Paris, November 15, 2022. Foncière Volta, a real estate company listed on compartment C of Euronext in Paris, presents its 2022 half-year 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 sold a real estate asset in Guadeloupe as well as its shares in a real estate program in Ile-de-France for a total amount of €16.8 million including the reimbursement of current accounts .
The Group has also 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.
On the rental level, Foncière Volta saw its income fall by 2%, to €3.5 million, due to changes in scope over the last 12 months in development activity. Rental income from stabilized assets is up 4%.
Real estate
After these arbitrage operations and taking into account the overall appreciation of the value of the buildings, Foncière VOLTA has an overall real estate portfolio, including assets related to the Development activity, of €149.8 million at the end of June 2022, compared to €145.4 million [2] at the end of 2021. The value of investment properties, excluding Property Development activity, amounted to €116.8 million at the end of June 2022 compared to €112.7 million [3] at the end of 2021.
The portfolio remains diversified, both by the nature of its assets (32% Offices / 27% Warehouses / 17% Retail / 15% Hotels / 9% Housing) and by geographical distribution (39% Ile-de-France / 33% Paris / 28% Overseas).
The Net Asset Value of liquidation amounted to €13.25 at June 30, 2022 compared to €12.45 per share at the end of 2021.
Thanks to the debt reduction made possible by the arbitrage operations, the debt [4] amounted to €45.5 million compared to €59.1 million at the end of 2021. Thus, the LTV ratio fell to 38.9% at mid-2022 compared to 49.0% at the end of 2021.
Results analysis
| Consolidated data (in k€) | H1 2021 | H1 2022 |
| Rental income | 3,607 | 3,541 |
| Result on sale of buildings | – | 1,030 |
| Change in value of buildings | 1,205 | 4,020 |
| Other operating income and expenses | 381 | -410 |
| Operating income | 3,118 | 6,038 |
| Equity result | 2,212 | 5,173 |
| Cost of financial debt | -1,355 | -1,344 |
| Other net financial charges | 1,309 | 127 |
| Tax charge | -872 | -2,380 |
| Result of the consolidated whole | 4,412 | 7,614 |
| Net income, Group share | 4,424 | 7,614 |
Net profit, Group share, increased by 72% between the 1 er semester 2021 and the 1 er half of 2022, at €7.6 million. It includes €6.0 million in operating income (including €4.0 million linked to the increase in the value of the portfolio and €1.0 million linked to the sale of buildings) and €5.2 million from the minority in SCBSM. The main expenses consist of the cost of financial debt (-€1.3m) and taxes (-€2.4m).
Post-closing events
Given the group’s past performance, the Board of Directors of Foncière Volta decided to proceed with a distribution of €0.54 per share, for a total amount of €6.1 million, which was carried out on September 21, 2022. .
In addition, the refinancing of the entire scope held in Overseas France is being finalized.
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| NEWS finance & communication |
| Jérôme FABREGUETTES-LEIB |
| Shareholder / Investor Relations |
| Such. : 01 53 67 36 78 |
| fonciè[email protected] |
[1] The half-year 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] Excluding €7.9 million of investment property available for sale at the end of 2021 and sold on 1 er semester 2022
[3] Excluding €7.9 million of investment property available for sale at the end of 2021 and sold on 1 er semester 2022
[4] Excluding current accounts and property development debt
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