Cash flow Unibail-Rodamco Euronext Amsterdam

Stocks

UL

FR0000124711

Commercial REITs

Delayed Euronext Amsterdam Other stock markets			5-day change	1st Jan Change
- ^EUR	-.--%		+0.18%	-9.52%

06-12	Jefferies Maintains Buy Rating on URW as Portfolio Rotation Continues
06-10	Jefferies reiterates Buy rating on URW following full takeover of Westfield UTC

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Published financial data: UNIBAIL-RODAMCO

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	1.83B	2.23B	2.32B	2.43B	2.33B
Other Revenues, Total	116M	721M	569M	865M	1.22B
Total Revenues	1.95B	2.95B	2.89B	3.29B	3.55B
Property Expenses	1.08B	1.12B	1.18B	1.21B	1.08B
Selling General & Admin Expenses, Total	212M	210M	199M	180M	171M
Depreciation & Amortization - (IS) - (Collected)	1.4M	32.4M	31.9M	23.6M	26.5M
Other Operating Expenses	-	-	-	-	-100K
Total Operating Expenses	1.3B	1.36B	1.41B	1.41B	1.28B
Operating Income (REIT / Utility Template)	653M	1.59B	1.48B	1.88B	2.27B
Interest Expense, Total	-678M	-719M	-995M	-1.11B	-829M
Interest and Investment Income	237M	273M	524M	626M	392M
Net Interest Expenses	-441M	-446M	-471M	-482M	-436M
Other Non Operating Income (Expenses)	300K	-100K	-200K	0	100K
EBT, Excl. Unusual Items	212M	1.14B	1.01B	1.4B	1.83B
Restructuring Charges	-	-	-	-12.7M	-14M
Total Merger & Related Restructuring Charges	-8.9M	2.6M	-8.9M	-	-
Impairment of Goodwill	-146M	-	-234M	-39.2M	-160M
Gain (Loss) on Sale of Investments	2.6M	7.7M	86.5M	69.8M	33.7M
Gain (Loss) on Sale of Assets	208M	30.9M	-10.3M	-8.7M	120M
Asset Writedown	-1.2B	-1.11B	-2.25B	-1.08B	303M
Legal Settlements	-	-	-	-	-
Other Unusual Items	-95.2M	276M	-369M	63.7M	-244M
EBT, Incl. Unusual Items	-1.02B	351M	-1.77B	391M	1.87B
Income Tax Expense	-32.9M	62.7M	7.4M	113M	362M
Earnings From Continuing Operations	-991M	288M	-1.78B	278M	1.51B
Net Income to Company	-991M	288M	-1.78B	278M	1.51B
Minority Interest	19.2M	-110M	150M	-132M	-239M
Net Income - (IS)	-972M	178M	-1.63B	146M	1.27B
Net Income to Common Incl Extra Items	-972M	178M	-1.63B	146M	1.27B
Net Income to Common Excl. Extra Items	-972M	178M	-1.63B	146M	1.27B
Per Share Items
Net EPS - Basic	-7.02	1.28	-11.72	1.05	8.86
Basic EPS - Continuing Operations	-7.02	1.28	-11.72	1.05	8.86
Basic Weighted Average Shares Outstanding	139M	139M	139M	139M	143M
Net EPS - Diluted	-7.02	1.28	-11.72	1.04	8.72
Diluted EPS - Continuing Operations	-7.02	1.28	-11.72	1.04	8.72
Diluted Weighted Average Shares Outstanding	139M	139M	139M	141M	145M
Normalized Basic EPS	1.1	4.36	5.62	5.31	6.32
Normalized Diluted EPS	1.1	4.34	5.62	5.25	6.22
Dividend Per Share	-	-	2.5	3.5	4.5
Payout Ratio	-4.95	26.99	-3.6	305.54	46.44
American Depositary Receipts Ratio (ADR)	0.05	0.05	0.05	0.05	0.05
Supplemental Items
EBITDA	728M	1.64B	1.52B	2B	2.28B
EBITA	702M	1.62B	1.5B	1.89B	2.28B
EBIT	653M	1.59B	1.48B	1.88B	2.27B
EBITDAR	767M	1.68B	1.56B	2.03B	2.31B
Effective Tax Rate - (Ratio)	3.21	17.85	-0.42	28.85	19.34
Total Current Taxes	5.4M	76.8M	43M	19.5M	138M
Total Deferred Taxes	-38.3M	-14.1M	-35.6M	93.3M	223M
Normalized Net Income	152M	605M	781M	741M	905M
Interest Capitalized	41.2M	42.5M	71.4M	79.9M	63.7M
Interest on Long-Term Debt	538M	550M	548M	560M	530M
Supplemental Operating Expense Items
General and Administrative Expenses	212M	210M	199M	180M	171M
Research And Development Expense From Footnotes	-	-	-	-	2.8M
Net Rental Expense, Total	39.1M	38.3M	37.7M	37M	29.8M
Imputed Operating Lease Interest Expense	7.75M	8.38M	11.44M	12.34M	8.21M
Imputed Operating Lease Depreciation	31.35M	29.92M	26.26M	24.66M	21.59M
Stock-Based Comp., Other (Total)	12.5M	18M	18.9M	23.8M	24.6M
Total Stock-Based Compensation	12.5M	18M	18.9M	23.8M	24.6M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Net Property Plant And Equipment	40.14B	39.13B	37.43B	37.23B	36.99B
Total Real Estate Assets	40.14B	39.13B	37.43B	37.23B	36.99B
Cash And Equivalents	2.26B	3.33B	5.5B	5.29B	2.68B
Accounts Receivable, Total	532M	464M	506M	488M	659M
Other Receivables	592M	621M	708M	600M	522M
Investment In Debt and Equity Securities	371M	365M	260M	269M	263M
Goodwill	1.08B	1.08B	845M	806M	626M
Other Intangibles, Total	845M	820M	830M	840M	760M
Other Current Assets, Total	349M	44.4M	240M	745M	113M
Deferred Tax Assets Long-Term (Collected)	22.3M	23.8M	24.4M	12.1M	14.2M
Other Long-Term Assets, Total	8.73B	8.76B	7.23B	7.27B	7.06B
Total Assets	54.92B	54.64B	53.58B	53.55B	49.68B
Liabilities
Current Portion of Long-Term Debt	1.56B	718M	1.83B	3.16B	1.09B
Current Portion of Leases	32.3M	55.6M	56M	85.9M	21.7M
Short-Term Borrowings	16.4M	7.9M	6.2M	6.4M	4.7M
Long-Term Debt	25.84B	25.88B	25.88B	24.18B	21.82B
Long-Term Leases	753M	843M	921M	893M	550M
Accounts Payable, Total	229M	240M	245M	240M	298M
Current Income Taxes Payable	453M	512M	505M	412M	462M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	1.27B	1.15B	1.2B	1.28B	1.25B
Pension & Other Post Retirement Benefits	13M	15.6M	11.9M	12.1M	12.1M
Deferred Tax Liability Non-Current	1.89B	1.83B	1.78B	1.87B	2.08B
Other Non Current Liabilities	487M	439M	380M	380M	399M
Total Liabilities	32.55B	31.69B	32.81B	32.51B	27.99B
Common Stock, Total	693M	694M	695M	713M	717M
Additional Paid In Capital	13.48B	13.49B	13.49B	13.38B	12.9B
Retained Earnings	-972M	178M	-1.63B	146M	1.27B
Comprehensive Income and Other	5.71B	4.82B	4.65B	3.43B	2.82B
Total Common Equity	18.92B	19.18B	17.21B	17.67B	17.7B
Minority Interest	3.46B	3.77B	3.56B	3.37B	3.99B
Total Equity	22.37B	22.95B	20.77B	21.04B	21.7B
Total Liabilities And Equity	54.92B	54.64B	53.58B	53.55B	49.68B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	139M	139M	139M	143M	143M
ECS Total Common Shares Outstanding	139M	139M	139M	143M	143M
Book Value / Share	122.13	123.87	110.66	111.12	110.89
Tangible Book Value	16.99B	17.28B	15.53B	16.02B	16.32B
Tangible Book Value Per Share	108.25	110.18	98.61	99.58	101.22
Total Debt	28.2B	27.5B	28.69B	28.32B	23.49B
Net Debt	25.94B	24.17B	23.19B	23.03B	20.81B
Debt Equivalent Oper. Leases	313M	306M	302M	296M	238M
Minority Interest, Total (Incl. Fin. Div)	3.46B	3.77B	3.56B	3.37B	3.99B
Equity Method Investments, Total	8.29B	7.93B	6.98B	7.02B	6.86B
Account Code - Inventory Valuation	3	3	3	3	3
Full Time Employees	2.68K	2.57K	2.53K	2.32K	1.93K
Part Time Employees	91	90	100	94	59

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-972M	178M	-1.63B	146M	1.27B
Depreciation, Depletion & Amortization	37.9M	39.5M	29.3M	115M	14.2M
Amortization of Goodwill and Intangible Assets - (CF)	49.6M	24.9M	20M	12.6M	12.6M
Total Depreciation, Depletion & Amortization	87.5M	64.4M	49.3M	128M	26.8M
(Gain) Loss On Sale of Asset - (CF)	-208M	-30.9M	10.3M	8.6M	-120M
(Gain) Loss on Sale of Investments - (CF)	-2.6M	-7.7M	-86.5M	-69.8M	-33.7M
Total Asset Writedown	1.34B	1.11B	2.48B	1.12B	-143M
(Income) Loss On Equity Investments - (CF)	568M	47.5M	167M	-38.3M	-492M
Stock-Based Compensation (CF)	12.5M	17.8M	18.9M	23.8M	24.5M
Change in Other Net Operating Assets (Collected)	215M	129M	-43.6M	-93.3M	-27.9M
Other Operating Activities	677M	927M	1.09B	968M	1.54B
Cash from Operations	1.72B	2.44B	2.06B	2.19B	2.05B
Acquisition of Real Estate Assets, Total	-889M	-905M	-1.18B	-1.31B	-895M
Sale of Real Estate Assets, Total	924M	586M	299M	494M	719M
Net Sale / Acquisition of Real Estate Assets	34.7M	-319M	-882M	-815M	-176M
Cash Acquisitions	-28.2M	-	-72.6M	-68.9M	-62.2M
Divestitures	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	850M	718M	218M	415M	905M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-236M	-118M	-54.3M	-68.7M	-16.2M
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	621M	281M	-791M	-537M	651M
Long-Term Debt Issued, Total	1.83B	909M	2.41B	1.57B	1.34B
Total Debt Issued	1.83B	909M	2.41B	1.57B	1.34B
Long-Term Debt Repaid, Total	-3.44B	-1.88B	-769M	-2.53B	-5.22B
Total Debt Repaid	-3.44B	-1.88B	-769M	-2.53B	-5.22B
Issuance of Common Stock	3.6M	4.6M	5.1M	5.2M	20M
Repurchase of Common Stock	-	-	-175M	-	-
Common Dividends Paid	-48.1M	-48.1M	-58.7M	-447M	-589M
Common & Preferred Stock Dividends Paid	-48.1M	-48.1M	-58.7M	-447M	-589M
Other Financing Activities, Total	-594M	-629M	-546M	-478M	-818M
Cash from Financing	-2.24B	-1.64B	865M	-1.88B	-5.26B
Foreign Exchange Rate Adjustments	13.7M	7.3M	44.4M	15.6M	-40.2M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	112M	1.08B	2.17B	-214M	-2.61B
Supplemental Items
Cash Interest Paid	662M	690M	989M	1.1B	971M
Cash Income Tax Paid (Refund)	27.3M	64.7M	73.4M	122M	85.6M
Net Debt Issued / Repaid	-1.61B	-970M	1.64B	-963M	-3.88B
Levered Free Cash Flow	716M	924M	89.31M	236M	1.57B
Unlevered Free Cash Flow	1.14B	1.37B	711M	928M	2.09B
Change In Net Working Capital	-631M	-296M	283M	397M	-624M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	0.73	1.82	1.71	2.19	2.74
Return on Total Capital	0.79	1.97	1.85	2.38	3
Return On Equity %	-4.39	1.27	-8.14	1.33	7.05
Return on Common Equity	-5.08	0.94	-8.96	0.84	7.17
Margin Analysis
Gross Profit Margin %	44.44	62.13	59.23	63.24	69.46
SG&A Margin	10.88	7.13	6.89	5.46	4.83
EBITDA Margin %	37.34	55.57	52.48	60.64	64.4
EBITA Margin %	36.04	54.75	51.93	57.45	64.24
EBIT Margin %	33.49	53.9	51.24	57.07	63.88
Income From Continuing Operations Margin %	-50.86	9.77	-61.52	8.45	42.49
Net Income Margin %	-49.87	6.04	-56.34	4.44	35.75
Net Avail. For Common Margin %	-49.87	6.04	-56.34	4.44	35.75
Normalized Net Income Margin	7.79	20.5	27.02	22.51	25.51
Levered Free Cash Flow Margin	36.72	31.29	3.09	7.17	44.36
Unlevered Free Cash Flow Margin	58.45	46.52	24.59	28.2	58.96
Asset Turnover
Asset Turnover	0.03	0.05	0.05	0.06	0.07
Fixed Assets Turnover	0.05	0.07	0.08	0.09	0.1
Receivables Turnover (Average Receivables)	3.42	4.48	4.79	4.88	4.06
Inventory Turnover (Average Inventory)	31.21	27.33	29.58	45.74	55.85
Short Term Liquidity
Current Ratio	1.05	1.66	1.81	1.38	1.27
Quick Ratio	0.95	1.64	1.75	1.23	1.23
Operating Cash Flow to Current Liabilities	0.48	0.91	0.54	0.42	0.65
Days Sales Outstanding (Average Receivables)	106.7	81.5	76.27	74.98	89.88
Days Outstanding Inventory (Average Inventory)	11.7	13.35	12.34	8	6.54
Average Days Payable Outstanding	73.92	76.16	75.76	74.46	90.28
Cash Conversion Cycle (Average Days)	44.48	18.69	12.85	8.52	6.14
Long Term Solvency
Total Debt/Equity	126.04	119.84	138.16	134.62	108.25
Total Debt / Total Capital	55.76	54.51	58.01	57.38	51.98
LT Debt/Equity	118.86	116.43	129.05	119.19	103.1
Long-Term Debt / Total Capital	52.58	52.96	54.19	50.8	49.51
Total Liabilities / Total Assets	59.26	58	61.24	60.71	56.33
EBIT / Interest Expense	0.96	2.21	1.49	1.7	2.73
EBITDA / Interest Expense	1.09	2.3	1.54	1.81	2.77
(EBITDA - Capex) / Interest Expense	1.09	2.3	1.54	1.81	2.77
Total Debt / EBITDA	38.09	16.61	18.74	14.12	10.24
Net Debt / EBITDA	35.05	14.6	15.15	11.48	9.07
Total Debt / (EBITDA - Capex)	38.09	16.61	18.74	14.12	10.24
Net Debt / (EBITDA - Capex)	35.05	14.6	15.15	11.48	9.07
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	96.16	51.45	-2.05	13.84	7.76
Gross Profit, 1 Yr. Growth %	-614.43	111.68	-6.61	21.55	18.34
EBITDA, 1 Yr. Growth %	-378.64	125.37	-4.64	31.55	14.44
EBITA, 1 Yr. Growth %	-344.14	130.05	-7.09	25.95	20.48
EBIT, 1 Yr. Growth %	-272.74	143.71	-6.89	26.8	20.62
Earnings From Cont. Operations, 1 Yr. Growth %	-87.08	-129.1	-716.53	-115.64	441.77
Net Income, 1 Yr. Growth %	-86.52	-118.33	-1.01K	-108.97	767.44
Diluted EPS Before Extra, 1 Yr. Growth %	-86.53	-118.17	-1.02K	-108.87	738.46
Normalized Net Income, 1 Yr. Growth %	-651.09	298.58	29.1	-5.17	22.12
Net Property, Plant and Equip., 1 Yr. Growth %	-2.63	-2.52	-4.34	-0.55	-0.64
Inventory, 1 Yr. Growth %	16.88	18.72	-20.5	-50.14	20.45
Accounts Receivable, 1 Yr. Growth %	-1.28	-12.88	9.18	-3.67	35.01
Total Assets, 1 Yr. Growth %	-4.12	-0.52	-1.94	-0.06	-7.21
Common Equity, 1 Yr. Growth %	-2.41	1.38	-10.27	2.7	0.18
Tangible Book Value, 1 Yr. Growth %	-1.54	1.68	-10.1	3.17	1.82
Cash From Operations, 1 Yr. Growth %	20.9	41.59	-15.59	6.5	-6.56
Levered Free Cash Flow, 1 Yr. Growth %	42.05	28.89	-89.78	164.09	567.07
Unlevered Free Cash Flow, 1 Yr. Growth %	22.86	20.44	-46.3	30.59	125.25
Dividend Per Share, 1 Yr. Growth %	-	-	-	40	28.57
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-23.18	72.36	21.79	5.6	10.76
Gross Profit, 2 Yr. CAGR %	-34.68	230.01	40.6	6.54	19.93
EBITDA, 2 Yr. CAGR %	-39.67	150.61	44.38	12	22.7
EBITA, 2 Yr. CAGR %	-39.99	137.01	46.2	8.18	23.19
EBIT, 2 Yr. CAGR %	-40.38	105.2	50.64	8.66	23.67
Earnings From Cont. Operations, 2 Yr. CAGR %	-5.31	-80.61	33.95	-1.8	-7.95
Net Income, 2 Yr. CAGR %	-6.13	-84.28	29.45	-9.42	-11.77
Diluted EPS Before Extra, 2 Yr. CAGR %	-5.79	-84.35	29.23	-9.71	-13.75
Normalized Net Income, 2 Yr. CAGR %	-59.37	368.67	126.84	10.64	7.61
Net Property, Plant and Equip., 2 Yr. CAGR %	-6.66	-2.58	-3.44	-2.46	-0.59
Inventory, 2 Yr. CAGR %	-35.96	17.79	-2.85	-37.04	-22.5
Accounts Receivable, 2 Yr. CAGR %	1.88	-7.26	-2.47	2.55	14.04
Total Assets, 2 Yr. CAGR %	-8.08	-2.33	-1.23	-1	-3.7
Common Equity, 2 Yr. CAGR %	-17.72	-0.53	-4.62	-4.01	1.43
Tangible Book Value, 2 Yr. CAGR %	-15.99	0.06	-4.39	-3.69	2.49
Cash From Operations, 2 Yr. CAGR %	-4.51	30.84	9.33	-5.18	-0.24
Levered Free Cash Flow, 2 Yr. CAGR %	-16.09	35.39	-64.7	-48.06	319.72
Unlevered Free Cash Flow, 2 Yr. CAGR %	38.05	21.69	-21.04	-16.26	71.51
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	34.16
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-16.46	-3.68	42.76	19.08	6.31
Gross Profit, 3 Yr. CAGR %	-26.9	-3.33	116.66	33.94	10.34
EBITDA, 3 Yr. CAGR %	-30.32	-6.38	79.77	39.97	12.81
EBITA, 3 Yr. CAGR %	-30.85	-6.07	73.46	39.11	12.13
EBIT, 3 Yr. CAGR %	-31.98	-4.67	57.68	42.23	12.51
Earnings From Cont. Operations, 3 Yr. CAGR %	-7.26	-36.1	-38.58	-34.53	73.52
Net Income, 3 Yr. CAGR %	-1.94	-45.54	-39.1	-46.82	92.35
Diluted EPS Before Extra, 3 Yr. CAGR %	-4.07	-45.56	-39.18	-47.09	89.78
Normalized Net Income, 3 Yr. CAGR %	-44.65	-13.03	204.94	69.61	14.34
Net Property, Plant and Equip., 3 Yr. CAGR %	-5.73	-5.3	-3.17	-2.48	-1.86
Inventory, 3 Yr. CAGR %	-26.76	-21.33	3.33	-22.22	-21.84
Accounts Receivable, 3 Yr. CAGR %	-1.11	-3.3	-2.08	-2.87	12.4
Total Assets, 3 Yr. CAGR %	-5.23	-5.63	-2.2	-0.84	-3.12
Common Equity, 3 Yr. CAGR %	-12.43	-11.79	-3.89	-2.24	-2.63
Tangible Book Value, 3 Yr. CAGR %	-11.08	-10.47	-3.45	-1.93	-1.89
Cash From Operations, 3 Yr. CAGR %	-1.38	8.89	13.06	8.38	-5.64
Levered Free Cash Flow, 3 Yr. CAGR %	-21.02	-3.15	-43.82	-30.95	21.64
Unlevered Free Cash Flow, 3 Yr. CAGR %	-13.6	31.94	-8.48	-6.62	16.46
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	1.39	6.35	-2.86	-0.07	28.98
Gross Profit, 5 Yr. CAGR %	-11.23	0.94	-5.04	0.5	71.02
EBITDA, 5 Yr. CAGR %	-14.14	-0.22	-6.74	-0.03	54.3
EBITA, 5 Yr. CAGR %	-14.56	-0.29	-6.71	-0.61	51.27
EBIT, 5 Yr. CAGR %	-15.76	-0.49	-6.51	0.45	43.08
Earnings From Cont. Operations, 5 Yr. CAGR %	-18.85	-36.17	7.43	-24.11	-27.79
Net Income, 5 Yr. CAGR %	-16.6	-40.75	9.58	-33.25	-29.37
Diluted EPS Before Extra, 5 Yr. CAGR %	-21.18	-44.13	8.07	-33.35	-30.06
Normalized Net Income, 5 Yr. CAGR %	-17.8	-0.12	-2.69	-4.24	101.04
Net Property, Plant and Equip., 5 Yr. CAGR %	1.87	0.2	-4.82	-4.18	-2.15
Inventory, 5 Yr. CAGR %	-	-	-18	-28.04	-7.9
Accounts Receivable, 5 Yr. CAGR %	7.61	2.18	-1.66	-1	4.08
Total Assets, 5 Yr. CAGR %	6.15	4.79	-3.65	-3.8	-2.8
Common Equity, 5 Yr. CAGR %	1.61	0.27	-9.39	-8.76	-1.8
Tangible Book Value, 5 Yr. CAGR %	0.35	-1.06	-8.47	-7.82	-1.12
Cash From Operations, 5 Yr. CAGR %	2.01	10.38	2.77	3.02	7.54
Levered Free Cash Flow, 5 Yr. CAGR %	-11.12	10.97	-42.75	-25.34	25.58
Unlevered Free Cash Flow, 5 Yr. CAGR %	-5.41	12.39	-16.64	9.2	17.66
Dividend Per Share, 5 Yr. CAGR %	-	-	-25.37	-8.31	-