Investor Relations Financing Activity

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

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 market.

On December 31, 2011, Unibail-Rodamco's net financial debt stood at €9.67 billion. The Group's consolidated gross financial debt (€9.75 billion) broke down as follows:

Consolidated nominal gross financial debt breakdown

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, 2011 the total amount of undrawn credit lines came to €3.2 billion.

On December 31, 2011 the Group's debt had an average maturity of 4.5 years. About 70% of the debt had a maturity of more than 3 years as at December 31, 2011.

Unibail-Rodamco's immediate debt repayment needs are largely covered by the available undrawn credit lines: the amount of bonds or bank loans outstanding as at December 31, 2011 and maturing or amortising in the next twelve months is €1,539 Mn to be compared to €3,223 Mn of undrawn credit lines outstanding as at December 31, 2011.

Unibail-Rodamco's average cost of debt came to 3.6% over 2011, vs. 3.9% over 2010

As of December 31, 2011, the Loan-to-Value ratio (LTV) calculated for Unibail-Rodamco came unchanged vs. December 31, 2010 to 37%

On December 31, 2011 the Interest Coverage Ratio of Unibail-Rodamco came to 3.6x, vs. 4.1x on December 31, 2010.

¹ The portfolio valuation used includes transfer taxes.

² Calculation based on the ratio [recurring net operating profit (plus other income excluding depreciation and amortization)] / [recurring net financial expenses].