remain mobilized to deal with the global economic situation which is not currently affecting its assets.

The property portfolio has shown great resilience to date in terms of value, thus proving its quality.

****************

The financial statements as of June 30, 2022 were approved by the Board of Directors on September 27, 2022. It is specified that the audit procedures have been carried out and that the statutory auditor’s limited review report is in the process of being issued. .

Alliance Développement Capital SIIC, real estate listed in compartment C of Euronext Paris. The company’s Managing Director is Mr. Alain Duménil.

ISIN: 0000065401

For more information about the group, http://www.adcsiic.eu

Attachment

  • ADC SIIC – Press release on the half-year results as of 06 30 2022



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