2010 Full year results - Unibail-Rodamco
2010 Full year results - Unibail-Rodamco
2010 Full year results - Unibail-Rodamco
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OUTLOOK<br />
• 2011 financial outlook<br />
• 3 to 5% decrease in recurring EPS explained<br />
by:<br />
• -6.5% due to the €1.8 Bn exceptional<br />
distribution representing 15% of Dec. 2009<br />
NAV<br />
• -4.5% due to disposals<br />
• +6% to +8% in underlying growth<br />
Evolution of Recurring EPS in 2011 (€ per share)<br />
€9.3<br />
-6.5%<br />
-4.5%<br />
+6% to +8%<br />
€8.3<br />
-3%<br />
to<br />
-5%<br />
• Beyond 2011<br />
• Impact of like-for-like net rental growth<br />
• Impact of development deliveries<br />
• Despite the impact of on-going disposals<br />
• Controlled cost of debt<br />
• Resulting in a recurring EPS CAGR (1)<br />
of 5% to 7% for the period 2012-2014<br />
<strong>2010</strong><br />
Recurring<br />
EPS<br />
<strong>2010</strong><br />
Exceptional<br />
Distribution<br />
Disposals<br />
<strong>2010</strong>-2011<br />
Rebased<br />
Recurring<br />
EPS<br />
Underlying<br />
Growth<br />
2011<br />
Recurring<br />
EPS<br />
84
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