Key financial information
- Net rental income up +4.2% on a like-for-like basis versus
the first nine months of 2022
- Confirmation of expected recurring earnings per share of
€1.57 in 2023, corresponding to organic growth of +8%
Trading for the first nine months of 2023
- Retailer sales up +6% and footfall up +3% versus the first
nine months of 2022
- Good leasing momentum: 602 leases signed in the first nine
months of the year, positive reversion (+0.3%)
- Financial occupancy at 96.0%, stable versus end-September
2022
Significant events
- Agreement signed to acquire 93% of the capital of Galimmo
SCA
- New €500 million bond issue
- S&P Rating maintained at BBB, with stable outlook (Solid
balance sheet: EPRA LTV ratio1 at 37.3% as of 30 June 2023, net
debt / EBITDA à 7.7x, ICR at 4.5x, refinancing complete until
2027)
- Sale of an asset in France for €35 million, for a total of
ca. €280 million of asset sales since the beginning of 2022 (ca. 5%
of the portfolio)
Regulatory News:
Marie Cheval, Chair and Chief Executive Officer of Carmila
commented:
« Carmila’s performance this quarter confirms strong operating
dynamics and the relevance of its strategy based on a pivot of the
merchandising mix. Continued strong leasing activity and asset
sales in line with appraisal values demonstrate the quality of
Carmila shopping centres anchored in local regions and benefiting
from the attractiveness of Carrefour hypermarkets
The third quarter was above all marked by the signing of an
agreement to acquire Galimmo, with acquisition finance now secured
through the bond issued at the beginning of October. This
acquisition will enable us to roll out the powerful
Carrefour/Carmila ecosystem across a complementary geographical
perimeter. »
First nine months 2023
First nine months 2022
Change
Life-for-Like Change
Gross Rental Income (€m)
278.6
268.9
+3.6%
-
Net Rental Income (€m)
258.3
253.6
+1.8%
+4.2%
France
177.1
175.2
+1.1%
-
Spain
63.9
63.0
+1.6%
-
Italy
17.3
15.5
+11.7%
-
Net rental income up +4.2% on a like-for-like basis versus
the first nine months of 2022
In the first nine months of 2023, net rental income increased by
+4.2% on a like-for-like basis, primarily due to indexation of
rents.
As published, taking into account the sale of eight assets in
France and four assets in Spain, net rental income is up +1.8%
versus the first nine months of 2022.
The collection rate for the period came out at 96%2, at the same
level as in September 2022.
Confirmation of expected recurring earnings per share of
€1.57 in 2023
Recurring earnings per share for Carmila in 2023 are expected to
be €1.57, corresponding to 8% organic growth (at constant scope,
and versus 2022 recurring earnings per share adjusted for
non-recurring income resulting from better-than-expected collection
of prior year rents). This figure includes the impact of asset
sales and new financing put in place since the beginning of the
year.
As a reminder, the dividend policy of Carmila’s 2022-2026
strategic plan is to pay at least €1.00 per share in cash, with a
payout ratio of 75% of recurring earnings.
Retailer sales up +6% and footfall up +3% versus the first
nine months of 2022
In the first nine months of 2023, retailer sales are up +6%
versus the first nine months of 2022 (+6% in the third
quarter).
Footfall is also up, +3% versus the first nine months of 2022
(+2% in the third quarter), demonstrating the relevance of Carmila
centres and the attractiveness of Carrefour hypermarkets.
Good leasing momentum
In the first nine months of 2023, leasing activity was strong,
with 602 new leases signed. Reversion was +0.3% on average over the
first nine months. This indicator includes new leases on vacant
premises and renewals.
Notable leasing transactions were signed in the quarter with the
following retailers:
- Retailers that bring exclusivity or
differentiation to the merchandising-mix such as Normal, Marquette
and Claire’s in France and Pepco in Spain - Retailers helping us to
develop the food and beverage offering such as Crêp'touch in France
and Popeyes in Spain, as well as independent concepts - In
heathcare, Krys and Grand Optical, as well as a new pharmacy in
Chambery
Financial occupancy stood at 96.0% at end September 2023,
unchanged vs. end September 2022.
Agreement signed to acquire 93% of the share capital of
Galimmo SCA
On July 12 2023, Carmila signed an agreement with the
controlling shareholders of Galimmo SCA to acquire 93% of the
company’s capital. The acquisition of Galimmo will be completed
simultaneously with the acquisition of Cora France by
Carrefour.
Galimmo’s 52 assets, mostly located in the North-East of France,
were valued at €688 million at end-December 2022. The total
consideration for the acquisition of 100% of the shares of Galimmo
represents €294 million, to be paid in cash by Carmila.
Thanks to Galimmo’s low level of indebtedness, the impact on
Carmila’s LTV ratio is estimated at approximately +160 basis
points.
The potential transaction offers a compelling value proposition
to Carmila’ shareholders, with an implied net initial yield of 9.8%
on Galimmo’s portfolio and accretion of both Net Asset Value per
share (+5% pro forma) and EPRA earnings per share (+3 to 5% pro
forma). This estimate of the recurring EPS accretion includes the
cost of acquisition financing put in place in October 2023 (see
below).
The closing of the transaction is expected to occur in the
summer of 2024 once all the related anti-trust and regulatory
approvals have been obtained.
New €500 million bond issue, to finance the acquisition of
Galimmo
On 9 October 2023 Carmila successfully issued €500 million of
bonds maturing in October 2028, with a total orderbook of more than
€1.1 billion (2.2x oversubscribed). The proceeds of the bonds will
principally be used to finance the acquisition of Galimmo. The
bonds have a 5.5% coupon and were priced at a spread of 218 basis
points above the 5-year swap rate.
As well as the financing of the Galimmo acquisition, Carmila’s
current cash position is sufficient to cover the repayment of
Carmila’s outstanding bond maturing in September 2024. The next
bond maturity is then not before 2027.
S&P rating maintained at BBB, with stable outlook
On 19 October 2023 Carmila’s credit rating was reviewed by
S&P and was maintained at BBB with a stable outlook.
Carmila’s financial position is solid, with an EPRA LTV ratio
including real estate transfer taxes of 37.3% at end-June 2023, a
net debt to EBITDA ratio of 7.7x as of 30 June 2023 and an Interest
Coverage Ratio of 4.5x.
Asset sale in France for €35 million
On 3 August 2023, Carmila signed an agreement with Etixia (the
property company of Kiabi) for the sale of Bay 1 in Torcy, in the
Ile-de-France region. This asset, acquired in 2014 and 100%
occupied, consists of 25 units, including many innovative
restaurant concepts and several midsized stores.
The sale price of €35 million including transfer taxes is in
line with the appraisal value. The transaction is expected to close
in the second half of 2023. This agreed sale follows the disposal
of an asset in Tarnos, France, in the second quarter of 2023, for
€8 million including transfer taxes, in connection with Carmila’s
new target, announced in February 2023, to sell a further €100
million of assets by end 2024.
Since the launch of its new strategic plan at the beginning of
2022, Carmila has sold a total of 13 assets, all in line with
appraisal values, for ca. €280 million, including transfer taxes,
representing ca. 5% of the portfolio by value.
Signing of a new charter on energy sobriety
On 18 October, Carmila signed a charter promoting energy
sobriety, alongside a number of other commercial real estate
companies and organisations, and in the presence of the Minister
for Energy Transition, Agnès Pannier-Runacher, as well as the
President of the Sustainable Building Plan3 Philippe Pelletier and
the President of The French Agency for Ecological Transition4,
Sylvain Waserman.
Carmila recognised for the quality of its and sustainability
and financial reporting (EPRA sBPR and EPRA BPR)
Carmila obtained its fourth EPRA sBPR5 Gold award, highlighting
the Company’s alignment with the highest standards in non-financial
reporting. Carmila also received an EPRA BPR Gold award for the
quality of its financial disclosure.
INVESTOR AGENDA 13 February 2024 (after market
close): 2023 annual results 14 February 2024: Annual
results presentation 17 April 2024 (after market close):
Financial information for the first quarter 2024 24 April
2024: Annual Shareholder Meeting 24 July 2024 (after market
close): First half 2024 results 25 July 2024: First half
2024 results presentation 17 October 2024 (after market
close): Financial information for the third quarter 2024
ABOUT CARMILA
The third-largest listed owner of retail property in Europe,
Carmila was founded by Carrefour and institutional investors to
enhance the value of shopping centres adjoining Carrefour
hypermarkets in France, Spain and Italy. At 30 June 2023, its
portfolio was valued at €6.0 billion and made up of 202 shopping
centres, with leading positions in their catchment areas.
Carmila is listed on Euronext-Paris Compartment A under the
symbol CARM. It benefits from the tax regime for French real estate
investment trusts (“SIIC”).
Carmila has been a member of the SBF 120 since 20 June 2022.
Important notice
Some of the statements contained in this document are not
historical facts but rather statements of future expectations,
estimates and other forward-looking statements based on
management’s beliefs. These statements reflect such views and
assumptions prevailing as of the date of the statements and involve
known and unknown risks and uncertainties that could cause future
results, performance or events to differ materially from those
expressed or implied in such statements. Please refer to the most
recent Universal Registration Document filed in French by Carmila
with the Autorité des marchés financiers for additional information
in relation to such factors, risks and uncertainties. Carmila has
no intention and is under no obligation to update or review the
forward-looking statements referred to above. Consequently, Carmila
accepts no liability for any consequences arising from the use of
any of the above statements.
This press release is available in the
“Financial Press Releases” section of Carmila’s Finance
webpage:https://www.carmila.com/en/finance/financial-press-releases
1 Including real estate transfer taxes 2 As of 12 October 2023 3
Plan Bâtiment Durable 4 ADEME 5 Sustainability Best Practice
Recommendations
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231020240205/en/
INVESTOR AND ANALYST CONTACT Jonathan Kirk – Head of Investor
Relations jonathan_kirk@carmila.com
+33 6 31 71 83 98
PRESS CONTACT Elodie Arcayna – Corporate Communications Director
elodie_arcayna@carmila.com +33 7 86 54
40 10
Grafico Azioni Carisma Therapeutics (NASDAQ:CARM)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Carisma Therapeutics (NASDAQ:CARM)
Storico
Da Giu 2023 a Giu 2024