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Interim Financial Report

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Interim Financial Report INTERIM FINANCIAL REPORT FIRST-HALF 2019 CONTENTS 1 MANAGEMENT REPORT 1 3 STATUTORY AUDITORS’ 1.1 Strategy 1 REVIEW REPORT ON THE FIRST 1.2 Risk factors 2 HALF‑YEARLY FINANCIAL 1.3 Business overview 3 INFORMATION 91 1.4 Business activity by region 9 1.5 Net current cash flow 14 3.1 Conclusion on the financial statements 91 1.6 Investments, developments and disposals 15 3.2 Specific verification 91 1.7 Portfolio valuation 18 1.8 Financial policy 23 1.9 EPRA performance indicators 27 1.10 Outlook 31 4 PERSONS RESPONSIBLE FOR THE DISCLOSURES 92 4.1 Statement of the person responsible INTERIM CONDENSED for the half‑year financial report 92 2 4.2 Persons responsible for audits & financial CONSOLIDATED FINANCIAL disclosures 92 STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2019 32 2.1 Consolidated statements of comprehensive income 33 2.2 Consolidated statements of financial position 34 2.3 Consolidated statements of cash flow 35 2.4 Statements of changes in consolidated equity 36 2.5 Appendices 37 FOR MORE INFORMATION, PLEASE VISIT KLÉPIERRE WEBSITE: www.klepierre.com 1 MANAGEMENT REPORT 1.1 STRATEGY Since 2013, Klépierre has focused on shopping centers only and has constantly upgraded the quality of its portfolio by pursuing a clear strategy aimed at anticipating retail trends to continuously enrich the shopping experience in the malls it owns and manages. 1.1.1 A leading, pan-European platform conditions for the renewal of physical retail. This is the main purpose of its “Retail First” initiative. Located in the most attractive regions in Continental Europe, Klépierre shopping centers offer international brands unique locations that Klépierre also pays increasing attention to its end customers through enable them to develop and enjoy access to more than 150 million an active marketing policy and specific mall design guidelines, both consumers in more than 50 cities. aimed at enhancing the customer experience in its malls. This attention is embodied in two concepts that supplement Klépierre’s client‑centric The relevance of the Klépierre platform is built on a dense network management: Let’s Play® and Clubstore®. of high potential territories. The Group targets Continental European metropolitan areas whose demographic or economic growth exceeds the national average and that offer opportunities to strengthen its Retail First positions. Klépierre is positioned in large catchment areas, wealthy As the principal landlord of most of the international retailers present regions and in growing cities. in Europe, Klépierre interacts regularly with them. These privileged The principal assets, whether they were developed by the Group relationships enable Klépierre to facilitate their growth efficiently, or recently acquired, occupy leading positions in the heart of their whether this means optimizing their presence and store format or catchment area. offering new points of sale. They also foster acceleration in terms of upgrading the retail mix through a better understanding of the challenges and needs of retail tenants. 1.1.2 Shop. Meet. Connect.® Retail First consists of several initiatives that Klépierre implements as part of its leasing management. The main two are: In early 2018, Klépierre adopted a new baseline that better encapsulates its vision of a mall: Shop. Meet. Connect.® The Group > Right-sizing which aims at ensuring that retailers are able to offer develops shopping centers as local hubs where people can: the right format at the right location. In many cases, it implies expanding or reducing the size of their stores, and/or relocating Shop, because Klépierre is convinced that the type of physical retail > them in more appropriate sites within a given shopping center; it offers will continue to expand and flourish. Shoppers like going to Klépierre’s shopping centers because they are places where > Destination Food®, a comprehensive plan to develop and enhance new products are best showcased and brand loyalty is actually the food and beverage offer in Klépierre malls. built and strengthened; > Meet, because customers are looking for more than just shopping Let’s Play® when they come to a mall. They are looking to have an experience; Let’s Play® sums up the positioning of Klépierre malls. It consists of > Connect, because Klépierre’s shopping centers are not only promoting shopping as a game and infusing a “retailtainment” spirit part of retail’s transformation to phygital, by integrating retailers’ into all Klépierre shopping centers. Marketing efforts are harmonized omnichannel platforms and offering digital services, they are also across the portfolio to foster high‑quality events and services that at the center of local ecosystems where multiple and diverse enrich the customer experience, always with a twist of fun. communities interact. Clubstore® 1.1.3 Customer-centric mall management Clubstore® is Klépierre’s comprehensive approach to the customer experience. The Group has developed a holistic set of detailed Over many years, Klépierre has been evolving from a mere property standards with respect to 15 touch points with customers, from digital owner to a retail‑focused company concentrating its efforts on better access to welcome desks, from parking to storefronts, from lighting to serving its primary customers: retailers. sound and smell, from break zones to kids’ entertainment, etc. These Retailers are experiencing the fast and profound revolution of their standards are being rolled out across the portfolio to offer a sense industry. Klépierre facilitates their transformation by creating the of hospitality and a seamless journey to all who visit Klépierre malls. KLÉPIERRE INTERIM FINANCIAL REPORT FIRST-HALF 2019 1 MANAGEMENT REPORT 1 Risk factors 1.1.4 Corporate and social responsibility Each of the three pillars is broken down into specific quantified commitments, with a five‑year timeframe (2022) supplemented by policy: Act for Good® medium‑term goals (2030). In late 2017, Klépierre launched a new CSR approach: Act for Good® with Klépierre. This approach, which was developed with external stakeholders further combines the requirements of operational 1.1.5 Targeted development and strict excellence with environmental, societal, and social performance. Act financial discipline for Good® with Klépierre rests on three pillars: Based on a conservative approach to risk management and constant > “Act for the Planet,” which sums up the Group’s ambition to make asset value enhancement, the Group’s development strategy favors a positive contribution to the environment. Over the last six years, the extension‑refurbishment of shopping centers that have already Klépierre has achieved excellent environmental results it can draw carved out strong competitive positions. However, it does not rule out on in order to speed up innovation and differentiation across its designing and developing new projects in its preferred regions that industry; are exceptional due to their locations and quality. > “Act for Territories,” which illustrates the importance of the Klépierre also works to constantly improve its debt conditions and its Group’s local involvement in the regions in which it operates. While financial profile. Since April 2014, the Group has enjoyed an A− credit Klépierre malls pursue many local initiatives, this pillar is intended rating from Standard & Poor’s, placing it among the world’s top three both to oversee these initiatives and increase their visibility, while real estate companies. This financial strength is further buttressed by strengthening the socio‑economic fabric around its centers. It is robust operating results, a tightly‑managed debt level, and a high level being developed around employment, citizen engagement and the of hedging, ensuring efficient access to the capital markets. co‑design of tomorrow’s shopping centers; > “Act for People,” which is about the people involved with our shopping centers. It is devoted to the well‑being of our visitors, our employees and our retail tenants’ employees. It engages all of the communities with which the Group interacts and promotes value creation for everyone. 1.2 RISK FACTORS There has been no significant change in the risk factors identified and presented in the 2018 Registration Document. Readers are invited to refer to section 1.7.4 of the 2018 Registration Document filed with the AMF on March 6, 2019 under number D.19‑0119. 2 KLÉPIERRE INTERIM FINANCIAL REPORT FIRST-HALF 2019 MANAGEMENT REPORT Business overview 1 1.3 BUSINESS OVERVIEW 1.3.1 Economic environment European economic growth slowed down during the first half of 2019, 7.9% and wages rising in most countries. Inflation is projected to be with eurozone Gross Domestic Product (GDP) expected to increase moderate at 1.2% in 2019 as a whole, reflecting modest domestic demand. by just 1.2% for full‑year 2019 (compared to 1.8% in full‑year 2018). Weak external demand and low business confidence weighed on However, the tapering off of the real economy was offset by an private investment, while trade tensions penalized exports over the unexpected fall in interest rates to an all‑time low; at the beginning period. Private consumption and public spending held up well however, of the year, the macroeconomic consensus had been for a gradual supporting the labor market, with unemployment declining further to tightening of financing conditions. 3 2019 AND 2020 MACROECONOMIC FORECASTS BY GEOGRAPHY Real GDP growth rate Unemployment rate Inflation rate Geography 2018 2019E 2020E 2018 2019E 2020E 2018 2019E 2020E EUROZONE
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