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. 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 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, outperforming indexation by 260 bps
  • Retailer sales: +2.1%, with an acceleration in the second half (+3.0%)
  • 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)
  • 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.”

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Link for the webcast

 

February 7 2018

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