2019 FULL-YEAR EARNINGS

Paris—February 5, 2020

Klépierre, the European leader in shopping malls, today reported its full-year 2019 earnings. The main highlights include:

  • Net current cash flow per share up 6.7% vs. 2018 to €2.82 (€2.79, excluding one-off financial income), exceeding the initial guidance of €2.72–€2.75
  • Proposed cash dividend of €2.20 per share, up 4.8% vs. previous year
  • Shopping center Net Rental Income up 3.0% like-for-like
  • Retailer sales up 1.8% like-for-like
  • Net debt/EBITDA decreased to 8.0x (down 0.3x vs. 2018); cost of debt lowered to 1.45%
  • EPRA Net Asset Value per share of €39.50
  • Total disposals of €537 million across Europe
  • Marked acceleration in CSR roadmap implementation: 72% cut in carbon emissions since 2013
  • Net current cash flow guidance for full-year 2020 at €2.85–€2.90

Jean-Marc Jestin, Chairman of the Executive Board, commented, “In 2019, we remained focused on executing our strategy through leveraging our pan-European platform of pre-eminent assets, tailoring our operating initiatives to changing consumers and sticking to sound financial management. This approach has enabled us to post strong results again this year, as our 6.7% growth in net current cash flow per share significantly exceeded our initial guidance. We have also actively pursued our capital allocation strategy to continue to streamline our portfolio. Furthermore, in 2019, we have made major progresses in deploying our Act for Good ® ambition, with remarkable achievements such as the reduction of our energy intensity by 29% and our carbon emissions by 72% since 2013. Combining steady cash flow growth with moderate leverage, our 2019 performance leads us to propose a 4.8% increase in the dividend, to €2.20 per share. In view of the Group’s sound operating and financial fundamentals, I am confident in our ability to weather the retail transformation and to continue to create value and growth over the year to come.”

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February 5 2020

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