Bleecker (BLEE) H2 23/24 earnings summary

Executive summary

• Revenue increased slightly to €30.2M for the year ended August 31, 2024, with rental income at €29.96M, up 2.85% year-over-year.

• Net loss widened to €41.3M from €26.0M year-over-year, mainly due to asset disposals and higher financial costs.

• Major asset sales included properties in HEM and Gennevilliers, reducing the investment property portfolio to €560.1M.

Financial highlights

• Operating income before asset disposals was negative at €-7.1M, compared to €-11.9M the previous year.

• Net financial debt decreased, with financial liabilities at €314.3M, down from €410.4M.

• Net cash position at year-end was €5.1M, down from €6.4M.

• Consolidated equity fell to €259.3M from €300.6M.

Outlook and guidance

• Focus remains on Parisian office assets and recent activity parks in Ile-de-France, with a high occupancy rate.

• Strategy includes asset repositioning, environmental certification, and selective acquisitions.

• Plans to consolidate debt and pursue further asset arbitrage for reinvestment in value-creating projects.