In This Article:
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Net Current Cash Flow per Share: EUR2.60, a 5.3% year-on-year increase, and 5% above initial guidance.
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Total Accounting Return: 15% with an MTA growth of 8.9%.
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EBITDA Increase: 6.9%, with a 70 basis points improvement in EBITDA margin.
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Like-for-Like Net Rental Income Growth: 6.3%, outperforming indexation by 350 basis points.
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Extra Revenues Growth: 8.4% on a like-for-like basis.
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Footfall Increase: 2.5% year-on-year and 7.5% since January 2023.
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Retailer Sales Increase: 4% year-on-year.
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Leasing Deals: 4% more deals signed than in 2023, with a 4% rental uplift on renewals and re-lettings.
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Occupancy Rate: Increased by 50 basis points to 96.5%.
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Occupancy Cost Ratio: Improved to 12.6%.
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Rental Income Growth: 15% over the last two years.
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EBITDA Growth: 17% over the last two years.
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Net Current Cash Flow Growth: 16% over the last two years.
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Proposed Cash Distribution: EUR1.85 per share, up 3% from last year.
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Average Cost of Debt: 1.7% in 2024.
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Debt Maturity: Average maturity of 5.9 years with EUR255 million to refinance in 2025.
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EPRA NTA Growth: 8.9% to EUR32.8 per share in 2024.
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Investment Volumes in Retail: Up 21% compared to 2023.
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Disposals: EUR144 million, 38% above book values.
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Net Debt to EBITDA Ratio: Historic low of 7.1.
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Interest Coverage Ratio: 7.4.
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Loan-to-Value Ratio: 36.5%, down 150 basis points over one year.
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Credit Ratings: S&P BBB+ with positive outlook; Fitch A-Senior unsecured with stable outlook.
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GRESB Ranking: First worldwide in listed retail category, score of 95 out of 100.
Release Date: February 12, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Klepierre (KLPEF) reported a 5.3% year-on-year increase in net current cash flow per share, exceeding initial guidance.
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The company achieved a 6.9% EBITDA increase, supported by a 70 basis points improvement in EBITDA margin.
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Occupancy rates improved to 96.5%, with a 50 basis points increase, indicating strong leasing demand.
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Klepierre (KLPEF) maintained a low average cost of debt at 1.7% in 2024, with limited refinancing needs in 2025.
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The company was recognized for its leadership in sustainability, ranking first worldwide in the listed retail category by GRESB.
Negative Points
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Despite strong performance, the guidance for 2025 shows only a 3% EBITDA growth, which may seem conservative.
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The company faces increased interest costs in 2025, impacting overall financial performance.
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Klepierre (KLPEF) has limited opportunities for rapid expansion due to stringent permitting processes for new projects.
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The investment market is becoming more competitive, potentially reducing opportunities for high-yield acquisitions.
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There is a cautious approach to capital allocation, with a focus on maintaining a strong balance sheet rather than aggressive expansion.