Regulatory News:
VITURA (Paris:VTR):
- Continued leadership in the 2023 global GRESB ranking for its
sustainable development approach
- 13,000 sq.m let in 2023
- 32,000 sq.m renovated and completed
- Portfolio value excl. transfer duties of €1.3 billion
- EPRA NTA of €30.7/share
“In a particularly sensitive year for the real estate market,
due to a difficult geopolitical, macroeconomic and financial
environment, Vitura has demonstrated the effectiveness of its
strategy. It has continued the repositioning of its portfolio as a
collection of sustainable assets. Popular with the most dynamic
companies, the Arcs de Seine concept, developed at Europlaza, has
been applied to Rives de Bercy, with Office Kennedy and Passy
Kennedy to follow suit. Recently signed leases attest to how
attractive the properties are to tenants. This premium approach to
asset management is in line with our strategy of creating value for
our shareholders over the long term,” said Jérôme Anselme,
Vitura's Chief Executive Officer.
Further leases with major accounts
During 2023, Vitura benefited in particular from fresh momentum
around office premises in Boulogne-Billancourt. Thanks to the
quality and appeal of its portfolio, Vitura maintained a good level
of rental activity, completing eight transactions covering 13,000
sq.m, or 7% of the total surface area of the portfolio. New tenants
include Bouygues Telecom, which is returning to Arcs de Seine where
it was headquartered until 2011, and Bpifrance, the French public
institution that provides financing to entrepreneurs, which is
moving to Europlaza in the La Défense business district. These
properties have occupancy rates of 82% and 91%, respectively. The
Brandt group also renewed its lease in Hanami until the end of
2027, covering a surface area of almost 3,000 sq.m.
Thanks to these signings and renewals, the Group has maintained
an average remaining lease term of 5.5 years.
The occupancy rate of buildings in operation was up 2 percentage
points to 83% at December 31, 2023, compared with 81% at
end-20221.
2024 has started off strong, with three major transactions
signed on a total surface area of 10,000 sq.m. These include lease
renewals and extensions at Europlaza and Arcs de Seine, as well as
the arrival of a first-time tenant at Rives de Bercy, less than
three months after completion of the Charenton-le-Pont campus.
Vitura has signed a lease for a fixed six-year term on 5,600 sq.m
of space at Rives de Bercy – almost 20% of the property – with a
major French industry player. The new tenant will start preparing
the property for their move in March, aiming to welcome its teams
in the third quarter of 2024.
Strategic repositioning of the portfolio
In 2023, Vitura continued its program to reposition its
portfolio, bringing its assets to the forefront of new trends and
tenant expectations. Vitura calls on with recognized partners to
help make each of its projects a success, putting people first in
keeping with its vision of “Workplaces for people. By people.”
At the start of the year, the extensive renovation of building C
at Arcs de Seine was completed with delivery of the gym and
business center.
At the end of the year, the Rives de Bercy campus, located on
the banks of the Seine in Charenton‑le-Pont, was inaugurated after
a large-scale restructuring. The carbon footprint of the renovation
was 26 times smaller than had the building been demolished and
rebuilt. Employees can enjoy a wide range of services dedicated to
well-being, including a fitness center and a wide variety of areas
where they can enjoy a meal, meet up and chat with co-workers.
Rives de Bercy offers over 6,000 sq.m of private green spaces
dotted with spots to escape from the city heat in summer, alongside
terraces and patios to accommodate new ways and trends of working.
A second entrance for cyclists and pedestrians has also been added,
creating a real connection with the city. Marketing for the
remaining Rives de Bercy premises is ongoing, with interest from
clients driven by the quality and energy efficiency of the
property.
The third and final major program underway is the ambitious
project to bring together the Passy Kennedy and Office Kennedy
properties within a single 34,000 sq.m campus, for which a building
permit has been granted. The ambitious new complex, located in
Paris' extended CBD with a wide view over the Seine, will offer a
broad range of upscale amenities – food services, a gym, wellness
and social areas, and facilities encouraging low-carbon mobility –
and meet the highest environmental standards.
The estimated portfolio value (excluding transfer taxes) stood
at €1,307 million at year-end, down 13% over the previous 12 months
due to a rise in capitalization rates in all sectors, and in line
with market trends.
Key financial figures
On March 26, 2024, the Board of Directors approved the parent
company and consolidated financial statements as at December 31,
2023 and the statutory audit is underway.
Vitura's EPRA earnings totaled €14.3 million at December 31,
2023, stable compared with December 31, 2022 (€14.1 million).
EPRA NTA stood at €523 million at December 31, 2023, vs. €756
million one year earlier. The decrease reflects essentially changes
in the portfolio value (negative €229 million impact), related
transfer duties (negative €15 million impact), the dividend
distribution (negative €3.5 million impact), and 2023 EPRA earnings
(positive €14 million impact). At December 31, 2023, EPRA NTA stood
at €30.7 per share.
The Group's IFRS consolidated net debt stood at €817 million at
December 31, 2023, down €10 million compared with 2022. Nearly
two-thirds of its borrowings are made up of green loans, a
proportion that Vitura aims to increase to 100%.
In light of high interest rates, the Group has set up new
interest rate hedges to hedge against changes in the Euribor. Over
the next 12 months, 83% of the debt will be hedged at a rate of
0.50%, which will keep financial expenses under control.
Due to the negative impact of changing yields on asset values,
the loan-to-value ratio fell by 7.5 percentage points to 62.4%.
Discussions are underway with Hanami's banking pool in particular
to restructure the existing debt of €92 million.
Negotiations are also underway to extend the maturity of the
€140 million loan, entered into when Vitura acquired the Passy
Kennedy building, to June 30, 2024 so that an agreement can be
reached on the financing of the new Kennedy campus. This debt and
capital financing will allow Vitura to combine the Passy Kennedy
and Office Kennedy buildings into a single 34,000 sq.m complex.
In accordance with their professional standards, the statutory
auditors assess an entity’s ability to continue as a going concern
over a minimum period of 12 months from the balance sheet date. In
the absence of visibility over such a timeframe, they include a
section in their report entitled "Material uncertainty regarding
the entity's ability to continue as a going concern". In view of
the ongoing negotiations concerning the financing of the Kennedy
and Hanami campuses, Vitura anticipates that the statutory auditors
will add such a paragraph to their report.
A committed environmental approach
Vitura is as determined as ever in pursuing its environmental
approach. It has chosen to automate the collection of energy data
across all its sites, ensuring that environmental information is as
reliable and verifiable as its financial information.
It is also actively continuing its efforts to raise awareness
and train its stakeholders in energy issues. Building on the close
relationships forged with its tenants, Vitura has encouraged them
to take action themselves, including the implementation of
effective action plans in each building through regular CSR
committee meetings.
The GRESB (Global Real Estate Sustainability Benchmark) assesses
and benchmarks the environmental, social and governance (ESG)
performance of real estate companies worldwide. Thanks to its
pro-active approach to sustainable development, Vitura maintained
its 5-star rating with an excellent score of 94/100, after having
ranked world number one (Global Sector Leader) in the listed office
property companies category four times in a row.
The Company also received two Gold Awards from the European
Public Real Estate Association (EPRA) for the quality and
transparency of its financial and non-financial reporting.
Vitura's efforts and commitments to achieve carbon neutrality by
2050 continued apace during the period, in particular with the
rollout of an energy efficiency plan for each property in the
portfolio.
In 2023, the Group reduced its greenhouse gas emissions by 41%
and its energy consumption by 32% compared to 2013.
Distribution policy
The 2023 financial statements do not include a dividend payment
obligation. In line with Vitura's asset repositioning program, no
dividend distribution will be submitted to the General
Shareholders' Meeting to be held to approve the financial
statements for the year ended December 31, 2023.
Key figures
In € millions (as reported)
2023
2022
Change
Rental income (IFRS)
51.2
54.0
-5.3%
EPRA earnings
14.3
14.1
+1.8%
Portfolio (excl. transfer duties)
1307
1,506
-13.3%
Occupancy rate
83%
81%
+2 pts
LTV ratio
62.4%
54.9%
+7.5 pts
EPRA NTA (in €)
30.7
44.3
-30.7%
About Vitura
Created in 2006, Vitura is a listed real estate company (“SIIC”)
that invests in prime office properties in Paris and Greater Paris.
The total value of the portfolio was estimated at €1,307 million at
December 31, 2023 (excluding transfer duties).
Thanks to its strong commitment to sustainable development, the
Company's leadership position is recognized by ESG rating agencies.
Vitura has held a GRESB (Global Real Estate Sustainability
Benchmark) 5-star rating since 2014 and has been ranked world
number 1 (Global Sector Leader) in the listed office property
companies category four times. It has also received two Gold Awards
from the European Public Real Estate Association (EPRA) for the
quality and transparency of its financial and non-financial
reporting. Vitura is ISO 14001-certified.
Vitura is a REIT listed on Euronext Paris since 2006, in
compartment B (ISIN: FR0010309096).
Visit our website to find out more: www.vitura.fr/en
Find us: LinkedIn / Twitter
APPENDICES
IFRS Income Statement (consolidated)
In thousands of euros, except per share
data
2023
2022
12 months
12 months
Rental income
51 195
54 047
Income from other services
25 415
23 975
Building-related costs
(26 184)
(28 646)
Net rental income
50 427
49 377
0
0
Sale of building
0
0
Administrative costs
(8 716)
(8 817)
Other operating expenses
(310)
(10)
Other operating income
0
453
Total change in fair value of investment
property
(229 107)
(66 653)
0
0
Net operating income
(187 706)
(25 651)
0
0
Financial income
20 470
48 863
Financial expenses
(72 618)
(27 396)
Net financial expense
(52 148)
21 467
0
0
Corporate income tax
0
0
0
0
CONSOLIDATED NET
INCOME
(239 854)
(4 183)
of which attributable to owners of the
Company
(239 854)
(4 183)
of which attributable to
non-controlling interests
0
0
0
0
Other comprehensive income
0
0
0
0
TOTAL COMPREHENSIVE
INCOME
(239 854)
(4 183)
of which attributable to owners of the
Company
(239 854)
(4 183)
of which attributable to
non-controlling interests
0
0
-
-
Basic earnings per share (in
euros)
(14.07)
(0.25)
Diluted earnings per share (in
euros)
(14.07)
(0.25)
IFRS Balance Sheet (consolidated)
In thousands of euros
Dec. 31, 2023
Dec. 31, 2022
Non-current
assets
Property, plant and equipment
3
7
Investment property
1 306 860
1 506 480
Non-current loans and receivables
15 871
11 254
Financial instruments
25 360
50 487
Total non-current assets
1 348 095
1 568 228
Current
assets
Trade accounts receivable
14 647
19 412
Other operating receivables
13 150
17 237
Prepaid expenses
521
463
Total receivables
28 318
37 112
Financial instruments
7 712
3 699
Cash and cash equivalents
11 720
15 167
Total cash and cash equivalents
19 432
18 866
Total current assets
47 749
55 978
TOTAL ASSETS
1 395 844
1 624 207
Shareholders'
equity
Share capital
64 933
64 933
Legal reserve and additional paid-in
capital
60 047
60 047
Consolidated reserves and retained
earnings
626 782
634 642
Net attributable income
(239 854)
(4 183)
Total shareholders’ equity
511 908
755 438
Non-current
liabilities
Non-current borrowings
572 365
679 873
Other non-current borrowings and debt
7 426
10 541
Non-current corporate income tax
liability
0
0
Financial instruments
0
0
Total non-current liabilities
579 791
690 414
Current
liabilities
Current borrowings
249 802
144 974
Financial Instruments
0
0
Other non-current borrowings and debt
25 510
0
Trade accounts payable
6 158
7 124
Corporate income tax liability
0
0
Other operating liabilities
8 128
9 424
Prepaid revenue
14 546
16 833
Total current liabilities
304 144
178 354
Total liabilities
883 936
868 768
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES
1 395 844
1 624 207
IFRS Statement of Cash Flows (consolidated)
In thousands of euros
2023
2022
OPERATING ACTIVITIES
Consolidated net income
(239 854)
(4 183)
Elimination of items related to the
valuation of buildings:
Fair value adjustments to investment
property
229 107
66 653
Annulation des dotations aux
amortissement
0
0
Indemnité perçue des locataires pour le
remplacement des composants
0
0
Elimination of other income/expense items
with no cash impact:
Depreciation of property, plant and
equipment (excluding investment property)
3
10
Free share grants not vested at the
reporting date
0
0
Fair value of financial instruments (share
subscription warrants, interest rate
caps and swaps)
21 115
(49 310)
Adjustments for loans at amortized
cost
2 207
2 069
Contingency and loss provisions
0
0
Corporate income tax
0
0
Penalty interest
0
0
Cash flows from operations
before tax and changes in working capital requirements
12 578
15 238
Other changes in working capital
requirements
(2 688)
(24 600)
Working capital adjustments to reflect
changes in the scope of consolidation
Change in working capital
requirements
(2 688)
(24 600)
Net cash flows from operating
activities
9 890
- 9 361
INVESTING ACTIVITIES
Acquisition of fixed assets
(29 486)
(13 343)
Net increase in amounts due to fixed asset
suppliers
169
(6 125)
Net cash flows used in
investing activities
(29 317)
(19 468)
FINANCING ACTIVITIES
Capital increase
0
8 225
Capital increase transaction costs
0
0
Change in bank debt
(9 065)
(3 971)
Issue of financial instruments (share
subscription warrants)
0
0
Refinancing/financing transaction costs
0
(1 073)
Net increase in liability in respect of
refinancing
0
0
Purchases of hedging instruments
0
0
Net increase in current borrowings
4 179
3 763
Net decrease in current borrowings
0
0
Net increase in other non-current
borrowings and debt
(3 115)
1 113
Net decrease in other non-current
borrowings and debt
0
0
Purchases and sales of treasury shares
(96)
(216)
Dividends paid
(1 433)
(21 323)
Net cash flows from financing
activities
(9 530)
(13 483)
Change in cash and cash
equivalents
(28 957)
(42 312)
Cash and cash equivalents at beginning of
period*
15 167
57 480
CASH AND CASH EQUIVALENTS AT
END OF PERIOD
(13 790)
15 167
* There were no cash liabilities for any
of the periods presented above.
French GAAP Income Statement
In euros
Dec. 31, 2023
Dec. 31, 2022
12 months
12 months
Sales of services
305 050
300 400
NET REVENUE
305 050
300 400
Reversal of depreciation and amortization
charges, impairment and expense transfers
0
0
Other revenue
34 997
24 887
Total operating revenue
340 047
325 287
Purchases of raw materials and other
supplies
0
0
Other purchases and external charges
1 646 074
1 487 700
Taxes, duties and other levies
78 909
58 596
Wages and salaries
452 251
450 506
Social security charges
225 375
247 276
Fixed assets: depreciation and
amortization
3 418
9 924
Contingency and loss provisions
0
0
Other expenses
240 350
255 250
Total operating expenses
2 646 377
2 509 252
OPERATING LOSS
(2 306 330)
(2 183 965)
Financial income from controlled
entities
4 823 601
10 515 746
Other interest income
0
4 464
Reversals of impairment and provisions,
and transferred charges
0
55 782
Total financial income
4 823 601
10 575 992
Interest expenses
464 384
1 132
Depreciation, amortization, provisions for
impairment and other provisions
16 911 746
345 067
Total financial expenses
17 376 129
346 198
NET FINANCIAL INCOME
(12 552 528)
10 229 794
RECURRING LOSS BEFORE TAX
(14 858 858)
8 045 829
Non-recurring income on capital
transactions
1 810
13 092
Reversal of impairment, provisions and
non-recurring expense transfers
0
0
Total non-recurring income
1 810
13 092
Non-recurring expenses on management
transactions
5 000
150
Non-recurring expenses on capital
transactions
115 025
60 710
Total non-recurring expenses
120 025
60 860
NET NON-RECURRING INCOME
(118 215)
(47 768)
Corporate income tax
0
0
TOTAL INCOME
5 165 458
10 914 372
TOTAL EXPENSES
20 142 532
2 916 310
NET LOSS
(14 977 075)
7 998 062
French GAAP Balance Sheet
In euros
ASSETS
Gross amount
Depr., amort. &
prov.
Dec. 31, 2023
Dec. 31, 2022
Property, plant and equipment
Other property, plant and equipment
34 218
(31 018)
3 200
6 618
Financial fixed assets
Receivables from controlled entities
184 392 870
- 16 634 491
167 758 378
194 448 994
Loans
-
-
-
-
Other financial fixed assets
1 200 387
- 622 322
578 065
969 674
FIXED ASSETS
185 627 475
(17 287 831)
168 339 643
195 425 286
Receivables
Trade accounts receivable
1 103 978
-
1 103 978
719 880
Other receivables
120 845 117
-
120 845 117
89 284 782
Cash and cash equivalents
1 625 024
-
1 625 024
2 277 858
Short-term investment securities
-
-
-
-
CURRENT ASSETS
123 574 119
-
123 574 119
92 282 520
Prepaid expenses
64 013
-
64 013
42 052
TOTAL ASSETS
309 265 608
(17 287 831)
291 977 776
287 749 859
In euros
EQUITY AND LIABILITIES
Dec. 31, 2023
Dec. 31, 2022
Capital
Share capital (including paid-up capital:
66,862,500)
64 933 291
64 933 291
Additional paid-in capital
54 814 096
54 814 096
Revaluation reserve
152 341 864
152 341 864
Reserves
Legal reserve
6 694 261
6 694 261
Other reserves
4 447 462
-
Retained earnings
Retained earnings
7 756
37 819
Net loss for the year
(14 977 075)
7 998 062
SHAREHOLDERS’ EQUITY
268 261 656
286 819 392
OTHER EQUITY
-
-
Loss provisions
-
-
CONTINGENCY AND LOSS PROVISIONS
-
-
Non-current borrowings and debt
Miscellaneous borrowings and debt
22 612 287
0
Trade accounts payable and other
current liabilities
Trade accounts payable
496 579
423 850
Tax and social liabilities
600 640
506 617
Amounts owed to fixed asset suppliers
-
-
Other debts
6 615
-
LIABILITIES
3 716 121
30 467
TOTAL EQUITY AND LIABILITIES
91 977 776
87 749 859
Reconciliation of Alternative Performance Measures
(APM)
EPRA
NTA
In thousands of euros
2023
2022
Shareholders’ equity under IFRS
511 908
755 438
Portion of rent-free periods (1)
(17 923)
(18 129)
Elimination of fair value of share
subscription warrants
0
0
Fair value of diluted NAV
493 985
737 309
Transfer duties (2)
57 142
71 660
Fair value of financial instruments
(28 171)
(53 257)
EPRA NTA
522 957
755 712
EPRA NTA per share
30.7
44.3
(1) Lease incentives recorded in assets in
the IFRS consolidated financial statements under “Non-current loans
and receivables” and “Other operating receivables”. (2) Transfer
duties of 5% applied to the net assets of the subsidiaries holding
the properties to allow for the sale of the shares in these
entities.
LTV
ratio
In millions of euros
2023
2022
Gross amount of balance sheet loans
(statutory financial statements) (1)
817
827
Fair value of investment property
1 307
1 506
LTV ratio (%)
62.4%
54.9%
(1) This is the Group's gross debt as
recorded in the statutory financial statements.
Occupancy
rate
The occupancy rate is the ratio of space
for which the Company receives rent under a lease agreement to the
total amount of available space.
1 For 2023, the property portfolio is divided into buildings in
use and assets undergoing repositioning, namely Rives de Bercy,
delivered at the end of 2023, and Office Kennedy and Passy Kennedy,
vacant at December 31, 2023. The 83% occupancy rate at December 31,
2023 excludes assets undergoing redevelopment work. Taking into
account the redevelopments, the overall occupancy rate was 54%,
compared with 68% at December 31, 2022.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240327050576/en/
Investor relations Charlotte de Laroche info@vitura.fr +33 1 42
25 76 38
Media relations Aliénor Miens alienor.miens@margie.fr +33 6 64
32 81 75
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