Exceptional increase in net income group share to €338m for the first half of 2021
15 Luglio 2021 - 05:45PM
Exceptional increase in net income group share to €338m for the
first half of 2021
Press
release – Thursday
15 July
2021
– 5:45
p.m.
Exceptional increase
in net income group share to
€338mfor the first half
of
2021
Consolidated income
statement |
First half
2021 |
First half 2020 |
Change |
|
Rental income |
€76.2m |
€69.5m |
+10% |
|
Recurring net income |
€55.4m€2.5/share* |
€50.6m€2.3/share |
+9% |
|
Net income group
share Incl. change in fair value
of
properties |
€338.3m€15.1/share* €286.2m |
€49.6m€2.2/share €5.7m |
+582% |
|
Balance sheet information |
30 June
2021 |
31 December 2020 |
Change(6
months) |
|
NAV EPRA NRV**/
share |
€87/share |
€73/share |
+19% |
|
Value of
the portfolio excluding transfer taxes |
€3.3bn |
€3bn |
+9% |
|
LTV ratio |
49% |
54% |
-500bps |
|
Cost of debt |
1.65% |
1.65% |
- |
|
Occupancy rate |
99% |
100% |
-1 point |
|
*Calculated on the weighted average number of
shares of 22,402,294**ARGAN applies the EPRA best practices
recommendations as part of the new EPRA metrics relating to the
NAVOn 12 July 2021, the Executive Board approved the interim
consolidated accounts as at 30 June 2021. Limited review procedures
on these accounts have been completed and the report of the
statutory auditors regarding the half-year financial information is
about to be issued.
Recurring net income up
+9%
Recurring net
income is up +9% to
€55.4m
as at 30 June
2021, representing 73% of the
rental income, which is stable year-on-year. The
exceptional increase in net income group share
of +582% to
€338.3m
is mainly due to the very large positive change in the fair
value of the portfolio
of
€286m in the
first half of 2021 compared to €5.7m last year, reflecting in
particular the contraction in capitalisation rates.
Premium portfolio
valued at
€3.3bn
excluding transfer taxes
(€3.45bn
including transfer taxes)
The delivered
portfolio (excluding real estate assets under
development) amounts to
3,100,000
sqm as at 30 June
2021, compared to
2,990,000 sqm at the end of 2020. Its
valuation amounted to
€3.3bn
excluding transfer taxes
(€3.45bn
including transfer taxes), up +9%
compared to 31 December 2020.
The valuation of the delivered portfolio at
€3.3bn excluding transfer taxes results in a capitalisation rate of
4.70%
excluding transfer taxes (4.50% including transfer taxes),
down compared to 5.05% excluding transfer taxes as at 31 December
2020.
The average remaining fixed
length of the leases remains
stable at 5.5
years compared to 5.7 years as at 31 December
2020.
The occupancy
rate for the portfolio is
99% and its weighted average age
is 9.8
years.
LTV ratio
down at
49% and cost of
debt stable at 1.65%
Gross financial debt relating to assets
delivered amounts to €1.64bn, including bond issues of
€155m.Including residual cash, net LTV (net
financial debt/appraisal value excluding transfer taxes)
falls to 49% as
of 30 June 2021.
Debt consists of fixed rate bonds for 9% of the
total, fixed rate amortising loans for 47%, hedged variable rate
amortising loans for 39% and variable rate amortising loans for the
remaining 5%. The average cost
of debt as of 30 June 2021
remains stable at 1.65% and its maturity
is 7.8 years.
The exceptional drop in the debt ratio
at the end of June is transitory and given the deliveries expected
for the second half of the year, ARGAN maintains its objective of a
53% LTV ratio at the end of 2021.
+19% increase in the
NAV EPRA Net Reinstatement Value (NRV)
at €87 per share
In accordance with the updated EPRA
recommendations, ARGAN applies the new standards for determining
the net asset value since 1st January 2020.
NAV EPRA Net Reinstatement Value (NRV)
amounts to €86.7 per share as at
30 June 2021 (+19% over 6 months). NAV
EPRA Net Tangible Asset (NTA) amounts to €77.2 per share
as at 30 June 2021 (+20% over 6
months). NAV EPRA Net Disposal Value (NDV) amounts
to €77 per share as at 30 June
2021 (+21% over 6 months).
This significant increase of €13.8 in
the NAV EPRA NRV per share compared to 31 December
2020 comes from net income
(+€2.5),
the change in the fair value of the portfolio
(+€12.4),
the payment of the dividend in cash
(-€1.1) and in shares
(-€0.9) and the transfer taxes
(+€0.9).
Upward revision of 2021 targets
Given the excellent half-year results
and the significant increase in the value of the portfolio
according to expert appraisals,
ARGAN is revising upwards its 2021 targets as follows:
Key indicators |
Increased targets |
Initial targets |
Value of the portfolio |
€3.5bn |
€3.2bn |
NAV ANR NRV/share |
€90 |
€80 |
Financial
calendar
2021
(Publication of the press release after closing of the stock
exchange)
- 01 October: 3rd quarter sales 2021
- 03 January: Annual revenue 2021
- 19 January: Annual results 2021
About
Argan
ARGAN is the only French real estate company
specialising in the DEVELOPMENT & RENTAL OF PREMIUM WAREHOUSES
listed on Euronext.As at 30 June 2021, ARGAN’s portfolio amounted
to 3.1 million sq. meters, comprising approximately 100 warehouses
located exclusively in France, valued at €3.3 billion and
generating annual rental income of €155 million. ARGAN
is listed on Compartment A of Euronext Paris (ISIN FR0010481960 -
ARG) and is included in the CAC All-Share and IEIF SIIC France
indices. The company opted for the listed real estate investment
companies (SIICs) tax regime on
01 July 2007.www.argan.fr
Francis
Albertinelli – Chief Financial and Administrative
OfficerMarie-Caroline Schwartz – General CounselTel: +33 1 47 47 05
46 E-mail: contact@argan.frwww.argan.fr |
Aude Vayre – Media relationsTel: +33 6 14 64 15
65Philippe Ronceau – Investor relationsTel: +33 6 64 12 53 61
E-mail: argan@citigatedewerogerson.com |
|
|
Simplified consolidated income statement
(IFRS)
In millions of € |
30 June
2020(6
months) |
31 December
2020(12
months) |
30 June
2021(6
months) |
Rental income |
69.5 |
142.4 |
76.2 |
Rental income and expenses |
-1.2 |
-1.5 |
-1.1 |
Other IFRS 16 income and expenses |
1.1 |
2.5 |
1.4 |
EBITDA (Current Operating Income) |
64.2 |
132.2 |
72.4 |
Including impact of IFRS 16 |
0.1 |
0.4 |
1.4 |
Change in fair value of the portfolio |
5.7 |
174.6 |
286.2 |
Income from disposals |
-0.1 |
9.3 |
- |
EBITDA, after value adjustments (FV) |
69.8 |
316.1 |
357.6 |
Income from cash and equivalents Cost of gross financial debt
Interest on IFRS 16 lease liabilities Borrowing costs Borrowing
costs for the bridge « Cargo » Change in fair value of
hedging instruments |
0.0-12.4-0.8-1.0-3.0-0.8 |
0.1-26.4-1.6-2.3-3.0-1.7 |
0.0-14.2-0.8-1.3--0.5 |
Income before tax |
51.8 |
281.2 |
340.7 |
Other financial expenses |
-2.0 |
-2.0 |
2.0 |
Tax |
- |
- |
- |
Share of profit of equity-accounted companies |
-0.2 |
-0.3 |
- |
Consolidated net income |
49.6 |
278.9 |
342.7 |
Net income group share |
49.6 |
278.9 |
338.3 |
Diluted earnings per share (€) |
2.2 |
12.5 |
15.1 |
Recurring net income
In millions of € |
30 June
2020(6
months) |
31 December
2020(12
months) |
30 June
2021(6
months) |
Consolidated net income |
49.6 |
278.9 |
342.7 |
Borrowing costs for the bridge
« Cargo » |
3.0 |
3.0 |
- |
Change in fair value of hedging instruments |
0.8 |
1.7 |
0.5 |
Change in fair value of the portfolio |
-5.7 |
-174.6 |
-286.2 |
Income from disposals |
0.1 |
-9.3 |
- |
Other financial expenses |
2.0 |
2.0 |
-2.0 |
Tax |
- |
- |
- |
Share of profit of equity-accounted companies |
0.2 |
0.3 |
- |
Impact of IFRS 16 |
0.7 |
1.2 |
0.4 |
Recurring net income |
50.6 |
103.4 |
55.4 |
Recurring net income per share (€) |
2.3 |
4.6 |
2.5 |
Simplified
consolidated balance
sheet (IFRS)
In millions of € |
31 December
2020 |
30 June
2021 |
|
ASSETS |
3,393.9 |
3,758.9 |
|
Non-current assets |
3,272.8 |
3,581.6 |
|
Current assets |
121.1 |
108.9 |
|
Assets held for sale |
- |
68.4 |
|
LIABILITIES |
3,393.9 |
3,758.9 |
|
Shareholders’ equity |
1,478.6 |
1,828.0 |
|
Non-current liabilities |
1,685.8 |
1,679.0 |
|
Current liabilities |
229.5 |
233.5 |
|
Liabilities held for sale |
- |
18.4 |
|
- 20210715 - ARGAN Half year results 2021
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