COMMUNIQUÉ RÉGLEMENTÉ

par ICADE (EPA:ICAD)

PR Icade - Corrigendum LTV EPRA

PRESS RELEASE

Paris, February 23, 2024, 8:30 a.m.

 

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CORRIGENDUM TO THE 2023 FULL YEAR RESULTS 

PRESS RELEASE PUBLISHED ON FEBRUARY 19, 2024

 

 

The calculation method for the EPRA Loan-to-Value (LTV) ratio was revised in order to comply with the Best Practices Recommendations issued by the European Public Real Estate Association. As such, the calculation of “net debt” in the EPRA LTV ratio table as of December 31, 2023 was corrected in the appendix to the 2023 Full Year Results press release published on February 19, 2024 (page 20, paragraph 1.3.3).  

As a consequence, the EPRA LTV ratio on a proportionate consolidation basis stood at 37.8% including duties (vs. 32.7% as reported on February 19, 2024).

The table on page 20, paragraph 1.3.3 now reads:

                                                                                                                                                             Share of                Non-

                                                                              Loan-to-value           Group          Share of joint

In millions of euros                                                                                                                                 material           controlling           Combined

                                                                                 (LTV) ratio         as reported         ventures

                                                                                                                                                           associates            interests

                                                                                                                 1                      2                        3                        4             (1)+(2)+(3)+(4)

Including:

Borrowings from financial institutions

1,199

1,199

124  

-283

1,040

NEU Commercial Paper 

225

225

225

Hybrids  Bonds

3,550

3,550

2  

3,552

Foreign currency derivatives  Net payables

4

198

-13  

-9

175

Owner-occupied property (debt)

Current accounts (equity characteristic)

89

89

109  

-84

115

Interest rate derivatives  

-62

                                            

Excluding:

Financial assets

-369

Cash and cash equivalents  

- 1,620

-1,620

                                                         -90   

54

-1,656

NET DEBT (A)

3,016

3,641

132

 

-322

3,451

 

TOTAL PROPERTY VALUE AND OTHER ASSETS (B)

8,593

8,872

221

 

-351

8,742

Real estate transfer taxes

407

407

-21

386

TOTAL PROPERTY VALUE AND OTHER ASSETS

(incl. RETTs) (C)

 

9,000

9,279

221

 

-373

9,128

 

EPRA LTV (excl. RETTs) (A/B)

35.1%

41.0%

                 

 

39.5%

 

EPRA LTV (incl. RETTs) (A/C)

 33.5%

39.2%

                 

 

37.8%

 

This correction has no impact on the Group’s key indicators with the other data remaining unchanged. 

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ABOUT ICADE

Icade is a full-service real estate company with expertise in both commercial property investment (portfolio worth €6.8bn on a full consolidation basis as of 12/31/2023) and property development (2023 economic revenue of €1.3bn) that operates throughout France. Icade has forged longterm partnerships to respond to emerging trends in the industry. It has made climate issues and the preservation of biodiversity central to its business model to reinvent real estate and contribute to more sustainable cities. It is listed as a “SIIC” on Euronext Paris and its leading shareholder is the Caisse des Dépôts group.

 

The text of this press release is available on the Icade website:www.icade.fr/en

CONTACTS

Anne-Violette Faugeras 

Marylou Ravix

Head of Finance and Investor Relations  

External Communication Manager

+33 (0)7 88 12 28 38

+33 (0)7 88 30 88 51

anne-violette.faugeras@icade.fr

marylou.ravix@icade.fr

 

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