Full Year 2024 Aroundtown SA Earnings Call Transcript
Key Points
- Aroundtown SA (AANNF) successfully executed capital market transactions, including perpetual note exchanges and bond issuances, which received strong investor demand.
- The company maintained a strong liquidity position with cash and liquid assets amounting to EUR3.6 billion.
- Aroundtown SA (AANNF) recorded a like-for-like rental growth of 2.9% across its portfolio, with residential and hotel sectors showing particularly strong performance.
- The company achieved a positive revaluation of 1.9% in the second half of 2024, driven by strong operational growth in the hotel and residential sectors.
- Aroundtown SA (AANNF) made significant progress in ESG initiatives, increasing the share of green-certified office properties to 65% and achieving a 30% reduction in CO2 emissions compared to 2019 levels.
- Net rental income decreased by 1% to EUR1.18 billion due to disposals, despite positive like-for-like rental growth.
- The company recorded a slight like-for-like value decline of 0.5% for the full year 2024, primarily due to higher discount and cap rates.
- Finance expenses increased by 2% to EUR235 million, driven by new debt raised for refinancing purposes and the expiry of certain hedging instruments.
- Aroundtown SA (AANNF) remains above S&P's thresholds for stabilizing its credit rating, necessitating further disposals and leverage reduction.
- The office sector continues to face challenges with a slight occupancy decline and cautious tenant demand due to economic uncertainties.
Good morning, everybody. Thank you for joining us for our Aroundtown's full year 2024 results call. You can give this presentation on Aroundtown's website, either on the home section or on the financial reports of the investor relations section.
Guiding you through the presentation today will be CEO Barak Bar-Hen, CFO Eyal Ben David, executive director Frank Roseen, investor relations, Timothy Wright, Chief Sustainability Officer, Limour Berman, and representatives from Grand City Properties are also present. For the duration of the call, all participants will be on a listen-only mode.
Following our presentation, you will have the opportunity to ask questions. With that, I would like to hand over to Barak Bar, and the rest of the team who will guide you through the presentation of our results.
Good morning, everyone and welcome to our 2024 financial resort presentation. 2024 presented an important year of stabilization, addressing and
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