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Paris, Amsterdam, July 20, 2016

Press Release


A strong first half of the year for the Group

Recurring Earnings per Share (recurring EPS) at €5.81, on track to reach the
top end of the FY-2016 guidance (€11.00 - €11.20) provided in February 2016.

* Recurring EPS of €5.81, representinggrowth of +13.5% from the recurring EPS
for H1-2015 adjusted for the disposals in 2015
* Solid operating performance: Like-for-like Group Net Rental Income (NRI) up
+2.5%, of which +3.8% for the Shopping Centre division
* Further decrease in cost of debt to a record low 1.7% while average debt
maturity is extended to 7.0 years
* Total portfolio value increased to €39.3 Bn, up +4.1% (+3.5% like-for-like)

* Net asset value per share: * Going Concern NAV: €191.80, up +2.7% vs. Dec.
31, 2015 * EPRA NNNAV: €174.40, up +2.6% vs. Dec. 31, 2015 * EPRA NAV:
€189.00, up +5.7% vs. Dec. 31, 2015
* Pipeline of development projects increased to €7.9 Bn

| H1-2016 H1-2015 Growth Like-for-like growth |
| Net Rental Income (in € Mn) 781 725 +7.7% +2.5% |
| Shopping Centres 643 582 +10.6% +3.8%(1) |
| France 295 273 +8.2% +5.0% |
| Central Europe 80 74 +7.9% +9.2% |
| Spain 71 76 -5.9% -2.8% |
| (1) |
| Nordics 73 53 +38.0% +2.3% |
| Austria 48 46 +4.0% +4.4% |
| Germany 45 26 +70.0% +8.9% |
| The Netherlands 31 34 -8.2% -7.5% |
| Offices 84 84 -0.3% +3.1% |
| Convention&Exhibition 53 59 -9.5% -9.5% |
| Recurring net result (in € Mn) 575 528 +8.9% |
| Recurring EPS (in € per share) 5.81 5.37 +8.2% |
| |
| Recurring EPS (in € per share) vs. rebased H1-2015 5.81 5.12 +13.5% |
| |
| June 30, 2016 Dec. 31, 2015 Growth Like-for-like growth |
| Total portfolio valuation (in € Mn) 39,299 37,755 +4.1% +3.5% |
| Going Concern Net Asset Value 191.80 186.70 +2.7% |
| |
|(in € per share) |
| EPRA Triple Net Asset Value 174.40 169.90 +2.6% |
| |
|(in € per share) |
| EPRA Net Asset Value 189.00 178.80 +5.7% |
| |
|(in € per share) |
Figures may not add up due to rounding.

"The first half of 2016 has seen Unibail-Rodamco's business perform strongly.
In spite of the impact of the terrorist attacks in Paris in 2015 and Brussels
in 2016 and the subdued economic environment, our retail activity in France
has proven very resilient, with like-for-like NRI growth of +5.0% over the
period. Our exceptional portfolio of shopping centres across Europe continues
to attract the best retailers worldwide. The strong performance in most of
the Group's regions and in the Offices division, as well as the
successful projects delivered in 2015, drove robust net rental income growth
of +10.6% in Shopping Centres and +7.7% for the Group as a whole.
The buoyant investment market in Paris enabled the Group to dispose of the 2-8
Ancelle and So Ouest office buildings at compelling prices.
Finally, the Group lowered its average cost of debt to an unprecedented level
of 1.7%.
The recurring EPS of €5.81 represents growth of +13.5% from H1-2015 rebased
for the disposals in 2015, on track to reach around €11.20 for 2016, the top
end of our guidance of €11.00 - €11.20 announced in February 2016."
Christophe Cuvillier, CEO and Chairman of the Management Board


Recurring EPS came to €5.81 in H1-2016. This represents an increase of +13.5%
from the recurring EPS for H1-2015 rebased for the disposals in 2015, of
€5.12. Most were made in H2-2015 and thus had a significant impact in
This increase was primarily due to the robust rental growth of the Shopping
Centres and the strong decrease in the average cost of debt. In addition, the
Group benefited from the positive impact of the recognition of tax losses
carried forward.
Compared to the €5.37 of recurring EPS reported for H1-2015, recurring EPS in
H1-2016 increased by +8.2%.


Shopping Centres

Tenant sales in Unibail-Rodamco's shopping centres grew by +2.2% through June
2016. Through May 31, 2016, Group's tenant sales growth of +2.1% was slightly
above that of the relevant national sales indices. Germany, Central Europe
and Spain were the principal drivers with growth of +4.2%, +3.0% and +2.7%,
respectively. In France, despite the adverse effect of the terrorist attacks
and threats, social unrest and particularly unseasonal weather, tenant sales
were up +1.4% through May 31, 2016. New or recently renovated shopping
centres, such as Aéroville (+10.2%) and Toison d'Or (+6.2%), performed very
The Shopping Centre like-for-like NRI grew by +3.8%, 350 bps above
exceptionally low indexation of +0.3%. The Group signed 795 new leases on
consolidated standing assets with a Minimum Guaranteed Rent uplift of +20.6%.
The rotation rate of 7.2% in H1-2016 is in line with the objective to rotate
at least 10% of tenants every year. The EPRA vacancy rate remained stable at
2.5%, of which 0.2% is strategic vacancy.


Take-up in the Paris region office market was strong in H1-2016, up +20%,
driven by the La Défense and CBD markets. The Group leased more than 51,000
m2in France in H1-2016, including the lease with Deloitte for 30,690 m² on
Majunga Tower. Financial vacancy stood at 12.3%, down from 14.4% at Dec. 31,
2015. Like-for-like Offices NRI grew by +3.1% compared with the same period
in 2015.

On March 24, 2016, the Group disposed of the 2-8 Ancelle office building
(Neuilly-sur-Seine, Paris region) to a joint-venture between ACM Vie SA and
funds managed by Amundi Immobilier, for a net disposal price2 of €267.6 Mn.
On July 12, 2016, the So Ouest Office building (Levallois, Paris region) was
disposed of for a net disposal price2of €333.8 Mn, representing a net initial
yield below 4.5%.


Convention&Exhibition's Net Rental Income declined by -9.5% vs. H1-2015, which
included the triennial Intermat show, but was up +16.4% compared to H1-2014,
the latest comparable period. Viparis hosted the first edition of the Viva
Technology show at Porte de Versailles, which brought together 5,000
start-ups and more than 45,000 visitors.

VALUE CREATION of €15.87 per share

The Gross Market Value of the Group's assets as at June 30, 2016 amounted to
€39.3 Bn, up +4.1% in total and up +3.5% on an like-for-like basis compared
to December 31, 2015. The Shopping Centre division grew by +3.2% on a
like-for-like basis, with rent and yield effects of +1.2% and +2.0%,
The average net initial yield of the retail portfolio stood at 4.4% as at June
30, 2016 (vs. 4.6% as at December 31, 2015), reflecting market yield
contraction and the increased quality of the portfolio. Strong investor
demand for office assets in Paris drove yield compression for the Group's
office portfolio. On a like-for-like basis, the office portfolio value
increased by +6.8% with a yield effect of +6.1% and a rent effect of +0.7%.

Going Concern NAV per share stood at €191.80 as at June 30, 2016, an increase
of +€5.10 (+2.7%) compared to December 31, 2015. This increase was the sum of
(i) the value creation of €15.87, (ii) the impact of the mark-to-market of
the fixed-rate debt and derivatives for -€5.92, and (iii) the impact of the
interim dividend of €4.85 paid in H1-2016.


Following an exceptional pace of deliveries in 2015, with three new and three
renovated and extended retail assets and one new office tower, 2016 will see
one important delivery: on April 5, the Group inaugurated the extension and
renovation project of Forum des Halles, which now features a Lego Store, a
Sephora concept store and Superdry, Liu Jo, Nike and Rituals Parisian
flagships, as well as two new restaurants. The Canopy offers a new face to
this emblematic shopping centre located at the heart of Paris.

In H1-2016, the Group added two new extension projects to its pipeline, La
Part Dieu (Lyon) and Garbera (San Sebastián), representing €0.4 Bn of TIC. As
at June 30, 2016, the Group's consolidated development pipeline amounted to
€7.9 Bn (€7.2 Bn in group share), up from €7.4 Bn as at December 31, 2015.

NEW RECORDS IN BOND MARKETS DRIVE cost of debt even lower

In H1-2016, the Group took advantage of the rally caused by the ECB's
announcement of its corporate sector purchase program to extend its debt
maturity profile at attractive conditions. The Group issued a €500 Mn bond

Författare Hugin

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