UNIBAIL-RODAMCO SE: Financial information as at March 31st, 2017
(Thomson Reuters ONE) -
Paris, Amsterdam, April 25(th), 2017
Press release
Financial information as at March 31(st), 2017
1. Consolidated turnover
The consolidated turnover of Unibail-Rodamco for the first quarter of 2017
amounted to ?528.6 Mn. The Shopping Centre turnover grew by +3.7%, on the back
of continued strong like-for-like growth and deliveries and acquisitions of
additional units in existing shopping centres in 2016. Turnover in the
Convention & Exhibition division grew by +5.0%, while the Office division
turnover declined by -22.1% due to the disposal of four office buildings in
2016.
Turnover
in ? Mn, excluding VAT Q1-2017 Q1-2016 Change
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Shopping Centres 360.8 347.8 +3.7%
Offices 36.6 47.0 -22.1%
Convention & Exhibition 97.3 92.7 +5.0%
Rental income 64.1 61.8 +3.8%
Services 33.2 30.9 +7.5%
Other activities 33.9 33.6 +0.9%
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Total 528.6 521.1 +1.5%
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Figures may not add up due to rounding.
2. Gross Rental Income as at March 31(st), 2017
Gross Rental Income
in ? Mn Q1-2017 Q1-2016 Change
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Shopping Centres 360.8 347.8 +3.7%
France 166.7 159.1 +4.8%
Central Europe 42.2 41.0 +2.9%
Spain 44.2 40.4 +9.2%
Nordic countries 41.5 38.9 +6.7%
Austria 25.9 25.5 +1.8%
Germany 24.3 23.5 +3.3%
Netherlands 15.9 19.3 -17.5%
Offices 36.6 47.0 -22.1%
France 31.3 41.3 -24.3%
Other regions 5.3 5.7 -6.3%
Convention & Exhibition 64.1 61.8 +3.8%
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Total 461.5 456.6 +1.1%
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Figures may not add up due to rounding.
Major events
1. Tenant sales
Tenant sales((1)) in Unibail-Rodamco's shopping centres grew by +1.8% in the
first quarter of 2017, compared to the same period in 2016. Performance
gradually improved through the quarter after a slow start of the year, with a
strong rebound in March. Central Europe continued to grow strongly, at +5.5%.
France and the Nordics posted growth of +2.7% and +2.6%, respectively.
Through February 2017, tenant sales((1)) were up by +0.7% globally,
outperforming the national sales indices((2)) by almost 70 bps, while in France
the Group's shopping centres outperformed the IFLS((3)) and CNCC((4)) indices by
250 and 500 bps, respectively.
2. Gross Rental Income as at March 31(st), 2017
Gross Rental Income (GRI) of the Shopping Centre division amounted to ?360.8 Mn
for the first quarter of 2017, an increase of +3.7% compared to the same period
in 2016. Good leasing activity continued to deliver strong like-for-like growth.
The performance in Spain, France and Central Europe was boosted by the delivery
and acquisition of additional units in existing shopping centres in 2016
(Glòries, Bonaire, Forum des Halles, Rosny 2, La Part Dieu, Centrum Chodov and
Aupark), partly offset by non-core asset disposals last year (Europark in
Central Europe and Sant Cugat in Spain). Sales-based rents in Mall of
Scandinavia boosted growth in the Nordics. In the Netherlands, the GRI was
affected by the lingering effects of the bankruptcies in 2016 (primarily V&D),
the resolution of a long-standing dispute with a tenant and the impact of the
Mall of the Netherlands project.
The GRI of the Office division amounted to ?36.6 Mn, down by -22.1% compared to
the first quarter of 2016, mainly due to the disposal of 2-8 Ancelle, So Ouest
Office, 70-80 Wilson and Nouvel Air, and by the refurbishment project of Issy
Guynemer.
The GRI of the Convention & Exhibition division increased by +3.8% to ?64.1 Mn.
3. Other events
During the first quarter of 2017, Unibail-Rodamco leased more than 10,000 wm² of
GLA in Capital 8. The building is now almost fully let.
On February 15, 2017, Unibail-Rodamco successfully placed a bond with a maturity
of 11 years (maturing in February 2028) for a total amount of ?600 Mn. This bond
was priced at a spread of 65 bps over mid-swap rates, corresponding to a coupon
of 1.50%. The issue was almost 2 times oversubscribed, despite the tightening of
the pricing during the bookbuilding process. The net proceeds from the bond will
be used for general corporate purposes and will further extend Unibail-Rodamco's
debt maturity profile.
On March 14, 2017, Unibail-Rodamco obtained the building permit for the
"Sisters" office tower project in La Défense (Paris region).
4. Post-closing events
On April 4, 2017, Unibail-Rodamco held the ground-breaking ceremony of the
Überseequartier project in Hamburg and launched the excavation works of this ca.
210,000 m² mixed-use project, with a delivery scheduled for H2-2021.
In April 2017, Unibail-Rodamco completed the first ?650 Mn "green" credit line.
The interest margin is not only tied to the Group's long-term credit ratings,
but also to three green Key Performance Indicators based on the Group's
sustainability vision and "Better Places 2030" agenda.
5. Financial schedule
The next financial events on the Group's calendar will be:
July 6(th), 2017: payment of a final dividend (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, including Rosny 2, CentrO and Paunsdorf) 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 Galerie Gaité
(Paris), Parly 2, Carré Sénart and Carré Sénart shopping park (Paris
region), La Part Dieu (Lyon, as of March only), Glories (Barcelona), Bonaire
(Valencia), Centrum Chodov (Prague) and Leidsenhage (The Hague region).
Primark sales estimates have been taken into account in Toison d'Or,
Bonaire, El Faro, Parquesur, Splau, Shopping City Süd, La Part Dieu,
Polygone Riviera and Euralille. Excluding Apple store sales (which Apple no
longer publishes).
2. National indices available (year-on-year evolution) as at February 2017:
Institut Français du Libre Service - Mode & Cosmétique, Maison et Loisirs
(France); Instituto Nacional de Estadistica (Spain); Ceský statistický úrad
(Czech Republic); Eurostat (Austria, Finland, Slovakia); Danmarks Statistik
(Denmark); Germany: Destatis-Genesis (Federal Statistical Office). Polish
index (Polska Rada Centrów Handlowych) as at January 2017.
3. Institut Français du Libre Service index - Mode & Cosmétique, Maison et
Loisirs
4. Conseil National des Centres Commerciaux index - all centres, comparable
scope
For further information, please contact:
Investor Relations
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 ?40.5 billion as of December 31, 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 1,990 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 focus 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
Q1 2017:
http://hugin.info/136618/R/2098675/794946.pdf
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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: 25.04.2017 - 18:00 Uhr
Sprache: Deutsch
News-ID 538246
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