(Boursier.com) — In a still disrupted health context, the concept of an open-air commercial promenade combined with a complete and diversified merchandising mix perfectly meets the needs of consumers and demonstrates the relevance of a more sustainable and frugal business model. for traders. Thus, in a normalizing operating environment, the success of the open-air shopping center model of Frey confirmed once again over the half-year, with indicators that outperformed the national indices.
On a like-for-like basis, turnover for Frey retailers increased by +5.2% compared to 2019 and clearly outperformed the CNCC sector index (-8.5%). Frey site attendance is back to its pre-crisis highs of 97% (compared to the first half of 2019), while the CNCC publishes a drop of -15.6%. The normalization of activity is also confirmed in the rent collection rate, which reached 97% for the first half of 2022 (94.5% for the whole of 2021).
Consolidated revenue for the 1st half of 2022 amounted to €59.6 million for current operating income of €30.1 million at the end of June 2022 (€23 million in June 2021). The operating result (ROP) at 61.5 ME (31 ME in the 1st half of 2021) benefits from a change in fair value of 33.2 ME, of which 20.1 ME on the portfolio at constant scope (i.e. +1.5 %).
Consolidated net income, Group share amounted to €70.9 million at the end of June 2022 (€25 million in June 2021) after the positive effect of an adjustment in the value of financial assets of €25.7 million, after taking into account a cost of net debt of -6.3 ME and income tax.
Equity, Group share increased by +24.5 ME in the 1st half compared to December 31, 2021, to stand at 931.6 ME.
As a result, the Continuing EPRA Net Asset Value (NTA) (excluding duties) stood at €918.1 million at the end of June (€926.2 million at December 31, 2021). It fell by -0.9%. Reduced per share, the EPRA NTA NAV stands at 32.5 euros/share (32.7 euros/share at the end of 2021), i.e. a change of -0.8%, directly linked to the dividend distribution of 1.60 euro per share over the half-year.
Consolidated LTV including duties was 37.5% (32.2% at the end of 2021). The Group maintains a comfortable LTV level, in a context of strong growth activity.
Strategy and outlook
Frey is actively pursuing its strategy with the ambition of becoming the European leader in sustainable trade. This growth strategy is based on its know-how in terms of investment, development and management of outdoor shopping centers that are more sustainable, more practical, more user-friendly for consumers and have a more frugal economic model for retailers.
Frey will also pursue its long-term expansion strategy through urban renewal operations in commercial areas at the entrance to towns and through the acquisition of open-air commercial assets to transform them and bring them up to the standards of the property company’s heritage. .