Carmila 2022 Half-Year Results
Key financial information
o Resumption of normal financial performance and organic growth:
— Net rental income up 34.6% versus first-half 2021, of which 4.8% in organic
growth
— Collection rate of 95.8% in the first half of 20221
o Recurring earnings per share up 59.2% versus first-half 2021 to €0.83
o Full-year 2022 recurring earnings per share expected to be up 20%
First-half 2022 trading
o Retailers sales at 2019 levels in the first half of the year, and up 5% versus vs. 2019 in
the second quarter
o Leasing momentum maintained, with 517 leases signed in the first half of the year
(up 17% in terms of annual rent compared to first half 2019; down 16% compared to
the record performance in first-half 2021)
o Positive reversion of 2.8% on new leases
o Financial occupancy at 96.2%, up 0.5 percentage points versus end-June 2021
o Like-for-like increase of 4.1% in the rental base compared to end-2021
Strong balance sheet
o Like-for-like increase of 1.1% in the portfolio valuation versus end-2021
o EPRA Net Tangible Assets (NTA) per share of €24.82 at end-June 2022, up 1.2% versus
end-2021
o New €550 million sustainability-linked bank loan (3 month Euribor plus 180 basis points,
maturing in 2027)
o Loan-to-value ratio2 of 36.9% at end-June 2022, down 50 basis points versus end-2021
o Net-debt-to-EBITDA ratio at 8.0x at end-June 20223, versus 9.7x at end-2021; interest
coverage ratio3 at 4.6x, versus 3.9x at end-2021
Significant events of first-half 2022
o Sale of a portfolio of six assets in France for €150 million
o Acquisition of the Rosaleda shopping centre in Malaga, Spain for €24.3 million
o Completion of two share buybacks for a total amount of €30 million
o Carmila joins the SBF 120 index
