Half Year 2022 Carmila SA Earnings Call Transcript
Good morning, everyone. Welcome to Carmila's First half 2022 Results Presentation. Let's get started with the key takeaways.
Retail sales continued to improve. In Q2, they were up by 5% versus 2019. The good momentum on leasing activity has continued after a record 2021. Retailers from across all sectors continue to open new stores. Occupancy is high and wines more affordable, which helps to pivot to new concept and services. This transformation explains why we have like-for-like growth in the rental base of more than 4%, and like-for-like increase in appraisal values of plus 1.1% versus end 2021.
As well as this organic growth of the rental base, we have had a faster-than-expected normalization of wine collection post-COVID. As a consequence, H1 recurring earnings per share are 59% higher than last year. Finally, maintaining a strong balance sheet is a management priority. As of end June, Carmila's LTV ratio is down at 36.9%.
Turning to the next slide on the events that have taken place in the first half of the year. The most
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