Klépierre: FULL-YEAR 2020 EARNINGS
PRESS RELEASE
FULL-YEAR 2020 EARNINGS
Paris — February 17, 2021
Klépierre, the European leader in shopping
malls, today reported its full-year 2020 earnings(1). The main
highlights include:
- 2020 net current cash flow (total share) of €690 million, €2.05
per share
- Collection rate expected to reach 91% adjusted for rent
abatements
- Strong recovery in retailer sales post reopening (89% of the
prior-year level)(2)
- Robust liquidity position (€3.2 billion), covering all
refinancing needs until May 2024
- Portfolio valuation down 4.5% on a like-for-like basis over six
months;
- Loan to Value ratio at 41.4%; Interest coverage ratio of 7.3x;
Net debt / EBITDA of 10.8x
- EPRA Net Tangible Assets per share at €31.40(3)
- Klépierre ranked #1 worldwide by GRESB for sustainability
performance
- 2021 net current cash flow per share expected at €1.90(4); this
guidance assumes that current lockdown measures are not extended
beyond March and includes a negative cash flow impact of
€0.25.
Key financials
|
12/31/2020 |
12/31/2019 |
Reported change |
Like-for-like change(5) |
In millions of euros, total share |
|
|
|
|
Total revenues |
1,130.8 |
1,325.5 |
-14.7% |
|
Net Rental Income (NRI) |
846.2 |
1,130.6 |
-25.2% |
|
Property portfolio valuation (incl. transfer taxes) |
21,859 |
23,673 |
-7.7% |
-7.2% |
Net debt |
9,054.3 |
8,830.2 |
+2.5% |
|
Loan-to-Value (LTV) |
41.4% |
37.3% |
+410
bps |
|
Net debt to EBITDA |
10.8x |
8.0x |
+2.8x |
|
In euros, Group share |
|
|
|
|
EPRA Net Tangible Assets (NTA) per share |
31.40 |
36.90 |
-14.9% |
|
Net current cash flow per share |
2.05 |
2.82 |
-27.4% |
|
Net current cash flow per share (excluding IFRS 16) |
1.97 |
2.82 |
-30.3% |
|
Operating performance
Operating context
In 2020, most of Klépierre’s activities were
impacted by the pandemic and accompanying restrictions imposed
across Europe, which led to a virtual standstill at malls in
certain regions. Depending on the severity of the spread of the
virus, the authorities opted either for lockdowns together with
full store closures or for other trading restrictions in many
countries where Klépierre operates:
- To contain the first wave, lockdowns were enforced from
mid-March to early June at the latest, except in Norway, Sweden and
the Netherlands;
- Restrictions were then gradually lifted, leading to the
reopening of malls and the resumption of business;
- Lastly, on the back of the second wave from the end of October,
targeted restrictions were implemented, with a view to preserving
the economy. France, the Czech Republic, Poland, the Netherlands
and Germany imposed a second lockdown in November and/or December.
Italy decided to close malls during weekends. In addition, Spain
opted for limited mall closures but with severe travel
restrictions, while other countries generally kept stores
open.
Overall, this is the equivalent of 2.1 months of
full closure on the whole portfolio over 2020.
Retailer sales
In 2020, retailer sales (excluding closure days)
stood at 89% of the prior year level, illustrating the resilience
of the business in an adverse health situation and the rapid
rebound in the aftermath of the various lockdowns across Europe.
The Group’s assets posted better-than-anticipated
performances—especially convenience-oriented malls (94% of the
prior-year level)—but those located near transport hubs were
impacted by low commuter and tourist numbers.By geographic area(2),
France registered two strong and swift sales recoveries after the
March to early June and November lockdowns, with retailer sales
amounting to 94% of the prior-year level in the third quarter and
even outpacing it in December (up 1%). Business was also robust in
Scandinavia (93% of the prior-year level), especially in Norway
where sales were broadly stable year on year.Conversely, in
countries that endured lasting restrictions, such as Iberia (78% of
the prior-year level) and Italy (87%), retailer sales performance
tended to be weaker.
Rent collection
We plan to collect 84% of the total invoicing
for 2020. As of February 1, 2021, we have already collected 81%,
with €32 million yet to be collected. Net of rent abatements (€116
million, of which €102 million affecting 2020 NRI), the collection
rate will stand at 91%. The outstanding amount (€108 million) has
been provisioned for credit losses. It mainly relates to
restaurants, movie theaters and other leisure operators, travel
agencies and insolvent and/or bankrupt tenants.This collection rate
varies from quarter to quarter. In Q2 and Q4, collection was
impacted by the lockdowns (respectively 64% and 79%), while it was
higher when stores were open (98% in Q1 and 94% in Q3).
Net Rental Income
Net rental income (NRI) amounted to €846.2
million as of December 31, 2020, down 25.2% compared with 2019 on a
reported portfolio, total share basis. This includes:
- A €210.5 million impact due to rent abatements and provisions
for credit losses (see the “Rent collection” section above);
- A €29.5 million reduction in variable revenues (down 26%),
including turnover rents, car park income and specialty
leasing;
- A €31.9 million impact of disposals, mostly attributable to the
sale of the Hungarian portfolio at the end of 2019; and
- A €12.4 million impact reflecting unfavorable changes in
exchange rates and other non-recurring items, partly offset by new
rents stemming from recent extensions or developments.
Leasing
In 2020, leasing activity was mainly focused on
reaching agreements for lockdown periods in order to optimize rent
collection and/or to extend leases on targeted stores. To date,
4,972 deals have been agreed with retailers, granting rent
concessions for lockdown periods. In exchange, the Group obtained
an average 1.9 years in lease extensions on 1,933 leases.951 leases
were signed in 2020, generating a positive 4.5% reversion. The
change in occupancy (down 180 basis points to 95.2%) is mainly
attributable to slower leasing activity compared to 2019.Among the
transactions concluded during the year, Klépierre signed an
important deal with Primark in December for the opening of six new
stores in France and Italy, underlining the long-standing
partnership between the two companies and Klépierre’s capacity to
adapt its malls to support expanding retailers. The new stores will
complement the 11 existing sites in Klépierre’s portfolio, with the
latest having opened over 6,650 sq.m. at Belle-Épine (Paris region)
in early July.The Group also continued to support the growing
momentum of on-trend banners, as showcased by deals with value
retailer Normal, high-tech reseller Hubside and cosmetics brand
Rituals. In addition, smartphone specialist Huawei opened its first
two stores in Klépierre’s malls at La Gavia (Madrid) and Créteil
Soleil (Paris region) while Swarovski unveiled a new boutique at
Hoog Catharijne (Utrecht) and Pandora launched new flagships at
Globo (Milan) and Sadyba Best Mall (Warsaw). Over the year, deals
were also signed in the sports sub-segment with the opening of new
Decathlon (Nový Smíchov, Prague), XXL (Gulskogen, Oslo region),
Nike (Assago, Milan), and JD Sports (Mayol, Toulon; Tourville,
Rouen) stores. Lastly, the Group also continued to broaden the Food
& Beverage offering by rolling out the Destination Food®
concept, notably at Emporia (Malmö) and Nový Smíchov (Prague).
Net Current Cash Flow
Net current cash flow
Over the full year of 2020, net current cash
flow reached €2.05 per share, down 77 cents compared to 2019
(- 27.4%), impacted by the Covid-19 pandemic. Restated for the
impact of the straight-line amortization of rent concessions under
IFRS 16 (€0.08 per share), net current cash flow came out at €1.97
per share.The €0.85 decline is attributable to the negative impacts
of rent abatements (€0.44), impairment for credit losses (€0.38),
variable revenues (€0.09 cents), forex and disposals (€0.12 cents),
which were partially offset by the positive impacts of cost
reductions (€0.11 cents; G&A and tax) and other elements
(€0.07; mostly related to the reduction in the average number of
shares).
PORTFOLIO VALUE
Portfolio valuation
Including transfer taxes, Klépierre’s shopping
center portfolio stood at €21,623 million on a total share basis as
of December 31, 2020, down 7.5% on a reported basis and 7.2% like
for like over 12 months (or 4.5% over 6 months). The average
EPRA NIY(6) for the shopping center portfolio(7) stood at 5.3%, up
30 basis points compared to last year.
EPRA Net Tangible Assets (NTA)
EPRA NTA per share amounted to €31.40 at the end
of December 2020, versus €36.90 twelve months earlier(3). This
decrease reflects the generation of net current cash flow (€2.05
per share), which was more than offset by the decrease in the value
of the like-for-like portfolio (€4.94 per share) and the 2019
dividend payment (€2.20 per share). Foreign exchange and other
items amounted to -€0.41 per share.
Debt and financing
Debt
As of December 31, 2020, consolidated net debt
totaled €9,054 million, versus €8,830 million one year
ago, i.e., a €224 million increase, which is less than the decrease
in net current cash flow (€270 million). The Group took a series of
measures to contain cash outflows, especially capital expenditure
(see the “Investments” section).The Loan-to-Value (LTV) ratio was
41.4% as of December 31, 2020, up 140 basis points
compared to June 30, 2020. The net-debt-to-EBITDA(8) ratio stood at
10.8x as of December 31, 2020, while the interest coverage ratio is
still standing at a high level (7.3x).
Financing
To strengthen its liquidity position in 2020,
the Group raised €1.5 billion in new notes at an average yield
of 1.5% and a 9.5-year maturity, and signed a new €1.4 billion
sustainability-linked revolving credit facility, with a 5-year
maturity. Thanks to these operations, the liquidity position of
Klépierre stood at €3.2 billion as of December 31, 2020,
covering all refinancing needs until May 2024.Lastly, the average
cost of debt continued on a downtrend over the year, coming out at
1.2% versus 1.5% one year earlier.
developments and disposals
Investments
In 2020, Klépierre contained its cash outflows
to a limited number of projects already committed (mainly Hoog
Catharijne in Utrecht, Créteil Soleil in France and Gran Reno in
Italy), underscoring the Group’s financial discipline.Overall,
total capital expenditure in 2020 amounted to €181.3 million
(notably €96.3 million on development projects and €81.5 million on
the standing portfolio), significantly below last year’s level
(€310.9 million; €190.0 million on the development projects and
€116.7 million on standing assets). Going forward, the Group will
continue to carefully monitor cash outflows, and expects to spend
only €94.0 million in 2021 on development projects.
Disposals
In 2020, Klépierre disposed of non-core assets
for a total consideration of €155.6 million (excluding transfer
taxes, total share), 3% above valuation.
act for good®: another year of achievements
The Group accelerated the delivery of its
ambitious non-financial roadmap and pursued its Corporate Social
Responsibility (CSR) strategy, Act for Good®, with environmental,
societal and social achievements, including:
- A 43% reduction in serviced area energy intensity across the
Group’s shopping centers compared to 2013 (a 14-basis-point
reduction compared to 2019). The 40% initial target has now been
achieved, two years ahead of the initial Act for Good®
objective;
- A further increase in the rate of waste diverted from landfill
to 96%, compared to 93% last year;
- Klépierre’s real estate portfolio remains the largest in the
world (by value) to be 100% BREEAM In-Use certified for sustainable
asset performance;
- 95% of Klépierre’s malls (by value) organized initiatives
contributing to local employment, up 10 basis points compared to
2019;
- The Group offered free space for use by local initiatives at
least once a year in 98% of its malls (by value);
- A 100% access rate to training for Klépierre’s staff, up from
98% last year, two years ahead of the initial Act for Good®
target.
In 2020, Klépierre was also recognized as a
worldwide leader in CSR by several non-financial rating agencies.
First, GRESB, the ESG benchmark for real estate and infrastructure
investments ranked Klépierre top in the “Global Retail Listed
Leader” category for its performance and strategy. The
Science-Based Target initiative (SBTi) also approved Klépierre’s
environmental approach and low-carbon commitments with the highest
possible rating (“well below 1.5°C”). Lastly, the Group once again
made the CDP’s “A” list of the most advanced companies fighting
climate change at global level.
Outlook
For 2021, the Group expects net current cash
flow to reach €1.90 per share (excluding the impact of amortizing
Covid-19 rent concessions). This assumes that current lockdown
measures which affect 60% of Klépierre’s stores will not last
beyond March 2021. Overall, this represents a closure period
equivalent to 1.5 months for the whole portfolio and an estimated
cash flow impact of €0.25 per share.Klépierre’s financial position
is solid. The historical tight management of its balance sheet and
its development pipeline particularly during this difficult time
has always provided the company with the flexibility to declare a
dividend. Following the recommendation by the Executive Board, the
Supervisory Board has decided to call the Annual General Meeting on
June 17, 2021 and therefore reserve its final stance on a
distribution proposal for early May with higher visibility on the
resumption of operations.
YEAR-ON-YEAR change in retailer sales for the TWELVE
months ended DECEMBER 31, 2020
Country |
Change in retailer sales(a) |
Share in total reported retailer sales |
Excluding closure days |
Including closure days |
France |
-6% |
-27% |
35% |
Belgium |
-13% |
-29% |
2% |
France-Belgium |
-6% |
-27% |
36% |
Italy |
-13% |
-34% |
22% |
Norway |
-1% |
-4% |
10% |
Sweden |
-15% |
-15% |
7% |
Denmark |
-6% |
-24% |
4% |
Scandinavia |
-7% |
-13% |
21% |
Spain |
-24% |
-40% |
6% |
Portugal |
-18% |
-34% |
2% |
Iberia |
-22% |
-39% |
8% |
Czech Republic |
-15% |
-36% |
2% |
Poland |
-20% |
-34% |
2% |
Turkey |
-1% |
-21% |
2% |
CE
& Other |
-13% |
-31% |
7% |
Netherlands |
-19% |
-20% |
3% |
Germany |
-13% |
-28% |
3% |
TOTAL |
-11% |
-28% |
100% |
Segments |
Change in retailer sales(a) |
Share in total reported sales |
Fashion |
-15% |
36% |
Culture, Gifts & Leisure |
-6% |
19% |
Health & Beauty |
-8% |
15% |
Food & Beverage |
-18% |
9% |
Household Equipment |
+4% |
14% |
Other |
-16% |
7% |
TOTAL |
-11% |
100% |
(a) Change
is on a constant-center basis (excluding closure days) and excludes
the impact of asset sales and acquisitions.
expected collection rate(a)
Geography |
Q1 2020 |
Q2 2020 |
Q3 2020 |
Q4 2020 |
2020 |
|
|
France-Belgium |
99% |
53% |
96% |
73% |
80% |
|
Italy |
93% |
50% |
90% |
67% |
75% |
|
Scandinavia |
99% |
93% |
98% |
98% |
97% |
|
Iberia |
97% |
64% |
87% |
75% |
81% |
|
CE &
Other |
99% |
81% |
92% |
82% |
89% |
|
Netherlands |
100% |
83% |
97% |
91% |
93% |
|
Germany |
99% |
69% |
91% |
96% |
89% |
|
TOTAL
SHOPPING CENTERS |
98% |
65% |
94% |
79% |
84% |
|
Other
retail properties |
98% |
47% |
98% |
47% |
75% |
|
TOTAL |
98% |
64% |
94% |
79% |
84% |
|
(a) As of December 31, 2020, excluding
equity-accounted companies.
Total revenues
In millions of euros |
Total share |
Group share |
2020 |
2019 |
2020 |
2019 |
France |
373.7 |
427.0 |
303.8 |
347.6 |
Belgium |
16.8 |
19.0 |
16.8 |
19.0 |
France-Belgium |
390.4 |
446.0 |
320.6 |
366.6 |
Italy |
173.7 |
205.7 |
171.8 |
203.3 |
Norway |
62.1 |
69.1 |
34.8 |
38.8 |
Sweden |
53.6 |
58.1 |
30.0 |
32.6 |
Denmark |
51.7 |
58.8 |
29.0 |
33.0 |
Scandinavia |
167.3 |
186.1 |
93.9 |
104.4 |
Spain |
103.7 |
117.3 |
103.7 |
117.3 |
Portugal |
11.9 |
20.4 |
11.9 |
20.4 |
Iberia |
115.7 |
137.7 |
115.7 |
137.7 |
Poland |
30.3 |
35.7 |
30.3 |
35.7 |
Hungary |
0.0 |
16.8 |
0.0 |
16.7 |
Czech Republic |
31.4 |
33.7 |
31.4 |
33.7 |
Turkey |
11.4 |
20.0 |
10.2 |
18.2 |
Other |
3.0 |
3.6 |
3.0 |
3.6 |
CE
& Other |
76.0 |
109.8 |
74.9 |
107.9 |
Netherlands |
73.1 |
81.4 |
73.1 |
81.4 |
Germany |
47.4 |
51.9 |
45.1 |
49.5 |
SHOPPING CENTERS GROSS RENTAL
INCOME |
1,043.6 |
1,218.6 |
895.0 |
1,050.8 |
Other
retail properties |
18.8 |
23.7 |
18.8 |
23.7 |
TOTAL GROSS RENTAL INCOME |
1,062.4 |
1,242.3 |
913.7 |
1,074.5 |
Management, administrative and related income (fees) |
68.4 |
83.3 |
63.8 |
79.7 |
TOTAL
REVENUES |
1,130.8 |
1,325.5 |
977.5 |
1,154.1 |
Equity-accounted companies* |
71.1 |
84.8 |
67.8 |
81.2 |
* Contributions from equity-accounted
companies include investments in jointly controlled companies and
investments in companies under significant influence.
Quarterly net rental income on a total share
basis
|
2020 |
2019 |
|
In millions of euros |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
|
France |
13.5 |
92.7 |
97.0 |
92.1 |
98.8 |
97.4 |
100.2 |
95.4 |
|
Belgium |
1.2 |
3.0 |
4.8 |
4.5 |
4.8 |
5.0 |
4.7 |
4.1 |
|
France-Belgium |
14.7 |
95.6 |
101.8 |
96.6 |
103.5 |
102.4 |
104.8 |
99.5 |
|
Italy |
0.6 |
39.8 |
45.0 |
42.9 |
50.0 |
50.0 |
50.1 |
43.3 |
|
Norway |
14.2 |
14.7 |
14.1 |
14.5 |
15.2 |
15.7 |
16.0 |
16.0 |
|
Sweden |
10.0 |
11.8 |
11.7 |
12.3 |
13.3 |
12.6 |
13.4 |
12.9 |
|
Denmark |
10.5 |
11.2 |
11.1 |
12.3 |
13.3 |
13.1 |
13.9 |
12.7 |
|
Scandinavia |
34.7 |
37.7 |
37.0 |
39.1 |
41.8 |
41.4 |
43.3 |
41.6 |
|
Spain |
13.2 |
19.1 |
24.9 |
26.9 |
26.7 |
27.1 |
27.0 |
26.2 |
|
Portugal |
-0.1 |
2.6 |
4.4 |
4.4 |
4.3 |
4.6 |
4.7 |
6.0 |
|
Iberia |
13.1 |
21.7 |
29.4 |
31.3 |
30.9 |
31.6 |
31.7 |
32.2 |
|
Poland |
4.1 |
6.8 |
6.7 |
8.0 |
8.8 |
7.9 |
8.4 |
8.0 |
|
Hungary |
0.0 |
0.0 |
0.0 |
0.0 |
2.0 |
4.6 |
5.5 |
4.6 |
|
Czech Republic |
5.7 |
8.1 |
7.0 |
7.8 |
8.7 |
8.2 |
8.1 |
8.1 |
|
Turkey |
-2.8 |
4.0 |
1.7 |
3.8 |
3.6 |
3.4 |
4.0 |
4.3 |
|
Other |
1.1 |
0.7 |
0.1 |
0.5 |
0.7 |
0.8 |
0.7 |
0.6 |
|
CE &
Other |
8.1 |
19.6 |
15.5 |
20.1 |
23.8 |
24.9 |
26.6 |
25.6 |
|
Netherlands |
14.4 |
16.0 |
14.6 |
14.4 |
18.5 |
16.9 |
18.5 |
15.0 |
|
Germany |
6.1 |
8.8 |
7.1 |
8.5 |
10.1 |
10.2 |
11.7 |
8.0 |
|
SHOPPING
CENTERS NET RENTAL INCOME |
91.8 |
239.4 |
250.3 |
252.8 |
278.6 |
277.3 |
286.8 |
265.2 |
|
Other
activities |
-1.6 |
5.1 |
4.0 |
4.4 |
5.3 |
5.8 |
5.6 |
5.9 |
|
TOTAL NET RENTAL
INCOME |
90.3 |
244.4 |
254.3 |
257.2 |
284.0 |
283.1 |
292.4 |
271.1 |
|
|
Net current cash flow
|
2020 |
2019 |
Change |
(Total share, in millions of
euros) |
|
|
|
Gross rental income |
1,062.4 |
1,242.3 |
-14.5% |
Rental and building expenses |
(216.2) |
(111.7) |
+93.5% |
Net
rental income |
846.2 |
1,130.6 |
-25.2% |
Management and other income |
89.2 |
92.2 |
-3.3% |
General and administrative
expenses |
(138.2) |
(169.6) |
-18.5% |
EBITDA |
797.2 |
1,053.2 |
-24.3% |
Adjustments to calculate operating cash
flow: |
|
|
|
Depreciation charge for right-of use assets(a) |
(8.5) |
(8.5) |
|
Employee benefits, stock option expenses and non-current operating
expenses |
(7.2) |
12.6 |
|
IFRIC 21 impact |
0.0 |
0.0 |
|
Operating cash flow |
781.5 |
1,057.2 |
-26.1% |
Cost
of net debt |
(108.6) |
(122.2) |
-11.1% |
Adjustments to calculate net current
cash flow before taxes: |
|
|
|
Amortization of Corio debt
mark-to-market |
(16.9) |
(19.2) |
|
Financial instrument close-out
costs |
5.2 |
19.7 |
|
Current cash flow before taxes |
661.3 |
935.5 |
-29.3% |
Share in equity-accounted
companies |
35.9 |
57.4 |
|
Current tax expense |
(7.4) |
(32.3) |
|
Net
current cash flow |
689.9 |
960.6 |
-28.2% |
(Group share, in millions of
euros) |
|
|
|
NET
CURRENT CASH FLOW |
586.9 |
830.3 |
-29.3% |
Average number of shares(b) |
286,072,515 |
293,941,863 |
|
(Per share, in euros) |
|
|
|
NET CURRENT CASH FLOW |
2.05 |
2.82 |
-27.4% |
IFRS
16 straight-line amortization |
(0.08) |
- |
|
NET
CURRENT CASH FLOW |
1.97 |
2.82 |
-30.3% |
(a) Right-of-use assets and lease liabilities
related to head office and vehicle leases as per IFRS 16.(b)
Excluding treasury shares.
2020 full-year EARNINGS WEBCAST — PRESENTATION AND
CONFERENCE CALL
The Klépierre
Executive Board will present the 2020 full year earnings on
Thursday, February 18, 2021 at 9:00 am
Paris time (8:00am London time). Please visit the
Klépierre website www.klepierre.com to listen to
the webcast, or click here.A replay will be also
available after the event.
AGENDA |
|
May 7,
2021 |
First-Quarter 2021 Business Review (before market opening) |
June 17,
2021 |
Annual General Meeting |
July 27,
2021 |
First-Half 2021 Earnings (after market close) |
|
|
Investor relations contacts |
media contacts |
|
Hubert d’Aillières, Group Head of IR and financial
communication +33 (0)1 40 67 51 37 —
hubert.daillieres@klepierre.comMengxing Zhang, IR
Officer +33 (0)1 40 67 53 05 —
mengxing.zhang@klepierre.comPaul Logerot, IR
Officer +33 (0)1 40 67 53 02 — paul.logerot@klepierre.com |
Helene Salmon,
Group Head of Corporate & Internal Communications +33 (0)1
40 67 55 16 — helene.salmon@klepierre.com Delphine Granier,
Taddeo +33 (0)6 33 05 48 50 —
teamklepierre@taddeo.fr |
|
ABOUT KLÉPIERRE
Klépierre is the European leader in shopping
malls, combining property development and asset management skills.
The company’s portfolio is valued at €21.9 billion at December 31,
2020 and comprises large shopping centers in 12 countries in
Continental Europe which together host 1.1 billion visits per year.
Klépierre holds a controlling stake in Steen & Strøm (56.1%),
Scandinavia’s number one shopping center owner and manager.
Klépierre is a French REIT (SIIC) listed on Euronext Paris and is
included in the CAC Next 20, EPRA Euro Zone and GPR 250 indexes.
Recognized as a sector leader by GRESB, the Group is also included
in CDP’s “A-List” and in ethical indexes such as DJSI World and
Europe, FTSE4Good, STOXX® Global ESG Leaders, Euronext Vigeo France
20 and World 120. This underscores the Group’s commitment to a
proactive sustainable development policy and its global leadership
in the fight against climate change. For more
information, please visit the newsroom on our website:
www.klepierre.com
This press release and its appendices together
with the earnings presentation slideshow are available in the
“Publications section” of Klépierre’s Finance page:
www.klepierre.com/en/finance/publications
([1]) The Supervisory Board met on
February 16, 2021, to examine the full-year financial statements,
as approved by the Executive Board on February 10, 2021. The
consolidated financial statements have been subject to audit
procedures. The Statutory Auditors’ report is to be issued shortly
with the universal registration document.
([2]) Excluding closure days.
([3]) Net Tangible Assets per share figures
rounded to the nearest 10 cents.
([4]) Excluding the straight-line amortization
of Covid-19 rent concessions.
([5]) Like-for-like data exclude the contribution of new
spaces (acquisitions, greenfield projects and extensions), spaces
being restructured, disposals completed since January 2020, and
foreign exchange impacts
([6]) EPRA Net Initial Yield is calculated
as annualized rental income based on passing cash rents, less
non-recoverable property operating expenses, divided by the market
value of the property (including transfer taxes).
([7]) Group share for the shopping center portfolio
appraised (i.e., excluding retail parks and movie theaters).
([8]) This ratio is computed using EBITDA for 2020.
- PR_KLEPIERRE_2020_FY_EARNINGS
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