2022 Half-Year Results

28 Jul 2022

Significant growth in FFO1 expected for 2022

FFO H1 2022: +10.2%


“Altarea reported solid financial performance for the first half, with double-digit growth in FFO.

Despite a fairy difficult general environment, Altarea’s teams has shown their great agility and reacted in the best possible way across all our business lines. In Residential, we managed to improve our offering and offset the increase of construction costs by higher price. In Retail, we carried on our asset management strategy while operations are back to normal. In Business Property, we had many successful operations across all our product ranges and territories.

This performance does sit not only on the huge urban transformation market in which Altarea holds the leader position, but also and above all on our know-how and our mindset as a developer. Altarea already offers the most comprehensive range of real estate products in the market, furthermore we are in the process of extending it to other promising segments such as logistics in different forms and property infrastructure for low-carbon city. The portfolio of new products we are developing should start to bring their contribution from 2023 onwards.

However, we could not ignore the fact that we are operating in a difficult environment with a risk of further deterioration. But our previous experience tells us that Altarea has always been able to make a difference in those particular contexts. Therefore, we are vigilant and ready to face all types of situations that may occur, relying on our particularly strong financial resources.

Having said that, Altarea’s long-term outlook is fundamentally positive. It is driven by the combination of a growing market and the skills and expertise we have put together around our entrepreneur spirit. Regarding our financial performance, we are confident in Altarea’s capability to deliver significant FFO growth provided the environment does not deteriorate further."

Alain Taravella, Chairman and Founder of Altarea

[1]  Funds from operations (FFO): net profit excluding changes in value, estimated expenses, transaction fees and changes in differed tax. Group share.

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