2022 Full-Year Earnings
Klépierre, the European leader in shopping malls, today reported its 2022 full-year earnings, which significantly exceeded guidance:
- Retailer sales up 25% like-for-like compared to 2021
- Like-for-like net rental income up 24.8% year on year
- Dynamic leasing activity illustrated by:
- Occupancy up 110 basis points to 95.8%
- 4.1% positive reversion, on top of 3.7% indexation
- Net current cash flow up 20.1% versus 2021 to €2.62 per share, beating the mid-range initial guidance by 13%
- Proposed increased cash distribution to shareholders at €1.75 per share
- Solid balance sheet and improved credit metrics:
- Total disposals of €602 million, in line with appraised values
- Net debt down €527 million over one year and by €1.6 billion compared to December 31, 2020
- Net debt to EBITDA at 7.9x, LTV of 37.7% and ICR at 10.0x
- 2023 net current cash flow per share expected at €2.35 (up 5% compared to 2022 adjusted NCCF of €2.24)
- Confirmed industry leadership in CSR with a new Act4Good™ strategy aiming at “Building the most sustainable platform for commerce” by 2030