Klemurs optimistic on back of good results in 2007

French property investment company Klemurs has said it experienced ' sustained development' in its end of year report for 2007 with a 17.3% increase in net current cash flow per share to EUR 1.57. As a result the company is positive about the outlook in 2008 and has recommended a dividend of EUR 1 per share be paid on 9 April 2008.

In its first year as a listed trading company, Klemurs reported consolidated rents reached EUR 23.5 mln as at 31 December 2007. Consolidated cash flow from operations was EUR 22.1 mln, an increase of 16.9% compared with 2006.

Net debt for 2007 was EUR 213.9 mln, versus EUR 192.9 mln euros in 2006. The LTV ratio for the year ended December 31, 2007 was 46.8%. In 2007, the cost of debt was 4.8% and the average duration of debt was 4 years on December 31, 2007.

The company also reported re-valued net assets (RNAV) of EUR 29.2 per share versus EUR 20.37 per share in 2006. The value of the company holdings including transfer duties was EUR 457.2 mln versus EUR 337.2 mln in 2006

Going forward the company remains optimistic. It expects to earn 'an additional EUR 7 mln in 2008 from the agreements signed in late 2007, with Défi Mode in particular. In addition, it should reap the benefits of its partnership with Buffalo Grill in terms of the chain’s development in France.'

The company also confirmed its target of bringing the value of its holding to EUR 1 bn by 2009. ' These solid performances and the agreements forged confirm the relevance of Klémurs' positioning, which is essentially based on a partnership with major retailers in search of a specialized partner to whom they can outsource their real estate assets and capable of supporting their development, in France and in Europe.'