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    URW   FR0013326246

UNIBAIL-RODAMCO-WESTFIELD SE

(URW)
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Unibail Rodamco Westfield : Westfield-owner Unibail sees COVID-19 impact lasting in 2nd half

07/28/2021 | 12:41pm EDT

July 28 (Reuters) - Westfield shopping mall owner Unibail said on Wednesday it expected the coronavirus pandemic to continue weighing on results in the second half of the year after reporting a 26% fall in net rental income in the first half of the year.

The group's shopping mall centres were all reopened in April and May following the gradual lifting of COVID-19 restrictions but were closed for 67 days on average in the first half of the year.

"The development of new variants and the restrictions contemplated to mitigate them generate additional uncertainty," the company said in a statement.

Unibail-Rodamco-Westfield (URW), which also counts Forum des Halles in Paris and Madrid's La Vaguada among its assets, said it continued to focus on reducing its debt by selling part of its assets, limiting investments and retaining profits.

The company, which suspended dividend payments for 2020, 2021 and 2022 and plans to zero its exposure to the U.S., said it had completed 1.7 billion euros in disposals out of 4 billion euros it targets by the end of 2022.

Net rental income in the first half of the year fell to 785 million euros ($926.85 million) from 1.07 billion euros a year ago.

Rival Klepierre said on Tuesday it started seeing signs of recovery in the second quarter but added it was unable to estimate the potential impact of the pandemic for the rest of the year due to the Delta variant of the virus.

($1 = 0.8470 euros) (Reporting by Silvia Recchimuzzi in Gdansk; editing by David Evans and Chris Reese)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
KLÉPIERRE -1.02% 19.5 Real-time Quote.7.12%
UNIBAIL-RODAMCO-WESTFIELD SE -1.26% 65.57 Real-time Quote.2.83%
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Financials
Sales 2021 2 229 M 2 612 M 2 612 M
Net income 2021 -3 709 M -4 346 M -4 346 M
Net Debt 2021 24 661 M 28 893 M 28 893 M
P/E ratio 2021 -2,17x
Yield 2021 -
Capitalization 9 088 M 10 641 M 10 647 M
EV / Sales 2021 15,1x
EV / Sales 2022 12,7x
Nbr of Employees 3 049
Free-Float 79,2%
Chart UNIBAIL-RODAMCO-WESTFIELD SE
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Unibail-Rodamco-Westfield SE Technical Analysis Chart | URW | FR0013326246 | MarketScreener
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Mean consensus UNDERPERFORM
Number of Analysts 18
Last Close Price 66,41 €
Average target price 65,63 €
Spread / Average Target -1,18%
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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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