Regulatory News:

Klémurs (Paris:KMU):

 
In millions of euros      

June 30,
2012

     

June 30,
2011

     

Change
(%)

 

Change on a
constant basis

Rents       21.9       21.1       +3.7% +2.1%
Net rents       20.3       19.8       +2.2%
Cash flow from operations       20.3       19.9       +2.0%
In euro per share                        
Net current cash flow       1.35       1.34       +1.0%  
In euros per share       June 30,
2012 		     

December 31,
2011

      June 30,
2011

Change
over 12 months

EPRA NNNAV1       26.7       26.8       25.4 +5.1%
 

1 Transfer duties excluded, after tax impact of unrealized capital gains and marking to market of financial instruments.

The Supervisory Board met at the Company's headquarters on July 18, 2012 to examine the interim financial statements approved by the
Manager on July 16, 2012.

The interim financial statements were subject to a limited examination by the Company's statutory auditors. The audit report is issued
today.

 

RENTS UP BY 2.1% ON A CONSTANT PORTFOLIO BASIS

Over the 1st half of 2012, Klémurs collected 21.9 million euros in rents, an increase of 3.7%. On a constant portfolio basis, rents rose by 2.1%, primarily reflecting the following items:

  • On one hand, the average impact of index-linked rent adjustments (+4.1%) on minimum guaranteed rents. It should be noted that 65% of leases were pegged to the ICC for the 2nd quarter of 2011, up by 5.01%.
  • On the other hand, a slight decrease in variable rents, based on tenant retail revenues.

Change in rents on a current scope basis also reflects the contribution of the acquisitions made in October 2011 (Delbard garden centers and a restaurant building lease) which more than offsets the impact of the sale of a cafeteria in Saint-Malo also completed in 2011.

Klémurs confirms that its key performance indicators are robust: the financial occupancy rate is high (99.1%) and the late payment rate low (0.4%).

NET CURRENT CASH FLOW PER SHARE: +1.0%

After factoring in cost of net debt (9.1 M?), net current cash flow was 11.1 million euros at June 30, 2012, or 1.35 euro per share, versus 1.34 euro a year earlier (+1.0%).

EPRA NNNAV PER SHARE: 26.7 EUROS

The value of real estate holdings, excluding transfer duties, comes to 627.4 million euros as of June 30, 2012, compared with 629.5 million euros at year-end 2011. The average yield rate of Klémurs' assets is stable compared with December 31, 2011 (7.0%).

EPRA NNNAV was 26.7 euros per share compared with 26.8 at year-end 2011. As a reminder, a distribution of 1.20 euro was paid up to shareholders on April 17, 2012.

2012 OUTLOOK

Klémurs expects its rents to rise slightly over the year thanks to positive index-linked rental adjustments and to the impact of acquisitions completed in late 2011. Klémurs does not currently plan to make significant investments in the 2nd half of 2012.

***

This press release and its appendices are available on Klémurs' website: www.klemurs.fr

About Klémurs

Klémurs is a SIIC (Société d'investissement immobilier cotée) managing and developing a property portfolio composed of assets in the mass retailing, services, and retail industries.

As of June 30, 2012, the valuation of Klémurs' property portfolio reached 627.4 million euros (excluding transfer duties); EPRA NNNAV was 26.7 euros per share.

Klémurs was listed on December 2006. Its major shareholder (84.1%) is the Klépierre group, a major player of retail real estate, present in 13 countries of Continental Europe. Klémurs' shares are admitted to trading on compartment C of Euronext ParisTM.

For more information:www.klemurs.fr

             
      AGENDA      

October 22, 2012

      

3rd quarter revenues for 2012 (after stock market close)

      

KLÉMURS
Julien ROUCH, + 33 1 40 67 53 08
julien.rouch@klepierre.com
or
DDB FINANCIAL
Media
Isabelle LAURENT, + 33 1 53 32 61 51
isabelle.laurent@ddbfinancial.fr