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Klépierre SA (LI.PA)

Paris - Paris Delayed Price. Currency in EUR
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Previous Close22.23
Open21.57
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Day's Range21.04 - 22.29
52 Week Range10.05 - 23.30
Volume1,152,084
Avg. Volume1,425,337
Market Cap6.355B
Beta (5Y Monthly)1.96
PE Ratio (TTM)N/A
EPS (TTM)-2.75
Earnings DateJul 27, 2021
Forward Dividend & Yield2.20 (9.87%)
Ex-Dividend DateJul 07, 2020
1y Target Est36.13
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    • Klépierre: FIRST-QUARTER 2021 BUSINESS REVIEW
      GlobeNewswire

      Klépierre: FIRST-QUARTER 2021 BUSINESS REVIEW

      PRESS RELEASE FIRST-QUARTER 2021 BUSINESS REVIEW Paris — May 7, 2021 Klépierre, the European leader in shopping malls, today reported its first-quarter business update(1). The main highlights include: Shopping center reopening underway: 55% of our stores have already reopened and close to 95% are expected to be open by end-May(2)First-quarter shopping center gross rental income down 10%Strong rent collection rate at 65%(3) in a context of store closures, set to improve further when tenant negotiations are finalizedWhen 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, 2020Proposed cash distribution of €1.00(5) per share2021 net current cash flow expected at €1.80(6) 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.” KEY FINANCIALS Q1 2021Q1 2020Reported ChangeIn millions of euros, total share Gross rental income — Shopping centers262.5291.9-10.1%Gross rental income — Other retail properties4.05.3-24.8%Total gross rental income266.4297.2-10.3%Management and development fees14.719.7-25.1%Total revenues281.2316.8-11.3% OPERATING PERFORMANCE Operating context Over the first quarter of 2021, Klépierre’s activities were impacted by multiple trading restrictions enforced in almost all European countries in which Klépierre operates, except in Spain and Sweden. Stores in our malls were closed for an average of 1.5 months.To date, 55% of our portfolio is open(2) (Denmark, Portugal, Norway, Netherlands, Poland, Spain, Sweden, and Italy, where malls are closed at weekends). Strict lockdowns in France, Germany and the Czech Republic are expected to be lifted in May or early June. The current retail lockdown in France (35% of our portfolio) will be lifted on May 19 provided that the number of weekly contaminations does not exceed 400 cases per 100,000 inhabitants in the departments where the malls are located. As of today, all our malls are located in departments where the number of contaminations is below this threshold. Similarly, in the Czech Republic, malls are expected to reopen on May 10. Lastly, in Italy, restrictions related to the closure of stores at weekends are expected to be lifted in June.Overall, close to 95% of stores (in rents)(2) are expected to be open by the end of May. Retailer sales Over the first quarter of 2021, retailer sales reached 62% of the first-quarter 2020 level, largely reflecting the closure of stores in most European countries. In Spain and Sweden, where retail has remained open to public – albeit subject to significant travel restrictions – retailer sales reached 77% and 85%, respectively, of first-quarter 2020 levels. In France, in January when malls were open, retailer sales were 88% of the January 2020 level.Lastly, retailer sales of stores that remained open in March reached 87% of the pre-Covid level (March 2019), demonstrating the strong resilience of Klépierre’s malls in a challenging health environment. Rent collection(3) Over the first quarter of 2021, the Group invoiced rents and service charges for a total of €334 million. As of April 30, the rent collection rate stood at 65% and is expected to increase further. In France, the government announced a specific support program to help retailers pay their rent and charges for the closure period. This program, which is currently being reviewed by the EU Commission, should be implemented during the second half of the year. Leasing update Letting operations regained momentum over the first quarter of 2021, with the volume of signed leases doubling compared to the second quarter of last year. This underscores the appeal of Klépierre’s malls for retailers and is expected to renew the retail mix and consolidate occupancy going forward. Among the transactions concluded recently in December, Klépierre signed an important deal with Primark for the opening of six new stores in France and Italy, underlining the long-standing partnership between the two companies and Klépierre’s capacity to adapt its malls to support expanding retailers. The new stores will complement the 11 existing sites in Klépierre’s portfolio.Over the first quarter, sports retailers continued to expand as materialized by three deals with Snipes, two with Foot Locker in Italy and eight with Courir in France (including two new stores). Klépierre also continued to support the development of banners that resonate with consumer expectations, illustrated by two deals with FootKorner – the French street fashion retail chain – at Créteil Soleil and Belle Épine. Similarly, the new partnership with Base, a local Spanish sports retailer which opened its first two stores in Klépierre’s portfolio, will further enrich the retail mix at La Gavia (Madrid, Spain) and Meridiano (Tenerife, Spain).Beyond the sports segment, the Group also continued to support the growing momentum of innovative retailers – as showcased by deals with Samsung, Danish retailer Normal and high-tech reseller Hubside – while rolling out Klépierre’s Destination Food® concept, bringing on board a host of local and international food retailers in all regions such as Starbucks, KFC, T.G.I Friday’s, La Piadineria and Pitaya. Revenues Klépierre’s total revenues for the three-month period ended March 31, 2021 amounted to €281.2 million, an 11.3% decrease compared to the same period last year.Gross rental income generated by shopping centers amounted to €262.5 million over the first quarter of 2021 on a total share basis, compared to €291.9 million for the same period last year, mainly reflecting the adjustment to variable revenues, a lower occupancy and the straight-line amortization under IFRS 16 of rent concessions granted in 2020.Only mandatory abatements ordered by local authorities have been recognized so far. Discussions with retailers to adapt the financial terms of leases in exchange for concessions are ongoing. Where rent abatements are granted, they will be recognized as a deduction from gross rental income. DEVELOPMENT CAPEX Since the outbreak of the pandemic, the Group has limited its capital expenditure to committed projects only. Accordingly, only €15 million was disbursed during the first quarter of 2021. In Gran Reno (Bologna, Italy), the 16,500-sq.m. extension is progressing in line with the budget and is currently 75% pre-leased (estimated rents signed or in advanced negotiations). The opening is expected in spring 2022. DEBT AND FINANCING As of March 31, 2021, the Group’s liquidity position(4) remains strong at €2.4 billion, after the redemption of €864 million in bonds at term. All refinancing needs are covered until April 2024. Klépierre’s consolidated net debt amounted to €9,016 million on a total share basis, with an average 1.2% cost of debt. ACT FOR GOOD® In early 2021, Klépierre’s ESG leadership was once again recognized by the Building Research Establishment (BRE), the world-leading organization for sustainable buildings. Klépierre received the BREEAM Award 2021 in the Responsible Investment Large Portfolio category, which recognizes projects and organizations that are leading the way with significant achievements in sustainable building design, development and management. This award is the result of the Act for Good® policy and the outstanding work of Klépierre’s teams day-in, day-out to make shopping centers more efficient and ever more environmentally ambitious. In another mark of its ESG leadership, the Klépierre share was included by Euronext in the CAC 40 ESG Index launched in March 2021. This new index consists of the 40 highest-performing companies in environmental, social and governance matters within the CAC Large 60. DISTRIBUTION The Annual General Meeting to be held on June 17, 2021 will be invited to approve a proposed cash distribution of €1.00 per share in respect of fiscal year 2020(5) to be paid in a single installment on June 23, 2021. OUTLOOK Based on official announcements on store reopenings, administrative closures would last the equivalent of 2.6 months for the whole portfolio instead of 1.5 months as initially expected. Consequently, and assuming no more store closures, the Group is adjusting its net current cash flow guidance for 2021 accordingly to €1.80 per share.(6) TOTAL REVENUES In € millions Total share Group shareQ1 2021Q1 2020 Q1 2021Q1 2020France93.9103.9 75.684.4Belgium4.94.7 4.94.7France–Belgium98.8108.6 80.489.1Italy47.951.0 47.350.4Norway15.615.8 8.78.9Sweden13.713.9 7.77.8Denmark12.213.7 6.87.7Scandinavia41.543.3 23.324.3Spain25.229.3 25.229.3Portugal2.84.6 2.84.6Iberia28.033.9 28.033.9Czech Republic8.27.9 8.27.9Poland7.58.7 7.58.7Turkey2.95.0 2.64.5Other0.40.9 0.40.9CE & Other18.922.5 18.622.0Netherlands16.420.1 16.420.1Germany11.012.4 10.511.9SHOPPING CENTER GROSS RENTAL INCOME262.5291.9 224.6251.7Other retail properties4.05.3 4.05.3TOTAL GROSS RENTAL INCOME 266.4297.2 228.6257.0Management and development fees14.719.7 13.918.7TOTAL REVENUES281.2316.8 242.5275.7Equity-accounted companies*18.121.4 17.320.6 * Contributions from equity-accounted companies include investments in jointly-controlled companies and investments in companies under significant influence. COLLECTION RATE(A) Q1 2021France-Belgium57%Italy47%Scandinavia90%Iberia80%CE & Other66%Netherlands66%Germany69%TOTAL SHOPPING CENTERS65%Other retail properties27%TOTAL64% (a) As of April 30, 2021, on a total share basis, excluding VAT and equity-accounted companies. AGENDA June 17, 2021Annual General Meeting June 21, 2021Ex-dividend dateJune 23, 2021Distribution paymentJuly 27, 2021October 22, 2021First-half 2021 earnings (after market close)Business review for the first nine months of 2021 (before market opening)INVESTOR RELATIONS CONTACTSMEDIA CONTACTSHubert d’Aillières, Group Head of IR and financial communication+33 (0)1 40 67 51 37 — hubert.daillieres@klepierre.comPaul Logerot, IR Manager +33 (1) 40 67 53 02 — paul.logerot@klepierre.comJulia Croissant, IR Officer+33 (0)1 40 67 51 68 — julia.croissant@klepierre.comHélène Salmon, Group Head of Corporate and Internal Communications+33 (0)1 40 67 55 16 – helene.salmon@klepierre.comDelphine Granier, Taddeo+33 (0)6 33 05 48 50 – teamklepierre@taddeo.fr ABOUT KLÉPIERRE Klépierre is the European leader in shopping malls, combining property development and asset management skills. The company’s portfolio is valued at €21.9 billion at December 31, 2020, and comprises large shopping centers in more than 10 countries in Continental Europe which together host hundreds of millions of visitors per year. Klépierre holds a controlling stake in Steen & Strøm (56.1%), Scandinavia’s number one shopping center owner and manager. Klépierre is a French REIT (SIIC) listed on Euronext Paris and is included in the CAC Next 20, EPRA Euro Zone and GPR 250 indexes. It is also included in ethical indexes, such as Euronext CAC 40 ESG Index, DJSI World and Europe, FTSE4Good, STOXX® Global ESG Leaders, Euronext Vigeo France 20 and World 120, and features in CDP’s “A-list”. These distinctions underscore the Group’s commitment to a proactive sustainable development policy and its global leadership in the fight against climate change. For more information, please visit the newsroom on our website: www.klepierre.com This press release is available on the Klépierre website:www.klepierre.com (1) The data disclosed in this release, including those set out in the appendices, have not been audited.(2) Italian shopping malls have been considered as fully open even if they are closed on weekends.(3) As of April 30, 2021, on a total share basis, excluding VAT and equity-accounted companies. (4) The liquidity position is the total financial resources available to a company. This indicator is therefore equal to the sum of cash at hand, confirmed and unused revolving credit facilities (net of commercial paper) and uncommitted credit facilities.(5) The proposed distribution of €1.00 per share would be an equity repayment within the meaning of paragraph 1 of Article 112 of the French Tax Code.(6) Excluding the impact of amortizing Covid-19 rent concessions Attachment PR_KLEPIERRE_2021_Q1_REVENUES

    • Klépierre: FILING OF 2020 UNIVERSAL REGISTRATION DOCUMENT
      GlobeNewswire

      Klépierre: FILING OF 2020 UNIVERSAL REGISTRATION DOCUMENT

      REGULATED RELEASE FILING OF 2020 UNIVERSAL REGISTRATION DOCUMENT Paris – April 7, 2021 Klépierre filed its Universal Registration Document relating to fiscal year 2020 with the Autorité des marchés financiers (“the AMF”) on March 31, 2021. It can be read or downloaded on the websites of:- Klépierre: www.klepierre.com, in the section Finance / Publications / Annual and semi-annual reports;- The AMF: www.amf-france.org. It is also available to the public free of charge upon request:- By mail:KlépierreInvestor Relations26 boulevard des Capucines75009 ParisFRANCE - By e-mail: investorrelations@klepierre.com The universal registration document integrates, among others, the following items:- The annual financial report for 2020 and the statutory auditors’ report;- The management report including notably the non-financial performance statement;- Information regarding internal control and risk management;- The Supervisory Board on corporate governance;- The information relative to the fees paid to statutory auditors; and- The description of the share buyback program. ABOUT KLÉPIERRE Klépierre is the European leader in shopping malls, combining property development and asset management skills. The company’s portfolio is valued at €21.9 billion at December 31, 2020 and comprises large shopping centers in more than 10 countries in Continental Europe which together host hundreds of millions of visitors per year. Klépierre holds a controlling stake in Steen & Strøm (56.1%), Scandinavia’s number one shopping center owner and manager. Klépierre is a French REIT (SIIC) listed on Euronext Paris and is included in the CAC Next 20, EPRA Euro Zone and GPR 250 indexes. It is also included in ethical indexes, such as Euronext CAC 40 ESG Index, DJSI World and Europe, FTSE4Good, STOXX® Global ESG Leaders, Euronext Vigeo France 20 and World 120, and figures in CDP’s “A-list”. These distinctions underscore the Group’s commitment to a proactive sustainable development policy and its global leadership in the fight against climate change.For more information, please visit the newsroom on our website: www.klepierre.com Investor relations contacts Hubert d’Aillières, Group Head of IR and financial communication +33 (0)1 40 67 51 37 — hubert.daillieres@klepierre.comPaul Logerot, IR Manager +33 (1) 40 67 53 02 — paul.logerot@klepierre.comJulia Croissant, IR Officer +33 (0)1 40 67 51 68 — julia.croissant@klepierre.com Attachment PR_KLEPIERRE_2020 UNIVERSAL REGISTRATION DOCUMENT

    • Klépierre: FULL-YEAR 2020 EARNINGS
      GlobeNewswire

      Klépierre: FULL-YEAR 2020 EARNINGS

      PRESS RELEASE FULL-YEAR 2020 EARNINGS Paris — February 17, 2021 Klépierre, the European leader in shopping malls, today reported its full-year 2020 earnings(1). The main highlights include: 2020 net current cash flow (total share) of €690 million, €2.05 per shareCollection rate expected to reach 91% adjusted for rent abatements Strong recovery in retailer sales post reopening (89% of the prior-year level)(2)Robust liquidity position (€3.2 billion), covering all refinancing needs until May 2024Portfolio valuation down 4.5% on a like-for-like basis over six months; Loan to Value ratio at 41.4%; Interest coverage ratio of 7.3x; Net debt / EBITDA of 10.8xEPRA Net Tangible Assets per share at €31.40(3)Klépierre ranked #1 worldwide by GRESB for sustainability performance2021 net current cash flow per share expected at €1.90(4); this guidance assumes that current lockdown measures are not extended beyond March and includes a negative cash flow impact of €0.25. Key financials 12/31/202012/31/2019Reported changeLike-for-like change(5)In millions of euros, total share Total revenues1,130.81,325.5-14.7% Net Rental Income (NRI)846.21,130.6-25.2% Property portfolio valuation (incl. transfer taxes)21,85923,673-7.7%-7.2%Net debt9,054.38,830.2+2.5% Loan-to-Value (LTV) 41.4%37.3%+410 bps Net debt to EBITDA10.8x8.0x+2.8x In euros, Group share EPRA Net Tangible Assets (NTA) per share31.4036.90-14.9% Net current cash flow per share2.052.82-27.4% Net current cash flow per share (excluding IFRS 16)1.972.82-30.3% Operating performance Operating context In 2020, most of Klépierre’s activities were impacted by the pandemic and accompanying restrictions imposed across Europe, which led to a virtual standstill at malls in certain regions. Depending on the severity of the spread of the virus, the authorities opted either for lockdowns together with full store closures or for other trading restrictions in many countries where Klépierre operates: To contain the first wave, lockdowns were enforced from mid-March to early June at the latest, except in Norway, Sweden and the Netherlands;Restrictions were then gradually lifted, leading to the reopening of malls and the resumption of business;Lastly, on the back of the second wave from the end of October, targeted restrictions were implemented, with a view to preserving the economy. France, the Czech Republic, Poland, the Netherlands and Germany imposed a second lockdown in November and/or December. Italy decided to close malls during weekends. In addition, Spain opted for limited mall closures but with severe travel restrictions, while other countries generally kept stores open. Overall, this is the equivalent of 2.1 months of full closure on the whole portfolio over 2020. Retailer sales In 2020, retailer sales (excluding closure days) stood at 89% of the prior year level, illustrating the resilience of the business in an adverse health situation and the rapid rebound in the aftermath of the various lockdowns across Europe. The Group’s assets posted better-than-anticipated performances—especially convenience-oriented malls (94% of the prior-year level)—but those located near transport hubs were impacted by low commuter and tourist numbers.By geographic area(2), France registered two strong and swift sales recoveries after the March to early June and November lockdowns, with retailer sales amounting to 94% of the prior-year level in the third quarter and even outpacing it in December (up 1%). Business was also robust in Scandinavia (93% of the prior-year level), especially in Norway where sales were broadly stable year on year.Conversely, in countries that endured lasting restrictions, such as Iberia (78% of the prior-year level) and Italy (87%), retailer sales performance tended to be weaker. Rent collection We plan to collect 84% of the total invoicing for 2020. As of February 1, 2021, we have already collected 81%, with €32 million yet to be collected. Net of rent abatements (€116 million, of which €102 million affecting 2020 NRI), the collection rate will stand at 91%. The outstanding amount (€108 million) has been provisioned for credit losses. It mainly relates to restaurants, movie theaters and other leisure operators, travel agencies and insolvent and/or bankrupt tenants.This collection rate varies from quarter to quarter. In Q2 and Q4, collection was impacted by the lockdowns (respectively 64% and 79%), while it was higher when stores were open (98% in Q1 and 94% in Q3). Net Rental Income Net rental income (NRI) amounted to €846.2 million as of December 31, 2020, down 25.2% compared with 2019 on a reported portfolio, total share basis. This includes: A €210.5 million impact due to rent abatements and provisions for credit losses (see the “Rent collection” section above);A €29.5 million reduction in variable revenues (down 26%), including turnover rents, car park income and specialty leasing;A €31.9 million impact of disposals, mostly attributable to the sale of the Hungarian portfolio at the end of 2019; andA €12.4 million impact reflecting unfavorable changes in exchange rates and other non-recurring items, partly offset by new rents stemming from recent extensions or developments. Leasing In 2020, leasing activity was mainly focused on reaching agreements for lockdown periods in order to optimize rent collection and/or to extend leases on targeted stores. To date, 4,972 deals have been agreed with retailers, granting rent concessions for lockdown periods. In exchange, the Group obtained an average 1.9 years in lease extensions on 1,933 leases.951 leases were signed in 2020, generating a positive 4.5% reversion. The change in occupancy (down 180 basis points to 95.2%) is mainly attributable to slower leasing activity compared to 2019.Among the transactions concluded during the year, Klépierre signed an important deal with Primark in December for the opening of six new stores in France and Italy, underlining the long-standing partnership between the two companies and Klépierre’s capacity to adapt its malls to support expanding retailers. The new stores will complement the 11 existing sites in Klépierre’s portfolio, with the latest having opened over 6,650 sq.m. at Belle-Épine (Paris region) in early July.The Group also continued to support the growing momentum of on-trend banners, as showcased by deals with value retailer Normal, high-tech reseller Hubside and cosmetics brand Rituals. In addition, smartphone specialist Huawei opened its first two stores in Klépierre’s malls at La Gavia (Madrid) and Créteil Soleil (Paris region) while Swarovski unveiled a new boutique at Hoog Catharijne (Utrecht) and Pandora launched new flagships at Globo (Milan) and Sadyba Best Mall (Warsaw). Over the year, deals were also signed in the sports sub-segment with the opening of new Decathlon (Nový Smíchov, Prague), XXL (Gulskogen, Oslo region), Nike (Assago, Milan), and JD Sports (Mayol, Toulon; Tourville, Rouen) stores. Lastly, the Group also continued to broaden the Food & Beverage offering by rolling out the Destination Food® concept, notably at Emporia (Malmö) and Nový Smíchov (Prague). Net Current Cash Flow Net current cash flow Over the full year of 2020, net current cash flow reached €2.05 per share, down 77 cents compared to 2019 (- 27.4%), impacted by the Covid-19 pandemic. Restated for the impact of the straight-line amortization of rent concessions under IFRS 16 (€0.08 per share), net current cash flow came out at €1.97 per share.The €0.85 decline is attributable to the negative impacts of rent abatements (€0.44), impairment for credit losses (€0.38), variable revenues (€0.09 cents), forex and disposals (€0.12 cents), which were partially offset by the positive impacts of cost reductions (€0.11 cents; G&A and tax) and other elements (€0.07; mostly related to the reduction in the average number of shares). PORTFOLIO VALUE Portfolio valuation Including transfer taxes, Klépierre’s shopping center portfolio stood at €21,623 million on a total share basis as of December 31, 2020, down 7.5% on a reported basis and 7.2% like for like over 12 months (or 4.5% over 6 months). The average EPRA NIY(6) for the shopping center portfolio(7) stood at 5.3%, up 30 basis points compared to last year. EPRA Net Tangible Assets (NTA) EPRA NTA per share amounted to €31.40 at the end of December 2020, versus €36.90 twelve months earlier(3). This decrease reflects the generation of net current cash flow (€2.05 per share), which was more than offset by the decrease in the value of the like-for-like portfolio (€4.94 per share) and the 2019 dividend payment (€2.20 per share). Foreign exchange and other items amounted to -€0.41 per share. Debt and financing Debt As of December 31, 2020, consolidated net debt totaled €9,054 million, versus €8,830 million one year ago, i.e., a €224 million increase, which is less than the decrease in net current cash flow (€270 million). The Group took a series of measures to contain cash outflows, especially capital expenditure (see the “Investments” section).The Loan-to-Value (LTV) ratio was 41.4% as of December 31, 2020, up 140 basis points compared to June 30, 2020. The net-debt-to-EBITDA(8) ratio stood at 10.8x as of December 31, 2020, while the interest coverage ratio is still standing at a high level (7.3x). Financing To strengthen its liquidity position in 2020, the Group raised €1.5 billion in new notes at an average yield of 1.5% and a 9.5-year maturity, and signed a new €1.4 billion sustainability-linked revolving credit facility, with a 5-year maturity. Thanks to these operations, the liquidity position of Klépierre stood at €3.2 billion as of December 31, 2020, covering all refinancing needs until May 2024.Lastly, the average cost of debt continued on a downtrend over the year, coming out at 1.2% versus 1.5% one year earlier. developments and disposals Investments In 2020, Klépierre contained its cash outflows to a limited number of projects already committed (mainly Hoog Catharijne in Utrecht, Créteil Soleil in France and Gran Reno in Italy), underscoring the Group’s financial discipline.Overall, total capital expenditure in 2020 amounted to €181.3 million (notably €96.3 million on development projects and €81.5 million on the standing portfolio), significantly below last year’s level (€310.9 million; €190.0 million on the development projects and €116.7 million on standing assets). Going forward, the Group will continue to carefully monitor cash outflows, and expects to spend only €94.0 million in 2021 on development projects. Disposals In 2020, Klépierre disposed of non-core assets for a total consideration of €155.6 million (excluding transfer taxes, total share), 3% above valuation. act for good®: another year of achievements The Group accelerated the delivery of its ambitious non-financial roadmap and pursued its Corporate Social Responsibility (CSR) strategy, Act for Good®, with environmental, societal and social achievements, including: A 43% reduction in serviced area energy intensity across the Group’s shopping centers compared to 2013 (a 14-basis-point reduction compared to 2019). The 40% initial target has now been achieved, two years ahead of the initial Act for Good® objective;A further increase in the rate of waste diverted from landfill to 96%, compared to 93% last year; Klépierre’s real estate portfolio remains the largest in the world (by value) to be 100% BREEAM In-Use certified for sustainable asset performance;95% of Klépierre’s malls (by value) organized initiatives contributing to local employment, up 10 basis points compared to 2019;The Group offered free space for use by local initiatives at least once a year in 98% of its malls (by value);A 100% access rate to training for Klépierre’s staff, up from 98% last year, two years ahead of the initial Act for Good® target. In 2020, Klépierre was also recognized as a worldwide leader in CSR by several non-financial rating agencies. First, GRESB, the ESG benchmark for real estate and infrastructure investments ranked Klépierre top in the “Global Retail Listed Leader” category for its performance and strategy. The Science-Based Target initiative (SBTi) also approved Klépierre’s environmental approach and low-carbon commitments with the highest possible rating (“well below 1.5°C”). Lastly, the Group once again made the CDP’s “A” list of the most advanced companies fighting climate change at global level. Outlook For 2021, the Group expects net current cash flow to reach €1.90 per share (excluding the impact of amortizing Covid-19 rent concessions). This assumes that current lockdown measures which affect 60% of Klépierre’s stores will not last beyond March 2021. Overall, this represents a closure period equivalent to 1.5 months for the whole portfolio and an estimated cash flow impact of €0.25 per share.Klépierre’s financial position is solid. The historical tight management of its balance sheet and its development pipeline particularly during this difficult time has always provided the company with the flexibility to declare a dividend. Following the recommendation by the Executive Board, the Supervisory Board has decided to call the Annual General Meeting on June 17, 2021 and therefore reserve its final stance on a distribution proposal for early May with higher visibility on the resumption of operations. YEAR-ON-YEAR change in retailer sales for the TWELVE months ended DECEMBER 31, 2020 CountryChange in retailer sales(a)Share in total reported retailer salesExcluding closure daysIncluding closure daysFrance-6%-27%35%Belgium-13%-29%2%France-Belgium-6%-27%36%Italy-13%-34%22%Norway-1%-4%10%Sweden-15%-15%7%Denmark-6%-24%4%Scandinavia-7%-13%21%Spain-24%-40%6%Portugal-18%-34%2%Iberia-22%-39%8%Czech Republic-15%-36%2%Poland-20%-34%2%Turkey-1%-21%2%CE & Other-13%-31%7%Netherlands-19%-20%3%Germany-13%-28%3%TOTAL-11%-28%100%SegmentsChange in retailer sales(a)Share in total reported salesFashion-15%36%Culture, Gifts & Leisure-6%19%Health & Beauty-8%15%Food & Beverage-18%9%Household Equipment+4%14%Other-16%7%TOTAL-11%100% (a) Change is on a constant-center basis (excluding closure days) and excludes the impact of asset sales and acquisitions. expected collection rate(a) GeographyQ1 2020Q2 2020Q3 2020Q4 20202020 France-Belgium99%53%96%73%80% Italy93%50%90%67%75% Scandinavia99%93%98%98%97% Iberia97%64%87%75%81% CE & Other99%81%92%82%89% Netherlands100%83%97%91%93% Germany99%69%91%96%89% TOTAL SHOPPING CENTERS98%65%94%79%84% Other retail properties98%47%98%47%75% TOTAL98%64%94%79%84% (a) As of December 31, 2020, excluding equity-accounted companies. Total revenues In millions of eurosTotal shareGroup share2020201920202019France373.7427.0303.8347.6Belgium16.819.016.819.0France-Belgium390.4446.0320.6366.6Italy173.7205.7171.8203.3Norway62.169.134.838.8Sweden53.658.130.032.6Denmark51.758.829.033.0Scandinavia167.3186.193.9104.4Spain103.7117.3103.7117.3Portugal11.920.411.920.4Iberia115.7137.7115.7137.7Poland30.335.730.335.7Hungary0.016.80.016.7Czech Republic31.433.731.433.7Turkey11.420.010.218.2Other3.03.63.03.6CE & Other76.0109.874.9107.9Netherlands73.181.473.181.4Germany47.451.945.149.5SHOPPING CENTERS GROSS RENTAL INCOME1,043.61,218.6895.01,050.8Other retail properties18.823.718.823.7TOTAL GROSS RENTAL INCOME 1,062.41,242.3913.71,074.5Management, administrative and related income (fees)68.483.363.879.7TOTAL REVENUES1,130.81,325.5977.51,154.1Equity-accounted companies*71.184.867.881.2 * Contributions from equity-accounted companies include investments in jointly controlled companies and investments in companies under significant influence. Quarterly net rental income on a total share basis 20202019 In millions of eurosQ4Q3Q2Q1Q4Q3Q2Q1 France13.592.797.092.198.897.4100.295.4 Belgium1.23.04.84.54.85.04.74.1 France-Belgium14.795.6101.896.6103.5102.4104.899.5 Italy0.639.845.042.950.050.050.143.3 Norway14.214.714.114.515.215.716.016.0 Sweden10.011.811.712.313.312.613.412.9 Denmark10.511.211.112.313.313.113.912.7 Scandinavia34.737.737.039.141.841.443.341.6 Spain13.219.124.926.926.727.127.026.2 Portugal-0.12.64.44.44.34.64.76.0 Iberia13.121.729.431.330.931.631.732.2 Poland4.16.86.78.08.87.98.48.0 Hungary0.00.00.00.02.04.65.54.6 Czech Republic5.78.17.07.88.78.28.18.1 Turkey-2.84.01.73.83.63.44.04.3 Other1.10.70.10.50.70.80.70.6 CE & Other8.119.615.520.123.824.926.625.6 Netherlands14.416.014.614.418.516.918.515.0 Germany6.18.87.18.510.110.211.78.0 SHOPPING CENTERS NET RENTAL INCOME91.8239.4250.3252.8278.6277.3286.8265.2 Other activities-1.65.14.04.45.35.85.65.9 TOTAL NET RENTAL INCOME90.3244.4254.3257.2284.0283.1292.4271.1 Net current cash flow 20202019Change(Total share, in millions of euros) Gross rental income1,062.41,242.3-14.5%Rental and building expenses(216.2)(111.7)+93.5%Net rental income846.21,130.6-25.2%Management and other income89.292.2-3.3%General and administrative expenses(138.2)(169.6)-18.5%EBITDA797.21,053.2-24.3%Adjustments to calculate operating cash flow: Depreciation charge for right-of use assets(a)(8.5)(8.5) Employee benefits, stock option expenses and non-current operating expenses(7.2)12.6 IFRIC 21 impact0.00.0 Operating cash flow781.51,057.2-26.1%Cost of net debt(108.6)(122.2)-11.1%Adjustments to calculate net current cash flow before taxes: Amortization of Corio debt mark-to-market (16.9)(19.2) Financial instrument close-out costs5.219.7 Current cash flow before taxes661.3935.5-29.3%Share in equity-accounted companies35.957.4 Current tax expense(7.4)(32.3) Net current cash flow689.9960.6-28.2%(Group share, in millions of euros) NET CURRENT CASH FLOW586.9830.3-29.3%Average number of shares(b)286,072,515293,941,863 (Per share, in euros) NET CURRENT CASH FLOW2.052.82-27.4%IFRS 16 straight-line amortization(0.08)- NET CURRENT CASH FLOW1.972.82-30.3% (a) Right-of-use assets and lease liabilities related to head office and vehicle leases as per IFRS 16.(b) Excluding treasury shares. 2020 full-year EARNINGS WEBCAST — PRESENTATION AND CONFERENCE CALL The Klépierre Executive Board will present the 2020 full year earnings on Thursday, February 18, 2021 at 9:00 am Paris time (8:00am London time). Please visit the Klépierre website www.klepierre.com to listen to the webcast, or click here.A replay will be also available after the event. AGENDA May 7, 2021First-Quarter 2021 Business Review (before market opening)June 17, 2021Annual General MeetingJuly 27, 2021First-Half 2021 Earnings (after market close) Investor relations contactsmedia contacts Hubert d’Aillières, Group Head of IR and financial communication +33 (0)1 40 67 51 37 — hubert.daillieres@klepierre.comMengxing Zhang, IR Officer +33 (0)1 40 67 53 05 — mengxing.zhang@klepierre.comPaul Logerot, IR Officer +33 (0)1 40 67 53 02 — paul.logerot@klepierre.comHelene Salmon, Group Head of Corporate & Internal Communications +33 (0)1 40 67 55 16 — helene.salmon@klepierre.com Delphine Granier, Taddeo +33 (0)6 33 05 48 50 — teamklepierre@taddeo.fr ABOUT KLÉPIERRE Klépierre is the European leader in shopping malls, combining property development and asset management skills. The company’s portfolio is valued at €21.9 billion at December 31, 2020 and comprises large shopping centers in 12 countries in Continental Europe which together host 1.1 billion visits per year. Klépierre holds a controlling stake in Steen & Strøm (56.1%), Scandinavia’s number one shopping center owner and manager. Klépierre is a French REIT (SIIC) listed on Euronext Paris and is included in the CAC Next 20, EPRA Euro Zone and GPR 250 indexes. Recognized as a sector leader by GRESB, the Group is also included in CDP’s “A-List” and in ethical indexes such as DJSI World and Europe, FTSE4Good, STOXX® Global ESG Leaders, Euronext Vigeo France 20 and World 120. This underscores the Group’s commitment to a proactive sustainable development policy and its global leadership in the fight against climate change. For more information, please visit the newsroom on our website: www.klepierre.com This press release and its appendices together with the earnings presentation slideshow are available in the “Publications section” of Klépierre’s Finance page: www.klepierre.com/en/finance/publications ([1]) The Supervisory Board met on February 16, 2021, to examine the full-year financial statements, as approved by the Executive Board on February 10, 2021. The consolidated financial statements have been subject to audit procedures. The Statutory Auditors’ report is to be issued shortly with the universal registration document. ([2]) Excluding closure days. ([3]) Net Tangible Assets per share figures rounded to the nearest 10 cents. ([4]) Excluding the straight-line amortization of Covid-19 rent concessions. ([5]) Like-for-like data exclude the contribution of new spaces (acquisitions, greenfield projects and extensions), spaces being restructured, disposals completed since January 2020, and foreign exchange impacts ([6]) EPRA Net Initial Yield is calculated as annualized rental income based on passing cash rents, less non-recoverable property operating expenses, divided by the market value of the property (including transfer taxes). ([7]) Group share for the shopping center portfolio appraised (i.e., excluding retail parks and movie theaters). ([8]) This ratio is computed using EBITDA for 2020. Attachment PR_KLEPIERRE_2020_FY_EARNINGS