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SOMMAIRE

Section 1:  Business Environment and strategy analysis…………………..……………. 2

Section 2: Auditors’ assessment and accounting principles…………………..………. 4

Section 3: Detailed links between the four company’s
                Financial Statements……………………………………………………………………. 5

Section 4: Analysis of Financial Statements…………………………………………………… 6

        Common size & Trend Analysis …………………………………………………………………………….……...….. 6

Mergers ……………………………………………………………………………………………………………………6

        Profitability Analysis …………………………………………………………………………………………………...…7

        Liquidity Analysis ……………………………………………………………………………………….…………..…… 8

        Solvency Analysis …………………………………………………………………………………………………….… 8

        Statement of Financial Structure …………………………………………………………………………...…………. 9

        Assets utilization analysis …………………………………………………………………………………………….. 10

        Financial Market Measures …………………………………………………………………………………………... 10

        Conclusion …………………………………………………………………………………………………………...… 11

Appendix …………………………………………………………………………………………….…….. 12

        Appendix 1: Tax Rate …………………………………………………………………………………………………. 12

        Appendix 2: Detailed Information for Debt ……………………………………………………………………......… 13

        Appendix 3: Operating Cash Flow ……………………………...……………………………………………………. 15

Section 1: Business environment and Strategy ANALYSIS:

How KlePierre makes Profit? Brief presentation.

Our company main source of profit is to provide space of contact to customer inside shopping-center, to mark and brand. Actually KlePierre is the biggest provider of mall in Europe, as a pure player it leads the market KlePierre malls are visited by 1Billion4 customers annually, this places are situated in 16 countries mostly in Europe, they have 150 millions of regular consumers.

The company is the largest in Europ to propose only space of sell inside malls, the global turnover depends highly of the sale of property so as the result, the total worth of building belonging to KlePierre is €22.1BN worth

The strategy of the group is based on: Comfort, large panel of services, animations and conviviality into the shopping center. The goal is to implement a new way to consume in a shopping- center, to create a place of meeting between people a place of life.They realise a massive merge in 2015 with Corio.

Recent actualities and awards of the group:

In January KlePierre bought through one of its Join Venture the shopping Mall Oslo city in Finland, that is relevant of its strategy to raise its presence in the Scandinavian market. Oslo is one of the richest capital of Europ.

Massive fusion the 31 March of 2015 of Klepierre and Corio which confirm the place of KlePierre as major player in the market.

KlePierre is awarded Green Star for the fourth time thank to the annual survey: GRESB 2015

Porter analysis framework:

The amount of placement in building is very high into the courant asset is very high, 13 901 on 17 293, that means: 80.3% of the non courant asset are building dedicated to renting.

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