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
