SCBSM: Annual results 2022-2023 // Stability of recurring results and continued debt reduction – 09/29/2023 at 7:00 p.m.

Paris, September 29, 2023 – SCBSM, a real estate company listed on Euronext Paris, presents its accounts

[1]

of the 2022-2023 financial year (period from 1

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July 2022 to June 30, 2023).

In a context of a much more tense real estate market in the face of rising interest rates, SCBSM has remained faithful to its long-term asset strategy with:

1. A pursuit of
   
   deleveraging
   
   through the early redemption of ORNANES mainly in shares, making it possible to reduce the LTV ratio from more than 42% at the end of June 2022 to less than 39% at the end of June 2023, i.e. the lowest ratio since the IPO of the society.

2. Of the
   
   ongoing arbitrage of provincial assets
   
   after securing revenues through solid signatures, notably with the sale of assets in Nancy, Nîmes and St-Malo.

3. An important work of
   
   optimization of the occupancy rate
   
   contributing to an increase of more than €1 million in rents over the financial year

4. Tactical investments in
   
   heritage Paris CBD
   
   whether via work programs to reveal the full potential of buildings (Madeleine, Réaumur and Opéra in particular) or the targeted acquisition of offices.

5. A
   
   reasoned return to shareholders
   
   illustrated by a distribution of €0.15 per share in January 2023.

At the end of this exercise rich in activities and taking into account the arbitrations carried out, SCBSM’s assets stand at more than €420 million, of which now almost 90% are Parisian assets, which now makes it a real estate company with a readable profile. and attractive.

The early redemption of the ORNANE issued in 2017, a large part of which was in treasury shares, allowed, in addition to the significant improvement in the debt ratio, an expansion of the free float. This strategic choice also makes it possible to maintain the financial strike force at the service of the strategy of targeted acquisitions of Parisian buildings but has a mechanical impact on the NAV per share

[2]

which shows a slight decline over the last 12 months (€18 for the liquidation NAV on the basis of shareholders’ equity of €253.8 million).

The growth in operating income (before change in the fair value of investment properties) linked to the increase in rental income made it possible to offset the increase in the cost of net financial debt (mechanical impact of the rise in interest rates ). Recurring net profit
[3]
is thus stable, at almost €9 million.

The net change in the value of the appraised assets as of June 30, 2023 being slightly negative over the financial year (less than 1% of the total value of the assets), under the mechanical effect of the rise in interest rates, the net profit consolidated is close to the recurring result, at €9.4 million.

The publication of the Universal Registration Document at the end of October will result in the publication of a new press release detailing SCBSM’s accounts.

About SCBSM:

SCBSM is a real estate company listed on Euronext in Paris (FR0006239109 – CBSM) since November 2006. The Group’s real estate assets amount to more than €420 million, nearly 90% of which is located in Paris CBD. SCBSM has SIIC status and is part of the IEIF SIIC France index. More information on www.scbsm.fr.

Finance & communication news contacts:

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Data under audit

[2]

Self-held shares are not taken into account in the calculation of the NAV

[3]

Operating income before change in fair value of investment properties

– Cost of net financial debt

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