Carmila: 2022 Annual Results

2022 Annual Results

Key figures

• Recurring earnings per share up 26% to €1.56 versus 2021
• Like-for-like increase of 1.0% in the portfolio value compared to end-2021
• EPRA Net Tangible Assets (NTA) per share of €25.26 at end-2022, up 2.9% versus end-2021
• Asset disposal target exceeded1 (€240 million by mid-February 2023; disposals in line with appraisal values)
• €20 million share buyback programme to be launched
• Proposed cash dividend of €1.17 per share (a 17% increase on 2021)
• New asset rotation target: €100 million by end-2024
• Recurring earnings per share expected in 2023: €1.57

2022 trading

• Retailer sales up 2% versus 2019
• Good leasing momentum: 854 leases signed in 2022, positive reversion of 1.5%
• Financial occupancy at 96.5%, up 0.2 percentage points versus end-2021
• Net rental income up 15.6% versus 2021, of which 4.2% in organic growth
• On track to meet the objectives of the three growth initiatives: incubator and omnichannel platform, Next Tower, Carmila Retail Development

Strengthened financial position

• €550 million sustainability-linked bank loan (3-month Euribor plus 180 basis points, maturing in 2027) signed in July 2022
• Loan-to-value2 ratio of 35.8% at end-2022, down 160 basis points versus end-2021
• Net-debt-to-EBITDA ratio of 7.7x versus 9.7x at end-2021.

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

“Carmila’s new strategic plan, “Building Sustainable Growth”, got off to a successful start, meeting its initial objectives ahead of schedule. The year also saw a strong rebound in trading after the health crisis, with retailer sales higher than in 2019.

Carmila has launched an asset rotation strategy, with the sale of 11 assets in France and Spain, in line with appraisal values, confirming the liquidity and value of its assets.
Carmila’s shopping centres are anchored in their local communities and benefit from the powerful draw of Carrefour hypermarkets. Their ongoing transformation is driven by a fully omnichannel strategy, which is helping to shift the merchandise mix towards innovative new concepts.”