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First Quarter 2021 Business Review

Klépierre, the European leader in shopping malls, today reported its first-quarter business update.

- Shopping center reopening underway: 55% of our stores have already reopened and close to 95% are expected to be open by end-May - First-quarter shopping center gross rental income down 10% - Strong rent collection rate at 65% in a context of store closures, set to improve further when tenant negotiations are finalized - When open, retailer sales remained highly resilient in March (87% of the March 2019 level)
- Net debt down to €9,016 million compared to December 31, 2020 - Proposed cash distribution of €1.00 per share - 2021 net current cash flow expected at €1.80 per share due to longer lockdowns than anticipated (2.6 months versus an anticipated 1.5 months) - Klépierre recognized by BRE for its Act for Good® policy and included in the Euronext CAC 40 ESG Index

Jean-Marc Jestin, Chairman of the Klépierre Executive Board, commented, “With the expected reopening of our French shopping centers as from May 19, close to 95% of our portfolio will soon be open again, albeit with certain restrictions such as the trading ban at weekends in Italy. We are enthusiastic and confident in the rapid resumption of our business. We are already observing encouraging signs of recovery, proving that our vibrant malls continue to attract both shoppers and expanding retailers. As we turn the corner, I would like to pay special tribute to our teams, our retail partners and local stakeholders who have worked with us to prepare and implement all the reopening health measures designed to protect customers in our venues. Over the first quarter of 2021, almost all European countries in which Klépierre operates ordered the closure of retail activities for a period averaging 1.5 months, and before being gradually eased, these measures were extended in April for an aggregate period longer than anticipated. Based on the official reopening dates, we have revised our 2021 net current cash flow guidance at €1.80 per share. Furthermore, we are proposing a distribution of €1.00 per share in cash, which demonstrates our confidence in our business recovery.

Read the press release