2024-02-15 21:47:02 ET
Gecina (GECFF)
Q4 2023 Earnings Conference Call
February 15, 2024 4:00 AM ET
Company Participants
Benat Ortega - Chief Executive Officer and Director
Nicolas Dutreuil - Deputy Chief Executive Officer in Charge of Finance
Samuel Diesbach - Head of Financial Communications
Conference Call Participants
Florent Joubert - ODDO
Adam Shapton - Green Street
Bruno Duclos - Invest Securities
Thomas Rothaeusler - Deutsche Bank AG
Stéphanie Dossmann - Jefferies
Presentation
Operator
Hello, and welcome to Gecina Full Year 2023 Results Call. My name is Alicia, and I will be your coordinator for today's event. Please note, this call is being recorded. [Operator Instructions]
I will now hand you over to Benat Ortega, CEO; and Nicolas Dutreuil, Deputy CEO in charge of Finance, to begin today's conference. Thank you.
Benat Ortega
Good morning to all of you, and thank you for attending this 2023 earnings presentation by Gecina. You've probably seen our key figures already. We are very proud today to summarize what our teams have achieved this year in a challenging context for commercial real estate but demonstrating the unique positioning of our company.
Some key figures illustrating that. Our recurring net income per share is up by 8.2% in 2023 at EUR 6.01 per share, beating the upper range of our guidance. Our balance sheet is robust with a broadly stable LTV close to 34% even after a serious decline in valuation, and debt is hedged at fixed cost, in average for the five coming years, at 92%. Our ESG leadership has been confirmed, thanks to our energy efficiency plan put in place mid-2022, with energy consumption down by 10% and CO2 emissions by 20% in one year. We do expect our recurring net income to grow again in '24, between EUR 6.35 and EUR 6.4 per share, and up again by 5.5% to 6.5%, beating here again as well the consensus....
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Gecina (GECFF) Q4 2023 Earnings Call Transcript