KLPEF - Klépierre (KLPEF) Q4 2023 Earnings Call Transcript
2024-02-15 16:21:02 ET
Klépierre (KLPEF)
Q4 2023 Results Conference Call
February 15, 2024 03:00 AM ET
Company Participants
Jean-Marc Jestin - Chairman of the Executive Board
Stephane Tortajada - Chief Financial Officer
Conference Call Participants
Florent Laroche-Joubert - ODDO BHF
Stephane Afonso - Invest Securities
Frederic Renard - Kepler Cheuvreux
Presentation
Jean-Marc Jestin
Good morning, everyone, and thank you for joining us this morning. I'm pleased together with Stephane to report Klépierre's 2023 Full Year Earnings and I'm proud to say that it's a very strong set of results. First, we generated €2.48 in net current cash flow or a remarkable 10.7% growth year-on-year. This is also 5.5% over our initial guidance of €2.35. With an outstanding momentum from top to bottom line, we delivered strong operating performance as illustrated by the 8.8% like-for-like increase in net rental income and a 9.6% increase in EBITDA.
Throughout the year, our venues has been attracting more and more visitors translating into a 6% increase in retailer sales with all countries and segments contributing to the growth. The very high leasing demand for our irreplaceable shopping centers has driven occupancy rate at 96% and a 4.4% positive reversion. Meanwhile, average lease duration in our portfolio has increased to 5.1 years. In an evolving environment, achieving such results takes a clear positioning. We own and operate a highly desirable portfolio in Europe larger cities with catchment area over 1 million inhabitant having a revenue per capita 20% above national averages....
Klépierre (KLPEF) Q4 2023 Earnings Call Transcript