Klepierre Sa · EURONEXT:LI
Klepierre Sa — Shareholder Meeting (June 2021)
42 slides from Klepierre Sa's shareholder meeting presentation, Jun 17, 2021
Slide 1: Annual General Meeting June 17, 2021
ANNUAL GENERAL MEETING JUNE 17 , 2021
Slide 2: Disclaimer
2021 GENERAL MEETING — JUNE 17, 2021 DISCLAIMER This document was prepared by Klépierre (the "Company") solely for assumptions, these forward-looking statements are subject to use at the presentation made during the General Meeting of its numerous risks and uncertainties, which could cause actual re
Slide 3: Table of Contents
2021 GENERAL MEETING — JUNE 17, 2021 TABLE OF CONTENTS A B C APPOINTMENT OF THE 2020 MANAGEMENT REPORT & REPORT OF THE REGISTRATION COMMITTEE 2021 BUSINESS UPDATE SUPERVISORY BOARD ON THE 2020 FINANCIAL STATEMENTS D E F G REPORT OF THE STATUTORY QUESTIONS & RESOLUTIONS SUPERVISORY BOARD ON AUDITORS’
Slide 4: A - Appointment of the Registration Committee
- A - A P P O I N T M E N T O F T H E R E G I S T R AT I O N COMMITTEE
Slide 5: Documents Available to the General Meeting
2021 GENERAL MEETING — JUNE 17, 2021 DOCUMENTS AVAILABLE TO THE GENERAL MEETING 1. A copy of the French official bulletin of legal notices, the "Bulletin des annonces légales obligatoires" (BALO) including the preliminary notice of meeting dated May 12, 2021; a copy of the BALO including the conveni
Slide 6: B - 2020 Management Report & 2021 Business Update
- B - 2020 MANAGEMENT REPORT & 2 0 2 1 B U S I N E S S U P D AT E
Slide 7: Table of Contents
2021 GENERAL MEETING — JUNE 17, 2021 TABLE OF CONTENTS 01 02 FULL-YEAR 2020 2021 EARNINGS BUSINESS REVIEW 7
Slide 8: In 2020 the stores in our malls have been closed for 2.1 months on average
2021 GENERAL MEETING — JUNE 17, 2021 IN 2020 THE STORES IN OUR MALLS HAVE BEEN CLOSED FOR 2.1 MONTHS ON AVERAGE Open malls as a % of gross asset value (Group share) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 26 Feb 18-Mar 8-Apr 29-Apr 20-May 10-Jun 1-Jul 22-Jul 12-Aug 2-Sep 23-Sep 14-Oct 4-Nov 25-N
Slide 9: A challenging year, but we remain on top of the game
2021 GENERAL MEETING — JUNE 17, 2021 A CHALLENGING YEAR, BUT WE REMAIN ON TOP OF THE GAME In 2020, we: Generated €690m in net current cash flow and paid €628m in dividend Raised or renewed €2.9bn in financing Cut opex, G&A and capex by roughly €200m Gained worldwide recognition for our CSR performan
Slide 10: Full-Year Earnings
01 F U L L -Y E A R 2 0 2 0 E A R N I N G S 10
Slide 11: 2020 net current cash flow reached €1.97, down 85 cents vs 2019
2021 GENERAL MEETING — JUNE 17, 2021 2020 NET CURRENT CASH FLOW REACHED €1.97, DOWN 85 CENTS VS 2019 Collection of rents & charges Variable revenues have We actively reduced G&A, #1 has been impacted by the #2 declined as a result of lower #3 opex and capex to mitigate lockdown periods footfall & re
Slide 12: We signed deals and reached agreement with our retailers on lockdown rents
2021 GENERAL MEETING — JUNE 17, 2021 #1 WE SIGNED DEALS AND REACHED AGREEMENT WITH OUR RETAILERS ON LOCKDOWN RENTS TO OPTIMIZE RENT COLLECTION Circa 5,000 deals agreed with retailers related to lockdown rents 951 leases signed, a lower number than last year but with a positive 4.5% (1) reversion (1)
Slide 13: We generated €74m in savings on service charges and G&A
2021 GENERAL MEETING — JUNE 17, 2021 #3 WE GENERATED €74M IN SAVINGS ON SERVICE CHARGES AND G&A Service charges Payroll and G&A Total share, excl. EAI Total share, excl. EAI €353m -12% €170m -19% €311m €138m 2019 2020 2019 2020 13
Slide 14: We reduced our capex by €129m in 2020
2021 GENERAL MEETING — JUNE 17, 2021 #3 WE REDUCED OUR CAPEX BY €129M IN 2020 Change in capex 2020 vs 2019 €307m -€129m 300 250 €117m 200 €178m €82m 150 100 €190m 50 €96m 0 2019 2020 Development capex Like-for-like capex Only €94m planned to be spent in 2021 on our development projects 14
Slide 15: Which enabled us to contain the debt, maintaining healthy leverage metrics
2021 GENERAL MEETING — JUNE 17, 2021 WHICH ENABLED US TO CONTAIN THE DEBT, MAINTAINING HEALTHY LEVERAGE METRICS Debt of €9,054 million at year-end 2020, a €224m debt increase mostly attributable to the lower cash flow (€270m) Change in net debt/EBITDA Loan-to-Value ratio 13 41.4% 10.8x 40.0% 37.3% 1
Slide 16: We have reinforced our balance sheet through pro-active refinancing
2021 GENERAL MEETING — JUNE 17, 2021 WE HAVE REINFORCED OUR BALANCE SHEET THROUGH PRO-ACTIVE REFINANCING €2.9 billion €1.8 billion of financing operations of debt repayments conducted since January 2020 since January 2020 • €1.5 billion in bond issuance in 2020 at an average • €1.4 billion of bonds
Slide 17: Over 12 months, portfolio value was down 7.2%
2021 GENERAL MEETING — JUNE 17, 2021 OVER 12 MONTHS, PORTFOLIO VALUE WAS DOWN 7.2% MOSTLY DUE TO A DULL INVESTMENT MARKET Valuation of the portfolio as of December 31, 2020 (€m, Total share basis, incl. transfer taxes) 12-month 6-month Dec. Dec. change change EPRA Country 2020 2019 LFL LFL NIY (in %
Slide 18: Net tangible assets value now standing at €31.4 per share
2021 GENERAL MEETING — JUNE 17, 2021 AS A RESULT, OUR NET TANGIBLE ASSETS VALUE IS NOW STANDING AT €31.4 PER SHARE 40 -€4.9 35 30 -€2.2 -€0.4 +€2.1 25 20 €36.9 15 €31.4 10 5 0 2019 EPRA Like-for-like asset Dividend Forex and others Cash flow 2020 EPRA NTA (1) revaluation NTA (1) (1) EPRA Net Tangibl
Slide 19: We gained worldwide recognition for our outstanding CSR performance
2021 GENERAL MEETING — JUNE 17, 2021 WE GAINED WORLDWIDE RECOGNITION FOR OUR OUTSTANDING CSR PERFORMANCE −43% 96% 100% energy consumption of waste recovered Portfolio BREEAM since 2013 in 2020 In-Use Certified Our leadership is recognized externally 1st global retail AA RATING 2020 GOLD AWARD 2020 L
Slide 20: 2021 Business Review
02 2021 BUSINESS REVIEW KLEPIERRE SHOP. MEET. CONNECT.*
Slide 21: Since the beginning of the year, our malls have been closed for more than 2 months
2021 GENERAL MEETING — JUNE 17, 2021 SINCE THE BEGINNING OF THE YEAR, OUR MALLS HAVE BEEN CLOSED FOR MORE THAN 2 MONTHS AND ARE NOW FULLY REOPEN To date, 93% of our stores are currently authorized to open. Weekly change in stores authorized to open as a percentage of rents & service charges 100% 93%
Slide 22: Globally improving health situation in Europe, on the back of vaccination roll-out
2021 GENERAL MEETING — JUNE 17, 2021 GLOBALLY IMPROVING HEALTH SITUATION IN EUROPE, ON THE BACK OF VACCINATION ROLL-OUT Weekly new confirmed Covid-19 cases per 100,000 inhabitants in the European Union 600 500 44% 400 300 of the European population 200 has received a first shot of 100 vaccine 0 Jan
Slide 23: We apply strict health protocol to protect visitors
2021 GENERAL MEETING — JUNE 17, 2021 WE APPLY STRICT HEALTH PROTOCOL TO PROTECT VISITORS… Social distancing and controls on the wearing of masks Enhanced cleaning regime, CO2 measurements and more frequent air renewal Support for our retailers in their daily operations and in applying health measure
Slide 24: Since reopening, footfall recovery has been stronger than last year
2021 GENERAL MEETING — JUNE 17, 2021 …AND SINCE REOPENING, FOOTFALL RECOVERY HAS BEEN STRONGER THAN LAST YEAR Footfall evolution First weeks of First weeks of 95.00% reopening in 2020 reopening in 2021 85.00% 84% Since reopening, business resumption has been strong with footfall over the 4 weeks rea
Slide 25: Store closures weighed on the Q1 collection rate
2021 GENERAL MEETING — JUNE 17, 2021 STORE CLOSURES WEIGHED ON THE Q1 COLLECTION RATE 67% of the €334m in invoiced rents and service charges had been collected as of June 15, 2021 In France, the government has announced a specific support program, currently being reviewed by the EU Commission, which
Slide 26: Letting operations recorded growing momentum
2021 GENERAL MEETING — JUNE 17, 2021 WHILE LETTING OPERATIONS RECORDED GROWING MOMENTUM Volume of leases signed in Q1 2021 doubled compared to Q2 2020 Sports retailers continued to expand Sustained development of innovative banners 26
Slide 27: We continue to invest to enhance our best assets
2021 GENERAL MEETING — JUNE 17, 2021 WE CONTINUE TO INVEST TO ENHANCE OUR BEST ASSETS Bologna, Italy Pre-leasing rate at 82% (1) Extension of 16,700 sq.m. Opening in Spring 2022 €51.8m in investments in 2021 of which €4.8m in Q1 (1) In percentage of rents, signed or in advanced negotiations. 27
Slide 28: Proposing a cash distribution of €1.00 per share
2021 GENERAL MEETING — JUNE 17, 2021 IN VIEW OF OUR CONFIDENCE IN THE BUSINESS RECOVERY, WE ARE PROPOSING A CASH DISTRIBUTION OF €1.00 PER SHARE €1.97(1) The proposed distribution €1.00(2) would be an equity repayment paid in a single Net current cash flow per Distribution per share installment on J
Slide 29: 2021 Guidance
2021 GENERAL MEETING — JUNE 17, 2021 2021 GUIDANCE Assuming 2.6 months of lockdown measures in 2021, we expect net current cash flow for 2021 of €1.80(1) per share. (1) Excluding the impact of amortizing Covid-19 rent concessions. 29
Slide 30: C - Report of the Supervisory Board on the Financial Statements
- C - REPORT OF THE SUPERVISORY BOARD ON T H E 2 0 2 0 F I N A N C I A L S TAT E M E N T S Complete version of this report can be found on page 188 of the 2020 Universal Registration Document
Slide 31: D - Report of the Supervisory Board on Corporate Governance
- D - REPORT OF THE SUPERVISORY BOARD ON C O R P O R AT E G O V E R N A N C E Complete version of this report can be found on page 255 and following of the 2020 Universal Registration Document
Slide 32: E - Statutory Auditors' Reports
- E - S TAT U T O R Y A U D I T O R S ’ R E P O R T S
Slide 33: F - Questions & Answers
a QUESTIONS & ANSWERS KLEPIERRE SHOP. MEET. CONNECT.*
Slide 34: G - Resolutions Votes
-G- RESOLUTIONS VOTES KLEPIERRE SHOP. MEET. CONNECT.*
Slide 35: Resolutions of the Ordinary General Meeting
RESOLUTIONS OF THE ORDINARY GENERAL MEETING
Slide 36: Resolutions of the Ordinary General Meeting - Approval rate
2021 GENERAL MEETING — JUNE 17, 2021 Resolutions of the Ordinary General Meeting Approval rate Approval of the financial statements, appropriation of results and distribution of equity premiums 1. Approval of the Company financial statements for the fiscal year ended December 31, 2020 99.79% 2. Appr
Slide 37: Resolutions of the Ordinary General Meeting - Approval rate
2021 GENERAL MEETING — JUNE 17, 2021 Resolutions of the Ordinary General Meeting Approval rate Corporate officer compensation 10. Approval of the 2021 compensation policy for the Chairman and members of the Supervisory Board 99.93% 11. Approval of the 2021 compensation policy for the Chairman of the
Slide 38: Resolutions of the Extraordinary General Meeting
RESOLUTIONS OF THE EXTRAORDINARY GENERAL MEETING
Slide 39: Resolutions of the Extraordinary General Meeting - Approval rate
2021 GENERAL MEETING — JUNE 17, 2021 Resolutions of the Extraordinary General Meeting Approval rate Reduction of share capital by canceling treasury shares 19. Delegation of authority to the Executive Board, for a period of 26 months, to reduce the share capital by canceling treasury shares 99.97% R
Slide 40: Resolutions of the Extraordinary General Meeting - Approval rate
2021 GENERAL MEETING — JUNE 17, 2021 Resolutions of the Extraordinary General Meeting Approval rate Renewal of financial authorizations (2/2) 24. Delegation of authority to the Executive Board, for a period of 26 months, to issue shares and/or securities giving rights to shares of the Company for co
Slide 41: Agenda
AGENDA June 21, 2021 Ex-dividend date June 23, 2021 Dividend payment July 27, 2021 First-half 2021 earnings(1) October 22, 2021 Third-quarter 2021 business review(2) (1) After trading (2) Before trading
Slide 42: Klépierre
KLEPIERRE SHOP. MEET. CONNECT.*