Full Year 2024 Klepierre SA Earnings Call Transcript
Key Points
- Klepierre (KLPEF) reported a 5.3% year-on-year increase in net current cash flow per share, exceeding initial guidance.
- The company achieved a 6.9% EBITDA increase, supported by a 70 basis points improvement in EBITDA margin.
- Occupancy rates improved to 96.5%, with a 50 basis points increase, indicating strong leasing demand.
- Klepierre (KLPEF) maintained a low average cost of debt at 1.7% in 2024, with limited refinancing needs in 2025.
- The company was recognized for its leadership in sustainability, ranking first worldwide in the listed retail category by GRESB.
- Despite strong performance, the guidance for 2025 shows only a 3% EBITDA growth, which may seem conservative.
- The company faces increased interest costs in 2025, impacting overall financial performance.
- Klepierre (KLPEF) has limited opportunities for rapid expansion due to stringent permitting processes for new projects.
- The investment market is becoming more competitive, potentially reducing opportunities for high-yield acquisitions.
- There is a cautious approach to capital allocation, with a focus on maintaining a strong balance sheet rather than aggressive expansion.
Hello and welcome to the Klepierre 2024 full-year results presentation, hosted by Jean-Marc Jestin, Chairman of the Executive Board, and Stéphane Tortajada, CFO. My name is Ben and I will be your coordinator for today's event.
Please note that this conference is being recorded. (Operator Instructions)
I will now hand you over to your host, Jean-Marc Jestin, to begin today's conference. Please go ahead, sir.
Good evening, everyone, and thank you for joining us. I'm delighted to present Klepierre 2024 full-year earnings. Once again, 2024 has been an exceptional year for our company. We delivered expansion from top line to bottom and generated EUR2.60 in net current cash flow per share, a remarkable 5.3% year-on-year increase. Crucially, it is also 5% above our initial guidance of EUR2.45 to EUR2.50 per share. We served our shareholders with a total accounting return of 15%, with an MTA growth of 8.9% on top of one of the most attractive cash dividend yields in
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