ICADE SANTE (EPA:ICSAA) ICADE SANTÉ - 2020 FULL YEAR RESULTS

Transparency directive : regulatory news

22/02/2021 07:30

PRESS RELEASE

Issy-les-Moulineaux, February 22, 2021, 7:30 a.m.

                    ICADE SANTÉ - 2020 FULL YEAR RESULTS

                 FURTHER GROWTH, A NON-CYCLICAL ASSET CLASS

Very active during the health crisis, public and private healthcare facilities
benefited from funding guarantees in 2020 to make up for the cancellation of
medical procedures. Government measures to support operators limited the impact
of the Covid-19 crisis on Icade Santé.

Key figures are as follows:

(in millions of euros)    12/31/2020    12/31/2019    Change    Change (%)
Gross rental income          284.7        269.5        15.1      +5.6%
Adjusted EPRA earnings       226.8        213.2        13.7      +6.4%
Consolidated net profit       80.0         89.3        (9.2)    -10.3%

                          12/31/2020    12/31/2019    Change (%)
EPRA NDV per share          EUR85.6      EUR84.3                 +1.5%
LTV ratio                      35.4%        33.9%                 +156 bps
ICR                            8.02x        7.72x                0.04x

Icade Santé's IFRS consolidated financial statements for the year ended
December 31, 2020 were approved by the Chairman of the Company on February 18,
2021. The Company's Statutory Auditor has issued a report on these
statements.

* Gross rental income came in at EUR284.7m, up EUR15.1m on 2019, i.e. +5.6% on
  a reported basis, driven in particular by the significant acquisitions
  carried out in France.
* On a like-for-like basis, gross rental income went up by +1.6%.
* Adjusted EPRA earnings stood at EUR226.8m, up +6.4%.

Investments totalled EUR174.3m in 2020:

* EUR100m for acquisitions, mainly driven by transactions completed in H2,
  including:

o EUR36m for the Navarre polyclinic, operated by Groupe Bordeaux Nord Aquitaine
  (GBNA);
o EUR34m for four nursing homes operated by Korian(1);
o EUR23m for the Les Jardins de Beauvallon nursing home, operated by ORPEA.

* EUR50m for investments in the development pipeline, mainly relating to the
  following transactions:

o EUR14m for the construction of the Grand Narbonne private hospital in
  Montredon-des-Corbières (Aude);
o EUR8m for the extension of the Le Parc polyclinic in Caen (Calvados);
o EUR6m for the off-plan acquisition of the Korian Joncs Marins PAC facility in
  Le Perreux-Sur-Marne (Val-de-Marne);
o EUR6m for the construction of the Pôle Santé Lunellois health complex in
  Lunel (Hérault).

* EUR25m for improvement works and other improvement investments (including
  EUR11m for operational capex).

Financial strength recognised by rating agencies

In September 2020, Icade Santé issued its inaugural social bond. This EUR600m
bond maturing in 2030 had a margin of 155 bps and a fixed coupon of 1.375%.
This was the first benchmark-size social bond ever issued by a company
worldwide. This new bond issue was nearly ten times oversubscribed and taken up
by both French and international investors, confirming their interest in the
fundamentals of Icade Santé. It also underscores the intrinsic social nature
of its business.

Separately, Standard & Poor's reaffirmed the long-term rating of BBB+ with a
stable outlook for Icade Santé in July 2020.

(1) Acquired as part of the framework agreement between Korian, Icade Santé
and Icade Promotion signed at the end of 2017

Portfolio:

As of December 31, Icade Santé's portfolio was worth EUR5.2bn.

Icade Santé owned 139 healthcare facilities in France (vs. 130 at the end of
2019), including 110 short- and medium-term care facilities and 29 nursing
homes. In the annual ranking of the best public and private hospitals in France
drawn up by Le Point magazine, Icade Santé stands out for the quality and
scale of its healthcare facilities, 17 of which are in the top 50. The
Reims-Bezannes polyclinic and the Santé Atlantique health complex hold first
and second place in the ranking, respectively.

Changes in Icade Santé's share capital:

Icade Santé carried out the following transactions in late 2020:

* The acquisition of 2.51% of the shares in its own capital from a minority
  shareholder for EUR79.7m. Following this transaction, the share capital and
  share premium decreased by EUR14.4m and EUR65.3m, respectively.

* A capital increase through the issue of 1,069,069 new shares for a total of
  EUR90.0m, including EUR16.3m of share capital and EUR73.7m of share premium.

                            ABOUT ICADE SANTÉ

With a portfolio worth EUR5.2 billion (on a full consolidation basis) as of
December 31, 2020, Icade Santé is the leading investor in private healthcare
facilities in France. A 58.30% 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 Company's website:
https://icade-sante.fr and on the Icade website: www.icade.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

                                     APPENDICES

Consolidated income statement

(in millions of euros)                  Notes       2020       2019
Gross rental income                      8.1.      284.7      269.5
Outside services                                   (20.3)     (17.0)
Taxes, duties and similar payments                  (0.7)      (0.6)
Other operating expenses                            (0.2)      (2.9)
Expenses from operating activities                 (21.1)     (20.5)
EBITDA                                             263.5      249.1
Depreciation charges net of government
investment grants                        5.1.     (118.4)    (113.9)
Charges and reversals related to
impairment of tangible, financial and
other current assets                   5.3.2.       (3.1)      (3.8)
Profit/(loss) from acquisitions                     (0.2)      (2.7)
Profit/(loss) on asset disposals                     0.0       (2.4)
OPERATING PROFIT/(LOSS)                            141.9      126.2
Cost of net financial liabilities                  (32.9)     (32.3)
Other finance income and expenses                  (26.1)      (2.0)
FINANCE INCOME/(EXPENSE)               6.1.4.      (58.9)     (34.2)
Tax expense                              9.1.       (2.9)      (2.7)
NET PROFIT/(LOSS)                                   80.0       89.3
- Including net profit/(loss) attributable
to the Group                                        80.0       89.3
Net profit/(loss) attributable to the
Group per share (in EUR)                 7.3.    EUR2.13    EUR2.41

Consolidated balance sheet

ASSETS

(in millions of euros)              Notes     12/31/2020  12/31/2019
Investment property                   5.1.      3,539.5  3,487.0
Financial assets at fair value
through profit or loss              6.1.5.          0.1      0.0
Financial assets at amortised cost  6.1.5.          1.1      1.1
Derivative assets                   6.1.3.            -      0.2
NON-CURRENT ASSETS                              3,540.7  3,488.3
Accounts receivable                 8.2.1.         10.3      9.7
Tax receivables                         9.          3.2        -
Miscellaneous receivables           8.2.2.          9.8      6.1
Financial assets at amortised cost                    -      0.0
Cash and cash equivalents           6.1.6.        471.0    427.9
CURRENT ASSETS                                    494.2    443.6
TOTAL ASSETS                                    4,034.9  3,932.0

LIABILITIES

(in millions of euros)               Notes    12/31/2020
12/31/2019
Share capital                         7.1.      577.4          575.5
Share premium                                   898.7          986.3
Revaluation reserves                6.1.3.      (34.5)         (24.9)
Other reserves                                  113.4          101.0
Net profit/(loss) attributable
to the Group                                     80.0           89.3
Equity attributable to the Group              1,635.1        1,727.2
EQUITY                                        1,635.1        1,727.2
Provisions                           10.1.        0.1            0.1
Financial liabilities at amortised
cost                                6.1.1.    2,167.2        1,993.3
Lease liabilities                     8.3.        1.8            1.9
Tax liabilities                         9.       10.5           15.0
Other financial liabilities         6.1.5.        7.9            7.4
Derivative liabilities              6.1.3.       35.7           27.2
NON-CURRENT LIABILITIES                       2,223.2        2,044.7
Financial liabilities at
amortised cost                      6.1.1.      110.6           94.0
Lease liabilities                     8.3.        0.0            0.0
Tax liabilities                         9.       12.3           15.7
Accounts payable                                  6.7            7.4
Miscellaneous payables              8.2.2.       46.3           42.2
Derivative liabilities              6.1.3.        0.7            0.8
CURRENT LIABILITIES                             176.5          160.2
TOTAL LIABILITIES AND EQUITY                  4,034.9        3,932.0

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13/03/2023 20:15

ICADE SANTE (EPA:ICSAA) ICADE SANTÉ - 2020 FULL YEAR RESULTS

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