PR Newswire/Les Echos/ SOCIETE IMMOBILIERE DE LOCATION POUR L'INDUSTRIE ET LE COMMERCE - SILIC - French Société Anonyme with a share capital of EUR70,193,612 Registered office: 31 Boulevard des Bouvets, 92000 Nanterre 572 045 151 RCS NANTERRE NAF Code 6820 B - SIRET no. 572 045 151 00063 QUARTERLY FINANCIAL REPORTING THIRD QUARTER 2013 Icade obtains control of Silic Growth in operating and financial results 2013 outlook maintained in a climate of economic slowdown. Silic's ownership structure changed during the third quarter following the closing share exchange offer made by Icade, which now owns 93.26% of Silic's share capital and voting rights. On 15 October, the Board of Directors approved the terms of the merger between the two companies, which will become effective on 31 December 2013. The exchange ratio will be proposal during the general meeting 5 Icade shares for 4 Silic shares.(1) Business indicators at 30 September 2013 confirm Silic's growth in a climate of continued economic slowdown: - Rental income rose by 2.2% to EUR140.5 million versus EUR137.5 million in Q1 2012, driven by the contribution of Cézanne at Saint-Denis, Montréal at Orly-Rungis and Axe-Seine at Nanterre. On a like-for-like basis, rental income rose by 0.5%, with the positive impact of rent indexation offsetting a slight decline in the occupancy rate to 86.0% (versus 87.2% at end-2012). - As in previous years, tenant default was extremely low. - EBITDA and adjusted EPRA earnings were boosted by the strong commercial performance in 2012 and the non-recurrence of certain structural costs incurred in H1 2012. Investments over the nine months to September amounted to EUR75.3 million and were mainly devoted to continued construction work at Saint-Denis, Orly-Rungis and Colombes totalling 65,000 m2. These buildings are scheduled for completion in 2014 and 2015 and are 82% pre-let. Preparations for the Campus La Défense project also continued. Following these investments, debt increased to EUR1,482.8 million at 30 September 2013 from EUR1,432.9 million at end-2012. The Board of Directors has decided to adapt Silic's financing and hedging structure to its new environment, as follows: - By the end of October 2013, EUR495 million of financing due in 2014 will be refinanced at fixed rates for periods of 3 to 10 years in a particularly favourable interest-rate environment; - The EUR1.5 billion swap portfolio (partially deferred start) has been wound up early, leading to payment of a balance of EUR144.3 million. This had no material impact on Silic's 2013 results, equity level or dividend distribution capacity. Caps totalling EUR325 million have also been purchased. Following these transactions, 85% of Silic's debt is now hedged. The outlook for 2013 remains positive. With 65,000 m2 of developments under construction already 82% prelet, Silic has two goals: to tailor its offering to the requirements of the Paris region office property market and to support companies in their growth. Nanterre, 22 October 2013. FINANCIAL COMMUNICATION Bruno Meyer - Tel.: +33(0)1 41 45 79 65 (1) See press release of 15 October 2013. The content and accuracy of news releases published on this site and/or distributed by PR Newswire or its partners are the sole responsibility of the originating company or organisation. Whilst every effort is made to ensure the accuracy of our services, such releases are not actively monitored or reviewed by PR Newswire or its partners and under no circumstances shall PR Newswire or its partners be liable for any loss or damage resulting from the use of such information. All information should be checked prior to publication. -0- Oct/23/2013 07:48 GMT
SILIC - Quarterly financial reporting third quarter 2013
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