2023 INTERIM FINANCIAL REPORT
SIX-MONTH PERIOD ENDED JUNE 30, 2023
Contents
Statement by the person responsible for the 2023 interim financial report
Interim consolidated financial statements
(for the six-month period ended June 30, 2023)
Statutory Auditors' report
A French société anonyme (joint-stock corporation) with share capital of EUR 64,933,290
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, 2023
(Article L.451-1-2 III of the French Monetary and Financial Code
[Code monétaire et financier], Articles 222-4 et 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, 2023 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.fr
- Statement by the person responsible for the 2023 interim financial report
"I certify that, to my knowledge, the complete consolidated financial statements for the six-month period ended June 30, 2023 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, September 12, 2023
Jérôme Anselme
Chief Executive Officer
- - 2023 INTERIM FINANCIAL REPORT
Interim activity report 2
- Interim activity report
2.1 Business review
The first half of 2023 was a source of uncertainty on real estate markets, marked by continued high inflation, rising interest rates and the war in Ukraine. The Group's financial position and earnings remain secure despite this environment, thanks to its high quality tenants, which are mainly large corporates with solid profiles. True to its responsible approach, Vitura renovates each vacated space to keep up with the latest functional, technical and design standards. Private office space is rendered increasingly flexible and shared areas serve as fully fledged work spaces, better suited to interaction, living and creativity, with new amenities on offer. All of this is designed to perfectly match the newer generations' ways of living and working, while preserving the properties' appeal and estimated rental values.
2.1.1 Rental activity
Among Vitura's buildings in use, Europlaza in La Défense and Arcs de Seine in Boulogne Billancourt have proven highly attractive, with 11,000 sq.m let in first-half 2023 and Arcs de Seine being the only property in the Southern River Bend with a lease transaction exceeding 5,000 sq.m.
Vitura's properties provide a standout user experience thanks to the wide range and quality of amenities they offer, the emphasis placed on low-carbon mobility, the building communities that foster tenant relationships, and the wealth of private green spaces.
At June 30, 2023, the portfolio value stood at EUR 1,436 million, down 4.6% compared with the previous valuation (EUR 1,506 million at December 31, 2022).
Property occupancy rate
The portfolio's overall occupancy rate for buildings in use(1) stood at 84% at the period-end including leases signed taking effect after June 30, 2023.
The occupancy rates for properties in use were as follows:
June 30, 2023 | Europlaza | Arcs de | Hanami | Passy | Office | Total(1) |
Seine | campus | Kennedy | Kennedy | |||
Occupancy rate including | ||||||
leases signed taking effect | ||||||
after June 30, 2023 | 88% | 91% | 85% | 57% | 100% | 84% |
(1) Buildings in use exclude Rives de Bercy, which is undergoing redevelopment work.
Excluding these leases, the occupancy rate for the portfolio as a whole was 66% at June 30, 2023, compared with 75% one year earlier, breaking down by property as follows:
Rives
June 30, 2023 | Arcs de | de | Hanami | Passy | Office | ||
Europlaza | Seine | Bercy | campus | Kennedy | Kennedy | Total | |
Occupancy rate | |||||||
including leases | |||||||
signed taking effect | |||||||
after June 30, 2023 | 84% | 69% | 0% | 85% | 70% | 100% | 66% |
Change in rental income (June 30, 2022 - June 30, 2023)
In millions of euros
1.5 | 1.7 | (4.4) | ||||||
New leases | ||||||||
Indexation | Departures | |||||||
26.9 | 25.6 | |||||||
H1 2022 | H1 2023 | |||||||
rental income | rental income |
2.1.2 Net income by key indicator for the period
First-half | First-half | |||
In thousands of euros | 2023 | 2022 | Change | Breakdown |
At June 30, 2023, net rental income corresponds mainly to rental income for the | ||||
period (EUR 25.6 million), indemnities received from lessees (EUR 5.7 million), less | ||||
vacancy costs (EUR 3.2 million) and other property operating expenses (EUR | ||||
Net rental income | 25,748 | 22,451 | +3,297 | 2.8 million). |
Administrative costs consist of administrative expenses and asset management | ||||
Administrative costs | (4,659) | (4,160) | -499 | fees. |
Depreciation, amortization and impairment | An impairment charge of EUR 0.4 million was recognized against trade accounts | |||
(368) | - | -368 | receivable during the period. | |
The balance at June 30, 2023 represents the elimination of share subscription | ||||
Other operating income | 1 | 453 | -452 | warrants. |
This item comprises a EUR 70 million decrease in property values since December | ||||
2022 and EUR 14 million relating to renovation work carried out during the year. At | ||||
Change in fair value of investment property | -83,924 | +6,248 | -90,173 | June 30, 2023, the portfolio value was down 4.6%. |
Net operating income (expense) | (63,203) | 24,986 | -88,189 | |
The decrease in this indicator results from a decline in the fair value of hedging | ||||
Net financial income (expense) | (16,240) | 9,741 | -9,741 | instruments and an increase in financial expenses (rise in interest rates). |
Net income (loss) | (79,443) | 34,728 | 114,171 |
- - 2023 INTERIM FINANCIAL REPORT | 5 |
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Disclaimer
Vitura SA published this content on 13 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 September 2023 16:21:39 UTC.