Unibail-Rodamco-Westfield SE · EURONEXT:URW
Unibail-Rodamco-Westfield — Shareholder Meeting (November 2020)
26 slides from Unibail-Rodamco-Westfield's shareholder meeting presentation, Nov 10, 2020
Slide 1: General Meeting November 10, 2020
GENERAL MEETING NOVEMBER 10, 2020
Slide 2: Disclaimer
Disclaimer NOT FOR RELEASE, PRESENTATION, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. INVESTORS SHOULD NOT ACCEPT ANY OFFER OR ACQUIRE ANY SHARES OR O
Slide 3: Disclaimer
Disclaimer This Presentation is not a prospectus within the meaning of Regulation (EU) 2017/1129 (the “Prospectus Regulation”). Any offering of securities will be made by means of a prospectus or other offer document that may be obtained from URW when subscription period for the offering commences a
Slide 4: Repositioning URW's capital structure, part of a broader strategic RESET plan
Repositioning URW’s capital structure, part of a broader strategic “RESET” plan TO DATE TODAY GOING FORWARD €9+ Bn “RESET” Plan €3.5 Bn capital raise €1 Bn cash dividend savings over two years Delivered on Highly responsive Bolder steps €800 Mn capex reduction strategic and capital to mitigate impac
Slide 5: Capital structure is too stretched for URW in this volatile environment
Capital structure is too stretched for URW in this volatile environment Net debt / EBITDA … as well as on a net debt / Enterprise Value basis markedly higher than key peers… Net debt / EBITDA LTM (as at June 2020) Net debt (as at June 2020) / Enterprise Value 11.0 x (1) 84% (1) 75% 8.4 x (3) 59% 5.8
Slide 6: Upcoming outstanding debt refinancing and bank line renewal needs
Upcoming outstanding debt refinancing and bank line renewal needs € Bn 16 14 12 10 8 6 4 2 0 0-1 Y 1-2 Y 2-3 Y 3-4 Y 4-5 Y >5Y Debt Revolving Credit Facilities Nb: URW’s debt profile as at September 30, 2020. On an IFRS basis. Excluding from chart: €1,250 Mn Hybrid NC 2023 and €750 Mn Hybrid NC 2026
Slide 7: Recovery accelerated through September
Recovery accelerated through September… Footfall showed All European centres had reopened by June 15 and all US centres by October 8 encouraging Footfall in August / September at ~75% of 2019 levels in Europe recovery Tenant 72% of negotiations completed - outcomes in line with expectations negotiat
Slide 8: … but the environment is very uncertain
… but the environment is very uncertain COVID-19 - Daily evolution of reported cases First wave Second wave 60,000 Lockdown COVID-19 situation deteriorating fast FRANCE 40,000 in Europe and the US 30,000 Lockdown 15,000 Lockdown 30,000 20,000 Restrictions tightening, UK Lockdown curfews and lockdown
Slide 9: RESET: Restore URW's financial strength
RESET: Restore URW’s financial strength Deleveraging plan €4.0 Bn €3.0 Bn €9.0+ Bn + Maintain strong + Secure uninterrupted access to credit investment markets & €0.8 Bn €1.0 Bn grade rating €1.0 Bn(1) low cost of debt underway €3.5 Bn o/w €0.6 Bn signed A- / Baa1(2) rating LTV < 40%(3) Net debt / E
Slide 10: Conclusion
CONCLUSION WwW UNIBAIL-RODAMCO-WESTFIELD
Slide 11: Q&A
Q&A QUESTION BEING ASKED wy UNIBAIL-RODAMCO-WESTFIELD
Slide 12: Resolutions submitted to the vote of the General Meeting
RESOLUTIONS SUBMITTED TO THE VOTE OF THE GENERAL MEETING
Slide 13: Resolutions subject to the extraordinary general meeting
Resolutions subject to the extraordinary general meeting Resolution No. 1 Delegation of authority granted to the Management Board to issue ordinary shares of the Company with preferential subscription rights ✓ Cannot be used during a public tender offer ✓ for a maximum amount of €3.5 Bn ✓ Delegation
Slide 14: Resolutions subject to the extraordinary general meeting
Resolutions subject to the extraordinary general meeting Resolution No. 1 Delegation of authority granted to the Management Board to issue ordinary shares of the Company with preferential subscription rights ✓ Cannot be used during a public tender offer ✓ for a maximum amount of €3.5 Bn ✓ Delegation
Slide 15: Resolutions subject to the extraordinary general meeting
Resolutions subject to the extraordinary general meeting Resolution No. 2 Delegation of authority granted to the Management Board to increase the share capital by issuing ordinary shares and/or securities giving access to the share capital of the Company reserved for participants in Company savings
Slide 16: Resolutions subject to the extraordinary general meeting
Resolutions subject to the extraordinary general meeting Resolution No. 2 Delegation of authority granted to the Management Board to increase the share capital by issuing ordinary shares and/or securities giving access to the share capital of the Company reserved for participants in Company savings
Slide 17: Resolutions subject to the extraordinary general meeting
Resolutions subject to the extraordinary general meeting Resolution No. 3 Powers for formalities GENERAL MEETING 17
Slide 18: Resolutions subject to the extraordinary general meeting
Resolutions subject to the extraordinary general meeting Resolution No. 3 Powers for formalities This resolution is adopted: 91.39% GENERAL MEETING 18
Slide 19: Resolutions filed jointly by Flagship Retail Investment and Rock Investment
Resolutions filed jointly by Flagship Retail Investment and Rock Investment Resolutions not approved by the management board and the supervisory board
Slide 20: Resolutions subject to the ordinary general meeting
Resolutions subject to the ordinary general meeting Resolution A Appointment of Mr. Léon Bressler as a member of the Supervisory Board of Unibail-Rodamco-Westfield SE GENERAL MEETING 20
Slide 21: Resolutions subject to the ordinary general meeting
Resolutions subject to the ordinary general meeting Resolution A Appointment of Mr. Léon Bressler as a member of the Supervisory Board of Unibail-Rodamco-Westfield SE This resolution is adopted: 63.26% GENERAL MEETING 21
Slide 22: Resolutions subject to the ordinary general meeting
Resolutions subject to the ordinary general meeting Resolution B Appointment of Mrs. Susana Gallardo as a member of the Supervisory Board of Unibail-Rodamco-Westfield SE GENERAL MEETING 22
Slide 23: Resolutions subject to the ordinary general meeting
Resolutions subject to the ordinary general meeting Resolution B Appointment of Mrs. Susana Gallardo as a member of the Supervisory Board of Unibail-Rodamco-Westfield SE This resolution is adopted: 59.16% GENERAL MEETING 23
Slide 24: Resolutions subject to the ordinary general meeting
Resolutions subject to the ordinary general meeting Resolution C Appointment of Mr. Xavier Niel as a member of the Supervisory Board of Unibail-Rodamco-Westfield SE GENERAL MEETING 24
Slide 25: Resolutions subject to the ordinary general meeting
Resolutions subject to the ordinary general meeting Resolution C Appointment of Mr. Xavier Niel as a member of the Supervisory Board of Unibail-Rodamco-Westfield SE This resolution is adopted: 60.99% GENERAL MEETING 25
Slide 26: URW.COM
y UNIBAIL-RODAMCO-WESTFIELD URW.COM
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