Full Year 2024 Carmila SA Earnings Call Transcript
Key Points
- Carmila SA (CRMIF) successfully completed the Galimmo integration, marking a significant consolidation in the retail real estate sector.
- The company signed nearly 1,000 new leases, showcasing strong leasing activity and an 8.3% growth in net rental income.
- Recurring earnings per share exceeded guidance, reaching EUR1.67, a 4.5% increase.
- Carmila SA (CRMIF) maintains a strong balance sheet with a net debt ratio of 7.4 times and plans a new EUR10 million share buyback program.
- The company achieved a 54% reduction in Scope 1 and Scope 2 emissions, ahead of its sustainability roadmap.
- The Italian portfolio saw a like-for-like value decline of 1.8%, raising concerns about asset performance in that region.
- Overhead costs increased due to the Galimmo acquisition, though synergies are expected to mitigate this in the future.
- The company faces challenges in starting major projects by 2026 due to dependency on local authorizations.
- Despite strong performance, the macroeconomic environment remains complicated, with potential risks from inflation and interest rates.
- The reversionary potential of rents remains a concern, with questions about maintaining positive reversion in the future.
Good morning, everyone and welcome to Carmila's 2024 results presentation.
Together with Sebastien Vanhoove, deputy CEO; and Pierre-Yves Thirion, CFO; we will present a strong set of results for the 3rd year of our strategic plan building sustainable growth.
This plan is structured around 3 pillars. First, transforming assets. Second, optimizing capital, and finally, creating long-term value thanks to a series of growth and sustainability initiatives.
Let me work through the key takeaways.
First, we successfully completed the Galimmo integration, the only sizable consolidation in the retail real estate sector in recent years.
Next, we delivered outstanding momentum in our leasing activity with nearly 1,000 new leases signed, further demonstrating the appeal of our centers. Net rental income growth is strong at 8.3%. I am particularly satisfied to announce that our 24 recurring earnings per share is higher than the guidance at EUR1.67 up 4.5%. The portfolio valuation is dynamic with a
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