Klepierre - FY results a touch above expectations
Net Current Cash Flow (NCCF) stood at EUR 811m, up 10.7% YoY. NCCF per share landed at EUR 2.48 per share, up 10.7% YoY as well (own guidance at EUR 2.40).Portfolio value stood at EUR 19.3bn, down 1.5% YoY on a LfL basis and down 0.2% over 6 months. The largest negative portfolio adjustment was recorded in France (-5.1% YoY LfL) and Scandinavia (-4.6% YoY LfL). Portfolio EPRA NIY stood at 5.9%, up 50bps YoY2024 NCCF per share guidance stands at EUR 2.45-2.50 (-1.2% to +0.8% YoY).2024 guidance is in line with our estimates, driven primarily by the increased interestKlepierre specializes in the development, rental, and asset management of real estate properties in 13 Continental Europe countries. Co. also provides services to third party customers. Co.'s properties include shopping centers, office buildings and shops. It structures its operation into business segments and geographic regions: Shopping centers are structured into 6 operating segments, and the remaining two operating segments are Retail Assets and Office Buildings. As of Dec 31 2013, Co.'s portfolio comprised 91 centers in France/Belgium, 25 centers in Scandinavia, 35 centers in Italy, 76 centers in Spain/Portugal, 23 centers in Central Europe, and 6 centers in other countries.
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