Vitura: First-Half 2023 Results

• Rental income of €25.6 million
• Portfolio value of €1.4 billion
• Occupancy rate of 88% at buildings in use
• EPRA NTA of €670 million or €39.3 per share

Regulatory News:

Vitura (Paris:VTR):

A unique user experience

Among Vitura's buildings in use, Europlaza in La Défense and Arcs de Seine in Boulogne Billancourt have been highly attractive during the first semester of 2023, with 11,000 sq.m let, i.e. 8% of the surface area, and of one of the few leases transaction exceeding 5,000 sq.m. Rents reach €500/sq.m/year in Boulogne and €480/sq.m/year in La Défense.

Vitura's properties provide a standout user experience, particularly notable for the wide range and quality of amenities they offer, the emphasis placed on low-carbon mobility, the building communities that foster tenant relationships, and the wealth of private green spaces.

At June 30, 2023, the occupancy rate stood at 88% for buildings in use and 71% for the entire portfolio (vs. 81% and 68% respectively at December 31, 2022).

Strategic repositioning of assets

Each of the renovation and repositioning projects led by Vitura, whether it concerns indoor or outside spaces, stands out for its originality and high-quality execution, supported by the most creative architects and designers in the industry.

Architecture firm Naço's complete renovation of Rives de Bercy is proceeding on schedule, with delivery expected in the first quarter of 2024. The project's driving aim is to reduce the property's carbon footprint as much as possible. By analyzing each material's life cycle and sourcing materials from the circular economy, emissions from the project are 26 times lower in CO2 compared to a demolition and reinstatement project.

Work to bring the Passy Kennedy and Office Kennedy buildings together within a single 34,000 sq.m campus, located along the Seine in Paris' wider central business district, will begin on January 1, 2024. The new complex will offer a host of amenities food service facilities, a gym, wellness and social areas, as well as facilities encouraging low-carbon mobility and be aligned with the most exacting environmental standards. Discussions are already underway with international banks to secure the financing of the project.

First-half 2023 results

Rental income for the period totaled €25.6 million, compared with €26.9 million for first-half 2022.

EPRA earnings remained stable at €8.3 million in first-half 2023, compared with €8.8 million for the prior-year period.

While pressure on capitalization rates caused fluctuations in office property values at June 30, 2023, the asset management work carried out on Vitura's assets limited the decline to 4.6%. The value of the Group's portfolio stood at €1,436 million, compared with €1,506 million at December 31, 2022.

IFRS consolidated net debt came to €825 million at June 30, 2023. The average loan-to-value ratio rose mechanically over the period, at 57.4% at June 30, 2023. At December 31, 2022, 100% of the Group's debt was hedged, at an average rate of 0.70%, and the Group was compliant with all financial covenants.

Similarly, the market value of the Group's assets has an impact on EPRA NTA, which stood at €670 million or €39.3 per share at end-June 2023, compared with €756 million or €44.3 per share at December 31, 2022. The dividend was paid on May 25, 2023.

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About Vitura

Created in 2006, Vitura is a listed real estate company ("SIIC") that invests in prime office properties in Paris and Greater Paris. The total value of the portfolio was estimated at €1,436 million at June 30, 2023 (excluding transfer duties).

Thanks to its strong commitment to sustainable development, Vitura was named Global Sector Leader in the most recent Global Real Estate Sustainability Benchmark's (GRESB) listed office property companies category and received two Gold Awards from the European Public Real Estate Association (EPRA) for the quality and transparency of its financial and non-financial reporting.

Vitura is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096).

Visit our website to find out more: www.vitura.fr

APPENDICES

Reconciliation of Alternative Performance Measures (APM)

Recurring cash flow
In thousands of euros	June 30, 2023	June 30, 2022
Net income under IFRS	(79 443)	34 728
Restatement of changes in fair value of investment property	83 924	(6 248)
Other restatements of changes in fair value	3 842	(19 682)
Restatement of other fees (1)	0	0
EPRA earnings	8 323	8 798
EPRA NTA
In thousands of euros	June 30, 2023	June 30, 2022
Shareholders' equity under IFRS	672 358	794 459
Portion of rent-free periods (1)	(16 689)	(19 159)
Elimination of fair value of share subscription warrants	0	0
Fair value of diluted NAV	655 669	775 300
Transfer duties (2)	63 412	76 129
Fair value of financial instruments	(49 414)	(24 559)
EPRA NTA	669 667	826 870
EPRA NTA per share	39,3	48,5
(1) Lease incentives recorded in assets in the IFRS consolidated financial statements under "Non-current loans and receivables" and "Other operating receivables". (2) Transfer duties of 5% applied to the net assets of the subsidiaries holding the properties to allow for the sale of the shares in these entities. 2020 EPRA NTA has been adjusted accordingly.
LTV ratio
In millions of euros	June 30, 2023	June 30, 2022
Gross amount of balance sheet loans (statutory financial statements) (1)	825	830
Fair value of investment property	1 436	1 568
LTV ratio (%)	57,4%	52,9%
(1) Consolidated gross debt at December 31, 2020 recorded in the statutory financial statements.

Occupancy rate
The occupancy rate is the ratio of the surface area let under a lease to the total surface area of the portfolio. At 30 June 2023, the occupancy rate stood at 71% (including 8,500 sq.m of space leased after 30 June 2023).

IFRS Income Statement (consolidated)

In thousands of euros, except per share data
	June 30, 2023	2022	June 30, 2022
	6 mois	12 months	6 mois
Rental income	25 639	54 047	26 855
Income from other services	17 156	23 975	12 453
Building-related costs	(17 048)	(28 646)	(16 857)
Net rental income	25 748	49 377	22 451
	0	0	0
Sale of building	0	0	0
Administrative costs	(4 659)	(8 817)	(4 160)
Depreciation, amortization and impairment	(368)	0	0
Other operating expenses	0	(10)	(6)
Other operating income	1	453	453
Total change in fair value of investment property	(83 924)	(66 653)	6 248
	0	0	0
Net operating income	(63 204)	(25 651)	24 986
	0	0	0
Financial income	7 410	48 863	19 235
Financial expenses	(23 651)	(27 396)	(9 494)
Net ?nancial expense	(16 240)	21 467	9 741
	0	0	0
Corporate income tax	0	0	0
	0	0	0
CONSOLIDATED NET INCOME	(79 443)	(4 183)	34 728
of which attributable to owners of the Company	(79 443)	(4 183)	34 728
of which attributable to non-controlling interests	0	0	0
	0	0	0
Other comprehensive income	0	0	0
	0	0	0
TOTAL COMPREHENSIVE INCOME	(79 443)	(4 183)	34 728
of which attributable to owners of the Company	(79 443)	(4 183)	34 728
of which attributable to non-controlling interests	0	0	0
Basic earnings per share (in euros)	(4,66)	(0,25)	2,05
Diluted earnings per share (in euros)	(4,66)	(0,25)	2,05

IFRS Balance Sheet (consolidated)

In thousands of euros
	June 30, 2023	Dec. 31, 2022	June 30, 2022
Non-current assets
Property, plant and equipment	3	7	11
Investment property	1 436 300	1 506 480	1 568 050
Non-current loans and receivables	13 000	11 254	15 405
Financial instruments	47 958	50 487	24 559
Total non-current assets	1 497 261	1 568 228	1 608 024
Current assets
Trade accounts receivable	16 473	19 412	15 585
Other operating receivables	13 912	17 237	12 731
Prepaid expenses	286	463	227
Total receivables	30 672	37 112	28 543
Financial instruments	5 636	3 699	0
Cash and cash equivalents	15 053	15 167	29 850
Total cash and cash equivalents	20 689	18 866	29 850
Total current assets	51 361	55 978	58 392
TOTAL ASSETS	1 548 621	1 624 207	1 666 416
Shareholders' equity
Share capital	64 933	64 933	64 933
Legal reserve and additional paid-in capital	60 047	60 047	60 046
Consolidated reserves and retained earnings	626 822	634 642	634 752
Net attributable income	(79 443)	(4 183)	34 728
Total shareholders' equity	672 358	755 438	794 459
Non-current liabilities
Non-current borrowings	670 409	679 873	678 936
Other non-current borrowings and debt	10 461	10 541	9 936
Non-current corporate income tax liability	0	0	0
Financial instruments	0	0	0
Total non-current liabilities	680 870	690 414	688 872
Current liabilities
Current borrowings	157 574	144 974	145 898
Financial Instruments	0	0	0
Trade accounts payable	6 438	7 124	7 555
Corporate income tax liability	0	0	0
Other operating liabilities	14 801	9 424	12 560
Prepaid revenue	16 580	16 833	17 072
Total current liabilities	195 393	178 354	183 085
Total liabilities	876 263	868 768	871 957
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	1 548 621	1 624 207	1 666 416

IFRS Statement of Cash Flows (consolidated)

In thousands of euros
	June 30, 2023	2022	June 30, 2022
OPERATING ACTIVITIES
Consolidated net income	(79 443)	(4 183)	34 728
Elimination of items related to the valuation of buildings:
Fair value adjustments to investment property	83 924	66 653	(6 248)
Annulation des dotations aux amortissement	0	0	0
Indemnité perçue des locataires pour le remplacement des composants	0	0	0
Elimination of other income/expense items with no cash impact:
Depreciation of property, plant and equipment (excluding investment property)	3	10	6
Free share grants not vested at the reporting date	0	0	0
Fair value of ?nancial instruments (share subscription warrants, interest rate caps and swaps)	593	(49 310)	(19 682)
Adjustments for loans at amortized cost	1 119	2 069	956
Contingency and loss provisions	0	0	0
Corporate income tax	0	0	0
Penalty interest	0	0	0
Cash flows from operations before tax and changes in working capital requirements	6 196	15 238	9 760
Other changes in working capital requirements	8 511	(24 600)	(16 073)
Working capital adjustments to re?ect changes in the scope of consolidation
Change in working capital requirements	8 511	(24 600)	(16 073)
Net cash flows from operating activities	14 707	(9 361)	(6 313)
INVESTING ACTIVITIES
Acquisition of ?xed assets	(13 744)	(13 343)	(2 012)
Net increase in amounts due to fixed asset suppliers	(1 525)	(6 125)	(6 426)
Net cash flows used in investing activities	(15 269)	(19 468)	(8 438)
FINANCING ACTIVITIES
Capital increase	0	8 225	8 225
Capital increase transaction costs	0	0	0
Change in bank debt	(1 586)	(3 971)	(731)
Issue of ?nancial instruments (share subscription warrants)	0	0	0
Re?nancing/financing transaction costs	0	(1 073)	(1 080)
Net increase in liability in respect of re?nancing	0	0	0
Purchases of hedging instruments	0	0	0
Net increase in current borrowings	3 605	3 763	1 628
Net decrease in current borrowings	0	0	0
Net increase in other non-current borrowings and debt	(81)	1 113	507
Net decrease in other non-current borrowings and debt	0	0	0
Purchases and sales of treasury shares	(57)	(216)	(106)
Dividends paid	(1 433)	(21 323)	(21 323)
Net cash flows from financing activities	448	(13 483)	(12 880)
Change in cash and cash equivalents	(115)	(42 312)	(27 631)
Cash and cash equivalents at beginning of period*	15 167	57 480	57 480
CASH AND CASH EQUIVALENTS AT END OF PERIOD	15 053	15 167	29 850
There were no cash liabilities for any of the periods presented above.

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