Full Year 2024 Clariane SE Earnings Call Transcript
Key Points
- Clariane SE (FRA:KO2) reported a 6.6% increase in revenue on an organic basis, reaching EUR5.3 billion, demonstrating the strength of its diversified business model.
- The company achieved a 30 basis points improvement in its operating margin, reflecting a recovery in financial performance.
- Operating cash flow generation rose sharply to over EUR100 million, indicating strong cash management.
- Clariane SE successfully executed the first three steps of its two-year financial restructuring plan, including a significant disposal plan, with over EUR500 million already achieved.
- The company extended its syndicated loan to 2029 and set up a new real estate credit line, enhancing its financial stability and access to financing.
- Despite improvements, Clariane SE reported a net profit group share pre-IFRS 16 loss of EUR20 million, primarily due to a capital loss on the disposal of Les Essentielles.
- The EBITDA margin declined by 70 basis points to 11.5% due to cost inflation and lower real estate development activity.
- The company's net financial debt remains high at EUR3.5 billion, although it has been reduced by EUR409 million.
- Clariane SE's EBITDAR margin decreased by 50 basis points due to disposals and real estate arbitrage.
- The company faces challenges in maintaining occupancy rates and managing cost inflation, particularly in France and Germany.
Hello, and welcome to the Clariane 2024 full year results. My name is Laura, and I will be your coordinator for today's event.
Please note, this call is being recorded. (Operator Instructions) Today, we have Sophie Boissard, CEO; and Grégory Lovichi, CFO as our presenters. I will now hand you over to your host, Sophie Boissard, to begin today's conference. Thank you.
Thank you very much. Ladies and gentlemen, investors, good afternoon, everyone. Welcome to the Clariane Group's 2024 Annual Results Presentation. I'm Sophie Boissard, CEO of the Clariane Group. And together with Grégory Lovichi, the Group new Chief Financial Officer since October 1, I would like to present Clariane's results for the '24 financial year.
Let's start on slide number 5 with the 4 main achievements of the financial year that had crucial stakes for Clariane. First achievement, we have maintained a very solid operating performance, validating the relevance of our
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