Icade Sa · EURONEXT:ICAD
Icade Sa — Icade Sa Ord — Q1 2024 Earnings Presentation
19 slides from Icade Sa's earnings presentation, Apr 22, 2024
Slide 1: Results as of March 31, 2024
Results as of March 31, 2024 Monday, April 22, 2024 EDENN (Nanterre, Hauts-de-Seine)
Slide 2: Disclaimer
DISCLAIMER This document (the “Presentation”) may contain information, opinions and certain forward looking statements that reflect Icade’s management’s current views and expectations with respect to future events and financial and operational performance of the Group. Because these forward looking
Slide 3: Agenda
A G E N DA 1. Q1 2024 Key takeaways 2. Performance of Business Lines 3. Financial Results 4. 2024 Outlook Results as of March 31, 2024 I Monday, April 22, 2024 3
Slide 4: Q1 2024 Key Takeaways
1. Q1 2024 KEY TAKEAWAYS PARIS ORLY-RUNGIS BUSINESS PARK (Val-de-Marne) Results as of March 31, 2024 I Monday, April 22, 2024 4
Slide 5: Q1 2024 – Key takeaways
1. Q1 2024 Key takeaways Q1 2024 – Key takeaways Announcement of “ReShapE”, our new strategic plan setting up the four priorities for 2028 Commercial investment: rental income backed by strong indexation Property development: revenue supported by resilient backlog at the end of 2023 AGM held on Apri
Slide 6: Performance of Business Lines
PERFORMANCE OF 2. BUSINESS LINES CITYPARK (Levallois-Perret, Hauts-de-Seine) Results as of March 31, 2024 I Monday, April 22, 2024 6
Slide 7: Property Investment: operational performance supported by well-positioned offices and light industrial
2. Performance of Business Lines - Property Investment Operational performance supported by well-positioned offices and light industrial Leasing activity in Q1 2024 >14,000 sq.m €3.8m 6.9 years 87.8% signed or renewed YTD Annual headline rental income WALB related to leases signed or Stable financia
Slide 8: Adjustment strategy to sell off volumes
2. Performance of Business Lines - Property Development Adjustement strategy to sell off volumes 1 Continued institutional orders 2 Individuals orders sustained by prices adjustments Residential bulk sales: +50.0% in volume Individuals orders: -21.1% in volume vs -30%(1) on the market 207 units, €48
Slide 9: Deep review of land portfolio and high selectivity before launch of operations
2. Performance of Business Lines - Property Development Deep review of land portfolio and high selectivity before launch of operations 1 Rigorous project securisation 2 Ongoing deep review of land portfolio • Renegotiation of land prices and payment schedules • Target order rate: • Opportunistic sal
Slide 10: Further progress on CSR initiatives
2. Performance of Business Lines - CSR Results Further progress on CSR initiatives 1 Say on Climate and Say on Biodiversity: 2023 results approved by 2024 Annual General Meeting At the AGM on April 19, 2024, Icade submitted, for the Say on Climate resolution Say on Biodiversity resolution first time
Slide 11: Financial Results
3. FINANCIAL RESULTS PARIS ORLY-RUNGIS BUSINESS PARK (Val-de-Marne) Results as of March 31, 2024 I Monday, April 22, 2024 11
Slide 12: Revenue as of March 31, 2024
3. Financial Results Revenue as of March 31, 2024 Change Q1-2024 (in €m and on a 100% basis) 03/31/2024 03/31/2023 vs. Q1-2023 (%) Gross rental income from Property Investment 93.7 90.3 +3.8% Consolidated revenue from Property Development 223.3 192.2 +16.2% Other revenue 4.9 4.2 +18.8% TOTAL IFRS RE
Slide 13: Slight increase in property investment rental income
3. Financial Results - Property Investment Slight increase in property investment rental income In €m +€3.4m (+3.8%) +5.1% (2.7) +7.1% LFL change LFL change Rental income Well-positioned To be repositioned Light Other Other(1) Rental income Q1 2023 offices offices industrial assets Q1 2024 Leasing a
Slide 14: Increase in property development revenue in a pressured market
3. Financial Results - Property Development Increase in property development revenue in a pressured market Quarterly economic revenue(1) In €m +€32.7m (+14.4%) Q1 2021 Q1 2022 Q1 2023 Residential Commercial Land sales Q1 2024 development development 23.2% 21.0% 17.5% Share of Q1 in annual economic r
Slide 15: High liquidity position to cope with a still challenging financial environment
3. Financial Results - Liabilities High liquidity position to cope with a still challenging financial environment Liquidity position Icade debt schedule (12/31/2023) (12/31/2023, in €bn)(2) Covering principal until 2028 €1.4bn Net cash position €1.5bn Unused committed revolving credit facilities(1)
Slide 16: 2024 Outlook
2024 OUTLOOK 4. 29-33 CHAMPS-ELYSÉES (Paris, Ile-de-France) Results as of March 31, 2024 I Monday, April 22, 2024 16
Slide 17: ReShapE, a strategic plan well-on-track
4. 2024 Outlook ReShapE, a strategic plan well-on-track 29-33 Champs-Elysées – Paris Ottawa – Paris Orly-Rungis Prime offices and retail project Light industrial project Building permit obtained in Building permit December 2023 application & instruction in Q2 2024 Expected start of works in Expected
Slide 18: 2024 guidance confirmed
4. 2024 Outlook 2024 guidance confirmed 2024 NCCF from Strategic Activities(1) per share Group NCCF per share €[2.75 – 2.90] Excluding Discontinued Activities + estimated NCCF from Discontinued Activities(2) c.€[0.80] per share (1) Strategic Activities correspond to the Commercial Investment and Pro
Slide 19: Financial agenda
4. 2024 Outlook Financial agenda Next key events Remaining balance of dividend Ex-dividend on July 2, 2024 (€2.42 gross per share) Payment on July 4, 2024 2024 Half-Year Results July 22, 2024 3rd Quarter Activity 2024 October 21, 2024 Results as of March 31, 2024 I Monday, April 22, 2024 19