(Boursier.com) — At the end of 2021, the total value of assets excluding transfer Frey (economic assets in operation + projects in progress for 94.2 MdE) reached 1.423 MdE (1.249 MdE a year earlier).
As of December 31, 2021, rental income from the consolidated portfolio amounted to €72.9 million, an increase of +22% compared to the end of December 2020, confirming the growth in real estate. Frey’s consolidated revenue stands at 98.7 ME compared to 107.2 ME in 2020 (which included 29.7 ME of revenue related to development activity, compared to 4.2 ME in 2021) .
Current operating income, up very sharply, stands at €53 million in 2021 (€42.4 million in 2020) thanks to the increase in turnover. Operating profit (ROP) at 76 ME (13.1 ME in 2020) benefits from a positive change in fair value of + 28.8 ME including + 3.4 ME on the portfolio at constant scope, i.e. + 0.3 %.
Consolidated net income, Group share amounted to €65.4 million in 2021 (€2.4 million in 2020).
Equity attributable to the Group increased by €139 million in 2021 compared to December 31, 2020 to €907 million, taking into account the results for the financial year and the operations to strengthen equity carried out in 2021: €102 million via a capital increase with maintenance of the PSR carried out in December 2021 and the partial payment of the 2020 dividend in shares for an amount of €10.3 million.
Taking into account the increase in the value of the assets held, the Continuation EPRA Net Asset Value (NTA) (excluding duties) stood at €926.2 million at the end of December 2021 (€784.7 million at December 31, 2020). It grows by +18%.
On a per share basis, the EPRA NTA NAV stands at E32.7/share (E31.9/share at the end of 2020), up +2.5% and +3.9% excluding the dilutive impact of strengthening operations own funds.
Solid financial structure, enhanced liquidity
The Group has further strengthened its access to the financing market in 2021 by concluding for the first time two financings with ESG (environmental, social and governance) performance criteria for a total amount of €150 million (initial duration of 5 years with 2 one-year extension options) with its historical banking partners. At the start of 2022, the Group announced that it had matched all of its corporate financing lines with these criteria, in accordance with its responsible and sustainable commitment.
At December 31, 2021, the Group’s bank debt amounted to €606.4 million (including €516 million for corporate lines) and FREY had €308 million in cash. The duration of bank debt stands at 4.3 years compared to 4.5 years at December 31, 2020. The average interest rate on bank debt, based on market conditions at December 31, 2021, stands at 1.38 % (1.48% as of December 31, 2020).
Consolidated LTV including duties was 32.2% (32.4% at the end of 2020). The Group maintains a comfortable LTV level, in a context of strong development activity.
Dividend
Frey’s Board of Directors will propose to the General Meeting of May 18 the payment of a dividend of 1.6 euro/share, up 0.1 euro/share (+6.7%) compared to 2020, fully paid in cash.
Outlook
Frey aims to become the European leader in sustainable trade. To achieve this objective, Frey will pursue its growth strategy based on the development of commercial assets perfectly suited to the expectations of consumers and retailers (outdoor shopping, optimal quality/price ratio, conviviality and support for the local economic fabric).
At the end of 2021, the portfolio of projects under development represents a total area of 230,000 m2 GLA and a cumulative investment of 605 ME, including 447 ME for assets intended to be kept by the property company (137,000 m2 generating 32.1 ME of annualized potential rent
Frey will also pursue its long-term expansion strategy, placing all of its know-how at the service of regional development by:
– the promotion of its know-how as a developer by taking advantage of artificial land at the entrance to the city
– the acquisition of outdoor commercial assets to transform them and bring them up to Frey’s heritage standards.