French mall owner Klepierre posts Q1 growth, confirms guidance (updated)
28/04/2022 17:54
(Adds financial details, company comment, background)
By Federica Mileo and Olivier Cherfan
April 28 (Reuters) - French mall owner Klepierre LOIM.PA
on Thursday posted revenue growth of 4.7% for the first quarter
and confirmed its full-year outlook.
The group, which leases commercial space to retailers such
as Zara owner Inditex ITX.MC , H&M HMb.ST and Sephora
LVMH.PA , reported first-quarter revenue of 359.5 million euros
($377.58 million).
The company confirmed its 2022 net current cash flow per
share guidance and will pay a dividend of 1.70 euros per share.
Klepierre said it operates neither in Ukraine nor Russia and
does not expect inflationary pressures created by the situation
to have a material impact on its cost structure or on the costs
of its committed development projects.
"Long-lasting inflation could potentially affect consumer
spending for certain goods or services provided by tenants,"
the company added in a quarterly statement.
Klepierre, which owns more than 100 malls across the
continent, reported a shopping centre net rental income of 217.8
million euros for its first quarter, up 71% compared with last
year.
The group said its liquidity position at 2.5 billion euros
covers all its refinancing needs for the next two years.
Westfield owner Unibail URW.AS , Klepierre's bigger rival,
reported on Wednesday an IFRS turnover for the first quarter up
36.2% at 734.5 million euros, edging closer to its pre-pandemic
levels. urn:newsml:reuters.com:*:nL2N2WP22E
($1 = 0.9526 euro)
(Reporting by Federica Mileo and Olivier Cherfan in Gdansk
Editing by Edmund Blair and Matthew Lewis)
((Federica.mileo@thomsonreuters.com
Olivier.cherfan@thomsonreuters.com))