2007 Unibail-Rodamco Annual Report (5,2 Mb)

More documents

Recommendations

Info

Message by the Supervisory Board Chairman At Unibail-Rodamco, the year 2007 will be remembered as hectic, challenging and rewarding. In looking back, it is comforting that so much could be realised in such a short period of time. Four milestone achievements deserve special attention: • The formation of Unibail-Rodamco S.A., the unquestioned leader in the European real estate industry, with assets exceeding €25 bn and a track-record second to none, • The introduction of a new corporate governance structure, • A fast and smooth post-merger integration of the different operating units and their respective staff units making up the new Group, and • Excellent fi nancial results, in line with the Company’s targets. CREATION OF INDUSTRY LEADER The industry leadership position achieved by Unibail-Rodamco S.A. results from the merger between two unique corporations: Unibail S.A., a world class organisation successfully developing and managing a focused portfolio of French real estate assets in three segments: large shopping malls/centres, offi ces and convention-exhibition centres; and Rodamco Europe N.V., the European front-runner in successfully managing large shopping malls/centres in 14 countries on the European Continent. INTRODUCTION OF NEW GOVERNANCE STRUCTURE Since 1995, Unibail S.A., as well as Rodamco Europe N.V. have instituted and implemented Corporate Governance arrangements, which have regularly been modifi ed to keep up with the changes in the respective and applicable Codes as well as the best-practices of French and Dutch listed companies. The new two-tier governance structure, recently approved by Unibail-Rodamco S.A.’s shareholders, creates an effective balance between the executive/operational and non - executive/ controlling roles and responsibilities assigned to the Group’s new Management Board and Supervisory Board. DEDICATED INTEGRATION Within 90 days after the merger between Unibail S.A. and Rodamco Europe N.V., a broad spectrum of integration issues were tackled. The following achievements merit to be highlighted: • A new operating structure was defi ned and put in place by mid-October 2007, including the international transfer of 20 employees/managers from their home base to other units/ countries within the Group, • The Company’s new International Operational Headquarters were set up, mid-November 2007, at Amsterdam - Schiphol Airport (the Netherlands); with about 100 employees, representing several different nationalities, • Key central functions and Rodamco France Headquarters were gathered in Unibail-Rodamco's Paris based, registered offi ce, itself due to move to a new building by May 2008, • The training of about 200 managers and staff, during October, November and December 2007, in common definitions, processes and templates. During this period, the same group of people was aligned towards a common value creation vision and the new corporate culture, • The development, between October and December 2007, of a comprehensive 5-year plan encompassing all Group assets. In addition to a clear action-agenda, this plan spells out the new and common operational culture for all managers and staff in the different regions and provides in-depth knowledge on the multitude of assets; including clear, hands-on, objectives for the Management Board and the Regional Managers. This multi-facetted integration program was carried out at full speed, with great support and a lot of dedication from all the managers and employees throughout the Group. Thanks to these efforts, a number of important strategic achievements could already be realised during the second half of 2007, providing a very sound and solid basis for continued profi table growth.
Unibail-Rodamco /// ANNUAL REPORT // VALUES / MESSAGE BY THE SUPERVISORY BOARD CHAIRMAN EXCELLENT 2007 FINANCIAL RESULTS The Supervisory Board of Unibail-Rodamco S.A. is pleased with the Group’s strong 2007 results; a clear sign that the Management Board, led by its CEO Guillaume Poitrinal, is living up to the challenges to further advance the prospects of the Company. The Supervisory Board is confi dent that the interests of the Company’s shareholders are in excellent hands with its new Management Board. WORDS OF APPRECIATION The Company’s newly formed Supervisory Board thanks all employees and managers at Rodamco Europe N.V. and Unibail S.A. for their valuable contributions. Without their dedication and achievements, the Management Boards and Boards of Directors of these two Companies would not have been able to propose the formation of Unibail-Rodamco S.A. to their respective shareholders. Accordingly, the Supervisory Board of Unibail-Rodamco S.A. considers it an honor and at the same time a real pleasure to serve the Company on its road to further success. Robert F. W. van Oordt Chairman Supervisory Board 32-33
Page 1 and 2: Annual report 2007
Page 3 and 4: Profile Unibail-Rodamco is the lead
Page 5 and 6: no.1 in commercial property - liste
Page 7 and 8: Unibail-Rodamco /// ANNUAL REPORT /
Page 13 and 14: 10-11
Page 21 and 22: 27 shopping centres 1 development p
Page 31: Unibail-Rodamco /// ANNUAL REPORT /
Page 39: UNIBAIL-RODAMCO /// ANNUAL REPORT /
Page 42 and 43: La Vaguada Madrid, Spain In 2007, U
Page 44 and 45: GOVERNANCE OF ENVIRONMENTAL PERFORM
Page 46 and 47: An active policy of renovating old,
Page 48 and 49: UNIBAIL-RODAMCO /// ANNUAL REPORT /
Page 61 and 62: HANDICAP Unibail-Rodamco invests in
Page 65 and 66: Täby centrum 62-63
Page 67 and 68: Unibail-Rodamco /// PORTFOLIO // FR
Page 69 and 70: Unibail-Rodamco /// PORTFOLIO // FR
Page 71 and 72: Unibail-Rodamco /// PORTFOLIO // TH
Page 73 and 74: Unibail-Rodamco /// PORTFOLIO // TH
Page 75 and 76: Unibail-Rodamco /// PORTFOLIO // SP
Page 77 and 78: Unibail-Rodamco /// PORTFOLIO // CE
Page 79 and 80: UNIBAIL-RODAMCO /// BUSINESS REVIEW
Page 85 and 86:
UNIBAIL-RODAMCO /// BUSINESS REVIEW
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105:
Page 108 and 109:
I. CONSOLIDATED BALANCE SHEET (In m
Page 110 and 111:
III. CONSOLIDATED INCOME STATEMENTS
Page 112 and 113:
IV. CONSOLIDATED CASH FLOW STATEMEN
Page 114 and 115:
VI. CHANGES IN SHARE CAPITAL Total
Page 116 and 117:
The goodwill for Espace Expansion h
Page 118 and 119:
- Eviction costs Compensation payme
Page 120 and 121:
Post-employment benefits Pension sc
Page 122 and 123:
List of consolidated companies % in
Page 124 and 125:
List of Rodamco’s consolidated co
Page 126 and 127:
List of Rodamco’s consolidated co
Page 128 and 129:
Disposals totalling €530.2 Mn Inc
Page 130 and 131:
Rodamco Consolidated Balance Sheet
Page 132 and 133:
Other events • The Group disposed
Page 134 and 135:
Balance Sheet items at year-end 200
Page 136 and 137:
5. NOTES AND COMMENTS 5.1. Notes to
Page 138 and 139:
Note 3 - Goodwill Year-end 2005 (in
Page 140 and 141:
Note 5 - Loans and receivables 2005
Page 142 and 143:
Note 9 - Other receivables All of t
Page 144 and 145:
The following table shows a breakdo
Page 146 and 147:
The change in deferred tax assets a
Page 148 and 149:
5.3. Notes to the consolidated inco
Page 150 and 151:
Note 33 - Profit on disposal of ass
Page 152 and 153:
Year-end 2006 (in millions of euros
Page 154 and 155:
Liquidity risk The following table
Page 156 and 157:
7. CAPITAL RISK MANAGEMENT The Grou
Page 158 and 159:
Minimum guaranteed rents under leas
Page 160 and 161:
The table below shows allocated sto
Page 162 and 163:
• On January 30, 2008, Unibail-Ro
Page 165 and 166:
UNIBAIL-RODAMCO /// LEGAL INFORMATI
Page 167 and 168:
Page 169 and 170:
Page 171 and 172:
Page 173 and 174:
Page 175 and 176:
Page 177 and 178:
Page 179 and 180:
Page 181 and 182:
Page 183 and 184:
Page 185 and 186:
Page 187 and 188:
Page 189 and 190:
Page 191 and 192:
Page 193 and 194:
Page 195:
Page 198 and 199:
Report of the Chairman of the Super
Page 200 and 201:
The Board specifi cally focused on,
Page 202 and 203:
II. 1. SUPERVISORY BOARD: (UNIBAIL-
Page 204 and 205:
1.5. Summary of Supervisory Board a
Page 206 and 207:
Summary of GN&RC activity Prior to
Page 208 and 209:
Asset protection risks In addition
Page 210 and 211:
Statutory Auditors' Report Prepared
Page 212 and 213:
Annual disclosure form In accordanc
Page 214 and 215:
Publication date Matter/filing numb
Page 216 and 217:
PERSONS RESPONSIBLE FOR THIS DOCUME
Page 218 and 219:
Category of appendix 1 of European
Page 220 and 221:
UNIBAIL-RODAMCO /// In application
Page 223 and 224:
Photo credits: Cover : Alberto Mate
show all

2007 Unibail-Rodamco Annual Report (5,2 Mb)

Create successful ePaper yourself

Delete template?

Save as template?