Paris, April 29, 2024. Foncière Volta, a real estate company listed on compartment C of Euronext in Paris, presents its 2023 annual results
[1]
approved by the Board of Directors meeting on April 24, 2024 under the chairmanship of Mr. Jean-Daniel Cohen.
Highlights of the period
In terms of assets, Foncière Volta has finalized its program to transform a logistics site in Guadeloupe into a commercial complex, making “Moudong Plaza” an essential Retail park in Guadeloupe.
At the same time, the Group made investments on its Gourbeyre site (Guadeloupe) aimed at transforming surfaces as well as repairing the entire cladding.
On the financial side, Foncière Volta released the balance (€9.6 million) of the credit for a total amount of €15 million signed in 2022 aimed at refinancing almost the entire scope in Overseas (31% of the value of assets at the end of 2023).
The Group also refinanced a Parisian building for €6 million.
Value of heritage
At the end of 2023, the value of investment properties, excluding Development activity, stands at €127.9 million compared to €118.7 million at the end of 2022, thanks to the revaluation of assets in Overseas following the transformations carried out. The value of Promotion assets reached €30.4 million (-8%), after revision of capitalization rates.
The total value in the consolidated accounts of Foncière VOLTA’s real estate assets thus amounts to €158.3 as of December 31, 2023 compared to €151.7 million a year earlier.
The Liquidation Revalued Net Assets stand at €12.01 per share compared to €12.32 per share at the end of 2022, after taking into account the annual result (see below).
After taking into account new loans taken out to finance investments, the debt
[2]
amounts to €63.8 million compared to €54.8 million at the end of 2022. Thus, the LTV ratio stands at 49.88% at the end of 2023 compared to 46.2% at the end of 2022.
Results analysis
|
Consolidated data (in €k) |
2022 |
2023 |
|
Rental income | 7,186 | 7,830 |
|
Result on sale of buildings | 1,588 | – |
|
Variation in value of buildings | 5,495 | 3,536 |
|
Other operating income and expenses | -6,587 | -2,060 |
|
Operating income | 3,553 | 4,559 |
|
Equity-accounted result | 2,791 | -3,610 |
|
Cost of financial debt | -3,165 | -4,488 |
|
Other net financial charges | 404 | -1,647 |
|
Tax charge | -1,301 | -1,061 |
|
Consolidated result | 2,282 | -6,248 |
|
Net income, Group share | 2,282 | -6,248 |
Foncière Volta saw its rental income increase by 9% in 2023, to €7.8 million.
Operating profit stood at €4.6 million compared to €3.6 million a year earlier. It includes the increase in the value of buildings, driven by the transformations carried out overseas, net of the adjustment in the value of the stock of assets under development.
Net income, Group share, stands at -€6.2 million in 2023. Operating income was notably offset by the contribution of equity-accounted companies (-€3.6 million), the cost of financial debt (-€4.5 million) and an additional financial charge of -€2.1 million linked to the depreciation of minority stakes.
Outlook
After the investment in its sites in Guadeloupe, several Parisian assets could be affected by significant future work. The work to evaluate this work, its impacts and implementation deadlines is still being studied.
The Group also finalized the refinancing of a pool of Parisian assets for an amount of €7.6 million at the start of 2024.
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|
NEWS finance & communication |
Jérôme FABREGUETTES LEIB |
Shareholder/Investor Relations |
Such. : 01 53 67 36 78 |
[1]
The annual financial report is made available to the public and posted on the website of the Financial Markets Authority simultaneously with the distribution of this press release.
[2]
Excluding current accounts and real estate development debt
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