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    URW   FR0013326246

UNIBAIL-RODAMCO-WESTFIELD SE

(URW)
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Unibail Rodamco Westfield : 2021 Half-Year Results Presentation

07/28/2021 | 12:04pm EDT

2021

HALF-YEAR

RESULTS

H1-2021

OVERVIEW

JEAN-MARIE TRITANT

CEO

H1-2021 in review

Continued resilience in tough operating conditions consistent with expectations

Encouraging recovery in footfall and sales

data when restrictions ease

Total focus on operational and financial priorities - good progress in H1-2021

Favourable access to credit markets - ample liquidity supports ongoing deleveraging program

2021 HALF YEAR RESULTS

3

Delivering on operational and financial priorities

Operational

FOCUS

Opening of Westfield Mall

of the Netherlands

ON FLAGSHIP

La Part-Dieu and La Maquinista

DESTINATIONS

extensions

Financial

EUROPEAN DISPOSAL

€1.7 Bn of €4.0 Bn target

PROGRAMME (2021/22)

agreed or completed

ACTIVE ASSET

Agile leasing strategy, increasing

volume

MANAGEMENT

Stabilising vacancy levels in Q2

RADICAL REDUCTION OF FINANCIAL EXPOSURE TO THE US

€0.3 Bn of debt reduction through portfolio streamlining

Dedicated taskforce focused on disposal strategy

LEVERAGING

Chief Customer Officer

to capture new opportunities

THE WESTFIELD

Brand to be rolled out to six

BRAND

new European centres in H2

-12% vs. H1-2020 and -25% vs.

STRICT CAPEX &

H1-2019 reduction in CAPEX

COST CONTROL

-10% vs H1-2019 reduction in

service charges

FAVOURABLE ACCESS

€3.1 Bn sustainability-linked RCF

TO CREDIT MARKETS

Improved liquidity: >36 months

2021 HALF YEAR RESULTS

4

Performance reflects tough conditions, with early positive indicators

C&E

NRI -97%

Substantially closed during H1-2021 due to restrictions

Initial restart in June with SRLF and Vivatech events

86 events booked for Q4 (vs. 69 in all of H1)

299 events pre-booked

for 2022 (c.70% of "normal"

pre-bookings as of July)

Offices

NRI -24%

Impact of SHiFT and Les Villages 3, 4 and 6 disposals

Promissory deed of sale for 7 Adenauer signed

First letting deals completed at Trinity (21% let)

Shopping Centres

NRI -25%

Impacted by lockdowns or trading restrictions in all markets and 2020 disposals

Disposal of Aupark and SCS stakes announced

Encouraging return of footfall and tenant sales on reopening

Letting activity improved with total deals above 2019 levels

Gradual normalisation of trading conditions expected

NB: NRI evolution presented as a percentage vs. H1-2020

2021 HALF YEAR RESULTS

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Unibail-Rodamco-Westfield SE published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 16:03:15 UTC.


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Sales 2021 2 229 M 2 615 M 2 615 M
Net income 2021 -3 709 M -4 351 M -4 351 M
Net Debt 2021 24 321 M 28 529 M 28 529 M
P/E ratio 2021 -2,12x
Yield 2021 -
Capitalization 8 980 M 10 522 M 10 533 M
EV / Sales 2021 14,9x
EV / Sales 2022 12,7x
Nbr of Employees 3 049
Free-Float 79,2%
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Number of Analysts 18
Last Close Price 64,79 €
Average target price 65,63 €
Spread / Average Target 1,29%
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Managers and Directors
Jean-Marie Tritant Group Chief Executive & Operating Officer
Fabrice Mouchel Group Chief Financial Officer
Jean-Luc Neez Director-Finance
LÚon Bressler Chairman-Supervisory Board
Olivier Bossard Chief Investment Officer
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