ADC SIIC
Regulated information
2023 ANNUAL RESULTS
Brussels, 04/26/2024, at 6:00 p.m.
Highlights
Heritage
37.9 million euros
(in fair value, including minority interests)
Consolidated net income
Group share
-€1,773 thousand
Overall result
Group share
-384 K€
ANR
€0.365 / Share
Price of 04/24/2024
: 0.065€
Real estate assets valued at 37.9 million euros excluding duties according to appraisals carried out as of December 31, 2023.
A heritage of €34 million made up of most of the walls of a 4-star hotel located on rue du Faubourg St Honoré in Paris (8
th
).A Parisian apartment (7
th
) of €3.9 million (value of bare ownership).A stake of €21.0 million in the company Dual Holding.
A €5.7 million stake in the company Hillgrove Investments Group, 50% co-owner via a subsidiary of real estate located in central London.
Key figures of consolidated activity
Synthetic Consolidated Balance Sheet |
12/31/2023 |
12/31/2022 |
Real estate assets at fair value | 37,900 | 38,543 |
Other Non-current Assets | 454 | 552 |
Equity-accounted securities (Dual Holding and Hillgrove Investments Group) | 26,642 | 25,991 |
Current assets | 7,128 | 8,097 |
|
(including cash and cash equivalent) |
2,588 |
1,245 |
|
Total assets |
72,124 |
73,183 |
Synthetic Consolidated Balance Sheet |
12/31/2023 |
12/31/2022 |
Equity (group share) | 49,127 | 49,511 |
Minority interests | 5,371 | 5,381 |
Current and non-current financial debt | 416 | 519 |
Current & non-current liabilities excluding financial | 17,210 | 17,772 |
|
Total liabilities |
72,124 |
73,183 |
(1) Minority interests belong to the minority partner (15.01%) of the company BASSANO DEVELOPPEMENT
Statement of net income and synthetic comprehensive income |
12/31/2023 |
12/31/2022 |
Gross income from buildings | 1,088 | 976 |
|
Net income from buildings |
841 |
755 |
Operating expenses and income | (700) | (445) |
Change in value of investment properties | (643) | (657) |
Other allocations and reversals | (310) | (124) |
|
Operating income before disposal |
(812) |
(472) |
Sale result | – | – |
|
Operating income after sale |
(812) |
(472) |
Share in the results of equity-accounted companies | (743) | 35 |
|
Operating income after share of net income of equity-accounted companies |
(1,555) |
(437) |
|
bottom line |
(228) |
(465) |
Income Taxes | – | (129) |
|
Consolidated net income |
(1,783) |
(1,031) |
Minority interests | (10) | (76) |
|
Net income, group share |
(1,773) |
(955) |
Translation difference on the financial statements of a foreign activity | 1,390 | 691 |
|
Consolidated overall result, group share |
(384) |
(265) |
Results
The group’s rents increased by 7.9%.
The group’s net income stood at €841 thousand as of December 31, 2023 compared to €755 thousand as of December 31, 2022. The improvement in net income (+€86 thousand) comes from the indexation of rents (+€67 thousand). the increase in the re-invoicing share of charges (+€45 thousand), and the increase in overall rental charges (-€26 thousand).
The change in the fair value of buildings amounts to -€643 thousand, compared to -€657 thousand in 2022, i.e. a limited drop of 1.67% in a context of rising rates.
The operating profit thus comes to -812 K€ compared to -472 K€ in 2022.
The company notably recorded a provision of €180,000 for a tax risk; an accounting audit led the tax administration to question the exemption of recent capital gains of the company. Although this position is highly questionable and contested, the company anticipates that lengthy litigation could arise from this position if it is maintained.
The financial result amounts to -€228 thousand and mainly includes negative value adjustments on financial assets (following the evolution of the stock price) for (-€70 thousand), interest charges on the DUAL HOLDING current account (-€406K), and dividends (+€300K).
The share in the results of equity-accounted companies amounts to -€743 thousand.
The consolidated net loss loss, group share, thus amounts to -€1,773 thousand compared to -€955 thousand at
December 31, 2022,
Heritage
As of December 31, 2023, the assets of the Alliance Développement Capital SIIC group are 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 businesses located rue du Faubourg St Honoré in Paris ( 8th) for a value of €34 million.
The company BASSANO DEVELOPPEMENT, owner of these assets, is 85% owned by ADC SIIC and 15% by another listed SIIC property company.
ADC SIIC also holds bare ownership, valued at €3.9 million, of a 270 m² apartment in Paris (7th).
The real estate assets have been evaluated by recognized and RICS certified experts.
The company Alliance Développement Capital SIIC also holds a 27% stake in the company DUAL HOLDING whose value as of December 31, 2023 is €21 million as well as a 50% stake in the company HILLGROVE INVESTMENTS GROUP SA whose value as of 31 December 2023 is €5.7 million. These two companies are consolidated using the equity method.
Net assets Revalued
|
REVALUED NET ASSETS EXCLUDING DUTIES (In thousands of euros) |
12/31/2023 |
12/31/2022 |
Consolidated net position (group share) | 49,127 | 49,511 |
Treasury securities | 167 | 167 |
Unrealized capital gain on treasury shares | 251 | 254 |
|
Total |
49,545 |
49,932 |
Number of actions | 135,928,119 | 135,925,119 |
|
NAV per Share |
0.3645 |
0.3673 |
(1)
1,147,640 treasury shares as of December 31, 2023 and December 31, 2022.
Events after December 31, 2023 and outlook for 2024
The underlying trend remains a continued allocation of financial flows towards quality, well-located real estate. This trend does not seem likely to change, with “stone” being a safe haven.
The company’s assets therefore do not present any concerns.
In 2023, the company mobilized to collect old debts (in particular arrears of occupancy compensation for €1.7 million and a VAT debt for €0.74 million) which enabled it to increase its cash flow and to approach the 2024 financial year with confidence.
*****************
The accounts as of December 31, 2023 were approved by the Board of Directors on April 26, 2024. It is specified that the audit procedures have been carried out and that the certification report is being issued.
Alliance Développement Capital SIIC
a real estate company under Belgian law, listed in compartment C of Euronext Paris.
The company’s Managing Director is Mr. Alain Duménil.
ISIN code: BE0974269012
For more information on the group, http://www.adcsiic.eu
Attachment
ADC SIIC – Press release dated April 26, 2024 on the results for the financial year ended December 31, 2023