July 24, 2019 / 3:58 PM / 4 months ago

Klepierre raises full-year cash flow guidance

(Reuters) - French shopping centre operator Klepierre (LOIM.PA) raised its full-year cash flow per share guidance on Wednesday thanks to cost savings and improved financing conditions.

The company raised its guidance for 2019 net current cash flow per share to at least 2.76 euros from a range of 2.72 to 2.75 euros after Klepierre’s first-half cash flow beat its own forecasts.

The chairman of Klepierre’s executive board, Jean-Marc Jestin, had said on a call with reporters in February that he was cautious about prospects for the current year after 2018 results beat forecasts.

After the dissipation of the “yellow vest” protests in France, Klepierre said, retail sales growth in the country recovered to expand by 0.7% thanks to greater purchasing power and re-tenanting activity.

The group is confident it will maintain a “good level” of like-for-like net rental income and reduce financial costs further, it added.

Reporting by Zuzanna Szymanska in Gdynia; Editing by Elaine Hardcastle

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