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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Argan Sa | LSE:0GN6 | London | Ordinary Share | FR0010481960 | ARGAN ORD SHS |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 40.30 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 186.94M | -263.45M | -11.4151 | -6.47 | 1.71B |
Press release – Wednesday 19 January 2022 – 5:45 p.m.
Exceptional growth in results 2021
Consolidated income statement | Financial year 2021 | Financial year 2020 | Change | |
Rental income | €157m | €142m | +10% | |
Recurring net income | €112m€5/share* | €103m€4.6/share | +8% | |
Net income, group share Incl. change in fair value of buildings | €668m€29.7/share*€543m | €279m€12.5/share€175m | +140% | |
Dividend per share ** | €2.60 | €2.10 | +24% | |
Balance sheet information | 31 December 2021 | 31 December 2020 | Change | |
NAV EPRA NRV /share | €103/share | €73/share | +41% | |
Value of the portfolio excl. transfer taxes | €3.75bn | €3bn | +24% | |
LTV ratio | 43% | 54% | -1100 bps | |
Cost of debt | 1.50% | 1.65% | -15 bps | |
Occupancy rate | 99% | 100% | - 1 point |
* calculated on the weighted average number of shares for the financial year: 22,495,656** The dividend will be submitted for approval at the Combined GM on 24 March 2022
On 17 January 2022, the Executive Board of ARGAN approved the consolidated financial statements 2021. The audit procedures performed by our statutory auditors on these consolidated financial statements have been completed. The certification report will be issued after finalisation of the specific verifications.
2021 Results
Recurring net income up +8%
Recurring net income amounts to €112m, up +8% and now represents 71% of rental income.
For the financial year 2021, rental income amounts to €156.8m, an increase of +10% compared to the financial year 2020 (€142.4m), thus exceeding our initial target of €154m.
EBITDA (current operating income) amounts to €147.1m, up +11%.
The exceptional increase in net income (group share) of +140% to €668.1m is mainly due to the very significant positive change in fair value of the portfolio of €543m in 2021 compared to €175m in 2020, due in particular to the contraction in capitalisation rates which stand at 4.30% excluding transfer taxes compared to 5.05% the previous year.
A Premium portfolio of 3.3 million sqm valued at €3.75bn excl. transfer taxes (+24%)
In 2021, ARGAN has invested €240m, representing more than 325.000 sq. meters:
At the same time, ARGAN sold a portfolio of four logistics hubs with a total area of more than 53,000 sqm to OPPCI GROUPAMA GAN REIM in October 2021.
After these transactions, the built portfolio (excluding property assets under development) amounts to 3,265,000 sqm as at 31 December 2021, compared to 2,990,000 sqm at the end of 2020. Its valuation amounts to €3,745m excluding transfer taxes, i.e. €3,934m including transfer taxes.
The valuation of the portfolio is thus increasing by +24%, from €3,012m at the end of 2020 to €3,745m excluding transfer taxes, resulting in a capitalisation rate of 4.30% excluding transfer taxes (4.10% including transfer taxes), down compared to the rate of 5.05% excluding transfer taxes as at 31 December 2020.
The weighted average remaining fixed length of the leases, calculated as at 1st January 2022, is 5.9 years (in progress vs. 5.7 years as at 1st January 2021).
The occupancy rate for the portfolio is 99% and its weighted average age is 9.6 years (vs. 9.2 years as at 31 December 2020).
Decrease of the LTV ratio to 43% and cost of debt down at 1.50%
Gross financial debt amounts to €2,164m, including bond issues for €655m.Including residual cash, net LTV (net financial debt/appraisal value excluding transfer taxes) stands at 43% at the end of 2021.
Debt consists of 30% of fixed rates bonds, 35% of fixed rates amortising loans, 29% of hedged variable rates and 6% of variable rates.
The average cost of debt as of 31 December 2021 fell to 1.50% compared to 1.65% as at 31 December 2020. Its maturity is 6.8 years.
+41% increase in the NAV EPRA Net Reinstatement Value (NRV) at €103 per share
NAV EPRA Net Reinstatement Value (NRV) amounts to €102.5 per share as at 31 December 2021 (+€29.5, +41% over 1 year).NAV EPRA Net Tangible Asset (NTA) amounts to €91.8 per share as at 31 December 2021 (+€27.6, +43% over 1 year). NAV EPRA Net Disposal Value (NDV) amounts to €91.6 per share as at 31 December 2021 (+€27.9, +44% over 1 year).
This significant increase of €29.50 in the NAV EPRA NRV per share comes from net income (+€5.0), the change in the fair value of the portfolio (+€23.6), the result of disposals (+€0.9), the payment of the dividend in cash (- €1.1) and in shares (-€0.9) and the transfer taxes (+€2.0).
A dividend of €2.60 per share, up +24%
Given the excellent 2021 results, the payment of a dividend up +24% at €2.60 per share will be proposed at the Annual General Meeting on 24 March 2022. This dividend represents a yield of 2.30% on the basis of the average share price in December 2021 (€113.34) and a distribution rate of 51% of the net cash-flows. Its payment is scheduled for April 2022.
Targets 2022
Key indicators | Targets end-2022 | Change vs. end-2021 |
Rental income | €163m | +4% |
Recurring net income | €117m | +5% |
NAV EPRA NRV / share | €107 | +4% |
Dividend per share * | €2.75 | +6% |
* The dividend would be submitted for approval at the Combined GM approval in 2023
Aut0nom® is now our warehouse standard. Aut0nom® is s a PREMIUM warehouse equipped with a photovoltaic power plant and a battery energy storage for self-consumption only, which delivers over a year more electrical energy than it consumes for heating - cooling and lighting.
Documentation relating to the presentation of the company's results is available on www.argan.fr.
Financial calendar 202 (Publication of the press release after closing of the stock exchange)
About Argan
ARGAN is the only French real estate company specialising in the DEVELOPMENT & RENTAL OF PREMIUM WAREHOUSES listed on Euronext.As at 31 December 2021, ARGAN’s portfolio amounted to 3.3 million sq. meters, comprising approximately 100 warehouses located exclusively in France, valued at €3.75 billion and generating annual rental income of €162 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 Officer Marie-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 65E-mail: argan@citigatedewerogerson.com |
Simplified consolidated income statement (IFRS)
In millions of € | 2019 | 2020 | 2021 |
Rental income | 100.2 | 142.4 | 156.8 |
Rebilling of rental charges and taxes | 20.8 | 25.8 | 25.7 |
Rental charges and taxes | -21.3 | -27.3 | -27.7 |
Other property income (IFRS 16) | 2.6 | 2.8 | 3.1 |
Other property expenses | -0.2 | -0.3 | -0.3 |
Net property income | 102.1 | 143.4 | 157.7 |
EBITDA (excl. acquisition costs for the « Cargo » portfolio) | 89.2 | 132.2 | 147.1 |
Acquisition costs for « Cargo » | -47.1 | - | - |
EBITDA (Current Operating Income) | 42.1 | 132.2 | 147.1 |
Including impact of IFRS 16 | 0.6 | 0.4 | 3.1 |
Change in fair value of the portfolio | 197.1 | 174.6 | 544.6 |
Change in fair value IFRS 16 | - | - | -2.1 |
Income from disposals | -0.3 | 9.3 | 18.5 |
EBITDA, after value adjustments (FV) | 238.9 | 316.1 | 708.2 |
Income from cash and equivalents Interest on loans and overdrafts Interest on IFRS 16 lease liabilities Borrowing costs Borrowing costs for the bridge « Cargo » Change in fair value of the derivative instruments | 0.2-17.1-1.5-0.6-4.8-1.9 | 0.1-26.4-1.6-2.3-3.0-1.7 | 0.2-29.5-1.6-2.8--1.7 |
Income before tax | 213.2 | 281.2 | 672.7 |
Other financial expenses | -1.0 | -2.0 | 3.6 |
Tax | 1.4 | - | - |
Share of profit of equity-accounted companies | 1.4 | -0.3 | - |
Consolidated net income | 215.0 | 278.9 | 676.3 |
Net income, group share | 215.0 | 278.9 | 668.1 |
Diluted earnings per share (€) | 12.1 | 12.5 | 29.7 |
Recurring net income
In millions of € | 2019 | 2020 | 2021 |
Consolidated net income | 215.0 | 278.9 | 676.3 |
Acquisition costs for « Cargo » | 47.1 | - | - |
Borrowing costs for the bridge « Cargo » | 4.8 | 3.0 | - |
Change in fair value of the derivative instruments | 1.9 | 1.7 | 1.7 |
Change in fair value of the portfolio | - 197.1 | -174.6 | -544.6 |
Income from disposals | 0.3 | -9.3 | -18.5 |
Other financial expenses | 1.0 | 2.0 | -3.6 |
Other non recurring expenses | - | 0.2 | - |
Tax Share of profit of equity-accounted companies | -1.4-1.4 | -0.3 | -- |
Impact of IFRS 16 | 0.9 | 1.2 | 0.6 |
Recurring net income | 71.1 | 103.4 | 111.9 |
Recurring net income per share (€) | 4.0 | 4.6 | 5.0 |
NAV EPRA
31 December 2020 | 31 December 2020 | |||||
NRV | NTA | NDV | NRV | NTA | NDV | |
Shareholders’ equity (in €m)Shareholders’ equity (in €/share) | 1 478.666.3 | 1 478.666.3 | 1 478.666.3 | 2 125.694.1 | 2 125.694.1 | 2 125.694.1 |
+ Fair value of financial instruments (in €m) | 9.8 | 9.8 | - | 3.2 | 3.2 | - |
- Goodwill in the balance sheet (in €m) | - | - 55.6 | - 55.6 | - | - 55.6 | - 55.6 |
+ Transfer taxes (in €m) | 139.3 | - | - | 186.9 | - | - |
= NAV (in €m) = NAV (in €/share) | 1 627.773.0 | 1 432.764.2 | 1 422.963.8 | 2 315.7102.5 | 2 073.191.8 | 2 070.091.6 |
Pièce jointe
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