2010 Full year results - Unibail-Rodamco
2010 Full year results - Unibail-Rodamco
2010 Full year results - Unibail-Rodamco
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A SOUND FINANCIAL STRUCTURE AFTER DISTRIBUTION<br />
• A sound financial structure:<br />
€9.2 Bn net financial debt (Dec. 31, <strong>2010</strong>)<br />
• 37% LTV (1)<br />
• 4.1x ICR (2)<br />
• Less than 7.5 <strong>year</strong>s of EBITDA<br />
Breakdown of €9.2 Bn gross financial debt<br />
at December 31, <strong>2010</strong><br />
EMTN & bonds<br />
47%<br />
Convertible bonds<br />
6%<br />
• A strong track record in raising debt<br />
• Diversified sources of debt<br />
• Controlled cost of debt:<br />
3.9% in <strong>2010</strong> vs. 4.0% in 2009<br />
• Approx. €3.0 Bn of undrawn lines<br />
in Dec. <strong>2010</strong><br />
100%<br />
Short-term<br />
paper<br />
7%<br />
80%<br />
60%<br />
40%<br />
20%<br />
<strong>Unibail</strong>-<strong>Rodamco</strong>'s LTV (1) evolution<br />
Bank loans<br />
and overdrafts<br />
40%<br />
0%<br />
1996 1998 2000 2002 2004 2006 2008 <strong>2010</strong><br />
Strong flexibility to finance growth<br />
76
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