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

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Management Board from left: Willem Ledeboer Chief Investment Offi cer Joost Bomhoff Chief Development Offi cer Peter van Rossum Chief Financial Offi cer Guillaume Poitrinal Chief Executive Offi cer Catherine Pourre Chief Resources Offi cer Michel Dessolain Chief Operating Offi cer
Unibail-Rodamco /// ANNUAL REPORT // MESSAGE FROM THE CEO Message from the CEO 2007 has been another busy, exciting and successful year for the Company. First and foremost let me mention the combination of Unibail with Rodamco Europe, creating Unibail-Rodamco. ‘‘ merger was declared successful on June 21 st , staff across the With €25.2 billion in assets and 97 prime shopping centres in 14 countries, Unibail-Rodamco is the leading pan- European listed commercial property company. Since the new combined company has put in a tremendous amount of work to create a single and seamless entity. The production of our fi rst joint 5-year plan, a number of acquisition of prime assets and the strategic portfolio divestment in The Netherlands are clear testimonies to the speed, dedication and results focus of our 1,557 members of staff. The Group also continued to invest in its offi ce buildings in the Paris Region, boosted by the successful lettings of Capital 8 and the Group's ambitious plans for La Défense. The Group also strengthened its Convention-Exhibition division via the combination of its activities in this fi eld with the Paris Chamber of Commerce and Industry, giving rise to the French sector leader under the brand names VIPARIS and Comexposium. Finally in 2007, the Company laid the foundations of a genuine sustainable development policy, which covers both greenfi eld projects and existing sites. The Group continued to broaden the scope of its initiatives promoting causes which are considered as just and consistent with its role in the community: a partnership with the Red Cross, support to young entrepreneurs, to “E2C” (the School of the second Chance), to “Habitat et Humanisme”, and to the Pavillon de l’Arsenal (which is home to the Architectural Museum) to name a few. The 2007 results are again very good: the 15.4% growth in recurring Earnings per Share came out ahead of the outlook for the year, and is based on sound fundamentals in all three business segments: the Retail division saw a sharp rise in net rental income on a like-for-like basis, the Offi ce division benefi ted from a signifi cant drop in the vacancy rate, whilst it disposed successfully of Cœur Défense for €2.1 billion, and the Convention and Exhibition division posted strong results. Events in the markets around us, following the US subprime crisis and subsequent credit crunch, cannot be ignored. The Company’s Supervisory and Management Boards are following the developments closely. Fact is that the Company remains robust, with a very sound fi nancial profi le, prime quality assets, a high level of predictability and security of future rental revenues. The Group's growth prospects have been confi rmed for the coming fi ve years. Growth will be achieved via the delivery of the current pipeline and the expected performance of the Group’s existing assets, thanks ’’ to the dedication of its talented teams. Guillaume Poitrinal 04-05
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HANDICAP Unibail-Rodamco invests in
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Unibail-Rodamco /// PORTFOLIO // FR
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Unibail-Rodamco /// PORTFOLIO // CE
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UNIBAIL-RODAMCO /// BUSINESS REVIEW
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I. CONSOLIDATED BALANCE SHEET (In m
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III. CONSOLIDATED INCOME STATEMENTS
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IV. CONSOLIDATED CASH FLOW STATEMEN
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VI. CHANGES IN SHARE CAPITAL Total
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The goodwill for Espace Expansion h
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- Eviction costs Compensation payme
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Post-employment benefits Pension sc
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List of consolidated companies % in
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List of Rodamco’s consolidated co
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List of Rodamco’s consolidated co
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Disposals totalling €530.2 Mn Inc
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Rodamco Consolidated Balance Sheet
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Other events • The Group disposed
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Balance Sheet items at year-end 200
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5. NOTES AND COMMENTS 5.1. Notes to
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Note 3 - Goodwill Year-end 2005 (in
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Note 5 - Loans and receivables 2005
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Note 9 - Other receivables All of t
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The following table shows a breakdo
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The change in deferred tax assets a
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5.3. Notes to the consolidated inco
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Note 33 - Profit on disposal of ass
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Year-end 2006 (in millions of euros
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Liquidity risk The following table
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7. CAPITAL RISK MANAGEMENT The Grou
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Minimum guaranteed rents under leas
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The table below shows allocated sto
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• On January 30, 2008, Unibail-Ro
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UNIBAIL-RODAMCO /// LEGAL INFORMATI
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Report of the Chairman of the Super
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The Board specifi cally focused on,
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II. 1. SUPERVISORY BOARD: (UNIBAIL-
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1.5. Summary of Supervisory Board a
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Summary of GN&RC activity Prior to
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Asset protection risks In addition
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Statutory Auditors' Report Prepared
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Annual disclosure form In accordanc
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Publication date Matter/filing numb
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PERSONS RESPONSIBLE FOR THIS DOCUME
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Category of appendix 1 of European
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UNIBAIL-RODAMCO /// In application
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Photo credits: Cover : Alberto Mate
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2007 Unibail-Rodamco Annual Report (5,2 Mb)

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