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.