(Boursier.com) — Carmila announces its 2023 annual results: Recurring earnings per share are 1.60 euros, up +8% at constant scope compared to 20221 (+2.3% compared to 2022 recurring earnings per share of 1.56 euros ). The proposed dividend is 1.20 euros per share, in cash (+2.6% compared to the previous financial year).
The group underlines the very good commercial dynamic with 826 leases signed, and a positive reversion of +2.4%. The financial occupancy rate is at a record 96.6% (+0.1 point compared to the end of 2022). Organic growth in net rents is +4.7% compared to 2022. Retailer turnover is up +5% compared to 2022.
The value of the assets at constant scope is -2.3% compared to the end of 2022. The EPRA revalued net assets (EPRA NTA) per share is 24.17 euros at the end of 2023 (-4.3%)
Solid financial structure:
Quoting…
*Net debt to EBITDA ratio at 7.3x compared to 7.7x at the end of 2022;
*EPRA LTV ratio including duties at 36.6% at the end of 2023;
*Financing the acquisition of Secure Galimmo;
*No deadline to refinance before May 2027.
Marie Cheval, President and CEO of Carmila, commented: “In 2023 Carmila continued to successfully deploy its ‘Building Sustainable Growth’ strategic plan. This innovative and differentiating growth strategy is based on the pivot of the mix- merchandising, the agile and responsible transformation of our sites and the optimization of capital allocation.
The results are there: financial performance, record occupancy rate, success of the asset rotation plan, acquisition of Galimmo.
2024 will be another year of growth with the continuation of our transformation projects, a long-term vision around diversity projects with Carrefour and above all the finalization of the acquisition of Galimmo which will allow us to deploy our know-how on a complementary portfolio. “
Outlook
Scheduled for summer 2024, the finalization of the Galimmo acquisition will have an accretive effect on recurring earnings per share from the first year. In addition, due to the significant implicit discount in the acquisition price compared to the appraisal values of Galimmo’s portfolio expected at the time of finalization of the transaction, the operation will also have an immediate accretive effect on net assets. revalued by Carmila, due to the gain resulting from this acquisition under advantageous conditions (negative goodwill), according to IFRS standards.
From the finalization of the transaction, Carmila will also be able to deploy its medium-term value creation strategy on the Galimmo portfolio.
Carmila’s recurring earnings per share are expected to be at least 1.63 euros in 2024, up +2% compared to 2023.
This anticipation of growth in recurring income assumes organic growth in rents, supported by a level of indexation in line with that of 2023, as well as the integration of part of Galimmo’s recurring income. These two effects will make it possible to offset a moderate increase in financial costs, following the financing operations carried out in 2023, in particular to finance the acquisition of Galimmo at very attractive terms for Carmila.
The full annual accretion effect on recurring earnings per share (+3 to 5% pro forma) from the Galimmo acquisition is expected in 2025, while in 2024 the contribution will be for only part of the year.
FINANCIAL CALENDAR
February 14, 2024: Presentation of annual results;
April 17, 2024 (after market close): Financial information for the first quarter of 2024;
April 24, 2024: General meeting;
July 24, 2024 (after market close): Results for the first half of 2024;
July 25, 2024: Presentation of half-year results;
October 17, 2024 (after market close): Financial information for the third quarter of 2024.