March 12, 2020 / 5:51 PM / 23 days ago

BRIEF-Klepierre's Announces Footfall In Its Italian Malls Fell By 30% Since Feb 22 To March 11

March 12 (Reuters) - KLEPIERRE SA:

* INFORMATION CONCERNING IMPACT OF COVID-19 EPIDEMIC ON KLÉPIERRE’S ACTIVITIES IN ITALY

* BETWEEN FEBRUARY 22, 2020, WHEN INITIAL MEASURES WERE ENACTED BY ITALIAN GOVERNMENT, AND MARCH 11, FOOTFALL IN KLÉPIERRE’S ITALIAN MALLS FELL BY 30%

* KLÉPIERRE’S ITALIAN MALLS IN 2019 REPRESENTED EUR 205.7 MILLION OR 16.6% OF GROSS RENTAL INCOME ON A TOTAL SHARE BASIS

* ON CORONAVIRUS: IN OTHER COUNTRIES WHERE GROUP OPERATES, FOOTFALL IS SLIGHTLY NEGATIVE OVER SAME TIME SPAN, DOWN BY 3% OVERALL AND 6% OVER LAST SEVEN DAYS OF PERIOD

* GIVEN LACK OF VISIBILITY OVER LIKELY DURATION OF EPIDEMIC, IT IS NOT CURRENTLY POSSIBLE TO MEASURE IMPACT SITUATION MAY HAVE ON GROUP’S 2020 NET CURRENT CASH FLOW PER SHARE

* ON COVID-19: A PERSISTENT, DEEPER AND MORE GENERALIZED DECLINE IN RETAILERS’ SALES COULD ADVERSELY AFFECT THEIR SOLVENCY AND KLÉPIERRE’S ABILITY TO COLLECT A PORTION OF RENTS

* GROUP SET UP A CRISIS MANAGEMENT TEAM IN MID-FEBRUARY 2020, SUPPORTED BY EXTERNAL EXPERTS

* ONCE HEALTH SITUATION HAS STABILIZED, GROUP REMAINS CONFIDENT IN ITS ABILITY TO CONTINUE ITS GROWTH MOMENTUM, LEVERAGING QUALITY OF ITS PORTFOLIO, ITS UNIQUE OPERATIONAL KNOW-HOW AND STRENGTH OF ITS BALANCE SHEET Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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