FIRST-HALF 2019 EARNINGS

Paris – July 24, 2019

Klépierre, the European leader in shopping malls, today reported earnings for the six-month period ended June 30, 2019. The main highlights include:

  • Net current cash flow per share +5.4% vs. first-half 2018 at €1.38
  • Shopping center Net Rental Income +3.1% on like-for-like basis, outperforming indexation by 150 basis points (bps)
  • Retailer sales +1.6% like-for-like in the first half and +2.8% in the second quarter of 2019
  • Very sound operational KPIs: EPRA vacancy at 3.0%, occupancy cost ratio at 12.4%, bad debt at 1.8%
  • Further €57 million reduction in net debt, for an 8.1x Net Debt to EBITDA ratio
  • Cost of debt reduced by a further 10 bps to 1.5% vs. 2018 year-end
  • EPRA Net Asset Value per share of €40.00
  • €501 million worth of disposals signed since the beginning of 2019, at 5.5% above book value
  • 2019 net current cash flow guidance raised to at least €2.76 per share, from €2.72 to €2.75 initially

 

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July 24 2019

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