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

Dec 31, 2016 Dec 31, 2015
Loan to Value ratio: net financial debt / market value of portfolio1 33% 35%
Interest Coverage Ratio2 5.9x 4.6x

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 December 31, 2016, Unibail-Rodamco's net financial debt stood at €13,419 Mn. The Group's consolidated gross financial debt (€13,815 Mn as at December 31, 2016) broke down as follows:

Consolidated nominal gross financial debt breakdown

December 31, 2016
Euro Medium Term Notes and Bonds 74%
Convertible Bonds 7%
Short-term instruments (Billets de Trésorerie & Commercial Papers) 9%
Bank loans and overdrafts 10%

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 December 31, 2016 the total amount of undrawn credit lines came to €5,995 Mn.

Debt maturity

As at December 31, 2016, the Group's debt had an average maturity, taking into account the unused credit lines, of 7.0 years. All of the debt had a maturity of more than 3 years as at December 31, 2016 (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 December 31, 2016 and maturing or amortising within a year is €799 Mn compared with €5,995 Mn of undrawn committed credit lines and €400 Mn of cash on-hand as at December 31, 2016.

Average cost of debt

Unibail-Rodamco’s average cost of debt decreased to 1.6% for 2016 compared to 2.2% for 2015.

Debt ratio 1

As at December 31, 2016, the LTV ratio calculated for Unibail-Rodamco amounted to 33%, compared to 35% as at December 31, 2015.

Interest coverage ratio 2

The Interest Coverage Ratio (ICR) ratio for Unibail-Rodamco improved to 5.9x for 2016. It is in line with the solid levels achieved in recent years and increased from 4.6x in 2015.


1 Loan-to-Value (LTV) = Net financial debt / Total portfolio valuation including transfer taxes. Total Portfolio valuation includes consolidated portfolio valuation (€40,495 as at December 31, 2016 versus €37,755 Mn as at December 31, 2015).

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

Read More


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.