Ladies and gentlemen, dear shareholders, welcome to this ordinary extraordinary shareholder meeting or general meeting as a general secretary. The invitation gave way to the legal formalities. A notice of meeting was published in the compulsory bulletin on the 05/12/2021, and a convening letter was also published on the 05/26/2021, as well as the legal special corporate bulletin. And the convenings were also sent to the registered shareholders on the 05/28/2021 and auditors with registered letter on the 06/02/2021. As announced in the invitation and convening letter, the general meeting is taking place in a closed session without a physical presence of the shareholders and administrative measures limiting or curbing or banning collective meetings for health related reasons were actually an obstacle to the physical presence of the members of the general meeting.
And we needed to comply with physical social distancing. And the number of the people present had to curbed and limited. I let me just remind you that the general meeting is now displayed fully displayed and broadcast live on Clabio's website. And and by virtue of the French watchdog recommendations, the recording will be available on the website. I'm now going to kick it over to the head of the management committee, Mr.
Gestin. Hello, everybody. Ladies and gentlemen, shareholders, I'm very happy to be here with you at the Ecopetrol General Meeting. But because of the pandemic and the coronavirus crisis, David Simon, the head of the Supervisory board, may not be able to take the floor, but he wanted to talk to you still. And we're now going to listen to his message right now.
Simon, I'm chairman of the supervisory board of Klepierre. Unfortunately, I cannot be with you today because of the pandemic, but I still wanted to provide you with my perspective before we proceed with the AGM. It's been a very challenging operating environment for Klepierre. The COVID nineteen pandemic caused lockdowns in 2020, which translated into the equivalent of more than two months of closure and six hundred and sixty thousand trading days for retailers. Despite this context, the group proved its resilience notably through the generation of €690,000,000 of net current cash flow and the negotiation of thousands of agreements with tenants on lockdown periods.
I would like to pay a special tribute to the Klepierre management team and staff for the adaptation and dedication they provided during these unexpected and historic times. Thanks to their hard work and rapid rapid implementation of a cost reduction plan as well as the historically tight management of the balance sheet and a focused and responsible development pipeline, Klepierre managed to contain cash flow outflows and strengthen our liquidity position and preserve the robustness of our leverage metrics. Furthermore, I'm extremely proud to report that in 2020, even with the impacts of the COVID nineteen pandemic, we accelerated the delivery of our ambitious non financial road map and pursued our corporate social responsibility, CSR strategy, act for good with environmental, societal, and social achievements and worldwide recognitions. Now I am glad to tell you that since mid May, all Klepierre malls have reopened and are welcoming visitors with the application of strict sanitary protocols. While our results and activities during the early part of 2021 continue to be impacted by lockdowns, we are already noticing encouraging signs of resumption both in terms of footfall and retailer sales.
It shows how physical retailing is regaining traction as soon as restrictive measures are eased, notably because people crave social interactions. We are fully committed to continuing our hard work and focus to return to normalized operating results as the operating environment improves. And I would like to thank you, our shareholders, for your unwavering support in these circumstances. More than ever, I know our strategy and our fundamentals were a key differentiator in how we weathered the storm compared to our competitors and that they will be key to turn the corner of this crisis. The quality of our portfolio in major growing cities in Europe, the expertise of our teams, the strength of our balance sheet, and the relationship with our retailers.
As you know, my term as a member of the Supervisory Board for your company expires today. I've been chairman of this board for nearly a decade now, relentlessly serving your best interest. I'm ready and willing to extend my mandate to ensure that Klepierre remains the European leader in shopping malls and create the highest value for its stakeholders. I trust you will support my reappointment. During this live webcast, we will review our company's performance over the past year and provide you with a update on 2021.
I now leave you to attend a virtual twenty twenty one annual general meeting and give the floor to Jean Marc Justine, chairman of the Klepierre Executive Board. Thank you very much.
Thank you very much, mister president. Now the Executive Board would like to thank you and thank all of the other members of the Supervisory Board who were throughout this COVID period supporting all of us in a steadfast way and supported the company, and you'll see this in the figure very soon. Thank you, mister president, mister chairman. And let us now go on to the usual modalities So as to open this general meeting. On the screen, we have the agenda of the meeting, and we are going to set up the board of the meeting, and then the head of the executive board will show you the management report for the year 2021, and we will then refer to the report of the Supervisory Board on the 2020 written accounts via corporate governance as well.
And the auditor will also make a presentation of the reports, and we'll then proceed with a Q and A session. And then we'll make a presentation of the voting the vote results. Let's now carry on with the setup of the Board. The head of the Executive Committee will have the honor of presiding this assembly, this meeting, and the various functions of scrutineer will be fulfilled by the two members with the greatest number of votes and that accepted actually this mandate. We're now talking about the Simon Global Development BV, a company represented by Stephen Feidl, a shareholder of the company.
It is selected among the 10 shareholders with the greatest voting vote numbers present by video. Mr. Cien Biron, shareholder of the company, here present. The board actually appointed me as a secretary and the session is now open. The roll call shows this that 2,458 voted by mail or by Internet and that they have 2 and 15,000,008 and $17.84 shares, in other words, a quorum of 75.98%.
The meeting can hence deliver it. The documents, the list of which is being displayed on the screen, were submitted at the Swedish office and made available to the meeting. All the documents, which by virtue of the regulatory measures should be communicated to the shareholders, were made available to them within agreed time lines. The Chairman is now going to make a presentation of the management report by virtue of the 2020 fiscal year. Thank you very much.
I will now make a presentation of the management report related to the year 2020, and we will take this opportunity along with my colleagues in the executive board to to and then refer to the first months of the year 2021. In the year 2020, as you may all know, the shopping malls which we own were closed down for a period representing over two point one months, as you may see on the slide. This was essentially taking place from March to May and November. And this slide actually illustrates the opening and closing periods. We actually generated satisfactory results, however.
First of all, we generated over EUR160 EUR90 million worth of net cash flow, current cash flow, lifted and renewed EUR2.9 billion of financial means or lines. And we also paid off dividends to our shareholders for the year 2019, euros $780,000,000, and reduced our operating charges, overheads and administrative costs to face up to the crisis. Euros 200,000,000 reduction and a very important item here. We also got a reward once again because of our results. We're talking about our CSR results and Now let's actually focus on the current cash flow, 1.97, zero eight five reduction versus 2019.
And the major key elements related to coronavirus are We decided to reduce rents during closedown periods of the amount 44¢ per share. This is the equivalent. And we also had to observe or or come up with provisions, $0.03 8 per share. And because of the close down of very smalls for two months, we also had to observe a variable revenue reduction of €09 per share.
And we took up quite a number of measures, and I'll get back to those measures, enabling us to curb the coronavirus impact and the cost reduction, overheads and taxes. This year, we also have been working flat out on well, for the signature of protocols for the benefit of our tenants, 5,000 agreements were actually sealed in this respect, so as to agree on the various lease agreements during the close down periods. And we also signed, and this is quite important to mention, nine fifty one new lease agreements with a positive reverberance of 4.5%. And so far as expenses, as was already mentioned, as early as the beginning of the crisis, we set up a savings program on both our lease expenses and overheads, the rental expenses, which we represent EUR383 million per year EUR3811 million today over the year 2020. And so for staff and cost and overheads, we also set up a program.
This is a very important expense reduction program, euros 170,000,000 in 2019 to €138,000,000 in 2020. We also reduced our investment, our CapEx because of the crisis and we are now displaying the investment volumes which we had generated in 2019, EUR307 million in 2020, EUR178 million related to development expenses as well as maintenance expenses. And we also took on measures and 2020 expenses had to be reduced by EUR94 million. And I'm talking about development projects. Now those various measures made it possible to limit the debt increase and maintain our financial ratios.
The debt of 9,540,000,000.00 2020, in other words, EUR $224,000,000 increase stemming from cash flow reduction, which I indicated a few minutes ago, and EUR $270,000,000 was the amount of that. And so far as the financial indicators, this crisis allowed us to maintain those at quite an appropriate and positive level. Our net debt to EBITDA be, I'm sorry, at 10.8%. And if we're to eliminate the crisis impact, 8%, which is comparable to the one we had in 2019. And so far as the loan to value amount, the percentage was 37.3% in 2019 and forty one point four percent today because of further portfolio value reduction.
The year was also marked by extraordinary refinancing activities. We refinanced EUR2.9 billion worth of credit lines since the beginning of January 2020, and this is essentially €1,500,000,000 of bonds issued with a 1.5% average yield and nine point five years maturity. And we also renewed the renewable credits, including a sustainable development of €1,400,000,000 with a maturity of five years. And this allowed us to pay off €1,400,000,000 worth of bonds and anticipated payments of a €350,000,000 loan. The value of our approach portfolio went down by 7.2% in 2020.
The investment market is relatively bland and the most important elements here making up this reduction are as follows: for example, the market impacts on rates, capitalization rates, which were factored in by experts, 4.7 of this reduction and the cash flow impact of 2.5% related to corrections on indexation and rental values. On the right hand side of the screen, you can also see the various variations in each one of the countries. And the situation is quite homogenous from one country to the other. Our net revaluated asset net tangible asset value is amounts to EUR 31.4 on the 12/31/2020. And the main event, well, first of all, the revaluation of those assets, which are €4.9 per share, those that I just mentioned, paying off the dividends for the year 2019, euros 2.2 per share and cash flow generated throughout the period, which we have positive €2.1 per share.
Our extraordinary performance levels, CSR performance levels, that places Xepiea among the world leaders. And for quite a number of years, we've had a very ambitious program for the reduction of our energy consumption. Just a few figures, we reduced by 43% the power emissions since 2013 or consumption. And we have over 96% of our waste, which is being recycled and 100% of our portfolio, which is now BRM certified. And this leadership was acknowledged by the greatest nonfinancial agencies such as GRESB, CDP and CDP and Science Best Target.
And for CDP, we're also awarded or acknowledged as a leader in as a retail listed company. And so far as the 2021 business, we would now, in addition to the various items that we put forward to you for the first quarter twenty twenty one, we would like to perhaps give you some inside knowledge. Since the beginning of the year, our malls were closed for over two months and we now reopened them. 93% of the stores are now allowed to reopen. And as you can see on the slide, between the month of or as early as January, February and March, foremost April and the first part of May, our malls were strongly impacted by those administrative lockdowns.
And in June, right now, all of our malls have reopened. The coronavirus crisis now being, alleviated. Thanks to vaccination in Europe. Forty four percent of the population have been vaccinated in the countries where we have a foot at on the right hand side, the contamination rates for 100,000 inhabitants in the EU went down quite strongly as of February and has reached levels less I mean, is now below the 100 bar. And we reopened our smalls thanks to the set up of negotiated health protocols, which were agreed upon with the various authorities in all the countries.
And those protocols allow us to welcome all of the visitors. And we are really getting a great number of visitors, for example, with the compliance with social distancing and the wear of the mask, a very important measure, regular cleaning, cleansing, measuring the air quality, CO2 level gauging and the renewal and ventilation process.
In all our daily activities by the implementation of health measures that are appropriate, we also communicate massively with our consumers about all the efforts we are making to show that our shopping malls are safe and secure and that they can come and have a good time. Since the reopening, the footfall has been better than last year. We see here that last year after the lockdown from the May 18 to the 06/14/2020 compared to 2019, the footfall reached 72% of a normal year. And we can see that subsequent to the de lock down on May 17 to the 06/13/2021 compared to 2019, we have a footfall of 84 of a normal year. So we can see indeed that customers are coming back massively and more quickly than the preceding years.
So the income collection has been slightly affected by the closure. We have invoiced €334,000,000 in rent and charges. We have collected 67% of the 3 and €34,000 invoiced, and this will continue to increase. As you know, in France, the government announced the implementation of specific support to help tenants to pay their rent during the lockdown period. We have and this is an event of note we have commercialization activity which has been very well supported in the 2021, twice as much in the same period as the preceding year during the lockdown.
So business is back, as we say. And the brands of sports and health and beauty and also there are many new leases that have been signed and the group has signed a partnership with Primark to open seven new stores in our shopping malls. We are continuing to invest massively in our assets. As we speak, we have a project currently being built in Bologna called Big Renault, 16,000 square meters. Now this is an extension which should be delivered in 2022.
It's 80% pre rented and the investment is in line with our initial budget. And we are six months late, but the opening should be on target. We are confident in the pickup of our activity with respect to the information that I've just spoken about. And it's for that reason that we propose a distribution of €1 per share in dividend. This year, the cash flow was €1.97 per share.
We are proposing a dividend of €1 per share, which represents a distribution rate of 51%. The proposed distribution corresponds to the reimbursement paid in a single go on the 06/23/2021. As indicated during our first quarter twenty twenty one, in the hypothesis where the lockdown would last two point six months in 2021, which we observed to date, group anticipates a net cash flow of €1.8 per share in 2021. Thank you very much. Let's continue the session by presenting the Supervisory Board's report on the accounts in 2020.
And these two reports are in the KPRO documents in the universal registration document, was made available to the public on 03/31/2021. We have the report of the Supervisory Board on accounts of 2020, and the Supervisory Board made no observations on the 2020 financial statements having to do with the accounts as well. As to the report on corporate governance, I should point out that it was approved by the Supervisory Board on 03/25/2021. I now hand over to Mrs. Catherine Simuni, Chairman of the Appointments and Compensation Committee.
Thank you, Julian. Ladies and gentlemen, shareholders, I have the pleasure of reporting back on the activity of this Appointments and Compensation Committee of your company that I am in charge of. The committee was strongly mobilized in 2020 and held six meetings with a participation rate of 100%. In terms of governance, the committee reviewed the composition of the supervisory board, specialized committees and the supervisory board. We started reflection on the broadening of the supervisory board which resulted in appointing Mr.
Bernard Artegaard, Director of Operations, as a member of the Supervisory Board. The committee proceeded to the independence of members in the Supervisory Board. They also developed a policy and re ratio between men and women in Klepierre, adopted by the Supervisory Board, which has ambitious objectives in terms of social mixity and an action plan. In terms of compensation, the committee proceeded at the beginning of the year for a full review of the various elements comprising the salaries of Supervisory Dour. Based on this work, we developed a policy for compensation in 2021, which is subject to the vote of this present general assembly.
The policy of remuneration is part and parcel of the commoning principles defined in social interests of so as to encourage its sustainability. There are four principles to this. The first one is the level of pay should make it possible to attract and keep the best level of skills to Klepierre and to respect conditions of pay. The second is the structure needs to be balanced in its various components, both fixed and variable and short term pay and long term variable, and taking into consideration the scope of responsibilities thirdly, the compensation of corporate officers is based on effective performance and fourth, the compensation of corporate officers needs to include social objectives and societal objectives and environmental objectives so as to encourage growth over the long haul. Today, shareholders have been solicited to approve their policy for 2021 in terms of compensation and compensation of corporate officers.
Let's start by the policies in 2021. Insofar as the payment of the chair and members of the Supervisory Board, we're keep the same principles that were applied in 2020 with the maintenance of the global enrollment of EUR 6 and 80,000 maximum for nine members and to renew the rules of the breakdown of that amount. In terms of the Chair's remuneration and the members of the Supervisory Board, we wish to continue the same principles of pay that was previously respected and the payment of the members of the Supervisory Board will be composed of three elements of pay. The terms and conditions are the same as previously. There's a fixed part, a short term quantitative part and several qualitative criteria and a variable part of long term in terms of performance shares.
The experience of the crisis situation linked to the epidemic leads to consent the Svumpreiser Broiler faculty to adapt or modify the criteria and the calculation upwards or downwards of the very short term part of pay of the chair and the members of the supervisory board during 2021. It is indicated that this faculty will be framed and choose and will be considered to be exceptional, such as was encountered in 2020. In addition, the implementation of the faculty would obviously require the prior advice of the compensation committee. Let's look at the compensation for 2020. In 2020, the effective pay paid to the members of the Supervisory Board took into account the actual physical presence, 675,804 and €91,089 to the chair of the Supervisory Board.
Concerning the pay of members of the Supervisory Board, it is reminded that in the context of COVID, the Chair and the financial manager have three initiatives: decided to reduce the fixed part of pay by 30% for a period of nine months, way beyond the recommendation of authorities. This reduction represented the reduction in the fixed partial of 168,670 from the Chairman of the Supervisory Board and EUR 108,000 for the financial director. Fixed annual pay for was fixed at EUR 104,000 and was paid pro rata temperes for the current period of November 16 at the date of appointment to the 12/31/2020 or 54,143 thousand euros The variable pay in short term of members of the Supervisor of Borr was highly penalized by COVID-nineteen. Indeed, in the reason of the epidemic, the group did not reach the level of cash flow set for the quantitative portion of variable short term pay. So only the short term was paid and that was 51% of fixed pay for a maximum of one hundred and three percent one hundred and thirty percent.
Members of the Supervisory Board benefited from performance shares in the same proportion as in previous years or 35,000 shares allocated to the President of the Supervisory Board and 34,000 to the Financial Director. Director of Operations received pro rata amount of 1,200 shares. I hand over now to the statutory auditor. Ladies and gentlemen, hello. I am going to present to you in the name of the College of the Statutory Auditors our report on annual accounts, on the consolidated accounts, and the regulatory agreements and the resolutions linked to operations on capital, which are presented to you in the extraordinary portion of this general meeting.
I propose, since we, as usual, to not read the full report but to give you the essential points of our conclusion. With respect to the consolidated accounts for which our report is reproduced on Page 157 of the document of Universal Registration document. We certify the consolidated accounts according to IFRS rules. We indicate that we have performed our mission according to rules of independence and we have not provided any services prohibited by law. Within the justification and applying the specific conditions for preparation of accounts created by the sanitary crisis, we bring to your knowledge the key points of the audit with respect to the risk of significant anomalies, which according to our judgment were higher for our audit and as well as with respect to these points.
These have to do with the assessment of the fair value of the consolidated accounts and the judgment exercised in determining the fair value, the market value. Second point is the assessment of the amounts taken off of the rent, given the materiality of the decreases and depreciation of credit in the consolidated accounts and the part of judgment exercised in the context of the health crisis of COVID-nineteen. We also reviewed the management report and other documents sent out to shareholders without observation from us. Last year, our report describes the responsibilities of statutory auditors and the communication to the audit committee. In our report about annual accounts on Page 184 of the universal document, we certify the annual accounts presented according to the French standards.
We indicate, as for the consolidated accounts, that we performed our mission and rules of independence that are applicable to us. After the reminder of the context of preparation linked to the COVID crisis, we bring to your knowledge a key point of the audit as well as the response given to it, the assessment of deprivation of participating securities linked to shopping centers and the evaluation and prospects of profitability. These assessments are considered to be a key point in the audit given the importance of such securities in annual accounts and the part of judgment which has prevailed. Have been no observations formulated by us in this respect. Lastly, we have verified the concordance of information about compensation and fringe benefits in the favor of corporate officers.
To conclude about the ordinary part of this assembly, you will find on Page three twenty six of the Universal Document our report on overregulated account. This describes the nature of the purpose and the means of the agreements already approved by your General Assembly and the execution continues during this year. This concerns two loans of undetermined at length with the Nordic held indirectly, 55.6, by the Klepierre Group, and agreement having to do with the fiscal representation by your company of Simon Global in BV held by Simon as shareholder holding more than 10% of the voting rights of your company. In addition, we were informed of the continuance of two agreements of indemnization under certain conditions if a constrained departure of Mr. Jean Marcgestin and Jean Michel Gaud, an agreement that was already approved by your General Assembly and which has not been exercised during the year.
In the framework of the extraordinary part of the General Assembly, we have drawn up two reports: First, on the reduction of capital, which is proposed on on the nineteenth resolution. And during in that resolution, there are no observations to express in the reduction of capital envisaged. And a report on the issuance of shares in various securities with maintenance or removal of preferential rights to subscription on the twenty fourth resolution. Insofar as the twenty first and twenty second resolution with respect to with suppression of preferential rights to subscription, Given the conditions that have been decided, we have no observations to express about the means of determination of the price of issuance of capital to be issued. The definite conditions under which are not being fixed, we do express no opinion about these and about the proposal of suppression of preferential rights as well.
With respect to the 20s and relative to issuance with remnants of subscription rights, the means of determination of the price of issuance of capital is not indicated. We will give no opinion on the choice of the elements of calculation of the price of issuance. We are drawing up an additional report if necessary, if delegated so by your supervisory board in terms of the securities and value thereof. Thank you very much. I will hand over now to the secretary.
Thank you very much, Ms. Auditor. We're now going to carry on with the Q and A session. Now as we had already announced, the shareholders have now identified themselves via Vodaccess secured platform, have the possibility of asking remote questions or questions remotely. We'll do our utmost to provide answers to the greatest number of questions.
We got a first question. You're now referring to good recovery, business recovery since reopening. Could you give us some further details for each one of the countries? Yes. True.
We need to underline the fact that this business turn turnaround is quite good because all the malls are have reopened in all the all of the countries with some limits with restaurants and movie theaters and fitness clubs in some countries. But the good news is that everything has reopened. As I indicated already, the footprint is a lot more rapid than in last year's end of lockdown period, and this is true in every country. Now those countries that are more positive here, Italy, France and Spain versus last year, with immediate progress much more significant than the ones we experienced in 2020, perhaps less footfall in other countries, for example, Central European countries or The Netherlands, and this is related to restrictions among students for some of those malls or home working. So to make a long story short, this is a generalized improvement in Scandinavia, for example, that experienced a very strong turnaround and improvement of footfall as early as the first end of the light on period.
Well, record levels actually reached 80% versus a normal year today. So this is a generalized improvement. In terms of turnover figures, we still don't have the figures. We will disclose them when publishing our semiannual results. The information we're garnering from our tenants and on the basis of that information, a return to consumption patterns is very significant in all countries.
Thank you very much. It seems that we have no other questions online. And this was actually the only question that got communicated to us via the platform. If there is no other question, then let us go on with the presentation of the results of the voting of the resolutions and to those show shareholders that wanted to vote remotely. The votes were accepted until the June 14, and the vote access platform remained open till 3PM yesterday.
And we published the results or the detailed results. We are going to publish them right after this meeting, but let us actually tell you the approval rates of the various resolutions. Now let me remind you that the meeting has two different parts. One part was dedicated to the ordinary session, and the second was the extraordinary session. And so far as the resolutions pertaining to the ordinary session, One can observe on the screen, as you can see here on the right hand side, the approval rates, that the approval of annual accounts and twenty twenty consolidated accounts were approved at over 99.8%.
The allocation of the results for the fiscal year 12/31/2020 and the distribution of EUR 1 per share were approved at 98.27%. And agreements and engagements subject to articles l two twenty five dash 86 within the commercial code were adopted at close to 100%. Those related to the renewal of the four members of the Supervisory Board were all adopted closely unanimously. And the resolutions relative to the compensation, the 2020 compensation policy in 2021 of corporate executive offices were fully adopted. And here again, with a great majority over 97%.
Resolution number 18 related to share buyout was adopted at 99.55%. Let us carry on with the resolutions related to the extraordinary session. And as of or on the basis of what you can see on the screen, resolution number 19 related to the delegation of competency and so far as the share reduction through the cancellation of treasury shares was adopted at 99.97%. And Resolutions 20 to 26 related to the renewal of financial authorizations were fully adopted. And finally, the last resolution related to the general ordinary meeting related to the formality formalities was adopted to close to 100% of the detailed results of those votes will be published right after this general meeting on the CLEPIA's website.
And I will now kick it over to Mr. Jean Magistin for the closing of our general meeting. Thank you, Julian. Thank you for this general meeting. I would like to conclude on two different items.
First of all, I'd like to thank all the shareholders that took part in this meeting. And our quorum surpasses all of those of previous years. And before we conclude with just a few years, would like to give you the next date. The June 21, we'll have the dividend detachments. The payoff on the June 23 and the July 27 and October, we will be publishing the results of the first half of the year and the activity of the third quarter twenty twenty one.
We would like to thank you, ladies and gentlemen, for this commitment once again, and I would like to thank Michel Vu and Daniel Patrick Gaud, who are here with me. And I would like to thank you for your support with all the teams. And in very in two very difficult years, they displayed our company's ability to weather the storm, whether from an operational standpoint as well as the financial standpoint, the discipline we have really differentiates us from others. Let's meet again next year, hopefully, for a general physical session and have a very nice evening. And let's meet again on the July 27 for our half year results.
Thank you very much.