TABLE OF CONTENTS
1 CONSOLIDATED FINANCIAL STATEMENTS .................................................................................................. 3
Consolidated statements of comprehensive income 4
Consolidated statements of financial position 5
Segment earnings 6
Consolidated statements of cash flows 7
2 MITIGATING COVID-19 ....................................................................................................................................... 8
3 BUSINESS OVERVIEW ......................................................................................................................................... 9
Economic environment 9
Operating context 9
Retailer sales 11
Rent collection 13
Gross rental income and net rental income 14
Leasing update 15
Lease expiration schedule 17
4 BUSINESS ACTIVITY BY REGION .................................................................................................................... 18
France-Belgium (36.5% of net rental income) 18
Italy (15.2% of net rental income) 19
Scandinavia (17.5% of net rental income) 20
Iberia (11.3% of net rental income) 21
Central Europe and Other (7.5% of net rental income) 22
Netherlands (7.0% of net rental income) 23
Germany (3.6% of net rental income) 23
Other retail properties (1.4% of net rental income) 24
5 NET CURRENT CASH FLOW ............................................................................................................................. 25
Contribution of equity-accounted companies 26
6 INVESTMENTS, DEVELOPMENTS, AND DISPOSALS .................................................................................. 28
Capital expenditure 28
Development pipeline 28
Disposals 30
Financial investments 30
7 PARENT COMPANY EARNINGS AND DIVIDEND .......................................................................................... 31
Summary earnings statement for the parent company, Klépierre SA 31
Dividend 31
8 PORTFOLIO VALUATION .................................................................................................................................. 33
Property portfolio valuation 33
Management service activities 39
9 FINANCING POLICY ........................................................................................................................................... 40
Financial resources 40
Interest rate hedging 43
Cost of debt 44
Credit ratings and covenants 45
10 EPRA PERFORMANCE INDICATORS ............................................................................................................ 46
EPRA Earnings 47
EPRA Net Asset Value metrics 47
EPRA Net Initial Yield 50
EPRA Vacancy Rate 51
EPRA Cost Ratio 51
EPRA Capital Expenditure 52
11 OUTLOOK .......................................................................................................................................................... 53
The audit procedures on the full-year financial statements have been completed. The Statutory Auditors'
audit report is in the process of being issued.
1
CONSOLIDATED FINANCIAL
STATEMENTS
Consolidated statements of comprehensive income
In millions of euros | 12/31/2020 | 12/31/2019 |
Gross rental income | 1,062.4 | 1,242.3 |
Land expenses (real estate) | (8.0) | (8.2) |
Service charge income | 241.9 | 280.3 |
Service charge expenses | (310.6) | (352.7) |
Building expenses (owner) | (139.5) | (31.0) |
Net rental income | 846.2 | 1,130.6 |
Management, administrative and related income | 68.4 | 83.3 |
Other operating income | 20.7 | 8.9 |
Survey and research costs | (1.6) | (1.6) |
Payroll expenses | (95.2) | (118.7) |
Other general expenses | (41.4) | (49.3) |
Depreciation, amortization and impairment of intangible assets and property, plant and equipment | (20.0) | (20.4) |
Provisions | 0.3 | 2.1 |
Change in value of investment properties | (1,575.9) | (526.3) |
Income from the disposal of investment properties and equity investments | 3.5 | 24.0 |
> Proceeds from disposals of investment properties and equity investments | 157.6 | 496.4 |
> Carrying amount of investment properties and equity investments sold | (154.0) | (472.5) |
Goodwill impairment | (16.8) | -8.0 |
Operating income (loss) | (811.6) | 524.5 |
Net dividends and provisions on non-consolidated investments | (0.0) | 0.0 |
Financial income | 71.4 | 85.9 |
Financial expenses | (171.8) | (199.7) |
Interest expense on leases liabilities | (8.2) | -8.4 |
Cost of net debt | (108.6) | (122.2) |
Change in the fair value of financial instruments | (30.0) | (25.7) |
Share in earnings of equity-accounted companies | (52.3) | 19.5 |
Profit (loss) before tax | (1,002.5) | 396.1 |
Income tax benefit (expense) | 71.3 | (24.2) |
Consolidated net income (loss) | (931.2) | 371.9 |
Of which | ||
> Attributable to owners of the parent | (785.7) | 324.9 |
> Attributable to non-controlling interests | (145.5) | 47.0 |
Average number of shares - undiluted | 285,827,741 | 293,941,863 |
UNDILUTED EARNINGS PER SHARE (in euros) - ATTRIBUTABLE TO OWNERS OF THE PARENT | (2.75) | 1.11 |
Average number of shares - diluted | 286,072,515 | 293,941,863 |
DILUTED EARNINGS PER SHARE (in euros) - ATTRIBUTABLE TO OWNERS OF THE PARENT | (2.75) | 1.11 |
In millions of euros | 12/31/2020 | 12/31/2019 |
Consolidated net income (loss) | (931.2) | 371.9 |
Other items of comprehensive income recognized directly in equity | (88.5) | (20.5) |
> Effective portion of gains and losses on cash flow hedging instruments | 1.2 | 20.6 |
> Translation gains and losses | (88.2) | (42.5) |
> Tax on other items of comprehensive income | (0.2) | (4.9) |
Items that will be reclassified subsequently to profit or loss | (87.3) | (26.8) |
> Gains and losses on sales on treasury shares | (1.2) | 3.9 |
> Actuarial gains and losses | (0.0) | 2.4 |
Items that will not be reclassified subsequently to profit or loss | (1.2) | 6.3 |
Share of other items of comprehensive income attributable to equity-accounted companies | - | - |
Total comprehensive income (expense) | (1,019.6) | 351.5 |
Of which | ||
> Attributable to owners of the parent | (864.0) | 312.1 |
> Attributable to non-controlling interests | (155.7) | 39.4 |
UNDILUTED EARNINGS PER SHARE (in euros) - ATTRIBUTABLE TO OWNERS OF THE PARENT | (3.02) | 1.06 |
DILUTED COMPREHENSIVE EARNINGS PER SHARE (in euros) - ATTRIBUTABLE TO OWNERS OF | ||
THE PARENT | (3.02) | 1.06 |
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Klépierre SA published this content on 17 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 February 2021 17:41:05 UTC.