Regulatory News:
CARMILA (Paris:CARM):
Key information
- Recurring earnings per share of €0.85, up 2.6% versus first
half 2022
- Confirmation of expected recurring earnings per share of
€1.57 in 2023
- Agreement to acquire 93% of Galimmo SCA
First-half year 2023 trading and financial
performance
- Retailer sales up 7% versus first half 2022
- Good level of leasing activity: 417 new leases signed,
positive reversion of 0.4%
- High financial occupancy (96.1%, -0.1 point versus end June
2022)
- Net rental income up 4.5% on a like-for-like basis versus
first half 2022
- Stable portfolio valuation at constant scope: -0.6% versus
end 2022
- EPRA Net Tangible Assets per share of €24.35 at end June
2023
- Closing of two asset sales agreed in February 2023 for a
total amount of €90 million
- Sale of an asset in France for €8 million, in line with the
appraisal value, as part of the new target to sell €100 million of
assets by end 2024
Solid balance sheet
- New secured loan of €276 million and bond private placement
of €25 million
- Additional interest rate hedging since end December
2022
- LTV1 ratio at 37.3% as of 30 June 2023, net debt to EBITDA
at 7.7x, ICR at 4.5x
Marie Cheval, Chair and Chief Executive Officer of Carmila
commented:
“Carmila has again delivered a strong financial performance in
the first half of the year, thanks to its strategy based on
pivoting the merchandising mix, growth initiatives and asset
rotation.
The solid financial position and operating agility of Carmila,
reinforced by the successful execution of its strategy plan, have
enabled Carmila to enter a new stage of its development with the
acquisition of Galimmo.
The accretive and value creating project will result in the
rolling out of the powerful Carrefour/Carmila ecosystem across a
complementary geographical perimeter.”
1. Key financial highlights
First half 2023
First half 2022
Change
Like-for- like change
Gross rental income (€m)
188.8
182.8
+3.3%
Net rental income (€m)
175.0
172.2
+1.6%
+4,5%
EBITDA (€m)
153.2
149.5
+2.4%
Recurring earnings (€m)
121.9
120.1
+1.5%
Recurring earnings per share (€)
0.85
0.83
+2.6%
30 June 2023
31 Dec.
2022
Change
Like-for- like change
Property portfolio valuation (€m)
including transfer taxes
6,022
6,166
-2.3%
-0.6%
Net Potential Yield
6.54%
6.37%
+17 bps
Net Initial Yield
6.26%
6.14%
+12 bps
EPRA LTV Ratio, including RETTS
37.3%
35.8%
+150 bps
EPRA LTV Ratio
39.2%
37.6%
+160 bps
EPRA NDV2 per share (€)
24.78
25.76
-3.8%
EPRA NTA3 per share (€)
24.35
25.26
-3.6%
2. Trading
Retailer sales up 7% versus first-half 2022
Retailer sales were up by 7% in the first half of 2023 compared
with first-half 2022, anchored by the strength of Carrefour
hypermarkets. The period saw the continuation of the cost-of-living
crisis, but was also marked by an improved economic outlook,
inflation levelling off and sustained consumer spending.
Footfall was also higher year on year, rising 3% and
demonstrating the relevance of Carmila's shift towards a refreshed
merchandise mix, with new retail brands and new products and
services. Footfall was also supported by various omnichannel
commercial initiatives, in synergy with Carrefour.
The improvement in footfall was particularly significant in
Spain (up 5.5% compared with the first half of 2022). Spain is
currently experiencing stronger business momentum, notably thanks
to tourism, which is fuelling performance for the largest shopping
centres in Carmila's Spanish portfolio, located in tourist and
coastal areas.
The average Occupancy Cost Ratio of Carmila tenants as of 30
June 2023 (last 12 months) was 10.4%, down -10 basis points versus
2022.
Leasing momentum maintained
Carmila’s leasing activity was dynamic in the first half of
2023, with 417 new leases signed. Rent levels in the leases signed
were 0.4% higher than that of the previous leases.
Momentum remained robust for leasing activity in the first half
of 2023, enabling the rapid re-letting of units affected by the
court-ordered liquidation of a number of French ready-to-wear
retailers. As of 30 June 2023, Carmila tenants concerned by
bankruptcy or recovery plans in France represented 2.6% of the
rental base (0.6% for court-ordered liquidations).
In France, new leases were signed with the following retailers
during the first half of the year:
- In dynamic sectors such as sport, telephony, health and
well-being: Fitness Park, Courir, Free, SFR, Bouygues, Qipao
Beauty, Alain Afflelou, Lazeo, as well as a number of pharmacies
and medical laboratories.
- Innovative and leading retailers: Normal, Blue Box, Lovisa,
Adopt', La Boutique du Coiffeur, Le Comptoir de Mathilde, Darty and
Leonidas.
- Food service: Crêpe Touch, Subway, Yogurt Factory and Donuts
& Donuts.
- Retailers partnered by Carmila Retail Development: Cigusto,
Bohébon and Mon Petit Herbier.
Leasing activity was also buoyant in Spain, where new leases
were signed with discount brands such as Pepco and Kik. In the food
service sector, we are continuing to work with major international
brands such as KFC, as well as local independent retailers
(including traditional cafés and new trends such as bubble tea
shops).
In the sports sector, Carmila signed several new leases with
Decimas, a national leader in Spain. Pet stores developed further
at Carmila centres in Spain in first-half 2023, with the opening of
a new store for the national brand Kiwoco. Lastly, in the health
& beauty sector, Carmila continued its partnerships with
national brands such as Druni (perfumery) and Soloptical.
The financial occupancy rate at end June 2023 was 96.1%, down
-10 basis points versus end-June 2022.
Carmila continues to transform its assets
Carmila continued to implement its strategy of asset
transformation through restructuring projects and new restaurant
developments. In 2023, Carmila plans to deliver around 30 projects
of this kind, for a total investment of approximately €40
million.
None of the five major extension projects (Montesson, Orléans
Place d'Arc, Antibes, Toulouse Labège and Tarrassa) is currently
under construction. These projects have been reviewed, resulting in
a significant reduction in the estimated capital outlay, which now
represents €200 million (€50 million a year from 2025).
Regarding urban development, 13 Carmila sites are concerned by
the project announced by Carrefour and Nexity and Carmila is
pushing ahead with Carrefour and Altarea Cogedim on the Nantes
Beaujoire and Sartrouville mixed-use projects.
3. Financial results
Net rental income up 1.6% versus H1 2022, 4.5% on a
like-for-like basis
In the first half of 2023, net rental income was up 1.6% versus
the first half of 2022. This increase in net rental can be
explained by the following factors:
- Organic growth of 4.5%, mainly driven by the indexation of
rents (+3.7%)
- The impact of acquisitions and disposals, which amounted to €
-5.0 million, or -2.9% (sale of eight assets in France, and four
assets in Spain, acquisition of Rosaleda in Malaga in Spain).
Confirmation of expected recurring earnings per share of
€1.57 in 2023
Recurring earnings per share in the first half of 2023 were
€0.85, up 2.6% versus the first half of 2022.
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 the new secured loan signed in the first half of the
year.
Stable portfolio valuation at constant scope: -0.6% versus
end 2022
As of 30 June 2023, the valuation of Carmila’s portfolio,
including transfer taxes, totaled €6.0 billion, corresponding to a
decrease of 0.6% versus end 2022 at constant scope.
This change in the valuation of the portfolio at constant scope
resulted from the increase in discount rates used to value the
portfolio, the effect of which was partially offset by growth of
the rental base. The capitalization rate (Net Initial Yield) of the
portfolio increased by 12 basis points versus end 2022 to
6.26%.
As reported, the valuation of the portfolio decreased by 2.3%,
due to the sale of six assets in France and Spain.
EPRA Net Tangible Assets (NTA) per share of €24.35 at
end-June 2023
Carmila’s EPRA Net Tangible Assets (NTA) per share was €24.35,
down 3.6% on the end-2022 figure. The change over the period
resulted from lower appraisal values at constant scope (negative
€0.54 impact), recurring earnings for the period (positive €0.85
impact), payment of the 2022 dividend (negative €1.17 impact),
share buybacks (positive €0.10 impact) and other effects (negative
€0.17 impact).
Continuing to develop Next Tower
In the first half of 2023, telecom operators continued to deploy
new antennas at a rapid pace, with a view to increasing the density
of 4G coverage and rolling out 5G coverage, confirming the
relevance of Next Tower’s business model and its role in reducing
the digital divide. As of 30 June 2023, €1.5 million of rental
income was secured and €2 million of rental income will be secured
by year end.
This corresponds to 121 antennas, generating rental income in
both France and Spain, as well as around one hundred additional
antennas currently being planned and developed. In additional Next
Tower continues to strengthen its relationships across all the
relevant telecom operators.
4. Solid balance sheet
New secured loan of €276 million and €25 million bond private
placement
Carmila signed on 17 April 2023 a new secured loan for an amount
of 276 million euros, maturing in 2030 and at a rate of 3-month
EURIBOR plus 175 basis points. This new credit line, took the form
of a mortgage loan contracted by four subsidiaries of Carmila
France (Carmila Nice, SAS Carmila Evreux, Carmila Saran and Carmila
Coquelles) and is secured by their assets.
In June 2023, Carmila executed a bond private placement of €25
million in the form of the tap of existing notes maturing in April
2029, for a yield of 4.92%.
As of 30 June 2023, following these two financing operations,
Carmila has €692 million of cash and cash equivalents on its
balance sheet, covering the repayment at maturity of a bond
maturing in September 2023, the outstanding amount of which is €
322 million, and partially covering the repayment at maturity of a
bond maturing in September 2024, the outstanding amount of which is
€539 million.
The refinancing of these bond issues, principally through the
two bank loans put in place in July 2022 and April 2023, will
result in a gradual increase in the average cost of debt of
Carmila. The average cost of net debt of Carmila, including the
effect of hedging instruments, is estimated at around 3% in 2025.
In the first half of 2023, the average cost of Carmila’s net debt
was 2.5%, up approximately 10 basis points from 2022.
Additional interest rate hedging since end December
2022
Since end-December 2022, Carmila has put in place additional
interest rate hedging for the coming years through both swaps and
swaptions. The total nominal amount of interest rate hedging
instruments put in place by Carmila as of today is 860 million
euros and the interest cost of its net debt is almost entirely
hedged between now and the end of 20254.
LTV at 37.3% as of 30 June 2023, net debt to EBITDA at 7,7x,
ICR at 4,5x
Carmila’s financial position is solid, with an LTV5 ratio of
37.3%, up 40 basis points versus end June 2022 and 150 basis points
versus end December 2022.
Carmila’s net debt to EBITDA ratio as of 30 June 2023 was 7.7x
(last 12 months), versus 7.7x in 2022, and the company’s Interest
Coverage Ratio (ICR) was 4.5x, also unchanged versus 2022.
5. Major events and other information
Agreement to acquire 93% 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 potential acquisition of Galimmo will be completed
simultaneously with the acquisition of Cora France by
Carrefour.
The complementarity of Carmila and Galimmo’s geographical
footprints and respective track-records are an opportunity to
create a unique player in retail real estate in France.
Galimmo’s 52 assets, mostly located in the North-East of France,
were valued at €688 million at end-December 2022. The transaction
will result in the rolling out of the powerful Carrefour-Carmila
ecosystem across a new geographical perimeter.
The total consideration for the acquisition of 100% of the
shares of Galimmo would represent €294 million, to be paid in cash
by Carmila. The impact of the transaction on Carmila’s pro forma
LTV ratio including transfer taxes is estimated at ca. 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 forma6)and EPRA earnings per share (+3 to 5% pro
forma6).
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.
As of today, Galimmo SCA owns a 15% stake in a Belgian entity
that owns seven shopping centres in Belgium. Before the closing of
the transaction, Galimmo will dispose of this stake, as well as a
shareholder loan, to the company’s controlling shareholders, for a
total cash consideration of €76 million, reducing its pro forma net
debt to ca. 65 million euros, or an LTV ratio of 9%.
Completion of two sales agreed in February 2023 for a total
of €90 million
Following the signing of two agreements with family offices in
February 2023 for the sale of a portfolio of four assets in Spain
and one asset in Montélimar in France, Carmila announced the
completion of the two transactions in April 2023. The agreed sale
price of the portfolio in Spain was €75 million, including transfer
taxes, in line with appraisal values. The portfolio comprises four
shopping centres, Los Patios and Alameda in Malaga, and Los Barrios
and Gran Sur in Algeciras. The agreed sale price of the asset in
Montélimar is €15 million, in line with the appraisal value.
These two sales follow on from the disposal of a portfolio of
six assets in France, completed in June 2022, and together they
represent an aggregate €240 million in disposals. With these
transactions, Carmila has therefore exceeded by €40 million its
€200 million disposal target for the first two years of its new
“Building Sustainable Growth” strategic plan.
Asset sale in France for €8 million
In connection with its new target, announced in February 2023,
to achieve a total of €100 million in disposals by the end of 2024,
on 19 April 2023, Carmila sold an asset in Tarnos, France. The
agreed sale price is €8 million (including transfer taxes), in line
with the appraisal value at end-2022.
Completion of a €20 million share buyback programme in
first-half 2023
During the first half of 2023, Carmila carried out a €20 million
share buyback programme, launched on 1 March and completed on 14
June 2023. The 1,394,980 shares purchased, representing ca. 1,0% of
Carmila share capital, were subsequently cancelled.
Carmila recognised for its energy saving efforts
As a reminder, Carmila targets net zero emissions on scopes 1
and 2 by 2030. The 2019-2030 carbon trajectory of Carmila (1.5°C
for scopes 1 and 2, 2°C for scope 3) was approved by the SBTi.
As part of the effort to reach this target, Carmila teams have
implemented an ambitious energy saving plan, combining
technological innovation (Artificial Intelligence, centralized
management…) investments (replacing heating, ventilation and air
conditioning systems and lighting) and more pro-active management
of energy infrastructure. These efforts were recognized with a CUBE
FLEX award from the French electricity grid operator, A4MT, and the
French institute for building performance (IFPEB), which was
presented to Carmila by the Minister for Energy Transition on 15
June 2023.
Additional information
The presentation of Carmila’s half year 2023 results will be
broadcast live on 26 July 2023 at 11:30 a.m. (CET) on Carmila’s
website (www.carmila.com).
The presentation in English will be made available on Carmila’s
website on the following page:
https://www.carmila.com/en/finance/financial-presentation/
A replay of the webcast will then be available online during the
day on 26 July 2023.
The Half-year Financial Report, including the condensed interim
consolidated financial statements and the Statutory Auditors'
report, will also be made available on Carmila's website at the
following page:
https://www.carmila.com/en/finance/financial-press-releases/
INVESTOR AGENDA 26 July 2023: Half Year 2023
Results Presentation 20 October 2023 (after market close):
Third-quarter 2023 financial information
ABOUT CARMILA As the third-largest listed owner of
commercial property in continental Europe, Carmila was founded by
Carrefour and large institutional investors in order to transform
and 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, comprising 202 shopping
centres, all leaders 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 EPRA LTV Ratio including Real Estate Transfer Taxes 2 Net
Disposal Value 3 Net Tangible Assets 4 At constant scope 5 EPRA LTV
including Real Estate Transfer Taxes 6 Based on end-2022
figures
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version on businesswire.com: https://www.businesswire.com/news/home/20230725128640/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
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