Half Year 2024 Icade SA Earnings Call Transcript
Key Points
- Icade (CDMGF) posted a solid net current cash flow of EUR169 million for the first half of 2024.
- Gross rental income for the property investment business increased by 4.1% on a like-for-like basis, driven by indexation.
- The company maintained a strong liquidity position of EUR2.4 billion, covering debt maturities until mid-2028.
- Icade (CDMGF) demonstrated resilience in the investment division with revenue growth supported by well-positioned office and light industrial segments.
- The company successfully signed agreements to sell two core assets in Marseille for approximately EUR45 million, demonstrating its ability to sell well-positioned assets in line with appraisal values.
- The property development division faced a challenging environment, with a 1% decrease in order volume and an 8% decrease in order value.
- Net debt to EBITDA ratio increased to 11.4 times at the end of June 2024, impacted by one-off impairment charges.
- The LTV ratio rose to 35.9% from 33.5% at the end of 2023, reflecting the absence of asset disposals in the first half of the year.
- The NAV NTA decreased by around 7% to EUR62.6 per share due to a contained fall in asset valuation.
- The property development division recorded significant impairment losses totaling EUR85 million before tax, impacting net current cash flow.
Good day, and welcome to Icade 2024 half year results presentation hosted by Nicolas Joly, CEO; and Christelle de Robillard, CFO. (Operator Instructions)
And now I'd like to hand the call over to Mr. Nicolas Joly, CEO. Please go ahead, sir.
Thank you. Hi, everyone. Good morning, Nicolas Joly is speaking, thank you all for being today around the call. I am with our CFO, Christelle de Robillard. So this morning, we are pleased to present Icade results for the first half 2024. This presentation will be, of course, followed by a Q&A session.
So let's move to slide 4 for an overview of the main messages for the first half of the year. The investment division showed resilience with revenue growth supported by indexation and by the well position office and enlighten industrial segments. In addition, the fall in asset valuation was contained Icade.
On the property development side, the operational performance reflected an environment that remains
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