UNIBAIL-RODAMCO SE: Financial information as at September 30th, 2016
(Thomson Reuters ONE) -
Paris, Amsterdam, October 25(th), 2016
Press release
Financial information as at September 30(th), 2016
1. Consolidated turnover
The consolidated turnover of Unibail-Rodamco for the first 9 months of 2016
amounted to ?1,501.4 Mn, an increase of +5.0% compared to the same period last
year. The delivery of Mall of Scandinavia, Polygone Riviera and Minto in 2015
and the extension of the Forum des Halles in 2016, the full consolidation of
Ruhr Park and good leasing activity drove turnover growth in the Shopping Centre
division. In the Office division, the positive impact of the leasing of Majunga
and So Ouest Plaza was outweighed by the disposal of the 2-8 Ancelle and So
Ouest Office buildings, the departure of tenants in some of the Group's offices
and some relettings at lower face rent. The decrease in turnover in Other
activities is due primarily to the delivery of Minto and Ruhr Park in 2015,
resulting in lower development fees for Unibail-Rodamco Germany in 2016.
Turnover
in ? Mn, excluding VAT Q3-2016 Q3-2015 Change
YTD YTD
-------------------------------------------------------
Shopping Centres 1,052.0 958.5 +9.8%
Offices 125.9 134.9 -6.7%
Convention & Exhibition 221.6 224.3 -1.2%
Rental income 142.3 144.4 -1.5%
Services 79.3 79.9 -0.8%
Other activities 101.9 112.4 -9.3%
-------------------------------------------------------
Total 1,501.4 1,430.1 +5.0%
-------------------------------------------------------
Figures may not add up due to rounding.
2. Gross Rental Income as at September 30(th), 2016
Gross Rental Income
Q3-2016 Q3-2015 Change
in ? Mn YTD YTD
-------------------------------------------------------
Shopping Centres 1,052.0 958.5 +9.8%
France 487.3 450.1 +8.3%
Central Europe 119.3 114.7 +4.0%
Spain 121.0 123.2 -1.8%
Nordic countries 118.9 89.7 +32.6%
Austria 77.4 74.6 +3.8%
Germany 72.0 50.2 +43.4%
Netherlands 56.1 56.0 +0.2%
Offices 125.9 134.9 -6.7%
France 109.5 118.0 -7.2%
Other regions 16.4 16.9 -3.0%
Convention & Exhibition 142.3 144.4 -1.5%
-------------------------------------------------------
Total 1,320.2 1,237.8 +6.7%
-------------------------------------------------------
Figures may not add up due to rounding.
Major events
1. Tenant sales
Tenant sales in Unibail-Rodamco shopping centres((1)) were up by +0.7% in the
first 9 months of 2016 compared to the same period in 2015. Across Europe,
fashion retailer sales growth was subdued due to unfavorable weather conditions.
Tenant sales through September 2016 in Central Europe, Spain and Germany were
strong though, growing by +3.6%, +2.7% and +2.4%, respectively.
In France, the terrorist attacks in Paris (November 2015) and in Nice (July
2016) have continued to weigh on consumer confidence and tourism. Considering
the weight of the Paris region in the Group's French shopping center activity,
tenant sales in France were only broadly flat compared to the same period in
2015, during which tenant sales had grown by a very strong +4.8%.
Through August 2016, tenant sales (excluding Sweden)((2)) grew by +1.8%, in line
with national sales indices((3)). Including Sweden, the Group's tenant sales
were up by +30.3% in the Nordics and by +6.0% in total.((4))
2. Gross Rental Income as at September 30(th), 2016
Gross Rental Income (GRI) of the Shopping Centre division amounted to ?1,052.0
Mn for the first 9 months of 2016, an increase of +9.8% compared to the same
period in 2015. The strong performance in France, the Nordics and Germany was
driven by the deliveries of the new shopping centres, extensions and
renovations, the full consolidation of Ruhr Park since July 2015 as well as the
strong leasing activity.
The GRI of the Office division amounted to ?125.9 Mn, down by -6.7% compared to
the first 9 months of 2015. The increase in rental income from Majunga and So
Ouest Plaza was offset by the disposal of 2-8 Ancelle and So Ouest Office in
March and July 2016, respectively, as well as the impact of departures of
tenants in some of the Group's offices and some relettings at lower face rent.
The GRI of the Convention & Exhibition division decreased moderately by -1.5% to
?142.3 Mn, due to the unfavorable seasonal effect in 2016, with the Paris Air
Show, the Paris International Agribusiness Show and the triennial Intermat show
all taking place in 2015, which more than offset the positive impact of the UEFA
EURO 2016 soccer tournament.
3. Other events
On September 22(nd), 2016, the Group unveiled its new CSR strategy, "Better
Places 2030". Unibail-Rodamco aims to reduce by -50% its carbon emissions by
2030((5)), becoming the first listed real estate company to engage on such an
ambitious and global strategy. This strategy will be incorporated into the
entire value chain with a wide spectrum of initiatives, covering the emissions
resulting from the activities of the Group as well as its stakeholders, notably
indirect emissions resulting from construction works, consumption of energy by
tenants and transport taken by users of its sites.
4. Post-closing events
In October 2016, the Group disposed of two additional office buildings, for a
total acquisition cost of ?311 Mn((6)). The average NIY((7)) on these two
transactions was 5.0%, with an average premium of +20.5% above the last
unaffected appraisal value.
70-80 Wilson, which was disposed of on October 18(th), is located close to La
Défense (Paris region, France). 70-80 Wilson is a 23,037 m² office complex of
two separate buildings and a shared company restaurant. It is located close to
the shopping center "Les 4 Temps" and was partially renovated in 2012. The
renovated part of the building is BREEAM In-Use and HQE certified.
Nouvel Air, which was disposed of on October 19(th), is located in Issy-les-
Moulineaux. Formerly part of the Issy Guynemer property complex, Nouvel Air is a
15,890 m² office building which benefits from an excellent location in the very
dynamic business area of Issy-les-Moulineaux. It was renovated in 2011-2012 and
is BREEAM In-Use certified.
5. Awards
For the 5(th) consecutive year, Unibail-Rodamco received two "Gold Awards" from
EPRA (European Public Real Estate Association) for its compliance with EPRA's
Best Practice Recommendations for both financial reporting and sustainability,
an outstanding performance in the sector. This consistent performance
illustrates the Group's commitment to playing a leading role in this field.
6. Outlook
The Group reiterates its forecast of recurring earnings per share around ?11.20
for 2016.
7. Financial schedule
The next financial events on the Group's calendar will be:
February 1(st), 2017: 2016 Full-year results (after market close)
March 29(th), 2017: payment of an interim dividend (ex-dividend date: March
27(th), 2017)
April 25(th), 2017: Combined General Meeting
April 25(th), 2017: 2017 1(st) Quarter Revenues (after market close)
July 6(th), 2017: payment of a final dividend, subject to approval of the AGM
(ex-dividend date: July 4(th), 2017)
July 24(th), 2017: 2017 Half-year results (after market close)
Notes:
1. Tenant sales performance in Unibail-Rodamco's shopping centres (excluding
the Netherlands) as at September 30(th), 2016 (year-on-year evolution) in
portfolio of assets in operation, including extensions of existing assets
but excluding deliveries of new brownfield projects, acquisition of new
assets and assets under heavy refurbishment. Shopping centres excluded were
Forum des Halles and Galerie Gaité (Paris), Parly 2, Carré Sénart and Carré
Sénart shopping park (Paris region), Polygone Riviera (Cagnes-sur-Mer), Mall
of Scandinavia (Stockholm), Minto (Mönchengladbach), Ruhr Park (Bochum),
Glories (Barcelona), Bonaire (Valencia), Centrum Chodov (Prague) and Aupark
(Bratislava).Primark sales estimates have been taken into account in Toison
d'Or, El Faro, Parquesur, Splau, Shopping City Süd, La Part Dieu. Excluding
Apple store sales (which Apple no longer publishes).
2. Tenant sales performance as defined in (1) as at August 31(st), 2016 and
excluding Sweden because of the impact of Mall of Scandinavia which distorts
the numbers for both the national sales index and the Group due to its
overwhelming success since delivery in November 2015.
3. National indices available (year-on-year evolution) as at August 2016:
Institut Français du Libre Service (France); Instituto Nacional de
Estadistica (Spain); Ceský statistický úrad (Czech Republic); Eurostat
(Austria, Finland, Slovakia); Danmarks Statistik (Denmark). Polish index
(Polska Rada Centrów Handlowych) as at July 2016.
4. As at August 2016, including Mall of Scandinavia.
5. From the levels at the end of 2015. The CSR strategy will be rolled out with
the same level of customer service and is expected to be accomplished in a
value neutral manner.
6. Including transfer taxes and transaction costs.
7. Buyer's Net Initial Yield: annualized contracted rent (including indexation)
and other incomes for the next 12 months, net of operating expenses, divided
by the total acquisition cost.
For further information, please contact:
Investor Relations
Zeineb Slimane
+33 1 76 77 57 22
zeineb.slimane(at)unibail-rodamco.com
Marine Huet
+33 1 76 77 58 02
marine.huet(at)unibail-rodamco.com
Media Relations
Pauline Duclos-Lenoir
+33 1 76 77 57 94
pauline.duclos-lenoir(at)unibail-rodamco.com
About Unibail-Rodamco
Created in 1968, Unibail-Rodamco SE is Europe's largest listed commercial
property company, with a presence in 11 EU countries, and a portfolio of assets
valued at ?39.3 billion as of June 30, 2016. As an integrated operator, investor
and developer, the Group aims to cover the whole of the real estate value
creation chain. With the support of its 1,985 professionals, Unibail-Rodamco
applies those skills to highly specialised market segments such as large
shopping centres in major European cities and large offices and convention &
exhibition centres in the Paris region.
The Group distinguishes itself through its focus on the highest architectural,
city planning and environmental standards. Its long term approach and
sustainable vision focuses on the development or redevelopment of outstanding
places to shop, work and relax. Its commitment to environmental, economic and
social sustainability has been recognised by inclusion in the FTSE4Good and
STOXX Global ESG Leaders indexes.
The Group is a member of the CAC 40, AEX 25 and EuroSTOXX 50 indices. It
benefits from an A rating from Standard & Poor's and Fitch Ratings.
For more information, please visit our website www.unibail-rodamco.com
Financial information as at September 30th, 2016:
http://hugin.info/136618/R/2051343/767499.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: UNIBAIL-RODAMCO SE via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 25.10.2016 - 17:47 Uhr
Sprache: Deutsch
News-ID 502725
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