Klepierre SA announced unaudited consolidated earnings results for the full year ended December 31, 2012. The net current cash flow went up 2.6% to EUR 381 million in group share. On a per share basis, the net current cash flow has reached EUR 2.04, that is to say a 2.5% increase, and that is excluding the impact of the scrip dividend paid-of the scrip dividend for 2011. After taking into account the impact of the 2011 scrip dividend, the net current cash flow per share stands at EUR 1.99, not to say too unstable compared to EUR 1.99 reached last year. The net debt went down by EUR 265 million and stood at EUR 7,353 million compared to the end of 2011. This decrease in net debt translates into an improvement in the Loan-to-Value ratio which stands at 43.6%. Total revenues were EUR 1,082.5 million compared to EUR 1,043.9 million reported a year ago. The company's rents were up by 4.0%, reaching EUR 983.0 million, up 2.3% on a like-for-like basis compared to EUR 945.1 million reported a year ago. The increase in rents was driven by recently opened or operated shopping centers as well as the positive impact of lease indexation and reversion. EBITDA amounted to EUR 821.8 million, a 1.8% increase compared with 2011. After tax and financial expenses, total net current cash flow came to EUR 508.9 million, an increase of 3.7%.

In 2013, the company expects total rents to grow by around 2% on a like-for-like basis. On a current basis, depending on the precise timing of disposals, rent growth should nevertheless be of the same magnitude. As for the net current cash flow per share, taking into account the slightly dilutive effect of the 2011 dividend paid in shares, the company expects an increase of around 2% to 2.5%.