ICADE SANTE (EPA:ICSAA) Icade Santé: H1 2021 Results

Transparency directive : regulatory news

26/07/2021 07:30

PRESS RELEASE
Paris, July 26, 2021, 7:30 a.m.

                    ICADE SANTÉ: HALF YEAR RESULTS 2021

Icade Santé continued to consolidate its leading position in the French
healthcare property market. Its H1 performance benefitted from acquisitions and
project completions.

As of June 30, 2021, Icade Santé owned 143 healthcare facilities, including
112 short- and medium-term care facilities and 31 nursing homes in France
(occupancy rate unchanged at 100%).

Key indicators

                       06/30/2021 06/30/2020         Change
                                             (in EURm)     (in %)
Gross rental income      145.4       141.5     3.9        +2.8%
Adjusted EPRA earnings   122.0       113.2     8.8        +7.7%
Consolidated net
profit/(loss)             61.1        39.9    21.1       +52.9%
                      06/30/2021  12/31/2020       Change (%)
EPRA NDV per share       EUR88.9     EUR85.6        +3.8%
EPRA NTA per share       EUR90.7     EUR88.3        +2.7%
LTV ratio                 36.7%      35.4%          +127 bps
ICR                      8.55x       8.02x          +6.7%

Icade Santé's Statutory Auditors performed a limited review of its IFRS
consolidated financial statements for the period ended June 30, 2021.

* Leasing activity increased in H1, with gross rental income of EUR145.4m, up
  by EUR3.9m or +3%, driven mainly by acquisitions in H2 2020 and H1 2021 for
  EUR3.0m, and by index-linked rent reviews.

* Adjusted EPRA earnings stood at EUR122m, up +7.7%.

                                     ***

A very active H1 with investments of roughly EUR138m (including preliminary
agreements) Investments in H1 2021 (acquisitions, construction work and
preliminary agreements signed) totalled close to EUR138m and included:
o Acquisitions for nearly EUR66m
o Investments in the pipeline for close to EUR36m
o A preliminary agreement signed for nearly EUR28m
o Other capex including operational capex of EUR8m

Acquisitions for EUR66m, including:
* Acquisition of the Les Dentellières private hospital's property assets in
  Valenciennes (Nord) for EUR18.7m including duties. A 12-year lease with no
  break option was signed with the healthcare operator Elsan at the time of
  this acquisition. The facility specialises in oncology and is adjacent to
  the Vauban polyclinic, owned by Icade Santé and also operated by Elsan;
* Acquisition of 4 healthcare facilities which started generating rental income
  immediately: 1 PAC facility and 2 nursing homes from Korian and 1 PAC
  facility from a group of private investors. The four facilities total close
  to 15,000 sq.m and roughly 340 beds and places. They represent a total
  investment of nearly EUR47m including duties.

Development projects for EUR36m, including:
* EUR6.5m for the extension of the Le Parc polyclinic in Caen;
* EUR4.4m for the off-plan sale of the Joncs Marins PAC facility in Le
  Perreux-sur-Marne;
* EUR4.0m for a PAC facility operated by Korian in Blagnac;
* The remaining investments in the pipeline (EUR21.2m) mainly related to the
  four completions in H1: four facilities were handed over to healthcare and
  senior services providers in H1, representing a total investment of EUR76m.
  These facilities, covering nearly 31,000 sq.m, generated immediate additional
  rental income (100% occupancy rate).
o Grand Narbonne private hospital (Aude)
o Sur Moreau PAC facility in Saintes (Charente-Maritime)
o Saint-Pierre private hospital extension in Perpignan
(Pyrénées-Orientales)
o Ambrussum PAC facility in Lunel (Hérault)

Preliminary agreement signed for a PAC facility for EUR28m

On June 29, 2021, Icade Santé signed a preliminary agreement to acquire a
post-acute care facility in Olivet (Loiret), France, from the ORPEA Group for
EUR27.7m. The facility covers 10,350 sq.m and has a capacity of 198 beds
(following completion of the ongoing extension). An 11-year lease with no break
option will be signed with ORPEA, which will continue to operate the facility.
This acquisition is expected to be completed in Q3 2021.

ABOUT ICADE SANTÉ

With a portfolio worth EUR5.5 billion excluding duties (on a full consolidation
basis) as of June 30, 2021, Icade Santé is the leading investor in private
healthcare facilities in France. A 58.3% owned subsidiary of the Icade Group,
Icade Santé draws on its proven expertise in healthcare property, 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.

CONTACTS
Yoann Nguyen                           Charlotte Pajaud-Blanchard
Investor Relations Manager             Press Relations Manager
+33 (0)6 31 58 97 31                   +33(0)1 41 57 71 19
yoann.nguyen@icade.fr                  charlotte.pajaud-blanchard@icade.fr

Consolidated income statement

APPENDICES

(in millions of euros )        Notes   06/30/2021  06/30/2020   12/31/2020
Gross rental income             7.1.       145.4      141.5        284.7
Other operating income                       1.2        -            0.0
Income from operating activities           146.6      141.5        284.7
Outside services                            (7.8)      (9.8)       (20.3)
Taxes, duties and similar payments          (0.2)      (0.3)        (0.7)
Other operating expenses                     0.3       (0.1)        (0.2)
Expenses from operating activities          (7.7)     (10.2)       (21.1)
EBITDA                                     138.9      131.3        263.5
Depreciation charges net of
government investment grants    4.1.       (59.6)     (59.3)      (118.4)
Charges and reversals related
to impairment of tangible,
financial and other current
assets                        4.3.2.        (0.2)      (3.7)        (3.1)
Profit/(loss) from
acquisitions                                  -        (0.1)        (0.2)
Profit/(loss) on asset
disposals                                    0.5        0.0          0.0
OPERATING PROFIT/(LOSS)                     79.6       68.2        141.9
Cost of net financial liabilities          (16.2)     (16.3)       (32.9)
Other finance income and expenses           (1.7)     (10.5)       (26.1)
FINANCE INCOME/(EXPENSE)     5.1.4.        (18.0)     (26.8)       (58.9)
Tax expense                    8.1.         (0.6)      (1.4)        (2.9)
NET PROFIT/(LOSS)                           61.1       39.9         80.0
- Including net profit/(loss)
attributable to the Group                   61.1       39.9         80.0
Net profit/(loss) attributable
to the Group per share (in EUR)  6.3.        EUR1.61      EUR1.06
EUR2.13

Consolidated balance sheet

ASSETS
(in millions of euros)                  Notes    06/30/2021    12/31/2020
Investment property                      4.1.    3,586.9    3,539.5
Financial assets at fair value
through profit or loss                 5.1.5.        0.1        0.1
Financial assets at amortised cost     5.1.5.        1.1        1.1
NON-CURRENT ASSETS                               3,588.1    3,540.7
Accounts receivable                      7.2.       18.0       10.3
Tax receivables                            8.        5.7        3.2
Miscellaneous receivables                            6.2        9.8
Cash and cash equivalents              5.1.6.      246.2      471.0
CURRENT ASSETS                                     276.1      494.2
TOTAL ASSETS                                     3,864.2    4,034.9

LIABILITIES
(in millions of euros)                Notes     06/30/2021    12/31/2020
Share capital                           6.1.       577.4        577.4
Share premium                                      750.5        898.7
Revaluation reserves                  5.1.3.       (23.7)       (34.5)
Other reserves                                     148.6        113.4
Net profit/(loss) attributable to the Group         61.1         80.0
Equity attributable to the Group                 1,513.8      1,635.1
EQUITY                                           1,513.8      1,635.1
Provisions                                           0.1          0.1
Financial liabilities at amortised
cost                                  5.1.1.     2,127.0      2,167.2
Lease liabilities                                    1.8          1.8
Tax liabilities                           8.        12.1         10.5
Other financial liabilities           5.1.5.         8.3          7.9
Derivative liabilities                5.1.3.        24.6         35.7
NON-CURRENT LIABILITIES                          2,174.0      2,223.2
Financial liabilities at amortised
cost                                  5.1.1.       102.8        110.6
Lease liabilities                                    0.1          0.0
Tax liabilities                           8.        12.5         12.3
Accounts payable                                     5.2          6.7
Miscellaneous payables                              55.2         46.3
Derivative liabilities                5.1.3.         0.6          0.7
CURRENT LIABILITIES                                176.4        176.5
TOTAL LIABILITIES AND EQUITY                     3,864.2      4,034.9

ICADE SANTE's latest news

13/03/2023 20:15

ICADE SANTE (EPA:ICSAA) Icade Santé: H1 2021 Results

Transparency directive : regulatory news

ICADE SANTE's latest news

Other stories