Carmila: Presentation of the 2019 annual results

02/14/2020 | 7:02 p.m.

1 4 FEBRUARY 2 0 2 0

I N T R O D U C T I O N

Proximity a key success factor and a powerful growth driver

2019: a beautiful year for Carmila and her traders

Merchant turnover shows a nice rise,…

Evolution of merchants’ turnover*

on the year 2019 vs 2018

2.1%2.0%

1.7%

(*) Change in the turnover of traders at constant scope.

  1. Recurring income is equal to EPRA net income excluding certain non-recurring or non-cash items (restatement of IFRS 9 impacts linked to the adjustment to the original interest rate and extension of maturity, restatement of issue costs amortized loan
  • linearly) and after reinstating the issue costs paid in the year.

… as

the recurring result

per share 2019 from Carmila

Recurring earnings ** per share

1.63 € / share +66%

Above the lens for 2019 growth between + 5.0% and + 6.5%

R É S U L T A T S A N N U E L S 2 0 1 9

A year presenting indicators macroeconomicwell oriented in the countries where Carmila operates…

15.3% 14.2%

9.1%

10.6%

10.0%

8.5%

Falling unemployment rates* On all

our countries

France

Spain

Italy

2.0%

Growing GDP

1.3%

0.2%

France

Spain

Italy

And clues

1.4%

1.2%

of consumption

0.5%

rising

France

Spain

Italy

Sources: OECD Economic Outlook No. 106 – November 2019 / Banco de España / Federdistubuzione

(*) Comparison of national unemployment rates 2018 and 2019 (e)

  • (**) Change in turnover of merchants at constant scope

… And social unrest in France having a limited impact on the activity of

our traders

Var. of turnover

of merchants ** Carmila in France / December 2019

(Dec. 19 vs Dec. 18)

-0.4%

Reminder + 2.1% /12 months

R É S U L T A T S A N N U E L S 2 0 1 9

However, a year marked by many operational challenges…

Example in France

A contrasting situation depending on the business sector

(Evolution of merchant turnover ** – 2019 vs 2018)

***

Services

+ 5.1%

+ 0.5%

Beauty-Health

+ 3.1%

+ 3.7%

Food catering

+ 3.3%

+ 0.9%

Household equipment

+ 3.5%

-5.9%

Personal equipment

+ 0.8%

-1.7%

Culture-gift leisure

+ 1.0%

-1.5%

  1. Excluding renewals, leases on promotion projects, specialty leasing and pop-up stores (**) Change in turnover of merchants at constant scope
  • (***) CNCC index Change in turnover of merchants at constant scope 12 rolling months at the end of December 2019

The strong commercial momentum of Carmila’s teams makes it possible to record remarkable results

Number of leases

Number of leaves

marketed

of signs received

during this year*

during this year

436

2019

228

416

2018

230

358

2017

163

R É S U L T A T S A N N U E L S 2 0 1 9

  • where agile marketers display great performances

In competing sectors that have to face

  • changing consumer trends, the most agile brands are in growth

(Evolution of merchants’ turnover in the Carmila portfolio * – 2019 vs 2018)

H & M

+ 5% France

+ 6% Spain

Mango

+ 14% France

+ 12% Spain

Zara

+ 4% France

Kiabi

+ 6% France

Pandora

+ 15%

Cléor

+ 8%

Relevant, differentiating and efficient local players

Growing partners

6

(*) Change in turnover of traders at constant scope

R É S U L T A T S A N N U E L S 2 0 1 9

Carmila’s growth since

his creation is the fruit positioning and an efficient business model

An anchored portfolio in its territory at the heart of customer expectations

A varied portfolio offering visibility and sustainability of strong activity

An experienced and specialized team, entrepreneurial and innovative

A partnership with Carrefour strategic and value creator

of the urban settlements Keywords easily accessible

A local leadership historical

of the expert teams

7

R É S U L T A T S A N N U E L S 2 0 1 9

The Carmila shopping center, anchored in its territory, is at the heart of expectations of its customers

What differentiates Carmila from another real estate company?

The brands respond*

6

his listening skills,

empathy, closeness

out of 10 brands

For our signs and our traders, the shopping center of tomorrow will be…*

Multi-functional

Accessible,

practical and useful

8

(*) Survey carried out in December 2019 among Carmila stores and retailers in France and Spain

R É S U L T A T S A N N U E L S 2 0 1 9

A varied portfolio offering visibility and sustainability strong activity

Wide diversity

geographical

215 sites – 3 countries

72%* France

129 Site (s

5%* Italy

8 Site (s

23%* Spain

78 Site (s

(*) as a% of the appraised value including rights at 12/31/19

  • (**) as a% of annualized rents as of 12/31/19

Local centers, historically rooted in their territories

81%

88%

leading sites

or co-leaders

A varied portfolio

and balanced

Top 15 tenants**

18.8%

rents

rough

Distribution of

lease portfolio

by business sector **

8%

Services

18%

34%

Equipment

Beauty, Health

57%

of the person

13%

activity

8%

Food

Services

and of

& Catering

Equipment

Restoration

of the House

18% Culture, gifts, leisure

R É S U L T A T S A N N U E L S 2 0 1 9

A experienced and specialized team, entrepreneurial and innovative

Regional sales teams specializing in our local sites

Specialty leasing and pop-up stores, integral parts of our supply strategy

Local digital marketing dedicated to brand performance

Carmila Retail Development: partnerships to boost supply and future growth

Intrapreneurs to enhance a portfolio of 215 sites and take advantage of our proximity to Carrefour

Digital innovation shared with brands

10

R É S U L T A T S A N N U E L S 2 0 1 9

A partnership with Carrefour strategic and value creator

A key shareholder

Co-owner and co-operator on all our sites

A partner for our developments: pipeline and diversity

The story

from Carrefour to the heart

positioning

from Carmila

Centers connected to their territory, places

for over 50 years

Easy access / inserted into the urban fabric

A constantly evolving commercial dynamic to meet the needs and desires of customers

Backed by the Carrefour food locomotive

11

R É S U L T A T S A N N U E L S 2 0 1 9

The performances of the year demonstrate the solidity of Carmila’s core business

The turnover of traders

Commercialization

shows a nice rise*

is activated…

Evolution of turnover

traders*

Number of leases signed**

on the year 2019 vs 2018

on the financial year 2019

2.1%

2.0%

Number of leases

1.7%

of the portfolio

… And the occupancy rate

Student

Occupancy rate

financial***

96.0% 96.4% 96.2% 96.3%

France Spain Italy

(*) Change in the turnover of traders at constant scope.

(**) Excluding extensions and agreements signed in specialty leasing and pop-up stores.

13 (***) Financial occupancy rate, excluding strategic vacancy.

Dec. 2016 Dec 2017 Dec 2018 Dec 2019

R É S U L T A T S A N N U E L S 2 0 1 9

A diversified portfolio of centers leaders firmly established in their catchment area

15

Regional Centers** 80 to 150 stores

75

Large shopping centers**

40 to 79 stores

81%

value

Regional Centers

and Large Centers

commercial**

88%

125

Local Proximity Centers**

are leading sites

or co-leaders*

(*) Leaders: Leading shopping center in its area in number of commercial units (Codata) or shopping center with more than 80 commercial units in France and 60

in Spain and Italy. Co-leader: non-leading shopping center adjacent to a leading hypermarket in its commercial area in terms of turnover (Nielsen) or achieving turnover of more than € 100 million in France and € 60 million in Spain and Italy. % in appraised value, rights included, at 12/31/19

14

(**) CNCC classification -% in appraised value, rights included, at 12/31/19

R É S U L T A T S A N N U E L S 2 0 1 9

Proximity, the common thread of our portfolio regardless of the size of the center

Regional Center

Grand Center

Local Proximity Center

Thionville

Rennes

Grenoble

• A center created in 1971 by

• An average center having benefited

Thionvillois traders,

an extension in 2019 of 30 stores.

gradually become regional center

Today 70 stores

  • 162 stores – 7.5 million visitors / year
  • Carrefour, Zara, a historic food court

Regional but very local.

Very established in a district of Rennes

An institution in Thionville

with high purchasing power, it’s a big

since its creation

proximity center in opposition

used with the Rennes regional center

Alma (Unibail 15 minutes by car)

Financial occupancy rate*

Financial occupancy rate*

100%

100%

  • A small shopping center
    (14 stores) cannot be extended due to lack of space
  • Within the best catchment area of ​​Grenoble

A very efficient local proximity center in great demand by retailers

Financial occupancy rate*

100%

15

(*) Financial occupancy rate, excluding strategic vacancy

R É S U L T A T S A N N U E L S 2 0 1 9

Unique expertise in terms of local digital marketing deployed on the whole portfolio…

Distributed marketing:

tools and mechanics designed centrally and deployed in 215 centers

A precise knowledge of behaviors and motivations

… Thanks to expertise in

consumers in each catchment area…

data collection and analysis

16

R É S U L T A T S A N N U E L S 2 0 1 9

A local digital presence always stronger…

Being there when the customer is looking

shopping information near the center

Carmila,

ultra-innovative proximity drive-to-store solutions

X

101 million Google My Business searches showing our pages

Build loyalty and animate in-mall

2.8 million

of contact points

in local databases

+ 25% vs n-1 *

Animate our local communities

+188%

vs n-1 *

1.1million

players in mall

1st Google AI beta tester in France

drive-to-store

238 million impressions from our Facebook posts

x5 vs dec. 2018 Instagram ambassadors local (25 influenceuses)

A key partner of the big

market players to innovate

17 (*) versus year 2018

R É S U L T A T S A N N U E L S 2 0 1 9

… For support

signs in a structured approach

always more operations

marketing to get local news known

of our traders

10,000+

Local and multi-local operations

Operations in 2019

x 2

made for the account

traders

Number of traders

+ 67%in 2019 vs 2018

long-term support*

  1. Traders who benefited from more than 6 kiosk support operations over the year, with a comparable history in 2018 and a comparable store in the Carmila network: + 4.4pts of outperformance.

18 (**) Merchants of the previous group and having benefited from at least 2,000 euros of support over the year

As an illustration,

for a € 2,000 campaign implemented by Carmila, a merchant supported over the long term will on average outperformed his network at Carmila** of

+ 8,1pts

of CA outperformance**

R É S U L T A T S A N N U E L S 2 0 1 9

1,526

Reinforcement and acceleration

CSR commitments

45 shopping centers BREEAM in Use certified

7,000 planted trees with Reforest’action Formalization of our environmental policy

CSR operations, is 1,652 days of actions organized in the centers, i.e. + 14% vs 2018, of which :

  • MIIMOSA & POPULAR RELIEF partnerships
  • 28 events related to ACT FOR FOOD
  • 22 tonnes of clothing collected during solidarity wardrobe closets
  • 7 Spanish centers participated in the World Clean Up day
  • Promotion of social diversity during Diversity day in Italy

147 partner merchants from TOO GOOD TO GO

Business Immo Prize for digital innovation for IoT at the service of BMS ** and the development of our environmental platform

Prize for the best CSR initiative for the “Save water is the center of life” campaign (14,000L of water saved in 1 year)

(*) Appraisal value including duties of certified assets / appraisal value including duties of the shopping center portfolio

19 (**) Centralized technical management

35%

61%

Goal

certified to

certified to

75%

end of 2018

end of 2019 *

certified

at the end of 2021

Initiation of current projects:

Responsible purchasing charter, biodiversity charter, solidarity Christmas markets, etc.

R É S U L T A T S A N N U E L S 2 0 1 9

Here we act, program responsible initiatives

Here we act for

local dynamism:

Develop local attractiveness alongside retailers

and traders

Make our centers places of proximity and expression of local life

Establish close relationships with our suppliers

and our partners

Here, we act to

Here, we act to

the planet :

our teams:

Register our assets in the city

Reveal everyone’s potential

of tomorrow

Being an inclusive business

Limiting the environmental impact

and collaborative

of our activity

Guarantee a climate of trust

Preserving biodiversity

20

R É S U L T A T S A N N U E L S 2 0 1 9

A core business

growing

Create growth generating organic growth

Growth in net rents

2019 vs 2018

Net rents in € m

+ 6.2%

+ 13.4%333.2

313.7

276.7

Organic growth

+ 3.1%

2017 2018 2019

Growth

Reversion

organic

/ renewals

+ 2.2%

+ 9.0%

+ 5.5%

+ 4.2%

+ 3.3%

+ 1.5%

3.1%

2.2%

1.5%

Other effects *

-0.6%

2018 acquisitions: + € 6.9m (Vitrolles, active

Spanish)

Extensions delivered in 2018 + € 3.8 million

(Athis-Mons, Besançon, Evreux, Cap Saran) and 2019 + € 0.8m (Rennes- Cesson)

Organic growth in net rents

(including 1.6 pt indexing)

22 (*) including in particular the strategic vacancy

R É S U L T A T S A N N U E L S 2 0 1 9

Transform our assets to create value and strengthen portfolio resilience : example of Géric – Thionville

162

shops

7.5 million visitors per year

23

R É S U L T A T S A N N U E L S 2 0 1 9

Transforming our assets to create value and strengthen the portfolio’s resilience: example of Géric – Thionville

Evolution of the appraised value

  • Leading site in its 100% occupied catchment area

Strengthening the merchandising mix

  • Acquisition of medium-sized areas: Gautier and ex Autour de Bébé (2016) – Jardiland (2017)
  • Restructuring of the ex Go Sport in 5 cells
  • Cancellation / recom operations (Sephora, Columbus, Orange, Waffle Factory…)
  • Renewals of expired leases (reversion + 15%)

Asset management

127.8*M €

+ € 52.8m

Cap rate.

Invest.

5.45%

€ 7.9m

Evolution of net rents

(in K €)

284

6,966

€ 180.6m

Cap rate.

4.83%

€ 8,713k

289

+1 464 K €

8,424

  • Reduction in the amount of non-rebilled charges (GRI / NRI change from 95% versus 88% on acquisition)

2015MS acquisitions 12/31/2019 Acquisition

24

(*) Exit tax charged to the seller (20 M €)

R É S U L T A T S A N N U E L S 2 0 1 9

Develop extensions that strengthen leadership and attractiveness on potential assets…

An extension that responds to a request

100% extension

marketed

2th

hypermarket

of the agglomeration

Number of shops

The shopping center after opening extension in November 2019

70 stores and medium-sized stores on 13,000 m²

€ 3.9m in gross rent

€ 47.8m in market value

25

R É S U L T A T S A N N U E L S 2 0 1 9

Our pipeline, historically selective and value creator

PIPELINE PIPELINE

Projects 19 books

2016 – 2019

435

M €

31

M € NRI

YOC 7.2% Carmila *

Projects

extension

2019 – 2024

YOC

promoter **

25

1.41

bn €

83.5

M € NRI

7.1%

June 30th

2019

2 delivered

Projects

19 extension

2020 – 2024

4 standby

1.3

bn €

80

M € NRI

7.2% YOC

sponsor

December 31st

2019

10%

10

projects

various

90%

9

flagship projects

9 priority projects on 2020 – 2024

Nice Lingostière (under construction)

Vitrolles (final authorizations obtained)

Tarassa Montesson Antibes

Aix en Provence Thionville Toulouse Labège Vénissieux

(*) Return on investment after sharing the 50/50 margin with Carrefour

26 (**) Return on investment at promoter JV before purchase or sale option between Carmila and Carrefour

R É S U L T A T S A N N U E L S 2 0 1 9

Acquisitions: focus on potential assets

Acquisitions made since 2014

Price

NRI batches

niy

valorization

NRI batches

niy

Number

acquisition

occupied

way

12/31/19

occupied

way

29

€ 2.0 billion

€ 115m

5.83%

€ 2.4 billion

€ 129m

5.45%

No acquisitions in 2019 in the absence of financially and strategically attractive opportunities

27

R É S U L T A T S A N N U E L S 2 0 1 9

Results that attest to the good activity dynamics

EBITDA is up + 6.9%

Switching between rental income and EBITDA* in € m

20182019

Rental income

loads

on real estate

Net rents

Structural costs

Other operating income and expenses

Equity-accounted companies

EBITDA *

340.3

359.5

-26.6

-26.3

313.7

333.2

50.6

-52.8

-1.4

-0.3

2.7

2.6

264.3

282.6

6.9%

Improvement

productivity:

EBITDA / RL conversion rate improves from +90 bps to 78.6%

29

(*) Operating profit excluding depreciation, provisions for risks and charges, change in fair value and capital gains on disposal

R É S U L T A T S A N N U E L S 2 0 1 9

Recurring earnings growth is strong, above our target

Recurring result* in € m

+ 7.2%

Recurring earnings per share

+ 6.6%

Reminder of the objective for the year 2019:

A growth

between + 5.0% and + 6.5%

30

(*) EPRA earnings restated for non-recurring and non-cash items.

R É S U L T A T S A N N U E L S 2 0 1 9

The experts stabilize the values ​​of our assets in the second half after a slight drop in the first half

€ 6,421m

Change at constant scope

Market value

-0.4%

+ 0.7%

+ 0.3%

-1.1%

+ 0.3%

-0.9%

rights included

H1 2019

S2 2019

Year 2019

H1 2019

S2 2019

Year 2019

€ 4,615m

-0.9%

+ 1.2%

+ 0.3%

-1.9%

+ 0.6%

-1.3%

€ 1,449m

+ 0.8%

-0.9%

0.0%

+ 0.8%

-0.9%

0.0%

€ 357m

-0.1%

+ 0.7%

+ 0.7%

-0.1%

+ 0.7%

+ 0.7%

31

R É S U L T A T S A N N U E L S 2 0 1 9

The average capitalization rate

of the portfolio stabilizes in the second half of the year

5.90%

Var.

Var.

/ S2 2019

/12 months

5.91%

Capitalization rate

-1bp

+ 13bps

way*

5.68%

-2bps

14bps

of which impact

24bps

market

/12 months

6.54%

+7bps

14bps

Perennial rents

Rental values ​​of realistic vacants

Recent portfolio renovation

Stable occupancy rate

Reasonable effort rates

32

(*) Value at 12/31/19.

R É S U L T A T S A N N U E L S 2 0 1 9

The ANRA EPRA per share present

a moderate decline € 0.6 over 12 months after payment of a dividend of € 1.50

Breakdown of variation in EPRA NAV

In euros per share

Net assets

28.39

1.50

1.62

0.66

reevaluated EPRA

At 12/31/19 – fully diluted

27.79

26.89

€ 27.79 / share

ANR

Div. 2018

ANR post

Result

Var. value

Other

ANR

12/31/2018

dividend

recurrent

active 2019

differences

12/31/19

2019

33

R É S U L T A T S A N N U E L S 2 0 1 9

Leverage the rate environment to reduce the cost of debt in preserving a solid financial structure

In a sustainable environment of low interest rates, the objective of managing Carmila’s financial structure is threefold:

Reduce the cost of financing

Extend debt maturity

Optimizing the coverage structure

Existing debt:

  • 5 Short-term swaps unwound
  • € 100m of term loan repaid
  • Increased exposure to commercial paper
  • Purchase of long or optional covers
  • No redemption of existing debt

Future debt:

  • Objective: lengthen and distribute maturities
  • 12-year PP for an amount of € 50 million (Dec 2019)
  • Financing of capex 2020 by commercial paper and refinancing of acquisitions

Average cost

Residual term

Coverage ratio.

Net debt

debt in 2019

average

LTV ratio*

interests**

/ EBITDA

2.1%

5.0 years

34.9%

5.0x

7.9x

(*) Net debt compared to the appraised value including transferable assets

R É S U L T A T S A N N U E L S 2 0 1 9

34

(**) EBITDA / cost of debt over 12 months – Value December 31, 2019

This beautiful dynamic allows us to serve a stable dividend at € 1.50 * while progressing towards our target pay-out

Dividend / recurring income ratio

(value)

98%92% *

Target pay-out 90%

20182019

Dividend

2019

Paid in May 2020

€ 1.50 * / share

35

(*) Subject to the approval by the general meeting of May 14, 2020 of the payment of a dividend of € 1.50 / share.

R É S U L T A T S A N N U E L S 2 0 1 9

Develop relay

growth of tomorrow

Invest in RETAIL alongside talented entrepreneurs

and dynamic

Partner

trader

Carmila

Retail development

20% – 40%

60% – 80%

Heritage of 215 centers

A very good professional

in 3 countries

JV

2 to 5 shops

Financing of works

existing performance

new shops

A coherent activity

(reimbursed over 10 years)

with Carmila centers

Tips palette

An ambition of

(layout, expertise

rapid development

accounting, …)

Creation of a joint JV

Minority stake

Financing for development

Development of new shops primarily in Carmila centers

= rents created Sale of our stake

  • the end of development on the Carmila portfolio

37

R É S U L T A T S A N N U E L S 2 0 1 9

Invest in RETAIL alongside talented entrepreneurs

and dynamic

A growth driver for 2019

A powerful growth vector for the future

  • current main partners *

71 shops

including 15 on third party sites

€ 2.1m Annualized rents signed at the end of 2019

7.5 M € commitment date (approx. € 100K / shop)

€ 6.5m of capital gain to date

Provisional for the 4 current partnerships **

160 stores

€ 15m net commitment

€ 12m capital gain share Carmila

Ambition at 5

15 to 20 brands

under cruising partnership

2 to 4 participations

sold each year

> 25 M € Annualized rents

Approx.€ 20m net commitment

€ 50m share capital gain

Approx.Carmila

38

(*) Papa’s Beard (2.5 years of development to date), Cigusto, Timeless, Centros Ideal (1 year of development to date)

(**) Provisional established over 4 years of development.

R É S U L T A T S A N N U E L S 2 0 1 9

Investing in HEALTH to enrich the offer of our centers and benefit

a development environment favorable

Carmila Health Hub

Dental

Ophta

Lab

1st recourse

Specialist

Specialist

Specialist

Specialist

Specialist

Business 1

Business 2

Business 3

Business 4

Business 5

Consolidate

Launch

Develop a care offer of 1ers recourse

the model

an offer

and succeed

(under study): ophthalmology, laboratories, medicine

dental

the first

aesthetic…

in 2020

overtures

  • Philosophy “ investment similar to that of Carmila Retail Development

Develop a comprehensive health offer in our centers

and quality

Participate in the deployment of the offer as a financial partner

Enhance the partnership by enriching the offer of our centers (rents and attractiveness) and by benefiting from the creation of long-term value (capital gains on disposal)

39

R É S U L T A T S A N N U E L S 2 0 1 9

Investing in HEALTH for enrich the offer of our centers

and benefit from a favorable development environment

Carmila Health Hub

Transforming our pharmacies

in real local locomotives to strengthen our positioning proximity in the territories

Participation

45%

Extension of our pharmacies, transfer of pharmacies to our centers, takeover and replacement of existing pharmacists (in 2019: Laon, Annecy, St Jean de Luz, La Roche-sur-Yon)

  • Investment* : 0.5 to 1.5 M € / Pharma
  • Capital gainat 4 years old* : 0.5 to 1.5 M € / Pharma
  • Objective: 5 to 10 pharmacies / year
  1. Carmila share

40 (**) 100%

Dentalley

(dental offices)

Participation

37.5%

Choice of great professional partners

Complete the health offer near our centers

Financing of works and

development of society

  • Ambition: 50 units in 5 years
  • Maximum commitment: € 7 million*
  • 6-year EBITDA 15 M €**/ 50 units

Medical offices

and paramedics

Offer a complete health offer to customers

Less profitable activities

R É S U L T A T S A N N U E L S 2 0 1 9

Develop technical expertise to enhance the ownership of more than 200 sites in 3 countries

Mobile phone antenna branch

Create opportunities around a portfolio of 215 sites

and leveraging the partnership with Carrefour

A rapidly growing activity in France in the short / medium term

Coverage of white areas within 2 years: +20,000 antennas

5G antennas: +20,000 antennas

Improved flow (addition of antennas in areas already covered)

Framework contracts signed with the 4 operators in the sector At the end of 2019, 130 antenna leases signed *

Rents signed at the end of 2019* :

1.5 M €

Ambition

at 5

€ 100m

recovery

41

(*) under conditions precedent

R É S U L T A T S A N N U E L S 2 0 1 9

C O N C L U S I O N

Proximity carrier

future growth

A society young and dynamic A wallet unique

of the urban settlements Keywords easily accessible

A local leadership historical

of the expert teams at trading DNA

A strategic partnership with Carrefour

Transformation

Omnicanalité

mix

Trade

A portfolio of 215 shopping centers firmly established in their territory Long-term cashflows

A resilient and growing core business

A field of action for growth drivers

Invest in complementary retail activities

Leveraging the diversity of the portfolio and the power of the partnership with Carrefour

Environment

solidarité

43

R É S U L T A T S A N N U E L S 2 0 1 9

Leverager un positionnement puissant, pérenne et créateur de valeur : la proximité

C’est la valeur première de notre portefeuille

  • Un maillage unique des territoires
  • Des sites accessibles
  • Au sein de pôle leaders et historiques
  • La puissance de la fréquence de visite et de lieux de destination familiers

C’est au cœur des besoins et des envies de nos clients

  • Un ancrage local fort
  • Une communication ciblée
  • Des animations et évènements conviviaux et chaleureux

C’est quotidiennement un atout avec les enseignes

  • Une relation partenariale
  • Des solutions pour répondre à leurs attentes
  • Des équipes locales au plus proche du terrain

LA

PROXIMITÉ

La proximité, c’est une manière d’agir au quotidien

  • La force de la communauté et la crédibilité de « celui qui vit ici »
  • Un positionnement de partenaire local
  • Une capacité d’écoute, d’empathie
  • Des climats de confiance et de bienveillance
  • Un partenariat essentiel avec Carrefour

44

R É S U L T A T S A N N U E L S 2 0 1 9

Nous sommes confiants dans nos perspectives de cashflows pour 2020

Visibilité

sur nos cashflows

Objectif : un résultat récurrent par action 2020 présentant une croissance sur 12 mois

Visibilité

sur notre pipeline

entre +2% et +4%

rapporté à1,61 €/action soit le résultat récurrent par action 2019 hors produit financier sur placement de trésorerie (2,0 M€)

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1 4 f é v r i e r 2 0 2 0

Un portefeuille valorisé 6,421 milliards d’euros au 31 décembre 2019, en hausse de 44 M€ sur les 6 derniers mois et de 17 M€ sur 12 mois

129 sites 72%*

78 sites 23%*

Valeur vénale DI

4 615 M€

1 449 M€

Valeurs 2014

2 067 M€ 78%

380 M€ 14%

pour mémoire

215 actifs

Valeur vénale DI

6,421 Mds€

Loyers annualisés

Taux de cap. way**

362 M€

5,90%

(*) % de la valeur vénale des actifs droits inclus au 31 décembre 2019

(**) Taux de capitalisation moyen du portefeuille ressortant des valeurs d’expertise externes 2019

47 (***) Taux de rendement moyen des lots occupés

8 sites 5%*

357 M€

221 M€ 8%

Surf. locatives brutes 1,57 million m²

Net initial Yield moyen***

5,64%

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Une structure financière solide et optimisée

Durée résiduelle

Ratio LTV*

Ratio de couvert.

Dette

moyenne

des intérêts**

nette/EBITDA

5,0 ans

34,9%

5,0x

7,9x

Tableau d’amortissement de la dette

670

Dette brute*** :

1000

600

2,4 Mds€

500

350

150

600

50

0

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

Faits marquants de l’année

Mise en place d’un programme EMTN

Émission d’un placement privé à échéance 2031 de 50M€

Allongement des couvertures

Report d’un an de l’échéance de la dette bancaire et de la ligne de back-up de 759 M€

1 183 M€

Programme

Taux

de billets

variable

de trésorerie 6%

18%

Prêts

Oblig.

28%

66%

Taux

swappé

16%

Taux fixes + swaps 82%

Taux fixe 66%

Réserves de liquidités disponibles au 31/12/19

250 Club deal (RCF)

759

Lignes de back

up non tirées

174 Trésorerie nette et équivalents

31-déc.-19

(*) Endettement net rapporté à la valeur d’expertise droits inclus des actifs

(**) EBITDA/ coût de la dette sur 12 mois – Valeur 31 décembre 2019

48

(***) Encours bruts sur emprunt hors intérêts courus, frais d’émission et instruments dérivés

R É S U L T A T S A N N U E L S 2 0 1 9

La Sté Carmila SA posted this, February 14, 2020, and is solely responsible for the information contained therein.
The contents have been broadcast by the public, not revised and not revised, on14 février 2020 18:01:04 UTC.

Toute l’actualit sur CARMILA

Recommandations des analystes sur CARMILA

CA 2020 366 M
EBIT 2020 301 M
Rsultat net 2020 193 M
Dette 2020 2 350 M
Rendement 2020 8,22%
PER 2020 12,9x
PER 2021 10,7x
VE / CA2020 13,2x
VE / CA2021 13,1x
Capitalization 2 494 M

Tough :

Priode :

Carmila : Graphique analyse technique Carmila | Zone bourse

Tendances analyse technique CARMILA

Court Terme Moyen Terme Long Terme
Tendances Baissire Haussire Haussire

Evolution of the Result Account

Consensus

Sale

Achat

Average recommendation ALLEGER
Number of Analysts 4
Average course objective

16,48  €

Last Closing Course

18,28  €

Deviation / High Target 20,4%
Deviation / Average Objective -9,87%
Deviation / Low Target -45,8%

Var. 1janv Capitalization ($ M)
CARMILA -8.60% 2 650

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