press release
first-half 2017 earnings
Paris - July 25, 2017
Klépierre, the leading pure player
in shopping mall property in Europe, today reported earnings for
the six months ended June 30, 2017.[1] The main
highlights include:
- Net current cash flow per share
+4.9%[2] in first
half 2017 at €1.22
- Shopping center net rental income +2.7% on
like-for-like basis[3],
outperforming indexation by 200 bps
- Retailer sales trends improving: +1.8% in
2nd quarter like-for-like, +0.8% in the first
half[4]
- Cost of debt further reduced to
1.9%
- Portfolio valued at €23.3bn, +4.3%
like-for-like; EPRA NAV at €37.00, +6.1% over 12
months
- Acquisition of Nueva Condomina mall in
Spain for €233m, and disposals totaling €242m
- Successful openings in April 2017 of Val
d'Europe extension and Hoog Catharijne first phase of
redevelopment
- Initial cash-flow guidance for full-year
2017 raised to at least €2.45 from €2.35-2.40 range.
Jean-Marc Jestin,
Chairman of the Klépierre Executive Board, commented, "During this first half of the year, we continued to
deliver strong cash flow growth, significantly exceeding our
initial forecast, as we leveraged improved economic conditions in
Europe with the highest level of consumer confidence in a decade.
Our leasing activity was marked by strong deal flow with top
international retailers, which demonstrates the attractiveness of
our pan-European portfolio. This translated into improved key
operational performance indicators, in particular high reversion on
new leases and relets, and occupancy increase. We are also very
proud to have delivered with great success two exceptional openings
in Utrecht at Hoog Catharijne and in Paris at Val d'Europe. All
these achievements led us to raise our guidance for 2017. Further
down the road, in March 2018, we will deliver Prado in Marseille.
Its iconic architecture and high-end retail mix are another
illustration of our ambition to ensure that the future of retail
happen in our malls."
KEY FINANCIALS
|
H1 2017 |
H1 2016 |
Change |
LfL Change3 |
In €m, Total Share |
|
|
|
|
Total
revenues |
654.5 |
647.7 |
+1.1% |
- |
Net
rental income (NRI), shopping centers |
527.1 |
520.7 |
+1.2% |
+2.7% |
Property portfolio valuation (excl. duties) |
23,295 |
22,615 |
+3.0% |
+4.3% |
Net
debt |
9,134 |
9,064 |
+0.8% |
- |
Loan-to-Value (LTV) |
38.2% |
39.1% |
-92bps |
- |
In €, Group Share |
|
|
|
|
EPRA
net asset value (NAV) per share |
37.00 |
34.80 |
+6.1% |
- |
Net
current cash flow per share |
1.22 |
1.16 |
+4.9% |
- |
OPERATING PERFORMANCE Shopping center net rental income +2.7% on a like-for-like
basis
Net rental income (NRI) generated
by shopping centers reached €527.1 million in the first half
of 2017, up €6.4 million on a current-portfolio and
Total-Share basis compared to the same period of 2016. This
increase reflects the combination of:
- a €13.5-million increase in NRI on a like-for-like basis
(+2.7%);
- €2.9 million in additional NRI from the acquisition of
Nueva Condomina in Murcia, Spain, and the opening of two extensions
at Hoog Catharijne in the Netherlands and Val d'Europe in
France;
- a €10.2-million decrease in NRI from asset disposals,
notably in Scandinavia and Spain; and
- a limited foreign exchange impact.
On a like-for-like portfolio basis,3 shopping
center NRI was up by 2.7%, outperforming by 200 bps index-linked
rental adjustments of +0.7%.
In France (36.1% of total net rental
income), NRI was up 2.0% on a like-for-like basis in the first
half, outperforming indexation by 190 bps. This performance was
driven by the positive effects of re-tenanting initiatives
implemented in 2016 and the first half of this year. The recent
renegotiation of the Clear Channel contract for in-mall
advertizing, as well as lower operating costs thanks to centralized
procurement initiatives, also contributed to NRI growth.
The Italian portfolio (17.3%) posted
a 2.2% rise in like-for-like NRI over the six-month period,
outperforming indexation by 190 bps. The main NRI growth driver
remained the dynamic re-leasing activity achieved in 2016 and first
half of 2017. Additional revenues generated by specialty leasing
and variable rents, as well as higher rent collection also
contributed to like-for-like rental growth.
Scandinavia (16.0%) registered
strong 4.2% growth in like-for-like NRI with indexation at 2.4%.
Solid reversion and improved occupancy (+110 bps) at the end of the
period are expected to contribute to higher NRI in the second half
of the year.
NRI from Iberian assets (9.5%) rose by 4.8% on a like-for-like
basis. The outperformance versus indexation amounted to 310 bps in
Portugal and 380 bps in Spain. On top of the effect of re-leasing
campaigns carried out at a high reversion rate, occupancy improved
by 100 bps and rent collection rose by 40 bps in
Spain.
In CEE & Turkey (10.3%),
like-for-like NRI was up 2.2% in the first half. Hungary and the
Czech Republic grew by 12.6% and 13.0% respectively on a
like-for-like basis, thanks to re-tenanting initiatives. Shopping
center NRI in Poland was down 1.3% mainly due to slightly negative
reversion. In a challenging environment, NRI in Turkey declined by
6.7% on a like-for-like basis, reflecting temporary measures
granted to tenants to soften the effects of the Turkish Lira's
depreciation against the Euro and US dollar.
In the Netherlands (4.2%), NRI
increased by 2.1% like-for-like in the first half (indexation at
1.0%), showing a clear year-on-year improvement. Rent collection
improved by 210 bps in the first half of 2017, reflecting an
improving retail environment after the bankruptcy of several
retailers in 2016.
In Germany (3.9%), like-for-like NRI
was almost flat in the first half of 2017, with no contribution
from indexation. While negative reversion continued to impact the
evolution of NRI, it was offset by lower operating costs,
reflecting higher occupancy (+50 bps) and better rent
collection (+120 bps).
Retailer sales trends improving: +1.8% in the
second quarter
On a like-for-like portfolio
basis,3 retailer
sales at Klépierre's shopping malls rose by 1.8% in the second
quarter of 2017 benefiting from improved macro-economic conditions
and favorable weather (except in Scandinavia). Adding in the first
quarter which had been negatively impacted by adverse calendar
effects (-0.6%), retailer sales grew by 0.8% in the first half of
2017 on a like-for-like basis (+0.5% excluding
extensions).
On a geographical basis, CEE & Turkey posted very strong
results (+6.9%), with Hungary posting the best performance
(+11.6%). On the back of accelerated GDP growth, Iberia also
reported strong figures: retailer sales in Spain and Portugal grew
by +4.8% and +4.4%, respectively. Retailer sales were stable in
Scandinavia (-0.3%) and Germany (+0.6%), and down slightly in Italy
(-1.2% due to competition in Northern Italy) and France (-0.3% due
to an adverse calendar effect in the first quarter not fully offset
by sales growth in the second quarter).
Another record period for leasing
Klépierre posted another record in
terms of leasing activity in the first half of 2017 with 972 leases
signed, of which 815 leases renewed or relet at an average 12.2%
reversion rate.
This performance corresponds to a 9% increase in the number of
leases signed and €18.9 million in additional annual minimum
guaranteed rents (MGR), excluding the Val d'Europe and Hoog
Catharijne extensions. The €6.4-million increase compared to the
first half of 2016 was driven mainly by France which confirmed its
attractiveness to retailers with 190 leases signed (+16%, or
€5.6 million in additional MGR), Spain (+40%, or
€2.7 million in additional MGR), and Italy (+19%, or
€2.2 million in additional MGR).
Deal flow with top international retailers remained extremely
strong, as 15 leases were signed with the Inditex Group (notably
including six Zara stores), and six leases with Sephora. The
Sephora leases include a new, 600-sq.m. concept store at Val
d'Europe (which opened in April 2017) and another at
St. Lazare (over 1,000 sq.m. to open in April
2018).
Klépierre also accelerated the implementation of its Destination
Food® strategy, with the introduction of innovative concepts such
as Five Guys (at Hoog Catharijne and Alexandrium), Grom (Val
d'Europe, Prado), Johnny Rockets (Lonato), Leon (Hoog Catharijne)
and Wagamama (Prado). New dedicated food areas in Hoog Catharijne
(City Square and Pavillon), Val d'Europe (Place des Étoiles) and
the Prado rooftop will further enhance the attractiveness of the
food and beverage offering in Klépierre's malls.
This dynamic leasing activity translated into further improvement
in the Group's key operational performance indicators in the first
half. After significant improvements posted in 2016, the shopping
center vacancy rate (EPRA format) was reduced to 3.4%, a 10-bp
improvement from December 2016 and a 40-bp improvement from June
2016. At the same time, the bad debt allowance was maintained at a
low 1.6%.
cash flow and portfolio valuation
Net current cash flow per share
+4.9%2 at €1.22 in
the first half
Net current cash flow for the
period amounted to €442.8 million on a Total-Share basis
(€377.4 million on a Group-Share basis), up from
€427.9 million in the first half of 2016 (€362.4 million,
Group-Share basis). On a per-share basis, net current cash flow
rose by 4.9% to €1.22 from €1.16 a year earlier. This excellent
performance mainly reflects Klépierre's lower cost of debt (for
+€0.04), NRI growth (+€0.02) and the accretive impact of the share
buyback program (+€0.01).
Total portfolio valuation +4.3% year-on-year
to €23.3 billion
The value of Klépierre's shopping
center portfolio (excluding transfer duties) amounted to
€22.9 billion at June 30, 2017, compared with
€22.2 billion one year earlier. The increase in value reflects
€891 million in like-for-like growth (+4.4% over 12 months)
and €470 million in acquisitions (notably Nueva Condomina) and
investments related to the Group's committed pipeline, partly
offset by divestments for €525 million (mainly in Scandinavia,
France and Spain) and a limited foreign exchange impact of
-€88 million.
On a Group-Share basis, the value of Klépierre's shopping center
portfolio amounted to €19.5 billion at June 30, 2017,
reflecting a 4.3% like-for-like increase over 12 months. The EPRA
average net initial yield of this portfolio was 4.8%, down 20 bps
from one year earlier, mainly due to the yield compression observed
in the shopping center investment markets in which Klépierre
operates.
Adding in other activities, the total portfolio valuation
(excluding duties) at June 30, 2017 amounted to
€23.3 billion on a Total-Share basis (+4.3% like-for-like over
12 months) and €19.8 billion on a Group-Share basis.
EPRA NAV per share +6.1% year-on-year at
€37.00
EPRA net asset value (NAV) per
share amounted to €37.00 at the end of June 2017, versus €34.80 one
year earlier. This improvement mainly reflects net current cash
flow generation (+€2.40 per share) and the increase in the value of
the like-for-like portfolio (+€2.30), which were partly offset by
the dividend payment (-€1.82).
DEBT POSITION AND FINANCING Loan-to-value at 38.2%
As of June 30, 2017, consolidated
net debt stood at €9,134 million, compared to
€8,613 million on December 31, 2016. The
€521-million increase is mainly attributable to the dividend
payment,[5]
implementation of the share buyback program, and investments made
in the first half of 2017 which exceeded the proceeds of disposals
and free cash flow generated in the period. The increase in net
debt combined with strong rise in property values led Klépierre's
Loan-to-Value ratio[6] to 38.2% at
the end of June 2017, which is within the company's targeted 35-40%
range.
In the first half of the year, Klépierre raised €800 million
in new financing through bond issues and banking credit lines. In
February, Klépierre issued €600 million in new long-term notes
(10 years) bearing a 1.375% coupon.
At June 30, 2017, the average duration of Klépierre's debt
stood at 6.3 years, an increase of approximately three months
compared to year-end 2016. The Group's level of liquidity remained
high at €1.8 billion, including €1.3 billion of unused
committed credit lines with an average remaining maturity of 5.5
years. This amount is more than sufficient to cover the Group's
financing needs for 2017, 2018 and 2019.
Cost of debt reduced to 1.9%
As expected, the Group average
cost of debt fell below 2% in the first half, to reach 1.9%. This
figure reflects the low level of short-term interest rates, the
benefits of financing cost synergies following Klépierre's
acquisition and integration of Corio, and favorable funding
conditions.
In January 2017, Klépierre had early-terminated its €200-million
fixed-rate position of payer swaps and implemented a new
€1.3-billion portfolio. Comprised of payer swaps and caps, the new
portfolio increased the Group's hedging ratio from 81% at year-end
2016 to 91% at June 30, 2017.
Share buyback program
As of July 21, 2017, Klépierre had
allocated a total of €344 million to the share buyback
program, out of the maximum €500 million, announced on
March 13, 2017. This represented 9,577,528 shares
repurchased at an average price of €35.87 per share.
DEVELOPMENT PIPELINE AND ASSET ROTATION
Successful delivery of two iconic
projects
After three years of construction,
on April 12, 2017, Klépierre unveiled a 17,000-sq.m. extension at
Val d'Europe near Paris,
bringing the French mall's total sales area to more than 105,000
sq.m. The extension features 30 new brands, including flagship
stores. In addition, the Group has implemented the Clubstore®
concept through a refurbishment of the entire shopping center.
Since the extension opening, Val d'Europe has hosted
4.3 million visitors, an 8% increase compared to the same
period last year, and generated a 12% increase in retailer
sales.[7]
One week earlier, on April 6, 2017, Klépierre officially opened
16,000 sq.m. of new retail space at Hoog Catharijne (Utrecht), the leading mall
in the Netherlands. New stores were notably added to the shopping
center's offering in the fashion, food & beverage, and health
& beauty segments.[8] Since
opening the new area, Hoog Catharijne's footfall has increased by
6% and retailer sales by €7.5 million.
Prado on track to become one of Marseille's
iconic malls
Construction of Prado, a new
23,000-sq.m. mall to be delivered in the first quarter of 2018 in
the most affluent district of Marseille, is proceeding according to
plan. Galeries Lafayette has taken possession of its flagship and
initiated its fit-out. Prado's glass canopy which covers the whole
mall and constitutes a bold architectural statement, was completed
at the end of the first half.
As of June 30, 2017, 78% of Prado's leasable space had been signed
or was in advanced negotiations. In addition to Galeries Lafayette,
Prado will boast a 3,300-sq.m. Zara anchor, which will be the
Spanish retailer's largest shop in the catchment area. Prado's mix
will be further enhanced by distinctive brands, including Repetto
and Pellegrin & Fils, and innovative food concepts, such as
Wagamama's first restaurant in a French shopping center, Big
Fernand's gourmet burgers, and Les Petits
Producteurs by renowned French chef Thierry Marx.
Development pipeline
At June 30, 2017, Klépierre's
development pipeline represented
€3.3 billion investments, including €0.6 billion
committed projects with an average expected yield of
6.5%,[9]
€1.1 billion controlled projects, and
€1.5 billion of identified projects.
Among the controlled projects are Créteil Soleil's 11,000-sq.m.
extension in Paris, and Gran Reno's 15,900-sq.m. extension in
Bologna, to open in the second half of 2019 and the second half of
2020, respectively.
Acquisitions
In May 2017, Klépierre acquired
Nueva Condomina, the leading retail hub in the region of Murcia,
Spain. With 110,000 sq.m. of retail, Nueva Condomina offers an
exceptional mix of 178 shops. In 2016, it attracted nearly
11 million visitors and generated €257 million in
retailer sales.[10] Based on
current annualized net rental income of €12.5 million (80%
shopping center; 20% retail park), the EPRA net initial yield
amounts to 5.4%. Klépierre has been managing the entire retail site
since 2012, and has already identified asset management and leasing
initiatives that should result in an 18% uplift in annualized NRI
by 2019.[11]
Disposals
Since January 1, 2017, Klépierre
has completed disposals worth €242 million[12]
across Europe (Norway, Sweden, France and Spain). Based on 2016
rents, the implied yield of shopping centers sold amounted to 5.9%
while sale prices were slightly above the last appraised values. In
addition, assets worth €6.5 million are currently under sale
or purchase promissory agreements.
OUTLOOK
In 2017, provided that the
European macroeconomic context does not deviate from OECD
forecasts, Klépierre expects to generate net current cash flow per
share of at least €2.45; this compares with the Group's initial
guidance for the year of €2.35-2.40. This upward revision reflects
Klépierre's sound business evolution over the first half of 2017,
the recent acquisition of Nueva Condomina and the share buyback
implementation, all of which are expected to have an accretive
impact on cash flow per share and, ultimately, drive a further
increase in the dividend.
RETAILER SALES like-for-like change
FOR THE FIRST half of 2017
Countries |
H1 2017
Year-on-Year Change |
Share of Total
Reported Retailer Sales |
France |
-0.3% |
31% |
Belgium |
-1.6% |
2% |
France-Belgium |
-0.4% |
33% |
Italy |
-1.2% |
24% |
Norway |
-1.4% |
8% |
Sweden |
1.7% |
7% |
Denmark |
-1.7% |
4% |
Scandinavia |
-0.3% |
19% |
Spain |
4.8% |
7% |
Portugal |
4.4% |
3% |
Iberia |
4.7% |
10% |
Poland |
3.2% |
3% |
Hungary |
11.6% |
2% |
Czech
Republic |
6.5% |
2% |
Turkey |
9.1% |
2% |
CEE and
Turkey |
6.9% |
10% |
The
Netherlands |
n.s.* |
1%* |
Germany |
0.6% |
3% |
TOTAL |
0.8% |
100% |
* Only a few Dutch retailers
report their sales to Klépierre.
TOTAL REVENUES
In €m |
Total Share |
|
Group Share |
H1
2017 |
H1
2016 |
|
H1
2017 |
H1
2016 |
France |
208.5 |
203.1 |
|
171.3 |
168.0 |
Belgium |
9.0 |
8.3 |
|
9.0 |
8.3 |
France-Belgium |
217.6 |
211.4 |
|
180.4 |
176.3 |
Italy |
104.4 |
102.7 |
|
102.8 |
101.0 |
Norway |
36.4 |
36.1 |
|
20.4 |
20.2 |
Sweden |
31.8 |
34.6 |
|
17.8 |
19.4 |
Denmark |
28.5 |
26.9 |
|
16.0 |
15.1 |
Scandinavia |
96.8 |
97.5 |
|
54.3 |
54.7 |
Spain |
47.2 |
47.2 |
|
45.7 |
45.6 |
Portugal |
10.9 |
10.3 |
|
10.9 |
10.3 |
Iberia |
58.1 |
57.5 |
|
56.6 |
55.9 |
Poland |
17.2 |
17.1 |
|
17.2 |
17.1 |
Hungary |
10.9 |
10.3 |
|
10.8 |
10.3 |
Czech
Republic |
15.1 |
13.2 |
|
15.1 |
13.2 |
Turkey |
16.6 |
17.3 |
|
15.3 |
16.0 |
Others |
1.4 |
1.7 |
|
1.3 |
1.5 |
CEE and
Turkey |
61.2 |
59.6 |
|
59.8 |
58.1 |
The
Netherlands |
31.5 |
30.8 |
|
31.5 |
30.8 |
Germany |
27.3 |
28.7 |
|
26.0 |
27.3 |
SHOPPING
CENTERS
GROSS RENTAL INCOME |
596.8 |
588.1 |
|
511.3 |
504.1 |
Other
activities |
14.8 |
15.8 |
|
14.8 |
15.8 |
TOTAL
GROSS RENTAL INCOME |
611.7 |
603.9 |
|
526.1 |
519.9 |
Management, administrative and related income (fees) |
42.8 |
43.8 |
|
41.0 |
41.4 |
TOTAL REVENUES |
654.5 |
647.7 |
|
567.1 |
561.3 |
Equity Accounted Investees* |
44.1 |
48.9 |
|
42.2 |
45.5 |
* Contributions from Equity
Accounted Investees include investments in jointly-controlled
companies and investments in companies under significant influence.
Equity Accounted Investees are accounted for a total value of
€1,399 million as of June 30, 2017.
QUARTERLY REVENUES ON A TOTAL-SHARE BASIS
|
2017 |
|
2016 |
In €m |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
France |
108.1 |
100.4 |
|
106.6 |
101.7 |
102.8 |
100.3 |
Belgium |
4.7 |
4.4 |
|
4.4 |
4.4 |
4.2 |
4.1 |
France-Belgium |
112.8 |
104.8 |
|
110.9 |
106.1 |
107.0 |
104.4 |
Italy |
52.6 |
51.8 |
|
51.4 |
50.6 |
51.8 |
50.9 |
Norway |
17.9 |
18.5 |
|
20.2 |
18.8 |
18.4 |
17.7 |
Sweden |
15.8 |
16.0 |
|
15.6 |
17.7 |
17.5 |
17.1 |
Denmark |
14.3 |
14.2 |
|
13.5 |
14.3 |
13.5 |
13.4 |
Scandinavia |
47.9 |
48.8 |
|
49.4 |
50.8 |
49.3 |
48.2 |
Spain |
24.4 |
22.8 |
|
22.2 |
23.0 |
23.8 |
23.4 |
Portugal |
5.4 |
5.5 |
|
5.1 |
5.3 |
5.1 |
5.2 |
Iberia |
29.8 |
28.3 |
|
27.4 |
28.3 |
28.9 |
28.5 |
Poland |
8.4 |
8.8 |
|
8.8 |
8.5 |
8.6 |
8.4 |
Hungary |
5.3 |
5.5 |
|
5.5 |
5.3 |
5.1 |
5.3 |
Czech
Republic |
7.6 |
7.5 |
|
7.3 |
6.8 |
6.6 |
6.6 |
Turkey |
8.4 |
8.2 |
|
9.2 |
9.0 |
8.6 |
8.7 |
Others |
0.7 |
0.7 |
|
0.8 |
0.4 |
0.8 |
0.9 |
CEE and
Turkey |
30.4 |
30.8 |
|
31.6 |
30.1 |
29.7 |
30.0 |
The
Netherlands |
16.5 |
15.0 |
|
15.2 |
15.2 |
15.1 |
15.6 |
Germany |
13.7 |
13.6 |
|
13.5 |
15.0 |
14.4 |
14.3 |
SHOPPING
CENTERS
GROSS RENTAL INCOME |
303.7 |
293.2 |
|
299.3 |
296.0 |
296.2 |
291.9 |
Other
activities |
7.6 |
7.3 |
|
6.8 |
8.0 |
7.9 |
7.9 |
TOTAL
GROSS RENTAL INCOME |
311.3 |
300.4 |
|
306.1 |
304.0 |
304.1 |
299.8 |
Management, administrative and related income (fees) |
22.7 |
20.2 |
|
22.1 |
20.6 |
20.9 |
22.9 |
TOTAL REVENUES |
333.9 |
320.6 |
|
328.2 |
324.6 |
325.0 |
322.8 |
Equity Accounted Investees* |
21.8 |
22.3 |
|
23.0 |
23.6 |
25.0 |
23.9 |
* Contributions from Equity
Accounted Investees include investments in jointly-controlled
companies and investments in companies under significant influence.
Equity Accounted Investees are accounted for a total value of
€1,399 million as of June 30, 2017.
first-half 2017 EARNINGS WEBCAST - PRESENTATION
AND CONFERENCE CALL
The
Klépierre Executive Board will present the first-half 2017 earnings
on Wednesday, July 26, 2017 at 9:00am
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 |
|
October 26, 2017 |
Business review for the first nine months of 2017 (press release
after market close) |
Investor relations contacts |
media contacts |
Hubert d'AILLIÈRES
+33 (0)1 40 67 51 37 - hubert.daillieres@klepierre.com |
Lorie LICHTLEN, Burson-Marsteller
i&e
+33 (0)1 56 03 13 01 - lorie.lichtlen@bm.com
Camille PETIT, Burson-Marsteller
i&e
+33 (0)1 56 03 12 98 - camille.petit@bm.com |
ABOUT KLÉPIERRE
The leading pure play shopping
center property company in Europe, Klépierre combines development,
property and asset management skills. The company's portfolio is
valued at €23.3 billion at June 30, 2017 and comprises large
shopping centers in 16 countries in Continental Europe which
together host 1.1 billion visitors 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 included in the CAC Next
20, EPRA Euro Zone and GPR 250 indexes. It is also included in
ethical indexes, such as DJSI World and Europe, FTSE4Good, STOXX®
Global ESG Leaders, Euronext Vigeo France 20 and World 120,
and is ranked as a Green Star by GRESB (Global Real Estate
Sustainability Benchmark). These distinctions underscore the
Group's commitment to a proactive sustainable development
policy.
For more information: www.klepierre.com
This press release and its
appendices together with the earnings presentation
slideshow
are available on the Klépierre website: www.klepierre.com
[1] The
Supervisory Board met at the Company's headquarters on July 20,
2017 to examine the half-year financial statements approved by the
Executive Board on July 17, 2017. The half-year consolidated
financial statements were subject to review procedures by the
Company's statutory auditors. The review report on the half year
financial information is to be issued shortly.
[2] In the
second half of 2016, Klépierre decided to choose the fair value
method of IAS 40 for the accounting of its investment properties.
2016 figures were restated for this change in accounting
principles.
[3]
Like-for-like change is on a same-center basis and excludes the
contribution from acquisitions, new centers and extensions, spaces
under restructuring, disposals completed since January 2016, and
foreign exchange impacts.
[4]
Like-for-like change is on a same-center basis and excludes the
impact of asset sales and acquisitions.
[5] On April
25, 2017, the dividend was paid out to shareholders for a total
amount of €562 million (€1.82 per share for fiscal year
2016).
[6] As per
banking covenants, the Loan-to-Value ratio is defined as the net
debt divided by the value of the portfolio on a total-share basis,
excluding duties.
[7] For more
information, please refer to the press release published on April
11, 2017, available on www.klepierre.com.
[8] For more
information, please refer to the press release published on April
6, 2017, available on www.klepierre.com.
[9] Targeted
yield on cost as of December 31, 2016, based on targeted NRI with
full occupancy and excluding all lease incentives (when
applicable), divided by the estimated cost of the project including
fit out (when applicable) and excluding lease step-ups (when
applicable), internal development fees and financial costs.
[10] Including
sales estimates for Apple, Primark, Cinesa and Leroy Merlin.
[11] 2019
targeted NRI vs current annualized NRI as of April 30, 2017.
[12] Total
Share, excluding duties.
PR_KLEPIERRE_2017_H1_EARNINGS_25_JULY_2017_FINAL
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Klépierre via Globenewswire
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