Half Year 2024 Klepierre SA Earnings Call Transcript
Key Points
- Klepierre (KLPEF) reported a 6% like-for-like increase in net rental income for the first half of 2024, outperforming its retail peers in Europe.
- The company achieved a 5.4% growth in EBITDA, with an improvement in EBITDA margin by 60 basis points.
- Footfall increased by 2% in H1 and 11.5% since June 2022, indicating strong visitor engagement.
- Klepierre (KLPEF) successfully executed 900 leases, generating a 3% positive rental uplift on renewals and re-leasing.
- The company has a sector-leading balance sheet, with a net debt to EBITDA ratio at a historic low of 7.3 times and a loan-to-value ratio decreased to 37.6%.
- Despite the positive performance, the investment market remains very quiet, limiting opportunities for asset disposals.
- Occupancy rates, while improved, are still suboptimal in certain markets like France and Spain due to past bankruptcies.
- The company faces challenges in further improving collection rates, which are currently slightly below pre-pandemic levels.
- Klepierre (KLPEF) has no specific acquisition targets for the remainder of the year, indicating potential limitations in growth opportunities.
- The valuation of assets remains conservative, with appraisers lagging behind in reflecting the company's leasing performance and market conditions.
Hello, and welcome to Klepierre's first half 2024 earnings presentation hosted by Jean-Marc Jestin CEO and Stephane Tortajada CFO. My name is George, and I'll be your coordinator for today's event. (Operator Instructions)
I'd like to hand the call over to your host today Mr. Jean-Marc Jestin to begin this conference. Please go ahead, sir.
So good morning, everyone. I'm very happy to welcome you today from Milan together with Stephane to present Klepierre's 2024 first-half earnings. We are delivering another strong set of results, which evidence the continued growth and expansion for the company and its retail partners over recent years.
First, let me highlight that contrary to common belief, we are evolving in a supportive macroeconomic environment. Private consumption of the good proxy of shoppers' behavior is increasing in Europe. Unemployment rate is historically low and the labor market is very dynamic as evidenced by current or this wage growth, all of
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