Investor Relations Financing Activity

A strong financial profile

Unibail-Rodamco has a strong financial profile, with healthy ratios, a sound balance sheet, good access to liquidity and a diversified debt structure.

Financial ratios

June 30, 2017 Dec 31, 2016
Loan to Value ratio: net financial debt / market value of portfolio1 33% 33%
Interest Coverage Ratio2 6.9x 5.9x

Debt structure

The Group obtains new financial resources from various financial markets, including the money market (by issuing Commercial Papers and "Billets de Trésorerie"), the bank loan market and the bond markets.

On June 30, 2017, Unibail-Rodamco's net financial debt stood at €14,196 Mn. The Group's consolidated gross financial debt (€15,575 Mn as at June 30, 2017) broke down as follows:

Consolidated nominal gross financial debt breakdown

June 30, 2017
Euro Medium Term Notes and Bonds 76%
Convertible Bonds 6%
Short-term instruments (Billets de Trésorerie & Commercial Papers) 9%
Bank loans and overdrafts 9%

The Group's commercial paper programmes are backed by confirmed credit lines provided by leading international banks. These credit lines protect the Group against the risk of a temporary or more sustainable absence of lenders in the short or medium term debt markets.

On June 30, 2017 the total amount of undrawn credit lines came to €5,982 Mn.

Debt maturity

As at June 30, 2017, the Group's debt had an average maturity, taking into account the unused credit lines, of 7.4 years. All of the debt had a maturity of more than 3 years as at June 30, 2017 (after taking into account undrawn credit lines).

Unibail-Rodamco's immediate debt repayment needs are largely covered by the available undrawn credit lines. The amount of bonds and bank loans outstanding as at June 30, 2017 and maturing or amortising within a year is €540 Mn compared with €5,982 Mn of undrawn committed credit lines and €1,379 Mn of cash on-hand as at June 30, 2017.

Average cost of debt

Unibail-Rodamco’s average cost of debt decreased to 1.4% for 2016 compared to 1.6% for 2016.

Debt ratio 1

As at June 30, 2017, the LTV ratio calculated for Unibail-Rodamco amounted to 33%, stable compared to December 31, 2016.

Interest coverage ratio 2

The Interest Coverage Ratio (ICR) ratio for Unibail-Rodamco improved to 6.9x for H1-2017. It is in line with the solid levels achieved in recent years and increased from 5.9x in 2016.


1 Loan-to-Value (LTV) = Net financial debt / Total portfolio valuation including transfer taxes. Total Portfolio valuation includes consolidated portfolio valuation (€42,491 as at June 30, 2017 versus €40,495 Mn as at December 31, 2016).

2 Interest Cover Ratio (ICR) = Recurring EBITDA / Recurring Net Financial Expenses (including capitalised interest); Recurring EBITDA is calculated as total recurring operating results and other income less general expenses, excluding depreciation and amortisation.

Contacts

Investor relations
+33 (0)1 53 43 72 01
investors@unibail-rodamco.com

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2013 Institutional Investor/All-Europe Executive Team ranking (Buy Side and Sell Side)
> Best CEO
> Best CFO
> Best IR professional
> Best Investor Relations Company
Unibail-Rodamco thanks investors and analysts for the support shown by their votes.

 

EXTEL 2011 Pan European Awards / Investor Relations
> Best Firm for Investor Relations in Real Estate
> Best Investor Relations Professional in Real Estate
Unibail-Rodamco thanks investors and analysts for the support shown by their votes.

 


The Unibail-Rodamco 2011 Annual Report received two EPRA Gold Awards for the application of Best Practices Recommendations for financial and sustainability reporting in the European listed real estate sector.