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Carmila: 2024 Half-Year Results

In This Article:

PARIS, July 24, 2024--(BUSINESS WIRE)--Regulatory News:

Carmila (Paris:CARM):

Key information

  • Recurring earnings per share of €0.87, up by 2.4% versus first-half 2023

  • Guidance revised upwards: recurring earnings per share of €1.65 now expected in full-year 2024 (up 3.5% versus 2023)

  • Acquisition of Galimmo SCA completed on 1 July 2024

  • Launch of a new €10 million share buyback programme

First-half 2024 trading and financial performance

  • Very good leasing momentum: 490 leases signed, positive reversion of 2.7%

  • Financial occupancy at 96.0% (down 10 bps versus end-June 2023)

  • Retailer sales up 1% versus first-half 2023

  • Specialty Leasing and Pop-up Store revenue up 16% versus first-half 2023

  • First-half collection rate of 96.8%

  • Organic growth of 3.4% in net rental income versus first-half 2023

  • Net income attributable to owners (IFRS) of €84.5 million

Strong balance sheet

  • Stable portfolio value: unchanged versus end-December 2023 (Net Initial Yield of 6.58%)

  • EPRA Net Tangible Assets (NTA) per share of €23.59 at end-June 2024 (down 2.4% versus end-December 2023)

  • Loan-to-Value (LTV) ratio1 of 38.0% at 30 June 2024, net debt to EBITDA ratio of 7.5x, ICR ratio of 4.5x

Completion of the Galimmo acquisition

  • Acquisition of 93% of Galimmo SCA’s share capital on 1 July 2024

  • Galimmo's 52 assets, mostly located in north-east France, valued at €675 million at end-December 2023

  • Transaction immediately accretive to Carmila (recurring earnings up 5% on an annualised basis and including synergies)

  • Per share pro forma EPRA NTA post acquisition of €25.57 at end-June 2024 (up 5.8% versus end-December 2023)

  • Pro forma LTV (including transfer taxes) of 39.7%

Marie Cheval, Chair and Chief Executive Officer of Carmila commented:

"Following the closing of the Galimmo acquisition, Carmila is announcing a solid operating and financial performance for the first half of the year, thanks to our growth strategy based on agile projects, the merchandise mix strategy and capital rotation.

The second half of the year will be marked by the integration of Galimmo, and based on the strength of our first-half performance, we are revising expected growth in recurring earnings for full-year 2024 upwards."

1. Key financial highlights

 

First-half 2024

 

First-half 2023

 

Change

 

Like-for-like change

 

Gross rental income (€m)

192.8

188.8

+2.1%

 

Net rental income (€m)

176.3

175.0

+0.7%

+3.4%

EBITDA (€m)

155.1

153.2

+1.2%

 

Recurring earnings (€m)

123.8

121.9

+1.6%

 

Recurring earnings per share (€)

0.87

0.85

+2.4%

 

 

30 June 2024

 

31 Dec. 2023

 

Change

 

Property portfolio valuation including transfer taxes (€m)

5,886.9

5,884.5

+0.0%

Net Potential Yield

6.85%

6.68%

+17 bps

Net Initial Yield

6.58%

6.42%

+16 bps

EPRA LTV ratio including RETTs

38.0%

36.6%

+140 bps

EPRA LTV ratio

40.1%

38.6%

+150 bps

EPRA NDV1 per share (in euros)

23.36

23.80

-1.8%

EPRA NTA2 per share (in euros)

23.59

24.17

-2.4%

2. Trading

Very good leasing momentum

Carmila saw good momentum in its leasing activity in first-half 2024, with the Company signing 490 leases for total minimum guaranteed rent (MGR) of €27.0 million (up 23.8% year on year), or 7.2% of the rental base. Reversion was a positive 2.7% for the first half of the year.