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Carmila: Third-quarter 2024 Financial Information

In This Article:

Key financial information:

  • Sustained growth in net rental income of 6.2% (up 3.6% like-for-like) compared with the first nine months of 2023

  • Confirmation of expected recurring earnings per share of €1.65 in 2024, corresponding to growth of 3.5%

  • Net-debt-to-EBITDA ratio of 7.5x at 30 June 2024

Trading for the first nine months of 2024:

  • Retailer sales at +0.7% and footfall -0.8%1

  • Good leasing momentum: 724 leases signed, with positive reversion of 2.0%

  • Financial occupancy at 95.8% (down 20 bps versus end-September 2023)1

Significant events:

  • Galimmo acquisition completed on 1 July 2024 and first quarter of contribution to earnings

  • Successful launch of an inaugural €300 million Green Bond with a seven-year maturity (2032) and a fixed annual coupon of 3.875%

  • GRESB has awarded Carmila a 5-star rating and Green Star designation, with a score of 91/100.

PARIS, October 17, 2024--(BUSINESS WIRE)--Regulatory News:

Carmila (Paris:CARM):

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

"With the integration of Galimmo, Carmila has taken a key step forward in its strategic plan, contributing to sustained growth in rental income and consolidating its position as a key player in its three geographies of France, Spain and northern Italy.

Leasing momentum remains strong, confirming the appeal of Carmila's centres and the relevance of its strategy of pivoting the merchandising mix towards new retail banners.

The successful inaugural Green Bond launch demonstrates Carmila's commitment to sustainable finance, in line with its strategy of Building Sustainable Growth."

 

First nine
months – 2024

First nine
months – 2023

Change

Like-for-like change

 

 

 

 

 

Gross rental income (€m)

298.1

278.6

+7.0%

 

Net rental income (€m)

274.3

258.3

+6.2%

+3.6%

France

189.7

177.1

+7.1%

 

Spain

67.0

63.9

+4.8%

 

Italy

17.6

17.3

+1.8%

 

Net rental income up 6.2% over the first nine months of the year on a like-for-like basis

Over the period, net rental income increased by 6.2%, breaking down as:

  • a 4.2% positive contribution attributable to Galimmo;

  • a 3.6% positive contribution from organic growth (in line with rent indexation); and

  • a 1.7% negative impact from the disposals of three sites in France (Tarnos, Montélimar, Bay 1) and four sites in Andalusia, Spain.

The collection rate over the period came out at 96.1%2, in line with end-September 2023.

Confirmation of expected recurring earnings per share of €1.65 in 2024

Recurring earnings per share for Carmila in 2024 are expected to be €1.65, corresponding to growth of 3.5% year on year. This reflects Carmila’s strong performance, as well as the integration of Galimmo with effect from 1 July 2024.