2001 Annual Report - Unibail-Rodamco

CONSOLIDATED FINANCIAL STATEMENTS
2000 and 2001 pro-forma pre-tax recurring profit after full-year effect of changes to the scope of
consolidation.
Changes to the scope of consolidation in 2000 have been adjusted in the pro-forma income statements below, based on the following
assumptions:
- A full-year contribution from Nice Etoile in 2000 (center acquired on September 28, 2000).
- A full-year contribution from Paris Expo in 2000 (61.6% stake acquired in February 2000, raised to 93.4% in October 2000).
SCI Cambon, acquired on July 1, 2001, has not been adjusted in the 2001 figures shown here. Assuming the property had been acquired on
January 1, 2001, it would have generated € 3.2m in additional rental income. The 3M project has had no impact on the 2001 income
statement.
Effect of changes
to the scope Pro-forma Actual
Consolidated statements of income (€ million) 2000 (1) of consolidation 2000 2001
Office Properties Portfolio
Rental income 159.5 - 159.5 229.0
Net operating expenses -12.4 - -12.4 -12.7
Asset management expenses -2.4 - -2.4 -2.7
Office Portfolio Net Operating Income 144.7 - 144.7 213.6
Shopping Centers Portfolio
Rental income 121.7 6.6 128.3 139.9
Net operating expenses -16.5 -1.3 -17.8 -19.8
Ground rents -3.7 - -3.7 -3.5
Asset management expenses -0.6 - -0.6 -0.3
Shopping Centers Portfolio Net Operating Income 100.9 5.3 106.2 116.3
Convention-Exhibition Centers Portfolio
Rental income 75.8 8.1 83.9 87.1
Net operating expenses -24.0 -2.8 -26.8 -29.1
Ground rents -6.9 -1.2 -8.1 -8.4
Asset management expenses - - - -
Convention-Exhibition Centers Portfolio Net Operating Income 44.9 4.1 49.0 49.6
Property Services
Property services for Convention-Exhibition Centers 9.2 1.7 10.9 6.0
Property management services for Offices and Shopping Centers 0.3 - 0.3 3.9
Other property services -0.2 - -0.2 -1.5
Property Services Net Operating Income 9.3 1.7 11.0 8.4
Finance leasing and other net income 4.8 - 4.8 3.4
Total general expenses and other -18.4 - -18.4 -20.7
= Earnings before Interest, Tax, Depreciation and Amortization 286.2 11.1 297.3 370.6
Depreciation -100.8 -5.9 -106.7 -113.4
Net financial expenses -88.2 -6.9 -95.1 -127.6
Contribution of non-consolidated companies 0.1 - 0.1 0.4
= Recurring pre-tax profit 97.3 -1.7 95.6 130.0
= Recurring pre-tax profit, minority interests -11.5 0.5 -11.0 -14.3
= Recurring pre-tax profit, group share 85.8 -1.2 84.6 115.7
Average number of shares 45,081,345 45,257,841 45,877,069
Recurring Pre-tax Profit per share (€) 1.90 1.87 2.52
(1)
Figures for the 2000 financial year have been restated. See §5: ‘Highlights and comparability’.
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