Half Year 2024 CPI Property Group SA Earnings Call Transcript
Key Points
- European real estate sentiment is improving with stabilizing or recovering property prices.
- Leasing volume has increased and transaction activity is gradually coming back.
- Financing costs have dropped due to lower interest rates and tightened credit spreads in the bond market.
- Operational performance is stable with some bright spots, particularly in Central and Eastern Europe.
- Successful disposals and fresh bank financing have helped repay bridge financing, reducing leverage.
- Occupancy slipped to 91.3% group-wide, with specific challenges in Berlin and the Czech Republic.
- FFO declined slightly due to higher financing costs.
- The company has been criticized and downgraded for the speed of deleveraging.
- Significant income is generated at the subsidiary level, creating a less-than-perfect overall setup.
- The group faces challenges in the German office market, with expected valuation weaknesses.
Good morning, and welcome to CPI Property Group's webcast covering our financial results for the first half of 2024. This is David Greenbaum, CEO of CPI Property Group. I'm speaking to you today from Quadrio, one of our most beautiful properties combining office and retail in the center of Prague. Joining me today are colleagues who should be familiar to you because our team has been consistent for many years.
So let me introduce Pavel MÄchura, Group Finance Director; Tomáš Salajka, Director of Acquisitions, Asset Management and Sale; Martin Matula, General Counsel; Mindee Lee, Director of Corporate Strategy; Petra Hajná, Group Sustainability Officer; Petr Mizera, Head of External Reporting; and Moritz Mayer, Manager of Capital Markets and Investor Relations.
As usual, we are conducting today's call and webcast. You should see a tool in the webcast for asking questions. We will trying to answer all the questions. I believe we have about 90 minutes if needed.
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