(Boursier.com) — CBO Territory reports a reassessed net asset of 237.5 ME (+5.5%), a drop in net debt of 31 ME and active cash raised to 35.2 ME.
Driven by the growth of the two businesses and good control of structural costs, income from activities came to €26.4 million at the end of December 2022, up +16.1%.
After taking into account the capital gains from the disposal of residential assets and land (+1 ME), the income from the disposal and the valuation of the securities of the Outdoor activities (+1 ME) and a change in fair value of -4.5 ME (compared to +1.5 ME in 2021), net income Group share came to 16 ME, up +1.5% over one year, i.e. 0.45 euro/share (compared to 0. 44 euros in 2021).
As of December 31, 2022, Net Asset Value stood at €237.5 million, compared to €225.2 million at the end of December 2021 (+5.5%). The annual increase of +12.3 M is explained by the quality of the results for the period, by the positive effect of the mark-to-market of hedging instruments (+4.3 M net of deferred taxes) covering the distribution of the 2021 dividend of 8.6 ME. On a per share basis, the NAV increased by +5.5% to 6.63 euros over 12 months.
After taking hedging instruments into account, 85% of the financial debt is at a fixed rate. The average cost of financial debt stands at 2.9% (compared to 2.8% at December 31, 2021) and the maturity is stable at 8 years and 1 month.
Confident in its prospects, CBo Territoria will propose to the General Meeting of June 7, 2023, the payment of a stable dividend of 0.24 euros per share, guaranteeing the maintenance of a “balanced” distribution between financing of the development of the Property and shareholder compensation.
SOLID MEDIUM-TERM OUTLOOK AND GUIDANCE FOR 2023
For 2023, the Group aims to grow tertiary gross rents (including SME) by 1%, pending the upcoming deliveries of Combani at the end of 2023, which will contribute from 2024.
In the medium term, CBo Territoria intends to continue developing its assets thanks to its secure development model and its mastery of the entire real estate value chain, which gives it solid prospects.
Guidance 2023: slight growth in tertiary rental income of 1%; Tertiary pipeline: 106 ME of projects under development, including 26 ME under construction and 26 ME to be launched within 12 months; Promotion: high visibility at 18/24 months with a backlog of 44.6 ME at the end of December 2022.
“For nearly 20 years, CBo Territoria has operated as a planner and developer of the Reunion Island territory, contributing both to its economic development by creating dynamic business and commercial districts and to creating a pleasant living environment for its inhabitants. thanks to the quality of its neighborhoods to live in. This holistic approach is at the heart of the DNA of our Group, which as Reunion’s leading landowner also contributes to improving its food self-sufficiency by reducing agricultural wasteland and production solar renewable energy. Proud of the work accomplished, I am happy to pass the baton to Géraldine Neyret, who next June will become Chief Executive Officer of the Group, which she has been developing alongside me for nearly three years”, comments Eric Wuillai, President CEO of CBo Territoria.
“Over the past three years, in a complex health and economic context, we have pursued our roadmap with confidence thanks to the commitment of all our employees. This year again, we have recorded very good operational and financial results in all of our activities and the medium-term development prospects are solid”, adds Géraldine Neyret, Deputy Managing Director of CBo Territoria.
Financial Calendar 2023
General Meeting: Wednesday, June 7, 2023
Results for the 1st half of 2023: Tuesday, September 12, 2023 (after market close).