WRDEF - Wereldhave N.V. (WRDEF) Q4 2024 Earnings Call Transcript
2025-02-11 14:35:55 ET
Wereldhave N.V. (WRDEF)
Q4 2024 Earnings Conference Call
February 11, 2025 04:00 AM ET
Company Participants
Matthijs Storm - Chief Executive Officer
Dennis de Vreede - Chief Financial Officer
Conference Call Participants
Presentation
Matthijs Storm
Good morning, everyone. Welcome to the Wereldhave Full Year 2024 Results Webcast. I'm Matthijs Storm, the CEO of Wereldhave. I'm here today with Dennis de Vreede, our CFO familiar to most of you.
We do the usual format. We'll take you through some slides with the highlights of the results. Towards the end of the presentation, we will answer the questions you might have. During the presentation already, you can type your questions in the text box below the screen.
So let's start with the presentation and the highlights. I go to slide number 3. First of all, the net profit. So this is a combination of the direct result the recurring cash flow, but also the revaluation of the investment properties at €140 million. That's the highest number since 2007. I think that's quite remarkable. Its 18 years ago that we achieved such a high profit.
I think back then it was a little bit over €200 million. But since then we never had a result like this. So I'm really proud of the teams at Wereldhave who have worked very hard last year to achieve this. The direct result itself at €176 million, Dennis will get back to it later and what were the different components of the small increase versus the guidance of €175 million.
Thirdly, very important what you've seen in 2024 is that we faced several bankruptcies. In Belgium, in the first quarter first and foremost, we've reported about this. But also later in the year, we've had the bankruptcy in the Netherlands of a homeware and household goods chain blocker not unexpected. It's been a red flag in our portfolio since ages, but it did occur in 2024. We'll get back to that later.
But also in Belgium the food and beverage chain Lunch Garden, the old part of the Grand Bazar -- GB grocery store chain went bankrupt with six locations in the Wereldhave portfolio. Despite all that, we had an occupancy rate of 97.3% for the core portfolio at the end of 2024, which is significantly higher than at the end of 2023, which I think is a very good result....
Wereldhave N.V. (WRDEF) Q4 2024 Earnings Call Transcript