April 24, 2020 / 9:28 PM / a month ago

BRIEF-Icade Suspends 2020 Guidance

April 24 (Reuters) - Icade SA:

* END-MARCH PROPERTY DEVELOPMENT REVENUE AT €101M, DOWN -32% AS OVER 90% OF CONSTRUCTION PROJECTS HAVE BEEN HALTED

* PROPERTY DEVELOPMENT REVENUE HAS ALREADY BEEN IMPACTED BY THE COVID-19 CRISIS

* END-MARCH SOLID RENTAL INCOME GROWTH (ABOUT +8%)

* 2020 GUIDANCE SUSPENDED; NEXT UPDATE SCHEDULED FOR THE H1 RESULTS ANNOUNCEMENT

* END-MARCH BACKLOG OF €1.3BN, UP +3.7%

* CASH HOLDINGS TOTALLED NEARLY €750M AT THE END OF MARCH AND BACKUP LINES OF CREDIT HAVE BEEN INCREASED TO OVER €2BN

* ON NEW CORONAVIRUS: FINANCIAL IMPACT CURRENTLY BEING ESTIMATED

* COVID-19 OUTBREAK LED BOARD OF DIRECTORS TO PROPOSE REDUCED DIVIDEND OF €4.01 PER SHARE

* HAS INCREASED ITS BACKUP LINES OF CREDIT BY OVER €300M AND NOW HAS UNDRAWN CREDIT LINES OF MORE THAN €2BN VERSUS. €1.7BN AS OF DEC 31, 2019

* THE CRISIS WILL LIKELY HAVE A MATERIAL IMPACT IN 2020 - CEO Further company coverage: (Gdansk Newsroom)

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