- +3.0% growth in net recurrent earnings (NRE) per
share, with this trend higher than the full-year target of
at least +2.0%.
- Finalization of the transfer of hypermarket operations from
Casino to Auchan, Intermarché and Carrefour in progress. Banner
changes recognized with excellent footfall performance levels when
the stores reopened.
- Invoiced rents up +4.1% like-for-like.
- Positive operational trends: clear outperformance for
Mercialys centers in terms of footfall (+70bp versus the national
index at end-June) and retailer sales (+170bp versus the national
index at end-May). This success, established over the long
run, reflects Mercialys’ objective to shape its sites to cater
to the needs of peri-urban populations: offering retailers that are
affordable and meet a demand for “spending better” and more
sustainably among consumers who still want shopping for pleasure,
while adapting to inflation.
- Moderate current financial vacancy rate of 3.0%
highlighting the effectiveness of Mercialys’ rental policy, the
relevant positioning of its sites and the underlying resilience of
consumption segments in France and particularly health / beauty and
culture / gifts / sport.
- +0.4% upturn in the like-for-like portfolio value for
the first half of 2024, factoring in the favorable impact of the
increase in rents and reflecting an average appraisal rate of
6.68%.
- Continued portfolio rotation, demonstrating the liquidity of
the assets: disposal of four hypermarkets that were 51% owned
by Mercialys and operated by Auchan, as well as ancillary lots
owned by Mercialys, for a total net sales price of Euro 117.5
million on a 100% basis. This operation, completed in July
2024, contributes to the Company’s balanced rental mix, while
supporting its potential for investment.
- LTV including transfer taxes of 36.9% at June 30,
2024 factoring in the disposal of the four hypermarkets. The
average cost of drawn debt remains under control at
2.2%. The Company does not have any debt installments due
before February 2026, with the exception of a limited amount of
commercial paper for Euro 42 million. Supported by a solid balance
sheet, the Company will be able to position itself on operations
for investments or acquisitions either directly or through
partnerships.
- 2024 objectives confirmed: NRE per share growth to reach
at least +2.0% versus 2023. Dividend to range from 75% to 95% of
2024 NRE.
Regulatory News:
Mercialys (Paris:MERY):
Jun 30, 2023
Jun 30, 2024
Change (%)
Organic growth in invoiced rents including
indexation
+4.2%
+4.1%
-
EBITDA (€m)
72.3
76.1
+5.2%
EBITDA margin
82.0%
83.1%
-
Net recurrent earnings (NRE)
(€m)
57.5
59.3
+3.3%
ICR (EBITDA / net finance costs)
5.2x
5.5x
-
LTV (excluding transfer taxes)
38.6%
39.4%1
-
LTV (including transfer taxes)
36.1%
36.9%1
-
Portfolio value including transfer taxes
(€m)
2,987.0
2,879.4
-3.4% 2 (H1 +0.3%)
EPRA NTA (€/share)
16.99
15.85
-6.7% (H1 -2.7%)
I. Mercialys, the leading REIT for
accessible retail: meeting a demand for “shopping for pleasure”
combined with price constraints
72% of Mercialys’ shopping centers are positioned in out-of-town
areas, which are home to 44%3 of the French population. Since 2005,
the Company has recalibrated its portfolio to keep the assets with
leading positions in their catchment areas, located around mid-size
cities with the best demographic and purchasing power trends.
While the latest economic cycles since the Company was founded
in 2005 have been marked by various determining factors, one
pivotal element has become established as a permanent feature:
price-consciousness among consumers. This focus has been
particularly strong since inflation picked up again in 2022.
Alongside this, another constant feature of consumer behavior is
the concept of “shopping for pleasure”: going shopping is still a
source of satisfaction. This need to accumulate goods is
illustrated by the fact that 71%4 of respondents said that they
enjoy making purchases either systematically, often or occasionally
(compared with 66% in March 2022).
Caught between this desire to consume and the need to control
their spending, with 41% of households saying that they base
their decisions primarily on their purchasing power5, shopping
center visitors are adapting. Firstly, their preferred retailers
include brands with a very clear price positioning: Action,
Décathlon and Leroy Merlin are respectively the top three preferred
retailers among French consumers5. Secondly, they are adapting
their behavior, as indicated by 85%5 of households looking for
promotional offers or switching to less expensive items.
This price-consciousness is also having an impact on French
aspirations to consume in a better way. While 95%6 of French
people would like to consume more responsibly, only 13% say that
they have actually changed their habits to move in this direction,
primarily due to their financial constraints. Faced with this
dilemma, consumers would like brands to adopt better practices on
sustainable development issues: for instance, 27%5 of French people
say that they base their decisions primarily on CSR issues.
Lastly, French people’s concerns about their purchasing power
are also marking the political context: ahead of the legislative
elections, 58% of the people surveyed said that purchasing power
was a decisive factor behind their votes7.
Within this paradigm, Mercialys aims to continually adapt its
retail mix and establish itself as the real estate market leader
for affordable retail across all consumption segments.
Illustrating this trend, the opening of the Action store in
Aix-en-Provence led to a +29% increase in footfall for this center
from December 2023 to June 2024; the inauguration of the Normal
store in Annecy is reflected in a +26% increase in this site’s
footfall since May 2024; lastly, 4,200 visits over two days
highlight the success of the operations carried out with the
low-price brands Plantes Pour Tous and Le Goût des Plantes at the
Grenoble and Toulouse sites.
Lastly, the takeover of hypermarkets previously operated by the
Casino group by Intermarché, Carrefour and Auchan (ranking 2nd, 4th
and 8th respectively in the top 100 leading retail brands in
France8) fully supports this offering of affordable local services.
Hypermarkets play a key role in limiting the impact of food costs
on household budgets, thanks in particular to their own private
labels.
II. Finalization of hypermarket takeovers in
progress: enhanced sites’ attractiveness and risk profile for
Mercialys
The changes to the hypermarket banners anchoring Mercialys’
shopping centers, which began in the fourth quarter of 2023, were
successfully completed during the first half of 2024.
On June 22, 2024, the Casino group indicated that it had signed
a unilateral preliminary purchase agreement concerning the sale of
the subsidiary operating its activities in Corsica,
including the stores owned by Mercialys, with Auchan Retail France
and the Rocca group. The completion of this operation remains
subject to various administrative procedures, including approval
from the competition authorities.
On July 2, 2024, Mercialys announced the disposal of four
hypermarkets in which it had a 51% interest, with the remaining
49% owned by a fund managed by BNP Paribas REIM, as well as
ancillary lots belonging to the Company, for a total net sales
price of Euro 117.5 million. These hypermarkets were operated by
Auchan.
Thus, at end-June 2024, proforma for the sale of business
operations to Auchan in Corsica and the disposal of the four
hypermarkets, Mercialys’ rental exposure9 shows a weighting of
15.9% for large food stores, representing a foundation of
revenues indexed against a recurrent consumption segment making
a positive contribution to the Company’s risk profile. This risk
profile also benefits from limited exposure of around 5% of
economic rental income to the individual retailers making the
biggest contributions, i.e. Intermarché and Auchan. This breakdown
could see minor changes depending on the decisions taken by the
competition authorities.
Retailer – mass food retail
Ranking – main retailers in
France 8
Dec 31, 2023 % of rental
revenues (economic vision)
Jun 30, 2024 % of rental
revenues (economic vision)
Jun 30, 2024 % of rental
revenues (economic vision - proforma)
Intermarché
2nd
0.7%
5.4%
5.6%
Auchan
8th
0.0%
4.3%
5.1%
Carrefour Hypermarchés
4th
0.0%
2.1%
2.1%
Monoprix
14th
1.5%
1.6%
1.6%
Casino Hypermarchés
34th
15.3%
4.7%
1.2%
Aldi
11th
0.2%
0.2%
0.2%
Lidl
6th
0.1%
0.1%
0.1%
TOTAL
17.8%
18.4%
15.9%
These new food anchors will consolidate the overall strong
positioning of Mercialys’ sites in their catchment areas and could
generate interest from non-food retailers looking for new
locations. Through the footfall generated, they will also help
improve the outlook for Mercialys’ Casual Leasing business. Lastly,
the Company will hold discussions with the operators to explore the
possibility of reducing the size of their hypermarkets to further
strengthen the sites by creating mid-size stores and achieving
rental reversion.
III. Operational performance reflecting a
solid retail sector in France
For the year to end-June 2024, footfall10 at Mercialys shopping
centers is up +2.0%, outperforming the Quantaflow national index
(+1.3%) by +70bp.
This excellent trend is particularly satisfactory considering
the number of disruptive factors that affected footfall during the
first half of 2024: the attrition affecting supplies for the
hypermarkets operated by Casino prior to the transfer of business
operations, the organization of liquidation sales, and the
subsequent closure of these hypermarkets for two to three
weeks.
The opening of these stores under their new banners, primarily
in May and June 2024, was recognized with strong footfall levels,
driven specifically by the proactive price reduction policies
applied by the three retailers, as well as their more attractive
and well-stocked supplies.
The following table illustrates, through a few examples, the new
dynamics for hypermarkets:
Sites
New food retailer
Change in hypermarket footfall
between their reopening date and June 30, 2024
Fréjus
Auchan
+31.5%
Istres
Auchan
+38.4%
Lanester
Carrefour
+13.9%
Narbonne
Auchan
+35.2%
Quimper
Intermarché
+36.4%
Annecy
Auchan
+50.6%
Marseille La Valentine
Auchan
+36.1%
Saint Etienne
Auchan
+25.8%
Alongside this, for the year to end-May 2024, retailer sales in
the Company’s shopping centers saw +3.4% growth, outpacing the FACT
national index’s +1.7% increase by 170bp.
The occupancy cost ratio11 shows a very sustainable level
of 10.9% at end-June 2024, slightly higher than December 31, 2023
(10.7%), linked to the impact of indexation on rents, and identical
to the level from June 30, 2023 (10.9%).
The current financial vacancy rate12 - which excludes
strategic vacancies following decisions to facilitate the
deployment of extension and redevelopment plans - came to 3.0% for
the first half of 2024, showing an improvement compared with
end-June 2023 (3.3%) and virtually stable in relation to December
31, 2023 (2.9%).
The first half of 2024 saw a sustained level of lettings
activity, contributing to this limited vacancy rate. Against a
backdrop of sustained indexation, the reversion rate on renewals
and relettings came to -0.2%. This rate does not take into account
the reletting of a mid-size unit, previously leased to H&M, in
Marseille La Valentine to Intersport, which had an impact of -2.7%.
This operation contributes to this shopping center’s repositioning
around sport, further strengthening the selection of retailers
available in this segment, which already includes Sport 2000, the
official Olympique de Marseille football club store, Foot Locker
and Courir.
In the consumption environment described above, the beauty /
health and culture / gifts / sports sectors continue to be
particularly buoyant, once again thanks to the momentum generated
by affordable retailers in particular. Mercialys has continued to
adapt its retail mix in line with these underlying trends,
illustrated by the relettings secured during the first half of this
year. Out of the 40 transactions completed during this period,
sectors covering discretionary spending - personal items and
household equipment - accounted for 12 of the leases signed (30%),
compared with 28 for day-to-day retailers (70%). 50% of the retail
mix prior to these relettings was made up of discretionary
spending-related retailers, with a 20% reduction in the weighting
for these segments.
IV. Half-year results in line with the
Company’s steady long-term growth trajectory
Invoiced rents climbed to Euro 91.4 million, up +4.0% on
a current basis. Organic growth 13 in rental income came to
+4.1% for the first half of 2024, benefiting from a still
sustained indexation effect of +4.4% and the contribution by
variable rents for +0.2%.
Year to end-June 2023
Year to end-June 2024
Indexation
+3.8 pp
+€3.2m
+4.4 pp
+€3.9m
Contribution by Casual Leasing
-0.2 pp
-€0.2m
-0.2 pp
-€0.1m
Contribution by variable rents
+1.7 pp
+€1.4m
+0.2 pp
+€0.2m
Actions carried out on the portfolio
-1.5 pp
-€1.3m
-0.5 pp
-€0.4m
Accounting impact of “Covid-19 rent
relief” granted to retailers
+0.5 pp
+€0.4m
+0.1 pp
+€0.1m
Like-for-like growth
+4.2 pp
+€3.6m
+4.1 pp
+€3.6m
Asset acquisition and sales
-2.0 pp
-€1.7m
0.0 pp
€0.0m
Other effects
-0.1 pp
-€0.1m
-0.1 pp
-€0.1m
Growth on a current basis
+2.1 pp
+€1.8m
+4.0 pp
+€3.5m
Rental revenues came to Euro 91.6 million, up +3.9% from
the first half of 2023, reflecting the changes in invoiced rents
and the contraction in lease rights and despecialization
indemnities.
Net rental income is up +5.9% to Euro 87.4 million,
reflecting the growth in rental revenues and the good control over
the ratio of non-recovered service charges.
EBITDA came to Euro 76.1 million, up +5.2% from June 30,
2023. The EBITDA margin represents 83.1% (vs. 82.0% at June 30,
2023 and 83.9% at December 31, 2023).
The net financial expenses used to calculate net
recurrent earnings14 totaled Euro -14.4 million at June 30, 2024,
compared with Euro -13.7 million at end-June 2023. This limited
increase takes into account the fixed/floating rate products
extinguished, while the higher cost of commercial paper is more
than offset by the proceeds from cash investments. As a result, the
real average cost of drawn debt remained under control at
2.2% for the first half of 2024, down -10bp from end-December 2023
and up +10bp over 12 months (2.1% at end-June 2023).
Other operating income and expenses (excluding capital
gains or losses on disposals and impairment) represent Euro 1.2
million of income (versus Euro 3.4 million of net income for the
first half of 2023), linked primarily to the impact of the net
reversals of provisions.
Tax represents a Euro -0.2 million expense at end-June
2024, compared with Euro -0.3 million for the first half of 2023.
This amount corresponds primarily to a CVAE corporate value-added
tax expense.
The share of net income from associates and joint
ventures (excluding capital gains or losses, amortization and
impairment) totaled Euro 1.7 million at June 30, 2024, down -3.8%
from June 30, 2023, linked in particular to the change in financing
conditions for the SCI AMR scope, offsetting the positive impact of
indexation on rental income for these companies.
Non-controlling interests (excluding capital gains or
losses, amortization and impairment) came to Euro -5.7 million at
June 30, 2024, compared with Euro -5.4 million for the first half
of 2023.
In view of these items, net recurrent earnings (NRE
14) are up +3.3% from June 30, 2023 to Euro 59.3 million,
with a +3.0% increase to Euro 0.63 per share 15.
(In thousands of euros)
Jun 30, 2023
Jun 30, 2024
Change (%)
Invoiced rents
87,910
91,385
+4.0%
Lease rights and despecialization
indemnities
254
175
-31.0%
Rental revenues
88,164
91,560
+3.9%
Non-recovered building service charges and
property taxes and other net property operating expenses
-5,599
-4,152
-25.8%
Net rental income
82,564
87,408
+5.9%
Management, administrative and other
activities income
1,412
1,526
+8.1%
Other income and expenses
-1,904
-3,380
+77.5%
Personnel expenses
-9,789
-9,496
-3.0%
EBITDA
72,284
76,059
+5.2%
EBITDA margin (% of rental revenues)
82.0%
83.1%
-
Net financial items (excluding
non-recurring items 16)
-13,698
-14,441
+5.4%
Reversals of / (Allowances for)
provisions
-658
761
na
Other operating income and expenses
(excluding capital gains or losses on
disposals and impairment)
3,396
1,152
-66.1%
Tax expense
-265
-203
-23.6%
Share of net income from associates and
joint ventures (excluding capital gains or losses on disposals,
amortization and impairment)
1,799
1,730
-3.8%
Non-controlling interests
(excluding capital gains or losses on
disposals, amortization and impairment)
-5,404
-5,737
+6.2%
Net recurrent earnings (NRE)
57,453
59,322
+3.3%
Net recurrent earnings (NRE) per
share 15 (in euros)
0.62
0.63
+3.0%
V. Slight upturn in the portfolio value and
financial structure supporting a resumption of investments
At end-June 2024, Mercialys’ portfolio mainly comprised 47
shopping centers 17, with an average size of 16,220 sq.m and
average value of Euro 61.0 million.
Mercialys’ portfolio value came to Euro 2,879.4 million
including transfer taxes, up +0.3% like-for-like over the first
half of 2024. The appraisal value excluding transfer taxes is up
+0.4% like-for-like, with the positive impact of rental income
(+2.3%) offsetting the impact of a slight increase in rates.
Current basis
Like-for-like 18
Appraisal value at Jun 30,
2024
Change over last 6 months
Change over last 12 months
Change over last 6 months
Change over last 12 months
Value excluding transfer taxes
2,700.0
+0.3%
-3.6%
+0.4%
-3.4%
Value including transfer taxes
2,879.4
+0.3%
-3.6%
+0.3%
-3.4%
The average appraisal yield rate was 6.68% at June 30,
2024, showing a limited increase of +7bp compared with end-December
2023 (6.61%) and up +47bp from June 30, 2023 (6.21%). This average
rate shows a positive yield spread of over 340bp compared with the
risk-free rate (10-year OAT) at end-June.
The EPRA net asset value indicators are as follows:
EPRA NRV
EPRA NTA
EPRA NDV
Jun 30, 2023
Dec 31, 2023
Jun 30, 2024
Jun 30, 2023
Dec 31, 2023
Jun 30, 2024
Jun 30, 2023
Dec 31, 2023
Jun 30, 2024
€/share
19.03
18.25
17.80
16.99
16.29
15.85
18.80
17.10
16.53
Change over 6 months
-7.4%
-4.1%
-2.5%
-7.8%
-4.1%
-2.7%
-10.2%
-9.1%
-3.3%
Change over 12 months
-6.5%
-11.2%
-6.5%
-6.9%
-11.6%
-6.7%
-4.3%
-18.4%
-12.0%
EPRA NDV (Net Disposal Value) down -3.3% over six months to
Euro 16.53.
The Euro -0.57 per share change for the first half of this year
takes into account the following impacts:
- Dividend payment: Euro -0.99; - Net
recurrent earnings: Euro +0.63; - Change in unrealized capital
gains19: Euro -0.04, including a yield effect for Euro -0.57, a
rent effect for Euro +0.67 and other effects20 for Euro -0.14; -
Change in fair value of fixed-rate debt: Euro -0.13; - Change in
fair value of derivatives and other items: Euro -0.04.
Alongside this, Mercialys continues to benefit from a very solid
financial structure, with an LTV ratio excluding transfer
taxes21 of 40.0% at June 30, 2024 (compared with 38.9% at
December 31, 2023 and 38.6% at June 30, 2023) and an LTV ratio
including transfer taxes of 37.4% (versus 36.4% at December 31,
2023 and 36.1% at June 30, 2023). Proforma for the sale of the
hypermarkets as presented above, the LTV excluding transfer taxes
would come to 39.4%, while the ratio including transfer taxes would
come to 36.9%.
The ICR was 5.5x 22 at June 30, 2024, compared with 5.1x
at December 31, 2023 and 5.2x at June 30, 2023.
No drawn financing lines are due to mature before February 2026,
with the exception of Euro 42 million of commercial paper (out of a
total program with Euro 500 million to potentially be used).
Mercialys also has Euro 385 million of undrawn financial
resources, enabling it to benefit from a very satisfactory
level of liquidity. The maturity of 57% of these lines was extended
during the first half of 2024. Over the coming months, and subject
to market conditions, Mercialys aims to finalize the early
refinancing of the bond maturity due in July 2027, either through
the exercise of its make-whole call option or by other means, which
would require the issuance of new financing.
The Company is capitalizing on this very healthy
financial structure to invest, either through its development
pipeline (as detailed below), or through targeted asset
acquisitions. A highly selective approach will be applied to
trigger these investments, in terms of both real estate
fundamentals (location, rental exposure, potential energy
consumption optimization) and financial fundamentals, requiring a
minimum yield of 7%.
Over the past few months, the Company’s projects have made
progress with pre-lettings. In Saint-André (Reunion Island),
the 13,000 sq.m retail park to potentially be developed on
Mercialys’ land reserve sites is 63% pre-let, with this progress
supporting the target to submit a building permit application
during the fourth quarter of 2024. Similarly, in Sainte-Marie
(Reunion Island), the pre-letting of the extension offering over
11,000 sq.m of space in the shopping center has only just begun,
but is already up to 12%, while advanced expressions of interest
have been received representing 35% of the expected rental income,
and the building permit application is also scheduled to be
submitted by the first quarter of 2025. The Valence 2 center
redevelopment project is 47% pre-let, with the application for
administrative approvals expected to be submitted during the fourth
quarter of 2024. Lastly, the project to redevelop the older section
of the Toulouse shopping center has also been launched and the
requests for administrative approvals are expected to be submitted
during the fourth quarter of 2024.
(In millions of euros)
Total investment
Investment still to be
committed
Completion date
COMMITTED PROJECTS23
18.9
18.3
2024/2027
Tertiary activities
18.4
17.9
2024/2027
Dining and leisure
0.5
0.4
2024
CONTROLLED PROJECTS
186.2
176.7
2025/2028
Retail
160.6
151.5
2025/2028
Dining and leisure
14.3
14.2
2025/2026
Tertiary activities
11.3
11.1
2025/2026
IDENTIFIED PROJECTS
227.0
226.6
2025/>2028
Retail
152.5
152.1
2025/>2028
Dining and leisure
54.4
54.4
>2028
Tertiary activities
20.1
20.1
2026/>2028
Total
432.0
421.6
2024/>2028
- Committed projects: projects fully secured
in terms of land management, planning and related development
permits - Controlled projects: projects effectively under control
in terms of land management, with various points to be finalized
for regulatory urban planning (constructability), planning or
administrative permits - Identified projects: projects currently
being structured, in emergence phase
VI. 2024 objectives confirmed
Mercialys’ first-half performance levels enable it to confirm
its objectives for 2024:
- Growth in net recurrent earnings (NRE) per share to reach at
least +2.0% vs. 2023;
- Dividend to range from 75% to 95% of 2024 NRE.
* * *
This press release is available on
www.mercialys.com. A presentation of these results is also
available online, in the following section: Investors / News and
Press Releases / Presentations and Investor Days
About Mercialys Mercialys is one of France’s leading real
estate companies. It is specialized in the holding, management and
transformation of retail spaces, anticipating consumer trends, on
its own behalf and for third parties. At June 30, 2024, Mercialys
had a real estate portfolio valued at Euro 2.9 billion (including
transfer taxes). Its portfolio of 1,955 leases represents an
annualized rental base of Euro 178.3 million. Mercialys has been
listed on the stock market since October 12, 2005 (ticker: MERY)
and has “SIIC” real estate investment trust (REIT) tax status. Part
of the SBF 120 and Euronext Paris Compartment B, it had 93,886,501
shares outstanding at June 30, 2024.
IMPORTANT INFORMATION This press release contains certain
forward-looking statements regarding future events, trends,
projects or targets. These forward-looking statements are subject
to identified and unidentified risks and uncertainties that could
cause actual results to differ materially from the results
anticipated in the forward-looking statements. Please refer to
Mercialys’ Universal Registration Document available at
www.mercialys.com for the year ended December 31, 2023 for more
details regarding certain factors, risks and uncertainties that
could affect Mercialys’ business. Mercialys makes no undertaking in
any form to publish updates or adjustments to these forward-looking
statements, nor to report new information, new future events or any
other circumstances that might cause these statements to be
revised.
APPENDIX TO THE PRESS RELEASE FINANCIAL
STATEMENTS
Consolidated income statement
(In thousands of euros)
Jun 30, 2024
Jun 30, 2023
Rental revenues
91,560
88,164
Service charges and property tax
-32,391
-33,471
Charges and taxes billed to tenants
28,069
28,418
Net property operating expenses
171
-546
Net rental income
87,408
82,564
Management, administrative and other
activities income
1,526
1,412
Other income
0
0
Other expenses
-3,380
-1,904
Personnel expenses
-9,496
-9,789
Depreciation and amortization
-19,097
-18,926
Reversals of / (Allowances for)
provisions
761
-658
Other operating income
10,635
5,399
Other operating expenses
-9,289
-20,219
Operating income
59,069
37,879
Income from cash and cash equivalents
2,210
1,296
Gross finance costs
-19,800
-17,846
(Expenses) / Income from net financial
debt
-17,590
-16,550
Other financial income
755
382
Other financial expenses
-1,812
-4,252
Net financial items
-18,647
-20,420
Tax expense
-400
-196
Share of net income from associates and
joint ventures
1,466
1,040
Consolidated net income
41,488
18,304
Attributable to non-controlling
interests
5,236
-12,137
Attributable to owners of the parent
36,251
30,441
Earnings per share 24
Net income attributable to owners of the
parent (€)
0.39
0.33
Diluted net income attributable to owners
of the parent (in euros)
0.39
0.33
Consolidated statement of financial position
ASSETS (in thousands of euros)
Jun 30, 2024
Dec 31, 2023
Intangible assets
3,220
3,144
Property, plant and equipment other than
investment property
7,192
5,825
Investment property
1,734,533
1,864,950
Right-of-use assets
10,573
10,615
Investments in associates
39,385
39,557
Other non-current assets
36,560
37,577
Deferred tax assets
1,444
1,614
Non-current assets
1,832,907
1,963,282
Trade receivables
36,757
35,936
Other current assets
30,538
31,902
Cash and cash equivalents
88,202
118,155
Investment property held for sale
121,889
1,400
Current assets
277,386
187,393
Total assets
2,110,293
2,150,676
EQUITY AND LIABILITIES (in thousands of
euros)
Jun 30, 2024
Dec 31, 2023
Share capital
93,887
93,887
Additional paid-in capital, treasury
shares and other reserves
529,704
583,337
Equity attributable to owners of the
parent
623,591
677,224
Non-controlling interests
187,908
188,871
Shareholders’ equity
811,499
866,095
Non-current provisions
1,340
1,406
Non-current financial liabilities
1,136,925
1,131,627
Deposits and guarantees
31,601
24,935
Non-current lease liabilities
9,465
9,529
Other non-current liabilities
2,725
4,834
Non-current liabilities
1,182,056
1,172,332
Trade payables
18,133
9,265
Current financial liabilities
49,924
53,037
Current lease liabilities
1,438
1,331
Current provisions
13,257
15,581
Other current liabilities
33,981
32,940
Current tax liabilities
5
95
Current liabilities
116,737
112,249
Total equity and liabilities
2,110,293
2,150,676
1 Proforma for the sale of four hypermarkets in July 2024 2
Like-for-like change 3 INSEE in La Ville au miroir des microcosmes
(R. Oudghiri) 4 Opinionway survey for Bonial (June 2024) 5 Annual
study of France’s favorite retailers – EY Parthenon 2024 6 Kantar
Insight 7 Elabe survey published on June 26, 2024 8 Top 100 LSA
list of leading retail brands in France in 2023 9 Consolidated
rental income adjusted (i) downwards for the 49% minority interest
held by BNP Paribas REIM in SAS Hyperthetis Participations and SAS
Immosiris, which together own a total of six hypermarkets following
the sale completed in July 2024, and (ii) upwards for Mercialys’
25% minority interest in SCI AMR, which owns three Monoprix stores
and two hypermarkets 10 Mercialys’ large centers and main
convenience shopping centers based on a constant surface area,
representing around 80% of the value of the Company’s shopping
centers 11 Ratio between rent, charges (included marketing funds)
and invoiced work (including tax) paid by retailers and their sales
revenue (including tax), excluding large food stores 12 The
occupancy rate, as with Mercialys’ vacancy rate, does not include
agreements relating to the Casual Leasing business. 13 Assets enter
the like-for-like scope used to calculate organic growth after
being held for 12 months 14 NRE: Net recurrent earnings = Net
income attributable to owners of the parent before amortization,
gains or losses on disposals net of associated fees, any asset
impairment and other non-recurring effects 15 Calculated based on
the average undiluted number of shares (basic), i.e. 93,483,692
shares 16 Impact of hedging ineffectiveness, banking default risk,
premiums, non-recurring amortization and costs relating to bond
redemptions, proceeds and costs from unwinding hedging operations
17 Added to these are two geographically dispersed assets with a
total appraisal value including transfer taxes of Euro 12.9
million. 18 Sites on a constant scope and a constant surface area
basis 19 Difference between the net book value of assets on the
balance sheet and their appraisal value excluding transfer taxes 20
Including impact of revaluation of assets outside of organic scope,
equity associates, maintenance capex and capital gains or losses on
asset disposals 21 LTV (Loan To Value): Net financial debt /
(market value of the portfolio excluding transfer taxes + market
value of investments in associates for Euro 44.3 million at June
30, 2024, Euro 45.1 million at December 31, 2023 and Euro 48.3
million at June 30, 2023, since the value of the portfolio held by
associates is not included in the appraisal value) 22 ICR (Interest
Coverage Ratio): EBITDA / net finance costs 23 investments to be
committed for the pipeline primarily correspond to the Saint-Denis
mixed-use project, north of Paris, as well as coworking spaces 24
Based on the weighted average number of shares over the period
adjusted for treasury shares: - Undiluted weighted average number
of shares for the first half of 2024 = 93,483,692 shares - Fully
diluted weighted average number of shares for the first half of
2024 = 93,483,692 shares
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240724121586/en/
Analysts / investors / media: Olivier Pouteau Tel: +33
(0)6 30 13 27 31 Email: opouteau@mercialys.com
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