Klepierre : First half 2021 - Supplemental information to the earnings release

S U P P L E M E N T A L

I N F O R M A T I O N T O T H E

E A R N I N G S R E L E A S E

F I R S T - H A L F 2 0 2 1

• 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 INTRODUCTION....................................................................................................................................................	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
4 BUSINESS ACTIVITY BY REGION....................................................................................................................	17
France (28.2% of net rental income)	17
Italy (18.7% of net rental income)	18
Scandinavia (23.4% of net rental income)	18
Iberia (13.5% of net rental income)	19
Central Europe and Other (7.6% of net rental income)	20
Netherlands (4.9% of net rental income)	20
Germany (3.7% of net rental income)	21
5 NET CURRENT CASH FLOW.............................................................................................................................	22
Contribution of equity-accounted companies	23
6 INVESTMENTS, DEVELOPMENTS AND DISPOSALS...................................................................................	25
Investment market	25
Capital expenditure	25
Development pipeline	25
Disposals	27
7 PORTFOLIO VALUATION..................................................................................................................................	28
Property portfolio valuation	28
Management service activities	33
8 FINANCING POLICY...........................................................................................................................................	35
Financial resources	35
Interest rate hedging	37
Cost of debt	38
Credit ratings and covenants	39
9 EPRA PERFORMANCE INDICATORS ..............................................................................................................	40
EPRA Earnings	41
EPRA Net Asset Value metrics	41
EPRA Net Initial Yield	44
EPRA Vacancy Rate	45
EPRA Cost Ratio	45
EPRA Capital Expenditure	46
10 OUTLOOK ..........................................................................................................................................................	47

The review procedures on the condensed interim consolidated financial statements have been completed.

The Statutory Auditors' audit report is in the process of being issued.

2	SUPPLEMENTAL INFORMATION TO THE EARNINGS RELEASE - FIRST-HALF 2021

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CONSOLIDATED FINANCIAL

STATEMENTS

SUPPLEMENTAL INFORMATION TO THE EARNINGS RELEASE - FIRST-HALF 2021

3

Consolidated statements of comprehensive income

In millions of euros	06/30/2021	06/30/2020
Gross rental income	444.3	581.0
Land expenses (real estate)	(3.4)	(3.6)
Service charge income	120.3	120.7
Service charge expenses	(169.9)	(161.2)
Building expenses (owner)	(70.7)	(25.4)
Net rental income	320.6	511.5
Management, administrative and related income	31.1	34.9
Other operating income	4.6	7.2
Survey and research costs	(0.2)	(0.2)
Payroll expenses	(54.1)	(43.2)
Other general expenses	(17.1)	(20.6)
Depreciation, amortization and impairment of intangible assets and property, plant and equipment	(8.8)	(9.4)
Provisions	(0.7)	(6.2)
Change in value of investment properties	(456.2)	(638.6)
Income from the disposal of investment properties and equity investments	0.5	3.0
> Proceeds from disposals of investment properties and equity investments	30.4	81.4
> Carrying amount of investment properties and equity investments sold	(29.9)	(78.4)
Goodwill impairment	(112.8)	(1.9)
Operating income (loss)	(293.1)	(163.4)
Net dividends and provisions on non-consolidated investments	0.0	0.0
Financial income	24.8	40.4
Financial expenses	(78.9)	(89.1)
Interest expense on leases liabilities	(4.2)	(4.2)
Cost of net debt	(58.2)	(52.9)
Change in the fair value of financial instruments	(4.3)	(15.8)
Share in earnings of equity-accounted companies	55.0	(12.4)
Profit (loss) before tax	(300.7)	(244.4)
Income tax benefit	368.5	34.4
Consolidated net income (loss)	67.8	(210.0)
Of which
> Attributable to owners of the parent	111.1	(163.6)
> Attributable to non-controlling interests	(43.3)	(46.5)
Average number of shares - undiluted	285,267,886	286,430,401
UNDILUTED EARNINGS(LOSS) PER SHARE (in euros) - ATTRIBUTABLE TO OWNERS OF THE PARENT	0.39	(0.57)
Average number of shares - diluted	285,539,909	286,430,401
DILUTED EARNINGS (LOSS) PER SHARE (in euros) - ATTRIBUTABLE TO OWNERS OF THE PARENT	0.39	(0.57)
In millions of euros	06/30/2021	06/30/2020
Consolidated net income (loss)	67.8	(210.0)
Other items of comprehensive income recognized directly in equity	1.2	(118.2)
> Effective portion of gains and losses on cash flow hedging instruments	8.7	(4.4)
> Translation gains and losses	(0.4)	(112.2)
> Tax on other items of comprehensive income	(1.3)	0.9
Items that will be reclassified subsequently to profit or loss	6.9	(115.7)
> Gains and losses on sales on treasury shares	(5.7)	(2.4)
> Actuarial gains and losses	0.0	(0.1)
Items that will not be reclassified subsequently to profit or loss	(5.7)	(2.5)
Share of other items of comprehensive income attributable to equity-accounted companies	-	-
Total comprehensive income (loss)	69.0	(328.2)
Of which
> Attributable to owners of the parent	103.9	(248.7)
> Attributable to non-controlling interests	(34.9)	(79.5)
Undiluted comprehensive earnings (loss) per share (in euros) - Attributable to owners of the parent	0.36	(0.87)
Diluted comprehensive earnings (loss) per share (in euros) - Attributable to owners of the parent	0.36	(0.87)

4	SUPPLEMENTAL INFORMATION TO THE EARNINGS RELEASE - FIRST-HALF 2021

Consolidated statements of financial position

In millions of euros	06/30/2021	12/31/2020
Goodwill	471.9	583.5
Intangible assets	23.1	22.9
Property, plant and equipment	22.7	27.3
Investment properties at fair value	18,704.5	19,756.8
Investment properties at cost	138.7	132.9
Investments in equity-accounted companies	1,022.4	988.4
Other non-current assets	304.7	299.9
Long-term derivative instruments	17.3	31.7
Non-current deferred tax assets	11.6	15.6
Non-current assets	20,717.0	21,859.0
Investment properties held for sale	654.7	28.3
Trade and other receivables	199.8	156.2
Other receivables	282.8	332.3
> Tax receivables	67.3	63.7
> Other	215.6	268.5
Short-term derivative instruments	1.2	30.6
Current deferred tax assets	22.2	16.3
Cash and cash equivalents	190.1	462.1
Current assets	1,350.8	1,025.8
TOTAL ASSETS	22,067.8	22,884.7

Share capital

Additional paid-in capital Legal reserves Consolidated reserves

• Treasury shares
• Hedging reserves
• Other consolidated reserves Consolidated earnings (loss)

406.5 419.9

4,166.1 4,737.5

44.0 44.0

3,281.3 3,766.6

(133.6) (441.3)

(4.5) (8.7)

3,419.4 4,216.6

111.1 (785.7)

Equity attributable to owners of the parent	8,009.0	8,182.3
Equity attributable to non-controlling interests	2,180.3	2,252.1
Total equity	10,189.2	10,434.4
Non-current financial liabilities	7,278.0	7,244.1
Non-current leases liabilities	360.3	357.0
Long-term provisions	17.5	16.9
Pension obligations	12.1	11.8
Long-term derivative instruments	7.7	13.7
Deposits	140.7	143.3
Deferred tax liabilities	1,098.9	1,508.3
Non-current liabilities	8,915.3	9,295.2
Current financial liabilities	1,941.0	2,381.9
Current lease liabilities	13.9	14.2
Bank overdrafts	214.2	9.4
Trade payables	175.1	201.1
Due to suppliers of property	46.1	54.0
Other liabilities	340.0	322.3
Short-term derivative instruments	2.8	5.2
Payroll and tax liabilities	230.0	166.9
Current liabilities	2,963.3	3,155.1
TOTAL EQUITY AND LIABILITIES	22,067.8	22,884.7

SUPPLEMENTAL INFORMATION TO THE EARNINGS RELEASE - FIRST-HALF 2021

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