Wereldhave Nv (WRDEF) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. Welcome to the Wereldhaven Full Year 2024 results webcast. I'm Matthijs Storm, the CEO of Wereldhaven. I'm here today with Dennis de Vrede, our CFO, familiar to most of you. We do the usual format. We'll take you through some slides with the highlights of the results. Towards the end of the presentation, we will answer the questions you might have. During the presentation already, you can type your questions in the text box below the screen. So let's start with the presentation and the highlights. I go to slide number three. First of all, the net profit. So this is a combination of the direct result, the recurring cash flow, but also the revaluation of the investment properties at $140 million. That's the highest number since 2007. I think that's quite remarkable. It's 18 years ago that we achieved such a high profit. I think back then it was a little bit over $200 million. But since then, we never had a result like this. I'm really proud of the teams at Wereldhaven who have worked very hard last year to achieve this. The direct result itself at 176, Dennis will get back to it later, and what were the different components of the small increase versus the guidance of 175. Thirdly, very important, what you've seen in 2024 is that we faced several bankruptcies. In Belgium, in the first quarter, first and foremost, we've reported about this. But also later in the year, we've had the bankruptcy in the Netherlands of a homeware and household goods chain blocker. Not unexpected. It's been a red flag in our portfolio since ages, but it did occur in 2024. We'll get back to that later. But also in Belgium, the food and beverage chain Lunchgarden. the old part of the Grand Bazaar, the GB grocery store chain, went bankrupt with six locations in the Wereld...