Press releases

Half-year results at June 30, 2019

  07/31/2019 6:00 PM

2019 HALF-YEAR RESULTS
Solid financial results in a context of strengthening the Group's capacities

 

A growing portfolio of assets reaching nearly 1.8 billion euros

  • € 128m in own account assets (+ 3% at constant scope since December 31, 2018)
  • € 1,656 million managed on behalf of third parties (+ 14% since December 31, 2018) in the form of SCPI1 and d & #39; OPCI2 thanks to a new record of gross inflows reached in the first half of 2019 of € 144 million compared to € 97 million over the same period in 2018 (+ 49%)

Solid financial indicators

  • Triple net EPRA NAV of € 103.4 per share (+ 8% vs. June 30, 2018)
  • Turnover of € 21.1m vs. € 15.7m (+ 34% vs. June 30, 2018)
  • Net commissions of € 7.8m compared to € 6.6m at 1st semester 2018 (+ 19%)
  • Net rental income of € 3.1m compared to € 3.2m at 1st half of 2018 (+ 3% at constant scope) following the disposal of 4 assets
  • Recurring EPRA net income of € 4.82m (€ 4.9m at 1st semester 2018)

 

“The Group has entered a phase of acceleration of its development following the restructuring carried out. Significant acquisitions for the funds under management, the sale of mature assets on PAREF, the refinancing of the Group, the launch of the restructuring project for the asset located in Levallois-Perret or the signing of the purchase agreement for 6 floors from the Franklin tower to La Défense, reflect the operational dynamics of 1st Half-year 2019. Bolstered by its employees and the confidence of investors, which once again allow record gross inflows, the PAREF Group is continuing its strategy of value creation in all of the assets under management. "

Antoine Onfray - Deputy CEO

 

“The PAREF Group is continuing its repositioning in order to begin a new era in its development. We are particularly pleased with the strengthening of the management team with the arrival of Anne Schwartz as Managing Director of PAREF Gestion. His very good knowledge of our businesses will make it possible to accelerate the development of new investment vehicles dedicated to different types of European assets. I would like to thank Gilles Chamignon who decided to devote himself to a new professional project. Thanks to its three pillars, the Group now has the necessary organization to develop its activities. "

Antoine Castro - Managing Director

 

PAREF's board of directors, which met on July 31, 2019, closed the accounts on June 30, 2019.

 

I - Real estate activity (PAREF SA)

PAREF continued its strategy of active management of its assets during the 1st semester 2019 in particular through:

  • The signing of leases on 1,874 m² of rented or re-let, including 3 new leases on the Gaïa building with firm periods of 6 and 5 years;
  • The sale of 4 assets (Bondy, Cauffry, Emerainville and Trappes Politzer) for a total net seller amount of € 16 million, representing an average premium of 15 % compared to the last appraisal. The Group is thus continuing its strategy of rotating its portfolio with a gradual repositioning on assets of more significant size and mainly located in Greater Paris;
  • The launch of a redevelopment project for the office asset located in Levallois-Perret (Grand Paris) for which the Group filed and obtained the building permit at the end of June 2019. This large-scale project covers an area of approximately 6,400 m² GLA will allow the complete restructuring of the asset by repositioning it to the best market standards for both the end user and the environmental level. The Group intends to obtain BREEAM and HQE certifications. Delivery of the project is scheduled for mid-2021.

PAREF also signed in July 2019 a promise to purchase with a view to acquiring 6 floors of the Franklin tower located on the forecourt of La Défense (Grand Paris). This acquisition should be finalized at the end of September 2019 and carried out in partnership with an institutional fund indirectly held by the Fosun Group. PAREF will retain management of the acquired asset. This transaction is the demonstration of the Group's new strategy, namely the acquisition of more significant assets, with the potential collaboration of institutional investors, in particular the majority shareholder Fosun.

The Group's financial occupancy rate stands at 93.3 % compared to 91.9 % at December 31, 20183.

The weighted average maturity of the leases is 5.8 years at the end of June 2019 and the schedule for leases on the owned assets is as follows:

Following the disposals carried out, the value of the PAREF Group's assets stood at € 117 million as of June 30, 2019, +3.5 % at constant scope compared to December 31, 2018.

Key figures for directly owned assets4 12/31/2018 06/30/2019
Number of active 20 16
Rental area (in operation) 129,069 m² 103,524 m²
Valuation 127 M € 117 M €

 

Overall, the net rental income on the assets held directly by PAREF amounted to € 3.1 million at 1st half of 2019, down compared to the same period in 2018 (-41TP1Q) explained by the disposal of 4 assets in 1st half of 2019 and the departure of tenants from the Levallois asset with a view to its restructuring. The average gross rate of return on its own assets is 7.7% (excluding Gaia).

 

Rental results on own assets (k €) S1-2018 S1-2019 Evolution in %
Gross rental income 3 795 3 353 -12%
Rental charges re-invoiced - 2 191 -
Rental charges, taxes and insurance - -2,518 -
Non-recoverable charges -647 - n / A
Other income 58 66 13%
Total net rental income 3,206 3 092 -4%

Gross rental income increased by +3 % at constant scope, in particular due to the letting that took place during 2018 and 1st semester 2019.

 

II - Management activity on behalf of third parties (PAREF Gestion)

  • Collection and managed heritage

The Group collected during the 1st half of 2019, a total amount of € 144m in gross subscriptions with & #39; investors in SCPI funds representing an increase of + 49% compared to the same period in 2018 (€ 97m at 1st semester 2018). This performance stems in particular from the SCPIs with variable capital Novapierre Germany, Novapierre 1 and Interpierre France, which respectively posted € 77 million, € 40 million and € 23 million in gross inflows over the period.

The Group successfully completed a significant acquisition of & #39; a portfolio of 27 retail assets on behalf of SCPI Novapierre 1 for a total amount of € 94 million. This acquisition enabled an increase of 59% in assets managed on this vehicle, which will benefit from an increase in its yield and from a strengthening of the diversification of its portfolio.

Thus, PAREF Gestion manages assets for third parties of € 1,656 million, up + 14% compared to December 31, 2018 (€ 1,457 million as of December 31, 2018).

Breakdown of funds managed by PAREF Gestion as of June 30, 2019:

Type Funds Strategy Assets under management Assets under management Evolution in %
(€ m) (€ m)
31-Dec-18 30-June-19
SCPI Novapierre Germany (CV) Shops (Germany) 471 544 15%
Novapierre Residential (CV) Residential (Paris) 280 282 1%
Novapierre 1 (CV) Shops (Paris region) 161 256 59%
Interpierre France (CV) Office / Logistics 105 135 29%
Atlantic Stone 1 (CF) Diversified 60 57 -5%
Capiforce Pierre (CF) Diversified 59 53 -10%
Cifocoma 1 (CF) Shops 24 24 0%
Cifocoma 2 (CF) Shops 25 25 -1%
SCPI Subtotal   1,186 1376 16%
OPCI OPPCI of hotel walls (CF)   142 149 5%
Vivapierre (CV) Hotel residences (France) 94 90 -4%
Total OPCI   236 239 1%
Others   35 40 15%
Total     1,457 1,656 14%

CF: Fixed capital
CV: Variable capital

Breakdown of gross collection carried out in 1st semester 2019:

Type Funds H1-2018 gross inflows (€ m) H1-2019 gross inflows (€ m) Evolution in %
SCPI Novapierre Germany 71 77 8%
Novapierre 1 2 40 24x
Interpierre France 22 23 5%
Novapierre Residential 2 4 99%
Total   97 144 49%
  • Commissions

Thanks to sustained fundraising at 1st half-year 2019 and an increase in assets under management, PAREF Gestion posted a sharp increase in gross subscription and management fees, which reached respectively € 13.1 million (+ 52%) and € 4.6 million (+ 38%).

Commissions (in k €) S1-2018 S1-2019 Evolution in %
Management commissions 3 347 4,622 38%
Subscription fees 8,605 13,065 52%
Retro-commissions - 5,395 -9,582 83%
Net commissions 6 558 7 836 19%

 

III - Results of 1st semester 2019

Consolidated income statement:

Detailed consolidated income statement (in k €)  S1-2018 S1-2019 Evolution in %
Gross rental income 3 795 3 353 -12%
Rental charges re-invoiced - 2 191 n / A
Rental charges, taxes and insurance - (2,518) n / A
Rental charges and taxes not recovered -647 - n / A
Other income 58 66 13%
Net rental income 3,206 3 092 -4%
Turnover on commissions 11 953 17 688 48%
-of which management fees 3 347 4,622 38%
-of which subscription fees 8,605 13,065 52%
Retro-commissions -5,395 -9 852 83%
Net commission income 6 558 7 836 19%
General operating expenses -3 831 -5,119 34%
Depreciation and impairment 3 -278 n / A
current operating income 5,936 5 531 -7%
Change in fair value of investment properties 4 262 1613 -62%
Income from the sale of investment properties 248 1,881 6.6x
Operating income 10,446 9,025 -14%
Financial products 48 37 -21%
Financial expenses -830 -1 281 54%
Cost of net financial debt -783 -1 244 59%
Other financial income and expenses 106 171 61%
Value adjustment of financial instruments 194 204 5%
Share of associates 142 888 5.2x
Net income before taxes 10 106 9,045 -11%
Tax charges -1 145 -1 166 2%
Consolidated net income 8,961 7 878 -12%
Net income attributable to non-controlling interests - - n / A
Consolidated net income, Group share 8,961 7 878 -12%
Average number of shares (undiluted) 1 319 367 1,439,948  
Consolidated net income per share (Group share) 6.79 5.47 -19%
Average number of shares (diluted) 1 324 867 1 445 876  
Consolidated net income per share (diluted Group share) 6.76 5.45 -19%

The Group generated consolidated net income Group share of € 7.9 million at 1st half of 2019, down 12% compared to the same period in 2018, mainly explained by:

  • net rental income which came to € 3.1 million, down mainly due to the & 1TP3Q39; impact of disposals made in 2018 and 1st half of 2019, as well as the departure of tenants from the asset located in Levallois with a view to its restructuring;
  • net commission income up sharply by +19 1TP1Q thanks to new subscriptions and an increase in assets under management on behalf of third parties;
  • general operating expenses which amounted to € 5.2 million, an increase of € 1.3 million compared to the 1st half of 2018, s & 1TP3Q39; explained in particular by personnel costs with an increase of € 1.0 million related to recruitments and the creation of the platform in Switzerland located in Zurich;
  • the cost of financial debt came to € 1.2 million at 1st half of 2019 compared to € 0.8m in the firstst Half-year 2018. This change is explained by the indemnities for the termination of financing and hedges relating to the refinancing of the Group's debt (for € 0.5 million) partially offset by the reduction in the average cost of the debt at 1st semester 2019;
  • the result of the share of companies accounted for by the equity method came to € 0.9 million against € 0.1 million, in particular thanks to the increase in the fair value of the Gaïa asset following the signing of new leases and the signature of the renewal of the leases on Vivapierre's assets, allowing the reversal of the provision made in the accounts of OPCI Vivapierre.

IV - Financial resources

The PAREF Group signed on February 21, 2019 the refinancing of the Group's debt5 by setting up & #39; a corporate financing of & #39; for a total amount of 100 million euros.

This financing is composed of & #39; a loan of 30 million euros drawn from6 and a confirmed available credit line of & #39; in the amount of € 70 million. The maturity is 5 years and the margin is 145 bps above the 3-month Euribor.

As of June 30, 2019, the nominal amount of gross debt drawn down amounted to € 39 million, compared to € 35 million at the end of 2018.

The average debt rate thus stands at 2.1% at June 30, 2019, a sharp decrease compared to the end of 2018 (3.6% at December 31, 2018).

The average residual maturity of the debt increases to 4.75 years against 3.9 years at the end of 2018.

All of the drawn debt is hedged by hedging instruments, thus limiting its sensitivity to changes in interest rates.

The PAREF Group's financial ratios are solid with a debt ratio (LTV7) less than 0% and financial interest coverage (ICR8) at 9x, compared to 4% and 7x respectively at the end of 2018.

The Group thus respects its covenants on its bank debts, mainly:

  • A debt ratio (LTV) <50%;
  • An ICR> 2.5x.

Debt schedule:

The PAREF Group also has a substantial cash flow of € 40 million as of June 30, 2019, covering beyond 12 months of maturity of its debts and making it possible to meet the regulatory needs of the management company PAREF Gestion.

V - Assets under management

In € k 12/31/2018 06/30/2019 Evolution in %
Assets held directly by PAREF 111,070 100 140 -10%
Investments held by PAREF(1) 27 284 28 239 4%
Total PAREF assets 138,354 128,379 -7%
SCPI      
- Novapierre Germany 471,263 543 647 15%
- Novapierre Residential 280,317 282,212 1%
- Novapierre 1 161,245 256 119 59%
- Interpierre France 105,034 135,018 29%
- Atlantic Stone 1 60 206 57,318 -5%
- Capiforce Pierre 58,607 52 881 -10%
- Cifocoma 2 24,996 24 819 -1%
- Cifocoma 1 24,014 23,983 0%
SCPI Subtotal 1,185,682 1 375 997 16%
OPPCI      
- Vivapierre 94 230 90 120 -4%
- OPPCI specialized in hotels 141,910 149 180 5%
OPPCI Subtotal 236,140 239,300 1%
Other assets managed on behalf of third parties (2) 35,300 40,450 15%
Total assets managed by PAREF Gestion on behalf of third parties 1,457,122 1 655 747 14%
Reprocessing (3) -9,909 -10,004 -1%
GENERAL TOTAL 1,585,567 1,774,122 12%

(1) Investments in Vivapierre and Le Gaia
(2) Includes Land Selection Regions
(3) Part of the assets of PAREF (OPPCI Vivapierre) is included in the management of PAREF Gestion

The property portfolio of real estate assets owned by PAREF (excluding Gaïa) amounts to € 100 million, down € 11 million compared to the end of 2018, mainly explained by:

  • disposals for € 13.9 million (values at 12/31/2018);
  • costs and improvement works carried out on the 1st half of 2019 for € 1.5 million; and
  • a positive revaluation of the value of assets for around € 1.6 million.

At constant scope, the change in fair value amounts to € 3.0 million over the 1st half of 2019, an increase of +3 1TP1Q compared to the end of 2018.

The average gross rate of return on assets held directly and consolidated by PAREF was 7.7 % excluding Gaia (6.9 % at the end of 2018).

 

VI - Revalued EPRA net assets

L & #39; Revalued triple net EPRA net assets (ANR Triple Net EPRA) of the PAREF Group amounted to € 103.4 per share at the end of June 2019, an increase of € 4.3 per share compared to the end of 2018 (+ 4%) s & #39; explained mainly by the result of 1st half of 2019 for + € 5.4 / share, the change in fair value of the PAREF Gestion business for + € 3.1 / share and the payment of the dividend for - € 3.85 / share.

The ANR Triple NET EPRA is determined in particular on the basis of shareholders' equity consolidated under IFRS (including the fair value method) and the market value of debt and financial instruments.

  12/31/2018 06/30/2019 Evolution in %
Consolidated equity 124.8 126.5 1%
Neutralization of the fair value measurement of financial instruments 0.5 0.8  
Value adjustment of the goodwill (PAREF Gestion)(1) 19.5 24.0  
Unrealized capital gains / losses on assets carried at cost 0 0  
ANR EPRA (in € m) 144.8 151.4 5%
ANR EPRA / diluted share (in €) 100.3 104.6 4%
Fair value measurement of financial instruments -0.5 -0.8  
Fair value adjustment of fixed rate debt -0.6 -0.3  
Deferred taxes on fair values -0.5 -0.6  
Triple net EPRA NAV (in € m) 143.1 149.6 5%
Triple net EPRA NAV / diluted share (in €) 99.1 103.4 4%
Neutralization of deferred taxes on fair values 0.5 0.6  
Rights 9.2 9.4  
Reconstitution NAV, Group share (in € m) 152.9 159.6 4%
Reconstitution NAV / diluted share (in €) 105.9 110.3 4%

(1) The valuation of PAREF Gestion's goodwill is based on the application of coefficients on the average turnover of the last two years (twice on management fees and 0.5 times on subscription fees on average

 

VII - Post-closing events

PAREF signed on July 15, 2019 a promise to purchase with a view to acquiring 6 floors of the Franklin tower located on the forecourt of La Défense (Grand Paris). This acquisition should be finalized at the end of September 2019 and carried out in partnership with an institutional fund indirectly held by the Fosun Group.

 

VIII - Other EPRA indicator

  • EPRA Recurring Net Income
In € k 06/30/2018 06/30/2019 Evolution in %
Consolidated net income, Group share 8,961 7 878 -12%
Adjustments      
(i) Change in JV of imm. investments and other assets -4,262 -1,613 -62%
(ii) Gains / losses on disposals of assets or companies and other disposals -248 -1 881 6.6x
(iii) Gains or losses on disposals of available-for-sale financial assets 0 0  
(iv) Taxes on capital gains or losses on disposals 0 0  
(v) Impairment of goodwill / Goodwill negative 0 0  
(vi) Change in fair value of financial instruments and cancellation fees for derivatives -194 270 n / A
(vii) Acquisition costs on acquisitions of companies and other interests 0 0  
(viii) Deferred taxes resulting from adjustments 0 0  
(ix) Adjustment (i) to (viii) on companies held in partnership 650 170 -74%
(x) Participations not giving control over adjustments 0 0  
EPRA recurring net income 4,907 4,823 -2%
Average number of shares 1 319 367 1,439,948  
Recurring EPRA net income / share € 3.72 € 3.35 -10%
  • EPRA vacancy rate
In € k 12/31/2018 06/30/2019 Evolution in %
Estimated rental income on vacant space (1) 662 348  
Rental income estimated over the entire portfolio (1) 8,144 5 223  
EPRA vacancy rate 8.1% 6.7% -1.5pts

(1) Excluding the Gaïa building as a share, excluding investments in SCPI Vivapierre. Including Gaia, the EPRA vacancy rate stands at 18.1% as of June 30, 2019 compared to 17.2% as of December 31, 2018.

  • EPRA rate of return
In € k 12/31/2018 06/30/2019 Evolution in %
PAREF net capitalization rate 6,29% 6,79% 0.5pts
 Effect of estimated fees and charges -0.4% -0.4% -0.1pts
 Effect of changes in scope 0.2% -0.2% -0.4pts
EPRA Net Initial Yield (1) 6,10% 6.1% 0.0pts
 Effect of rent adjustments 0.3% 0.4% 0.1pts
Initial Net Yield Topped-Up EPRA (2) 6.38% 6,47% 0.1pts

(1) The EPRA net initial rate of return is defined as the annualized contractual rent, net of charges, after deduction of rental arrangements, divided by the value of the portfolio including transfer taxes.
(2) The EPRA net initial rate of return is defined as the annualized contractual rent, net of charges, excluding rental adjustments, divided by the value of the portfolio including transfer duties.

  • EPRA cost ratios

The ratios below are calculated on the scope of assets held directly by the PAREF Group (including equity method).

In € k 06/30/2018 06/30/2019 Evolution in %
Included :      
(i) General expenses -597 -620 4%
(ii) Charges on buildings -171 -100 -42%
(iii) Rental charges net of fees -2,518 -2,418 -4%
(iv) Management fees net of actual / estimated margins 0 0 n / A
(v) Other income net of re-invoicing covering overheads 0 0 n / A
(vi) Share of overheads and expenses of associates -203 -354 75%
Excluded:      
(vii) Depreciation of investment properties      
(viii) Land charges 1,283 1,352 5%
(ix) Re-invoiced rental charges included in rents 758 840 11%
Costs (including vacancy costs) (A) -1,447 -1 301 -10%
(x) Less: vacancy charges (unrecovered rental charges) 249 408 64%
Costs (excluding vacancy costs) (B) -1 199 -893 -26%
(xi) Rental income less land charges 5,078 4,704 -7%
(xii) Less: re-invoiced rental charges included in the rents -1 283 -1 352 5%
(xiii) Plus: share of rental income less land charges of companies accounted for by the equity method 1,569 976 -38%
Rental income (C) 5 364 4,328 -19%
Cost ratio (including vacancy costs) (A / C) 27.0% 30.1% +3 pts
Cost ratio (excluding vacancy costs) (B / C) 22.4% 20.6% +2 pts

 

BALANCE SHEET ASSETS (in k €) 12/31/2018 06/30/2019
Non-current assets    
Investment property 110 370 97,090
Intangible assets 76 117
Tangible fixed assets 482 2,655
Financial fixed assets 11 073 12,692
Investments in associates 9 910 10,004
Financial assets 1,007 1,070
Total non-current assets 132,918 123 627
Current assets    
Stocks - -
Customers and other debtors 10 372 14 482
Other receivables and accruals 147 240
Derivative instruments - -
Cash and cash equivalents 28,437 40 365
Total current assets 38,956 55,087
Non-current assets held for sale 700 3,050
TOTAL ASSETS 172,574 181 764
     
BALANCE SHEET (in k €) 12/31/2018 06/30/2019
Equity    
Share capital 36,040 36 103
Premiums linked to capital 39 922 39,923
Fair value reserves 45 68
Change in value of hedging instruments (230) (739)
Consolidated reserves 37,247 43,254
Consolidated result 11,803 7 878
Equity - Group share 124,827 126,487
Minority interests - -
Total equity 124,827 126,487
LIABILITIES    
Non-current liabilities    
Financial debts, long-term portion 29 226 38,750
Deferred tax liabilities, net 117 51
Provisions 587 433
Total non-current liabilities 29 931 39 234
Current liabilities    
Financial debts, short-term portion 5 541 1,094
Derivative instruments 540 844
Trade payables and related accounts 4,519 6,125
Social and tax debts 5,293 5 877
Other debts and accruals 1,924 2 102
Total current liabilities 17 817 16,043
TOTAL LIABILITIES 172,574 181 764

 

CASH FLOWS (in € k) 06/30/2018 06/30/2019
Operating flow    
Net profit 8,961 7 878
Depreciation and amortization 37 142
Fair value revaluations of investment properties (4,262) (1613)
Fair value revaluations of derivative instruments (194) (204)
Fair value revaluations of financial assets - 15
Changes in taxes 1,145 1,166
Capital gains or losses on the disposal of fixed assets net of tax (248) (1,881)
Share of results of associates (142) (888)
Self-financing capacity after cost of financial debt and before tax 5,296 4,615
Cost of net financial debt 758 1,244
Taxes paid (911) (1,899)
Self-financing capacity before cost of financial debt and after tax 5 143 3 960
Changes in working capital (877) (1,208)
Net cash flow from operating activities 4 267 2 752
Investment flows    
Acquisition of investment properties (14) (1,397)
Other acquisitions of fixed assets (99) (24)
Sale price of investment properties 1798 16,000
Acquisition of financial fixed assets (1315) (1,064)
Disposal of financial fixed assets - -
Change in investments in associates - -
Financial products received 48 37
Impact of changes in scope - -
Cash flow used by investing activities 418 13 553
Funding flow    
Change in capital 16,430 64
Treasury shares 449 (199)
Increase in bank loans - 30,000
Change in other financial debts 42 -
Repayment of rental debts - (2,078)
Loan repayments (2,030) (24,276)
Change in bank loans (671) (10)
Interest paid (841) (2 327)
Dividends paid to shareholders and minority shareholders (4,316) (5552)
Cash flows used by financing activities 9,062 (4 377)
Increase / (Decrease) in cash 13,747 11 928
Cash and cash equivalents at the start of the fiscal year 10,023 28,437
Cash and cash equivalents at year end 23,770 40 365

 

The statutory auditors issued their report on the half-yearly financial information on July 31, 2019 after carrying out the limited review of the condensed half-year consolidated financial statements relating to the period from January 1 to June 30, 2019.

Financial Agenda
October 30, 2019: Financial information as of September 30, 2019

About the PAREF Group
PAREF is developing in two complementary activities sectors: (i) investment through the real estate company SIIC PAREF mainly in real estate for companies in the Paris region (128 M € of assets as of June 30, 2019) and (ii) management on behalf of third parties through PAREF Gestion (€ 1,656 million in funds managed as of June 30, 2019), a management company approved by the AMF.

PAREF is a SIIC real estate company, listed on compartment C of Euronext Paris - FR0010263202 - PAR
More information on www.paref.fr

Contacts
Antoine CASTRO
General manager

Antoine ONFRAY
Chief Operating Officer

info@paref.com
Phone. : 01 40 29 86 86

Press contact
Citigate Dewe Rogerson, Alexandre Dechaux
01 53 32 84 79
Alexandre.dechaux@citigatedewerogerson.com

 

1 Civil companies of real estate investments
2 Collective Real Estate Investment Organization
3 Excluding the Gaïa building. Including the Gaïa building, the financial occupancy rate stood at 81.9% as of June 30, 2019, compared to 82.8% at the end of 2018.
4 Including the Gaïa building in quota. Excluding holdings in Vivapierre and shares in PAREF Gestion
5 All existing financing and associated hedging instruments were repaid with the exception of leases on the real estate complex located in Dax and Saint-Paul-Les-Dax.
6 Backed by an indirect mortgage on the asset located in Levallois and held by the company Polybail.
7 LTV: consolidated net debt divided by the value of the consolidated assets excluding duties.
8 ICR: consolidated financial expenses excluding prepayment charges divided by current operating income.


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