2010 Full year results - Unibail-Rodamco

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A SOUND FINANCIAL STRUCTURE AFTER DISTRIBUTION • A sound financial structure: €9.2 Bn net financial debt (Dec. 31, 2010) • 37% LTV (1) • 4.1x ICR (2) • Less than 7.5 years of EBITDA Breakdown of €9.2 Bn gross financial debt at December 31, 2010 EMTN & bonds 47% Convertible bonds 6% • A strong track record in raising debt • Diversified sources of debt • Controlled cost of debt: 3.9% in 2010 vs. 4.0% in 2009 • Approx. €3.0 Bn of undrawn lines in Dec. 2010 100% Short-term paper 7% 80% 60% 40% 20% Unibail-Rodamco's LTV (1) evolution Bank loans and overdrafts 40% 0% 1996 1998 2000 2002 2004 2006 2008 2010 Strong flexibility to finance growth 76
Over €2.0 Bn of medium to long term debt was raised in 2010. The Group continued to benefit from its ongoing access to diversified sources of debt funding with €650 Mn raised on the bank market and €1,386 Mn on the bond market (public and private issues). (1) Loan-to-value = Net financial debt / Total portfolio valuation including transfer taxes (2) Interest coverage ratio = EBITDA / net financial expenses (including capitalised interest) 77
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2010 Annual Results Back to growth
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DISCLAIMER Unibail-Rodamco S.E., a
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FULL-YEAR 2010 FINANCIAL RESULTS in
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ASSET VALUES UP AGAIN IN 2010 in
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OUTPERFORMING OPERATIONAL RESULTS L
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Total consolidated shopping centres
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Despite the impact of bad weather i
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Focusing on the French portfolio, w
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Unibail-Rodamco‟s shopping centre
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Unibail-Rodamco has been very activ
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Dynamic leasing activity, especiall
Page 25 and 26: Large shopping centres continue to
Page 27 and 28: La Maquinista was extended by 16,14
Page 29 and 30: Donau Zentrum was extended by 25,87
Page 31 and 32: Lyon Part-Dieu was extended by 14,9
Page 33 and 34: Another successful innovation in 20
Page 35 and 36: Mobile applications are becoming an
Page 37 and 38: The Paris market accounted for 43%
Page 39 and 40: The office division in France perfo
Page 41 and 42: The environment remained challengin
Page 44: A STRATEGY PERFECTLY TAILORED TO FI
Page 47 and 48: There is a strong appetite from inv
Page 49 and 50: Unibail-Rodamco is focusing its att
Page 51 and 52: On July 15, 2010, Unibail-Rodamco f
Page 53 and 54: Unibail-Rodamco is focusing on larg
Page 56 and 57: A UNIQUE DEVELOPMENT PIPELINE ACROS
Page 58 and 59: SIGNIFICANT INCREASE IN DEVELOPMENT
Page 60 and 61: MAJOR ACHIEVEMENTS IN 2010 (1) Coun
Page 62 and 63: 50% OF JUMBOS TO BENEFIT FROM MASSI
Page 64 and 65: DELIVERING UNIQUE PROJECTS IN A LOW
Page 66: CHOOSING PRIME LOCATIONS IN PRIME C
Page 69 and 70: Construction works at Badajoz start
Page 71 and 72: Through the plan for “Grand Paris
Page 73 and 74: Unibail-Rodamco is investing in 2 t
Page 78 and 79: LOW COST OF DEBT SECURED FOR THE NE
Page 80 and 81: DISTRIBUTION • For 2010 fiscal ye
Page 82: OUTLOOK Täby Centrum - Greater Sto
Page 85 and 86: (1) Compound annual growth rate 85
Page 88: 2010 Annual Results Carré Sénart
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2010 Full year results - Unibail-Rodamco

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