VITURA 2021 INTERIM FINANCIAL REPORT
SIX-MONTH PERIOD ENDED JUNE 30, 2021
CONTENTS
STATEMENT BY THE PERSON RESPONSIBLE
FOR THE 2021 INTERIM FINANCIAL REPORT
Page 09
INTERIM CONSOLIDATED FINANCIAL
STATEMENTS FOR THE SIX-MONTH PERIOD
ENDED JUNE 30, 2021
Page 36
STATUTORY AUDITORS' REPORT
A French société anonyme (joint-stock corporation) with share capital of EUR 60,444,472
Registered office: 42, rue de Bassano, 75008 Paris
422 800 029 RCS Paris
SIRET No. 422 800 029 00031
Interim financial report
Six-month period ended June 30, 2021
(Article L.451-1-2 III of the French Monetary and Financial Code [Code monétaire et financier],
Articles 222-4et seq. of the General Regulations of the French financial markets authority [Autorité des marchés financiers - AMF])
Interim financial report for
the six-month period ended June 30, 2021 prepared in accordance with the provisions
of Article L.451-1-2 III of the French Monetary and Financial Code and Articles 222-4et seq. of the General Regulations of the AMF.
This report has been distributed in accordance with the provisions
of Article 221-3 of the General Regulations of the AMF.
It can also be consulted on the Company's website at www.vitura.com
1. Statement by the person responsible for the 2021 interim financial report
"I certify that, to my knowledge, the complete consolidated financial statements for the six-month period ended June 30, 2021 have been prepared in accordance with the applicable accounting standards and give a true and fair view of the assets, financial position and results of the Company and all companies included in the consolidation scope, and that the attached interim activity report includes a fair review of the material events of the first six months of the year and their impact on the interim financial statements, the principal related-party transactions, as well as a description of the main risks and uncertainties for the remaining six months of the year."
Paris, July 28, 2021
Jérome Anselme,
Chief Executive Officer
- 2021 INTERIM FINANCIAL REPORT | 5 |
2. Interim activity report
2.1. BUSINESS REVIEW
In 2020 and in the first half of 2021, the health crisis triggered by the Covid-19 pandemic adversely impacted the French and global economies.
At Vitura, the crisis may have an impact on its long-term performance, the value and liquidity of its assets, the amount of rents received, tenants' credit risk and, in some cases, compliance with bank covenants.
In first-half 2021, the health crisis did not have a significant impact on the Company's business and financial statements. During the period, the Group did not grant tenants any rent reductions or waivers.
The portfolio's occupancy rate stood at 87.2% at June 30, 2021, compared with 93.4% at June 30, 2020. Taking into account Crédit Foncier de France's departure, the portfolio's occupancy rate stood at 78.8% at the period-end.
Property occupancy rate
The occupancy rate takes into account premises for which the Company receives rent or rental expenses under a lease agreement.
At June 30, 2021, it stood at 87.2%, compared with 93.4% at June 30, 2020. The occupancy rates for each property are as follows:
June 30, 2021 Europlaza | Arcs de | Rives de | Hanami | Passy | Total |
Seine | Bercy | campus | Kennedy |
2.1.1. RENTAL ACTIVITY
Despite the continued negative impacts of the health crisis in the first few months of 2021, Vitura continued its proactive asset management work.
Crédit Foncier de France will continue to occupy half of the office space in the Rives de Bercy building from July 1, 2021 until December 31, 2022. Thanks to the early termination indemnities due by the tenant, 2021 net rental income will not be impacted by this departure.
The Europlaza tower is set to welcome two new tenants taking up 1,000 sq.m. These leases will come into effect in the second half of 2021.
Canal+ has also given notice and is expected to vacate the 10,000 sq.m occupied in building C at Arcs de Seine as from September 30, 2021.
2.1.2. NET INCOME BY KEY INDICATOR FOR THE PERIOD
In thousands of euros
First-half | First-half | Change Breakdown |
2021 | 2020 | |
Occupancy | 85.0% | 75.4% | 100.0% | 85.5% | 100.0% | 87.2% |
rate | ||||||
Change in rental income (June 30, 2020 - June 30, 2021)
35,00 | ||||||||||
€0.2 m | €1.2 m | |||||||||
(€2.9 m) | ||||||||||
€31.6m | Indexation | Leasing | Tenants | €30.1m | 25,00 | |||||
departures & | ||||||||||
renegotiations | ||||||||||
15,00 | ||||||||||
Rental Income | ||||||||||
(€1.5 m) | Rental Income | |||||||||
Q2 2020 | Q2 2021 | |||||||||
In first-half 2021, net rental income corresponds to rental income for the period | ||||
(EUR 30.1m) and rental expenses rebilled to lessees (EUR 14.5m), less building-related | ||||
costs (EUR 14.5m). The year-on-year change in net rental income is mainly due to: | ||||
Net rental income | 30,043 | 30,061 | -18 | i) a decrease in like-for-like gross rental income (negative EUR 1.4m impact); |
ii) a decrease in like-for-like rental expenses rebilled to lessees (negative EUR 0.8m | ||||
impact); | ||||
iii) an increase in termination indemnities received in 2021 (positive EUR 2m impact). | ||||
Administrative costs | (7,315) | (6,995) | -320 | Administrative costs comprise administrative expenses, and asset management and |
incentive fees. | ||||
Other operating | (148) | (6) | -142 | There were no significant changes in other operating expenses during the period. |
expenses | ||||
Other operating | Other operating income mainly corresponded to a lump sum in 2020 from the group that | |||
624 | -624 | manages the intercompany restaurant service to fund the purchase and renovation of | ||
income | ||||
kitchen equipment (EUR 0.6m). | ||||
At EUR 4.5m, this indicator corresponds to a EUR 11.7m increase in the fair value of the | ||||
Change in fair value of | Rives de Bercy, Europlaza and Passy Kennedy properties (primarily thanks to an improved | |||
4,472 | (8,377) | +12,849 | rental situation and the impact of renovation work), offset by a EUR 7.3m decrease in the | |
investment property | ||||
fair value of the Arcs de Seine and Hanami properties following an increase in the vacancy | ||||
rate. | ||||
Net operating income | 27,052 | 15,307 | +11,745 | |
Net financial expense | (6,214) | (6,362) | +148 | There were no significant changes in this item during the year. |
Net income | 20,838 | 8,945 | +11,893 |
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Vitura SA published this content on 30 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2021 10:58:04 UTC.
