Unibail-Rodamco-Westfield Reports FY-2023 Earnings
Paris,
Amsterdam, February 8, 2024
Press release
UNIBAIL-RODAMCO-WESTFIELD REPORTS FY-2023
EARNINGS
Strong operating performance with tenant
sales up +6.4%, above core inflation,
and footfall up +4.9%
Like-for-like EBITDA up
+6.7%
and Adjusted Recurring EPS of
€9.621, above
guidance
Continued deleveraging leading to
improved Net Debt/EBITDA at 9.3x
Successful return to the bond market at
attractive conditions
Better Places sustainability roadmap
shared with the market
including net-zero targets approved by
the SBTi
Distribution reinstated
with a proposed cash payment of €2.50 per
share to be paid in May 20242
2024 AREPS forecasted to be in the range
of €9.65 to €9.803
2023 in review:
- Tenant sales up +6.4% and footfall
up +4.9%
- Shopping Centre vacancy back to
2019 level at 5.4%, 110 bps improvement vs. 2022
- €449 Mn of Minimum Guaranteed Rent
(MGR) signed (+7% vs. 2022), at an uplift on top of indexed passing
rent of +6.8% including +10.6% on long-term deals
- Shopping Centres Net Rental Income
up +8.0%4 on like-for-like basis
- Westfield Rise, URW’s retail media
business, up +17.4% on a net margin basis5
- Offices & Others Net Rental
Income up +22.1% on like-for-like basis, reflecting leasing
progress at Trinity (96% occupancy rate) with an average rent
of €564/sqm/year
- 2023 EBITDA at €2,199 Mn, back to
2019 level on a like-for-like basis
- €1.0 Bn6 in asset disposals in
Europe and the US leading to a total contribution to net debt
reduction from disposals of €5.1 Bn6 since 2021
- 2023 IFRS Net Financial Debt
reduced by -€950 Mn to €19.8 Bn7
- €13.6 Bn8 of liquidity covering
more than 36 months of refinancing needs
- c. 90% of committed pipeline to be
delivered in 2024 including 172,200 sqm mixed-use project Westfield
Hamburg-Überseequartier, opening on April 25, 2024
- Proposed cash distribution of €2.50
per share, to be approved by the AGM on April 30 and paid on May
16, 2024
- 2024 AREPS guidance of €9.65 -
€9.80 reflects consistent underlying operational performance
Commenting on the results, Jean-Marie Tritant, Chief
Executive Officer, said:
“In 2023, we delivered strong operational
performance across all activities, supported by dynamic leasing
activity and the positive effect of indexation. Our like-for-like
Group earnings9 are now back at 2019 levels, ahead of the 2024
target we set ourselves at our 2022 Investor Day.
We made further deleveraging progress in
challenging investment market conditions, securing 11 transactions
totalling €1 billion. Total disposals since 2021 have contributed
€5.1 billion to our net debt reduction, and we remain committed to
further deleveraging.
The success of our hybrid exchange offer and the
oversubscribed €750 million green bond issue demonstrate the
continued confidence of debt investors.
In October, we announced a comprehensive
evolution of our Better Places roadmap, which included
SBTi-approved net-zero targets, as well as new targets on waste
reduction, water conservation and biodiversity.
The robustness of the Group’s business,
visibility on our operating performance, delivery of major
development projects in 2024, and strong liquidity position, give
us confidence to reinstate shareholder distributions. We will
propose a cash payment this year of €2.50 per share, for approval
at our AGM in April, and will significantly increase the
distribution in future years as we make further progress on our
strategic and financial objectives.”
For further information, please contact:
Investor Relations Meriem Delfi +33 7 63
45 59 77 investor.relations@urw.com
Gonzague Montigny +33 6 10 95 85 84
investor.relations@urw.com
Media Relations UK/Global:Cornelia Schnepf
– Finelk+44 7387 108 998Cornelia.Schnepf@finelk.eu
France:Sonia Fellmann – PLEAD +33 6 27 84 91
30Sonia.Fellmann@plead.fr
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield is an owner, developer
and operator of sustainable, high-quality real estate assets in the
most dynamic cities in Europe and the United States.
The Group operates 72 shopping centres in 12
countries, including 38 which carry the iconic Westfield brand.
These centres attract over 900 million visits annually and provide
a unique platform for retailers and brands to connect with
consumers. URW also has a portfolio of high-quality offices, 10
convention and exhibition venues in Paris, and a €2.5 Bn
development pipeline of mainly mixed-use assets. Its €50 Bn
portfolio is 86% in retail, 6% in offices, 5% in convention and
exhibition venues, and 2% in services (as at December 31,
2023).
URW is a committed partner to major cities on
urban regeneration projects, through both mixed-use development and
the retrofitting of buildings to industry-leading sustainability
standards. These commitments are enhanced by the Group’s Better
Places plan, which strives to make a positive environmental, social
and economic impact on the cities and communities where URW
operates.
URW’s stapled shares are listed on Euronext
Paris (Ticker: URW), with a secondary listing in Australia through
Chess Depositary Interests. The Group benefits from a BBB+ rating
from Standard & Poor’s and from a Baa2 rating from Moody’s.
For more information, please visit
www.urw.com
1 IFRS Net result of -€1,629.1 Mn, including
+€1,408.9 Mn of Recurring Net Result.2 Subject to approval by
Annual General Meeting of Unibail-Rodamco-Westfield SE.3 Please
refer to the guidance in page ix for further detail.4 Shopping
Centres Lfl NRI excluding airports.5 At 100%.6 On an IFRS basis,
including disposals and foreclosures completed or secured by
February 8, 2024.7 Proforma for the disposals secured until
February 8, 2024.8 On an IFRS basis, as at December 31, 2023.9
EBITDA.
Unibail Rodamco Westfield (BIT:URW)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Unibail Rodamco Westfield (BIT:URW)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024