Slide 1: Carmila 2021 Annual Results Presentation
Carmila 2021 Annual Results Presentation 1
Slide 2: Key Highlights, Activity Overview, Financial Performance, Conclusion
1 Key Highlights MARIE CHEVAL Chair and Chief Executive Officer 2 Activity Overview SEBASTIEN VANHOOVE Deputy Chief Executive Officer 3 Financial Performance PIERRE-YVES THIRION Chief Financial Officer 4 Conclusion Marie Cheval Chair and Chief Executive Officer 2
Slide 3: Key takeaways from 2021
1 Key highlights 2 3 4 Key takeaways from 2021 Customers came back after lockdowns: Retailer sales at 97% of H2 2019 level in H2 2021, despite health pass and Omicron Increase in appraisal value of assets: +1.1% vs. end-2020 at € 6.21bn (+0.7% like-for-like) Record leasing activity: New leases signe
Slide 4: Shareholder return and outlook
1 Key highlights 2 3 4 Shareholder return and outlook 2021 dividend: €1.00 per share, in cash, to be proposed to shareholders at annual meeting New share buyback programme: € 20M programme to be launched to take advantage of current market valuation Recurring EPS Growth outlook: +10% Recurring EPS g
Slide 5: Carmila 2022-2026 Roadmap: Building sustainable growth
1 Key highlights 2 3 4 Carmila 2022-2026 Roadmap: Building sustainable growth An incubator A leader in the Breaking new and an sustainable ground omnichannel transformation Digital infrastructure investment platform for of local regions with Next Tower retailers Minority venture investments with Car
Slide 6: Omnichannel incubator: Carmila continued to innovate in 2021
1 Key highlights 2 3 4 Omnichannel incubator: Carmila continued to innovate in 2021 INCUBATING DNVB CLIENT DATA CARMILA AND NEW CONCEPTS SERVICES HUB 4.1 million client contacts TESTING INFLUENCERS OMNICHANNEL AND SOCIAL MEDIA IDEAS 263 influencers 6
Slide 7: Delivering on our sustainability commitments
1 Key highlights 2 3 4 Delivering on our sustainability commitments On track to reach emissions target: -10% reduction in scope 1 and 2 greenhouse gas emissions* in 2021 vs. 2019 -15% reduction in energy consumption in 2021 vs. 2019 z Scope 1 and 2 emissions trajectory aligned with +1.5° according t
Slide 8: A local contribution to the anti-COVID effort
1 Key highlights 2 3 4 A local contribution to the anti-COVID effort 59 COVID-19 testing centres 50 Vaccination centres Facilitating vaccination and testing at pharmacies Collaboration with regional Certification of anti-COVID measures health authorities 8
Slide 9: Moving forward with a sustainable development pipeline
1 Key highlights 2 3 4 Moving forward with a sustainable development pipeline Progress on development pipeline in 2021 CNAC approval for Montesson extension Works to start in 2023: € 150M of Capex, almost all in 2024-25, to be funded through disposals 5 major extension plans € 550M capex 6.6% yield
Slide 10: Entering a new phase with Next Tower
1 Key highlights 2 3 4 Entering a new phase with Next Tower SUCCESSFUL CREATION OF A NEW DIGITAL TEST PHASE INFRASTRUCTURE BUSINESS LINE New organisation and industrialised processes 71 towers at end-2021 A strong pipeline, with scope to ramp-up further: Tower construction Ca. 160 towers in progress
Slide 11: Growing the investment portfolio with Carmila Retail Development
1 Key highlights 2 3 4 Growing the investment portfolio with Carmila Retail Development RETAIL DEVELOPMENT Successful ramp-up New partnerships 81 stores opened in 2021, of 12 retail partners 5 new partnerships signed in 2021 which 35 in Carmila centres 235 stores, of which 112 in Carmila centres Con
Slide 12: Key Highlights, Activity Overview, Financial Performance
1 Key Highlights MARIE CHEVAL Chair and Chief Executive Officer 2 Activity Overview SEBASTIEN VANHOOVE Deputy Chief Executive Officer 3 Financial Performance PIERRE-YVES THIRION Chief Financial Officer 4 Conclusion MARIE CHEVAL Chair and Chief Executive Officer 12
Slide 13: First half 2021 health crisis closures, back in business in H2 2021
1 2 Activity Overview 3 4 First half 2021 health crisis closures, back in business in H2 2021 105% 104% 94% 98% 98% 96% 98% 85% 76% 80% 74% 95% 69% 91% 92% 91% 93% 89% 86% 81% 70% Health pass 44% required for large 39% centres 22% % open stores 91% 62% 31% 10% 41% 98% 100% 100% 100% 100% 100% 100% J
Slide 14: Footfall supported by local leadership and food anchor
1 2 Activity Overview 3 4 Footfall supported by local leadership and food anchor H2 2021 Footfall vs. H2 2019 2021 footfall vs. peers* 91% +12pts Preferred grocery brand for z cities with 100K+ inhabitants in France 81% +4pts Source : Opinion Way Market share 19.9% in France as of 8 February 83% 202
Slide 15: Recovery in retailer sales after lockdown
1 2 Activity Overview 3 4 Recovery in retailer sales after lockdown H2 2021 Retailer sales (vs. H2 2019) 98% Higher average sales per visit effect has continued throughout H2 2021 Good Christmas period despite Omicron, z z with strong performance in specialty 92% leasing and pop-up stores Recovery t
Slide 16: Record commercial activity supporting the rental base
1 2 Activity Overview 3 4 Record commercial activity supporting the rental base Positive reversion +31% new leases Positive reversion Occupancy back to signed in 2021 vs. pre-COVID level 2019 1144 +6.3% Long-term leases Above rental appraisal value in 2021 96.3% signed in 2021 Financial occupancy ra
Slide 17: Bringing the right mix of retailers and new concepts to centres
1 2 Activity Overview 3 4 Bringing the right mix of retailers and new concepts to centres KEY ACCOUNTS HEALTHCARE AND WELLBEING NEWCOMERS AT CARMILA NEW FOOD CONCEPTS 17
Slide 18: Testing innovative new concepts in Spain
1 2 Activity Overview 3 4 Testing innovative new concepts in Spain First co-working space Free sample Omnichannel in a Carmila centre pop-up store quick commerce In partnership with Collaboration with Pilot project in five centres in Spain Dulcesol burger Activia Free to use, but all the furniture i
Slide 19: Successful transformation of Cité Europe and Nice Lingostière extension
1 2 Activity Overview 3 4 Successful transformation of Cité Europe and Nice Lingostière extension Nice Lingostière Extension Cité Europe Fully let Leisure and at opening restaurant complex +14 pts Q4 footfall vs. sector* +50 units Ca. 100 in total +12 000 sq.m. Gross Leasable Area +22 pts Q4 footfal
Slide 20: A strong track record of agile restructuring projects
1 2 Activity Overview 3 4 A strong track record of agile restructuring projects Creating new spaces for flagship stores with leading retailers Healthcare Action FNAC in Bourges Mango in Murcia 7 Vertuo, 2 Dentalstar dentists New and renovated restaurants and food courts New leisure concepts Many mor
Slide 21: Key Highlights, Activity Overview, Financial Performance
1 Key Highlights MARIE CHEVAL Chair and Chief Executive Officer 2 Activity Overview SEBASTIEN VANHOOVE Deputy Chief Executive Officer 3 Financial Performance PIERRE-YVES THIRION Chief Financial Officer 4 Conclusion and Outlook MARIE CHEVAL Chair and Chief Executive Officer 21
Slide 22: Increase in the like-for-like valuation of assets
1 2 3 Financial Performance 4 Increase in the like-for-like valuation of assets Valuation of portfolio as of 31 December 2021(1) Like-for-like 31 Dec 2021 change (vs 31 Dec. 2020) (vs 31 Dec. 2020) Market value €6,214m +1.1% +0.7% Total (reported) Total (like-for-like) +1.2% € 4,488m +0.7% € 1,375m
Slide 23: Confidence in the valuation of the portfolio
1 2 3 Financial Performance 4 Confidence in the valuation of the portfolio Net Potential Yield of portfolio as of 31 December 2021 Reasonable appraisal assumptions 6.18% Inflexion point in cap rates • • Net Rental Income CAGR : 1.7% Exit cap rate : 6.2% Average capitalisation rate • Discount rate :
Slide 24: Steadily improving rent collection
1 2 3 Financial Performance 4 Steadily improving rent collection 2021 Rent collection by quarter Rent collection in H1 2021 affected by closure (in % of total billed) periods and anticipation of government support 93% 94% Gradual return to normal in rent collection with 79% 79% Q3 and Q4 rents Frenc
Slide 25: Net rental income affected by COVID crisis, but less than in 2020
1 2 3 Financial Performance 4 Net rental income affected by COVID crisis, but less than in 2020 Net Rental Income (€ M) Net rental income up +7% vs. 2020, -13% vs. 2019 57 42 333 • Smaller COVID impact than in 2020: 290 +5.5% 271 Expected return to pre-COVID level • Like-for-like change +1.0% Non-re
Slide 26: Recurring earnings +6% vs. 2020
1 2 3 Financial Performance 4 Recurring earnings +6% vs. 2020 €m 2020 2021 Net rental income 270,8 289,9 Net rental income +7% vs. 2020 Overhead costs -52,8 -52,8 Stable cost base vs. 2020 Equity-accounted companies 2,2 1,7 EBITDA 220,2 238,8 Net financial expense -53,1 (cash items) -59,0 Increase i
Slide 27: Start of recovery in recurring earnings per share
1 2 3 Financial Performance 4 Start of recovery in recurring earnings per share 2021 Recurring Earnings Per Share € 1.27 EPS +3% vs. 2020 at €1.24, +20% € 1.24 excluding IFRS 16 impact € 1.20 € 1.06 Outlook Positive indexation effect on rents Normalisation of rent collection 2020 2021 2020 2021 +10%
Slide 28: Increase in EPRA Net Disposal Value per share
1 2 3 Financial Performance 4 Increase in EPRA Net Disposal Value per share 2021 Change in EPRA Net Disposal Value per share EPRA NDV at 31 December 2021 – fully diluted +1.24 -1.00 € 22.99 / share 22.99 22.32 +0.07 -0.19 +0.49 +0.07 Other +3.0% Change in 2021 2020 Dilution Change in Vs. end recurri
Slide 29: Strong Balance Sheet: LTV Ratio 37.4%
1 2 3 Financial Performance 4 Strong Balance Sheet: LTV Ratio 37.4% 110 -60 2,419 20 -116 94 2,323 2,275 Net rent Investments Investments collection Net rent Dividend collection Net debt (€m) End-Dec 2020 End-Jun 2021 End-Dec 2021 GAV* (€m) 6,148 6,135 6,214 LTV* 37.0% 39.4% 37.4% *Including transfe
Slide 30: Strong liquidity position and funding structure
1 2 3 Financial Performance 4 Strong liquidity position and funding structure Carmila debt maturity profile (€M) Successful refinancing in 2021: Repayment of €300M bank loan, No major borrowings falling due before H2 new €300M bond issue and new 170 2023 following refinancing in 2021 €810m sustainab
Slide 31: Asset rotation: More active management of the portfolio
1 2 3 Financial Performance 4 Asset rotation: More active management of the portfolio USE OF PROCEEDS OF DISPOSALS ASSET ROTATION 2021 2022-26 Development Sale of the Nanteuil-les- Targeting 200M€ Meaux retail park at of disposals in 2022-2023 Shareholder return appraisal value Disposals to continue
Slide 32: 2021 Dividend
1 2 3 Financial Performance 4 2021 Dividend 2021 Dividend €1.00 per share, in cash, to be proposed to shareholders at annual meeting Dividend Policy Annual dividend of at least €1.00 per share, paid in cash Target payout of 75% of Recurring Earnings Per Share Note: Assumes no major COVID effect, for
Slide 33: Financial wrap-up
1 2 3 Financial Performance 4 Financial wrap-up € 1.24 € 6.21bn € 1.00 Recurring EPS Gross Asset Value 2021 cash dividend (+3% vs. 2020) (+1.1% vs. end-2020) +10% € 22.99 37.4% Expected 2022 and EPRA NDV/share LTV* 2023 annual recurring EPS growth** On track to deliver 2026 financial targets *Includ
Slide 34: Key Highlights, Activity Overview, Financial Performance
1 Key Highlights MARIE CHEVAL Chair and Chief Executive Officer 2 Activity Overview SEBASTIEN VANHOOVE Deputy Chief Executive Officer 3 Financial Performance PIERRE-YVES THIRION Chief Financial Officer 4 Conclusion Marie Cheval Chair and Chief Executive Officer 34
Slide 35: Focused on execution of the 2022-26 roadmap
1 2 3 4 Conclusion Focused on execution of the 2022-26 roadmap An attractive portfolio of assets Resilient in the crisis, grocery-anchored, present in mid-sized cities Keep outperforming in the core business Strong commercial performance, low vacancy, agile management of assets Delivering on 2022-26
Slide 36: Q&A session
Q&A session 36