Unibail-Rodamco-Westfield SE · EURONEXT:URW
Unibail-Rodamco-Westfield — Unibail-Rodamco — FY2007 Earnings Presentation
75 slides from Unibail-Rodamco-Westfield's earnings presentation, Feb 7, 2008
Slide 1: 2007 Full-Year Results
2007 Full-Year Results This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation ant the particular 1 Investor relations: Fabrice Mou
Slide 2: Contents
CONTENTS 1 2007 RESULTS 2 OPERATING PERFORMANCE 3 STRATEGY 4 OUTLOOK This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation ant th
Slide 3: Disclaimer
DISCLAIMER Unibail-Rodamco S.A., a Société Anonyme à Directoire et Conseil de Surveillance incorporated under French law, is a listed closed end property investment company. Unibail-Rodamco is registered with the French Authority Financial Markets (AMF) and has a license under the Dutch Financial Su
Slide 4: Vélizy 2 – Paris region
Vélizy 2 – Paris region This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation ant the particular 4 needs of any specific person w
Slide 5: 2007 Results
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation ant the particular 5 needs of any specific person who may receive it. Any o
Slide 6: 2007 Highlights
2007 HIGHLIGHTS ¾ Success of the offer for Rodamco 98.5% of Rodamco share capital owned by Unibail-Rodamco as at 31 December 2007 squeeze-out procedure launched in December 2007, as announced in August 2007 ¾ Integration on track organisation fully in place relocation of international operat
Slide 7: This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation ant the particular 7 needs of any specific person who may receive it. Any o
Slide 8: Strong 2007 Results
STRONG 2007 RESULTS Unibail + Unibail € Mn H2 Rodamco 2006 2007 - Shopping centres 529 220 - Offices 179 129 - Convention and exhibition 63 64 Net rental income 771 413 Convention & exhibition services NOI 22 49 Recurring Net Profit (group share) 539 313 Net profit (group share) 959 2,140 Per share
Slide 9: 2007 results commentary
¾ Unibail-Rodamco’s 2007 full year profit and loss account includes full year of Unibail but only the second half of 2007 of Rodamco. ¾ Unibail-Rodamco's 2007 recurring EPS (earnings per share) amounts to €7.86/share, a 15.4% growth compared with 2006 recurring EPS in line with target set. This grow
Slide 10: Net Asset Value Growth in H2 2007
NET ASSET VALUE GROWTH IN H2 2007 NAVPS 31 Dec. 2007 = €169.3 Miscellaneous +0.8 NAVPS ie +6.0% + € 9.6 Variation in transfer taxes & deferred taxes adjustments +0.6 30 June 07 Mark-to-market of debt & financial instruments +0.9 Recurring profit H2 2007 net of distributions +0.5 and capital gains on
Slide 11: NAVPS increase commentary
¾ NAVPS has increased to €169.3/share as at 31 December 2007, ie an increase of: 20.4% vs NAVPS as of 31 December 2006; 6.0% vs NAVPS as of 30 June 2007. ¾ This increase in NAVPS vs 30 June 2007 mainly derives from valuation of the portfolio up to €7.7/share (ie a 4.8% growth vs 30 June 2007 NAV
Slide 12: Unibail-Rodamco's Portfolio Valuation
UNIBAIL-RODAMCO'S PORTFOLIO VALUATION Unibail-Rodamco's Unibail-Rodamco's shopping centres net initial yields (1) French offices net initial yields (2) 7% 7% 6% 5.8% 6% 5.8% Average (3) 5.5% 5.6% 5.4% 5.4% 5.1% Average 5% 4.8% 4.8% 5% 4.5% Average (2) 4.3% 5.1% 4% 4% 3% 3% 2% 2% 1% 1% 0% 0% France N
Slide 13: Portfolio valuation yields commentary
¾ The valuation of Unibail-Rodamco's shopping centre portfolio stands at a net initial yield (1) of 4.8% in total including yields ranging between 4.3% in France and 5.8% in Central Europe. ¾ Over H2 2007, on average, net initial yield of the shopping centre portfolio has decreased by 10 bps vs valu
Slide 14: One of the Least Indebted Quoted Property Companies in the World
ONE OF THE LEAST INDEBTED QUOTED PROPERTY COMPANIES IN THE WORLD Î Unibail-Rodamco fixed-rate debt (incl. hedging) €Mn 8,000 ¾ Financial flexibility S&P 'A' rating 7,000 28% loan-to-value (1) 6,000 2007 ICR (2): 4.0x 5,000 4,000 ¾ Good access to liquidity €980 Mn of additional bilateral bank
Slide 15: Strong balance sheet commentary
¾ The Group benefits from a strong balance sheet with: a loan-to-value of 28% as at 31 December 2007; a strong 2007 interest coverage ratio of 4.0x (on a pro forma basis). ¾ The Group also benefits from a very significant hedging limiting its exposure to change in interest rates. ¾ Besides, the
Slide 16: Galeria Mokotów – Warsaw
Galeria Mokotów – Warsaw This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation ant the particular 16 needs of any specific person
Slide 17: Operating Performance
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation ant the particular 17 needs of any specific person who may receive it. Any
Slide 18: A Strong Net Rental Income Growth Across the Different Divisions
A STRONG NET RENTAL INCOME GROWTH ACROSS THE DIFFERENT DIVISIONS 2007 2006 Like-for-like € Mn % Growth pro-forma (1) pro-forma (1) growth - France 356 309 +15.4% +11.7% - Netherlands 189 187 +1.0% +2.1% Shopping - Spain 89 81 +9.9% +8.2% centres - Nordic 85 79 +7.4% +5.9% - Central Europe 81 76 +5.9
Slide 19: Net rental income commentary
¾ This pro forma illustrates the performance of Unibail and Rodamco as if the combination had happened on 1st January 2006. ¾ Total pro forma rental income has grown by 8.9% in 2007 vs 2006, and by 7.8% on a like-for-like basis. ¾ The strong net rental income growth has been supported by a strong pe
Slide 20: Healthy Operating Performance
HEALTHY UNIBAIL-RODAMCO'S OPERATING PERFORMANCE Les Quatre Temps – Paris region Î +6.3% in tenants' sales (1) (1) ¾ Strong tenants' sales performance Unibail-Rodamco's tenants' National sales growth (1) index (1) Total +5.2% +3.8% (2) Incl. France +4.2% +2.1% (3) Parquesur - Madrid Î +13.9% in tenan
Slide 21: Leasing activity commentary
¾ Leasing activity has been sustained in 2007 with 1,570 leases signed compared to 7,100 leases in place as at 31 December 2006. ¾ The leases (excluding leases on vacant space or on development projects) signed in 2007 generated rental uplifts ranging between 10% and 38% according to countries and 2
Slide 22: An Organization to Benefit from Size and European Scale
AN ORGANIZATION PUT IN PLACE TO FULLY BENEFIT FROM SIZE AND EUROPEAN SCALE LEASING UNIBAIL-RODAMCO DEVELOPMENT, A NEW STRUCTURE IN PLACE TO: ¾ dedicated team to deal with key and ¾ deal with development process: new retailers sourcing; ¾ pan-European specialty leasing design; execution; Introd
Slide 23: New organisation commentary
¾ Unibail-Rodamco has put in place a new organisation to fully benefit from its European scale: dedicated teams to cover key and new retailers; a European team for specialty leasing (advertising, promotions, events,...); a centralized international marketing team and operational coordination.
Slide 24: A Sound Paris Office Market
A SOUND PARIS OFFICE MARKET Î Largely protected by diversity of demand and limited vacancy rates In m² % 4,000,000 12% take-up continuously above supply 10% 3,000,000 8% 2,000,000 6% 4% 1,000,000 2% 0 0% 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 Take-up (left hand axis) Bu
Slide 25: Paris office market commentary
¾ The Paris Office market has been very active on the leasing side in 2007 with 2.7 million m² taken up, slightly below the 2006 record year (-5%). ¾ The traditional areas of Paris CBD and La Défense remained the most attractive for tenants; Paris, the West CBD including La Défense representing 2/3
Slide 26: Strong Rental Growth for French Offices
A STRONG RENTAL GROWTH SUPPORTED BY A STRONG LEASING ACTIVITY FOR FRENCH OFFICES Clichy: Village 5: 14,200 m² 6,000 m² 5,500 m² 44 Lisbonne: 18 17 4,000 m² 19 168 C. de Gaulle: 9 10 1,200 m² 8 2 16 1 3 20 39-41 Cambon: 7 Adenauer: 11 7 6 4 1,750 m² 11,380 m² 5 15 12 Capital 8: 2,800 m² 14 3-5
Slide 27: French office leasing commentary
¾ The French office division covers 85% in value of the Group's office portfolio as at December 2007. ¾ The leasing activity for Unibail-Rodamco's French office portfolio has been strong in 2007, with: 3/4 of surfaces for let or pre-let in 2007 being let; full letting of: – Village 5 in La Défen
Slide 28: Significant Leasing Achievements in 2007
SIGNIFICANT LEASING ACHIEVEMENTS IN 2007 24 Villeneuve – Clichy (West Paris outskirts) 5 Malesherbes – Paris 8 ¾ 14,200 m² (1) pre-let to SNCF ¾ 7,000 m² (1) let to Salans ¾ 9-year firm lease ¾ 9-year firm lease ¾ €375/m² for offices, 5% above initial budget (2) ¾ €830/m² for offices (1) Weighted su
Slide 29: Villeneuve-Clichy and Malesherbes leases
¾ The 14,200 m² office building developed by Unibail-Rodamco on 24 Villeneuve-Clichy (92-Western Paris outskirts) was fully pre-let in 2007 before its delivery anticipated in May 2008. a 9-year firm lease has been signed with SNCF Fret; yield-on-cost on the project is 10.0%, showing Unibail-Roda
Slide 30: Capital 8: Good Leasing Progress and Increasing Rents
CAPITAL 8: GOOD LEASING PROGRESS AND INCREASING RENTS Î 80% let to prime tenants covering various sectors Î 9% increase in rents signed over one year Rent roll in €Mn (1) 45 Capital 8 – Paris 8 40 35 €830/m² 30 €800/m² 25 €785/m² 20 €760/m² €680/m² 15 10 €730/m² 5 0 July Jan Mar July Oct Dec Apr May
Slide 31: Capital 8 commentary
¾ The leasing of Capital 8 has been progressing well with 6,710 m² let in 2007. ¾ As a result, Capital 8 is currently let up to more than 80%. ¾ As important is the fact that rents have kept increasing over time: €830 / m² signed in October 2007; €800 / m² signed in August 2007; last leases si
Slide 32: Convention & Exhibition Performance
CONVENTION & EXHIBITION PERFORMANCE % Growth % Growth € Mn 2007 2006 2005 2007/2006 2007/2005 Paris Expo recurring NOI 64.2 66.8 59.7 -3.7% +7.7% Hotels recurring NOI 11.9 11.4 11.0 +4.4% +8.2% Venues recurring NOI 76.1 78.1 70.8 -2.6% +7.6% (1) Exhibitions organising recurring NOI 9.7 35.4 -1.6 n.m
Slide 33: Convention and exhibition commentary
¾ The convention and exhibition 2007 performance has been affected by: CNIT’s temporary closure for refurbishment; seasonality and structurally lower activity on odd years vs even years; poor performance of the Salon du Meuble which had been acquired in 2006 and sold in 2007 (with a slight cap
Slide 34: Completion of the Merger of CCIP and Unibail-Rodamco's C&E Activities
COMPLETION OF THE MERGER OF CCIP AND UNIBAIL- RODAMCO'S CONVENTION & EXHIBITION ACTIVITIES Porte de Versailles – Paris Paris Nord – Villepinte Creating the European leader in C&E venues Extension capacities Palais des Congrès – Paris CNIT – La Défense This presentation has been prepared by Uniba
Slide 35: C&E merger commentary
¾ On 28 January 2008, the merger of Unibail-Rodamco's and CCIP's convention & exhibition activities has become effective. ¾ Through this merger, Unibail-Rodamco will own 50% of JVs holding: venues: Unibail-Rodamco will be the operator; event organizing activities: control will be shared between
Slide 36: Significant Growth Through European Development Projects
SIGNIFICANT GROWTH THROUGH EUROPEAN DEVELOPMENT PROJECTS IN THE SHOPPING CENTRE DIVISION Î 978,000 m² in development: 8% yield on cost Î Rivétoile success Thousand m² 5 000 4 500 Rivétoile - Strasbourg 598 4 000 3 500 +35% 978 3 000 2,828 (1) 2 500 2 000 1 500 1 000 500 Existing portfolio Developmen
Slide 37: Shopping centre development pipeline commentary
¾ The Unibail-Rodamco development pipeline for shopping centres amounts to 978,000 m² representing 35% (1) of shopping centre surfaces currently in operation: 70% of these surfaces are greenfield projects; the rest being extensions. from a geographic standpoint, the development pipeline is split
Slide 38: Successful Projects Delivered and to Be Delivered in 2008
SUCCESSFUL PROJECT DELIVERED AND TO BE DELIVERED IN 2008 Î Successful pre-lettings of development projects delivered in 2007 and to be delivered in 2008 Carré Sénart – Paris region Metropolis – Moscow Reinforcing Carré Sénart Developing a prime project in Moscow ¾ A 22,000 m² extension ¾ 80,000 m² (
Slide 39: Deliveries commentary
¾ In 2007, 90,000 m² of developments and extensions were delivered successfully (100% pre-let) These deliveries include in particular: – 43,650 m² in Zlote Tarasy in Warsaw, Poland. Since opening in February, this centre (100% pre-let before opening) proves to be very successful with approximately
Slide 40: Office Division: Strong Growth Potential
OFFICE DIVISION: STRONG GROWTH POTENTIAL THROUGH ENHANCEMENT OF EXISTING ASSETS AND DEVELOPMENT REFURBISHMENT OFFICE DEVELOPMENT Î 33,222 m² of offices in prime locations Î 272,700 m² of prime projects Thousand m² 1,000 +39% 273 500 692 CNIT: La Défense 0 ¾ CNIT: delivery in 2008 of 20,442 m² of pri
Slide 41: Office development commentary
¾ The office division has a strong growth potential through its large development pipeline enhancement of existing assets in prime locations; development pipeline, covering 272,700 m², ie 39 % of offices currently in operation. ¾ The newly refurbished offices in CNIT covering 20,442 m² will be d
Slide 42: Les Glories – Barcelona
Les Glories – Barcelona This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation ant the particular 42 needs of any specific person
Slide 43: Strategy
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation ant the particular 43 needs of any specific person who may receive it. Any
Slide 44: A Bottom-Up Approach by Asset to Extract Growth Potential
A BOTTOM-UP APPROACH BY ASSET TO ASSESS AND EXTRACT GROWTH POTENTIAL 1 Customer/Catchment area 2 Competition/Benchmark Lyon Part Dieu ¾ Competition analysis ¾ Branch mix merchandising ¾ Tenants performance indicators €k 140 135 132 130 128 123 119 120 117 116 113 111 117 108 114 110 111 109 106 5-ye
Slide 45: 5-year plan approach commentary
¾ The 5-year plan aims at providing a strategic vision for each assets through a detailed bottom-up approach enabling to monitor and mobilise all value creation angles for each asset: marketing; leasing; management; development. ¾ The detailed review of each asset includes: review of custo
Slide 46: Identifying and Extracting Growth Potential from Existing Portfolio
UNIBAIL-RODAMCO: IDENTIFYING AND EXTRACTING GROWTH POTENTIAL FROM EXISTING PORTFOLIO ¾ NRI growth on stabilized assets: Optimizing 400 bps over inflation per annum on 2008-2012 Optimizing rent rent roll roll growth target to be met in 2008 ¾ 221,000 m² of potential extensions identified on Uniba
Slide 47: 5-year plan commentary
¾ As part of its bottom-up strategy, Unibail-Rodamco has reviewed the growth potential of each and every (major) asset through its 5-year plan. The 5-year plan has allowed to: assess the potential of each asset as well as actions to be carried out in terms of positioning and leasing to set these a
Slide 48: Ongoing Reinforcement of Shopping Centres in European Capital Cities
ON GOING REINFORCEMENT OF THE SHOPPING CENTRES DIVISION IN CAPITAL CITIES ACROSS EUROPE Î A development focus on European capital cities ¾ More than ¾ of retail portfolio in cities above 500,000 inhabitants Stockholm Helsinki ¾ 80% of pipeline in cities above Copenhagen Moscow 1 million inhabitants
Slide 49: Selective approach commentary
¾ Unibail-Rodamco's strategy is to maintain a selective approach focused: in markets with significant growth potential; on prime assets. ¾ This strategy is well-suited to retailers' approach who favor key assets in large European cities. ¾ Unibail-Rodamco is already very active in European capit
Slide 50: A Strong Potential to Harness in Each Country
A STRONG POTENTIAL TO HARNESS IN EACH COUNTRY Î Prime shopping malls to be set in motion Parly 2 – Paris region La Vaguada - Madrid  A 107,000 m² mall  85,500 m² shopping centre in Madrid  19 million visits in 2007  24 million visits/year Strong fundamentals to be harnessed Strong fundamentals t
Slide 51: Growth areas commentary
¾ The 5-year plan has allowed to identify a number of additional growth areas in prime quality centres like Parly 2, Lyon Part Dieu, Vélizy 2, La Vaguada, Forum Nacka or Cerny Most by setting new ERV targets commensurate with tenants’ turnover/sustainable occupancy cost ratio. ¾ In Parly 2, those gr
Slide 52: A Leading Retail Position in Prague
A LEADING RETAIL POSITION IN PRAGUE Chodov – Prague Î Reinforcement in Prague Cerny Most – Prague EXTENSION PHASE I. 41,730 m2 11.5 million visits/year ¾ 55,000 m² shopping centre ¾ Reversion to capture: 19% Pankrac – Prague PHASE II. under review approx. 40,000 m2 8 million visits/year ¾ 53,000 m²
Slide 53: Prague commentary
¾ Unibail-Rodamco benefits from a strong position in Prague. ¾ The Centrum Chodov is the second largest shopping centre in Prague with ca 11,5 million visits/year. ¾ The Centrum Cerny Most shopping centre is a very successful shopping centre attracting ca 8 million visits/ year: the position will
Slide 54: Optimizing the Portfolio: Selling Mature Assets
OPTIMIZING THE PORTFOLIO: SELLING MATURE ASSETS… Î Successful disposals at premium to last appraisals Net Proceeds (1) Premium over last appraisals Disposal Date Asset (€ Mn) before price agreement (2) 11/01/2007 Robeco-huis - Rotterdam 74 +6% 19/01/2007 Chelles 2 shopping centre 88 +18% 30/01/2007
Slide 55: Disposals commentary
¾ In 2007 and onwards, Unibail-Rodamco pursued its strategy of selling “mature” assets with more limited growth potential. ¾ As part of this strategy, the company sold €819 Mn worth of assets in 2007 including retail and offices. Those disposals were carried out at prices showing a 21% premium to la
Slide 56: Capital Recycling in Action
…CAPITAL RECYCLING IN ACTION Î Disposal of Disposal ofmature €775 Mn (1) of assets and Dutch selective highacquisitions street retail portfolio Locations of Dutch high streets sold High street retail – The Netherlands ¾ Portfolio scattered across the ¾ 254 assets covering 346,000 m² including Nether
Slide 57: Dutch high street disposal commentary
¾ In line with the Group's strategy, Unibail-Rodamco completed the disposal of a portfolio of Dutch high street retail in January 2008 (transfer of ownership to take in April 2008) for an amount of €775 Mn, excluding transfer taxes; covering 254 assets and 346 000 m²; at a premium of: – 12% to
Slide 58: A Selective Acquisition Policy
A SELECTIVE ACQUISITION POLICY ¾ Reinforcement in existing centres: Rennes – Alma Control on the centre Increasing opportunities for tenant rotation Higher benefit from extensions Rennes - Alma Second largest centre in Brittany 21,130 m² owned by Unibail-Rodamco after acquisition of Le Pri
Slide 59: Acquisition policy commentary
¾ The Group continued in 2007 its selective acquisition policy focusing on assets: located in areas where the Group already operates / has a strong presence; with prominent positioning and good fundamentals in terms of number of visits, accessibility... growth potential through retenanting and
Slide 60: Shopping City Süd, a Unique Asset with Significant Potential
SHOPPING CITY SÜD, A UNIQUE ASSET WITH A SIGNIFICANT POTENTIAL Strong fundamentals Attractive growth prospects ¾ Opened in 1976 ¾ Reversionary potential to be captured ¾ 26 million visits /year through retenanting ¾ #1 shopping centre in Austria ¾ Vacancy: 7% ¾ Excellent accessibility ¾ +40,000 m² o
Slide 61: Shopping City Süd commentary
¾ In December 2007, Unibail-Rodamco has signed a Memorandum of Understanding for the acquisition of 140,400 m² in Shopping City Süd; This asset fits with Unibail-Rodamco’s selective acquisition approach. ¾ Shopping City Süd is a unique asset in terms of: surface covering a total retail space of 30
Slide 62: Creating Value Through Selective Acquisitions: The Vélizy 2 Case Study
CREATING VALUE THROUGH SELECTIVE ACQUISITIONS AND REAL ESTATE EXPERTISE: THE VELIZY 2 CASE STUDY Reorganisation 15,000 m2 of ex-Printemps Extension(1) lots 40,000 m2 extension Printemps lots acquired Lots owned by Unibail-Rodamco Extension 1 Extension 2 ¾ 1 Full refurbishment completed in 2007 ¾ 3 R
Slide 63: Vélizy 2 commentary
¾ Vélizy 2 is a good example of Unibail-Rodamco's combined real estate expertise to create value. ¾ Vélizy 2 is a 102,000 m² centre in the West Paris outskirts with 17 million visits / year. Vélizy 2 underwent a renovation in 2006 with helped increase tenant's sales growth by +5.9% in 2007 vs 2006.
Slide 64: Taby Centrum - Stockholm
Taby Centrum - Stockholm This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation ant the particular 64 needs of any specific person
Slide 65: Outlook
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation ant the particular 65 needs of any specific person who may receive it. Any
Slide 66: Outlook
OUTLOOK ¾ Recurring EPS 5-year outlook: At least 10% average growth target in recurring EPS for 2007-2012 Recurring EPS ¾ 2008 recurring EPS growth: Given one-off items (1) positively impacting 2007 recurring EPS growth (+15.4% to 2006), 2008 recurring EPS growth target is 7% or more. ¾ € 7.00/s
Slide 67: End
End This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation ant the particular 67 needs of any specific person who may receive it.
Slide 68: Appendix
APPENDIX This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation ant the particular 68 needs of any specific person who may receive
Slide 69: Strong Growth Potential
STRONG GROWTH POTENTIAL Shopping centres Offices, C&E and other 978,000 m² (1) 378,000 m² (1) (4) DEVELOPMENT Current valuation: €660 million Current valuation: €172 million EXTENSIONS Additional capex: €3.3 billion Additional capex: €1.9 billion Additional net rents: €315 million Additi
Slide 70: Retail Development Pipeline as of 31 December 2007
RETAIL DEVELOPMENT PIPELINE AS OF 31 DECEMBER 2007: AROUND 1 MILLION M² IN EUROPE Estimated Region Major projects Type GLA m² delivery date (2) Rivetoile – Strasbourg (1) Greenfield project 27,900 Q1 2008 Docks 76 – Rouen (1) Greenfield project 36,000 Q4 2008 Docks Vauban – Le Havre (1) Greenfield p
Slide 71: Office and C&E Development Pipeline: 378,000 m²
OFFICE AND C&E DEVELOPMENT PIPELINE: 378,000 M² AS OF 31 DECEMBER 2007 Estimated Region Major projects Surfaces m² delivery date (2) Clichy (1) 13,800 Q1 2008 Versailles – Chantiers (2) 14,800 2012 Centre Eiffel – Levallois (2) 33,400 2011 Office Majunga (2) 54,300 2011 Phare (2) 123,600 2012 Tour O
Slide 72: Asset Portfolio Valuation as at 31 December 2007
ASSET PORTFOLIO VALUATION OF UNIBAIL-RODAMCO AS AT 31 DECEMBER 2007 Portfolio by division Portfolio by country Shopping centre division's portfolio NL NL Nordic 16% 20% 11% Offices & Nordic other 9% 21% Spain Spain 11% 8% Shopping C&E & CE CE centres Services 9% 7% 73% 6% France 60% France 49% Total
Slide 73: This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation ant the particular 73 needs of any specific person who may receive it. Any
Slide 74: Purchase Price Accounting Impact
PURCHASE PRICE ACCOUNTING IMPACT 1. €1.6 bn of goodwill recorded by the Unibail-Rodamco combination, STRONG 2007 RESULTS equal to Unibail share price minus Rodamco NAVPS. € Mn 2. Goodwill results from mechanical impact of: % like-for-like 2007 2006 % Growth accountinggrowth (4) treatment of the co
Slide 75: Goodwill impairment commentary
¾ IFRS net profit (group share) which includes assets revaluation has been affected by the partial impairment of €1.3 bn of the €1.6 bn goodwill which had been generated as a result of the Unibail-Rodamco combination. Despite goodwill impairment, the IFRS 2007 net profit amounts to €959 Mn including