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Inclusio SA Interim / Quarterly Report 2021
3965_10-q_2021-05-20_d6398608-4dbc-4c92-a20b-8b0b9fc33f9c.pdf
Interim / Quarterly Report
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Inclusio Quarterly Information – First quarter 2021
Highlights
- Expansion of operational portfolio with the purchase of Jardins de Fraipont et the completion of 28 apartments (19 apartments in the second part of the Clos de l'Auflette project and 9 apartments in Sint-Niklaas)
- Rental income : 1.4 M € in line with budget announced at IPO
- Overhead costs well under control at 0.4 M €
- Positive variation of fair value of the real estate portfolio : +1.6 M€ (this represents a 1% increase on a like-for-like basis)
- Debt ratio still very low : 10.3% as of March 31, 2021
- NAV per share : 21.00 € as of March 31, 2021 (vs 20.59 € as of December 31, 2020)
- Confirmation of estimated gross dividend of 44 cents per share
Les Jardins de Fraipont – Fraipont (province of Liège)
Operating activities
During the first quarter of 2021, Inclusio purchased « Les Jardins de Fraipont ». This new building located in Trooz (province of Liège) can accommodate up to 40 residents requiring assistance to accomplish most of the essential activities of their daily life. As of March 31, 2021, more than 100 vulnerable people get a chance to live in specialised supported housing funded by Inclusio.
In February, 19 additional apartments were completed in Cuesmes (Mons) (2nd stage of Clos de l'Auflette project) and 9 apartments in a new building in Sint-Niklaas. 86 new individuals can now benefit from an affordable accommodation bringing to more than 1,600 the number of individuals living in the buildings let by Inclusio to social rental agencies.
These new units are fully let and will generate a rental income of 462 k€ per year.
Dendermondsesteenweg – Sint-Niklaas
1. Income statement of March 31st, 2021
1.1. Income statement
| In € | 31.03.2021 |
|---|---|
| Rental income | 1,429,631 |
| Rental-related charges | 11,978 |
| NET RENTAL INCOME | 1,441,609 |
| Recovery of charges and taxes payable by the tenant | 149,426 |
| Charges and taxes applicable on let properties | -321,211 |
| PROPERTY RESULT | 1,269,823 |
| Technical and commercial expenses | -24,264 |
| Property management costs | -74,149 |
| Corporate overheads | -385,474 |
| OPERATING RESULT BEFORE RESULT ON PORTFOLIO | 785,936 |
| Gain on disposal of investment properties | 19,840 |
| Changes in fair value of investment properties | 1,615,394 |
| Other result on portfolio | 12,917 |
| OPERATING RESULT | 2,434,088 |
| Financial result | -1,717 |
| Changes in fair value of financial assets and liabilities | 357,839 |
| Share in the result of associated companies and joint ventures | 147,802 |
| Corporate tax | 11,592 |
| NET RESULT | 2,948,684 |
| NET RESULT OF OPERATING ACTIVITIES | 794,891 |
| Per share | 0.11 |
Comments over income statement
Rental income reached 1.4 M€ during the first quarter of 2021, in line with the anticipated result announced at IPO and the property result amounted to 1.2 M€ as of March 31, 2021.
Corporate overhead costs amounted to 0.4 M€ during the first quarter. Therefore, the operating result before result on portfolio reached 0.8 M€.
During the first quarter, the real estate portfolio registered a 1.6 M€ positive change in fair value of investment properties and a gain of 20 k€ was realized on the sale of two parking spaces in the Domaine des Etangs.
Thanks to the positive impact of the change in fair value of financial assets and liabilities, the net result of the first quarter amounted to 2.9 M€.
Domaine des Etangs - Anderlecht VillaVip - Bredene
1.2. Balance sheet
| In € | 31.03.2021 | 31.12.2020 | |
|---|---|---|---|
| I | Non-current assets | 162,640,882 | 151,370,428 |
| I B. | Intangible assets | 77,485 | 83,300 |
| I C. | Investment properties | 161,737,229 | 150,766,582 |
| I C. a. | Investment properties in operation | 139,565,478 | 129,244,698 |
| I C. b. | Development projects | 22,171,752 | 21,521,885 |
| I D. | Other tangible assets | 20,989 | 19,341 |
| I E. | Non-current financial assets | 197,913 | 49,456 |
| I I. | Participations in associated companies and joint ventures | 607,266 | 451,747 |
| II | Current assets | 5,791,122 | 11,902,876 |
| II D. | Trade receivables | 236,260 | 96,873 |
| II E. | Tax receivables and other current assets | 212,292 | 250,016 |
| II F. | Cash and cash equivalents | 4,810,413 | 11,059,315 |
| II G. | Accrued charges and deferred income | 532,158 | 496,672 |
| TOTAL ASSETS | 168,432,005 | 163,273,304 | |
| SHAREHOLDER EQUITY | 150,914,765 | 147,966,767 | |
| A | Capital | 139,077,347 | 139,077,347 |
| B | Share premium account | 8,381,743 | 8,381,743 |
| C | Reserves | 506,990 | 474,128 |
| D | Net result of the financial year | 2,948,684 | 33,549 |
| LIABILITIES | 17,517,240 | 15,306,537 | |
| I | Non-current liabilities | 10,000,000 | 10,221,779 |
| I B | Non current financial debts | 10,000,000 | 10,000,000 |
| I C | Other non-current liabilities | 0 | 221,779 |
| II | Current liabilities | 7,517,240 | 5,084,758 |
| II B | Current financial debts | 388,461 | 154,696 |
| II D | Trade debts and other current debts | 6,975,206 | 4,871,730 |
| II E | Accrued charges and deferred income | 153,573 | 58,332 |
| TOTAL EQUITY AND LIABILITIES | 168,432,005 | 163,273,304 | |
| Number of shares | 7,187,558 | 7,187,558 | |
| NAV | 21.00 | 20.59 | |
| Debt RREC | 17,363,667 | 15,026,426 | |
| Debt ratio (Royal Decree-RREC)1 | 10.31% | 9.20% |
Comments on the balance sheet
The increase in the value of investment properties results from the acquisition of new buildings detailed here above and from the positive change in fair value of the real portfolio (on a like-for-like basis) determined by the independent valuer for the first quarter.
The cash and cash equivalents decreased to 4.8 M€ as the purchase of Jardins de Fraipont was financed with the cash available on December 31, 2020 and more than 4 M€ have been invested in the projects under development.
The liabilities have increased by 2.2 M€ as a result of the significant but temporary increase in trade debts.
Shareholder equity amounted to 150.9 M€ as of March 31, 2021 and the resulting Net Asset Value per share (NAV) reached 21.00 € (an increase of 2% over the NAV per share of 20.59 € as of December 31, 2020). The debt ratio remains extremely low at 10.31% as of March 31, 2021.
1 This debt-to-assets ratio is calculated in accordance with the RREC Royal Decree
Inclusio closed this first quarter on a positive mood with the timely delivery of planned acquisition and building completions. Barring any significant unforeseen events, the company should be in a position to pay the anticipated gross dividend of 44 cents per share in May 2022.
For more information, please contact us:
Marc BRISACK, Vice CEO Jean-Luc COLSON, CFO T : +32 475 20 01 94 T : +32 475 32 35 74
[email protected] [email protected]
About Inclusio
Inclusio is a company established under Belgian law active in the field of real estate of a social nature in Belgium. The project took its concrete shape at the end of 2014 at initiative of three partners, which reunited their social real estate ambitions: Bank Degroof Petercam (through a subsidiary), Kois and Re-Vive. Inclusio obtained its approval as a public RREC in December 2020 and has been listed on Euronext Brussels since 10 December 2020. Its equity capital, combined with lines of credit, has enabled it to develop its investment activities, mainly in affordable housing, the disability sector and social infrastructure, to reach a portfolio value of EUR 150 million as of 31 December 2020.
www.inclusio.be Avenue Herrmann-Debrouxlaan 40, 1160 Brussels - BE 0840.020.295
