Unibail-Rodamco-Westfield: Financial information as at Septembre
30, 2019
Paris, Amsterdam, October 28, 2019
Press release
Financial information as at September
30, 2019
- Tenant sales increased by +5.2% (+5.5% for Flagships)
in URW’s Continental European shopping centres and by +5.2% in the
UK; US specialty sales per sq. ft grew by +12.5% (+14.2% for
Flagships);
- Strong footfall growth in URW’s Continental European
shopping centres (+3.1%) and in the UK (+3.9%).
- Turnover
The proportionate turnover of
Unibail-Rodamco-Westfield (“URW” or the “Group”) for the first nine
months of 2019 amounted to €2,729.7 Mn, up by +26.1%, mainly due to
the acquisition of Westfield Corporation (“WFD”), offset by
disposals completed in 2018 and 2019. Property services and other
activities revenue growth of +9.3% was driven by the effect of the
WFD transaction, partially offset by France (due to a one-off
indemnity received in H1-2018) and Germany. Property development
and project management revenues are up due to nine months of
revenue in 2019 compared to four in 2018.
Turnover |
|
IFRS |
Proportionate(1) |
YTD in € Mn, excluding VAT |
9M-2019 |
9M-2018 |
Change |
9M-2019 |
9M-2018 |
Change |
Shopping Centres(2) |
1,559.8 |
1,341.5 |
+16.3% |
2,038.8 |
1,599.5 |
+27.5% |
Offices(2) |
85.6 |
123.9 |
-30.9% |
92.1 |
123.9 |
-25.7% |
Convention & Exhibition(2) |
233.6 |
229.7 |
+1.7% |
234.7 |
230.7 |
+1.7% |
Rental income |
148.3 |
144.3 |
+2.8% |
149.4 |
145.3 |
+2.8% |
Services |
85.3 |
85.4 |
-0.2% |
85.3 |
85.4 |
-0.2% |
Property services and other activities
revenues |
134.4 |
124.1 |
+8.3% |
134.4 |
123.0 |
+9.3% |
Property development and project management revenues |
229.7 |
87.2 |
+163.4% |
229.7 |
87.2 |
+163.4% |
Total |
2,243.1 |
1,906.4 |
+17.7% |
2,729.7 |
2,164.3 |
+26.1% |
- Proportionate reflects the impact of proportional consolidation
instead of the equity method required by IFRS 11 of the URW jointly
controlled assets.
- Hotel assets were transferred from the Convention &
Exhibition segment to the Offices & Others segment and Les
Boutiques du Palais was reclassified from the Shopping Centres
segment to the Convention & Exhibition segment; 2018 was
restated accordingly.
Figures may not add up due to
rounding2.
Gross Rental Income
The proportionate Gross Rental Income (GRI) of
the Shopping Centre division amounted to €2,038.8 Mn for the first
three quarters of 2019, an increase of +27.5%. GRI growth in
Central Europe, Austria and Germany was solid with +3.7%, +3.6%,
and +3.1%, respectively. France remained resilient with GRI growth
of +2.3%. Disposals of non-core shopping centres in Spain in 2018
and in the Nordics in 2019 impacted GRI growth in those
regions.
The GRI of the Office division was €92.1 Mn,
down by -25.7% compared to the first nine months of 2018 due to
numerous disposals. The rental income of offices in France
decreased by -40.1%, due to the disposals of Capital 8 and Tour
Ariane in 2018, and Tour Majunga in 2019. The increase in Other
countries is mainly due to the inclusion of the US.
The GRI of the Convention & Exhibition
division increased by +2.8% to €149.4 Mn.
Gross Rental Income |
|
IFRS |
Proportionate(1) |
YTD in € Mn, excluding VAT |
9M-2019 |
9M-2018 |
Change |
9M-2019 |
9M-2018 |
Change |
Shopping Centres |
1,559.8 |
1,341.5 |
+16.3% |
2,038.8 |
1,599.5 |
+27.5% |
France(2) |
528.8 |
516.5 |
+2.4% |
535.4 |
523.2 |
+2.3% |
United States |
342.8 |
169.3 |
+102.5% |
698.9 |
346.1 |
+102.0% |
Central Europe |
162.6 |
156.9 |
+3.6% |
168.0 |
162.1 |
+3.7% |
Spain |
125.9 |
133.3 |
-5.6% |
126.2 |
133.6 |
-5.6% |
Nordics |
103.0 |
115.3 |
-10.6% |
103.0 |
115.3 |
-10.6% |
Austria |
86.7 |
83.7 |
+3.6% |
86.7 |
83.7 |
+3.6% |
United Kingdom |
81.7 |
38.5 |
+112.2% |
153.6 |
72.5 |
+112.0% |
Germany |
75.9 |
75.9 |
0.0% |
114.6 |
111.1 |
+3.1% |
The Netherlands |
52.3 |
52.0 |
0.7% |
52.3 |
52.0 |
+0.7% |
Offices |
85.6 |
123.9 |
-30.9% |
92.1 |
123.9 |
-25.7% |
France(2) |
62.3 |
104.0 |
-40.1% |
62.3 |
104.0 |
-40.1% |
Other countries |
23.4 |
19.9 |
+17.3% |
29.8 |
19.9 |
+49.7% |
Convention & Exhibition(2) |
148.3 |
144.3 |
+2.8% |
149.4 |
145.3 |
+2.8% |
Total |
1,793.7 |
1,609.7 |
+11.4% |
2,280.3 |
1,868.7 |
+22.0% |
- Proportionate reflects the impact of proportional consolidation
instead of the equity method required by IFRS 11 of the URW jointly
controlled assets.
- Hotel assets were transferred from the Convention &
Exhibition segment to the Offices & Others segment and Les
Boutiques du Palais was reclassified from the Shopping Centres
segment to the Convention & Exhibition segment; 2018 was
accordingly restated.
Figures may not add up due to rounding.
Major events
1.
Tenant sales and footfall Tenant sales(1) through
September 30, 2019, in the Group’s European shopping centres(2)
were up by +5.2% (+5.5% for Flagships(3)), of which +5.2% in
Continental Europe (+5.5% in Flagships) and +5.2% in the UK. Strong
performance was recorded in the Nordics and France (+16.0% and
+5.2%, respectively), which benefitted from the on-going growth of
Tesla following delivery of the Model 3. Excluding Tesla, URW’s
Continental European tenant sales increased by +2.9% (vs. +2.9% at
HY-2019).
Through August, tenant sales in Europe (+5.2%)
outperformed the aggregate national sales indices(4) (which for a
number of the Group’s regions include online sales) by +332 bps.
This outperformance reflects the superior quality of the Group’s
European shopping centres. In France, tenant sales through August
outperformed the IFLS(5) and CNCC(6) indices by +363 and +453 bps,
respectively.
Footfall(7) in the Group’s Continental European
shopping centres grew by +3.1% through September 30, 2019. Footfall
was particularly strong in France (+5.6%). Footfall in the UK was
up by +3.9%.
In the US, tenant sales(8) through September 30,
2019, were up by +6.2% (+9.5% for Flagships). Excluding Tesla,
tenant sales were up by +1.8% (vs. +1.8% at HY-2019), of which
+3.4% in Flagships (vs. +3.5% at HY-2019). Specialty sales per sq.
ft(9) in the US were up by +12.5% on a trailing 12-months basis
(+14.2% for Flagships(10)). Excluding Tesla, specialty sales per
sq. ft were up by +4.7% (vs. +5.4% at HY-2019), of which +4.0% in
Flagships (vs. +5.0% at HY-2019).(11)
2.
Post-closing events
On October 8, 2019, URW priced a USD750 Mn bond
offering, sold in accordance with Rule 144A and Regulation S of the
US Securities Act of 1933. The bond has a long 7-year maturity,
maturing on January 15, 2027, and a 2.875% fixed coupon.
On October 22, 2019, URW priced a €750 Mn bond
offering, with a long 12-year maturity, maturing on March 29, 2032,
and a 0.875% fixed coupon.
3.
Outlook 2019
The Group expects its Adjusted Recurring
Earnings per Share to be at the upper end of the €12.10 - €12.30
range announced in July 2019.
4.
Financial schedule
The next financial events in the Group’s
calendar will be:
February 12, 2020: 2019
Full-Year results (after market close)April 29,
2020: 2020 1st quarter results (after market
close)May 15, 2020: AGM Unibail-Rodamco-Westfield
SE
Notes:
- Tenant sales data does not include Zlote Tarasy as it is not
managed by URW. Tenant sales performance in URW’s shopping centres
(except The Netherlands) in operation, including extensions of
existing assets, but excluding deliveries of new brownfield
projects, newly acquired assets and assets under heavy
refurbishment. For the period through September 30, 2019, shopping
centres excluded due to delivery or ongoing works were Galerie
Gaité, La Part-Dieu, CH Ursynow, Garbera, and Gropius Passagen.
Primark sales are based on estimates.
- Including the UK.
- The European Flagship assets are: Westfield Les Quatre Temps,
Aéroville, Westfield Parly 2, Westfield Vélizy 2, Westfield Carré
Sénart, Westfield Rosny 2, Westfield Le Forum des Halles, Carrousel
du Louvre, CNIT, Confluence, La Part-Dieu, Villeneuve 2, Westfield
Euralille, Polygone Riviera, La Vaguada, Parquesur, Bonaire, Splau,
La Maquinista, Glòries, Donau Zentrum, Shopping City Süd, Centrum
Cerny Most, Westfield Chodov, Wroclavia, Galeria Mokotow, Zlote
Tarasy, Westfield Arkadia, Aupark, Fisketorvet, Westfield Mall of
Scandinavia, Täby Centrum, Stadshart Amstelveen, Westfield Mall of
The Netherlands, Ruhr Park, Gropius Passagen, CentrO, Pasing
Arcaden, Westfield London and Westfield Stratford City.
- Based on latest national indices available (year-on-year
evolution) as at August 2019: France: Institut Français du Libre
Service (IFLS)-excluding food; Spain: Instituto Nacional de
Estadistica; Central Europe: Česky statisticky urad (Czech
Republic), Polska Rada Centrow Handlowych (Poland), Eurostat
(Slovakia); Austria: Eurostat; the Nordics: HUI Research (Sweden),
Danmarks Statistik (Denmark); Germany: Destatis-Genesis, excluding
online only operators and fuel sales (Federal Statistical Office).
UK: BDO High Street Sales Tracker; Including online only sales for
France, Spain, Austria, the Czech Republic and Slovakia and
excluding online only sales for Germany, the Nordics, the UK and
Poland.
- Institut Français du Libre Service index – Mode &
Cosmétique, Maison et Loisirs (excluding food).
- Conseil National des Centres Commerciaux index – all centres,
comparable scope.
- Footfall data does not include Zlote Tarasy as it is not
managed by URW. Footfall in URW’s shopping centres in operation,
including extensions of existing assets, but excluding deliveries
of new brownfield projects, newly acquired assets and assets under
heavy refurbishment. For the period through September 30, 2019,
shopping centres excluded due to delivery or ongoing works were
Galerie Gaité, Les Boutiques du Palais, La Part-Dieu, CH Ursynow,
Westifeld Mall of The Netherlands and Gropius Passagen. La Vagauda
is excluded due to counting issues.
- Total tenant sales excluding department stores.
- Specialty tenant sales (<10K sq. ft (ca. 929 m2) on a
trailing 12-month basis.
- The US Flagship assets are: Westfeld Century City, Westfield
Topanga and The Village, Westfield UTC, Westfield Valley Fair,
Westfield Garden State Plaza, Westfield Montgomery, Westfield
Galleria at Roseville, Westfield Southcenter, Westfield Old
Orchard, Westfield Santa Anita, Westfield San Francisco Centre,
Westfield Culver City, Westfield Annapolis, Westfield Fashion
Square, and Westfield World Trade Center.
- Tesla sales in the US are reported with a delay, and estimated
for the most recent quarter.
For further information, please
contact:
Investor Relations Samuel
Warwood Maarten Otte +33 1 76 77 58
02 Maarten.otte@urw.com
Media Relations Tiphaine Bannelier-Sudérie
+33 1 76 77 57 94 Tiphaine.Bannelier-Suderie@urw.com
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield is the premier global
developer and operator of Flagship destinations, with a portfolio
valued at €65.0 Bn as at June 30, 2019, of which 86% in retail, 7%
in offices, 5% in convention & exhibition venues and 2% in
services. Currently, the Group owns and operates 92 shopping
centres, including 55 Flagships in the most dynamic cities in
Europe and the United States. Its centres welcome 1.2 billion
visits per year. Present on 2 continents and in 12 countries,
Unibail-Rodamco-Westfield provides a unique platform for retailers
and brand events, and offers an exceptional and constantly renewed
experience for customers. With the support of its 3,700
professionals and an unparalleled track-record and know-how,
Unibail-Rodamco-Westfield is ideally positioned to generate
superior value and develop world-class projects. The Group has a
development pipeline of €10.3 Bn.Unibail-Rodamco-Westfield
distinguishes itself by its Better Places 2030 agenda, that sets
its ambition to create better places that respect the highest
environmental standards and contribute to better cities.
Unibail-Rodamco-Westfield stapled shares are listed on Euronext
Amsterdam and Euronext Paris (Euronext ticker: URW), with a
secondary listing in Australia through Chess Depositary Interests.
The Group benefits from an A rating from Standard & Poor’s and
from an A2 rating from Moody’s.
For more information, please visit
www.urw.comVisit our Media Library at
https://mediacentre.urw.comFollow the Group updates on Twitter
@urw_group, Linkedin @Unibail-Rodamco-Westfield and Instagram
@urw_groupAccess the URW 2018 report at
https://report.urw.com/2018/
- 20191018 URW Q3 2019 Results - Press Release
Grafico Azioni Unibail Rodamco Westfield (BIT:URW)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Unibail Rodamco Westfield (BIT:URW)
Storico
Da Apr 2023 a Apr 2024