Brief: Klepierre Q1 Revenue Up At EUR 359.5 Mln
28/04/2022 18:33
April 28 (Reuters) - KLEPIERRE SA LOIM.PA :
* FIRST-QUARTER 2022 BUSINESS REVIEW
* Q1 TOTAL REVENUES UP 4.7% AT EUR 359.5 MILLION
* Q1 SHOPPING CENTER GROSS RENTAL INCOME UP 9.7% LIKE FOR
LIKE
* NET RENTAL INCOME UP 88.3% LIKE FOR LIKE
* Q1 RENT COLLECTION RATE FOR Q1 EXPECTED TO REACH 96.7%
* Q1 STRONG LEASING ACTIVITY WITH 372 LEASES SIGNED,
DELIVERING
FLAT REVERSION, STABLE OCCUPANCY AT 94.7%
* RENT COLLECTION RATE FOR Q1 EXPECTED TO REACH 96.7%
* STRONG BALANCE SHEET: NET DEBT DOWN TO EUR 7.9 BILLION,
87%-HEDGED AT FIXED RATES IN 2022; NET DEBT TO EBITDA OF 8.7X,
LTV OF 38.3%; NO REFINANCING NEEDS BEFORE END-2024
* CASH DISTRIBUTION FOR FISCAL YEAR 2021 OF EUR 1.70 PER
SHARE ON
MAY 16, 2022
* GUIDANCE CONFIRMED FOR 2022 WITH NET CURRENT CASH FLOW PER
SHARE
OF BETWEEN EUR 2.30 AND EUR 2.35
* DOES NOT EXPECT INFLATIONARY PRESSURES CREATED BY
SITUATION IN
UKRAINE TO HAVE MATERIAL IMPACT ON ITS COST STRUCTURE OR ON
COSTS OF ITS COMMITTED DEVELOPMENT PROJECTS
* EXTENSION OF GRAN RENO (BOLOGNA, ITALY) DUE TO OPEN IN
JUNE 2022
(99% PRE-LEASED)
* AS OF MARCH 31, 2022, CONSOLIDATED NET DEBT STOOD AT EUR
7,935
MILLION, DOWN SLIGHTLY ON END-2021 FIGURE (EUR 8,006 MILLION)
* IN CONTEXT OF WAR IN UKRAINE AND INTERNATIONAL SANCTIONS
AGAINST
RUSSIA, KLÉPIERRE REGULARLY MONITORS IMPACT OF SITUATION ON ITS
BUSINESS AND BROADER ECONOMY
* GROUP OPERATES NEITHER IN UKRAINE NOR IN RUSSIA AND DOES
NOT
EXPECT THAT INFLATIONARY PRESSURES CREATED BY SITUATION WILL
HAVE A MATERIAL IMPACT ON ITS COST STRUCTURE OR ON COSTS OF ITS
COMMITTED DEVELOPMENT PROJECTS
* LONG-LASTING INFLATION COULD POTENTIALLY AFFECT CONSUMER
SPENDING FOR CERTAIN GOODS OR SERVICES PROVIDED BY TENANTS
* BASED ON CURRENT MACROECONOMIC PROJECTIONS, GROUP HAS
HOWEVER
NOT IDENTIFIED NEED TO REVISE ITS FINANCIAL FORECASTS FOR 2022
Source text for Eikon: ID:nGNEbHKNS8
Further company coverage: LOIM.PA
(Gdansk Newsroom)
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