2018 Annual Results

Carmila has proven the strength of its business model and the dynamism of its teams. The results for this year highlight the company’s ability to transform and enhance the value of its shopping centres, through the implementation of a retailer approach. Locally-deployed teams, retailer support with powerful digital marketing tools, and an entrepreneurial spirit applied to all areas of its business provide Carmila with unique potential for growth.• Gross rental income increased by +13.1% to €340.3m, including organic growth of +2.8%.• Recurring earnings amounted to €207.5m, an increase of +13.5% compared with 2017.Recurring earnings per share remained stable at €1.53 per share. The dilutive effect of the capital increase carried out in 20171 was offset in full.• The Gross asset value, including transfer taxes, of Carmila’s shopping centres totalled €6.4bn, up +10.3% over 12 months. At comparable scope, this figure rose by +2.2%, stable in France and increasing in Spain and Italy. The France portfolio saw a marginal increase in average market capitalisation rates (+12 bps), offset by the positive effects of the Carmila teams’ dynamic approach to asset management. The average capitalisation rate for the portfolio rose by +7 bps over the 12 months from 5.70% a year ago to 5.77%.• EPRA NAV per share grew by +3.3% over 2018, to €28.39. Restated for the interim dividend of €0.75 paid in November 2017 on 2017 EPRA NAV, NAV rose by +0.6% over the 12 months.• Over the course of 2018, Carmila delivered seven extension projects, thus increasing the leadership of these sites. Retail brands proved to be pursuing a selective development in France in these assets were the letting rate is above 96% and activity already looks promising for the first few months of opening.• In 2018, Carmila signed acquisitions worth €417m and as such boosted its future potential for growth by increasing its presence in the dynamic Spanish market and acquiring assets with significant potential for value creation.