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.
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.
Galimmo's contribution to the Group’s 2024 growth is expected to
be 1.5%, or 3% on a full-year basis, excluding synergies. Estimated
annualised run-rate synergies from 2025 amount to €5 million,
mostly related to overhead costs.
As a reminder, Carmila’s dividend policy, as outlined in its
2022-2026 strategic plan, is to pay out at least €1.00 per share in
cash, with a payout ratio of 75% of recurring earnings.
Retailer sales up slightly and footfall down slightly versus
the first nine months of 20233
Retailer sales were up by a slight 0.7% year on year,
underpinned by the appeal of Carmila's centres and the dynamism of
Carrefour hypermarkets. Over the period, the change in footfall
stands at -0.8%.
Continued leasing momentum
Carmila saw particularly vigorous leasing activity over the
first nine months of the year, with 724 leases signed. Reversion
was a positive 2.0% on average, reflecting both new leases on
vacant premises and existing leases.
Third-quarter highlights include:
- confirmed retail momentum in the sports and leisure segment
(Decathlon, Speed Park – Otium Leisure, Intersport, L'Appart
Fitness, Fitness Park)
- continued modernisation of the food service offering in Carmila
centres (Krispy Kreme, Maison Pradier, O'Tacos, Signorizza)
- development of dynamic new retail banners (Normal, Balaboosté,
Ultra Premium Direct)
Financial occupancy stood at 95.8% at end-September 2024, versus
occupancy of 96.0% at end-September 20234.
Integration of Galimmo
On 1 July 2024, Carmila announced the closing of the acquisition
of 93% of Galimmo SCA's share capital.
On 25 July 2024, Carmila acquired all shares held by Primonial
Capimmo, increasing its stake in Galimmo SCA to 99.8%.
On 9 October 2024, Carmila completed a simplified tender offer
for the outstanding 59,005 shares in Galimmo SCA5, further to which
Carmila holds 99.97% of the share capital.
The squeeze-out of Galimmo shares that were not tendered to the
public offer will take effect on 31 October 2024.
Carmila's total investment is €299 million, at an average
acquisition price of €9.22 per share, and a 36% discount to EPRA
NDV.
The integration of Galimmo is proceeding according to plan, with
its 51 assets that are geographically complementary with Carmila's
portfolio. Annual run-rate synergies of around €5 million will
contribute to the Group's growth as from 2025.
Successful inaugural Green Bond issue
On 17 September 2024, Carmila issued its first Green Bond for an
amount of €300 million. With a maturity of just over seven years,
the bonds fall due on 25 January 2032 and pay an annual coupon of
3.875%. The financing was raised at a spread of 160 basis points
above the benchmark rate and with no issue premium.
Almost seven times oversubscribed, the issue met with great
success among ESG investors in France and abroad.
The transaction was carried out under Carmila's “Green Bond
Framework” published in October 2022. The funds raised from the
issue will be used to finance assets that meet stringent,
transparent eligibility criteria and have obtained BREEAM "Very
Good" or "Excellent" certification.
In parallel, on 24 September 2024, Carmila finalised a
redemption offer for existing bonds maturing in 2027 and 2028 for a
nominal amount of €200 million. All the bonds redeemed were
cancelled.
These transactions have enabled Carmila to optimise its balance
sheet at attractive terms (extending maturity and optimising the
debt profile and average cost of debt).
Carmila recognised for the quality of its financial and
sustainability reporting (EPRA BPR, sBPR Gold and GRESB
awards)
Carmila received an EPRA sBPR6 Gold award for the fifth time in
recognition of its alignment with the highest sustainability
reporting standards. Carmila also received an EPRA BPR Gold award
for the transparency of its financial disclosures.
GRESB, which assesses the Environmental, Social and Governance
(ESG) practices of real estate companies worldwide, has once again
singled out Carmila. After achieving a score of 80/100 in 2023,
Carmila scored 91/100 this year – higher than its peers and the
average score for GRESB respondents in 2024, which stands at
76/100. Carmila has been awarded "Green Star" designation, the
highest category in the benchmark.
These awards demonstrate Carmila's commitment to sustainable
growth. It scored especially highly on reducing greenhouse gas
emissions and improving the environmental certification of its
assets.
Share buybacks
In 2024, Carmila announced two €10 million share buyback
programmes.
The first was completed on 11 July 2024 and the shares bought
back under the programme, representing around 0.4% of the share
capital, are earmarked for cancellation in 2024.
The second programme began on 29 July 2024 and is still
underway. The shares purchased under this programme will also be
earmarked for cancellation.
INVESTOR AGENDA
12 February 2025 (after market close): 2024 annual
results
13 February 2025: 2024 annual results presentation
17 April 2025 (after market close): First-quarter 2025
financial information
ABOUT CARMILA
As the third-largest listed owner of commercial property in
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 31 December 2023, its portfolio was valued at €5.9
billion, and is made up of 201 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
“Publications” section of Carmila’s Finance webpage:
https://www.carmila.com/en/publications/
1 Data excluding Galimmo.
2 Excluding Galimmo (including Galimmo: 96.0%).
3 Retailer sales and footfall excluding Galimmo (unchanged
including Galimmo).
4 Data excluding Galimmo (including Galimmo: 95.3% at
end-September 2024).
5 Representing 0.18% of the share capital and voting rights, at
€14.83 per share.
6 Sustainability Best Practices Recommendations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241017090583/en/
INVESTOR AND ANALYST CONTACT Pierre-Yves Thirion – CFO
pierre_yves_thirion@carmila.com +33 6
47 21 60 49
PRESS CONTACT Elodie Arcayna – Corporate Communications and CSR
Director elodie_arcayna@carmila.com
+33 7 86 54 40 10
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