Press releases

PAREF - 2019 annual results

  02/19/2020 6:00 PM

2019 ANNUAL RESULTS
Acceleration of the internationalization and institutionalization of the PAREF Group

Strong and growing financial indicators

  • Consolidated net income of € 13.5m vs. € 11.8m in 2018 (+ 14%)
  • Net commissions of € 14m compared to € 13m in 2018 (+ 7%)
  • EPRA triple net EPRA ANR of € 108.0 per share (+ 9%)
  • Debt ratio[1] at 28% following the acquisition of floors in the Franklin Tower

A portfolio under management which reached 2.2 billion euros (+ 37%)

  • € 1,987 million managed on behalf of third parties mainly in the form of SCPI[2] and d & #39; OPCI[3] thanks to € 267 million in gross inflows in 2019 compared to € 236 million in 2018 (+ 13%)
  • € 197m in own account assets (+ 42%)

Proposal for a dividend of € 4.00 per share for the 2019 financial year payable in cash or in shares, subject to the approval of the General Meeting which will meet on April 28, 2020.

PAREF's board of directors, which met on February 19, 2020, approved the corporate and consolidated accounts as of December 31, 2019. The audit procedures by the statutory auditors are in progress.

“The PAREF Group took new major steps in 2019 with a view to innovation and internationalization. Present in two new countries (Italy and Switzerland), the Group has also launched two new SCPIs that invest internationally and now manages a large-scale project in Milan on behalf of an institutional investor. In addition, following the refinancing of the Group finalized in early 2019 and the disposals carried out, PAREF deployed its capital with the acquisition of & #39; floors in the Franklin Tower (La Défense, Paris). On the strength of these successes and of strengthened and committed teams, the PAREF Group once again posted strong growth in financial results and has acquired the necessary means to accelerate its development. "

Antoine Onfray - Deputy CEO

“Our“ Invest To Manage ”strategy represents another important step in the growth of PAREF and we are starting to reap the fruits of the efforts made over the past year. Building on this energy from the management team, PAREF was very active and growing in 2019, strengthening its positioning in France and Germany. The Group has also grown in Italy, an example of our active expansion strategy. I believe that we can now position the Group as ready to continue its future growth. We are rapidly building a reputation as a property manager to support partners who wish to invest in real estate in Europe. I would like to thank all PAREF employees who have invested heavily, as well as my fellow administrators for their support and advice during this year. "

Antoine Castro - Managing Director

I - Real estate activity (PAREF SA)

During 2019, PAREF continued its portfolio rotation strategy with a repositioning on larger assets mainly located in Greater Paris.

The Group has thus:

  • Disposed of 5 assets including Bondy, Cauffry, Dammartin-En-Goële, Elancourt and Emerainville for a total amount of € 19.4 million, representing an average premium of 19% compared to the last appraisal;
  • Signed 4 sales promises on the assets of Thyez, Meythet, Saint-Etienne and Trappes, the final signatures of which are due during the 1st semester 2020;
  • Launched the “The Go” restructuring project of the office asset located in Levallois-Perret (Grand Paris) for which the building permit was obtained in June 2019. This asset, whose work is in progress, will develop more than 6,000 m² and will offer a quality building that meets the best market standards for both the end user and the environmental level. The Group intends to obtain BREEAM and HQE certifications. Delivery is scheduled for 3th quarter 2021;
  • Deployed capital following the Group's refinancing with the acquisition of 6 floors in the upper part of the Franklin Tower. With a total surface area of around 12,360 m², these floors are let to leading tenants and benefit from high visibility and excellent accessibility to transport.

In addition, thanks to sustained rental activity and the rotation of assets held in the portfolio:

  • PAREF's financial occupancy rate increases to reach 86.2% against 82.8% at December 31, 2018[4]. Thus, the residual vacancy is mainly limited in the Gaia building and on a half floor of the Franklin Tower;
  • The weighted average maturity of the leases remains stable at 4.8 years at the end of 2019. The maturity profile of the leases on the assets held directly at December 31, 2019 is as follows:

The value of the PAREF Group's heritage[5] thus came out at € 197 million at December 31, 2019, up 42% compared to December 31, 2018, including € 185 million in real estate assets (including the investment in the Gaia building) and € 12 million in financial holdings in funds managed by the Group.

Key figures for directly owned assets[6] 2018 2019
Number of active 20 16
Total rental area 129,069 m² 111,074 m²
Financial occupancy rate (in operation) 82.8% 86.2%
Valuation 127 M € € 185m

Net rental income from owned assets amounted to € 6.6m in 2019, a slight decrease compared to 2018 (-21TP1Q) due (i) to the impact of disposals of & #39; assets carried out in 2018 and the first half-year 2019, (ii) evictions of tenants from the building located in Levallois-Perret as part of the restructuring project “The Go”, (iii) partially offset by a positive change in rental income at constant scope and rental income from floors of the Franklin Tower acquired on September 30, 2019.

At constant scope, rental income increased by 4.8% due to the letting carried out and the positive impact of the renegotiation of the lease on the assets located in Dax and Saint-Paul-Lès-Dax during 2018.

Rental income on own assets (k €) 2018 2019 Evolution in %
Gross rental income 7,512 6 964 -7%
Non-recoverable charges - 851  -566 -33%
Other income 102 218 2.1x
Net Rental Income 6 763 6,616 -2%

[7]

The average gross rate of return on directly owned assets was 7.0% compared to 6.9% at the end of 2018[8].

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

PAREF Gestion

In 2019, PAREF Gestion's activity was marked by the launch of two new SCPIs whose investment themes and geographic areas demonstrate the Group's strong desire for innovation and internationalization:

  • Novapierre Germany 2, SCPI launched in September 2019, has the strategy of investing in retail real estate in Germany and is already experiencing commercial success with € 76 million in subscriptions received;
  • Novapierre Italy, whose AMF visa was obtained at the end of 2019 and subscriptions opened in mid-January 2020, is a SCPI whose strategy is to invest in tourist real estate in Italy. This innovative strategy is a first in the world of SCPIs and allows to seize the opportunity of the very dynamic Italian tourism market.

Collection and managed heritage

Gross inflows on SCPIs managed by PAREF Gestion reached € 267 million in 2019, an increase of 13% compared to 2018. This performance stems in particular from the inflows carried out on SCPIs Novapierre Germany, Novapierre Germany 2, Interpierre France and Novapierre 1.

The ratio of net inflows to gross inflows came out at 851TP1Q in 2019, demonstrating investor confidence in the products offered by the Group and the quality of their management.

Assets under management reached € 1,611m at December 31, 2019, up 22% at constant scope (+ 11% compared to December 31, 2018 due to the end of the management of the OPPCI of hotel walls in the second half of 2019, representing € 142 million at the end of 2018).

Breakdown of funds managed by PAREF Gestion as of December 31, 2019:

Type Funds Strategy Assets under management
(€ m)
Dec 31, 2018
Assets under management
(€ m)
Dec 31, 2019
Evolution in %
SCPI Novapierre Germany [9] Shops 471 543 15%
Novapierre Residential 9 Residential 280 286 2%
Novapierre 1 9 Shops 161  254 58%
Interpierre France 9 Office / Logistics 105  154 46%
Novapierre Germany 2 9 Shops - 70 n / A
Capiforce Pierre [10] Diversified 59 62 6%
Atlantic Stone 1 10 Diversified 60 57 -5%
Cifocoma 1 10 Shops 24 25 2%
Cifocoma 2 10 Shops 25 25 -1%
Novapierre Italy 9 Tourism - 3 n / A
SCPI Subtotal   1,186 1,477 25%
OPCI Vivapierre Hotel residences 94 92 -3%
OPPCI of hotel walls   142 - 100%
OPCI Sub-Total   236 92 -61%
Other AIFs   35 42 18%
Total     1,457 1,611 11%

Breakdown of gross collection carried out in 2019:

Type Funds Gross collection in 2018
(€ m)
Gross collection in 2019
(€ m)
Evolution in %
SCPI Novapierre Germany 176 84 - 52%
Novapierre Germany 2 - 76 n / A
Interpierre France 54 52 - 4%
Novapierre 1 4 47 12x
Novapierre Residential 3 6 2x
  Novapierre Italy - 3 n / A
Total   236 267 13%

Commissions

On the back of sustained inflows and the increase in assets under management, management and subscription fees increased significantly in 2019 to reach € 9.7 million (+ 46%) and € 23.7 million (+ 12%) respectively ).

Commissions (in k €) 2018 2019 Evolution in %
Management commissions 6,620 9 650 46%
Subscription fees 21,182 23,708 12%
Retro-commissions -14 652 -19,312 32%
Net commissions 13 150 14,045 7%

The increase in the retro-commission rate in 2019 is mainly explained by the retrocession of subscription fees from investor partners who subscribed to SCPI Novapierre 1 during the significant acquisition of retail assets for a total amount of 94 M € in May 2019.

PAREF Investment Management

At the end of 2018, the Group wanted to set up a “PAREF Investment Management” structure which offers all the services necessary for institutional investors for their property management in France and in Europe.

PAREF Investment Management has and offers expertise on the entire real estate value chain: investment, asset management, property management, development, restructuring, finance, legal, management control, reporting, marketing and communication.

Initially present in France, PAREF Investment Management quickly expanded internationally in 2019 and now has an office in Switzerland (Zurich) and in August 2019 acquired a property management platform in Italy (Milan) from the group. Fosun.

Through this acquisition, the Group took over the management of the restructuring of the “The Medelan” building located in the historic city center of Milan on behalf of the Fidelidade insurance company. This mixed-use asset covers nearly 55,000 m² and will offer the best market standards, particularly from an environmental point of view with the Leed Platinium certificate.

Human ressources

The PAREF Group also succeeded in attracting new talents and experienced managers during the year 2019, including in particular: Anne Schwartz, appointed General Manager of PAREF Gestion (subsidiary of the PAREF Group) in June 2019, and Anne Gillet-Feillon who joined PAREF in November 2019 as Group Real Estate Director. With these experienced profiles in the real estate sector, the Group will be able to accelerate the implementation of its strategy.

III - 2019 results

Consolidated income statement:

Detailed consolidated income statement (in k €) 2018 2019 Evolution in %
Gross rental income 7,512  6 964 -7%
-Rental charges re-invoiced 2,735 2,791 2%
-Rental charges, taxes and insurance -3 587 -3 358 -6%
Rental charges and taxes not recovered -851 -566 -33%
Other income 102 218 2x
Net rental income 6 763 6,616 -2%
Turnover on commissions 27 802 33,358 20%
-of which management fees 6,620 9 650 46%
-of which subscription fees 21,182 23,708 12%
Retro-commissions -14 652 -19,312 32%
Net commission income 13 150 14,045 7%
General operating expenses -9,108 -11 415 25%
Depreciation and impairment -415 -428 3%
current operating income 10,390 8 818 -15%
Change in fair value of investment properties 5,843  3,241 -45%
Income from the sale of investment properties 216  2,744 13x
Operating income 16,449 14,803 -10%
Financial products 90 67 -25%
Financial expenses -2,080 -2,063 -1%
Cost of net financial debt -1 989 -1996 0.3%
Other financial income and expenses 247 319 29%
Value adjustment of financial instruments 397 294 -26%
Income from the sale of equity-accounted investments 595 - -100%
Share of associates -1 818 1,579 n / A
Net income before taxes 13 880  15,000 8%
Tax charges -2,077 -1 526 -27%
Consolidated net income 11,803 13,474 14%
Net income attributable to non-controlling interests - - -
Consolidated net income, Group share 11,803 13,474 14%
Average number of shares (undiluted) 1,379,932 1,440,919  
Consolidated net income per share (Group share) 8.55 9.35 9%
Average number of shares (diluted) 1 384 022 1 446 847  
Consolidated net income per share (diluted Group share) 8.53 9.31 9%

The Group generated consolidated net income Group share of € 13.5 million in 2019, a sharp increase of + 141TP1Q compared to 2018:

  • Net rental income came to € 6.6m, a slight decrease of 2% compared to 2018 due to the disposals made in 2018 and 2019, the departure of tenants in the asset located in Levallois-Perret as part of the “The Go” restructuring, offset by rental activity and the acquisition of floors in the Franklin Tower;
  • Net commission income increased by + 7% thanks to sustained subscription activity and an increase in assets under management of existing funds;
  • General operating expenses amounted to nearly € 11.4 million, up 25% compared to 2018, mainly explained by the strengthening of teams in France and management, the integration of teams in Italy , the investment in new IT and communication tools;
  • The change in fair value of investment properties amounted to € 3.2 million in 2019, mainly due to an increase in the value of the The Go asset located in Levallois-Perret and the hotel complexes located in Dax and Saint-Paul-Lès-Dax ;
  • The cost of net financial debt came to € 2.0 million in 2019 (including € 0.5 million of early repayment indemnity on existing debts) compared to € 2.0 million in 2018. Thanks to the Group's refinancing in February 2019, financial expenses remained stable despite a significant increase in drawn debt and an increase in the Group's investment capacity with a confirmed line of credit available;
  • The share of equity-accounted companies increased to € 1.6 million mainly due to the positive impact of the renegotiation of leases on assets held in the Vivapierre fund and the entry into force of new leases on assets on Gaia.

IV - Financial resources

The PAREF Group signed on February 21, 2019 the refinancing of the Group's debt[11] by setting up & #39; a corporate financing of & #39; for a total amount of € 100 million. This financing is composed of & #39; a loan of € 30 million drawn[12] and a confirmed available credit line of € 70 million. The maturity is 5 years and the margin is 145 bps above the 3-month Euribor.

The amount of the PAREF Group's gross financial debt amounted to € 78 million as of December 31, 2019 (€ 35 million as of December 31, 2018) following the acquisition of the floors in the Franklin Tower and the early redemption and the & #39; amortization of existing debts.

The average cost of drawn debt stood at 2.2% at December 31, 2019 (3.6% at December 31, 2018) with an average maturity of 4.4 years compared to 3.9 years at the end of 2018.

The Group has a conservative rate management policy with nearly 90% of debt issued at fixed rates or covered by hedging instruments, thus limiting its sensitivity to changes in rates.

The PAREF Group's financial ratios are solid with a debt ratio (LTV[13]) and financial interest coverage (ICR[14]) of 28% and 7.8x respectively (compared to 4% and 7x respectively in 2018).

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

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

Debt schedule:

The PAREF Group has substantial cash flow, including € 16 million in consolidated cash at December 31, 2019, covering more than 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 2018 2019 Evolution in %
Assets held directly by PAREF 111,070 167,450 51%
Investments held by PAREF[15] 27,217 29,322 9%
Total PAREF assets 138,287 196,772 42%
SCPI      
  • Novapierre Germany
471,263 543,273 15%
  • Novapierre Residential
280,317 285,639 2%
  • Novapierre 1
161,245 254,027 58%
  • Interpierre France
105,034 153,559 46%
  • Novapierre Germany 2
- 70,047 n / A
  • Capiforce Pierre
58,607 61 879 6%
  • Atlantic Stone 1
60 206 57,051 -5%
  • Cifocoma 1
24,014 24,558 2%
  • Cifocoma 2
24,996 24,801 -1%
  • Novapierre Italy
- 2,620 n / A
SCPI Subtotal 1,185,682 1,477,456 25%
OPCI      
  • Vivapierre
94 230 91 780 -3%
  • OPPCI specialized in hotels
141,910 - -100%
OPPCI Subtotal 236,140 91 780 -61%
Other AIFs and assets managed on behalf of third parties (1) 35,300 417,380 12x
Total assets managed on behalf of third parties 1,457,122 1 986 616 36%
Reprocessing (2) -9,909 -10 762 9%
GENERAL TOTAL 1,585,499 2 172 626 37%

(1) Includes Foncière Sélection Régions and the asset "The Medelan"

(2) Part of PAREF's assets is managed through & #39; OPPCI (Vivapierre) by PAREF Gestion

The property portfolio of real estate assets owned by PAREF came to € 167m (excluding the Gaïa building), up € 56m compared to 2018, which is mainly explained by:

  • Disposals for € 16.3 million (value at 12/31/2018);
  • Improvement and redevelopment work in 2019 for € 2.7 million;
  • An acquisition of assets for € 66.8 million;
  • A positive change in fair value of assets for € 3.2 million.

The change in fair value at constant scope (excluding Gaia) is € 4.0 million and represents an increase of + 4.21TP1Q over one year. Including Gaia, the change in fair value at constant scope comes to € 5.1m, an increase of + 4.61TP1Q.

The average gross rate of return on assets held directly and consolidated by PAREF was 7.0% compared to 6.9% at the end of 2018 (excluding the Gaïa building).

VI - Revalued EPRA net assets

The PAREF Group's EPRA triple net asset (EPRA NNNAV) stood at € 108.0 per share at the end of 2019, an increase of € 8.8 per share (+ 9% compared to the end of 2018) s & 1TP3Q39; mainly explained by the result for the year 2019 for + € 9.3 / share, the change in fair value and the PAREF Gestion goodwill for + € 3.5 / share and the payment of the dividend for - € 3.85 / share.

The EPRA NNNAV 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 12/31/2019 Evolution in %
Consolidated equity 124.8 132.5 6%
Neutralization of the fair value measurement of financial instruments 0.5 0.4 -19%
Value adjustment of the goodwill (PAREF Gestion)[16] 19.5 24.5 26%
Unrealized capital gains / losses on assets carried at cost - - n / A
ANR EPRA (in € m) 144.8 157.4 9%
ANR EPRA / diluted share (in €) 100.3 109.0 9%
Fair value measurement of financial instruments -0.5 -0.4 -19%
Fair value adjustment of fixed rate debt -0.6 -0.3 -45%
Deferred taxes on fair values -0.5 -0.7 34%
Triple net EPRA NAV (in € m) 143.1 155.9 9%
Triple net EPRA NAV / diluted share (in €) 99.1 108.0 9%
Neutralization of deferred taxes on fair values 0.5 0.7 34%
Rights 9.2 12.8 40%
Reconstitution NAV, Group share (in € m) 152.9 169.4 11%
Reconstitution NAV / diluted share (in €) 105.9 117.3 11%

VII - Post-closing events

At the beginning of February 2020, the Group signed a new lease on the Gaïa building covering an area of 1,751 m² and with a firm period of 9 years. The occupancy rate for this asset is now increased to 64%.

VIII - Strategy and outlook

The PAREF Group continues to accelerate its development in France and internationally around its 3 main pillars:

  • The gradual growth in the value of the real estate assets held by the company PAREF with proactive management: asset management of the existing portfolio, asset rotation and targeted investments, allowing the repositioning on assets of significant size and mainly located in Greater Paris;
  • The reasoned development of the management activity for individual investors through (i) the increase in assets under management on existing products and (ii) the creation of new products;
  • The acceleration of the management activity on behalf of institutional investors in France and in Europe, in particular thanks to the creation of its new company PAREF Investment Management created at the end of 2018.

In this context, the Group is maintaining its distribution policy representing between 65% and 75% of recurring net income over the coming years.

IX - Other EPRA indicators

  • EPRA Recurring Net Income
In € k 12/31/2018 12/31/2019 Evolution in %
Consolidated net income, Group share 11,803 13,474 14%
Adjustments      
  1. Variation of JV of imm. investments and other assets
-5 843 -3 241 -45%
  1. Gains / losses on disposals of assets or companies and other disposals
-216 -2 744 13x
  1. Gains or losses on disposals of available-for-sale financial assets
-595 - -100%
  1. Taxes on capital gains or losses on disposals
- -  
  1. Impairment of goodwill / Goodwill negative
- -  
  1. Change in fair value of financial instruments and cancellation fees for derivatives
-398 179 n / A
  1. Acquisition costs on acquisitions of companies and other interests
- -  
  1. Deferred taxes resulting from adjustments
- -  
  1. Adjustment (i) to (viii) on companies held in partnership
3 383 -433  n / A
  1. Participations not giving control over adjustments
- -  
EPRA recurring net income 8 136 7 235 -11%
Average number of shares 1,379,932 1,440,919  
Recurring EPRA net income / share € 5.90 € 5.02 -15%
  • EPRA vacancy rate
In € k 12/31/2018 12/31/2019 Evolution in %
Estimated rental income on vacant space (1) 1,650 1,420  
Rental income estimated over the entire portfolio (1) 9 580 10 824  
EPRA vacancy rate 17.2% 13.1% -4.1pts
  1. Including the Gaïa building as a share, excluding investments in OCPI Vivapierre. Excluding Gaia, the EPRA vacancy rate stood at 7.7% at December 31, 2019 compared to 8.1% at December 31, 2018.
  • EPRA rate of return
In € k 12/31/2018 12/31/2019 Evolution in %
PAREF net capitalization rate 6,29% 6.15% -0.13pts
 Effect of estimated fees and charges -0.4% -0.4% -0.08pts
 Effect of changes in scope 0.2% -0.1% -0.30pts
EPRA Net Initial Yield (1) 6,10% 5,59% -0.51pts
 Effect of rent adjustments 0.3% 0.2% -0.05pts
Initial Net Yield Topped-Up EPRA (2) 6.38% 5,82% -0.56pts
  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 duties.
  2. The initial net rate of return Topped-Up EPRA 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 12/31/2018 12/31/2019 Evolution in %
Included :      
  1. Overheads
-1 968 -1 690 -14%
  1. Charges on buildings
-222 -169 -24%
  1. Rental charges net of fees
-3,365 -3 189 -5%
  1. Management fees net of actual / estimated margins
0 - n / A
  1. Other income net of re-invoicing covering overheads
0 - n / A
  1. Share of overheads and expenses of associates
-341 -567 66%
Excluded:      
  1. Depreciation of investment property
     
  1. Land charges
1,266 1,732 37%
  1. Re-invoiced rental charges included in the rents
1469 1,059 -28%
Costs (including vacancy costs) (A) -3,161 - 2,823 -11%
  1. Less: vacancy charges (unrecovered rental charges)
479 568 19%
Costs (excluding vacancy costs) (B) -2 682 -2 255 -16%
  1. Rental income less land charges
8 778 8 651 -1%
  1. Less: re-invoiced rental charges included in the rents
-1 266 -2,084 65%
  1. Plus: share of rental income less land charges of companies accounted for by the equity method
3,159 2,026 -36%
Rental income (C) 10,671 8,593 -19%
Cost ratio (including vacancy costs) (A / C) 29.6% 32.9% +3 pts
Cost ratio (excluding vacancy costs) (B / C) 25.1% 27.3% +1 pts
  • Real estate investments made
In € k 12/31/2018 12/31/2019
Acquisition - 66 812
Development (1) - 1,441
Portfolio at constant scope (2) 82 713
Others (3) - 820
Total 82 69 786
  1. In 2019, includes investments relating to the “The Go” project of the asset located in Levallois-Perret
  2. In 2018, mainly includes investments relating to the Dax asset
  3. Includes eviction indemnities and rental adjustments, capitalized financial costs relating to "The Go" projects
BALANCE SHEET ASSETS (in k €) 12/31/2018 12/31/2019
Non-current assets    
Investment property 110 370 162,950
Intangible assets 76 339
Tangible fixed assets 482 2,612
Financial fixed assets 11 073 10 662
Investments in associates 9 910 13 664
Financial assets 1,007 1 160
Deferred tax assets   15
Total non-current assets 132,918 191,405
Current assets    
Stocks - -
Customers and other debtors 10 372 16,807
Other receivables and accruals 147 98
Derivative instruments - -
Cash and cash equivalents 28,437 16,357
Total current assets 38,956 33,262
Non-current assets held for sale 700 4 750
TOTAL ASSETS 172,574 229,414
     
BALANCE SHEET (in k €) 12/31/2018 12/31/2019
Equity    
Share capital 36,040 36 106
Premiums linked to capital 39 922 39,983
Fair value reserves 45 59
Change in value of hedging instruments -230 -407
Consolidated reserves 37,247 43,246
Consolidated result 11,803 13,474
Equity - Group share 124,827 132,459
Minority interests - -
Total equity 124,827 132,459
LIABILITIES    
Non-current liabilities    
Bank loans, long-term portion 29 226 78,473
Deferred tax liabilities, net 117 55
Provisions 587 260
Total non-current liabilities 29 931 78 788
Current liabilities    
Bank loans, short-term portion 5 541 1,096
Derivative instruments 540 407
Trade payables and related accounts 4,519 7,111
Social and tax debts 5,293 7,095
Other debts and accruals 1,924 2 457
Total current liabilities 17 817 18 167
TOTAL LIABILITIES 172,574 229,414

 

CASH FLOWS (in € k) 12/31/2018 12/31/2019
Operating flow    
Net profit 11,803 13,474
Net depreciation and provisions 415 105
Fair value revaluations of investment properties -5 843 -3 241
Fair value revaluations of derivative instruments -398 -309
Fair value revaluations of financial assets 1 15
Tax charges 2,077 1,526
Capital gains or losses on the disposal of fixed assets net of tax -810 -2 744
Share of results of associates 1,818 -1 579
Self-financing capacity before cost of financial debt and before tax 9,063 7,246
Cost of net financial debt 1 989 1,996
Taxes paid -1 694 -2 966
Self-financing capacity after cost of financial debt and after tax 9,359 6,276
Changes in working capital -25 -614
Net cash flow from operating activities 9 333 5 662
Investment flows    
Acquisition of investment properties -38 -69,865
Other acquisitions of fixed assets -500 11
Sale price of investment properties net of disposal costs 2,126 19,400
Acquisition of financial fixed assets -2,426 -2 231
Disposal of financial fixed assets - -
Financial products received 466 67
Impact of changes in scope 9,450 583
Cash flow used by investing activities 9,077 -52,034
Funding flow    
Treasury shares 553 13
Increase in capital 16,435 126
Increase in bank loans - 70,000
Change in other financial debts -8 -
Repayment of rental debts 0 -2 927
Loan repayments -9,998 -24,276
Loan issuance fees - -1 224
Change in bank loans -571 -101
Interest paid -2,092 -1 768
Dividends paid to shareholders and minority shareholders -4,316 -5,552
Cash flows used by financing activities 3 34,292
Increase / (Decrease) in cash 18,413 -12,080
Cash and cash equivalents at the start of the fiscal year 10,023 28,437
Cash and cash equivalents at year end 28,437 16,357

Financial Agenda
April 25, 2020: Financial information as of March 31, 2020
April 28, 2020: Combined General Meeting

About the PAREF Group

PAREF is developing in two complementary activity sectors: (i) investment through the real estate company SIIC PAREF mainly in the real estate of companies in the Paris region (€ 0.2 billion in assets as of December 31, 2019) and (ii ) management on behalf of third parties through PAREF Gestion (€ 1.6 billion of funds managed as of December 31, 2019), a management company approved by the & #39; AMF and PAREF Investment Management (€ 0.4 billion as of December 31, 2019)

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 Antoine ONFRAY
General manager Chief Operating Officer

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

Press contact
Citigate Dewe Rogerson
Alexandre Dechaux / Hugo Boussier 
07 62 72 71 15/06 66 41 01 22
Paref@citigatedewerogerson.com


[1] Debt ratio (LTV): consolidated net debt divided by the value of the consolidated assets excluding transfer duties (the debt ratio comes out at 30% by taking the stake in the company Wep Watford in proportion)

[2] Civil companies of real estate investments

[3] Collective Real Estate Investment Organization

[4] The financial occupancy rate excluding the Gaia building remains stable at 91.7% in 2019 (compared to 91.9% in 2018). The financial occupancy rate is calculated excluding buildings undergoing restructuring (The Go in Levallois-Perret).

[5] Includes investments in associates, including holdings of 50% in the company Wep Watford (company which owns the Gaïa building (Nanterre, La Défense)) and 27.24% in the & #39; OPPCI Vivapierre.

[6] Includes the Gaïa building in quota. Excluding participation in Vivapierre and the value of PAREF Gestion shares.

[7] Includes the Gaïa building in quota.

[8] Excludes the restructuring asset (The Go in Levallois-Perret) and the Gaïa building.

[9] Variable Capital

[10] Fixed Capital

[11] 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-Lès-Dax.

[12] Backed by an indirect mortgage on the asset located in Levallois and held by the company Polybail.

[13] LTV: consolidated net debt divided by the value of the consolidated assets excluding duties

[14] ICR: current operating income divided by consolidated financial expenses excluding prepayment charges

[15] Including investments in associates including 50% from Wep Watford (company owning the Gaïa building (Nanterre, La Défense)) and 27.24% from & #39; OPPCI Vivapierre and excluding the shares held in Paref Gestion

[16] 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) .


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