Klépierre, Retail Only®
2015 FULL-YEAR EARNINGS KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
DISCLAIMER This document was prepared by Klépierre solely for use of presenting the Klépierre 2015 full year earnings published on February 9, 2016. This document is not to be reproduced nor distributed, in whole or in part, by any person other than the Company. The Company takes no responsibility for the use of these materials by any person. The information contained in this document has not been subject to independent verification and no representation, warranty or undertaking, express or implied, is made as to, and no reliance may be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Neither the Company nor its shareholders, its advisors, its representatives or any other person shall be held liable for any loss arising from any use of this document or its contents or otherwise arising in connection with this document. In the event of any discrepancies between the information contained in this document and the public documents, the latter shall prevail. This document does not constitute an offer to sell or an invitation or solicitation of an offer to subscribe for or purchase any securities, and this shall not form the basis for or be used for any such offer or invitation or other contract or engagement in any jurisdiction.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
2
TABLE OF CONTENTS
01
02
2015 HIGHLIGHTS
2015 OPERATING PERFORMANCE
03
04
2015 FINANCIAL PERFORMANCE
RETAIL PORTFOLIO STRATEGY
05 OUTLOOK
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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2015 HIGHLIGHTS
01
Meridiano (Tenerife, Spain) KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
4
2015 FULL-YEAR EARNINGS HIGHLIGHTS
+3.4% Shopping center net rental income like-for-like(1) increase, 300 bps outperformance vs. indexation
€2.16 Net current cash flow per share, up 4.2% vs. year end 2014
+4.4% Retailer sales like-for-like(2) increase
€34.7 EPRA NAV, 8.0% increase vs December 31, 2014 EPRA NNNAV of €33.2, +12.2%
(1) Like-for-like pro forma: includes Corio as if the Corio acquisition had occurred on January 1, 2014. Excludes contribution from acquisitions, new centers, extensions, spaces under restructuring and disposals completed since January 2014, and foreign exchange impacts. (2) Retailer sales performance for 2015 compared to 2014 assumes that the Corio and Plenilunio acquisitions occurred on January 1, 2014. Like-for-like excludes the impact of asset sales. Retailer sales from the Dutch portfolio are not included in these numbers as retailers do not report sales to Klépierre.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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SUCCESSFUL INTEGRATION OF CORIO LEADING TO HIGHER AND FASTER SYNERGIES Expected costs synergies delivery schedule (€M, P&L impact before tax) (1)
G&A costs synergies
Financial costs synergies
67 60 32 32
34 19
28
35
2016e
2017e
15 2015 Successful and rapid integration of teams and assets
Faster than expected delivery (full impact in 2017)
Higher than expected
(1) General & Administrative.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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SWIFT DISPOSALS (C. €900M) ACROSS EUROPE €910M of disposals(1), following €2.5Bn disposed in 2014
Disposal of 16 convenience shopping centers with lower growth profile
Major transformation of Klépierre portfolio’s profile in the Netherlands
The Netherlands Disposal of 9 shopping centers for a total consideration of €770M, average size of 26,300 sq.m. France-Belgium Disposal of 36 standalone retail units Eastern Europe Disposal of 5 shopping centers in Hungary, average size of 10,900 sq.m. Disposal of 1 shopping center in Poland (30,520 sq.m.) Southern Europe Disposal of 1 shopping center in Spain (10,400 sq.m.) Sweden Disposal of 1 storage unit, office (13,500 sq.m.)
All disposals completed at or above appraisal value (1) Values including duties.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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SEIZING THE BEST ACQUISITION OPPORTUNITIES
Plenilunio (investment of €375M, footfall of 11M): consolidating Klépierre’s leading position in Madrid
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
Oslo City (investment of €336M, footfall of 10M): located in Oslo’s main transportation hub, a strategic first entry for international retailers
8
2015 OPERATING PERFORMANCE
02
Centrum Galerie (Dresden, Germany) KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
9
CONSISTENT OPERATIONAL INITIATIVES TO KEEP RETAIL MOVING FORWARD Gradual deployment over the last 3 years
Anticipate trends to accelerate re-tenanting Regeneration of tenant mix and expansion of leading anchors Original Clubstore® concept Seeks to improve shopper experience with a holistic customer-centric approach Let’s Play® Promotes distinctive marketing & mall animation notably through digital innovation Good choices® Cost efficiency and improvement of social and environmental footprint
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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YEAR-ON-YEAR OPERATING KPI IMPROVEMENTS (1/2)
Retailer sales like-for-like(1)
Net Rental Income like-for-like(1) growth above indexation (bps)
Reversion rate (on renewals and relets) (1)
300
11.6%
4.4% 10.4% 250 3.8%
240
230
7.6%
2.6%
7.7%
2.3%
110
0.0% FY 2013
FY 2014
H1 2015
FY 2015
FY 2013
H1 2014
FY 2014
H1 2015
FY 2015
FY 2013
H1 2014
FY 2014
H1 2015
FY 2015
(1) H1 2015 and 2015 include former Corio assets.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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YEAR-ON-YEAR OPERATING KPI IMPROVEMENTS (2/2)
Bad debt allowance(1)
Operating costs and environmental performance
EPRA vacancy rates(1)
-13%
4.4%
2.3%
Energy consumption (kWh/visit(2))
3.8%
1.9%
76% Waste enhanced (+11% vs 2013)
3.5% 1.7%
1.7%
1.7%
€10.4M
3.2%
Cumulative energy savings(2)
3.0%
-13% FY 2013
H1 2014
FY 2014
H1 2015
FY 2015
FY 2013
H1 2014
FY 2014
H1 2015
FY 2015
Green House Gaz (GHG) emission on portfolio(2)
(1) H1 2015 and 2015 include former Corio assets. H1 2015 vacancy rate includes Boulevard Berlin and Centrum Galerie, which restructurings have been finalized in H2 2015. (2) Like-for-like change pro forma vs. 2013.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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RETAILER SALES AT HISTORICALLY HIGH LEVEL CONFIRM KLEPIERRE’S STRATEGY 2015 like-for-like(2) change in retailer sales Retailer sales up 4.4% in Klépierre malls, outperforming national indices in most countries
3.0% SCANDINAVIA
January through November 2015, retailer sales outperformed the national indices(1) by
14.8% GERMANY
200 bps in France
560 bps in Italy
2.0%
420 bps in Spain
FRANCE BELGIUM
Performance in Germany driven by Centrum Galerie (Dresden) and Boulevard Berlin
7.3% CEE AND TURKEY
7.0% IBERIA
5.8% ITALY
(1) (2)
In France, the CNCC index was up +0.4% over the first 11 months (in November, index down 5.9%). In Italy, the retail index ISTAT was up +1.0%. In Spain, the retail sales index from the INE (Instituto National de Estatistica) was up 3.3%. Retailer sales performance for 2015 compared to 2014 assumes that the Corio and Plenilunio acquisitions occurred on January 1, 2014. Like-for-like excludes the impact of asset sales. Retailer sales from the Dutch portfolio are not included in these numbers as retailers do not report sales to Klépierre. Retailer sales excluding extensions are up 3.8%.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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STRONG NET RENTAL INCOME LIKE-FOR-LIKE GROWTH Shopping centers: 3.4% likefor-like NRI growth, outperforming indexation by 300 bps NRI Change (LfL(1))
Accelerated growth during H2 in Italy, Scandinavia and Iberia
Average impact of index-linked rental adjustments
2015 vs. 2014 France-Belgium
3.0%
-0.2%
Italy
3.3%
0.1%
Scandinavia
4.8%
1.2%
Iberia
4.2%
0.0%
CEE and Turkey
4.4%
1.0%
Netherlands
-0.8%
1.0%
Germany
0.0%
0.0%
Shopping centers
3.4%
0.4%
80% of rental income contributed by France, Italy, Scandinavia and Iberia
% of shopping center net rental income
Italy 18%
France-Belgium 37%
Germany 4% Netherlands 7% CEE & Turkey 10%
Scandinavia 15% Iberia 9%
Life-for-like rental income growth vindicates asset selection and re-tenanting strategy (1) Like-for-like pro forma: includes Corio as if the Corio acquisition had occurred on January 1, 2014. Excludes contribution from acquisitions, new centers, extensions, spaces under restructuring and disposals completed since January 2014, and foreign exchange impacts.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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DYNAMIC LEASING ACTIVITY
Group reversion(1) at 11.6% (vs +7.7% in 2014)
€28M worth of additional annual MGR recorded in 2015
Reversion(1) by region
1,862 leases signed in 2015, translating into €28M of additional Minimum Guaranteed Rents Includes 1,530 leases renewed or relet, accounting for €12.5M worth of additional annual Minimum Guaranteed Rents, or a 11.6% reversion rate 332 lettings of vacant spaces for more than 12 months, accounting for €15.5M worth of additional annual MGR
France-Belgium
16.2%
Italy
9.5%
Scandinavia
5.8%
Iberia
8.9%
CEE and Turkey
15.9%
Netherlands
7.5%
Germany
2.7%
TOTAL
11.6%
(1) Reversion calculated on Minimum Guaranteed Rents for renewed and relet spaces.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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VACANCY IMPROVEMENT UNDER WAY
Vacancy rate reduced by 60 bps vs H1 2015 at 3.8%
Revenue synergies will be captured through vacancy reduction in acquired Corio assets
EPRA vacancy rate by region
Corio acquired assets: vacancy rate 1H15
France-Belgium
3.0%
Italy
2.1%
Scandinavia
4.5%
Iberia
6.3%
CEE and Turkey
5.2%
Netherlands
3.3%
Germany
8.0%
2015
-370 bps 15,6%
-40 bps
11,9%
-20 bps -60 bps
9,1% 8,7%
-230 bps
8,6%
8,2% 8,0% 6,4%
5,6%
6,7%
6,1%
-20 bps 3,3%
2,2% 2,0%
TOTAL
3.8% France
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
Italy
Iberia
Netherlands
Germany
Turkey
Total
16
CONTINUOUS EXPANSION OF LEADING ANCHORS Priority to accelerate retailers’ expansion and refresh the retail offer in our leading centers
Porta di Roma (Italy) Extension of 3,300 sq.m.
Val d’Europe (France, extension of 3,300 sq.m.) Meridiano (Spain; 2,100 sq.m.) La Romanina (Italy; 2,700 sq.m.) Hoog Catharijne (Netherlands; 3,500 sq.m.) Besançon (France; 2,800 sq.m.) Saint-Jacques (France; 3,200 sq.m.)
Créteil Soleil (France)
Plenilunio (Spain; 1,700 sq.m.)
Additional space to create the largest store (11,240 sq.m.) in France, French headquarters moved to Créteil Soleil
Grand’Place (France; 2,200 sq.m.)
Créteil Soleil (France; 3,240 sq.m.) Val d’Europe (France) Extension of 2,700 sq.m.
Besançon (France; 1,580 sq.m.) Grand Sud (France; 820 sq.m.)
LPP, a total of 6,000 sq.m.
Corvin Plaza (Hungary; 4,200 sq.m.) Duna (Hungary; 1,800 sq.m.)
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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UNCOMPROMISING REGENERATION OF TENANT MIX Nailloux Outlet Village (Toulouse, France; 1,500 sq.m.)
Val d’Europe (Paris)
Cholet Marques Avenues (Cholet, France; 1,200 sq.m.)
Les Passages (France)
Boulevard Berlin (Berlin, Germany)
Porta di Roma (Rome, Italy)
Alexandrium (Rotterdam, Netherlands)
Les Passages (Boulogne, France)
Nave de Vero (Venice, Italy)
Meridiano (Tenerife, Spain)
Emporia (Malmö, Sweden)
Fields (Copenhagen, Denmark)
Boulevard Berlin (Berlin, Germany)
Les Passages (Paris, France)
Mondeville (Caen, France)
Val d’Europe (Paris, France)
Emporia (Malmö, Sweden) Field’s (Copenhagen, Denmark)
Gulskogen (Norway) Kupolen (Sweden) Alexandrium (Rotterdam, Netherlands)
Gulskogen (Drammen, Norway)
Merignac (Bordeaux, France)
Les Passages (Paris, France) Nový Smìchov’s (Prague, Czech Rep.)
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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PASSAGES: +25% ANNUALIZED GROSS RENTS VS 2012
Clubstore® implementation in 2013
More than 26% of new stores in 3 years, 15 new retailers
+25% of annualized minimum guaranteed rents vs 2012 level
Good Choices®: Energy consumption down 26% in 2 years
Footfall: 6.1M
The implementation of the Clubstore® in 2013 transformed this well-established city center into a vibrant, modern, chic and cozy mall
Alice Delice Celio Club Exki Kiko Kusmi Tea
Lollipops Mango Massimo Dutti Rituals Superdry
Swarovski The Kase Undiz Zara
Boulogne, France
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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CRÉTEIL SOLEIL: +2 MILLION IN ANNUAL FOOTFALL SINCE JUNE 2014
Largest Zara in France and soon the largest Primark in Continental Europe
Renovation to Clubstore® standard planned
10,000 sq.m. extension planned
In 2015: Retailer sales up 8%; reversion rate: +15% on average
Good Choices®: Energy consumption down 14% Footfall: 20.1M
The arrival of Primark in this leading regional mall in 2014 was a first step toward rejuvenating the mix and developing a fashion mall Paris, France
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
Amorino Burger King Calzedonia Desigual Footlocker H&M
IdKids JD Sports Kiko Levi’s Mango Primark
Pull&Bear Swarovski Undiz Via Piano Zara
20
MERIDIANO: 2015 NET RENTS UP MORE THAN 25% VS 2013
Clubstore® implementation in 2015 with a hype food court, sky bar lounges and leisure area
Regeneration of anchors
2015 net rents 27% over 2013 level
Footfall up 26% in 2014
Good Choices®: energy consumption
down 16% in 2 years. 100% electricity from renewable sources Footfall: 8.1M
Active asset management since 2013 to strengthen the center in the Canary Islands. Has become the place to meet on the island
Bershka Calzedonia Guess H&M Intimissimi
Kiko Levi’s Mango Massimo Dutti Oysho
Primark Pull & Bear Stradivarius Zara
Tenerife, Spain
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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EMPORIA: RETAILER SALES AND NET RENTS UP MORE THAN 10% IN 2015
Originally designed as Clubstore® in 2012
Sales up 10.4% in 2015
Footfall up 7% in 2015
Shopping center valuation up 13% in 2015
Good Choices®: A spectacular 27,000 sq.m. green roof. Footfall: 6.7M
Opened in November 2012 in a unique location, quickly established itself as the most well-known and preferred shopping center in Southern Sweden
Apple Boss Denim&Supply Desigual Footlocker
H&M Hamley’s Hollister Illums Bolighus Mango
Pandora Sand Tiger of Sweden Victoria’s Secret Zara
Malmö, Sweden
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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FIELD’S: SUSTAINED OUTPERFORMANCE IN RENTAL AND VALUE GROWTH
Clubstore® implementation started in 2015 with the cinema and a food offer regeneration (gourmet chef )
Net rents like-for-like growth of 8% in 2015
Shopping center value up 16% since year-end 2013
Good Choices®: energy consumption down 21% in 2 years Footfall: 7.8M
The #1 shopping and entertainment center in Copenhagen. Extended in 2015, continues its historical growth and remains a state-of-the-art retail and entertainment destination
Babysam Desigual Footlocker H&M H&M Home
JD Sports Levis Store Nike Shop Superdry The Body Shop
The North Face Tiger of Sweden Toy’R’Us Victoria’s Secret Zara
Copenhagen, Denmark
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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PORTA DI ROMA: 10% VALUE INCREASE IN 2015 FOR THE # 1 SHOPPING CENTER IN ITALY
The #1 shopping center in Italy. 130,000 sq.m. of unparalleled fashion offer
Refurbishment to Clubstore® in progress for delivery in 2016
Expansion of anchors
In 2015: total reversion rate of +29% on 21 leasing operations signed
Footfall and retailer sales up above 5%
Shopping center valuation up 10%
Good Choices®: energy consumption down 12% in 2 years. 100% of electricity from renewable sources Footfall: 18.3M
Alcott Apple AWLab Bershka Calzedonia
Footlocker H&M Intimissimi Kiko MAC Cosmetics
Pandora Pull&Bear Swarovski The Body Shop Zara
Rome, Italy
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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CAMPANIA: RETAILER SALES AND FOOTFALL INCREASED MORE THAN 10% IN 2015
#1 regional mall in Naples hosting a flagship Zara (3,500 sq.m.), Apple, H&M and fully equipped entertainment venue
Active retenanting
Sales growth above country’s average in 2015: Total reversion rate of +12% on 15 leasing operations signed; retailer sales up almost 15%; shopping center valuation up 11%
Let’s Play®: unique fully equiped entertainment venue (Piazza Campania)
Good Choices®: 93% of waste enhanced and 57% of waste recycled Footfall: 12.5M
Adidas Alcott Apple Bershka Calzedonia
Footlocker Guess H&M Hollister Mondo Convenienza
Pandora Stradivarius Tiger Zara
Naples, Italy
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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NOVY SMICHOV: +20% REVERSION ON TOTAL RENTS CAPTURED SINCE 2013
Clubstore® implemented in 2012
57% of total leases relet or renewed since
Significant reversion level continues: 52% reversion on MGR for units relet in 2015
41% value increase since since end of 2012
Good Choices®: BREEAM in Use rated “Excellent” in 2015 Footfall: 20M
A premium asset in Prague, more than 20 million visitors a year, actively re-tenanted following the Clubstore® refurbishment in 2012
Armani Calzedonia Desigual Estee Lauder
Jeff de Bruges Kiehl’s Kusmi tea MAC
Starbucks Swarovski The Body Shop Tommy Hilfiger
Prague, Czech Republic
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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LET’S PLAY® – BOOSTING FOOTFALL, SALES & LOYALTY XXL DAYS IN FRANCE (27&28 NOV. 2015)
40 shopping centers in France-Belgium participating in the XXL Days (3 days)
A very appealing commercial offer: 85% of retailers took part, with discount up to 70%
ACHIEVEMENTS
Traffic: event created 500 bps of additional traffic growth these days compared to average national trend(1)
Sales up 12% in a challenging backdrop: Paris region (+8%) and Province (+16%). €17M of additional retailer sales generated in 3 days
83% of retailers wish to repeat this event
(1) +0.3% vs -4.6%
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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2015 FINANCIAL PERFORMANCE Brunn’s Galleri (Aarhus, Denmark) KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
03 28
NET RENTAL INCOME UP 3.2% LIKE-FOR-LIKE PRO FORMA (TOTAL SHARE) (€M)
o/w Carmila: -€37.9M Wereldhave: -€17.6M
1,101.3 +18.8 -76.2 745.2
12/31/2014 Net rental income (reported)
12/31/2014 Net rental income (pro forma(1))
Total share, €M
Disposals
+29.6
1,073.5
1,068.0 -5.5
o/w Plenilunio (Spain): €14M
Acquisition/ Developments
+3.2%
Reversion & indexation
12/31/2015 Net rental income current basis excl. Forex
Forex
12/31/2015 Net rental income
12/31/2015
12/31/2014 (pro forma(1))
12/31/2014 (reported)
Total gross rents
1,195.7
1,239.8
822.7
o/w shopping centers
1,161.1
1,199.2
782.0
Total net rental income
1,068.0
1,101.3
745.2
o/w shopping centers
1,035.0
1,062.9
706.9
(1) Pro forma: includes Corio as if the Corio acquisition had occurred on January 1, 2014. Excludes the impact of asset sales, other acquisitions, extensions and foreign exchange impacts.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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NET CURRENT CASH FLOW UP 4.2%: €2.16 PER SHARE €M, total share
12/31/2015
12/31/2014
Change
Shopping centers net rental income
1,035.0
706.9
46.5%
Total net rental income
1,068.0
745.2
43.3%
Operating cash-flow
966.6
685.6
41.0%
Net current cash flow
782.5
520.4
50.4%
Net current cash flow
663.1
406.5
63.1%
Net current cash flow per share (€)
2.16
2.07
4.2%
306,803,561
195,912,339
€M, total share
€M, group share
Average number of shares excl. treasury shares(1)
Net current cash flow growth driven by: Solid underlying growth Operating improvement Significant decrease in net cost of debt (1) Average number of shares, excluding treasury shares. Further to the Corio acquisition, the average number of shares takes into account the creation of 96 589 672 new shares on January 8, 2015, 10 976 874 new shares on January 15, 2015 and 7 319 177 new shares in March 2015.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
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CONTINUOUS IMPROVEMENT OF FINANCIAL PROFILE Stabilized leverage
Lower cost of indebtedness
Net debt of €8,857M 39% LTV A- (stable) rating
Cost of debt ≤ 2.5% (-50 bps) Interest Cover Ratio: 4.5X (+100 bps)
LTV & Net current cash flow evolution
Cost of debt & ICR evolution
Net current cash flow per share
49%
LTV
47% 47%
ICR
2,2
Cost of debt
2,16
46%
45%
4.5X
2,15 Disposal in Netherlands 44%
44% 2,07
43%
2,1 2,07
3.6X 4.0%
2.8X
42% 2,05
3.5%
41% 1,99
1,99
39%
38%
39%
3.0X
2
3.0%
1,96
37%
Impact of Plenilunio’s acquisition
35%
1,95 60% of former Corio’s debts already refinanced (Bonds, US Private Placements repurchased and Revolving Credit Facilities) Exceptional refinancing conditions with, for instance, a new 8Y benchmark bond issue for €750M at 1% coupon in April 2015
Repayment
Bonds
New financings
-358
Revolving Credit Facilities US Private Placements
Amend & extend
1,177
1,600
-934
DEBT REDEEMED
NEW FINANCINGS
Weighted Average Maturity 7Y AVERAGE YIELD: 1.7%
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
32
SOLID BALANCE SHEET Total €8.8Bn debt sources of financing remain diversified in accordance with asset profile
Debt Maturity Schedule (% of authorized debt) Drawn
Bonds 66%
Undrawn
23%
Mortgage loans 17%
15%
12%
10%
9%
8%
6%
2016
2017
2018
9%
2% 2019
2020
2021
2022
Commercial paper 15% Others 2%
2023
2024
Liquidity remains high Over €2.5Bn with an average duration of indebtness of 5.5 years Debt in fixed-rate position stood at 81%(1) with defined targets and is composed of: 69% of fixed-rate debt 15% of fixed payer swaps, 16% of caps Limited FX exposure 80% of debt position in euros (1) 77% at end 2015, 81% afther the hedging of the new €350M Dutch term loan.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
33
SHOPPING CENTER PORTFOLIO VALUE UP 5.0% ON A LIKE-FOR-LIKE PRO FORMA BASIS TOTAL SHARE (2)
GROUP SHARE (2)
D 12-month like12/31/2015
12/31/2014
12/31/2015
12/31/2014
for-like (1) pro forma
France-Belgium
8,403
6,539
7,002
5,253
3.8%
Italy
3,606
1,514
3,560
1,466
7.7%
Scandinavia
3,955
3,413
2,219
1,915
7.9%
Iberia
1,785
746
1,747
717
8.4%
CEE & Turkey
1,736
1,095
1,708
1,091
1.1%
Netherlands
1,139
0
1,139
0
1.3%
Germany
1,068
0
1,014
0
1.8%
TOTAL SHOPPING CENTERS
21,693
13,308
18,390
10,443
5.0%
434
513
434
513
-1.8%
22,127
13,821
18,824
10,956
4.8%
1,858
1,476
1,590
1,345
€M, excluding duties
Other activities TOTAL of which Equity accounted Investees
Average yield of the shopping center portfolio (12/31/2015): 5.7% excluding duties (-40 bps compression over 12 months) (1) Like-for-like profoma: Assuming that the Corio acquisition has occurred on January 1, 2014. Excludes the impact of new centers opened, acquisitions, asset sales completed since January 1, 2014, extension capex and foreign exchange impacts. (2) Excluding duties, including development and shopping centers accounted under equity accounted investees.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
34
EPRA NAV OF €34.7, UP 8.0% OVER 12 MONTHS In euros per share
12/31/2014
06/30/2015
12/31/2015
Change (12 months)
EPRA NAV
32.1
32.0
34.7
8.0%
EPRA NNNAV
29.6
30.9
33.2
12.2%
12-month change in EPRA NNNAV per share
+3.0 32.8 -0.3
+2.2 29.6
12/31/2014
+0.4
33.2
Change of FV of financial instruments
12/31/2015
-0.4
-1.3(2)
Cash flow
Dividend
LfL asset revaluation
Transaction costs Forex and others and purchase price adjustments
12/31/2015
196,104,723(1)
311,457,530(1)
(1) Number of shares end of period (excl. treasury shares) (2) A €0.91 interim dividend per share was paid up by Klépierre on January 12, 2015 (199,470,340 shares) followed by a €0.69 final dividend per share paid up on April 21, 2015 (314,356,063 shares)
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
35
PROPOSED 2015 DIVIDEND: €1.70 PER SHARE Dividend (in euros per share) evolution
1.70(2) Non-SIIC
SIIC
1.60 1.55 1.20
1.50 1.45 0.93 0.97
1.37 0.50
0.62 0.48
0.13
2011
2012
2013
2014
2015
74%
79%
77%
79%
81%
PAYOUT(1)
Proposed dividend: €1.70(2) per share (29% SIIC): to be paid on April 26, 2016 (ex-date: April 22, 2016) (1) Dividend per share x number of shares (including treasury shares) / Net current cash flow (2) Submitted to a vote of the shareholders at their April 19, 2016 general meeting
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
36
RETAIL PORTFOLIO STRATEGY
04
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
37
OUR SHOPPING CENTER PLATFORM: COMPETITIVE ADVANTAGES TO GENERATE FUTURE GROWTH Key success factors Focus on demographics Being positioned in the most dynamic territories (Platform extended with 2 acquisitions)
Location Optimal connections to transport infrastructures
Investing on existing properties Clubstore® Let’s Play® Good Choices®
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
38
CLUBSTORE®: REVITALIZING OUR MALLS
Investing to renovate properties and upgrade the customer path and appeal to retailers
Clubstore® concept Deployment: 8 already implemented in 2 years, 8 ongoing deployments, 6 projects
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
Relevant impact on Key Performance Indicators with strong boost on footfall and reversion
39
VALUE CREATION THROUGH TECHNOLOGY Mature & Profitable
Digital ad screen: 23 shopping centers equipped in France (more than 300 screens) and ongoing international deployment
Well-established and ongoing deployment
The digital ecosystem: gradual roll-out of dedicated and upgraded websites for shopping centers (75 in 2015, 100 in 2016e)
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
Test & Learn
Pushing digital to the mall: test & learn logic for web-to-store innovations (IBeacon, Fidzup)
40
GOOD CHOICES®: FOR RELEVANT, TRANSPARENT AND EFFICIENT SUSTAINABLE PRACTICES MEETING ENVIRONMENTAL & SOCIETAL CHALLENGES FIGHTING CLIMATE CHANGE
CLEAR RECOGNITION OF OUR LEADERSHIP ON SUSTAINABILITY MATTERS CERTIFICATIONS ALL OVER EUROPE
-12%
77
in Green House Gaz emissions vs. 2013(1)
Centers certified in 13 countries 64% portfolio in value
>50% Electricity from renewable sources
BEST IN CLASS RATINGS DEVELOPPING ACCESSIBILITY
#2 Retail global player - listed
+4%
#1
visits by public transportation vs. 2013
Retail global player – non listed (through Steen & Strøm)
Only real estate player included in the Euronext Low Carbon Europe 100 (1) Like-for-like change pro forma vs. 2013.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
41
HOOG CATHARIJNE – THE RETAIL SPOT IN THE NETHERLANDS (UTRECHT) – 2017-18
A prime location connecting the Central Station (90M passengers) and the historic city center
40-year track record as an excellent spot for retailers (H&M recently doubled its size with a 3,500 sq.m. store)
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
An ambitious development scheme to unleash the full potential of the site (GLA of 98,000 sq.m., Footfall of 39M)
42
VAL D’EUROPE: CAPITALIZING ON AN EXISTING SUCCESS (FRANCE, PARIS REGION) – H1 2017
An iconic destination in the east of Paris, a strategic stronghold for Klépierre
The fastest growing shopping center in France with net rents CAGR of 7% since 2000
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
The 17,000 sq.m. extension has already attracted iconic brands (Primark, H&M, Nike…)
43
PRADO: AN ICONIC AND UPSCALE CENTER FOR MARSEILLE (FRANCE) – H2 2017
Located in the most affluent area with perfect connection to public transportation
Iconic open air architecture featuring impressive shop facades and high quality terraces
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
A 23,000 sq.m. retail assets: 53 retail units anchored by Galeries Lafayette (9,400 sq.m.)
44
CRETEIL SOLEIL – REJUVENATING A STRONG RETAIL MAGNET (FRANCE, PARIS REGION) – H2 2018
A unique retail platform in Eastern Paris attracting more than 20 million visitors a year (one of the 3 largest shopping center in France)
The 10,200 sq.m. extension from subway entrance to the heart of the center will show off high quality architecture for new retail, restaurants and cinema extension
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
Extension should be launched together with a renovation plan
45
L’ESPLANADE – LEADERSHIP CONSOLIDATION (BELGIUM, BRUSSELS REGION) – H2 2020
Located in the heart of Louvain, South of Brussels: most affluent region in Belgium (average annual income 14.5% above national average)
Large catchment area of 1.3 million within 30 minutes: high demographic growth (+7.4% forecasted until 2020)
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
Existing site is 54,700 sq.m. GLA. Extension of 20,000 sq.m. and +50 stores will position L’Esplanade as the dominant site in South Brussels
46
ØKERN SENTERET – A UNIQUE RETAIL SCHEME IN OSLO (NORWAY) – H2 2020
A dominant retail hub in one of Oslo’s most buoyant new districts (excellent access via public transportation)
The center is part of a large mixed-used development with offices, hotel, leisure and residential architecture
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
55,000 sq.m. regional shopping destination featuring 150 stores
47
GRENOBLE GRAND PLACE – THE EXTENSION OF A SUCCESSFUL REGIONAL MALL (FRANCE, GRENOBLE) – H2 2018
Grand Place is the dominant regional retail site very well connected by car, 2 tramway stations and bus
The 94,000 sq.m. GLA center / 13 M footfall will be extended by 15,000 sq.m.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
Retail offer consists of 1 major anchor, 1 MSU, 14 shops and 10 restaurants
48
DEVELOPMENT PIPELINE Investing in existing platform to capitalize on successes, with ambitious extension-renovations
Higher visibility on returns of promising extension projects
Focus on investments in existing portfolio Pipeline breakdown by status
Committed and controlled pipeline breakdown by type (% value) Controlled projects €1.3Bn
Committed projects €0.7Bn
New developments 21% Extensions 79%
Average expected Yield 7.1%
€3.6Bn
Identified projects €1.6Bn
Others 6% The Netherlands 27%
France-Belgium 48%
Scandinavia 18%
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
49
OUTLOOK
05
Emporia (Malmö, Sweden) KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
50
2016 GUIDANCE
€2.23 – €2.25 NET CURRENT CASH FLOW PER SHARE
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
per share
51
AGENDA
April 19, 2016 General meeting of shareholders
April 22, 2016 Dividend ex-date
April 26, 2016 Dividend payment
April 28, 2016 2016 1st quarter revenues(1)
(1) Press release after market close
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
52
APPENDICES Nave de Vero (Venice, Italy) KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
53
DEVELOPMENT PIPELINE Klépierre equity interest
Development project
Country
City
Type
Centre Bourse(2)
France
Marseille
extension-refurbishment
Val d'Europe
France
Paris region
extension
55.0%
Hoog Catharijne Phase 2
The Netherlands
Utrecht
extension-refurbishment
100.0%
Other projects (incl. Prado) TOTAL COMMITTED PROJECTS
50.0%
Estimated Cost to date cost(1) (€M) (€M)
Floor area (sq.m.)
Expected opening date
14
5,448
H2 2016
94
53
17,000
H1 2017
288
140
42,100
2016-2018
267
59
61,051
668
265
125,599
18
Créteil Soleil - Phase 1
France
Paris region
extension-refurbishment
80.0%
76
3
10,200
H2 2018
Bègles Rives d'Arcins
France
Bordeaux
extension
52.0%
24
4
11,500
2017-2020
Grand Portet
France
Toulouse region
extension-refurbishment
83.0%
65
8
8,000
H2 2019
Grand Littoral extension
France
Marseille
extension
100.0%
30
0
12,000
H1 2019
Grenoble Grand Place
France
Grenoble
extension
100.0%
39
0
15,600
H2 2018
Montpellier Odysseum
France
Montpellier
extension
100.0%
31
6
8,400
H2 2018
Allum
Sweden
Allum
redevelopment
56.1%
75
5
20,000
H2 2019
Gran Reno
Italy
Bologna
extension
100.0%
122
1
15,900
H1 2019
L'esplanade
Belgium
Brussels region
extension
100.0%
131
16
20,650
H2 2020
Hoog Catharijne Phase 3
The Netherlands
Utrecht
extension-refurbishment
100.0%
187
32
23,700
H1 2019
Vitrolles
France
Marseille region
extension
83.0%
80
0
18,050
2018-2020
Viva
Denmark
Odense
new development
56.1%
175
39
48,500
H2 2020
Givors
France
Lyon region
extension
83.0%
80
8
16,000
H2 2020
Arcades
France
Paris region
extension
53.6%
91
0
18,000
H2 2020
Norway
Oslo
redevelopment
28.1%
89
4
54,468
H2 2020
52
12
33,289
TOTAL CONTROLLED PROJECTS
1,347
138
334,257
TOTAL IDENTIFIED PROJECTS
1,561
24
277,400
TOTAL
3,576
427
737,256
Økernsenteret
(3)
Other projects
(1) Estimated cost price before financial costs. (2) For this project estimated cost and cost to date are reported for Klépierre share of equity. Floor area is the total area of the project. (3) Asset consolidated under equity method. For this project estimated cost and cost to date are reported for Klépierre share of equity. Floor area is the total area of the project.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
54
2015 OPERATING HIGHLIGHTS RETAILER SALES
NET RENTAL INCOME
LEASING ACTIVITY
Change LfL proforma(1) incl. extensions
Change LfL proforma(1) excl. extensions
2015 Current (€M)
Change LfL proforma(2)
Reversion (%)
OCR (%)
EPRA Vacancy rate (%)
+2.0%
+2.0%
378.3
+3.0%
16.2%
12.5%
3.0%
France
+2.1%
+2.1%
364.3
+2.9%
3.1%
Belgium
+1.7%
+1.7%
14.0
+7.3%
0.5%
Italy
+5.8%
+5.3%
184.9
+3.3%
9.5%
11.2%
2.1%
Scandinavia
+3.0%
+2.2%
156.6
+4.8%
5.8%
11.0%
4.5%
Norway
-0.8%
-0.8%
51.1
+3.5%
2.8%
Sweden
+7.9%
+5.7%
60.8
+4.4%
3.7%
Denmark
+3.7%
+3.7%
44.7
+7.0%
8.3%
N/A
N/A
76.0
-0.8%
7.5%
NA
3.3%
+7.0%
+7.0%
90.6
+4.2%
8.9%
13.7%
6.3%
Spain
+7.0%
+7.0%
72.3
+4.1%
5.3%
Portugal
+7.1%
+7.1%
18.3
+4.7%
9.7%
Germany
+14.8%
+1.4%
42.4
+0.0%
2.7%
12.6%
8.0%
CEE and Turkey
+7.3%
+7.3%
106.1
+4.4%
15.9%
12.6%
5.2%
-1.9%
-1.9%
32.9
+2.8%
1.8%
Hungary
+11.5%
+11.5%
17.9
+5.8%
8.0%
Czech Republic
+7.6%
+7.6%
23.9
+3.6%
1.1%
Turkey
+15.3%
+15.3%
29.6
+3.4%
8.6%
+4.4%
+3.8%
1,035.0
+3.4%
France-Belgium
Netherlands Iberia
Poland
TOTAL SHOPPING CENTERS
11.6%
12.0%
3.8%
(1) Retailer sales performance for 2015 compared to 2014 assumes that the Corio acquisition occurred on January 1, 2014. Like-for-like excludes the impact of asset sales and other acquisitions. Retailer sales from the Dutch portfolio are not included in these numbers as retailers do not report sales to Klépierre. (2) Like-for-like proforma: assumes that the Corio acquisition occurred on January 1, 2014. Excludes the impact of other asset sales, acquisitions, extensions and the foreign exchange impacts.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
55
PROFIT & LOSS (€M) €M
TOTAL SHARE
GROUP SHARE
12/31/2015
12/31/2014
12/31/2015
12/31/2014
Gross rental income
1,208.4
833.0
1,040.6
671.2
Rental & building expenses
-140.3
-87.8
-118.4
-66.9
NET RENTAL INCOME
1,068.0
745.2
922.2
604.3
Management, administrative and related income
86.8
70.8
80.0
68.9
Other operating revenue
13.9
15.8
11.6
13.0
Survey & research costs
-2.8
-4.0
-2.8
-4.0
Payroll expenses
-149.2
-109.1
-138.9
-97.6
Other general expenses
-77.4
-47.6
-72.1
-43.8
Depreciations and impairment allowance on investment property Depreciations and impairment allowance on intangible assets and property, plant and equipment Provisions
-444.2
-384.9
-386.9
-312.7
-17.1
-12.4
-15.4
-10.4
-0.3
-3.6
0.2
-3.2
14.1
846.9
12.3
704.8
Goodwill depreciation
-704.5
0.0
-704.5
0.0
OPERATING INCOME
-212.8
1,117.0
-294.3
919.3
Financial income
161.2
99.5
155.9
93.4
Financial expenses
-378.2
-369.0
-352.5
-331.0
Net cost of debt
-217.0
-269.5
-196.6
-237.6
Change in the fair value of financial instruments
-30.6
-17.3
-30.5
-17.5
Share in earnings of equity method investees
19.1
8.3
15.5
4.1
-441.3
838.5
-505.9
668.3
3.6
-30.4
6.1
-28.2
-437.7
808.1
-499.8
640.0
Proceeds of sales
PROFIT BEFORE TAXES Corporate income tax NET INCOME
Excluding the non-recurring accounting technical impact of the 704.5 million euro impairment and write-off of Corio’s goodwill (please refer to section “Scope of consolidation” of the business activity report), the consolidated net income group share would have been a profit of 204.7 million euros.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
56
CORIO BUSINESS COMBINATION
Corio transaction has been treated in consolidated financials statements in accordance with IFRS3 – Business combination. The total consideration given is equal to the market value of Klépierre shares issued in exchange of Corio shares (or 100,776,951 shares x 1,14 x 37,185 euros).
As of December 31, 2015, the group finalized the purchase price accounting. In addition, a part of Corio’s goodwill was allocated to the Netherlands sold assets for €110 M and was consequently withdrawn. The residual gross goodwill amount stand at €1,253 M and was impaired by € 595 M following impairment test performed at year-end. In millions of euros
December 31, 2015
Total consideration
A
4,272
Restated Corio Equity
B
2,909
Equity Corio as of December 31, 2014
3,492
Net Results (January 1st to January 8th January 2015)
-31
PPA adjustments
-552
Goodwill
=A-B
Goodwill write-off following Netherlands assets sale Goodwill (gross amount)
1,363 -110
=A-B
1,253
Goodwill impairment
-595
Residual Goodwill
658
Optimization in deferred taxes €265M
Corio portfolio value increase €218M
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
€658M
-€705M impact on P&L
Value of management activities €175M
57
CASH FLOW STATEMENT (€M) TOTAL SHARE
GROUP SHARE
12/31/2015
12/31/2014
12/31/2015
12/31/2014
GROSS RENTAL INCOME
1,208.4
833.0
1,040.6
671.2
Rental & building expenses
-140.3
-87.8
-118.4
-66.9
NET RENTAL INCOME
1,068.0
745.2
922.2
604.3
Management and other income
100.7
86.5
91.6
75.8
G&A expenses
-229.4
-160.7
-213.8
-145.4
22.7
9.9
22.9
8.8
-217.0
-269.5
-196.6
-237.6
Restatement financial allowance & financial restructuring
3.3
82.0
4.9
78.8
Share in earnings of equity method investees
62.4
38.9
56.8
31.4
Current tax expenses
-32.8
-16.5
-29.5
-14.1
4.5
4.6
4.5
4.6
782.5
520.4
663.1
406.5
Restatement payroll and deferred expenses
-4.2
-8.8
Restatement amortization allowances and provisions for contingencies and losses
-15.2
-12.6
0.0
-0.9
643.6
384.3
NET CURRENT CASH FLOW PER SHARE
2.16
2.07
EPRA EARNINGS PER SHARE
2.10
1.96
306,803,561
195,912,339
Restatement payroll and deferred expenses Net cost of debt
Restatement acquisition costs and portfolio restructuring NET CURRENT CASH FLOW
Other restatements related to tax EPRA EARNINGS Per share
Average number of shares excluding treasury shares
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
58
VALUATION OF THE PORTFOLIO (€M, TOTAL SHARE, EXCL. DUTIES) 12/31/2015
% of total portfolio
12/31/2014
12-month change Current
12-month change Like-for-like(1)
France
8,032
36.3%
6,216
+29.2%
+3.7%
Belgium
371
1.7%
323
+14.9%
+15.8%
France-Belgium
8,403
38.0%
6,539
+28.5%
+4.2%
Italy
3,606
16.3%
1,514
+138.1%
+7.7%
Norway
1,510
6.8%
1,179
+28.0%
+9.5%
Sweden
1,389
6.3%
1,214
+14.4%
+11.6%
Denmark
1,057
4.8%
1,020
+3.6%
+1.6%
Scandinavia
3,955
17.9%
3,413
+15.9%
+7.9%
Netherlands
1,139
5.1%
-
-
+1.3%
Spain
1,461
6.6%
495
+194.9%
+9.4%
324
1.5%
251
+29.2%
+4.2%
Iberia
1,785
8.1%
746
+139.3%
+8.2%
Germany
1,068
4.8%
-
-
+1.9%
Poland
439
2.0%
434
+1.2%
+3.8%
Hungary
216
1.0%
265
-18.5%
-13.7%
Czech Republic
424
1.9%
358
+18.6%
+19.0%
Turkey
617
2.8%
-
-
-4.8%
CEE and Turkey
1,736
7.8%
1,095
+58.5%
+1.1%
Total shopping centers
21,693
98.0%
13,308
+63.0%
+5.3%
434
2.0%
513
-15.4%
-1.8%
22,127
100.0%
13,821
+60.1%
+5.1%
Portugal
Other activities TOTAL
1. Assuming that the Corio acquisition has occurred on January 1, 2014. Excludes the impact of new centers opened, acquisitions, asset sales completed since January 1, 2014, extension capex and foreign exchange impacts.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
59
VALUATION OF THE PORTFOLIO (€M, GROUP SHARE, EXCL. DUTIES) 12/31/2015
% of total portfolio
12/31/2014
12-month change Current
12-month change Like-for-like(1)
France
6,631
35.2%
4,930
+34.5%
+3.3%
Belgium
371
2.0%
323
+14.9%
+15.8%
France-Belgium
7,002
37.2%
5,253
+33.3%
+3.8%
Italy
3,560
18.9%
1,466
+142.8%
+7.7%
Norway
847
4.5%
662
+28.0%
+9.5%
Sweden
779
4.1%
681
+14.4%
+11.6%
Denmark
593
3.1%
572
+3.6%
+1.6%
Scandinavia
2,219
11.8%
1,915
+15.9%
+7.9%
Netherlands
1,139
6.1%
-
-
+1.3%
Spain
1,423
7.6%
466
+205.0%
+9.7%
324
1.7%
251
+29.2%
+4.5%
Iberia
1,747
9.3%
717
+143.5%
+8.4%
Germany
1,014
5.4%
-
-
+1.8%
Poland
439
2.3%
434
+1.2%
+3.8%
Hungary
216
1.1%
265
-18.5%
-13.7%
Czech Republic
424
2.3%
358
+18.6%
+19.0%
Turkey
593
3.2%
-
-
-5.3%
CEE and Turkey
1,708
9.1%
1,091
+56.5%
+1.1%
Total shopping centers
18,390
97.7%
10,443
+76.1%
+5.0%
434
2.3%
513
-15.4%
-1.8%
18,824
100.0%
10,956
+71.8%
+4.8%
Portugal
Other activities TOTAL
1. Assuming that the Corio acquisition has occurred on January 1, 2014. Excludes the impact of new centers opened, acquisitions, asset sales completed since January 1, 2014, extension capex and foreign exchange impacts.
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
60
VALUATION OF THE PORTFOLIO (€M, TOTAL SHARE, INCL. DUTIES) 12/31/2015
% of total portfolio
12/31/2014
France
8,397
37.1%
6,508
Belgium
371
1.6%
323
France-Belgium
8,769
38.8%
6,831
Italy
3,646
16.1%
1,523
Norway
1,510
6.7%
1,179
Sweden
1,389
6.1%
1,214
Denmark
1,057
4.7%
1,020
Scandinavia
3,955
17.5%
3,413
Netherlands
1,169
5.2%
-
Spain
1,469
6.5%
504
324
1.4%
251
Iberia
1,793
7.9%
755
Germany
1,068
4.7%
-
Poland
439
1.9%
434
Hungary
220
1.0%
269
Czech Republic
424
1.9%
358
Turkey
633
2.8%
-
CEE and Turkey
1,755
7.8%
1,099
Total shopping centers
22,154
98.0%
13,621
464
2.0%
548
22,618
100.0%
14,169
Portugal
Other activities TOTAL KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
61
PORTFOLIO VALUATION BRIDGE (GROUP SHARE) 40 bps yield compression over 12 months on overall portfolio
Like-for-Like value increase of 4.8%
10 bps change in the net initial yield has a €300M impact on the property value
Portfolio valuation bridge
+929
17,902
+782
18,823
+1
18,824
12/31/2015 Exc. Forex
Forex
12/31/2015
-790 6,946
+4.8%
10,956
12/31/2014 Pro forma
Disposals
Acquisitions / development
KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016
like-for-like portfolio
62