FY results webcast is available here: https://edge.media-server.com/mmc/go/IcadeFY19/lan/EN
Icade delivered strong results in 2019 in line with the goals set out in the 2019–2022 Strategic Plan. These results reflect an increase in gross rental income from Property Investment (+2% like-for-like), NCCF up +2.1% (above guidance) and EPRA NAV TSR at over 10%, attesting to a business model that creates value. A dividend of €4.81 per share will be submitted to the General Meeting for approval, marking the fourth consecutive year of increases (+29% since 2015).
Priorities for 2020 include both the continued implementation of our Strategic Plan and the integration of Icade’s Purpose unveiled today into all of our activities.
Olivier Wigniolle Icade CEO
Group
2019 revenue: €1.52bn, i.e. -14.0% (vs. 2018)
Net current cash flow per share was up +2.1% to €5.26 as the disposal volume increased sharply
Net profit attributable to the Group: €300.2m: strong increase fuelled by gains on disposals: +93.7%
EPRA NAV per share up 5.7% year-on-year; EPRA NAV TSR: 10.8%
Proposed dividend per share: €4.81, i.e. +4.6%
Property Investment
Gross rental income from Property Investment: €635.9m, +2.0% like-for-like
Adjusted EPRA earnings from Property Investment: €358.7m, i.e. €4.85 per share, up +6.0%
Portfolio value: €14.3bn on a full consolidation basis, +2.6% from 2018 like-for-like
Development pipeline: 8 completions in 2019, €2.2bn as of December 31, 2019, value creation potential of €700m
Property Development
In 2019: 19 projects awarded, i.e. potential additional revenue of €1bn (excl. taxes, on a proportionate consolidation basis)
Backlog of €1.3bn, up 8.1%, driven by the residential segment
Medium-term revenue potential: €7.1bn, +24%
2020 Outlook
Group NCCF per share: Slightly lower than 2019 (up c. +5.0% excl. impact of 2019 disposals)
2020 dividend: On the rise: Payout ratio of 90% of NCCF + distribution of part of the gains on 2019 disposals
