UNIBAIL-RODAMCO SE: HALF-YEAR RESULTS 2017
(Thomson Reuters ONE) -
Paris, Amsterdam, July 24(th), 2017
Press release
HALF-YEAR RESULTS 2017
Recurring Earnings per Share (recurring EPS) of ?6.16 for H1-2017; full-year
guidance of ?11.80-?12.00 confirmed
* Recurring EPS grew +6.0% from the recurring EPS for H1-2016 of ?5.81
* Net Rental Income (NRI) like-for-like growth in Shopping Centres of +3.4%
compared to H1-2016
* Record low average cost of debt of 1.4% while average debt maturity extended
to 7.4 years
* Total portfolio value of ?42.5 Bn, up +4.9% (+3.3% like-for-like)
* Net asset value per share:
* Going Concern NAV: ?213.60, up +6.0% vs. Dec. 31, 2016
* EPRA NNNAV: ?195.30, up +6.3% vs. Dec. 31, 2016
* EPRA NAV: ?206.20, up +5.4% vs. Dec. 31, 2016
* ?8.1 Bn development pipeline, with 5 deliveries scheduled for H2-2017
+------------------------+-------------+-------------+------+------------------+
| | H1-2017 | H1-2016 |Growth| Like-for-like |
| | | | | growth |
+------------------------+-------------+-------------+------+------------------+
|Net Rental Income (in ? | 794| 781| +1.7%| +3.7%|
|Mn) | | | | |
+------------------------+-------------+-------------+------+------------------+
| Shopping Centres | 670| 643| +4.1%| +3.4%|
+------------------------+-------------+-------------+------+------------------+
| France | 303| 295| +2.7%| +1.8%|
+------------------------+-------------+-------------+------+------------------+
| Central Europe | 84| 80| +4.3%| +3.8%|
+------------------------+-------------+-------------+------+------------------+
| Spain | 80| 72|+11.2%| +5.3%|
+------------------------+-------------+-------------+------+------------------+
| Nordics | 75| 73| +3.5%| +4.2%|
+------------------------+-------------+-------------+------+------------------+
| Austria | 52| 48| +8.6%| +8.0%|
+------------------------+-------------+-------------+------+------------------+
| Germany | 47| 45| +4.8%| +5.5%|
+------------------------+-------------+-------------+------+------------------+
| The Netherlands | 29| 31| -4.8%| -1.8%|
+------------------------+-------------+-------------+------+------------------+
| Offices | 70| 84|-17.5%| +7.8%|
+------------------------+-------------+-------------+------+------------------+
| Convention & | 55| 53| +2.5%| +2.5%|
|Exhibition | | | | |
+------------------------+-------------+-------------+------+------------------+
|Recurring net result (in| 614| 575| +6.7%| |
|? Mn) | | | | |
+------------------------+-------------+-------------+------+------------------+
|Recurring EPS | 6.16| 5.81| +6.0%| |
|(in ? per share) | | | | |
+------------------------+-------------+-------------+------+------------------+
| | | | | |
+------------------------+-------------+-------------+------+------------------+
| |June 30, 2017|Dec. 31, 2016|Growth| Like-for-like |
| | | | | growth |
+------------------------+-------------+-------------+------+------------------+
|Total portfolio | | | | |
|valuation | 42,491| 40,495| +4.9%| +3.3%|
|(in ? Mn) | | | | |
+------------------------+-------------+-------------+------+------------------+
|Going Concern Net Asset | | | | |
|Value | 213.60| 201.50| +6.0%| |
|(in ? per share) | | | | |
+------------------------+-------------+-------------+------+------------------+
|EPRA Triple Net Asset | | | | |
|Value | 195.30| 183.70| +6.3%| |
|(in ? per share) | | | | |
+------------------------+-------------+-------------+------+------------------+
|EPRA Net Asset Value | 206.20| 195.60| +5.4%| |
|(in ? per share) | | | | |
+------------------------+-------------+-------------+------+------------------+
Figures may not add up due to rounding.
"During the first half of 2017, Unibail-Rodamco's dedicated and hardworking
teams delivered a solid performance across all businesses and grew the recurring
EPS by +6.0%, to ?6.16. Retail NRI increased by +4.1% (+3.4% on a like-for-like
basis). The Group's tenant sales were up by +2.7% through May 2017,
outperforming the aggregate national sales indices by +148 bps. Like-for-like
NRI of the Offices division grew by +7.8%, supported by strong leasing
performance in France, notably on Capital 8. The Group achieved an average cost
of debt of 1.4%, a new record low. As part of Unibail-Rodamco's "Better Places
2030" CSR programme, the Group raised Europe's first green credit facility (?650
Mn). The Group confirms its outlook of between ?11.80 and ?12.00 per share for
2017." Christophe Cuvillier, CEO and Chairman of the Management Board.
RECURRING EPS AT ?6.16, UP +6.0% COMPARED TO H1-2016
Recurring EPS came to ?6.16 in H1-2017, representing an increase of +6.0% from
the recurring EPS for H1-2016 of ?5.81.
SOLID OPERATING PERFORMANCE
Shopping Centres
Through May 2017, tenant sales grew by +2.7% at Group level compared to the same
period last year, +148 bps above the aggregate national sales index. Excluding
assets for sale1, the Group's tenant sales grew by +3.2%. In France, the Group's
tenant sales outperformed the IFLS index by +374 bps and the CNCC index by +454
bps, respectively.
The Shopping Centre like-for-like NRI grew by +3.4%, +270 bps above indexation,
and by +3.6% excluding assets for sale((1)). The Group signed 755 leases on
consolidated standing assets with an average Minimum Guaranteed Rent uplift on
renewals and re-lettings of +13.5%, exceeding the Group's objectives for the
period. The tenant rotation rate was 6.4%.
The EPRA vacancy rate was 2.5%, including 0.3% of strategic vacancy, as at June
30, 2017.
Offices
Take-up in the office market in the Paris region grew by +4% compared to H1-
2016, with 1.2 million m(2) of office space let in H1-2017.
On a like-for-like basis, Unibail-Rodamco offices NRI increased by +7.8%, and by
+9.9% in the Paris region. Following the disposal of four office buildings in
2016, consolidated NRI of the office division came to ?69.6Mn (-17.5%).
The Group entered into an agreement to dispose of So Ouest Plaza (Levallois).
Further office disposals are expected in 2017.
Convention & Exhibition
Convention & Exhibition's recurring net operating income increased by +2.7%
compared to H1-2016. Excluding the triennial Intermat show, the net operating
income increased by +3.8% compared to H1-2015, the latest comparable period.
The annual International Agriculture's show ("SIA") attracted 619,000 visitors
at Porte de Versailles, +1.3% compared to 2016. The 2nd edition of Vivatech,
held at Porte de Versailles, attracted over 60,000 visitors (+33% vs. 2016). The
biennial "Le Bourget International Air Show" (SIAE) was a record-breaking event
in terms of new orders ($150 Bn) and exhibitors (almost 2,400).
The first phase of renovation works (2015-2017) on the Porte de Versailles site
continued. The opening of the new Paris Convention Centre is planned for H2-
2017.
VALUE CREATION OF ?16.45 PER SHARE
The Gross Market Value (GMV) of the Group's assets amounted to ?42.5Bn as at
June 30, 2017, up +4.9% (+3.3% on a like-for-like basis) compared to December
31, 2016.
The Shopping Centre GMV grew by +2.6% on a like-for-like basis, driven by a
rental effect (+1.4%) and yield compression (+1.1%). The average net initial
yield2) (NIY) of the retail portfolio stood at 4.3% as at June 30, 2017 (vs.
4.4% as at December 31, 2016).
The GMV of the Group's office portfolio increased to ?4.4 Bn (+8.8% like-for-
like) as a result of yield compression (+7.2%), following reference transactions
in Paris CBD and La Défense, and a positive rent effect (+1.7%).
The Going Concern NAV per share was ?213.60 as at June 30, 2017, an increase of
+?12.10 compared to December 31, 2016. This increase was the sum of (i) the
value creation of ?16.45 per share, (ii) the impact of the interim dividend paid
in March 2017 of -?5.10, and (iii) the positive impact of the mark-to-market of
the fixed-rate debt and derivatives of +?0.75.
?8.1 Bn DEVELOPMENT PIPELINE TO DRIVE FUTURE GROWTH
Five deliveries are planned for H2-2017: The new 80,843 m² Wroclavia shopping
centre in Wroclaw; the 41,972 m² extension of Centrum Chodov in Prague; the
29,906 m² extension of Carré Sénart and the 7,602 m² extension of Parly 2, both
in the Paris region, and the 10,517m² extension and full redevelopment of
Glòries in Barcelona. The average pre-letting of these projects stands at 94%.
As at June 30, 2017, the estimated total investment cost (TIC) of the
consolidated development pipeline amounted to ?8.1 Bn (?8.0 Bn as at December
31, 2016). The changes in the TIC (+?68 Mn) and in the GLA (+1,909 m²) result
from modifications in the program of existing projects, currency movements and
indexation.
NEW HISTORIC LOW AVERAGE COST OF DEBT AND INCREASED MATURITY
In H1-2017, Unibail-Rodamco raised ?2.5 Bn of medium- to long-term funds in the
bond and bank markets while maintaining its financial ratios at healthy levels:
Loan-to-Value remained stable at 33% compared to December 31, 2016, and the
interest coverage ratio increased to 6.9x (5.9x in 2016). The average cost of
debt decreased further to reach a new historic low of 1.4% (vs. 1.6% for 2016),
while the average maturity was extended to 7.4 years (7.0 years as at December
31, 2016). The Group raised a new 20-year Euro bond (?500 Mn) with the lowest
spread achieved by a corporate issuer in H1-2017 for this maturity, and signed
the first of its kind ?650 Mn 'green' revolving credit facility in Europe.
DISPOSALS
Unibail-Rodamco has entered into agreements to dispose of five assets for an
aggregate NDP3 of ?526 Mn, representing an average premium of +17.2% over the
last unaffected appraisal values and a NIY of 4.1%. These transactions are
expected to close in Q3-2017.
In addition, the Group is engaged in a number of other disposal processes,
involving both retail and office assets, for an aggregate of approximately
272,000 m² of consolidated GLA.
OUTLOOK
Based on the H1-2017 results, the Group confirms its guidance of between ?11.80
and ?12.00 per share for its recurring EPS for 2017.
This outlook takes account of the disposal of assets signed as at June
30, 2017, as well as those currently in a disposal process, and assumes
successful deliveries of projects in Q4-2017 as well as no deterioration of the
general economic or security conditions in Europe.
FINANCIAL SCHEDULE
The next financial events on the Group's calendar will be:
October 26, 2017: 2017 3(rd) Quarter Revenues (after market close)
January 31, 2018: 2017 Full-year results (after market close)
April 18, 2018: Combined General Meeting
April 23, 2018: 2018 1(st) Quarter Revenues (after market close)
May 17 & 18, 2018: Investor Days
For further information, please contact:
Investor Relations
Aurélia Baudey-Vignaud
+33 1 76 77 58 02
aurelia.baudey-vignaud(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 ?42.5 billion as of June 30, 2017. 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 2,008 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
--------------------------------------------------------------------------------
1 Assets for sale: Assets under contract to be sold or in a disposal process
2 Net Initial Yield (NIY) : annualized contracted rent (including indexation)
and other incomes for the next 12 months, net of operating expenses, divided by
the asset value net of estimated transfer taxes and transaction costs
3 Net Disposal Price (NDP): Total Acquisition Cost incurred by the acquirer
minus all transfer taxes and transaction costs
UNIBAIL-RODAMCO SE: HALF-YEAR RESULTS 2017:
http://hugin.info/136618/R/2122456/809343.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: 24.07.2017 - 17:45 Uhr
Sprache: Deutsch
News-ID 553621
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