Q4 2024 Citycon Oyj Earnings Call Transcript
Key Points
- Citycon Oyj (FRA:TY2B) reported a strong operational performance in 2024, with a 12% increase in total direct operating profit.
- The company achieved a 10.3% growth in total net rental income, driven by strong demand for space and increased occupancy rates.
- Citycon Oyj (FRA:TY2B) successfully signed over 175,000 square meters of leases in 2024, a 33% increase from the previous year.
- The company improved its tenant mix with significant new leases, including a medical center hospital and a Nike concept store.
- Citycon Oyj (FRA:TY2B) issued two new bonds that were significantly oversubscribed, enhancing its debt maturity profile.
- The book value of Citycon Oyj (FRA:TY2B)'s assets decreased by EUR74.6 million in 2024 due to yield expansion.
- The company suspended dividend payments to focus on debt repayment, which may affect investor sentiment.
- Citycon Oyj (FRA:TY2B) faced a reduction in EPS due to an increased share count and higher interest costs.
- The company experienced a significant negative valuation in Q4 2024, primarily due to wider yield requirements.
- There is a large deviation between started and ended leases, indicating potential timing issues in leasing activity.
Good morning, everyone and welcome to Citycon's fourth quarter and full year '24 results audio cast.
My name is Anni Torkko and I work as the Investor Relations Manager here at Citycon.
Last night we published our full year 2024 financial results, and I would like to direct you to the investor relations section of our website where you will find all results materials.
Today together with me in the call, I have our interim CEO, Mr. Scott Ball and our CFO, Mr. Eero Sihvonen.
We will start by Scott going through our business and operational highlights, and after that Eero will go through our financial results.
After the presentation, we will be opening the line for questions from the audience. Please, Scott.
Thanks, Anni. Good morning, everyone. Thank you for attending our full year 2024 financial results call.
Citycon enjoyed strong growth in its operational business in '24, posting EUR184
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