Business review for the first nine months of 2020
Klépierre, the European leader in shopping malls, today reported earnings for the first nine months of 2020. The significant events of the period include:
- Continued improvement in retailer sales over the third quarter, reaching 90% of prior-year level
- 90.3% collection rate for third-quarter rents, 81.7% over 9 months
- 9-month revenues of €918.5 million, 92% of prior-year level
- Strict control of cash outflows with only €162 million left to cash out by 2022 on extension/refurbishment projects already launched
- Net debt of €9,181 million at end-September, strong liquidity position (€2.8 billion) covering upcoming refinancing needs through June 2022
Jean-Marc Jestin, Chairman of the Executive Board, commented, “Amid unprecedented uncertainty and new challenges, Klépierre’s business activity has been recovering over the last three months. A resumption in retailer sales and footfall has driven an encouraging improvement in rent collection. This is the result of the incredible work of Klépierre’s staff and their high commitment alongside all the communities we serve and I salute them for their dedication. Our teams are currently working closely with tenants to provide them with the necessary flexibility and new opportunities to grow their businesses. However, in a health and economic environment that remains highly unpredictable, the Group will preserve and capitalize on its unique combination of strengths: a high-quality portfolio and strong balance sheet. We are committed to financial discipline.”