Paris, April 29, 2022. Foncière Volta, a real estate company listed on compartment C of Euronext in Paris, presents its 2021 annual results
[1]
approved by the Board of Directors meeting today under the chairmanship of Mr. Jean-Daniel Cohen.
Highlights
In terms of assets, Foncière Volta acquired a new asset, located rue Basfroi (Paris 11), for €2.3 million and invested €3.5 million, alongside BNP PARIBAS IMMOBILIER RESIDENTIEL, in a real estate operation in Boulogne-Billancourt. A building permit has been filed, obtained and purged of all appeals for the creation of a set of housing, shops and nursery on approximately 10,000 m².
In terms of rentals, Foncière Volta saw its income increase by +15%, to €8.2 million, thanks to rents from acquisitions made in 2020; either an office building, located rue Duhesme (Paris 18) and a residential and retail building located rue du Faubourg Saint-Denis (Paris 10).
Finally, on the financial level, Foncière Volta issued a €16.5 million bond maturing in December 2026 and sold 351,000 SCBSM shares at the same time as the acquisition of 470,668 Foncière Volta shares.
Real estate
After these operations, Foncière VOLTA can still boast of a diversified portfolio, both by the nature of its assets (30.2% Offices / 25.3% Warehouses / 21.3% Retail / 14.1% Hotels / 9, 1% Housing) than by geographical distribution (29% Paris / 34% Overseas / 37% Ile-de-France).
The value of the portfolio, excluding Development activity, is up in 2021, at €120.5 million
[2]
compared to €116.8 million at the end of 2020, reflecting the impact of the acquisition of the new building and the increase in the value of other portfolio assets. The overall real estate portfolio, including assets related to the Property Development activity, amounted to €153.2 million at the end of 2021.
The Net Asset Value of liquidation stands at €12.45 per share at the end of 2021 compared to €12.38 at December 31, 2020.
Debt
[3]
amounted to €59.1 million (€50.7 million at the end of 2020) and 49.0% (+5.6 points) of the value of the portfolio, after the new investments made during the financial year.
Results analysis
|
Consolidated data (in k€) |
2020 |
2021 |
|
Rental income | 7,094 | 8,167 |
|
Result on sale of buildings | – | 180 |
|
Change in value of buildings | 3,913 | 1,179 |
|
Other operating income and expenses | -217 | -515 |
|
Operating income | 7,205 | 4,462 |
|
Equity result | 9,306 | 4,716 |
|
Cost of financial debt | -2,862 | -2,929 |
|
Other net financial charges | 852 | -584 |
|
Tax charge | -2,021 | -1,473 |
|
Result of the consolidated whole | 12,479 | 4,192 |
|
Net income, Group share | 11,207 | 4,192 |
The net profit, Group share, for 2021 amounts to €4.2 million. It includes €4.5 million in operating income, including €1.2 million linked to the increase in the value of the portfolio (€3.9 million in 2020), and €4.7 million from the minority stake in SCBSM ( €9.3 million a year earlier).
Post-closing events
In early 2022, Foncière Volta sold a real estate asset in Guadeloupe as well as its shares in a real estate program in Ile-de-France.
Furthermore, Foncière Volta has embarked on a program to transform a logistics site in Guadeloupe into a commercial complex, all of the prior authorizations and the tenants’ departure agreement having been obtained.
Finally, the Group plans to make a few targeted acquisitions, mainly in Paris and Ile-de-France.
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|
FONCIERE VOLTA |
NEWS finance & communication |
Mehdi GUENNOUNI | Jérôme FABREGUETTES-LEIB |
General director | Shareholder / Investor Relations |
Such. : 01 56 79 51 10 | Such. : 01 53 67 36 78 |
fonciè[email protected] |
[1]
The annual financial report is made available to the public and posted on the website of the Autorité des marchés financiers simultaneously with the publication of this press release.
[2]
Including €7.9 million of investment property available for sale
[3]
Excluding current accounts and property development debt
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