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

2007 Key figures
Net rental income
(in millions euros)
Recurring EPS
and dividend per share
(in euros)
Portfolio valuation
(in millions euros)
Fully diluted triple net
liquidation NAV per share
(in euros)
2005
2006
2005
2006
2007
2005
8,556
2006
2007 (2)
2005
2006
2007
413
2007 (1) 402
771
4.00
5.81
5.00
6.81
7.86
7.00
10,856
25,229
94.80
140.60
169.30
Recurring EPS
Dividend per share
ONGOING VALUE CREATION IN 2007
Unibail-Rodamco’s 2007 full year profi t and loss account includes
full year of Unibail while only the second half of 2007 of Rodamco
is included.
Recurring earnings per share (EPS) amounts to €7.86 for 2007,
a year on year increase of 15.4%.
Consolidated net profit (group share) amounts to €959.4 Mn in 2007
or €15.00 per share. This fi gure includes a recurring net profi t of
€539 Mn, assets revaluation of €1,755 Mn and an impairment
of €1,335 Mn of goodwill recorded as a result of accounting rules
applied to the combination with Rodamco Europe.
This goodwill impairment is an accounting adjustment which does
not impact the 2007 recurring profi t, nor the triple net asset value
of the company, nor does it imply any change in the value of and
outlook for the Rodamco assets and results.
Unibail-Rodamco’s fully-diluted triple net liquidation NAV (Net Asset
Value) amounts to €169.30 per share as at December 31, 2007,
up 20.4% from year-end 2006.
Over 2007, total value creation amounts to €34.40 per share,
by adding to NAV growth of €28.70 per share, the €5.70
dividend paid out in 2007.
(1) Including Rodamco’s net rental income on H2 2007.
(2) Including Rodamco’s portfolio valuation on 31 December 2007.