•Recurring Earnings per Share (EPS) (3) came to €9.60 in <strong>2012</strong>, representing an increase of +6.7% compared to 2011 (at €9.00 per share (2) ) andoutperforming the target of 4% increase set in February <strong>2012</strong>. These <strong>results</strong> reflect:• Good like-for-like (1) operating performance in all business activities at +4.8% in <strong>2012</strong>;• Increase in tenant sales (6) of +2.0% in <strong>2012</strong>;• The successful openings of a number of prime development projects;• Decreasing average cost of debt (7) ;• Continued cost control.•Consolidated net result (group share) was a profit of €1,458.6 Mn in <strong>2012</strong>. This figure breaks down as follows:• €886.3 Mn of recurring net result;• €572.3 Mn of fair value adjustments and net gains on disposals.•<strong>Unibail</strong>-<strong>Rodamco</strong>’s Going Concern NAV (4) came at €151.10 per share as of December 31, <strong>2012</strong>, an increase of +5.6% or €8.00 vs 2011.The EPRA NNNAV (5) grew to €138.40, compared to €130.70 as of December 2011, representing an increase of +5.9%.(1) Net Rental Income (NRI) like-for-like growth excluding acquisitions, divestments, transfers to and from pipeline (extensions, brownfields) and currency exchangerate differences in the periods analysed(2) In <strong>2012</strong> <strong>Unibail</strong>-<strong>Rodamco</strong> opted for an early adoption of the IAS19 R (“employee benefits”) accounting rule. As a result, the 2011 recurring net result was adjustedby -€3.2 Mn (-€0.03 per share on 2011 recurring EPS)(3) Average number of shares used for recurring EPS calculation: 92,368,457 for <strong>2012</strong>; 91,862,849 for 2011(4) The Going Concern NAV per share corresponds to the amount of equity needed to replicate the Group’s portfolio with its current financial structure - on the basisof 98,449,794 fully diluted number of shares as of December 31, <strong>2012</strong> including outstanding ORAs, ORNANE (net share settled bonds convertible into new and/orexisting shares) and stock options in the money as of December 31, <strong>2012</strong> (vs 95,296,018 as of December 31, 2011)(5) The EPRA NNNAV (triple net asset value) per share corresponds to the Going Concern NAV per share less the estimated transfer taxes and capital gain taxes - onthe basis of 98,449,794 fully diluted number of shares as of December 31, <strong>2012</strong> (vs 95,296,018 as of December 31, 2011)(6) Tenant sales performance in <strong>Unibail</strong>-<strong>Rodamco</strong>’s shopping centres (excluding the Netherlands) as of December 31, <strong>2012</strong> (<strong>year</strong>-on-<strong>year</strong> evolution) on portfolioof shopping centres in operation including extensions of existing assets and excluding deliveries of new brownfield projects, acquisition of new assets and assetsunder heavy refurbishment. Including Apple store sales estimated on the basis of available public information of Apple Inc. (2011 10-K publishedOctober 26, 2011, pages 20 and 30; <strong>2012</strong> 10-K published October 31, <strong>2012</strong>, pages 30 and 34)(7) Average cost of debt of 3.4% in FY-<strong>2012</strong> vs 3.6% in FY-2011
STRONGOPERATING PERFORMANCELa Maquinista, Barcelona<strong>2012</strong> FULL-YEAR RESULTS
- Page 1 and 2: Re-inventing the customer experienc
- Page 3 and 4: TABLE OF CONTENTS• 2012 Full-Year
- Page 5: 22012 FULL-YEAR RESULTS AND VALUATI
- Page 10 and 11: •Total consolidated Net Rental In
- Page 12 and 13: (1) Rotation rate = (number of re-l
- Page 14 and 15: •Tenant sales in Unibail-Rodamco
- Page 16 and 17: (1) Footfall performance as of Dece
- Page 18 and 19: •Unibail-Rodamco’s Spanish shop
- Page 20 and 21: •Unibail-Rodamco’s consolidated
- Page 22 and 23: •2-8 Ancelle is a 16,600 m² GLA
- Page 24 and 25: •The 2012 activity level was larg
- Page 27 and 28: 13NAV GROWTH DRIVEN BY RENTAL GROWT
- Page 29 and 30: 14DECREASE IN INTEREST RATES WEIGHS
- Page 31 and 32: 15LARGE SHOPPING CENTRE VALUES CONT
- Page 33: ROBUST BALANCE SHEETFisketorvet, Co
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- Page 40 and 41: (1) Average spread over mid-swap ra
- Page 43 and 44: 21ACTIVE AND DISCIPLINED VALUE CREA
- Page 45: RE-INVENTINGTHE CUSTOMER EXPERIENCE
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- Page 53 and 54: 26INTRODUCTION OF PREMIUM RETAILERS
- Page 55 and 56: 27BROADENING THE RETAIL OFFERPrice
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ICONIC SHOP FRONTS: NEW DESIGN REFE
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29DINING EXPERIENCE: CREATING NEW E
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30DINING EXPERIENCE: A RECIPE TO IN
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•The Dining Experience concept wa
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•In 2012 the Group considerably a
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•So Ouest is a 48,434 m² GLA sho
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•Since opening, So Ouest proves t
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•Acquired in October 2011, Splau
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•Unibail-Rodamco has two main lon
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•At the end of 2012, 43% of the G
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39€7 BN OF PRIME QUALITY DEVELOPM
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3 SHOPPING CENTRES SUCCESSFULLY OPE
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412013-2015: MOMENTUM FOR NEW DELIV
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STRONG GROWTH AHEADCENTRUM CERNY MO
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STRONG GROWTH AHEADALMA EXTENSION,
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STRONG GROWTH AHEADTOISON D’OR EX
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42STRONG GROWTH AHEADCentrum Cerny
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STRONG GROWTH AHEADAÉROVILLE, PARI
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CAPTURING LANDMARK DEVELOPMENT PROJ
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45CAPTURING LANDMARK DEVELOPMENT PR
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46BUILDING NEW GENERATION OFFICE BU
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OUTLOOKAND DISTRIBUTIONArkadia, War
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•For 2013, the Group remains posi
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•The Group will propose to the An