Unibail-Rodamco-Westfield SE · EURONEXT:URW
Unibail-Rodamco-Westfield — H1 2018 Earnings Presentation
86 slides from Unibail-Rodamco-Westfield's earnings presentation, Aug 29, 2018
Slide 1: 2018 Half-Year Results
2018 HALF-YEAR RESULTS yw UNIBAIL-RODAMCO-WESTFIELD
Slide 2: Financial Results
FINANCIAL RESULTS Ww UNIBAIL-RODAMCO-WESTFIELD
Slide 3: Westfield acquisition completed
Westfield acquisition completed Date Key milestones March 28 AMF and AFM visa March 29 Publication of Transaction documentation April 16 Issue of €2.0 Bn hybrid securities April 23 ORNANE holders approval May 3 Issue of €3.0 Bn senior bonds May 17 Unibail-Rodamco AGM May 24 Westfield Scheme Meetings
Slide 4: Completion of the acquisition of Westfield
On June 7, 2018, Unibail-Rodamco (“UR”) announced it had completed the acquisition of Westfield Corporation (“WFD”), to create Unibail-Rodamco-Westfield (“URW” or “the Group”), the premier global developer and operator of flagship shopping destinations. URW combines two of the strongest and most res
Slide 5: Global leader with premium quality portfolio
Global leader with premium quality portfolio As at June 30, 2018 Unibail-Rodamco Westfield URW GMV(1) €44.4 Bn €19.4 Bn €63.7 Bn # of countries(2) 11 2 13 # of Shopping Centres 67 35 102 # of Flagships(3) 39 17 56 Average footfall per Flagship asset (Mn)(4) 15.5 17.2 16.0 Portfolio by segment(1) Por
Slide 6: URW owned and operated 102 shopping centres in 13 countries
As at June 7, 2018, URW owned and operated 102 shopping centres in 13 countries, of which 56 are Flagships in the most dynamic cities in Europe and in the United States. These centres welcome 1.2 billion(5) visits per year. The Group’s consolidated total portfolio is valued at €61.3 Bn(6), of which
Slide 7: 2018 Half-Year Results
2018 Half-Year Results € Mn H1-2018(1) H1-2017 Growth Like-for-like Growth(2) Shopping Centres 738 670 +10.2% +4.3%(3) Offices 73 70 +4.6% +14.4% Convention & Exhibition 50 55 -9.1% -1.8% Net Rental Income 861 794 +8.3% +4.7% Recurring Net Result (Group share) 703 614 +14.5% Recurring EPS(4) 6.61 6.
Slide 8: Going Concern NAV up 3.6%
The Going Concern NAV(6) (GMV based), measuring the fair value on a long-term, ongoing basis, came to €227.10 per share as at June 30, 2018, up by +3.6%, or +€7.90, compared to €219.20 as at December 31, 2017. This increase was the sum of: The value creation of +€16.74 per share; The impact of the d
Slide 9: Operational Highlights
OPERATIONAL HIGHLIGHTS Ww UNIBAIL-RODAMCO-WESTFIELD
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Slide 11: Strong retail NRI growth
Strong retail NRI growth Net Rental Income (€ Mn) H1-2018(1) H1-2017 Growth Like-for-like Growth(2) France 321 303 +5.8% +5.3% Central Europe 104 84 +24.7% +6.6% Spain 82 80 +2.8% +1.4%(3) Nordics 73 75 -2.5% +6.5% Austria 54 52 +3.7% +3.4% Germany 47 47 +0.4% +0.4% The Netherlands 30 29 +0.3% -1.6%
Slide 12: Change in Shopping Centre NRI in Continental Europe
The total net change in Shopping Centre NRI in Continental Europe amounted to +€40.8 Mn compared to H1-2017 due to: +€26.6 Mn from the delivery of shopping centres or new units, predominantly in Central Europe (mainly Wroclavia, Centrum Chodov and Arkadia), France (mainly the Carré Sénart and Parly
Slide 13: Consistent Lfl NRI growth above indexation
Consistent Lfl NRI growth above indexation (Continental Europe) Like-for-like NRI(1) growth of Shopping Centres +5.7% +4.7% Average +4.3% +4.3% Lfl growth +3.8% +3.9% 4.1% +3.4% 4.3% 2.6% 3.0% 3.6% 3.0% 3.6% 3.1% 2.1% 1.3% 1.4% 0.8% 0.3% 0.3% 0.7% 2013 2014 2015 2016 2017 H1-2018 H1-2018 Flagships L
Slide 14: Like-for-like NRI growth drivers
The +4.3% like-for-like NRI growth reflects indexation of +1.3% (+0.7% in 2017), a good performance in renewals and relettings (+1.7% vs. +1.9% in 2017) and the positive impact of “Other” (+1.3% vs. +0.8% in 2017). The growth in “Other” was due primarily to a decrease in doubtful debtors as receivab
Slide 15: MGR uplift (Continental Europe)
MGR uplift (Continental Europe) (1) Leases signed(2): 641 Rotation rate(3): 5.9% 19.6% 18.2% Average 17.4% MGR uplift 15.3% 14.7% 14.4% 16% 10.6% 2013 2014 2015 2016 2017 H1-2018 H1-2018 Flagships(4) 2018 HALF-YEAR RESULTS 7
Slide 16: Leases signed and MGR uplift
UR signed 641 leases on consolidated standing assets (755 in H1-2017) for €85.5 Mn of MGR. The average MGR uplift on renewals and relettings was +10.6% (+13.5% in H1-2017), exceeding UR’s target for the period. This uplift was primarily due to the reversion in France, Germany and Spain, partially of
Slide 17: Active leasing and rotation
Active leasing and rotation (Continental Europe) 1st in Sweden 1st in Austria and Germany 1st in Austria 1st in Poland 1st in France 1st in France and Germany 1st in mall in Austria 1st in mall in The Netherlands 1st in mall in Austria 1st in mall in Sweden 2018 HALF-YEAR RESULTS 8
Slide 18: Leases signed with International Premium Retailers
With a strategy based on differentiation and exclusive retail destinations, UR’s leasing teams signed 95 leases(1) in standing assets with International Premium Retailers (IPR(2)) (vs. 86(3)). The share of the IPRs in UR’s rotation reached 15.3%. (1) Excluding pipeline (2) IPR: retailer with strong
Slide 19: Tenant sales growth (Continental Europe)
Tenant sales growth (Continental Europe) 2.6% GROUP +3.2% +2.6% -0.8% +1.2% Nordics Tenants’ sales Tenants’ sales National growth in growth in URW Sales URW Flagship Shopping Indices(3) Shopping Centres(2) Centres(1) 1.5% 8.7% 0.2% Germany 3.5% 1.9% 3.3% Central Europe -1.7% -0.1% France Austria 2.1
Slide 20: Tenant sales increase versus national indices
Through June 30, 2018, Unibail-Rodamco’s tenant sales(2) increased by +2.6% compared to the same period last year, +131 bps above the aggregate national sales index(3). France, tenant sales increased by +3.3% through June 2018, outperforming the IFLS index by +337 bps and the CNCC index by +477 bps.
Slide 21: Trading of recent deliveries: Centrum Chodov extension
Trading of recent deliveries: Centrum Chodov extension Footfall YTD Expected Footfall +36%(1) 18 Mn Sales YTD Expected Sales +57%(1) €320 Mn Letting GLA 99% (2) +42,000 m2 Key new stores Opened October 2017 2018 HALF-YEAR RESULTS 10
Slide 22: Footnotes
(1) YTD 2018 vs. last unaffected YTD (prior to the project) (2) Signed leases in terms of GLA
Slide 23: Trading of recent deliveries: Wroclavia
Trading of recent deliveries: Wroclavia Expected Footfall 15 Mn Expected Sales €150 Mn Letting GLA 99% (1) 73,000 m2 Key new stores Opened October 2017 2018 HALF-YEAR RESULTS 11
Slide 24: Footnotes
(1) Signed leases in terms of GLA
Slide 25: Paris office market – increasing take-up
Paris office market – increasing take-up Paris region supply and take-up(1) Prime rent per district(2) (in Mn m²) (€/m²/year excl. VAT) 3.9 4.0 3.9 3.6 3.6 3.6 3.5 3.4 3.1 850 800 800 800 810 810 1.3 1.5 1.4 1.0 1.3 1.1 1.3 1.0 550 550 550 530 530 530 1.1 1.2 1.2 1.1 1.2 1.3 1.0 0.9 0.9 2010 2011 20
Slide 26: Paris region take-up and supply
With take-up of 1.3 million(1) m² in H1-2018, +23% vs. the 10-year average, demand in the Paris region remained at its highest level since 2007. There was a particularly strong increase in transactions over 5,000 m², totaling 519,000(3) m², up by +18%. Five transactions over 20,000 m² were signed, c
Slide 27: Offices: excellent Like-for-like NRI growth
Offices: excellent Like-for-like NRI growth Net Rental Income Like-for-like (€ Mn) H1-2018 H1-2017 Growth Growth(1) France 64 61 +5.2% +14.2% Other 9 9 +0.5% +15.5% Total 73 70 +4.6% +14.4% 61,800 wm2 leased Shift (43,300 wm2) fully let to Nestlé 2018 HALF-YEAR RESULTS 13
Slide 28: Offices NRI breakdown
Consolidated NRI amounted to €72.8 Mn, a +4.6% increase due primarily to good leasing activity, partially offset by the impact of disposals made in 2017. The increase of +€3.2 Mn breaks down as follows: +€1.8 Mn mainly due to indemnities received from tenants in Le Sextant; -€0.2 Mn due to currency
Slide 29: Convention & Exhibition
Convention & Exhibition Growth Growth € Mn H1-2018 H1-2017 2018/2017 H1-2016 2018/2016 (2) Net Rental Income(1) 50 55 -9.1% 53 -6.8%(2) Property Services & Other Income(3) 32 26 +22.6% 26 +26.3% Recurring Net Operating Income 82 81 +1.2% 79 +3.9% Depreciation -6 -6 +3.4% -5 +8.0% Recurring Result 76
Slide 30: Convention & Exhibition seasonal results and shows
The Convention & Exhibition business has a seasonal results pattern, with annual, biennial and triennial shows, and an uneven distribution of shows during the year. H1-2018 has been characterized by the following shows: Annual shows: th • The 55 edition of International Agriculture’s show (“SIA”) at
Slide 31: Operating metrics WFD US and UK
Operating metrics WFD US and UK Speciality Average Portfolio Leased Retail Sales Speciality Store Rental Spreads Absolute Comparable NOI (%) (MAT / psf)(3) Growth (%) Rent (psf)(4) Growth (%) (%)(5) NOI Growth (%) Growth (%)(6) (1) (7) United Kingdom 97.7 £969 +0.2 £119 -0.6 +17.0 +3.7 +6.7 (2) Unit
Slide 32: United Kingdom and United States operating commentary
United Kingdom: For specialty tenants, sales psf(3) decreased by -1.8% in H1-2018. Strong growth in jewelry (+7.8%) was offset by a decline in general retail (-11.5%) and leisure (-3.1%). While overall sales at Westfield London grew +2.2%, specialty sales psf fell -3.4% as a result of the opening of
Slide 33: Trading of recent deliveries: Westfield Century City
Trading of recent deliveries: Westfield Century City Footfall Expected Footfall +18%(1) 18 Mn Sales Expected Sales +42%(2) $1.0 Bn+ Letting GLA 92% (3) +41,000 m2 Key new stores Opened October 2017 2018 HALF-YEAR RESULTS 16
Slide 34: Westfield Century City performance
Westfield Century City: Since opening in October 2017, the redeveloped centre is already seeing tenant sales(2) growth of +42% through June 30, 2018 compared H1-2015 (prior to the project). Key food destinations, Eataly and Javier’s, are performing very well with Eataly opening their rooftop terrace
Slide 35: Trading of recent deliveries: Westfield London extension
Trading of recent deliveries: Westfield London extension Expected Footfall 35 Mn Expected Sales £1.4 Bn Letting Extension GLA 92%(1) +77,000 m2 Key new stores Opened March 2018 2018 HALF-YEAR RESULTS 17
Slide 36: Westfield London extension performance
Westfield London: Since the opening of the extension on March 20, 2018, footfall for the centre has grown +11% compared to the same period in 2017. Overall, 92% of the extension is let. John Lewis is trading in line with expectations and the 70,000 sq. ft Primark opened as planned at the end of the
Slide 37: Trading of recent deliveries: UTC
Trading of recent deliveries: UTC Footfall N.A. Sales +26%(1) Letting GLA 89% (2) +14,000 m2 Key new stores Opened October 2017 2018 HALF-YEAR RESULTS 18
Slide 38: Westfield UTC performance
Westfield UTC: The extension project opened in November 2017, and the H1-2018 figures already show substantial growth with tenant sales(1) through June 30, 2018 growing by +26% compared to H1-2015 (prior to the project). The new Nordstrom has been particularly successful. Future openings will enhanc
Slide 39: Development
DEVELOPMENT Ww UNIBAIL-RODAMCO-WESTFIELD
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Slide 41: A diversified pipeline to create value
A diversified pipeline to create value By segment(1) By region(1) €0.4 Bn Nordics Austria Central Europe Offices 3% The Netherlands 2% 1% 3% 4% Spain €2.4 Bn 19% 5% €5.0 Bn Germany 10% 41% France €12.5 Bn 41% €12.5 Bn 12% US 37% €4.6 Bn Retail 22% UK & Italy Offices Retail Greenfield / Brownfield Ex
Slide 42: Development pipeline expected costs
As at June 30, 2018, the URW Expected Costs(1) of its development project pipeline amounted to €12.5 Bn, for a total of 2.4 Mn m² of Gross Lettable Area (GLA(2)) to be re-developed or added to the Group’s standing assets. The Group retains significant flexibility on its development portfolio (68% of
Slide 43: Status update on pipeline
Status update on pipeline Retail GLA Office GLA 45,000 m 2 49,000 m2 Expected Cost(1) Expected Cost(1) €920 Mn €320 Mn URW ownership URW ownership 50% Opening H2-2019 100% Pre- lettings(2) Delivery H2-2019 2018 HALF-YEAR RESULTS 21
Slide 44: Westfield Valley Fair and Trinity updates
Westfield Valley Fair: Construction is progressing well on the extension project. The ShowPlace ICON Theatre is expected to open in Q4-2018. Despite on-going works, the centre continues to perform well with tenant sales through June 30, 2018 up by +8%. Several key food related signings have been mad
Slide 45: Status update on pipeline
Status update on pipeline Retail GLA Retail GLA 185,000 m 2 162,000 m2 Expected Cost(1) Expected Cost(1) €1,500 Mn €1,550 Mn URW ownership URW ownership 75% Opening H2-2021 50% Opening 2023 Recent • Building permit obtained Recent • CPO obtained progress • Road agreement signed progress • Anchor sec
Slide 46: Westfield Milan and Croydon projects
Westfield Milan is a retail brownfield project in Italy of 184,854 m² GLA in a joint venture (URW share 75%). Croydon is a 162,116 m² GLA brownfield retail project in the United Kingdom in a 50/50 joint venture with Hammerson, benefiting from the commitment by London authorities for major infrastruc
Slide 47: Westfield Transaction
WESTFIELD TRANSACTION Ww UNIBAIL-RODAMCO-WESTFIELD
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Slide 49: Integration update: Day One
Integration update: Day One Key milestones Nomination of SMT and corporate roles Day 1 internal/external events New governance in place New corporate identity Organization and target operating model Talent retention plan Cultural diagnostic initiated 2018 HALF-YEAR RESULTS 24
Slide 50: Integration Management Office
To manage the integration process, URW has set up an Integration Management Office (IMO), led by the Group Chief Resources Officer and the Group Financial Officer with the support of McKinsey & Company. The integration is being managed through dedicated workstreams, involving representatives from bo
Slide 51: Integration update: H2 objectives
Integration update: H2 objectives Operating Capital Organization Operating Management function In-depth portfolio review IT systems integration in US and UK Disposal plans Implementation of organization 5-Year Business Plan model Synergy plan Preparing roll-out of Westfield Ramp down of Sydney HQ br
Slide 52: Integration of US and UK businesses
Following the completion of the transaction, the IMO has deployed dedicated efforts to lead the integration of the US and the UK businesses, aiming at defining a new operating model based on the strengths of both organizations, and enabling the synergies and expected benefits of the transaction.
Slide 53: Update on target cost synergies
Update on target cost synergies Announced Achieved run-rate annualized(1) €74 Mn €60 Mn Closure of Sydney HQ Apply UR travel policies Spin-off of One Market Departure of WFD Senior Executive Team 2018 HALF-YEAR RESULTS 26
Slide 54: Cost synergies realized
Through June 30, 2018, URW has realized €74 Mn in cost synergies on an annualized basis. (1) As if transaction had closed on January 1, 2018. OneMarket synergies based on pro-forma 2017 income statement
Slide 55: Update on revenue synergies
Update on revenue synergies Westfield brand • Preparation for roll-out of Westfield brand ongoing • 13 Flagship assets identified for 2019 Speciality leasing & Advertising • European Brand Ventures & Advertising team headed by former Westfield executive Westfield London • Workshops organized to trai
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Slide 57: Asset Rotation
ASSET ROTATION Ww UNIBAIL-RODAMCO-WESTFIELD
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Slide 59: UR asset disposals – Progress on the €3.0 Bn programme
UR asset disposals – Progress on the €3.0 Bn programme Closed / Signed NDP(1) (€ Mn) €1.2 Bn Offices 791 €3.0 Bn Retail 449 Total 1,241 Target Closed or signed Disposal Remaining disposals disposals processes target underway disposals 2018 HALF-YEAR RESULTS 29
Slide 60: Disposals of non-core assets
The Group disposed of a number of and entered into another agreement to dispose of non-core assets. On July 2, 2018, URW disposed of Orebro hotel in Stockholm, with a premium to its last unaffected book value. On July 24, 2018, URW announced it had entered into an agreement to sell the Capital 8 off
Slide 61: UR asset disposals – Progress on the €3.0 Bn programme
UR asset disposals – Progress on the €3.0 Bn programme Los Arcos, Sevilla Bahia Sur, Cádiz Capital 8, Paris Vallsur, Valladolid El Faro, Badajoz NDP(1) Premium(2) NIY(3) €1.2 Bn 6.2% 4.4% 2018 HALF-YEAR RESULTS 30
Slide 62: Disposals premium and net initial yield
Collectively, these disposals represented a Total Acquisition Cost of €1,338 Mn, a blended NIY of 4.4% and were made at a weighted average premium of +6.2% to their last unaffected book value. In addition, on August 23, URW disposed of Horton Plaza in San Diego and generated an NDP of €81 Mn. The TA
Slide 63: Valuation
VALUATION Ww UNIBAIL-RODAMCO-WESTFIELD
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Slide 65: Value creation: €16.74 per share
Value creation: €16.74 per share Non Lfl revaluation & intangible Recurring Going Concern Net Asset Value(1) EPS assets(2) (in € per share) +€6.61 +€1.42 €227.10 Asset €219.20 -€10.80 revaluation +€16.74 Rent effect(3) +€1.96 €210.36 +€2.66 +€2.39 Other(4) +€7.47 Yield effect(3) -€1.15 GMV €63.7 Bn(
Slide 66: EPRA NNNAV and Going Concern NAV
URW’s EPRA triple Net Asset Value (NNNAV) amounted to €204.20 per share as at June 30, 2018, an increase of +1.8%(7), or +€3.70, from €200.50 as at December 31, 2017. The Going Concern NAV (GMV based) came to €227.10 per share as at June 30, 2018, up by +3.6%(7), or +€7.90, compared to €219.20 as at
Slide 67: Risk premiums remain high in Europe
Risk premiums remain high in Europe French Shopping Centres UK Shopping Centres US Shopping Centres 320 bps 240 bps 120 bps 7.6% 6.8% 5.8% 6.5% 5.7% 5.7% 4.3% 4.6% 4.0% 4.5% 4.0% 4.3% 4.0% 2.8% 0.8% 1.4% 2007 09 11 13 15 17 18 2008 10 12 14 16 18 2007 09 11 13 15 17 18 Appraisers’ Discount Rate (wei
Slide 68: Net Initial Yield definition
(1) 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 (2) Estimated Yield in 2018 is the URW NIY, prior years based on publis
Slide 69: Financing
FINANCING Ww UNIBAIL-RODAMCO-WESTFIELD
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Slide 71: €8.5 Bn of capital raised
€8.5 Bn of capital raised Hybrid Senior bonds April €2.0 Bn 2.4%(1) May €3.0 Bn 1.3%(1) Perp NC 5.5-year 3-year €1,250 Mn 2.125% €800 Mn 0.125% Perp NC 8-year 7.3-year €750 Mn 2.875% €800 Mn 1.125% 12.7-year €900 Mn 1.875% 20-year €500 Mn 2.250% Credit facilities and EMTN programme USD 3,000 Mn revo
Slide 72: New senior debt and hybrid securities raised
UR raised €6.5 Bn of new senior debt and €2.0 Bn of hybrid securities. Following these issuances, the bridge loan of €6.1 Bn put in place in January 2018 to finance the acquisition of WFD was cancelled, without having been drawn. Four public EMTN bonds were issued in May 2018 for a total amount of €
Slide 73: New Debt Structure
New Debt Structure Average maturity 6.9 years Average cost of debt 1.5%(1) Net financial debt €24,549 Mn(2) Consolidated Asset(3) and Debt Mix 69% 72% 20% 19% 7% 6% 4% 2% € (4) $ £ SEK Asset Net Financial Debt 2018 HALF-YEAR RESULTS 36
Slide 74: Interest and exchange rate risk management
URW's interest risk management policy aims to limit the impact of interest rate fluctuations on results, while minimizing the overall cost of debt. To achieve those objectives, the Group uses derivatives, mainly caps and swaps, to hedge its interest rate exposure through a macro hedging policy. URW’
Slide 75: Healthy credit ratios
Healthy credit ratios LTV(1) ICR(2) 60%(3) 41% 7.1 41% 37% 38% 5.9 30% 4.6 4.6 33% 4.0 3.8 3.5 25% 2.5 3.5 2.0(3) 2018 HALF-YEAR RESULTS 37
Slide 76: Financial ratios and credit ratings
URW benefits from healthy financial ratios(4) as at June 30, 2018(5): The Interest Coverage Ratio (ICR) was 7.1x(6) (compared to >5x in 2017 on a pro-forma basis and 6.7x for UR on a stand-alone basis); The Loan-to-Value (LTV) ratio(1) amounted to 38.0%(7) (37.1%(8) on a pro-forma basis and 33.2% fo
Slide 77: LTV evolution post closing and thereafter
LTV(1) evolution post closing and thereafter 1.3% 1.7% 39.7% 38.0% 36,7% 36.7% <35% 34,9% 34.9% Proportionate LTV Consolidated LTV €1.3 Bn achieved Consolidated LTV after Remainder of €3.0 Bn Consolidated LTV after disposals (2) disposals (3) target disposals target disposals (4) 2018 HALF-YEAR RESU
Slide 78: LTV footnotes
(1) Net financial debt / total assets, including transfer taxes (2) Net Disposal Price (NDP): €1.3 Bn, Total Acquisition Cost incurred by the acquirer minus all transfer taxes and transaction costs. Includes disposal of the Orebro hotel, the Capital 8 office building, four Spanish non-core retail as
Slide 79: LTV headroom sensitivity to NIY change
LTV headroom sensitivity to NIY change ∆ NIY -50 bps -25 bps 0 bps +25 bps +50 bps 7.2 3.4 0,0 GMV impact (in € Bn)(1) -3.0 -5.7 LTV(1) 32.9% 34.8% 36.7% 38.5% 40.3% Remaining €30 Bn €26 Bn €23 Bn €20 Bn €17 Bn Headroom(2) 2018 HALF-YEAR RESULTS 39
Slide 80: LTV headroom footnotes
(1) After after taking into account disposals completed since June 30 or for which binding agreements have been signed (the Orebro hotel, the Capital 8 office building, four Spanish non-core retail assets (El Faro, Bahia Sur, Los Arcos and Vallsur) and Horton Plaza) (2) Remaining headroom (based on
Slide 81: Conclusion and Financial Agenda
CONCLUSION AND FINANCIAL AGENDA
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Slide 83: Conclusion
Conclusion UR performing in line with our expectations US and UK operations trading in line with UR underwriting Integration of Westfield on-track Cost synergies already above target; Revenue synergies over next 3 to 5 years as planned €3.0 Bn disposal programme well underway At present no change to
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Slide 85: Financial agenda
Financial agenda Key milestones Q3 Results Oct 25, 2018 FY 2018 Results + 2019 Outlook + Medium Term guidance Feb 13, 2019 Interim dividend Mar 29, 2019 AGM May 17, 2019 Final dividend July 2019 2018 HALF-YEAR RESULTS 42
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