BUSINESS FOR THE YEAR Parent company earnings and distribution 2 2.4.4 Disposals 3 DISPOSALS COMPLETED SINCE JANUARY 1, 2017 Sale price GLA (in €m, excl. Assets (City, Country) (in sq.m.) transfer taxes, total share) Date Lillestrøm Torv (Lillestrøm, Norway) 21,600 01/23/17 Charras (Courbevoie, France) 6,300 01/31/17 Puerta de Alicante (Alicante, Spain) 20,810 02/20/17 La Vigie (40.9%, Strasbourg, France) 18,225 03/02/17 Augusta (Zaragossa, Spain) 24,474 05/31/17 Saint-Clair (Hérouville, France) 13,525 10/13/17 Shopping centers 91,409 133.2 Newton (Clamart, France) 14,095 01/24/17 Emporia – Offices (Malmö, Sweden) 10,432 03/31/17 Portfolio of 15 Buffalo Grill restaurants (France) 8,238 05/30/17 Hoog Catharijne – Hotel (Utrecht, The Netherlands) 11,600 07/12/17 Vacant unit (Delle, France) 965 07/25/17 Land (Sofia, Bulgary) NA 12/28/17 Roncalli (Cologne, Germany) 17,300 01/03/18 Other properties 62,630 219.2 TOTAL DISPOSALS 154,039 352.4 Since January 1, 2017, the Group has completed a total of €352.4 million 2.4.5 Financial investments worth of disposals (total share, excluding transfer taxes. By geographic area, the Group sold: Pursuant to the share buyback program of €500 million announced > in Scandinavia, for €137.2 million, with the disposal of Lillestrøm on March 13, 2017, the Group has repurchased 9,761,424 of its own Torv (Norway) and offices in Emporia (Malmö, Sweden); shares at an average price of €35.86 per share for a total amount of €350 million. This program was launched in consideration of > in France, for €90.7 million, non-core assets; three main elements: the stock price of Klépierre relative to its NAV, the Group’s disposal plan, and the average yield of investment > for €124.5 million, non-core assets in the rest of Europe. opportunities currently available in the Continental Europe property On average, these transactions were completed at 15% above last investment market. book value. From January 1, 2018 to February 2, 2018, Klépierre has purchased Taking into consideration disposals for which a binding agreement has 902,414 of its own shares, representing a total investment of been reached for an amount of €215.7 million (please refer to the “Events €32 million (average price of €35.74). subsequent to the accounting cut-off date” section of this document), total disposals since January 1, 2017, reached €568.1 million. 2.5 Parent company earnings and distribution 2.5.1 Summary earnings statement for the parent company Klépierre SA 3 EARNINGS STATEMENT FOR KLÉPIERRE SA In €m 2017 2016 Operating revenues 44.9 36.9 Operating expenses -46.3 -40.9 Operating income -1.3 -4.0 Share income from subsidiaries 112.6 77.7 Net financial income 150.8 501.6 Net income from ordinary operations before tax 262.0 575.3 Non-recurring income -10.4 1.0 Corporate income tax 18.1 -0.7 NET INCOME 269.7 575.6 KLÉPIERRE 2017 REGISTRATION DOCUMENT 57