FIRST-QUARTER for business in 2020

black ceramic mug beside white printer paper

About revenues

Klépierre’s total revenues for the three-month period ended March 31, 2020 amounted to €316.8 million, a 4.2% decrease compared to the same period last year, mainly attributable to the impact of disposals carried out in 2019.

Gross rental income generated by shopping centers amounted to €291.9 million over the first quarter of 2020 on a total share basis, compared to €304.9 million for the same period last year. The €13.0-million (4.3%) decrease mainly reflects the disposal of assets in Hungary, Portugal and the Netherlands in 2019 as well as a negative foreign exchange effect from Scandinavian currencies.

As of March 31, 2020, like-for-like basis(2) shopping centers net rental income was broadly stable compared to the same period last year (up 0.1%). This was due to lower variable income (sales-based rents, specialty leasing and parking revenues) as a direct consequence of the lockdowns. Restated for this effect, like-for-like net rental income was up 2.3%.

Gross rental income from other retail properties amounted to €5.3 million, €1.0 million lower than in the same prior-year period as a result of disposals carried out in 2019 and early 2020.Management and development fees increased slightly from €19.5 million to €19.7 million.

Support measures

Klépierre has always valued a sustainable, trustworthy and long-term relationship with retailers. In the current environment, the Group has been in constant contact with them and has already taken the following decisions:

to switch from quarterly to monthly invoicing of Q2 rents in countries where monthly invoicing was not already standard practice (France, Italy and Scandinavia);

to defer the payment of April’s rents to the second half of the year(4); and

to grant a three-month rent holiday to small businesses in France(5) in line with the recommendation of several professional property owner associations.

The Group will continue to adjust the support provided to retailers on a case-by-case basis.

Source:https://www.globenewswire.com/news-release/2020/04/29/2023850/0/en/FIRST-QUARTER-2020-BUSINESS-REVIEW.html

Comments

Who expands commercial vehicle battery business in Europe?

Who expands commercial vehicle battery business in Europe? The Chinese battery giant CATL has just signed a deal to provide VDL Bus & Coach with its high energy density battery system based on its standardized LFP-CTP (Cell to Pack) product platform. Furthermore, CATL appointed Quantron as its authorized sales and service partner for commercial vehicles and industrial applications in Europe. Firstly to CATL SME business in Europe: As an importer, Quantron is now authorised to supply batteries in Europe as a dealer for CATL. The German company specialises in the electrification of commercial vehicles and is now responsible for CATL battery sales and after-sales partner for commercial vehicles and industrial applications. Quantron will also rely on CATL batteries for its own retrofits in the future. According to CATL, its cooperation with Quantron is not intended to reach large OEMs – the Chinese company will continue to do this business directly. Such a deal has just bee...

EU could finance €1.5 trillion recovery fund with bonds: Dombrovskis - Euractiv

EU could finance €1.5 trillion recovery fund with bonds: Dombrovskis - Euractiv The European Union could finance a recovery fund worth up to €1.5 trillion with bonds guaranteed by member states, European Commission Vice President Valdis Dombrovskis told German newspaper Handelsblatt. EU finance ministers last week agreed on a package of measures worth half a trillion euros to cushion the blow of the coronavirus pandemic but left unresolved the most contentious question of how to share the financial burden. The ministers also kicked into the long grass the question of how to pay for a temporary recovery fund for Europe because it goes to the heart of a disagreement over jointly issued debt. Asked about the possibility of financing such a fund with bonds amounting to up to 1.5 trillion euros, Dombrovskis said in an interview with Handelsblatt published Tuesday (14 April): “I could imagine such a financial framework. But nothing has been decided yet.” He said the recovery f...

The future by European carbon market ?

The future by European carbon market ? The oil market collapse is opening a new debate in Europe about strengthening the carbon market, a key tool in the region’s bid for climate neutrality. European Union energy ministers are set to discuss on Tuesday the security of supplies and the role of the industry in a plan for an economic recovery from the coronavirus pandemic. The joint shocks of the viral outbreak and record low oil prices hit the energy markets shortly after the EU announced its Green Deal. That has prompted France to urge bolstering the bloc’s carbon market through measures including a floor price.

Business advice

Search This Blog