UNIBAIL-RODAMCO SE

FULL-YEAR RESULTS 2013 - Seite 2

Outstanding pace of deliveries
Unibail-Rodamco delivered €1.1 Bn in projects in 2013 including extensions of Cerny Most (Prague), Alma (Rennes), Toison d'Or (Dijon) and Shopping City Süd (Vienna), as well as the new shopping centre Aéroville. This 4 Star-labelled  83,324m² shopping centre located just five minutes away from continental Europe's  busiest airport, Roissy-Charles de Gaulle, showcases all of Unibail-Rodamco's latest innovations. These 5 projects added 152,086 m² to the Group's GLA for a total investment cost of €826 Mn, generating an aggregate yield on cost of 7.6%.
Unibail-Rodamco also delivered the 30,887 m² So Ouest office building (Levallois-Perret, Paris Region) and leased 90% of it to SAP, demonstrating the continued appetite for large prime office area in the Greater Paris Region.

Widening the gap through innovation
In 2013, the Group continued to demonstrate its ability to deliver differentiated and innovative shopping and leisure destinations, which appeal to retailers and consumers alike, enabling tenant sales  to continue to grow year after year at rates significantly above the market:

• 15 shopping centres have now been awarded the 4 Star label, of which 6 in 2013; 

• 4 shopping centres now feature the Dining Experience(TM) with a dedicated dining area reinforcing the variety of the food offer in these malls and showcasing unique gastronomy events; 

• The Iconic Shop Fronts initiative was implemented in 25 shopping centres;  

• The Digital Dream(TM) initiative was launched in Les 4 Temps and provides a new immersive brand experience to customers on a 360° LED screen of 250m²;  

• The online footprint of the Group's shopping centres grew with the release of a version 3 of its app and an 89% increase of downloads. The Group's malls now count 4.3 Mn Facebook fans, an increase of +68%; 

• In December the Group inaugurated its UR Lab campus, an innovation think tank and a real scale test lab to develop new concepts and innovate on the Group's malls next genuine ideas.  

These innovations have enabled the Group to widen its lead in continental Europe.

Average cost of debt reaches historical lows
The Group raised €4.3 Bn of medium to long term debt through diversified sources of funding and its financial ratios are strong: Loan-to-Value stands at 38% and the interest cover ratio at 4.0x. Unibail-Rodamco's average cost of debt in 2013 was a new record low 2.9% at year end, down -50 bps from 2012. The average maturity of the Group's debt increased to 5.4 years and it has ample liquidity with €4.5 Bn of undrawn bank lines.