Argan : Half-Year Financial Report 2021, 3 August 2021

French public limited company (Société Anonyme) with an Executive Board and Supervisory Board with share capital of €45,177,090

Registered office: 21, rue Beffroy

92200 Neuilly sur Seine

393 430 608 Nanterre Trade and Companies Register

HALF-YEAR FINANCIAL REPORT

Period from 1st January to 30 June 2021

This document is a full free translation of the original French Rapport Financier Semestriel. It is not a binding document. In case of discrepancies, the French version shall prevail.

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TABLE OF CONTENTS

HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS AND STATUTORY AUDITORS' REVIEW REPORT ON THE HALF-YEARLY FINANCIAL INFORMATION

(Period from 1st January to 30 June 2021)	3
Consolidated balance sheet	4
Consolidated income statement	5
Statement of income and expenses recognised	6
Consolidated cash-flow statement	7
Statement of changes in consolidated equity	8
Notes to the consolidated financial statements	9
Statutory auditors' review report on the half-yearly financial information	38
EXECUTIVE BOARD'S HALF-YEAR ACTIVITY REPORT	43

DECLARATION BY THE PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL

REPORT

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ARGAN

French public limited company (Société Anonyme) with an Executive Board and Supervisory Board

with share capital of €45,177,090

Registered office: 21, rue Beffroy

92200 Neuilly sur Seine

393 430 608 Nanterre Trade and Companies Register

Half-Year Consolidated Financial Statements

as at 30 June 2021

From 1st January to 30 June 2021

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I - Consolidated balance sheet

ASSETS (in thousands of euros)	Notes	30.06.2021	31.12.2020
Non-current assets:
Goodwill	8	55,648	55,648
Other intangible assets	9	4	8
Tangible fixed assets	10	11,605	11,719
Assets under construction	11.1	219,329	128,919
Investment properties	11.2	3,290,254	3,074,935
Investments in associates	17
Financial derivative instruments	12	178	82
Other non-current assets	13	4,596	1,485
Total non-current assets		3,581,614	3,272,794
Current assets:
Trade receivables	14	31,305	42,308
Other current assets	15	35,449	41,297
Other financial assets at fair value through income
Cash and cash equivalents	16	42,128	37,472
Total current assets		108,882	121,076
Assets held for sale	18	68,366
TOTAL ASSETS		3,758,862	3,393,870
LIABILITIES (in thousands of euros)	Notes	30.06.2021	31.12.2020
Shareholders' equity:
Capital	19.1	45,177	44,618
Premiums	19.1	272,435	295,733
Reserves		1,147,711	869,177
Treasury shares	19.3	-107	-238
Revaluation of financial instruments	12	-9,540	-9,588
Income		338,289	278,864
Total equity, share of owners of the parent company		1,793,965	1,478,566
Minority interests		34,034	4
Total consolidated shareholders' equity		1,827,999	1,478,570
Non-current liabilities:
Long-term portion of financial liabilities	20	1,662,542	1,665,392
Financial derivative instruments	12	6,286	9,876
Security deposits	22	10,194	10,558
Provisions	23
Total non-current liabilities		1,679,022	1,685,826
Current liabilities:
Short-term portion of financial liabilities	20	130,344	111,115
Financial derivative instruments	12
Short-term tax liabilities	24		25
Debts on fixed assets		8,819	37,399
Provisions	23	311	258
Other current liabilities	25	94,028	80,678
Total current liabilities		233,502	229,475
Liabilities classified as held for sale	21	18,339
TOTAL LIABILITIES		3,758,862	3,393,870

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II - Consolidated income statement

Period from 1 January 2021 to 30 June 2021

In thousands of euros	Notes	30.06.2021	30.06.2020
Rental income		76,182	69,505
Property operating income and expenses		-1,094	-1,171
Other income and expenses on buildings		1,411	1,140
Net income from buildings	26	76,500	69,475
Other income from operations
Personnel expenses		-1,953	-2,287
External expenses		-1,221	-1,000
Taxes		-733	-764
Amortisation, depreciation and provisions (1)
	-140	-1,186
Other operating income and expenses		-63	-23
Current operating income		72,389	64,215
Income from disposals	11.5	-7	-83
Change in fair value of investment property	11	285,177	5,681
Operating income		357,560	69,813
Income from cash and cash equivalents	27	22	-6
Cost of gross financial debt	27	-16,849	-18,069
Cost of net financial debt	27	-16,827	-18,075
Other financial income and expenses	28	-1,978	-1,971
Tax expense or income	29
Share of income from associates	17	-53	-155
Net income		342,658	49,611
Equity holders of the parent		338,289	49,612
Non-controlling interests		4,369	0
Earnings per share in euros	30	14.98	2.22
Diluted earnings per share in euros	30	15.10	2.23

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