Unibail-Rodamco-Westfield SE · EURONEXT:URW
Unibail-Rodamco-Westfield — Unibail-Rodamco — FY2008 Earnings Presentation
75 slides from Unibail-Rodamco-Westfield's earnings presentation, Feb 6, 2009
Slide 1: 2008 Full-Year Results
2008 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 and the particular needs of any specific person who
Slide 2: Table of Contents
TABLE OF CONTENTS 1 S SOLID OLID FINANCIALS FINANCIALS 2 R RESILIENT ESILIENT OPERATING OPERATING PERFORMANCE PERFORMANCE 3 S SUCCESSFULLY UCCESSFULLY REFOCUSING REFOCUSING THE THE PORTFOLIO PORTFOLIO 4 A A STRONG STRONG DOWNWARD DOWNWARD CORRECTION CORRECTION IN IN VALUE VALUE 5 A A PRIME PRIME AND
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: Solid Financials
SOLID FINANCIALS 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 and the particular needs of any specific person who may re
Slide 5: La Part Dieu - Lyon
La Part Dieu - Lyon
Slide 6: 2008 Full Year Financial Results Ahead of Targets
2008 FULL YEAR FINANCIAL RESULTS AHEAD OF TARGETS Unibail Unibail-Rodamco + H2 Rodamco Full-year 2008 2007 Shopping centres 888 529 Offices 228 179 Convention and exhibition 99 63 Net rental income 1,215 771 Convention & exhibition Services NOI 51 22 Recurring Net Profit (group share) 777 539 Net pr
Slide 7: 2008 recurring EPS of €8.52, 8.4% growth
> Unibail-Rodamco's 2008 recurring earnings per share ("EPS") amounts to €8.52, a 8.4% growth compared to 2007 and ahead of recurring EPS growth target of 7% or more. > This performance derives from: continuous growth in rental income; contained cost of debt. > IFRS net profit shows a loss of €1
Slide 8: Resilient Operating Performance
RESILIENT OPERATING PERFORMANCE
Slide 9: Les Quatre Temps – Paris-La Défense
Les Quatre Temps – Paris-La Défense
Slide 10: Strong Net Rental Income Growth Across the Different Divisions
A STRONG NET RENTAL INCOME GROWTH ACROSS THE DIFFERENT DIVISIONS 2007 Like-for-like € Mn 2008 % Growth pro-forma (1) (2) growth - France 420 353 +18.8% +10.0% - Netherlands 159 187 -15.0% +3.4% Shopping - Spain 105 87 +20.6% +7.1% centres - Nordics 91 86 +6.4% +5.7% - Central Europe 113 82 +38.3% +8
Slide 11: Total rental income grew 10.5% vs 2007 pro-forma
> Total rental income has grown by 10.5% in 2008 vs. 2007 pro-forma, and by 8.5% on a like-for-like basis. > Net rental growth for the shopping centre division amounted to 11.7% in 2008 vs. 2007 pro-forma and to 7.7% on a like-for-like basis, a growth of 440 bps over inflation. It is mostly resultin
Slide 12: Secure Cash Flow Thanks to Continued Focus on Fundamentals
SECURE CASH FLOW THANKS TO CONTINUED FOCUS ON FUNDAMENTALS Vacancy rate (1) in Unibail-Rodamco’s shopping centres ranked by footfall (2) as at December 31, 2008 3.0% Group's > Limited vacancy rate: average: 1.8% as at December 2008 vs. 1.1% as at 1.8% 1.4% December 2007 0.8% Lower vacancy rate f
Slide 13: Solid and secure cash flows
> The Group benefits from solid and secure cash flows thanks to: Limited vacancy, particularly in Unibail-Rodamco's large shopping centres: – vacancy in Unibail-Rodamco's centres above 15 million visits is 0.8% vs. 1.8% for Unibail-Rodamco's average portfolio; – vacancy has increased in Spain reac
Slide 14: 2008 Tenants' Sales Reflect the Crisis
2008 TENANTS' SALES REFLECT THE CRISIS Unibail-Rodamco’s 2008 tenants' sales year to date growth in France and Spain > Declining tenants' sales performance in 2008 8% France Total 6% Unibail-Rodamco's tenants' 0.0% -0.9% (4) sales growth (1) 4% National index (3) -2.0% -1.1% (2) 2% France 0.0% > Uni
Slide 15: 2008 tenants' sales declined by 0.9%
> 2008 tenants' sales have declined by 0.9% (4) on average for the Group's shopping centres: impact of oil and food price boom from April to September; disappointing Christmas sales; specific situation of Spain; disappointing medium size (5) unit performance: -2.3% in sales evolution in 2008
Slide 16: Winners in the Storm
WINNERS IN THE STORM Winning brands (1) Winning shopping centres (1) > Above 10% in average like-for-like 2008 sales > Above 3% in traffic/tenants' sales achieved growth achieved in Unibail-Rodamco’s in 2008 shopping centres The crisis will accelerate successes and failures (1) Examples. Not an exha
Slide 17: Differentiation between performing and non-performing concepts
> In this more challenging environment, differentiation will increase between performing and non- performing retail concepts: tenants, continuing to experience superior like-for-like sales growth, and expanding to gain market share; shopping centres, able to attract large and increasing flows of
Slide 18: Ongoing Leasing Activity in a Difficult Environment
ONGOING LEASING ACTIVITY IN A DIFFICULT ENVIRONMENT > 1,097 leases signed in 2008 (1): 25% rental uplift achieved, showing that a large number of leases are still below market La Part Dieu - Lyon > Ongoing leasing activity in Q4 2008: 23% rental uplift achieved 242 leases signed Centrum Chodov
Slide 19: Large malls continue to attract retailers
Large malls continue to attract retailers wiling to take advantage of large flows of visitors such as: > La Part Dieu in Lyon/France: 31 Mn visits/year; +1.3% in footfall in 2008; +0.5% in tenants' sales growth. Î41 leases were signed in 2008 in La Part Dieu 10 new retailers introduced; up
Slide 20: Top Priorities for Growth Through the Crisis
TOP PRIORITIES FOR GROWTH THROUGH THE CRISIS Besides under-rented situations, rental growth will stem from traffic increase > Renew tenant mix to increase differentiation Introduce new brands – Apple, New Look, Fossil in France – Massimo Dutti, Joop, Samsonite black label in Poland – G Star, Zara
Slide 21: 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 and the particular needs of any specific person who may receive it. Any opi
Slide 22: Paris Office Market Still Protected by Low Vacancy and Limited New Delivery
PARIS OFFICE MARKET STILL PROTECTED BY LOW VACANCY AND LIMITED NEW DELIVERY Î A position in specific areas with historically low vacancy rates Low market vacancy rates in Paris CBD/La Défense 12% 11.6% 10% 9.0% 7.9% 8.0% 8% Average Paris Region Dec 08: 6% 5.4% 4.1% 4.6% 4% 3.3% 3.6% 2% 0% Paris CBD
Slide 23: Declining 2008 office space take-up
> Declining 2008 office space take-up to 2.4 million m² a 14% decrease in 2008 vs. 2007; demand of space in 2008 was supported: – by large transactions with in particular 5 transactions above 40,000 m² in 2008; – a variety of tenant base, covering various economic sectors. > Rental values: stabl
Slide 24: A Solid Office Performance for Unibail-Rodamco in France
A SOLID OFFICE PERFORMANCE FOR UNIBAIL-RODAMCO IN FRANCE > Good leasing activity with leasing of: Capital 8: 98% let Cambon: 100% let 12 Mail: 100% let 7 Adenauer: 100% let Clichy Villeneuve: 100% let Î18% rental uplift on relettings/renewals in 2008 CNIT – Paris La Défense ÎIncrease in va
Slide 25: Active in renting out vacant space
> Unibail-Rodamco has been very active in renting out vacant space carried over from 2007. Good leasing progress was achieved in a number of prime assets. > Unibail-Rodamco benefits from a unique positioning with prime assets in Paris CBD and La Défense where ca. 80% of its office portfolio (1) is c
Slide 26: Convention & Exhibition: A Resilient 2008 Result
CONVENTION & EXHIBITION: A RESILIENT 2008 RESULT % Growth % Growth 2007 2006 2008 pro-forma pro-forma pro-forma (1) pro-forma (1) 2008/2007 2008/2006 € Mn C&E venues NOI 127.4 112.8 125.1 +13.0% +1.8% Hotels recurring NOI 12.7 11.9 11.4 +6.7% +11.4% Venues recurring NOI 140.1 124.6 136.5 +12.4% +2.6
Slide 27: Shows performed well in 2008
> Shows have performed well in 2008 in terms of number of visits. > Average occupancy rate of Viparis in 2008 of 35.9% remained stable compared to previous years. > Good pre-lettings are in place for 2009: between 85-90% of annual pre-letting are secured at the beginning of the year (86% for 2009)
Slide 28: Successfully Refocusing the Portfolio
SUCCESSFULLY REFOCUSING THE PORTFOLIO 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 and the particular needs of any speci
Slide 29: La Maquinista - Barcelona
La Maquinista - Barcelona
Slide 30: More Than Ever Focus on Prime Assets
MORE THAN EVER FOCUS ON PRIME ASSETS Belgium portfolio Unibail-Rodamco's acquisitions and disposals over last years (1) In € Mn (2) 1,500 1,471 1,000 586 OUT Sell mature assets 530 570 with limited growth 500 potential… 0 IN …invest in prime -150 -500 -407 centres in key cities -468 with operating l
Slide 31: Disposal of mature assets and selective acquisitions
> Disposal of mature assets with limited growth potential: €1.5 Bn sold in 2008; including over 260 retail assets with an average surface of ca. 1,300 m². > Selective acquisitions of prime assets with growth potential reinforcing Unibail-Rodamco’s position in: 2 key shopping centres in key cit
Slide 32: Two Large Scale Shopping Centre Acquisitions
TWO LARGE SCALE SHOPPING CENTRE ACQUISITIONS Shopping City Süd in Vienna La Maquinista in Barcelona > 25 million visits per year > 15 million visits per year > +1.4% in tenants' sales in 2008 vs. 0.3% (1) for > -3.2% in tenants' sales vs. -4.7% (2) for the the Austrian market (as at November 2008) S
Slide 33: Reinforced position in large shopping centres
> Unibail-Rodamco has reinforced its position in 2008 in the segment of large shopping centres, through the acquisition of: 2 primes assets: – Shopping City Süd in Vienna acquired in May 2008: 140,400 m² in a ca. 300,000 m² retail and leisure complex; – La Maquinista in Barcelona acquired in July
Slide 34: Selling Mature Assets
SELLING MATURE ASSETS Net Premium Asset Proceeds (1) over last (€ Mn) appraisals (2) The Netherlands – retail and offices (3) 880 +3% Belgian portfolio – retail 92 +22% 2008 France – offices (4) 310 +10% disposals Ukraine – offices 39 +5% Germany – retail 20 +2% Spain – logistics 130 0% Total dispos
Slide 35: Continued asset rotation policy
> Despite a more difficult investment market, the company continued successfully its asset rotation policy by selling mature assets at premium to last unaffected appraisals including in Q4 2008. This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for gene
Slide 36: Continued Disposals in Q4 2008 Despite More Difficult Financial Environment
CONTINUED DISPOSALS IN Q4 2008 DESPITE MORE DIFFICULT FINANCIAL ENVIRONMENT > Disposal on November 18, 2008 at a net initial yield of 4.2% 4,400 m² prime asset in the heart of Paris 8e – 17-18, Faubourg St-Honoré Net disposal price: €112 Mn A 5.3% premium to latest appraised value 17-21, Faubo
Slide 37: 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 and the particular needs of any specific person who may receive it. Any opi
Slide 38: A Strong Downward Correction in Value
A STRONG DOWNWARD CORRECTION IN VALUE 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 and the particular needs of any speci
Slide 39: Tour Ariane – Paris Region
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Slide 40: Dynamics in the Investment Markets Changed
DYNAMICS IN THE INVESTMENT MARKETS CHANGED > Financial crisis impact on real estate values is significant, with a strong expansion in property yields, and an increasing capital outflow > Quality assets with limited adverse risk on i) vacancy and ii) market rent decrease, are less under pressure, but
Slide 41: 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 and the particular needs of any specific person who may receive it. Any opi
Slide 42: NAVPS Impacted by Yield Expansion
NAVPS IMPACTED BY YIELD EXPANSION (in € per share) Retained profit 169.30 -18.10 +1.70 Gain on disposals +3.10 151.20 surplus on deliveries Rental growth +11.20 - 20.50 Portfolio revaluation like-for-like Yield expansion -31.70 Mark-to-market of debt -2.40 NAVPS NAVPS Dec. 31, 07 Dec. 31, 08 - 18.10
Slide 43: NAVPS decreased to €151.20 per share
> NAVPS decreased to €151.20/share as at December 31, 2008, i.e. a decrease of 10.7% compared to year- end 2007. > The downward correction in value is mainly due to a significant yield expansion: on a like-for-like basis, the yield impact on valuation was €31.70/share, corresponding to a yield exp
Slide 44: Devaluation for the Shopping Centre Division Due to Yield Expansion
DEVALUATION FOR THE SHOPPING CENTRE DIVISION DUE TO YIELD EXPANSION Shopping centres portfolio Split of like-for-like (2) evolution € Bn valuation evolution Full year 2008 (4) 18.2 -0.9 +0.1 18.0 +1.9 Yield effect (3) Rent effect (3) -2.1 Other Total (revaluation Disposals pipeline + France -13.5% 4
Slide 45: Shopping centre portfolio value decreased
> Unibail-Rodamco’s shopping centre portfolio value has decreased with €194 Mn from €18,231 Mn as at December 31, 2007 to €18,037 Mn as at December 31, 2008, including transfer taxes and disposals costs. > This evolution includes €209 Mn in positive revaluation of delivered projects, mainly: Rivétoi
Slide 46: Offices Devaluation Following a Significant Yield Adjustment
OFFICES DEVALUATION FOLLOWING A SIGNIFICANT YIELD ADJUSTMENT Split of like-for-like (2) evolution Offices portfolio Full year 2008 valuation evolution € Bn 5.6 (4) -0.6 -0.9 Yield effect (3) Rent effect (3) +0.2 4.5 Total Disposals +0.2 France -19.2% 4.8% -14.4% Capex Yield Rent acquisition expansio
Slide 47: Office portfolio value decreased
> Unibail-Rodamco’s office portfolio has decreased from €5,557 Mn as at December 31, 2007 to €4,478 Mn as at December 31, 2008, including transfer taxes and disposals costs. > Valuation on a like-for-like basis (net of investment) has decreased by 13.9% with: a significant yield expansion impact o
Slide 48: Significant Yield Expansion
SIGNIFICANT YIELD EXPANSION Net initial yields (1) on Unibail-Rodamco's Net initial yields (1) expansion shopping centres based on like-for-like scope (2) on Unibail-Rodamco's occupied offices 8.4% 6.3% 8.2% 5.9% 6.0% 5.7% 7.3% 7.3% 5.6% Average: 6.9% Average: 5.4% 5.4% 6.8% 6.4% 6.2% 6.2% 6.1% 5.0%
Slide 49: Net initial yield increases
> The shopping centre portfolio's net initial yield (like-for-like scope) increased from 4.8% at year-end 2007 to 5.4% as at December 31, 2008. > This derives from a more conservative approach from appraisers, in particular in their DCF approach, in the absence of relevant transaction benchmarks. >
Slide 50: Shopping Centre Yields Show an Increased Premium Over Government Bond Yields
UNIBAIL-RODAMCO’S SHOPPING CENTRE YIELDS SHOW AN INCREASED PREMIUM OVER GOVERNMENT BOND YIELDS % 5.5% 5.4% 5.0% 4.5% 4.0% 270 bps 3.5% 3.0% 2.7% 2.5% Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 5-y risk free rate (1) Unibail-Rodamco's shopping centre net initial yield (2) Increase in real estate premium thro
Slide 51: Increasing spread versus government bond yields
> Increasing spread between Unibail-Rodamco’s shopping centre yields versus 5-year government bond yields due to: decrease in interest rates; shopping centres yield expansion. This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information
Slide 52: A Prime and Flexible Development Pipeline
A PRIME AND FLEXIBLE DEVELOPMENT PIPELINE 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 and the particular needs of any s
Slide 53: Forum Nacka - Stockholm
Forum Nacka - Stockholm
Slide 54: Successful Openings of Extensions in 2008
SUCCESSFUL OPENINGS OF EXTENSIONS IN 2008 DEMONSTRATES UNIBAIL-RODAMCO'S SELECTIVE APPROACH AND DEVELOPMENT KNOW- HOW Î Forum Nacka extension opened on October 23, 2008 Extension of 26,100 m² of retail surfaces in … Differentiating the centre from competition Stockholm/Sweden… thanks to the extensio
Slide 55: Extensions completed and opened in 2008
> Extension successfully completed and opened in 2008, include: Forum Nacka extension in Stockholm: 26,100 m²; Les Quatre Temps in La Défense: completion of 22,000 m² extension with delivery of the DIY part; Passage CMK in Bordeaux: 7,400 m²; Labège 2 in Toulouse: 3,400 m². This presentation
Slide 56: Successful Deliveries of Fully Let Development Projects in Large Cities
SUCCESSFUL DELIVERIES OF FULLY LET DEVELOPMENT PROJECTS IN LARGE CITIES Î Arkády Pankrác (1) – Prague opened on November 13, 2008 Î Rivétoile – Strasbourg opened on October 1st, 2008 > 38,500 m² of total retail surfaces > 28,000 m² of retail surfaces > 100% let at opening > 100% let at opening > Abo
Slide 57: 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 and the particular needs of any specific person who may receive it. Any opi
Slide 58: A Large Flexibility on Prime Development Pipeline
A LARGE FLEXIBILITY ON PRIME DEVELOPMENT PIPELINE % % of of portfolio portfolio December 31, December 31, 2008 2008 Status Status as per 31/12/08 (1) as per 31/12/08 (1) Already Already invested invested > €737 Mn - 3% > Secured costs Contracted Contracted > €1,003 Mn (2) > Pre-lettings 4% projects
Slide 59: Delivered projects and potential pipeline changes
> Delivered projects transferred in standing investment mainly: Rivétoile, Arkády Pankrác, CNIT offices, Labège 2, Forum Nacka extension covering €479 Mn in investments. > The new projects entered in potential pipeline are mainly renovation and extension on existing assets. > Decision to proceed on
Slide 60: Contracted Pipeline in Progress
CONTRACTED PIPELINE IN PROGRESS Î The pipeline of fully contracted projects represents a total of 308,000 m² and has an average expected yield on cost of ca. 8% with a double-digit IRR Docks 76 – Rouen Donauzentrum extension Lyon Confluence > 37,000 m² of retail surfaces > 27,500 m² of extension > 5
Slide 61: Pipeline projects fully contracted include
Pipeline projects fully contracted include: > Shopping centres Brownfield projects: – Docks 76 in Rouen/France: 37,000 m², completion in 2009; – Dock Vauban in Le Havre/France: 57,000 m², completion in 2009; – Metropolis in Moscow/Russia: 81,000 m² (of which Unibail-Rodamco’s share is 50%). Acquis
Slide 62: Strong Balance Sheet and Liquidity Position
STRONG BALANCE SHEET AND LIQUIDITY POSITION 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 and the particular needs of any
Slide 63: De Vier Meren – Hoofdorp
De Vier Meren – Hoofdorp
Slide 64: An Ongoing Good Access to Liquidity
AN ONGOING GOOD ACCESS TO LIQUIDITY Track record of raising debt In € Mn 2001 2002 2003 2004 2005 2006 2007 2008 4,000 > €2.0 Bn of new debt/bank lines raised in 2008 3,000 Average: €2.1 Bn 86 bps spread on average 2,000 raised per year 125 bps average spread in H2 2008, a 60 bps 2,876 2,896 2,3
Slide 65: 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 and the particular needs of any specific person who may receive it. Any opi
Slide 66: Strongest Financial Ratios in the Industry
STRONGEST FINANCIAL RATIOS IN THE INDUSTRY Strongest rating vs. European peers (3) > Strongest rating of the industry Portfolio Value (€ Mn) S&P: "A" stable outlook 30,000 Moody's: "A3" stable outlook 25,000 > 30% LTV (1) ratio based on: 20,000 British Land Net financial debt of €7.4 Bn (4) Ge
Slide 67: Strongest financial ratios even after valuation update
> Unibail-Rodamco keeps the strongest financial ratios in the industry even after the update in valuation which affected the LTV to a minor extent. > Impact of capital recycling policy: ca. €0.3 Bn in disposals net of acquisitions in 2008. This presentation has been prepared by Unibail-Rodamco for g
Slide 68: Financial Flexibility on Covenants
FINANCIAL FLEXIBILITY ON COVENANTS Unibail-Rodamco's LTV (3) evolution > No financial covenants on bond/ 70% Bank covenants commercial paper programs 60% 50% > Significant headroom on financial 40% covenants on credit lines 30% Unibail- Debt 20% Covenant Rodamco’s covered (2) level 10% level € Bn <
Slide 69: 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 and the particular needs of any specific person who may receive it. Any opi
Slide 70: Secured Cost of Debt Through Active Hedging
SECURED COST OF DEBT THROUGH ACTIVE HEDGING € Mn 8,000 Net financial debt as at December 31, 2008: €7.4 Bn (1) 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Cap Swap Bonds (fixed rate) ¾ Limited sensitivity to interest rate evolution 1.75% impact on 20
Slide 71: 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 and the particular needs of any specific person who may receive it. Any opi
Slide 72: Outlook
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 and the particular needs of any specific person who may receive it.
Slide 73: Habaneras - Torrevieja
Habaneras - Torrevieja
Slide 74: Outlook
OUTLOOK > 2009 recurring Earnings Per Share growth target: Recurring EPS At least 7.0% or more growth in recurring EPS for 2009 > Pay-out policy: 85% to 95% of recurring EPS, unchanged Full 2008 distribution proposed of €7.50 per share Interim dividends on 2008 fiscal year of €1.75/share: Dist
Slide 75: The 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 and the particular needs of any specific person who may receive it. Any opi