First-half 2023 earnings
Klépierre, the European leader in shopping malls, delivered a very solid growth performance over the six-month period ended June 30, 2023.
- Net current cash flow per share at €1.21, up 7.4% vs. first half 2022
- Like-for-like net rental income up 7.3% year-on-year
- Operating KPIs at high levels:
o Occupancy at 95.7%, up 100 basis points year-on-year
o Occupancy cost ratio at 12.8%
o Collection rate at 96.5%
o Positive reversion rate of 5.3% - Retailer sales up 8% like-for-like compared to the same period last year
- Solid balance sheet and credit metrics:
o Net debt below December 2022 levels at €7.4 billion
o Net debt to EBITDA at 7.9x, LTV at 38.1%, ICR at 8.8x and cost of debt at 1.4%
o Interest rate hedging at 100% in 2023 and 98% in 2024
o Double investment grade: new A- rating assigned by Fitch in May; BBB+ stable outlook confirmed by S&P in June - €730 million in long-term financing closed year-to-date with an average maturity of 6.4 years
- €475 million in committed credit facilities renewed or signed since January 1, 2023
- Shopping centers portfolio valuation down 1.4% like-for-like over six months
- 2023 net current cash flow guidance raised to at least €2.40 per share, 7% higher than 2022