(Boursier.com) — In 2023, Paref achieved a consolidated turnover of 33.8 million euros, supported by the increase in rental income and management commission income. Paref’s net rental income stands at 8.8 ME for the year (6.7 ME in 2022), an increase of 31%. The average gross rate of return on directly held assets stands at 7.5% (6.5% at the end of 2022)
The current operating profit is 3.3 ME (-30% compared to 2022).
The company carried out a sustainable refinancing of 90 ME, consisting of a loan of 50 ME and a confirmed available credit line of 40 ME. The amount of gross financial debt drawn from the Paref Group amounts to 70 ME (60 ME as of December 31, 2022). The debt ratio (LTV) stands at 28% (22% as of December 31, 2022).
The average cost of the drawn debt amounts to 1.62% in 2023, stable compared to 2022. The average residual maturity of the debt stands at 4.5 years as of December 31, 2023 and 75% of the drawn debt is covered by financial instruments until final maturities, thus limiting its sensitivity to changes in interest rates. All covenants are respected, including LTV 1.75X.
The PAREF Group has €28 million in liquidity as of December 31, 2023: cash of €8 million, and an available credit line of €20 million.
Quoting…
The EPRA Net Reinstatement Value (NRV) amounts to 113.3 euros per share, down 11% per share as of December 31, 2023 (128 euros per share as of December 31, 2022).
Dividend
The Board of Directors proposes a dividend of 1.5 euros per share payable in cash for the 2023 financial year.
Outlook 2024
In 2024, Paref will rely on its economic model to deploy its strategy despite macroeconomic uncertainties and meet the growing demands of ESG transformation.
The Paref Group will continue to diversify its revenues by increasing the share of recurring cash flows from management fees while maintaining strict cost discipline in order to achieve continued margin improvement.
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