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First-Half 2020 Earnings

Klépierre, the European leader in shopping malls, today reported earnings for the six-month period ended June 30, 2020. The significant events of the period include:

− Good sales recovery since reopening, with June sales reaching 85% of the prior-year level
− 83% of non-deferred rents collected over the first half, 62% in the second quarter
− Shopping center net rental income down 5.0% excluding disposals and forex
− Cost of debt down 30 bps to 1.2% vs. year-end 2019
− Net current cash flow per share down 1.2% vs. first-half 2019 at €1.37
− Portfolio valuation down 2.8% on a like-for-like basis over six months
− Loan-To-Value ratio at 40%
− New EPRA Net Tangible Asset Value per share at €34.90(2)
− Strong liquidity position (€3.1bn), covering upcoming refinancing needs through June 2022

Jean-Marc Jestin, Chairman of the Executive Board, commented,After an encouraging start to the year, Klépierre’s activities were largely impacted by the Covid-19 pandemic and the lockdowns enforced since mid-March, which mechanically curbed variable revenues. Since early May, however, all of our malls have reopened and are applying the most stringent protective measures in Europe. We have had an encouraging restart in terms of footfall and consumption. However, in the current uncertain health context, we remain cautious as we strive to adequately assess the impact of the crisis on the Group’s financial performance in 2020. Looking ahead to the long term, we hold fast to our vision of retail transformation that a decade ago led us to focus on clear capital allocation, a customer-centric approach and sound financial discipline.”

Read the press release