Press release Sainte-Marie, February 16, 2022, 21h00
4.1% increase in 2021 revenues for the Property Investment, a strategic development focus
Back to a recurring level of Property Development activity at €59.4 million
Consolidated figures in €M Unaudited IFRS standards |
2021 | 2020 | Variation |
Property Investment : gross rental income Property Development : sales Revenues from related activities |
21.7 59.4 4.6 |
20.9 78.8 4.0 |
+ 4.1% - 24.6% +16.4% |
Annual revenues | 85.7 | 103.6 | -17.3% |
First-half revenues | 36.4 | 37.8 | - 3.9% |
Second-half revenues (1) | 49.4 | 65.8 | -25.0% |
Property Investment : 4.1% increase in gross rental income driven by commercial properties
Property Investment Consolidated figures in €M |
2021 | 2020 | Variation |
Gross rental income | 21.7 | 20.8 | + 4.1% |
Of which Commercial properties | 18.5 | 17.4 | +6.3% |
Of which Residential properties | 2.5 | 2.8 | - 8.7% |
Of which Other | 0.7 | 0.7 | -1.6% |
In 2021, the Property Investment division, CBo Territoria's flagship activity, reported a 4.1% increase in gross rental income, outperforming the Group's 2% growth forecast by 2 points. In line with the Group's strategy to develop a commercial property portfolio and to withdraw from its Residential assets, gross revenues from commercial assets now represent 85% of total rental income, compared with 83% in 2020 and 79% in 2019.
As a result, revenue growth was driven by the commercial assets, whose gross rental income reached €18.5 million, up 6.3%, due to the performance of the shopping centers and the contribution of the new assets: offices acquired in the Ile-de-France region at the end of 2020 and the Le Port Retail Park, delivered in 2021.
As of December 31, 2021, the commercial assets total 94,200 sqm with an occupancy rate of 97%, thereby attesting to the high quality of CBo Territoria's rental offer.
The proportion of gross rental income contributed by commercial assets held by associates (accounted for under the equity method) rose by 20.7% to €3.1 million, driven by the performance of the Terrasses de Saint-Joseph shopping center and by the full-year contribution of the R'Déco business (3,500 sqm) in the Le Port Retail Park
Residential assets, an asset class from which the Group is withdrawing, showed an 8.7% decline in gross rental income to €2.5 million following the sale of residential units in 2020 in accordance with the framework agreement signed with SHLMR/Action Logement in 2019.
Taking into account the sale of 32 homes in 2021, CBo Territoria's residential portfolio consisted of 287 homes at December 31, 2021, compared with 319 at the end of December 2020, including 268 under the SHLMR/Action Logement framework agreement.
Property Development : Back to a recurring level of activity after a peak in sales in 2019 and 2020, announced in the 2018 strategic plan
Property Development Consolidated figures in €M |
2021 Turnover |
2020 Turnover |
Variation |
Property development: properties | 38.2 | 50.8 | -24.7% |
Of which Private Residential | 24.0 | 24.6 | -2.3% |
Of which Social Housing | 7.2 | 6.7 | +8.4% |
Of which Commercial | 7.0 | 19.5 | -64.2% |
Property development: building plots | 21.1 | 28.0 | -24.5% |
Of which Sales of residential plots | 14.8 | 16.2 | -8.5% |
Of which Sales of commercial plots and miscellaneous | 6.3 | 11.8 | -46.5% |
Total Property Development | 59.3 | 78.8 | -24.6% |
After two years of peak activity driven by commercial properties (off-plan sale of the largest Leroy Merlin store on Reunion Island) and by the launch of highly sought-after residential land plots, Property Development revenues will return in 2021 to a recurring level of €59.4 million (down 24.6% compared to 2020).
16.4% increase in revenues from ancillary activities
Ancillary activities, which include outdoor activities, will report a 16.5% increase in revenues in 2021 to €4.6 million.
(1)Details of Second-half revenues
Consolidated figures in €M Unaudited IFRS standards |
2021 | 2020 | Variation |
Second-half revenues | 49.4 | 65.8 | -25.0% |
Of which Property Investment: gross rental income Of which Property Development: sales Of which revenues from related activities |
10.7 36.4 2.3 |
10.4 53.1 2.3 |
+3.0% -31.6% +1.2% |
Next financial agenda release
2021 revenues: Wednesday, March 16, 2022, before market close
A propos de CBo Territoria
Foncière, Aménageur et Promoteur de référence à La Réunion et Mayotte, CBo Territoria est un opérateur immobilier coté sur Euronext C (FR0010193979, CBOT), et éligible au PEA PME.
Le Groupe qui s'appuie sur les meilleures pratiques de gouvernance, fait partie du Top 10 (compartiment C) du Gaïa Index pour sa démarche ESG.
Propriétaire de 2 950 hectares, CBo Territoria a pour ambition de devenir une Foncière majoritairement tertiaire dont le développement est co-financé par les résultats de son activité de Promotion.
Contacts
Relations investisseurs Caroline Clapier Dirce Administrative et Financière direction@cboterritoria.com |
Relations presse Paris dmorin@capvalue.fr |
Relations presse Réunion Catherine Galatoire 06 92 65 65 79 cgalatoire@cboterritoria.com |
Regulated information:
Inside Information:
- Information on annual revenues
Full and original press release in PDF: https://www.actusnews.com/news/73271-pr-cbot-ca21_eng_16.02.2022.pdf