01/09/2022
Inclusio published its half-year financial results!
Marc Brisack, CEO of Inclusio: “Inclusio remains faithful to its strategy of investing only in social real estate assets. However, opportunities for new projects are decreasing due to the recorded increase in construction costs combined with the rise in interest rates. Nonetheless, the strong financial structure and pipeline of projects under development ensure that results will keep progressing in the coming years.”
Click here to read the full press release:
FR:https://inclusio.be/wp-content/uploads/2022/09/Inclusio_Rapport-semestriel-30-06-2022.pdf
NL:https://inclusio.be/wp-content/uploads/2022/09/Inclusio_Halfjaarlijks-financieel-verslag-2022-06-30.pdf
EN:https://inclusio.be/wp-content/uploads/2022/09/Inclusio_Half-year-financial-report-2022-06-30.pdf
Increasing operating result
· Increase in net rental income to EUR 5.1 million compared to EUR 3.0 million at 30 June 2021 (+70%)
· The operating result from buildings totalled EUR 4.4 million.
· Operating income before portfolio result was EUR 3.1 million (margin of 61.3% on net rental income at 30 June 2022 compared to 53.8% in the first half of 2021).
· Distributable profit of EUR 2.7 million (or EUR 0.36 per share)
Real estate portfolio
· Acquisition of Financière de Roosevelt, owner in Aywaille of a centre for asylum seekers rented to the Belgian Red Cross
· Acquisition of Trifax, owner in Mouscron of two buildings totalling 33 affordable housing units, rented to AIS Mouscron Logement
· Following these acquisitions and the revaluation of EUR 6.7 million of the portfolio (+3.1%) for the first half of 2022, the real estate portfolio is approaching EUR 240 million.
· Occupancy rate of 99.8% reflecting long-term commitments with Social Rental Agencies (SRA) and other partners (Red Cross, Samusocial)
Balance Sheet
· The debt ratio stood at 28.1% on 30 June 2022 (compared to 24.3% on 31 December 2021) following the acquisitions realized in the first half of 2022 and the payment of the first dividend in May 2022.
· The cost of debt was 1.52% for the first half of 2022 and 81% of debts were covered against higher interest rates up to August 2026.
· IFRS Net Asset Value (NAV) per share at 30 June 2022 reached EUR 23.77 (up 5.2% compared to 31 December 2021).
Outlook for 2022
· Based on the strong results of the first semester of 2022, Inclusio is revising upwards its estimate for the 2022 gross dividend to a minimum of EUR 0.65 per share (+30% above the dividend paid in May 2022)
