press release
2017 FULL-YEAR earnings
Paris - February 7, 2018
Klépierre, the owner and operator
of the leading shopping center platform in Europe, today reported
earnings for the full year 2017.([1]) The main
highlights include:
- Net current
cash flow per share +7.4% vs. 2016 to €2.48, outpacing initial
guidance of €2.35-€2.40
- Cash
dividend proposal([2]) for fiscal
year 2017: €1.96 per share, +7.7% vs. previous year
- Shopping
center net rental income +3.3% on like-for-like basis,([3])
outperforming indexation by 260 bps
- Retailer
sales: +2.1%, with an acceleration in the second half
(+3.0%)([4])
- Cost of debt
further reduced by 30 basis points to 1.8%
- EPRA NAV at
€39.60, +7.8% over 12 months
- Disposals
since early 2017 amounted to €568 million; proceeds reinvested in
acquisitions (€286 million) and share buyback program (€382
million)([5])
- Successful
openings of Val d'Europe extension and Hoog Catharijne first phase
of redevelopment
- Cash-flow
guidance for full-year 2018 at €2.57-€2.62.
Jean-Marc Jestin,
Chairman of the Klépierre Executive Board, commented, "In a fast-changing retail environment, the remarkable
commitment of our teams produced yet another record year for
Klépierre. This strong performance, illustrated by a 7.4% increase
in net current cash flow per share after the record level in 2016,
is the result of our strategy to constantly enhance the quality of
our pan-European mall portfolio, in order to bring the best of
retail to our customers. Our exceptional operating indicators,
including particularly a dynamic leasing deal flow, combined with
our disciplined financial policy, allow us to propose a significant
7.7% dividend increase, further demonstrating our ability to create
shareholder value year after year. The successful opening of Val
d'Europe's extension and Hoog Catharijne's ongoing redevelopment
both pave the way for Prado, a unique mall to open in Marseille
this spring, featuring iconic architecture and a sophisticated
retail offering. These achievements, like our 2018 guidance,
underscore our confidence in the future and our ability to create
places that incite people to shop, meet and connect."
KEY
FINANCIALS
| |
FY
2017 |
FY
2016 |
Change |
LfL
Change(3) |
| In
€m, Total Share |
|
|
|
|
| Total revenues |
1,321.6 |
1,300.5 |
+1.6% |
- |
| Net Rental
Income (NRI), shopping centers |
1,078.6 |
1,054.1 |
+2.3% |
+3.3% |
| Property portfolio
valuation (excl. transfer taxes) |
23,770 |
22,817 |
+4.2% |
+3.9% |
| Net debt |
8,978 |
8,613 |
+4.2% |
- |
|
Loan-to-Value (LTV) |
36.8% |
36.8% |
0 bp |
- |
| In €,
Group Share |
|
|
|
|
| EPRA Net Asset Value
(NAV) per share |
39.60 |
36.70 |
+7.8% |
- |
| Net current
cash flow per share |
2.48 |
2.31 |
+7.4% |
- |
OPERATING PERFORMANCE Retailer sales
On a like-for-like
basis,(4)
total retailer sales at Klépierre's malls rose by 2.1% for the last
12 months (1.3% excluding extensions). Over the first 11 months of
the year, they outperformed aggregated national retailer sales
indices by 120 basis points.([6]) In
addition to a better economic climate and improved consumer
confidence, releasing transactions and marketing initiatives, such
as the Black Friday campaign rolled out at 113 malls in 12
countries, contributed to this performance.
On a geographic basis, retailer sales rose by 2.4% in France, with
particularly solid results in leading shopping centers such as Val
d'Europe (Paris), Créteil Soleil (Paris), and Écully Grand Ouest
(Lyon). In Italy, retailer sales were flat for the year as a whole,
but improved in the second half (+0.8%) with the dissipation of an
adverse competitive impact in the northern part of the country.
Spain and Portugal continued to post impressive results, with
retailer sales growing by 4.5% and 4.7%, respectively, reflecting
Klépierre's strong positioning in these countries. In Central
Europe & Turkey (+7.2%), Hungary was the best performer
(+10.9%), followed by Turkey (+9.8%), the Czech Republic (+5.2%),
and Poland (+4.3%). Lastly, retailer sales in Germany grew at a
steady pace (+1.9%), benefiting from recent leasing initiatives in
Forum Duisburg (near Düsseldorf) and Centrum Galerie (Dresden).
Leasing
In 2017, leasing activity was
intense, with all key performance indicators showing a clear
acceleration compared to 2016:
- 1,864 deals signed,
representing an 8% increase;([7])
- €126.5 million in
Minimum Guaranteed Rents (MGR) from renewed or re-let spaces (+7%),
with a high 12.9% reversion rate;
- €35 million in
additional MGR, up 20% compared to 2016.
This robust performance reflects Klépierre's increased focus on key
account management, which translated into steady deal flow with
expanding international retailers: 37 leases were signed with the
Calzedonia group, 21 with Inditex, 19 with Yves Rocher, 14 with
Pandora, 11 with JD Sports, 10 with Kiko, and 8 with Sephora. Many
of these retailers collaborated with Klépierre to open
"right-sized" stores featuring their latest retail concepts and to
expand their reach throughout Europe.
Last but not least, Klépierre remained extremely active in rolling
out its Destination Food® concept. With food & beverage
retailer sales growing twice as fast as total retailer sales at
Klépierre malls since 2013, this approach enriches the retail mix
through a more innovative and expanded food offering, which
ultimately contributes to increased footfall, dwell time and
retailer sales. In 2017, the Destination Food® concept was notably
implemented at Val d'Europe in France, Hoog Catharijne (Utrecht) in
the Netherlands, Campania (Naples) and Le Gru (Turin) in Italy,
Field's (Copenhagen) in Denmark, and Meridiano (Santa Cruz) in
Spain. Among the trendy restaurants to be introduced to various
malls are Five Guys, burger chain Big Fernand, Wagamama, Exki,
Leon, Comptoir Libanais and Johnny Rockets.
Net rental income
Net rental income (NRI) generated
by shopping centers amounted to €1,078.6 million in 2017, a
2.3% increase on a current-portfolio, Total-Share basis compared to
2016. (3)
This increase reflects the combination of robust, 3.3%
like-for-like growth of €32.5 million, partly offset by a
negative scope effect of €8.0 million, as disposals outweighed
the contribution from acquisitions and development
projects
The solid like-for-like performance reflects higher indexation (+70
bps), a strong level of reversion (+12.9%), and a further 30-bp
contraction in the EPRA vacancy rate to 3.2%. While growth was
sustained across all geographies, the most buoyant regions were
Iberia (+6.8%) and Scandinavia (+4.6%).
cash flow and portfolio valuation Net current
cash flow
On a Group-Share basis, net
current cash flow for the year 2017 amounted to €760.6 million, a
5.5% increase (or €39.5 million) compared to 2016.
On a per-share basis, net current cash flow rose by 7.4% to €2.48
from €2.31 one year earlier. This excellent performance reflects
the solid NRI growth (+€22.2 million; +€0.07 per share), the
streamlining of general and administrative expenses (savings of
€6.5 million; +€0.02 per share), the further reduction in the cost
of debt (savings of €25.9 million; +€0.08 per share), the accretive
impact of the share buyback program (+€0.05 per share), and other
factors (-€15.1 million; -€0.05 per share; including higher tax and
a lower contribution from associates).
Portfolio valuation
On a Total-Share basis, excluding
transfer taxes, the total portfolio valuation at
December 31, 2017 amounted to €23,770 million, a
3.9% like-for-like increase over 12 months. The EPRA Net Initial
Yield of the shopping center portfolio was 4.8% at year-end 2017,
reflecting a 10-bp yield compression from one year earlier.
EPRA NAV
EPRA net asset value (NAV) per
share amounted to €39.60 at December 31, 2017, versus €36.70 one
year earlier. This 7.8% increase mainly reflects net current cash
flow generation (+€2.5 per share) and the rise in the value of the
like-for-like portfolio (+€2.4), which were partly offset by the
dividend payment (-€1.8) and other factors including the forex
impact (-€0.2).
DEBT POSITION AND FINANCING Loan-to-Value
ratio
As of December 31, 2017,
consolidated net debt stood at €8,978 million, compared to
€8,613 million at December 31, 2016. The rise in
property values more than compensating for the increase in net
debt, the Loan-to-Value ratio remained stable at December 31, 2017,
compared to one year earlier at 36.8%, well within Klépierre's
targeted 35-40% range.
During the year, Klépierre raised €1.4 billion in new financing,
including bond issues of €600 million and €500 million,
respectively bearing coupons of 1.375% (10 years) and 1.625% (15
years). These were issued to replace debt falling due in 2017.
Thanks to these transactions, the average duration of Klépierre's
debt was extended to 6.3 years at the end of 2017, an increase by
approximately one quarter compared with the year-end 2016
level.
Cost of debt
In the course of the year,
Klépierre reduced its average cost of debt to below 2%, reaching
1.8% at December 31, 2017. 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. The low cost of debt,
along with the robust operating performances, led to a stronger
6.3x coverage of interest expense by EBITDA (ICR).
In 2017 and early 2018, Klépierre conducted several debt management
transactions to further enhance its fixed-rate exposure for the
next three years and mitigate the impact of any potential interest
rate increase. Assuming an unchanged debt structure and market
conditions, and given planned refinancing transactions, Klépierre's
cost of debt is expected to remain below 2.0% in 2018, 2019, and
2020.
Credit rating
In December 2017,
Standard & Poor's confirmed Klépierre's A- rating and
stable outlook. In August 2017, Standard & Poor's
assigned an A- rating for the first time to Steen & Strøm, the
leading shopping mall owner and operator in Scandinavia, in which
Klépierre holds a 56.1% stake.
Share buyback program
As of December 31, 2017, Klépierre
had allocated a total of €350 million to its share
buyback program, out of the maximum €500 million, announced on
March 13, 2017. This represents 9,761,424 shares
repurchased at an average price of €35.86 per share.
From January 1, 2018 to February 2, 2018, Klépierre purchased an
additional 902,414 of its own shares, representing an investment of
€32 million (at an average price of €35.74 per share).
DEVELOPMENT PIPELINE AND ASSET ROTATION
Development pipeline
At December 31, 2017,
Klépierre's development pipeline represented investments of
€3.1 billion, including €0.8 billion in committed
projects with an average expected yield of 6.3%,([8])
€1.0 billion in controlled projects, and
€1.4 billion in identified projects. Following the
successful opening of the 17,000-sq.m. extension at
Val d'Europe in April 2017, which generated an 6% increase in
footfall and 24% increase in retailer sales, Klépierre's main
projects include:
- Hoog Catharijne: on April 6,
2017, Klépierre officially opened 16,000 sq.m. of new retail space,
which resulted in a 10.5% increase in footfall to reach
26.5 million for the year. In March 2018, the new entrance
linking the mall to Utrecht's central rail station (88 million
passengers per year) will open to public, marking the end of the
North Mile redevelopment (which is 98% let or under advanced
negotiations). When the entire expansion project is completed, Hoog
Catharijne will be the largest mall in the Netherlands and among
the top five in Europe in terms of visitor traffic.
- Prado: with its unique
architecture and prime location, this shopping center in downtown
Marseille will open at the end of March 2018. The 23,000-sq.m. mall
is now 89% pre-let and will be anchored by a Galeries Lafayette
flagship store, the largest Zara store in the city, and a unique
gourmet food concept developed by Auchan. In addition, Prado will
be home to distinctive brands (Repetto, Lush, Kusmi Tea, Izac,
Sweet Pants, Comptoir des Cotonniers, Figaret) and trendy food
concepts (Wagamama, Grom, Factory & Co., Mavrommatis).
Acquisitions
In May 2017, Klépierre acquired
Nueva Condomina, the leading retail hub in the region of Murcia,
Spain. Covering approximately 110,000 sq.m. (encompassing a
73,000-sq.m. shopping center and a 37,000-sq.m. retail park), Nueva
Condomina boasts an exceptional mix of 178 shops. In 2016, it
attracted nearly 11 million visitors and generated
€257 million in retailer sales. Based on annualized net rental
income (NRI) of €12.5 million at the time of the acquisition,
the EPRA Net Initial Yield stood at 5.4%.
Since the acquisition, Klépierre has been implementing asset
management and leasing initiatives to reduce vacancy, which stood
at 15% in May 2017. The vacancy rate having already been lowered to
7.7% at the end of December 2017, Klépierre is confident in its
ability to generate an 18% uplift in annualized NRI by 2019, as
announced last May.([9])
Disposals
Since January 1, 2017, Klépierre
has completed disposals worth €352.4 million([10]) across
Europe (Norway, Sweden, France and Spain). These transactions were
made 15% above last book value.
Taking into consideration disposals for which a binding agreement
has been reached, and in particular the agreement announced on
February 2, 2018,[11] to sell
two retail assets to Carmila, total disposals since
January 1, 2017, reached €568.1 million (excluding
transfer taxes).
Corporate Social Responsibility (CSR)
In September 2017, Klépierre
obtained outstanding extra-financial ratings, recognizing the
efficiency of the CSR strategy it initiated in 2013 and the
effectiveness of the measures implemented in recent
years.
For the second year in a row, Klépierre figures in the "A List" of
CDP, the non-profit global environmental disclosure platform,
recognizing the Group's global leadership in the fight against
climate change. Klépierre was ranked 3rd among listed
companies in the European retail sector and 11th across
all industries in Europe by the Global Real Estate Sustainability
Benchmark (GRESB), and once again was awarded a "Green Star" with a
score of 89/100. In addition, Klépierre reached the 96th percentile
in the World Dow Jones Sustainability Index (DJSI) based on the
review by RobecoSAM, which deemed Klépierre the most efficient in
the world out of 250 real estate companies for its environmental
initiatives.
Overall, Klépierre is considered best-in-class by RobecoSAM for its
environmental strategy, the monitoring of its performance, and the
disclosure of its results. The quality of the results disclosure
was also recognized by the European Public Real Estate Association
(EPRA), which granted Klépierre a Sustainability "Gold Award" for
the sixth consecutive year.
NEW CORPORATE IDENTITY
On February 1, 2018, Klépierre
unveiled its new corporate tag line: Shop. Meet. Connect.(TM) The
new tag line expresses Klépierre's commitment to playing a role in
the transformation of retail, as well as its vision of shopping
malls as lifestyle hubs offering more than just shopping to their
surrounding communities.
DIVIDEND
At the Annual General Meeting on
April 24, 2018, the Klépierre Executive Board will propose to
shareholders a cash dividend of €1.96 per share([12])
for fiscal year 2017, a 7.7% increase from the €1.82 per share paid
out for fiscal year 2016. This amount is consistent with
Klépierre's policy of distributing 80% of its net current cash flow
on a Group-Share basis. The proposed payment date is April 30, 2018
(ex-date: April 26, 2018).
With a view to providing Klépierre's shareholders with a more
frequent revenue stream, the Supervisory Board approved, at its
meeting on February 6, 2018, the proposal by the Executive Board to
pay the dividend in two equal installments, in March and July.
Implementation of this revised dividend payment schedule will start
in 2019, for the dividend pertaining to fiscal year 2018.
OUTLOOK
Klépierre's 2018 budget is based
on an improving macroeconomic climate in Continental Europe,
especially on the unemployment front in France, Spain and Italy.
Combined with some inflation, this should help drive retailer sales
further up and, consequently, like-for-like rental income
growth.
As in previous years, payroll and other overhead costs will be
under scrutiny with a view to keeping them at least stable. Recent
debt management operations will help further reduce financial
expenses. Provided that asset disposals are sustained, the
remaining €118 million of the €500-million share buyback
program should be invested in 2018.
In this context and assuming stable if not lower debt, Klépierre
expects to generate net current cash flow per share of €2.57-€2.62
in 2018.
RETAILER SALES like-for-like change
FOR THE FULL YEAR of 2017
| Countries |
Like-for-Like change(a) |
Share in Total
Reported Retailer Sales |
Like-for-Like change
(excluding extensions) |
| France |
2.4% |
31% |
0.9% |
| Belgium |
-1.6% |
2% |
-1.6% |
|
France-Belgium |
2.2% |
33% |
0.7% |
| Italy |
-0.1% |
25% |
-0.1% |
| Norway |
-1.6% |
9% |
-1.6% |
| Sweden |
1.5% |
7% |
1.5% |
| Denmark |
-1.4% |
4% |
-1.4% |
|
Scandinavia |
-0.4% |
20% |
-0.4% |
| Spain |
4.5% |
7% |
4.5% |
| Portugal |
4.7% |
3% |
4.7% |
| Iberia |
4.6% |
10% |
4.6% |
| Poland |
4.3% |
3% |
4.3% |
| Hungary |
10.9% |
2% |
10.9% |
| Czech Republic |
5.2% |
2% |
5.2% |
| Turkey |
9.8% |
2% |
9.8% |
| CEE and
Turkey |
7.2% |
9% |
7.2% |
| The
Netherlands(b) |
n.s. |
n.s. |
n.s. |
|
Germany |
1.9% |
3% |
1.9% |
| TOTAL |
2.1% |
100% |
1.3% |
(a) Like-for-like change is on a
same-center basis and excludes the impact of asset sales and
acquisitions.
(b) Only a few Dutch retailers report their sales to Klépierre.
TOTAL REVENUES
| In €m |
Total Share |
|
Group Share |
| FY
2017 |
FY
2016 |
|
FY
2017 |
FY
2016 |
| France |
420.1 |
411.3 |
|
344.5 |
341.6 |
| Belgium |
18.0 |
17.0 |
|
18.0 |
17.0 |
|
France-Belgium |
438.1 |
428.4 |
|
362.6 |
358.7 |
| Italy |
210.3 |
204.7 |
|
207.0 |
201.5 |
| Norway |
72.4 |
75.1 |
|
40.6 |
42.1 |
| Sweden |
62.4 |
67.9 |
|
35.0 |
38.1 |
| Denmark |
57.8 |
54.6 |
|
32.4 |
30.7 |
|
Scandinavia |
192.5 |
197.6 |
|
108.0 |
110.9 |
| Spain |
101.6 |
92.4 |
|
98.7 |
89.4 |
| Portugal |
22.0 |
20.7 |
|
22.0 |
20.7 |
| Iberia |
123.6 |
113.1 |
|
120.6 |
110.1 |
| Poland |
34.0 |
34.3 |
|
34.0 |
34.3 |
| Hungary |
22.7 |
21.1 |
|
22.7 |
21.1 |
| Czech Republic |
30.8 |
27.4 |
|
30.8 |
27.4 |
| Turkey |
33.9 |
35.5 |
|
31.3 |
32.7 |
| Others |
3.0 |
3.0 |
|
2.8 |
2.7 |
| CEE and
Turkey |
124.5 |
121.3 |
|
121.5 |
118.2 |
| The
Netherlands |
64.6 |
61.1 |
|
64.6 |
61.1 |
|
Germany |
54.4 |
57.2 |
|
51.8 |
54.4 |
SHOPPING
CENTERS
GROSS RENTAL INCOME |
1,208.0 |
1,183.4 |
|
1,036.2 |
1,014.8 |
| Other
retail properties |
28.0 |
30.6 |
|
28.0 |
30.6 |
TOTAL
GROSS RENTAL INCOME |
1,236.0 |
1,214.0 |
|
1,064.1 |
1,045.4 |
| Management,
administrative and related income (fees) |
85.6 |
86.5 |
|
81.5 |
82.2 |
| TOTAL
REVENUES |
1,321.6 |
1,300.5 |
|
1,145.6 |
1,127.6 |
| Equity Accounted Investees* |
82.5 |
95.5 |
|
78.7 |
89.4 |
* Contributions from Equity
Accounted Investees include investments in jointly-controlled
companies and investments in companies under significant
influence.
QUARTERLY REVENUES ON A TOTAL-SHARE BASIS
| |
|
2017 |
| In €m |
|
Q4 |
Q3 |
Q2 |
Q1 |
| France |
|
104.9 |
106.6 |
108.1 |
100.4 |
| Belgium |
|
4.6 |
4.4 |
4.7 |
4.4 |
|
France-Belgium |
|
109.5 |
110.9 |
112.8 |
104.8 |
| Italy |
|
53.2 |
52.6 |
52.6 |
51.8 |
| Norway |
|
17.9 |
18.1 |
17.9 |
18.5 |
| Sweden |
|
15.2 |
15.4 |
15.8 |
16.0 |
| Denmark |
|
14.7 |
14.5 |
14.3 |
14.2 |
|
Scandinavia |
|
47.8 |
47.9 |
47.9 |
48.8 |
| Spain |
|
27.1 |
27.3 |
24.4 |
22.8 |
| Portugal |
|
5.5 |
5.6 |
5.4 |
5.5 |
| Iberia |
|
32.6 |
32.9 |
29.8 |
28.3 |
| Poland |
|
8.5 |
8.3 |
8.4 |
8.8 |
| Hungary |
|
6.1 |
5.7 |
5.3 |
5.5 |
| Czech Republic |
|
8.0 |
7.7 |
7.6 |
7.5 |
| Turkey |
|
8.3 |
9.0 |
8.4 |
8.2 |
| Others |
|
1.1 |
0.5 |
0.7 |
0.7 |
| CEE and
Turkey |
|
32.0 |
31.3 |
30.4 |
30.8 |
| The
Netherlands |
|
16.4 |
16.8 |
16.5 |
15.0 |
|
Germany |
|
13.4 |
13.6 |
13.7 |
13.6 |
SHOPPING
CENTERS
GROSS RENTAL INCOME |
|
305.0 |
306.2 |
303.7 |
293.2 |
| Other
activities |
|
6.6 |
6.6 |
7.6 |
7.3 |
TOTAL
GROSS RENTAL INCOME |
|
311.6 |
312.7 |
311.3 |
300.4 |
| Management,
administrative and related income (fees) |
|
24.1 |
18.6 |
22.7 |
20.2 |
| TOTAL
REVENUES |
|
335.7 |
331.3 |
333.9 |
320.6 |
| Equity Accounted Investees* |
|
17.3 |
21.0 |
21.8 |
22.3 |
* 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 €1,389 million as of
December 31, 2017.
2017 Full-year EARNINGS WEBCAST - PRESENTATION AND
CONFERENCE CALL
The
Klépierre Executive Board will present the 2017 full-year earnings
on Thursday, February 8, 2018 at 8:30am
Paris time (7:30am 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.
International participants dial in: +44 (0)33 3300 0804 / Toll-Free dial in: 080 035
89473
Confirmation Code: 77425874#
France Participants dial in: +33 (0)1
70 75 07 11 / Toll-Free dial in: 080 094 6608
Confirmation Code: 52718905#
| AGENDA |
|
| April 24, 2018 |
Annual general meeting |
| April 26, 2018 |
2018 first quarter business review (after market close) |
| Investor relations contacts |
media contacts |
Hubert d'AILLIÈRES
+33 (0)1 40 67 51 37 -
hubert.daillieres@klepierre.com
Mengxing ZHANG
+33 (0)1 40 67 53 05 - mengxing.zhang@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
Klépierre, the owner and operator
of the leading shopping center platform in Europe, combines
development, property and asset management skills. The company's
portfolio is valued at €23.8 billion at December 31, 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 figures in CDP's "A-list". These distinctions
underscore the Group's commitment to a proactive sustainable
development policy and its global leadership in the fight against
climate change.
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 Klépierre's headquarters on February
6, 2018 to examine the full-year financial statements, as approved
by the Executive Board on January 29, 2018. The consolidated
financial statements have been subject to audit procedures. The
statutory auditors' report is to be issued with the registration
document.
([2]) In respect
to fiscal year 2017, the Executive Board will propose the payment
of a cash dividend of €1.96 per share to the shareholders at their
annual general meeting to be convened on April 24, 2018.
([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 2017, 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]) As of February
2, 2018, 10,663,838 Klépierre's shares have been repurchased at an
average €35.85 per share, representing an investment of €382
million.
([6]) Compound
index based on the following national retailer indices weighted by
the share of each country in Klépierre's total NRI. France: CNCC,
Italy: ISTAT, Spain: INE, Portugal: INE, Norway: Kvarud, Sweden:
HUI, Denmark: Danmarks statistik, Poland: PRCH, Hungary: KSH, Czech
Republic: CZSO, the Netherlands: CBS; Turkey: AYD.
([7]) In 2017,
Klépierre discontinued the separate counting of storage unit leases
in Scandinavia for harmonization purposes; 2016 figures have been
restated accordingly.
([8]) Targeted
yield on cost at December 31, 2017, 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.
([9]) 2019
targeted NRI vs. 2017 annualized NRI at April 30, 2017.
([10]) On a Total-Share basis,
excluding transfer taxes.
([11]) See press release issued on
February 2, 2018:
http://www.klepierre.com/content/uploads/2018/02/PR_KLEPIERRE_FR-ES_DISPOSALS_UK_VF.pdf.
([12]) As part of the proposed
€1.96 dividend amount per share, €0.68 stems from the SIIC-related
activity of the Group.
PR_KLEPIERRE_2017_FY_EARNINGS_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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