CLS Holdings proposed final dividend of 2.68 pence per share
FINANCIAL HIGHLIGHTS
Portfolio valuation down 5.8% in local currency (UK -8.3%, Germany -3.5% and France -5.1%), with estimated rental value decline of -0.8% (1.8% growth excluding New Printing House Square which was impacted by a change in valuation assumption) as well as equivalent yield expansion of 24 basis points on a like-for-like basis. The pace of these valuation declines reduced in 2024, and in the second half of the year valuations were flat in Germany and France with a small decrease in the UK
EPRA NTA per share down 15.0% primarily as a result of property valuation falls. Total accounting return for the year of -11.9% (2023: -20.8%)
EPRA EPS down 10.7% to 9.2 pence per share due to higher financing costs and non-recoverable costs related to vacancy
Loss before tax of £97.4 million (2023: £263.4 million loss) from net valuation declines on investment properties of £127.7 million (2023: £302.7 million loss). Statutory EPS was a loss of 23.6p
A proposed final dividend of 2.68 pence per share, so as to retain cash to invest in the significant opportunities within our portfolio, resulting in a full-year dividend of 5.28 pence per share (2023: 7.95 pence per share). Dividend cover of 1.73 times, in line with the Group's revised dividend policy of the dividend being covered 1.50 to 3.00 times by EPRA earnings
FINANCING HIGHLIGHTS
Balance sheet remains resilient with total liquidity of £120.5 million comprising cash and cash equivalents of £60.5 million, two undrawn revolving credit facilities totalling £50 million and a £10 million overdraft facility
Balance sheet loan-to-value at 50.7% (2023: 48.5%) reflecting valuation declines with net debt down by over £60 million to £938.7 million (2023: £1,000.0 million). Weighted average debt maturity of 3.2 years (2023: 3.5 years) with 80% at fixed rates and 4% subject to interest rate caps (2023: 76% fixed and 4% caps)
Weighted average cost of debt at 31 December 2024 up 16 basis points to 3.77% (2023: 3.61%) resulting from higher interest rates on completed refinancings and new debt, less a decrease in the reference rates on floating rate loans and repayments of higher-cost loans
Refinanced or extended nine loans totalling £154.5 million in 2024 at an average of 5.13%, including £137.7 million fixed at 4.99%
Significant progress made with the refinancing activity for 2025 such that of the £373.7 million expiring in 2025 (including £9.6 million of amortisation), progress has been made with £342.1 million: £42.1 million has been refinanced; £85.8 million that will be refinanced or repaid alongside the completion of the Spring Mews Student sale and £189.1 million has been credit approved or is well progressed
