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2020-07-29

UNIBAIL-RODAMCO-WESTFIELD, THE PREMIER GLOBAL DEVELOPER AND OPERATOR OF FLAGSHIP DESTINATIONS, REPORTS H1-2020 EARNINGS

Paris, Amsterdam, July 29, 2020

Press release

UNIBAIL-RODAMCO-WESTFIELD, THE PREMIER GLOBAL DEVELOPER AND OPERATOR OF FLAGSHIP DESTINATIONS, REPORTS H1-2020 EARNINGS

Adjusted Recurring Earnings per Stapled Share (“AREPS”) of €4.65

  • Encouraging footfall recovery; regions open 11 to 12 weeks generally at 80 – 90% of LY
  • Tenant sales: impacted less than footfall in June, thanks to higher conversion and average baskets
  • Tenant negotiations: approximately a quarter of the way through the process
  • Collection rates: 94% in Q1; 67% for H1-2020 overall
  • Liquidity: €12.7 Bn of cash and undrawn lines
  • Disposals: completed €2.0 Bn (at 100%) transaction for five French retail assets
  • Average cost of debt: 1.7%; average debt maturity extended to a record 8.5 years
  • Like-for-like portfolio revaluation: -5.1%
  • EPRA Net Reinstatement Value (“EPRA NRV”): €197.00/stapled share
  • Development pipeline scaled back to €6.2 Bn (-€2.1 Bn vs. Dec. 31, 2019)
  • LTV: 41.5%, leaving ample headroom to covenants

“The first half of 2020 marked an unprecedented time that has impacted URW, as it has everyone. URW was forced to substantially close most of its shopping centres starting in March for, on average, 67 days. During this period, the Group took steps to support the communities in which it operates and prepare for a safe reopening in line with the best health and safety guidelines. After the reopening, the footfall and sales have been recovering better than anticipated. This shows our centres continue to be attractive destinations for people to visit and will see further increases in activity as life returns to normal. During the crisis, URW successfully focused on preserving liquidity, by raising funds on the debt markets, deferring non-essential CAPEX, reducing the pipeline, cancelling the final dividend and implementing cost savings. The Group now has a record €12.7 Bn of cash and undrawn credit facilities available. Despite the adverse conditions, the Group successfully closed the disposal of a 54.2% stake in a portfolio of five French centres. URW is committed to de-leveraging, and reiterates its plans to dispose the remaining €4 Bn of its asset disposal programme over the next couple of years. These accomplishments during such a difficult period prove the resilience of URW and the extraordinary work of our teams, to which I extend my admiration and gratitude.”
Christophe Cuvillier, Group Chief Executive Officer

 

 H1-2020H1-2019GrowthLike-for-like growth(1)
Net Rental Income (in € Mn)1,0651,254-15.1%-14.2%
  Shopping Centres1,0081,137-11.4%-11.3%
  France310330-6.0%-2.7%
  Central Europe 111113-1.7%-1.7%
  Spain7377-4.3%-2.1%
  Nordics 5566-16.6%-13.0%
  Austria3956-29.5%-27.5%
  Germany6570-7.1%-9.4%
  The Netherlands2628-5.8%-9.7%
  United States 277319-13.2%-15.3%

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