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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tour Eiffel | EU:EIFF | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.10 | 0.88% | 11.50 | 11.40 | 11.45 | 11.50 | 11.40 | 11.40 | 959 | 11:53:50 |
2017 Half-Year Results
High Growth in Earnings
The Board of Directors, which met on 21 July 2017 under the chairmanship of Hubert Rodarie, approved the financial statements at 30 June 2017. The limited review procedures for these accounts have been completed and the corresponding reports are being issued.
Consolidated figures (audited)
30/06/2017 | 31/12/2016 | |
Portfolio value exluding transfer duties | € 1 145.2m | € 1 135.1m |
Portfolio value at amortised cost | € 934.4m | € 934.4m |
Net financial debt | € 412.0m | € 410.1m |
Financial debt rate | 1.86% | 1.85% |
Net LTV | 36.0% | 36.2% |
EPRA NNNAV (in €/share) | 57.3 | 58.9 |
H1 2017 | H1 2016 | |
Rental income | € 34.4m | € 28.9m |
EPRA financial occupancy rate | 87.3% | 87.5% |
Net profit/loss | € 8.0m | € 5.7m |
Net recurring profit/loss | € 8.0m | € 7.3m |
EPRA earnings | € 21.5m | € 16.0m |
Cash-flow | € 24.9m | € 20.8m |
in €/share | 2.0 | 2.2 |
Significant improvement in operating indicators
Consolidated turnover (comprising rental and service charge income from investment properties) stood at €44.3m for H1 2017 compared with €36.6m for H1 2016, of which rents alone accounted for €34.4m and €28.9m respectively, or growth of 19%.
The increase in rental income was mainly due to acquisitions made in 2016 (3 assets in Guyancourt, Puteaux and Nanterre-Préfecture and the Défense-Nanterre-Seine business park).
Operating income on ordinary activities stood at €12.1m for H1 2017 after taking into account depreciation, property expenses and overheads.
Current cash flow rose sharply by 20% to €24.9m against €20.8m for H1 2016.
Development projects on all land reserves
In line with its strategy of simultaneously performing acquisitions and developments depending on opportunities, the Group is currently pursuing the upgrading of its land reserves in Ile-de-France and in the other regions:
Moreover, the Group has expanded its presence in two business parks with several acquisitions:
An increase in portfolio value
The Group's property assets at 30 June 2017 stood at €1,145.2m, excluding transfer duties and expenses, of which €1,140.9m represented investment properties and €4.3m represented assets for disposal. Office buildings in Ile-de-France account for 86% of this value. The valuation of the portfolio was €1,135.1m as at 31 December 2016, variation is mainly due to the costs incurred for development during the period.
The valuation of the buildings indicates an average net yield (EPRA topped up) of 5.5%, a figure that remained stable compared with year-end 2016.
The EPRA vacancy rate remained at a level of 12.7% at 30 June 2017, marked by the vacancy resulting from the recently acquired Défense-Nanterre-Seine Business Park, in which some of the buildings are undergoing renovation or restructuring.
On this basis and after dividend distribution of €3 per share, the EPRA Triple Net Asset Value per share stood at €57.3. It was €58.9 per share at year-end 2016.
Extension of debt maturity and stability of the Loan To Value ratio
Overall gross debt as at 30 June 2017 stood at €431.8m, as against €432.7m at 31 December 2016.
Net debt (adjusted for cash and cash equivalents) amounted to €412.0m.
Thus, the Group's level of indebtedness at 30 June 2017 represented 36.0% of its property assets, against 36.2% at 31 December 2016.
In the first half of 2017, the Group undertook the previously announced operations to extend the maturity of its debt with the signing of a 7-year Revolving Credit Facility for the sum of €100m, of which €84m were used to repay part of the loan maturing in October 2018.
Given these items, the Group's average term of debt stood at 5.8 years at 30 June 2017 against 4.6 years at year-end 2016.
The Group's average financing rate remained stable at 1.9% in the first half of 2017 compared with the 2016 financial period.
Outlook
"The results for the first half of 2017 are in line with the growth of the last two years. The property company is strengthening its fundamentals and is rolling out its plan to increase the size of its assets to €1.5bn in the coming years. The priority is to pre-market development projects but the teams are also taking action to optimize the service offer that goes hand in hand with the transformation and development of business parks. As a result, both in Ile de France and the other regions, the attention is constantly focused on upgrading the parks and the operations. Backed by that dynamic and the support of the shareholders, I am confident that the Group will undertake new projects in the coming months," said Philippe Lemoine, Managing Director of the Société de la Tour Eiffel.
About Société de la Tour Eiffel
A listed real estate investment company (SIIC) on Euronext Paris, the company pursues a strategy focused on the ownership and the development of quality offices capable of attracting a wide range of quality tenants. The company's portfolio stood at 1.145bn Euros for close to 490,000 sq. m of assets mainly located in the Paris region as at 30 June 2017.
Société de la Tour Eiffel is listed on Euronext Paris (Compartment B) - ISIN Code: FR0000036816 - Reuters: TEIF.PA - Bloomberg: EIFF.FP - Indexes: IEIF Foncières, IEIF Immobilier France
Press contact | www.societetoureiffel.com | |||||
Jean-Philippe MOCCI - Capmot | ||||||
Tel : +33 (01) 81 70 96 33/+33 (0)6 71 91 18 83 | ||||||
jpmocci@capmot.com |
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