Business information

Carmila: Financial information as of September 30, 2021


[ad_1]

BOULOGNE-BILLANCOURT, France – (COMMERCIAL THREAD) – Regulatory news:

Marie Cheval, Chairman and CEO of Carmila (Paris: CARM) commented: “Carmila benefited this quarter from a gradual return to normal following the resumption of trade in its banners, after a first half disrupted by the health situation. The strength of Carmila’s model is clearly illustrated by the exceptional level of rental activity over the quarter. , as well as a financial performance that remains solid, with annual recurring earnings per share expected in line with 2020. The Capital Markets Day to be held in December will be an opportunity to present Carmila’s strategic and financial plan.

Key financial information

First nine months 2021

First nine months 2020

Switch

Change to

constant range *

Gross rents (€ m)

263.8

250.4

+ 5.3%

Net rents (€ m)

206.2

226.8

-9.1%

-0.2%

France

141.5

150.6

-6.1%

Spain

50.6

62.8

-19.4%

Italy

14.1

13.4

+ 5.1%

* Adjusted for the effects of the health crisis

Net rents down -9.1% over the first nine months of 2020 and stable (down only -0.2%) on a like-for-like basis excluding the temporary effects of the health crisis

Over the first nine months of the year, net rents at constant scope, excluding the temporary effects of the health crisis, were stable (down only -0.2%) compared to the first nine months of 2020, demonstrating the strength from the Carmila rental base. Excluding these adjustments, net rents were down -9.1% over the period.

As a reminder, in 2020 a significant part of the impact of the health crisis on net rents had not yet been recorded at the end of September 2020, which makes it difficult to compare the net rents for the first nine months of this year with the same period 2021. In the first half of 2021, the stores in Carmila shopping centers remained closed 2.2 months on average.

Return to normal in the collection of rents for rents for the third quarter of 2021 (collection rate 90.1%)

The rental collection rate for the third quarter reflects the gradual return to normal of rental collection, which stood at 90.1% on October 19, 2021, up +12 points compared to the collection rate for the third quarter 2020 on the same date of the previous year.1. The recovery rate for the first half of 2021 is 76.3% due to the closure periods and the impact of tenants anticipating a financial support plan in France.

Dynamic rental activity maintained (763 leases signed, up + 34% over the first nine months of 2019 and up + 105% over the first nine months of 2020)

A record number2 of leases were signed during the first nine months of 2021 (763 leases signed, up + 34% over the first nine months of 2019 and up + 105% over the first nine months of 2020), for rent total guaranteed minimum of € 39.2 million, or 11% of the rental base. The reversion is positive on new leases, exceeding on average the rental appraisal values ​​by + 3.1% and the reversion on renewals is higher by + 3.7% on average.

Notable leasing transactions signed during the quarter included:

– Differentiating and qualitative brands: Jack and Jones, Lacoste, Rituals, Superdry

– New tenants for Carmila: Miniso, Studio Comme J’aime, Crazy Kids

– Sector leaders: the Action, Intersport discounter

At September 30, 2021, the rental base was stable compared to the end of September 2020 at constant scope (down by only -0.4%) and the financial occupancy rate was stable compared to the second quarter of 2021 at 95.7% , demonstrating that the vacancy has been kept at a very low level in the Carmila centers.

Strong third quarter retailer sales (higher than third quarter 2020 in all three countries, and almost in line with third quarter 2019 in France and Italy)

Attendance in the third quarter of 2021 is close to the levels observed in the third quarter of 2020 (98.1% in France, 101.0% in Spain and 102.9% in Italy) but remains below the levels observed in the third quarter of 2019 (89, 7% in France, 79.5% in Spain and 84.8% in Italy). In France, the obligation to present health cards to access shopping centers of more than 20,000 m². in some affected French departments attendance at Carmila centers in August and September. However, the Carmila centers in France outperformed the sector by seven percentage points over the period3.

Retailer sales were very close to Q3 2019 levels in France (98.7%) and Italy (99.6%) but remained below these levels in Spain (90.3%). Retailer sales are higher than in the third quarter of 2020 (+ 1.4% in France, + 15.9% in Spain and + 4.8% in Italy).

Carmila recognized for the quality of its sustainable development reporting and its CSR strategy (EPRA sBPR and GRESB Développement 2021 awards)

Carmila received an EPRA sBPR4 Gold medal for the second time, highlighting the company’s alignment to the highest standards in non-financial reporting, and was ranked number one among listed commercial real estate peers in the Development category of GRESB5 Benchmark 2021, with a score of 94/100.

Carmila also received an EPRA Gold BPR award for the quality of its financial communication.

Work in partnership with e-commerce players

Carmila commits alongside the four winners of her DNVB6 Ready competition is rolling out its brand in its shopping centers. Flotte, Le Beau Thé, Baya and Bandit will be supported in the creation of their own store, a sales area in the Marquette DNVB concept store or a pop-up store. The success of the competition attests that the brands first developed online see the value of a physical presence in shopping centers.

Signature of a new revolving credit line of 810 million euros linked to sustainable development

Carmila strengthened its financial structure by signing on October 21 a new revolving credit line of 810 million euros, in two tranches (three and five years), including two one-year extension options. The facility replaces an existing € 759 million revolving credit facility maturing in 2024. It includes two sustainability criteria designed to support Carmila’s ambitious strategy to halve its greenhouse gas emissions by 2030 and achieve BREEAM certification for its entire portfolio of assets by 2025. Carmila will see its credit spread narrow if these targets are met and, in any case, will contribute financially to sustainability initiatives.

S&P confirms Carmila’s BBB rating and revises outlook from negative to stable

On September 14, 2021, S&P confirmed Carmila’s BBB rating and revised its outlook from negative to stable.

Launch of a share buyback program in the third quarter of 2021

Carmila launched a share buyback program on September 3, 2021, with a view to canceling the repurchased shares, for a maximum amount of € 8 million. The share buyback period started on September 6 and will run until the end of December 2021.

Carmila anticipates stable recurring earnings per share in 2021 compared to 2020

With the recovery of retail trade in the third quarter and an improvement in the health situation in the three countries where Carmila operates, uncertainties about the financial outlook are reduced. On this basis, Carmila anticipates a stability of recurring earnings per share in 2021 compared to 2020. This corresponds to an increase of more than + 10% in recurring earnings per share excluding the impact of IFRS 16 (i.e. effect of the postponement of rent deductibles linked to the first wave of Covid-19 on the residual term of the leases).

Save the date: Carmila Capital Markets Day December 7, 2021

Carmila will present her strategic and financial plan on December 7, 2021 in Paris.

INVESTOR AGENDA

December 7, 2021: Carmila Capital Markets Day

February 16, 2022 (after market close): Annual results 2021

February 17, 2022: Meeting with Investors and Analysts

April 21, 2022 (after market close): Financial Information Q1 2022

May 12, 2022: Annual general meeting

ABOUT CARMILA

Third listed owner of commercial real estate in continental Europe, Carmila was founded by Carrefour and large institutional investors to transform and enhance the shopping centers adjacent to Carrefour hypermarkets in France, Spain and Italy. As of June 30, 2021, its portfolio is valued at 6.13 billion euros and includes 214 shopping centers, all leaders in their catchment area. Driven by the ambition to simplify and improve the daily lives of traders and customers across regions, the local touch is at the heart of everything Carmila does. Carmila’s teams have a deeply rooted retail culture, made up of experts in all aspects of commercial attractiveness: operation, management of shopping centers, rental, local digital marketing, business establishment and CSR.

Carmila is listed on Euronext-Paris Compartiment A under the symbol CARM. It benefits from the tax regime for French real estate investment companies (SIICs).

Carmila joined the FTSE EPRA / NAREIT Global Real Estate (EMEA Region) indices on September 18, 2017.

Carmila joined the Euronext CAC Small, CAC Mid & Small and CAC All-tradable indices on September 24, 2018.

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 the beliefs of management. These statements reflect the opinions and assumptions prevailing on the date of the statements and involve known and unknown risks and uncertainties which could lead to results, performances or future events materially different from those expressed or implied in these statements. Please refer to the last Universal Registration Document filed in French by Carmila with the Financial Markets Authority for more information on these factors, risks and uncertainties. Carmila does not intend and has no obligation to update or review the forward-looking statements mentioned above. Consequently, Carmila declines all responsibility for the consequences resulting from the use of any of the above notices.

This press release is available in the “Financial Press Release” of the Carmila Finance web page:

https://www.carmila.com/fr/finance/financial-press-releases/

1 Rent collection rate for the third quarter of 2020, as communicated on October 23, 2020

2 Record for the first nine months of the year since the creation of Carmila

3 Quantaflow panel. Evolution of attendance compared to the third quarter of 2019.

4 Sustainability best practice recommendations

5 Global real estate sustainability benchmark

6 Digital native vertical brands

Visit our website at https://www.carmila.com/fr/

https://www.linkedin.com/company/carmila/

https://twitter.com/CarmilaFrance


[ad_2]

Leave a Reply

Your email address will not be published.