ICADE (EPA:ICAD) - PR - Icade - Investor Meeting
Transparency directive : regulatory news
23/11/2020 08:45
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PRESS RELEASE
Issy-les-Moulineaux,
November 23, 2020, 8:45 a.m.
ICADE - INVESTOR MEETING
On the occasion of its Investor Meeting, Icade reaffirms the strength of its
fundamentals and outlines its short- and medium-term outlook.
Icade's business lines remain strong:
* Office Property Investment
o High-quality tenants and new commitments obtained for our operating
properties
* Q3 rent collection rate: 93%
* Leases for over 130,000 sq.m signed or renewed since the beginning of the
year
* Over 60% of 2021 break options have been managed and postponed
o Limited financial impact of the crisis: roughly -EUR6m on 2020 adjusted EPRA
earnings
o Asset rotation: resumption of opportunistic disposals in 2021 and development
pipeline revised: limiting the number of speculative developments, getting
ready for the upturn, partial conversion into housing
* Healthcare Property Investment
o Highly resilient rental income: +14.8% as of September 30, 2020
o First-class tenants: Q3 rent collection rate >97%
o The 2019-2022 Investment Plan is confirmed and well underway: over 50% of its
objectives have been achieved in 2020
o Liquidity by the end of 2022
* Property Development
o Strong sales indicators excluding impact of site shutdowns: economic revenue
up +21% as of the end of September
o Leading indicators on a positive trend: EUR1.3bn backlog, up +5% in the
residential segment as of the end of September
o An ambitious roadmap pushed back one year but unchanged (2025 economic
revenue target: EUR1.4bn)
Icade's balance sheet is sound:
* AA shareholding structure with a long-term vision; governance meeting the
best standards
* Solid debt ratios and improved liquidity position: cash and undrawn RCFs
covering nearly 5 years of principal and interest payments
* Recognised financial strength that attracts investors; rating reaffirmed by
S&P for both Icade and Icade Santé in July: BBB+ with a stable outlook
Icade remains resilient and proactive:
* Solid results as of the end of September
o Q3 rental income from the Property Investment Divisions up +6.9%, i.e.
+EUR33m
o Impact of the crisis on NCCF: -EUR30m, with 2/3 of the amount to be recovered
in 2021 and the following years (Property Development revenue)
* A business mix that can be adapted, an adjustable risk profile: two major
advantages at this time
* Office solutions that meet today's challenges: the office of tomorrow by
Icade-smart, cost-efficient, flexible and safe (OaaS)
* A potential for residential development on part of our land bank
* Low carbon: expertise mastered by Icade, an opportunity for growth
The outlook is bright:
* At the end of November, Icade is well on track to meet its FY 2020 guidance:
NCCF expected at EUR4.8 per share
* A disciplined financial policy:
o Stable dividends at EUR4.0 per share and option to receive part of them in
the form of shares: Icade has factored in the current economic environment
while continuing to deliver attractive returns
o Target LTV ratio between 36% and 37% by the end of 2023
* Adapting strategy, business mix and risk profile to the current situation
* Icade is ready to seize any opportunities deriving from the crisis
Icade reaffirms its ambitious strategic objectives for 2021-2023 despite
uncertainty in the short term:
* European leader in healthcare real estate
* Leader in the "Office of Tomorrow" in Greater Paris
* Key player in residential property development
* Best-in-class for low-carbon construction
A presentation by Frédéric Thomas (Chairman of the Board), Olivier Wigniolle
(CEO) and Victoire Aubry (CFO) will be webcast live today, starting at 10:00
a.m (Paris Time). It will be followed by a Q&A session at 11:00 a.m. (Questions
may be submitted in writing during the webcast or asked over the phone for the
audio-only version).
In addition to this presentation, you can take virtual tours of our sites and
access talks given by external specialists about the office and healthcare
markets.
Access to the webcast and all the related materials will be available from
10:00 a.m. at our website on the page dedicated to Icade's 2020 Investor
Meeting.
In French:
https://icade.fr/finance/resultats-financiers/reunion-investisseurs
In English: https://icade.fr/en/finance/financial-results/investor-meeting
Direct access to the webcast:
In French: https://channel.royalcast.com/webcast/icadefr/20201123_1
In English: https://channel.royalcast.com/webcast/icadeen/20201123_1
Access to the audio-only version:
France +33 (0)1 70 37 71 66
UK (Standard International Access) +44(0)20 3003 2666
USA +1212 999 6659
Password: ICADE FR / password: ICADE ENG
Financial calendar:
2020 Full Year Results: February 22, 2021, before the market opens
ABOUT ICADE
Building for every future
As an investor and a developer, Icade is an integrated real estate player that
designs innovative real estate products and services adapted to new urban
lifestyles and habits. By placing corporate social responsibility and
innovation at the core of its strategy, Icade is working closely with
stakeholders and users in the cities-local authorities and communities,
companies and employees, institutions and associations... As an office and
healthcare property investor (portfolio value of EUR11.6bn as of 06/30/20 on a
proportionate consolidation basis) and as a property developer (2019 economic
revenues of nearly EUR1bn), Icade has been able to reinvent the real estate
business and foster the emergence of tomorrow's greener, smarter and more
responsible cities. Icade is a significant player in the Greater Paris area and
major French cities. Icade is listed on Euronext Paris as a French Listed Real
Estate Investment Company (société d'investissement immobilier cotée, SIIC).
Its leading shareholder is the Caisse des dépôts Group.
The text of this press release is available on the Icade website:
www.icade.fr/en/
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