March 23, 2020 / 6:24 AM / 16 days ago

BRIEF-Icade Suspends 2020 FY Guidance Due To Coronavirus

March 23 (Reuters) - Icade SA:

* ON CORONAVIRUS: ICADE REMAINS STRONG AND CONFIDENT

* AT ITS MEETING HELD ON FRIDAY, MARCH 20, 2020, THE BOARD OF DIRECTORS CONFIRMED A FULL DIVIDEND FOR 2019 OF EUR 4.81 PER SHARE

* THE REAL ESTATE AND CONSTRUCTION SECTORS HAVE ALREADY STARTED TO FEEL THE EFFECTS AND WILL CONTINUE TO BE DISRUPTED OVER THE COMING MONTHS

* ON CORONAVIRUS: FOR OUR MOST AFFECTED TENANTS THAT RANGE IN SIZE FROM VERY SMALL TO MEDIUM-SIZED BUSINESSES, ICADE WILL EXAMINE ON A CASE-BY-CASE BASIS WHETHER TO IMPLEMENT THE INDUSTRY-SPECIFIC MEASURES RECOMMENDED BY LANDLORD ASSOCIATIONS

* WHILE IT IS STILL TOO EARLY TO PRECISELY ESTIMATE THE SHORT- AND MEDIUM-TERM OPERATIONAL AND FINANCIAL IMPACT OF THIS CRISIS, ICADE CAN RELY ON ITS UNDENIABLE STRENGTHS TO GET THROUGH THIS CHALLENGING PERIOD

* CONSTRUCTION INDUSTRY WILL BE QUITE HEAVILY IMPACTED (SUPPLY-CHAIN BREAKDOWNS, DIFFICULTIES COMPLYING WITH GOVERNMENT REQUIREMENTS ON CONSTRUCTION SITES, ETC.) AND SOME PROJECTS ARE ALREADY EXPERIENCING DELAYS

* THIS WILL IMPACT BOTH ICADE PROMOTION’S REVENUE WHICH IS RECOGNISED USING THE PERCENTAGE-OF-COMPLETION METHOD AND THE COMPLETION DATE OF SOME OF THE OFFICE PROPERTY INVESTMENT AND HEALTHCARE PROPERTY INVESTMENT DIVISIONS’ DEVELOPMENT PROJECTS

* AS REGARDS ICADE PROMOTION (8% OF GROUP NCCF IN 2019), THE CRISIS WILL PUSH BACK THE SALE OF OUR PROJECTS DURING THE LOCKDOWN, PARTICULARLY IN THE RESIDENTIAL SEGMENT

* AS A RESULT, WE HAVE TO SUSPEND BOTH OUR 2020 FULL-YEAR GUIDANCE AND 2020 PRIORITIES ANNOUNCED LAST FEBRUARY UNTIL THE SITUATION SETTLES DOWN Source text : bit.ly/3afKhGa Further company coverage: (Gdansk Newsroom)

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