ICADE SANTE (EPA:ICSAA) ICADE SANTÉ HALF YEAR RESULTS 2020

Transparency directive : regulatory news

21/07/2020 07:25

PRESS RELEASE
Paris, July 21, 2020, 07:25 a.m.

                   ICADE SANTÉ: HALF YEAR RESULTS 2020

As Icade Santé's portfolio consists mainly of private acute care facilities,
its tenants have played a crucial role in fighting the pandemic. However, due
in part to the measures introduced by the French government in support of
healthcare operators, Icade Santé has not felt the full brunt of the Covid-19
crisis. By the end of June, the situation had almost returned to normal,
demonstrating the resilience of this asset class.

As of June 30, 2020, Icade Santé owned 132 healthcare facilities, including
108 short- and medium-term care facilities and 24 nursing homes in France. This
property portfolio is fully leased.

Gross rental income came in at EUR141.5m, up EUR6.8m i.e. +5%, driven in
particular  by the significant  acquisitions  carried out  in France in  H2
2019.

Adjusted EPRA earnings stood at EUR113.2m, up +6.9%.

Investments in H1 2020 totalled close to EUR29m and included:
* Investments in the development pipeline for nearly EUR14m (including EUR8m
for the construction of the Greater Narbonne private hospital);
* Acquisition of a nursing home from Korian for close to EUR7m;
* Other capex and off-plan sale projects for EUR8m.

Key figures are as follows:

                               06/30/2020 06/30/2019 Change  Change (%)
Gross rental income              141.5       134.7    6.8      +5.0%
Adjusted EPRA earnings           113.2       105.9    7.3      +6.9%
Consolidated net profit           39.9        45.0   (5.0)    -11.2%
                               06/30/2020 12/31/2019   Change (%)
EPRA NDV per share              EUR84.2     EUR84.3             -0.1%
LTV ratio                         36.1%       33.9%          +224 bps
ICR                               8.05x       7.72x             0.04x

Icade Santé's Statutory Auditors performed a limited review of its IFRS
consolidated financial statements for the period ended June 30, 2020.

New leases signed with Korian (in H1): Acquisition of a nursing home in
Carcassonne and launch of the project for two new healthcare facilities built
by Icade Promotion in Le Perreux-sur-Marne and Blagnac:

* June 30, 2020: Acquisition of the Rive Le Bastion nursing home in Carcassonne
for EUR6.8m including duties. Able to accommodate 70 residents, the 3,655-sq.m
asset is subject to a nine-year lease with no break option.

* Launch of the project for two new healthcare facilities built by Icade
Promotion which falls within the scope of a partnership agreement(1) signed in
2017 by Korian (operator), Icade Promotion (developer)  and Icade Santé
(investor)  for the construction of  15 facilities (nursing homes and PAC(2))
to be completed starting in 2021 in France:

  o June 19, 2020: Signing of an off-plan sale agreement  for  the
construction  of  a PAC  facility  in  Le Perreux-sur-Marne. This 6,950-sq.m
facility will have 106 beds and 30 geriatric outpatient beds with a focus on
oncology. The project is due to be completed in Q1 2022.

  o June 29, 2020: Signing of an off-plan lease, subject to the condition
precedent of acquiring the land where the PAC facility is due to be built in
Blagnac  and for which a preliminary  agreement  was entered into.  This
5,385-sq.m  facility will have 80 inpatient beds and 5 outpatient beds. The
plot of land for which the preliminary agreement had been signed was
definitively acquired by Icade Santé on July 9, 2020. The project is scheduled
for completion in Q3 2022.

ABOUT ICADE SANTÉ

With a portfolio of EUR4.5 billion (on a full consolidation basis) as of June
30, 2020, Icade Santé is the leading healthcare property investor     in
France. A 56.84% owned subsidiary of the Icade Group, Icade Santé draws on its
proven expertise, its long-term shareholders as well as its extensive knowledge
of the real estate value chain. Since 2017, Icade Santé has pursued a strategy
of diversification into the nursing home segment.

The text of this press release and the consolidated financial statements
prepared in accordance with IFRS are available on the Icade Santé website:
https://icade-sante.fr

CONTACTS

Anne-Sophie Lanaute,
Head of Financial Communication and Investor Relations
+33 (0)1 41 57 70 29

anne-sophie.lanaute@icade.fr

Charlotte Pajaud-Blanchard,
Press Relations Manager
+33 (0)1 41 57 71 19

charlotte.pajaud-blanchard@icade.fr

(1) This framework partnership agreement includes the development and
construction of facilities (under property development or off-plan sale
contracts) in addition to the investment, with Korian retaining the option to
act as investor, on a case-by-case basis.
(2) PAC: Post-acute care

APPENDICES

Consolidated income statement

(in millions of euros)              Notes  06/30/2020  06/30/2019  12/31/2019
Gross rental income                  7.1      141.5       134.7       269.5
Outside services                               (9.8)       (8.3)      (17.0)
Taxes, duties and similar
payments                                       (0.3)       (0.3)       (0.6)
Other operating expenses                       (0.1)       (3.4)       (2.9)
Expenses from operating
activities                                    (10.2)      (12.0)      (20.5)
EBITDA                                        131.3       122.7       249.1
Depreciation charges net of
government investment grants        4.1       (59.3)      (56.1)     (113.9)
Charges and reversals related to
impairment of tangible, financial
and other current assets          4.3.2        (3.7)       (2.2)       (3.8)
Profit/(loss) from acquisitions                (0.1)         -         (2.7)
Profit/(loss) on asset disposals                0.0        (2.2)       (2.4)
OPERATING PROFIT/(LOSS)                        68.2        62.2       126.2
Cost of net financial liabilities             (16.3)      (15.0)      (32.3)
Other finance income and expenses             (10.5)       (0.8)       (2.0)
FINANCE INCOME/(EXPENSE)          5.1.4       (26.8)      (15.8)      (34.2)
Tax expense                         8.1        (1.4)       (1.4)       (2.7)
NET PROFIT/(LOSS)                              39.9        45.0        89.3
- Including net profit/(loss)
attributable to the Group                      39.9        45.0        89.3
Net profit/(loss) attributable
to the Group per share (in EUR)     7.3      EUR1.1      EUR1.2      EUR2.4

Consolidated balance sheet

ASSETS

(in millions of euros)                    Notes     30/2020   12/31/2019

Investment property                         4.1     3,452.6     3,487.0
Financial assets at fair value through
profit or loss                            5.1.5         0.0         0.0
Financial assets at amortised cost        5.1.5         1.1         1.1
Derivative assets                         5.1.3          -          0.2
NON-CURRENT ASSETS                                  3,453.7     3,488.3
Accounts receivable                         7.2        30.8         9.7
Tax receivables                                         1.9          -
Miscellaneous receivables                               5.1         6.1
Financial assets at amortised cost        5.1.5          -          0.0
Cash and cash equivalents                 5.1.6       185.7       427.9
CURRENT ASSETS                                        223.5       443.6
TOTAL ASSETS                                        3,677.2     3,932.0

LIABILITIES

(in millions of euros)                    Notes  06/30/2020  12/31/2019
Share capital                               6.1       575.5       575.5
Share premium                                         890.2       986.3
Revaluation reserves                      5.1.3       (35.4)      (24.9)
Other reserves                                        113.4       101.0
Net profit/(loss) attributable to the
Group                                                  39.9        89.3
Equity attributable to the Group                    1,583.8     1,727.2
EQUITY                                              1,583.8     1,727.2
Provisions                                  8.2         0.1         0.1
Financial liabilities at amortised cost   5.1.1     1,864.7     1,993.3
Lease liabilities                                       1.9         1.9
Tax liabilities                                        15.0        15.0
Other financial liabilities               5.1.5         7.8         7.4
Derivative liabilities                    5.1.3        37.0        27.2
NON-CURRENT LIABILITIES                             1,926.4     2,044.7
Financial liabilities at amortised cost   5.1.1        94.4        94.0
Lease liabilities                                       0.1         0.0
Tax liabilities                                        15.3        15.7
Accounts payable                                        8.2         7.4
Miscellaneous payables                                 48.4        42.2
Derivative liabilities                    5.1.3         0.7         0.8
CURRENT LIABILITIES                                   167.0       160.2
TOTAL LIABILITIES AND EQUITY                        3,677.2     3,932.0

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