2023 Full-Year Earnings
Klépierre, the European leader in shopping malls, delivered another strong performance over 2023.
- Net current cash flow up 10.7% vs. 2022 to €2.48 per share, beating the initial guidance by 5.5%
- EBITDA up 9.6% versus 2022
- Like-for-like net rental income up 8.8% year on year, outpacing indexation by 300 bps
- Solid operating metrics:
o Strong increase in retailer sales, up 6% like-for-like compared to 2022
o Financial occupancy rate at 96.0%, up 20 bps year-on-year
o 4.4% positive reversion on renewals and re-lettings
o Stable OCR at 12.8% - Higher proposed cash distribution to shareholders of €1.80 per share
- Like-for-like portfolio valuation stable over six months
o €169 million in disposals closed or secured, 20% above appraised values - EPRA NTA per share stable over six months at €30.10
- Sector-leading leverage:
o Net debt down €130 million over one year to €7,349 million
o Net debt to EBITDA at 7.4x, LTV of 38.0% and ICR at 8.4x - €1.8 billion in new financing
- Guidance: EBITDA growth of at least 4% expected in 2024, along with net current cash flow per share for full-year 2024 of €2.45–2.50
- IFRS consolidated net income: €174.3 million