DJ PATRIMOINE ET COMMERCE: 2024 ANNUAL RESULTS
PATRIMOINE ET COMMERCE
PATRIMOINE ET COMMERCE: 2024 ANNUAL RESULTS
19-Feb-2025 / 08:00 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE
2024 ANNUAL RESULTS
Paris - February 19, 2025
At its meeting on February 18, 2025, the Patrimoine & Commerce Supervisory Board reviewed the Company's operations and
approved the 2024 financial statements (1), prepared by Management.
-- Groupe share of net profit growing by +41.1%
-- Portfolio valuation of EUR 904m (+5.3%)
-- Dividend payment of EUR 1.35 per share, implying a 6.6% yield on share price, as well as a 4.5% yield on
NAV
Key figures
Key financials 31/12/2024 31/12/2023 Var. %
12 months 12 months
Gross Rental Income EUR 52.6m EUR 50.5m +4.1%
Funds from operations EUR 30.7m EUR 30.7m 0.0%
Group share of net profit EUR 41.0m EUR 29.0m +41.1%
Alternative Performance Measures 31/12/2024 31/12/2023 Var. %
Asset appraisal value (excluding transfer taxes) (2) EUR 903.8m EUR 858.3m +5.3%
Capitalization rate (3) 7.6% 7.3% n.a.
LTV ratio (4) 43.1% 43.9% n.a.
NAV (excluding transfer taxes - EUR/share) 30.1 EUR 29.1 EUR +3.3%
NAV (excluding transfer taxes) EUR 478.5m EUR 439.2m +8.9%
Eric Duval, Managing Director and Founder of Patrimoine & Commerce declared: « Patrimoine & Commerce continues its growth with solid results. The entry of Crédit Agricole Centre France into the capital of the Company demonstrates the relevance of our value creation strategy, which we pursue in the promising segment of low-cost retail parks, a resilient segment in a complex economic and real estate context thanks to its economic model (low vacancy rate, affordable rents). This operation marks an important growth step with the goal of reaching a property value exceeding one billion euros. We continue our proactive portfolio management strategy and asset valuation while supporting the energy transition (e.g., installation of charging stations, development of photovoltaic projects). True to our profit distribution policy, and driven by our confidence in continuing sustainable growth, we will propose a dividend distribution of EUR1.35 per share. »
Operational performance
Patrimoine & Commerce had a sustained leasing activity and signed 82 leases (of which 34 renewals). The financial occupancy rate is increasing and stands at 95.4% (5) on the portfolio. The collection rate on rents and service charges invoiced in 2024 stands at 99%.
Group share of net profit growing by +41.1%
In 2024, Patrimoine & Commerce continued to deliver a solid financial performance.
For the fiscal year ended December 31, 2024, Patrimoine & Commerce reported consolidated gross rental income of EUR 52.6m, against EUR 50.5m for the fiscal year ended December 31, 2023:
in millions of euros - 12 months 31/12/2024 31/12/2023 Var. % Like-for-like 50.8 49.3 +2.9% Acquisitions 1.0 0.6 n.a Disposals 0.1 0.1 n.a Properties under restructuring 0.8 0.5 n.a Gross rental income 52.6 50.5 +4.1%
The increase of gross rental income is mainly explained by (i) the effect of the acquisitions and disposals made in 2023 and 2024 (ii) the delivery of the restructuring works in La Ville-du-Bois in 2023 and (iii) the like-for-like increase, driven by contractual indexation and the decrease in the amortization of rent free periods.
Net rental income stands at 93% of gross rental income, mainly composed of unrecovered rental expenses and provisions for credit losses:
in millions of euros - 12 months 31/12/2024 31/12/2023 Var. % Gross rental income 52.6 50.5 +4.1% Entry fees 0.1 (0.0) n.a. Gross rental revenue 52.7 50.5 +4.3% Unrecovered rental expenses (3.5) (3.5) n.a. Other building expenses (0.1) (0.3) n.a. Net rental income 49.1 46.7 +5.2%
Operating expenses and other revenues are increasing over the period (EUR6.0m in 2024 vs. EUR5.1m in 2023), mainly explained by a rise in management fees due to higher rents and an increase in IT expenses.
Net cost of debt amounted to EUR 12.2m in 2024, an increase of +13,3% compared to last year, driven by the tightening of financing conditions. The Company continues to benefit from the hedging of its debt portfolio, with 78% of the debt either at fixed rate or at hedged variable rate. The average interest rate on debt is 3.12% for the 12 months ending December 31, 2024 (versus 2.76% in 2023).
Recurring net result (FFO) amounted to EUR 30.7m in 2024, stable compared to 2023:
in millions of euros - 12 months 31/12/2024 31/12/2023 Var. % Restated current operational result 43.0 41.6 +3.5% Restated net cost of debt (12.2) (10.8) +13.3% Current taxes (0.2) (0.1) n.a. Funds from operations (FFO) (6) 30.7 30.7 0.0% Diluted FFO per share 1.93 2.03 (5.3%)
Including the fair value adjustment of the portfolio (+EUR 1.1m), the share of the result of companies accounted for using the equity method (+EUR 9.4m), other non-recurring revenues and charges (+EUR 0.4m), and the contribution of hedging strategies on debt (-EUR 0.8m), net profit amounted to EUR 40.8m for the fiscal year 2024 and EUR 41.0m in group share, an increase of +41.1% vs. 2023.
Decrease of the LTV ratio and increase of the NAV per share at EUR 30.1 (+3.3%)
The Group consolidated net debt of EUR 387.3m as of December 31, 2024, implies a Loan-to-Value ratio of 43.1%, leaving a significant investment capacity compared to the target of 50% set by Patrimoine & Commerce.
in millions of euros - 12 months 31/12/2024 31/12/2023 Net Debt 387.3 369.2 (-) other lease liabilities (4.6) (0.6) (-) financial instruments 0.2 1.0 Restated Net debt 382.9 369.6 Property valuation (excl. Transfer taxes) 889.3 842.8 Loan To Value ratio 43.1% 43.9%
Net asset value per share amounted to EUR 30.1 (EUR 478.5m) in 2024, an increase of +3.3% versus 2023.
in millions of euros 31/12/2024 31/12/2023 NAV, excl. Transfer taxes 478.5 439.2 NAV per share, excl. Transfer taxes (in euros) 30.08 29.12 Number of shares (excl. Treasury shares) 15 905 312 15 085 647
Development and optimization of the portfolio
As of December 31, 2024, the portfolio valuation (excluding transfer taxes and including properties accounted for using the equity method), reached EUR 903.8m, increasing by +5.3% compared to 2023. The capitalization rate of the properties in operation stands at 7.6%.
in millions of euros Variation Net balance as of January 1, 2024 858.3 Acquisitions 46.8 Disposals (2.4) Fair value impact 1.1 Net balance as of December 31, 2024 903.8
During the fiscal year ended December 31, 2024, Patrimoine & Commerce continued its development with the acquisition of a portfolio of 13 assets. The portfolio, representing an area of 27,000 sqm, consists of 25 units and has an occupancy rate of 100%. The company also acquired, at the end of 2024, a commercial property in Saint-Egrève (Auvergne-Rhône-Alpes) with a total area of approximately 6,100 sqm, and continued its investments in the construction of a new building in Wittenheim. The total amount of these investments amounted to EUR46.8m in 2024.
Furthermore, Patrimoine & Commerce continued its asset rotation policy with the disposal of four assets at amounts close to their appraisal values. These include an asset in Chambly (Hauts-de-France), an asset in Renazé (Pays de la Loire), a unit in Saint-Gaudens (Occitanie), and an asset in Gaillon (Normandie). These disposals represent a total amount of EUR2.4m.
Dividend payment of EUR 1.35 per share
The distribution of a dividend of EUR 1.35 per share will be proposed to the Annual General Meeting of Patrimoine & Commerce. The proposed dividend implies a 4.5% yield on net asset value per share as of December 31, 2024, and of 6.6% on the stock price (7).
Agenda
April 10, 2025 First-Quarter 2025 activity
June 12, 2025 Annual General Meeting
July 23, 2025 First-Half 2025 results
October 9, 2025 Third-Quarter 2025 activity
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About Patrimoine & Commerce
Patrimoine & Commerce owns and operates a real estate portfolio, largely comprising retail property, covering a total surface area of more than 559,000 sqm. The assets are mainly located in retail parks near mid-sized towns throughout France. Patrimoine & Commerce benefits from a significant identified deal flow that will enable it to feed its growth, in terms of both assets under development and operating assets.
Notes: 1 The consolidated financial statements have been subject to audit procedures. The Statutory Auditors' report is to be issued shortly
2 Incl. Group share of Cherbourg and Studio Prod and assets held for sale.
3 Based on annualized rents (or market rental value for vacant spaces) and on property valuation excl. transfer taxes
4 Adjusted for hedging instruments
5 Excluding strategic vacancy
6 As of December 31, 2024, the current operational result is adjusted for the gross real estate margin (+EUR1.8m) and the structural costs and operating income from the real estate development activity (+EUR0.2m)
7 Average 12 months as of December 31, 2024
Patrimoine & Commerce is listed on NYSE Euronext Paris.
ISIN code: FR0011027135 - Mnémo code: PAT
For further information, go to: www.patrimoine-commerce.com
For information, please contact:
PATRIMOINE & COMMERCE PRESS - INVESTORS RELATIONS
Eric DUVAL
Managing Director CYLANS
contact@patrimoine-commerce.com Tél.: +33 (0)7 88 09 17 29
patrimoine-commerce@cylans.fr
Appendix 1: Recurring net result and Net debt
Recurring net result
in millions of euros - 12 months 31/12/2024 31/12/2023 Var. % Gross rental income 52.6 50.5 +4.1% Net rental income 49.1 46.7 +5.2% Operating expenses and other income (6.0) (5.1) +18.5% Adjusted EBITDA 43.0 41.6 +3.5% Net cost of debt (12.2) (10.8) +13.3% Current taxes (0.2) (0.1) +57.6% Funds from operations (FFO) 30.7 30.7 0.0% FFO per share 1.93 EUR 2.03 EUR (5.3%) Change in fair value of properties 1.1 0.2 Change in fair value of financial instruments (0.8) (1.2) Equity method investees 9.4 (1.1) Other income and expenses 0.4 (0.5) Net income 40.8 28.2 +44.6% Minority interest 0.2 0.8 Net profit, group share 41.0 29.0 +41.1%
Consolidated Net debt
in millions of euros 31/12/2024 31/12/2023
Bond loans 30.0 30.0
Borrowings from financial institutions 353.7 347.7
Lease liabilities connected to finance leasing 26.7 27.2
Other lease liabilities 4.6 0.6
Accrued interest 1.9 1.8
Financial liabilities on hedging instruments 0.0 0.0
Bank overdraft 0.1 0.0
Financial liabilities - Partners' current accounts 9.3 8.3
Liabilities related to assets held for sale 0.0 0.0
Total Financial Debt 426.3 415.6
Cash and others 18.9 27.9
Financial assets on hedging instruments 0.2 1.0
Financial assets - Partners' current accounts 19.9 17.5
Consolidated Net Debt 387.3 369.2 Appendix 2: IFRS Consolidated Financial Statements
Assets
in millions of euros 31/12/2024 31/12/2023
Non current assets
Investment properties 883.1 840.6
Tangible and intangible assets 4.7 0.6
Investment in equity-accounted companies 5.4 5.6
Non-current financial assets 10.5 1.5
Non-current deferred tax assets 0.4 0.4
Total - Non current assets 904.1 848.8
Current assets
Current financial assets 0.1 0.6
Trade and other receivables 24.5 22.3
Other receivables 5.2 4.7
Cash and cash equivalents 18.9 27.9
Total - Current assets 48.7 55.6
Assets held for sale 6.3 2.2
Total assets 959.1 906.5
Equity and Liabilities
in millions of euros 31/12/2024 31/12/2023
Equity attributable to owners of the parent
Share capital 159.7 151.0
Additional paid-in capital 37.5 34.5
Legal reserves 4.4 4.0
Consolidated reserves 236.0 220.7
Consolidated earnings 41.0 29.0
Total - Equity attributable to owners of the parent 478.5 439.2
Equity attributable to non-controlling interests 11.0 11.5
Total equity 489.5 450.7
Non current liabilities
Non current financial liabilities 342.0 342.2
Deposits 8.8 8.1
Deferred tax liabilities 0.0 0.0
Other long-term liabilities 0.7 2.4
Total - Non current liabilities 351.6 352.7
Current liabilities
Current financial liabilities 84.3 73.4
Payroll and tax liabilities 7.9 5.9
Trade payables 6.6 7.3
Other liabilities 19.2 16.5
Total - Current liabilities 118.0 103.1
Liabilities related to assets held for sale 0.0 0.0
Total Equity and Liabilities 959.1 906.5
Consolidated statements of comprehensive income
in millions of euros - 12 months 12mois 31/12/24 12mois 31/12/23
Gross rental revenues 52.7 50.5
Service charge income 12.5 11.1
Service charge expenses (16.1) (14.6)
Other building expenses (0.1) (0.3)
Net rental income 49.1 46.7
Real estate development income 4.0 0.0
Cost of sales (2.1) 0.0
Gross real estate margin 1.8 0.0
External expenses and other taxes (6.0) (4.9)
Payroll expenses (0.8) (0.8)
Amortization and provisions (0.1) (0.1)
Other current operating income and expenses 1.1 (0.1)
Total - Operating income and expenses (5.8) (5.9)
Current operating income 45.1 40.8
Other operating income and expenses (1.5) 0.1
Change in the fair value of investment properties 2.1 2.2
Share in earnings of equity-accounted companies 8.4 (3.1)
Operating income 54.1 40.0
Financial income 1.4 0.8
Financial expenses (13.6) (11.6)
Cost of net debt (12.2) (10.8)
Other financial income and expenses (0.9) (1.2)
Income tax benefit (expense) (0.2) 0.1
Net income 40.8 28.2
Minority interests (0.2) (0.8)
Net profit, group share 41.0 29.0
Net income, per share 2.66 1.91
Diluted net income, per share 2.66 1.91
Net income 40.8 28.2
Items that will be reclassified subsequently to profit or loss - -
Items that will not be reclassified subsequently to profit or loss - -
Total comprehensive income 40.8 28.2
of which: - Group share 41.0 29.0
- Non controlling interest (0.2) (0.8)
Average number of shares outstanding 15 412 792 15 170 184
Consolidated statements of cash flows
in millions of euros 31/12/2024 31/12/2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income from consolidated companies 40,8 28,2
Restatements:
Share in earnings of equity-accounted companies (8,4) 3,1
Dividends received from equity-accounted companies 0,0 0,3
Depreciation, amortization and provisions 0,2 0,1
Change in value of investment properties (2,1) (2,2)
Change in value of other assets and liabilities 0,8 1,2
Capital gains and losses on asset disposals 0,1 (0,2)
Net cost of debt 12,2 10,8
Income tax benefit (including deferred tax) 0,2 (0,1)
Gross cash flow from consolidated companies 43,7 41,0
Income tax paid (0,1) (0,1)
Change in operating working capital 0,4 0,1
Net cash flow from operating activities 44,0 41,1
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of investment properties and other fixed assets (14,9) (19,2)
Proceeds from sales of investment properties 2,5 3,3
Movements in loans and other financial assets (0,0) 0,0
Movements in current accounts of equity-accounted companies (2,4) (1,8)
Impact of changes in scope (13,8) 0,0
Net cash flow from investing activities (28,6) (17,7)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to owners of the parent (20,7) (20,0)
Capital increase 20,0 0,0
Dividends paid to non-controlling interests - -
Acquisitions / disposals of treasury shares (1,0) (1,0)
New loans, borrowings and hedging instruments 26,9 16,1
Repayment of loans, borrowings, hedging instruments (30,9) (26,1)
Repayment of loans, borrowings and hedging instruments on assets held for sale 0,0 (0,8)
Repayment linked to rental liabilities (7,5) (7,5)
Interest paid (12,0) (10,5)
Transactions with non-controlling interests - -
Changes in partner's current accounts 0,6 (0,9)
Net cash flow from financing activities (24,5) (50,7)
Change In Cash and Cash Equivalents (9,1) (27,3)
Cash and cash equivalents at beginning of period 27,9 55,2
Cash and cash equivalents at end of period 18,8 27,9
Change In Cash and Cash Equivalents (9,1) (27,3)
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Regulatory filing PDF file File: EN_CP Annual Results 2024
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Language: English
Company: PATRIMOINE ET COMMERCE
45 avenue Georges Mandel
75016 PARIS
France
Phone: +33146994762
E-mail: contact@patrimoine-commerce.com
Internet: https://www.patrimoine-commerce.com/
ISIN: FR0011027135
Euronext Ticker: PAT
AMF Category: Inside information / News release on accounts, results
EQS News ID: 2087845
End of Announcement EQS News Service
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