Press releases

Half-year results at June 30, 2020

  07/31/2020 5:50 PM

2020 HALF-YEAR RESULTS
A strategy that demonstrates its resilience in the context of a global health crisis

A portfolio under management growing by 7% reaching more than 2.3 billion euros

  • 197[1] € m in assets in own account (+ 3% at constant scope vs. December 31, 2019);
  • € 2,143 million managed on behalf of third parties (+ 8% vs. December 31, 2019) in the form of SCPI[2] and d & #39; OPCI[3].

Solid financial indicators

  • Recurring EPRA net income per share up by 9% to € 3.65 (€ 3.35 at June 30, 2019);
  • Continuing EPRA ANR (NTA) up by 15% over one year to € 128.2 per share (€ 111.1 as of June 30, 2019);
  • Debt (LTV) kept at a low level at 26% (vs. 28% at 12/31/2019);
  • Substantial liquidity of nearly € 40 million (including a confirmed undrawn credit line).

“The period we are going through is unprecedented and decisive for testing the resilience of the PAREF Group's strategy. Thanks to the in-depth transformations that have taken place over the past few years, the acceleration of the Group's digitization and the unfailing mobilization of the teams, operational activity has not been interrupted and has enabled us to continue to create value for our shareholders and clients. Despite a slowdown in fundraising on SCPI funds, the model based on the 3 pillars (own ownership with PAREF, management for institutional and individual investors with PAREF IM and PAREF Gestion) confirms its resilience and allows us to generate solid financial results for the first half of 2020. Equipped with a healthy balance sheet, liquidity, tools and competent teams, we will continue during the second half of 2020 to invest in directly owned assets, boost SCPI funds both historic and newly created and will develop management on behalf of institutional third parties. "

Antoine Onfray - Deputy CEO

“Our transformation of activities around 3 pillars ensured stability during this period of severe crisis. The model was tested in the second quarter of 2020 with robust financial results for this first half. This relies on the implementation of new IT systems, demonstrating the continued operational resilience of our platform through remote work. We remain focused on supporting our employees, communities and customers, while proactively managing our assets and development in Europe. "

Antoine Castro - Managing Director

PAREF's board of directors, which met on July 31, 2020, closed the accounts on June 30, 2020.

I - Real estate activity (PAREF SA)

PAREF continued its strategy of active management of its assets during the 1st semester 2020 in particular through:

  • The signing of a new lease on the Gaïa building in February 2020 on an area of 1,751m² and with a firm period of 9 years. The occupancy rate of this asset is now increased to 64%;
  • The final sale of 4 assets held by PAREF located in Meythet, Saint-Etienne, Thyez and Trappes for a total net seller amount of nearly € 5 million, i.e. in line with the last appraised value. 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 Group's financial occupancy rate increased to 87.5 % compared to 86.3 % at December 31, 2019[4]

The weighted average maturity of the leases is 4.6 years at the end of June 2020 and the schedule profile of the leases on the owned assets is as follows:

The value of the PAREF Group's real estate assets thus amounted to € 184 million as of June 30, 2020, + 2.36% at constant scope compared to December 31, 2019.

Key figures for directly owned assets[5] 12/31/2019 06/30/2020
Number of active 16 12
Rental area (in operation) 111,074m² 100 143 m²
Valuation € 185m 184 M €

 

  Geographical distribution of directly owned assets
Paris 6%
Greater Paris 81%
Regions 13%

Overall, the net rental income on the assets held directly by PAREF amounted to € 4.4 million at 1st half of 2020, up compared to the same period in 2019 (+42 %). This increase is mainly explained by the acquisition of 6 floors of the Franklin Tower in La Défense offset by the disposals of assets in 2019 and during the 1st half-year 2020. The average gross rate of return on its own assets is 6.7 1TP1Q (excluding Gaïa).

Rental results on own assets (k €) S1-2019 S1-2020 Evolution in %
Gross rental income 3 353 4,548 36%
Rental charges re-invoiced 2 191 2,642 21%
Rental charges, taxes and insurance -2,518 -2,808 12%
Non-recoverable charges - - -
Other income 66 1 -98%
Total net rental income 3 092 4 382 42%

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

  • Collection and managed heritage

The Group collected during the 1st half-year 2020, a total amount of € 86m in gross subscriptions to SCPI fund investors, representing a decrease of 40% compared to the same period in 2019 (€ 144m at 1st semester 2019). This performance is mainly linked to the COVID19 health crisis which significantly slowed the appetite of individual investors to invest in SCPI products and to an operation in 2019 to acquire & #39; a portfolio of nearly 100 M € on Novapierre 1 which s & #39; was accompanied by subscriptions of nearly € 40 million.

PAREF Gestion has made more than € 120m in investments for all SCPIs under management, including € 54m for Novapierre Germany 2 following the fund's launch last September, € 44m for Novapierre Germany as part of a & #39; acquisition of a retail portfolio, € 17 million for Interpierre France and € 7 million for Capiforce.

Thus, PAREF Gestion manages assets for third parties of € 1,758 million, up 9 % compared to December 31, 2019 (€ 1,611 million as of December 31, 2019).

Breakdown of funds managed by PAREF Gestion as of June 30, 2020:

Type Funds Strategy Assets under management Assets under management Evolution in %
(€ m) (€ m)
31-Dec-19 30-June-20
SCPI Novapierre Germany (CV) Shops (Germany) 543 604 11%
Novapierre Residential (CV) Residential (Paris) 286 295 3%
Novapierre 1 (CV) Shops (Paris region) 254 254 0%
Interpierre France (CV) Office / Logistics 154 176 15%
Novapierre Germany 2 (CV) Shops (Germany) 70 118 68%
Capiforce Pierre (CF) Diversified 62 68 9%
Atlantic Stone 1 (CF) Diversified 57 56 -1%
Cifocoma 2 (CF) Shops 25 25 2%
Cifocoma 1 (CF) Shops 25 25 0%
Novapierre Italy (CV) Shops (Italy) 3 3 26%
SCPI Subtotal   1,477 1,624 10%
OPCI Vivapierre (CV)   92 92 0%
Total OPCI   92 92 0%
Other AIFs   42 43 0%
Total     1,611 1,758 9%

CF: Fixed capital

CV: Variable capital

Breakdown of gross collection carried out in 1st semester 2020:

Type Funds H1-2019 gross inflows (€ m) H1-2020 gross inflows (€ m) Evolution in %
SCPI Novapierre Germany 77 2 -97%
Novapierre Germany 2 - 56 n / A
Novapierre Italy - 1 n / A
Novapierre 1 40 1 -99%
Interpierre France 23 14 -39%
Novapierre Residential 4 13 225%
Total   144 86 -40%
  • Commissions

Management fees were stable at € 4.6m in H1 2020, due to the increase in assets under management and revenues from the platform in Italy. This effect is offset by a decrease in commissions on disposals and investments (- € 0.4 M), the impact of rents not collected in the context of the Covid-19 (- € 0.3 M) and the end of the & #39 ; OPCI 54 Boétie and the OPPCI of hotel walls (- € 0.2 million).

Subscription fees amounted to € 8.4 million in H1 2020, down compared to the same period in 2019, notably explained by the COVID19 health crisis which significantly slowed the appetite of individual investors to invest in SCPI products .

Retro-commissions decreased in line with the drop in inflows to reach € 6.8 million and included fees paid to service providers on acquisitions made on behalf of Novapierre Germany and Novapierre Germany 2.

Commissions (in k €) S1-2019 S1-2020 Evolution in %
Management commissions 4,622 4,617 0%
Subscription fees 13,065 8,401 -36%
Retro-commissions -9 852 - 6,773 -31%
Net commissions 7 836 6,245 -20%

III - Results of 1st semester 2020

Consolidated income statement:

Detailed consolidated income statement (in k €)  S1-2019 S1-2020 Evolution in %
Gross rental income 3 353 4,548 36%
Rental charges re-invoiced 2 191 2,642 21%
Rental charges, taxes and insurance -2,518 -2,808 12%
Rental charges and taxes not recovered - - -
Other income 66 1 -98%
Net rental income 3 092 4 382 42%
Turnover on commissions 17 688 13,018 -26%
-of which management fees 4,622 4,617 0%
-of which subscription fees 13,065 8,401 -36%
Retro-commissions -9 852 -6 773 -31%
Net commission income 7 836 6,245 -20%
General operating expenses -5,119 -4,829 -6%
Depreciation and impairment -278 -235 -15%
current operating income 5 531 5 564 1%
Change in fair value of investment properties 1613 1496 -7%
Income from the sale of investment properties 1,881 -18 n / A
Operating income 9,025 7,042 -22%
Financial products 37 28 -25%
Financial expenses -1 281 -864 -33%
Cost of net financial debt -1 244 -836 -33%
Other financial income and expenses 171 132 -29%
Value adjustment of financial instruments 204 - -100%
Share of associates 888 1335 50%
Net income before taxes 9,045 7 673 -15%
Tax charges -1 166 - 480 -59%
Consolidated net income 7 878 7,193 -9%
Net income attributable to non-controlling interests - - -
Consolidated net income, Group share 7 878 7,193 -9%
Average number of shares (undiluted) 1,439,948 1,454,552  
Consolidated net income per share (Group share) 5.47 4.95 -10%
Average number of shares (diluted) 1 445 876 1,460,480  
Consolidated net income per share (diluted Group share) 5.45 4.93 -10%

The Group generated consolidated net income Group share of € 7.2 million at 1st half of 2020, down 9% compared to the same period in 2019, explained in particular by:

  • net rental income of € 4.4 million, up thanks to the acquisition of 6 floors of the Franklin Tower;
  • net commission income which came to € 6.2 million, a decrease of 20 % mainly explained by the slowdown in collection linked to COVID19;
  • the cost of financial debt, which came to € 0.8 million at 1st half-year 2020 compared to € 1.2 million in 1st half of 2019, benefiting from the full effect of the refinancing of the Group's debt in February 2019;
  • the result of the share of companies accounted for by the equity method, which came to € 1.3 million at 1st half-year compared to € 0.9 million in the 1stst half of 2019, including € 0.6M for Vivapierre and € 0.7M for Gaïa mainly due to the increase in the fair value of the asset following the new signings.

IV - Financial resources

The nominal amount of the PAREF Group's gross financial debt stood at € 70 million as of June 30, 2020, vs. € 78 million at the end of 2019.

The average debt rate stood at 1.7 % as of June 30, 2020, down compared to the end of 2019 (2.2 % as of December 31, 2019). This change is explained by the full-year effect of the Group's refinancing which took place in February 2019.

The average residual maturity of the debt is 3.6 years, as of June 30, 2020 (4.4 years at the end of 2019).

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 (LTV[6]) to 26 % and financial interest coverage (ICR[7]) at 9.5 x, against 28 % and 7.8 x respectively at the end of 2019.

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

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

Debt schedule:

  Debt schedule (in € m)
2020 0
2021 0
2022 0
2023 0
2024 70.00
2025 and beyond 0

The PAREF Group also has cash of € 9 million as of June 30, 2020 including PAREF Gestion's regulatory equity and € 30 million available on a confirmed line of credit.

V - Assets under management

In € k 12/31/2019 06/30/2020 Evolution in %
Assets held directly by PAREF 167,450 166,300 -1%
Investments held by PAREF(1) 29,322 30,735 5%
Total PAREF assets 196,772 197,035 0%
SCPI      
Novapierre Germany (CV) 543,273 603,808 11%
Novapierre Residential (CV) 285,639 294 651 3%
Novapierre 1 (CV) 254,027 254,467 0%
Interpierre France (CV) 153,559 175,918 15%
Novapierre Germany 2 (CV) 70,047 117,798 68%
Capiforce Pierre (CF) 61 879 67 680 9%
Atlantic Stone 1 (CF) 57,051 56,238 -1%
Cifocoma 2 (CF) 24,801 25,183 2%
Cifocoma 1 (CF) 24,558 24,565 0%
Novapierre Italy (CV) 2,620 3 311 26%
SCPI Subtotal 1,477,456 1,623,618 10%
OPPCI      
- Vivapierre 91 780 91 740 0%
OPPCI Subtotal 91 780 91 740 0%
Other assets managed on behalf of third parties (2) 417,380 426,710 2%
Total assets managed by PAREF Gestion and PAREF Investment Management on behalf of third parties 1 986 616 2,142,068 8%
Reprocessing (3) -10 762 -11,390 6%
GENERAL TOTAL 2 172 626 2 327 714 7%

(1) Including investments in Vivapierre and Le Gaia

(2) Includes Foncière Sélection Régions and the asset of “The Medelan” managed by the platform in Italy

(3) Part of the assets of PAREF (OPPCI Vivapierre) is included in the management of PAREF Gestion

The portfolio of real estate assets owned by PAREF (excluding Gaïa) amounted to € 166 million, a decrease of 1% compared to the end of 2019, mainly explained by:

  • disposals for € 4.8 million (values at 12/31/2019);
  • costs and improvement works carried out on the 1st half-year 2020 for € 2.1 million; and
  • a positive revaluation of the value of assets for around € 1.5 million.

Thus, at constant scope, the change in fair value amounts to € 3.6 million over the 1st half-year 2020, an increase of 2.2 % compared to the end of 2019 (excluding consolidated assets under the equity method).

The average gross rate of return on assets held directly and consolidated by PAREF was 6.7 % excluding Gaia (7.0 % at the end of 2019).

VI - Revalued EPRA net assets

L & #39; Revalued EPRA reconstitution (NRV) and continuation (NTA) net assets increased by 15% over 1 year and 9% over 6 months to reach € 128.2 / share at June 30, 2020 (vs. € 117.9 / share at December 31, 2019 and € 111.1 / share as of June 30, 2019).

This increase is mainly explained by the results for the first half of 2020 and the positive change in fair value of the PAREF Gestion business (+ 73% vs. December 31, 2019) which has benefited since this accounting closure from a valuation carried out by an external expert. , partially offset by the payment of the dividend for the 2019 financial year.

The ANR EPRA ratios are determined in particular on the basis of consolidated shareholders' equity under IFRS (including the fair value method) and the market value of debt and financial instruments, in accordance with EPRA Best Practices Recommendations.

New ANR EPRA indicators at the end of June 2020:

06/30/2020

In € k
EPRA NRV (Net Replenishment Value) EPRA NTA (Net going concern value) EPRA NDV (Net liquidation value)
IFRS equity - Group share 137,237 137,237 137,237
Include / Exclude      
Hybrid instrument - - -
Diluted NAV 137,237 137,237 137,237
Includes      
Revaluation of investment properties - - -
Revaluation of buildings undergoing restructuring - - -
Revaluation of other non-current assets (value of PAREF Gestion's goodwill(1)) 42,528 42,528 42,528
Reassessment of leasing contracts - - -
Inventory revaluation - - -
NAV diluted at fair value 179 765 179 765 179 765
Excludes      
Deferred taxes related to unrealized capital gains on investment properties - - n / A
Fair value of financial instruments 865 865 -
Goodwill resulting from deferred taxes - - -
Goodwill recorded in the balance sheet n / A - n / A
Intangible assets n / A - n / A
Includes      
Fair value of debts n / A n / A 48
Revaluation of intangible assets - n / A -
Transfer taxes 12 767 12 767 n / A
ANR 193,397 193,397 179,813
Number of fully diluted shares 1,509,136 1,509,136 1,509,136
NAV per share (in €) - 06/30/2020 128.2 128.2 119.1
NAV per share (in €) - 12/31/2019 117.9 117.9 108.5
NAV per share (in €) - 06/30/2019 111.1 111.1 103.8

(1) On June 30, for the first time the valuation of PAREF Gestion's business was carried out by an external expert qualified in valuation.

As an indication, the EPRA ANRs of the old format are recalled below:

  12/31/2019 06/30/2020 Evolution in %
Consolidated equity 132.5 137.2 4%
Neutralization of the fair value measurement of financial instruments 0.4 0.9 1.1x
Value adjustment of the goodwill (PAREF Gestion)(1) 24.5 42.5 74%
Unrealized capital gains / losses on assets carried at cost - -  
ANR EPRA (in € m) 157.4 180.6 15%
ANR EPRA / diluted share (in €) 109.0 119.7 10%
Fair value measurement of financial instruments -0.4 -0.9 1.1x
Fair value adjustment of fixed rate debt -0.3 -  
Deferred taxes on fair values -0.7 -1.3 84%
Triple net EPRA NAV (in € m) 155.9 178.5 15%
Triple net EPRA NAV / diluted share (in €) 108.0 118.3 10%
Neutralization of deferred taxes on fair values 0.7 1.3 84%
Rights 12.8 12.8 -1%
Reconstitution NAV, Group share (in € m) 169.4 192.6 14%
Reconstitution NAV / diluted share (in €) 117.3 127.6 9%

(1) On June 30, for the first time the valuation of PAREF Gestion's business was carried out by an external expert qualified in valuation.

Transition table of ANR EPRA from the old format to the new indicators:

In € EPRA NRV EPRA NTA EPRA NDV
Diluted NAV per share (old format) 119.7 119.7 119.7
Transfer taxes 8.5 8.5 -
Goodwill  -   -   - 
Intangible assets  -   -   - 
Fair value of debts and financial instruments  -   -   -0.5 
NAV per share 128.2 128.2 119.1

VII - Post-closing events

None

VIII - Other EPRA indicator

  • EPRA Recurring Net Income
In € k 06/30/2019 06/30/2020 Evolution in %
Consolidated net income, Group share 7 878 7,193 -9%
Adjustments      
  1. Variation of JV of imm. investments and other assets
-1,613 - 1 496 -7%
  1. Gains / losses on disposals of assets or companies and other disposals
-1 881 18 n / A
  1. Gains or losses on disposals of available-for-sale financial assets
- -  
  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
270 234 -13%
  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
170 -639 n / A
  1. Participations not giving control over adjustments
- -  
EPRA recurring net income 4,823 5 310 10%
Average number of shares 1,439,948 1,454,552  
Recurring EPRA net income / share € 3.35 € 3.65 9%
  • EPRA vacancy rate
In € k 12/31/2019 06/30/2020 Evolution in %
Estimated rental income on vacant space (1) 1,420 1,121  
Rental income estimated over the entire portfolio (1) 10 824 10,241  
EPRA vacancy rate 13.1% 11.0% -2.1pts
  1. Including the Gaïa building as a share, excluding investments in OPPCI Vivapierre. Excluding Gaia, the EPRA vacancy rate stood at 7.2% as of June 30, 2020 compared to 7.7% as of December 31, 2019.
  • EPRA rate of return
In € k 12/31/2019 06/30/2020 Evolution in %
PAREF net capitalization rate 6.15% 6.46% + 0.31pts
 Effect of estimated fees and charges -0.4% -0.4% + 0.05pts
 Effect of changes in scope -0.1% -0.1% + 0.05pts
EPRA Net Initial Yield (1) 5,59% 6,00% + 0.41pts
 Effect of rent adjustments 0.2% 0.30% + 0.07pts
Initial Net Yield Topped-Up EPRA (2) 5,82% 6.30% + 0.48pts
  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 EPRA “topped-up” net initial rate of return is defined as the annualized contractual rent, net of charges, excluding rental adjustments, divided by the value of the assets 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 06/30/2019 06/30/2020 Evolution in %
Included :      
  1. Overheads
-620 -599 -4%
  1. Charges on buildings
-100 - n / A
  1. Rental charges net of fees
-2,418 -2,808 16%
  1. Management fees net of actual / estimated margins
- -  
  1. Other income net of re-invoicing covering overheads
- -  
  1. Share of overheads and expenses of associates
-354 -99 -72%
Excluded:      
  1. Depreciation of investment property
     
  1. Land charges
1,352 1,460 8%
  1. Re-invoiced rental charges included in the rents
840 1,181 41%
Costs (including vacancy costs) (A) -1 301 -864 -34%
  1. Less: vacancy charges (unrecovered rental charges)
408 280 -31%
Costs (excluding vacancy costs) (B) -893 -584 -35%
  1. Rental income less land charges
4,704 6,008 28%
  1. Less: re-invoiced rental charges included in the rents
-1 352 -1,460 8%
  1. Plus: share of rental income less land charges of companies accounted for by the equity method
976 1,163 19%
Rental income (C) 4,328 5 711 32%
Cost ratio (including vacancy costs) (A / C) 30.1% 15.1% -15pts
Cost ratio (excluding vacancy costs) (B / C) 20.6% 10.2% -10pts
  • Real estate investments made
In K € 06/30/2019 06/30/2020
Acquisition - -
Development (1) 93 1,408
Portfolio at constant scope (2) 540 697
Others (3) 820 -
Total 1,397 2 104
  1. Includes investments relating to the "The Go" project of the asset located in Levallois-Perret
  2. 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 €) 12/31/2019 06/30/2020
Non-current assets    
Investment property 162,950 167,243
Intangible assets 339 556
Tangible fixed assets 2,612 2 337
Financial fixed assets 10 662 11,469
Investments in associates 13 664 14,999
Financial assets 1 160 1,296
Deferred tax assets 15 -
Total non-current assets 191,402 197,900
Current assets    
Stocks - -
Customers and other debtors 16,807 21 221
Other receivables and accruals 98 312
Derivative instruments - -
Cash and cash equivalents 16,357 9,129
Total current assets 33,262 30,661
Non-current assets held for sale 4 750 -
TOTAL ASSETS 229,414 228,562
     
BALANCE SHEET (in k €) 12/31/2019 06/30/2020
Equity    
Share capital 36 106 37 755
Premiums linked to capital 39,983 42,285
Fair value reserves 59 77
Change in value of hedging instruments -407 -865
Consolidated reserves 43,246 50,793
Consolidated result 13,474 7,193
Equity - Group share 132,459 137,237
Minority interests - -
Total equity 132,459 137,237
LIABILITIES    
Non-current liabilities    
Financial debts, long-term portion 78,473 70 976
Deferred tax liabilities, net 55 40
Provisions 260 261
Total non-current liabilities 78 788 71,277
Current liabilities    
Financial debts, short-term portion 1,096 606
Derivative instruments 407 865
Trade payables and related accounts 7,111 7,796
Social and tax debts 7,095 7 625
Other debts and accruals 2 457 3 156
Total current liabilities 18 167 20,047
TOTAL LIABILITIES 229,414 228,562

 

CASH FLOWS (in € k) 06/30/2019 06/30/2020
Operating flow    
Net profit 7 878 7,193
Depreciation and amortization 142 223
Fair value revaluations of investment properties -1,613 -1 496
Fair value revaluations of derivative instruments -204 -
Fair value revaluations of financial assets 15 -
Changes in taxes 1,166 480
Capital gains or losses on the disposal of fixed assets net of tax -1 881 18
Share of results of associates -888 -1 335
Self-financing capacity after cost of financial debt and before tax 4,615 5,083
Cost of net financial debt 1,244 836
Taxes paid -1 899 -898
Self-financing capacity before cost of financial debt and after tax 3 960 5,021
Changes in working capital -1 208 -2 185
Net cash flow from operating activities 2 752 2,836
Investment flows    
Acquisition of investment properties -1 397 -2 798
Other acquisitions of fixed assets -24 -283
Sale price of investment properties 16,000 4,732
Acquisition of financial fixed assets -1,064 -1,085
Disposal of financial fixed assets - -
Change in investments in associates - -
Financial products received 37 28
Impact of changes in scope - -
Cash flow used by investing activities 13 553 594
Funding flow    
Change in capital 64 3 945
Treasury shares -199 27
Increase in bank loans 30,000 -
Change in other financial debts - -
Repayment of rental debts -2,078 -8,520
Loan repayments -24,276 -
Change in bank loans -10 168
Interest paid -2,327 -504
Dividends paid to shareholders and minority shareholders -5,552 -5,775
Cash flows used by financing activities - 4 377 -10 659
Increase / (Decrease) in cash 11 928 -7,228
Cash and cash equivalents at the start of the fiscal year 28,437 16,357
Cash and cash equivalents at year end 40 365 9,129

The statutory auditors issued their report on the half-yearly financial information on July 31, 2020 after carrying out the limited review of the condensed half-year consolidated financial statements relating to the period from January 1 to June 30, 2020.

Financial Agenda

October 29, 2020: Financial information as of September 30, 2020

About the PAREF Group

PAREF is developing in two complementary activity sectors: (i) investment through the real estate company SIIC PAREF mainly in real estate for companies in the Paris region (€ 0.2 billion in assets as of June 30, 2020) and (ii ) management on behalf of third parties through PAREF Gestion (€ 1.8 billion of funds managed as of June 30, 2020), a management company approved by the & #39; AMF and PAREF Investment Management (€ 0.4 billion as of June 30, 2020)

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

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

Press contact
Citigate Dewe Rogerson

Mail. : Paref@citigatedewerogerson.com
Antoine ONFRAY
Chief Operating Officer

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

 

[1] Including shareholdings held by PAREF

[2] Civil companies of real estate investments

[3] Collective Real Estate Investment Organization

[4] Including the Gaïa building. Excluding the Gaïa building, the financial occupancy rate was 91.0% as of June 30, 2020, compared to 91.7% at the end of 2019.

[5] Including the Gaïa building in quota. Excluding holdings in Vivapierre and shares in PAREF Gestion.

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

[7] ICR: consolidated financial charges excluding early repayment charges divided by current operating income.


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