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Icade (IDADFP: BBB+ neg): 1H24 Results

REAL ESTATE
Still has some difficulties:
  • Net Debt EUR 3,123.5 grew +3.6%
  • LTV 43.5% +4%
  • Net Debt / EBITDA 11.4x from 7x
  • Average Maturity 4.3yr (0.3 yr shorter)
  • Group level Net Current Cash Flow EUR 169m down -18.1%
  • On the positive side -Property Investment Rental Income 187.8m up +3.7%
  • Liquidity covers 3.6yrs -- so no imminent problems
  • Remaining 800m stake in Healthcare will be sold by end 2025
  • Completed EUR 350m buy-back of '25 & '26 bonds
  • ICR was up massively to 34x but this was on one-offs due to the treatment of Healthcare stake

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