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On February 6, 2023, the Management Board (\u201cMB\u201d) approved the
consolidated financial statements of Unibail-Rodamco-Westfield SE
(URW SE) for the year ended December 31, 2022, and the Supervisory
Board (\u201cSB\u201d) authorized their publication on February 9, 2023. On March
27, 2023, after having informed the SB, the MB approved a slightly
modified version with no impact on the net result or equity attributable
to the holders of the Stapled Shares.
These consolidated financial statements will be submitted to the
approval of the Annual General Meeting (\u201cAGM\u201d) expected to be held on
May 11, 2023.
5.1 CONSOLIDATED FINANCIAL STATEMENTS
The financial statements are presented in millions of euros, rounded to
the nearest hundred thousand. As a result, there may be slight
differences between rounded figures.
In 2022, in order to improve the information and reading of the financial
statements, the Group made the following changes:
\u2022 In the consolidated statement of comprehensive income:
- The line \u201cDepreciation of other tangible assets\u201d was renamed
\u201cDepreciation of other tangible and intangible assets\u201d, and the
depreciation of intangible assets was moved from the line
\u201cCorporate expenses\u201d to this line; and
- The line \u201cDevelopment expenses\u201d was included in the line
\u201cCorporate expenses\u201d.
\u2022 In note 4.4. \u201cNet result by segment on a proportionate basis\u201d:
- A new subtotal \u201cNet operating result before depreciation and
impairment of assets\u201d was created. The recurring part corresponds
to the EBITDA;
- The line \u201cDepreciation and impairment of tangible and intangible
assets\u201d was created after the line \u201cNet operating result before
depreciation and impairment of assets\u201d, in order to gather the
amounts of depreciation of tangible and intangible assets, which
were previously included in the following lines:
\u25aa \u201cValuation movements, depreciation, capital gains\u201d in the Result
from operations Convention & Exhibition (C&E);
\u25aa \u201cOther property services net income\u201d; and
\u25aa \u201cCorporate expenses\u201d.
- The line \u201cDevelopment expenses\u201d was included in the line
\u201cCorporate expenses\u201d.
The figures as at December 31, 2021, were restated accordingly. The
amounts of these reclassifications had no significant impact on the
consolidated financial statements.
NOTE 1. SIGNIFICANT EVENTS 1.1. SIGNIFICANT EVENTS OF 2022 1.1.1. ACQUISITIONS/DISPOSALS IN 2022 DISPOSAL OF SOLNA CENTRUM URW completed on February 1, 2022, the sale of Solna Centrum to Alecta Fastigheter for an agreed Total Acquisition Cost (\u201cTAC\u201d) of \u20ac272 Mn. The disposal result amounted to +\u20ac23.5 Mn and was recorded in the consolidated statement of comprehensive income. DISPOSAL OF A 45% STAKE IN THE WESTFIELD CARR\u00c9 S\u00c9NART SHOPPING CENTRE On February 16, 2022, the Group completed the disposal of a 45% stake in Westfield Carr\u00e9 S\u00e9nart to Soci\u00e9t\u00e9 G\u00e9n\u00e9rale Assurances and BNP Paribas Cardif for an implied price of c. \u20ac1.0 Bn (at 100%). URW has granted the buyers a rental guarantee of up to \u20ac13.5 Mn (at 45%) for a duration of up to 3 years from closing of the transaction. The rental guarantee includes a clawback mechanism for URW in case of overperformance limited to guarantee payments related to the previous periods. The JV put in place a non-recourse 7-year mortgage loan for a total amount of \u20ac302 Mn. URW will continue to control and manage the asset, which will remain fully consolidated. Consequently, the result of the transaction was recorded in the equity attributable to the holders of the Stapled Shares for -\u20ac11.9 Mn, including the value of the rental guarantee and the transaction costs. DISPOSAL OF 2 RESIDENTIAL BUILDINGS AT WESTFIELD HAMBURG The Group disposed 2 residential building rights at Westfield Hamburg in January and March, 2022, for a Net Disposal Price (\u201cNDP\u201d) of \u20ac51 Mn. The disposal result amounted to +\u20ac4.5 Mn and was recorded in the consolidated statement of comprehensive income. SALE OF THE SITE OF THE FORMER PROMENADE MALL On March 15, 2022, URW announced the sale of the 34-acre site of the former Promenade Mall, located in the San Fernando Valley of Los Angeles, to a group of private investors for $150 Mn (at 100%, URW share 55%), reflecting a 60% premium to the latest appraisal. As the Company is accounted for using the equity method, the URW\u2019s stake in the net disposal result of +\u20ac19.8 Mn is recorded within the share of the result of companies accounted for using the equity method. SALE OF GERA ARCADEN On July 1, 2022, the Group completed the sale of Gera Arcaden to an institutional investor for an agreed NDP of \u20ac116 Mn (at 100%, URW share 51%). The disposal result amounted to +\u20ac11.5 Mn and was recorded in the consolidated statement of comprehensive income. DISPOSAL OF ALMERE On July 7, 2022, the Group completed the sale of Almere Centrum in The Netherlands to a group of private investors led by the UMB Group for a NDP of \u20ac155 Mn in line with the last appraisal value. SALE OF CARR\u00c9 S\u00c9NART SHOPPING PARC On July 13, 2022, URW signed and closed the sale of Carr\u00e9 S\u00e9nart Shopping Parc to a French institutional investor for an agreed NDP of \u20ac120 Mn, above last appraisal value. The disposal result amounted to +\u20ac12.1 Mn and was recorded in the consolidated statement of comprehensive income. DISPOSAL OF WESTFIELD SANTA ANITA On August 25, 2022, the Group completed the sale of Westfield Santa Anita in Arcadia, California, to an established commercial real estate investor who owns other Retail assets in Southern California. The sale price of $537.5 Mn (at 100%, URW share 49%), reflects a sub-6% net initial yield and a 10.7% discount to the latest unaffected appraisal as of December 2021. As the Company is accounted for using the equity method, the URW\u2019s stake in the net disposal result of -\u20ac32.4 Mn is recorded within the share of the result of companies accounted for using the equity method. DISPOSAL OF AN ADDITIONAL 27% STAKE IN AUPARK On August 31, 2022, the Purchasers acquired 2 complementary stakes (\u201cTranches 2, 3\u201d) based on appraisal values as at June 30, 2022. As at December 31, 2022, URW holds a remaining 13% interest and has joint control over the joint venture which continues to be accounted for using the equity method. (See 1.2.2 Acquisitions/Disposals 2021 \u2013 Disposal of a 60% stake in Aupark). DISPOSAL OF VILLENEUVE 2 On September 30, 2022, URW completed the disposal of Villeneuve 2 shopping centre , located in the Lille region, to Ceetrus. The net disposal result amounted to -\u20ac17.1 Mn and was recorded in the consolidated statement of comprehensive income. DISPOSAL OF THE VILLAGE IN SAN FERNANDO VALLEY On December 27, 2022, the Group announced that it has completed the sale of The Village, an outdoor lifestyle destination in the San Fernando Valley of Los Angeles, to the Kroenke Organization. The sale price of $325 Mn (at 100%, URW share 55%), reflects a 10.6% discount to the last unaffected appraisal. The net disposal result amounted to -\u20ac20.9 Mn and was recorded within the share of the result of companies accounted for using the equity method. DISPOSAL OF WESTFIELD TRUMBULL AND WESTFIELD SOUTH SHORE SHOPPING CENTRES On December 30, 2022, the Group announced that it has completed the sale of Westfield Trumbull located in Trumbull, Connecticut and Westfield South Shore located in Bay Shore, New York, to a commercial real estate investment firm. The combined gross sale price of these wholly owned regional assets at $196 Mn is equal to their gross market value. 1.1.2. POST COVID-19 RECOVERY The operations in URW shopping centres remained impacted by restrictions in the first few months of 2022. As from May 2022, no restrictions were applicable anymore in any of the regions in which the Group operates. Over the period, the economic situation has evolved rapidly with the conflict in Ukraine, an increase in energy costs and higher inflation leading Central Banks to increase interest rates. Nevertheless, despite all these challenges, the year 2022 showed a good resumption of the activity in URW\u2019s assets, in particular Retail and C&E. RENT RELIEF AND GOVERNMENT SUPPORT Throughout the COVID-19 crisis, URW recognised the issues the Group\u2019s tenants faced due to administrative closures or trading restrictions, and the need to provide relief, generally limited to the period of closure and based on the principle of a fair sharing of the burden. These negotiations were focused on providing a one-off rent relief, not on permanently changing lease terms or structures. With all major restrictions being lifted, URW did not provide any COVID-19 rent relief in 2022 regarding 2022 for its shopping centre activity. The 2022 Profit and Loss (\u201cP&L\u201d) remained impacted by the straight lining and updated assessment of rent relief granted in 2020 and 2021. The 2022 P&L impact of COVID-19 rent discount granted in 2020 and 2021 amounted to -\u20ac1.7 Mn for the Group\u2019s shopping centre activities (1) on a proportionate basis (vs. -\u20ac215.0 Mn in 2021). (1) Excluding airports. 1.2. SIGNIFICANT EVENTS OF 2021 1.2.1. COVID-19 PANDEMIC The COVID-19 pandemic continued to have a significant impact on URW\u2019s business over the course of 2021. OVERVIEW OF RESTRICTIONS IN 2021 The operations in URW shopping centres were particularly impacted by lockdown periods and restrictions in the first half of 2021, while operations were generally able to take place with loosened restrictions in H2-2021, except year-end which was impacted by a resurgence of the pandemic. During the first half of the year, most of the Group\u2019s European centres had to close at various points, except for \u201cessential\u201d retailers and excluding the centres in Sweden and parts of Spain that remained open throughout the period, albeit with certain restrictions on Food & Beverage (\u201cF&B\u201d), cinemas and fitness. In the US, all of the centres were open throughout the first half, however restrictions on sectors like F&B, entertainment and fitness were only progressively eased during February and March. During H2-2021, the Group\u2019s centres and all Retail sectors were generally allowed to trade including indoor dining and entertainment, albeit with some remaining capacity limits or other sanitary requirements (such as a COVID-19 pass/proof of vaccination being required for dining or entertainment in several markets). Late November and December saw some tightening of government rules, following the emergence of the \u201cOmicron variant\u201d. Most notably, this saw the reintroduction of government guidance to work from home, restrictions for non-vaccinated people to access shopping centres and the imposition of some further lockdowns in Austria, Slovakia and The Netherlands. At year-end, restrictions have been limited in particular thanks to the progress made on vaccination in all the regions in which the Group operates. RENT RELIEF AND GOVERNMENT SUPPORT Throughout the crisis, URW recognised the issues the Group\u2019s tenants faced due to administrative closures or trading restrictions and the need to provide relief, generally limited to the period of closure and based on the principle of a fair sharing of the burden. These negotiations were focused on providing a one-off rent relief, not on permanently changing lease terms or structures. In some geographies (including the UK, Germany and certain US municipalities), legal remedies for non-payment of rent have also been temporarily limited during the crisis, while in Austria and Poland, existing and new laws respectively, even prohibited the charging of rents during closure periods. A new law in Poland applicable as from H2-2021 also provided for a 50% discount of rents to be applied over the 3 months following reopening. In Sweden, Denmark, Czech Republic, Germany and Slovakia, the government created state subsidy programmes focused specifically on supporting retail tenants. In France, the government announced in November a new scheme to help retailers pay rent during the 2021 closure periods. URW helped its tenants access these subsidies whenever possible. ACCOUNTING PRINCIPLES The accounting principles used are described in note 4.4.1 \u201cGross Rental Income\u201d. As at December 31, 2021, rent relief signed or expected to be signed regarding 2021 closures amounted to an estimated cash impact of \u20ac250 Mn (\u20ac301 Mn under proportionate), \u20ac212 Mn of which has been charged to the income statement during this period (\u20ac252 Mn under proportionate). The difference will be straight lined in future periods. The Group carried out a detailed review of all tenants receivables as at December 31, 2021, and the provision for doubtful debtors was estimated according to International Financial Reporting Standards (\u201cIFRS\u201d) 9 (see note 7.5.3. \u201cCredit risk\u201d). The total accounts receivable from Retail activities (gross amounts) decreased by -\u20ac43.6 Mn vs. December 31, 2020, (-\u20ac62.4 Mn under proportionate). During 2021, \u20ac67.8 Mn (\u20ac97.3 Mn under proportionate) of accounts receivable provision, net of reversals, were charged to the income statement, for the Shopping Centres, under the item \u201cProperty operating expenses\u201d. As at December 31, 2021, the provision for doubtful debtors in the consolidated statement of financial position amounted to \u20ac234.3 Mn (\u20ac317.0 Mn under proportionate) compared with \u20ac207.0 Mn (\u20ac285.1 Mn under proportionate) at the end of December 31, 2020. 1.2.2. ACQUISITIONS/DISPOSALS IN 2021 ACQUISITIONS The Group acquired the remaining 47.4% stake in Westfield Trumbull and Westfield Palm Desert in May 2021 for a total amount of \u20ac7.3 Mn, and the associated entities previously in joint control are fully consolidated from this date. The revaluation of the previously held investment amounts to \u20ac13.2 Mn ($16.0 Mn) and was booked in the \u201cResult on disposal of investment properties and loss of control\u201d in the consolidated statement of comprehensive income. The Group increased its stake from 10% to 50% in the jointly owned company CH Warszawa U SP. z.o.o., owner of a project in Poland (Centrum Ursyn\u00f3w) for a total amount of \u20ac36.4 Mn. DISPOSAL OF A 60% STAKE IN AUPARK On May 27, 2021, URW completed the phased disposal of Aupark Bratislava, a 59,600 sqm Flagship destination in Slovakia. WOOD & Company, as transaction leader, together with its joint venture partner Tatra Asset Management (\u201cthe Purchasers\u201d), initially acquired a 60% interest on the basis of an agreed TAC of \u20ac450 Mn (at 100%). The pre- agreed stakes \u201cTranche 2\u201d (to be exercised in 2022) and \u201cTranche 3\u201d (initially expected to be exercised in 2023) have been acquired in 2022. The remaining 13% will be acquired through pre-agreed stake in 2024 (\u201cTranche 4\u201d). The joint venture formed by URW and the Purchasers has also refinanced the existing debt of Aupark by obtaining non-recourse bank financing of \u20ac229.5 Mn. In light of the impact of the ongoing COVID-19 pandemic, URW has provided: \u2022 A 3-year rent guarantee equal to a maximum c. 2% of the Gross Market Value (\u201cGMV\u201d); and \u2022 A participative loan including an earn-out mechanism, with a maximum amount at risk equal to c. 2% of the GMV, and a potential earn-out to URW, which apply should the returns to the Purchasers be lower than or exceed the agreed levels. The joint venture is governed by a board of directors with 6 members, 3 of which are designated by URW and 3 designated by the Purchasers. The relevant activities are the leasing, equipment, building, renovation as well as the management, servicing and maintenance of the asset. Decision on these relevant activities require the approval of both partners. URW will continue to manage the property, together with WOOD & Company, until the asset has been fully acquired by the Purchasers and the earn-out mechanism settled, in return for market standard property and asset management fees. As a result, URW has joint control over the joint venture which is accounted for using the equity method. The new shareholders benefit from call option windows every 6 months on all the shares in the respective entity still held by URW, and URW benefits from put options on shares to be acquired by the Purchasers for tranches 2 to 4. In case the Purchasers default on their obligation to acquire the pre- agreed stakes, URW has a drag along right for not less than 80% of the agreed valuation of Aupark and is entitled to take over the control of the joint venture. The net disposal result amounted to +\u20ac6.9 Mn, including the value of the rental guarantee and the transaction costs. The revaluation of the 40% previously held investments for +\u20ac14.9 Mn and the exit of the goodwill for -\u20ac23.0 Mn are also part of the net disposal result. DISPOSAL OF A 45% STAKE IN WESTFIELD SHOPPING CITY S\u00dcD On July 21, 2021, URW closed the disposal of a 45% minority stake in Westfield Shopping City S\u00fcd (138,600 sqm owned GLA) in Vienna (Austria) to Cr\u00e9dit Agricole Assurances. URW retains a controlling stake in the JV holding the asset and remains the asset and property manager. The implied offer price for the asset is \u20ac1,065 Mn (at 100%), representing a discount of -3% to the last unaffected appraisal value (December 31, 2020). In light of the impact of the ongoing COVID-19 pandemic, URW has granted the joint venture a 2-year rental guarantee capped at circa 2% of the implied offer price (at 100%). The JV put in place a non-recourse 7-year mortgage loan at a 1.39% cost for a total amount of \u20ac351 Mn corresponding to a Loan-To-Value (\u201cLTV\u201d) below 35% at closing. URW benefits from a earn-out clause in case the existing receivables at the date of closing, which were not reflected in the purchase price, are recovered post-closing. Within a 3-year period from closing, 45% of the net amount paid by tenants after closing on these receivables will be paid to URW shareholders as an earn-out. This earn-out is calculated on a quarterly basis. URW has kept the control of the asset, which continues to be fully consolidated (see note 3.3 \u201cDescription of significant controlled partnerships\u201d). As a consequence, the result of the transaction was recorded in the equity attributable to the holders of the Stapled Shares for -\u20ac20.9 Mn, including the value of the rental guarantee and the transaction costs. FORECLOSURE OF US ASSETS With respect to several regional malls in the US, URW defaulted on the loans and asked the servicer of its loans for the appointment of a receiver. During 2021, these assets were taken over by their respective mortgage lenders, the receiver was appointed by the relevant court, which transferred the management and control of each related asset and derecognised as of the date of the respective receivership. Since the appointment dates, URW is no longer the owner of these assets, is not liable for the debt and does not recognise the revenues generated by these assets. This includes: Westfield Citrus Park and Westfield Countryside in Florida with an effective transfer on January 13, 2021; the Westfield Sarasota in Florida with an effective transfer on February 23, 2021; Westfield Broward in Florida, with an effective transfer on June 23, 2021; and Westfield Palm Desert in California on October 14, 2021. The special servicers agreed to release URW from all obligations under the Westfield Sarasota loan and any associated guarantees, in return for a payment of \u20ac9.2 Mn ($10.9 Mn). However, for Westfield Palm Desert and Westfield Boward, URW is still at risk for financial guarantees associated with the loans until final foreclosure by the bank. The expected credit loss of \u20ac40.8 Mn ($48.2 Mn) for the financial guarantee contracts related to Westfield Broward and Westfield Palm Desert is recognised within the disposal result. The loss of control led to a profit of \u20ac44.4 Mn ($52.5 Mn) recorded in the \u201cResult on disposal of investment properties and loss of control\u201d in the consolidated statement of comprehensive income. Westfield Broward has been sold by the bank in 2022, and as a result URW is not more at risk for financial guarantees associated with the loans. DISPOSAL OF OFFICE BUILDINGS On January 21, 2021, further to an agreement entered into on October 12, 2020, URW announced the completion of the disposal of the SHiFT office building, located in Issy-les-Moulineaux (Paris region), to a consortium of French institutional buyers (Primonial REIM, La Fran\u00e7aise and EDF Invest). The disposal price (1) of the transaction is \u20ac620 Mn. On March 17, 2021, URW announced the completion of the disposals of the Les Villages 3, 4 and 6 office buildings, located in La D\u00e9fense (Paris region) to French institutional investors. Agreements for the disposals were signed in December 2020. Village 3 was sold to an institutional fund managed by La Fran\u00e7aise Real Estate Managers on March 4, 2021. Village 4 and 6 were sold to institutional funds managed by Perial AM on March 17, 2021. The total NDP (2) of both transactions is \u20ac215 Mn. On September 16, 2021, URW completed the sale and leaseback agreement with a French institutional investor for the 7 Adenauer office building in Paris (URW\u2019s global headquarters, accounted for at cost). The NDP of \u20ac249 Mn represents a premium to the last unaffected book value. Further to the new standard lease on the building, 7 Adenauer will remain its global headquarters. The rights retained by the Group amounted to \u20ac25 Mn and are booked as a right of use within the Other tangible assets and the total disposal result amounted to \u20ac86 Mn. A lease liability of \u20ac44 Mn was recognised in the consolidated financial statements. (1) TAC reduced by the Transaction Tax incurred by the buyer. As per standard market practice, the remaining lease incentives will be paid by the vendor. (2) Net Disposal Price: TAC incurred by the acquirer minus all transfer taxes and transaction costs. PARTNERSHIP WITH AXA FOR THE TRIANGLE TOWER PROJECT IN PARIS On November 1, 2021, URW signed a co-investment partnership with AXA IM Alts, a global leader in alternative investments acting on behalf of clients, for the Triangle Tower, a major new development in Paris. URW ownership is 30% and AXA IM Alts owns the remaining 70% in the newly created JV (SNC Triangle Renan). The JV is governed by the steering committee in which the partner has the majority and is also the chairman. The AMO Manager (AXA\u2019s affiliate) holds large powers and has the control over the leasing, the financing and the follow up of the building\u2019s construction. The initial annual budget as well as the business plan are approved by a simple majority, thus by the partner. Only a limited number of reserved matters require the approval of URW. As a result, URW only exercises a significant influence on the new entity which is accounted for using the equity method. OTHER DISPOSALS URW also disposed of several minor assets: \u2022 Le Bl\u00e9riot, an office building located in the Paris region; \u2022 The Q-Huset office building located in T\u00e4by; \u2022 URW\u2019s 50% stake in the Palisade residential building at Westfield UTC; and \u2022 51% stake in Aquaboulevard and Le Sextant in October 2021, which URW jointly controls and is now accounted for using the equity method. NOTE 2. ACCOUNTING POLICIES In accordance with EC regulation no. 1606/2002 of July 19, 2002, on the application of international accounting standards, URW has prepared its consolidated financial statements for the financial year ending December 31, 2022, under IFRS as adopted in the European Union (\u201cEU\u201d) and applicable at this date. These can be consulted on the website: http://ec.europa.eu/finance/company-reporting/ifrs-financialstatements/index_en.htm. 2.1. IFRS BASIS ADOPTED The accounting principles and methods used are the same as those applied for the preparation of the annual consolidated financial statements as at December 31, 2021, except for the application of the new obligatory standards and interpretations described below. STANDARDS, AMENDMENTS AND INTERPRETATIONS EFFECTIVE AS OF JANUARY 1, 2022 \u2022 Amendments to IFRS 3 Business Combinations; International Accounting Standards (\u201cIAS\u201d) 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets; and \u2022 Annual Improvements 2018-2020. These standards, amendments and interpretations do not have a significant impact on the Group\u2019s accounts as at December 31, 2022. STANDARDS, AMENDMENTS AND INTERPRETATIONS NOT MANDATORILY APPLICABLE AS OF JANUARY 1, 2022 The following text has been adopted by the EU as at December 31, 2022, but not applied in advance by the Group: \u2022 IFRS 17 Insurance Contracts, including Amendments to IFRS 17; and \u2022 Amendments to: - IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies; - IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; - IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction; and - IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information. The following texts were published by the International Accounting Standards Board (\u201cIASB \u201d) but have not yet been adopted by the EU: \u2022 Amendments to IAS 1: Presentation of Financial Statements: - Classification of Liabilities as Current or Non-current; - Classification of Liabilities as Current or Non-current \u2013 Deferral of Effective Date; and - Non-current Liabilities with Covenants. \u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback. The measurement of the potential impacts of these texts on the consolidated accounts of URW is ongoing; no significant impacts are expected. Following to the publication of IFRS IC, the Group performed a review of its Software-as-a-Service (\u201cSaaS\u201d) contracts. These have no significant impact on the financial statements. 2.2. ESTIMATES AND ASSUMPTIONS Certain amounts recorded in the consolidated financial statements reflect estimates and assumptions made by management in the current context, including higher inflation, higher interest rates, increase of energy and raw material costs, supply chain disruption resulting from uncertain geopolitical and economic environment, the aftermath of the COVID-19 pandemic and difficulties in assessing their impacts and future prospects. In this context, management has taken into account these uncertainties on the basis of reliable information available at the date of the preparation of the consolidated financial statements, particularly with regards to the fair value of investment properties and financial instruments, the estimation of the provision for doubtful debtors, as well as the testing of goodwill and intangible assets. Due to inherent uncertainties associated with estimates, the Group reviews those estimates based on regularly updated information. Actual results might eventually differ from estimates made at the date of the preparation of the consolidated financial statements. The most significant judgements and estimates are set out in the following notes: for the valuation of investment properties, in note 5.1 \u201cInvestment properties\u201d, for the intangible assets and goodwill, in notes 5.3 \u201cIntangible assets\u201d and 5.4 \u201cGoodwill\u201d, for provision for doubtful debtors in note 7.5.3 \u201cCredit risk\u201d, for rent relief in note 4.4.1 \u201cGross Rental Income\u201d, and for fair value of financial instruments in note 7.4 \u201cHedging instruments\u201d respectively. Actual future results or outcomes may differ from these estimates. The property portfolio and intangible assets related to the Shopping Centres, Offices & Others, and C&E segments are valued by independent appraisers. Appraisers make their independent assessments of current and forward-looking cash flow profiles and usually reflect risk either in the cash flow forecasts (e.g. future rental levels, growth, investment requirements, void periods and incentives), in the applied required returns or discount rates or in the yield applied to capitalise the exit rent to determine an exit value. 2.3. CLIMATE CHANGE AND RISKS Climate change mitigation and adaptation are part of the priorities of the Group Sustainability strategy, Better Places 2030, and form an essential component of the Sustainability risks analysis. URW analyses the physical and transitional risks associated with climate change. These risks are in turn integrated into the Enterprise Risk Management framework. As a consequence, the main management measures are designed and discussed as part of this framework. The Group has set ambitious Greenhouse Gas (\u201cGHG\u201d) emission reduction targets as part of Better Places 2030, addressing its entire value chain including the wide scope of indirect carbon emissions resulting from construction works, transportation of visitors and employees, and energy consumption of tenants, committing to reduce significantly its global GHG emissions. On top of addressing climate change mitigation, Better Places 2030 also addresses climate adaptation through the resilience of its assets to climate change both for development projects (integrated into the Group sustainability design guidelines) and its standing assets. The implementation of this programme is reflected in URW\u2019s financial statements, mainly through its investment strategy and the implementation of expenditures and expenses specifically incurred to meet environmental challenges. The Group also conducted an updated study on the physical risks associated with climate change in line with recommendations issued by the Task Force on Climate-related Financial Disclosures (\u201cTCFD\u201d) and the EU Taxonomy regulation. The projects associated with mitigation and adaptation to climate change are incorporated in the Group 5-year budget for standing assets and development projects. INTEGRATION OF ESG IN URW\u2019S VALUATIONS A significant amount of information has been made available to the appraisers in relation to several ESG key performance indicators (\u201cKPIs\u201d) on an asset-by-asset basis (1) . Amongst others, these KPIs are the Energy Use Intensity on common areas, Building Research Establishment Environmental Assessment Method (\u201cBREEAM\u201d) In-Use certificates, climate risk studies outcomes, renewal energy on-site production or presence of electric vehicle chargers. Appraisers have reviewed and considered the information provided in their valuation process. Capex to be spent in the next 5 years for the Energy Action Plan were integrated as ESG Capex within the valuation model (1) . (1) For European shopping centres. FINANCING ACTIVITY A strong sustainability-linked financing activity has been led by the Group with: \u2022 45% of undrawn credit lines are now sustainability linked; and \u2022 A new Green Financing Framework has been released in November 2022. GREEN LOANS As at December 31, 2022, the total credit lines featuring with green or sustainable indicators stands at \u20ac4.45 Bn, and the sustainability-linked term loans amounts to \u20ac0.85 Bn, including debt under proportionate. GREEN BONDS The Group has decided to develop a stringent Green Bond framework to finance new development projects, and/or standing assets which meet all social and environmental criteria for the construction and operational phases defined in the \u201cUse of Proceeds\u201d procedure. Green Bonds are only used to finance resilient \u201cbest in class\u201d assets, in line with a clear procedure for allocating funds (\u201cProcedure for asset analysis, selection and monitoring under the \u201cGreen Bonds\u201d system\u201d). Green Bonds were issued in February 2014 and April 2015 based on this framework. As at December 31, 2022, the outstanding nominal value of Green Bonds amounts to \u20ac1.1 Bn. NOTE 3. SCOPE OF CONSOLIDATION 3.1. ACCOUNTING PRINCIPLES 3.1.1. SCOPE AND METHODS OF CONSOLIDATION The scope of consolidation includes all companies controlled by URW and all companies in which the Group exercises joint control or significant influence. According to IFRS 10, an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group considers all facts and circumstances when assessing whether it controls an investee. The control over an investee is reassessed if facts and circumstances indicate that there are changes to 1 or more of the elements mentioned above. The method of consolidation is determined by the type of control exercised: \u2022 Control: the companies are fully consolidated; \u2022 Joint control: is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement: - A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Each party shall account for the assets which it has rights to, liabilities which it has obligations for, revenues and expenses relating to its interests in a joint operation; and - A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method. \u2022 Significant influence: accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee but it is not control or joint control of those policies. It is presumed where an entity holds 20% or more of the voting power (directly or through subsidiaries) on an investee, unless it can be clearly demonstrated that this is not the case . 3.1.2. FOREIGN CURRENCY TRANSLATION GROUP COMPANIES WITH A FUNCTIONAL CURRENCY DIFFERENT FROM THE PRESENTATION CURRENCY The Group\u2019s consolidated financial statements are presented in euros. The financial statements of each consolidated Group company are prepared in its functional currency. The functional currency is the currency of the principal economic environment in which it operates. The results and financial position of all the Group entities that have a functional currency different from the presentation currency, the euro, are translated into the presentation currency as follows: \u2022 The assets and liabilities, including goodwill and fair value adjustments arising on consolidation, are translated into euros at the foreign exchange rate at the closing date; \u2022 Income and expenses and other comprehensive income (\u201cOCI\u201d) are translated into euros at rates approximating the foreign exchange rates ruling at the dates of the transactions; \u2022 All resulting exchange rate differences are recognised as a separate component of equity (currency translation reserve); and \u2022 When a Group company is sold, exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. FOREIGN CURRENCY TRANSACTIONS The Group\u2019s entities can realise operations in a foreign currency which is not their own functional currency. These transactions in foreign currencies are translated into euros at the spot exchange rate on the date of the transaction. At the closing date, monetary assets and liabilities denominated in foreign currency are translated into functional currency at the exchange rate on that date. Foreign exchange differences arising on translation or on settlement of these transactions are recognised in the income statement account, with the exception of: \u2022 Unrealised translation results on net investments; and \u2022 Unrealised translation results on intercompany loans that, in-substance, form part of the net investment. Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instruments relating to the effective portion of the hedge are recognised directly in equity, whereas those relating to the ineffective portion are recognised in the income statement account. Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currency are translated using the exchange rate on the date of transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated into euros at exchange rates on the dates the fair value was determined, and are reported as part of the fair value gain or loss. 3.1.3. BUSINESS COMBINATIONS To identify whether a transaction is a business combination, the Group notably considers whether an integrated set of activities is acquired besides the investment property. The criteria applied may include the number of property assets held by the target company, the extent of the acquired processes and, particularly, the auxiliary services provided by the acquired entity. If the acquired assets are not a business, the transaction is recorded as an asset acquisition. Business combinations are accounted for using the acquisition method. The acquisition is recognised at the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any non-controlling interest in the acquiree. For each business combination, the acquirer measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition costs incurred are recorded as expenses. For the companies accounted for using the equity method, acquisition costs are capitalised in the value of the shares. At the date of acquisition and in accordance with IFRS 3 Revised, identifiable assets, liabilities and contingent liabilities of the acquired company are valued individually at their market value regardless of their purpose based upon current best estimates at such date. It is possible that further adjustments to initial evaluation may be recognised within 12 months of the acquisition in accordance with IFRS rules. If the business combination is achieved in stages, the acquisition date fair value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through the income statement. Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Subsequent changes to the fair value of any contingent consideration classified as liability will be recognised in the income statement. Under IFRS 3 Revised, the acquisition of additional shares from non- controlling shareholders is regarded as an equity transaction and therefore no additional goodwill is recognised. Consequently, when non-controlling shareholders have an agreement to sell, non-controlling interests are reclassified as debt at the present value of the exercise price. The difference between the latest value and the net carrying value of the non-controlling interests is recognised as equity attributable to the holders of the Stapled Shares. Any subsequent change in debt is also accounted for as equity attributable to the holders of the Stapled Shares. Income from non-controlling interests and dividends are recorded in equity attributable to the holders of the Stapled Shares. 3.2. CONSOLIDATION OF UNIBAIL- RODAMCO-WESTFIELD N.V. After the completion of the Westfield acquisition by URW SE, Unibail- Rodamco-Westfield N.V. (URW NV), is held 60% directly by URW shareholders (Stapled Share principle) and 40% directly by URW SE. As a result of the Stapled Share Principle and consistent with the legal set up of the transaction and governance of URW NV, the entity and its subsidiaries are fully consolidated. The holders of the Stapled Shares are entitled to the same rights and obligations with respect to URW SE and URW NV. As a consequence, the 60% economic interest in URW NV directly held by such holders is reflected under the caption \u201cNet result for the period attributable to the holders of the Stapled Shares\u201d, which is split between: \u2022 \u201cNet result of the period attributable to the holders of the Stapled Shares analysed by amount attributable to URW SE members\u201d; and \u2022 \u201cNet result for the period attributable to the holders of the Stapled Shares analysed by amount attributable to URW NV members\u201d on the face of the consolidated statement of comprehensive income. On the face of the statement of financial position, the caption \u201cEquity attributable to the holders of the Stapled Shares\u201d is split between \u201cEquity attributable to Unibail-Rodamco-Westfield SE members\u201d and \u201cEquity attributable to Unibail-Rodamco-Westfield N.V. members\u201d. 3.3. DESCRIPTION OF SIGNIFICANT CONTROLLED PARTNERSHIPS The significant controlled partnerships are presented below. VIPARIS AND PROPEXPO The Viparis entities are equally held by URW SE and its partner, the CCIR (Paris-Ile-de-France Regional Chamber of Commerce and Industry). The relevant activities for these entities are the management of the C&E venues. The managing director, who holds the executive powers for the management of these relevant activities, is designated by URW SE. The chairman, who has a non-executive role, is nominated by the partner and has no casting vote. Each partner has the same number of directors in the MB. In the event of a tie vote, the directors designated by the Group have a casting vote. There is no casting vote held by other governance or supervisory bodies (shareholders\u2019 general meetings) which could question this control. The Group therefore considers that it has the full control of the Viparis entities and thus the Viparis entities are fully consolidated. Propexpo is a real estate company which owns part of the Viparis assets and is equally held by URW SE and CCIR. The relevant activities are the leasing, equipment, building, renovation as well as the management, servicing and maintenance of these assets. The managing director, a Group company, cannot be removed without the agreement of the Group. The executive chairman is designated by the Group, whereas the non- executive vice-president is designated by the CCIR. There is no casting vote held by other governance or supervisory bodies (shareholders\u2019 general meetings) which could question this control. The governance of both Propexpo, managed by the Group, and the Viparis entities which control the on-site property services, are defined by the shareholders\u2019 agreement between the Group and CCIR as with respect to Viparis. Propexpo is therefore fully consolidated. UNIBAIL-RODAMCO-WESTFIELD GERMANY GMBH URW Germany GmbH is jointly held by the Group (51%) and by Canada Pension Plan Investment Board (\u201cCPPIB\u201d) (49%). The relevant activities are the leasing, equipment, building and renovation, as well as the management, servicing and maintenance of these assets. The Group is entitled to nominate 3 members of URW Germany GmbH\u2019s SB, and CPPIB 2 members. According to the governance, the Group controls URW Germany GmbH, which is therefore fully consolidated. WESTFIELD PARLY 2 SHOPPING CENTRE The Westfield Parly 2 shopping centre (Paris region) is held by the Group and the Abu Dhabi Investment Authority. The relevant activities are the leasing, equipment, building and renovation, as well as the management, servicing and maintenance of the Westfield Parly 2 shopping centre. The managing director of Westfield Parly 2 is a URW Company designated for an indefinite term, which holds powers in order to administrate the companies and obtain the authorisations needed for their activities. There is no casting vote held by other governance or supervisory bodies (management boards, shareholders\u2019 general meetings) which could question this control. As a result, the Group controls the asset and is therefore fully consolidated. WESTFIELD FORUM DES HALLES SHOPPING CENTRE & PARKING The Westfield shopping centre and the parking Forum des Halles located in Paris are held by the Group (65%) and an insurance company, AXA (35%). The managing director is a URW Company designated for an indefinite term, which holds powers in order to administrate the Company and obtain the authorisations needed for its activities and cannot be removed without the agreement of the Group. These assets are therefore fully consolidated. WESTFIELD LES 4 TEMPS SHOPPING CENTRE The asset is held for 53.3% by the Group and for 46.7% by 2 insurance companies. The managing director is a URW Company designated for an indefinite term, which holds large powers in order to administrate the Company and obtain the authorisations needed for its activities and cannot be removed without the agreement of the Group. The asset is therefore fully consolidated. WESTFIELD SHOPPING CITY S\u00dcD The asset is held for 55% by the Group and for 45% by Cr\u00e9dit Agricole Assurances. The managing directors are appointed by URW and cannot be removed without the agreement of the Group. They hold large powers in order to administrate the Company and obtain the authorisations needed for its activities. Reserved matters requiring the approval of the partner are set with high thresholds, and are protective for the partner. The asset is therefore fully consolidated. WESTFIELD CARR\u00c9 S\u00c9NART The asset is held for 55% by the Group and for 45% by Soci\u00e9t\u00e9 G\u00e9n\u00e9rale Assurances and BNP Paribas Cardif. The managing directors are selected and appointed by URW for an indefinite period. They hold large powers in order to administrate the company and obtain the authorisations needed for its activities. All the decisions, including the budget, which are not reserved matters can be taken by URW without the approval of the minority shareholders. Reserved matters requiring the approval of the partner are set with high thresholds, and are protective for the partner. The asset is therefore fully consolidated.
3.4. ACQUISITIONS AND DISPOSALS
3.4.1. ACQUISITIONS OF SUBSIDIARIES, NET OF CASH ACQUIRED (CONSOLIDATED
STATEMENT OF CASH FLOWS)
(\u20acMn)
2022 2021
Acquisition price of shares \u2013 (41.0)
Cash and current accounts
\u2013
12.8
Acquisition of subsidiaries net of cash acquired \u2013 (28.2)
In 2021, it corresponds mainly to the acquisition of an additional stake in a development project in Poland.
3.4.2. RESULT ON DISPOSAL OF INVESTMENT PROPERTIES AND LOSS OF CONTROL
The result on disposal of investment properties includes both the result on disposal of assets and the result on disposal of shares.
(\u20acMn)
2022 2021
Net capital gains/losses on disposal of assets 18.6 31.1
Proceeds from disposal of assets 737.4 1,346.5
Carrying values of disposed assets (718.8) (1,315.4)
Net capital gains/losses on disposal of shares 12.2 177.2
Proceeds from disposal of shares 309.0 447.6
Carrying values of disposed shares
(296.7)
(270.4)
Net capital gains/losses on disposal of investment properties and loss of control 30.9 208.3
DISPOSAL OF SHARES/CONSOLIDATED SUBSIDIARIES, INVESTMENT PROPERTIES IN THE
CONSOLIDATED STATEMENT OF CASH FLOWS
(\u20acMn)
2022 2021
Net price of shares sold 597.5
(2)
545.4
(2)
Cash and current accounts 136.6 309.3
Disposal of shares/consolidated subsidiaries
(1)
734.1
854.7
Disposal of investment properties 585.5
(3)
923.6
(3)
(1) In 2022, refers mainly to the disposals of Solna Centrum, Westfield Carr\u00e9 S\u00e9nart, Almere and Aupark described in note 1.1. In 2021, corresponds mainly to the sales
of Aupark, Westfield Shopping City S\u00fcd and 7 Adenauer.
(2) The disposal results of Westfield Carr\u00e9 S\u00e9nart in 2022 and Westfield Shopping City S\u00fcd in 2021 are booked within the Shareholders\u2019 equity (see note 1.1.1 \u201cAcquisitions/
Disposals in 2022\u201d and 1.2.2 \u201cAcquisition/Disposals in 2021\u201d) and as a result is not shown in the proceeds from disposal of shares in the consolidated statement of
comprehensive income.
(3) The difference between the proceeds from disposal of investment properties in the consolidated statement of comprehensive income and the disposal of investment
properties in the consolidated statement of cash flows corresponds in 2022 to the disposal of Westfield Trumbull for which the financial debt is assumed by the buyer
and is deducted from the disposal price of asset and in 2021, mainly to the proceeds from disposals of foreclosed assets in the US described in notes 1.2.2., which
had a very limited cash impact.
3.5. NON-CONTROLLING INTERESTS AND COMMITMENT TO PURCHASE NON-CONTROLLING INTERESTS 3.5.1. COMMITMENT TO PURCHASE NON- CONTROLLING INTERESTS The convertible redeemable preference shares, included in the captions \u201cNon-current commitment to external non-controlling interests\u201d and \u201cCurrent commitment to external non-controlling interests\u201d, refer mainly to the preference shares held by the former partners in Westfield San Francisco Centre. They are measured at fair value through profit or loss. 3.5.2. NON-CONTROLLING INTERESTS For 2022, this item comprised mainly non-controlling interests in the following entities: \u2022 C&E entities (\u20ac21.1 Mn); \u2022 Several shopping centres in France and Italy (\u20ac72.6 Mn, mainly Westfield Les 4 Temps, Westfield Parly 2, Westfield Forum des Halles and Westfield Carr\u00e9 S\u00e9nart); and \u2022 Several shopping centres in Germany, Spain and Austria (\u20ac17.5 Mn). 3.6. DESCRIPTION OF SIGNIFICANT JOINT OPERATIONS WESTFIELD LONDON Westfield London is jointly controlled by the Group and Commerz Real Investmentgesellschaft (\u201cCRI\u201d) since all the major decisions relating to the relevant activities of the company (leasing strategy, standard form lease agreements, operating expenses and capital expenses), require the approval of both partners. Each year, the annual budget plan comprising gross income and operating expenses, capital expenditure, rent levels projected to be achieved on review of rents under each lease, proposed new lettings and the projected net income, shall be approved by both partners. The arrangements between CRI and URW give equal rights to both partners in the assets and the liabilities of the partnership. Therefore, Westfield London is a joint operation company . NOTE 4. NET RECURRING RESULT AND SEGMENT REPORTING 4.1. ACCOUNTING PRINCIPLES Segment information is presented in respect of the Group\u2019s divisions and geographical segments, based on the Group\u2019s management and internal reporting structure and in accordance with IFRS 8. Contributions of affiliates are also presented according to the Group\u2019s divisions and geographical segments. Since the joint-controlled entities represent a significant part of the Group\u2019s operations in the US and the UK, the Group\u2019s management and internal reporting structure segment information is prepared in a proportionate format, in which the joint-controlled entities are accounted for on a proportionate basis instead of being accounted for using the equity method under IFRS. The Group and its joint ventures use consistent accounting policies. Therefore, the segment information presented in this section is prepared in a proportionate format. BUSINESS SEGMENTS The Group presents its result by segment: Shopping Centres, Offices & Others and C&E. The C&E segment comprises management of exhibition venues (Viparis), the shopping centre \u201cLes Boutiques du Palais\u201d and the management of the hotels at Porte de Versailles. GEOGRAPHICAL SEGMENTS Geographical segments are determined on the basis of the Group\u2019s definition of a home region. A home region is defined as a region with more than \u20ac1 Bn in property investment, a local organisation dedicated to all 3 business lines: the \u201cowner function\u201d (asset selection and management including pipeline), Shopping Centres management, the finance function and a regional consolidated reporting. The following are considered home regions based on specific operational and strategic factors: \u2022 France, including France, Belgium and Italy; \u2022 Spain; \u2022 US; \u2022 Central Europe, including the Czech Republic, Poland and Slovakia; \u2022 Austria; \u2022 Germany; \u2022 Nordics, including Sweden and Denmark; \u2022 The Netherlands; and \u2022 UK. The following notes are presented on a proportionate basis.
4.2. CONSOLIDATED FINANCIAL STATEMENTS ON A PROPORTIONATE BASIS
4.2.1. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ON A PROPORTIONATE BASIS
Consolidated income statement
(\u20acMn)
2022
IFRS Proportionate
Total
2022
Proportionate
2021
IFRS Proportionate
Total
2021
Proportionate
Gross rental income 2,231.3 601.1 2,832.4 1,833.4 512.9 2,346.3
Ground rents paid (38.3) (1.4) (39.7) (39.1) (0.6) (39.7)
Service charge income 320.5 68.1 388.6 299.4 61.4 360.8
Service charge expenses (384.6) (87.1) (471.7) (356.3) (80.7) (437.0)
Property operating expenses (353.3) (129.9) (483.1) (365.7) (140.5) (506.2)
Operating expenses and net service charges (455.7) (150.4) (606.0) (461.7) (160.4) (622.1)
Net rental income 1,775.6 450.7 2,226.3 1,371.8 352.4 1,724.2
Property development and project management revenue 162.1 0.0 162.1 195.0 \u2013 195.0
Property development and project management costs (130.0) \u2013 (130.0) (158.2) \u2013 (158.2)
Net property development and project management income 32 .1 0.0 32 .1 36.8 \u2013 36.8
Property services and other activities revenues 289.9 0.0 289.9 191.9 (0.0) 191.9
Property services and other activities expenses (211.8) (0.1) (212.0) (163.5) (0.6) (164.1)
Net property services and other activities income 78.0 (0.1) 77.9 28.4 (0.7) 27.7
Share of the result of companies accounted for using the equity method (51.8) 161.0 109.2 (570.5) 573.1 2.6
Income on financial assets 31.0 (13.1) 18.0 25.1 (8.9) 16.2
Contribution of companies accounted for using the equity method (20.8) 147.9 127.2 (545.4) 564.2 18.9
Corporate expenses (210.4) (4.0) (214.4) (180.6) (2.4) (183.0)
Depreciation of other tangible and intangible assets (32.4) \u2013 (32.4) (32.9) \u2013 (32.9)
Administrative expenses (242.8) (4.0) (246.8) (213.5) (2.4) (215.9)
Acquisition and other costs 2.6 \u2013 2.6 (8.9) (0.1) (8.9)
Proceeds from disposal of investment properties 1,046.4 497.4 1,543.8 1,794.1 4.2 1,798.3
Carrying value of investment properties sold (1,015.5) (535.1) (1,550.6) (1,585.8) (2.0) (1,587.8)
Result on disposal of investment properties and loss of control
(1)
30.9 (37.7) (6.8) 208.3 2.3 210.6
Valuation gains on assets 403.6 78.4 482.0 580.8 71.5 652.4
Valuation losses on assets (1,514.2) (588.1) (2,102.3) (1,7 78.1) (940.0) (2,718.1)
Valuation movements on assets (1,110.6) (509.7) (1,620.3) (1,197.3) (868.5) (2,065.8)
Impairment of goodwill \u2013 \u2013 \u2013 (145.9) (10.5) (156.4)
NET OPERATING RESULT 545.0 47.1 592 .1 (465.7) 36.7 (428.9)
Result from non-consolidated companies 4.3 (0.0) 4.3 2.5 (0.0) 2.5
Financial income 245.3 (0.1) 245.2 212.2 \u2013 212.2
Financial expenses (719.3) (50.0) (769.3) (678.1) (46.4) (724.5)
Net financing costs (474.0) (50.1) (524.1) (465.9) (46.4) (512.3)
Fair value adjustment of net share settled bonds convertible into new
and/or existing shares (ORNANE) 0.3 \u2013 0.3 (2.9) \u2013 (2.9)
Fair value adjustments of derivatives, debt and currency effect 275.0 7.2 282.2 (91.4) (1.8) (93.1)
Debt discounting 0.6 \u2013 0.6 (0.9) \u2013 (0.9)
RESULT BEFORE TAX 351.2 4.2 355.4 (1,024.1) (11.5) (1,035.6)
Income tax expenses (62.7) (4.2) (66.9) 32.9 11.5 44.3
NET RESULT FOR THE PERIOD 288.5 0.0 288.5 (991.3) 0.0 (991.3)
Net result for the period attributable to:
\u2022 The holders of the Stapled Shares 178.2 \u2013 178.2 (972.1) \u2013 (972.1)
\u2022 External non-controlling interests 110.3 \u2013 110.3 (19.2) \u2013 (19.2)
NET RESULT FOR THE PERIOD 288.5 \u2013 288.5 (991.3) \u2013 (991.3)
(1) The result on disposal of investment properties and loss of control includes both the result on disposal of assets and the result on disposal of shares.
4.2.2. CONSOLIDATED STATEMENT OF FINANCIAL POSITION ON A PROPORTIONATE BASIS
Consolidated statement of financial position
(\u20acMn)
Dec. 31,
2022
IFRS Proportionate
Dec. 31,
2022
Proportionate
Dec. 31,
2021
IFRS Proportionate
Dec. 31,
2021
Proportionate
NON-CURRENT ASSETS 50,177.5 1,823.2 52,000.7 51,189.9 2,030.9 53,220.8
Investment properties 38,993.4 8,365.6 47,359.0 39,997.9 9,036.5 49,034.4
Investment properties at fair value 37,830.8 8,322.2 46,153.0 38,642.1 8,969.2 47,611.3
Investment properties at cost 1,162.6 43.4 1,206.0 1,355.8 67.3 1,423.1
Shares and investments in companies accounted for using the
equity method 7,927.1 (6,630.6) 1,296.5 8,286.2 (7,0 91.6) 1,194.6
Other tangible assets 137.3 3.0 140.3 145.9 3.0 148.9
Goodwill 1,079.2 61.0 1,14 0.2 1,079.2 71.1 1,150.3
Intangible assets 820.5 \u2013 820.5 844.8 \u2013 844.8
Investments in financial assets 365.2 17.2 382.4 370.7 11.3 382.0
Deferred tax assets 23.8 \u2013 23.8 22.3 \u2013 22.3
Derivatives at fair value 831.0 7.0 838.0 442.9 0.6 443.5
CURRENT ASSETS 4,458.5 402.6 4,861.1 3,729.5 389.7 4,119.2
Properties or shares held for sale \u2013 \u2013 \u2013 311.3 0.0 311.3
Inventories 44.4 36.3 80.7 37.4 11.0 48.4
Trade receivables from activity 463.9 132.4 596.3 532.5 136.3 668.8
Tax receivables 174.9 16.9 191.8 184.8 1.8 186.6
Other receivables 446.2 31.7 47 7.9 407.4 54.3 461.7
Cash and cash equivalents 3,329.1 185.3 3,514.4 2,256.1 186.3 2,442.4
TOTAL ASSETS 54,636.0 2,225.8 56,861.8 54,919.4 2,420.6 57,34 0.0
Equity attributable to the holders of the Stapled Shares 17,188.7 \u2013 17,188.7 16,927.1 \u2013 16,927.1
Share capital 693.8 \u2013 693.8 693.0 \u2013 693.0
Additional paid-in capital 13,487.3 \u2013 13,487.3 13,483.6 \u2013 13,483.6
Consolidated reserves 2,692.0 \u2013 2,692.0 3,710.4 \u2013 3,710.4
Hedging and foreign currency translation reserves 137.4 \u2013 137.4 12.2 \u2013 12.2
Consolidated result 178.2 \u2013 178.2 (97 2.1) \u2013 (972.1)
\u2022 Equity attributable to Unibail-Rodamco-Westfield SE members
(1)
17,478.4 \u2013 17,478.4 17, 210.5 \u2013 17,210.5
\u2022 Equity attributable to Unibail-Rodamco-Westfield N.V. members
(1)
(289.7) \u2013 (289.7) (283.4) \u2013 (283.4)
Hybrid securities 1,988.5 \u2013 1,988.5 1,988.5 \u2013 1,988.5
External non-controlling interests
3,771.1 \u2013 3,7 71.1
3,458.1 \u2013 3,458.1
TOTAL SHAREHOLDERS' EQUITY 22,948.2 \u2013 22,948.2 22,373.7 \u2013 22,373.7
NON-CURRENT LIABILITIES 29,002.7 1,820.7 30,823.4 28,987.9 1,860.7 30,848.6
Non-current commitment to external non-controlling interests 39.4 1.5 40.9 95.0 2.0 97.0
Non-current bonds and borrowings 24,778.2 1,692.3 26,470.5 24,774.6 1,711.1 26,485.7
Non-current lease liabilities 843.3 9.1 852.4 752.6 8.6 761.2
Derivatives at fair value 1,097.4 \u2013 1,0 97.4 1,0 67.2 0.2 1,0 67.4
Deferred tax liabilities 1,828.8 97.1 1,925.9 1,893.4 121.4 2,014.8
Non-current provisions 67.7 2.7 70.4 55.5 0.2 55.7
Guarantee deposits 218.2 17.9 236.1 200.9 16.9 217.8
Amounts due on investments 39.1 0.1 39.2 54.1 0.3 54.4
Other non-current liabilities 90.6 \u2013 90.6 94.6 \u2013 94.6
CURRENT LIABILITIES 2,6 85.1 405.1 3,090.2 3,557.8 559.9 4,117.7
Consolidated statement of financial position (\u20acMn) Dec. 31, 2022 IFRS Proportionate Dec. 31, 2022 Proportionate Dec. 31, 2021 IFRS Proportionate Dec. 31, 2021 Proportionate Current commitment to external non-controlling interests 5.4 0.2 5.6 4.8 0.1 4.9 Amounts due to suppliers and other creditors 1,147.2 160.2 1,307.4 1,244.7 186.1 1,430.8 Amounts due to suppliers 240.5 34.4 274.9 229.0 46.4 275.4 Amounts due on investments 411.3 42.2 453.5 473.7 44.7 518.4 Sundry creditors 495.4 83.6 579.0 541.9 95.0 636.9 Other current liabilities 718.2 30.5 748.7 6 67.4 19.8 687.2 Net share settled bonds convertible into new and/or existing shares (ORNANE) \u2013 \u2013 \u2013 500.3 \u2013 500.3 Current borrowings and amounts due to credit institutions 725.7 213.4 939.1 1,073.7 353.3 1,427.0 Current lease liabilities 55.6 0.7 56.3 32.3 0.6 32.9 Current provisions 33.0 0.1 33.1 34.6 \u2013 34.6 TOTAL LIABILITIES AND EQUITY 54,636.0 2,225.8 56,861.8 54,919.4 2,420.6 57,34 0.0 (1) The allocation between URW SE and URW NV members of the Equity attributable to the holders of the Stapled Shares was restated in 2021 following a reclassificatio between URW SE (Non-controlling interests) and Owners of URW NV shares in the URW NV consolidated accounts. 4.3. NET RECURRING RESULT DEFINITION The income statement by segment is split between recurring and non- recurring activities. The non-recurring result before tax consists of the valuation movements on investment properties, fair value adjustments on derivatives and debts, termination costs of financial instruments on the full cancelled commitment period when the maturity of the financial instrument is beyond the current reporting period, bond tender premiums, currency gains/losses on revaluation of balance sheet items, the net result on disposals, impairment of goodwill or recognition of negative goodwill, as well as costs directly related to a business combination and other non-recurring items. The income tax is split between recurring result and non-recurring result. Recurring tax is the outcome of: \u2022 The amount of income tax effectively due on recurring income, after deduction of any tax losses; \u2022 Plus/minus changes in a deferred tax asset recognised on tax losses stemming from recurring income (excluding those caused by a change in tax rate and/or those caused by a use of such deferred tax asset by non-recurring profits); and \u2022 Plus/minus changes in deferred tax assets not related to tax losses and deferred tax liabilities relating to recurring result (excluding those caused by a change in tax rate and/or those caused by a use of such deferred tax asset by non-recurring profits) . 4.4. NET RESULT BY SEGMENT ON A PROPORTIONATE BASIS Net result by segment on a proportionate basis (\u20acMn) 2022 2021 (1) Recurring activities Non\u2013 recurring activities (2) Result Recurring activities Non\u2013 recurring activities (2) Result SHOPPING CENTRES FRANCE Gross rental income 569.7 \u2013 569.7 481.9 \u2013 481.9 Operating expenses and net service charges (62.6) \u2013 (62.6) (64.7) \u2013 (64.7) Net rental income 5 07.0 \u2013 507.0 417.2 \u2013 417.2 Contribution of companies accounted for using the equity method 29.1 65.8 94.8 37.3 (8.6) 28.7 Gains/losses on sales of properties \u2013 (4.3) (4.3) \u2013 (11.5) (11.5) Valuation movements on assets \u2013 (125.4) (125.4) \u2013 (314.0) (314.0) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres France 536.1 (64.0) 472 .1 454.5 (334.0) 120.5 SPAIN Gross rental income 206.7 \u2013 206.7 145.3 \u2013 145.3 Operating expenses and net service charges (18.4) \u2013 (18.4) (19.1) \u2013 (19.1) Net rental income 188.3 \u2013 188.3 126.2 \u2013 126.2 Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Gains/losses on sales of properties \u2013 (0.0) (0.0) \u2013 0.0 0.0 Valuation movements on assets \u2013 (19.0) (19.0) \u2013 (50.5) (50.5) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres Spain 188.3 (19.0) 169.4 126.2 (50.5) 75.7 UNITED STATES Gross rental income 860.4 \u2013 860.4 759.0 \u2013 759.0 Operating expenses and net service charges (281.6) \u2013 (281.6) (280.0) \u2013 (280.0) Net rental income 578.8 \u2013 578.8 479.0 \u2013 479.0 Contribution of companies accounted for using the equity method 0.6 (30.6) (30.1) 5.2 (17.2) (12.0) Gains/losses on sales of properties \u2013 (23.0) (23.0) \u2013 57.7 57.7 Valuation movements on assets \u2013 (711.9) (711.9) \u2013 (1,049.0) (1,049.0) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres United States 579.4 (765.5) (186.2) 484.2 (1,008.5) (524.3) CENTRAL EUROPE Gross rental income 221.3 \u2013 221.3 191.2 \u2013 191.2 Operating expenses and net service charges (4.1) \u2013 (4.1) (29.7) \u2013 (29.7) Net rental income 217.2 \u2013 217.2 161.5 \u2013 161.5 Contribution of companies accounted for using the equity method 30.4 26.0 56.4 24.2 (15.2) 9.0 Gains/losses on sales of properties \u2013 (3.5) (3.5) \u2013 6.8 6.8 Valuation movements on assets \u2013 72.8 72.8 \u2013 (38.1) (38.1) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 (145.2) (145.2) Result from operations Shopping Centres Central Europe 247.6 95.4 343.0 185.7 (191.7) (6.0) AUSTRIA Gross rental income 137.3 \u2013 137.3 112.3 \u2013 112.3 Operating expenses and net service charges (27.8) \u2013 (27.8) (24.0) \u2013 (24.0) Net rental income 109.5 \u2013 109.5 88.3 \u2013 88.3 Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Gains/losses on sales of properties \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Valuation movements on assets \u2013 (51.6) (51.6) \u2013 (53.5) (53.5) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres Austria 109.5 (51.6) 57.9 88.3 (53.5) 34.8 (1) Following the creation of a new subtotal \u201cDepreciation and impairment of tangible and intangible assets\u201d, the figures for 2021 were accordingly restated. (2) Non-recurring activities include valuation movements, disposals, mark-to-market and termination costs of financial instruments, bond tender premiums, impairment of goodwill or recognition of negative goodwill, amortisation of fair value of assets and liabilities recorded for the purpose of purchase price allocation, as well as costs directly incurred during a business combination and other non-recurring items. Net result by segment on a proportionate basis (\u20acMn) 2022 2021 (1) Recurring activities Non\u2013 recurring activities (2) Result Recurring activities Non\u2013 recurring activities (2) Result SHOPPING CENTRES GERMANY Gross rental income 136.9 \u2013 136.9 116.0 \u2013 116.0 Operating expenses and net service charges (8.8) \u2013 (8.8) (24.8) \u2013 (24.8) Net rental income 128.1 \u2013 128.1 91.2 \u2013 91.2 Contribution of companies accounted for using the equity method 2.5 (3.5) (1.1) 1.4 (8.2) (6.9) Gains/losses on sales of properties \u2013 11.1 11.1 \u2013 (2.2) (2.2) Valuation movements on assets \u2013 (282.1) (282.1) \u2013 (219.9) (219.9) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 (11.2) (11.2) Result from operations Shopping Centres Germany 130.6 (274.5) (143.9) 92.6 (241.5) (149.0) NORDICS Gross rental income 118.5 \u2013 118.5 121.2 \u2013 121.2 Operating expenses and net service charges (19.7) \u2013 (19.7) (13.9) \u2013 (13.9) Net rental income 98.8 \u2013 98.8 107.3 \u2013 107.3 Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Gains/losses on sales of properties \u2013 22.9 22.9 \u2013 57.0 57.0 Valuation movements on assets \u2013 (49.1) (49.1) \u2013 (29.9) (29.9) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres Nordics 98.8 (26.3) 72.6 107.3 27.0 134.4 THE NETHERLANDS Gross rental income 93.7 \u2013 93.7 79.9 \u2013 79.9 Operating expenses and net service charges (17.0) \u2013 (17.0) (19.3) \u2013 (19.3) Net rental income 76.8 \u2013 76.8 60.6 \u2013 60.6 Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Gains/losses on sales of properties \u2013 (10.0) (10.0) \u2013 (0.0) (0.0) Valuation movements on assets \u2013 (3.9) (3.9) \u2013 44.4 44.4 Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres The Netherlands 76.8 (13.9) 62.9 60.6 44.4 105.0 UNITED KINGDOM Gross rental income 201.8 \u2013 201.8 169.2 \u2013 169.2 Operating expenses and net service charges (82.2) \u2013 (82.2) (68.1) \u2013 (68.1) Net rental income 119.7 \u2013 119.7 101.1 \u2013 101.1 Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Gains/losses on sales of properties \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Valuation movements on assets \u2013 (145.7) (145.7) \u2013 (364.9) (364.9) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres United Kingdom 119.7 (145.7) (26.0) 101.1 (364.9) (263.8) TOTAL RESULT FROM OPERATIONS SHOPPING CENTRES 2,086.7 (1,265.1) 821.7 1,700.5 (2 ,173.2) (472.8) OFFICES & OTHERS FRANCE Gross rental income 58.7 \u2013 58.7 37.2 \u2013 37.2 Operating expenses and net service charges (5.2) \u2013 (5.2) (2.3) \u2013 (2.3) Net rental income 53.5 \u2013 53.5 34.9 \u2013 34.9 Contribution of companies accounted for using the equity method (0.2) 7.2 7.1 (0.0) 0.2 0.1 Gains/losses on sales of properties \u2013 (0.3) (0.3) \u2013 74.3 74.3 Valuation movements on assets \u2013 (123.7) (123.7) \u2013 135.7 135.7 Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Offices & Others France 53.3 (116.8) (63.5) 34.9 210.1 245.0 OTHER COUNTRIES Gross rental income 24.7 \u2013 24.7 36.3 \u2013 36.3 Operating expenses and net service charges (8.4) \u2013 (8.4) (11.0) \u2013 (11.0) Net rental income 16.3 \u2013 16.3 25.3 \u2013 25.3 Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Gains/losses on sales of properties \u2013 0.3 0.3 \u2013 28.5 28.5 Valuation movements on assets \u2013 (96.0) (96.0) \u2013 21.5 21.5 Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Offices & Others Other countries 16.3 (95.7) (79.5) 25.3 50.0 75.3 TOTAL RESULT FROM OPERATIONS OFFICES & OTHERS 69.6 (212.5) (142.9) 60.1 260.2 320.3 (1) Following the creation of a new subtotal \u201cDepreciation and impairment of tangible and intangible assets\u201d, the figures for 2021 were accordingly restated. (2) Non-recurring activities include valuation movements, disposals, mark-to-market and termination costs of financial instruments, bond tender premiums, impairment of goodwill or recognition of negative goodwill, amortisation of fair value of assets and liabilities recorded for the purpose of purchase price allocation, as well as costs directly incurred during a business combination and other non-recurring items.
Net result by segment on a proportionate basis
(\u20acMn)
2022
2021
(1)
Recurring
activities
Non\u2013
recurring
activities
(2)
Result
Recurring
activities
Non\u2013
recurring
activities
(2)
Result
CONVENTION & EXHIBITION
FRANCE
Gross rental income 202.6 \u2013 202.6 96.8 \u2013 96.8
Operating expenses and net service charges (70.3) \u2013 (70.3) (65.3) \u2013 (65.3)
Net rental income 132.3 \u2013 132.3 31.5 \u2013 31.5
On-site property services net income 57.9 \u2013 57.9 23.7 \u2013 23.7
Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Valuation movements, depreciation, capital gains \u2013 (69.7) (69.7) \u2013 (106.6) (106.6)
Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
TOTAL RESULT FROM OPERATIONS CONVENTION & EXHIBITION 190.2 (69.7) 120.5 55.2 (106.6) (51.4)
Net property development and project management income 32.1 \u2013 32.1 36.8 \u2013 36.8
Other property services net income 44.8 (0.0) 44.8 27.2 \u2013 27.2
Impairment of goodwill related to the property services \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Corporate expenses (214.4) \u2013 (214.4) (183.0) \u2013 (183.0)
Acquisition and other costs \u2013 2.6 2.6 \u2013 (8.9) (8.9)
NET OPERATING RESULT BEFORE DEPRECIATION AND IMPAIRMENT OF ASSETS 2,209.0 (1,544.7) 664.2 1,696.7 (2,028.6) (331.9)
Depreciation and impairment of tangible and intangible assets (57.2) (14.9) (72.1) (56.1) (41.0) (97.1)
NET OPERATING RESULT 2,151.8 (1,559.7) 592 .1 1,640.7 (2,069.6) (428.9)
Result from non consolidated companies 4.3 \u2013 4.3 2.5 \u2013 2.5
Financing result (524.1) 283.1 (241.0) (512.3) (96.9) (609.2)
RESULT BEFORE TAX 1,632.0 (1,276.6) 355.4 1,13 0.9 (2,166.5) (1,035.6)
Income tax expenses (66.6) (0.3) (66.9) (14.6) 59.0 44.3
NET RESULT FOR THE PERIOD 1,565.4 (1,276.9) 288.5 1,116.3 (2,107.5) (991.3)
External non-controlling interests (226.0) 115.7 (110.3) (111.0) 130.2 19.2
NET RESULT FOR THE PERIOD ATTRIBUTABLE TO THE HOLDERS OF THE
STAPLED SHARES 1,339.3 (1,161.1) 178.2 1,005.3 (1,977.4) (972.1)
(1) Following the creation of a new subtotal \u201cDepreciation and impairment of tangible and intangible assets\u201d, the figures for 2021 were accordingly restated.
(2) Non-recurring activities include valuation movements, disposals, mark-to-market and termination costs of financial instruments, bond tender premiums, impairment
of goodwill or recognition of negative goodwill, amortisation of fair value of assets and liabilities recorded for the purpose of purchase price allocation, as well as
costs directly incurred during a business combination and other non-recurring items.
4.4.1. GROSS RENTAL INCOME REVENUE RECOGNITION ACCOUNTING TREATMENT OF INVESTMENT PROPERTY LEASES Assets leased are recorded in the statement of financial position as investment property assets. Gross rental revenue is recorded on a straight-line basis over the expected term of the lease. In case of an Investment Property Under Construction (\u201cIPUC\u201d), revenues are recognised once spaces are delivered to tenants. For rent relief granted to tenants in relation to the COVID-19 pandemic and where such relief qualifies as a lease modification because the tenant agreed concessions (e.g. extension of a lease term or higher sales-based rent), IFRS 16 applies, under which, the relief is treated as a lease incentive, which is straight lined over the expected term of the lease as a reduction of the Gross Rental Income. Rent relief for which a counterpart is expected and not yet signed are part of the receivables on which an expected credit loss is calculated. In accordance with IFRS 16, rent relief without changes to the lease contract or imposed by laws in force, such as in Austria, or pursuant to a provision in the existing lease contract allowing for rent modification, is directly charged to the income statement as a reduction of the Gross Rental Income. Rent relief signed or expected to be signed, granted without any counterpart from the tenants are considered as a reduction of the receivables and are charged to the income statement as a reduction of the Gross Rental Income. RENTS AND KEY MONEY Gross Rental Income consists of rents and similar income (e.g. occupancy compensation, key money, parking revenues) invoiced for Shopping Centres and Offices & Others properties over the period. Under IFRS 16, the effects of rent-free periods, step rents, other rents incentives and key money are spread over the expected term of the lease. Gross Rental Income from the C&E segment includes turnover generated by the rental of exhibition space and the provision of unavoidable associated support services to this space. GROSS RENTAL INCOME BY SEGMENTS ON A PROPORTIONATE BASIS (\u20acMn excluding taxes) 2022 2021 Shopping Centres 2,546.4 2,176.0 France 569.7 481.9 Spain 206.7 145.3 US 860.4 759.0 Central Europe 221.3 191.2 Austria 137.3 112.3 Germany 136.9 116.0 Nordics 118.5 121.2 The Netherlands 93.7 79.9 UK 201.8 169.2 Offices & Others 83.4 73.5 France 58.7 37.2 Other countries 24.7 36.3 Convention & Exhibition 202.6 96.8 Total 2,832.4 2,346.3 Gross Rental Income amounted to \u20ac2,832.4 Mn (\u20ac2,346.3 Mn as at December 31, 2021), an increase of +20.7%. This increase resulted mainly from lower rent relief granted to tenants, the impact of indexation and the increase in variable income, as well as the recovery of the C&E activity. MINIMUM GUARANTEED RENTS UNDER LEASES ON A PROPORTIONATE BASIS As at December 31, 2022, minimum future rents due under leases until the next possible termination date break down as follows: Minimum future rents per year (\u20ac Mn) Year Shopping Centres Offices & Others Total 2023 1,782.5 93.9 1,876.3 2024 1,472.4 90.5 1,562.9 2025 1,183.9 71.1 1,255.0 2026 909.7 67.2 976.9 2027 718.2 63.9 782.0 2028 518.0 61.4 579.5 2029 367.7 53.9 421.6 2030 288.3 48.7 337.0 2031 231.4 39.7 271.1 2032 180.3 30.1 210.4 2033 105.9 17.4 123.3 Beyond 121.4 6.0 127.5 Total 7,879.7 643.8 8,523.5 4.4.2. OPERATING EXPENSES AND NET SERVICE CHARGES The operating expenses and net service charges are composed of ground rents paid, net service charge expenses and property operating expenses. GROUND RENTS PAID GROUND LEASEHOLDS Ground leaseholds are accounted for in accordance with IFRS 16 as described in note 5.1.1 \u201cInvestment properties \u2013 Accounting principles\u201d. Buildings constructed on land under a lease agreement are recognised in accordance with the accounting principles described in note 5.1.1 \u201cInvestment properties \u2013 Accounting principles\u201d. Ground rents correspond to variable lease payments (or straight lining of initial payments) for properties built on land subject to leasehold o operated under an operating contract (concession). This item mainly applies to the C&E venue of Le Bourget and Porte de Versailles in Paris, to some shopping centres, in particular in France and to some of the airport activities in the US. SERVICE CHARGE INCOME AND SERVICE CHARGE EXPENSES In line with IFRS 15, the Group presented service charge income and service charge expenses separately. The net of charges re-invoiced to tenants relates mainly to vacant premises and caps on service charge. PROPERTY OPERATING EXPENSES These expenses comprise service charges borne by the owner, works- related expenses, litigation expenses, charges relating to doubtful accounts and expenses relating to property management, and expenses related to venue sites of the C&E segment. 4.4.3. NET PROPERTY SERVICES AND OTHER ACTIVITIES INCOME REVENUE RECOGNITION The net property services and other activities income consists of on- site property services, airport activities and other property services net income. Revenues are recognised in accordance with IFRS 15. C&E\u2019s contracts consist of occupancy agreements or short-term lease including provision of premises and services. Both provision of premises and services form an indivisible whole and should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. Revenues are recognised over the duration of premises lease according to the pro rata temporis method. Other property services net income is recognised when the services are provided. Revenues from other activities mainly cover: \u2022 Fees for leasing, property management and maintenance services provided to Offices & Others and Shopping Centres. These fees are invoiced by property service companies for their property management activities on behalf of owners outside the Group; and \u2022 Fees for property services received by companies in the C&E segment. Other expenses comprise charges relating to property services, general costs and depreciation charges for related fixed assets. \u20ac Mn 2022 2021 Net property services and other activities income 77.9 27.7 On-site property services net income \u2013 Convention & Exhibition 57.9 23.7 Depreciation of tangible and intangible assets \u2013 Convention & Exhibition (17.6) (18.7) Other property services net income 44.8 27.2 Depreciation of tangible and intangible assets \u2013 other property services (7.1) (4.5) 4.4.4. NET PROPERTY DEVELOPMENT AND PROJECT MANAGEMENT INCOME REVENUE RECOGNITION Property development and project management income relates to Development, Design and Construction (\u201cDD&C\u201d) business which provides 3 types of services: provision of design, development and ultimately construction of a property project. Based on the analysis of existing contracts, DD&C services are not distinct as the customer cannot benefit from each service on its own or together with other resources readily available to the customer, because the services are bundled to generate a single commercial outcome. As such, the Group takes the view that the 3 types of contracts should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. Revenues from DD&C business consist of fixed price contracts. URW has elected to use the input method of calculating revenue over time, which in this case is costs incurred. Expenses comprise construction costs and related project management costs. 4.4.5. ADMINISTRATIVE EXPENSES This item comprises personnel costs, head office and Group administrative expenses, expenses relating to development projects, not capitalised, and depreciation charges relating to equipment and software of the Group. 4.4.6. ACQUISITION AND OTHER COSTS In 2022, acquisition and other costs amounted to +\u20ac2.6 Mn (-\u20ac8.9 Mn in 2021) and mainly comprise the re-branding costs of shopping centres in Continental Europe. In 2021, acquisition and other costs amounted to -\u20ac8.9 Mn and mainly comprise the re-branding costs of shopping centres in Continental Europe. 4.5. OTHER INFORMATION BY SEGMENT ON A PROPORTIONATE BASIS 4.5.1. RECONCILIATION BETWEEN THE RESULTS BY SEGMENT AND THE INCOME STATEMENT OF THE PERIOD ON A PROPORTIONATE BASIS FOR 2022 (\u20acMn) Net rental income Net property development and project management income, net property services and other activities income Contribution of companies accounted for using the equity method Administrative expenses Result on disposal of investment properties and shares Valuation movements on assets Acquisition and other costs Impairment of goodwill Total net operating result 2022 Shopping Centres France 507.0 \u2013 94.8 \u2013 (4.3) (125.4) \u2013 \u2013 472.1 Spain 188.3 \u2013 \u2013 \u2013 (0.0) (19.0) \u2013 \u2013 169.4 United States 578.8 \u2013 (30.1) \u2013 (23.0) (711.9) \u2013 \u2013 (186.2) Central Europe 217.2 \u2013 56.4 \u2013 (3.5) 72.8 \u2013 \u2013 343.0 Austria 109.5 \u2013 \u2013 \u2013 \u2013 (51.6) \u2013 \u2013 57.9 Germany 128.1 \u2013 (1.1) \u2013 11.1 (282.1) \u2013 \u2013 (143.9) Nordics 98.8 \u2013 \u2013 \u2013 22.9 (49.1) \u2013 \u2013 72.6 The Netherlands 76.8 \u2013 \u2013 \u2013 (10.0) (3.9) \u2013 \u2013 62.9 United Kingdom 119.7 \u2013 \u2013 \u2013 \u2013 (145.7) \u2013 \u2013 (26.0) Total Shopping Centres 2,024.3 \u2013 120.1 \u2013 (6.8) (1,315.9) \u2013 \u2013 821.7 Offices & Others France 53.5 \u2013 7.1 \u2013 (0.3) (123.7) \u2013 \u2013 (63.5) Others 16.3 \u2013 \u2013 \u2013 0.3 (96.0) \u2013 \u2013 (79.5) Total Offices & Others 69.8 \u2013 7.1 \u2013 (0.0) (219.7) \u2013 \u2013 (142.9) C&E (1) France 132.3 57.9 \u2013 \u2013 \u2013 (69.7) \u2013 \u2013 120.5 Not allocated \u2013 52.1 \u2013 (246.8) \u2013 (14.9) 2.6 \u2013 (2 07.1) Total 2,226.3 110.0 127.2 (246.8) (6.8) (1,620.3) 2.6 \u2013 592.1 (1) Convention & Exhibition segment. FOR 2021 (2) (\u20acMn) Net rental income Net property development and project management income, net property services and other activities income Contribution of companies accounted for using the equity method Administrative expenses Result on disposal of investment properties and shares Valuation movements on assets Acquisition and other costs Impairment of goodwill Total net operating result 2021 (2) Shopping Centres France 417.2 \u2013 28.7 \u2013 (11.5) (314.0) \u2013 \u2013 120.5 Spain 126.2 \u2013 \u2013 \u2013 0.0 (50.5) \u2013 \u2013 75.7 United States 479.0 \u2013 (12.0) \u2013 57.7 (1,049.0) \u2013 \u2013 (524.3) Central Europe 161.5 \u2013 9.0 \u2013 6.8 (38.1) \u2013 (145.2) (6.0) Austria 88.3 \u2013 \u2013 \u2013 \u2013 (53.5) \u2013 \u2013 34.8 Germany 91.2 \u2013 (6.9) \u2013 (2.2) (219.9) \u2013 (11.2) (3) (149.0) Nordics 107.3 \u2013 \u2013 \u2013 57.0 (29.9) \u2013 \u2013 134.4 The Netherlands 60.6 \u2013 \u2013 \u2013 (0.0) 44.4 \u2013 \u2013 105.0 United Kingdom 101.1 \u2013 \u2013 \u2013 \u2013 (364.9) \u2013 \u2013 (263.8) Total Shopping Centres 1,632.5 \u2013 18.8 \u2013 107.8 (2,075.4) \u2013 (156.4) (472.8) Offices & Others France 34.9 \u2013 0.1 \u2013 74.3 135.7 \u2013 \u2013 245.0 Others 25.3 \u2013 \u2013 \u2013 28.5 21.5 \u2013 \u2013 75.3 Total Offices & Others 60.2 \u2013 0.1 \u2013 102.8 157.2 \u2013 \u2013 320.3 C&E (1) France 31.5 23.7 \u2013 \u2013 \u2013 (106.6) \u2013 \u2013 (51.4) Not allocated \u2013 40.8 \u2013 (215.9) \u2013 (41.0) (8.9) \u2013 (225.1) Total 1,724.2 64.5 18.9 (215.9) 210.6 (2,065.8) (8.9) (156.4) (428.9) (1) Convention & Exhibition segment. (2) Following the changes of presentation made on the financial statements (see note 5.1 \u201cConsolidated financial statements\u201d), the 2021 table was restated. (3) Corresponds to the impairment of Westfield CentrO. 4.5.2. STATEMENT OF FINANCIAL POSITION BY SEGMENT ON A PROPORTIONATE BASIS FOR 2022 (\u20acMn) Investment properties Goodwill Shares and investments in companies under the equity method Other non-current assets Properties or shares held for sale Other current assets Total Assets Total Liabilities excluding shareholders' equity Shopping Centres France 12,040.4 731.0 492.7 52.9 \u2013 169.5 13,486.5 385.3 Spain 3,524.7 \u2013 \u2013 32.0 \u2013 42.9 3,599.7 273.7 United States 10,860.9 \u2013 25.5 291.3 \u2013 397.3 11,575.0 795.2 Central Europe 4,091.4 92.2 727.4 28.6 \u2013 23.1 4,962.6 647.7 Austria 2,159.8 72.9 \u2013 0.0 \u2013 15.4 2,248.1 465.5 Germany 2,908.9 233.9 20.3 17.6 \u2013 134.1 3,314.8 344.1 Nordics 2,521.0 \u2013 \u2013 0.0 \u2013 35.9 2,557.0 410.3 The Netherlands 1,519.0 \u2013 \u2013 2.6 \u2013 16.8 1,538.4 60.5 United Kingdom 2,176.3 \u2013 \u2013 188.2 \u2013 125.2 2,489.6 315.8 Total Shopping Centres 41,802.6 1,129.9 1,265.8 613.2 \u2013 960.2 45,771.7 3,698.1 Offices & Others France 1,910.3 \u2013 30.7 114.3 \u2013 70.6 2,125.9 80.8 Others 1,167.1 \u2013 \u2013 (0.0) \u2013 20.0 1,187.1 100.5 Total Offices & Others 3,077.5 \u2013 30.7 114.3 \u2013 90.5 3,313.0 181.3 C&E (1) France 2,479.0 \u2013 \u2013 119.3 (2) \u2013 126.8 2,725.1 195.2 Not allocated \u2013 10.3 \u2013 1,358.2 (3) \u2013 3,683.5 (4) 5,052.0 29,839.0 Total Dec. 31, 2022 47,359.0 1,140.2 1,296.5 2,205.0 \u2013 4,861.1 56,861.8 33,913.6 (1) Convention & Exhibition segment. (2) Relates mainly to tangible and intangible assets. (3) Refers mainly to the derivatives and intangible assets. (4) Includes mainly cash and cash equivalents. FOR 2021 (\u20acMn) Investment properties Goodwill Shares and investments in companies under the equity method Other non-current assets Properties or shares held for sale Other current assets Total Assets Total Liabilities excluding shareholders' equity Shopping Centres France 12,422.9 731.0 430.4 54.2 \u2013 228.5 13,866.9 528.2 Spain 3,489.9 \u2013 \u2013 35.1 \u2013 39.8 3,564.9 274.2 United States 11,339.2 \u2013 52.1 285.8 \u2013 328.9 12,006.1 742.1 Central Europe 4,105.3 102.3 670.8 25.4 \u2013 30.6 4,934.4 648.8 Austria 2,187.9 72.9 \u2013 0.0 \u2013 11.8 2,272.6 475.3 Germany 3,113.7 233.9 21.4 22.4 \u2013 102.6 3,493.9 357.3 Nordics 2,717.7 \u2013 \u2013 13.7 174.4 48.5 2,954.2 503.2 The Netherlands 1,665.8 \u2013 \u2013 3.0 \u2013 34.6 1,703.4 58.5 United Kingdom 2,384.9 \u2013 \u2013 190.7 \u2013 176.1 2,751.8 324.5 Total Shopping Centres 43,427.3 1,140.1 1,174.7 630.2 174.4 1,001.4 47,54 8.1 3,912.1 Offices & Others France 1,909.1 \u2013 19.9 94.6 \u2013 41.9 2,065.4 50.4 Others 1,196.1 \u2013 \u2013 (0.0) 136.9 18.9 1,351.9 100.8 Total Offices & Others 3,105.1 \u2013 19.9 94.6 136.9 60.9 3,417.4 151.3 C&E (1) France 2,501.9 \u2013 \u2013 140.7 (2) \u2013 97.3 2,740.0 172.7 Not allocated \u2013 10.3 \u2013 976.0 (3) \u2013 2,648.3 (4) 3,634.5 30,730.3 Total Dec. 31, 2021 49,034.4 1,150.3 1,194.6 1,841.5 311.3 3,807.9 57,3 40.0 34,966.3 (1) Convention & Exhibition segment. (2) Relates mainly to tangible and intangible assets. (3) Refers mainly to the derivatives and intangible assets. (4) Includes mainly cash and cash equivalents. 4.5.3. INVESTMENTS BY SEGMENT ON A PROPORTIONATE BASIS (\u20acMn) 2022 2021 Investments in investment properties at fair value Investments in investment properties at cost (2) Total investments Investments in investment properties at fair value Investments in investment properties at cost (2) Total investments Shopping Centres France 144.3 7.4 151.8 265.6 20.8 286.4 Spain 46.5 4.7 51.2 9.0 21.8 30.8 United States 115.4 3.1 118.5 128.4 2.0 130.4 Central Europe 18.9 6.5 25.4 15.3 3.7 19.0 Austria 22.8 0.0 22.8 19.8 0.3 20.1 Germany 17.3 118.0 135.3 13.4 108.4 121.9 Nordics 20.3 11.2 31.4 20.2 11.8 32.1 The Netherlands 20.2 \u2013 20.2 71.1 \u2013 71.1 United Kingdom 59.5 \u2013 59.5 22.4 3.9 26.2 Total Shopping Centres 465.3 150.9 616.2 565.3 172.7 738.0 Offices & Others France 88.3 2.0 90.3 86.0 41.7 127.7 Others 53.9 87.7 141.6 53.1 50.0 103.1 Total Offices & Others 142.2 89.7 231.9 139.1 91.7 230.8 C&E (1) France 31.8 \u2013 31.8 27.4 \u2013 27.4 Total 639.3 240.6 879.8 731.9 264.4 996.2 (1) Convention & Exhibition segment. (2) Before transfer between category of investment property. NOTE 5. INVESTMENT PROPERTIES, TANGIBLE AND INTANGIBLE ASSETS, GOODWILL 5.1. INVESTMENT PROPERTIES 5.1.1. ACCOUNTING PRINCIPLES INVESTMENT PROPERTIES (IAS 40 & IFRS 13) In accordance with IAS 40, investment properties are shown at their market value. According to IFRS 13, the fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). Expectations about future improvements or modifications to be made to the property interest to reflect its highest and best use have to be considered in the appraisal, such as the renovation of or an extension to the property interest. URW complies with the IFRS 13 fair value measurement rule and the position paper (1) on IFRS 13 established by EPRA, the representative body of the publicly listed real estate industry in Europe. Transaction costs incurred for an asset deal are capitalised in the value of the investment property. Capitalised expenses include capital expenditures, eviction costs, capitalised financial interests, external letting fees invoiced by third parties and other internal costs related to development projects. In accordance with IFRS 16 and IAS 40, the right-of-use assets arising from leased property which meet the definition of an investment property are measured at fair value. IPUC are covered by IAS 40 and are eligible to be measured at fair value. In accordance with the Group\u2019s investment properties valuation method, they are measured at fair value by a qualified independent external appraiser twice a year. As part of the recommendations of RICS, URW applies a rotation on the appraisal mandates on a regular basis: the last rotation occurred in 2021. Projects for which the fair value is not reliably determinable are measured at cost until such time that a fair value measurement becomes reliable, or until one year before the construction completion. According to the Group, a development project is eligible for a fair value measurement once all 3 of the following criteria are fulfilled: \u2022 All administrative authorisations needed to complete the project are obtained; \u2022 The construction has started and costs are committed toward the contractor; and \u2022 Substantial uncertainty in future rental income has been eliminated. If the time to delivery is less than 1 year, the project is accounted for at fair value. For properties measured at fair value, the market value adopted by URW is determined on the basis of appraisals by qualified independent external experts, who value the Group\u2019s portfolio as at June 30 and December 31 of each year. The gross value is reduced by disposal costs and transfer taxes (2) , depending on the country and on the tax situation of the property, in order to arrive at a net market value. For the Shopping Centres and Offices & Others portfolios, the independent appraisers determine the fair market value based on the results of 2 methods: the discounted cash flow methodology as well as the yield methodology. Furthermore, the resulting valuations are cross-checked against the initial yield, value per sqm and the fair market values established through actual market transactions. Appraisers have been given access to all information relevant for valuations, such as the Group\u2019s confidential rent rolls, including information on vacancy, break options, expiry dates and lease incentives, performance indicators (e.g. footfall and sales where available), letting evidence and the Group\u2019s cash flow forecasts from annually updated detailed asset business plans. As part of the files provided to carry out the valuation, a significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an asset-by- asset basis (3) (see note 2.3 \u201cClimate change and risks\u201d). Appraisers make their independent assessments of current and forward-looking cash flow profiles, and usually reflect risk either in the cash flow forecasts (e.g. future rental levels, growth, investment requirements, void periods and incentives, rent relief), in the applied required returns or discount rates and in the yield applied to capitalise the exit rent to determine an exit value. The sites of the C&E portfolio are qualified as investment property. For the C&E portfolio, the valuation methodology adopted is mainly based on a discounted cash flow model applied to the total net income projected over the life of the concession, or over the life of the long- term lease (notably the Porte de Versailles long-term lease) or leasehold if it exists, or otherwise over a 10-year period, with an estimate of the asset value at the end of the given time period, based either on the residual contractual value for concessions or on capitalised cash flows over the last year. The valuations carried out by the appraisers took into account total net income, which comprised net rents and ancillary services, as well as net income from car parks. The cost of maintenance works, major repairs, refurbishments, redevelopments, and extensions, as well as concession or leasehold fees, are included in projected cash flow figures. (1) EPRA position paper on IFRS 13 \u2013 Fair value measurement and illustrative disclosures, February 2013. (2) Transfer taxes are valued on the assumption that the property is sold directly, even though the cost of these taxes would, in certain cases, be reduced if the property\u2019s holding company would be sold. (3) For European shopping centres. The income statement for a given year (Y) records the change in value for each property, which is determined as follows: market value Y \u2013 market value Y-1 + amount of works and other costs capitalised in year Y. Capital gains on disposals of investment properties are calculated by comparison with their latest market value recorded in the closing statement of financial position for the previous financial year. Properties under construction carried at cost are subject to impairment tests, determined on the basis of the estimated recoverable value of the project. The recoverable value of a project is assessed, for significant projects by a qualified independent external appraiser and for others internally by the Development & Investment teams through the expected delivery date, expected development costs, and considering a market exit capitalisation rate and the expected net rents. When the estimated recoverable value is lower than net book value, an impairment provision is recorded. Properties held for sale are identified separately in the statement of financial position according to IFRS 5. 5.1.2. INVESTMENT PROPERTIES AT FAIR VALUE \u2013 IFRS BASIS (\u20acMn) Dec. 31, 2022 Dec. 31, 2021 Shopping Centres 33,025.6 33,797.0 France 11,658.5 11,971.6 Spain 3,402.2 3,348.7 US 5,164.5 5,151.1 Central Europe 3,795.2 3,692.6 Austria 2,159.8 2,187.9 Germany 1,656.9 1,804.8 Nordics 2,514.1 2,705.2 The Netherlands 1,519.0 1,665.8 UK 1,155.4 1,269.3 Offices & Others 2,327.1 2,343.6 France 1,779.6 1,754.9 Other countries 547.5 588.7 Convention & Exhibition 2,478.1 2,501.4 Total 37,830.8 38,6 42.1 The decrease is explained in the table below. (\u20acMn) Shopping Centres Offices & Others Convention & Exhibition Total investment properties Properties held for sale Total Dec. 31, 2020 34,893.3 2,278.1 2,452.2 39,623.6 9 07.7 40,531.3 Acquisitions 0.3 \u2013 \u2013 0.3 \u2013 0.3 Entry into scope of consolidation 183.0 \u2013 \u2013 183.0 \u2013 183.0 Capitalised expenses 408.4 92.9 27.4 528.8 (0.9) 527.9 Disposals/exits from the scope of consolidation (670.3) (118.7) \u2013 (789.0) (912.3) (1,701.3) Reclassification and transfer of category (3 07.7) (96.2) 128.3 (275.6) 270.4 (5.2) Discounting impact 1.2 \u2013 \u2013 1.2 \u2013 1.2 Valuation movements (1,176.8) 167.2 (106.6) (1,116.2) \u2013 (1,116.2) Currency translation 465.6 20.2 \u2013 485.9 5.5 491.4 Dec. 31, 2021 33,797.0 2,343.6 2,501.4 38,642 .1 270.4 38,912.5 Acquisitions 22.8 3.3 \u2013 26.1 \u2013 26.1 Capitalised expenses (1) 340.5 94.4 31.8 466.7 0.3 467.0 Disposals/exits from the scope of consolidation (2) (812.5) (5.2) \u2013 (817.7) (249.5) (1,0 67.2) Reclassification and transfer of category (3) 191.3 36.4 15.0 242.6 \u2013 242.6 Discounting impact 2.6 \u2013 \u2013 2.6 \u2013 2.6 Valuation movements (4) (597.5) (131.0) (70.0) (798.5) \u2013 (798.5) Currency translation 81.4 (14.4) \u2013 67.0 (21.2) 45.8 Dec. 31, 2022 33,025.6 2,327.1 2 ,478.1 37,830.8 \u2013 37,830.8 (1) Capitalised expenses mainly relate to: \u2013 Shopping centres in France, Spain and the US; \u2013 Offices in France; and \u2013 C&E sites such as the Parc des Expositions in Porte de Versailles. (2) Includes the disposals of Solna Centrum, accounted as Property held for sale on December 31, 2021, Almere Centrum, Carr\u00e9 S\u00e9nart Shopping Parc, Gera Arcaden, Westfield South Shore, Westfield Trumbull and Villeneuve 2 (see note 1.1.1. \u201cAcquisitions/Disposals in 2022\u201d). (3) Includes: \u2013 the reclassification from IPUC at cost to IPUC at fair value (mainly CNIT Extension and Coppermaker Square Retail); and \u2013 the revaluation of the financial lease of LAX Airport (\u20ac93.7 Mn), Westfield Arkadia (\u20ac9.8 Mn), the Parc des Expositions in Porte de Versailles (\u20ac8.8 Mn) and Le Bourget (\u20ac6.1 Mn). (4) The negative valuation movements in the Shopping Centres resulted mainly from an increase of exit capitalisation rates and discount rates, partly offset by an increase in cash flows due to higher indexation . VALUATION ASSUMPTIONS AND SENSITIVITY OF THE FULLY CONSOLIDATED ASSETS Considering the limited public data available, the complexity of real estate asset valuations, as well as the fact that appraisers use in their valuations the non-public rent rolls of the Group\u2019s assets, URW believes it is appropriate to classify its assets under Level 3 as per IFRS 13. In addition, unobservable inputs, including appraisers\u2019 assumption on growth rates and exit capitalisation rates, are used by appraisers to determine the fair value of URW\u2019s assets. As at December 31, 2022, 98% of URW\u2019s portfolio was appraised by qualified independent external appraisers. The net outstanding balances of deferred lease incentives and key money amortised over the expected term of the lease, which corrected the appraisal value, represented -\u20ac159.3 Mn (-\u20ac151.3 Mn as at December 31, 2021). The following tables provide a number of quantitative elements used by the appraisers to assess the fair valuation of the Group\u2019s assets. SHOPPING CENTRES All shopping centres are valued using the discounted cash flow (\u201cDCF\u201d) and/or yield methodologies. The table below only includes fully consolidated assets. Shopping Centres \u2013 December 31, 2022 Net Initial Yield Rent in \u20ac per sqm (1) Discount Rate (2) Exit Capitalisation Rate (3) CAGR of NRI (4) France Max 7.1% 919 9.5% 13.1% 13.5% Min 3.4% 174 6.3% 4.2% 3.8% Weighted average 4.5% 585 6.5% 4.4% 4.9% Spain Max 9.0% 577 12.8% 8.5% 9.0% Min 3.6% 131 7.5% 4.7% 2.5% Weighted average 5.0% 370 7.9 % 5.0% 4.3% Central Europe Max 8.2% 681 9.2% 8.9% 3.2% Min 5.3% 262 7.2% 5.2% 2.4% Weighted average 5.7% 452 7.6% 5.4% 2.9% Austria Max 5.0% 438 6.7% 4.6% 3.3% Min 4.9% 331 6.6% 4.6% 3.0% Weighted average 4.9% 382 6.6% 4.6% 3.1% Germany Max 7.3% 508 9.0% 6.9% 3.9% Min 4.8% 215 6.5% 4.6% 2.3% Weighted average 5.4% 329 7.0% 5.0% 3.2% Nordics Max 6.1% 446 7.5% 5.3% 4.5% Min 4.5% 285 6.6% 4.5% 2.9% Weighted average 4.8% 386 6.9% 4.7% 3.5% The Netherlands Max 7.3% 403 7.7 % 6.6% 4.5% Min 4.8% 297 5.8% 4.6% 3.0% Weighted average 5.2% 365 6.2% 5.0% 3.9% US Max 9.3% 1,438 10.0% 9.0% 9.1% Min 2.9% 420 6.5% 4.5% 0.6% Weighted average 4.3% 773 6.9% 5.0% 4.2% Net Initial Yield (\u201cNIY\u201d), Discount Rate (\u201cDR\u201d) and Exit Capitalisation Rate (\u201cECR\u201d) weighted by GMV. Vacant assets, assets considered at bid value, and assets under restructuring are not included in Min. and Max. calculation. Assets under development or not controlled by URW, the Westfield trademark and the airport activities are not included in this table neither the UK asset. (1) Average annual rent (minimum guaranteed rent (\u201cMGR\u201d) + sales-based rent (\u201cSBR\u201d)) per asset per sqm. (2) Rate used to calculate the net present value of future cash flows. (3) Rate used to capitalise the exit rent to determine the exit value of an asset. (4) Compound annual growth rate (\u201cCAGR\u201d) of Net Rental Income (\u201cNRI\u201d) determined by the appraiser (duration of the DCF model used either 6 or 10 years). The table below shows the sensitivity on URW\u2019s Shopping Centres portfolio value for assets fully consolidated, excluding assets under development, the Westfield trademark and the airport activities. Sensitivity Impact in \u20ac Mn Impact in % +25 bps in NIY (1,660) (4.9)% +25 bps in DR (554) (1.6)% +10 bps in ECR (467) (1.4)% -5% in appraisers\u2019 ERV (1,387) (4.1)% OFFICES & OTHERS Appraisers value the Group\u2019s Offices & Others using the DCF and yield methodologies. A change of +25 basis points in NIY, the main output of the appraisal models, would result in a downward adjustment of -\u20ac115 Mn (-5.4%) of URW\u2019s Offices & Others portfolio value for assets fully consolidated (occupied and vacant spaces, excluding assets under development). CONVENTION & EXHIBITION A change of +25 basis points in the weighted average cost of capital (\u201cWACC\u201d) as determined at December 31, 2022, would result in a downward adjustment of -\u20ac85.0 Mn (or -4.1%) of the C&E portfolio value. 5.1.3. INVESTMENT PROPERTIES UNDER CONSTRUCTION AT COST \u2013 IFRS BASIS (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Shopping Centres 724.3 897.2 France 148.9 229.0 Spain 121.4 140.3 US 11.6 38.2 Central Europe 38.4 34.4 Austria \u2013 \u2013 Germany 397.0 410.8 Nordics 7.0 12.5 The Netherlands \u2013 \u2013 UK \u2013 32.0 Offices & Others 438.3 458.6 France 83.4 106.0 Other countries 354.9 352.6 Convention & Exhibition \u2013 \u2013 Total 1,162 .6 1,355.8 As at December 31, 2022, assets under construction valued at cost are notably: \u2022 Mixed-used projects such as Westfield Hamburg; and \u2022 Office developments such as Sisters in La D\u00e9fense. Assets still stated at cost were subject to impairment tests as at December 31, 2022. Allowances were recorded for a total amount of -\u20ac276.0 Mn in 2022. It mainly corresponds to Westfield Hamburg. (\u20ac Mn) Gross value Impairment Total investment properties at cost Properties held for sale Total Dec. 31, 2020 1,547.6 (223.4) 1,324.1 94.4 1,418.5 Acquisitions 12.1 \u2013 12.1 \u2013 12.1 Capitalised expenses 249.7 \u2013 249.7 0.2 249.9 Disposals/exits from the scope of consolidation (93.1) \u2013 (93.1) (62.4) (155.5) Reclassification and transfer of category (105.5) (1.0) (106.6) 8.7 (97.8) Write-off (8.4) 8.4 \u2013 \u2013 \u2013 Impairment/reversal \u2013 (40.1) (40.1) \u2013 (40.1) Currency translation 10.8 (1.1) 9.6 \u2013 9.6 Dec. 31, 2021 1,613.1 (257.3) 1,355.8 40.9 1,396.7 Acquisitions 0.5 \u2013 0.5 \u2013 0.5 Capitalised expenses (1) 231.9 \u2013 231.9 2.7 234.6 Disposals/exits from the scope of consolidation (6.6) \u2013 (6.6) (42.6) (49.2) Reclassification and transfer of category (121.6) \u2013 (121.6) \u2013 (121.6) Write-off (39.1) 18.8 (20.2) (0.9) (21.2) Impairment/reversal (2) \u2013 (276.0) (276.0) \u2013 (276.0) Currency translation (2.1) 0.8 (1.3) 0.0 (1.4) Dec. 31, 2022 1,676.2 (513.6) 1,162.6 \u2013 1,162 .6 (1) Capitalised expenses mainly refer to investments in Westfield Hamburg. (2) Impairment mainly refers to Westfield Hamburg. 5.2. TANGIBLE ASSETS 5.2.1. ACCOUNTING PRINCIPLES Under the preferential method proposed by IAS 16, operating assets are valued at their historic cost, less cumulative depreciation, and any decrease in value. Depreciation is calculated using the \u201ccomponent accounting\u201d method, where each asset is broken down into major components based on their useful life. The 4 components of a property are the main structure, the facade, technical equipment and finishing fixtures and fittings, depreciated respectively over 60, 30, 20 and 15 years for Offices & Others properties, and 35, 25, 20 and 15 years for Shopping Centres assets. If the appraisal value of a property is lower than net book value, an impairment provision is recorded. 5.2.2. CHANGES IN TANGIBLE ASSETS Net value (\u20ac Mn) Operating assets Furniture and equipment Right-of-use assets Total Dec. 31, 2020 143.2 83.4 52.6 279.2 Acquisitions and capitalised expenses 0.1 16.5 \u2013 16.5 Reclassification \u2013 (0.6) 25.4 24.7 Disposals/exits from the scope of consolidation (141.9) (1.2) \u2013 (143.1) Depreciation (1.4) (24.0) (12.5) (37.9) Impairment/reversal \u2013 2.6 \u2013 2.6 Currency translation \u2013 3.7 0.1 3.8 Dec. 31, 2021 \u2013 80.4 65.5 145.9 Acquisitions and capitalised expenses \u2013 15.9 1.3 17.2 Reclassification \u2013 8.9 20.2 29.1 Disposals/exits from the scope \u2013 (2.0) (14.4) (1) (16.4) Depreciation \u2013 (24.4) (15.1) (39.5) Impairment/reversal (2) \u2013 (0.8) \u2013 (0.8 Currency translation \u2013 0.5 1.3 1.8 Dec. 31, 2022 \u2013 78.5 58.8 137.3 (1) Exit following the floor space reduction of office lease at Westfield LLC. (2) Impairment/reversal on Viparis assets according to the external appraisals. 5.3. INTANGIBLE ASSETS 5.3.1. ACCOUNTING PRINCIPLES INTANGIBLE ASSETS (IAS 38)/IMPAIRMENT OF ASSETS (IAS 36) An intangible asset is recognised when it is identifiable and separable and can be sold, transferred, licensed, rented, or exchanged, either individually or as part of a contract with an attached asset or a liability, or which arises from contractual or other legal rights regardless of whether those rights are transferable or separable. After initial recognition, intangible assets are recognised at cost less any amortisation charges and impairment losses. Intangible assets with a finite life are amortised on a linear basis over the life of the asset. Intangible assets with an indefinite useful life are not amortised. The useful life of intangible asset is reviewed each year. An impairment test is carried out whenever there is an indication of impairment and, at least annually, for intangible assets with an indefinite useful life. The impairment test consists of comparing the book value with the recoverable amount of the intangible. The recoverable amount of an asset is the maximum between its fair value less disposal costs and its value in use. The fair value of each asset is individually determined by qualified independent external appraisers using the DCF methodology. If the appraisal value of an intangible asset is lower than net book value, an impairment is recorded. The intangible assets arise from: \u2022 The Property Management (\u201cPM\u201d) business in the US and the UK; \u2022 The DD&C business in the US and the UK; \u2022 The Airport activities in the US; \u2022 The Westfield trademark; \u2022 Rights and exhibitions: mainly Viparis entities; and \u2022 Other intangible assets. Intangible assets for PM, DD&C and Airport activities relate to the value of the customer contracts identified for these activities at the date of acquisition of Westfield. They correspond to contracts with shopping centres held through joint ventures in accordance with IFRS 11 and to contracts with airport operators and/or local authorities. Customer contracts were separately analysed for Flagship and Regional centres as they present different features. The incremental value of the Westfield trademark corresponds to the portion of the trademark value that is not captured in the shopping centre values. The useful life of the PM contracts with Flagship centres are considered indefinite since the PM contracts have no termination date and URW shall remain the sole property manager as long as it is the co-owner of the shopping centres. The useful life of the Westfield trademark is also considered indefinite. Consequently, all these assets are not amortised and tested for impairment. Other assets are amortised over their remaining useful life: \u2022 PM contracts with Regionals: 3 years; \u2022 DD&C contracts: between 1 to 4 years; and \u2022 Airport activities: 3 years. PM contracts with Regionals, Airport activities are fully amortised, as well as the DD&C in the UK. 5.3.2. CHANGES IN INTANGIBLE ASSETS Net value (\u20ac Mn) PM/DD&C/ Airport (2) Trademark Rights and exhibitions Other intangible assets Total Dec. 31, 2020 296.0 425.8 118.7 35.9 876.3 Acquisitions \u2013 \u2013 \u2013 8.0 8.0 Amortisation (31.9) \u2013 (2.0) (15.7) (49.6) Impairment/reversal (30.1) \u2013 18.4 \u2013 (11.7) Currency translation 20.0 \u2013 \u2013 1.3 21.3 Reclassification \u2013 \u2013 \u2013 0.6 0.6 Dec. 31, 2021 253.9 425.8 135.1 30.0 844.8 Acquisitions \u2013 \u2013 \u2013 5.2 5.2 Disposals \u2013 \u2013 \u2013 (0.7) (0.7) Amortisation (9.8) \u2013 (2.0) (13.1) (24.9) Impairment/reversal (1) 11.9 \u2013 (16.2) \u2013 (4.3) Currency translation (1.6) \u2013 \u2013 0.9 (0.7) Reclassification \u2013 \u2013 \u2013 1.1 1.1 Dec. 31, 2022 254.3 425.8 117.0 23.4 820.5 (1) The amount of impairment mainly relates to C&E\u2019s intangible assets partly offset by the reversal of impairment at the PM business in UK and the US. (2) As at December 31, 2021, the Airport activities and PM contracts with Regionals in the US were fully amortised, as well as the DD&C in the UK. One of the main assumptions used to value the PM, DD&C and the Trademark is the DR, which stands between 9.3% and 9.8%. PM A change of +25 basis points in the DR of the PM\u2019s intangible assets as determined at December 31, 2022, would result in an additional impairment of -\u20ac4.4 Mn. A change of -10 basis points in the long-term growth rate of the PM intangible assets as determined at December 31, 2022, would result in an additional impairment of -\u20ac1.1 Mn. TRADEMARK For the Trademark, the impairment test performed was based on an independent external appraisal and no impairment was required. A change of +25 basis points in the DR of the Trademark as determined at December 31, 2022, would lead to an impairment of -\u20ac8.6 Mn. A change of -10 basis points in the long-term growth rate of the Trademark as determined at December 31, 2022, would not lead to any impairment of the intangible assets. An impairment would be necessary with a change of -26 basis points in the long-term growth rate. RIGHTS AND EXHIBITIONS As at December 31, 2022, impairment tests were performed on the intangible assets relating to the Viparis entities based on the valuations of independent external appraisers and an impairment of -\u20ac16.2 Mn was recognised. A change of +25 basis points in the WACC of Viparis intangible assets as determined at December 31, 2022, would result in a negative adjustment of -\u20ac26.6 Mn (-5.6%) on the appraisal value of the intangible assets and would lead to an additional impairment of -\u20ac2.3 Mn. 5.4. GOODWILL 5.4.1. ACCOUNTING PRINCIPLES The accounting rules for business combinations comply with IFRS 3 Revised. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. IFRS 3 (revised) stipulates a maximum period of 12 months from the acquisition date for the accounting of the acquisition to be finalised: adjustments to values applied must be related to facts and circumstances existing at the acquisition date. Therefore, beyond this 12-month period, any earn-out adjustment must be recognised in income for the fiscal year unless the additional consideration is an equity instrument. Where a business is acquired in stages, the previous investment is remeasured at fair value at the date if and when the control is transferred. Any difference between fair value and net book value of this investment is recognised in income. Any change in the Group\u2019s interest in an entity that results in a loss of control is recognised as a gain/loss on disposal and the remaining interest is remeasured at fair value with the change being recognised in income. A transaction that does not affect control (additional acquisition or disposal) is accounted for as an equity transaction between the Group share and the non-controlling interest share without an impact on profit or loss and/or a goodwill adjustment. GOODWILL SUBSEQUENT MEASUREMENT AND IMPAIRMENT Goodwill is carried at cost less any accumulated impairment losses. In compliance with IAS 36, the Group performs impairment testing to determine if there is any indication of impairment, at least once a year or whenever there is an indication of impairment. For the purposes of this test, assets are grouped into cash-generating units (\u201cCGUs\u201d). CGUs are standardised groups of assets whose continued use generates cash inflows that are largely separate from those generated by other asset groups. An impairment loss must be recognised whenever the recoverable value of the goodwill is less than its carrying amount. Impairment losses relating to the value of goodwill cannot be reversed. GOODWILL RELATING TO OPTIMISED VALUE OF DEFERRED TAXES Goodwill may arise on acquiring an asset via a share deal, where the Group inherits the fiscal basis of the assets. It is measured by the difference between the deferred taxes accounted for in the balance sheet according to IAS 12, and an estimate of the effective taxes to be paid in case of a share deal. Therefore, in this case the impairment test consists in a comparison between the accounting value of the goodwill and the potential tax optimisation existing at the date of reporting. GOODWILL RELATING TO FEE BUSINESS This goodwill relates to the following activities: PM, Airport and DD&C. Impairment tests are performed annually or when an impairment indicator is identified and are based on valuations performed by independent external appraisers, using the DCF method. The values attributable to the PM business were allocated to the US, the UK and Germany, the values attributable to the DD&C business were allocated to the US and the UK and the value of the Airport activities was allocated to the US, based on independent external valuation. The goodwill relating to the fee business in the US and the UK is fully impaired. GOODWILL RELATING TO SYNERGIES AND WORKFORCE Goodwill relating to the Westfield Corporation acquisition has been allocated per geographical segment as it is the lowest level within the Group at which goodwill is monitored. The allocation per geographical segment was performed based on the cost and revenue synergies expected to be generated as a result of the business combination. The expected cost and revenue synergies were allocated to the US, the UK, France Retail, Spain, Central Europe and the Nordics. The amount related to the value of the workforce acquired was allocated to the US and the UK. The goodwill allocated to the US, the UK, Spain, Central Europe and the Nordics is fully impaired. Impairment test: Since the geographical segments are the lowest level within the URW Company at which goodwill is monitored, for internal management purposes, the impairment test is performed at geographical segment level and, as a result, in accordance with IAS 36 for a group of CGUs. The geographical segments to which goodwill has been allocated are tested for impairment by comparing the net asset value of the geographical segment (as presented in the note 4.5.2 \u201cStatement of financial position by segment on a proportionate basis\u201d) with the recoverable value, which is determined as the higher of the fair value less cost of disposal and its value in use. The recoverable value is determined on value in use based on the DCF derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the MB and the SB. The Group performs comprehensive impairment tests of the goodwill allocated to each geographical segment at the end of December, based on: \u2022 The operating cash flows derived from the 5YBP exercise for 2023- 2027 per geographical segment; \u2022 The discount rates before tax per geographical segment based on a calculation of the WACC per region, which reflect the current market assessment of the interest rates and the specific risks associated with each geographical segment as at December 31, 2022. These discount rates were also compared with the discount rates used by appraisers for the valuation of Investment Properties as at December 31, 2022, and the consistency between those was ensured; \u2022 An allocation of the Group\u2019s corporate administrative expenses to the geographical segments, as a percentage of their respective NRI; and \u2022 A DCF calculation for each geographical segment on a 10-year basis, consistent with the method applied by the Group\u2019s appraisers, and a discounted terminal value, to which a long-term growth rate estimated as at December 31, 2022, is applied. A comparison has been performed for each geographical segment, between: \u2022 The value in use of the geographical segment at the end of December, as determined above; and \u2022 The net asset value of the geographical segment at the end of December, including the intangible assets and goodwill allocated, based on the segment reporting disclosed in the note 4.5.2 \u201cStatement of financial position by segment on a proportionate basis\u201d. GOODWILL RELATING TO THE ABILITY TO GENERATE DEVELOPMENT PROJECTS This goodwill relates to URW Germany business. Impairment tests performed on this goodwill are based on an independent external appraisal, performed once a year as at December 31, or when there is an indication of impairment, and using the DCF method. 5.4.2. CHANGES IN GOODWILL As at December 31, 2022, the goodwill breaks down as follows: Net value (\u20ac Mn) Optimised value of deferred taxes Fee business Synergies, workforce and ability to generate development projects Total Dec. 31, 2020 199.5 119.3 929.3 1,248.1 Disposal (23.0) \u2013 \u2013 (23.0) Impairment \u2013 \u2013 (145.9) (145.9) Currency translation \u2013 \u2013 \u2013 \u2013 Dec. 31, 2021 176.6 119.3 783.4 1,079.2 Disposal \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 \u2013 \u2013 Currency translation \u2013 \u2013 \u2013 \u2013 Dec. 31, 2022 176.6 119.3 783.4 1,079.2 The allocation of the goodwill per geographical segment breaks down as follows: (\u20acMn) France Retail Central Europe Austria Germany Other Total Goodwill Dec. 31, 2021 731.0 87.3 72.9 177.8 10.3 1,079.2 Disposal \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Currency translation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Goodwill Dec. 31, 2022 731.0 87.3 72.9 177.8 10.3 1,079.2 The Group performs an impairment test for each category of goodwill. GOODWILL RELATING TO OPTIMISED VALUE OF DEFERRED TAXES As at December 31, 2022, no additional impairment was recognised. GOODWILL RELATING TO FEE BUSINESS As at December 31, 2022, no additional impairment was recognised. GOODWILL RELATING TO SYNERGIES, WORKFORCE AND ABILITY TO GENERATE DEVELOPMENT PROJECTS As at December 31, 2022, no additional impairment was recognised. The main assumptions for calculating the value in use are the WACC, the long-term growth rates (LTGR) and the CAGR of NRI displayed in the table below. France Retail Dec. 31, 2021 WACC before tax in % 6.00% LTGR in % 1.40% CAGR of NRI in % 4.41% Dec. 31, 2022 WACC before tax in % 6.50% LTGR in % 1.70% CAGR of NRI in % 4.85% An increase in the WACC, a decrease in the LTGR or a decrease in the CAGR of NRI as determined at December 31, 2022, would not necessarily result in a value in use lower than the net asset value as the net asset value includes investment properties which are carried at fair value. These changes would reduce the fair value of those properties and ultimately the net asset value. Therefore, the impact of such changes should be viewed on a combined basis on the value in use and the net asset value to appreciate the net effect on the financial statements. Based on these assumptions used for calculating the value in use, the headroom between the net asset value of the geographical segment France Retail and the value in use amounted to \u20ac190 Mn as at December 31, 2022, compared with \u20ac360 Mn as at December 31, 2021. A change of +25 basis points in the WACC as determined at December 31, 2022, without any change in the LTGR and in the CAGR of NRI would not lead to any additional impairment of goodwill. A change of -10 basis points in the LTGR as determined at December 31, 2022, without any change in the WACC and in the CAGR of NRI would not lead to any additional impairment of goodwill. A change of -50 basis points in the CAGR of NRI as determined at December 31, 2022, without any change in the WACC and in the LTGR would not lead to any additional impairment of goodwill. 5.5. VALUATION MOVEMENTS ON ASSETS This item reflects changes in market valuation of investment properties, impairment and reversal on tangible and intangible assets and amortisation of fair value of assets recorded for the purpose of purchase price allocation. (\u20ac Mn) 2022 2021 Investment properties at fair value (798.5) (1,116.2) Shopping Centres (597.5) (1,176.8) Offices & Others (131.0) 167.2 Convention & Exhibition (70.0) (106.6) Investment properties at cost (297.1) (4 0.1) Tangible and intangible assets (14.9) (41.0) Total (1,110.6) (1,197.3) 5.6. AMOUNTS PAID FOR WORKS AND ACQUISITION OF PROPERTY ASSETS (CONSOLIDATED STATEMENT OF CASH FLOWS) In 2022, amounts paid for works and acquisition of property assets amount to \u20ac904.8 Mn. They comprise acquisitions, transaction capitalised costs works and capitalised expenses and are adjusted for the changes on amounts due on investments of the period. NOTE 6. SHARES AND INVESTMENTS IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD 6.1. ACCOUNTING PRINCIPLES The accounting principles are detailed in note 3.1.1 \u201cScope and methods of consolidation\u201d. Following the Westfield acquisition, the Group has significant co-ownership interest in a number of properties, mainly in the US through property partnerships or trusts. These joint ventures are accounted for using the equity method. The Group and its joint ventures use consistent accounting policies. 6.2. SHARES AND INVESTMENTS IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Shares in companies accounted for using the equity method 7,0 0 7.5 7,370.5 Loans granted to companies accounted for using the equity method 919.6 915.7 Total shares and investments in companies accounted for using the equity method (1) 7,927.1 8,286.2 (1) Mainly relates to Shopping Centres companies. SHARE OF THE RESULT OF COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD AND INCOME ON FINANCIAL ASSETS The contribution of affiliates breaks down as follows: (\u20ac Mn) 2022 2021 Recurring activities Non-recurring activities (1) Result Recurring activities Non-recurring activities (1) Result Total share of income from companies accounted for using the equity method 420.6 (472.4) (51.8) 346.3 (916.8) (570.5) Total interests on loans granted to companies accounted for using the equity method 31.0 \u2013 31.0 25.1 \u2013 25.1 (1) Correspond mainly to the fair value adjustment and related deferred tax on the underlying investment properties.
6.3. JOINT VENTURES
According to IFRS 11, joint ventures are those entities in which the Group has joint control established by contractual agreement and rights to the
net assets of the arrangement.
6.3.1. DESCRIPTION OF THE MAIN JOINT VENTURES ACCOUNTED FOR USING THE
EQUITY METHOD
The main jointly controlled assets accounted for using the equity method are the following:
Name of investment
Geographical area
% Interest as at
Dec. 31, 2022
% Interest as at
Dec. 31, 2021
Westfield Stratford City UK 50.0% 50.0%
Metropole Zlicin Central Europe 50.0% 50.0%
Westfield Rosny 2 France 26.0% 26.0%
Westfield CentrO Germany 50.0% 50.0%
Paunsdorf Center Germany 25.5% 25.5%
Westfield Annapolis US 55.0% 55.0%
Westfield Culver City US 55.0% 55.0%
Westfield Garden State Plaza US 50.0% 50.0%
Westfield Montgomery US 50.0% 50.0%
Westfield Santa Anita
(1)
US 49.3% 49.3%
Westfield Southcenter US 55.0% 55.0%
Westfield Topanga US 55.0% 55.0%
Westfield UTC US 50.0% 50.0%
Westfield Valley Fair US 50.0% 50.0%
Aupark Bratislava Central Europe 13.0% 40.0%
(1) In 2022, the Group completed the sale of the asset Westfield Santa Anita (see note 1.1.1 \u201cAcquisitions/Disposals in 2022\u201d).
The significant joint ventures accounted for using the equity method are presented below:
WESTFIELD STRATFORD CITY (LONDON,
UNITED KINGDOM)
Westfield Stratford City is a joint venture with Canneth Limited
Partnership Inc.
The partnership is governed through a business manager, which is a
company jointly owned by both partners. This business manager has
significant powers to conduct the business. The budget, capital
expenditures, and a number of major decisions relating to the debt
financing, approval of any refurbishment and development, disposals,
require the approval of both partners. Therefore under IFRS 10,
Westfield Stratford City is jointly controlled by both partners.
PARTNERSHIPS IN THE UNITED STATES
Per the co-ownership and PM agreements with its joint venture partners,
the Group is restricted from exercising control over these interests even
though the Group has more than 50% ownership interest and voting
rights. Major decisions require the approval of both the Group and the
joint venture partners and operating and capital budgets must be
approved by the management committee (both owners have equal
representation on this committee). The Group therefore has joint
control over the investments and they are accounted for using the
equity method.
WESTFIELD CENTRO (GERMANY)
Westfield CentrO, a leading shopping centre located in Oberhausen, is
jointly held by the Group and CPPIB.
The joint venture is governed by a board of directors with 6 members, 3
of which are designated by URW and 3 designated by CPPIB.
The relevant activities are the leasing, equipment, building, renovation
as well as the management, servicing and maintenance of these assets.
The decision-making process for all these relevant activities required
the approval of both partners.
Therefore these companies which are joint ventures are accounted for
using the equity method.
6.3.2. CONSOLIDATED FINANCIAL POSITION OF THE JOINT VENTURES The main items of the statements of financial position and income statement of joint ventures are presented in aggregate in the tables below. These items are stated in Group share including restatements for consolidation purposes. SHOPPING CENTRES AND CONVENTION & EXHIBITION COMPANIES (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Investment properties 8,365.6 9,036.5 Other non-current assets 27.2 14.9 Current assets 402.6 389.7 Total assets 8,795.4 9,441.1 Restated shareholders\u2019 equity 6,111.5 6,551.7 Deferred tax liabilities 97.1 121.4 Shareholders loans 458.1 468.8 External borrowings (1) 1,915.5 2,073.6 Other non-current liabilities 22.2 19.6 Current liabilities 191.0 206.0 Total liabilities 8,795.4 9,4 41.1 (1) Includes current and non-current borrowings. (\u20ac Mn) 2022 2021 NRI 450.7 352.4 Change in fair value of investment properties (509.7) (868.5) Net result (161.0) (573.1) 6.3.3. VALUATION ASSUMPTIONS AND SENSITIVITY The following tables provide a number of quantitative data in order to assess the fair valuation of the Group\u2019s assets accounted for using the equity method. SHOPPING CENTRES All shopping centres are valued using the DCF and/or yield methodologies. Shopping Centres \u2013 December 31, 2022 Net Initial Yield Rent in \u20ac per sqm (1) Discount Rate (2) Exit Capitalisation Rate (3) CAGR of NRI (4) Europe Max 7.6% 947 8.9% 6.8% 4.6% Min 4.3% 125 6.5% 4.4% 1.7% Weighted average 5.8% 370 7.4% 5.7% 2.6% US Max 9.6% 1,213 10.3% 9.0% 11.4% Min 3.7% 321 6.5% 4.5% 1.1% Weighted average 4.9% 653 7.3% 5.3% 5.0% NY, DR and ECR weighted by GMV. Vacant assets, assets considered at bid value, and assets under restructuring are not included in Min. and Max. calculation. Assets under development or not controlled by URW are not included in this table. The UK assets are included in the table. (1) Average annual rent (MGR + SBR) per asset per sqm. (2) Rate used to calculate the net present value of future cash flows. (3) Rate used to capitalise the exit rent to determine the exit value of an asset. (4) CAGR of NRI determined by the appraiser (between 6 and 10 years depending on duration of DCF model used). The table below shows the sensitivity on URW\u2019s Shopping Centre portfolio value for assets accounted for using the equity method, excluding assets under development. Sensitivity Impact in \u20ac Mn Impact in % +25 bps in NIY (379) (4.6)% +25 bps in DR (154) (1.9)% +10 bps in ECR (99) (1.2)% -5% in appraisers\u2019 ERV (268) (3.2)% 6.4. ASSOCIATES Associates are those entities, not controlled by the Group, but in which it has a significant influence according to IAS 28 R. 6.4.1. DESCRIPTION OF THE MAIN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD The main associates relate to the following assets: \u2022 Fonci\u00e8re Crossroads which owns the shopping centres A\u00e9roville and So Ouest in the Paris region, Rennes Alma in Rennes, Toison d\u2019Or in Dijon, Confluence in Lyon and the hotel Novotel Lyon Confluence; \u2022 Zlote Tarasy complex (Warsaw); \u2022 Gropius Passagen (Berlin); \u2022 Starwood I, Starwood II and Blum (US); and \u2022 Triangle Renan, a co-investment partnership for the development of Triangle Tower project. FONCI\u00c8RE CROSSROADS Fonci\u00e8re Crossroads, which owns a portfolio of 5 shopping centres in France (A\u00e9roville and So Ouest in the Paris region, Rennes Alma in Rennes, Toison d\u2019Or in Dijon and Confluence in Lyon) and a hotel, is held by a consortium of investors formed by Cr\u00e9dit Agricole Assurances, la Fran\u00e7aise and URW. The Group holds a 45.8% stake and manages the shopping centres on behalf of Fonci\u00e8re Crossroads through long-term management contracts. Fonci\u00e8re Crossroads is governed by a chairman. URW cannot be designated as the chairman as long as it manages the shopping centres. The proportion of the voting rights needed to make decisions about the relevant activities of Fonci\u00e8re Crossroads is achieved by more than 1 combination of the parties agreeing. As a result, URW has only a significant influence on Fonci\u00e8re Crossroads which is accounted for using the equity method. ZLOTE TARASY COMPLEX The Group is the sole limited partner in a partnership which holds 100% of a holding company (Warsaw III), which owns 100% of Zlote Tarasy complex (Warsaw). In compliance with the restrictions imposed on URW by the Polish competition authorities in connection with the acquisition by the Group of the shopping centres Westfield Arkadia and Wilenska in July 2010, the management of Warsaw III and the shopping centre and parking is not performed by the Group. Consequently, the Group does not control this asset and its investment in the Zlote Tarasy complex is accounted for using the equity method. 6.4.2. CONSOLIDATED FINANCIAL POSITION OF ASSOCIATES The main items of the statements of financial position and income statement of associates are presented in aggregate in the tables below. These items are stated in Group share, including restatements for consolidation purposes. SHOPPING CENTRES COMPANIES (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Investment properties 1,870.4 1,832.9 Other non-current assets 82.6 25.2 Current assets 133.1 115.8 Total assets 2,086.0 1,973.9 Restated shareholders\u2019 equity 835.0 747.6 Deferred tax liabilities 121.0 113.3 Shareholders loans 461.5 4 47.0 External borrowings 569.8 569.2 Other non-current liabilities 54.5 48.0 Current liabilities 44.2 48.8 Total liabilities 2,086.0 1,973.9 (\u20ac Mn) 2022 2021 NRI 88.0 91.0 Change in fair value of investment properties 10.9 (51.7) Net result 109.2 2.6 6.5. TRANSACTIONS WITH RELATED PARTIES (JOINT VENTURES AND ASSOCIATES) To the Group\u2019s knowledge, there are neither shareholders\u2019 pacts nor persons or groups of persons exercising or who could exercise control over the Group. The main related party transactions relate to transactions with companies accounted for using the equity method. (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Shopping Centres and Convention & Exhibition companies Loans (1) 964.8 963.1 Recognised interest 31.1 25.1 Current account in debit 6.3 18.4 Current account in credit (27.8) (35.0) Asset management fees invoiced and other fees (2) 144.8 204.2 (1) Corresponds to 100% of the financing in the joint ventures and associates. (2) The decrease relates mainly to the property development and project management revenue in the US following the delivery of some projects. All of these transactions are based on market prices. NOTE 7. FINANCING AND FINANCIAL INSTRUMENTS 7.1. ACCOUNTING PRINCIPLES 7.1.1. FINANCIAL INSTRUMENTS (IAS 32/IFRS 7/IFRS 9/IFRS 13) CLASSIFICATION AND MEASUREMENT OF NON-DERIVATIVE FINANCIAL ASSETS AND LIABILITIES Under IFRS 9, on initial recognition, a financial asset is classified and measured at amortised cost, at Fair Value through Other Comprehensive Income (\u201cFVOCI\u201d) or Fair Value Through Profit and Loss (\u201cFVTPL\u201d). The classification of financial assets under IFRS 9 is based on the business model in which a financial asset is managed and its contractual cash flow characteristics. The financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interests on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition. The following accounting policies apply to the subsequent measurement of financial assets for the Group: FINANCIAL ASSETS AT FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. FINANCIAL ASSETS AT AMORTISED COST These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses if needed. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. FINANCIAL ASSETS AT FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. EQUITY INVESTMENTS AT FVOCI These assets are subsequently measured at fair value though profit or loss except in the case of an irrevocable election to classify them at fair value through OCI that cannot be reclassified. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. FINANCIAL LIABILITIES Interest-bearing financial liabilities are initially measured at fair value, less transaction costs directly attributable to the issue, and after initial booking at amortised cost using the effective interest rate. Being a financial debt with an embedded derivative, and based on the option provided by IFRS 9, the ORNANE convertible bonds, net of write-off of the issuance costs, are accounted for fully, at inception, at fair value, on a separate line in the statement of financial position, with subsequent changes recorded on a separate line in the income statement, except for the impact of the variation of the credit spread which is accounted for OCI. The interest expenses are recorded based on the contractual interest rates and are classified in the statement of comprehensive income on the line \u201cNet financing costs\u201d. As at December 31, 2022, the ORNANEs are fully refunded. Other non-derivative financial liabilities are recognised at FVTPL. CLASSIFICATION AND MEASUREMENT OF FINANCIAL DERIVATIVES AND HEDGE ACCOUNTING The Group uses derivative financial instruments to hedge its exposure to movements in interest and currency exchange rates. All financial derivatives are recorded as financial assets or liabilities at fair value on the statement of financial position. Fair value variations of financial derivatives, apart from those designated as cash flow hedges or as net investment hedges (see below), are recognised in the income statement for the period. URW has a macro-hedging strategy for its debt. Except for some currency derivatives, it has chosen not to use the hedge accounting proposed by IFRS 9. All such derivatives are therefore measured at their market value and any fair value variations are recorded in the income statement. Changes in the fair value of forward exchange contracts that economically hedge monetary assets and liabilities in foreign currencies and for which no hedge accounting is applied, are recognised in the income statement. Both the changes in fair value of the forward contracts and the foreign exchange gains and losses relating to the monetary items are recognised as part of the \u201cfinancing result\u201d as these instruments are designated as hedging instruments. HEDGING INSTRUMENTS The Group, which holds a group of financial assets or financial liabilities, is exposed to market risks and credit risks of every single counterparty as defined in IFRS 7. The Group applies the exception provided by IFRS 13 (\u00a7 48), which permits to measure the fair value of a group of financial assets or a group of financial liabilities on the basis of the price that would be received to sell or transfer a net position towards a particular risk in an orderly transaction between market participants at the measurement date under current market conditions. To determine the net position, the Group takes into account existing arrangements to mitigate the credit risk exposure in the event of default (e.g. a master netting agreement with the counterparty). The fair value measurement takes into consideration the likelihood that such an arrangement would be legally enforceable in the event of default. Valuation of derivatives takes into account the Credit Valuation Adjustment (\u201cCVA\u201d) and the Debit Valuation Adjustment (\u201cDVA\u201d). CVA, calculated for a given counterparty, is the product of: \u2022 The total mark-to-market the Group has with this counterparty, in case it is positive; \u2022 The probability of default of this counterparty over the average maturity, weighted by the nominal of the derivatives recorded with them. This probability of default is taken from the Bloomberg model, based on market data and derived from the Credit Default Swaps of the banks; and \u2022 The loss given default following market standard. DVA based on URW\u2019s credit risk corresponds to the loss that the Group\u2019s counterparties may face in case of the Group\u2019s default. It is the product of: \u2022 The total mark-to-market the Group has with a counterparty, in case it is negative; \u2022 The probability of default of the Group over the average maturity, weighted by the nominal of the total portfolio of derivatives. The Group\u2019s probability of default is derived from the Credit Default Swaps of URW and taken from the Bloomberg model; and \u2022 The loss given default following market standard. 7.1.2. BORROWING COSTS GENERATED BY CONSTRUCTION PROJECTS (IAS 23) Borrowing costs directly attributable to the acquisition or construction of an asset are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The interest costs capitalised are calculated using the Group\u2019s weighted average costs of borrowing applied to the average value of the work completed during each quarter, unless specific financing exists for the project. In this case, the specific interest costs of the project are capitalised. Capitalisation of borrowing costs starts when the asset is qualified as an IPUC and/or as inventory and ends when the project is transferred to standing investment property at the delivery date to the tenant or earlier when the project is technically completed or when an asset is available for sale. 7.1.3. DISCOUNTING OF DEFERRED PAYMENTS Long-term liabilities and receivables are discounted when this has a significant impact: \u2022 Deferred payments on assets deals, share deals, acquisitions of lands have been discounted up to the payment date; \u2022 Provisions for material liabilities taken under IAS 37 are discounted over the estimated duration of the disputes they cover; and \u2022 Guarantee deposits received from tenants have not been discounted given the negligible impact of discounting. 7.2. FINANCING RESULT 7.2.1. NET FINANCING COSTS (\u20ac Mn) 2022 2021 Security transactions 7.7 2.9 Other financial interest 27.3 14.7 Interest income on derivatives 210.4 194.6 Subtotal financial income 245.3 212.2 Security transactions \u2013 (0.3) Interest on bonds and EMTNs (486.6) (485.3) Interest and expenses on borrowings (66.9) (59.3) Interest on lease liability (50.8) (46.9) Interest on preferred shares (12.4) (6.0) Interest on partners\u2019 advances (30.9) (24.5) Other financial interest (7.2) (5.5) Interest expenses on derivatives (107.1) (91.5) Financial expenses before capitalisation of financial expenses (761.8) (719.3) Capitalised financial expenses 42.5 41.2 Subtotal net financial expenses (719.3) (678.1) Total net financial costs (474.0) (465.9) Financial income and expenses from the consolidated statement of cash flows correspond to cash amounts of financial interest paid and received during the period. They do not include any non-cash items such as accrued interest and amortisation of issuance costs. 7.2.2. FAIR VALUE ADJUSTMENT OF DERIVATIVES, DEBTS AND CURRENCY EFFECT (\u20acMn) 2022 2021 Mark-to-market of the ORNANEs 0.3 (2.9) Currency impact (13.2) (29.3) Restructuring of debt, hedges and mark-to-market of derivatives 233.3 (28.4) Other financial assets and liabilities 54.9 (33.6) Debt discounting 0.6 (0.9) Total non-recurring financial result 275.9 (95.1) 7.3. FINANCIAL ASSETS AND LIABILITIES 7.3.1. INVESTMENT IN FINANCIAL ASSETS Change in investments in financial assets is mainly due to vendor loans agreed on during asset disposals in France and Central Europe, and equity interests in unlisted investments in the US. 7.3.2. MAIN FINANCING TRANSACTIONS IN 2022 ORNANES: \u20ac500 Mn of net share settled bonds convertible into new and/or existing URW Stapled Shares (ORNANE) issued in April 2015 matured and were refunded on January 1, 2022. SHORT TO MEDIUM TERM PAPER: URW accessed the money markets by issuing short-term paper. The average outstanding amount of short-term paper (1) in 2022 stood at \u20ac176 Mn, below the average amount in 2021 (\u20ac682 Mn), due to the Group\u2019s high liquidity position in 2022. As at December 31, 2022, the Group had no short-term paper outstanding. (1) Neu CP and Neu MTN. (2) As Westfield Carr\u00e9 S\u00e9nart remains fully consolidated, the \u20ac302 Mn non-recourse debt raised by the asset-owning JV, held at 55% by URW, is fully consolidated at 100% in URW\u2019s IFRS and proportionate debt. (3) As Westfield CentrO is consolidated at 50.01% (at share) in URW\u2019s proportionate accounts, only \u20ac350.1 Mn (URW share) of the non-recourse debt raised by the asset-owning JV, is consolidated in URW\u2019s proportionate debt. No debt consolidated under IFRS. BANK DEBT: The Group signed during 2022: \u2022 \u20ac650 Mn sustainability-linked loans with a 5-year maturity (including the refinancing of \u20ac150 Mn debt maturing in January 2023); \u2022 \u20ac379 Mn new bilateral credit facilities with an average maturity of 4 years (including \u20ac250 Mn of sustainability-linked credit facilities); \u2022 A non-recourse mortgage loan, for a total amount of \u20ac302 Mn with a 7-year maturity in the context of the disposal of a 45% stake in Westfield Carr\u00e9 S\u00e9nart. This debt is fully consolidated in URW\u2019s accounts (2) ; and \u2022 A non-recourse sustainability-linked mortgage loan to refinance a maturing mortgage loan on Westfield CentrO for an amount of \u20ac700 Mn with a 7-year maturity. This debt is consolidated at share in the Group\u2019s proportionate accounts (3) . Furthermore, the Group extended the maturity of its existing credit facilities by one year, as follows: \u2022 \u20ac4,075 Mn of European credit facilities (including \u20ac3,100 Mn of sustainability-linked credit facility); and \u2022 $1.5 Bn out of the $3.2 Bn multi-currency revolving credit facility initially maturing in June 2023. 7.3.3. FINANCIAL DEBT BREAKDOWN AND OUTSTANDING DURATION TO MATURITY Current Non-current Total Total Outstanding duration to maturity (\u20ac Mn) Dec. 31, 2022 Lessthan1year 1yearto5years Morethan5years Dec.31,2021 Net share settled bonds convertible into new and/or existing shares (ORNANE) \u2013 \u2013 \u2013 \u2013 500.3 Principal debt \u2013 \u2013 \u2013 \u2013 500.0 Mark-to-market of debt \u2013 \u2013 \u2013 \u2013 0.3 Accrued interest \u2013 \u2013 \u2013 \u2013 \u2013 Bonds and EMTNs 686.5 8,793.3 13,009.5 22,489.3 22,793.8 Principal debt (1) 604.1 8,795.6 13,006.2 22,406.0 22,733.0 Accrued interest 237.0 \u2013 \u2013 237.0 242.9 Issuance costs (73.4) \u2013 \u2013 (73.4) (86.5) Bonds redemption premium (79.1) \u2013 \u2013 (79.1) (91.5) Mark-to-market of debt (2.1) (2.3) 3.3 (1.2) (4.1) Bank borrowings 39.2 958.6 653.4 1,651.2 1,384.2 Principal debt 62.5 961.0 653.4 1,676.9 1,395.1 Accrued interest 3.4 \u2013 \u2013 3.4 5.4 Borrowings issue fees (33.7) \u2013 \u2013 (33.7) (25.0) Bank overdrafts & current accounts to balance out cash flow 7.9 \u2013 \u2013 7.9 16.4 Mark-to-market of debt (0.9) (2.4) \u2013 (3.3) (7.7) Other financial liabilities \u2013 92.8 1,270.6 1,363.4 1,670.3 Interbank market instruments and negotiable instruments \u2013 \u2013 \u2013 \u2013 250.0 Accrued interest on interbank market instruments and negotiable instruments \u2013 \u2013 \u2013 \u2013 \u2013 Current accounts with non-controlling interests (2) \u2013 92.8 1,270.6 1,363.4 1,420.3 Lease liabilities (3) 55.6 215.0 628.3 898.9 784.9 Total financial debt 781.3 10,059.7 15,561.8 26,402.8 27,133.5 Including liabilities directly associated with Properties or Shares classified as held for sale \u2013 \u2013 \u2013 \u2013 \u2013 Total financial debt net of liabilities directly associated with Properties or Shares classified as held for sale 781.3 10,059.7 15,561.8 26,402.8 27,133.5 (1) Include currency impacts on debt raised in foreign currency for an amount of +\u20ac65.3 Mn as at December 31, 2022 (+\u20ac38.2 Mn as at December 31, 2021). The amount shown in the Financial Resources note (\u20ac22,340.7 Mn) corresponds to the amount of bonds after impact of derivatives instruments on debt raised in foreign currencies. (2) They are considered as non-current as they are financing the related assets. (3) During H2-2021, URW has entered into a new amendment with the Airport Authorities of Los Angeles which provide for rent reliefs related to the minimum annual guaranteed rent for certain months. Based on the terms of the amendment, URW applied the rent relief as a lease modification accounting according to IFRS 16 to remeasure the lease liability and the right-of-use asset based on information known at the date of reporting (i.e. enplanements). As a result, lease liability (the minimum in-substance fixed lease payments) and the right of use have been remeasured to take into account the evolution of the enplanements as at December 31, 2022. The variation of financial debt by flows breaks down as follows: Cash flows (1) Non-cash flows Variation of Dec. 31, accrued Variation of Currency Fair value Dec. 31, 2021 (2) (3) (\u20acMn) Decrease interest scope translation impact Others (4) Increase 2022 ORNANE 500.3 \u2013 (500.0) \u2013 \u2013 \u2013 (0.3) \u2013 \u2013 Bonds and EMTNs 22,793.8 \u2013 (519.1) (7.2) \u2013 192.3 2.8 26.7 22,489.3 Bank borrowings 1,384.2 786.3 (558.1) 0.9 \u2013 34.5 7.1 (3.8) 1,651.2 Other financial liabilities 1,670.3 60.1 (366.1) \u2013 \u2013 \u2013 \u2013 (0.9) 1,363.4 Lease liabilities 784.9 15.2 (56.9) \u2013 \u2013 11.9 \u2013 143.8 898.9 Total 27,133.5 861.6 (2,000.2) (6.3) \u2013 238.7 9.6 165.8 26,402.8 (1) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac908.8 Mn and decrease of -\u20ac1,879.0 Mn) mainly due to the variation of guarantee deposits received, as well as to the decrease of the financial debt on Westfield Trumbull assumed by the buyer and deducted from the disposal price of the asset. (2) Net of bonds and EMTNs issuance costs and issue fees. (3) The variation of accrued interest is included in lines Financial income/Financial expenses of the consolidated statement of cash flows. (4) The variation of Others includes straight lining of premiums and fees on EMTNs and bank borrowings and change in recognition of lease liabilities in application of IFRS 16. MATURITY OF CURRENT AND NON-CURRENT PRINCIPAL DEBT (\u20acMn) Current Non-current Total Dec. 31, 2022 Less than 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years More than 5 years ORNANE \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Bonds and EMTNs 60 4.1 1,631.3 3,031.0 1,160.1 2,973.2 13,006.2 22,406.0 Bank borrowings 62.5 162.5 12.5 125.9 660.0 653.4 1,676.9 Interbank market instruments and negotiable instruments \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Lease liabilities 55.6 57.3 54.8 52.7 50.3 628.3 898.9 Total 722.2 1,851.1 3,098.3 1,338.8 3,683.4 14,287.9 24,981.8 7.3.4. CHARACTERISTICS OF BONDS AND EMTNS Issue date Rate Currency Amount at Dec. 31, 2022 (\u20acMn) Maturity November 2010 Fixed rate 4.17% EUR 41.0 November 2030 October 2011 Fixed rate 4.1% EUR 27.0 October 2031 November 2011 Fixed rate 4.05% EUR 20.0 November 2031 February 2013 Fixed rate HKD swapped back into EUR HKD 84.2 February 2025 March 2013 Fixed rate HKD swapped back into EUR HKD 70.3 March 2025 June 2013 Fixed rate 2.5% EUR 467.0 June 2023 October 2013 Fixed rate HKD swapped back into EUR HKD 48.1 October 2025 November 2013 Fixed rate CHF swapped back into EUR CHF 137.1 November 2023 February 2014 Fixed rate 2.5% EUR 643.7 February 2024 March 2014 Fixed rate 3.08% EUR 20.0 March 2034 April 2014 Fixed rate 3.08% EUR 30.0 April 2034 June 2014 Fixed rate 2.5% EUR 600.0 June 2026 September 2014 Fixed rate 3.75% USD 937.6 September 2024 September 2014 Fixed rate 4.75% USD 468.8 September 2044 April 2015 Fixed rate 1.38% EUR 655.0 April 2030 April 2015 Fixed rate 1% EUR 500.0 March 2025 October 2015 Floating rate (ERB3M+81 Bps) EUR 50.0 October 2024 November 2015 Fixed rate 2.07% EUR 30.0 November 2030 November 2015 Fixed rate HKD swapped back into EUR HKD 90.2 November 2025 December 2015 Fixed rate 2.1% during 3 years then Constant Maturity Swap 10 years (floored at 0% capped at 4%) EUR 70.0 December 2030 March 2016 Fixed rate 1.38% EUR 500.0 March 2026 March 2016 Float rate (Erb6M+0%, floored at 0.95%, capped at 3%) EUR 20.0 March 2027 April 2016 Fixed rate 1.13% EUR 500.0 April 2027 April 2016 Fixed rate 2% EUR 500.0 April 2036 November 2016 Fixed rate 0.88% EUR 500.0 February 2025 December 2016 Fixed rate HKD swapped back into EUR HKD 6 0.1 November 2026 February 2017 Fixed rate 1.5% EUR 600.0 February 2028 May 2017 Fixed rate 1.5% EUR 500.0 May 2029 May 2017 Fixed rate 2% EUR 500.0 May 2037 May 2018 Fixed rate 1.13% EUR 800.0 September 2025 May 2018 Fixed rate 1.88% EUR 900.0 January 2031 May 2018 Fixed rate 2.25% EUR 500.0 May 2038 June 2018 Structured coupon linked to CMS 15 year EUR 40.0 June 2033 September 2018 Fixed rate 4.63% USD 468.8 September 2048 September 2018 Fixed rate 4.13% USD 468.8 September 2028 December 2018 Fixed rate 2% EUR 100.0 December 2033 February 2019 Fixed rate 1% EUR 750.0 February 2027 February 2019 Fixed rate 1.75% EUR 750.0 February 2034 March 2019 Fixed rate 2.13% GBP 338.2 March 2025 March 2019 Fixed rate 2.63% GBP 563.7 March 2029 June 2019 Fixed rate 3.5% USD 703.2 June 2029 July 2019 Fixed rate 1.75% EUR 500.0 July 2049 Issue date Rate Currency Dec. 31, 2022 (\u20acMn) Maturity October 2019 Fixed rate 0.88% EUR 750.0 March 2032 October 2019 Fixed rate 2.88% USD 703.2 January 2027 April 2020 Fixed rate 2.13% EUR 600.0 April 2025 April 2020 Fixed rate 2.63% EUR 800.0 April 2030 June 2020 Fixed rate 2% EUR 750.0 June 2032 December 2020 Fixed rate 1.38% EUR 1,000.0 December 2031 December 2020 Fixed rate 0.63% EUR 1,000.0 May 2027 May 2021 Fixed rate 1.38% EUR 600.0 May 2033 May 2021 Fixed rate 0.75% EUR 650.0 October 2028 Total 22,406.0 (1) LTV = Net financial debt (or \u201cnet debt\u201d)/Total assets excluding \u20ac960 Mn of goodwill not justified by fee business as per the Group\u2019s European leverage covenants, including transfer taxes. The proportionate ratio LTV ratio is 42.9%. (2) Proportionate ICR of 3.8x. 7.3.5. COVENANTS As at December 31, 2022, the LTV (1) ratio amounted to 41.2% (43.3% as at December 31, 2021). The Interest Coverage Ratio (\u201cICR\u201d) for the period stood at 4.2x (2) (3.3x as at December 31, 2021). The Group\u2019s corporate debt covenants levels and corresponding current ratios are set at: Financial ratios Dec. 31, 2022 Europe credit facility covenants level US credit facility covenants level US bond covenants level LTV 41.2% < 60% < 65% < 65% ICR 4.2x > 2x > 1.5x > 1.5x FFO (a) /NFD 7.6% > 4% n/a n/a Secured debt ratio (b) 2.1% n/a < 50% < 45% Unencumbered leverage ratio (c) 2.0x n/a > 1.5x > 1.25x (a) Funds From Operations: on an annualised basis, the recurring EBITDA minus (i) net recurring financial expenses and (ii) tax on recurring operating result. (b) Secured debt/total assets. (c) Unencumbered assets/unsecured debt. These covenants are tested twice a year based on the Group\u2019s IFRS financial statements. As at December 31, 2022: \u2022 100% of the Group\u2019s credit facilities and loans allow an LTV of up to 60% for the Group or the borrowing entity, as the case may be; \u2022 100% of the Group\u2019s credit facilities and loans require an ICR > 2x for the Group or the borrowing entity, as the case may be; and \u2022 70% of the Group\u2019s credit facilities and loans include an FFO/NFD covenant. These require an FFO/NFD above 4% for the Group or the borrowing entity, as the case may be. SECURED DEBT NON-RECOURSE: The non-recourse mortgage debt raised by certain entities of the Group includes financial covenants: Covenant level range % of non-recourse mortgage incl. this feature in such covenant Debt Yield (1) covenants 5% \u2013 7.5% 29% ICR covenants 1.3x \u2013 3.5x 33% LTV covenants 55% \u2013 125% 62% (1) Debt Yield: ratio of the net operating income to the outstanding loan amount, net of certain cash as defined in the relevant mortgage loan documentation. \u2022 Any breach under these covenants would not lead to a cross-default on the Group\u2019s borrowings; \u2022 In the US, the financial covenants of some mortgage loans were not met leading to a funding of cash reserves. This situation does not generate a default of these loans; and \u2022 In any case, defaults under these loans are not expected to have a material adverse effect on the Group\u2019s finances. SHORT-TERM DEBT: \u2022 There are no financial covenants (such as LTV or interest coverage ratios) in the Neu MTN, the Neu CP and the ECP programmes of URW. 7.3.6. OTHER FINANCING ACTIVITIES In the consolidated statement of cash flows, \u201cOther financing activities\u201d comprise mainly costs paid on derivatives purchase and disposals. 7.3.7. NET FINANCIAL DEBT Net financial debt is determined as below: NET FINANCIAL DEBT (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Amounts accounted for in balance sheet Net share settled bonds convertible into new and/or existing shares (ORNANE) \u2013 500.3 Non-current bonds and borrowings 24,778.2 24,774.6 Current borrowings and amounts due to credit institutions 725.7 1,073.7 Liabilities directly associated with properties or shares classified as held for sale \u2013 \u2013 Total financial liabilities 25,503.9 26,348.6 Adjustments Mark-to-market of debt 4.5 11.5 Current accounts with non-controlling interests (1,363.4) (1,420.3) Impact of derivatives instruments on debt raised in foreign currency (65.3) (38.2) Accrued interests/issuance fees (54.2) (45.3) Total financial liabilities (nominal value) 24,025.4 (1) 24,856.3 (1) Cash and cash equivalents (3,329.1) (1) (2,256.1) (1) Net financial debt 20,696.3 22,600.2 (1) Bank overdrafts and current accounts to balance out cash flow are included in the total financial liabilities, in 2022 for \u20ac7.9 Mn and in 2021 for \u20ac16.4 Mn. NET CASH AT PERIOD END (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Marketable securities (1) 11.5 12.4 Short-term deposit (2) 1,905.8 1,200.0 Cash 1,411.8 1,043.6 Total asset 3,329.1 2,256.1 Bank overdrafts and current accounts to balance out cash flow (7.9) (16.4) Total liabilities (7.9) (16.4) Net cash at period end 3,321.2 (3) 2,239.7 (1) This item includes investments in money-market SICAV (marketable securities) denominated in SEK at FVTPL. (2) All short-term deposits are denominated in euros. (3) The high level of cash as at December 31, 2022, aims to cover URW\u2019s debt repayment needs corresponding to the bonds and bank loans outstanding as at December 31, 2022, and maturing within 1 year (see note 7.5.1 \u201cLiquidity risk\u201d). 7.4. HEDGING INSTRUMENTS CHANGE IN DERIVATIVES (\u20ac Mn) Dec. 31, 2021 Amounts recognised in the statement of comprehensive income Changes in scope of consolidation Acquisitions Disposals Reallocation Dec. 31, 2022 Fair value adjustments of derivatives Other comprehensive income Assets Derivatives at fair value non-current 442.9 317.1 \u2013 \u2013 62.8 8.1 \u2013 831.0 \u2022 Without a hedging relationship 442.9 317.1 \u2013 \u2013 62.8 8.1 \u2013 831.0 \u2022 Other derivatives \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Liabilities Derivatives at fair value concurrent 1,067.2 12.3 \u2013 \u2013 38.7 (20.8) \u2013 1,097.4 \u2022 Without a hedging relationship 1,067.2 12.3 \u2013 \u2013 38.7 (20.8) \u2013 1,097.4 Net (624.2) 304.8 \u2013 \u2013 24.1 28.9 \u2013 (266.4)
7.5. RISK MANAGEMENT POLICY
(1) Subject to covenants.
(2) Subject to covenants.
(3) On any day in the period starting on, and including the 90th calendar day prior to the First Reset Date (being October 25, 2023).
(4) With the Reset Rate of Interest being equal to the sum of the 5-Year Euro Mid Swaps as at October 23, 2023, and the Relevant Margin (i.e. 1.675% until October 24, 2028).
7.5.1. LIQUIDITY RISK
The following table shows the Group\u2019s contractually agreed interest
payments and repayments of the non-derivative financial liabilities
(excluding leases liabilities and current accounts) and the derivatives
with positive and negative fair values. Amounts in foreign currency were
translated at the closing rate at the reporting date. The payments of the
floating rate interests have been calculated on the basis of the last
interest rates published on December 31, 2022.
Commercial paper has been allocated at the earliest period of
redemption even if they are rolled over. All other borrowings have been
allocated by date of maturity.
(\u20acMn)
Carrying
amount
(a)
Less than 1 year 1 year to 5 years More than 5 years
Dec. 31, 2022 Interest Redemption Interest Redemption Interest Redemption
Bonds, borrowings and amounts due to credit institutions
Bonds and EMTNs 22,406.0 (456.5) 60 4.1 (1,489.8) 8,795.6 (1,965.6) 13,006.2
Bank borrowings and other financial liabilities
(b)
1,676.9 (49.6) 62.5 (178.4) 961.0 (14.1) 653.4
Financial derivatives
Derivative financial liabilities
Derivatives without a hedging relationship (1,097.4) (83.3) 27.8 (4 45.1) 38.2 (150.0) \u2013
Derivative financial assets
Derivatives without a hedging relationship 831.0 109.9 \u2013 299.7 (0.7) 667.3 \u2013
(a) Corresponds to the amount of principal debt (see note 7.3.3 \u201cFinancial debt breakdown and outstanding duration to maturity\u201d).
(b) Excludes current accounts with non-controlling interests and lease liabilities.
The average maturity of the Group\u2019s debt, considering the undrawn
credit lines
(1)
and cash on hand, stood at 8.3 years and at 7.1 years
without taking into account the undrawn credit lines and cash on hand.
URW\u2019s debt maturing over the next 12 months amounts to \u20ac647 Mn.
In any event, the next 12 months debt repayment needs are fully
covered by the cash on hand (\u20ac3,329 Mn) and available undrawn credit
lines
(2)
(\u20ac9,655 Mn) including a $3.2 Bn (c. \u20ac3.0 Bn) multi-currency
revolving credit facility.
The terms and conditions of the \u20ac1.25 Bn perpetual non-call 2023 hybrid
instrument provide the issuer with a call option
(3)
in 2023, and annually
thereafter.
The decision regarding this call will be made ahead of its First Reset
Date
(4)
(i.e. October 25, 2023).
The amount of bonds, mortgage, bank loans, current accounts and
overdrafts outstanding as at December 31, 2022, and maturing or
amortising within 1 year is \u20ac675 Mn (including \u20ac604 Mn of bonds).
The credit facilities maturing over the next 12 months amount to
\u20ac1,824 Mn including $1.7 Bn that has not been extended out of the
current $3.2 Bn multi-currency revolving credit facility.
URW\u2019s long-term refinancing policy consists of diversifying the Group\u2019s
expiry schedules and financial resources. Accordingly (on IFRS basis),
bonds & EMTN issues represented 93% of financial nominal debt at
December 31, 2022, and bank loans, mortgages and overdrafts 7%.
7.5.2. COUNTERPARTY RISK Due to its use of derivatives to minimise its interest and exchange rate risk, the Group is exposed to potential counterparty defaults. The counterparty risk is the risk of replacing the derivative transactions at current market rates in the case of default. To limit counterparty risk, URW relies solely on major international banks for its hedging operations. In case of derivative termination, netting can apply as a result of existing agreements between the Group and the banks. The related amounts of derivative instruments would be \u20ac139.2 Mn for assets and \u20ac503.4 Mn for liabilities. 7.5.3. CREDIT RISK Credit risk arises from cash and equivalents as well as credit exposures with respect to rental customers. Credit risk is managed on a Group level. The Group structures the level of credit risk it accepts by placing limits on its exposure to a single counterparty, or groups of counterparties, and to geographical and industry segments. Such risks are subject to at least an annual review, and often more frequently. The Group has policies in place to ensure that rental contracts are made with customers with an appropriate credit history. The main tenants of URW\u2019s Office properties in France are blue-chip companies. The tenant profile minimises insolvency risks. In the Shopping Centres segment, the risk of insolvency is spread widely across a large number of tenants. When tenants sign their lease agreements, they are typically required to provide financial guarantees, such as a deposit, first-demand guarantee or a surety bond amounting to between 3 and 6 months\u2019 rent. Payments for ancillary services provided by the C&E segment are generally received in advance, thereby reducing the risk of unpaid debt. Late payment reminders are automatically issued in respect of late payments and penalties are applied, in normalised context. Such late payments are monitored by a special \u201cdefault\u201d committee in each business segment, which decides on the pre-litigation or litigation action to be taken. According to IFRS 9, the estimated provision corresponds to the amount that the Company does not expect to recover. Although, when collecting a tenant deposit or obtaining a bank guarantee, URW partially covers the possible future losses. URW\u2019s provision policy meets the simplified model of IFRS 9: \u2022 The estimated losses are calculated on a homogeneous segment of receivables; \u2022 The rate of estimated loss reflects the best estimation of the expected future losses, on the considered client segment: URW respects the notion of back testing (comparisons are performed with historical rates of losses) and if needed, the rates are adjusted to take into account any new trigger event; and \u2022 Historical data are reviewed to better reflect the actual situation and integrate the best estimates for the near future. The Group applies the following rules to calculate the provision for doubtful accounts as at December 31, 2022: \u2022 Receivables from tenants under bankruptcies proceedings were fully depreciated; \u2022 Doubtful debt provisions are defined on the basis of an estimated default rate based on a forward-looking approach. This percentage of default may be refined by the tenant segment and position of the Shopping Centre in its catchment area. Ultimately, this default is rationalised based on recent events like tenants bankruptcies in 2022 and also the evolution of shop closures in the past quarters; and \u2022 This percentage was applied on the amount of receivables from which security deposit and deferred amounts not yet due were deducted. The amounts of tenants receivables and the related provisions for doubtful debtors from the retail activities have decreased during the period. This decrease was mitigated by an increase in receivables from the Office activity, mainly as a result to Trinity leasing progress and from the C&E sector following the recovery in activity. The total accounts receivable from retail activities decreased by -\u20ac96.6 Mn in total (-\u20ac100.4 Mn on a proportionate basis) vs. December 31, 2021, and by -\u20ac103.6 Mn (-\u20ac111.7 Mn on a proportionate basis) excluding +\u20ac7.0 Mn (+\u20ac11.2 Mn on a proportionate basis) of currency effect. This decrease includes -\u20ac14.9 Mn (-\u20ac13.5 Mn on a proportionate basis) of allowances of provisions net of reversal booked in the result for the period (vs. -\u20ac67.8 Mn of allowances net of reversals in 2021 and -\u20ac97.3 Mn on a proportionate basis). As at December 31, 2022, the gross amount of receivables amounted to \u20ac680.2 Mn (\u20ac882.2 Mn on a proportionate basis) and the provision for doubtful debtors to -\u20ac216.4 Mn (-\u20ac285.9 Mn on a proportionate basis) compared with \u20ac766.8 Mn and -\u20ac234.3 Mn, respectively, at the end of December 2021, (\u20ac985.7 Mn and -\u20ac317.0 Mn on a proportionate basis). 7.6. MARKET RISK Market risks can generate losses resulting from fluctuations in interest rates, exchange rates, raw material prices and share prices. URW\u2019s risk mainly relates to interest rate fluctuations on the debt it has taken out to finance its investments, and maintain the cash position it requires and exchange rate fluctuations due to the Group\u2019s activities in countries outside the Eurozone, in particular in the US and the UK. The Group, through its activities, may be exposed to market risks that can generate losses as a result of \ufb02uctuations in stock markets. The Group is either: (i) directly exposed to fluctuations in stock prices due to the ownership of shares or financial instruments, or (ii) indirectly exposed to fluctuations in stock prices, due to the ownership of funds, investment instruments or share-based derivatives which are directly correlated with the price of the asset underlying such derivatives. 7.6.1. INTEREST RATE RISK MANAGEMENT AVERAGE COST OF DEBT The average cost of debt corresponds to the ratio between \u201crecurring financial expenses (excluding the ones on financial leases and partners\u2019 current accounts) + capitalised financial expenses (excluding non- recurring financial expenses such as mark-to-market and termination costs of financial instruments including bonds repurchased, currency impact)\u201d and \u201caverage net debt over the period\u201d. The average cost of debt as at December 31, 2022, is 2.0% (2.0% as at December 31, 2021), representing the blended average cost of 1.5% for Euro and SEK denominated debt and 3.8% for USD and GBP denominated debt. The Group\u2019s cost of debt was stable between H1 and H2-2022 thanks to the Group\u2019s hedging instruments in place limiting the impact of rates increase and thanks to positive cash deposit rate in H2. MEASURING INTEREST RATE RISK As at December 31, 2022, the measuring interest risk is as follow: (\u20ac Mn) Financial liabilities Fixed rate Variable rate (1) Less than 1 year 674.5 \u2013 1 year to 2 years 1,743.8 50.0 2 years to 3 years 3,043.5 \u2013 3 years to 4 years 1,286.1 \u2013 4 years to 5 years 3,103.2 530.0 More than 5 years 13,308.7 350.9 Total 23,159.8 930.9 (1) Including index-linked debt. The Group does not have a micro-hedging strategy, except when both currency exchange risk and interest rate risk are hedged, which enables it not to correlate its liquidity risk and interest rate risk management. Consequently, the maturities of the debts and hedging instruments can be dissociated and the outstanding derivatives instruments can hedge a part of the fixed rate debt maturing in the following years. The interest cost of outstanding debt was fully hedged as at December 31, 2022, through both: \u2022 Debt kept at a fixed rate; and \u2022 Hedging in place as part of URW\u2019s macro-hedging policy. The hedging balance as at December 31, 2022, breaks down as follows: (1) On a proportionate basis. (2) The hedging instruments are used to hedge (i) the variable rate debt and (ii) the fixed rate debt immediately converted into variable rate debt, through the Group\u2019s macro hedging. (3) The impact on exchange rates due to this theoretical increase/decrease in interest rates is not taken into account. The theoretical impact of an increase/ decrease in interest rates is calculated relative to the applicable rates as at December 31, 2022: 3 Mn Euribor (2.132%), 3 Mn USD Libor (4.7673%) and 3 Mn Sonia (3.7463%). (\u20acMn) Outstanding total at Dec. 31, 2022 Fixed rate Variable rate (a) Financial liabilities before hedging programme (23,159.8) (930.9) Micro-hedging 11,059.7 (11,059.7) Financial liabilities after micro-hedging (b) (12 ,10 0.1) (11,990.6) Swap rate hedging (c) \u2013 Net debt not covered by swaps (11,990.6) Cap and floor hedging 2,979.1 Hedging balance \u2013 (9,011.6) (a) Including index-linked debt. (b) Partners\u2019 current accounts are not included in variable-rate debt. (c) Forward hedging instruments are not accounted for in this table. In 2022, the Group adjusted its hedging position in view of its current disposal and investment plans, its hedging programme, the existing debt (1) as well as the debt the Group expects to raise in the coming years. The cost of these adjustments, including new instruments implemented in 2022, net of their mark-to-market in URW books at end of 2022, was positive at \u20ac98.8 Mn. Taking into account the derivatives with a starting date as from 2023, the Group\u2019s net interest rate position (2) is fully hedged for 2023 and the following years. MEASURING INTEREST RATE EXPOSURE In 2022, short-term interest rates increased across currencies by: +270 bps for 3M Euribor, +456 bps for 3M USD Libor and +341 bps for 3M Sonia. Based on the Group\u2019s budgeted net debt in 2023, if interest rates (3) (Euribor, Libor, Stibor) were to increase/decrease, the recurring net result would be impacted by: Euros (\u20acMn) USD ($Mn) GBP (\u00a3Mn) Total eq. EUR (\u20acMn) -25 bps interest rate (9.6) \u2013 \u2013 (9.6) +25 bps interest rate 9.6 \u2013 \u2013 9.6 +100 bps interest rate 38.3 \u2013 \u2013 38.3 +200 bps interest rate 76.6 \u2013 \u2013 76.6 As shown in the table above, the impact of a rate increase on the recurring financial expenses would be positive in case of an increase in rates as the hedging instruments in place are expected to be above budgeted debt following the deleveraging progress. 7.6.2. MANAGEMENT OF EXCHANGE RISKS (1) On a proportionate basis. MEASURE OF EXPOSURE TO FOREIGN EXCHANGE RISKS AS AT DECEMBER 31, 2022 The Group is active in countries outside the Eurozone. When converted into euros, the income and value of the Group\u2019s investments may be influenced by fluctuations in exchange rates against the euro. The Group\u2019s policy objective is to apply a broadly consistent (1) LTV by currency allowing it to match part of the foreign currency asset value and income with debt and financial expenses in the same currency, thus reducing the exchange rate effects on the Group\u2019s balance sheet and earnings. Foreign exchange risk can be hedged by either matching investments in a specific currency with debt in the same currency or using derivatives to achieve the same risk management goal. EXPOSURE SENSITIVITY TO CURRENCY EXCHANGE RATE MEASURE OF THE EXPOSURE TO OTHER RISKS AS AT DECEMBER 31, 2022 (\u20ac MN) Currency Assets Liabilities Net exposure Hedging instruments Exposure net of hedges USD 10,664 (4,874) 5,791 \u2013 5,791 GBP 2,665 (1,250) 1,415 \u2013 1,415 SEK 2,136 (276) 1,860 \u2013 1,860 Others 610 (717) (107) 490 384 Total 16,076 (7,117) 8,959 490 9,449 EXPOSURE SENSITIVITY TO CURRENCY EXCHANGE RATE Before hedging, the main exposures kept are in USD, GBP and SEK. A change of 10% of EUR/USD, EUR/GBP or EUR/SEK (i.e. a 10% increase of EUR against the USD, GBP or SEK in 2023) would have an impact on shareholders\u2019 equity and the net recurring result as follows: (\u20acMn) Dec. 31, 2022 Dec. 31, 2021 Net recurring result gain/(loss) Equity gain/(loss) Net recurring result gain/(loss) Equity gain/(loss) Impact of an increase of +10% in the EUR/USD exchange (23.0) (526.4) (17.5) (552.3) Impact of an increase of +10% in the EUR/GBP exchange (12.8) (128.6) (9.9) (134.3) Impact of an increase of +10% in the EUR/SEK exchange (8.1) (169.1) (7.4) (186.6) The impact on the net recurring result would be offset by the FX hedging that the Group has put in place against EUR/USD, EUR/GBP and EUR/ SEK fluctuations. 7.7. CARRYING VALUE OF FINANCIAL INSTRUMENTS PER CATEGORY FAAC: Financial Asset at Amortised Cost FAFVOCI: Financial Asset at Fair Value through Other Comprehensive Income FAFVTPL: Financial Asset at Fair Value Through Profit or Loss FLAC: Financial Liabilities at Amortised Cost FLFVTPL: Financial Liabilities at Fair Value Through Profit or Loss Dec. 31, 2022 (\u20ac Mn) Categories in accordance with IFRS 9 Carrying amount Dec. 31, 2022 Amounts recognised in statement of financial position according to IFRS 9 Fair value Amortised cost Fair value recognised in equity Fair value recognised in profit & loss Assets Investments in financial assets FAAC/FAFVOCI /FAFVTPL 365.2 167.6 24.5 173.1 365.2 Derivatives at fair value FAFVTPL 831.0 \u2013 \u2013 831.0 831.0 Trade receivables from activity (1) FAAC 257.2 257.2 \u2013 \u2013 257.2 Other receivables (2) FAAC 359.5 359.5 \u2013 \u2013 359.5 Cash and cash equivalents FAAC/FAFVTPL 3,329.1 1,905.8 \u2013 1,423.3 3,329.1 5,142 .0 2,690.2 24.5 2,427.3 5,142 .0 Liabilities Commitment to non-controlling interests FLFVTPL 44.8 \u2013 \u2013 44.8 44.8 Financial debts (excluding ORNANE) (3) FLAC 26,402.8 26,402.8 \u2013 \u2013 22,182.0 Net share settled bonds convertible into new and/or existing shares (ORNANE) FLFVTPL \u2013 \u2013 \u2013 \u2013 \u2013 Derivatives at fair value FLFVTPL 1,097.4 \u2013 \u2013 1,0 97.4 1,0 97.4 Non-current amounts due on investments FLAC 39.1 39.1 \u2013 \u2013 39.1 Other non-current liabilities FLAC/FLFVTPL 90.6 38.1 \u2013 52.4 90.6 Amounts due to suppliers and other current debt (4) FLAC 1,141.6 1,141.6 \u2013 \u2013 1,141.6 28,816.2 27,621.6 \u2013 1,194.6 24,595.4 (1) Excluding rent-free periods and step rents. (2) Excluding prepaid expenses, service charges due and tax receivables. (3) Financial debt is valued at market value based on market rates and spread issuers at each closing date. The amount includes a fixed rate debt for \u20ac22,658.8 Mn valued at \u20ac18,437.9 Mn. (4) Excluding deferred income, service charges billed and tax liabilities. Dec. 31, 2021 (\u20ac Mn) Categories in accordance with IFRS 9 Carrying amount Dec. 31, 2021 Amounts recognised in statement of financial position according to IFRS 9 Fair value Amortised cost Fair value recognised in equity Fair value recognised in profit & loss Assets Investments in financial assets FAAC/FAFVOCI /FAFVTPL 370.7 160.2 28.9 181.6 370.7 Derivatives at fair value FAFVTPL 442.9 \u2013 \u2013 442.9 442.9 Trade receivables from activity (1) FAAC 320.6 320.6 \u2013 \u2013 320.6 Other receivables (2) FAAC 334.9 334.9 \u2013 \u2013 334.9 Cash and cash equivalents FAAC/FAFVTPL 2,256.1 1,200.0 \u2013 1,056.1 2,256.1 3,725.2 2,015.7 28.9 1,680.6 3,725.2 Liabilities Commitment to non-controlling interests FLFVTPL 99.8 \u2013 \u2013 99.8 99.8 Financial debts (excluding ORNANE) (3) FLAC 26,633.2 26,633.2 \u2013 \u2013 27,247.9 Net share settled bonds convertible into new and/or existing shares (ORNANE) FLFVTPL 500.3 \u2013 \u2013 500.3 500.3 Derivatives at fair value FLFVTPL 1,067.2 \u2013 \u2013 1,0 67.2 1,0 67.2 Non-current amounts due on investments FLAC 54.1 54.1 \u2013 \u2013 54.1 Other non-current liabilities FLAC/ FLFVTPL 94.6 32.6 \u2013 62.0 94.6 Amounts due to suppliers and other current debt (4) FLAC 1,220.8 1,220.8 \u2013 \u2013 1,220.8 29,670.0 27,940.8 \u2013 1,729.3 30,284.7 (1) Excluding rent-free periods and step rents. (2) Excluding prepaid expenses, service charges due and tax receivables. (3) Financial debt is valued at market value based on market rates and spread issuers at each closing date. The amount includes a fixed rate debt for \u20ac23,993.6 Mn valued at \u20ac24,608.3 Mn. (4) Excluding deferred income, service charges billed and tax liabilities. \u201cTrade receivables from activity\u201d, \u201cOther receivables\u201d, \u201cCash and cash equivalents\u201d and \u201cAmounts due to suppliers and other current debt\u201d mainly have short-term maturity. Consequently, their carrying amounts at the reporting date approximate the fair value. 7.7.1. FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AND LIABILITIES IFRS 13 establishes a hierarchy of valuation techniques for financial instruments. The following categories are identified: \u2022 Level 1: financial instruments quoted in an active market; \u2022 Level 2: financial instruments whose fair value is evidenced by comparison with other observable current market transactions in the same instrument (i.e. without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets; and \u2022 Level 3: financial instruments whose fair value is determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable current market transactions in the same instrument (i.e. without modification or repackaging) and not based on available observable market data. ( \u20acMn) Fair value measurement at Dec. 31, 2022 Total Level 1 Level 2 Level 3 Assets Fair value through profit or loss Investments in financial assets 173.1 \u2013 \u2013 173.1 Derivatives 831.0 \u2013 831.0 \u2013 Marketable securities 11.5 11.5 \u2013 \u2013 Fair value through equity Investments in financial assets 24.5 \u2013 \u2013 24.5 Derivatives \u2013 \u2013 \u2013 \u2013 Total 1,040.0 11.5 831.0 197.5 Liabilities Fair value through profit or loss Commitment to non-controlling interests 44.8 \u2013 \u2013 44.8 ORNANE \u2013 \u2013 \u2013 \u2013 Derivatives 1,0 97.4 \u2013 1,0 97.4 \u2013 Other non-current liabilities 52.4 \u2013 \u2013 52.4 Total 1,194.6 \u2013 1,0 97.4 97.2 7.7.2. NET GAIN/LOSS BY CATEGORY URW closely monitors its financial risk linked to its activity and the financial instruments it uses. The Group identifies and regularly evaluates its different risk exposures (liquidity, interest rates, and currency exchange rates) in order to implement the adopted strategy. 2022 (\u20ac Mn) From interest Net gain/(loss) in profit & loss Net gain/(loss) in equity Investments in financial assets 11.3 11.3 (9.3) Derivatives at fair value through profit and loss 103.3 103.3 \u2013 Financial liabilities at amortised cost (631.1) (631.1) \u2013 (516.4) (516.4) (9.3) Capitalised expenses 42.5 Net financial expenses (474.0) 2021 (\u20ac Mn) From interest Net gain/(loss) in profit & loss Net gain/(loss) in equity Investments in financial assets 10.5 10.5 (2.7) Derivatives at fair value through profit and loss 103.1 103.1 \u2013 Financial liabilities at amortised cost (620.7) (620.7) \u2013 (5 07.1) (5 07.1) (2.7) Capitalised expenses 41.2 Net financial expenses (465.9) NOTE 8. TAXES 8.1. ACCOUNTING PRINCIPLES 8.1.1. INCOME TAX EXPENSES The Group companies are taxable according to the tax rules of their country. In some countries, special tax regimes for public property companies exist. Calculation of income tax expenses is based on local rules and rates. 8.1.2. DEFERRED TAX Deferred taxes are recognised in respect of all temporary differences between the carrying amount and tax base of assets and liabilities at each financial year-end. Deferred tax assets or liabilities are calculated based on total temporary differences and on tax losses carried forward, using the local tax rate that will apply on the expected reversal date of the concerned differences, if this rate has been set. Otherwise, they are calculated using the applicable tax rate in effect at the financial year-end date. Within a given fiscal entity or group and for a given tax rate, debit balances are recorded to assets for the amount expected to be recoverable over a foreseeable period. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be used. The main deferred tax liabilities relate to: \u2022 The mark-to-market of investment properties, resulting in the recognition of a deferred tax liability for non-tax-exempt assets; and \u2022 The recognition of intangible assets at the acquisition date identified on Viparis entities, particularly Viparis-Porte de Versailles and Paris Nord Villepinte, as well as on Westfield entities. 8.1.3. TAX REGIMES Different tax regimes exist in the following countries. FRANCE \u2013 SIIC REGIME (SOCI\u00c9T\u00c9 D\u2019INVESTISSEMENT IMMOBILIER COT\u00c9E) URW elected to participate in the SIIC regime from the creation of the regime on January 1, 2003. Its French subsidiaries eligible for SIIC status have also opted for this regime. The SIIC regime is based on the concept of tax transparency, meaning that rental income and capital gains made from divestments are not subject to income tax at the level of the Group\u2019s French property companies, but upon distribution to URW\u2019s shareholders. The SIIC regime requires that URW and its SIIC subsidiaries distribute 95% of their recurring income and 100% of their dividend income received from SIIC or equivalent subsidiaries before the end of the following tax year, and 70% of their capital gains before the end of the second tax year following the year in which the gain was generated. The SIIC regime limits the dividend payment to the statutory distribution capacity and the unpaid SIIC obligation as a result of the capping mechanism is carried forward until the statutory distribution capacity is restored. The SIIC regime only applies to real estate rental activities, therefore other income generated by URW and its SIIC subsidiaries\u2019 ancillary activities remains subject to income tax. SPAIN \u2013 SOCIMI REGIME (SOCIEDADES \u00c1NONIMAS COTIZADAS DE INVERSI\u00d3N EN EL MERCADO INMOBILIARO) URW entered the SOCIMI regime in 2013 with most of its Spanish subsidiaries which own standing assets. The SOCIMI regime provides for a tax rate of 0% on recurring income provided that certain requirements \u2013 some of them related to the shareholders of URW \u2013 are fulfilled. Capital gains realised within the SOCIMI regime are taxed at 0%, and capital gains related to the period before entering into the regime are taxed at the moment of realisation. Based on the SOCIMI regime, the Company has to fulfil distribution obligations of at least 80% of its profits annually, as well as 50% of its capital gains, provided that the remaining 50% is reinvested in the real estate sector within a 3-year period. THE NETHERLANDS \u2013 FBI/FII REGIME (FISCALE BELEGGINGSINSTELLING/FISCAL INVESTMENT INSTITUTION) The requirements for companies to qualify for the FBI regime are partly related to their activities and their shareholding base. For the main part of the Group\u2019s Dutch real estate, following an agreement with the Dutch tax authorities, the FBI regime is not applied. URW NV, which owns the majority of the US portfolio, does apply the FBI/FII regime. An FBI/FII has to distribute its income, calculated according to the rules for corporate income tax, on a yearly base. UNITED KINGDOM \u2013 UNITED KINGDOM REIT URW applies the UK REIT regime for part of its UK real estate portfolio. Based on the regime, various restrictions apply, among them the requirement that at least 75% of the REIT\u2019s net profit must be derived from the property rental business, and 75% of the REIT\u2019s assets must be used in the property rental business or be held as cash. At least 90% of the income from the property rental business must be distributed within 12 months after the end of the accounting period. There\u2019s no distribution obligation for gains arising from the disposal of real estate used in the property rental business. UNITED STATES \u2013 UNITED STATES REIT URW has elected to apply the REIT regime for the main part of its US portfolio. Like in other REIT regimes, there\u2019s an asset test (75%) along with various securities ownership limits, and in addition there is a combined income test: at least 75% of the gross income must be derived from real estate property rental or from interest on mortgages on real estate property, whereas at least 95% of the gross income must come from a combination of real estate related sources and passive sources, such as dividends and interest. US law requires the REIT to annually distribute at least 90% of its ordinary taxable income.
8.2. INCOME TAX EXPENSES
(\u20ac Mn)
2022 2021
Recurring deferred and current tax on:
\u2022 Allocation/reversal of provision concerning tax issues (5.1) (0.9)
\u2022 Other recurring results (54.4) (14.4)
Total recurring tax (59.5) (15.3)
Non-recurring deferred and current tax on:
\u2022 Change in fair value of investment properties and impairment of intangible assets 36.5 65.7
\u2022 Other non-recurring results (39.7) (17.5)
Total non-recurring tax (3.2) 48.2
Total tax (62.7) 32.9
Total tax paid (64.7) (27.3)
(\u20ac Mn)
2022 2021
Current tax (76.8) (5.4)
Deferred tax 14.1 38.3
Total tax (62.7) 32.9
Reconciliation of effective tax rate
% 2022 2021
Profit (loss) before tax, impairment of goodwill and result of associates 403.0 (307.7)
Income tax using the average tax rate 25.9% (104.4) 70.6
Tax exempt profits (including SIIC, SOCIMI and REIT regimes) (44.1)% 17 7.9 101.9
Non-deductible costs 1.6% (6.6) (8.9)
Effect of tax provisions 3.3% (13.5) (1.8)
Effect of non-recognised tax losses 38.9% (156.7) (130.3)
Effect of change in tax rates (8.1)% 32.8 (0.5)
Effect of currency translation in tax 0.2% (0.7) (7.2)
Other (2.1)% 8.5 9.2
Total tax 15.6% (62.7) 32.9
8.3. DEFERRED TAX 2022 CHANGE (\u20acMn) Dec. 31, 2021 Net variation Reclassification Currency translation Change in scope of consolidation Dec. 31, 2022 Deferred tax liabilities (1,918.0) 35.1 (2.2) 20.7 31.8 (1,832.6) Deferred tax on investment properties (1,734.4) 30.5 (2.2) 21.6 31.8 (1,652.7) Deferred tax on intangible assets (183.6) 4.6 \u2013 (0.9) \u2013 (179.9) Other deferred tax 24.6 (21.5) (0.1) 0.8 \u2013 3.8 Tax loss carry-forward (1) 45.9 (6.8) (0.1) 0.5 \u2013 39.5 Other (1) (21.3) (14.7) \u2013 0.3 \u2013 (35.7) Total deferred tax liabilities (1,893.4) 13.6 (2.3) 21.5 31.8 (1,828.8) Deferred tax assets Tax loss carry-forward 31.3 1.4 0.1 (0.8) \u2013 32.0 Other deferred tax assets (1) 8.0 (0.9) 1.6 0.3 \u2013 9.0 Provision on tax loss carry-forward (17.0) \u2013 \u2013 (0.2) \u2013 (17.2) Total deferred tax assets 22.3 0.5 1.7 (0.7) \u2013 23.8 (1) Deferred tax assets and liabilities within a same tax group are offset. 2021 CHANGE (\u20ac Mn) Dec. 31, 2020 Net variation Reclassification Currency translation Change in scope of consolidation Dec. 31, 2021 Deferred tax liabilities (2,052.5) 66.2 \u2013 (4.0) 72.3 (1,918.0) Deferred tax on investment properties (1,864.4) 62.5 \u2013 (4.8) 72.3 (1,734.4) Deferred tax on intangible assets (188.1) 3.7 \u2013 0.8 \u2013 (183.6) Other deferred tax 44.8 (25.5) 1.5 4.3 (0.5) 24.6 Tax loss carry-forward (1) 63.0 (19.5) 2.2 (0.1) 0.3 45.9 Other (1) (18.2) (6.0) (0.7) 4.4 (0.8) (21.3) Total deferred tax liabilities (2,0 07.8) 40.7 1.5 0.3 71.8 (1,893.4) Deferred tax assets Tax loss carry-forward 29.9 3.2 (2.2) 0.4 \u2013 31.3 Other deferred tax assets (1) 11.7 (3.9) \u2013 0.2 \u2013 8.0 Provision on tax loss carry-forward (15.2) (1.7) \u2013 (0.1) \u2013 (17.0) Total deferred tax assets 26.5 (2.4) (2.2) 0.5 \u2013 22.3 (1) Deferred tax assets and liabilities within a same tax group are offset. Deferred tax liabilities on properties refer to: 1) Those countries where there is no REIT regime (like the SIIC regime in France), providing a tax exemption on recurring income and capital gains on property sales with an obligation to distribute part of their net result, or 2) To countries where such tax efficient status does exist, but where the structure of URW in its current form and under current legislation would lead to tax amounts to be paid in case of capital gains on property sales. UNRECOGNISED DEFERRED TAX ASSETS The table below presents the tax basis on which no deferred tax assets were recognised: (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Temporary differences investment properties \u2013 \u2013 Tax loss carry-forwards not recognised 2,471.0 2,070.2 Total unrecognised tax basis 2,471.0 2,070.2 DETAIL OF UNRECOGNISED TAX LOSSES AT THE END OF 2022 INTO FINAL YEAR OF USE: (\u20ac Mn) 2023 13.6 2024 24.8 2025 27.3 2026 3.1 2027 17.5 Unlimited 2,384.7 Total 2,471.0 The tax losses are to a large extent related to negative financial results on French SIIC entities (\u20ac979.6 Mn), next to losses caused by impairments in some other countries (mainly US and The Netherlands). Deferred tax assets have not been recognised because it is not probable that future taxable profit will be available against which these losses can be offset. NOTE 9. PROVISIONS The determination of the amount of provisions for liabilities and charges requires the use of estimates, assumptions and judgement made by management based on information available or situations prevalent at the date of preparation of the accounts, information and situation which may vary from subsequent actual events, as well as on the basis of estimated conditions at a given date. 2022 CHANGE (\u20ac Mn) Dec. 31, 2021 Allocations Reversals used Reversals not used Foreign currency translation impact Other movements Dec. 31, 2022 Non-current provisions 55.5 15.7 (1.4) (1.5) 2 .1 (2.6) 67.7 Non-current provisions excluding employee benefits 42.5 9.4 (0.6) (1.5) 2.1 0.2 52.1 Employee benefits 13.0 6.3 (0.8) \u2013 \u2013 (2.8) 15.6 Current provisions 34.6 16.8 (7.0) (10.3) (1) (0.1) (0.9) 33.0 Total 90.1 32.5 (8.5) (11.8) 1.9 (3.4) 100.7 (1) Relates mainly to the reversal of litigation with tenants. NOTE 10. OTHER CURRENT LIABILITIES Other current liabilities break down as follows: (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Tax and social liabilities 512.0 453.1 Other liabilities 206.2 214.2 Total other current liabilities 718.2 667.4 NOTE 11. EMPLOYEE REMUNERATION AND BENEFITS 11.1. HEADCOUNT The average number of employees of the Group\u2019s companies breaks down as follows: Regions 2022 2021 France (1) 968 989 Spain 128 120 US 552 718 Central Europe 146 143 Austria 62 55 Germany 403 422 Nordics 96 104 The Netherlands 62 81 UK 243 259 Australia \u2013 \u2013 Total 2,660 2,889 (1) Of which Viparis: 336/334. 11.2. PERSONNEL COSTS (\u20ac Mn) 2022 2021 Personnel costs 347.9 383.6 Employee benefits (1) 18.0 13.3 Total 365.9 396.9 (1) Expenses relating to the Company Savings Plan, stock options and performance shares, recognised with an equivalent increase in equity. EMPLOYEE PROFIT SHARING Employees belonging to the UES (\u201cUnit\u00e9 \u00c9conomique et Sociale\u201d-Social and Economic Group) Unibail comprising notably Unibail Management and Espace Expansion, and employees of URW SE benefit from a common employee profit-sharing plan and a common profit-sharing agreement introduced in 1999. The common profit-sharing agreement was renewed in 2017, then extended for a period of 1 year covering the 2022 financial year. The profit-sharing agreement is based on the annual growth of the net recurring result and of the EPRA NNNAV, weighted for the activity in France and adjusted for indexation. Employees belonging to the UES Viparis benefit from a common employee profit-sharing plan and a common profit-sharing agreement introduced in 2008. The profit-sharing agreement was renewed in 2020. 11.3. EMPLOYEE BENEFITS 11.3.1. PENSION PLAN ACCOUNTING PRINCIPLES Under IAS 19 Revised, a company must recognise all commitments made to its employees (i.e. current or future, formal or informal, cash payments or payments in kind). The cost of employee benefits must be recorded during the vesting period. POST-EMPLOYMENT BENEFITS Pension schemes may be defined contribution or defined benefit schemes. Under defined contribution schemes, the employer only pays a contribution, with no commitment from the Group regarding the level of benefits to be provided. The contributions paid are recorded as expenses for the year. Under defined benefit schemes, the employer makes a formal or implied commitment to an amount or level of benefits and therefore carries the medium- or long-term risk. A provision is recorded to liabilities to cover all these pension commitments. This provision is assessed regularly by independent actuaries using the projected unit credit method, which takes into account demographic assumptions, early retirements, salary increases and discount and inflation rates. In the majority of the Group companies, pensions due under the various compulsory retirement schemes to which employers contribute are managed by specialist external organisations. Defined contributions paid into these various compulsory retirement schemes are recognised in the income statement for the period. Provisions are recorded for retirement allowances relating to defined benefit schemes based on the net present value of these future allowances. According to IAS 19 Revised, the actuarial gains and losses are accounted for in the OCI. Since 2021, the Group has applied the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) recommendation related to the application of IAS 19 for the past service costs. LONG-TERM BENEFITS These are benefits paid to employees more than 12 months after the end of the financial year, during which the corresponding service was provided. The same valuation method is used as for post-employment benefits. With the exception of provision for retirement allowances and long- service awards, no commitments relating to long-term or post- employment benefits need to be accrued. Provisions for pension liabilities (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Retirement allowances 12.8 10.2 Pension plans with defined benefit (1) 2.8 2.8 Total 15.6 13.0 (1) The provision corresponds to the remaining obligation to the defined benefit contract in The Netherlands. 11.3.2. SHARE-BASED PAYMENTS ACCOUNTING PRINCIPLES Under IFRS 2, all transactions relating to share-based payments must be recognised in the income statement. This is the case for URW\u2019s Company Savings Plan, stock option plan, and performance shares plan. Shares issued under the Company Savings Plan are offered at a discount to the share price. This discount represents an employee benefit and is recorded in the income statement for the period, with a corresponding increase in equity. Stock options granted to employees are stated at their fair value on the date of allocation. As the transactions are equity-settled, share-based payments, this value remains unchanged, even if the options are never exercised. The value applied to the number of options finally exercised at the end of the vesting period (estimation of the turnover) is recorded as an expense, with a corresponding increase in equity which is spread over the vesting period (i.e. the period during which employees must work for the Company before they can exercise the options granted to them). The stock options and performance shares, all subject to performance condition, have been valued using a Monte Carlo model. The additional expenses incurred by the Company Savings Plan, stock option plan, and performance shares plans are classified under personnel expenses. COMPANY SAVINGS PLAN Subscription to the Company Savings Plan is offered to employees in France who have been with the Group for more than 3 months. The subscription period is opened once per year, after the share capital increase reserved to employees has been authorised by the MB, which also sets the subscription price. The subscription price is equal to the average of the opening share prices on the Eurolist of Euronext Paris over the 20 trading days preceding the decision of the MB, less a 30% discount. The Group also makes a top-up contribution applied exclusively to voluntary contributions (including profit-sharing), made by employees to the Group URW Fund (fund fully vested in Stapled Shares as from June 2018). These voluntary contributions are limited to a maximum of one- quarter of the annual salary with a cap of \u20ac25,000 (for shares acquired at the discount). The total cost of subscriptions to the Company Savings Plan (employer contribution and difference between the subscription price and the share price on the date of the capital increase) amounted to \u20ac3.3 Mn in 2022 compared with \u20ac3.0 Mn in 2021. STOCK OPTION PLANS There are currently 6 plans for stock options granted to directors and employees of the Group. The plans granted as from 2019 have a duration of 8 years (1) and may be exercised at any time, in 1 or more instalments, as from the third anniversary of the date of their allocation (2) . FOR PLANS UNTIL 2021: All plans are subject to both internal and external performance conditions. The external performance is assessed on the basis of the Total Shareholders Return (\u201cTSR\u201d) of URW\u2019s shares (with dividends reinvested) against a Reference Index (3) and a Corporate Social Responsibility (\u201cCSR\u201d) external rating. These KPIs weight 45% and 5% of the performance achievement respectively. The internal performance is assessed on the basis of the attainment of URW\u2019s Adjusted Recurring Earnings per Share (\u201cAREPS\u201d) guidance communicated to investors (4) , and on the level of achievement of the CSR agenda Better Places 2030, Group-wide (5) . These KPIs weight 45% and 5% of the performance achievement respectively. (1) The duration was 7 years for the plans granted before 2019. (2) The exercise was possible only as from the fourth anniversary of the grant date for the plans granted before 2019. (3) For the 2018 performance, the TSR taken into account is the one of Unibail-Rodamco before the Westfield Acquisition against index EPRA Eurozone \u201cRetail and Office\u201d. (4) For the 2018 performance, the performance is assessed on the attainment of the Recurring Earning Per Share (\u201cREPS\u201d) guidance on the scope of Unibail-Rodamco standalone. (5) For the 2018 performance, the assessment is based on the scope Unibail-Rodamco standalone and on the integration of the US, the UK and Italy into URW\u2019s CSR agenda. FOR PLANS AS FROM 2022: The stock options are subject to: \u2022 2 external market performance condition for up to 45% of the stock options granted: - The first condition, based on a relative criteria, for up to 35% of the stock options granted: the TSR of the URW\u2019s share must be higher than that of the Reference Index over a period of 3 years, from March 8, 2022, to March 8, 2025. The reference prices used in the measurement of the TSR correspond to the average of the closing prices of the last 90 days preceding the start and end dates of the measurement period; and - The second condition, based on an absolute criteria, for up to 10% of the stock options granted: the TSR of URW\u2019s share must be higher than 20% over a period of 3 years, from March 8, 2022, to March 8, 2025. The reference prices used in the measurement of the TSR correspond to the average of the closing prices of the last 90 days preceding the start and end dates of the measurement period. \u2022 Two non-market performance conditions for up to 55% of the stock options granted: AREPS growth compared with forecasts communicated to the market for 35% of the stock options granted and criteria based on CSR indicators for 20% of the stock options granted. The performance-related stock options allocated in May 2022 were valued: \u2022 At \u20ac1.35 for those subject to relative criteria; \u2022 At \u20ac1.26 for those subject to absolute criteria; and \u2022 At \u20ac1.51 for those subject to non-market conditions (i.e. AREPS and internal/external CSR), using a Monte Carlo model. This valuation is based on an initial exercise price of \u20ac66.68, the share price at the date of allocation of \u20ac52.68, a vesting period of 3 years, an estimated duration of 3.7 years, a market volatility of 23.99%, a dividend assumption for 2023 to 2026, a risk-free interest rate of -0.20% and a volatility of the reference composite index of 14.61% with a correlation reference composite index/URW of 75.23%. Stock options are accounted for in accordance with IFRS 2. The expense recorded on the income statement in relation to stock options came to \u20ac2.0 Mn in 2022 and \u20ac1.8 Mn in 2021 .
The table below shows allocated stock options not exercised at the period end:
Plan
Exercise
period
(1)
Adjusted
subscription
price (\u20ac)
(2)
Number of
options
granted
Adjustments in
number of
options
(2)
Number of
options
cancelled
Number of
options
exercised
Potential
additional
number of
shares
(3)
2015 plan (n\u00b08)
2015
from 04/03/2019
to 03/03/2022 256.81 615,860 \u2013 615,860 \u2013 \u2013
2015
from 05/09/2019
to 04/09/2022 238.33 7,225 \u2013 7,2 25 \u2013 \u2013
2016
from 09/03/2020
to 08/03/2023 227.24 611,608 \u2013 207,201 1,913 402,494
2017
from 08/03/2021
to 07/03/2024 218.47 611,611 \u2013 179,791 \u2013 431,820
2018 plan (n\u00b09)
2018
from 06/03/2022
to 05/03/2025 190.09 630,135 \u2013 171,972 \u2013 458,163
2019 plan (n\u00b010)
2019
from 20/03/2022
to 19/03/2026 144.55 748,372 \u2013 195,872 \u2013 552,500
2020 plan (n\u00b011)
2020
from 22/03/2023
to 21/03/2027 92.03 885,291 \u2013 231,793 \u2013 653,498
2021 plan (n\u00b012)
2021
from 19/05/2024
to 18/05/2029 69.41 950,295 \u2013 136,628 \u2013 813,667
2022 plan (n\u00b013)
2022
from 09/03/2025
to 08/03/2030 66.68 1,217,386 \u2013 105,581 \u2013 1,111,805
Total 6,27 7,783 \u2013 1,851,923 1,913 4,423,947
(1) Under assumption that the performance and presence conditions are satisfied. If the first day of the exercise period is a non-business day, the retained date will be
the next business day. If the end of the exercise period is a non-business day, the retained date will be the first preceding business day.
(2) Adjustments reflect distribution paid from retained earnings.
(3) All the options are subject to presence and performance conditions.
The table below shows the number and weighted average exercise prices of stock options:
2022
2021
Number
Weighted
average
price (\u20ac) Number
Weighted
average
price (\u20ac)
Outstanding at the beginning of the period 3,909,464 151.49 3,779,904 175.05
Allocated over the period 1,217,386 66.68 950,295 69.41
Cancelled over the period (702,903) 184.83 (820,735) 164.95
Exercised over the period \u2013 \u2013 \u2013 \u2013
Average share price on date of exercise \u2013 \u2013 \u2013 \u2013
Outstanding at the end of the period 4,423,947 122.86 3,909,464 151.49
Of which exercisable at the end of the period 1,844,977 \u2013 1,245,313 \u2013
PERFORMANCE SHARE PLAN
All shares are subject to both external and internal performance
conditions. The performance conditions are the same as for the stock
options described above.
The awards allocated in May 2022 were valued:
\u2022 At \u20ac16.05 (30.5%) for those with TSR subject to the relative criteria
share in \u20ac (and as % of grant price);
\u2022 At \u20ac9.67 (18.4%) for those with TSR subject to the absolute criteria
share in \u20ac (and as % of grant price); and
\u2022 At \u20ac41.16 for those subject to off-market conditions (i.e. AREPS and
internal/external CSR), using a Monte Carlo model.
This valuation is based on the share price at the date of allocation of
\u20ac52.68, a vesting period of 3 years, a market volatility of 26.03%, a
volatility of the reference composite index of 15.29% with a correlation
reference composite index/URW of 77.18%, a dividend assumption for
2023, 2024 and 2025, and a risk-free interest rate of -0.28%.
Performance shares are accounted for in accordance with IFRS 2. The
expense recorded on the income statement in relation to performance
shares came to \u20ac13.4 Mn in 2022 and \u20ac9.1 Mn in 2021.
The table below shows allocated performance shares not acquired at the period end: Starting date of the vesting period (1) Number of performance shares allocated Number of performance shares cancelled Number of performance shares acquired Potential additional number of shares (2) March 2020 489,440 127,89 6 \u2013 361,544 May 2021 371,846 53,693 \u2013 318,153 March 2022 808,872 56,635 \u2013 752,237 Total 1,670,158 238,224 \u2013 1,431,934 (1) For French tax residents: a minimum vesting period of 3 years, and a minimum holding period of 2 years once vested. For non-French tax residents: a minimum vesting period of 4 years without any requirement to hold the shares. Plans granted from 2020 to 2022: a minimum vesting period of 3 years for the French and non-French tax residents without any requirement to hold the shares. (2) The acquisition of the shares is subject to presence and performance conditions. 11.3.3. REMUNERATION OF THE MANAGEMENT BOARD TEAM AND THE SUPERVISORY BOARD REMUNERATION OF THE MANAGEMENT BOARD Starting 2021, a new organisation has been adopted by URW. An extended MB has replaced the former Senior Management Team. (K\u20ac) Paid in: 2022 (1) 2021 (1) Fixed income 3,350 3,249 Short-term incentive 4,457 1,573 Other benefits (2) 1,120 799 Total 8,927 5,621 (1) Corresponds to the remuneration of the MB members (i.e. 5 members). (2) Supplementary Contribution Scheme, company car and other additional benefits. In 2022, members of the MB were allocated a total of 234,500 performance stock options, all subject to performance condition, and 155,810 performance shares. Regarding the 2022 performance achievements, the MB members will receive in 2023 a total Short-Term Incentive (\u201cSTI\u201d) amounting to \u20ac4,167 K. The payment will be made after the approval of the AGM. REMUNERATION OF THE SUPERVISORY BOARD The remuneration of the SB amounts to \u20ac824,678 for the 2022 fiscal year. TRANSACTIONS INVOLVING SUPERVISORY BOARD MEMBERS OR MANAGEMENT BOARD MEMBERS (INCLUDING LOANS OR GUARANTEES GRANTED) None. NOTE 12. SHARE CAPITAL AND DIVIDENDS 12.1. CAPITAL MANAGEMENT (1) After impact of derivatives instruments on debt raised in foreign currencies. The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may issue new debt or buy back existing outstanding debt, adjust the amount of dividends paid to shareholders (subject to the Group\u2019s fiscal status under the SIIC regime in France), return capital to shareholders, issue new shares or buy back outstanding shares or sell assets to reduce debt. The Group has disclosed the debt ratio LTV, which is calculated as the net financial nominal debt expressed as a percentage of the portfolio valuation (including transfer taxes). As at December 31, 2022, net financial debt stood at \u20ac20,696 Mn (1) , excluding partners\u2019 current accounts and after taking cash surpluses into account (\u20ac3,329 Mn). As at December 31, 2022, the total portfolio valuation amounts to \u20ac50,251 Mn, including transfer taxes. As at December 31, 2022, the calculated ratio amounted to 41.2%, compared with 43.3% as at December 31, 2021. 12.2. NUMBER OF SHARES ACCOUNTING PRINCIPLES The Earnings per Share indicator is calculated by dividing net result (holders of the Stapled Shares) by the weighted average number of ordinary shares in circulation over the period. To calculate diluted Earnings per Share, the average number of shares in circulation is adjusted to take into account the conversion of all potentially dilutive ordinary shares, in particular stock options and performance shares during the vesting period, as well as the net share settled bonds convertible into new and/or existing shares (ORNANE). The dilutive impact is determined using the treasury stock method, which assumes that proceeds from the exercise of options are used to repurchase Company shares at their market value. The market value corresponds to the average monthly share price weighted by trading volumes. The theoretical number of shares that may be purchased at the market value is deducted from the total number of shares resulting from the exercise of rights. This number is then added to the average number of shares in circulation and hence constitutes the denominator. The ORNANE being accounted as a debt at fair value, the impact of the variation of their fair value and the related financial expenses are restated from the net result when taking into account the dilutive impact. CHANGE IN SHARE CAPITAL Total number of shares As at Jan. 1, 2021 138,472,385 Capital increase reserved for employees under Company Savings Plan 74,055 Shares granted 47,976 As at Dec. 31, 2021 138,594,416 Capital increase reserved for employees under Company Savings Plan 105,741 Shares granted 66,931 As at Dec. 31, 2022 138,767,0 88 AVERAGE NUMBER OF SHARES DILUTED AND UNDILUTED 2022 2021 Average number of shares (undiluted) 138,717,455 138,545,360 Dilutive impact Potential shares via stock options (a) \u2013 \u2013 Attributed performance shares (unvested) (a) 733,332 418,750 Potential shares via ORNANE \u2013 1,225,243 Average number of shares (diluted) 139,450,787 14 0,189,353 (a) Corresponds only to stock options and attributed performance shares which are in the money and for which the performance condition is fulfilled. 12.3. DIVIDENDS Given the statutory results and cumulated negative retained earnings of URW SE in 2022 as well as in 2021, the Group had no obligation to pay a dividend neither in 2023 for the fiscal year 2022, nor in 2022 for the fiscal year 2021, under the SIIC regime and other REIT regimes it benefits from. Consequently, URW SE\u2019s total carry-forward SIIC distribution obligation, standing at \u20ac1,720 Mn as at December 31, 2022, is delayed until URW SE has sufficient statutory results to meet this obligation. These statutory results would not prevent URW SE from deciding to make distributions out of its premium. On May 15, 2020, URW SE\u2019s combined General Meeting of shareholders resolved to distribute a dividend of \u20ac5 .40 per Stapled Share. A total cash dividend amounted to \u20ac747.4 Mn was paid on March 26, 2020. NOTE 13. OFF-BALANCE SHEET COMMITMENTS AND CONTINGENT LIABILITIES All significant commitments are shown below. The Group does not have any complex commitments. The amounts are disclosed under IFRS. 13.1. COMMITMENTS GIVEN Commitments given (\u20acMn) Description Maturities Dec. 31, 2022 Dec. 31, 2021 1) Commitments related to the scope of the consolidated Group 58.7 24.0 Commitments for acquisitions \u2022 Purchase undertakings and earn-out 2023 to 2040 53.8 5.9 Commitments given as part of specific transactions \u2022 Warranties and bank letters of credit given in the course of the ordinary business 2023+ 4.9 18.0 2) Commitments related to Group financing 1,593.7 1,683.6 Financial guarantees given \u2022 Mortgages and first lien lenders (1) 2023+ 1,126.8 1,195.0 \u2022 Guarantees relating to entities under the equity method or not consolidated (2) 2023+ 466.9 488.6 3) Commitments related to Group operational activities 1,680.0 1,587.2 Commitments related to development activities \u2022 Properties under construction: residual commitments for works contracts and forward purchase agreements (3) 2023+ 1,181.6 1,062.9 \u2022 Residual commitments for other works contracts 2023+ 6.4 0.3 \u2022 Commitments subject to conditions precedent 2023 to 2028 190.9 214.3 Commitments related to operating contracts \u2022 Commitments for construction works (4) 2023 to 2064 204.4 209.5 \u2022 Rental of premises and equipment 2023+ 15.9 22.3 \u2022 Other 2023+ 80.8 7 7.8 Total commitments given 3,332.4 3,294.7 (1) The outstanding balances at the reporting date of the debts and drawn credit lines which are secured by mortgages. The gross amount of mortgages was \u20ac1,141.9 Mn as at December 31, 2022 (\u20ac1,195.0 Mn as at December 31, 2021). (2) Corresponds to guarantees provided by the Group in the US relating to associates under equity method or entities under foreclosure, for a portion of the principal amount of the loans greater than the Group\u2019s stake. (3) Comprises financial guarantees given to the City of Paris regarding the Triangle Tower project. (4) Under the 50-year lease contract to operate Porte de Versailles (Paris), an amount of \u20ac497.0 Mn for renovation works and \u20ac227.2 Mn for maintenance works have to be spent (i.e. \u20ac724.2 Mn, representing an initial commitment of \u20ac362.1 Mn (Group share), of which \u20ac537.4 Mn has already been invested). COMMITMENTS RELATING TO GROUP FINANCING \u2022 The \u20ac2,000 Mn hybrid securities issued on April 16, 2018, are deeply subordinated perpetual instruments with a coupon deferral option. The coupon is to be paid when a mandatory payment event occurs, such as the approval of a dividend payment, though the Group can suspend payments while making the minimum required REIT distributions. \u2022 In 2000, Westfield America Limited Partnership, Urban Shopping Centres L.P. and Westfield Growth L.P. have guaranteed loans entered into by joint ventures for a portion of the principal amount of the loans greater than their stake in the joint ventures. The Group, as one of the General Partners of Head Acquisition, L.P. (the general partner of Urban Shopping Centers, L.P.), has committed to maintain and allocate to Urban\u2019s minority limited partners a certain amount of qualified non-recourse mortgage debt. As a result of such debt maintenance obligations, which are subject to indemnification, certain subsidiaries of the Group may be required to incur non-recourse financing on some of the assets that are held by Urban Shopping Centers, L.P., irrespective of the Group\u2019s liquidity needs or alternative sources of funding. OTHER UNQUANTIFIABLE COMMITMENTS GIVEN RELATED TO THE SCOPE OF THE CONSOLIDATED GROUP \u2022 For a number of recent acquisitions of properties in France, URW SE has committed to the French tax authorities to retain these interests for at least 5 years, in accordance with the SIIC tax regime. \u2022 For a number of disposals, the Group granted usual representations and warranties to the purchasers. \u2022 The agreements in connection with joint investments with partners may include usual clauses like (i) a lock-up period during which the shareholders have to retain their interest in shared subsidiaries, or (ii) arrangements pursuant to which the parties can organise the exit of the shareholders (e.g. right of first offer, tag-along right in case the partner sells its shares to a third party). OTHER COMMITMENTS GIVEN RELATED TO GROUP OPERATIONAL ACTIVITIES \u2022 The Group\u2019s 50% subsidiary SCI Propexpo has committed that th Espace Champerret venue in Paris, France, will continue to be used as an exhibition hall until 2066. \u2022 In a number of countries in which the Group operates, specific ta regimes for real estate companies exist. For many companies of the Group, eligible for such regimes, the Group has opted to use such regimes. Although the details of those regimes are not exactly the same for all countries, one of the standard elements is a requiremen to distribute all/nearly all of the recurring income, a large part of the capital gains and all dividends received from other companies that have opted for the application of such specific regime. URW SE\u2019s total carry-forward SIIC distribution obligation stands a \u20ac1,720 Mn as at December 31, 2022: it will be delayed until URW S has sufficient statutory results to meet this obligation. Thes statutory results would not prevent URW SE from deciding to make distributions out of its premium. \u2022 In 2014, the City of Brussels selected URW as the co-developer, wit its partners BESIX and CFE, of the NEO project. BESIX has the possibility to increase its interest in the Mall of Europe from 12.5% to 20% before the construction of the project. CFE has an option to sell its shares in the Mall of Europe to URW fro December 31 following the opening of the shopping centre and during a period of 1 year. If the put is not exercised, the Group has an option to buy CFE\u2019s shares in the Mall of Europe. BESIX has an option to sell its shares in the Mall of Europe to UR from the end of the second full year after the opening of the shopping centre and lasting 38 months from such date. URW SE together with the parent companies of BESIX and CF provided guarantees to the City of Brussels with respect of all payment obligations of the joint ventures which will develop th project. Several counter guarantees were provided between URW SE, BESI and CFE, to ensure that each joint venture shall not bear any financial consequence beyond its programme and that the ultimate shareholder shall not bear more than its share in each joint venture. \u2022 In the context of the master concession developer agreement at Joh F. Kennedy International Airport \u2013 Terminal One, URW SE guarantees to JFK NTO LLC, performance of all obligations of its subsidiary, URW Airports JFK T1, LLC, including but not limited to the prompt payment of the concession rents when due and all other amounts due and payable under the concession agreement. The concession rents are fully variable and based on passenger enplanements, and the first payments will start with the opening of the terminal to the public expected in phases between 2026 and 2030. 13.2. COMMITMENTS RECEIVED Commitments received (\u20acMn) Description Maturities Dec. 31, 2022 Dec. 31, 2021 1) Commitments related to the scope of the consolidated Group 7.3 2.5 Commitments for acquisitions \u2022 Sales undertakings 2024 7.3 2.5 2) Commitments related to Group financing 9,655.0 9,859.0 Financial guarantees received \u2022 Undrawn credit lines (1) 2023 to 2028 9,655.0 9,859.0 3) Commitments related to Group operational activities 904.0 793.6 Other contractual commitments received related to operations \u2022 Bank guarantees on works and others 2023+ 18.4 15.5 \u2022 Other (2) 2024 to 2028 393.9 339.5 Assets received as security, mortgage or pledge, as well as guarantees received \u2022 Guarantees received relating to Hoguet regulation (France) 2030 100.2 104.5 \u2022 Guarantees received from tenants 2023+ 309.2 255.0 \u2022 Guarantees received from contractors on works 2023+ 82.3 79.1 Total commitments received 10,566.3 10,655.2 (1) These agreements contain financial covenants based on the Group\u2019s IFRS financial statements. Certain credit lines are also subject to an early prepayment clause (in full or in part) in the event of a change in ownership or a series of disposals reducing portfolio assets below a given threshold. No amount is secured by mortgages as at December 31, 2022. (2) Mainly comprises counter guarantees received from JV\u2019s partners in the Triangle Tower project. 13.3. CONTINGENT LIABILITIES The Group is involved in an arbitration procedure with PEAB involving claims regarding the development of Westfield Mall of Scandinavia. The process involves claims by both sides and is expected to take time to resolve. Based on the risk analysis, no provision was recorded in the consolidated accounts. The Group is subject to a tax audit in France, which resulted in a notification of reassessments. The vast majority of reassessments under proposal are denied by the Group and no provision was recorded in the consolidated accounts based on the risk analysis performed by the Group and its tax advisors. NOTE 14. SUBSEQUENT EVENTS In line with the Group\u2019s efforts to deleverage in the US, the Group (along with its JV partner) made the decision not to repay the $195 Mn ($97.5 Mn on a proportionate basis) secured debt on Westfield Valencia Town Center, which matured on January 1, 2023. The Group is engaged in discussions to sell the asset (or its interest in it) and any potential purchaser would assume the relevant debt. If a sale is not finalised, the property will likely be foreclosed. This debt is non-recourse and its non- repayment has no impact on the rest of the Group\u2019s debt. The asset value in the Group\u2019s consolidated accounts was $100.2 Mn as at December 31, 2022. Upon sale of the asset or foreclosure, the Group\u2019s debt will be reduced by -$97.5 Mn, corresponding to a net impact on the Group\u2019s balance sheet of -$2.7 Mn. On February 1, 2023, the Group completed the sale of its ground lease for Westfield North County located in Escondido, California, to Bridge Group Investments and Steerpoint Capital, effectively transferring ownership and management of the asset. The sale price of $57 Mn (at 100%, URW share 55%) for Westfield North County, which has 30 years left on its ground lease, reflects the property\u2019s book value as at December 31, 2022. The asset is a B-rated, 1.25 Mn square foot property, which is 89% leased. The Group started discussions with Euronext in order to change its market of reference from Euronext Amsterdam to Euronext Paris as part of an initiative to simplify its structure given limited trading activity on that market. As a part of this request, the Group intends to delist of the URW Stapled Shares from Euronext Amsterdam, while maintaining a single listing on Euronext Paris. The delisting from Euronext Amsterdam would not affect the liquidity of the shares nor have any impact on trading, URW\u2019s organisation (including the Stapled Share principle) or the ISIN code (FR0013326246) of the Group. Following the approval of the Euronext Listing Board, the change of the Group\u2019s market of reference from Euronext Amsterdam to Euronext Paris will be effective on April 14, 2023 and the last day of trading on Euronext Amsterdam will be April 27, 2023. NOTE 15. LIST OF THE MAIN CONSOLIDATED COMPANIES List of the main consolidated companies Country Method (1) % interest Dec. 31, 2022 % control Dec. 31, 2022 % interest Dec. 31, 2021 URW SE France FC 100.00 100.00 100.00 Westfield Corporation Limited Australia FC 100.00 100.00 100.00 Donauzentrum Besitz- u. Vermietungs GmbH Austria FC 100.00 100.00 100.00 Shopping Center Planungs- und Entwicklungsgesellschaft mbH & Co. Werbeberatung KG Austria FC 55.00 55.00 55.00 UR Invest GmbH Austria FC 55.00 55.00 55.00 URW Invest GmbH Austria FC 100.00 100.00 100.00 Centrum Cerny Most as Czech Republic FC 100.00 100.00 100.00 Centrum Chodov sro Czech Republic FC 100.00 100.00 100.00 Doria France FC 100.00 100.00 100.00 Financi\u00e8re 5 Malesherbes France FC 100.00 100.00 100.00 Volumes LPD France FC 100.00 100.00 100.00 Rodamco France France FC 100.00 100.00 100.00 SA Uni-Expos France FC 100.00 100.00 100.00 SA Union Internationale Immobili\u00e8re France FC 100.00 100.00 100.00 SCI Chesnay Pierre 2 France FC 50.00 50.00 50.00 SCI du Forum des Halles de Paris France FC 65.00 65.00 65.00 SCI Propexpo France FC 50.00 50.00 50.00 SCI SCC de La D\u00e9fense France FC 53.30 53.30 53.30 SCI CC Francilia France FC 55.00 55.00 100.00 SNC Viparis - Porte de Versailles France FC 50.00 50.00 50.00 Uni-commerces France FC 100.00 100.00 100.00 CentrO companies Germany EM-JV 50.00 50.00 50.00 URW Germany GmbH Germany FC 51.00 51.00 51.00 SARL Red Grafton 1 Luxembourg FC 65.00 65.00 65.00 Crystal Warsaw Sp zoo Poland FC 100.00 100.00 100.00 GSSM Warsaw Sp zoo Poland FC 100.00 100.00 100.00 Zlote Tarasy partnership Poland EM-A 100.00 - 100.00 Aupark as Slovakia EM-JV 13.00 13.00 40.00 Unibail-Rodamco Retail Spain Spain FC 100.00 100.00 100.00 Unibail-Rodamco Steam SLU Spain FC 51.11 51.11 51.11 Rodamco AB Sweden FC 100.00 100.00 100.00 Rodamco Centerpool AB Sweden FC 100.00 100.00 100.00 Rodamco Handel AB Sweden FC 100.00 100.00 100.00 Rodamco Northern Europe AB Sweden FC 100.00 100.00 100.00 Rodamco Sverige AB Sweden FC 100.00 100.00 100.00 Rodamco T\u00e4by Centrum KB Sweden FC 100.00 100.00 100.00 Rodamco Austria BV The Netherlands FC 100.00 100.00 100.00 Rodamco Central Europe BV The Netherlands FC 100.00 100.00 100.00 Rodamco Czech BV The Netherlands FC 100.00 100.00 100.00 Rodamco Deutschland BV The Netherlands FC 100.00 100.00 100.00 Rodamco Europe Properties BV The Netherlands FC 100.00 100.00 100.00 Rodamco Retail Deutschland BV The Netherlands FC 100.00 100.00 100.00 Unibail-Rodamco Nederland Winkels BV The Netherlands FC 100.00 100.00 100.00 List of the main consolidated companies Country Method (1) % interest Dec. 31, 2022 % control Dec. 31, 2022 % interest Dec. 31, 2021 Unibail-Rodamco TH BV The Netherlands FC 100.00 100.00 100.00 URW UK Olympic BV 1 and 2 The Netherlands FC 100.00 100.00 100.00 URW UK Olympic BV 3, 4 and 5 The Netherlands FC 100.00 100.00 100.00 URW UK Shepherds BV 1 to 12 The Netherlands FC 100.00 100.00 100.00 URW UK Shepherds BV 13, 14 and 15 The Netherlands FC 100.00 100.00 100.00 URW NV The Netherlands FC 100.00 100.00 100.00 Stratford City Shopping Centre n\u00b01 & 2 Limited UK EM-JV 50.00 50.00 50.00 Westfield Europe Limited UK FC 100.00 100.00 100.00 Westfield UK & Europe Finance PLC UK FC 100.00 100.00 100.00 White City Acquisitions Limited UK FC 100.00 100.00 100.00 Head Acquisition LP US FC 100.00 100.00 100.00 New WTC Retail Member LLC US FC 100.00 100.00 100.00 Urban Shopping Centers LP US FC 100.00 100.00 100.00 URW America Inc. US FC 100.00 100.00 100.00 URW US Services, Inc. US FC 100.00 100.00 100.00 URW WEA LLC US FC 100.00 100.00 100.00 WEA Finance, LLC US FC 100.00 100.00 100.00 WEA Holdings, LLC US FC 100.00 100.00 100.00 Westfield America, LP US FC 100.00 100.00 100.00 Westfield DDC, LLC US FC 100.00 100.00 100.00 Westfield Head, LP US FC 100.00 100.00 100.00 Westfield, LLC US FC 100.00 100.00 100.00 WHL USA Acquisitions, Inc. US FC 100.00 100.00 100.00 (1) FC: full consolidation method, EM-JV: joint ventures under the equity method, EM-A: associates under the equity method. NOTE 16. RELATIONSHIP WITH THE STATUTORY AUDITORS Statutory Auditors \u2022 Ernst & Young Audit Commencement date of first term of office: AGM of May 13, 1975; Persons responsible: Jean-Yves J\u00e9gourel since May 2017 and Antoine Flora since December 2020. \u2022 Deloitte & Associ\u00e9s Deloitte & Associ\u00e9s succeeded Deloitte Marque & Gendrot which was appointed on April 28, 2005; Person responsible: Emmanuel Gadret since May 2019. The 6-year term of office for Ernst & Young Audit and Deloitte & Associ\u00e9s comes to an end as at the AGM approving the 2022 accounts. FEES OF STATUTORY AUDITORS EXCLUDING THEIR NETWORKS FOR THE 2022 AND 2021 FISCAL YEARS Statutory Auditors\u2019 fees Dec. 31, 2022 (\u20acMn) Ernst & Young Audit Deloitte & Associ\u00e9s 2022 2021 2022 2021 Audit and half-year review of the consolidated and non-consolidated financial statements (Parent company + controlled companies (1) ) 1.0 1.2 1.4 1.3 Non-audit services (2) (Parent company + controlled companies (1) ) 0.3 0.4 0.2 0.2 Total 1.3 1.6 1.6 1.5 (1) The controlled companies correspond to the fully consolidated companies as well as the jointly controlled companies. (2) Relates to the non-audit services in accordance with legal and regulatory requirements and to the non-audit services provided at the request of the Company. The amounts correspond to (i) comfort letters issued in connection with bond issuances of the Group, (ii) the certificate CSR, and (iii) other services.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-546": { "value": "On February 6, 2023, the Management Board (\u201cMB\u201d) approved the consolidated financial statements of Unibail-Rodamco-Westfield SE (URW SE) for the year ended December 31, 2022, and the Supervisory Board (\u201cSB\u201d) authorized their publication on February 9, 2023. On March 27, 2023, after having informed the SB, the MB approved a slightly modified version with no impact on the net result or equity attributable to the holders of the Stapled Shares. These consolidated financial statements will be submitted to the approval of the Annual General Meeting (\u201cAGM\u201d) expected to be held on May 11, 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-2": { "value": "Unibail-Rodamco-Westfield SE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-547": { "value": "The financial statements are presented in millions of euros, rounded to the nearest hundred thousand. As a result, there may be slight differences between rounded figures. ", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-548": { "value": "In 2022, in order to improve the information and reading of the financial statements, the Group made the following changes: \u2022 In the consolidated statement of comprehensive income: - The line \u201cDepreciation of other tangible assets\u201d was renamed \u201cDepreciation of other tangible and intangible assets\u201d, and the depreciation of intangible assets was moved from the line \u201cCorporate expenses\u201d to this line; and - The line \u201cDevelopment expenses\u201d was included in the line \u201cCorporate expenses\u201d. \u2022 In note 4.4. \u201cNet result by segment on a proportionate basis\u201d: - A new subtotal \u201cNet operating result before depreciation and impairment of assets\u201d was created. The recurring part corresponds to the EBITDA; - The line \u201cDepreciation and impairment of tangible and intangible assets\u201d was created after the line \u201cNet operating result before depreciation and impairment of assets\u201d, in order to gather the amounts of depreciation of tangible and intangible assets, which were previously included in the following lines: \u25aa \u201cValuation movements, depreciation, capital gains\u201d in the Result from operations Convention & Exhibition (C&E); \u25aa \u201cOther property services net income\u201d; and \u25aa \u201cCorporate expenses\u201d. - The line \u201cDevelopment expenses\u201d was included in the line \u201cCorporate expenses\u201d. The figures as at December 31, 2021, were restated accordingly. The amounts of these reclassifications had no significant impact on the consolidated financial statements. 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SIGNIFICANT EVENTS 1.1. SIGNIFICANT EVENTS OF 2022 1.1.1. ACQUISITIONS/DISPOSALS IN 2022 DISPOSAL OF SOLNA CENTRUM URW completed on February 1, 2022, the sale of Solna Centrum to Alecta Fastigheter for an agreed Total Acquisition Cost (\u201cTAC\u201d) of \u20ac272 Mn. The disposal result amounted to +\u20ac23.5 Mn and was recorded in the consolidated statement of comprehensive income. DISPOSAL OF A 45% STAKE IN THE WESTFIELD CARR\u00c9 S\u00c9NART SHOPPING CENTRE On February 16, 2022, the Group completed the disposal of a 45% stake in Westfield Carr\u00e9 S\u00e9nart to Soci\u00e9t\u00e9 G\u00e9n\u00e9rale Assurances and BNP Paribas Cardif for an implied price of c. \u20ac1.0 Bn (at 100%). URW has granted the buyers a rental guarantee of up to \u20ac13.5 Mn (at 45%) for a duration of up to 3 years from closing of the transaction. The rental guarantee includes a clawback mechanism for URW in case of overperformance limited to guarantee payments related to the previous periods. The JV put in place a non-recourse 7-year mortgage loan for a total amount of \u20ac302 Mn. URW will continue to control and manage the asset, which will remain fully consolidated. Consequently, the result of the transaction was recorded in the equity attributable to the holders of the Stapled Shares for -\u20ac11.9 Mn, including the value of the rental guarantee and the transaction costs. DISPOSAL OF 2 RESIDENTIAL BUILDINGS AT WESTFIELD HAMBURG The Group disposed 2 residential building rights at Westfield Hamburg in January and March, 2022, for a Net Disposal Price (\u201cNDP\u201d) of \u20ac51 Mn. The disposal result amounted to +\u20ac4.5 Mn and was recorded in the consolidated statement of comprehensive income. SALE OF THE SITE OF THE FORMER PROMENADE MALL On March 15, 2022, URW announced the sale of the 34-acre site of the former Promenade Mall, located in the San Fernando Valley of Los Angeles, to a group of private investors for $150 Mn (at 100%, URW share 55%), reflecting a 60% premium to the latest appraisal. As the Company is accounted for using the equity method, the URW\u2019s stake in the net disposal result of +\u20ac19.8 Mn is recorded within the share of the result of companies accounted for using the equity method. SALE OF GERA ARCADEN On July 1, 2022, the Group completed the sale of Gera Arcaden to an institutional investor for an agreed NDP of \u20ac116 Mn (at 100%, URW share 51%). The disposal result amounted to +\u20ac11.5 Mn and was recorded in the consolidated statement of comprehensive income. DISPOSAL OF ALMERE On July 7, 2022, the Group completed the sale of Almere Centrum in The Netherlands to a group of private investors led by the UMB Group for a NDP of \u20ac155 Mn in line with the last appraisal value. SALE OF CARR\u00c9 S\u00c9NART SHOPPING PARC On July 13, 2022, URW signed and closed the sale of Carr\u00e9 S\u00e9nart Shopping Parc to a French institutional investor for an agreed NDP of \u20ac120 Mn, above last appraisal value. The disposal result amounted to +\u20ac12.1 Mn and was recorded in the consolidated statement of comprehensive income. DISPOSAL OF WESTFIELD SANTA ANITA On August 25, 2022, the Group completed the sale of Westfield Santa Anita in Arcadia, California, to an established commercial real estate investor who owns other Retail assets in Southern California. The sale price of $537.5 Mn (at 100%, URW share 49%), reflects a sub-6% net initial yield and a 10.7% discount to the latest unaffected appraisal as of December 2021. As the Company is accounted for using the equity method, the URW\u2019s stake in the net disposal result of -\u20ac32.4 Mn is recorded within the share of the result of companies accounted for using the equity method. DISPOSAL OF AN ADDITIONAL 27% STAKE IN AUPARK On August 31, 2022, the Purchasers acquired 2 complementary stakes (\u201cTranches 2, 3\u201d) based on appraisal values as at June 30, 2022. As at December 31, 2022, URW holds a remaining 13% interest and has joint control over the joint venture which continues to be accounted for using the equity method. (See 1.2.2 Acquisitions/Disposals 2021 \u2013 Disposal of a 60% stake in Aupark). DISPOSAL OF VILLENEUVE 2 On September 30, 2022, URW completed the disposal of Villeneuve 2 shopping centre , located in the Lille region, to Ceetrus. The net disposal result amounted to -\u20ac17.1 Mn and was recorded in the consolidated statement of comprehensive income
DISPOSAL OF THE VILLAGE IN SAN
FERNANDO VALLEY
On December 27, 2022, the Group announced that it has completed the
sale of The Village, an outdoor lifestyle destination in the San Fernando
Valley of Los Angeles, to the Kroenke Organization. The sale price of
$325 Mn (at 100%, URW share 55%), reflects a 10.6% discount to the last
unaffected appraisal. The net disposal result amounted to -\u20ac20.9 Mn
and was recorded within the share of the result of companies accounted
for using the equity method.
DISPOSAL OF WESTFIELD TRUMBULL
AND WESTFIELD SOUTH SHORE
SHOPPING CENTRES
On December 30, 2022, the Group announced that it has completed the
sale of Westfield Trumbull located in Trumbull, Connecticut and Westfield
South Shore located in Bay Shore, New York, to a commercial real estate
investment firm. The combined gross sale price of these wholly owned
regional assets at $196 Mn is equal to their gross market value.
1.1.2. POST COVID-19 RECOVERY
The operations in URW shopping centres remained impacted by
restrictions in the first few months of 2022.
As from May 2022, no restrictions were applicable anymore in any of the
regions in which the Group operates. Over the period, the economic situation
has evolved rapidly with the conflict in Ukraine, an increase in energy costs
and higher inflation leading Central Banks to increase interest rates.
Nevertheless, despite all these challenges, the year 2022 showed a good
resumption of the activity in URW\u2019s assets, in particular Retail and C&E.
RENT RELIEF AND GOVERNMENT SUPPORT
Throughout the COVID-19 crisis, URW recognised the issues the Group\u2019s
tenants faced due to administrative closures or trading restrictions, and
the need to provide relief, generally limited to the period of closure and
based on the principle of a fair sharing of the burden. These negotiations
were focused on providing a one-off rent relief, not on permanently
changing lease terms or structures.
With all major restrictions being lifted, URW did not provide any
COVID-19 rent relief in 2022 regarding 2022 for its shopping centre
activity. The 2022 Profit and Loss (\u201cP&L\u201d) remained impacted by the
straight lining and updated assessment of rent relief granted in 2020 and
2021. The 2022 P&L impact of COVID-19 rent discount granted in 2020
and 2021 amounted to -\u20ac1.7 Mn for the Group\u2019s shopping centre
activities
(1)
on a proportionate basis (vs. -\u20ac215.0 Mn in 2021).
(1) Excluding airports.
1.2. SIGNIFICANT EVENTS OF 2021
1.2.1. COVID-19 PANDEMIC
The COVID-19 pandemic continued to have a significant impact on URW\u2019s
business over the course of 2021.
OVERVIEW OF RESTRICTIONS IN 2021
The operations in URW shopping centres were particularly impacted by
lockdown periods and restrictions in the first half of 2021, while operations
were generally able to take place with loosened restrictions in H2-2021,
except year-end which was impacted by a resurgence of the pandemic.
During the first half of the year, most of the Group\u2019s European centres
had to close at various points, except for \u201cessential\u201d retailers and
excluding the centres in Sweden and parts of Spain that remained open
throughout the period, albeit with certain restrictions on Food &
Beverage (\u201cF&B\u201d), cinemas and fitness. In the US, all of the centres
were open throughout the first half, however restrictions on sectors like
F&B, entertainment and fitness were only progressively eased during
February and March.
During H2-2021, the Group\u2019s centres and all Retail sectors were generally
allowed to trade including indoor dining and entertainment, albeit with
some remaining capacity limits or other sanitary requirements (such as
a COVID-19 pass/proof of vaccination being required for dining or
entertainment in several markets).
Late November and December saw some tightening of government
rules, following the emergence of the \u201cOmicron variant\u201d. Most notably,
this saw the reintroduction of government guidance to work from home,
restrictions for non-vaccinated people to access shopping centres and
the imposition of some further lockdowns in Austria, Slovakia and
The Netherlands.
At year-end, restrictions have been limited in particular thanks to
the progress made on vaccination in all the regions in which the
Group operates.
RENT RELIEF AND GOVERNMENT SUPPORT
Throughout the crisis, URW recognised the issues the Group\u2019s tenants
faced due to administrative closures or trading restrictions and the need
to provide relief, generally limited to the period of closure and based on
the principle of a fair sharing of the burden. These negotiations were
focused on providing a one-off rent relief, not on permanently changing
lease terms or structures.
In some geographies (including the UK, Germany and certain US
municipalities), legal remedies for non-payment of rent have also been
temporarily limited during the crisis, while in Austria and Poland,
existing and new laws respectively, even prohibited the charging of
rents during closure periods. A new law in Poland applicable as from
H2-2021 also provided for a 50% discount of rents to be applied over the
3 months following reopening.
In Sweden, Denmark, Czech Republic, Germany and Slovakia, the
government created state subsidy programmes focused specifically on
supporting retail tenants. In France, the government announced in
November a new scheme to help retailers pay rent during the 2021
closure periods. URW helped its tenants access these subsidies
whenever possible.
ACCOUNTING PRINCIPLES
The accounting principles used are described in note 4.4.1 \u201cGross
Rental Income\u201d.
As at December 31, 2021, rent relief signed or expected to be signed
regarding 2021 closures amounted to an estimated cash impact of
\u20ac250 Mn (\u20ac301 Mn under proportionate), \u20ac212 Mn of which has been
charged to the income statement during this period (\u20ac252 Mn under
proportionate). The difference will be straight lined in future periods.
The Group carried out a detailed review of all tenants receivables as at
December 31, 2021, and the provision for doubtful debtors was estimated
according to International Financial Reporting Standards (\u201cIFRS\u201d) 9 (see
note 7.5.3. \u201cCredit risk\u201d).
The total accounts receivable from Retail activities (gross amounts)
decreased by -\u20ac43.6 Mn vs. December 31, 2020, (-\u20ac62.4 Mn under
proportionate). During 2021, \u20ac67.8 Mn (\u20ac97.3 Mn under proportionate) of
accounts receivable provision, net of reversals, were charged to the
income statement, for the Shopping Centres, under the item \u201cProperty
operating expenses\u201d.
As at December 31, 2021, the provision for doubtful debtors in the
consolidated statement of financial position amounted to \u20ac234.3 Mn
(\u20ac317.0 Mn under proportionate) compared with \u20ac207.0 Mn (\u20ac285.1 Mn
under proportionate) at the end of December 31, 2020.
1.2.2. ACQUISITIONS/DISPOSALS IN 2021
ACQUISITIONS
The Group acquired the remaining 47.4% stake in Westfield Trumbull and
Westfield Palm Desert in May 2021 for a total amount of \u20ac7.3 Mn, and
the associated entities previously in joint control are fully consolidated
from this date. The revaluation of the previously held investment
amounts to \u20ac13.2 Mn ($16.0 Mn) and was booked in the \u201cResult on
disposal of investment properties and loss of control\u201d in the consolidated
statement of comprehensive income.
The Group increased its stake from 10% to 50% in the jointly owned
company CH Warszawa U SP. z.o.o., owner of a project in Poland
(Centrum Ursyn\u00f3w) for a total amount of \u20ac36.4 Mn.
DISPOSAL OF A 60% STAKE IN AUPARK
On May 27, 2021, URW completed the phased disposal of Aupark
Bratislava, a 59,600 sqm Flagship destination in Slovakia. WOOD &
Company, as transaction leader, together with its joint venture partner
Tatra Asset Management (\u201cthe Purchasers\u201d), initially acquired a 60%
interest on the basis of an agreed TAC of \u20ac450 Mn (at 100%). The pre-
agreed stakes \u201cTranche 2\u201d (to be exercised in 2022) and \u201cTranche 3\u201d
(initially expected to be exercised in 2023) have been acquired in 2022.
The remaining 13% will be acquired through pre-agreed stake in 2024
(\u201cTranche 4\u201d).
The joint venture formed by URW and the Purchasers has also refinanced
the existing debt of Aupark by obtaining non-recourse bank financing of
\u20ac229.5 Mn. In light of the impact of the ongoing COVID-19 pandemic,
URW has provided:
\u2022 A 3-year rent guarantee equal to a maximum c. 2% of the Gross
Market Value (\u201cGMV\u201d); and
\u2022 A participative loan including an earn-out mechanism, with a
maximum amount at risk equal to c. 2% of the GMV, and a potential
earn-out to URW, which apply should the returns to the Purchasers be
lower than or exceed the agreed levels.
The joint venture is governed by a board of directors with 6 members,
3 of which are designated by URW and 3 designated by the Purchasers.
The relevant activities are the leasing, equipment, building, renovation
as well as the management, servicing and maintenance of the asset.
Decision on these relevant activities require the approval of
both partners.
URW will continue to manage the property, together with WOOD &
Company, until the asset has been fully acquired by the Purchasers and
the earn-out mechanism settled, in return for market standard property
and asset management fees.
As a result, URW has joint control over the joint venture which is
accounted for using the equity method.
The new shareholders benefit from call option windows every 6 months
on all the shares in the respective entity still held by URW, and URW
benefits from put options on shares to be acquired by the Purchasers for
tranches 2 to 4.
In case the Purchasers default on their obligation to acquire the pre-
agreed stakes, URW has a drag along right for not less than 80% of the
agreed valuation of Aupark and is entitled to take over the control of the
joint venture.
The net disposal result amounted to +\u20ac6.9 Mn, including the value of the
rental guarantee and the transaction costs. The revaluation of the 40%
previously held investments for +\u20ac14.9 Mn and the exit of the goodwill
for -\u20ac23.0 Mn are also part of the net disposal result.
DISPOSAL OF A 45% STAKE IN WESTFIELD
SHOPPING CITY S\u00dcD
On July 21, 2021, URW closed the disposal of a 45% minority stake in
Westfield Shopping City S\u00fcd (138,600 sqm owned GLA) in Vienna
(Austria) to Cr\u00e9dit Agricole Assurances. URW retains a controlling stake
in the JV holding the asset and remains the asset and property manager.
The implied offer price for the asset is \u20ac1,065 Mn (at 100%), representing
a discount of -3% to the last unaffected appraisal value (December 31,
2020). In light of the impact of the ongoing COVID-19 pandemic, URW has
granted the joint venture a 2-year rental guarantee capped at circa 2%
of the implied offer price (at 100%). The JV put in place a non-recourse
7-year mortgage loan at a 1.39% cost for a total amount of \u20ac351 Mn
corresponding to a Loan-To-Value (\u201cLTV\u201d) below 35% at closing.
URW benefits from a earn-out clause in case the existing receivables at
the date of closing, which were not reflected in the purchase price, are
recovered post-closing. Within a 3-year period from closing, 45% of the
net amount paid by tenants after closing on these receivables will be
paid to URW shareholders as an earn-out. This earn-out is calculated on
a quarterly basis.
URW has kept the control of the asset, which continues to be fully
consolidated (see note 3.3 \u201cDescription of significant controlled
partnerships\u201d). As a consequence, the result of the transaction was
recorded in the equity attributable to the holders of the Stapled Shares
for -\u20ac20.9 Mn, including the value of the rental guarantee and the
transaction costs.
FORECLOSURE OF US ASSETS
With respect to several regional malls in the US, URW defaulted on the
loans and asked the servicer of its loans for the appointment of a
receiver. During 2021, these assets were taken over by their respective
mortgage lenders, the receiver was appointed by the relevant court,
which transferred the management and control of each related asset
and derecognised as of the date of the respective receivership.
Since the appointment dates, URW is no longer the owner of these
assets, is not liable for the debt and does not recognise the revenues
generated by these assets. This includes: Westfield Citrus Park and
Westfield Countryside in Florida with an effective transfer on January
13, 2021; the Westfield Sarasota in Florida with an effective transfer on
February 23, 2021; Westfield Broward in Florida, with an effective
transfer on June 23, 2021; and Westfield Palm Desert in California on
October 14, 2021. The special servicers agreed to release URW from all
obligations under the Westfield Sarasota loan and any associated
guarantees, in return for a payment of \u20ac9.2 Mn ($10.9 Mn).
However, for Westfield Palm Desert and Westfield Boward, URW is still
at risk for financial guarantees associated with the loans until final
foreclosure by the bank.
The expected credit loss of \u20ac40.8 Mn ($48.2 Mn) for the financial
guarantee contracts related to Westfield Broward and Westfield Palm
Desert is recognised within the disposal result.
The loss of control led to a profit of \u20ac44.4 Mn ($52.5 Mn) recorded in the
\u201cResult on disposal of investment properties and loss of control\u201d in the
consolidated statement of comprehensive income.
Westfield Broward has been sold by the bank in 2022, and as a result
URW is not more at risk for financial guarantees associated with
the loans.
DISPOSAL OF OFFICE BUILDINGS
On January 21, 2021, further to an agreement entered into on October
12, 2020, URW announced the completion of the disposal of the SHiFT
office building, located in Issy-les-Moulineaux (Paris region), to a
consortium of French institutional buyers (Primonial REIM, La Fran\u00e7aise
and EDF Invest). The disposal price
(1)
of the transaction is \u20ac620 Mn.
On March 17, 2021, URW announced the completion of the disposals of
the Les Villages 3, 4 and 6 office buildings, located in La D\u00e9fense (Paris
region) to French institutional investors. Agreements for the disposals
were signed in December 2020. Village 3 was sold to an institutional
fund managed by La Fran\u00e7aise Real Estate Managers on March 4, 2021.
Village 4 and 6 were sold to institutional funds managed by Perial AM on
March 17, 2021. The total NDP
(2)
of both transactions is \u20ac215 Mn.
On September 16, 2021, URW completed the sale and leaseback
agreement with a French institutional investor for the 7 Adenauer office
building in Paris (URW\u2019s global headquarters, accounted for at cost). The
NDP of \u20ac249 Mn represents a premium to the last unaffected book value.
Further to the new standard lease on the building, 7 Adenauer will
remain its global headquarters. The rights retained by the Group
amounted to \u20ac25 Mn and are booked as a right of use within the Other
tangible assets and the total disposal result amounted to \u20ac86 Mn. A
lease liability of \u20ac44 Mn was recognised in the consolidated
financial statements.
(1) TAC reduced by the Transaction Tax incurred by the buyer. As per standard market practice, the remaining lease incentives will be paid by the vendor.
(2) Net Disposal Price: TAC incurred by the acquirer minus all transfer taxes and transaction costs.
PARTNERSHIP WITH AXA FOR THE
TRIANGLE TOWER PROJECT IN PARIS
On November 1, 2021, URW signed a co-investment partnership with
AXA IM Alts, a global leader in alternative investments acting on behalf
of clients, for the Triangle Tower, a major new development in Paris.
URW ownership is 30% and AXA IM Alts owns the remaining 70% in the
newly created JV (SNC Triangle Renan).
The JV is governed by the steering committee in which the partner has
the majority and is also the chairman. The AMO Manager (AXA\u2019s affiliate)
holds large powers and has the control over the leasing, the financing
and the follow up of the building\u2019s construction. The initial annual
budget as well as the business plan are approved by a simple majority,
thus by the partner. Only a limited number of reserved matters require
the approval of URW.
As a result, URW only exercises a significant influence on the new entity
which is accounted for using the equity method.
OTHER DISPOSALS
URW also disposed of several minor assets:
\u2022 Le Bl\u00e9riot, an office building located in the Paris region;
\u2022 The Q-Huset office building located in T\u00e4by;
\u2022 URW\u2019s 50% stake in the Palisade residential building at Westfield
UTC; and
\u2022 51% stake in Aquaboulevard and Le Sextant in October 2021, which
URW jointly controls and is now accounted for using the equity method.
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1.1.1. ACQUISITIONS/DISPOSALS IN 2022
DISPOSAL OF SOLNA CENTRUM
URW completed on February 1, 2022, the sale of Solna Centrum to
Alecta Fastigheter for an agreed Total Acquisition Cost (\u201cTAC\u201d) of
\u20ac272 Mn. The disposal result amounted to +\u20ac23.5 Mn and was recorded
in the consolidated statement of comprehensive income.
DISPOSAL OF A 45% STAKE IN THE
WESTFIELD CARR\u00c9 S\u00c9NART SHOPPING
CENTRE
On February 16, 2022, the Group completed the disposal of a 45% stake
in Westfield Carr\u00e9 S\u00e9nart to Soci\u00e9t\u00e9 G\u00e9n\u00e9rale Assurances and BNP
Paribas Cardif for an implied price of c. \u20ac1.0 Bn (at 100%). URW has
granted the buyers a rental guarantee of up to \u20ac13.5 Mn (at 45%) for a
duration of up to 3 years from closing of the transaction. The rental
guarantee includes a clawback mechanism for URW in case of
overperformance limited to guarantee payments related to the previous
periods. The JV put in place a non-recourse 7-year mortgage loan for a
total amount of \u20ac302 Mn.
URW will continue to control and manage the asset, which will remain
fully consolidated. Consequently, the result of the transaction was
recorded in the equity attributable to the holders of the Stapled Shares
for -\u20ac11.9 Mn, including the value of the rental guarantee and the
transaction costs.
DISPOSAL OF 2 RESIDENTIAL BUILDINGS AT
WESTFIELD HAMBURG
The Group disposed 2 residential building rights at Westfield Hamburg in
January and March, 2022, for a Net Disposal Price (\u201cNDP\u201d) of \u20ac51 Mn.
The disposal result amounted to +\u20ac4.5 Mn and was recorded in the
consolidated statement of comprehensive income.
SALE OF THE SITE OF THE FORMER
PROMENADE MALL
On March 15, 2022, URW announced the sale of the 34-acre site of the
former Promenade Mall, located in the San Fernando Valley of
Los Angeles, to a group of private investors for $150 Mn (at 100%, URW
share 55%), reflecting a 60% premium to the latest appraisal.
As the Company is accounted for using the equity method, the URW\u2019s
stake in the net disposal result of +\u20ac19.8 Mn is recorded within the share
of the result of companies accounted for using the equity method.
SALE OF GERA ARCADEN
On July 1, 2022, the Group completed the sale of Gera Arcaden to
an institutional investor for an agreed NDP of \u20ac116 Mn (at 100%, URW
share 51%).
The disposal result amounted to +\u20ac11.5 Mn and was recorded in the
consolidated statement of comprehensive income.
DISPOSAL OF ALMERE
On July 7, 2022, the Group completed the sale of Almere Centrum in
The Netherlands to a group of private investors led by the UMB Group
for a NDP of \u20ac155 Mn in line with the last appraisal value.
SALE OF CARR\u00c9 S\u00c9NART SHOPPING PARC
On July 13, 2022, URW signed and closed the sale of Carr\u00e9 S\u00e9nart
Shopping Parc to a French institutional investor for an agreed NDP of
\u20ac120 Mn, above last appraisal value. The disposal result amounted to
+\u20ac12.1 Mn and was recorded in the consolidated statement of
comprehensive income.
DISPOSAL OF WESTFIELD SANTA ANITA
On August 25, 2022, the Group completed the sale of Westfield Santa
Anita in Arcadia, California, to an established commercial real estate
investor who owns other Retail assets in Southern California.
The sale price of $537.5 Mn (at 100%, URW share 49%), reflects a sub-6%
net initial yield and a 10.7% discount to the latest unaffected appraisal
as of December 2021.
As the Company is accounted for using the equity method, the URW\u2019s
stake in the net disposal result of -\u20ac32.4 Mn is recorded within the share
of the result of companies accounted for using the equity method.
DISPOSAL OF AN ADDITIONAL 27% STAKE
IN AUPARK
On August 31, 2022, the Purchasers acquired 2 complementary stakes
(\u201cTranches 2, 3\u201d) based on appraisal values as at June 30, 2022. As at
December 31, 2022, URW holds a remaining 13% interest and has joint
control over the joint venture which continues to be accounted for using
the equity method. (See 1.2.2 Acquisitions/Disposals 2021 \u2013 Disposal of
a 60% stake in Aupark).
DISPOSAL OF VILLENEUVE 2
On September 30, 2022, URW completed the disposal of Villeneuve 2
shopping centre , located in the Lille region, to Ceetrus. The net disposal
result amounted to -\u20ac17.1 Mn and was recorded in the consolidated
statement of comprehensive income.
DISPOSAL OF THE VILLAGE IN SAN FERNANDO VALLEY On December 27, 2022, the Group announced that it has completed the sale of The Village, an outdoor lifestyle destination in the San Fernando Valley of Los Angeles, to the Kroenke Organization. The sale price of $325 Mn (at 100%, URW share 55%), reflects a 10.6% discount to the last unaffected appraisal. The net disposal result amounted to -\u20ac20.9 Mn and was recorded within the share of the result of companies accounted for using the equity method. DISPOSAL OF WESTFIELD TRUMBULL AND WESTFIELD SOUTH SHORE SHOPPING CENTRES On December 30, 2022, the Group announced that it has completed the sale of Westfield Trumbull located in Trumbull, Connecticut and Westfield South Shore located in Bay Shore, New York, to a commercial real estate investment firm. The combined gross sale price of these wholly owned regional assets at $196 Mn is equal to their gross market value.
The scope of consolidation includes all companies controlled by URW
and all companies in which the Group exercises joint control or
significant influence.
According to IFRS 10, an investor controls an investee when it is
exposed, or has rights, to variable returns from its involvement with
the investee and has the ability to affect those returns through its
power over the investee.
The Group considers all facts and circumstances when assessing
whether it controls an investee. The control over an investee is
reassessed if facts and circumstances indicate that there are changes
to 1 or more of the elements mentioned above.
The method of consolidation is determined by the type of control
exercised:
\u2022 Control: the companies are fully consolidated;
3.5. NON-CONTROLLING INTERESTS
AND COMMITMENT TO PURCHASE
NON-CONTROLLING INTERESTS
3.5.1. COMMITMENT TO PURCHASE NON-
CONTROLLING INTERESTS
The convertible redeemable preference shares, included in the captions
\u201cNon-current commitment to external non-controlling interests\u201d and
\u201cCurrent commitment to external non-controlling interests\u201d, refer
mainly to the preference shares held by the former partners in Westfield
San Francisco Centre.
They are measured at fair value through profit or loss.
3.5.2. NON-CONTROLLING INTERESTS
For 2022, this item comprised mainly non-controlling interests in the
following entities:
\u2022 C&E entities (\u20ac21.1 Mn);
\u2022 Several shopping centres in France and Italy (\u20ac72.6 Mn, mainly
Westfield Les 4 Temps, Westfield Parly 2, Westfield Forum des Halles
and Westfield Carr\u00e9 S\u00e9nart); and
\u2022 Several shopping centres in Germany, Spain and Austria (\u20ac17.5 Mn).
NOTE 15. LIST OF THE MAIN CONSOLIDATED COMPANIES
List of the main consolidated companies
Country Method
(1)
% interest
Dec. 31, 2022
% control
Dec. 31, 2022
% interest
Dec. 31, 2021
URW SE France FC 100.00 100.00 100.00
Westfield Corporation Limited Australia FC 100.00 100.00 100.00
Donauzentrum Besitz- u. Vermietungs GmbH Austria FC 100.00 100.00 100.00
Shopping Center Planungs- und Entwicklungsgesellschaft mbH & Co.
Werbeberatung KG Austria FC 55.00 55.00 55.00
UR Invest GmbH Austria FC 55.00 55.00 55.00
URW Invest GmbH Austria FC 100.00 100.00 100.00
Centrum Cerny Most as Czech Republic FC 100.00 100.00 100.00
Centrum Chodov sro Czech Republic FC 100.00 100.00 100.00
Doria France FC 100.00 100.00 100.00
Financi\u00e8re 5 Malesherbes France FC 100.00 100.00 100.00
Volumes LPD France FC 100.00 100.00 100.00
Rodamco France France FC 100.00 100.00 100.00
SA Uni-Expos France FC 100.00 100.00 100.00
SA Union Internationale Immobili\u00e8re France FC 100.00 100.00 100.00
SCI Chesnay Pierre 2 France FC 50.00 50.00 50.00
SCI du Forum des Halles de Paris France FC 65.00 65.00 65.00
SCI Propexpo France FC 50.00 50.00 50.00
SCI SCC de La D\u00e9fense France FC 53.30 53.30 53.30
SCI CC Francilia France FC 55.00 55.00 100.00
SNC Viparis - Porte de Versailles France FC 50.00 50.00 50.00
Uni-commerces France FC 100.00 100.00 100.00
CentrO companies Germany EM-JV 50.00 50.00 50.00
URW Germany GmbH Germany FC 51.00 51.00 51.00
SARL Red Grafton 1 Luxembourg FC 65.00 65.00 65.00
Crystal Warsaw Sp zoo Poland FC 100.00 100.00 100.00
GSSM Warsaw Sp zoo Poland FC 100.00 100.00 100.00
Zlote Tarasy partnership Poland EM-A 100.00 - 100.00
Aupark as Slovakia EM-JV 13.00 13.00 40.00
Unibail-Rodamco Retail Spain Spain FC 100.00 100.00 100.00
Unibail-Rodamco Steam SLU Spain FC 51.11 51.11 51.11
Rodamco AB Sweden FC 100.00 100.00 100.00
Rodamco Centerpool AB Sweden FC 100.00 100.00 100.00
Rodamco Handel AB Sweden FC 100.00 100.00 100.00
Rodamco Northern Europe AB Sweden FC 100.00 100.00 100.00
Rodamco Sverige AB Sweden FC 100.00 100.00 100.00
Rodamco T\u00e4by Centrum KB Sweden FC 100.00 100.00 100.00
Rodamco Austria BV The Netherlands FC 100.00 100.00 100.00
Rodamco Central Europe BV The Netherlands FC 100.00 100.00 100.00
Rodamco Czech BV The Netherlands FC 100.00 100.00 100.00
Rodamco Deutschland BV The Netherlands FC 100.00 100.00 100.00
Rodamco Europe Properties BV The Netherlands FC 100.00 100.00 100.00
Rodamco Retail Deutschland BV The Netherlands FC 100.00 100.00 100.00
Unibail-Rodamco Nederland Winkels BV The Netherlands FC 100.00 100.00 100.00
List of the main consolidated companies
Country Method
(1)
% interest
Dec. 31, 2022
% control
Dec. 31, 2022
% interest
Dec. 31, 2021
Unibail-Rodamco TH BV The Netherlands FC 100.00 100.00 100.00
URW UK Olympic BV 1 and 2 The Netherlands FC 100.00 100.00 100.00
URW UK Olympic BV 3, 4 and 5 The Netherlands FC 100.00 100.00 100.00
URW UK Shepherds BV 1 to 12 The Netherlands FC 100.00 100.00 100.00
URW UK Shepherds BV 13, 14 and 15 The Netherlands FC 100.00 100.00 100.00
URW NV The Netherlands FC 100.00 100.00 100.00
Stratford City Shopping Centre n\u00b01 & 2 Limited UK EM-JV 50.00 50.00 50.00
Westfield Europe Limited UK FC 100.00 100.00 100.00
Westfield UK & Europe Finance PLC UK FC 100.00 100.00 100.00
White City Acquisitions Limited UK FC 100.00 100.00 100.00
Head Acquisition LP US FC 100.00 100.00 100.00
New WTC Retail Member LLC US FC 100.00 100.00 100.00
Urban Shopping Centers LP US FC 100.00 100.00 100.00
URW America Inc. US FC 100.00 100.00 100.00
URW US Services, Inc. US FC 100.00 100.00 100.00
URW WEA LLC US FC 100.00 100.00 100.00
WEA Finance, LLC US FC 100.00 100.00 100.00
WEA Holdings, LLC US FC 100.00 100.00 100.00
Westfield America, LP US FC 100.00 100.00 100.00
Westfield DDC, LLC US FC 100.00 100.00 100.00
Westfield Head, LP US FC 100.00 100.00 100.00
Westfield, LLC US FC 100.00 100.00 100.00
WHL USA Acquisitions, Inc. US FC 100.00 100.00 100.00
(1) FC: full consolidation method, EM-JV: joint ventures under the equity method, EM-A: associates under the equity method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-584": { "value": "1.1.1. ACQUISITIONS/DISPOSALS IN 2022 DISPOSAL OF SOLNA CENTRUM URW completed on February 1, 2022, the sale of Solna Centrum to Alecta Fastigheter for an agreed Total Acquisition Cost (\u201cTAC\u201d) of \u20ac272 Mn. The disposal result amounted to +\u20ac23.5 Mn and was recorded in the consolidated statement of comprehensive income. DISPOSAL OF A 45% STAKE IN THE WESTFIELD CARR\u00c9 S\u00c9NART SHOPPING CENTRE On February 16, 2022, the Group completed the disposal of a 45% stake in Westfield Carr\u00e9 S\u00e9nart to Soci\u00e9t\u00e9 G\u00e9n\u00e9rale Assurances and BNP Paribas Cardif for an implied price of c. \u20ac1.0 Bn (at 100%). URW has granted the buyers a rental guarantee of up to \u20ac13.5 Mn (at 45%) for a duration of up to 3 years from closing of the transaction. The rental guarantee includes a clawback mechanism for URW in case of overperformance limited to guarantee payments related to the previous periods. The JV put in place a non-recourse 7-year mortgage loan for a total amount of \u20ac302 Mn. URW will continue to control and manage the asset, which will remain fully consolidated. Consequently, the result of the transaction was recorded in the equity attributable to the holders of the Stapled Shares for -\u20ac11.9 Mn, including the value of the rental guarantee and the transaction costs. DISPOSAL OF 2 RESIDENTIAL BUILDINGS AT WESTFIELD HAMBURG The Group disposed 2 residential building rights at Westfield Hamburg in January and March, 2022, for a Net Disposal Price (\u201cNDP\u201d) of \u20ac51 Mn. The disposal result amounted to +\u20ac4.5 Mn and was recorded in the consolidated statement of comprehensive income. SALE OF THE SITE OF THE FORMER PROMENADE MALL On March 15, 2022, URW announced the sale of the 34-acre site of the former Promenade Mall, located in the San Fernando Valley of Los Angeles, to a group of private investors for $150 Mn (at 100%, URW share 55%), reflecting a 60% premium to the latest appraisal. As the Company is accounted for using the equity method, the URW\u2019s stake in the net disposal result of +\u20ac19.8 Mn is recorded within the share of the result of companies accounted for using the equity method. SALE OF GERA ARCADEN On July 1, 2022, the Group completed the sale of Gera Arcaden to an institutional investor for an agreed NDP of \u20ac116 Mn (at 100%, URW share 51%). The disposal result amounted to +\u20ac11.5 Mn and was recorded in the consolidated statement of comprehensive income. DISPOSAL OF ALMERE On July 7, 2022, the Group completed the sale of Almere Centrum in The Netherlands to a group of private investors led by the UMB Group for a NDP of \u20ac155 Mn in line with the last appraisal value. SALE OF CARR\u00c9 S\u00c9NART SHOPPING PARC On July 13, 2022, URW signed and closed the sale of Carr\u00e9 S\u00e9nart Shopping Parc to a French institutional investor for an agreed NDP of \u20ac120 Mn, above last appraisal value. The disposal result amounted to +\u20ac12.1 Mn and was recorded in the consolidated statement of comprehensive income. DISPOSAL OF WESTFIELD SANTA ANITA On August 25, 2022, the Group completed the sale of Westfield Santa Anita in Arcadia, California, to an established commercial real estate investor who owns other Retail assets in Southern California. The sale price of $537.5 Mn (at 100%, URW share 49%), reflects a sub-6% net initial yield and a 10.7% discount to the latest unaffected appraisal as of December 2021. As the Company is accounted for using the equity method, the URW\u2019s stake in the net disposal result of -\u20ac32.4 Mn is recorded within the share of the result of companies accounted for using the equity method. DISPOSAL OF AN ADDITIONAL 27% STAKE IN AUPARK On August 31, 2022, the Purchasers acquired 2 complementary stakes (\u201cTranches 2, 3\u201d) based on appraisal values as at June 30, 2022. As at December 31, 2022, URW holds a remaining 13% interest and has joint control over the joint venture which continues to be accounted for using the equity method. (See 1.2.2 Acquisitions/Disposals 2021 \u2013 Disposal of a 60% stake in Aupark). DISPOSAL OF VILLENEUVE 2 On September 30, 2022, URW completed the disposal of Villeneuve 2 shopping centre , located in the Lille region, to Ceetrus. The net disposal result amounted to -\u20ac17.1 Mn and was recorded in the consolidated statement of comprehensive income. DISPOSAL OF THE VILLAGE IN SAN FERNANDO VALLEY On December 27, 2022, the Group announced that it has completed the sale of The Village, an outdoor lifestyle destination in the San Fernando Valley of Los Angeles, to the Kroenke Organization. The sale price of $325 Mn (at 100%, URW share 55%), reflects a 10.6% discount to the last unaffected appraisal. The net disposal result amounted to -\u20ac20.9 Mn and was recorded within the share of the result of companies accounted for using the equity method. DISPOSAL OF WESTFIELD TRUMBULL AND WESTFIELD SOUTH SHORE SHOPPING CENTRES On December 30, 2022, the Group announced that it has completed the sale of Westfield Trumbull located in Trumbull, Connecticut and Westfield South Shore located in Bay Shore, New York, to a commercial real estate investment firm. The combined gross sale price of these wholly owned regional assets at $196 Mn is equal to their gross market value. The scope of consolidation includes all companies controlled by URW and all companies in which the Group exercises joint control or significant influence. According to IFRS 10, an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group considers all facts and circumstances when assessing whether it controls an investee. The control over an investee is reassessed if facts and circumstances indicate that there are changes to 1 or more of the elements mentioned above. The method of consolidation is determined by the type of control exercised: \u2022 Control: the companies are fully consolidated; \u2022 Joint control: is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement: - A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Each party shall account for the assets which it has rights to, liabilities which it has obligations for, revenues and expenses relating to its interests in a joint operation; and - A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method. \u2022 Significant influence: accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee but it is not control or joint control of those policies. It is presumed where an entity holds 20% or more of the voting power (directly or through subsidiaries) on an investee, unless it can be clearly demonstrated that this is not the case . 3.6. DESCRIPTION OF SIGNIFICANT JOINT OPERATIONS WESTFIELD LONDON Westfield London is jointly controlled by the Group and Commerz Real Investmentgesellschaft (\u201cCRI\u201d) since all the major decisions relating to the relevant activities of the company (leasing strategy, standard form lease agreements, operating expenses and capital expenses), require the approval of both partners. Each year, the annual budget plan comprising gross income and operating expenses, capital expenditure, rent levels projected to be achieved on review of rents under each lease, proposed new lettings and the projected net income, shall be approved by both partners. The arrangements between CRI and URW give equal rights to both partners in the assets and the liabilities of the partnership. Therefore, Westfield London is a joint operation company NOTE 6. SHARES AND INVESTMENTS IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD 6.1. ACCOUNTING PRINCIPLES The accounting principles are detailed in note 3.1.1 \u201cScope and methods of consolidation\u201d. Following the Westfield acquisition, the Group has significant co-ownership interest in a number of properties, mainly in the US through property partnerships or trusts. These joint ventures are accounted for using the equity method. The Group and its joint ventures use consistent accounting policies. 6.2. SHARES AND INVESTMENTS IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Shares in companies accounted for using the equity method 7,0 0 7.5 7,370.5 Loans granted to companies accounted for using the equity method 919.6 915.7 Total shares and investments in companies accounted for using the equity method (1) 7,927.1 8,286.2 (1) Mainly relates to Shopping Centres companies. SHARE OF THE RESULT OF COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD AND INCOME ON FINANCIAL ASSETS The contribution of affiliates breaks down as follows: (\u20ac Mn) 2022 2021 Recurring activities Non-recurring activities (1) Result Recurring activities Non-recurring activities (1) Result Total share of income from companies accounted for using the equity method 420.6 (472.4) (51.8) 346.3 (916.8) (570.5) Total interests on loans granted to companies accounted for using the equity method 31.0 \u2013 31.0 25.1 \u2013 25.1 (1) Correspond mainly to the fair value adjustment and related deferred tax on the underlying investment properties. 6.3. JOINT VENTURES According to IFRS 11, joint ventures are those entities in which the Group has joint control established by contractual agreement and rights to the net assets of the arrangement. 6.3.1. DESCRIPTION OF THE MAIN JOINT VENTURES ACCOUNTED FOR USING THE EQUITY METHOD The main jointly controlled assets accounted for using the equity method are the following: Name of investment Geographical area % Interest as at Dec. 31, 2022 % Interest as at Dec. 31, 2021 Westfield Stratford City UK 50.0% 50.0% Metropole Zlicin Central Europe 50.0% 50.0% Westfield Rosny 2 France 26.0% 26.0% Westfield CentrO Germany 50.0% 50.0% Paunsdorf Center Germany 25.5% 25.5% Westfield Annapolis US 55.0% 55.0% Westfield Culver City US 55.0% 55.0% Westfield Garden State Plaza US 50.0% 50.0% Westfield Montgomery US 50.0% 50.0% Westfield Santa Anita(1) US 49.3% 49.3% Westfield Southcenter US 55.0% 55.0% Westfield Topanga US 55.0% 55.0% Westfield UTC US 50.0% 50.0% Westfield Valley Fair US 50.0% 50.0% Aupark Bratislava Central Europe 13.0% 40.0% (1) In 2022, the Group completed the sale of the asset Westfield Santa Anita (see note 1.1.1 \u201cAcquisitions/Disposals in 2022\u201d). The significant joint ventures accounted for using the equity method are presented below: WESTFIELD STRATFORD CITY (LONDON, UNITED KINGDOM) Westfield Stratford City is a joint venture with Canneth Limited Partnership Inc. The partnership is governed through a business manager, which is a company jointly owned by both partners. This business manager has significant powers to conduct the business. The budget, capital expenditures, and a number of major decisions relating to the debt financing, approval of any refurbishment and development, disposals, require the approval of both partners. Therefore under IFRS 10, Westfield Stratford City is jointly controlled by both partners. PARTNERSHIPS IN THE UNITED STATES Per the co-ownership and PM agreements with its joint venture partners, the Group is restricted from exercising control over these interests even though the Group has more than 50% ownership interest and voting rights. Major decisions require the approval of both the Group and the joint venture partners and operating and capital budgets must be approved by the management committee (both owners have equal representation on this committee). The Group therefore has joint control over the investments and they are accounted for using the equity method. WESTFIELD CENTRO (GERMANY) Westfield CentrO, a leading shopping centre located in Oberhausen, is jointly held by the Group and CPPIB. The joint venture is governed by a board of directors with 6 members, 3 of which are designated by URW and 3 designated by CPPIB. The relevant activities are the leasing, equipment, building, renovation as well as the management, servicing and maintenance of these assets. The decision-making process for all these relevant activities required the approval of both partners. Therefore these companies which are joint ventures are accounted for using the equity method. 6.3.2. CONSOLIDATED FINANCIAL POSITION OF THE JOINT VENTURES The main items of the statements of financial position and income statement of joint ventures are presented in aggregate in the tables below. These items are stated in Group share including restatements for consolidation purposes. SHOPPING CENTRES AND CONVENTION & EXHIBITION COMPANIES (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Investment properties 8,365.6 9,036.5 Other non-current assets 27.2 14.9 Current assets 402.6 389.7 Total assets 8,795.4 9,441.1 Restated shareholders\u2019 equity 6,111.5 6,551.7 Deferred tax liabilities 97.1 121.4 Shareholders loans 458.1 468.8 External borrowings (1) 1,915.5 2,073.6 Other non-current liabilities 22.2 19.6 Current liabilities 191.0 206.0 Total liabilities 8,795.4 9,4 41.1 (1) Includes current and non-current borrowings. (\u20ac Mn) 2022 2021 NRI 450.7 352.4 Change in fair value of investment properties (509.7) (868.5) Net result (161.0) (573.1) 6.3.3. VALUATION ASSUMPTIONS AND SENSITIVITY The following tables provide a number of quantitative data in order to assess the fair valuation of the Group\u2019s assets accounted for using the equity method. SHOPPING CENTRES All shopping centres are valued using the DCF and/or yield methodologies. Shopping Centres \u2013 December 31, 2022 Net Initial Yield Rent in \u20ac per sqm (1) Discount Rate (2) Exit Capitalisation Rate (3) CAGR of NRI (4) Europe Max 7.6% 947 8.9% 6.8% 4.6% Min 4.3% 125 6.5% 4.4% 1.7% Weighted average 5.8% 370 7.4% 5.7% 2.6% US Max 9.6% 1,213 10.3% 9.0% 11.4% Min 3.7% 321 6.5% 4.5% 1.1% Weighted average 4.9% 653 7.3% 5.3% 5.0% NY, DR and ECR weighted by GMV. Vacant assets, assets considered at bid value, and assets under restructuring are not included in Min. and Max. calculation. Assets under development or not controlled by URW are not included in this table. The UK assets are included in the table. (1) Average annual rent (MGR + SBR) per asset per sqm. (2) Rate used to calculate the net present value of future cash flows. (3) Rate used to capitalise the exit rent to determine the exit value of an asset. (4) CAGR of NRI determined by the appraiser (between 6 and 10 years depending on duration of DCF model used). The table below shows the sensitivity on URW\u2019s Shopping Centre portfolio value for assets accounted for using the equity method, excluding assets under development. Sensitivity Impact in \u20ac Mn Impact in % +25 bps in NIY (379) (4.6)% +25 bps in DR (154) (1.9)% +10 bps in ECR (99) (1.2)% -5% in appraisers\u2019 ERV (268) (3.2)% 6.4. ASSOCIATES Associates are those entities, not controlled by the Group, but in which it has a significant influence according to IAS 28 R. 6.4.1. DESCRIPTION OF THE MAIN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD The main associates relate to the following assets: \u2022 Fonci\u00e8re Crossroads which owns the shopping centres A\u00e9roville and So Ouest in the Paris region, Rennes Alma in Rennes, Toison d\u2019Or in Dijon, Confluence in Lyon and the hotel Novotel Lyon Confluence; \u2022 Zlote Tarasy complex (Warsaw); \u2022 Gropius Passagen (Berlin); \u2022 Starwood I, Starwood II and Blum (US); and \u2022 Triangle Renan, a co-investment partnership for the development of Triangle Tower project. FONCI\u00c8RE CROSSROADS Fonci\u00e8re Crossroads, which owns a portfolio of 5 shopping centres in France (A\u00e9roville and So Ouest in the Paris region, Rennes Alma in Rennes, Toison d\u2019Or in Dijon and Confluence in Lyon) and a hotel, is held by a consortium of investors formed by Cr\u00e9dit Agricole Assurances, la Fran\u00e7aise and URW. The Group holds a 45.8% stake and manages the shopping centres on behalf of Fonci\u00e8re Crossroads through long-term management contracts. Fonci\u00e8re Crossroads is governed by a chairman. URW cannot be designated as the chairman as long as it manages the shopping centres. The proportion of the voting rights needed to make decisions about the relevant activities of Fonci\u00e8re Crossroads is achieved by more than 1 combination of the parties agreeing. As a result, URW has only a significant influence on Fonci\u00e8re Crossroads which is accounted for using the equity method. ZLOTE TARASY COMPLEX The Group is the sole limited partner in a partnership which holds 100% of a holding company (Warsaw III), which owns 100% of Zlote Tarasy complex (Warsaw). In compliance with the restrictions imposed on URW by the Polish competition authorities in connection with the acquisition by the Group of the shopping centres Westfield Arkadia and Wilenska in July 2010, the management of Warsaw III and the shopping centre and parking is not performed by the Group. Consequently, the Group does not control this asset and its investment in the Zlote Tarasy complex is accounted for using the equity method. 6.4.2. CONSOLIDATED FINANCIAL POSITION OF ASSOCIATES The main items of the statements of financial position and income statement of associates are presented in aggregate in the tables below. These items are stated in Group share, including restatements for consolidation purposes. SHOPPING CENTRES COMPANIES (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Investment properties 1,870.4 1,832.9 Other non-current assets 82.6 25.2 Current assets 133.1 115.8 Total assets 2,086.0 1,973.9 Restated shareholders\u2019 equity 835.0 747.6 Deferred tax liabilities 121.0 113.3 Shareholders loans 461.5 4 47.0 External borrowings 569.8 569.2 Other non-current liabilities 54.5 48.0 Current liabilities 44.2 48.8 Total liabilities 2,086.0 1,973.9 (\u20ac Mn) 2022 2021 NRI 88.0 91.0 Change in fair value of investment properties 10.9 (51.7) Net result 109.2 2.6 6.5. TRANSACTIONS WITH RELATED PARTIES (JOINT VENTURES AND ASSOCIATES) To the Group\u2019s knowledge, there are neither shareholders\u2019 pacts nor persons or groups of persons exercising or who could exercise control over the Group. The main related party transactions relate to transactions with companies accounted for using the equity method. (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Shopping Centres and Convention & Exhibition companies Loans (1) 964.8 963.1 Recognised interest 31.1 25.1 Current account in debit 6.3 18.4 Current account in credit (27.8) (35.0) Asset management fees invoiced and other fees (2) 144.8 204.2 (1) Corresponds to 100% of the financing in the joint ventures and associates. (2) The decrease relates mainly to the property development and project management revenue in the US following the delivery of some projects. All of these transactions are based on market prices. NOTE 15. LIST OF THE MAIN CONSOLIDATED COMPANIES List of the main consolidated companies Country Method (1) % interest Dec. 31, 2022 % control Dec. 31, 2022 % interest Dec. 31, 2021 URW SE France FC 100.00 100.00 100.00 Westfield Corporation Limited Australia FC 100.00 100.00 100.00 Donauzentrum Besitz- u. Vermietungs GmbH Austria FC 100.00 100.00 100.00 Shopping Center Planungs- und Entwicklungsgesellschaft mbH & Co. Werbeberatung KG Austria FC 55.00 55.00 55.00 UR Invest GmbH Austria FC 55.00 55.00 55.00 URW Invest GmbH Austria FC 100.00 100.00 100.00 Centrum Cerny Most as Czech Republic FC 100.00 100.00 100.00 Centrum Chodov sro Czech Republic FC 100.00 100.00 100.00 Doria France FC 100.00 100.00 100.00 Financi\u00e8re 5 Malesherbes France FC 100.00 100.00 100.00 Volumes LPD France FC 100.00 100.00 100.00 Rodamco France France FC 100.00 100.00 100.00 SA Uni-Expos France FC 100.00 100.00 100.00 SA Union Internationale Immobili\u00e8re France FC 100.00 100.00 100.00 SCI Chesnay Pierre 2 France FC 50.00 50.00 50.00 SCI du Forum des Halles de Paris France FC 65.00 65.00 65.00 SCI Propexpo France FC 50.00 50.00 50.00 SCI SCC de La D\u00e9fense France FC 53.30 53.30 53.30 SCI CC Francilia France FC 55.00 55.00 100.00 SNC Viparis - Porte de Versailles France FC 50.00 50.00 50.00 Uni-commerces France FC 100.00 100.00 100.00 CentrO companies Germany EM-JV 50.00 50.00 50.00 URW Germany GmbH Germany FC 51.00 51.00 51.00 SARL Red Grafton 1 Luxembourg FC 65.00 65.00 65.00 Crystal Warsaw Sp zoo Poland FC 100.00 100.00 100.00 GSSM Warsaw Sp zoo Poland FC 100.00 100.00 100.00 Zlote Tarasy partnership Poland EM-A 100.00 - 100.00 Aupark as Slovakia EM-JV 13.00 13.00 40.00 Unibail-Rodamco Retail Spain Spain FC 100.00 100.00 100.00 Unibail-Rodamco Steam SLU Spain FC 51.11 51.11 51.11 Rodamco AB Sweden FC 100.00 100.00 100.00 Rodamco Centerpool AB Sweden FC 100.00 100.00 100.00 Rodamco Handel AB Sweden FC 100.00 100.00 100.00 Rodamco Northern Europe AB Sweden FC 100.00 100.00 100.00 Rodamco Sverige AB Sweden FC 100.00 100.00 100.00 Rodamco T\u00e4by Centrum KB Sweden FC 100.00 100.00 100.00 Rodamco Austria BV The Netherlands FC 100.00 100.00 100.00 Rodamco Central Europe BV The Netherlands FC 100.00 100.00 100.00 Rodamco Czech BV The Netherlands FC 100.00 100.00 100.00 Rodamco Deutschland BV The Netherlands FC 100.00 100.00 100.00 Rodamco Europe Properties BV The Netherlands FC 100.00 100.00 100.00 Rodamco Retail Deutschland BV The Netherlands FC 100.00 100.00 100.00 Unibail-Rodamco Nederland Winkels BV The Netherlands FC 100.00 100.00 100.00 List of the main consolidated companies Country Method (1) % interest Dec. 31, 2022 % control Dec. 31, 2022 % interest Dec. 31, 2021 Unibail-Rodamco TH BV The Netherlands FC 100.00 100.00 100.00 URW UK Olympic BV 1 and 2 The Netherlands FC 100.00 100.00 100.00 URW UK Olympic BV 3, 4 and 5 The Netherlands FC 100.00 100.00 100.00 URW UK Shepherds BV 1 to 12 The Netherlands FC 100.00 100.00 100.00 URW UK Shepherds BV 13, 14 and 15 The Netherlands FC 100.00 100.00 100.00 URW NV The Netherlands FC 100.00 100.00 100.00 Stratford City Shopping Centre n\u00b01 & 2 Limited UK EM-JV 50.00 50.00 50.00 Westfield Europe Limited UK FC 100.00 100.00 100.00 Westfield UK & Europe Finance PLC UK FC 100.00 100.00 100.00 White City Acquisitions Limited UK FC 100.00 100.00 100.00 Head Acquisition LP US FC 100.00 100.00 100.00 New WTC Retail Member LLC US FC 100.00 100.00 100.00 Urban Shopping Centers LP US FC 100.00 100.00 100.00 URW America Inc. US FC 100.00 100.00 100.00 URW US Services, Inc. US FC 100.00 100.00 100.00 URW WEA LLC US FC 100.00 100.00 100.00 WEA Finance, LLC US FC 100.00 100.00 100.00 WEA Holdings, LLC US FC 100.00 100.00 100.00 Westfield America, LP US FC 100.00 100.00 100.00 Westfield DDC, LLC US FC 100.00 100.00 100.00 Westfield Head, LP US FC 100.00 100.00 100.00 Westfield, LLC US FC 100.00 100.00 100.00 WHL USA Acquisitions, Inc. US FC 100.00 100.00 100.00 (1) FC: full consolidation method, EM-JV: joint ventures under the equity method, EM-A: associates under the equity method. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-550": { "value": "NOTE 2. ACCOUNTING POLICIES In accordance with EC regulation no. 1606/2002 of July 19, 2002, on the application of international accounting standards, URW has prepared its consolidated financial statements for the financial year ending December 31, 2022, under IFRS as adopted in the European Union (\u201cEU\u201d) and applicable at this date. These can be consulted on the website: http://ec.europa.eu/finance/company-reporting/ifrs-financialstatements/index_en.htm. 2.1. IFRS BASIS ADOPTED The accounting principles and methods used are the same as those applied for the preparation of the annual consolidated financial statements as at December 31, 2021, except for the application of the new obligatory standards and interpretations described below. STANDARDS, AMENDMENTS AND INTERPRETATIONS EFFECTIVE AS OF JANUARY 1, 2022 \u2022 Amendments to IFRS 3 Business Combinations; International Accounting Standards (\u201cIAS\u201d) 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets; and \u2022 Annual Improvements 2018-2020. These standards, amendments and interpretations do not have a significant impact on the Group\u2019s accounts as at December 31, 2022. STANDARDS, AMENDMENTS AND INTERPRETATIONS NOT MANDATORILY APPLICABLE AS OF JANUARY 1, 2022 The following text has been adopted by the EU as at December 31, 2022, but not applied in advance by the Group: \u2022 IFRS 17 Insurance Contracts, including Amendments to IFRS 17; and \u2022 Amendments to: - IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies; - IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; - IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction; and - IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information. The following texts were published by the International Accounting Standards Board (\u201cIASB \u201d) but have not yet been adopted by the EU: \u2022 Amendments to IAS 1: Presentation of Financial Statements: - Classification of Liabilities as Current or Non-current; - Classification of Liabilities as Current or Non-current \u2013 Deferral of Effective Date; and - Non-current Liabilities with Covenants. \u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback. The measurement of the potential impacts of these texts on the consolidated accounts of URW is ongoing; no significant impacts are expected. Following to the publication of IFRS IC, the Group performed a review of its Software-as-a-Service (\u201cSaaS\u201d) contracts. These have no significant impact on the financial statements. 2.2. ESTIMATES AND ASSUMPTIONS Certain amounts recorded in the consolidated financial statements reflect estimates and assumptions made by management in the current context, including higher inflation, higher interest rates, increase of energy and raw material costs, supply chain disruption resulting from uncertain geopolitical and economic environment, the aftermath of the COVID-19 pandemic and difficulties in assessing their impacts and future prospects. In this context, management has taken into account these uncertainties on the basis of reliable information available at the date of the preparation of the consolidated financial statements, particularly with regards to the fair value of investment properties and financial instruments, the estimation of the provision for doubtful debtors, as well as the testing of goodwill and intangible assets. Due to inherent uncertainties associated with estimates, the Group reviews those estimates based on regularly updated information. Actual results might eventually differ from estimates made at the date of the preparation of the consolidated financial statements. The most significant judgements and estimates are set out in the following notes: for the valuation of investment properties, in note 5.1 \u201cInvestment properties\u201d, for the intangible assets and goodwill, in notes 5.3 \u201cIntangible assets\u201d and 5.4 \u201cGoodwill\u201d, for provision for doubtful debtors in note 7.5.3 \u201cCredit risk\u201d, for rent relief in note 4.4.1 \u201cGross Rental Income\u201d, and for fair value of financial instruments in note 7.4 \u201cHedging instruments\u201d respectively. Actual future results or outcomes may differ from these estimates. The property portfolio and intangible assets related to the Shopping Centres, Offices & Others, and C&E segments are valued by independent appraisers. Appraisers make their independent assessments of current and forward-looking cash flow profiles and usually reflect risk either in the cash flow forecasts (e.g. future rental levels, growth, investment requirements, void periods and incentives), in the applied required returns or discount rates or in the yield applied to capitalise the exit rent to determine an exit value
2.3. CLIMATE CHANGE AND RISKS
Climate change mitigation and adaptation are part of the priorities of
the Group Sustainability strategy, Better Places 2030, and form an
essential component of the Sustainability risks analysis. URW analyses
the physical and transitional risks associated with climate change.
These risks are in turn integrated into the Enterprise Risk Management
framework. As a consequence, the main management measures are
designed and discussed as part of this framework.
The Group has set ambitious Greenhouse Gas (\u201cGHG\u201d) emission
reduction targets as part of Better Places 2030, addressing its entire
value chain including the wide scope of indirect carbon emissions
resulting from construction works, transportation of visitors and
employees, and energy consumption of tenants, committing to reduce
significantly its global GHG emissions.
On top of addressing climate change mitigation, Better Places 2030 also
addresses climate adaptation through the resilience of its assets to
climate change both for development projects (integrated into the
Group sustainability design guidelines) and its standing assets.
The implementation of this programme is reflected in URW\u2019s financial
statements, mainly through its investment strategy and the
implementation of expenditures and expenses specifically incurred to
meet environmental challenges. The Group also conducted an updated
study on the physical risks associated with climate change in line with
recommendations issued by the Task Force on Climate-related Financial
Disclosures (\u201cTCFD\u201d) and the EU Taxonomy regulation.
The projects associated with mitigation and adaptation to climate
change are incorporated in the Group 5-year budget for standing assets
and development projects.
INTEGRATION OF ESG IN URW\u2019S VALUATIONS
A significant amount of information has been made available to the
appraisers in relation to several ESG key performance indicators (\u201cKPIs\u201d)
on an asset-by-asset basis
(1)
. Amongst others, these KPIs are the Energy
Use Intensity on common areas, Building Research Establishment
Environmental Assessment Method (\u201cBREEAM\u201d) In-Use certificates,
climate risk studies outcomes, renewal energy on-site production or
presence of electric vehicle chargers. Appraisers have reviewed and
considered the information provided in their valuation process. Capex
to be spent in the next 5 years for the Energy Action Plan were integrated
as ESG Capex within the valuation model
(1)
.
(1) For European shopping centres.
FINANCING ACTIVITY
A strong sustainability-linked financing activity has been led by the
Group with:
\u2022 45% of undrawn credit lines are now sustainability linked; and
\u2022 A new Green Financing Framework has been released in
November 2022.
GREEN LOANS
As at December 31, 2022, the total credit lines featuring with green or
sustainable indicators stands at \u20ac4.45 Bn, and the sustainability-linked
term loans amounts to \u20ac0.85 Bn, including debt under proportionate.
GREEN BONDS
The Group has decided to develop a stringent Green Bond framework to
finance new development projects, and/or standing assets which meet
all social and environmental criteria for the construction and operational
phases defined in the \u201cUse of Proceeds\u201d procedure. Green Bonds are
only used to finance resilient \u201cbest in class\u201d assets, in line with a clear
procedure for allocating funds (\u201cProcedure for asset analysis, selection
and monitoring under the \u201cGreen Bonds\u201d system\u201d).
Green Bonds were issued in February 2014 and April 2015 based on this
framework.
As at December 31, 2022, the outstanding nominal value of Green Bonds
amounts to \u20ac1.1 Bn.
3.1.1. SCOPE AND METHODS OF CONSOLIDATION The scope of consolidation includes all companies controlled by URW and all companies in which the Group exercises joint control or significant influence. According to IFRS 10, an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group considers all facts and circumstances when assessing whether it controls an investee. The control over an investee is reassessed if facts and circumstances indicate that there are changes to 1 or more of the elements mentioned above. The method of consolidation is determined by the type of control exercised: \u2022 Control: the companies are fully consolidated; \u2022 Joint control: is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement: - A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Each party shall account for the assets which it has rights to, liabilities which it has obligations for, revenues and expenses relating to its interests in a joint operation; and - A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method. \u2022 Significant influence: accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee but it is not control or joint control of those policies. It is presumed where an entity holds 20% or more of the voting power (directly or through subsidiaries) on an investee, unless it can be clearly demonstrated that this is not the case . 3.1.2. FOREIGN CURRENCY TRANSLATION GROUP COMPANIES WITH A FUNCTIONAL CURRENCY DIFFERENT FROM THE PRESENTATION CURRENCY The Group\u2019s consolidated financial statements are presented in euros. The financial statements of each consolidated Group company are prepared in its functional currency. The functional currency is the currency of the principal economic environment in which it operates. The results and financial position of all the Group entities that have a functional currency different from the presentation currency, the euro, are translated into the presentation currency as follows: \u2022 The assets and liabilities, including goodwill and fair value adjustments arising on consolidation, are translated into euros at the foreign exchange rate at the closing date; \u2022 Income and expenses and other comprehensive income (\u201cOCI\u201d) are translated into euros at rates approximating the foreign exchange rates ruling at the dates of the transactions; \u2022 All resulting exchange rate differences are recognised as a separate component of equity (currency translation reserve); and \u2022 When a Group company is sold, exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. FOREIGN CURRENCY TRANSACTIONS The Group\u2019s entities can realise operations in a foreign currency which is not their own functional currency. These transactions in foreign currencies are translated into euros at the spot exchange rate on the date of the transaction. At the closing date, monetary assets and liabilities denominated in foreign currency are translated into functional currency at the exchange rate on that date. Foreign exchange differences arising on translation or on settlement of these transactions are recognised in the income statement account, with the exception of: \u2022 Unrealised translation results on net investments; and \u2022 Unrealised translation results on intercompany loans that, in-substance, form part of the net investment. Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instruments relating to the effective portion of the hedge are recognised directly in equity, whereas those relating to the ineffective portion are recognised in the income statement account. Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currency are translated using the exchange rate on the date of transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated into euros at exchange rates on the dates the fair value was determined, and are reported as part of the fair value gain or loss.
3.1.3. BUSINESS COMBINATIONS
To identify whether a transaction is a business combination, the Group
notably considers whether an integrated set of activities is acquired
besides the investment property. The criteria applied may include the
number of property assets held by the target company, the extent of
the acquired processes and, particularly, the auxiliary services
provided by the acquired entity. If the acquired assets are not a
business, the transaction is recorded as an asset acquisition.
Business combinations are accounted for using the acquisition method.
The acquisition is recognised at the aggregate of the consideration
transferred, measured at acquisition date fair value, and the amount
of any non-controlling interest in the acquiree. For each business
combination, the acquirer measures the non-controlling interest in the
acquiree either at fair value or at the proportionate share of the
acquiree\u2019s identifiable net assets.
Acquisition costs incurred are recorded as expenses. For the companies
accounted for using the equity method, acquisition costs are capitalised
in the value of the shares.
At the date of acquisition and in accordance with IFRS 3 Revised,
identifiable assets, liabilities and contingent liabilities of the acquired
company are valued individually at their market value regardless of
their purpose based upon current best estimates at such date. It is
possible that further adjustments to initial evaluation may be
recognised within 12 months of the acquisition in accordance with
IFRS rules.
If the business combination is achieved in stages, the acquisition date
fair value of the acquirer\u2019s previously held equity interest in the
acquiree is remeasured to fair value at the acquisition date through
the income statement.
Any contingent consideration to be transferred by the acquirer is
recognised at fair value at the acquisition date. Subsequent changes to
the fair value of any contingent consideration classified as liability will
be recognised in the income statement.
Under IFRS 3 Revised, the acquisition of additional shares from non-
controlling shareholders is regarded as an equity transaction and
therefore no additional goodwill is recognised.
Consequently, when non-controlling shareholders have an agreement
to sell, non-controlling interests are reclassified as debt at the present
value of the exercise price. The difference between the latest value
and the net carrying value of the non-controlling interests is recognised
as equity attributable to the holders of the Stapled Shares. Any
subsequent change in debt is also accounted for as equity attributable
to the holders of the Stapled Shares. Income from non-controlling
interests and dividends are recorded in equity attributable to the
holders of the Stapled Shares.
4.1. ACCOUNTING PRINCIPLES
Segment information is presented in respect of the Group\u2019s divisions
and geographical segments, based on the Group\u2019s management and
internal reporting structure and in accordance with IFRS 8.
Contributions of affiliates are also presented according to the Group\u2019s
divisions and geographical segments.
Since the joint-controlled entities represent a significant part of the
Group\u2019s operations in the US and the UK, the Group\u2019s management and
internal reporting structure segment information is prepared in a
proportionate format, in which the joint-controlled entities are
accounted for on a proportionate basis instead of being accounted for
using the equity method under IFRS. The Group and its joint ventures
use consistent accounting policies.
Therefore, the segment information presented in this section is
prepared in a proportionate format.
BUSINESS SEGMENTS
The Group presents its result by segment: Shopping Centres, Offices &
Others and C&E.
The C&E segment comprises management of exhibition venues
(Viparis), the shopping centre \u201cLes Boutiques du Palais\u201d and the
management of the hotels at Porte de Versailles.
GEOGRAPHICAL SEGMENTS
Geographical segments are determined on the basis of the Group\u2019s
definition of a home region. A home region is defined as a region with
more than \u20ac1 Bn in property investment, a local organisation dedicated
to all 3 business lines: the \u201cowner function\u201d (asset selection and
management including pipeline), Shopping Centres management, the
finance function and a regional consolidated reporting.
The following are considered home regions based on specific
operational and strategic factors:
\u2022 France, including France, Belgium and Italy;
\u2022 Spain;
\u2022 US;
\u2022 Central Europe, including the Czech Republic, Poland and Slovakia;
\u2022 Austria;
\u2022 Germany;
\u2022 Nordics, including Sweden and Denmark;
\u2022 The Netherlands; and
\u2022 UK.
The following notes are presented on a proportionate basis.
4.3. NET RECURRING RESULT DEFINITION
The income statement by segment is split between recurring and non-
recurring activities. The non-recurring result before tax consists of the
valuation movements on investment properties, fair value adjustments
on derivatives and debts, termination costs of financial instruments on
the full cancelled commitment period when the maturity of the
financial instrument is beyond the current reporting period, bond
tender premiums, currency gains/losses on revaluation of balance
sheet items, the net result on disposals, impairment of goodwill or
recognition of negative goodwill, as well as costs directly related to a
business combination and other non-recurring items.
The income tax is split between recurring result and non-recurring
result.
Recurring tax is the outcome of:
\u2022 The amount of income tax effectively due on recurring income,
after deduction of any tax losses;
\u2022 Plus/minus changes in a deferred tax asset recognised on tax losses
stemming from recurring income (excluding those caused by a
change in tax rate and/or those caused by a use of such deferred tax
asset by non-recurring profits); and
\u2022 Plus/minus changes in deferred tax assets not related to tax losses
and deferred tax liabilities relating to recurring result (excluding
those caused by a change in tax rate and/or those caused by a use
of such deferred tax asset by non-recurring profits) .
REVENUE RECOGNITION
ACCOUNTING TREATMENT OF INVESTMENT
PROPERTY LEASES
Assets leased are recorded in the statement of financial position as
investment property assets. Gross rental revenue is recorded on a
straight-line basis over the expected term of the lease. In case of an
Investment Property Under Construction (\u201cIPUC\u201d), revenues are
recognised once spaces are delivered to tenants.
For rent relief granted to tenants in relation to the COVID-19 pandemic
and where such relief qualifies as a lease modification because the
tenant agreed concessions (e.g. extension of a lease term or higher
sales-based rent), IFRS 16 applies, under which, the relief is treated as
a lease incentive, which is straight lined over the expected term of the
lease as a reduction of the Gross Rental Income. Rent relief for which
a counterpart is expected and not yet signed are part of the receivables
on which an expected credit loss is calculated.
In accordance with IFRS 16, rent relief without changes to the lease
contract or imposed by laws in force, such as in Austria, or pursuant to
a provision in the existing lease contract allowing for rent modification,
is directly charged to the income statement as a reduction of the Gross
Rental Income.
Rent relief signed or expected to be signed, granted without any
counterpart from the tenants are considered as a reduction of the
receivables and are charged to the income statement as a reduction of
the Gross Rental Income.
RENTS AND KEY MONEY
Gross Rental Income consists of rents and similar income (e.g.
occupancy compensation, key money, parking revenues) invoiced for
Shopping Centres and Offices & Others properties over the period.
Under IFRS 16, the effects of rent-free periods, step rents, other rents
incentives and key money are spread over the expected term of
the lease.
Gross Rental Income from the C&E segment includes turnover
generated by the rental of exhibition space and the provision of
unavoidable associated support services to this space.
4.4.2. OPERATING EXPENSES AND NET SERVICE CHARGES
The operating expenses and net service charges are composed of ground rents paid, net service charge expenses and property operating expenses.
GROUND RENTS PAID
GROUND LEASEHOLDS
Ground leaseholds are accounted for in accordance with IFRS 16 as
described in note 5.1.1 \u201cInvestment properties \u2013 Accounting principles\u201d.
Buildings constructed on land under a lease agreement are recognised
in accordance with the accounting principles described in note 5.1.1
\u201cInvestment properties \u2013 Accounting principles\u201d.
Ground rents correspond to variable lease payments (or straight lining of initial payments) for properties built on land subject to leasehold o r
operated under an operating contract (concession). This item mainly applies to the C&E venue of Le Bourget and Porte de Versailles in Paris, to some
shopping centres, in particular in France and to some of the airport activities in the US.
SERVICE CHARGE INCOME AND SERVICE
CHARGE EXPENSES
In line with IFRS 15, the Group presented service charge income and
service charge expenses separately.
The net of charges re-invoiced to tenants relates mainly to vacant
premises and caps on service charge.
PROPERTY OPERATING EXPENSES
These expenses comprise service charges borne by the owner, works-
related expenses, litigation expenses, charges relating to doubtful
accounts and expenses relating to property management, and expenses
related to venue sites of the C&E segment.
4.4.3. NET PROPERTY SERVICES AND OTHER ACTIVITIES INCOME
REVENUE RECOGNITION
The net property services and other activities income consists of on-
site property services, airport activities and other property services
net income.
Revenues are recognised in accordance with IFRS 15.
C&E\u2019s contracts consist of occupancy agreements or short-term lease
including provision of premises and services. Both provision of
premises and services form an indivisible whole and should be
combined into a single contract (and single performance obligation)
for the purposes of IFRS 15 revenue recognition.
Revenues are recognised over the duration of premises lease according
to the pro rata temporis method.
Other property services net income is recognised when the services
are provided.
REVENUE RECOGNITION Property development and project management income relates to Development, Design and Construction (\u201cDD&C\u201d) business which provides 3 types of services: provision of design, development and ultimately construction of a property project. Based on the analysis of existing contracts, DD&C services are not distinct as the customer cannot benefit from each service on its own or together with other resources readily available to the customer, because the services are bundled to generate a single commercial outcome. As such, the Group takes the view that the 3 types of contracts should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition.
5.1.1. ACCOUNTING PRINCIPLES
INVESTMENT PROPERTIES (IAS 40 & IFRS 13)
In accordance with IAS 40, investment properties are shown at their
market value. According to IFRS 13, the fair value is defined as the
price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the
measurement date (i.e. an exit price). Expectations about future
improvements or modifications to be made to the property interest to
reflect its highest and best use have to be considered in the appraisal,
such as the renovation of or an extension to the property interest.
URW complies with the IFRS 13 fair value measurement rule and the
position paper
(1)
on IFRS 13 established by EPRA, the representative
body of the publicly listed real estate industry in Europe.
Transaction costs incurred for an asset deal are capitalised in the value
of the investment property. Capitalised expenses include capital
expenditures, eviction costs, capitalised financial interests, external
letting fees invoiced by third parties and other internal costs related
to development projects.
In accordance with IFRS 16 and IAS 40, the right-of-use assets arising
from leased property which meet the definition of an investment
property are measured at fair value.
IPUC are covered by IAS 40 and are eligible to be measured at fair
value. In accordance with the Group\u2019s investment properties valuation
method, they are measured at fair value by a qualified independent
external appraiser twice a year. As part of the recommendations of
RICS, URW applies a rotation on the appraisal mandates on a regular
basis: the last rotation occurred in 2021. Projects for which the fair
value is not reliably determinable are measured at cost until such time
that a fair value measurement becomes reliable, or until one year
before the construction completion.
According to the Group, a development project is eligible for a fair
value measurement once all 3 of the following criteria are fulfilled:
\u2022 All administrative authorisations needed to complete the project
are obtained;
\u2022 The construction has started and costs are committed toward the
contractor; and
\u2022 Substantial uncertainty in future rental income has been eliminated.
If the time to delivery is less than 1 year, the project is accounted for
at fair value.
For properties measured at fair value, the market value adopted by
URW is determined on the basis of appraisals by qualified independent
external experts, who value the Group\u2019s portfolio as at June 30 and
December 31 of each year. The gross value is reduced by disposal costs
and transfer taxes
(2)
, depending on the country and on the tax situation
of the property, in order to arrive at a net market value.
For the Shopping Centres and Offices & Others portfolios, the
independent appraisers determine the fair market value based on the
results of 2 methods: the discounted cash flow methodology as well as
the yield methodology. Furthermore, the resulting valuations are
cross-checked against the initial yield, value per sqm and the fair
market values established through actual market transactions.
Appraisers have been given access to all information relevant for
valuations, such as the Group\u2019s confidential rent rolls, including
information on vacancy, break options, expiry dates and lease incentives,
performance indicators (e.g. footfall and sales where available), letting
evidence and the Group\u2019s cash flow forecasts from annually updated
detailed asset business plans. As part of the files provided to carry out
the valuation, a significant amount of information has been made
available to the appraisers in relation to several ESG KPIs on an asset-by-
asset basis
(3)
(see note 2.3 \u201cClimate change and risks\u201d).
Appraisers make their independent assessments of current and
forward-looking cash flow profiles, and usually reflect risk either in
the cash flow forecasts (e.g. future rental levels, growth, investment
requirements, void periods and incentives, rent relief), in the applied
required returns or discount rates and in the yield applied to capitalise
the exit rent to determine an exit value.
The sites of the C&E portfolio are qualified as investment property.
For the C&E portfolio, the valuation methodology adopted is mainly
based on a discounted cash flow model applied to the total net income
projected over the life of the concession, or over the life of the long-
term lease (notably the Porte de Versailles long-term lease) or
leasehold if it exists, or otherwise over a 10-year period, with an
estimate of the asset value at the end of the given time period, based
either on the residual contractual value for concessions or on
capitalised cash flows over the last year. The valuations carried out by
the appraisers took into account total net income, which comprised
net rents and ancillary services, as well as net income from car parks.
The cost of maintenance works, major repairs, refurbishments,
redevelopments, and extensions, as well as concession or leasehold
fees, are included in projected cash flow figures.
(1) EPRA position paper on IFRS 13 \u2013 Fair value measurement and illustrative disclosures, February 2013.
(2) Transfer taxes are valued on the assumption that the property is sold directly, even though the cost of these taxes would, in certain cases, be reduced if the
property\u2019s holding company would be sold.
(3) For European shopping centres.
The income statement for a given year (Y) records the change in value
for each property, which is determined as follows:
market value Y \u2013 market value Y-1 + amount of works and other costs
capitalised in year Y.
Capital gains on disposals of investment properties are calculated by
comparison with their latest market value recorded in the closing
statement of financial position for the previous financial year.
Properties under construction carried at cost are subject to impairment
tests, determined on the basis of the estimated recoverable value of
the project. The recoverable value of a project is assessed, for
significant projects by a qualified independent external appraiser and
for others internally by the Development & Investment teams through
the expected delivery date, expected development costs, and
considering a market exit capitalisation rate and the expected net
rents. When the estimated recoverable value is lower than net book
value, an impairment provision is recorded.
Properties held for sale are identified separately in the statement of
financial position according to IFRS 5.
5.2.1. ACCOUNTING PRINCIPLES
Under the preferential method proposed by IAS 16, operating assets
are valued at their historic cost, less cumulative depreciation, and any
decrease in value. Depreciation is calculated using the \u201ccomponent
accounting\u201d method, where each asset is broken down into major
components based on their useful life. The 4 components of a property
are the main structure, the facade, technical equipment and finishing
fixtures and fittings, depreciated respectively over 60, 30, 20 and 15
years for Offices & Others properties, and 35, 25, 20 and 15 years for
Shopping Centres assets.
If the appraisal value of a property is lower than net book value, an
impairment provision is recorded.
5.3.1. ACCOUNTING PRINCIPLES
INTANGIBLE ASSETS (IAS 38)/IMPAIRMENT
OF ASSETS (IAS 36)
An intangible asset is recognised when it is identifiable and separable
and can be sold, transferred, licensed, rented, or exchanged, either
individually or as part of a contract with an attached asset or a liability,
or which arises from contractual or other legal rights regardless of
whether those rights are transferable or separable. After initial
recognition, intangible assets are recognised at cost less any
amortisation charges and impairment losses.
Intangible assets with a finite life are amortised on a linear basis over
the life of the asset.
Intangible assets with an indefinite useful life are not amortised.
The useful life of intangible asset is reviewed each year.
An impairment test is carried out whenever there is an indication of
impairment and, at least annually, for intangible assets with an
indefinite useful life. The impairment test consists of comparing the
book value with the recoverable amount of the intangible. The
recoverable amount of an asset is the maximum between its fair value
less disposal costs and its value in use. The fair value of each asset is
individually determined by qualified independent external appraisers
using the DCF methodology. If the appraisal value of an intangible
asset is lower than net book value, an impairment is recorded.
The intangible assets arise from:
\u2022 The Property Management (\u201cPM\u201d) business in the US and the UK;
\u2022 The DD&C business in the US and the UK;
\u2022 The Airport activities in the US;
\u2022 The Westfield trademark;
\u2022 Rights and exhibitions: mainly Viparis entities; and
\u2022 Other intangible assets.
Intangible assets for PM, DD&C and Airport activities relate to the
value of the customer contracts identified for these activities at the
date of acquisition of Westfield. They correspond to contracts with
shopping centres held through joint ventures in accordance with
IFRS 11 and to contracts with airport operators and/or local authorities.
Customer contracts were separately analysed for Flagship and Regional
centres as they present different features.
The incremental value of the Westfield trademark corresponds to the
portion of the trademark value that is not captured in the shopping
centre values.
The useful life of the PM contracts with Flagship centres are considered
indefinite since the PM contracts have no termination date and URW
shall remain the sole property manager as long as it is the co-owner of
the shopping centres. The useful life of the Westfield trademark is also
considered indefinite. Consequently, all these assets are not amortised
and tested for impairment.
Other assets are amortised over their remaining useful life:
\u2022 PM contracts with Regionals: 3 years;
\u2022 DD&C contracts: between 1 to 4 years; and
\u2022 Airport activities: 3 years.
PM contracts with Regionals, Airport activities are fully amortised, as
well as the DD&C in the UK.
5.4.1. ACCOUNTING PRINCIPLES
The accounting rules for business combinations comply with
IFRS 3 Revised.
Goodwill is measured as the excess of the sum of the consideration
transferred, the amount of any non-controlling interests in the
acquiree, and the fair value of the acquirer\u2019s previously held equity
interest in the acquiree (if any) over the net of the acquisition-date
amounts of the identifiable assets acquired and the liabilities assumed.
If, after reassessment, the net of the acquisition-date amounts of the
identifiable assets acquired and liabilities assumed exceeds the sum of
the consideration transferred, the amount of any non-controlling
interests in the acquiree and the fair value of the acquirer\u2019s previously
held interest in the acquiree (if any), the excess is recognised
immediately in profit or loss as a bargain purchase gain.
IFRS 3 (revised) stipulates a maximum period of 12 months from the
acquisition date for the accounting of the acquisition to be finalised:
adjustments to values applied must be related to facts and
circumstances existing at the acquisition date. Therefore, beyond this
12-month period, any earn-out adjustment must be recognised in
income for the fiscal year unless the additional consideration is an
equity instrument.
Where a business is acquired in stages, the previous investment is
remeasured at fair value at the date if and when the control is
transferred. Any difference between fair value and net book value of
this investment is recognised in income.
Any change in the Group\u2019s interest in an entity that results in a loss of
control is recognised as a gain/loss on disposal and the remaining
interest is remeasured at fair value with the change being recognised
in income.
A transaction that does not affect control (additional acquisition or
disposal) is accounted for as an equity transaction between the Group
share and the non-controlling interest share without an impact on
profit or loss and/or a goodwill adjustment.
GOODWILL SUBSEQUENT MEASUREMENT
AND IMPAIRMENT
Goodwill is carried at cost less any accumulated impairment losses. In
compliance with IAS 36, the Group performs impairment testing to
determine if there is any indication of impairment, at least once a year
or whenever there is an indication of impairment. For the purposes of
this test, assets are grouped into cash-generating units (\u201cCGUs\u201d).
CGUs are standardised groups of assets whose continued use generates
cash inflows that are largely separate from those generated by other
asset groups.
An impairment loss must be recognised whenever the recoverable
value of the goodwill is less than its carrying amount. Impairment
losses relating to the value of goodwill cannot be reversed.
GOODWILL RELATING TO OPTIMISED VALUE
OF DEFERRED TAXES
Goodwill may arise on acquiring an asset via a share deal, where the
Group inherits the fiscal basis of the assets. It is measured by the
difference between the deferred taxes accounted for in the balance
sheet according to IAS 12, and an estimate of the effective taxes to be
paid in case of a share deal. Therefore, in this case the impairment
test consists in a comparison between the accounting value of the
goodwill and the potential tax optimisation existing at the date
of reporting.
GOODWILL RELATING TO FEE BUSINESS
This goodwill relates to the following activities: PM, Airport and DD&C.
Impairment tests are performed annually or when an impairment
indicator is identified and are based on valuations performed by
independent external appraisers, using the DCF method.
The values attributable to the PM business were allocated to the US,
the UK and Germany, the values attributable to the DD&C business
were allocated to the US and the UK and the value of the Airport
activities was allocated to the US, based on independent
external valuation.
The goodwill relating to the fee business in the US and the UK is
fully impaired.
GOODWILL RELATING TO SYNERGIES AND
WORKFORCE
Goodwill relating to the Westfield Corporation acquisition has been
allocated per geographical segment as it is the lowest level within the
Group at which goodwill is monitored.
The allocation per geographical segment was performed based on the
cost and revenue synergies expected to be generated as a result of the
business combination.
The expected cost and revenue synergies were allocated to the US,
the UK, France Retail, Spain, Central Europe and the Nordics.
The amount related to the value of the workforce acquired was
allocated to the US and the UK.
The goodwill allocated to the US, the UK, Spain, Central Europe and
the Nordics is fully impaired.
Impairment test:
Since the geographical segments are the lowest level within the URW
Company at which goodwill is monitored, for internal management
purposes, the impairment test is performed at geographical segment
level and, as a result, in accordance with IAS 36 for a group of CGUs.
The geographical segments to which goodwill has been allocated are
tested for impairment by comparing the net asset value of the
geographical segment (as presented in the note 4.5.2 \u201cStatement of
financial position by segment on a proportionate basis\u201d) with the
recoverable value, which is determined as the higher of the fair value
less cost of disposal and its value in use.
The recoverable value is determined on value in use based on the DCF
derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the MB
and the SB.
The Group performs comprehensive impairment tests of the goodwill
allocated to each geographical segment at the end of December,
based on:
\u2022 The operating cash flows derived from the 5YBP exercise for 2023-
2027 per geographical segment;
\u2022 The discount rates before tax per geographical segment based on a
calculation of the WACC per region, which reflect the current market
assessment of the interest rates and the specific risks associated with
each geographical segment as at December 31, 2022. These discount
rates were also compared with the discount rates used by appraisers
for the valuation of Investment Properties as at December 31, 2022,
and the consistency between those was ensured;
\u2022 An allocation of the Group\u2019s corporate administrative expenses to
the geographical segments, as a percentage of their respective NRI;
and
\u2022 A DCF calculation for each geographical segment on a 10-year basis,
consistent with the method applied by the Group\u2019s appraisers, and
a discounted terminal value, to which a long-term growth rate
estimated as at December 31, 2022, is applied.
A comparison has been performed for each geographical
segment, between:
\u2022 The value in use of the geographical segment at the end of
December, as determined above; and
\u2022 The net asset value of the geographical segment at the end of
December, including the intangible assets and goodwill allocated,
based on the segment reporting disclosed in the note 4.5.2
\u201cStatement of financial position by segment on a proportionate
basis\u201d.
GOODWILL RELATING TO THE ABILITY TO
GENERATE DEVELOPMENT PROJECTS
This goodwill relates to URW Germany business.
Impairment tests performed on this goodwill are based on an
independent external appraisal, performed once a year as at
December 31, or when there is an indication of impairment, and using
the DCF method.
6.1. ACCOUNTING PRINCIPLES
The accounting principles are detailed in note 3.1.1 \u201cScope and methods of consolidation\u201d.
Following the Westfield acquisition, the Group has significant co-ownership interest in a number of properties, mainly in the US through property
partnerships or trusts. These joint ventures are accounted for using the equity method. The Group and its joint ventures use consistent
accounting policies.
According to IFRS 11, joint ventures are those entities in which the Group has joint control established by contractual agreement and rights to the net assets of the arrangement.
Associates are those entities, not controlled by the Group, but in which it has a significant influence according to IAS 28 R.
To the Group\u2019s knowledge, there are neither shareholders\u2019 pacts nor persons or groups of persons exercising or who could exercise control over
the Group.
The main related party transactions relate to transactions with companies accounted for using the equity method.
7.1. ACCOUNTING PRINCIPLES
7.1.1. FINANCIAL INSTRUMENTS (IAS 32/IFRS 7/IFRS 9/IFRS 13)
CLASSIFICATION AND MEASUREMENT OF
NON-DERIVATIVE FINANCIAL ASSETS AND
LIABILITIES
Under IFRS 9, on initial recognition, a financial asset is classified and
measured at amortised cost, at Fair Value through Other Comprehensive
Income (\u201cFVOCI\u201d) or Fair Value Through Profit and Loss (\u201cFVTPL\u201d). The
classification of financial assets under IFRS 9 is based on the business
model in which a financial asset is managed and its contractual cash
flow characteristics.
The financial asset is measured at amortised cost if it meets both of
the following conditions and is not designated as at FVTPL:
\u2022 It is held within a business model whose objective is to hold assets
to collect contractual cash flows; and
\u2022 Its contractual terms give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal
amount outstanding.
A financial asset is measured at FVOCI if it meets both of the following
conditions and is not designated as at FVTPL:
\u2022 It is held within a business model whose objective is achieved by both
collecting contractual cash flows and selling financial assets; and
\u2022 Its contractual terms give rise on specified dates to cash flows that
are solely payments of principal and interests on the principal
amount outstanding.
On initial recognition of an equity investment that is not held for
trading, the Group may irrevocably elect to present subsequent
changes in the investment\u2019s fair value in OCI. This election is made on
an investment-by-investment basis.
All financial assets not classified as measured at amortised cost or
FVOCI as described above are measured at FVTPL. This includes all
derivative financial assets.
A financial asset (unless it is a trade receivable without a significant
financing component that is initially measured at the transaction
price) is initially measured at fair value plus, for an item not at FVTPL,
transaction costs that are directly attributable to its acquisition.
The following accounting policies apply to the subsequent
measurement of financial assets for the Group:
FINANCIAL ASSETS AT FVTPL
These assets are subsequently measured at fair value. Net gains and
losses, including any interest or dividend income, are recognised in
profit or loss.
FINANCIAL ASSETS AT AMORTISED COST
These assets are subsequently measured at amortised cost using the
effective interest method. The amortised cost is reduced by
impairment losses if needed. Interest income, foreign exchange gains
and losses and impairment are recognised in profit or loss. Any gain or
loss on derecognition is recognised in profit or loss.
FINANCIAL ASSETS AT FVOCI
These assets are subsequently measured at fair value. Interest income
calculated using the effective interest method, foreign exchange gains
and losses and impairment are recognised in profit or loss. Other net
gains and losses are recognised in OCI. On derecognition, gains and
losses accumulated in OCI are reclassified to profit or loss.
EQUITY INVESTMENTS AT FVOCI
These assets are subsequently measured at fair value though profit or
loss except in the case of an irrevocable election to classify them at
fair value through OCI that cannot be reclassified.
Dividends are recognised as income in profit or loss unless the dividend
clearly represents a recovery of part of the cost of the investment.
Other net gains and losses are recognised in OCI and are never
reclassified to profit or loss.
FINANCIAL LIABILITIES
Interest-bearing financial liabilities are initially measured at fair value,
less transaction costs directly attributable to the issue, and after
initial booking at amortised cost using the effective interest rate.
Being a financial debt with an embedded derivative, and based on the
option provided by IFRS 9, the ORNANE convertible bonds, net of
write-off of the issuance costs, are accounted for fully, at inception, at
fair value, on a separate line in the statement of financial position,
with subsequent changes recorded on a separate line in the income
statement, except for the impact of the variation of the credit spread
which is accounted for OCI. The interest expenses are recorded based
on the contractual interest rates and are classified in the statement of
comprehensive income on the line \u201cNet financing costs\u201d.
As at December 31, 2022, the ORNANEs are fully refunded.
Other non-derivative financial liabilities are recognised at FVTPL.
CLASSIFICATION AND MEASUREMENT
OF FINANCIAL DERIVATIVES AND
HEDGE ACCOUNTING
The Group uses derivative financial instruments to hedge its exposure
to movements in interest and currency exchange rates.
All financial derivatives are recorded as financial assets or liabilities at
fair value on the statement of financial position. Fair value variations
of financial derivatives, apart from those designated as cash flow
hedges or as net investment hedges (see below), are recognised in the
income statement for the period.
URW has a macro-hedging strategy for its debt. Except for some
currency derivatives, it has chosen not to use the hedge accounting
proposed by IFRS 9. All such derivatives are therefore measured at
their market value and any fair value variations are recorded in the
income statement.
Changes in the fair value of forward exchange contracts that
economically hedge monetary assets and liabilities in foreign
currencies and for which no hedge accounting is applied, are recognised
in the income statement.
Both the changes in fair value of the forward contracts and the foreign
exchange gains and losses relating to the monetary items are
recognised as part of the \u201cfinancing result\u201d as these instruments are
designated as hedging instruments.
HEDGING INSTRUMENTS
The Group, which holds a group of financial assets or financial liabilities,
is exposed to market risks and credit risks of every single counterparty
as defined in IFRS 7. The Group applies the exception provided by
IFRS 13 (\u00a7 48), which permits to measure the fair value of a group of
financial assets or a group of financial liabilities on the basis of the
price that would be received to sell or transfer a net position towards
a particular risk in an orderly transaction between market participants
at the measurement date under current market conditions.
To determine the net position, the Group takes into account existing
arrangements to mitigate the credit risk exposure in the event of
default (e.g. a master netting agreement with the counterparty).
The fair value measurement takes into consideration the likelihood
that such an arrangement would be legally enforceable in the event
of default.
Valuation of derivatives takes into account the Credit Valuation
Adjustment (\u201cCVA\u201d) and the Debit Valuation Adjustment (\u201cDVA\u201d).
CVA, calculated for a given counterparty, is the product of:
\u2022 The total mark-to-market the Group has with this counterparty, in
case it is positive;
\u2022 The probability of default of this counterparty over the average
maturity, weighted by the nominal of the derivatives recorded with
them. This probability of default is taken from the Bloomberg
model, based on market data and derived from the Credit Default
Swaps of the banks; and
\u2022 The loss given default following market standard.
DVA based on URW\u2019s credit risk corresponds to the loss that the
Group\u2019s counterparties may face in case of the Group\u2019s default. It is
the product of:
\u2022 The total mark-to-market the Group has with a counterparty, in
case it is negative;
\u2022 The probability of default of the Group over the average maturity,
weighted by the nominal of the total portfolio of derivatives. The
Group\u2019s probability of default is derived from the Credit Default
Swaps of URW and taken from the Bloomberg model; and
\u2022 The loss given default following market standard.
7.1.2. BORROWING COSTS GENERATED BY CONSTRUCTION PROJECTS (IAS 23)
Borrowing costs directly attributable to the acquisition or construction
of an asset are capitalised as part of the cost of the respective assets.
All other borrowing costs are expensed in the period in which they
occur. Borrowing costs consist of interest and other costs that an
entity incurs in connection with the borrowing of funds.
The interest costs capitalised are calculated using the Group\u2019s
weighted average costs of borrowing applied to the average value of
the work completed during each quarter, unless specific financing
exists for the project. In this case, the specific interest costs of the
project are capitalised.
Capitalisation of borrowing costs starts when the asset is qualified as
an IPUC and/or as inventory and ends when the project is transferred
to standing investment property at the delivery date to the tenant or
earlier when the project is technically completed or when an asset is
available for sale.
7.1.3. DISCOUNTING OF DEFERRED PAYMENTS
Long-term liabilities and receivables are discounted when this has a
significant impact:
\u2022 Deferred payments on assets deals, share deals, acquisitions of
lands have been discounted up to the payment date;
\u2022 Provisions for material liabilities taken under IAS 37 are discounted
over the estimated duration of the disputes they cover; and
\u2022 Guarantee deposits received from tenants have not been discounted
given the negligible impact of discounting.
8.1. ACCOUNTING PRINCIPLES
8.1.1. INCOME TAX EXPENSES
The Group companies are taxable according to the tax rules of their
country. In some countries, special tax regimes for public property
companies exist.
Calculation of income tax expenses is based on local rules and rates.
8.1.2. DEFERRED TAX
Deferred taxes are recognised in respect of all temporary differences
between the carrying amount and tax base of assets and liabilities at
each financial year-end.
Deferred tax assets or liabilities are calculated based on total temporary
differences and on tax losses carried forward, using the local tax rate
that will apply on the expected reversal date of the concerned
differences, if this rate has been set. Otherwise, they are calculated
using the applicable tax rate in effect at the financial year-end date.
Within a given fiscal entity or group and for a given tax rate, debit
balances are recorded to assets for the amount expected to be
recoverable over a foreseeable period. A deferred tax asset is recognised
only to the extent that it is probable that future taxable profits will be
available against which the temporary difference can be used.
The main deferred tax liabilities relate to:
\u2022 The mark-to-market of investment properties, resulting in the
recognition of a deferred tax liability for non-tax-exempt assets; and
\u2022 The recognition of intangible assets at the acquisition date identified
on Viparis entities, particularly Viparis-Porte de Versailles and Paris
Nord Villepinte, as well as on Westfield entities.
8.1.3. TAX REGIMES
Different tax regimes exist in the following countries.
FRANCE \u2013 SIIC REGIME (SOCI\u00c9T\u00c9
D\u2019INVESTISSEMENT IMMOBILIER COT\u00c9E)
URW elected to participate in the SIIC regime from the creation of the
regime on January 1, 2003. Its French subsidiaries eligible for SIIC
status have also opted for this regime. The SIIC regime is based on the
concept of tax transparency, meaning that rental income and capital
gains made from divestments are not subject to income tax at the
level of the Group\u2019s French property companies, but upon distribution
to URW\u2019s shareholders. The SIIC regime requires that URW and its SIIC
subsidiaries distribute 95% of their recurring income and 100% of their
dividend income received from SIIC or equivalent subsidiaries before
the end of the following tax year, and 70% of their capital gains before
the end of the second tax year following the year in which the gain
was generated.
The SIIC regime limits the dividend payment to the statutory
distribution capacity and the unpaid SIIC obligation as a result of the
capping mechanism is carried forward until the statutory distribution
capacity is restored.
The SIIC regime only applies to real estate rental activities, therefore
other income generated by URW and its SIIC subsidiaries\u2019 ancillary
activities remains subject to income tax.
SPAIN \u2013 SOCIMI REGIME (SOCIEDADES
\u00c1NONIMAS COTIZADAS DE INVERSI\u00d3N EN
EL MERCADO INMOBILIARO)
URW entered the SOCIMI regime in 2013 with most of its Spanish
subsidiaries which own standing assets. The SOCIMI regime provides
for a tax rate of 0% on recurring income provided that certain
requirements \u2013 some of them related to the shareholders of URW \u2013 are
fulfilled. Capital gains realised within the SOCIMI regime are taxed at
0%, and capital gains related to the period before entering into the
regime are taxed at the moment of realisation. Based on the SOCIMI
regime, the Company has to fulfil distribution obligations of at least
80% of its profits annually, as well as 50% of its capital gains, provided
that the remaining 50% is reinvested in the real estate sector within a
3-year period.
THE NETHERLANDS \u2013 FBI/FII REGIME
(FISCALE BELEGGINGSINSTELLING/FISCAL
INVESTMENT INSTITUTION)
The requirements for companies to qualify for the FBI regime are
partly related to their activities and their shareholding base. For the
main part of the Group\u2019s Dutch real estate, following an agreement
with the Dutch tax authorities, the FBI regime is not applied. URW NV,
which owns the majority of the US portfolio, does apply the FBI/FII
regime. An FBI/FII has to distribute its income, calculated according to
the rules for corporate income tax, on a yearly base.
UNITED KINGDOM \u2013 UNITED KINGDOM REIT
URW applies the UK REIT regime for part of its UK real estate portfolio.
Based on the regime, various restrictions apply, among them the
requirement that at least 75% of the REIT\u2019s net profit must be derived
from the property rental business, and 75% of the REIT\u2019s assets must
be used in the property rental business or be held as cash. At least 90%
of the income from the property rental business must be distributed
within 12 months after the end of the accounting period. There\u2019s no
distribution obligation for gains arising from the disposal of real estate
used in the property rental business.
UNITED STATES \u2013 UNITED STATES REIT
URW has elected to apply the REIT regime for the main part of its US
portfolio. Like in other REIT regimes, there\u2019s an asset test (75%) along
with various securities ownership limits, and in addition there is a
combined income test: at least 75% of the gross income must be
derived from real estate property rental or from interest on mortgages
on real estate property, whereas at least 95% of the gross income must
come from a combination of real estate related sources and passive
sources, such as dividends and interest. US law requires the REIT to
annually distribute at least 90% of its ordinary taxable income.
The determination of the amount of provisions for liabilities and charges requires the use of estimates, assumptions and judgement made by
management based on information available or situations prevalent at the date of preparation of the accounts, information and situation which may
vary from subsequent actual events, as well as on the basis of estimated conditions at a given date.
ACCOUNTING PRINCIPLES
Under IAS 19 Revised, a company must recognise all commitments
made to its employees (i.e. current or future, formal or informal, cash
payments or payments in kind). The cost of employee benefits must be
recorded during the vesting period.
POST-EMPLOYMENT BENEFITS
Pension schemes may be defined contribution or defined
benefit schemes.
Under defined contribution schemes, the employer only pays a
contribution, with no commitment from the Group regarding the level
of benefits to be provided. The contributions paid are recorded as
expenses for the year.
Under defined benefit schemes, the employer makes a formal or
implied commitment to an amount or level of benefits and therefore
carries the medium- or long-term risk. A provision is recorded to
liabilities to cover all these pension commitments. This provision is
assessed regularly by independent actuaries using the projected unit
credit method, which takes into account demographic assumptions,
early retirements, salary increases and discount and inflation rates.
In the majority of the Group companies, pensions due under the
various compulsory retirement schemes to which employers contribute
are managed by specialist external organisations. Defined contributions
paid into these various compulsory retirement schemes are recognised
in the income statement for the period.
Provisions are recorded for retirement allowances relating to defined
benefit schemes based on the net present value of these future
allowances. According to IAS 19 Revised, the actuarial gains and losses
are accounted for in the OCI. Since 2021, the Group has applied the
International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d)
recommendation related to the application of IAS 19 for the past
service costs.
LONG-TERM BENEFITS
These are benefits paid to employees more than 12 months after the
end of the financial year, during which the corresponding service was
provided. The same valuation method is used as for post-employment
benefits.
With the exception of provision for retirement allowances and long-
service awards, no commitments relating to long-term or post-
employment benefits need to be accrued.
ACCOUNTING PRINCIPLES
Under IFRS 2, all transactions relating to share-based payments must
be recognised in the income statement. This is the case for URW\u2019s
Company Savings Plan, stock option plan, and performance shares
plan.
Shares issued under the Company Savings Plan are offered at a discount
to the share price. This discount represents an employee benefit and
is recorded in the income statement for the period, with a
corresponding increase in equity.
Stock options granted to employees are stated at their fair value on the
date of allocation. As the transactions are equity-settled, share-based
payments, this value remains unchanged, even if the options are never
exercised. The value applied to the number of options finally exercised
at the end of the vesting period (estimation of the turnover) is
recorded as an expense, with a corresponding increase in equity which
is spread over the vesting period (i.e. the period during which
employees must work for the Company before they can exercise the
options granted to them).
The stock options and performance shares, all subject to performance
condition, have been valued using a Monte Carlo model.
The additional expenses incurred by the Company Savings Plan, stock
option plan, and performance shares plans are classified under
personnel expenses.
ACCOUNTING PRINCIPLES
The Earnings per Share indicator is calculated by dividing net result
(holders of the Stapled Shares) by the weighted average number of
ordinary shares in circulation over the period.
To calculate diluted Earnings per Share, the average number of shares
in circulation is adjusted to take into account the conversion of all
potentially dilutive ordinary shares, in particular stock options and
performance shares during the vesting period, as well as the net share
settled bonds convertible into new and/or existing shares (ORNANE).
The dilutive impact is determined using the treasury stock method,
which assumes that proceeds from the exercise of options are used to
repurchase Company shares at their market value. The market value
corresponds to the average monthly share price weighted by trading
volumes. The theoretical number of shares that may be purchased at
the market value is deducted from the total number of shares resulting
from the exercise of rights. This number is then added to the average
number of shares in circulation and hence constitutes the denominator.
The ORNANE being accounted as a debt at fair value, the impact of
the variation of their fair value and the related financial expenses are
restated from the net result when taking into account the
dilutive impact.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-552": { "value": "
In accordance with EC regulation no. 1606/2002 of July 19, 2002, on the application of international accounting standards, URW has prepared its
consolidated financial statements for the financial year ending December 31, 2022, under IFRS as adopted in the European Union (\u201cEU\u201d) and
applicable at this date.
These can be consulted on the website: http://ec.europa.eu/finance/company-reporting/ifrs-financialstatements/index_en.htm.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-553": { "value": "
2.1. IFRS BASIS ADOPTED
The accounting principles and methods used are the same as those
applied for the preparation of the annual consolidated financial
statements as at December 31, 2021, except for the application of the
new obligatory standards and interpretations described below.
STANDARDS, AMENDMENTS AND
INTERPRETATIONS EFFECTIVE AS OF
JANUARY 1, 2022
\u2022 Amendments to IFRS 3 Business Combinations; International
Accounting Standards (\u201cIAS\u201d) 16 Property, Plant and Equipment;
IAS 37 Provisions, Contingent Liabilities and Contingent Assets; and
\u2022 Annual Improvements 2018-2020.
These standards, amendments and interpretations do not have a
significant impact on the Group\u2019s accounts as at December 31, 2022.
STANDARDS, AMENDMENTS AND
INTERPRETATIONS NOT MANDATORILY
APPLICABLE AS OF JANUARY 1, 2022
The following text has been adopted by the EU as at December 31, 2022,
but not applied in advance by the Group:
\u2022 IFRS 17 Insurance Contracts, including Amendments to IFRS 17; and
\u2022 Amendments to:
- IAS 1 Presentation of Financial Statements and IFRS Practice
Statement 2: Disclosure of Accounting policies;
- IAS 8 Accounting policies, Changes in Accounting Estimates and
Errors: Definition of Accounting Estimates;
- IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities
arising from a Single Transaction; and
- IFRS 17 Insurance contracts: Initial Application of IFRS 17 and
IFRS 9 \u2013 Comparative Information.
The following texts were published by the International Accounting
Standards Board (\u201cIASB \u201d) but have not yet been adopted by the EU:
\u2022 Amendments to IAS 1: Presentation of Financial Statements:
- Classification of Liabilities as Current or Non-current;
- Classification of Liabilities as Current or Non-current \u2013 Deferral of
Effective Date; and
- Non-current Liabilities with Covenants.
\u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback.
The measurement of the potential impacts of these texts on
the consolidated accounts of URW is ongoing; no significant impacts
are expected.
Following to the publication of IFRS IC, the Group performed a review
of its Software-as-a-Service (\u201cSaaS\u201d) contracts. These have no significant
impact on the financial statements.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-585": { "value": "The accounting principles and methods used are the same as those applied for the preparation of the annual consolidated financial statements as at December 31, 2021, except for the application of the new obligatory standards and interpretations described below. STANDARDS, AMENDMENTS AND INTERPRETATIONS EFFECTIVE AS OF JANUARY 1, 2022 \u2022 Amendments to IFRS 3 Business Combinations; International Accounting Standards (\u201cIAS\u201d) 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets; and \u2022 Annual Improvements 2018-2020. These standards, amendments and interpretations do not have a significant impact on the Group\u2019s accounts as at December 31, 2022. STANDARDS, AMENDMENTS AND INTERPRETATIONS NOT MANDATORILY APPLICABLE AS OF JANUARY 1, 2022 The following text has been adopted by the EU as at December 31, 2022, but not applied in advance by the Group: \u2022 IFRS 17 Insurance Contracts, including Amendments to IFRS 17; and \u2022 Amendments to: - IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies; - IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; - IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction; and - IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information. The following texts were published by the International Accounting Standards Board (\u201cIASB \u201d) but have not yet been adopted by the EU: \u2022 Amendments to IAS 1: Presentation of Financial Statements: - Classification of Liabilities as Current or Non-current; - Classification of Liabilities as Current or Non-current \u2013 Deferral of Effective Date; and - Non-current Liabilities with Covenants. \u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback. The measurement of the potential impacts of these texts on the consolidated accounts of URW is ongoing; no significant impacts are expected. Following to the publication of IFRS IC, the Group performed a review of its Software-as-a-Service (\u201cSaaS\u201d) contracts. These have no significant impact on the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-647": { "value": "
2.2. ESTIMATES AND ASSUMPTIONS
Certain amounts recorded in the consolidated financial statements
reflect estimates and assumptions made by management in the current
context, including higher inflation, higher interest rates, increase of
energy and raw material costs, supply chain disruption resulting from
uncertain geopolitical and economic environment, the aftermath of the
COVID-19 pandemic and difficulties in assessing their impacts and future
prospects. In this context, management has taken into account these
uncertainties on the basis of reliable information available at the date of
the preparation of the consolidated financial statements, particularly
with regards to the fair value of investment properties and financial
instruments, the estimation of the provision for doubtful debtors, as
well as the testing of goodwill and intangible assets.
Due to inherent uncertainties associated with estimates, the Group
reviews those estimates based on regularly updated information. Actual
results might eventually differ from estimates made at the date of the
preparation of the consolidated financial statements.
The most significant judgements and estimates are set out in the
following notes: for the valuation of investment properties, in note 5.1
\u201cInvestment properties\u201d, for the intangible assets and goodwill, in notes
5.3 \u201cIntangible assets\u201d and 5.4 \u201cGoodwill\u201d, for provision for doubtful
debtors in note 7.5.3 \u201cCredit risk\u201d, for rent relief in note 4.4.1 \u201cGross
Rental Income\u201d, and for fair value of financial instruments in note 7.4
\u201cHedging instruments\u201d respectively. Actual future results or outcomes
may differ from these estimates. The property portfolio and intangible
assets related to the Shopping Centres, Offices & Others, and C&E
segments are valued by independent appraisers. Appraisers make their
independent assessments of current and forward-looking cash flow
profiles and usually reflect risk either in the cash flow forecasts (e.g.
future rental levels, growth, investment requirements, void periods and
incentives), in the applied required returns or discount rates or in the
yield applied to capitalise the exit rent to determine an exit value.
5.1.2. INVESTMENT PROPERTIES AT FAIR VALUE \u2013 IFRS BASIS
(\u20acMn)
Dec. 31, 2022 Dec. 31, 2021
Shopping Centres 33,025.6 33,797.0
France 11,658.5 11,971.6
Spain 3,402.2 3,348.7
US 5,164.5 5,151.1
Central Europe 3,795.2 3,692.6
Austria 2,159.8 2,187.9
Germany 1,656.9 1,804.8
Nordics 2,514.1 2,705.2
The Netherlands 1,519.0 1,665.8
UK 1,155.4 1,269.3
Offices & Others 2,327.1 2,343.6
France 1,779.6 1,754.9
Other countries 547.5 588.7
Convention & Exhibition 2,478.1 2,501.4
Total 37,830.8 38,6 42.1
The decrease is explained in the table below.
(\u20acMn)
Shopping
Centres
Offices &
Others
Convention &
Exhibition
Total
investment
properties
Properties held
for sale Total
Dec. 31, 2020 34,893.3 2,278.1 2,452.2 39,623.6 9 07.7 40,531.3
Acquisitions 0.3 \u2013 \u2013 0.3 \u2013 0.3
Entry into scope of consolidation 183.0 \u2013 \u2013 183.0 \u2013 183.0
Capitalised expenses 408.4 92.9 27.4 528.8 (0.9) 527.9
Disposals/exits from the scope of consolidation (670.3) (118.7) \u2013 (789.0) (912.3) (1,701.3)
Reclassification and transfer of category (3 07.7) (96.2) 128.3 (275.6) 270.4 (5.2)
Discounting impact 1.2 \u2013 \u2013 1.2 \u2013 1.2
Valuation movements (1,176.8) 167.2 (106.6) (1,116.2) \u2013 (1,116.2)
Currency translation 465.6 20.2 \u2013 485.9 5.5 491.4
Dec. 31, 2021 33,797.0 2,343.6 2,501.4 38,642 .1 270.4 38,912.5
Acquisitions 22.8 3.3 \u2013 26.1 \u2013 26.1
Capitalised expenses
(1)
340.5 94.4 31.8 466.7 0.3 467.0
Disposals/exits from the scope of consolidation
(2)
(812.5) (5.2) \u2013 (817.7) (249.5) (1,0 67.2)
Reclassification and transfer of category
(3)
191.3 36.4 15.0 242.6 \u2013 242.6
Discounting impact 2.6 \u2013 \u2013 2.6 \u2013 2.6
Valuation movements
(4)
(597.5) (131.0) (70.0) (798.5) \u2013 (798.5)
Currency translation 81.4 (14.4) \u2013 67.0 (21.2) 45.8
Dec. 31, 2022 33,025.6 2,327.1 2 ,478.1 37,830.8 \u2013 37,830.8
(1) Capitalised expenses mainly relate to:
\u2013 Shopping centres in France, Spain and the US;
\u2013 Offices in France; and
\u2013 C&E sites such as the Parc des Expositions in Porte de Versailles.
(2) Includes the disposals of Solna Centrum, accounted as Property held for sale
on December 31, 2021, Almere Centrum, Carr\u00e9 S\u00e9nart Shopping Parc, Gera
Arcaden, Westfield South Shore, Westfield Trumbull and Villeneuve 2 (see
note 1.1.1. \u201cAcquisitions/Disposals in 2022\u201d).
(3) Includes:
\u2013 the reclassification from IPUC at cost to IPUC at fair value (mainly CNIT
Extension and Coppermaker Square Retail); and
\u2013 the revaluation of the financial lease of LAX Airport (\u20ac93.7 Mn), Westfield
Arkadia (\u20ac9.8 Mn), the Parc des Expositions in Porte de Versailles (\u20ac8.8 Mn)
and Le Bourget (\u20ac6.1 Mn).
(4) The negative valuation movements in the Shopping Centres resulted mainly
from an increase of exit capitalisation rates and discount rates, partly offset
by an increase in cash flows due to higher indexation .
VALUATION ASSUMPTIONS AND SENSITIVITY OF THE FULLY CONSOLIDATED ASSETS Considering the limited public data available, the complexity of real estate asset valuations, as well as the fact that appraisers use in their valuations the non-public rent rolls of the Group\u2019s assets, URW believes it is appropriate to classify its assets under Level 3 as per IFRS 13. In addition, unobservable inputs, including appraisers\u2019 assumption on growth rates and exit capitalisation rates, are used by appraisers to determine the fair value of URW\u2019s assets. As at December 31, 2022, 98% of URW\u2019s portfolio was appraised by qualified independent external appraisers. The net outstanding balances of deferred lease incentives and key money amortised over the expected term of the lease, which corrected the appraisal value, represented -\u20ac159.3 Mn (-\u20ac151.3 Mn as at December 31, 2021). The following tables provide a number of quantitative elements used by the appraisers to assess the fair valuation of the Group\u2019s assets. SHOPPING CENTRES All shopping centres are valued using the discounted cash flow (\u201cDCF\u201d) and/or yield methodologies. The table below only includes fully consolidated assets. Shopping Centres \u2013 December 31, 2022 Net Initial Yield Rent in \u20ac per sqm (1) Discount Rate (2) Exit Capitalisation Rate (3) CAGR of NRI (4) France Max 7.1% 919 9.5% 13.1% 13.5% Min 3.4% 174 6.3% 4.2% 3.8% Weighted average 4.5% 585 6.5% 4.4% 4.9% Spain Max 9.0% 577 12.8% 8.5% 9.0% Min 3.6% 131 7.5% 4.7% 2.5% Weighted average 5.0% 370 7.9 % 5.0% 4.3% Central Europe Max 8.2% 681 9.2% 8.9% 3.2% Min 5.3% 262 7.2% 5.2% 2.4% Weighted average 5.7% 452 7.6% 5.4% 2.9% Austria Max 5.0% 438 6.7% 4.6% 3.3% Min 4.9% 331 6.6% 4.6% 3.0% Weighted average 4.9% 382 6.6% 4.6% 3.1% Germany Max 7.3% 508 9.0% 6.9% 3.9% Min 4.8% 215 6.5% 4.6% 2.3% Weighted average 5.4% 329 7.0% 5.0% 3.2% Nordics Max 6.1% 446 7.5% 5.3% 4.5% Min 4.5% 285 6.6% 4.5% 2.9% Weighted average 4.8% 386 6.9% 4.7% 3.5% The Netherlands Max 7.3% 403 7.7 % 6.6% 4.5% Min 4.8% 297 5.8% 4.6% 3.0% Weighted average 5.2% 365 6.2% 5.0% 3.9% US Max 9.3% 1,438 10.0% 9.0% 9.1% Min 2.9% 420 6.5% 4.5% 0.6% Weighted average 4.3% 773 6.9% 5.0% 4.2% Net Initial Yield (\u201cNIY\u201d), Discount Rate (\u201cDR\u201d) and Exit Capitalisation Rate (\u201cECR\u201d) weighted by GMV. Vacant assets, assets considered at bid value, and assets under restructuring are not included in Min. and Max. calculation. Assets under development or not controlled by URW, the Westfield trademark and the airport activities are not included in this table neither the UK asset. (1) Average annual rent (minimum guaranteed rent (\u201cMGR\u201d) + sales-based rent (\u201cSBR\u201d)) per asset per sqm. (2) Rate used to calculate the net present value of future cash flows. (3) Rate used to capitalise the exit rent to determine the exit value of an asset. (4) Compound annual growth rate (\u201cCAGR\u201d) of Net Rental Income (\u201cNRI\u201d) determined by the appraiser (duration of the DCF model used either 6 or 10 years). The table below shows the sensitivity on URW\u2019s Shopping Centres portfolio value for assets fully consolidated, excluding assets under development, the Westfield trademark and the airport activities. Sensitivity Impact in \u20ac Mn Impact in % +25 bps in NIY (1,660) (4.9)% +25 bps in DR (554) (1.6)% +10 bps in ECR (467) (1.4)% -5% in appraisers\u2019 ERV (1,387) (4.1)%
OFFICES & OTHERS
Appraisers value the Group\u2019s Offices & Others using the DCF and yield methodologies.
A change of +25 basis points in NIY, the main output of the appraisal models, would result in a downward adjustment of -\u20ac115 Mn (-5.4%) of URW\u2019s
Offices & Others portfolio value for assets fully consolidated (occupied and vacant spaces, excluding assets under development).
CONVENTION & EXHIBITION
A change of +25 basis points in the weighted average cost of capital (\u201cWACC\u201d) as determined at December 31, 2022, would result in a downward
adjustment of -\u20ac85.0 Mn (or -4.1%) of the C&E portfolio value.
5.3.2. CHANGES IN INTANGIBLE ASSETS Net value (\u20ac Mn) PM/DD&C/ Airport (2) Trademark Rights and exhibitions Other intangible assets Total Dec. 31, 2020 296.0 425.8 118.7 35.9 876.3 Acquisitions \u2013 \u2013 \u2013 8.0 8.0 Amortisation (31.9) \u2013 (2.0) (15.7) (49.6) Impairment/reversal (30.1) \u2013 18.4 \u2013 (11.7) Currency translation 20.0 \u2013 \u2013 1.3 21.3 Reclassification \u2013 \u2013 \u2013 0.6 0.6 Dec. 31, 2021 253.9 425.8 135.1 30.0 844.8 Acquisitions \u2013 \u2013 \u2013 5.2 5.2 Disposals \u2013 \u2013 \u2013 (0.7) (0.7) Amortisation (9.8) \u2013 (2.0) (13.1) (24.9) Impairment/reversal (1) 11.9 \u2013 (16.2) \u2013 (4.3) Currency translation (1.6) \u2013 \u2013 0.9 (0.7) Reclassification \u2013 \u2013 \u2013 1.1 1.1 Dec. 31, 2022 254.3 425.8 117.0 23.4 820.5 (1) The amount of impairment mainly relates to C&E\u2019s intangible assets partly offset by the reversal of impairment at the PM business in UK and the US. (2) As at December 31, 2021, the Airport activities and PM contracts with Regionals in the US were fully amortised, as well as the DD&C in the UK. One of the main assumptions used to value the PM, DD&C and the Trademark is the DR, which stands between 9.3% and 9.8%. PM A change of +25 basis points in the DR of the PM\u2019s intangible assets as determined at December 31, 2022, would result in an additional impairment of -\u20ac4.4 Mn. A change of -10 basis points in the long-term growth rate of the PM intangible assets as determined at December 31, 2022, would result in an additional impairment of -\u20ac1.1 Mn. TRADEMARK For the Trademark, the impairment test performed was based on an independent external appraisal and no impairment was required. A change of +25 basis points in the DR of the Trademark as determined at December 31, 2022, would lead to an impairment of -\u20ac8.6 Mn. A change of -10 basis points in the long-term growth rate of the Trademark as determined at December 31, 2022, would not lead to any impairment of the intangible assets. An impairment would be necessary with a change of -26 basis points in the long-term growth rate. RIGHTS AND EXHIBITIONS As at December 31, 2022, impairment tests were performed on the intangible assets relating to the Viparis entities based on the valuations of independent external appraisers and an impairment of -\u20ac16.2 Mn was recognised. A change of +25 basis points in the WACC of Viparis intangible assets as determined at December 31, 2022, would result in a negative adjustment of -\u20ac26.6 Mn (-5.6%) on the appraisal value of the intangible assets and would lead to an additional impairment of -\u20ac2.3 Mn. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-554": { "value": "2.3. CLIMATE CHANGE AND RISKS Climate change mitigation and adaptation are part of the priorities of the Group Sustainability strategy, Better Places 2030, and form an essential component of the Sustainability risks analysis. URW analyses the physical and transitional risks associated with climate change. These risks are in turn integrated into the Enterprise Risk Management framework. As a consequence, the main management measures are designed and discussed as part of this framework. The Group has set ambitious Greenhouse Gas (\u201cGHG\u201d) emission reduction targets as part of Better Places 2030, addressing its entire value chain including the wide scope of indirect carbon emissions resulting from construction works, transportation of visitors and employees, and energy consumption of tenants, committing to reduce significantly its global GHG emissions. On top of addressing climate change mitigation, Better Places 2030 also addresses climate adaptation through the resilience of its assets to climate change both for development projects (integrated into the Group sustainability design guidelines) and its standing assets. The implementation of this programme is reflected in URW\u2019s financial statements, mainly through its investment strategy and the implementation of expenditures and expenses specifically incurred to meet environmental challenges. The Group also conducted an updated study on the physical risks associated with climate change in line with recommendations issued by the Task Force on Climate-related Financial Disclosures (\u201cTCFD\u201d) and the EU Taxonomy regulation. The projects associated with mitigation and adaptation to climate change are incorporated in the Group 5-year budget for standing assets and development projects. INTEGRATION OF ESG IN URW\u2019S VALUATIONS A significant amount of information has been made available to the appraisers in relation to several ESG key performance indicators (\u201cKPIs\u201d) on an asset-by-asset basis (1) . Amongst others, these KPIs are the Energy Use Intensity on common areas, Building Research Establishment Environmental Assessment Method (\u201cBREEAM\u201d) In-Use certificates, climate risk studies outcomes, renewal energy on-site production or presence of electric vehicle chargers. Appraisers have reviewed and considered the information provided in their valuation process. Capex to be spent in the next 5 years for the Energy Action Plan were integrated as ESG Capex within the valuation model (1) . (1) For European shopping centres. FINANCING ACTIVITY A strong sustainability-linked financing activity has been led by the Group with: \u2022 45% of undrawn credit lines are now sustainability linked; and \u2022 A new Green Financing Framework has been released in November 2022. GREEN LOANS As at December 31, 2022, the total credit lines featuring with green or sustainable indicators stands at \u20ac4.45 Bn, and the sustainability-linked term loans amounts to \u20ac0.85 Bn, including debt under proportionate. GREEN BONDS The Group has decided to develop a stringent Green Bond framework to finance new development projects, and/or standing assets which meet all social and environmental criteria for the construction and operational phases defined in the \u201cUse of Proceeds\u201d procedure. Green Bonds are only used to finance resilient \u201cbest in class\u201d assets, in line with a clear procedure for allocating funds (\u201cProcedure for asset analysis, selection and monitoring under the \u201cGreen Bonds\u201d system\u201d). Green Bonds were issued in February 2014 and April 2015 based on this framework. As at December 31, 2022, the outstanding nominal value of Green Bonds amounts to \u20ac1.1 Bn. ", "dimensions": { "concept": "urwse:DisclosureOfClimateChangeAndRisks", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-646": { "value": "FINANCING ACTIVITY A strong sustainability-linked financing activity has been led by the Group with: \u2022 45% of undrawn credit lines are now sustainability linked; and \u2022 A new Green Financing Framework has been released in November 2022. GREEN LOANS As at December 31, 2022, the total credit lines featuring with green or sustainable indicators stands at \u20ac4.45 Bn, and the sustainability-linked term loans amounts to \u20ac0.85 Bn, including debt under proportionate. GREEN BONDS The Group has decided to develop a stringent Green Bond framework to finance new development projects, and/or standing assets which meet all social and environmental criteria for the construction and operational phases defined in the \u201cUse of Proceeds\u201d procedure. Green Bonds are only used to finance resilient \u201cbest in class\u201d assets, in line with a clear procedure for allocating funds (\u201cProcedure for asset analysis, selection and monitoring under the \u201cGreen Bonds\u201d system\u201d). Green Bonds were issued in February 2014 and April 2015 based on this framework. As at December 31, 2022, the outstanding nominal value of Green Bonds amounts to \u20ac1.1 Bn. 7.1.1. FINANCIAL INSTRUMENTS (IAS 32/IFRS 7/IFRS 9/IFRS 13) CLASSIFICATION AND MEASUREMENT OF NON-DERIVATIVE FINANCIAL ASSETS AND LIABILITIES Under IFRS 9, on initial recognition, a financial asset is classified and measured at amortised cost, at Fair Value through Other Comprehensive Income (\u201cFVOCI\u201d) or Fair Value Through Profit and Loss (\u201cFVTPL\u201d). The classification of financial assets under IFRS 9 is based on the business model in which a financial asset is managed and its contractual cash flow characteristics. The financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interests on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition. The following accounting policies apply to the subsequent measurement of financial assets for the Group: FINANCIAL ASSETS AT FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. FINANCIAL ASSETS AT AMORTISED COST These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses if needed. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. FINANCIAL ASSETS AT FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. EQUITY INVESTMENTS AT FVOCI These assets are subsequently measured at fair value though profit or loss except in the case of an irrevocable election to classify them at fair value through OCI that cannot be reclassified. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. FINANCIAL LIABILITIES Interest-bearing financial liabilities are initially measured at fair value, less transaction costs directly attributable to the issue, and after initial booking at amortised cost using the effective interest rate. Being a financial debt with an embedded derivative, and based on the option provided by IFRS 9, the ORNANE convertible bonds, net of write-off of the issuance costs, are accounted for fully, at inception, at fair value, on a separate line in the statement of financial position, with subsequent changes recorded on a separate line in the income statement, except for the impact of the variation of the credit spread which is accounted for OCI. The interest expenses are recorded based on the contractual interest rates and are classified in the statement of comprehensive income on the line \u201cNet financing costs\u201d. As at December 31, 2022, the ORNANEs are fully refunded. Other non-derivative financial liabilities are recognised at FVTPL. CLASSIFICATION AND MEASUREMENT OF FINANCIAL DERIVATIVES AND HEDGE ACCOUNTING The Group uses derivative financial instruments to hedge its exposure to movements in interest and currency exchange rates. All financial derivatives are recorded as financial assets or liabilities at fair value on the statement of financial position. Fair value variations of financial derivatives, apart from those designated as cash flow hedges or as net investment hedges (see below), are recognised in the income statement for the period. URW has a macro-hedging strategy for its debt. Except for some currency derivatives, it has chosen not to use the hedge accounting proposed by IFRS 9. All such derivatives are therefore measured at their market value and any fair value variations are recorded in the income statement. Changes in the fair value of forward exchange contracts that economically hedge monetary assets and liabilities in foreign currencies and for which no hedge accounting is applied, are recognised in the income statement. Both the changes in fair value of the forward contracts and the foreign exchange gains and losses relating to the monetary items are recognised as part of the \u201cfinancing result\u201d as these instruments are designated as hedging instruments. HEDGING INSTRUMENTS The Group, which holds a group of financial assets or financial liabilities, is exposed to market risks and credit risks of every single counterparty as defined in IFRS 7. The Group applies the exception provided by IFRS 13 (\u00a7 48), which permits to measure the fair value of a group of financial assets or a group of financial liabilities on the basis of the price that would be received to sell or transfer a net position towards a particular risk in an orderly transaction between market participants at the measurement date under current market conditions. To determine the net position, the Group takes into account existing arrangements to mitigate the credit risk exposure in the event of default (e.g. a master netting agreement with the counterparty). The fair value measurement takes into consideration the likelihood that such an arrangement would be legally enforceable in the event of default. Valuation of derivatives takes into account the Credit Valuation Adjustment (\u201cCVA\u201d) and the Debit Valuation Adjustment (\u201cDVA\u201d). CVA, calculated for a given counterparty, is the product of: \u2022 The total mark-to-market the Group has with this counterparty, in case it is positive; \u2022 The probability of default of this counterparty over the average maturity, weighted by the nominal of the derivatives recorded with them. This probability of default is taken from the Bloomberg model, based on market data and derived from the Credit Default Swaps of the banks; and \u2022 The loss given default following market standard. DVA based on URW\u2019s credit risk corresponds to the loss that the Group\u2019s counterparties may face in case of the Group\u2019s default. It is the product of: \u2022 The total mark-to-market the Group has with a counterparty, in case it is negative; \u2022 The probability of default of the Group over the average maturity, weighted by the nominal of the total portfolio of derivatives. The Group\u2019s probability of default is derived from the Credit Default Swaps of URW and taken from the Bloomberg model; and \u2022 The loss given default following market standard. 7.1.3. DISCOUNTING OF DEFERRED PAYMENTS Long-term liabilities and receivables are discounted when this has a significant impact: \u2022 Deferred payments on assets deals, share deals, acquisitions of lands have been discounted up to the payment date; \u2022 Provisions for material liabilities taken under IAS 37 are discounted over the estimated duration of the disputes they cover; and \u2022 Guarantee deposits received from tenants have not been discounted given the negligible impact of discounting. 7.2.2. FAIR VALUE ADJUSTMENT OF DERIVATIVES, DEBTS AND CURRENCY EFFECT (\u20acMn) 2022 2021 Mark-to-market of the ORNANEs 0.3 (2.9) Currency impact (13.2) (29.3) Restructuring of debt, hedges and mark-to-market of derivatives 233.3 (28.4) Other financial assets and liabilities 54.9 (33.6) Debt discounting 0.6 (0.9) Total non-recurring financial result 275.9 (95.1) 7.3. FINANCIAL ASSETS AND LIABILITIES 7.3.1. INVESTMENT IN FINANCIAL ASSETS Change in investments in financial assets is mainly due to vendor loans agreed on during asset disposals in France and Central Europe, and equity interests in unlisted investments in the US. 7.3.2. MAIN FINANCING TRANSACTIONS IN 2022 ORNANES: \u20ac500 Mn of net share settled bonds convertible into new and/or existing URW Stapled Shares (ORNANE) issued in April 2015 matured and were refunded on January 1, 2022. SHORT TO MEDIUM TERM PAPER: URW accessed the money markets by issuing short-term paper. The average outstanding amount of short-term paper (1) in 2022 stood at \u20ac176 Mn, below the average amount in 2021 (\u20ac682 Mn), due to the Group\u2019s high liquidity position in 2022. As at December 31, 2022, the Group had no short-term paper outstanding. (1) Neu CP and Neu MTN. (2) As Westfield Carr\u00e9 S\u00e9nart remains fully consolidated, the \u20ac302 Mn non-recourse debt raised by the asset-owning JV, held at 55% by URW, is fully consolidated at 100% in URW\u2019s IFRS and proportionate debt. (3) As Westfield CentrO is consolidated at 50.01% (at share) in URW\u2019s proportionate accounts, only \u20ac350.1 Mn (URW share) of the non-recourse debt raised by the asset-owning JV, is consolidated in URW\u2019s proportionate debt. No debt consolidated under IFRS. BANK DEBT: The Group signed during 2022: \u2022 \u20ac650 Mn sustainability-linked loans with a 5-year maturity (including the refinancing of \u20ac150 Mn debt maturing in January 2023); \u2022 \u20ac379 Mn new bilateral credit facilities with an average maturity of 4 years (including \u20ac250 Mn of sustainability-linked credit facilities); \u2022 A non-recourse mortgage loan, for a total amount of \u20ac302 Mn with a 7-year maturity in the context of the disposal of a 45% stake in Westfield Carr\u00e9 S\u00e9nart. This debt is fully consolidated in URW\u2019s accounts (2) ; and \u2022 A non-recourse sustainability-linked mortgage loan to refinance a maturing mortgage loan on Westfield CentrO for an amount of \u20ac700 Mn with a 7-year maturity. This debt is consolidated at share in the Group\u2019s proportionate accounts (3) . Furthermore, the Group extended the maturity of its existing credit facilities by one year, as follows: \u2022 \u20ac4,075 Mn of European credit facilities (including \u20ac3,100 Mn of sustainability-linked credit facility); and \u2022 $1.5 Bn out of the $3.2 Bn multi-currency revolving credit facility initially maturing in June 2023. 7.3.3. FINANCIAL DEBT BREAKDOWN AND OUTSTANDING DURATION TO MATURITY Current Non-current Total Total Outstanding duration to maturity (\u20ac Mn) Dec. 31, 2022 Lessthan1year 1yearto5years Morethan5years Dec.31,2021 Net share settled bonds convertible into new and/or existing shares (ORNANE) \u2013 \u2013 \u2013 \u2013 500.3 Principal debt \u2013 \u2013 \u2013 \u2013 500.0 Mark-to-market of debt \u2013 \u2013 \u2013 \u2013 0.3 Accrued interest \u2013 \u2013 \u2013 \u2013 \u2013 Bonds and EMTNs 686.5 8,793.3 13,009.5 22,489.3 22,793.8 Principal debt (1) 604.1 8,795.6 13,006.2 22,406.0 22,733.0 Accrued interest 237.0 \u2013 \u2013 237.0 242.9 Issuance costs (73.4) \u2013 \u2013 (73.4) (86.5) Bonds redemption premium (79.1) \u2013 \u2013 (79.1) (91.5) Mark-to-market of debt (2.1) (2.3) 3.3 (1.2) (4.1) Bank borrowings 39.2 958.6 653.4 1,651.2 1,384.2 Principal debt 62.5 961.0 653.4 1,676.9 1,395.1 Accrued interest 3.4 \u2013 \u2013 3.4 5.4 Borrowings issue fees (33.7) \u2013 \u2013 (33.7) (25.0) Bank overdrafts & current accounts to balance out cash flow 7.9 \u2013 \u2013 7.9 16.4 Mark-to-market of debt (0.9) (2.4) \u2013 (3.3) (7.7) Other financial liabilities \u2013 92.8 1,270.6 1,363.4 1,670.3 Interbank market instruments and negotiable instruments \u2013 \u2013 \u2013 \u2013 250.0 Accrued interest on interbank market instruments and negotiable instruments \u2013 \u2013 \u2013 \u2013 \u2013 Current accounts with non-controlling interests (2) \u2013 92.8 1,270.6 1,363.4 1,420.3 Lease liabilities (3) 55.6 215.0 628.3 898.9 784.9 Total financial debt 781.3 10,059.7 15,561.8 26,402.8 27,133.5 Including liabilities directly associated with Properties or Shares classified as held for sale \u2013 \u2013 \u2013 \u2013 \u2013 Total financial debt net of liabilities directly associated with Properties or Shares classified as held for sale 781.3 10,059.7 15,561.8 26,402.8 27,133.5 (1) Include currency impacts on debt raised in foreign currency for an amount of +\u20ac65.3 Mn as at December 31, 2022 (+\u20ac38.2 Mn as at December 31, 2021). The amount shown in the Financial Resources note (\u20ac22,340.7 Mn) corresponds to the amount of bonds after impact of derivatives instruments on debt raised in foreign currencies. (2) They are considered as non-current as they are financing the related assets. (3) During H2-2021, URW has entered into a new amendment with the Airport Authorities of Los Angeles which provide for rent reliefs related to the minimum annual guaranteed rent for certain months. Based on the terms of the amendment, URW applied the rent relief as a lease modification accounting according to IFRS 16 to remeasure the lease liability and the right-of-use asset based on information known at the date of reporting (i.e. enplanements). As a result, lease liability (the minimum in-substance fixed lease payments) and the right of use have been remeasured to take into account the evolution of the enplanements as at December 31, 2022. The variation of financial debt by flows breaks down as follows: Cash flows (1) Non-cash flows Variation of Dec. 31, accrued Variation of Currency Fair value Dec. 31, 2021 (2) (3) (\u20acMn) Decrease interest scope translation impact Others (4) Increase 2022 ORNANE 500.3 \u2013 (500.0) \u2013 \u2013 \u2013 (0.3) \u2013 \u2013 Bonds and EMTNs 22,793.8 \u2013 (519.1) (7.2) \u2013 192.3 2.8 26.7 22,489.3 Bank borrowings 1,384.2 786.3 (558.1) 0.9 \u2013 34.5 7.1 (3.8) 1,651.2 Other financial liabilities 1,670.3 60.1 (366.1) \u2013 \u2013 \u2013 \u2013 (0.9) 1,363.4 Lease liabilities 784.9 15.2 (56.9) \u2013 \u2013 11.9 \u2013 143.8 898.9 Total 27,133.5 861.6 (2,000.2) (6.3) \u2013 238.7 9.6 165.8 26,402.8 (1) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac908.8 Mn and decrease of -\u20ac1,879.0 Mn) mainly due to the variation of guarantee deposits received, as well as to the decrease of the financial debt on Westfield Trumbull assumed by the buyer and deducted from the disposal price of the asset. (2) Net of bonds and EMTNs issuance costs and issue fees. (3) The variation of accrued interest is included in lines Financial income/Financial expenses of the consolidated statement of cash flows. (4) The variation of Others includes straight lining of premiums and fees on EMTNs and bank borrowings and change in recognition of lease liabilities in application of IFRS 16. 7.3.4. CHARACTERISTICS OF BONDS AND EMTNS Issue date Rate Currency Amount at Dec. 31, 2022 (\u20acMn) Maturity November 2010 Fixed rate 4.17% EUR 41.0 November 2030 October 2011 Fixed rate 4.1% EUR 27.0 October 2031 November 2011 Fixed rate 4.05% EUR 20.0 November 2031 February 2013 Fixed rate HKD swapped back into EUR HKD 84.2 February 2025 March 2013 Fixed rate HKD swapped back into EUR HKD 70.3 March 2025 June 2013 Fixed rate 2.5% EUR 467.0 June 2023 October 2013 Fixed rate HKD swapped back into EUR HKD 48.1 October 2025 November 2013 Fixed rate CHF swapped back into EUR CHF 137.1 November 2023 February 2014 Fixed rate 2.5% EUR 643.7 February 2024 March 2014 Fixed rate 3.08% EUR 20.0 March 2034 April 2014 Fixed rate 3.08% EUR 30.0 April 2034 June 2014 Fixed rate 2.5% EUR 600.0 June 2026 September 2014 Fixed rate 3.75% USD 937.6 September 2024 September 2014 Fixed rate 4.75% USD 468.8 September 2044 April 2015 Fixed rate 1.38% EUR 655.0 April 2030 April 2015 Fixed rate 1% EUR 500.0 March 2025 October 2015 Floating rate (ERB3M+81 Bps) EUR 50.0 October 2024 November 2015 Fixed rate 2.07% EUR 30.0 November 2030 November 2015 Fixed rate HKD swapped back into EUR HKD 90.2 November 2025 December 2015 Fixed rate 2.1% during 3 years then Constant Maturity Swap 10 years (floored at 0% capped at 4%) EUR 70.0 December 2030 March 2016 Fixed rate 1.38% EUR 500.0 March 2026 March 2016 Float rate (Erb6M+0%, floored at 0.95%, capped at 3%) EUR 20.0 March 2027 April 2016 Fixed rate 1.13% EUR 500.0 April 2027 April 2016 Fixed rate 2% EUR 500.0 April 2036 November 2016 Fixed rate 0.88% EUR 500.0 February 2025 December 2016 Fixed rate HKD swapped back into EUR HKD 6 0.1 November 2026 February 2017 Fixed rate 1.5% EUR 600.0 February 2028 May 2017 Fixed rate 1.5% EUR 500.0 May 2029 May 2017 Fixed rate 2% EUR 500.0 May 2037 May 2018 Fixed rate 1.13% EUR 800.0 September 2025 May 2018 Fixed rate 1.88% EUR 900.0 January 2031 May 2018 Fixed rate 2.25% EUR 500.0 May 2038 June 2018 Structured coupon linked to CMS 15 year EUR 40.0 June 2033 September 2018 Fixed rate 4.63% USD 468.8 September 2048 September 2018 Fixed rate 4.13% USD 468.8 September 2028 December 2018 Fixed rate 2% EUR 100.0 December 2033 February 2019 Fixed rate 1% EUR 750.0 February 2027 February 2019 Fixed rate 1.75% EUR 750.0 February 2034 March 2019 Fixed rate 2.13% GBP 338.2 March 2025 March 2019 Fixed rate 2.63% GBP 563.7 March 2029 June 2019 Fixed rate 3.5% USD 703.2 June 2029 July 2019 Fixed rate 1.75% EUR 500.0 July 2049
Issue date Rate
Currency
Amount at
Dec. 31, 2022
(\u20acMn) Maturity
October 2019 Fixed rate 0.88% EUR 750.0 March 2032
October 2019 Fixed rate 2.88% USD 703.2 January 2027
April 2020 Fixed rate 2.13% EUR 600.0 April 2025
April 2020 Fixed rate 2.63% EUR 800.0 April 2030
June 2020 Fixed rate 2% EUR 750.0 June 2032
December 2020 Fixed rate 1.38% EUR 1,000.0 December 2031
December 2020 Fixed rate 0.63% EUR 1,000.0 May 2027
May 2021 Fixed rate 1.38% EUR 600.0 May 2033
May 2021 Fixed rate 0.75% EUR 650.0 October 2028
Total 22,406.0
7.3.7. NET FINANCIAL DEBT Net financial debt is determined as below: NET FINANCIAL DEBT (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Amounts accounted for in balance sheet Net share settled bonds convertible into new and/or existing shares (ORNANE) \u2013 500.3 Non-current bonds and borrowings 24,778.2 24,774.6 Current borrowings and amounts due to credit institutions 725.7 1,073.7 Liabilities directly associated with properties or shares classified as held for sale \u2013 \u2013 Total financial liabilities 25,503.9 26,348.6 Adjustments Mark-to-market of debt 4.5 11.5 Current accounts with non-controlling interests (1,363.4) (1,420.3) Impact of derivatives instruments on debt raised in foreign currency (65.3) (38.2) Accrued interests/issuance fees (54.2) (45.3) Total financial liabilities (nominal value) 24,025.4 (1) 24,856.3 (1) Cash and cash equivalents (3,329.1) (1) (2,256.1) (1) Net financial debt 20,696.3 22,600.2 (1) Bank overdrafts and current accounts to balance out cash flow are included in the total financial liabilities, in 2022 for \u20ac7.9 Mn and in 2021 for \u20ac16.4 Mn. NET CASH AT PERIOD END (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Marketable securities (1) 11.5 12.4 Short-term deposit (2) 1,905.8 1,200.0 Cash 1,411.8 1,043.6 Total asset 3,329.1 2,256.1 Bank overdrafts and current accounts to balance out cash flow (7.9) (16.4) Total liabilities (7.9) (16.4) Net cash at period end 3,321.2 (3) 2,239.7 (1) This item includes investments in money-market SICAV (marketable securities) denominated in SEK at FVTPL. (2) All short-term deposits are denominated in euros. (3) The high level of cash as at December 31, 2022, aims to cover URW\u2019s debt repayment needs corresponding to the bonds and bank loans outstanding as at December 31, 2022, and maturing within 1 year (see note 7.5.1 \u201cLiquidity risk\u201d). 7.4. HEDGING INSTRUMENTS CHANGE IN DERIVATIVES (\u20ac Mn) Dec. 31, 2021 Amounts recognised in the statement of comprehensive income Changes in scope of consolidation Acquisitions Disposals Reallocation Dec. 31, 2022 Fair value adjustments of derivatives Other comprehensive income Assets Derivatives at fair value non-current 442.9 317.1 \u2013 \u2013 62.8 8.1 \u2013 831.0 \u2022 Without a hedging relationship 442.9 317.1 \u2013 \u2013 62.8 8.1 \u2013 831.0 \u2022 Other derivatives \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Liabilities Derivatives at fair value concurrent 1,067.2 12.3 \u2013 \u2013 38.7 (20.8) \u2013 1,097.4 \u2022 Without a hedging relationship 1,067.2 12.3 \u2013 \u2013 38.7 (20.8) \u2013 1,097.4 Net (624.2) 304.8 \u2013 \u2013 24.1 28.9 \u2013 (266.4) (1) Subject to covenants. (2) Subject to covenants. (3) On any day in the period starting on, and including the 90th calendar day prior to the First Reset Date (being October 25, 2023). (4) With the Reset Rate of Interest being equal to the sum of the 5-Year Euro Mid Swaps as at October 23, 2023, and the Relevant Margin (i.e. 1.675% until October 24, 2028). 7.5.1. LIQUIDITY RISK The following table shows the Group\u2019s contractually agreed interest payments and repayments of the non-derivative financial liabilities (excluding leases liabilities and current accounts) and the derivatives with positive and negative fair values. Amounts in foreign currency were translated at the closing rate at the reporting date. The payments of the floating rate interests have been calculated on the basis of the last interest rates published on December 31, 2022. Commercial paper has been allocated at the earliest period of redemption even if they are rolled over. All other borrowings have been allocated by date of maturity. (\u20acMn) Carrying amount (a) Less than 1 year 1 year to 5 years More than 5 years Dec. 31, 2022 Interest Redemption Interest Redemption Interest Redemption Bonds, borrowings and amounts due to credit institutions Bonds and EMTNs 22,406.0 (456.5) 60 4.1 (1,489.8) 8,795.6 (1,965.6) 13,006.2 Bank borrowings and other financial liabilities (b) 1,676.9 (49.6) 62.5 (178.4) 961.0 (14.1) 653.4 Financial derivatives Derivative financial liabilities Derivatives without a hedging relationship (1,097.4) (83.3) 27.8 (4 45.1) 38.2 (150.0) \u2013 Derivative financial assets Derivatives without a hedging relationship 831.0 109.9 \u2013 299.7 (0.7) 667.3 \u2013 (a) Corresponds to the amount of principal debt (see note 7.3.3 \u201cFinancial debt breakdown and outstanding duration to maturity\u201d). (b) Excludes current accounts with non-controlling interests and lease liabilities. The average maturity of the Group\u2019s debt, considering the undrawn credit lines (1) and cash on hand, stood at 8.3 years and at 7.1 years without taking into account the undrawn credit lines and cash on hand. URW\u2019s debt maturing over the next 12 months amounts to \u20ac647 Mn. In any event, the next 12 months debt repayment needs are fully covered by the cash on hand (\u20ac3,329 Mn) and available undrawn credit lines (2) (\u20ac9,655 Mn) including a $3.2 Bn (c. \u20ac3.0 Bn) multi-currency revolving credit facility. The terms and conditions of the \u20ac1.25 Bn perpetual non-call 2023 hybrid instrument provide the issuer with a call option(3) in 2023, and annually thereafter. The decision regarding this call will be made ahead of its First Reset Date (4) (i.e. October 25, 2023). The amount of bonds, mortgage, bank loans, current accounts and overdrafts outstanding as at December 31, 2022, and maturing or amortising within 1 year is \u20ac675 Mn (including \u20ac604 Mn of bonds). The credit facilities maturing over the next 12 months amount to \u20ac1,824 Mn including $1.7 Bn that has not been extended out of the current $3.2 Bn multi-currency revolving credit facility. URW\u2019s long-term refinancing policy consists of diversifying the Group\u2019s expiry schedules and financial resources. Accordingly (on IFRS basis), bonds & EMTN issues represented 93% of financial nominal debt at December 31, 2022, and bank loans, mortgages and overdrafts 7%. 7.5.3. CREDIT RISK Credit risk arises from cash and equivalents as well as credit exposures with respect to rental customers. Credit risk is managed on a Group level. The Group structures the level of credit risk it accepts by placing limits on its exposure to a single counterparty, or groups of counterparties, and to geographical and industry segments. Such risks are subject to at least an annual review, and often more frequently. The Group has policies in place to ensure that rental contracts are made with customers with an appropriate credit history. The main tenants of URW\u2019s Office properties in France are blue-chip companies. The tenant profile minimises insolvency risks. In the Shopping Centres segment, the risk of insolvency is spread widely across a large number of tenants. When tenants sign their lease agreements, they are typically required to provide financial guarantees, such as a deposit, first-demand guarantee or a surety bond amounting to between 3 and 6 months\u2019 rent. Payments for ancillary services provided by the C&E segment are generally received in advance, thereby reducing the risk of unpaid debt. Late payment reminders are automatically issued in respect of late payments and penalties are applied, in normalised context. Such late payments are monitored by a special \u201cdefault\u201d committee in each business segment, which decides on the pre-litigation or litigation action to be taken. According to IFRS 9, the estimated provision corresponds to the amount that the Company does not expect to recover. Although, when collecting a tenant deposit or obtaining a bank guarantee, URW partially covers the possible future losses. URW\u2019s provision policy meets the simplified model of IFRS 9: \u2022 The estimated losses are calculated on a homogeneous segment of receivables; \u2022 The rate of estimated loss reflects the best estimation of the expected future losses, on the considered client segment: URW respects the notion of back testing (comparisons are performed with historical rates of losses) and if needed, the rates are adjusted to take into account any new trigger event; and \u2022 Historical data are reviewed to better reflect the actual situation and integrate the best estimates for the near future. The Group applies the following rules to calculate the provision for doubtful accounts as at December 31, 2022: \u2022 Receivables from tenants under bankruptcies proceedings were fully depreciated; \u2022 Doubtful debt provisions are defined on the basis of an estimated default rate based on a forward-looking approach. This percentage of default may be refined by the tenant segment and position of the Shopping Centre in its catchment area. Ultimately, this default is rationalised based on recent events like tenants bankruptcies in 2022 and also the evolution of shop closures in the past quarters; and \u2022 This percentage was applied on the amount of receivables from which security deposit and deferred amounts not yet due were deducted. The amounts of tenants receivables and the related provisions for doubtful debtors from the retail activities have decreased during the period. This decrease was mitigated by an increase in receivables from the Office activity, mainly as a result to Trinity leasing progress and from the C&E sector following the recovery in activity. The total accounts receivable from retail activities decreased by -\u20ac96.6 Mn in total (-\u20ac100.4 Mn on a proportionate basis) vs. December 31, 2021, and by -\u20ac103.6 Mn (-\u20ac111.7 Mn on a proportionate basis) excluding +\u20ac7.0 Mn (+\u20ac11.2 Mn on a proportionate basis) of currency effect. This decrease includes -\u20ac14.9 Mn (-\u20ac13.5 Mn on a proportionate basis) of allowances of provisions net of reversal booked in the result for the period (vs. -\u20ac67.8 Mn of allowances net of reversals in 2021 and -\u20ac97.3 Mn on a proportionate basis). As at December 31, 2022, the gross amount of receivables amounted to \u20ac680.2 Mn (\u20ac882.2 Mn on a proportionate basis) and the provision for doubtful debtors to -\u20ac216.4 Mn (-\u20ac285.9 Mn on a proportionate basis) compared with \u20ac766.8 Mn and -\u20ac234.3 Mn, respectively, at the end of December 2021, (\u20ac985.7 Mn and -\u20ac317.0 Mn on a proportionate basis). 7.6. MARKET RISK Market risks can generate losses resulting from fluctuations in interest rates, exchange rates, raw material prices and share prices. URW\u2019s risk mainly relates to interest rate fluctuations on the debt it has taken out to finance its investments, and maintain the cash position it requires and exchange rate fluctuations due to the Group\u2019s activities in countries outside the Eurozone, in particular in the US and the UK. The Group, through its activities, may be exposed to market risks that can generate losses as a result of \ufb02uctuations in stock markets. The Group is either: (i) directly exposed to fluctuations in stock prices due to the ownership of shares or financial instruments, or (ii) indirectly exposed to fluctuations in stock prices, due to the ownership of funds, investment instruments or share-based derivatives which are directly correlated with the price of the asset underlying such derivatives.
7.7. CARRYING VALUE OF FINANCIAL INSTRUMENTS PER CATEGORY
FAAC: Financial Asset at Amortised Cost
FAFVOCI: Financial Asset at Fair Value through Other Comprehensive Income
FAFVTPL: Financial Asset at Fair Value Through Profit or Loss
FLAC: Financial Liabilities at Amortised Cost
FLFVTPL: Financial Liabilities at Fair Value Through Profit or Loss
Dec. 31, 2022
(\u20ac Mn)
Categories in
accordance with
IFRS 9
Carrying
amount
Dec. 31,
2022
Amounts recognised in statement of
financial position according to IFRS 9
Fair value
Amortised
cost
Fair value
recognised in
equity
Fair value
recognised in
profit & loss
Assets
Investments in financial assets FAAC/FAFVOCI /FAFVTPL 365.2 167.6 24.5 173.1 365.2
Derivatives at fair value FAFVTPL 831.0 \u2013 \u2013 831.0 831.0
Trade receivables from activity
(1)
FAAC 257.2 257.2 \u2013 \u2013 257.2
Other receivables
(2)
FAAC 359.5 359.5 \u2013 \u2013 359.5
Cash and cash equivalents FAAC/FAFVTPL 3,329.1 1,905.8 \u2013 1,423.3 3,329.1
5,142 .0 2,690.2 24.5 2,427.3 5,142 .0
Liabilities
Commitment to non-controlling interests FLFVTPL 44.8 \u2013 \u2013 44.8 44.8
Financial debts (excluding ORNANE)
(3)
FLAC 26,402.8 26,402.8 \u2013 \u2013 22,182.0
Net share settled bonds convertible into new and/or
existing shares (ORNANE) FLFVTPL \u2013 \u2013 \u2013 \u2013 \u2013
Derivatives at fair value FLFVTPL 1,097.4 \u2013 \u2013 1,0 97.4 1,0 97.4
Non-current amounts due on investments FLAC 39.1 39.1 \u2013 \u2013 39.1
Other non-current liabilities FLAC/FLFVTPL 90.6 38.1 \u2013 52.4 90.6
Amounts due to suppliers and other current debt
(4)
FLAC 1,141.6 1,141.6 \u2013 \u2013 1,141.6
28,816.2 27,621.6 \u2013 1,194.6 24,595.4
(1) Excluding rent-free periods and step rents.
(2) Excluding prepaid expenses, service charges due and tax receivables.
(3) Financial debt is valued at market value based on market rates and spread issuers at each closing date. The amount includes a fixed rate debt for \u20ac22,658.8 Mn valued
at \u20ac18,437.9 Mn.
(4) Excluding deferred income, service charges billed and tax liabilities.
Dec. 31, 2021 (\u20ac Mn) Categories in accordance with IFRS 9 Carrying amount Dec. 31, 2021 Amounts recognised in statement of financial position according to IFRS 9 Fair value Amortised cost Fair value recognised in equity Fair value recognised in profit & loss Assets Investments in financial assets FAAC/FAFVOCI /FAFVTPL 370.7 160.2 28.9 181.6 370.7 Derivatives at fair value FAFVTPL 442.9 \u2013 \u2013 442.9 442.9 Trade receivables from activity (1) FAAC 320.6 320.6 \u2013 \u2013 320.6 Other receivables (2) FAAC 334.9 334.9 \u2013 \u2013 334.9 Cash and cash equivalents FAAC/FAFVTPL 2,256.1 1,200.0 \u2013 1,056.1 2,256.1 3,725.2 2,015.7 28.9 1,680.6 3,725.2 Liabilities Commitment to non-controlling interests FLFVTPL 99.8 \u2013 \u2013 99.8 99.8 Financial debts (excluding ORNANE) (3) FLAC 26,633.2 26,633.2 \u2013 \u2013 27,247.9 Net share settled bonds convertible into new and/or existing shares (ORNANE) FLFVTPL 500.3 \u2013 \u2013 500.3 500.3 Derivatives at fair value FLFVTPL 1,067.2 \u2013 \u2013 1,0 67.2 1,0 67.2 Non-current amounts due on investments FLAC 54.1 54.1 \u2013 \u2013 54.1 Other non-current liabilities FLAC/ FLFVTPL 94.6 32.6 \u2013 62.0 94.6 Amounts due to suppliers and other current debt (4) FLAC 1,220.8 1,220.8 \u2013 \u2013 1,220.8 29,670.0 27,940.8 \u2013 1,729.3 30,284.7 (1) Excluding rent-free periods and step rents. (2) Excluding prepaid expenses, service charges due and tax receivables. (3) Financial debt is valued at market value based on market rates and spread issuers at each closing date. The amount includes a fixed rate debt for \u20ac23,993.6 Mn valued at \u20ac24,608.3 Mn. (4) Excluding deferred income, service charges billed and tax liabilities. \u201cTrade receivables from activity\u201d, \u201cOther receivables\u201d, \u201cCash and cash equivalents\u201d and \u201cAmounts due to suppliers and other current debt\u201d mainly have short-term maturity. Consequently, their carrying amounts at the reporting date approximate the fair value. 7.7.1. FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AND LIABILITIES IFRS 13 establishes a hierarchy of valuation techniques for financial instruments. The following categories are identified: \u2022 Level 1: financial instruments quoted in an active market; \u2022 Level 2: financial instruments whose fair value is evidenced by comparison with other observable current market transactions in the same instrument (i.e. without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets; and \u2022 Level 3: financial instruments whose fair value is determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable current market transactions in the same instrument (i.e. without modification or repackaging) and not based on available observable market data. \u20acMn) Fair value measurement at Dec. 31, 2022 Total Level 1 Level 2 Level 3 Assets Fair value through profit or loss Investments in financial assets 173.1 \u2013 \u2013 173.1 Derivatives 831.0 \u2013 831.0 \u2013 Marketable securities 11.5 11.5 \u2013 \u2013 Fair value through equity Investments in financial assets 24.5 \u2013 \u2013 24.5 Derivatives \u2013 \u2013 \u2013 \u2013 Total 1,040.0 11.5 831.0 197.5 Liabilities Fair value through profit or loss Commitment to non-controlling interests 44.8 \u2013 \u2013 44.8 ORNANE \u2013 \u2013 \u2013 \u2013 Derivatives 1,0 97.4 \u2013 1,0 97.4 \u2013 Other non-current liabilities 52.4 \u2013 \u2013 52.4 Total 1,194.6 \u2013 1,0 97.4 97.2 7.7.2. NET GAIN/LOSS BY CATEGORY URW closely monitors its financial risk linked to its activity and the financial instruments it uses. The Group identifies and regularly evaluates its different risk exposures (liquidity, interest rates, and currency exchange rates) in order to implement the adopted strategy. 2022 (\u20ac Mn) From interest Net gain/(loss) in profit & loss Net gain/(loss) in equity Investments in financial assets 11.3 11.3 (9.3) Derivatives at fair value through profit and loss 103.3 103.3 \u2013 Financial liabilities at amortised cost (631.1) (631.1) \u2013 (516.4) (516.4) (9.3) Capitalised expenses 42.5 Net financial expenses (474.0) 2021 (\u20ac Mn) From interest Net gain/(loss) in profit & loss Net gain/(loss) in equity Investments in financial assets 10.5 10.5 (2.7) Derivatives at fair value through profit and loss 103.1 103.1 \u2013 Financial liabilities at amortised cost (620.7) (620.7) \u2013 (5 07.1) (5 07.1) (2.7) Capitalised expenses 41.2 Net financial expenses (465.9) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-586": { "value": "FINANCING ACTIVITY A strong sustainability-linked financing activity has been led by the Group with: \u2022 45% of undrawn credit lines are now sustainability linked; and \u2022 A new Green Financing Framework has been released in November 2022. GREEN LOANS As at December 31, 2022, the total credit lines featuring with green or sustainable indicators stands at \u20ac4.45 Bn, and the sustainability-linked term loans amounts to \u20ac0.85 Bn, including debt under proportionate. GREEN BONDS The Group has decided to develop a stringent Green Bond framework to finance new development projects, and/or standing assets which meet all social and environmental criteria for the construction and operational phases defined in the \u201cUse of Proceeds\u201d procedure. Green Bonds are only used to finance resilient \u201cbest in class\u201d assets, in line with a clear procedure for allocating funds (\u201cProcedure for asset analysis, selection and monitoring under the \u201cGreen Bonds\u201d system\u201d). Green Bonds were issued in February 2014 and April 2015 based on this framework. As at December 31, 2022, the outstanding nominal value of Green Bonds amounts to \u20ac1.1 Bn. 7.3.2. MAIN FINANCING TRANSACTIONS IN 2022 ORNANES: \u20ac500 Mn of net share settled bonds convertible into new and/or existing URW Stapled Shares (ORNANE) issued in April 2015 matured and were refunded on January 1, 2022. SHORT TO MEDIUM TERM PAPER: URW accessed the money markets by issuing short-term paper. The average outstanding amount of short-term paper (1) in 2022 stood at \u20ac176 Mn, below the average amount in 2021 (\u20ac682 Mn), due to the Group\u2019s high liquidity position in 2022. As at December 31, 2022, the Group had no short-term paper outstanding. (1) Neu CP and Neu MTN. (2) As Westfield Carr\u00e9 S\u00e9nart remains fully consolidated, the \u20ac302 Mn non-recourse debt raised by the asset-owning JV, held at 55% by URW, is fully consolidated at 100% in URW\u2019s IFRS and proportionate debt. (3) As Westfield CentrO is consolidated at 50.01% (at share) in URW\u2019s proportionate accounts, only \u20ac350.1 Mn (URW share) of the non-recourse debt raised by the asset-owning JV, is consolidated in URW\u2019s proportionate debt. No debt consolidated under IFRS. BANK DEBT: The Group signed during 2022: \u2022 \u20ac650 Mn sustainability-linked loans with a 5-year maturity (including the refinancing of \u20ac150 Mn debt maturing in January 2023); \u2022 \u20ac379 Mn new bilateral credit facilities with an average maturity of 4 years (including \u20ac250 Mn of sustainability-linked credit facilities); \u2022 A non-recourse mortgage loan, for a total amount of \u20ac302 Mn with a 7-year maturity in the context of the disposal of a 45% stake in Westfield Carr\u00e9 S\u00e9nart. This debt is fully consolidated in URW\u2019s accounts (2) ; and \u2022 A non-recourse sustainability-linked mortgage loan to refinance a maturing mortgage loan on Westfield CentrO for an amount of \u20ac700 Mn with a 7-year maturity. This debt is consolidated at share in the Group\u2019s proportionate accounts (3) . Furthermore, the Group extended the maturity of its existing credit facilities by one year, as follows: \u2022 \u20ac4,075 Mn of European credit facilities (including \u20ac3,100 Mn of sustainability-linked credit facility); and \u2022 $1.5 Bn out of the $3.2 Bn multi-currency revolving credit facility initially maturing in June 2023. 7.3.3. FINANCIAL DEBT BREAKDOWN AND OUTSTANDING DURATION TO MATURITY Current Non-current Total Total Outstanding duration to maturity (\u20ac Mn) Dec. 31, 2022 Lessthan1year 1yearto5years Morethan5years Dec.31,2021 Net share settled bonds convertible into new and/or existing shares (ORNANE) \u2013 \u2013 \u2013 \u2013 500.3 Principal debt \u2013 \u2013 \u2013 \u2013 500.0 Mark-to-market of debt \u2013 \u2013 \u2013 \u2013 0.3 Accrued interest \u2013 \u2013 \u2013 \u2013 \u2013 Bonds and EMTNs 686.5 8,793.3 13,009.5 22,489.3 22,793.8 Principal debt (1) 604.1 8,795.6 13,006.2 22,406.0 22,733.0 Accrued interest 237.0 \u2013 \u2013 237.0 242.9 Issuance costs (73.4) \u2013 \u2013 (73.4) (86.5) Bonds redemption premium (79.1) \u2013 \u2013 (79.1) (91.5) Mark-to-market of debt (2.1) (2.3) 3.3 (1.2) (4.1) Bank borrowings 39.2 958.6 653.4 1,651.2 1,384.2 Principal debt 62.5 961.0 653.4 1,676.9 1,395.1 Accrued interest 3.4 \u2013 \u2013 3.4 5.4 Borrowings issue fees (33.7) \u2013 \u2013 (33.7) (25.0) Bank overdrafts & current accounts to balance out cash flow 7.9 \u2013 \u2013 7.9 16.4 Mark-to-market of debt (0.9) (2.4) \u2013 (3.3) (7.7) Other financial liabilities \u2013 92.8 1,270.6 1,363.4 1,670.3 Interbank market instruments and negotiable instruments \u2013 \u2013 \u2013 \u2013 250.0 Accrued interest on interbank market instruments and negotiable instruments \u2013 \u2013 \u2013 \u2013 \u2013 Current accounts with non-controlling interests (2) \u2013 92.8 1,270.6 1,363.4 1,420.3 Lease liabilities (3) 55.6 215.0 628.3 898.9 784.9 Total financial debt 781.3 10,059.7 15,561.8 26,402.8 27,133.5 Including liabilities directly associated with Properties or Shares classified as held for sale \u2013 \u2013 \u2013 \u2013 \u2013 Total financial debt net of liabilities directly associated with Properties or Shares classified as held for sale 781.3 10,059.7 15,561.8 26,402.8 27,133.5 (1) Include currency impacts on debt raised in foreign currency for an amount of +\u20ac65.3 Mn as at December 31, 2022 (+\u20ac38.2 Mn as at December 31, 2021). The amount shown in the Financial Resources note (\u20ac22,340.7 Mn) corresponds to the amount of bonds after impact of derivatives instruments on debt raised in foreign currencies. (2) They are considered as non-current as they are financing the related assets. (3) During H2-2021, URW has entered into a new amendment with the Airport Authorities of Los Angeles which provide for rent reliefs related to the minimum annual guaranteed rent for certain months. Based on the terms of the amendment, URW applied the rent relief as a lease modification accounting according to IFRS 16 to remeasure the lease liability and the right-of-use asset based on information known at the date of reporting (i.e. enplanements). As a result, lease liability (the minimum in-substance fixed lease payments) and the right of use have been remeasured to take into account the evolution of the enplanements as at December 31, 2022. The variation of financial debt by flows breaks down as follows: Cash flows (1) Non-cash flows Variation of Dec. 31, accrued Variation of Currency Fair value Dec. 31, 2021 (2) (3) (\u20acMn) Decrease interest scope translation impact Others (4) Increase 2022 ORNANE 500.3 \u2013 (500.0) \u2013 \u2013 \u2013 (0.3) \u2013 \u2013 Bonds and EMTNs 22,793.8 \u2013 (519.1) (7.2) \u2013 192.3 2.8 26.7 22,489.3 Bank borrowings 1,384.2 786.3 (558.1) 0.9 \u2013 34.5 7.1 (3.8) 1,651.2 Other financial liabilities 1,670.3 60.1 (366.1) \u2013 \u2013 \u2013 \u2013 (0.9) 1,363.4 Lease liabilities 784.9 15.2 (56.9) \u2013 \u2013 11.9 \u2013 143.8 898.9 Total 27,133.5 861.6 (2,000.2) (6.3) \u2013 238.7 9.6 165.8 26,402.8 (1) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac908.8 Mn and decrease of -\u20ac1,879.0 Mn) mainly due to the variation of guarantee deposits received, as well as to the decrease of the financial debt on Westfield Trumbull assumed by the buyer and deducted from the disposal price of the asset. (2) Net of bonds and EMTNs issuance costs and issue fees. (3) The variation of accrued interest is included in lines Financial income/Financial expenses of the consolidated statement of cash flows. (4) The variation of Others includes straight lining of premiums and fees on EMTNs and bank borrowings and change in recognition of lease liabilities in application of IFRS 16.
7.3.4. CHARACTERISTICS OF BONDS AND EMTNS
Issue date Rate
Currency
Amount at
Dec. 31, 2022
(\u20acMn) Maturity
November 2010 Fixed rate 4.17% EUR 41.0 November 2030
October 2011 Fixed rate 4.1% EUR 27.0 October 2031
November 2011 Fixed rate 4.05% EUR 20.0 November 2031
February 2013 Fixed rate HKD swapped back into EUR HKD 84.2 February 2025
March 2013 Fixed rate HKD swapped back into EUR HKD 70.3 March 2025
June 2013 Fixed rate 2.5% EUR 467.0 June 2023
October 2013 Fixed rate HKD swapped back into EUR HKD 48.1 October 2025
November 2013 Fixed rate CHF swapped back into EUR CHF 137.1 November 2023
February 2014 Fixed rate 2.5% EUR 643.7 February 2024
March 2014 Fixed rate 3.08% EUR 20.0 March 2034
April 2014 Fixed rate 3.08% EUR 30.0 April 2034
June 2014 Fixed rate 2.5% EUR 600.0 June 2026
September 2014 Fixed rate 3.75% USD 937.6 September 2024
September 2014 Fixed rate 4.75% USD 468.8 September 2044
April 2015 Fixed rate 1.38% EUR 655.0 April 2030
April 2015 Fixed rate 1% EUR 500.0 March 2025
October 2015 Floating rate (ERB3M+81 Bps) EUR 50.0 October 2024
November 2015 Fixed rate 2.07% EUR 30.0 November 2030
November 2015 Fixed rate HKD swapped back into EUR HKD 90.2 November 2025
December 2015 Fixed rate 2.1% during 3 years then Constant Maturity Swap 10 years (floored at 0%
capped at 4%)
EUR 70.0 December 2030
March 2016 Fixed rate 1.38% EUR 500.0 March 2026
March 2016 Float rate (Erb6M+0%, floored at 0.95%, capped at 3%) EUR 20.0 March 2027
April 2016 Fixed rate 1.13% EUR 500.0 April 2027
April 2016 Fixed rate 2% EUR 500.0 April 2036
November 2016 Fixed rate 0.88% EUR 500.0 February 2025
December 2016 Fixed rate HKD swapped back into EUR HKD 6 0.1 November 2026
February 2017 Fixed rate 1.5% EUR 600.0 February 2028
May 2017 Fixed rate 1.5% EUR 500.0 May 2029
May 2017 Fixed rate 2% EUR 500.0 May 2037
May 2018 Fixed rate 1.13% EUR 800.0 September 2025
May 2018 Fixed rate 1.88% EUR 900.0 January 2031
May 2018 Fixed rate 2.25% EUR 500.0 May 2038
June 2018 Structured coupon linked to CMS 15 year EUR 40.0 June 2033
September 2018 Fixed rate 4.63% USD 468.8 September 2048
September 2018 Fixed rate 4.13% USD 468.8 September 2028
December 2018 Fixed rate 2% EUR 100.0 December 2033
February 2019 Fixed rate 1% EUR 750.0 February 2027
February 2019 Fixed rate 1.75% EUR 750.0 February 2034
March 2019 Fixed rate 2.13% GBP 338.2 March 2025
March 2019 Fixed rate 2.63% GBP 563.7 March 2029
June 2019 Fixed rate 3.5% USD 703.2 June 2029
July 2019 Fixed rate 1.75% EUR 500.0 July 2049
7.3.7. NET FINANCIAL DEBT
Net financial debt is determined as below:
NET FINANCIAL DEBT
(\u20ac Mn)
Dec. 31, 2022 Dec. 31, 2021
Amounts accounted for in balance sheet
Net share settled bonds convertible into new and/or existing shares (ORNANE) \u2013 500.3
Non-current bonds and borrowings 24,778.2 24,774.6
Current borrowings and amounts due to credit institutions 725.7 1,073.7
Liabilities directly associated with properties or shares classified as held for sale \u2013 \u2013
Total financial liabilities 25,503.9 26,348.6
Adjustments
Mark-to-market of debt 4.5 11.5
Current accounts with non-controlling interests (1,363.4) (1,420.3)
Impact of derivatives instruments on debt raised in foreign currency (65.3) (38.2)
Accrued interests/issuance fees (54.2) (45.3)
Total financial liabilities (nominal value) 24,025.4
(1)
24,856.3
(1)
Cash and cash equivalents (3,329.1)
(1)
(2,256.1)
(1)
Net financial debt 20,696.3 22,600.2
(1) Bank overdrafts and current accounts to balance out cash flow are included in the total financial liabilities, in 2022 for \u20ac7.9 Mn and in 2021 for \u20ac16.4 Mn.
NET CASH AT PERIOD END
(\u20ac Mn)
Dec. 31, 2022 Dec. 31, 2021
Marketable securities
(1)
11.5 12.4
Short-term deposit
(2)
1,905.8 1,200.0
Cash 1,411.8 1,043.6
Total asset 3,329.1 2,256.1
Bank overdrafts and current accounts to balance out cash flow (7.9) (16.4)
Total liabilities (7.9) (16.4)
Net cash at period end 3,321.2
(3)
2,239.7
(1) This item includes investments in money-market SICAV (marketable securities) denominated in SEK at FVTPL.
(2) All short-term deposits are denominated in euros.
(3) The high level of cash as at December 31, 2022, aims to cover URW\u2019s debt repayment needs corresponding to the bonds and bank loans outstanding as at December
31, 2022, and maturing within 1 year (see note 7.5.1 \u201cLiquidity risk\u201d).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-631": { "value": "3.1.1. SCOPE AND METHODS OF CONSOLIDATION The scope of consolidation includes all companies controlled by URW and all companies in which the Group exercises joint control or significant influence. According to IFRS 10, an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group considers all facts and circumstances when assessing whether it controls an investee. The control over an investee is reassessed if facts and circumstances indicate that there are changes to 1 or more of the elements mentioned above. The method of consolidation is determined by the type of control exercised: \u2022 Control: the companies are fully consolidated; \u2022 Joint control: is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement: - A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Each party shall account for the assets which it has rights to, liabilities which it has obligations for, revenues and expenses relating to its interests in a joint operation; and - A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method. \u2022 Significant influence: accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee but it is not control or joint control of those policies. It is presumed where an entity holds 20% or more of the voting power (directly or through subsidiaries) on an investee, unless it can be clearly demonstrated that this is not the case . 3.1.2. FOREIGN CURRENCY TRANSLATION GROUP COMPANIES WITH A FUNCTIONAL CURRENCY DIFFERENT FROM THE PRESENTATION CURRENCY The Group\u2019s consolidated financial statements are presented in euros. The financial statements of each consolidated Group company are prepared in its functional currency. The functional currency is the currency of the principal economic environment in which it operates. The results and financial position of all the Group entities that have a functional currency different from the presentation currency, the euro, are translated into the presentation currency as follows: \u2022 The assets and liabilities, including goodwill and fair value adjustments arising on consolidation, are translated into euros at the foreign exchange rate at the closing date; \u2022 Income and expenses and other comprehensive income (\u201cOCI\u201d) are translated into euros at rates approximating the foreign exchange rates ruling at the dates of the transactions; \u2022 All resulting exchange rate differences are recognised as a separate component of equity (currency translation reserve); and \u2022 When a Group company is sold, exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. FOREIGN CURRENCY TRANSACTIONS The Group\u2019s entities can realise operations in a foreign currency which is not their own functional currency. These transactions in foreign currencies are translated into euros at the spot exchange rate on the date of the transaction. At the closing date, monetary assets and liabilities denominated in foreign currency are translated into functional currency at the exchange rate on that date. Foreign exchange differences arising on translation or on settlement of these transactions are recognised in the income statement account, with the exception of: \u2022 Unrealised translation results on net investments; and \u2022 Unrealised translation results on intercompany loans that, in-substance, form part of the net investment. Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instruments relating to the effective portion of the hedge are recognised directly in equity, whereas those relating to the ineffective portion are recognised in the income statement account. Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currency are translated using the exchange rate on the date of transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated into euros at exchange rates on the dates the fair value was determined, and are reported as part of the fair value gain or loss. 3.1.3. BUSINESS COMBINATIONS To identify whether a transaction is a business combination, the Group notably considers whether an integrated set of activities is acquired besides the investment property. The criteria applied may include the number of property assets held by the target company, the extent of the acquired processes and, particularly, the auxiliary services provided by the acquired entity. If the acquired assets are not a business, the transaction is recorded as an asset acquisition. Business combinations are accounted for using the acquisition method. The acquisition is recognised at the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any non-controlling interest in the acquiree. For each business combination, the acquirer measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition costs incurred are recorded as expenses. For the companies accounted for using the equity method, acquisition costs are capitalised in the value of the shares. At the date of acquisition and in accordance with IFRS 3 Revised, identifiable assets, liabilities and contingent liabilities of the acquired company are valued individually at their market value regardless of their purpose based upon current best estimates at such date. It is possible that further adjustments to initial evaluation may be recognised within 12 months of the acquisition in accordance with IFRS rules. If the business combination is achieved in stages, the acquisition date fair value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through the income statement. Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Subsequent changes to the fair value of any contingent consideration classified as liability will be recognised in the income statement. Under IFRS 3 Revised, the acquisition of additional shares from non- controlling shareholders is regarded as an equity transaction and therefore no additional goodwill is recognised. Consequently, when non-controlling shareholders have an agreement to sell, non-controlling interests are reclassified as debt at the present value of the exercise price. The difference between the latest value and the net carrying value of the non-controlling interests is recognised as equity attributable to the holders of the Stapled Shares. Any subsequent change in debt is also accounted for as equity attributable to the holders of the Stapled Shares. Income from non-controlling interests and dividends are recorded in equity attributable to the holders of the Stapled Shares. The accounting principles are detailed in note 3.1.1 \u201cScope and methods of consolidation\u201d. Following the Westfield acquisition, the Group has significant co-ownership interest in a number of properties, mainly in the US through property partnerships or trusts. These joint ventures are accounted for using the equity method. The Group and its joint ventures use consistent accounting policies. According to IFRS 11, joint ventures are those entities in which the Group has joint control established by contractual agreement and rights to the net assets of the arrangement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-607": { "value": "The scope of consolidation includes all companies controlled by URW and all companies in which the Group exercises joint control or significant influence. According to IFRS 10, an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group considers all facts and circumstances when assessing whether it controls an investee. The control over an investee is reassessed if facts and circumstances indicate that there are changes to 1 or more of the elements mentioned above. The method of consolidation is determined by the type of control exercised: \u2022 Control: the companies are fully consolidated; ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-555": { "value": " Joint control: is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement: - A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Each party shall account for the assets which it has rights to, liabilities which it has obligations for, revenues and expenses relating to its interests in a joint operation; and - A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method. 6.1. ACCOUNTING PRINCIPLES The accounting principles are detailed in note 3.1.1 \u201cScope and methods of consolidation\u201d. Following the Westfield acquisition, the Group has significant co-ownership interest in a number of properties, mainly in the US through property partnerships or trusts. These joint ventures are accounted for using the equity method. The Group and its joint ventures use consistent accounting policies. 6.3. JOINT VENTURES According to IFRS 11, joint ventures are those entities in which the Group has joint control established by contractual agreement and rights to the net assets of the arrangement. 6.3.1. DESCRIPTION OF THE MAIN JOINT VENTURES ACCOUNTED FOR USING THE EQUITY METHOD The main jointly controlled assets accounted for using the equity method are the following: Name of investment Geographical area % Interest as at Dec. 31, 2022 % Interest as at Dec. 31, 2021 Westfield Stratford City UK 50.0% 50.0% Metropole Zlicin Central Europe 50.0% 50.0% Westfield Rosny 2 France 26.0% 26.0% Westfield CentrO Germany 50.0% 50.0% Paunsdorf Center Germany 25.5% 25.5% Westfield Annapolis US 55.0% 55.0% Westfield Culver City US 55.0% 55.0% Westfield Garden State Plaza US 50.0% 50.0% Westfield Montgomery US 50.0% 50.0% Westfield Santa Anita(1) US 49.3% 49.3% Westfield Southcenter US 55.0% 55.0% Westfield Topanga US 55.0% 55.0% Westfield UTC US 50.0% 50.0% Westfield Valley Fair US 50.0% 50.0% Aupark Bratislava Central Europe 13.0% 40.0% (1) In 2022, the Group completed the sale of the asset Westfield Santa Anita (see note 1.1.1 \u201cAcquisitions/Disposals in 2022\u201d). The significant joint ventures accounted for using the equity method are presented below: WESTFIELD STRATFORD CITY (LONDON, UNITED KINGDOM) Westfield Stratford City is a joint venture with Canneth Limited Partnership Inc. The partnership is governed through a business manager, which is a company jointly owned by both partners. This business manager has significant powers to conduct the business. The budget, capital expenditures, and a number of major decisions relating to the debt financing, approval of any refurbishment and development, disposals, require the approval of both partners. Therefore under IFRS 10, Westfield Stratford City is jointly controlled by both partners. PARTNERSHIPS IN THE UNITED STATES Per the co-ownership and PM agreements with its joint venture partners, the Group is restricted from exercising control over these interests even though the Group has more than 50% ownership interest and voting rights. Major decisions require the approval of both the Group and the joint venture partners and operating and capital budgets must be approved by the management committee (both owners have equal representation on this committee). The Group therefore has joint control over the investments and they are accounted for using the equity method. WESTFIELD CENTRO (GERMANY) Westfield CentrO, a leading shopping centre located in Oberhausen, is jointly held by the Group and CPPIB. The joint venture is governed by a board of directors with 6 members, 3 of which are designated by URW and 3 designated by CPPIB. The relevant activities are the leasing, equipment, building, renovation as well as the management, servicing and maintenance of these assets. The decision-making process for all these relevant activities required the approval of both partners. Therefore these companies which are joint ventures are accounted for using the equity method.
6.3.2. CONSOLIDATED FINANCIAL POSITION OF THE JOINT VENTURES
The main items of the statements of financial position and income statement of joint ventures are presented in aggregate in the tables below. These
items are stated in Group share including restatements for consolidation purposes.
SHOPPING CENTRES AND CONVENTION & EXHIBITION COMPANIES
(\u20ac Mn)
Dec. 31, 2022 Dec. 31, 2021
Investment properties 8,365.6 9,036.5
Other non-current assets 27.2 14.9
Current assets 402.6 389.7
Total assets 8,795.4 9,441.1
Restated shareholders\u2019 equity 6,111.5 6,551.7
Deferred tax liabilities 97.1 121.4
Shareholders loans 458.1 468.8
External borrowings
(1)
1,915.5 2,073.6
Other non-current liabilities 22.2 19.6
Current liabilities 191.0 206.0
Total liabilities 8,795.4 9,4 41.1
(1) Includes current and non-current borrowings.
(\u20ac Mn)
2022 2021
NRI 450.7 352.4
Change in fair value of investment properties (509.7) (868.5)
Net result (161.0) (573.1)
6.3.3. VALUATION ASSUMPTIONS AND SENSITIVITY
The following tables provide a number of quantitative data in order to assess the fair valuation of the Group\u2019s assets accounted for using the
equity method.
SHOPPING CENTRES
All shopping centres are valued using the DCF and/or yield methodologies.
Shopping Centres \u2013 December 31, 2022
Net Initial
Yield
Rent in \u20ac
per sqm
(1)
Discount
Rate
(2)
Exit
Capitalisation
Rate
(3)
CAGR of
NRI
(4)
Europe
Max 7.6% 947 8.9% 6.8% 4.6%
Min 4.3% 125 6.5% 4.4% 1.7%
Weighted average 5.8% 370 7.4% 5.7% 2.6%
US
Max 9.6% 1,213 10.3% 9.0% 11.4%
Min 3.7% 321 6.5% 4.5% 1.1%
Weighted average 4.9% 653 7.3% 5.3% 5.0%
NY, DR and ECR weighted by GMV. Vacant assets, assets considered at bid value, and assets under restructuring are not included in Min. and Max. calculation. Assets
under development or not controlled by URW are not included in this table. The UK assets are included in the table.
(1) Average annual rent (MGR + SBR) per asset per sqm.
(2) Rate used to calculate the net present value of future cash flows.
(3) Rate used to capitalise the exit rent to determine the exit value of an asset.
(4) CAGR of NRI determined by the appraiser (between 6 and 10 years depending on duration of DCF model used).
The table below shows the sensitivity on URW\u2019s Shopping Centre portfolio value for assets accounted for using the equity method, excluding assets
under development.
Sensitivity
Impact in
\u20ac Mn
Impact in
%
+25 bps in NIY (379) (4.6)%
+25 bps in DR (154) (1.9)%
+10 bps in ECR (99) (1.2)%
-5% in appraisers\u2019 ERV (268) (3.2)%
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-608": { "value": "Joint control: is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement: - A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Each party shall account for the assets which it has rights to, liabilities which it has obligations for, revenues and expenses relating to its interests in a joint operation; and - A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method. 6.1. ACCOUNTING PRINCIPLES The accounting principles are detailed in note 3.1.1 \u201cScope and methods of consolidation\u201d. Following the Westfield acquisition, the Group has significant co-ownership interest in a number of properties, mainly in the US through property partnerships or trusts. These joint ventures are accounted for using the equity method. The Group and its joint ventures use consistent accounting policies. According to IFRS 11, joint ventures are those entities in which the Group has joint control established by contractual agreement and rights to the net assets of the arrangement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-556": { "value": " Significant influence: accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee but it is not control or joint control of those policies. It is presumed where an entity holds 20% or more of the voting power (directly or through subsidiaries) on an investee, unless it can be clearly demonstrated that this is not the case 6.4. ASSOCIATES Associates are those entities, not controlled by the Group, but in which it has a significant influence according to IAS 28 R. 6.4.1. DESCRIPTION OF THE MAIN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD The main associates relate to the following assets: \u2022 Fonci\u00e8re Crossroads which owns the shopping centres A\u00e9roville and So Ouest in the Paris region, Rennes Alma in Rennes, Toison d\u2019Or in Dijon, Confluence in Lyon and the hotel Novotel Lyon Confluence; \u2022 Zlote Tarasy complex (Warsaw); \u2022 Gropius Passagen (Berlin); \u2022 Starwood I, Starwood II and Blum (US); and \u2022 Triangle Renan, a co-investment partnership for the development of Triangle Tower project. FONCI\u00c8RE CROSSROADS Fonci\u00e8re Crossroads, which owns a portfolio of 5 shopping centres in France (A\u00e9roville and So Ouest in the Paris region, Rennes Alma in Rennes, Toison d\u2019Or in Dijon and Confluence in Lyon) and a hotel, is held by a consortium of investors formed by Cr\u00e9dit Agricole Assurances, la Fran\u00e7aise and URW. The Group holds a 45.8% stake and manages the shopping centres on behalf of Fonci\u00e8re Crossroads through long-term management contracts. Fonci\u00e8re Crossroads is governed by a chairman. URW cannot be designated as the chairman as long as it manages the shopping centres. The proportion of the voting rights needed to make decisions about the relevant activities of Fonci\u00e8re Crossroads is achieved by more than 1 combination of the parties agreeing. As a result, URW has only a significant influence on Fonci\u00e8re Crossroads which is accounted for using the equity method. ZLOTE TARASY COMPLEX The Group is the sole limited partner in a partnership which holds 100% of a holding company (Warsaw III), which owns 100% of Zlote Tarasy complex (Warsaw). In compliance with the restrictions imposed on URW by the Polish competition authorities in connection with the acquisition by the Group of the shopping centres Westfield Arkadia and Wilenska in July 2010, the management of Warsaw III and the shopping centre and parking is not performed by the Group. Consequently, the Group does not control this asset and its investment in the Zlote Tarasy complex is accounted for using the equity method.
6.4.2. CONSOLIDATED FINANCIAL POSITION OF ASSOCIATES
The main items of the statements of financial position and income statement of associates are presented in aggregate in the tables below. These
items are stated in Group share, including restatements for consolidation purposes.
SHOPPING CENTRES COMPANIES
(\u20ac Mn)
Dec. 31, 2022 Dec. 31, 2021
Investment properties 1,870.4 1,832.9
Other non-current assets 82.6 25.2
Current assets 133.1 115.8
Total assets 2,086.0 1,973.9
Restated shareholders\u2019 equity 835.0 747.6
Deferred tax liabilities 121.0 113.3
Shareholders loans 461.5 4 47.0
External borrowings 569.8 569.2
Other non-current liabilities 54.5 48.0
Current liabilities 44.2 48.8
Total liabilities 2,086.0 1,973.9
(\u20ac Mn)
2022 2021
NRI 88.0 91.0
Change in fair value of investment properties 10.9 (51.7)
Net result 109.2 2.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-609": { "value": "Significant influence: accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee but it is not control or joint control of those policies. It is presumed where an entity holds 20% or more of the voting power (directly or through subsidiaries) on an investee, unless it can be clearly demonstrated that this is not the case . Associates are those entities, not controlled by the Group, but in which it has a significant influence according to IAS 28 R. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-610": { "value": "
GROUP COMPANIES WITH A FUNCTIONAL
CURRENCY DIFFERENT FROM THE
PRESENTATION CURRENCY
The Group\u2019s consolidated financial statements are presented in euros.
The financial statements of each consolidated Group company are
prepared in its functional currency. The functional currency is the
currency of the principal economic environment in which it operates.
The results and financial position of all the Group entities that have a
functional currency different from the presentation currency, the
euro, are translated into the presentation currency as follows:
\u2022 The assets and liabilities, including goodwill and fair value
adjustments arising on consolidation, are translated into euros at
the foreign exchange rate at the closing date;
\u2022 Income and expenses and other comprehensive income (\u201cOCI\u201d) are
translated into euros at rates approximating the foreign exchange
rates ruling at the dates of the transactions;
\u2022 All resulting exchange rate differences are recognised as a separate
component of equity (currency translation reserve); and
\u2022 When a Group company is sold, exchange differences that were
recorded in equity are recognised in the income statement as part
of the gain or loss on sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-557": { "value": "
FOREIGN CURRENCY TRANSACTIONS
The Group\u2019s entities can realise operations in a foreign currency which
is not their own functional currency. These transactions in foreign
currencies are translated into euros at the spot exchange rate on the
date of the transaction. At the closing date, monetary assets and
liabilities denominated in foreign currency are translated into
functional currency at the exchange rate on that date. Foreign
exchange differences arising on translation or on settlement of these
transactions are recognised in the income statement account, with
the exception of:
\u2022 Unrealised translation results on net investments; and
\u2022 Unrealised translation results on intercompany loans that,
in-substance, form part of the net investment.
Hedges of a net investment in a foreign operation, including a hedge
of a monetary item that is accounted for as part of the net investment,
are accounted for in a way similar to cash flow hedges. Gains or losses
on the hedging instruments relating to the effective portion of the
hedge are recognised directly in equity, whereas those relating to the
ineffective portion are recognised in the income statement account.
Non-monetary assets and liabilities that are measured in terms of
historical cost in foreign currency are translated using the exchange
rate on the date of transaction. Non-monetary assets and liabilities
denominated in foreign currencies that are stated at fair value are
translated into euros at exchange rates on the dates the fair value was
determined, and are reported as part of the fair value gain or loss.
7.6.2. MANAGEMENT OF EXCHANGE RISKS
(1) On a proportionate basis.
MEASURE OF EXPOSURE TO FOREIGN
EXCHANGE RISKS AS AT DECEMBER 31, 2022
The Group is active in countries outside the Eurozone. When converted
into euros, the income and value of the Group\u2019s investments may be
influenced by fluctuations in exchange rates against the euro. The
Group\u2019s policy objective is to apply a broadly consistent
(1)
LTV by
currency allowing it to match part of the foreign currency asset value
and income with debt and financial expenses in the same currency, thus
reducing the exchange rate effects on the Group\u2019s balance sheet and
earnings. Foreign exchange risk can be hedged by either matching
investments in a specific currency with debt in the same currency or
using derivatives to achieve the same risk management goal.
EXPOSURE SENSITIVITY TO CURRENCY EXCHANGE RATE
MEASURE OF THE EXPOSURE TO OTHER RISKS AS AT DECEMBER 31, 2022 (\u20ac MN)
Currency
Assets Liabilities
Net
exposure
Hedging
instruments
Exposure net
of hedges
USD 10,664 (4,874) 5,791 \u2013 5,791
GBP 2,665 (1,250) 1,415 \u2013 1,415
SEK 2,136 (276) 1,860 \u2013 1,860
Others 610 (717)
(107)
490
384
Total 16,076 (7,117) 8,959 490 9,449
EXPOSURE SENSITIVITY TO CURRENCY EXCHANGE RATE
Before hedging, the main exposures kept are in USD, GBP and SEK. A change of 10% of EUR/USD, EUR/GBP or EUR/SEK (i.e. a 10% increase of EUR
against the USD, GBP or SEK in 2023) would have an impact on shareholders\u2019 equity and the net recurring result as follows:
(\u20acMn)
Dec. 31, 2022
Dec. 31, 2021
Net
recurring result
gain/(loss)
Equity
gain/(loss)
Net
recurring result
gain/(loss)
Equity
gain/(loss)
Impact of an increase of +10% in the EUR/USD exchange (23.0) (526.4) (17.5) (552.3)
Impact of an increase of +10% in the EUR/GBP exchange (12.8) (128.6) (9.9) (134.3)
Impact of an increase of +10% in the EUR/SEK exchange (8.1) (169.1) (7.4) (186.6)
The impact on the net recurring result would be offset by the FX hedging that the Group has put in place against EUR/USD, EUR/GBP and EUR/
SEK fluctuations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-611": { "value": "FOREIGN CURRENCY TRANSACTIONS The Group\u2019s entities can realise operations in a foreign currency which is not their own functional currency. These transactions in foreign currencies are translated into euros at the spot exchange rate on the date of the transaction. At the closing date, monetary assets and liabilities denominated in foreign currency are translated into functional currency at the exchange rate on that date. Foreign exchange differences arising on translation or on settlement of these transactions are recognised in the income statement account, with the exception of: \u2022 Unrealised translation results on net investments; and \u2022 Unrealised translation results on intercompany loans that, in-substance, form part of the net investment. Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instruments relating to the effective portion of the hedge are recognised directly in equity, whereas those relating to the ineffective portion are recognised in the income statement account. Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currency are translated using the exchange rate on the date of transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated into euros at exchange rates on the dates the fair value was determined, and are reported as part of the fair value gain or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-612": { "value": "3.1.3. BUSINESS COMBINATIONS To identify whether a transaction is a business combination, the Group notably considers whether an integrated set of activities is acquired besides the investment property. The criteria applied may include the number of property assets held by the target company, the extent of the acquired processes and, particularly, the auxiliary services provided by the acquired entity. If the acquired assets are not a business, the transaction is recorded as an asset acquisition. Business combinations are accounted for using the acquisition method. The acquisition is recognised at the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any non-controlling interest in the acquiree. For each business combination, the acquirer measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition costs incurred are recorded as expenses. For the companies accounted for using the equity method, acquisition costs are capitalised in the value of the shares. At the date of acquisition and in accordance with IFRS 3 Revised, identifiable assets, liabilities and contingent liabilities of the acquired company are valued individually at their market value regardless of their purpose based upon current best estimates at such date. It is possible that further adjustments to initial evaluation may be recognised within 12 months of the acquisition in accordance with IFRS rules. If the business combination is achieved in stages, the acquisition date fair value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through the income statement. Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Subsequent changes to the fair value of any contingent consideration classified as liability will be recognised in the income statement. Under IFRS 3 Revised, the acquisition of additional shares from non- controlling shareholders is regarded as an equity transaction and therefore no additional goodwill is recognised. Consequently, when non-controlling shareholders have an agreement to sell, non-controlling interests are reclassified as debt at the present value of the exercise price. The difference between the latest value and the net carrying value of the non-controlling interests is recognised as equity attributable to the holders of the Stapled Shares. Any subsequent change in debt is also accounted for as equity attributable to the holders of the Stapled Shares. Income from non-controlling interests and dividends are recorded in equity attributable to the holders of the Stapled Shares. 5.4.1. ACCOUNTING PRINCIPLES The accounting rules for business combinations comply with IFRS 3 Revised. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. IFRS 3 (revised) stipulates a maximum period of 12 months from the acquisition date for the accounting of the acquisition to be finalised: adjustments to values applied must be related to facts and circumstances existing at the acquisition date. Therefore, beyond this 12-month period, any earn-out adjustment must be recognised in income for the fiscal year unless the additional consideration is an equity instrument. Where a business is acquired in stages, the previous investment is remeasured at fair value at the date if and when the control is transferred. Any difference between fair value and net book value of this investment is recognised in income. Any change in the Group\u2019s interest in an entity that results in a loss of control is recognised as a gain/loss on disposal and the remaining interest is remeasured at fair value with the change being recognised in income. A transaction that does not affect control (additional acquisition or disposal) is accounted for as an equity transaction between the Group share and the non-controlling interest share without an impact on profit or loss and/or a goodwill adjustment. GOODWILL SUBSEQUENT MEASUREMENT AND IMPAIRMENT Goodwill is carried at cost less any accumulated impairment losses. In compliance with IAS 36, the Group performs impairment testing to determine if there is any indication of impairment, at least once a year or whenever there is an indication of impairment. For the purposes of this test, assets are grouped into cash-generating units (\u201cCGUs\u201d). CGUs are standardised groups of assets whose continued use generates cash inflows that are largely separate from those generated by other asset groups. An impairment loss must be recognised whenever the recoverable value of the goodwill is less than its carrying amount. Impairment losses relating to the value of goodwill cannot be reversed. GOODWILL RELATING TO OPTIMISED VALUE OF DEFERRED TAXES Goodwill may arise on acquiring an asset via a share deal, where the Group inherits the fiscal basis of the assets. It is measured by the difference between the deferred taxes accounted for in the balance sheet according to IAS 12, and an estimate of the effective taxes to be paid in case of a share deal. Therefore, in this case the impairment test consists in a comparison between the accounting value of the goodwill and the potential tax optimisation existing at the date of reporting. GOODWILL RELATING TO FEE BUSINESS This goodwill relates to the following activities: PM, Airport and DD&C. Impairment tests are performed annually or when an impairment indicator is identified and are based on valuations performed by independent external appraisers, using the DCF method. The values attributable to the PM business were allocated to the US, the UK and Germany, the values attributable to the DD&C business were allocated to the US and the UK and the value of the Airport activities was allocated to the US, based on independent external valuation. The goodwill relating to the fee business in the US and the UK is fully impaired. GOODWILL RELATING TO SYNERGIES AND WORKFORCE Goodwill relating to the Westfield Corporation acquisition has been allocated per geographical segment as it is the lowest level within the Group at which goodwill is monitored. The allocation per geographical segment was performed based on the cost and revenue synergies expected to be generated as a result of the business combination. The expected cost and revenue synergies were allocated to the US, the UK, France Retail, Spain, Central Europe and the Nordics. The amount related to the value of the workforce acquired was allocated to the US and the UK. The goodwill allocated to the US, the UK, Spain, Central Europe and the Nordics is fully impaired. Impairment test: Since the geographical segments are the lowest level within the URW Company at which goodwill is monitored, for internal management purposes, the impairment test is performed at geographical segment level and, as a result, in accordance with IAS 36 for a group of CGUs. The geographical segments to which goodwill has been allocated are tested for impairment by comparing the net asset value of the geographical segment (as presented in the note 4.5.2 \u201cStatement of financial position by segment on a proportionate basis\u201d) with the recoverable value, which is determined as the higher of the fair value less cost of disposal and its value in use. The recoverable value is determined on value in use based on the DCF derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the MB and the SB. The Group performs comprehensive impairment tests of the goodwill allocated to each geographical segment at the end of December, based on: \u2022 The operating cash flows derived from the 5YBP exercise for 2023- 2027 per geographical segment; \u2022 The discount rates before tax per geographical segment based on a calculation of the WACC per region, which reflect the current market assessment of the interest rates and the specific risks associated with each geographical segment as at December 31, 2022. These discount rates were also compared with the discount rates used by appraisers for the valuation of Investment Properties as at December 31, 2022, and the consistency between those was ensured; \u2022 An allocation of the Group\u2019s corporate administrative expenses to the geographical segments, as a percentage of their respective NRI; and \u2022 A DCF calculation for each geographical segment on a 10-year basis, consistent with the method applied by the Group\u2019s appraisers, and a discounted terminal value, to which a long-term growth rate estimated as at December 31, 2022, is applied. A comparison has been performed for each geographical segment, between: \u2022 The value in use of the geographical segment at the end of December, as determined above; and \u2022 The net asset value of the geographical segment at the end of December, including the intangible assets and goodwill allocated, based on the segment reporting disclosed in the note 4.5.2 \u201cStatement of financial position by segment on a proportionate basis\u201d. GOODWILL RELATING TO THE ABILITY TO GENERATE DEVELOPMENT PROJECTS This goodwill relates to URW Germany business. Impairment tests performed on this goodwill are based on an independent external appraisal, performed once a year as at December 31, or when there is an indication of impairment, and using the DCF method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-558": { "value": "
3.2. CONSOLIDATION OF UNIBAIL-
RODAMCO-WESTFIELD N.V.
After the completion of the Westfield acquisition by URW SE, Unibail-
Rodamco-Westfield N.V. (URW NV), is held 60% directly by URW
shareholders (Stapled Share principle) and 40% directly by URW SE.
As a result of the Stapled Share Principle and consistent with the legal
set up of the transaction and governance of URW NV, the entity and its
subsidiaries are fully consolidated.
The holders of the Stapled Shares are entitled to the same rights and
obligations with respect to URW SE and URW NV. As a consequence, the
60% economic interest in URW NV directly held by such holders is
reflected under the caption \u201cNet result for the period attributable to
the holders of the Stapled Shares\u201d, which is split between:
\u2022 \u201cNet result of the period attributable to the holders of the Stapled
Shares analysed by amount attributable to URW SE members\u201d; and
\u2022 \u201cNet result for the period attributable to the holders of the Stapled
Shares analysed by amount attributable to URW NV members\u201d on the
face of the consolidated statement of comprehensive income.
On the face of the statement of financial position, the caption \u201cEquity
attributable to the holders of the Stapled Shares\u201d is split between
\u201cEquity attributable to Unibail-Rodamco-Westfield SE members\u201d and
\u201cEquity attributable to Unibail-Rodamco-Westfield N.V. members\u201d.
3.3. DESCRIPTION OF SIGNIFICANT
CONTROLLED PARTNERSHIPS
The significant controlled partnerships are presented below.
VIPARIS AND PROPEXPO
The Viparis entities are equally held by URW SE and its partner, the CCIR
(Paris-Ile-de-France Regional Chamber of Commerce and Industry). The
relevant activities for these entities are the management of the C&E
venues. The managing director, who holds the executive powers for the
management of these relevant activities, is designated by URW SE.
The chairman, who has a non-executive role, is nominated by the
partner and has no casting vote.
Each partner has the same number of directors in the MB. In the event
of a tie vote, the directors designated by the Group have a casting vote.
There is no casting vote held by other governance or supervisory bodies
(shareholders\u2019 general meetings) which could question this control.
The Group therefore considers that it has the full control of the Viparis
entities and thus the Viparis entities are fully consolidated.
Propexpo is a real estate company which owns part of the Viparis assets
and is equally held by URW SE and CCIR.
The relevant activities are the leasing, equipment, building, renovation
as well as the management, servicing and maintenance of these assets.
The managing director, a Group company, cannot be removed without
the agreement of the Group.
The executive chairman is designated by the Group, whereas the non-
executive vice-president is designated by the CCIR.
There is no casting vote held by other governance or supervisory bodies
(shareholders\u2019 general meetings) which could question this control.
The governance of both Propexpo, managed by the Group, and the
Viparis entities which control the on-site property services, are defined
by the shareholders\u2019 agreement between the Group and CCIR as with
respect to Viparis. Propexpo is therefore fully consolidated.
UNIBAIL-RODAMCO-WESTFIELD GERMANY
GMBH
URW Germany GmbH is jointly held by the Group (51%) and by Canada
Pension Plan Investment Board (\u201cCPPIB\u201d) (49%).
The relevant activities are the leasing, equipment, building and
renovation, as well as the management, servicing and maintenance of
these assets.
The Group is entitled to nominate 3 members of URW Germany GmbH\u2019s
SB, and CPPIB 2 members. According to the governance, the Group
controls URW Germany GmbH, which is therefore fully consolidated.
WESTFIELD PARLY 2 SHOPPING CENTRE
The Westfield Parly 2 shopping centre (Paris region) is held by the Group
and the Abu Dhabi Investment Authority.
The relevant activities are the leasing, equipment, building and
renovation, as well as the management, servicing and maintenance of
the Westfield Parly 2 shopping centre.
The managing director of Westfield Parly 2 is a URW Company designated
for an indefinite term, which holds powers in order to administrate the
companies and obtain the authorisations needed for their activities.
There is no casting vote held by other governance or supervisory bodies
(management boards, shareholders\u2019 general meetings) which could
question this control.
As a result, the Group controls the asset and is therefore fully
consolidated.
WESTFIELD FORUM DES HALLES SHOPPING
CENTRE & PARKING
The Westfield shopping centre and the parking Forum des Halles located
in Paris are held by the Group (65%) and an insurance company,
AXA (35%).
The managing director is a URW Company designated for an indefinite
term, which holds powers in order to administrate the Company and
obtain the authorisations needed for its activities and cannot be
removed without the agreement of the Group.
These assets are therefore fully consolidated.
WESTFIELD LES 4 TEMPS SHOPPING
CENTRE
The asset is held for 53.3% by the Group and for 46.7% by 2 insurance
companies.
The managing director is a URW Company designated for an indefinite
term, which holds large powers in order to administrate the Company
and obtain the authorisations needed for its activities and cannot be
removed without the agreement of the Group.
The asset is therefore fully consolidated.
WESTFIELD SHOPPING CITY S\u00dcD
The asset is held for 55% by the Group and for 45% by Cr\u00e9dit
Agricole Assurances.
The managing directors are appointed by URW and cannot be removed
without the agreement of the Group. They hold large powers in order to
administrate the Company and obtain the authorisations needed for
its activities.
Reserved matters requiring the approval of the partner are set with high
thresholds, and are protective for the partner.
The asset is therefore fully consolidated.
WESTFIELD CARR\u00c9 S\u00c9NART
The asset is held for 55% by the Group and for 45% by Soci\u00e9t\u00e9 G\u00e9n\u00e9rale
Assurances and BNP Paribas Cardif.
The managing directors are selected and appointed by URW for an
indefinite period. They hold large powers in order to administrate the
company and obtain the authorisations needed for its activities. All the
decisions, including the budget, which are not reserved matters can be
taken by URW without the approval of the minority shareholders.
Reserved matters requiring the approval of the partner are set with high
thresholds, and are protective for the partner.
The asset is therefore fully consolidated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-559": { "value": "3.4.1. ACQUISITIONS OF SUBSIDIARIES, NET OF CASH ACQUIRED (CONSOLIDATED STATEMENT OF CASH FLOWS) (\u20acMn) 2022 2021 Acquisition price of shares \u2013 (41.0) Cash and current accounts \u2013 12.8 Acquisition of subsidiaries net of cash acquired \u2013 (28.2) In 2021, it corresponds mainly to the acquisition of an additional stake in a development project in Poland. DISPOSAL OF SHARES/CONSOLIDATED SUBSIDIARIES, INVESTMENT PROPERTIES IN THE CONSOLIDATED STATEMENT OF CASH FLOWS (\u20acMn) 2022 2021 Net price of shares sold 597.5 (2) 545.4(2) Cash and current accounts 136.6 309.3 Disposal of shares/consolidated subsidiaries(1) 734.1 854.7 Disposal of investment properties 585.5 (3) 923.6 (3) (1) In 2022, refers mainly to the disposals of Solna Centrum, Westfield Carr\u00e9 S\u00e9nart, Almere and Aupark described in note 1.1. In 2021, corresponds mainly to the sales of Aupark, Westfield Shopping City S\u00fcd and 7 Adenauer. (2) The disposal results of Westfield Carr\u00e9 S\u00e9nart in 2022 and Westfield Shopping City S\u00fcd in 2021 are booked within the Shareholders\u2019 equity (see note 1.1.1 \u201cAcquisitions/ Disposals in 2022\u201d and 1.2.2 \u201cAcquisition/Disposals in 2021\u201d) and as a result is not shown in the proceeds from disposal of shares in the consolidated statement of comprehensive income. (3) The difference between the proceeds from disposal of investment properties in the consolidated statement of comprehensive income and the disposal of investment properties in the consolidated statement of cash flows corresponds in 2022 to the disposal of Westfield Trumbull for which the financial debt is assumed by the buyer and is deducted from the disposal price of asset and in 2021, mainly to the proceeds from disposals of foreclosed assets in the US described in notes 1.2.2., which had a very limited cash impact.
5.6. AMOUNTS PAID FOR WORKS AND ACQUISITION OF PROPERTY ASSETS
(CONSOLIDATED STATEMENT OF CASH FLOWS)
In 2022, amounts paid for works and acquisition of property assets amount to \u20ac904.8 Mn. They comprise acquisitions, transaction capitalised costs ,
works and capitalised expenses and are adjusted for the changes on amounts due on investments of the period.
7.3.6. OTHER FINANCING ACTIVITIES
In the consolidated statement of cash flows, \u201cOther financing activities\u201d comprise mainly costs paid on derivatives purchase and disposals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-560": { "value": "3.4.2. RESULT ON DISPOSAL OF INVESTMENT PROPERTIES AND LOSS OF CONTROL The result on disposal of investment properties includes both the result on disposal of assets and the result on disposal of shares. (\u20acMn) 2022 2021 Net capital gains/losses on disposal of assets 18.6 31.1 Proceeds from disposal of assets 737.4 1,346.5 Carrying values of disposed assets (718.8) (1,315.4) Net capital gains/losses on disposal of shares 12.2 177.2 Proceeds from disposal of shares 309.0 447.6 Carrying values of disposed shares (296.7) (270.4) Net capital gains/losses on disposal of investment properties and loss of control 30.9 208.3 ", "dimensions": { "concept": "urwse:DisclosureOfResultOnDisposalOfInvestmentPropertiesAndLossOfControl", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-587": { "value": "3.5. NON-CONTROLLING INTERESTS AND COMMITMENT TO PURCHASE NON-CONTROLLING INTERESTS 3.5.1. COMMITMENT TO PURCHASE NON- CONTROLLING INTERESTS The convertible redeemable preference shares, included in the captions \u201cNon-current commitment to external non-controlling interests\u201d and \u201cCurrent commitment to external non-controlling interests\u201d, refer mainly to the preference shares held by the former partners in Westfield San Francisco Centre. They are measured at fair value through profit or loss. 3.5.2. NON-CONTROLLING INTERESTS For 2022, this item comprised mainly non-controlling interests in the following entities: \u2022 C&E entities (\u20ac21.1 Mn); \u2022 Several shopping centres in France and Italy (\u20ac72.6 Mn, mainly Westfield Les 4 Temps, Westfield Parly 2, Westfield Forum des Halles and Westfield Carr\u00e9 S\u00e9nart); and \u2022 Several shopping centres in Germany, Spain and Austria (\u20ac17.5 Mn). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-561": { "value": "NOTE 4. NET RECURRING RESULT AND SEGMENT REPORTING 4.1. ACCOUNTING PRINCIPLES Segment information is presented in respect of the Group\u2019s divisions and geographical segments, based on the Group\u2019s management and internal reporting structure and in accordance with IFRS 8. Contributions of affiliates are also presented according to the Group\u2019s divisions and geographical segments. Since the joint-controlled entities represent a significant part of the Group\u2019s operations in the US and the UK, the Group\u2019s management and internal reporting structure segment information is prepared in a proportionate format, in which the joint-controlled entities are accounted for on a proportionate basis instead of being accounted for using the equity method under IFRS. The Group and its joint ventures use consistent accounting policies. Therefore, the segment information presented in this section is prepared in a proportionate format. BUSINESS SEGMENTS The Group presents its result by segment: Shopping Centres, Offices & Others and C&E. The C&E segment comprises management of exhibition venues (Viparis), the shopping centre \u201cLes Boutiques du Palais\u201d and the management of the hotels at Porte de Versailles. GEOGRAPHICAL SEGMENTS Geographical segments are determined on the basis of the Group\u2019s definition of a home region. A home region is defined as a region with more than \u20ac1 Bn in property investment, a local organisation dedicated to all 3 business lines: the \u201cowner function\u201d (asset selection and management including pipeline), Shopping Centres management, the finance function and a regional consolidated reporting. The following are considered home regions based on specific operational and strategic factors: \u2022 France, including France, Belgium and Italy; \u2022 Spain; \u2022 US; \u2022 Central Europe, including the Czech Republic, Poland and Slovakia; \u2022 Austria; \u2022 Germany; \u2022 Nordics, including Sweden and Denmark; \u2022 The Netherlands; and \u2022 UK. The following notes are presented on a proportionate basis. 4.2. CONSOLIDATED FINANCIAL STATEMENTS ON A PROPORTIONATE BASIS 4.2.1. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ON A PROPORTIONATE BASIS Consolidated income statement (\u20acMn) 2022 IFRS Proportionate Total 2022 Proportionate 2021 IFRS Proportionate Total 2021 Proportionate Gross rental income 2,231.3 601.1 2,832.4 1,833.4 512.9 2,346.3 Ground rents paid (38.3) (1.4) (39.7) (39.1) (0.6) (39.7) Service charge income 320.5 68.1 388.6 299.4 61.4 360.8 Service charge expenses (384.6) (87.1) (471.7) (356.3) (80.7) (437.0) Property operating expenses (353.3) (129.9) (483.1) (365.7) (140.5) (506.2) Operating expenses and net service charges (455.7) (150.4) (606.0) (461.7) (160.4) (622.1) Net rental income 1,775.6 450.7 2,226.3 1,371.8 352.4 1,724.2 Property development and project management revenue 162.1 0.0 162.1 195.0 \u2013 195.0 Property development and project management costs (130.0) \u2013 (130.0) (158.2) \u2013 (158.2) Net property development and project management income 32 .1 0.0 32 .1 36.8 \u2013 36.8 Property services and other activities revenues 289.9 0.0 289.9 191.9 (0.0) 191.9 Property services and other activities expenses (211.8) (0.1) (212.0) (163.5) (0.6) (164.1) Net property services and other activities income 78.0 (0.1) 77.9 28.4 (0.7) 27.7 Share of the result of companies accounted for using the equity method (51.8) 161.0 109.2 (570.5) 573.1 2.6 Income on financial assets 31.0 (13.1) 18.0 25.1 (8.9) 16.2 Contribution of companies accounted for using the equity method (20.8) 147.9 127.2 (545.4) 564.2 18.9 Corporate expenses (210.4) (4.0) (214.4) (180.6) (2.4) (183.0) Depreciation of other tangible and intangible assets (32.4) \u2013 (32.4) (32.9) \u2013 (32.9) Administrative expenses (242.8) (4.0) (246.8) (213.5) (2.4) (215.9) Acquisition and other costs 2.6 \u2013 2.6 (8.9) (0.1) (8.9) Proceeds from disposal of investment properties 1,046.4 497.4 1,543.8 1,794.1 4.2 1,798.3 Carrying value of investment properties sold (1,015.5) (535.1) (1,550.6) (1,585.8) (2.0) (1,587.8) Result on disposal of investment properties and loss of control (1) 30.9 (37.7) (6.8) 208.3 2.3 210.6 Valuation gains on assets 403.6 78.4 482.0 580.8 71.5 652.4 Valuation losses on assets (1,514.2) (588.1) (2,102.3) (1,7 78.1) (940.0) (2,718.1) Valuation movements on assets (1,110.6) (509.7) (1,620.3) (1,197.3) (868.5) (2,065.8) Impairment of goodwill \u2013 \u2013 \u2013 (145.9) (10.5) (156.4) NET OPERATING RESULT 545.0 47.1 592 .1 (465.7) 36.7 (428.9) Result from non-consolidated companies 4.3 (0.0) 4.3 2.5 (0.0) 2.5 Financial income 245.3 (0.1) 245.2 212.2 \u2013 212.2 Financial expenses (719.3) (50.0) (769.3) (678.1) (46.4) (724.5) Net financing costs (474.0) (50.1) (524.1) (465.9) (46.4) (512.3) Fair value adjustment of net share settled bonds convertible into new and/or existing shares (ORNANE) 0.3 \u2013 0.3 (2.9) \u2013 (2.9) Fair value adjustments of derivatives, debt and currency effect 275.0 7.2 282.2 (91.4) (1.8) (93.1) Debt discounting 0.6 \u2013 0.6 (0.9) \u2013 (0.9) RESULT BEFORE TAX 351.2 4.2 355.4 (1,024.1) (11.5) (1,035.6) Income tax expenses (62.7) (4.2) (66.9) 32.9 11.5 44.3 NET RESULT FOR THE PERIOD 288.5 0.0 288.5 (991.3) 0.0 (991.3) Net result for the period attributable to: \u2022 The holders of the Stapled Shares 178.2 \u2013 178.2 (972.1) \u2013 (972.1) \u2022 External non-controlling interests 110.3 \u2013 110.3 (19.2) \u2013 (19.2) NET RESULT FOR THE PERIOD 288.5 \u2013 288.5 (991.3) \u2013 (991.3) (1) The result on disposal of investment properties and loss of control includes both the result on disposal of assets and the result on disposal of shares. 4.2.2. CONSOLIDATED STATEMENT OF FINANCIAL POSITION ON A PROPORTIONATE BASIS Consolidated statement of financial position (\u20acMn) Dec. 31, 2022 IFRS Proportionate Dec. 31, 2022 Proportionate Dec. 31, 2021 IFRS Proportionate Dec. 31, 2021 Proportionate NON-CURRENT ASSETS 50,177.5 1,823.2 52,000.7 51,189.9 2,030.9 53,220.8 Investment properties 38,993.4 8,365.6 47,359.0 39,997.9 9,036.5 49,034.4 Investment properties at fair value 37,830.8 8,322.2 46,153.0 38,642.1 8,969.2 47,611.3 Investment properties at cost 1,162.6 43.4 1,206.0 1,355.8 67.3 1,423.1 Shares and investments in companies accounted for using the equity method 7,927.1 (6,630.6) 1,296.5 8,286.2 (7,0 91.6) 1,194.6 Other tangible assets 137.3 3.0 140.3 145.9 3.0 148.9 Goodwill 1,079.2 61.0 1,14 0.2 1,079.2 71.1 1,150.3 Intangible assets 820.5 \u2013 820.5 844.8 \u2013 844.8 Investments in financial assets 365.2 17.2 382.4 370.7 11.3 382.0 Deferred tax assets 23.8 \u2013 23.8 22.3 \u2013 22.3 Derivatives at fair value 831.0 7.0 838.0 442.9 0.6 443.5 CURRENT ASSETS 4,458.5 402.6 4,861.1 3,729.5 389.7 4,119.2 Properties or shares held for sale \u2013 \u2013 \u2013 311.3 0.0 311.3 Inventories 44.4 36.3 80.7 37.4 11.0 48.4 Trade receivables from activity 463.9 132.4 596.3 532.5 136.3 668.8 Tax receivables 174.9 16.9 191.8 184.8 1.8 186.6 Other receivables 446.2 31.7 47 7.9 407.4 54.3 461.7 Cash and cash equivalents 3,329.1 185.3 3,514.4 2,256.1 186.3 2,442.4 TOTAL ASSETS 54,636.0 2,225.8 56,861.8 54,919.4 2,420.6 57,34 0.0 Equity attributable to the holders of the Stapled Shares 17,188.7 \u2013 17,188.7 16,927.1 \u2013 16,927.1 Share capital 693.8 \u2013 693.8 693.0 \u2013 693.0 Additional paid-in capital 13,487.3 \u2013 13,487.3 13,483.6 \u2013 13,483.6 Consolidated reserves 2,692.0 \u2013 2,692.0 3,710.4 \u2013 3,710.4 Hedging and foreign currency translation reserves 137.4 \u2013 137.4 12.2 \u2013 12.2 Consolidated result 178.2 \u2013 178.2 (97 2.1) \u2013 (972.1) \u2022 Equity attributable to Unibail-Rodamco-Westfield SE members (1) 17,478.4 \u2013 17,478.4 17, 210.5 \u2013 17,210.5 \u2022 Equity attributable to Unibail-Rodamco-Westfield N.V. members (1) (289.7) \u2013 (289.7) (283.4) \u2013 (283.4) Hybrid securities 1,988.5 \u2013 1,988.5 1,988.5 \u2013 1,988.5 External non-controlling interests 3,771.1 \u2013 3,7 71.1 3,458.1 \u2013 3,458.1 TOTAL SHAREHOLDERS' EQUITY 22,948.2 \u2013 22,948.2 22,373.7 \u2013 22,373.7 NON-CURRENT LIABILITIES 29,002.7 1,820.7 30,823.4 28,987.9 1,860.7 30,848.6 Non-current commitment to external non-controlling interests 39.4 1.5 40.9 95.0 2.0 97.0 Non-current bonds and borrowings 24,778.2 1,692.3 26,470.5 24,774.6 1,711.1 26,485.7 Non-current lease liabilities 843.3 9.1 852.4 752.6 8.6 761.2 Derivatives at fair value 1,097.4 \u2013 1,0 97.4 1,0 67.2 0.2 1,0 67.4 Deferred tax liabilities 1,828.8 97.1 1,925.9 1,893.4 121.4 2,014.8 Non-current provisions 67.7 2.7 70.4 55.5 0.2 55.7 Guarantee deposits 218.2 17.9 236.1 200.9 16.9 217.8 Amounts due on investments 39.1 0.1 39.2 54.1 0.3 54.4 Other non-current liabilities 90.6 \u2013 90.6 94.6 \u2013 94.6 CURRENT LIABILITIES 2,6 85.1 405.1 3,090.2 3,557.8 559.9 4,117.7 Consolidated statement of financial position (\u20acMn) Dec. 31, 2022 IFRS Proportionate Dec. 31, 2022 Proportionate Dec. 31, 2021 IFRS Proportionate Dec. 31, 2021 Proportionate Current commitment to external non-controlling interests 5.4 0.2 5.6 4.8 0.1 4.9 Amounts due to suppliers and other creditors 1,147.2 160.2 1,307.4 1,244.7 186.1 1,430.8 Amounts due to suppliers 240.5 34.4 274.9 229.0 46.4 275.4 Amounts due on investments 411.3 42.2 453.5 473.7 44.7 518.4 Sundry creditors 495.4 83.6 579.0 541.9 95.0 636.9 Other current liabilities 718.2 30.5 748.7 6 67.4 19.8 687.2 Net share settled bonds convertible into new and/or existing shares (ORNANE) \u2013 \u2013 \u2013 500.3 \u2013 500.3 Current borrowings and amounts due to credit institutions 725.7 213.4 939.1 1,073.7 353.3 1,427.0 Current lease liabilities 55.6 0.7 56.3 32.3 0.6 32.9 Current provisions 33.0 0.1 33.1 34.6 \u2013 34.6 TOTAL LIABILITIES AND EQUITY 54,636.0 2,225.8 56,861.8 54,919.4 2,420.6 57,34 0.0 (1) The allocation between URW SE and URW NV members of the Equity attributable to the holders of the Stapled Shares was restated in 2021 following a reclassificatio n between URW SE (Non-controlling interests) and Owners of URW NV shares in the URW NV consolidated accounts. 4.3. NET RECURRING RESULT DEFINITION The income statement by segment is split between recurring and non- recurring activities. The non-recurring result before tax consists of the valuation movements on investment properties, fair value adjustments on derivatives and debts, termination costs of financial instruments on the full cancelled commitment period when the maturity of the financial instrument is beyond the current reporting period, bond tender premiums, currency gains/losses on revaluation of balance sheet items, the net result on disposals, impairment of goodwill or recognition of negative goodwill, as well as costs directly related to a business combination and other non-recurring items. The income tax is split between recurring result and non-recurring result. Recurring tax is the outcome of: \u2022 The amount of income tax effectively due on recurring income, after deduction of any tax losses; \u2022 Plus/minus changes in a deferred tax asset recognised on tax losses stemming from recurring income (excluding those caused by a change in tax rate and/or those caused by a use of such deferred tax asset by non-recurring profits); and \u2022 Plus/minus changes in deferred tax assets not related to tax losses and deferred tax liabilities relating to recurring result (excluding those caused by a change in tax rate and/or those caused by a use of such deferred tax asset by non-recurring profits) . 4.4. NET RESULT BY SEGMENT ON A PROPORTIONATE BASIS Net result by segment on a proportionate basis (\u20acMn) 2022 2021 (1) Recurring activities Non\u2013 recurring activities (2) Result Recurring activities Non\u2013 recurring activities (2) Result SHOPPING CENTRES FRANCE Gross rental income 569.7 \u2013 569.7 481.9 \u2013 481.9 Operating expenses and net service charges (62.6) \u2013 (62.6) (64.7) \u2013 (64.7) Net rental income 5 07.0 \u2013 507.0 417.2 \u2013 417.2 Contribution of companies accounted for using the equity method 29.1 65.8 94.8 37.3 (8.6) 28.7 Gains/losses on sales of properties \u2013 (4.3) (4.3) \u2013 (11.5) (11.5) Valuation movements on assets \u2013 (125.4) (125.4) \u2013 (314.0) (314.0) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres France 536.1 (64.0) 472 .1 454.5 (334.0) 120.5 SPAIN Gross rental income 206.7 \u2013 206.7 145.3 \u2013 145.3 Operating expenses and net service charges (18.4) \u2013 (18.4) (19.1) \u2013 (19.1) Net rental income 188.3 \u2013 188.3 126.2 \u2013 126.2 Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Gains/losses on sales of properties \u2013 (0.0) (0.0) \u2013 0.0 0.0 Valuation movements on assets \u2013 (19.0) (19.0) \u2013 (50.5) (50.5) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres Spain 188.3 (19.0) 169.4 126.2 (50.5) 75.7 UNITED STATES Gross rental income 860.4 \u2013 860.4 759.0 \u2013 759.0 Operating expenses and net service charges (281.6) \u2013 (281.6) (280.0) \u2013 (280.0) Net rental income 578.8 \u2013 578.8 479.0 \u2013 479.0 Contribution of companies accounted for using the equity method 0.6 (30.6) (30.1) 5.2 (17.2) (12.0) Gains/losses on sales of properties \u2013 (23.0) (23.0) \u2013 57.7 57.7 Valuation movements on assets \u2013 (711.9) (711.9) \u2013 (1,049.0) (1,049.0) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres United States 579.4 (765.5) (186.2) 484.2 (1,008.5) (524.3) CENTRAL EUROPE Gross rental income 221.3 \u2013 221.3 191.2 \u2013 191.2 Operating expenses and net service charges (4.1) \u2013 (4.1) (29.7) \u2013 (29.7) Net rental income 217.2 \u2013 217.2 161.5 \u2013 161.5 Contribution of companies accounted for using the equity method 30.4 26.0 56.4 24.2 (15.2) 9.0 Gains/losses on sales of properties \u2013 (3.5) (3.5) \u2013 6.8 6.8 Valuation movements on assets \u2013 72.8 72.8 \u2013 (38.1) (38.1) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 (145.2) (145.2) Result from operations Shopping Centres Central Europe 247.6 95.4 343.0 185.7 (191.7) (6.0) AUSTRIA Gross rental income 137.3 \u2013 137.3 112.3 \u2013 112.3 Operating expenses and net service charges (27.8) \u2013 (27.8) (24.0) \u2013 (24.0) Net rental income 109.5 \u2013 109.5 88.3 \u2013 88.3 Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Gains/losses on sales of properties \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Valuation movements on assets \u2013 (51.6) (51.6) \u2013 (53.5) (53.5) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres Austria 109.5 (51.6) 57.9 88.3 (53.5) 34.8 (1) Following the creation of a new subtotal \u201cDepreciation and impairment of tangible and intangible assets\u201d, the figures for 2021 were accordingly restated. (2) Non-recurring activities include valuation movements, disposals, mark-to-market and termination costs of financial instruments, bond tender premiums, impairment of goodwill or recognition of negative goodwill, amortisation of fair value of assets and liabilities recorded for the purpose of purchase price allocation, as well as costs directly incurred during a business combination and other non-recurring items. Net result by segment on a proportionate basis (\u20acMn) 2022 2021 (1) Recurring activities Non\u2013 recurring activities (2) Result Recurring activities Non\u2013 recurring activities (2) Result SHOPPING CENTRES GERMANY Gross rental income 136.9 \u2013 136.9 116.0 \u2013 116.0 Operating expenses and net service charges (8.8) \u2013 (8.8) (24.8) \u2013 (24.8) Net rental income 128.1 \u2013 128.1 91.2 \u2013 91.2 Contribution of companies accounted for using the equity method 2.5 (3.5) (1.1) 1.4 (8.2) (6.9) Gains/losses on sales of properties \u2013 11.1 11.1 \u2013 (2.2) (2.2) Valuation movements on assets \u2013 (282.1) (282.1) \u2013 (219.9) (219.9) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 (11.2) (11.2) Result from operations Shopping Centres Germany 130.6 (274.5) (143.9) 92.6 (241.5) (149.0) NORDICS Gross rental income 118.5 \u2013 118.5 121.2 \u2013 121.2 Operating expenses and net service charges (19.7) \u2013 (19.7) (13.9) \u2013 (13.9) Net rental income 98.8 \u2013 98.8 107.3 \u2013 107.3 Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Gains/losses on sales of properties \u2013 22.9 22.9 \u2013 57.0 57.0 Valuation movements on assets \u2013 (49.1) (49.1) \u2013 (29.9) (29.9) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres Nordics 98.8 (26.3) 72.6 107.3 27.0 134.4 THE NETHERLANDS Gross rental income 93.7 \u2013 93.7 79.9 \u2013 79.9 Operating expenses and net service charges (17.0) \u2013 (17.0) (19.3) \u2013 (19.3) Net rental income 76.8 \u2013 76.8 60.6 \u2013 60.6 Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Gains/losses on sales of properties \u2013 (10.0) (10.0) \u2013 (0.0) (0.0) Valuation movements on assets \u2013 (3.9) (3.9) \u2013 44.4 44.4 Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres The Netherlands 76.8 (13.9) 62.9 60.6 44.4 105.0 UNITED KINGDOM Gross rental income 201.8 \u2013 201.8 169.2 \u2013 169.2 Operating expenses and net service charges (82.2) \u2013 (82.2) (68.1) \u2013 (68.1) Net rental income 119.7 \u2013 119.7 101.1 \u2013 101.1 Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Gains/losses on sales of properties \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Valuation movements on assets \u2013 (145.7) (145.7) \u2013 (364.9) (364.9) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres United Kingdom 119.7 (145.7) (26.0) 101.1 (364.9) (263.8) TOTAL RESULT FROM OPERATIONS SHOPPING CENTRES 2,086.7 (1,265.1) 821.7 1,700.5 (2 ,173.2) (472.8) OFFICES & OTHERS FRANCE Gross rental income 58.7 \u2013 58.7 37.2 \u2013 37.2 Operating expenses and net service charges (5.2) \u2013 (5.2) (2.3) \u2013 (2.3) Net rental income 53.5 \u2013 53.5 34.9 \u2013 34.9 Contribution of companies accounted for using the equity method (0.2) 7.2 7.1 (0.0) 0.2 0.1 Gains/losses on sales of properties \u2013 (0.3) (0.3) \u2013 74.3 74.3 Valuation movements on assets \u2013 (123.7) (123.7) \u2013 135.7 135.7 Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Offices & Others France 53.3 (116.8) (63.5) 34.9 210.1 245.0 OTHER COUNTRIES Gross rental income 24.7 \u2013 24.7 36.3 \u2013 36.3 Operating expenses and net service charges (8.4) \u2013 (8.4) (11.0) \u2013 (11.0) Net rental income 16.3 \u2013 16.3 25.3 \u2013 25.3 Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Gains/losses on sales of properties \u2013 0.3 0.3 \u2013 28.5 28.5 Valuation movements on assets \u2013 (96.0) (96.0) \u2013 21.5 21.5 Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Offices & Others Other countries 16.3 (95.7) (79.5) 25.3 50.0 75.3 TOTAL RESULT FROM OPERATIONS OFFICES & OTHERS 69.6 (212.5) (142.9) 60.1 260.2 320.3 (1) Following the creation of a new subtotal \u201cDepreciation and impairment of tangible and intangible assets\u201d, the figures for 2021 were accordingly restated. (2) Non-recurring activities include valuation movements, disposals, mark-to-market and termination costs of financial instruments, bond tender premiums, impairment of goodwill or recognition of negative goodwill, amortisation of fair value of assets and liabilities recorded for the purpose of purchase price allocation, as well as costs directly incurred during a business combination and other non-recurring items. Net result by segment on a proportionate basis (\u20acMn) 2022 2021(1) Recurring activities Non\u2013 recurring activities(2) Result Recurring activities Non\u2013 recurring activities(2) Result CONVENTION & EXHIBITION FRANCE Gross rental income 202.6 \u2013 202.6 96.8 \u2013 96.8 Operating expenses and net service charges (70.3) \u2013 (70.3) (65.3) \u2013 (65.3) Net rental income 132.3 \u2013 132.3 31.5 \u2013 31.5 On-site property services net income 57.9 \u2013 57.9 23.7 \u2013 23.7 Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Valuation movements, depreciation, capital gains \u2013 (69.7) (69.7) \u2013 (106.6) (106.6) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 TOTAL RESULT FROM OPERATIONS CONVENTION & EXHIBITION 190.2 (69.7) 120.5 55.2 (106.6) (51.4) Net property development and project management income 32.1 \u2013 32.1 36.8 \u2013 36.8 Other property services net income 44.8 (0.0) 44.8 27.2 \u2013 27.2 Impairment of goodwill related to the property services \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Corporate expenses (214.4) \u2013 (214.4) (183.0) \u2013 (183.0) Acquisition and other costs \u2013 2.6 2.6 \u2013 (8.9) (8.9) NET OPERATING RESULT BEFORE DEPRECIATION AND IMPAIRMENT OF ASSETS 2,209.0 (1,544.7) 664.2 1,696.7 (2,028.6) (331.9) Depreciation and impairment of tangible and intangible assets (57.2) (14.9) (72.1) (56.1) (41.0) (97.1) NET OPERATING RESULT 2,151.8 (1,559.7) 592 .1 1,640.7 (2,069.6) (428.9) Result from non consolidated companies 4.3 \u2013 4.3 2.5 \u2013 2.5 Financing result (524.1) 283.1 (241.0) (512.3) (96.9) (609.2) RESULT BEFORE TAX 1,632.0 (1,276.6) 355.4 1,13 0.9 (2,166.5) (1,035.6) Income tax expenses (66.6) (0.3) (66.9) (14.6) 59.0 44.3 NET RESULT FOR THE PERIOD 1,565.4 (1,276.9) 288.5 1,116.3 (2,107.5) (991.3) External non-controlling interests (226.0) 115.7 (110.3) (111.0) 130.2 19.2 NET RESULT FOR THE PERIOD ATTRIBUTABLE TO THE HOLDERS OF THE STAPLED SHARES 1,339.3 (1,161.1) 178.2 1,005.3 (1,977.4) (972.1) (1) Following the creation of a new subtotal \u201cDepreciation and impairment of tangible and intangible assets\u201d, the figures for 2021 were accordingly restated. (2) Non-recurring activities include valuation movements, disposals, mark-to-market and termination costs of financial instruments, bond tender premiums, impairment of goodwill or recognition of negative goodwill, amortisation of fair value of assets and liabilities recorded for the purpose of purchase price allocation, as well as costs directly incurred during a business combination and other non-recurring items. 4.4.1. GROSS RENTAL INCOME REVENUE RECOGNITION ACCOUNTING TREATMENT OF INVESTMENT PROPERTY LEASES Assets leased are recorded in the statement of financial position as investment property assets. Gross rental revenue is recorded on a straight-line basis over the expected term of the lease. In case of an Investment Property Under Construction (\u201cIPUC\u201d), revenues are recognised once spaces are delivered to tenants. For rent relief granted to tenants in relation to the COVID-19 pandemic and where such relief qualifies as a lease modification because the tenant agreed concessions (e.g. extension of a lease term or higher sales-based rent), IFRS 16 applies, under which, the relief is treated as a lease incentive, which is straight lined over the expected term of the lease as a reduction of the Gross Rental Income. Rent relief for which a counterpart is expected and not yet signed are part of the receivables on which an expected credit loss is calculated. In accordance with IFRS 16, rent relief without changes to the lease contract or imposed by laws in force, such as in Austria, or pursuant to a provision in the existing lease contract allowing for rent modification, is directly charged to the income statement as a reduction of the Gross Rental Income. Rent relief signed or expected to be signed, granted without any counterpart from the tenants are considered as a reduction of the receivables and are charged to the income statement as a reduction of the Gross Rental Income. RENTS AND KEY MONEY Gross Rental Income consists of rents and similar income (e.g. occupancy compensation, key money, parking revenues) invoiced for Shopping Centres and Offices & Others properties over the period. Under IFRS 16, the effects of rent-free periods, step rents, other rents incentives and key money are spread over the expected term of the lease. Gross Rental Income from the C&E segment includes turnover generated by the rental of exhibition space and the provision of unavoidable associated support services to this space. GROSS RENTAL INCOME BY SEGMENTS ON A PROPORTIONATE BASIS (\u20acMn excluding taxes) 2022 2021 Shopping Centres 2,546.4 2,176.0 France 569.7 481.9 Spain 206.7 145.3 US 860.4 759.0 Central Europe 221.3 191.2 Austria 137.3 112.3 Germany 136.9 116.0 Nordics 118.5 121.2 The Netherlands 93.7 79.9 UK 201.8 169.2 Offices & Others 83.4 73.5 France 58.7 37.2 Other countries 24.7 36.3 Convention & Exhibition 202.6 96.8 Total 2,832.4 2,346.3 Gross Rental Income amounted to \u20ac2,832.4 Mn (\u20ac2,346.3 Mn as at December 31, 2021), an increase of +20.7%. This increase resulted mainly from lower rent relief granted to tenants, the impact of indexation and the increase in variable income, as well as the recovery of the C&E activity. MINIMUM GUARANTEED RENTS UNDER LEASES ON A PROPORTIONATE BASIS As at December 31, 2022, minimum future rents due under leases until the next possible termination date break down as follows: Minimum future rents per year (\u20ac Mn) Year Shopping Centres Offices & Others Total 2023 1,782.5 93.9 1,876.3 2024 1,472.4 90.5 1,562.9 2025 1,183.9 71.1 1,255.0 2026 909.7 67.2 976.9 2027 718.2 63.9 782.0 2028 518.0 61.4 579.5 2029 367.7 53.9 421.6 2030 288.3 48.7 337.0 2031 231.4 39.7 271.1 2032 180.3 30.1 210.4 2033 105.9 17.4 123.3 Beyond 121.4 6.0 127.5 Total 7,879.7 643.8 8,523.5 4.4.2. OPERATING EXPENSES AND NET SERVICE CHARGES The operating expenses and net service charges are composed of ground rents paid, net service charge expenses and property operating expenses. GROUND RENTS PAID GROUND LEASEHOLDS Ground leaseholds are accounted for in accordance with IFRS 16 as described in note 5.1.1 \u201cInvestment properties \u2013 Accounting principles\u201d. Buildings constructed on land under a lease agreement are recognised in accordance with the accounting principles described in note 5.1.1 \u201cInvestment properties \u2013 Accounting principles\u201d. Ground rents correspond to variable lease payments (or straight lining of initial payments) for properties built on land subject to leasehold o r operated under an operating contract (concession). This item mainly applies to the C&E venue of Le Bourget and Porte de Versailles in Paris, to some shopping centres, in particular in France and to some of the airport activities in the US. SERVICE CHARGE INCOME AND SERVICE CHARGE EXPENSES In line with IFRS 15, the Group presented service charge income and service charge expenses separately. The net of charges re-invoiced to tenants relates mainly to vacant premises and caps on service charge. PROPERTY OPERATING EXPENSES These expenses comprise service charges borne by the owner, works- related expenses, litigation expenses, charges relating to doubtful accounts and expenses relating to property management, and expenses related to venue sites of the C&E segment. 4.4.3. NET PROPERTY SERVICES AND OTHER ACTIVITIES INCOME REVENUE RECOGNITION The net property services and other activities income consists of on- site property services, airport activities and other property services net income. Revenues are recognised in accordance with IFRS 15. C&E\u2019s contracts consist of occupancy agreements or short-term lease including provision of premises and services. Both provision of premises and services form an indivisible whole and should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. Revenues are recognised over the duration of premises lease according to the pro rata temporis method. Other property services net income is recognised when the services are provided. Revenues from other activities mainly cover: \u2022 Fees for leasing, property management and maintenance services provided to Offices & Others and Shopping Centres. These fees are invoiced by property service companies for their property management activities on behalf of owners outside the Group; and \u2022 Fees for property services received by companies in the C&E segment. Other expenses comprise charges relating to property services, general costs and depreciation charges for related fixed assets. \u20ac Mn 2022 2021 Net property services and other activities income 77.9 27.7 On-site property services net income \u2013 Convention & Exhibition 57.9 23.7 Depreciation of tangible and intangible assets \u2013 Convention & Exhibition (17.6) (18.7) Other property services net income 44.8 27.2 Depreciation of tangible and intangible assets \u2013 other property services (7.1) (4.5) 4.4.4. NET PROPERTY DEVELOPMENT AND PROJECT MANAGEMENT INCOME REVENUE RECOGNITION Property development and project management income relates to Development, Design and Construction (\u201cDD&C\u201d) business which provides 3 types of services: provision of design, development and ultimately construction of a property project. Based on the analysis of existing contracts, DD&C services are not distinct as the customer cannot benefit from each service on its own or together with other resources readily available to the customer, because the services are bundled to generate a single commercial outcome. As such, the Group takes the view that the 3 types of contracts should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. Revenues from DD&C business consist of fixed price contracts. URW has elected to use the input method of calculating revenue over time, which in this case is costs incurred. Expenses comprise construction costs and related project management costs. 4.4.5. ADMINISTRATIVE EXPENSES This item comprises personnel costs, head office and Group administrative expenses, expenses relating to development projects, not capitalised, and depreciation charges relating to equipment and software of the Group. 4.4.6. ACQUISITION AND OTHER COSTS In 2022, acquisition and other costs amounted to +\u20ac2.6 Mn (-\u20ac8.9 Mn in 2021) and mainly comprise the re-branding costs of shopping centres in Continental Europe. In 2021, acquisition and other costs amounted to -\u20ac8.9 Mn and mainly comprise the re-branding costs of shopping centres in Continental Europe.
4.5. OTHER INFORMATION BY SEGMENT ON A PROPORTIONATE BASIS
4.5.1. RECONCILIATION BETWEEN THE RESULTS BY SEGMENT AND THE INCOME STATEMENT
OF THE PERIOD ON A PROPORTIONATE BASIS
FOR 2022
(\u20acMn)
Net rental
income
Net property
development
and project
management
income, net
property
services and
other activities
income
Contribution
of
companies
accounted
for using the
equity
method
Administrative
expenses
Result on
disposal of
investment
properties
and shares
Valuation
movements
on assets
Acquisition
and other
costs
Impairment
of goodwill
Total net
operating
result
2022
Shopping Centres
France 507.0 \u2013 94.8 \u2013 (4.3) (125.4) \u2013 \u2013 472.1
Spain 188.3 \u2013 \u2013 \u2013 (0.0) (19.0) \u2013 \u2013 169.4
United States 578.8 \u2013 (30.1) \u2013 (23.0) (711.9) \u2013 \u2013 (186.2)
Central Europe 217.2 \u2013 56.4 \u2013 (3.5) 72.8 \u2013 \u2013 343.0
Austria 109.5 \u2013 \u2013 \u2013 \u2013 (51.6) \u2013 \u2013 57.9
Germany 128.1 \u2013 (1.1) \u2013 11.1 (282.1) \u2013 \u2013 (143.9)
Nordics 98.8 \u2013 \u2013 \u2013 22.9 (49.1) \u2013 \u2013 72.6
The Netherlands 76.8 \u2013 \u2013 \u2013 (10.0) (3.9) \u2013 \u2013 62.9
United Kingdom 119.7 \u2013 \u2013 \u2013 \u2013 (145.7) \u2013 \u2013 (26.0)
Total Shopping Centres 2,024.3 \u2013 120.1 \u2013 (6.8) (1,315.9) \u2013 \u2013 821.7
Offices & Others
France 53.5 \u2013 7.1 \u2013 (0.3) (123.7) \u2013 \u2013 (63.5)
Others 16.3 \u2013 \u2013 \u2013 0.3 (96.0) \u2013 \u2013 (79.5)
Total Offices & Others 69.8 \u2013 7.1 \u2013 (0.0) (219.7) \u2013 \u2013 (142.9)
C&E
(1)
France 132.3 57.9 \u2013 \u2013 \u2013 (69.7) \u2013 \u2013 120.5
Not allocated \u2013 52.1 \u2013 (246.8) \u2013 (14.9) 2.6 \u2013 (2 07.1)
Total 2,226.3 110.0 127.2 (246.8) (6.8) (1,620.3) 2.6 \u2013 592.1
FOR 2021
(2)
(\u20acMn)
Net rental
income
Net property
development and
project
management
income, net
property services
and other
activities income
Contribution
of
companies
accounted
for using the
equity
method
Administrative
expenses
Result on
disposal of
investment
properties
and shares
Valuation
movements
on assets
Acquisition
and other
costs
Impairment
of goodwill
Total net
operating
result
2021
(2)
Shopping Centres
France 417.2 \u2013 28.7 \u2013 (11.5) (314.0) \u2013 \u2013 120.5
Spain 126.2 \u2013 \u2013 \u2013 0.0 (50.5) \u2013 \u2013 75.7
United States 479.0 \u2013 (12.0) \u2013 57.7 (1,049.0) \u2013 \u2013 (524.3)
Central Europe 161.5 \u2013 9.0 \u2013 6.8 (38.1) \u2013 (145.2) (6.0)
Austria 88.3 \u2013 \u2013 \u2013 \u2013 (53.5) \u2013 \u2013 34.8
Germany 91.2 \u2013 (6.9) \u2013 (2.2) (219.9) \u2013 (11.2)
(3)
(149.0)
Nordics 107.3 \u2013 \u2013 \u2013 57.0 (29.9) \u2013 \u2013 134.4
The Netherlands 60.6 \u2013 \u2013 \u2013 (0.0) 44.4 \u2013 \u2013 105.0
United Kingdom 101.1 \u2013 \u2013 \u2013 \u2013 (364.9) \u2013 \u2013 (263.8)
Total Shopping Centres 1,632.5 \u2013 18.8 \u2013 107.8 (2,075.4) \u2013 (156.4) (472.8)
Offices & Others
France 34.9 \u2013 0.1 \u2013 74.3 135.7 \u2013 \u2013 245.0
Others 25.3 \u2013 \u2013 \u2013 28.5 21.5 \u2013 \u2013 75.3
Total Offices & Others 60.2 \u2013 0.1 \u2013 102.8 157.2 \u2013 \u2013 320.3
C&E
(1)
France 31.5 23.7 \u2013 \u2013 \u2013 (106.6) \u2013 \u2013 (51.4)
Not allocated \u2013 40.8 \u2013 (215.9) \u2013 (41.0) (8.9) \u2013 (225.1)
Total 1,724.2 64.5 18.9 (215.9) 210.6 (2,065.8) (8.9) (156.4) (428.9)
(1) Convention & Exhibition segment.
(2) Following the changes of presentation made on the financial statements (see note 5.1 \u201cConsolidated financial statements\u201d), the 2021 table was restated.
(3) Corresponds to the impairment of Westfield CentrO.
4.5.2. STATEMENT OF FINANCIAL POSITION BY SEGMENT ON A PROPORTIONATE BASIS
FOR 2022
(\u20acMn)
Investment
properties Goodwill
Shares and
investments in
companies under
the equity
method
Other
non-current
assets
Properties
or shares
held
for sale
Other
current
assets
Total
Assets
Total Liabilities
excluding
shareholders'
equity
Shopping Centres
France 12,040.4 731.0 492.7 52.9 \u2013 169.5 13,486.5 385.3
Spain 3,524.7 \u2013 \u2013 32.0 \u2013 42.9 3,599.7 273.7
United States 10,860.9 \u2013 25.5 291.3 \u2013 397.3 11,575.0 795.2
Central Europe 4,091.4 92.2 727.4 28.6 \u2013 23.1 4,962.6 647.7
Austria 2,159.8 72.9 \u2013 0.0 \u2013 15.4 2,248.1 465.5
Germany 2,908.9 233.9 20.3 17.6 \u2013 134.1 3,314.8 344.1
Nordics 2,521.0 \u2013 \u2013 0.0 \u2013 35.9 2,557.0 410.3
The Netherlands 1,519.0 \u2013 \u2013 2.6 \u2013 16.8 1,538.4 60.5
United Kingdom 2,176.3 \u2013 \u2013 188.2 \u2013 125.2 2,489.6 315.8
Total Shopping Centres 41,802.6 1,129.9 1,265.8 613.2 \u2013 960.2 45,771.7 3,698.1
Offices & Others
France 1,910.3 \u2013 30.7 114.3 \u2013 70.6 2,125.9 80.8
Others 1,167.1 \u2013 \u2013 (0.0) \u2013 20.0 1,187.1 100.5
Total Offices & Others 3,077.5 \u2013 30.7 114.3 \u2013 90.5 3,313.0 181.3
C&E
(1)
France 2,479.0 \u2013 \u2013 119.3
(2)
\u2013 126.8 2,725.1 195.2
Not allocated \u2013 10.3 \u2013 1,358.2
(3)
\u2013 3,683.5
(4)
5,052.0 29,839.0
Total Dec. 31, 2022 47,359.0 1,140.2 1,296.5 2,205.0 \u2013 4,861.1 56,861.8 33,913.6
(1) Convention & Exhibition segment.
(2) Relates mainly to tangible and intangible assets.
(3) Refers mainly to the derivatives and intangible assets.
(4) Includes mainly cash and cash equivalents.
FOR 2021
(\u20acMn)
Investment
properties Goodwill
Shares and
investments
in
companies
under the
equity
method
Other
non-current
assets
Properties
or shares
held for sale
Other
current
assets
Total
Assets
Total Liabilities
excluding
shareholders'
equity
Shopping Centres
France 12,422.9 731.0 430.4 54.2 \u2013 228.5 13,866.9 528.2
Spain 3,489.9 \u2013 \u2013 35.1 \u2013 39.8 3,564.9 274.2
United States 11,339.2 \u2013 52.1 285.8 \u2013 328.9 12,006.1 742.1
Central Europe 4,105.3 102.3 670.8 25.4 \u2013 30.6 4,934.4 648.8
Austria 2,187.9 72.9 \u2013 0.0 \u2013 11.8 2,272.6 475.3
Germany 3,113.7 233.9 21.4 22.4 \u2013 102.6 3,493.9 357.3
Nordics 2,717.7 \u2013 \u2013 13.7 174.4 48.5 2,954.2 503.2
The Netherlands 1,665.8 \u2013 \u2013 3.0 \u2013 34.6 1,703.4 58.5
United Kingdom 2,384.9 \u2013 \u2013 190.7 \u2013 176.1 2,751.8 324.5
Total Shopping Centres 43,427.3 1,140.1 1,174.7 630.2 174.4 1,001.4 47,54 8.1 3,912.1
Offices & Others
France 1,909.1 \u2013 19.9 94.6 \u2013 41.9 2,065.4 50.4
Others 1,196.1 \u2013 \u2013 (0.0) 136.9 18.9 1,351.9 100.8
Total Offices & Others 3,105.1 \u2013 19.9 94.6 136.9 60.9 3,417.4 151.3
C&E
(1)
France 2,501.9 \u2013 \u2013 140.7
(2)
\u2013 97.3 2,740.0 172.7
Not allocated \u2013 10.3 \u2013 976.0
(3)
\u2013 2,648.3
(4)
3,634.5 30,730.3
Total Dec. 31, 2021 49,034.4 1,150.3 1,194.6 1,841.5 311.3 3,807.9 57,3 40.0 34,966.3
(1) Convention & Exhibition segment.
(2) Relates mainly to tangible and intangible assets.
(3) Refers mainly to the derivatives and intangible assets.
(4) Includes mainly cash and cash equivalents.
4.5.3. INVESTMENTS BY SEGMENT ON A PROPORTIONATE BASIS
(\u20acMn)
2022
2021
Investments in
investment
properties at
fair value
Investments in
investment
properties at
cost
(2)
Total
investments
Investments in
investment
properties
at fair value
Investments in
investment
properties
at cost
(2)
Total
investments
Shopping Centres
France 144.3 7.4 151.8 265.6 20.8 286.4
Spain 46.5 4.7 51.2 9.0 21.8 30.8
United States 115.4 3.1 118.5 128.4 2.0 130.4
Central Europe 18.9 6.5 25.4 15.3 3.7 19.0
Austria 22.8 0.0 22.8 19.8 0.3 20.1
Germany 17.3 118.0 135.3 13.4 108.4 121.9
Nordics 20.3 11.2 31.4 20.2 11.8 32.1
The Netherlands 20.2 \u2013 20.2 71.1 \u2013 71.1
United Kingdom 59.5 \u2013 59.5 22.4 3.9 26.2
Total Shopping Centres 465.3 150.9 616.2 565.3 172.7 738.0
Offices & Others
France 88.3 2.0 90.3 86.0 41.7 127.7
Others 53.9 87.7 141.6 53.1 50.0 103.1
Total Offices & Others 142.2 89.7 231.9 139.1 91.7 230.8
C&E
(1)
France 31.8 \u2013 31.8 27.4 \u2013 27.4
Total 639.3 240.6 879.8 731.9 264.4 996.2
(1) Convention & Exhibition segment.
(2) Before transfer between category of investment property.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-613": { "value": "4.1. ACCOUNTING PRINCIPLES Segment information is presented in respect of the Group\u2019s divisions and geographical segments, based on the Group\u2019s management and internal reporting structure and in accordance with IFRS 8. Contributions of affiliates are also presented according to the Group\u2019s divisions and geographical segments. Since the joint-controlled entities represent a significant part of the Group\u2019s operations in the US and the UK, the Group\u2019s management and internal reporting structure segment information is prepared in a proportionate format, in which the joint-controlled entities are accounted for on a proportionate basis instead of being accounted for using the equity method under IFRS. The Group and its joint ventures use consistent accounting policies. Therefore, the segment information presented in this section is prepared in a proportionate format. BUSINESS SEGMENTS The Group presents its result by segment: Shopping Centres, Offices & Others and C&E. The C&E segment comprises management of exhibition venues (Viparis), the shopping centre \u201cLes Boutiques du Palais\u201d and the management of the hotels at Porte de Versailles. GEOGRAPHICAL SEGMENTS Geographical segments are determined on the basis of the Group\u2019s definition of a home region. A home region is defined as a region with more than \u20ac1 Bn in property investment, a local organisation dedicated to all 3 business lines: the \u201cowner function\u201d (asset selection and management including pipeline), Shopping Centres management, the finance function and a regional consolidated reporting. The following are considered home regions based on specific operational and strategic factors: \u2022 France, including France, Belgium and Italy; \u2022 Spain; \u2022 US; \u2022 Central Europe, including the Czech Republic, Poland and Slovakia; \u2022 Austria; \u2022 Germany; \u2022 Nordics, including Sweden and Denmark; \u2022 The Netherlands; and \u2022 UK. The following notes are presented on a proportionate basis. 4.3. NET RECURRING RESULT DEFINITION The income statement by segment is split between recurring and non- recurring activities. The non-recurring result before tax consists of the valuation movements on investment properties, fair value adjustments on derivatives and debts, termination costs of financial instruments on the full cancelled commitment period when the maturity of the financial instrument is beyond the current reporting period, bond tender premiums, currency gains/losses on revaluation of balance sheet items, the net result on disposals, impairment of goodwill or recognition of negative goodwill, as well as costs directly related to a business combination and other non-recurring items. The income tax is split between recurring result and non-recurring result. Recurring tax is the outcome of: \u2022 The amount of income tax effectively due on recurring income, after deduction of any tax losses; \u2022 Plus/minus changes in a deferred tax asset recognised on tax losses stemming from recurring income (excluding those caused by a change in tax rate and/or those caused by a use of such deferred tax asset by non-recurring profits); and \u2022 Plus/minus changes in deferred tax assets not related to tax losses and deferred tax liabilities relating to recurring result (excluding those caused by a change in tax rate and/or those caused by a use of such deferred tax asset by non-recurring profits) ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-588": { "value": "BUSINESS SEGMENTS The Group presents its result by segment: Shopping Centres, Offices & Others and C&E. The C&E segment comprises management of exhibition venues (Viparis), the shopping centre \u201cLes Boutiques du Palais\u201d and the management of the hotels at Porte de Versailles. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProductsAndServicesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-589": { "value": "GEOGRAPHICAL SEGMENTS Geographical segments are determined on the basis of the Group\u2019s definition of a home region. A home region is defined as a region with more than \u20ac1 Bn in property investment, a local organisation dedicated to all 3 business lines: the \u201cowner function\u201d (asset selection and management including pipeline), Shopping Centres management, the finance function and a regional consolidated reporting. The following are considered home regions based on specific operational and strategic factors: \u2022 France, including France, Belgium and Italy; \u2022 Spain; \u2022 US; \u2022 Central Europe, including the Czech Republic, Poland and Slovakia; \u2022 Austria; \u2022 Germany; \u2022 Nordics, including Sweden and Denmark; \u2022 The Netherlands; and \u2022 UK. The following notes are presented on a proportionate basis. 4.4. NET RESULT BY SEGMENT ON A PROPORTIONATE BASIS Net result by segment on a proportionate basis (\u20acMn) 2022 2021 (1) Recurring activities Non\u2013 recurring activities (2) Result Recurring activities Non\u2013 recurring activities (2) Result SHOPPING CENTRES FRANCE Gross rental income 569.7 \u2013 569.7 481.9 \u2013 481.9 Operating expenses and net service charges (62.6) \u2013 (62.6) (64.7) \u2013 (64.7) Net rental income 5 07.0 \u2013 507.0 417.2 \u2013 417.2 Contribution of companies accounted for using the equity method 29.1 65.8 94.8 37.3 (8.6) 28.7 Gains/losses on sales of properties \u2013 (4.3) (4.3) \u2013 (11.5) (11.5) Valuation movements on assets \u2013 (125.4) (125.4) \u2013 (314.0) (314.0) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres France 536.1 (64.0) 472 .1 454.5 (334.0) 120.5 SPAIN Gross rental income 206.7 \u2013 206.7 145.3 \u2013 145.3 Operating expenses and net service charges (18.4) \u2013 (18.4) (19.1) \u2013 (19.1) Net rental income 188.3 \u2013 188.3 126.2 \u2013 126.2 Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Gains/losses on sales of properties \u2013 (0.0) (0.0) \u2013 0.0 0.0 Valuation movements on assets \u2013 (19.0) (19.0) \u2013 (50.5) (50.5) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres Spain 188.3 (19.0) 169.4 126.2 (50.5) 75.7 UNITED STATES Gross rental income 860.4 \u2013 860.4 759.0 \u2013 759.0 Operating expenses and net service charges (281.6) \u2013 (281.6) (280.0) \u2013 (280.0) Net rental income 578.8 \u2013 578.8 479.0 \u2013 479.0 Contribution of companies accounted for using the equity method 0.6 (30.6) (30.1) 5.2 (17.2) (12.0) Gains/losses on sales of properties \u2013 (23.0) (23.0) \u2013 57.7 57.7 Valuation movements on assets \u2013 (711.9) (711.9) \u2013 (1,049.0) (1,049.0) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres United States 579.4 (765.5) (186.2) 484.2 (1,008.5) (524.3) CENTRAL EUROPE Gross rental income 221.3 \u2013 221.3 191.2 \u2013 191.2 Operating expenses and net service charges (4.1) \u2013 (4.1) (29.7) \u2013 (29.7) Net rental income 217.2 \u2013 217.2 161.5 \u2013 161.5 Contribution of companies accounted for using the equity method 30.4 26.0 56.4 24.2 (15.2) 9.0 Gains/losses on sales of properties \u2013 (3.5) (3.5) \u2013 6.8 6.8 Valuation movements on assets \u2013 72.8 72.8 \u2013 (38.1) (38.1) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 (145.2) (145.2) Result from operations Shopping Centres Central Europe 247.6 95.4 343.0 185.7 (191.7) (6.0) AUSTRIA Gross rental income 137.3 \u2013 137.3 112.3 \u2013 112.3 Operating expenses and net service charges (27.8) \u2013 (27.8) (24.0) \u2013 (24.0) Net rental income 109.5 \u2013 109.5 88.3 \u2013 88.3 Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Gains/losses on sales of properties \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Valuation movements on assets \u2013 (51.6) (51.6) \u2013 (53.5) (53.5) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Result from operations Shopping Centres Austria 109.5 (51.6) 57.9 88.3 (53.5) 34.8 (1) Following the creation of a new subtotal \u201cDepreciation and impairment of tangible and intangible assets\u201d, the figures for 2021 were accordingly restated. (2) Non-recurring activities include valuation movements, disposals, mark-to-market and termination costs of financial instruments, bond tender premiums, impairment of goodwill or recognition of negative goodwill, amortisation of fair value of assets and liabilities recorded for the purpose of purchase price allocation, as well as costs directly incurred during a business combination and other non-recurring items.
Net result by segment on a proportionate basis
(\u20acMn)
2022
2021
(1)
Recurring
activities
Non\u2013
recurring
activities
(2)
Result
Recurring
activities
Non\u2013
recurring
activities
(2)
Result
SHOPPING CENTRES
GERMANY
Gross rental income 136.9 \u2013 136.9 116.0 \u2013 116.0
Operating expenses and net service charges (8.8) \u2013 (8.8) (24.8) \u2013 (24.8)
Net rental income 128.1 \u2013 128.1 91.2 \u2013 91.2
Contribution of companies accounted for using the equity method 2.5 (3.5) (1.1) 1.4 (8.2) (6.9)
Gains/losses on sales of properties \u2013 11.1 11.1 \u2013 (2.2) (2.2)
Valuation movements on assets \u2013 (282.1) (282.1) \u2013 (219.9) (219.9)
Impairment of goodwill \u2013 \u2013 \u2013 \u2013 (11.2) (11.2)
Result from operations Shopping Centres Germany 130.6 (274.5) (143.9) 92.6 (241.5) (149.0)
NORDICS
Gross rental income 118.5 \u2013 118.5 121.2 \u2013 121.2
Operating expenses and net service charges (19.7) \u2013 (19.7) (13.9) \u2013 (13.9)
Net rental income 98.8 \u2013 98.8 107.3 \u2013 107.3
Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Gains/losses on sales of properties \u2013 22.9 22.9 \u2013 57.0 57.0
Valuation movements on assets \u2013 (49.1) (49.1) \u2013 (29.9) (29.9)
Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Result from operations Shopping Centres Nordics 98.8 (26.3) 72.6 107.3 27.0 134.4
THE
NETHERLANDS
Gross rental income 93.7 \u2013 93.7 79.9 \u2013 79.9
Operating expenses and net service charges (17.0) \u2013 (17.0) (19.3) \u2013 (19.3)
Net rental income 76.8 \u2013 76.8 60.6 \u2013 60.6
Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Gains/losses on sales of properties \u2013 (10.0) (10.0) \u2013 (0.0) (0.0)
Valuation movements on assets \u2013 (3.9) (3.9) \u2013 44.4 44.4
Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Result from operations Shopping Centres The Netherlands 76.8 (13.9) 62.9 60.6 44.4 105.0
UNITED
KINGDOM
Gross rental income 201.8 \u2013 201.8 169.2 \u2013 169.2
Operating expenses and net service charges (82.2) \u2013 (82.2) (68.1) \u2013 (68.1)
Net rental income 119.7 \u2013 119.7 101.1 \u2013 101.1
Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Gains/losses on sales of properties \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Valuation movements on assets \u2013 (145.7) (145.7) \u2013 (364.9) (364.9)
Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Result from operations Shopping Centres United Kingdom 119.7 (145.7) (26.0) 101.1 (364.9) (263.8)
TOTAL RESULT FROM OPERATIONS SHOPPING CENTRES 2,086.7 (1,265.1) 821.7 1,700.5 (2 ,173.2) (472.8)
OFFICES & OTHERS
FRANCE
Gross rental income 58.7 \u2013 58.7 37.2 \u2013 37.2
Operating expenses and net service charges (5.2) \u2013 (5.2) (2.3) \u2013 (2.3)
Net rental income 53.5 \u2013 53.5 34.9 \u2013 34.9
Contribution of companies accounted for using the equity method (0.2) 7.2 7.1 (0.0) 0.2 0.1
Gains/losses on sales of properties \u2013 (0.3) (0.3) \u2013 74.3 74.3
Valuation movements on assets \u2013 (123.7) (123.7) \u2013 135.7 135.7
Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Result from operations Offices & Others France 53.3 (116.8) (63.5) 34.9 210.1 245.0
OTHER
COUNTRIES
Gross rental income 24.7 \u2013 24.7 36.3 \u2013 36.3
Operating expenses and net service charges (8.4) \u2013 (8.4) (11.0) \u2013 (11.0)
Net rental income 16.3 \u2013 16.3 25.3 \u2013 25.3
Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Gains/losses on sales of properties \u2013 0.3 0.3 \u2013 28.5 28.5
Valuation movements on assets \u2013 (96.0) (96.0) \u2013 21.5 21.5
Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Result from operations Offices & Others Other countries 16.3 (95.7) (79.5) 25.3 50.0 75.3
TOTAL RESULT FROM OPERATIONS OFFICES & OTHERS 69.6 (212.5) (142.9) 60.1 260.2 320.3
(1) Following the creation of a new subtotal \u201cDepreciation and impairment of tangible and intangible assets\u201d, the figures for 2021 were accordingly restated.
(2) Non-recurring activities include valuation movements, disposals, mark-to-market and termination costs of financial instruments, bond tender premiums, impairment
of goodwill or recognition of negative goodwill, amortisation of fair value of assets and liabilities recorded for the purpose of purchase price allocation, as well as
costs directly incurred during a business combination and other non-recurring items.
Net result by segment on a proportionate basis (\u20acMn) 2022 2021(1) Recurring activities Non\u2013 recurring activities(2) Result Recurring activities Non\u2013 recurring activities(2) Result CONVENTION & EXHIBITION FRANCE Gross rental income 202.6 \u2013 202.6 96.8 \u2013 96.8 Operating expenses and net service charges (70.3) \u2013 (70.3) (65.3) \u2013 (65.3) Net rental income 132.3 \u2013 132.3 31.5 \u2013 31.5 On-site property services net income 57.9 \u2013 57.9 23.7 \u2013 23.7 Contribution of companies accounted for using the equity method \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Valuation movements, depreciation, capital gains \u2013 (69.7) (69.7) \u2013 (106.6) (106.6) Impairment of goodwill \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 TOTAL RESULT FROM OPERATIONS CONVENTION & EXHIBITION 190.2 (69.7) 120.5 55.2 (106.6) (51.4) Net property development and project management income 32.1 \u2013 32.1 36.8 \u2013 36.8 Other property services net income 44.8 (0.0) 44.8 27.2 \u2013 27.2 Impairment of goodwill related to the property services \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Corporate expenses (214.4) \u2013 (214.4) (183.0) \u2013 (183.0) Acquisition and other costs \u2013 2.6 2.6 \u2013 (8.9) (8.9) NET OPERATING RESULT BEFORE DEPRECIATION AND IMPAIRMENT OF ASSETS 2,209.0 (1,544.7) 664.2 1,696.7 (2,028.6) (331.9) Depreciation and impairment of tangible and intangible assets (57.2) (14.9) (72.1) (56.1) (41.0) (97.1) NET OPERATING RESULT 2,151.8 (1,559.7) 592 .1 1,640.7 (2,069.6) (428.9) Result from non consolidated companies 4.3 \u2013 4.3 2.5 \u2013 2.5 Financing result (524.1) 283.1 (241.0) (512.3) (96.9) (609.2) RESULT BEFORE TAX 1,632.0 (1,276.6) 355.4 1,13 0.9 (2,166.5) (1,035.6) Income tax expenses (66.6) (0.3) (66.9) (14.6) 59.0 44.3 NET RESULT FOR THE PERIOD 1,565.4 (1,276.9) 288.5 1,116.3 (2,107.5) (991.3) External non-controlling interests (226.0) 115.7 (110.3) (111.0) 130.2 19.2 NET RESULT FOR THE PERIOD ATTRIBUTABLE TO THE HOLDERS OF THE STAPLED SHARES 1,339.3 (1,161.1) 178.2 1,005.3 (1,977.4) (972.1) (1) Following the creation of a new subtotal \u201cDepreciation and impairment of tangible and intangible assets\u201d, the figures for 2021 were accordingly restated. (2) Non-recurring activities include valuation movements, disposals, mark-to-market and termination costs of financial instruments, bond tender premiums, impairment of goodwill or recognition of negative goodwill, amortisation of fair value of assets and liabilities recorded for the purpose of purchase price allocation, as well as costs directly incurred during a business combination and other non-recurring items. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-590": { "value": "4.4.1. GROSS RENTAL INCOME REVENUE RECOGNITION ACCOUNTING TREATMENT OF INVESTMENT PROPERTY LEASES Assets leased are recorded in the statement of financial position as investment property assets. Gross rental revenue is recorded on a straight-line basis over the expected term of the lease. In case of an Investment Property Under Construction (\u201cIPUC\u201d), revenues are recognised once spaces are delivered to tenants. For rent relief granted to tenants in relation to the COVID-19 pandemic and where such relief qualifies as a lease modification because the tenant agreed concessions (e.g. extension of a lease term or higher sales-based rent), IFRS 16 applies, under which, the relief is treated as a lease incentive, which is straight lined over the expected term of the lease as a reduction of the Gross Rental Income. Rent relief for which a counterpart is expected and not yet signed are part of the receivables on which an expected credit loss is calculated. In accordance with IFRS 16, rent relief without changes to the lease contract or imposed by laws in force, such as in Austria, or pursuant to a provision in the existing lease contract allowing for rent modification, is directly charged to the income statement as a reduction of the Gross Rental Income. Rent relief signed or expected to be signed, granted without any counterpart from the tenants are considered as a reduction of the receivables and are charged to the income statement as a reduction of the Gross Rental Income. RENTS AND KEY MONEY Gross Rental Income consists of rents and similar income (e.g. occupancy compensation, key money, parking revenues) invoiced for Shopping Centres and Offices & Others properties over the period. Under IFRS 16, the effects of rent-free periods, step rents, other rents incentives and key money are spread over the expected term of the lease. Gross Rental Income from the C&E segment includes turnover generated by the rental of exhibition space and the provision of unavoidable associated support services to this space. GROSS RENTAL INCOME BY SEGMENTS ON A PROPORTIONATE BASIS (\u20acMn excluding taxes) 2022 2021 Shopping Centres 2,546.4 2,176.0 France 569.7 481.9 Spain 206.7 145.3 US 860.4 759.0 Central Europe 221.3 191.2 Austria 137.3 112.3 Germany 136.9 116.0 Nordics 118.5 121.2 The Netherlands 93.7 79.9 UK 201.8 169.2 Offices & Others 83.4 73.5 France 58.7 37.2 Other countries 24.7 36.3 Convention & Exhibition 202.6 96.8 Total 2,832.4 2,346.3 Gross Rental Income amounted to \u20ac2,832.4 Mn (\u20ac2,346.3 Mn as at December 31, 2021), an increase of +20.7%. This increase resulted mainly from lower rent relief granted to tenants, the impact of indexation and the increase in variable income, as well as the recovery of the C&E activity.
MINIMUM GUARANTEED RENTS UNDER LEASES ON A PROPORTIONATE BASIS
As at December 31, 2022, minimum future rents due under leases until the next possible termination date break down as follows:
Minimum future rents per year
(\u20ac Mn)
Year
Shopping
Centres
Offices &
Others Total
2023 1,782.5 93.9 1,876.3
2024 1,472.4 90.5 1,562.9
2025 1,183.9 71.1 1,255.0
2026 909.7 67.2 976.9
2027 718.2 63.9 782.0
2028 518.0 61.4 579.5
2029 367.7 53.9 421.6
2030 288.3 48.7 337.0
2031 231.4 39.7 271.1
2032 180.3 30.1 210.4
2033 105.9 17.4 123.3
Beyond 121.4 6.0 127.5
Total 7,879.7 643.8 8,523.5
4.4.3. NET PROPERTY SERVICES AND OTHER ACTIVITIES INCOME REVENUE RECOGNITION The net property services and other activities income consists of on- site property services, airport activities and other property services net income. Revenues are recognised in accordance with IFRS 15. C&E\u2019s contracts consist of occupancy agreements or short-term lease including provision of premises and services. Both provision of premises and services form an indivisible whole and should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. Revenues are recognised over the duration of premises lease according to the pro rata temporis method. Other property services net income is recognised when the services are provided. Revenues from other activities mainly cover: \u2022 Fees for leasing, property management and maintenance services provided to Offices & Others and Shopping Centres. These fees are invoiced by property service companies for their property management activities on behalf of owners outside the Group; and \u2022 Fees for property services received by companies in the C&E segment. Other expenses comprise charges relating to property services, general costs and depreciation charges for related fixed assets. \u20ac Mn 2022 2021 Net property services and other activities income 77.9 27.7 On-site property services net income \u2013 Convention & Exhibition 57.9 23.7 Depreciation of tangible and intangible assets \u2013 Convention & Exhibition (17.6) (18.7) Other property services net income 44.8 27.2 Depreciation of tangible and intangible assets \u2013 other property services (7.1) (4.5) 4.4.4. NET PROPERTY DEVELOPMENT AND PROJECT MANAGEMENT INCOME REVENUE RECOGNITION Property development and project management income relates to Development, Design and Construction (\u201cDD&C\u201d) business which provides 3 types of services: provision of design, development and ultimately construction of a property project. Based on the analysis of existing contracts, DD&C services are not distinct as the customer cannot benefit from each service on its own or together with other resources readily available to the customer, because the services are bundled to generate a single commercial outcome. As such, the Group takes the view that the 3 types of contracts should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. Revenues from DD&C business consist of fixed price contracts. URW has elected to use the input method of calculating revenue over time, which in this case is costs incurred. Expenses comprise construction costs and related project management costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-614": { "value": "REVENUE RECOGNITION ACCOUNTING TREATMENT OF INVESTMENT PROPERTY LEASES Assets leased are recorded in the statement of financial position as investment property assets. Gross rental revenue is recorded on a straight-line basis over the expected term of the lease. In case of an Investment Property Under Construction (\u201cIPUC\u201d), revenues are recognised once spaces are delivered to tenants. For rent relief granted to tenants in relation to the COVID-19 pandemic and where such relief qualifies as a lease modification because the tenant agreed concessions (e.g. extension of a lease term or higher sales-based rent), IFRS 16 applies, under which, the relief is treated as a lease incentive, which is straight lined over the expected term of the lease as a reduction of the Gross Rental Income. Rent relief for which a counterpart is expected and not yet signed are part of the receivables on which an expected credit loss is calculated. In accordance with IFRS 16, rent relief without changes to the lease contract or imposed by laws in force, such as in Austria, or pursuant to a provision in the existing lease contract allowing for rent modification, is directly charged to the income statement as a reduction of the Gross Rental Income. Rent relief signed or expected to be signed, granted without any counterpart from the tenants are considered as a reduction of the receivables and are charged to the income statement as a reduction of the Gross Rental Income. RENTS AND KEY MONEY Gross Rental Income consists of rents and similar income (e.g. occupancy compensation, key money, parking revenues) invoiced for Shopping Centres and Offices & Others properties over the period. Under IFRS 16, the effects of rent-free periods, step rents, other rents incentives and key money are spread over the expected term of the lease. Gross Rental Income from the C&E segment includes turnover generated by the rental of exhibition space and the provision of unavoidable associated support services to this space. REVENUE RECOGNITION The net property services and other activities income consists of on- site property services, airport activities and other property services net income. Revenues are recognised in accordance with IFRS 15. C&E\u2019s contracts consist of occupancy agreements or short-term lease including provision of premises and services. Both provision of premises and services form an indivisible whole and should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. Revenues are recognised over the duration of premises lease according to the pro rata temporis method. Other property services net income is recognised when the services are provided.
4.4.4. NET PROPERTY DEVELOPMENT AND PROJECT MANAGEMENT INCOME
REVENUE RECOGNITION
Property development and project management income relates to
Development, Design and Construction (\u201cDD&C\u201d) business which
provides 3 types of services: provision of design, development and
ultimately construction of a property project.
Based on the analysis of existing contracts, DD&C services are not
distinct as the customer cannot benefit from each service on its own
or together with other resources readily available to the customer,
because the services are bundled to generate a single commercial
outcome. As such, the Group takes the view that the 3 types of
contracts should be combined into a single contract (and
single performance obligation) for the purposes of IFRS 15
revenue recognition.
Revenues from DD&C business consist of fixed price contracts. URW has
elected to use the input method of calculating revenue over time, which
in this case is costs incurred.
Expenses comprise construction costs and related project management
costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-637": { "value": "ACCOUNTING TREATMENT OF INVESTMENT PROPERTY LEASES Assets leased are recorded in the statement of financial position as investment property assets. Gross rental revenue is recorded on a straight-line basis over the expected term of the lease. In case of an Investment Property Under Construction (\u201cIPUC\u201d), revenues are recognised once spaces are delivered to tenants. For rent relief granted to tenants in relation to the COVID-19 pandemic and where such relief qualifies as a lease modification because the tenant agreed concessions (e.g. extension of a lease term or higher sales-based rent), IFRS 16 applies, under which, the relief is treated as a lease incentive, which is straight lined over the expected term of the lease as a reduction of the Gross Rental Income. Rent relief for which a counterpart is expected and not yet signed are part of the receivables on which an expected credit loss is calculated. In accordance with IFRS 16, rent relief without changes to the lease contract or imposed by laws in force, such as in Austria, or pursuant to a provision in the existing lease contract allowing for rent modification, is directly charged to the income statement as a reduction of the Gross Rental Income. Rent relief signed or expected to be signed, granted without any counterpart from the tenants are considered as a reduction of the receivables and are charged to the income statement as a reduction of the Gross Rental Income. 5.2.2. CHANGES IN TANGIBLE ASSETS Net value (\u20ac Mn) Operating assets Furniture and equipment Right-of-use assets Total Dec. 31, 2020 143.2 83.4 52.6 279.2 Acquisitions and capitalised expenses 0.1 16.5 \u2013 16.5 Reclassification \u2013 (0.6) 25.4 24.7 Disposals/exits from the scope of consolidation (141.9) (1.2) \u2013 (143.1) Depreciation (1.4) (24.0) (12.5) (37.9) Impairment/reversal \u2013 2.6 \u2013 2.6 Currency translation \u2013 3.7 0.1 3.8 Dec. 31, 2021 \u2013 80.4 65.5 145.9 Acquisitions and capitalised expenses \u2013 15.9 1.3 17.2 Reclassification \u2013 8.9 20.2 29.1 Disposals/exits from the scope \u2013 (2.0) (14.4) (1) (16.4) Depreciation \u2013 (24.4) (15.1) (39.5) Impairment/reversal (2) \u2013 (0.8) \u2013 (0.8 ) Currency translation \u2013 0.5 1.3 1.8 Dec. 31, 2022 \u2013 78.5 58.8 137.3 (1) Exit following the floor space reduction of office lease at Westfield LLC. (2) Impairment/reversal on Viparis assets according to the external appraisals. The variation of financial debt by flows breaks down as follows: Cash flows (1) Non-cash flows Variation of Dec. 31, accrued Variation of Currency Fair value Dec. 31, 2021 (2) (3) (\u20acMn) Decrease interest scope translation impact Others (4) Increase 2022 ORNANE 500.3 \u2013 (500.0) \u2013 \u2013 \u2013 (0.3) \u2013 \u2013 Bonds and EMTNs 22,793.8 \u2013 (519.1) (7.2) \u2013 192.3 2.8 26.7 22,489.3 Bank borrowings 1,384.2 786.3 (558.1) 0.9 \u2013 34.5 7.1 (3.8) 1,651.2 Other financial liabilities 1,670.3 60.1 (366.1) \u2013 \u2013 \u2013 \u2013 (0.9) 1,363.4 Lease liabilities 784.9 15.2 (56.9) \u2013 \u2013 11.9 \u2013 143.8 898.9 Total 27,133.5 861.6 (2,000.2) (6.3) \u2013 238.7 9.6 165.8 26,402.8 (1) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac908.8 Mn and decrease of -\u20ac1,879.0 Mn) mainly due to the variation of guarantee deposits received, as well as to the decrease of the financial debt on Westfield Trumbull assumed by the buyer and deducted from the disposal price of the asset. (2) Net of bonds and EMTNs issuance costs and issue fees. (3) The variation of accrued interest is included in lines Financial income/Financial expenses of the consolidated statement of cash flows. (4) The variation of Others includes straight lining of premiums and fees on EMTNs and bank borrowings and change in recognition of lease liabilities in application of IFRS 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-632": { "value": "ACCOUNTING TREATMENT OF INVESTMENT PROPERTY LEASES Assets leased are recorded in the statement of financial position as investment property assets. Gross rental revenue is recorded on a straight-line basis over the expected term of the lease. In case of an Investment Property Under Construction (\u201cIPUC\u201d), revenues are recognised once spaces are delivered to tenants. For rent relief granted to tenants in relation to the COVID-19 pandemic and where such relief qualifies as a lease modification because the tenant agreed concessions (e.g. extension of a lease term or higher sales-based rent), IFRS 16 applies, under which, the relief is treated as a lease incentive, which is straight lined over the expected term of the lease as a reduction of the Gross Rental Income. Rent relief for which a counterpart is expected and not yet signed are part of the receivables on which an expected credit loss is calculated. In accordance with IFRS 16, rent relief without changes to the lease contract or imposed by laws in force, such as in Austria, or pursuant to a provision in the existing lease contract allowing for rent modification, is directly charged to the income statement as a reduction of the Gross Rental Income. Rent relief signed or expected to be signed, granted without any counterpart from the tenants are considered as a reduction of the receivables and are charged to the income statement as a reduction of the Gross Rental Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-615": { "value": "4.4.2. OPERATING EXPENSES AND NET SERVICE CHARGES The operating expenses and net service charges are composed of ground rents paid, net service charge expenses and property operating expenses. GROUND RENTS PAID GROUND LEASEHOLDS Ground leaseholds are accounted for in accordance with IFRS 16 as described in note 5.1.1 \u201cInvestment properties \u2013 Accounting principles\u201d. Buildings constructed on land under a lease agreement are recognised in accordance with the accounting principles described in note 5.1.1 \u201cInvestment properties \u2013 Accounting principles\u201d. Ground rents correspond to variable lease payments (or straight lining of initial payments) for properties built on land subject to leasehold o r operated under an operating contract (concession). This item mainly applies to the C&E venue of Le Bourget and Porte de Versailles in Paris, to some shopping centres, in particular in France and to some of the airport activities in the US. SERVICE CHARGE INCOME AND SERVICE CHARGE EXPENSES In line with IFRS 15, the Group presented service charge income and service charge expenses separately. The net of charges re-invoiced to tenants relates mainly to vacant premises and caps on service charge. PROPERTY OPERATING EXPENSES These expenses comprise service charges borne by the owner, works- related expenses, litigation expenses, charges relating to doubtful accounts and expenses relating to property management, and expenses related to venue sites of the C&E segment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-638": { "value": "4.4.2. OPERATING EXPENSES AND NET SERVICE CHARGES The operating expenses and net service charges are composed of ground rents paid, net service charge expenses and property operating expenses. GROUND RENTS PAID GROUND LEASEHOLDS Ground leaseholds are accounted for in accordance with IFRS 16 as described in note 5.1.1 \u201cInvestment properties \u2013 Accounting principles\u201d. Buildings constructed on land under a lease agreement are recognised in accordance with the accounting principles described in note 5.1.1 \u201cInvestment properties \u2013 Accounting principles\u201d. Ground rents correspond to variable lease payments (or straight lining of initial payments) for properties built on land subject to leasehold o r operated under an operating contract (concession). This item mainly applies to the C&E venue of Le Bourget and Porte de Versailles in Paris, to some shopping centres, in particular in France and to some of the airport activities in the US. SERVICE CHARGE INCOME AND SERVICE CHARGE EXPENSES In line with IFRS 15, the Group presented service charge income and service charge expenses separately. The net of charges re-invoiced to tenants relates mainly to vacant premises and caps on service charge. PROPERTY OPERATING EXPENSES These expenses comprise service charges borne by the owner, works- related expenses, litigation expenses, charges relating to doubtful accounts and expenses relating to property management, and expenses related to venue sites of the C&E segment. 4.4.3. NET PROPERTY SERVICES AND OTHER ACTIVITIES INCOME REVENUE RECOGNITION The net property services and other activities income consists of on- site property services, airport activities and other property services net income. Revenues are recognised in accordance with IFRS 15. C&E\u2019s contracts consist of occupancy agreements or short-term lease including provision of premises and services. Both provision of premises and services form an indivisible whole and should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. Revenues are recognised over the duration of premises lease according to the pro rata temporis method. Other property services net income is recognised when the services are provided. Revenues from other activities mainly cover: \u2022 Fees for leasing, property management and maintenance services provided to Offices & Others and Shopping Centres. These fees are invoiced by property service companies for their property management activities on behalf of owners outside the Group; and \u2022 Fees for property services received by companies in the C&E segment. Other expenses comprise charges relating to property services, general costs and depreciation charges for related fixed assets. \u20ac Mn 2022 2021 Net property services and other activities income 77.9 27.7 On-site property services net income \u2013 Convention & Exhibition 57.9 23.7 Depreciation of tangible and intangible assets \u2013 Convention & Exhibition (17.6) (18.7) Other property services net income 44.8 27.2 Depreciation of tangible and intangible assets \u2013 other property services (7.1) (4.5) 4.4.4. NET PROPERTY DEVELOPMENT AND PROJECT MANAGEMENT INCOME REVENUE RECOGNITION Property development and project management income relates to Development, Design and Construction (\u201cDD&C\u201d) business which provides 3 types of services: provision of design, development and ultimately construction of a property project. Based on the analysis of existing contracts, DD&C services are not distinct as the customer cannot benefit from each service on its own or together with other resources readily available to the customer, because the services are bundled to generate a single commercial outcome. As such, the Group takes the view that the 3 types of contracts should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. 4.4.5. ADMINISTRATIVE EXPENSES This item comprises personnel costs, head office and Group administrative expenses, expenses relating to development projects, not capitalised, and depreciation charges relating to equipment and software of the Group. 4.4.6. ACQUISITION AND OTHER COSTS In 2022, acquisition and other costs amounted to +\u20ac2.6 Mn (-\u20ac8.9 Mn in 2021) and mainly comprise the re-branding costs of shopping centres in Continental Europe. In 2021, acquisition and other costs amounted to -\u20ac8.9 Mn and mainly comprise the re-branding costs of shopping centres in Continental Europe. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-591": { "value": "
4.4.5. ADMINISTRATIVE EXPENSES
This item comprises personnel costs, head office and Group
administrative expenses, expenses relating to development projects,
not capitalised, and depreciation charges relating to equipment and
software of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-562": { "value": "5.1. INVESTMENT PROPERTIES 5.1.1. ACCOUNTING PRINCIPLES INVESTMENT PROPERTIES (IAS 40 & IFRS 13) In accordance with IAS 40, investment properties are shown at their market value. According to IFRS 13, the fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). Expectations about future improvements or modifications to be made to the property interest to reflect its highest and best use have to be considered in the appraisal, such as the renovation of or an extension to the property interest. URW complies with the IFRS 13 fair value measurement rule and the position paper (1) on IFRS 13 established by EPRA, the representative body of the publicly listed real estate industry in Europe. Transaction costs incurred for an asset deal are capitalised in the value of the investment property. Capitalised expenses include capital expenditures, eviction costs, capitalised financial interests, external letting fees invoiced by third parties and other internal costs related to development projects. In accordance with IFRS 16 and IAS 40, the right-of-use assets arising from leased property which meet the definition of an investment property are measured at fair value. IPUC are covered by IAS 40 and are eligible to be measured at fair value. In accordance with the Group\u2019s investment properties valuation method, they are measured at fair value by a qualified independent external appraiser twice a year. As part of the recommendations of RICS, URW applies a rotation on the appraisal mandates on a regular basis: the last rotation occurred in 2021. Projects for which the fair value is not reliably determinable are measured at cost until such time that a fair value measurement becomes reliable, or until one year before the construction completion. According to the Group, a development project is eligible for a fair value measurement once all 3 of the following criteria are fulfilled: \u2022 All administrative authorisations needed to complete the project are obtained; \u2022 The construction has started and costs are committed toward the contractor; and \u2022 Substantial uncertainty in future rental income has been eliminated. If the time to delivery is less than 1 year, the project is accounted for at fair value. For properties measured at fair value, the market value adopted by URW is determined on the basis of appraisals by qualified independent external experts, who value the Group\u2019s portfolio as at June 30 and December 31 of each year. The gross value is reduced by disposal costs and transfer taxes (2) , depending on the country and on the tax situation of the property, in order to arrive at a net market value. For the Shopping Centres and Offices & Others portfolios, the independent appraisers determine the fair market value based on the results of 2 methods: the discounted cash flow methodology as well as the yield methodology. Furthermore, the resulting valuations are cross-checked against the initial yield, value per sqm and the fair market values established through actual market transactions. Appraisers have been given access to all information relevant for valuations, such as the Group\u2019s confidential rent rolls, including information on vacancy, break options, expiry dates and lease incentives, performance indicators (e.g. footfall and sales where available), letting evidence and the Group\u2019s cash flow forecasts from annually updated detailed asset business plans. As part of the files provided to carry out the valuation, a significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an asset-by- asset basis (3) (see note 2.3 \u201cClimate change and risks\u201d). Appraisers make their independent assessments of current and forward-looking cash flow profiles, and usually reflect risk either in the cash flow forecasts (e.g. future rental levels, growth, investment requirements, void periods and incentives, rent relief), in the applied required returns or discount rates and in the yield applied to capitalise the exit rent to determine an exit value. The sites of the C&E portfolio are qualified as investment property. For the C&E portfolio, the valuation methodology adopted is mainly based on a discounted cash flow model applied to the total net income projected over the life of the concession, or over the life of the long- term lease (notably the Porte de Versailles long-term lease) or leasehold if it exists, or otherwise over a 10-year period, with an estimate of the asset value at the end of the given time period, based either on the residual contractual value for concessions or on capitalised cash flows over the last year. The valuations carried out by the appraisers took into account total net income, which comprised net rents and ancillary services, as well as net income from car parks. The cost of maintenance works, major repairs, refurbishments, redevelopments, and extensions, as well as concession or leasehold fees, are included in projected cash flow figures. (1) EPRA position paper on IFRS 13 \u2013 Fair value measurement and illustrative disclosures, February 2013. (2) Transfer taxes are valued on the assumption that the property is sold directly, even though the cost of these taxes would, in certain cases, be reduced if the property\u2019s holding company would be sold. (3) For European shopping centres. The income statement for a given year (Y) records the change in value for each property, which is determined as follows: market value Y \u2013 market value Y-1 + amount of works and other costs capitalised in year Y. Capital gains on disposals of investment properties are calculated by comparison with their latest market value recorded in the closing statement of financial position for the previous financial year. Properties under construction carried at cost are subject to impairment tests, determined on the basis of the estimated recoverable value of the project. The recoverable value of a project is assessed, for significant projects by a qualified independent external appraiser and for others internally by the Development & Investment teams through the expected delivery date, expected development costs, and considering a market exit capitalisation rate and the expected net rents. When the estimated recoverable value is lower than net book value, an impairment provision is recorded. Properties held for sale are identified separately in the statement of financial position according to IFRS 5. 5.1.2. INVESTMENT PROPERTIES AT FAIR VALUE \u2013 IFRS BASIS (\u20acMn) Dec. 31, 2022 Dec. 31, 2021 Shopping Centres 33,025.6 33,797.0 France 11,658.5 11,971.6 Spain 3,402.2 3,348.7 US 5,164.5 5,151.1 Central Europe 3,795.2 3,692.6 Austria 2,159.8 2,187.9 Germany 1,656.9 1,804.8 Nordics 2,514.1 2,705.2 The Netherlands 1,519.0 1,665.8 UK 1,155.4 1,269.3 Offices & Others 2,327.1 2,343.6 France 1,779.6 1,754.9 Other countries 547.5 588.7 Convention & Exhibition 2,478.1 2,501.4 Total 37,830.8 38,6 42.1 The decrease is explained in the table below. (\u20acMn) Shopping Centres Offices & Others Convention & Exhibition Total investment properties Properties held for sale Total Dec. 31, 2020 34,893.3 2,278.1 2,452.2 39,623.6 9 07.7 40,531.3 Acquisitions 0.3 \u2013 \u2013 0.3 \u2013 0.3 Entry into scope of consolidation 183.0 \u2013 \u2013 183.0 \u2013 183.0 Capitalised expenses 408.4 92.9 27.4 528.8 (0.9) 527.9 Disposals/exits from the scope of consolidation (670.3) (118.7) \u2013 (789.0) (912.3) (1,701.3) Reclassification and transfer of category (3 07.7) (96.2) 128.3 (275.6) 270.4 (5.2) Discounting impact 1.2 \u2013 \u2013 1.2 \u2013 1.2 Valuation movements (1,176.8) 167.2 (106.6) (1,116.2) \u2013 (1,116.2) Currency translation 465.6 20.2 \u2013 485.9 5.5 491.4 Dec. 31, 2021 33,797.0 2,343.6 2,501.4 38,642 .1 270.4 38,912.5 Acquisitions 22.8 3.3 \u2013 26.1 \u2013 26.1 Capitalised expenses (1) 340.5 94.4 31.8 466.7 0.3 467.0 Disposals/exits from the scope of consolidation (2) (812.5) (5.2) \u2013 (817.7) (249.5) (1,0 67.2) Reclassification and transfer of category (3) 191.3 36.4 15.0 242.6 \u2013 242.6 Discounting impact 2.6 \u2013 \u2013 2.6 \u2013 2.6 Valuation movements (4) (597.5) (131.0) (70.0) (798.5) \u2013 (798.5) Currency translation 81.4 (14.4) \u2013 67.0 (21.2) 45.8 Dec. 31, 2022 33,025.6 2,327.1 2 ,478.1 37,830.8 \u2013 37,830.8 (1) Capitalised expenses mainly relate to: \u2013 Shopping centres in France, Spain and the US; \u2013 Offices in France; and \u2013 C&E sites such as the Parc des Expositions in Porte de Versailles. (2) Includes the disposals of Solna Centrum, accounted as Property held for sale on December 31, 2021, Almere Centrum, Carr\u00e9 S\u00e9nart Shopping Parc, Gera Arcaden, Westfield South Shore, Westfield Trumbull and Villeneuve 2 (see note 1.1.1. \u201cAcquisitions/Disposals in 2022\u201d). (3) Includes: \u2013 the reclassification from IPUC at cost to IPUC at fair value (mainly CNIT Extension and Coppermaker Square Retail); and \u2013 the revaluation of the financial lease of LAX Airport (\u20ac93.7 Mn), Westfield Arkadia (\u20ac9.8 Mn), the Parc des Expositions in Porte de Versailles (\u20ac8.8 Mn) and Le Bourget (\u20ac6.1 Mn). (4) The negative valuation movements in the Shopping Centres resulted mainly from an increase of exit capitalisation rates and discount rates, partly offset by an increase in cash flows due to higher indexation
VALUATION ASSUMPTIONS AND SENSITIVITY
OF THE FULLY CONSOLIDATED ASSETS
Considering the limited public data available, the complexity of real
estate asset valuations, as well as the fact that appraisers use in their
valuations the non-public rent rolls of the Group\u2019s assets, URW believes
it is appropriate to classify its assets under Level 3 as per IFRS 13. In
addition, unobservable inputs, including appraisers\u2019 assumption on
growth rates and exit capitalisation rates, are used by appraisers to
determine the fair value of URW\u2019s assets.
As at December 31, 2022, 98% of URW\u2019s portfolio was appraised by
qualified independent external appraisers.
The net outstanding balances of deferred lease incentives and key
money amortised over the expected term of the lease, which
corrected the appraisal value, represented -\u20ac159.3 Mn (-\u20ac151.3 Mn as at
December 31, 2021).
The following tables provide a number of quantitative elements used by
the appraisers to assess the fair valuation of the Group\u2019s assets.
SHOPPING CENTRES
All shopping centres are valued using the discounted cash flow (\u201cDCF\u201d)
and/or yield methodologies.
The table below only includes fully consolidated assets.
Shopping Centres \u2013 December 31, 2022
Net
Initial Yield
Rent in \u20ac
per sqm
(1)
Discount
Rate
(2)
Exit Capitalisation
Rate
(3)
CAGR of
NRI
(4)
France
Max 7.1% 919 9.5% 13.1% 13.5%
Min 3.4% 174 6.3% 4.2% 3.8%
Weighted average 4.5% 585 6.5% 4.4% 4.9%
Spain
Max 9.0% 577 12.8% 8.5% 9.0%
Min 3.6% 131 7.5% 4.7% 2.5%
Weighted average 5.0% 370 7.9 % 5.0% 4.3%
Central Europe
Max 8.2% 681 9.2% 8.9% 3.2%
Min 5.3% 262 7.2% 5.2% 2.4%
Weighted average 5.7% 452 7.6% 5.4% 2.9%
Austria
Max 5.0% 438 6.7% 4.6% 3.3%
Min 4.9% 331 6.6% 4.6% 3.0%
Weighted average 4.9% 382 6.6% 4.6% 3.1%
Germany
Max 7.3% 508 9.0% 6.9% 3.9%
Min 4.8% 215 6.5% 4.6% 2.3%
Weighted average 5.4% 329 7.0% 5.0% 3.2%
Nordics
Max 6.1% 446 7.5% 5.3% 4.5%
Min 4.5% 285 6.6% 4.5% 2.9%
Weighted average 4.8% 386 6.9% 4.7% 3.5%
The Netherlands
Max 7.3% 403 7.7 % 6.6% 4.5%
Min 4.8% 297 5.8% 4.6% 3.0%
Weighted average 5.2% 365 6.2% 5.0% 3.9%
US
Max 9.3% 1,438 10.0% 9.0% 9.1%
Min 2.9% 420 6.5% 4.5% 0.6%
Weighted average 4.3% 773 6.9% 5.0% 4.2%
Net Initial Yield (\u201cNIY\u201d), Discount Rate (\u201cDR\u201d) and Exit Capitalisation Rate (\u201cECR\u201d) weighted by GMV. Vacant assets, assets considered at bid value, and assets under
restructuring are not included in Min. and Max. calculation. Assets under development or not controlled by URW, the Westfield trademark and the airport activities are
not included in this table neither the UK asset.
(1) Average annual rent (minimum guaranteed rent (\u201cMGR\u201d) + sales-based rent (\u201cSBR\u201d)) per asset per sqm.
(2) Rate used to calculate the net present value of future cash flows.
(3) Rate used to capitalise the exit rent to determine the exit value of an asset.
(4) Compound annual growth rate (\u201cCAGR\u201d) of Net Rental Income (\u201cNRI\u201d) determined by the appraiser (duration of the DCF model used either 6 or 10 years).
The table below shows the sensitivity on URW\u2019s Shopping Centres portfolio value for assets fully consolidated, excluding assets under development,
the Westfield trademark and the airport activities.
OFFICES & OTHERS Appraisers value the Group\u2019s Offices & Others using the DCF and yield methodologies. A change of +25 basis points in NIY, the main output of the appraisal models, would result in a downward adjustment of -\u20ac115 Mn (-5.4%) of URW\u2019s Offices & Others portfolio value for assets fully consolidated (occupied and vacant spaces, excluding assets under development). CONVENTION & EXHIBITION A change of +25 basis points in the weighted average cost of capital (\u201cWACC\u201d) as determined at December 31, 2022, would result in a downward adjustment of -\u20ac85.0 Mn (or -4.1%) of the C&E portfolio value. 5.1.3. INVESTMENT PROPERTIES UNDER CONSTRUCTION AT COST \u2013 IFRS BASIS (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Shopping Centres 724.3 897.2 France 148.9 229.0 Spain 121.4 140.3 US 11.6 38.2 Central Europe 38.4 34.4 Austria \u2013 \u2013 Germany 397.0 410.8 Nordics 7.0 12.5 The Netherlands \u2013 \u2013 UK \u2013 32.0 Offices & Others 438.3 458.6 France 83.4 106.0 Other countries 354.9 352.6 Convention & Exhibition \u2013 \u2013 Total 1,162 .6 1,355.8 As at December 31, 2022, assets under construction valued at cost are notably: \u2022 Mixed-used projects such as Westfield Hamburg; and \u2022 Office developments such as Sisters in La D\u00e9fense. Assets still stated at cost were subject to impairment tests as at December 31, 2022. Allowances were recorded for a total amount of -\u20ac276.0 Mn in 2022. It mainly corresponds to Westfield Hamburg. (\u20ac Mn) Gross value Impairment Total investment properties at cost Properties held for sale Total Dec. 31, 2020 1,547.6 (223.4) 1,324.1 94.4 1,418.5 Acquisitions 12.1 \u2013 12.1 \u2013 12.1 Capitalised expenses 249.7 \u2013 249.7 0.2 249.9 Disposals/exits from the scope of consolidation (93.1) \u2013 (93.1) (62.4) (155.5) Reclassification and transfer of category (105.5) (1.0) (106.6) 8.7 (97.8) Write-off (8.4) 8.4 \u2013 \u2013 \u2013 Impairment/reversal \u2013 (40.1) (40.1) \u2013 (40.1) Currency translation 10.8 (1.1) 9.6 \u2013 9.6 Dec. 31, 2021 1,613.1 (257.3) 1,355.8 40.9 1,396.7 Acquisitions 0.5 \u2013 0.5 \u2013 0.5 Capitalised expenses (1) 231.9 \u2013 231.9 2.7 234.6 Disposals/exits from the scope of consolidation (6.6) \u2013 (6.6) (42.6) (49.2) Reclassification and transfer of category (121.6) \u2013 (121.6) \u2013 (121.6) Write-off (39.1) 18.8 (20.2) (0.9) (21.2) Impairment/reversal (2) \u2013 (276.0) (276.0) \u2013 (276.0) Currency translation (2.1) 0.8 (1.3) 0.0 (1.4) Dec. 31, 2022 1,676.2 (513.6) 1,162.6 \u2013 1,162 .6 (1) Capitalised expenses mainly refer to investments in Westfield Hamburg. (2) Impairment mainly refers to Westfield Hamburg.
5.5. VALUATION MOVEMENTS ON ASSETS
This item reflects changes in market valuation of investment properties, impairment and reversal on tangible and intangible assets and amortisation
of fair value of assets recorded for the purpose of purchase price allocation.
(\u20ac Mn)
2022 2021
Investment properties at fair value (798.5) (1,116.2)
Shopping Centres (597.5) (1,176.8)
Offices & Others (131.0) 167.2
Convention & Exhibition (70.0) (106.6)
Investment properties at cost (297.1) (4 0.1)
Tangible and intangible assets (14.9) (41.0)
Total (1,110.6) (1,197.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-641": { "value": "5.1.1. ACCOUNTING PRINCIPLES INVESTMENT PROPERTIES (IAS 40 & IFRS 13) In accordance with IAS 40, investment properties are shown at their market value. According to IFRS 13, the fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). Expectations about future improvements or modifications to be made to the property interest to reflect its highest and best use have to be considered in the appraisal, such as the renovation of or an extension to the property interest. URW complies with the IFRS 13 fair value measurement rule and the position paper (1) on IFRS 13 established by EPRA, the representative body of the publicly listed real estate industry in Europe. Transaction costs incurred for an asset deal are capitalised in the value of the investment property. Capitalised expenses include capital expenditures, eviction costs, capitalised financial interests, external letting fees invoiced by third parties and other internal costs related to development projects. In accordance with IFRS 16 and IAS 40, the right-of-use assets arising from leased property which meet the definition of an investment property are measured at fair value. IPUC are covered by IAS 40 and are eligible to be measured at fair value. In accordance with the Group\u2019s investment properties valuation method, they are measured at fair value by a qualified independent external appraiser twice a year. As part of the recommendations of RICS, URW applies a rotation on the appraisal mandates on a regular basis: the last rotation occurred in 2021. Projects for which the fair value is not reliably determinable are measured at cost until such time that a fair value measurement becomes reliable, or until one year before the construction completion. According to the Group, a development project is eligible for a fair value measurement once all 3 of the following criteria are fulfilled: \u2022 All administrative authorisations needed to complete the project are obtained; \u2022 The construction has started and costs are committed toward the contractor; and \u2022 Substantial uncertainty in future rental income has been eliminated. If the time to delivery is less than 1 year, the project is accounted for at fair value. For properties measured at fair value, the market value adopted by URW is determined on the basis of appraisals by qualified independent external experts, who value the Group\u2019s portfolio as at June 30 and December 31 of each year. The gross value is reduced by disposal costs and transfer taxes (2) , depending on the country and on the tax situation of the property, in order to arrive at a net market value. For the Shopping Centres and Offices & Others portfolios, the independent appraisers determine the fair market value based on the results of 2 methods: the discounted cash flow methodology as well as the yield methodology. Furthermore, the resulting valuations are cross-checked against the initial yield, value per sqm and the fair market values established through actual market transactions. Appraisers have been given access to all information relevant for valuations, such as the Group\u2019s confidential rent rolls, including information on vacancy, break options, expiry dates and lease incentives, performance indicators (e.g. footfall and sales where available), letting evidence and the Group\u2019s cash flow forecasts from annually updated detailed asset business plans. As part of the files provided to carry out the valuation, a significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an asset-by- asset basis (3) (see note 2.3 \u201cClimate change and risks\u201d). Appraisers make their independent assessments of current and forward-looking cash flow profiles, and usually reflect risk either in the cash flow forecasts (e.g. future rental levels, growth, investment requirements, void periods and incentives, rent relief), in the applied required returns or discount rates and in the yield applied to capitalise the exit rent to determine an exit value. The sites of the C&E portfolio are qualified as investment property. For the C&E portfolio, the valuation methodology adopted is mainly based on a discounted cash flow model applied to the total net income projected over the life of the concession, or over the life of the long- term lease (notably the Porte de Versailles long-term lease) or leasehold if it exists, or otherwise over a 10-year period, with an estimate of the asset value at the end of the given time period, based either on the residual contractual value for concessions or on capitalised cash flows over the last year. The valuations carried out by the appraisers took into account total net income, which comprised net rents and ancillary services, as well as net income from car parks. The cost of maintenance works, major repairs, refurbishments, redevelopments, and extensions, as well as concession or leasehold fees, are included in projected cash flow figures. (1) EPRA position paper on IFRS 13 \u2013 Fair value measurement and illustrative disclosures, February 2013. (2) Transfer taxes are valued on the assumption that the property is sold directly, even though the cost of these taxes would, in certain cases, be reduced if the property\u2019s holding company would be sold. (3) For European shopping centres. The income statement for a given year (Y) records the change in value for each property, which is determined as follows: market value Y \u2013 market value Y-1 + amount of works and other costs capitalised in year Y. Capital gains on disposals of investment properties are calculated by comparison with their latest market value recorded in the closing statement of financial position for the previous financial year. Properties under construction carried at cost are subject to impairment tests, determined on the basis of the estimated recoverable value of the project. The recoverable value of a project is assessed, for significant projects by a qualified independent external appraiser and for others internally by the Development & Investment teams through the expected delivery date, expected development costs, and considering a market exit capitalisation rate and the expected net rents. When the estimated recoverable value is lower than net book value, an impairment provision is recorded. Properties held for sale are identified separately in the statement of financial position according to IFRS 5. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-649": { "value": "5.1.1. ACCOUNTING PRINCIPLES INVESTMENT PROPERTIES (IAS 40 & IFRS 13) In accordance with IAS 40, investment properties are shown at their market value. According to IFRS 13, the fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). Expectations about future improvements or modifications to be made to the property interest to reflect its highest and best use have to be considered in the appraisal, such as the renovation of or an extension to the property interest. URW complies with the IFRS 13 fair value measurement rule and the position paper (1) on IFRS 13 established by EPRA, the representative body of the publicly listed real estate industry in Europe. Transaction costs incurred for an asset deal are capitalised in the value of the investment property. Capitalised expenses include capital expenditures, eviction costs, capitalised financial interests, external letting fees invoiced by third parties and other internal costs related to development projects. In accordance with IFRS 16 and IAS 40, the right-of-use assets arising from leased property which meet the definition of an investment property are measured at fair value. IPUC are covered by IAS 40 and are eligible to be measured at fair value. In accordance with the Group\u2019s investment properties valuation method, they are measured at fair value by a qualified independent external appraiser twice a year. As part of the recommendations of RICS, URW applies a rotation on the appraisal mandates on a regular basis: the last rotation occurred in 2021. Projects for which the fair value is not reliably determinable are measured at cost until such time that a fair value measurement becomes reliable, or until one year before the construction completion. According to the Group, a development project is eligible for a fair value measurement once all 3 of the following criteria are fulfilled: \u2022 All administrative authorisations needed to complete the project are obtained; \u2022 The construction has started and costs are committed toward the contractor; and \u2022 Substantial uncertainty in future rental income has been eliminated. If the time to delivery is less than 1 year, the project is accounted for at fair value. For properties measured at fair value, the market value adopted by URW is determined on the basis of appraisals by qualified independent external experts, who value the Group\u2019s portfolio as at June 30 and December 31 of each year. The gross value is reduced by disposal costs and transfer taxes (2) , depending on the country and on the tax situation of the property, in order to arrive at a net market value. For the Shopping Centres and Offices & Others portfolios, the independent appraisers determine the fair market value based on the results of 2 methods: the discounted cash flow methodology as well as the yield methodology. Furthermore, the resulting valuations are cross-checked against the initial yield, value per sqm and the fair market values established through actual market transactions. Appraisers have been given access to all information relevant for valuations, such as the Group\u2019s confidential rent rolls, including information on vacancy, break options, expiry dates and lease incentives, performance indicators (e.g. footfall and sales where available), letting evidence and the Group\u2019s cash flow forecasts from annually updated detailed asset business plans. As part of the files provided to carry out the valuation, a significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an asset-by- asset basis (3) (see note 2.3 \u201cClimate change and risks\u201d). Appraisers make their independent assessments of current and forward-looking cash flow profiles, and usually reflect risk either in the cash flow forecasts (e.g. future rental levels, growth, investment requirements, void periods and incentives, rent relief), in the applied required returns or discount rates and in the yield applied to capitalise the exit rent to determine an exit value. The sites of the C&E portfolio are qualified as investment property. For the C&E portfolio, the valuation methodology adopted is mainly based on a discounted cash flow model applied to the total net income projected over the life of the concession, or over the life of the long- term lease (notably the Porte de Versailles long-term lease) or leasehold if it exists, or otherwise over a 10-year period, with an estimate of the asset value at the end of the given time period, based either on the residual contractual value for concessions or on capitalised cash flows over the last year. The valuations carried out by the appraisers took into account total net income, which comprised net rents and ancillary services, as well as net income from car parks. The cost of maintenance works, major repairs, refurbishments, redevelopments, and extensions, as well as concession or leasehold fees, are included in projected cash flow figures. (1) EPRA position paper on IFRS 13 \u2013 Fair value measurement and illustrative disclosures, February 2013. (2) Transfer taxes are valued on the assumption that the property is sold directly, even though the cost of these taxes would, in certain cases, be reduced if the property\u2019s holding company would be sold. (3) For European shopping centres. The income statement for a given year (Y) records the change in value for each property, which is determined as follows: market value Y \u2013 market value Y-1 + amount of works and other costs capitalised in year Y. Capital gains on disposals of investment properties are calculated by comparison with their latest market value recorded in the closing statement of financial position for the previous financial year. Properties under construction carried at cost are subject to impairment tests, determined on the basis of the estimated recoverable value of the project. The recoverable value of a project is assessed, for significant projects by a qualified independent external appraiser and for others internally by the Development & Investment teams through the expected delivery date, expected development costs, and considering a market exit capitalisation rate and the expected net rents. When the estimated recoverable value is lower than net book value, an impairment provision is recorded. Properties held for sale are identified separately in the statement of financial position according to IFRS 5. 5.1.2. INVESTMENT PROPERTIES AT FAIR VALUE \u2013 IFRS BASIS (\u20acMn) Dec. 31, 2022 Dec. 31, 2021 Shopping Centres 33,025.6 33,797.0 France 11,658.5 11,971.6 Spain 3,402.2 3,348.7 US 5,164.5 5,151.1 Central Europe 3,795.2 3,692.6 Austria 2,159.8 2,187.9 Germany 1,656.9 1,804.8 Nordics 2,514.1 2,705.2 The Netherlands 1,519.0 1,665.8 UK 1,155.4 1,269.3 Offices & Others 2,327.1 2,343.6 France 1,779.6 1,754.9 Other countries 547.5 588.7 Convention & Exhibition 2,478.1 2,501.4 Total 37,830.8 38,6 42.1 The decrease is explained in the table below. (\u20acMn) Shopping Centres Offices & Others Convention & Exhibition Total investment properties Properties held for sale Total Dec. 31, 2020 34,893.3 2,278.1 2,452.2 39,623.6 9 07.7 40,531.3 Acquisitions 0.3 \u2013 \u2013 0.3 \u2013 0.3 Entry into scope of consolidation 183.0 \u2013 \u2013 183.0 \u2013 183.0 Capitalised expenses 408.4 92.9 27.4 528.8 (0.9) 527.9 Disposals/exits from the scope of consolidation (670.3) (118.7) \u2013 (789.0) (912.3) (1,701.3) Reclassification and transfer of category (3 07.7) (96.2) 128.3 (275.6) 270.4 (5.2) Discounting impact 1.2 \u2013 \u2013 1.2 \u2013 1.2 Valuation movements (1,176.8) 167.2 (106.6) (1,116.2) \u2013 (1,116.2) Currency translation 465.6 20.2 \u2013 485.9 5.5 491.4 Dec. 31, 2021 33,797.0 2,343.6 2,501.4 38,642 .1 270.4 38,912.5 Acquisitions 22.8 3.3 \u2013 26.1 \u2013 26.1 Capitalised expenses (1) 340.5 94.4 31.8 466.7 0.3 467.0 Disposals/exits from the scope of consolidation (2) (812.5) (5.2) \u2013 (817.7) (249.5) (1,0 67.2) Reclassification and transfer of category (3) 191.3 36.4 15.0 242.6 \u2013 242.6 Discounting impact 2.6 \u2013 \u2013 2.6 \u2013 2.6 Valuation movements (4) (597.5) (131.0) (70.0) (798.5) \u2013 (798.5) Currency translation 81.4 (14.4) \u2013 67.0 (21.2) 45.8 Dec. 31, 2022 33,025.6 2,327.1 2 ,478.1 37,830.8 \u2013 37,830.8 (1) Capitalised expenses mainly relate to: \u2013 Shopping centres in France, Spain and the US; \u2013 Offices in France; and \u2013 C&E sites such as the Parc des Expositions in Porte de Versailles. (2) Includes the disposals of Solna Centrum, accounted as Property held for sale on December 31, 2021, Almere Centrum, Carr\u00e9 S\u00e9nart Shopping Parc, Gera Arcaden, Westfield South Shore, Westfield Trumbull and Villeneuve 2 (see note 1.1.1. \u201cAcquisitions/Disposals in 2022\u201d). (3) Includes: \u2013 the reclassification from IPUC at cost to IPUC at fair value (mainly CNIT Extension and Coppermaker Square Retail); and \u2013 the revaluation of the financial lease of LAX Airport (\u20ac93.7 Mn), Westfield Arkadia (\u20ac9.8 Mn), the Parc des Expositions in Porte de Versailles (\u20ac8.8 Mn) and Le Bourget (\u20ac6.1 Mn). (4) The negative valuation movements in the Shopping Centres resulted mainly from an increase of exit capitalisation rates and discount rates, partly offset by an increase in cash flows due to higher indexation VALUATION ASSUMPTIONS AND SENSITIVITY OF THE FULLY CONSOLIDATED ASSETS Considering the limited public data available, the complexity of real estate asset valuations, as well as the fact that appraisers use in their valuations the non-public rent rolls of the Group\u2019s assets, URW believes it is appropriate to classify its assets under Level 3 as per IFRS 13. In addition, unobservable inputs, including appraisers\u2019 assumption on growth rates and exit capitalisation rates, are used by appraisers to determine the fair value of URW\u2019s assets. As at December 31, 2022, 98% of URW\u2019s portfolio was appraised by qualified independent external appraisers. The net outstanding balances of deferred lease incentives and key money amortised over the expected term of the lease, which corrected the appraisal value, represented -\u20ac159.3 Mn (-\u20ac151.3 Mn as at December 31, 2021). The following tables provide a number of quantitative elements used by the appraisers to assess the fair valuation of the Group\u2019s assets. SHOPPING CENTRES All shopping centres are valued using the discounted cash flow (\u201cDCF\u201d) and/or yield methodologies. The table below only includes fully consolidated assets. Shopping Centres \u2013 December 31, 2022 Net Initial Yield Rent in \u20ac per sqm (1) Discount Rate (2) Exit Capitalisation Rate (3) CAGR of NRI (4) France Max 7.1% 919 9.5% 13.1% 13.5% Min 3.4% 174 6.3% 4.2% 3.8% Weighted average 4.5% 585 6.5% 4.4% 4.9% Spain Max 9.0% 577 12.8% 8.5% 9.0% Min 3.6% 131 7.5% 4.7% 2.5% Weighted average 5.0% 370 7.9 % 5.0% 4.3% Central Europe Max 8.2% 681 9.2% 8.9% 3.2% Min 5.3% 262 7.2% 5.2% 2.4% Weighted average 5.7% 452 7.6% 5.4% 2.9% Austria Max 5.0% 438 6.7% 4.6% 3.3% Min 4.9% 331 6.6% 4.6% 3.0% Weighted average 4.9% 382 6.6% 4.6% 3.1% Germany Max 7.3% 508 9.0% 6.9% 3.9% Min 4.8% 215 6.5% 4.6% 2.3% Weighted average 5.4% 329 7.0% 5.0% 3.2% Nordics Max 6.1% 446 7.5% 5.3% 4.5% Min 4.5% 285 6.6% 4.5% 2.9% Weighted average 4.8% 386 6.9% 4.7% 3.5% The Netherlands Max 7.3% 403 7.7 % 6.6% 4.5% Min 4.8% 297 5.8% 4.6% 3.0% Weighted average 5.2% 365 6.2% 5.0% 3.9% US Max 9.3% 1,438 10.0% 9.0% 9.1% Min 2.9% 420 6.5% 4.5% 0.6% Weighted average 4.3% 773 6.9% 5.0% 4.2% Net Initial Yield (\u201cNIY\u201d), Discount Rate (\u201cDR\u201d) and Exit Capitalisation Rate (\u201cECR\u201d) weighted by GMV. Vacant assets, assets considered at bid value, and assets under restructuring are not included in Min. and Max. calculation. Assets under development or not controlled by URW, the Westfield trademark and the airport activities are not included in this table neither the UK asset. (1) Average annual rent (minimum guaranteed rent (\u201cMGR\u201d) + sales-based rent (\u201cSBR\u201d)) per asset per sqm. (2) Rate used to calculate the net present value of future cash flows. (3) Rate used to capitalise the exit rent to determine the exit value of an asset. (4) Compound annual growth rate (\u201cCAGR\u201d) of Net Rental Income (\u201cNRI\u201d) determined by the appraiser (duration of the DCF model used either 6 or 10 years). The table below shows the sensitivity on URW\u2019s Shopping Centres portfolio value for assets fully consolidated, excluding assets under development, the Westfield trademark and the airport activities. Sensitivity Impact in \u20ac Mn Impact in % +25 bps in NIY (1,660) (4.9)% +25 bps in DR (554) (1.6)% +10 bps in ECR (467) (1.4)% -5% in appraisers\u2019 ERV (1,387) (4.1)% OFFICES & OTHERS Appraisers value the Group\u2019s Offices & Others using the DCF and yield methodologies. A change of +25 basis points in NIY, the main output of the appraisal models, would result in a downward adjustment of -\u20ac115 Mn (-5.4%) of URW\u2019s Offices & Others portfolio value for assets fully consolidated (occupied and vacant spaces, excluding assets under development). CONVENTION & EXHIBITION A change of +25 basis points in the weighted average cost of capital (\u201cWACC\u201d) as determined at December 31, 2022, would result in a downward adjustment of -\u20ac85.0 Mn (or -4.1%) of the C&E portfolio value. 5.5. VALUATION MOVEMENTS ON ASSETS This item reflects changes in market valuation of investment properties, impairment and reversal on tangible and intangible assets and amortisation of fair value of assets recorded for the purpose of purchase price allocation. (\u20ac Mn) 2022 2021 Investment properties at fair value (798.5) (1,116.2) Shopping Centres (597.5) (1,176.8) Offices & Others (131.0) 167.2 Convention & Exhibition (70.0) (106.6) Investment properties at cost (297.1) (4 0.1) Tangible and intangible assets (14.9) (41.0) Total (1,110.6) (1,197.3) 6.3.3. VALUATION ASSUMPTIONS AND SENSITIVITY The following tables provide a number of quantitative data in order to assess the fair valuation of the Group\u2019s assets accounted for using the equity method. SHOPPING CENTRES All shopping centres are valued using the DCF and/or yield methodologies. Shopping Centres \u2013 December 31, 2022 Net Initial Yield Rent in \u20ac per sqm (1) Discount Rate (2) Exit Capitalisation Rate (3) CAGR of NRI (4) Europe Max 7.6% 947 8.9% 6.8% 4.6% Min 4.3% 125 6.5% 4.4% 1.7% Weighted average 5.8% 370 7.4% 5.7% 2.6% US Max 9.6% 1,213 10.3% 9.0% 11.4% Min 3.7% 321 6.5% 4.5% 1.1% Weighted average 4.9% 653 7.3% 5.3% 5.0% NY, DR and ECR weighted by GMV. Vacant assets, assets considered at bid value, and assets under restructuring are not included in Min. and Max. calculation. Assets under development or not controlled by URW are not included in this table. The UK assets are included in the table. (1) Average annual rent (MGR + SBR) per asset per sqm. (2) Rate used to calculate the net present value of future cash flows. (3) Rate used to capitalise the exit rent to determine the exit value of an asset. (4) CAGR of NRI determined by the appraiser (between 6 and 10 years depending on duration of DCF model used). The table below shows the sensitivity on URW\u2019s Shopping Centre portfolio value for assets accounted for using the equity method, excluding assets under development. Sensitivity Impact in \u20ac Mn Impact in % +25 bps in NIY (379) (4.6)% +25 bps in DR (154) (1.9)% +10 bps in ECR (99) (1.2)% -5% in appraisers\u2019 ERV (268) (3.2)% 7.2.2. FAIR VALUE ADJUSTMENT OF DERIVATIVES, DEBTS AND CURRENCY EFFECT (\u20acMn) 2022 2021 Mark-to-market of the ORNANEs 0.3 (2.9) Currency impact (13.2) (29.3) Restructuring of debt, hedges and mark-to-market of derivatives 233.3 (28.4) Other financial assets and liabilities 54.9 (33.6) Debt discounting 0.6 (0.9) Total non-recurring financial result 275.9 (95.1) 7.7.1. FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AND LIABILITIES IFRS 13 establishes a hierarchy of valuation techniques for financial instruments. The following categories are identified: \u2022 Level 1: financial instruments quoted in an active market; \u2022 Level 2: financial instruments whose fair value is evidenced by comparison with other observable current market transactions in the same instrument (i.e. without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets; and \u2022 Level 3: financial instruments whose fair value is determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable current market transactions in the same instrument (i.e. without modification or repackaging) and not based on available observable market data. ( \u20acMn) Fair value measurement at Dec. 31, 2022 Total Level 1 Level 2 Level 3 Assets Fair value through profit or loss Investments in financial assets 173.1 \u2013 \u2013 173.1 Derivatives 831.0 \u2013 831.0 \u2013 Marketable securities 11.5 11.5 \u2013 \u2013 Fair value through equity Investments in financial assets 24.5 \u2013 \u2013 24.5 Derivatives \u2013 \u2013 \u2013 \u2013 Total 1,040.0 11.5 831.0 197.5 Liabilities Fair value through profit or loss Commitment to non-controlling interests 44.8 \u2013 \u2013 44.8 ORNANE \u2013 \u2013 \u2013 \u2013 Derivatives 1,0 97.4 \u2013 1,0 97.4 \u2013 Other non-current liabilities 52.4 \u2013 \u2013 52.4 Total 1,194.6 \u2013 1,0 97.4 97.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-616": { "value": "5.1.1. ACCOUNTING PRINCIPLES INVESTMENT PROPERTIES (IAS 40 & IFRS 13) In accordance with IAS 40, investment properties are shown at their market value. According to IFRS 13, the fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). Expectations about future improvements or modifications to be made to the property interest to reflect its highest and best use have to be considered in the appraisal, such as the renovation of or an extension to the property interest. URW complies with the IFRS 13 fair value measurement rule and the position paper (1) on IFRS 13 established by EPRA, the representative body of the publicly listed real estate industry in Europe. Transaction costs incurred for an asset deal are capitalised in the value of the investment property. Capitalised expenses include capital expenditures, eviction costs, capitalised financial interests, external letting fees invoiced by third parties and other internal costs related to development projects. In accordance with IFRS 16 and IAS 40, the right-of-use assets arising from leased property which meet the definition of an investment property are measured at fair value. IPUC are covered by IAS 40 and are eligible to be measured at fair value. In accordance with the Group\u2019s investment properties valuation method, they are measured at fair value by a qualified independent external appraiser twice a year. As part of the recommendations of RICS, URW applies a rotation on the appraisal mandates on a regular basis: the last rotation occurred in 2021. Projects for which the fair value is not reliably determinable are measured at cost until such time that a fair value measurement becomes reliable, or until one year before the construction completion. According to the Group, a development project is eligible for a fair value measurement once all 3 of the following criteria are fulfilled: \u2022 All administrative authorisations needed to complete the project are obtained; \u2022 The construction has started and costs are committed toward the contractor; and \u2022 Substantial uncertainty in future rental income has been eliminated. If the time to delivery is less than 1 year, the project is accounted for at fair value. For properties measured at fair value, the market value adopted by URW is determined on the basis of appraisals by qualified independent external experts, who value the Group\u2019s portfolio as at June 30 and December 31 of each year. The gross value is reduced by disposal costs and transfer taxes (2) , depending on the country and on the tax situation of the property, in order to arrive at a net market value. For the Shopping Centres and Offices & Others portfolios, the independent appraisers determine the fair market value based on the results of 2 methods: the discounted cash flow methodology as well as the yield methodology. Furthermore, the resulting valuations are cross-checked against the initial yield, value per sqm and the fair market values established through actual market transactions. Appraisers have been given access to all information relevant for valuations, such as the Group\u2019s confidential rent rolls, including information on vacancy, break options, expiry dates and lease incentives, performance indicators (e.g. footfall and sales where available), letting evidence and the Group\u2019s cash flow forecasts from annually updated detailed asset business plans. As part of the files provided to carry out the valuation, a significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an asset-by- asset basis (3) (see note 2.3 \u201cClimate change and risks\u201d). Appraisers make their independent assessments of current and forward-looking cash flow profiles, and usually reflect risk either in the cash flow forecasts (e.g. future rental levels, growth, investment requirements, void periods and incentives, rent relief), in the applied required returns or discount rates and in the yield applied to capitalise the exit rent to determine an exit value. The sites of the C&E portfolio are qualified as investment property. For the C&E portfolio, the valuation methodology adopted is mainly based on a discounted cash flow model applied to the total net income projected over the life of the concession, or over the life of the long- term lease (notably the Porte de Versailles long-term lease) or leasehold if it exists, or otherwise over a 10-year period, with an estimate of the asset value at the end of the given time period, based either on the residual contractual value for concessions or on capitalised cash flows over the last year. The valuations carried out by the appraisers took into account total net income, which comprised net rents and ancillary services, as well as net income from car parks. The cost of maintenance works, major repairs, refurbishments, redevelopments, and extensions, as well as concession or leasehold fees, are included in projected cash flow figures. (1) EPRA position paper on IFRS 13 \u2013 Fair value measurement and illustrative disclosures, February 2013. (2) Transfer taxes are valued on the assumption that the property is sold directly, even though the cost of these taxes would, in certain cases, be reduced if the property\u2019s holding company would be sold. (3) For European shopping centres. The income statement for a given year (Y) records the change in value for each property, which is determined as follows: market value Y \u2013 market value Y-1 + amount of works and other costs capitalised in year Y. Capital gains on disposals of investment properties are calculated by comparison with their latest market value recorded in the closing statement of financial position for the previous financial year. Properties under construction carried at cost are subject to impairment tests, determined on the basis of the estimated recoverable value of the project. The recoverable value of a project is assessed, for significant projects by a qualified independent external appraiser and for others internally by the Development & Investment teams through the expected delivery date, expected development costs, and considering a market exit capitalisation rate and the expected net rents. When the estimated recoverable value is lower than net book value, an impairment provision is recorded. Properties held for sale are identified separately in the statement of financial position according to IFRS 5. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-633": { "value": "5.1.1. ACCOUNTING PRINCIPLES INVESTMENT PROPERTIES (IAS 40 & IFRS 13) In accordance with IAS 40, investment properties are shown at their market value. According to IFRS 13, the fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). Expectations about future improvements or modifications to be made to the property interest to reflect its highest and best use have to be considered in the appraisal, such as the renovation of or an extension to the property interest. URW complies with the IFRS 13 fair value measurement rule and the position paper (1) on IFRS 13 established by EPRA, the representative body of the publicly listed real estate industry in Europe. Transaction costs incurred for an asset deal are capitalised in the value of the investment property. Capitalised expenses include capital expenditures, eviction costs, capitalised financial interests, external letting fees invoiced by third parties and other internal costs related to development projects. In accordance with IFRS 16 and IAS 40, the right-of-use assets arising from leased property which meet the definition of an investment property are measured at fair value. IPUC are covered by IAS 40 and are eligible to be measured at fair value. In accordance with the Group\u2019s investment properties valuation method, they are measured at fair value by a qualified independent external appraiser twice a year. As part of the recommendations of RICS, URW applies a rotation on the appraisal mandates on a regular basis: the last rotation occurred in 2021. Projects for which the fair value is not reliably determinable are measured at cost until such time that a fair value measurement becomes reliable, or until one year before the construction completion. According to the Group, a development project is eligible for a fair value measurement once all 3 of the following criteria are fulfilled: \u2022 All administrative authorisations needed to complete the project are obtained; \u2022 The construction has started and costs are committed toward the contractor; and \u2022 Substantial uncertainty in future rental income has been eliminated. If the time to delivery is less than 1 year, the project is accounted for at fair value. For properties measured at fair value, the market value adopted by URW is determined on the basis of appraisals by qualified independent external experts, who value the Group\u2019s portfolio as at June 30 and December 31 of each year. The gross value is reduced by disposal costs and transfer taxes (2) , depending on the country and on the tax situation of the property, in order to arrive at a net market value. For the Shopping Centres and Offices & Others portfolios, the independent appraisers determine the fair market value based on the results of 2 methods: the discounted cash flow methodology as well as the yield methodology. Furthermore, the resulting valuations are cross-checked against the initial yield, value per sqm and the fair market values established through actual market transactions. Appraisers have been given access to all information relevant for valuations, such as the Group\u2019s confidential rent rolls, including information on vacancy, break options, expiry dates and lease incentives, performance indicators (e.g. footfall and sales where available), letting evidence and the Group\u2019s cash flow forecasts from annually updated detailed asset business plans. As part of the files provided to carry out the valuation, a significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an asset-by- asset basis (3) (see note 2.3 \u201cClimate change and risks\u201d). Appraisers make their independent assessments of current and forward-looking cash flow profiles, and usually reflect risk either in the cash flow forecasts (e.g. future rental levels, growth, investment requirements, void periods and incentives, rent relief), in the applied required returns or discount rates and in the yield applied to capitalise the exit rent to determine an exit value. The sites of the C&E portfolio are qualified as investment property. For the C&E portfolio, the valuation methodology adopted is mainly based on a discounted cash flow model applied to the total net income projected over the life of the concession, or over the life of the long- term lease (notably the Porte de Versailles long-term lease) or leasehold if it exists, or otherwise over a 10-year period, with an estimate of the asset value at the end of the given time period, based either on the residual contractual value for concessions or on capitalised cash flows over the last year. The valuations carried out by the appraisers took into account total net income, which comprised net rents and ancillary services, as well as net income from car parks. The cost of maintenance works, major repairs, refurbishments, redevelopments, and extensions, as well as concession or leasehold fees, are included in projected cash flow figures. (1) EPRA position paper on IFRS 13 \u2013 Fair value measurement and illustrative disclosures, February 2013. (2) Transfer taxes are valued on the assumption that the property is sold directly, even though the cost of these taxes would, in certain cases, be reduced if the property\u2019s holding company would be sold. (3) For European shopping centres. The income statement for a given year (Y) records the change in value for each property, which is determined as follows: market value Y \u2013 market value Y-1 + amount of works and other costs capitalised in year Y. Capital gains on disposals of investment properties are calculated by comparison with their latest market value recorded in the closing statement of financial position for the previous financial year. Properties under construction carried at cost are subject to impairment tests, determined on the basis of the estimated recoverable value of the project. The recoverable value of a project is assessed, for significant projects by a qualified independent external appraiser and for others internally by the Development & Investment teams through the expected delivery date, expected development costs, and considering a market exit capitalisation rate and the expected net rents. When the estimated recoverable value is lower than net book value, an impairment provision is recorded. Properties held for sale are identified separately in the statement of financial position according to IFRS 5. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-642": { "value": "The decrease is explained in the table below. (\u20acMn) Shopping Centres Offices & Others Convention & Exhibition Total investment properties Properties held for sale Total Dec. 31, 2020 34,893.3 2,278.1 2,452.2 39,623.6 9 07.7 40,531.3 Acquisitions 0.3 \u2013 \u2013 0.3 \u2013 0.3 Entry into scope of consolidation 183.0 \u2013 \u2013 183.0 \u2013 183.0 Capitalised expenses 408.4 92.9 27.4 528.8 (0.9) 527.9 Disposals/exits from the scope of consolidation (670.3) (118.7) \u2013 (789.0) (912.3) (1,701.3) Reclassification and transfer of category (3 07.7) (96.2) 128.3 (275.6) 270.4 (5.2) Discounting impact 1.2 \u2013 \u2013 1.2 \u2013 1.2 Valuation movements (1,176.8) 167.2 (106.6) (1,116.2) \u2013 (1,116.2) Currency translation 465.6 20.2 \u2013 485.9 5.5 491.4 Dec. 31, 2021 33,797.0 2,343.6 2,501.4 38,642 .1 270.4 38,912.5 Acquisitions 22.8 3.3 \u2013 26.1 \u2013 26.1 Capitalised expenses (1) 340.5 94.4 31.8 466.7 0.3 467.0 Disposals/exits from the scope of consolidation (2) (812.5) (5.2) \u2013 (817.7) (249.5) (1,0 67.2) Reclassification and transfer of category (3) 191.3 36.4 15.0 242.6 \u2013 242.6 Discounting impact 2.6 \u2013 \u2013 2.6 \u2013 2.6 Valuation movements (4) (597.5) (131.0) (70.0) (798.5) \u2013 (798.5) Currency translation 81.4 (14.4) \u2013 67.0 (21.2) 45.8 Dec. 31, 2022 33,025.6 2,327.1 2 ,478.1 37,830.8 \u2013 37,830.8 (1) Capitalised expenses mainly relate to: \u2013 Shopping centres in France, Spain and the US; \u2013 Offices in France; and \u2013 C&E sites such as the Parc des Expositions in Porte de Versailles. (2) Includes the disposals of Solna Centrum, accounted as Property held for sale on December 31, 2021, Almere Centrum, Carr\u00e9 S\u00e9nart Shopping Parc, Gera Arcaden, Westfield South Shore, Westfield Trumbull and Villeneuve 2 (see note 1.1.1. \u201cAcquisitions/Disposals in 2022\u201d). (3) Includes: \u2013 the reclassification from IPUC at cost to IPUC at fair value (mainly CNIT Extension and Coppermaker Square Retail); and \u2013 the revaluation of the financial lease of LAX Airport (\u20ac93.7 Mn), Westfield Arkadia (\u20ac9.8 Mn), the Parc des Expositions in Porte de Versailles (\u20ac8.8 Mn) and Le Bourget (\u20ac6.1 Mn). (4) The negative valuation movements in the Shopping Centres resulted mainly from an increase of exit capitalisation rates and discount rates, partly offset by an increase in cash flows due to higher indexation . ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-650": { "value": "5.2. TANGIBLE ASSETS 5.2.1. ACCOUNTING PRINCIPLES Under the preferential method proposed by IAS 16, operating assets are valued at their historic cost, less cumulative depreciation, and any decrease in value. Depreciation is calculated using the \u201ccomponent accounting\u201d method, where each asset is broken down into major components based on their useful life. The 4 components of a property are the main structure, the facade, technical equipment and finishing fixtures and fittings, depreciated respectively over 60, 30, 20 and 15 years for Offices & Others properties, and 35, 25, 20 and 15 years for Shopping Centres assets. If the appraisal value of a property is lower than net book value, an impairment provision is recorded. 5.2.2. CHANGES IN TANGIBLE ASSETS Net value (\u20ac Mn) Operating assets Furniture and equipment Right-of-use assets Total Dec. 31, 2020 143.2 83.4 52.6 279.2 Acquisitions and capitalised expenses 0.1 16.5 \u2013 16.5 Reclassification \u2013 (0.6) 25.4 24.7 Disposals/exits from the scope of consolidation (141.9) (1.2) \u2013 (143.1) Depreciation (1.4) (24.0) (12.5) (37.9) Impairment/reversal \u2013 2.6 \u2013 2.6 Currency translation \u2013 3.7 0.1 3.8 Dec. 31, 2021 \u2013 80.4 65.5 145.9 Acquisitions and capitalised expenses \u2013 15.9 1.3 17.2 Reclassification \u2013 8.9 20.2 29.1 Disposals/exits from the scope \u2013 (2.0) (14.4) (1) (16.4) Depreciation \u2013 (24.4) (15.1) (39.5) Impairment/reversal (2) \u2013 (0.8) \u2013 (0.8 ) Currency translation \u2013 0.5 1.3 1.8 Dec. 31, 2022 \u2013 78.5 58.8 137.3 (1) Exit following the floor space reduction of office lease at Westfield LLC. (2) Impairment/reversal on Viparis assets according to the external appraisals. 5.5. VALUATION MOVEMENTS ON ASSETS This item reflects changes in market valuation of investment properties, impairment and reversal on tangible and intangible assets and amortisation of fair value of assets recorded for the purpose of purchase price allocation. (\u20ac Mn) 2022 2021 Investment properties at fair value (798.5) (1,116.2) Shopping Centres (597.5) (1,176.8) Offices & Others (131.0) 167.2 Convention & Exhibition (70.0) (106.6) Investment properties at cost (297.1) (4 0.1) Tangible and intangible assets (14.9) (41.0) Total (1,110.6) (1,197.3) ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-617": { "value": "5.2.1. ACCOUNTING PRINCIPLES Under the preferential method proposed by IAS 16, operating assets are valued at their historic cost, less cumulative depreciation, and any decrease in value. Depreciation is calculated using the \u201ccomponent accounting\u201d method, where each asset is broken down into major components based on their useful life. The 4 components of a property are the main structure, the facade, technical equipment and finishing fixtures and fittings, depreciated respectively over 60, 30, 20 and 15 years for Offices & Others properties, and 35, 25, 20 and 15 years for Shopping Centres assets. If the appraisal value of a property is lower than net book value, an impairment provision is recorded. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-592": { "value": "
5.2.2. CHANGES IN TANGIBLE ASSETS
Net value (\u20ac Mn)
Operating
assets
Furniture and
equipment
Right-of-use
assets Total
Dec. 31, 2020 143.2 83.4 52.6 279.2
Acquisitions and capitalised expenses 0.1 16.5 \u2013 16.5
Reclassification \u2013 (0.6) 25.4 24.7
Disposals/exits from the scope of consolidation (141.9) (1.2) \u2013 (143.1)
Depreciation (1.4) (24.0) (12.5) (37.9)
Impairment/reversal \u2013 2.6 \u2013 2.6
Currency translation \u2013 3.7 0.1 3.8
Dec. 31, 2021 \u2013 80.4 65.5 145.9
Acquisitions and capitalised expenses \u2013 15.9 1.3 17.2
Reclassification \u2013 8.9 20.2 29.1
Disposals/exits from the scope \u2013 (2.0) (14.4)
(1)
(16.4)
Depreciation \u2013 (24.4) (15.1) (39.5)
Impairment/reversal
(2)
\u2013 (0.8) \u2013 (0.8 )
Currency translation \u2013 0.5 1.3 1.8
Dec. 31, 2022 \u2013 78.5 58.8 137.3
(1) Exit following the floor space reduction of office lease at Westfield LLC.
(2) Impairment/reversal on Viparis assets according to the external appraisals.
5.3.2. CHANGES IN INTANGIBLE ASSETS
Net value (\u20ac Mn)
PM/DD&C/
Airport
(2)
Trademark
Rights and
exhibitions
Other intangible
assets Total
Dec. 31, 2020 296.0 425.8 118.7 35.9 876.3
Acquisitions \u2013 \u2013 \u2013 8.0 8.0
Amortisation (31.9) \u2013 (2.0) (15.7) (49.6)
Impairment/reversal (30.1) \u2013 18.4 \u2013 (11.7)
Currency translation 20.0 \u2013 \u2013 1.3 21.3
Reclassification \u2013 \u2013 \u2013 0.6 0.6
Dec. 31, 2021 253.9 425.8 135.1 30.0 844.8
Acquisitions \u2013 \u2013 \u2013 5.2 5.2
Disposals \u2013 \u2013 \u2013 (0.7) (0.7)
Amortisation (9.8) \u2013 (2.0) (13.1) (24.9)
Impairment/reversal
(1)
11.9 \u2013 (16.2) \u2013 (4.3)
Currency translation (1.6) \u2013 \u2013 0.9 (0.7)
Reclassification \u2013 \u2013 \u2013 1.1 1.1
Dec. 31, 2022 254.3 425.8 117.0 23.4 820.5
(1) The amount of impairment mainly relates to C&E\u2019s intangible assets partly offset by the reversal of impairment at the PM business in UK and the US.
(2) As at December 31, 2021, the Airport activities and PM contracts with Regionals in the US were fully amortised, as well as the DD&C in the UK.
One of the main assumptions used to value the PM, DD&C and the
Trademark is the DR, which stands between 9.3% and 9.8%.
PM
A change of +25 basis points in the DR of the PM\u2019s intangible assets as
determined at December 31, 2022, would result in an additional
impairment of -\u20ac4.4 Mn.
A change of -10 basis points in the long-term growth rate of the PM
intangible assets as determined at December 31, 2022, would result in
an additional impairment of -\u20ac1.1 Mn.
TRADEMARK
For the Trademark, the impairment test performed was based on an
independent external appraisal and no impairment was required.
A change of +25 basis points in the DR of the Trademark as determined
at December 31, 2022, would lead to an impairment of -\u20ac8.6 Mn.
A change of -10 basis points in the long-term growth rate of the
Trademark as determined at December 31, 2022, would not lead to any
impairment of the intangible assets. An impairment would be necessary
with a change of -26 basis points in the long-term growth rate.
RIGHTS AND EXHIBITIONS
As at December 31, 2022, impairment tests were performed on the
intangible assets relating to the Viparis entities based on the valuations
of independent external appraisers and an impairment of -\u20ac16.2 Mn was
recognised.
A change of +25 basis points in the WACC of Viparis intangible assets as
determined at December 31, 2022, would result in a negative adjustment
of -\u20ac26.6 Mn (-5.6%) on the appraisal value of the intangible assets and
would lead to an additional impairment of -\u20ac2.3 Mn.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-643": { "value": "5.2.2. CHANGES IN TANGIBLE ASSETS Net value (\u20ac Mn) Operating assets Furniture and equipment Right-of-use assets Total Dec. 31, 2020 143.2 83.4 52.6 279.2 Acquisitions and capitalised expenses 0.1 16.5 \u2013 16.5 Reclassification \u2013 (0.6) 25.4 24.7 Disposals/exits from the scope of consolidation (141.9) (1.2) \u2013 (143.1) Depreciation (1.4) (24.0) (12.5) (37.9) Impairment/reversal \u2013 2.6 \u2013 2.6 Currency translation \u2013 3.7 0.1 3.8 Dec. 31, 2021 \u2013 80.4 65.5 145.9 Acquisitions and capitalised expenses \u2013 15.9 1.3 17.2 Reclassification \u2013 8.9 20.2 29.1 Disposals/exits from the scope \u2013 (2.0) (14.4) (1) (16.4) Depreciation \u2013 (24.4) (15.1) (39.5) Impairment/reversal (2) \u2013 (0.8) \u2013 (0.8 ) Currency translation \u2013 0.5 1.3 1.8 Dec. 31, 2022 \u2013 78.5 58.8 137.3 (1) Exit following the floor space reduction of office lease at Westfield LLC. (2) Impairment/reversal on Viparis assets according to the external appraisals. 5.3.1. ACCOUNTING PRINCIPLES INTANGIBLE ASSETS (IAS 38)/IMPAIRMENT OF ASSETS (IAS 36) An intangible asset is recognised when it is identifiable and separable and can be sold, transferred, licensed, rented, or exchanged, either individually or as part of a contract with an attached asset or a liability, or which arises from contractual or other legal rights regardless of whether those rights are transferable or separable. After initial recognition, intangible assets are recognised at cost less any amortisation charges and impairment losses. Intangible assets with a finite life are amortised on a linear basis over the life of the asset. Intangible assets with an indefinite useful life are not amortised. The useful life of intangible asset is reviewed each year. An impairment test is carried out whenever there is an indication of impairment and, at least annually, for intangible assets with an indefinite useful life. The impairment test consists of comparing the book value with the recoverable amount of the intangible. The recoverable amount of an asset is the maximum between its fair value less disposal costs and its value in use. The fair value of each asset is individually determined by qualified independent external appraisers using the DCF methodology. If the appraisal value of an intangible asset is lower than net book value, an impairment is recorded. The intangible assets arise from: \u2022 The Property Management (\u201cPM\u201d) business in the US and the UK; \u2022 The DD&C business in the US and the UK; \u2022 The Airport activities in the US; \u2022 The Westfield trademark; \u2022 Rights and exhibitions: mainly Viparis entities; and \u2022 Other intangible assets. Intangible assets for PM, DD&C and Airport activities relate to the value of the customer contracts identified for these activities at the date of acquisition of Westfield. They correspond to contracts with shopping centres held through joint ventures in accordance with IFRS 11 and to contracts with airport operators and/or local authorities. Customer contracts were separately analysed for Flagship and Regional centres as they present different features. The incremental value of the Westfield trademark corresponds to the portion of the trademark value that is not captured in the shopping centre values. The useful life of the PM contracts with Flagship centres are considered indefinite since the PM contracts have no termination date and URW shall remain the sole property manager as long as it is the co-owner of the shopping centres. The useful life of the Westfield trademark is also considered indefinite. Consequently, all these assets are not amortised and tested for impairment. Other assets are amortised over their remaining useful life: \u2022 PM contracts with Regionals: 3 years; \u2022 DD&C contracts: between 1 to 4 years; and \u2022 Airport activities: 3 years. PM contracts with Regionals, Airport activities are fully amortised, as well as the DD&C in the UK. 5.3.2. CHANGES IN INTANGIBLE ASSETS Net value (\u20ac Mn) PM/DD&C/ Airport (2) Trademark Rights and exhibitions Other intangible assets Total Dec. 31, 2020 296.0 425.8 118.7 35.9 876.3 Acquisitions \u2013 \u2013 \u2013 8.0 8.0 Amortisation (31.9) \u2013 (2.0) (15.7) (49.6) Impairment/reversal (30.1) \u2013 18.4 \u2013 (11.7) Currency translation 20.0 \u2013 \u2013 1.3 21.3 Reclassification \u2013 \u2013 \u2013 0.6 0.6 Dec. 31, 2021 253.9 425.8 135.1 30.0 844.8 Acquisitions \u2013 \u2013 \u2013 5.2 5.2 Disposals \u2013 \u2013 \u2013 (0.7) (0.7) Amortisation (9.8) \u2013 (2.0) (13.1) (24.9) Impairment/reversal (1) 11.9 \u2013 (16.2) \u2013 (4.3) Currency translation (1.6) \u2013 \u2013 0.9 (0.7) Reclassification \u2013 \u2013 \u2013 1.1 1.1 Dec. 31, 2022 254.3 425.8 117.0 23.4 820.5 (1) The amount of impairment mainly relates to C&E\u2019s intangible assets partly offset by the reversal of impairment at the PM business in UK and the US. (2) As at December 31, 2021, the Airport activities and PM contracts with Regionals in the US were fully amortised, as well as the DD&C in the UK. One of the main assumptions used to value the PM, DD&C and the Trademark is the DR, which stands between 9.3% and 9.8%. PM A change of +25 basis points in the DR of the PM\u2019s intangible assets as determined at December 31, 2022, would result in an additional impairment of -\u20ac4.4 Mn. A change of -10 basis points in the long-term growth rate of the PM intangible assets as determined at December 31, 2022, would result in an additional impairment of -\u20ac1.1 Mn. TRADEMARK For the Trademark, the impairment test performed was based on an independent external appraisal and no impairment was required. A change of +25 basis points in the DR of the Trademark as determined at December 31, 2022, would lead to an impairment of -\u20ac8.6 Mn. A change of -10 basis points in the long-term growth rate of the Trademark as determined at December 31, 2022, would not lead to any impairment of the intangible assets. An impairment would be necessary with a change of -26 basis points in the long-term growth rate. RIGHTS AND EXHIBITIONS As at December 31, 2022, impairment tests were performed on the intangible assets relating to the Viparis entities based on the valuations of independent external appraisers and an impairment of -\u20ac16.2 Mn was recognised. A change of +25 basis points in the WACC of Viparis intangible assets as determined at December 31, 2022, would result in a negative adjustment of -\u20ac26.6 Mn (-5.6%) on the appraisal value of the intangible assets and would lead to an additional impairment of -\u20ac2.3 Mn. 5.4. GOODWILL 5.4.1. ACCOUNTING PRINCIPLES The accounting rules for business combinations comply with IFRS 3 Revised. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. IFRS 3 (revised) stipulates a maximum period of 12 months from the acquisition date for the accounting of the acquisition to be finalised: adjustments to values applied must be related to facts and circumstances existing at the acquisition date. Therefore, beyond this 12-month period, any earn-out adjustment must be recognised in income for the fiscal year unless the additional consideration is an equity instrument. Where a business is acquired in stages, the previous investment is remeasured at fair value at the date if and when the control is transferred. Any difference between fair value and net book value of this investment is recognised in income. Any change in the Group\u2019s interest in an entity that results in a loss of control is recognised as a gain/loss on disposal and the remaining interest is remeasured at fair value with the change being recognised in income. A transaction that does not affect control (additional acquisition or disposal) is accounted for as an equity transaction between the Group share and the non-controlling interest share without an impact on profit or loss and/or a goodwill adjustment. GOODWILL SUBSEQUENT MEASUREMENT AND IMPAIRMENT Goodwill is carried at cost less any accumulated impairment losses. In compliance with IAS 36, the Group performs impairment testing to determine if there is any indication of impairment, at least once a year or whenever there is an indication of impairment. For the purposes of this test, assets are grouped into cash-generating units (\u201cCGUs\u201d). CGUs are standardised groups of assets whose continued use generates cash inflows that are largely separate from those generated by other asset groups. An impairment loss must be recognised whenever the recoverable value of the goodwill is less than its carrying amount. Impairment losses relating to the value of goodwill cannot be reversed. GOODWILL RELATING TO OPTIMISED VALUE OF DEFERRED TAXES Goodwill may arise on acquiring an asset via a share deal, where the Group inherits the fiscal basis of the assets. It is measured by the difference between the deferred taxes accounted for in the balance sheet according to IAS 12, and an estimate of the effective taxes to be paid in case of a share deal. Therefore, in this case the impairment test consists in a comparison between the accounting value of the goodwill and the potential tax optimisation existing at the date of reporting. GOODWILL RELATING TO FEE BUSINESS This goodwill relates to the following activities: PM, Airport and DD&C. Impairment tests are performed annually or when an impairment indicator is identified and are based on valuations performed by independent external appraisers, using the DCF method. The values attributable to the PM business were allocated to the US, the UK and Germany, the values attributable to the DD&C business were allocated to the US and the UK and the value of the Airport activities was allocated to the US, based on independent external valuation. The goodwill relating to the fee business in the US and the UK is fully impaired. GOODWILL RELATING TO SYNERGIES AND WORKFORCE Goodwill relating to the Westfield Corporation acquisition has been allocated per geographical segment as it is the lowest level within the Group at which goodwill is monitored. The allocation per geographical segment was performed based on the cost and revenue synergies expected to be generated as a result of the business combination. The expected cost and revenue synergies were allocated to the US, the UK, France Retail, Spain, Central Europe and the Nordics. The amount related to the value of the workforce acquired was allocated to the US and the UK. The goodwill allocated to the US, the UK, Spain, Central Europe and the Nordics is fully impaired. Impairment test: Since the geographical segments are the lowest level within the URW Company at which goodwill is monitored, for internal management purposes, the impairment test is performed at geographical segment level and, as a result, in accordance with IAS 36 for a group of CGUs. The geographical segments to which goodwill has been allocated are tested for impairment by comparing the net asset value of the geographical segment (as presented in the note 4.5.2 \u201cStatement of financial position by segment on a proportionate basis\u201d) with the recoverable value, which is determined as the higher of the fair value less cost of disposal and its value in use. The recoverable value is determined on value in use based on the DCF derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the MB and the SB. The Group performs comprehensive impairment tests of the goodwill allocated to each geographical segment at the end of December, based on: \u2022 The operating cash flows derived from the 5YBP exercise for 2023- 2027 per geographical segment; \u2022 The discount rates before tax per geographical segment based on a calculation of the WACC per region, which reflect the current market assessment of the interest rates and the specific risks associated with each geographical segment as at December 31, 2022. These discount rates were also compared with the discount rates used by appraisers for the valuation of Investment Properties as at December 31, 2022, and the consistency between those was ensured; \u2022 An allocation of the Group\u2019s corporate administrative expenses to the geographical segments, as a percentage of their respective NRI; and \u2022 A DCF calculation for each geographical segment on a 10-year basis, consistent with the method applied by the Group\u2019s appraisers, and a discounted terminal value, to which a long-term growth rate estimated as at December 31, 2022, is applied. A comparison has been performed for each geographical segment, between: \u2022 The value in use of the geographical segment at the end of December, as determined above; and \u2022 The net asset value of the geographical segment at the end of December, including the intangible assets and goodwill allocated, based on the segment reporting disclosed in the note 4.5.2 \u201cStatement of financial position by segment on a proportionate basis\u201d. GOODWILL RELATING TO THE ABILITY TO GENERATE DEVELOPMENT PROJECTS This goodwill relates to URW Germany business. Impairment tests performed on this goodwill are based on an independent external appraisal, performed once a year as at December 31, or when there is an indication of impairment, and using the DCF method. 5.4.2. CHANGES IN GOODWILL As at December 31, 2022, the goodwill breaks down as follows: Net value (\u20ac Mn) Optimised value of deferred taxes Fee business Synergies, workforce and ability to generate development projects Total Dec. 31, 2020 199.5 119.3 929.3 1,248.1 Disposal (23.0) \u2013 \u2013 (23.0) Impairment \u2013 \u2013 (145.9) (145.9) Currency translation \u2013 \u2013 \u2013 \u2013 Dec. 31, 2021 176.6 119.3 783.4 1,079.2 Disposal \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 \u2013 \u2013 Currency translation \u2013 \u2013 \u2013 \u2013 Dec. 31, 2022 176.6 119.3 783.4 1,079.2 The allocation of the goodwill per geographical segment breaks down as follows: (\u20acMn) France Retail Central Europe Austria Germany Other Total Goodwill Dec. 31, 2021 731.0 87.3 72.9 177.8 10.3 1,079.2 Disposal \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Currency translation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Goodwill Dec. 31, 2022 731.0 87.3 72.9 177.8 10.3 1,079.2 The Group performs an impairment test for each category of goodwill. GOODWILL RELATING TO OPTIMISED VALUE OF DEFERRED TAXES As at December 31, 2022, no additional impairment was recognised. GOODWILL RELATING TO FEE BUSINESS As at December 31, 2022, no additional impairment was recognised. GOODWILL RELATING TO SYNERGIES, WORKFORCE AND ABILITY TO GENERATE DEVELOPMENT PROJECTS As at December 31, 2022, no additional impairment was recognised. The main assumptions for calculating the value in use are the WACC, the long-term growth rates (LTGR) and the CAGR of NRI displayed in the table below. France Retail Dec. 31, 2021 WACC before tax in % 6.00% LTGR in % 1.40% CAGR of NRI in % 4.41% Dec. 31, 2022 WACC before tax in % 6.50% LTGR in % 1.70% CAGR of NRI in % 4.85% An increase in the WACC, a decrease in the LTGR or a decrease in the CAGR of NRI as determined at December 31, 2022, would not necessarily result in a value in use lower than the net asset value as the net asset value includes investment properties which are carried at fair value. These changes would reduce the fair value of those properties and ultimately the net asset value. Therefore, the impact of such changes should be viewed on a combined basis on the value in use and the net asset value to appreciate the net effect on the financial statements. Based on these assumptions used for calculating the value in use, the headroom between the net asset value of the geographical segment France Retail and the value in use amounted to \u20ac190 Mn as at December 31, 2022, compared with \u20ac360 Mn as at December 31, 2021. A change of +25 basis points in the WACC as determined at December 31, 2022, without any change in the LTGR and in the CAGR of NRI would not lead to any additional impairment of goodwill. A change of -10 basis points in the LTGR as determined at December 31, 2022, without any change in the WACC and in the CAGR of NRI would not lead to any additional impairment of goodwill. A change of -50 basis points in the CAGR of NRI as determined at December 31, 2022, without any change in the WACC and in the LTGR would not lead to any additional impairment of goodwill. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-644": { "value": "5.3. INTANGIBLE ASSETS 5.3.1. ACCOUNTING PRINCIPLES INTANGIBLE ASSETS (IAS 38)/IMPAIRMENT OF ASSETS (IAS 36) An intangible asset is recognised when it is identifiable and separable and can be sold, transferred, licensed, rented, or exchanged, either individually or as part of a contract with an attached asset or a liability, or which arises from contractual or other legal rights regardless of whether those rights are transferable or separable. After initial recognition, intangible assets are recognised at cost less any amortisation charges and impairment losses. Intangible assets with a finite life are amortised on a linear basis over the life of the asset. Intangible assets with an indefinite useful life are not amortised. The useful life of intangible asset is reviewed each year. An impairment test is carried out whenever there is an indication of impairment and, at least annually, for intangible assets with an indefinite useful life. The impairment test consists of comparing the book value with the recoverable amount of the intangible. The recoverable amount of an asset is the maximum between its fair value less disposal costs and its value in use. The fair value of each asset is individually determined by qualified independent external appraisers using the DCF methodology. If the appraisal value of an intangible asset is lower than net book value, an impairment is recorded. The intangible assets arise from: \u2022 The Property Management (\u201cPM\u201d) business in the US and the UK; \u2022 The DD&C business in the US and the UK; \u2022 The Airport activities in the US; \u2022 The Westfield trademark; \u2022 Rights and exhibitions: mainly Viparis entities; and \u2022 Other intangible assets. Intangible assets for PM, DD&C and Airport activities relate to the value of the customer contracts identified for these activities at the date of acquisition of Westfield. They correspond to contracts with shopping centres held through joint ventures in accordance with IFRS 11 and to contracts with airport operators and/or local authorities. Customer contracts were separately analysed for Flagship and Regional centres as they present different features. The incremental value of the Westfield trademark corresponds to the portion of the trademark value that is not captured in the shopping centre values. The useful life of the PM contracts with Flagship centres are considered indefinite since the PM contracts have no termination date and URW shall remain the sole property manager as long as it is the co-owner of the shopping centres. The useful life of the Westfield trademark is also considered indefinite. Consequently, all these assets are not amortised and tested for impairment. Other assets are amortised over their remaining useful life: \u2022 PM contracts with Regionals: 3 years; \u2022 DD&C contracts: between 1 to 4 years; and \u2022 Airport activities: 3 years. PM contracts with Regionals, Airport activities are fully amortised, as well as the DD&C in the UK. 5.3.2. CHANGES IN INTANGIBLE ASSETS Net value (\u20ac Mn) PM/DD&C/ Airport (2) Trademark Rights and exhibitions Other intangible assets Total Dec. 31, 2020 296.0 425.8 118.7 35.9 876.3 Acquisitions \u2013 \u2013 \u2013 8.0 8.0 Amortisation (31.9) \u2013 (2.0) (15.7) (49.6) Impairment/reversal (30.1) \u2013 18.4 \u2013 (11.7) Currency translation 20.0 \u2013 \u2013 1.3 21.3 Reclassification \u2013 \u2013 \u2013 0.6 0.6 Dec. 31, 2021 253.9 425.8 135.1 30.0 844.8 Acquisitions \u2013 \u2013 \u2013 5.2 5.2 Disposals \u2013 \u2013 \u2013 (0.7) (0.7) Amortisation (9.8) \u2013 (2.0) (13.1) (24.9) Impairment/reversal (1) 11.9 \u2013 (16.2) \u2013 (4.3) Currency translation (1.6) \u2013 \u2013 0.9 (0.7) Reclassification \u2013 \u2013 \u2013 1.1 1.1 Dec. 31, 2022 254.3 425.8 117.0 23.4 820.5 (1) The amount of impairment mainly relates to C&E\u2019s intangible assets partly offset by the reversal of impairment at the PM business in UK and the US. (2) As at December 31, 2021, the Airport activities and PM contracts with Regionals in the US were fully amortised, as well as the DD&C in the UK. One of the main assumptions used to value the PM, DD&C and the Trademark is the DR, which stands between 9.3% and 9.8%. PM A change of +25 basis points in the DR of the PM\u2019s intangible assets as determined at December 31, 2022, would result in an additional impairment of -\u20ac4.4 Mn. A change of -10 basis points in the long-term growth rate of the PM intangible assets as determined at December 31, 2022, would result in an additional impairment of -\u20ac1.1 Mn. TRADEMARK For the Trademark, the impairment test performed was based on an independent external appraisal and no impairment was required. A change of +25 basis points in the DR of the Trademark as determined at December 31, 2022, would lead to an impairment of -\u20ac8.6 Mn. A change of -10 basis points in the long-term growth rate of the Trademark as determined at December 31, 2022, would not lead to any impairment of the intangible assets. An impairment would be necessary with a change of -26 basis points in the long-term growth rate. RIGHTS AND EXHIBITIONS As at December 31, 2022, impairment tests were performed on the intangible assets relating to the Viparis entities based on the valuations of independent external appraisers and an impairment of -\u20ac16.2 Mn was recognised. A change of +25 basis points in the WACC of Viparis intangible assets as determined at December 31, 2022, would result in a negative adjustment of -\u20ac26.6 Mn (-5.6%) on the appraisal value of the intangible assets and would lead to an additional impairment of -\u20ac2.3 Mn. 5.5. VALUATION MOVEMENTS ON ASSETS This item reflects changes in market valuation of investment properties, impairment and reversal on tangible and intangible assets and amortisation of fair value of assets recorded for the purpose of purchase price allocation. (\u20ac Mn) 2022 2021 Investment properties at fair value (798.5) (1,116.2) Shopping Centres (597.5) (1,176.8) Offices & Others (131.0) 167.2 Convention & Exhibition (70.0) (106.6) Investment properties at cost (297.1) (4 0.1) Tangible and intangible assets (14.9) (41.0) Total (1,110.6) (1,197.3) ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-639": { "value": "5.3. INTANGIBLE ASSETS 5.3.1. ACCOUNTING PRINCIPLES INTANGIBLE ASSETS (IAS 38)/IMPAIRMENT OF ASSETS (IAS 36) An intangible asset is recognised when it is identifiable and separable and can be sold, transferred, licensed, rented, or exchanged, either individually or as part of a contract with an attached asset or a liability, or which arises from contractual or other legal rights regardless of whether those rights are transferable or separable. After initial recognition, intangible assets are recognised at cost less any amortisation charges and impairment losses. Intangible assets with a finite life are amortised on a linear basis over the life of the asset. Intangible assets with an indefinite useful life are not amortised. The useful life of intangible asset is reviewed each year. An impairment test is carried out whenever there is an indication of impairment and, at least annually, for intangible assets with an indefinite useful life. The impairment test consists of comparing the book value with the recoverable amount of the intangible. The recoverable amount of an asset is the maximum between its fair value less disposal costs and its value in use. The fair value of each asset is individually determined by qualified independent external appraisers using the DCF methodology. If the appraisal value of an intangible asset is lower than net book value, an impairment is recorded. The intangible assets arise from: \u2022 The Property Management (\u201cPM\u201d) business in the US and the UK; \u2022 The DD&C business in the US and the UK; \u2022 The Airport activities in the US; \u2022 The Westfield trademark; \u2022 Rights and exhibitions: mainly Viparis entities; and \u2022 Other intangible assets. Intangible assets for PM, DD&C and Airport activities relate to the value of the customer contracts identified for these activities at the date of acquisition of Westfield. They correspond to contracts with shopping centres held through joint ventures in accordance with IFRS 11 and to contracts with airport operators and/or local authorities. Customer contracts were separately analysed for Flagship and Regional centres as they present different features. The incremental value of the Westfield trademark corresponds to the portion of the trademark value that is not captured in the shopping centre values. The useful life of the PM contracts with Flagship centres are considered indefinite since the PM contracts have no termination date and URW shall remain the sole property manager as long as it is the co-owner of the shopping centres. The useful life of the Westfield trademark is also considered indefinite. Consequently, all these assets are not amortised and tested for impairment. Other assets are amortised over their remaining useful life: \u2022 PM contracts with Regionals: 3 years; \u2022 DD&C contracts: between 1 to 4 years; and \u2022 Airport activities: 3 years. PM contracts with Regionals, Airport activities are fully amortised, as well as the DD&C in the UK. 5.3.2. CHANGES IN INTANGIBLE ASSETS Net value (\u20ac Mn) PM/DD&C/ Airport (2) Trademark Rights and exhibitions Other intangible assets Total Dec. 31, 2020 296.0 425.8 118.7 35.9 876.3 Acquisitions \u2013 \u2013 \u2013 8.0 8.0 Amortisation (31.9) \u2013 (2.0) (15.7) (49.6) Impairment/reversal (30.1) \u2013 18.4 \u2013 (11.7) Currency translation 20.0 \u2013 \u2013 1.3 21.3 Reclassification \u2013 \u2013 \u2013 0.6 0.6 Dec. 31, 2021 253.9 425.8 135.1 30.0 844.8 Acquisitions \u2013 \u2013 \u2013 5.2 5.2 Disposals \u2013 \u2013 \u2013 (0.7) (0.7) Amortisation (9.8) \u2013 (2.0) (13.1) (24.9) Impairment/reversal (1) 11.9 \u2013 (16.2) \u2013 (4.3) Currency translation (1.6) \u2013 \u2013 0.9 (0.7) Reclassification \u2013 \u2013 \u2013 1.1 1.1 Dec. 31, 2022 254.3 425.8 117.0 23.4 820.5 (1) The amount of impairment mainly relates to C&E\u2019s intangible assets partly offset by the reversal of impairment at the PM business in UK and the US. (2) As at December 31, 2021, the Airport activities and PM contracts with Regionals in the US were fully amortised, as well as the DD&C in the UK. One of the main assumptions used to value the PM, DD&C and the Trademark is the DR, which stands between 9.3% and 9.8%. PM A change of +25 basis points in the DR of the PM\u2019s intangible assets as determined at December 31, 2022, would result in an additional impairment of -\u20ac4.4 Mn. A change of -10 basis points in the long-term growth rate of the PM intangible assets as determined at December 31, 2022, would result in an additional impairment of -\u20ac1.1 Mn. TRADEMARK For the Trademark, the impairment test performed was based on an independent external appraisal and no impairment was required. A change of +25 basis points in the DR of the Trademark as determined at December 31, 2022, would lead to an impairment of -\u20ac8.6 Mn. A change of -10 basis points in the long-term growth rate of the Trademark as determined at December 31, 2022, would not lead to any impairment of the intangible assets. An impairment would be necessary with a change of -26 basis points in the long-term growth rate. RIGHTS AND EXHIBITIONS As at December 31, 2022, impairment tests were performed on the intangible assets relating to the Viparis entities based on the valuations of independent external appraisers and an impairment of -\u20ac16.2 Mn was recognised. A change of +25 basis points in the WACC of Viparis intangible assets as determined at December 31, 2022, would result in a negative adjustment of -\u20ac26.6 Mn (-5.6%) on the appraisal value of the intangible assets and would lead to an additional impairment of -\u20ac2.3 Mn. 5.4. GOODWILL 5.4.1. ACCOUNTING PRINCIPLES The accounting rules for business combinations comply with IFRS 3 Revised. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. IFRS 3 (revised) stipulates a maximum period of 12 months from the acquisition date for the accounting of the acquisition to be finalised: adjustments to values applied must be related to facts and circumstances existing at the acquisition date. Therefore, beyond this 12-month period, any earn-out adjustment must be recognised in income for the fiscal year unless the additional consideration is an equity instrument. Where a business is acquired in stages, the previous investment is remeasured at fair value at the date if and when the control is transferred. Any difference between fair value and net book value of this investment is recognised in income. Any change in the Group\u2019s interest in an entity that results in a loss of control is recognised as a gain/loss on disposal and the remaining interest is remeasured at fair value with the change being recognised in income. A transaction that does not affect control (additional acquisition or disposal) is accounted for as an equity transaction between the Group share and the non-controlling interest share without an impact on profit or loss and/or a goodwill adjustment. GOODWILL SUBSEQUENT MEASUREMENT AND IMPAIRMENT Goodwill is carried at cost less any accumulated impairment losses. In compliance with IAS 36, the Group performs impairment testing to determine if there is any indication of impairment, at least once a year or whenever there is an indication of impairment. For the purposes of this test, assets are grouped into cash-generating units (\u201cCGUs\u201d). CGUs are standardised groups of assets whose continued use generates cash inflows that are largely separate from those generated by other asset groups. An impairment loss must be recognised whenever the recoverable value of the goodwill is less than its carrying amount. Impairment losses relating to the value of goodwill cannot be reversed. GOODWILL RELATING TO OPTIMISED VALUE OF DEFERRED TAXES Goodwill may arise on acquiring an asset via a share deal, where the Group inherits the fiscal basis of the assets. It is measured by the difference between the deferred taxes accounted for in the balance sheet according to IAS 12, and an estimate of the effective taxes to be paid in case of a share deal. Therefore, in this case the impairment test consists in a comparison between the accounting value of the goodwill and the potential tax optimisation existing at the date of reporting. GOODWILL RELATING TO FEE BUSINESS This goodwill relates to the following activities: PM, Airport and DD&C. Impairment tests are performed annually or when an impairment indicator is identified and are based on valuations performed by independent external appraisers, using the DCF method. The values attributable to the PM business were allocated to the US, the UK and Germany, the values attributable to the DD&C business were allocated to the US and the UK and the value of the Airport activities was allocated to the US, based on independent external valuation. The goodwill relating to the fee business in the US and the UK is fully impaired. GOODWILL RELATING TO SYNERGIES AND WORKFORCE Goodwill relating to the Westfield Corporation acquisition has been allocated per geographical segment as it is the lowest level within the Group at which goodwill is monitored. The allocation per geographical segment was performed based on the cost and revenue synergies expected to be generated as a result of the business combination. The expected cost and revenue synergies were allocated to the US, the UK, France Retail, Spain, Central Europe and the Nordics. The amount related to the value of the workforce acquired was allocated to the US and the UK. The goodwill allocated to the US, the UK, Spain, Central Europe and the Nordics is fully impaired. Impairment test: Since the geographical segments are the lowest level within the URW Company at which goodwill is monitored, for internal management purposes, the impairment test is performed at geographical segment level and, as a result, in accordance with IAS 36 for a group of CGUs. The geographical segments to which goodwill has been allocated are tested for impairment by comparing the net asset value of the geographical segment (as presented in the note 4.5.2 \u201cStatement of financial position by segment on a proportionate basis\u201d) with the recoverable value, which is determined as the higher of the fair value less cost of disposal and its value in use. The recoverable value is determined on value in use based on the DCF derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the MB and the SB. The Group performs comprehensive impairment tests of the goodwill allocated to each geographical segment at the end of December, based on: \u2022 The operating cash flows derived from the 5YBP exercise for 2023- 2027 per geographical segment; \u2022 The discount rates before tax per geographical segment based on a calculation of the WACC per region, which reflect the current market assessment of the interest rates and the specific risks associated with each geographical segment as at December 31, 2022. These discount rates were also compared with the discount rates used by appraisers for the valuation of Investment Properties as at December 31, 2022, and the consistency between those was ensured; \u2022 An allocation of the Group\u2019s corporate administrative expenses to the geographical segments, as a percentage of their respective NRI; and \u2022 A DCF calculation for each geographical segment on a 10-year basis, consistent with the method applied by the Group\u2019s appraisers, and a discounted terminal value, to which a long-term growth rate estimated as at December 31, 2022, is applied. A comparison has been performed for each geographical segment, between: \u2022 The value in use of the geographical segment at the end of December, as determined above; and \u2022 The net asset value of the geographical segment at the end of December, including the intangible assets and goodwill allocated, based on the segment reporting disclosed in the note 4.5.2 \u201cStatement of financial position by segment on a proportionate basis\u201d. GOODWILL RELATING TO THE ABILITY TO GENERATE DEVELOPMENT PROJECTS This goodwill relates to URW Germany business. Impairment tests performed on this goodwill are based on an independent external appraisal, performed once a year as at December 31, or when there is an indication of impairment, and using the DCF method. 5.4.2. CHANGES IN GOODWILL As at December 31, 2022, the goodwill breaks down as follows: Net value (\u20ac Mn) Optimised value of deferred taxes Fee business Synergies, workforce and ability to generate development projects Total Dec. 31, 2020 199.5 119.3 929.3 1,248.1 Disposal (23.0) \u2013 \u2013 (23.0) Impairment \u2013 \u2013 (145.9) (145.9) Currency translation \u2013 \u2013 \u2013 \u2013 Dec. 31, 2021 176.6 119.3 783.4 1,079.2 Disposal \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 \u2013 \u2013 Currency translation \u2013 \u2013 \u2013 \u2013 Dec. 31, 2022 176.6 119.3 783.4 1,079.2
The allocation of the goodwill per geographical segment breaks down as follows:
(\u20acMn)
France Retail Central Europe Austria Germany Other Total
Goodwill Dec. 31, 2021 731.0 87.3 72.9 177.8 10.3 1,079.2
Disposal \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Impairment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Currency translation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Goodwill Dec. 31, 2022 731.0 87.3 72.9 177.8 10.3 1,079.2
The Group performs an impairment test for each category of goodwill.
GOODWILL RELATING TO OPTIMISED VALUE
OF DEFERRED TAXES
As at December 31, 2022, no additional impairment was recognised.
GOODWILL RELATING TO FEE BUSINESS
As at December 31, 2022, no additional impairment was recognised.
GOODWILL RELATING TO SYNERGIES,
WORKFORCE AND ABILITY TO GENERATE
DEVELOPMENT PROJECTS
As at December 31, 2022, no additional impairment was recognised.
The main assumptions for calculating the value in use are the WACC, the long-term growth rates (LTGR) and the CAGR of NRI displayed in the
table below.
France
Retail
Dec. 31, 2021
WACC before tax in % 6.00%
LTGR in % 1.40%
CAGR of NRI in % 4.41%
Dec. 31, 2022
WACC before tax in % 6.50%
LTGR in % 1.70%
CAGR of NRI in % 4.85%
An increase in the WACC, a decrease in the LTGR or a decrease in the
CAGR of NRI as determined at December 31, 2022, would not necessarily
result in a value in use lower than the net asset value as the net asset
value includes investment properties which are carried at fair value.
These changes would reduce the fair value of those properties and
ultimately the net asset value.
Therefore, the impact of such changes should be viewed on a combined
basis on the value in use and the net asset value to appreciate the net
effect on the financial statements.
Based on these assumptions used for calculating the value in use, the
headroom between the net asset value of the geographical segment
France Retail and the value in use amounted to \u20ac190 Mn as at
December 31, 2022, compared with \u20ac360 Mn as at December 31, 2021.
A change of +25 basis points in the WACC as determined at
December 31, 2022, without any change in the LTGR and in the CAGR of
NRI would not lead to any additional impairment of goodwill.
A change of -10 basis points in the LTGR as determined at
December 31, 2022, without any change in the WACC and in the CAGR of
NRI would not lead to any additional impairment of goodwill.
A change of -50 basis points in the CAGR of NRI as determined at
December 31, 2022, without any change in the WACC and in the LTGR
would not lead to any additional impairment of goodwill.
5.5. VALUATION MOVEMENTS ON ASSETS This item reflects changes in market valuation of investment properties, impairment and reversal on tangible and intangible assets and amortisation of fair value of assets recorded for the purpose of purchase price allocation. (\u20ac Mn) 2022 2021 Investment properties at fair value (798.5) (1,116.2) Shopping Centres (597.5) (1,176.8) Offices & Others (131.0) 167.2 Convention & Exhibition (70.0) (106.6) Investment properties at cost (297.1) (4 0.1) Tangible and intangible assets (14.9) (41.0) Total (1,110.6) (1,197.3) ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-593": { "value": "5.3.1. ACCOUNTING PRINCIPLES INTANGIBLE ASSETS (IAS 38)/IMPAIRMENT OF ASSETS (IAS 36) An intangible asset is recognised when it is identifiable and separable and can be sold, transferred, licensed, rented, or exchanged, either individually or as part of a contract with an attached asset or a liability, or which arises from contractual or other legal rights regardless of whether those rights are transferable or separable. After initial recognition, intangible assets are recognised at cost less any amortisation charges and impairment losses. Intangible assets with a finite life are amortised on a linear basis over the life of the asset. Intangible assets with an indefinite useful life are not amortised. The useful life of intangible asset is reviewed each year. An impairment test is carried out whenever there is an indication of impairment and, at least annually, for intangible assets with an indefinite useful life. The impairment test consists of comparing the book value with the recoverable amount of the intangible. The recoverable amount of an asset is the maximum between its fair value less disposal costs and its value in use. The fair value of each asset is individually determined by qualified independent external appraisers using the DCF methodology. If the appraisal value of an intangible asset is lower than net book value, an impairment is recorded. The intangible assets arise from: \u2022 The Property Management (\u201cPM\u201d) business in the US and the UK; \u2022 The DD&C business in the US and the UK; \u2022 The Airport activities in the US; \u2022 The Westfield trademark; \u2022 Rights and exhibitions: mainly Viparis entities; and \u2022 Other intangible assets. Intangible assets for PM, DD&C and Airport activities relate to the value of the customer contracts identified for these activities at the date of acquisition of Westfield. They correspond to contracts with shopping centres held through joint ventures in accordance with IFRS 11 and to contracts with airport operators and/or local authorities. Customer contracts were separately analysed for Flagship and Regional centres as they present different features. The incremental value of the Westfield trademark corresponds to the portion of the trademark value that is not captured in the shopping centre values. The useful life of the PM contracts with Flagship centres are considered indefinite since the PM contracts have no termination date and URW shall remain the sole property manager as long as it is the co-owner of the shopping centres. The useful life of the Westfield trademark is also considered indefinite. Consequently, all these assets are not amortised and tested for impairment. Other assets are amortised over their remaining useful life: \u2022 PM contracts with Regionals: 3 years; \u2022 DD&C contracts: between 1 to 4 years; and \u2022 Airport activities: 3 years. PM contracts with Regionals, Airport activities are fully amortised, as well as the DD&C in the UK. 5.4.1. ACCOUNTING PRINCIPLES The accounting rules for business combinations comply with IFRS 3 Revised. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. IFRS 3 (revised) stipulates a maximum period of 12 months from the acquisition date for the accounting of the acquisition to be finalised: adjustments to values applied must be related to facts and circumstances existing at the acquisition date. Therefore, beyond this 12-month period, any earn-out adjustment must be recognised in income for the fiscal year unless the additional consideration is an equity instrument. Where a business is acquired in stages, the previous investment is remeasured at fair value at the date if and when the control is transferred. Any difference between fair value and net book value of this investment is recognised in income. Any change in the Group\u2019s interest in an entity that results in a loss of control is recognised as a gain/loss on disposal and the remaining interest is remeasured at fair value with the change being recognised in income. A transaction that does not affect control (additional acquisition or disposal) is accounted for as an equity transaction between the Group share and the non-controlling interest share without an impact on profit or loss and/or a goodwill adjustment. GOODWILL SUBSEQUENT MEASUREMENT AND IMPAIRMENT Goodwill is carried at cost less any accumulated impairment losses. In compliance with IAS 36, the Group performs impairment testing to determine if there is any indication of impairment, at least once a year or whenever there is an indication of impairment. For the purposes of this test, assets are grouped into cash-generating units (\u201cCGUs\u201d). CGUs are standardised groups of assets whose continued use generates cash inflows that are largely separate from those generated by other asset groups. An impairment loss must be recognised whenever the recoverable value of the goodwill is less than its carrying amount. Impairment losses relating to the value of goodwill cannot be reversed. GOODWILL RELATING TO OPTIMISED VALUE OF DEFERRED TAXES Goodwill may arise on acquiring an asset via a share deal, where the Group inherits the fiscal basis of the assets. It is measured by the difference between the deferred taxes accounted for in the balance sheet according to IAS 12, and an estimate of the effective taxes to be paid in case of a share deal. Therefore, in this case the impairment test consists in a comparison between the accounting value of the goodwill and the potential tax optimisation existing at the date of reporting. GOODWILL RELATING TO FEE BUSINESS This goodwill relates to the following activities: PM, Airport and DD&C. Impairment tests are performed annually or when an impairment indicator is identified and are based on valuations performed by independent external appraisers, using the DCF method. The values attributable to the PM business were allocated to the US, the UK and Germany, the values attributable to the DD&C business were allocated to the US and the UK and the value of the Airport activities was allocated to the US, based on independent external valuation. The goodwill relating to the fee business in the US and the UK is fully impaired. GOODWILL RELATING TO SYNERGIES AND WORKFORCE Goodwill relating to the Westfield Corporation acquisition has been allocated per geographical segment as it is the lowest level within the Group at which goodwill is monitored. The allocation per geographical segment was performed based on the cost and revenue synergies expected to be generated as a result of the business combination. The expected cost and revenue synergies were allocated to the US, the UK, France Retail, Spain, Central Europe and the Nordics. The amount related to the value of the workforce acquired was allocated to the US and the UK. The goodwill allocated to the US, the UK, Spain, Central Europe and the Nordics is fully impaired. Impairment test: Since the geographical segments are the lowest level within the URW Company at which goodwill is monitored, for internal management purposes, the impairment test is performed at geographical segment level and, as a result, in accordance with IAS 36 for a group of CGUs. The geographical segments to which goodwill has been allocated are tested for impairment by comparing the net asset value of the geographical segment (as presented in the note 4.5.2 \u201cStatement of financial position by segment on a proportionate basis\u201d) with the recoverable value, which is determined as the higher of the fair value less cost of disposal and its value in use. The recoverable value is determined on value in use based on the DCF derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the MB and the SB. The Group performs comprehensive impairment tests of the goodwill allocated to each geographical segment at the end of December, based on: \u2022 The operating cash flows derived from the 5YBP exercise for 2023- 2027 per geographical segment; \u2022 The discount rates before tax per geographical segment based on a calculation of the WACC per region, which reflect the current market assessment of the interest rates and the specific risks associated with each geographical segment as at December 31, 2022. These discount rates were also compared with the discount rates used by appraisers for the valuation of Investment Properties as at December 31, 2022, and the consistency between those was ensured; \u2022 An allocation of the Group\u2019s corporate administrative expenses to the geographical segments, as a percentage of their respective NRI; and \u2022 A DCF calculation for each geographical segment on a 10-year basis, consistent with the method applied by the Group\u2019s appraisers, and a discounted terminal value, to which a long-term growth rate estimated as at December 31, 2022, is applied. A comparison has been performed for each geographical segment, between: \u2022 The value in use of the geographical segment at the end of December, as determined above; and \u2022 The net asset value of the geographical segment at the end of December, including the intangible assets and goodwill allocated, based on the segment reporting disclosed in the note 4.5.2 \u201cStatement of financial position by segment on a proportionate basis\u201d. GOODWILL RELATING TO THE ABILITY TO GENERATE DEVELOPMENT PROJECTS This goodwill relates to URW Germany business. Impairment tests performed on this goodwill are based on an independent external appraisal, performed once a year as at December 31, or when there is an indication of impairment, and using the DCF method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-618": { "value": "5.3.1. ACCOUNTING PRINCIPLES INTANGIBLE ASSETS (IAS 38)/IMPAIRMENT OF ASSETS (IAS 36) An intangible asset is recognised when it is identifiable and separable and can be sold, transferred, licensed, rented, or exchanged, either individually or as part of a contract with an attached asset or a liability, or which arises from contractual or other legal rights regardless of whether those rights are transferable or separable. After initial recognition, intangible assets are recognised at cost less any amortisation charges and impairment losses. Intangible assets with a finite life are amortised on a linear basis over the life of the asset. Intangible assets with an indefinite useful life are not amortised. The useful life of intangible asset is reviewed each year. An impairment test is carried out whenever there is an indication of impairment and, at least annually, for intangible assets with an indefinite useful life. The impairment test consists of comparing the book value with the recoverable amount of the intangible. The recoverable amount of an asset is the maximum between its fair value less disposal costs and its value in use. The fair value of each asset is individually determined by qualified independent external appraisers using the DCF methodology. If the appraisal value of an intangible asset is lower than net book value, an impairment is recorded. The intangible assets arise from: \u2022 The Property Management (\u201cPM\u201d) business in the US and the UK; \u2022 The DD&C business in the US and the UK; \u2022 The Airport activities in the US; \u2022 The Westfield trademark; \u2022 Rights and exhibitions: mainly Viparis entities; and \u2022 Other intangible assets. Intangible assets for PM, DD&C and Airport activities relate to the value of the customer contracts identified for these activities at the date of acquisition of Westfield. They correspond to contracts with shopping centres held through joint ventures in accordance with IFRS 11 and to contracts with airport operators and/or local authorities. Customer contracts were separately analysed for Flagship and Regional centres as they present different features. The incremental value of the Westfield trademark corresponds to the portion of the trademark value that is not captured in the shopping centre values. The useful life of the PM contracts with Flagship centres are considered indefinite since the PM contracts have no termination date and URW shall remain the sole property manager as long as it is the co-owner of the shopping centres. The useful life of the Westfield trademark is also considered indefinite. Consequently, all these assets are not amortised and tested for impairment. Other assets are amortised over their remaining useful life: \u2022 PM contracts with Regionals: 3 years; \u2022 DD&C contracts: between 1 to 4 years; and \u2022 Airport activities: 3 years. PM contracts with Regionals, Airport activities are fully amortised, as well as the DD&C in the UK. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-634": { "value": "5.3.1. ACCOUNTING PRINCIPLES INTANGIBLE ASSETS (IAS 38)/IMPAIRMENT OF ASSETS (IAS 36) An intangible asset is recognised when it is identifiable and separable and can be sold, transferred, licensed, rented, or exchanged, either individually or as part of a contract with an attached asset or a liability, or which arises from contractual or other legal rights regardless of whether those rights are transferable or separable. After initial recognition, intangible assets are recognised at cost less any amortisation charges and impairment losses. Intangible assets with a finite life are amortised on a linear basis over the life of the asset. Intangible assets with an indefinite useful life are not amortised. The useful life of intangible asset is reviewed each year. An impairment test is carried out whenever there is an indication of impairment and, at least annually, for intangible assets with an indefinite useful life. The impairment test consists of comparing the book value with the recoverable amount of the intangible. The recoverable amount of an asset is the maximum between its fair value less disposal costs and its value in use. The fair value of each asset is individually determined by qualified independent external appraisers using the DCF methodology. If the appraisal value of an intangible asset is lower than net book value, an impairment is recorded. The intangible assets arise from: \u2022 The Property Management (\u201cPM\u201d) business in the US and the UK; \u2022 The DD&C business in the US and the UK; \u2022 The Airport activities in the US; \u2022 The Westfield trademark; \u2022 Rights and exhibitions: mainly Viparis entities; and \u2022 Other intangible assets. Intangible assets for PM, DD&C and Airport activities relate to the value of the customer contracts identified for these activities at the date of acquisition of Westfield. They correspond to contracts with shopping centres held through joint ventures in accordance with IFRS 11 and to contracts with airport operators and/or local authorities. Customer contracts were separately analysed for Flagship and Regional centres as they present different features. The incremental value of the Westfield trademark corresponds to the portion of the trademark value that is not captured in the shopping centre values. The useful life of the PM contracts with Flagship centres are considered indefinite since the PM contracts have no termination date and URW shall remain the sole property manager as long as it is the co-owner of the shopping centres. The useful life of the Westfield trademark is also considered indefinite. Consequently, all these assets are not amortised and tested for impairment. Other assets are amortised over their remaining useful life: \u2022 PM contracts with Regionals: 3 years; \u2022 DD&C contracts: between 1 to 4 years; and \u2022 Airport activities: 3 years. PM contracts with Regionals, Airport activities are fully amortised, as well as the DD&C in the UK. 5.4.1. ACCOUNTING PRINCIPLES The accounting rules for business combinations comply with IFRS 3 Revised. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. IFRS 3 (revised) stipulates a maximum period of 12 months from the acquisition date for the accounting of the acquisition to be finalised: adjustments to values applied must be related to facts and circumstances existing at the acquisition date. Therefore, beyond this 12-month period, any earn-out adjustment must be recognised in income for the fiscal year unless the additional consideration is an equity instrument. Where a business is acquired in stages, the previous investment is remeasured at fair value at the date if and when the control is transferred. Any difference between fair value and net book value of this investment is recognised in income. Any change in the Group\u2019s interest in an entity that results in a loss of control is recognised as a gain/loss on disposal and the remaining interest is remeasured at fair value with the change being recognised in income. A transaction that does not affect control (additional acquisition or disposal) is accounted for as an equity transaction between the Group share and the non-controlling interest share without an impact on profit or loss and/or a goodwill adjustment. GOODWILL SUBSEQUENT MEASUREMENT AND IMPAIRMENT Goodwill is carried at cost less any accumulated impairment losses. In compliance with IAS 36, the Group performs impairment testing to determine if there is any indication of impairment, at least once a year or whenever there is an indication of impairment. For the purposes of this test, assets are grouped into cash-generating units (\u201cCGUs\u201d). CGUs are standardised groups of assets whose continued use generates cash inflows that are largely separate from those generated by other asset groups. An impairment loss must be recognised whenever the recoverable value of the goodwill is less than its carrying amount. Impairment losses relating to the value of goodwill cannot be reversed. GOODWILL RELATING TO OPTIMISED VALUE OF DEFERRED TAXES Goodwill may arise on acquiring an asset via a share deal, where the Group inherits the fiscal basis of the assets. It is measured by the difference between the deferred taxes accounted for in the balance sheet according to IAS 12, and an estimate of the effective taxes to be paid in case of a share deal. Therefore, in this case the impairment test consists in a comparison between the accounting value of the goodwill and the potential tax optimisation existing at the date of reporting. GOODWILL RELATING TO FEE BUSINESS This goodwill relates to the following activities: PM, Airport and DD&C. Impairment tests are performed annually or when an impairment indicator is identified and are based on valuations performed by independent external appraisers, using the DCF method. The values attributable to the PM business were allocated to the US, the UK and Germany, the values attributable to the DD&C business were allocated to the US and the UK and the value of the Airport activities was allocated to the US, based on independent external valuation. The goodwill relating to the fee business in the US and the UK is fully impaired. GOODWILL RELATING TO SYNERGIES AND WORKFORCE Goodwill relating to the Westfield Corporation acquisition has been allocated per geographical segment as it is the lowest level within the Group at which goodwill is monitored. The allocation per geographical segment was performed based on the cost and revenue synergies expected to be generated as a result of the business combination. The expected cost and revenue synergies were allocated to the US, the UK, France Retail, Spain, Central Europe and the Nordics. The amount related to the value of the workforce acquired was allocated to the US and the UK. The goodwill allocated to the US, the UK, Spain, Central Europe and the Nordics is fully impaired. Impairment test: Since the geographical segments are the lowest level within the URW Company at which goodwill is monitored, for internal management purposes, the impairment test is performed at geographical segment level and, as a result, in accordance with IAS 36 for a group of CGUs. The geographical segments to which goodwill has been allocated are tested for impairment by comparing the net asset value of the geographical segment (as presented in the note 4.5.2 \u201cStatement of financial position by segment on a proportionate basis\u201d) with the recoverable value, which is determined as the higher of the fair value less cost of disposal and its value in use. The recoverable value is determined on value in use based on the DCF derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the MB and the SB. The Group performs comprehensive impairment tests of the goodwill allocated to each geographical segment at the end of December, based on: \u2022 The operating cash flows derived from the 5YBP exercise for 2023- 2027 per geographical segment; \u2022 The discount rates before tax per geographical segment based on a calculation of the WACC per region, which reflect the current market assessment of the interest rates and the specific risks associated with each geographical segment as at December 31, 2022. These discount rates were also compared with the discount rates used by appraisers for the valuation of Investment Properties as at December 31, 2022, and the consistency between those was ensured; \u2022 An allocation of the Group\u2019s corporate administrative expenses to the geographical segments, as a percentage of their respective NRI; and \u2022 A DCF calculation for each geographical segment on a 10-year basis, consistent with the method applied by the Group\u2019s appraisers, and a discounted terminal value, to which a long-term growth rate estimated as at December 31, 2022, is applied. A comparison has been performed for each geographical segment, between: \u2022 The value in use of the geographical segment at the end of December, as determined above; and \u2022 The net asset value of the geographical segment at the end of December, including the intangible assets and goodwill allocated, based on the segment reporting disclosed in the note 4.5.2 \u201cStatement of financial position by segment on a proportionate basis\u201d. GOODWILL RELATING TO THE ABILITY TO GENERATE DEVELOPMENT PROJECTS This goodwill relates to URW Germany business. Impairment tests performed on this goodwill are based on an independent external appraisal, performed once a year as at December 31, or when there is an indication of impairment, and using the DCF method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-645": { "value": "5.4. GOODWILL 5.4.1. ACCOUNTING PRINCIPLES The accounting rules for business combinations comply with IFRS 3 Revised. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. IFRS 3 (revised) stipulates a maximum period of 12 months from the acquisition date for the accounting of the acquisition to be finalised: adjustments to values applied must be related to facts and circumstances existing at the acquisition date. Therefore, beyond this 12-month period, any earn-out adjustment must be recognised in income for the fiscal year unless the additional consideration is an equity instrument. Where a business is acquired in stages, the previous investment is remeasured at fair value at the date if and when the control is transferred. Any difference between fair value and net book value of this investment is recognised in income. Any change in the Group\u2019s interest in an entity that results in a loss of control is recognised as a gain/loss on disposal and the remaining interest is remeasured at fair value with the change being recognised in income. A transaction that does not affect control (additional acquisition or disposal) is accounted for as an equity transaction between the Group share and the non-controlling interest share without an impact on profit or loss and/or a goodwill adjustment. GOODWILL SUBSEQUENT MEASUREMENT AND IMPAIRMENT Goodwill is carried at cost less any accumulated impairment losses. In compliance with IAS 36, the Group performs impairment testing to determine if there is any indication of impairment, at least once a year or whenever there is an indication of impairment. For the purposes of this test, assets are grouped into cash-generating units (\u201cCGUs\u201d). CGUs are standardised groups of assets whose continued use generates cash inflows that are largely separate from those generated by other asset groups. An impairment loss must be recognised whenever the recoverable value of the goodwill is less than its carrying amount. Impairment losses relating to the value of goodwill cannot be reversed. GOODWILL RELATING TO OPTIMISED VALUE OF DEFERRED TAXES Goodwill may arise on acquiring an asset via a share deal, where the Group inherits the fiscal basis of the assets. It is measured by the difference between the deferred taxes accounted for in the balance sheet according to IAS 12, and an estimate of the effective taxes to be paid in case of a share deal. Therefore, in this case the impairment test consists in a comparison between the accounting value of the goodwill and the potential tax optimisation existing at the date of reporting. GOODWILL RELATING TO FEE BUSINESS This goodwill relates to the following activities: PM, Airport and DD&C. Impairment tests are performed annually or when an impairment indicator is identified and are based on valuations performed by independent external appraisers, using the DCF method. The values attributable to the PM business were allocated to the US, the UK and Germany, the values attributable to the DD&C business were allocated to the US and the UK and the value of the Airport activities was allocated to the US, based on independent external valuation. The goodwill relating to the fee business in the US and the UK is fully impaired. GOODWILL RELATING TO SYNERGIES AND WORKFORCE Goodwill relating to the Westfield Corporation acquisition has been allocated per geographical segment as it is the lowest level within the Group at which goodwill is monitored. The allocation per geographical segment was performed based on the cost and revenue synergies expected to be generated as a result of the business combination. The expected cost and revenue synergies were allocated to the US, the UK, France Retail, Spain, Central Europe and the Nordics. The amount related to the value of the workforce acquired was allocated to the US and the UK. The goodwill allocated to the US, the UK, Spain, Central Europe and the Nordics is fully impaired. Impairment test: Since the geographical segments are the lowest level within the URW Company at which goodwill is monitored, for internal management purposes, the impairment test is performed at geographical segment level and, as a result, in accordance with IAS 36 for a group of CGUs. The geographical segments to which goodwill has been allocated are tested for impairment by comparing the net asset value of the geographical segment (as presented in the note 4.5.2 \u201cStatement of financial position by segment on a proportionate basis\u201d) with the recoverable value, which is determined as the higher of the fair value less cost of disposal and its value in use. The recoverable value is determined on value in use based on the DCF derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the MB and the SB. The Group performs comprehensive impairment tests of the goodwill allocated to each geographical segment at the end of December, based on: \u2022 The operating cash flows derived from the 5YBP exercise for 2023- 2027 per geographical segment; \u2022 The discount rates before tax per geographical segment based on a calculation of the WACC per region, which reflect the current market assessment of the interest rates and the specific risks associated with each geographical segment as at December 31, 2022. These discount rates were also compared with the discount rates used by appraisers for the valuation of Investment Properties as at December 31, 2022, and the consistency between those was ensured; \u2022 An allocation of the Group\u2019s corporate administrative expenses to the geographical segments, as a percentage of their respective NRI; and \u2022 A DCF calculation for each geographical segment on a 10-year basis, consistent with the method applied by the Group\u2019s appraisers, and a discounted terminal value, to which a long-term growth rate estimated as at December 31, 2022, is applied. A comparison has been performed for each geographical segment, between: \u2022 The value in use of the geographical segment at the end of December, as determined above; and \u2022 The net asset value of the geographical segment at the end of December, including the intangible assets and goodwill allocated, based on the segment reporting disclosed in the note 4.5.2 \u201cStatement of financial position by segment on a proportionate basis\u201d. GOODWILL RELATING TO THE ABILITY TO GENERATE DEVELOPMENT PROJECTS This goodwill relates to URW Germany business. Impairment tests performed on this goodwill are based on an independent external appraisal, performed once a year as at December 31, or when there is an indication of impairment, and using the DCF method. 5.4.2. CHANGES IN GOODWILL As at December 31, 2022, the goodwill breaks down as follows: Net value (\u20ac Mn) Optimised value of deferred taxes Fee business Synergies, workforce and ability to generate development projects Total Dec. 31, 2020 199.5 119.3 929.3 1,248.1 Disposal (23.0) \u2013 \u2013 (23.0) Impairment \u2013 \u2013 (145.9) (145.9) Currency translation \u2013 \u2013 \u2013 \u2013 Dec. 31, 2021 176.6 119.3 783.4 1,079.2 Disposal \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 \u2013 \u2013 Currency translation \u2013 \u2013 \u2013 \u2013 Dec. 31, 2022 176.6 119.3 783.4 1,079.2 The allocation of the goodwill per geographical segment breaks down as follows: (\u20acMn) France Retail Central Europe Austria Germany Other Total Goodwill Dec. 31, 2021 731.0 87.3 72.9 177.8 10.3 1,079.2 Disposal \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Currency translation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Goodwill Dec. 31, 2022 731.0 87.3 72.9 177.8 10.3 1,079.2 The Group performs an impairment test for each category of goodwill. GOODWILL RELATING TO OPTIMISED VALUE OF DEFERRED TAXES As at December 31, 2022, no additional impairment was recognised. GOODWILL RELATING TO FEE BUSINESS As at December 31, 2022, no additional impairment was recognised. GOODWILL RELATING TO SYNERGIES, WORKFORCE AND ABILITY TO GENERATE DEVELOPMENT PROJECTS As at December 31, 2022, no additional impairment was recognised. The main assumptions for calculating the value in use are the WACC, the long-term growth rates (LTGR) and the CAGR of NRI displayed in the table below. France Retail Dec. 31, 2021 WACC before tax in % 6.00% LTGR in % 1.40% CAGR of NRI in % 4.41% Dec. 31, 2022 WACC before tax in % 6.50% LTGR in % 1.70% CAGR of NRI in % 4.85% An increase in the WACC, a decrease in the LTGR or a decrease in the CAGR of NRI as determined at December 31, 2022, would not necessarily result in a value in use lower than the net asset value as the net asset value includes investment properties which are carried at fair value. These changes would reduce the fair value of those properties and ultimately the net asset value. Therefore, the impact of such changes should be viewed on a combined basis on the value in use and the net asset value to appreciate the net effect on the financial statements. Based on these assumptions used for calculating the value in use, the headroom between the net asset value of the geographical segment France Retail and the value in use amounted to \u20ac190 Mn as at December 31, 2022, compared with \u20ac360 Mn as at December 31, 2021. A change of +25 basis points in the WACC as determined at December 31, 2022, without any change in the LTGR and in the CAGR of NRI would not lead to any additional impairment of goodwill. A change of -10 basis points in the LTGR as determined at December 31, 2022, without any change in the WACC and in the CAGR of NRI would not lead to any additional impairment of goodwill. A change of -50 basis points in the CAGR of NRI as determined at December 31, 2022, without any change in the WACC and in the LTGR would not lead to any additional impairment of goodwill. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-651": { "value": "NOTE 6. SHARES AND INVESTMENTS IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD 6.1. ACCOUNTING PRINCIPLES The accounting principles are detailed in note 3.1.1 \u201cScope and methods of consolidation\u201d. Following the Westfield acquisition, the Group has significant co-ownership interest in a number of properties, mainly in the US through property partnerships or trusts. These joint ventures are accounted for using the equity method. The Group and its joint ventures use consistent accounting policies. 6.2. SHARES AND INVESTMENTS IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Shares in companies accounted for using the equity method 7,0 0 7.5 7,370.5 Loans granted to companies accounted for using the equity method 919.6 915.7 Total shares and investments in companies accounted for using the equity method (1) 7,927.1 8,286.2 (1) Mainly relates to Shopping Centres companies. SHARE OF THE RESULT OF COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD AND INCOME ON FINANCIAL ASSETS The contribution of affiliates breaks down as follows: (\u20ac Mn) 2022 2021 Recurring activities Non-recurring activities (1) Result Recurring activities Non-recurring activities (1) Result Total share of income from companies accounted for using the equity method 420.6 (472.4) (51.8) 346.3 (916.8) (570.5) Total interests on loans granted to companies accounted for using the equity method 31.0 \u2013 31.0 25.1 \u2013 25.1 (1) Correspond mainly to the fair value adjustment and related deferred tax on the underlying investment properties. 6.3. JOINT VENTURES According to IFRS 11, joint ventures are those entities in which the Group has joint control established by contractual agreement and rights to the net assets of the arrangement. 6.3.1. DESCRIPTION OF THE MAIN JOINT VENTURES ACCOUNTED FOR USING THE EQUITY METHOD The main jointly controlled assets accounted for using the equity method are the following: Name of investment Geographical area % Interest as at Dec. 31, 2022 % Interest as at Dec. 31, 2021 Westfield Stratford City UK 50.0% 50.0% Metropole Zlicin Central Europe 50.0% 50.0% Westfield Rosny 2 France 26.0% 26.0% Westfield CentrO Germany 50.0% 50.0% Paunsdorf Center Germany 25.5% 25.5% Westfield Annapolis US 55.0% 55.0% Westfield Culver City US 55.0% 55.0% Westfield Garden State Plaza US 50.0% 50.0% Westfield Montgomery US 50.0% 50.0% Westfield Santa Anita(1) US 49.3% 49.3% Westfield Southcenter US 55.0% 55.0% Westfield Topanga US 55.0% 55.0% Westfield UTC US 50.0% 50.0% Westfield Valley Fair US 50.0% 50.0% Aupark Bratislava Central Europe 13.0% 40.0% (1) In 2022, the Group completed the sale of the asset Westfield Santa Anita (see note 1.1.1 \u201cAcquisitions/Disposals in 2022\u201d). The significant joint ventures accounted for using the equity method are presented below: WESTFIELD STRATFORD CITY (LONDON, UNITED KINGDOM) Westfield Stratford City is a joint venture with Canneth Limited Partnership Inc. The partnership is governed through a business manager, which is a company jointly owned by both partners. This business manager has significant powers to conduct the business. The budget, capital expenditures, and a number of major decisions relating to the debt financing, approval of any refurbishment and development, disposals, require the approval of both partners. Therefore under IFRS 10, Westfield Stratford City is jointly controlled by both partners. PARTNERSHIPS IN THE UNITED STATES Per the co-ownership and PM agreements with its joint venture partners, the Group is restricted from exercising control over these interests even though the Group has more than 50% ownership interest and voting rights. Major decisions require the approval of both the Group and the joint venture partners and operating and capital budgets must be approved by the management committee (both owners have equal representation on this committee). The Group therefore has joint control over the investments and they are accounted for using the equity method. WESTFIELD CENTRO (GERMANY) Westfield CentrO, a leading shopping centre located in Oberhausen, is jointly held by the Group and CPPIB. The joint venture is governed by a board of directors with 6 members, 3 of which are designated by URW and 3 designated by CPPIB. The relevant activities are the leasing, equipment, building, renovation as well as the management, servicing and maintenance of these assets. The decision-making process for all these relevant activities required the approval of both partners. Therefore these companies which are joint ventures are accounted for using the equity method. 6.3.2. CONSOLIDATED FINANCIAL POSITION OF THE JOINT VENTURES The main items of the statements of financial position and income statement of joint ventures are presented in aggregate in the tables below. These items are stated in Group share including restatements for consolidation purposes. SHOPPING CENTRES AND CONVENTION & EXHIBITION COMPANIES (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Investment properties 8,365.6 9,036.5 Other non-current assets 27.2 14.9 Current assets 402.6 389.7 Total assets 8,795.4 9,441.1 Restated shareholders\u2019 equity 6,111.5 6,551.7 Deferred tax liabilities 97.1 121.4 Shareholders loans 458.1 468.8 External borrowings (1) 1,915.5 2,073.6 Other non-current liabilities 22.2 19.6 Current liabilities 191.0 206.0 Total liabilities 8,795.4 9,4 41.1 (1) Includes current and non-current borrowings. (\u20ac Mn) 2022 2021 NRI 450.7 352.4 Change in fair value of investment properties (509.7) (868.5) Net result (161.0) (573.1) 6.3.3. VALUATION ASSUMPTIONS AND SENSITIVITY The following tables provide a number of quantitative data in order to assess the fair valuation of the Group\u2019s assets accounted for using the equity method. SHOPPING CENTRES All shopping centres are valued using the DCF and/or yield methodologies. Shopping Centres \u2013 December 31, 2022 Net Initial Yield Rent in \u20ac per sqm (1) Discount Rate (2) Exit Capitalisation Rate (3) CAGR of NRI (4) Europe Max 7.6% 947 8.9% 6.8% 4.6% Min 4.3% 125 6.5% 4.4% 1.7% Weighted average 5.8% 370 7.4% 5.7% 2.6% US Max 9.6% 1,213 10.3% 9.0% 11.4% Min 3.7% 321 6.5% 4.5% 1.1% Weighted average 4.9% 653 7.3% 5.3% 5.0% NY, DR and ECR weighted by GMV. Vacant assets, assets considered at bid value, and assets under restructuring are not included in Min. and Max. calculation. Assets under development or not controlled by URW are not included in this table. The UK assets are included in the table. (1) Average annual rent (MGR + SBR) per asset per sqm. (2) Rate used to calculate the net present value of future cash flows. (3) Rate used to capitalise the exit rent to determine the exit value of an asset. (4) CAGR of NRI determined by the appraiser (between 6 and 10 years depending on duration of DCF model used). The table below shows the sensitivity on URW\u2019s Shopping Centre portfolio value for assets accounted for using the equity method, excluding assets under development. Sensitivity Impact in \u20ac Mn Impact in % +25 bps in NIY (379) (4.6)% +25 bps in DR (154) (1.9)% +10 bps in ECR (99) (1.2)% -5% in appraisers\u2019 ERV (268) (3.2)% 6.4. ASSOCIATES Associates are those entities, not controlled by the Group, but in which it has a significant influence according to IAS 28 R. 6.4.1. DESCRIPTION OF THE MAIN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD The main associates relate to the following assets: \u2022 Fonci\u00e8re Crossroads which owns the shopping centres A\u00e9roville and So Ouest in the Paris region, Rennes Alma in Rennes, Toison d\u2019Or in Dijon, Confluence in Lyon and the hotel Novotel Lyon Confluence; \u2022 Zlote Tarasy complex (Warsaw); \u2022 Gropius Passagen (Berlin); \u2022 Starwood I, Starwood II and Blum (US); and \u2022 Triangle Renan, a co-investment partnership for the development of Triangle Tower project. FONCI\u00c8RE CROSSROADS Fonci\u00e8re Crossroads, which owns a portfolio of 5 shopping centres in France (A\u00e9roville and So Ouest in the Paris region, Rennes Alma in Rennes, Toison d\u2019Or in Dijon and Confluence in Lyon) and a hotel, is held by a consortium of investors formed by Cr\u00e9dit Agricole Assurances, la Fran\u00e7aise and URW. The Group holds a 45.8% stake and manages the shopping centres on behalf of Fonci\u00e8re Crossroads through long-term management contracts. Fonci\u00e8re Crossroads is governed by a chairman. URW cannot be designated as the chairman as long as it manages the shopping centres. The proportion of the voting rights needed to make decisions about the relevant activities of Fonci\u00e8re Crossroads is achieved by more than 1 combination of the parties agreeing. As a result, URW has only a significant influence on Fonci\u00e8re Crossroads which is accounted for using the equity method. ZLOTE TARASY COMPLEX The Group is the sole limited partner in a partnership which holds 100% of a holding company (Warsaw III), which owns 100% of Zlote Tarasy complex (Warsaw). In compliance with the restrictions imposed on URW by the Polish competition authorities in connection with the acquisition by the Group of the shopping centres Westfield Arkadia and Wilenska in July 2010, the management of Warsaw III and the shopping centre and parking is not performed by the Group. Consequently, the Group does not control this asset and its investment in the Zlote Tarasy complex is accounted for using the equity method. 6.4.2. CONSOLIDATED FINANCIAL POSITION OF ASSOCIATES The main items of the statements of financial position and income statement of associates are presented in aggregate in the tables below. These items are stated in Group share, including restatements for consolidation purposes. SHOPPING CENTRES COMPANIES (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Investment properties 1,870.4 1,832.9 Other non-current assets 82.6 25.2 Current assets 133.1 115.8 Total assets 2,086.0 1,973.9 Restated shareholders\u2019 equity 835.0 747.6 Deferred tax liabilities 121.0 113.3 Shareholders loans 461.5 4 47.0 External borrowings 569.8 569.2 Other non-current liabilities 54.5 48.0 Current liabilities 44.2 48.8 Total liabilities 2,086.0 1,973.9 (\u20ac Mn) 2022 2021 NRI 88.0 91.0 Change in fair value of investment properties 10.9 (51.7) Net result 109.2 2.6 6.5. TRANSACTIONS WITH RELATED PARTIES (JOINT VENTURES AND ASSOCIATES) To the Group\u2019s knowledge, there are neither shareholders\u2019 pacts nor persons or groups of persons exercising or who could exercise control over the Group. The main related party transactions relate to transactions with companies accounted for using the equity method. (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Shopping Centres and Convention & Exhibition companies Loans (1) 964.8 963.1 Recognised interest 31.1 25.1 Current account in debit 6.3 18.4 Current account in credit (27.8) (35.0) Asset management fees invoiced and other fees (2) 144.8 204.2 (1) Corresponds to 100% of the financing in the joint ventures and associates. (2) The decrease relates mainly to the property development and project management revenue in the US following the delivery of some projects. All of these transactions are based on market prices. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-563": { "value": "6.5. TRANSACTIONS WITH RELATED PARTIES (JOINT VENTURES AND ASSOCIATES) To the Group\u2019s knowledge, there are neither shareholders\u2019 pacts nor persons or groups of persons exercising or who could exercise control over the Group. The main related party transactions relate to transactions with companies accounted for using the equity method. (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Shopping Centres and Convention & Exhibition companies Loans (1) 964.8 963.1 Recognised interest 31.1 25.1 Current account in debit 6.3 18.4 Current account in credit (27.8) (35.0) Asset management fees invoiced and other fees (2) 144.8 204.2 (1) Corresponds to 100% of the financing in the joint ventures and associates. (2) The decrease relates mainly to the property development and project management revenue in the US following the delivery of some projects. All of these transactions are based on market prices.
11.3.3. REMUNERATION OF THE MANAGEMENT BOARD TEAM AND THE SUPERVISORY BOARD
REMUNERATION OF THE MANAGEMENT BOARD
Starting 2021, a new organisation has been adopted by URW. An extended MB has replaced the former Senior Management Team.
(K\u20ac) Paid in:
2022
(1)
2021
(1)
Fixed income 3,350 3,249
Short-term incentive 4,457 1,573
Other benefits
(2)
1,120 799
Total 8,927 5,621
(1) Corresponds to the remuneration of the MB members (i.e. 5 members).
(2) Supplementary Contribution Scheme, company car and other additional benefits.
In 2022, members of the MB were allocated a total of 234,500
performance stock options, all subject to performance condition, and
155,810 performance shares.
Regarding the 2022 performance achievements, the MB members will
receive in 2023 a total Short-Term Incentive (\u201cSTI\u201d) amounting to
\u20ac4,167 K. The payment will be made after the approval of the AGM.
REMUNERATION OF THE SUPERVISORY
BOARD
The remuneration of the SB amounts to \u20ac824,678 for the 2022 fiscal year.
TRANSACTIONS INVOLVING SUPERVISORY
BOARD MEMBERS OR MANAGEMENT
BOARD MEMBERS (INCLUDING LOANS OR
GUARANTEES GRANTED)
None.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-619": { "value": "To the Group\u2019s knowledge, there are neither shareholders\u2019 pacts nor persons or groups of persons exercising or who could exercise control over the Group. The main related party transactions relate to transactions with companies accounted for using the equity method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-652": { "value": "7.1.1. FINANCIAL INSTRUMENTS (IAS 32/IFRS 7/IFRS 9/IFRS 13) CLASSIFICATION AND MEASUREMENT OF NON-DERIVATIVE FINANCIAL ASSETS AND LIABILITIES Under IFRS 9, on initial recognition, a financial asset is classified and measured at amortised cost, at Fair Value through Other Comprehensive Income (\u201cFVOCI\u201d) or Fair Value Through Profit and Loss (\u201cFVTPL\u201d). The classification of financial assets under IFRS 9 is based on the business model in which a financial asset is managed and its contractual cash flow characteristics. The financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interests on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition. The following accounting policies apply to the subsequent measurement of financial assets for the Group: FINANCIAL ASSETS AT FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. FINANCIAL ASSETS AT AMORTISED COST These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses if needed. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. FINANCIAL ASSETS AT FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. EQUITY INVESTMENTS AT FVOCI These assets are subsequently measured at fair value though profit or loss except in the case of an irrevocable election to classify them at fair value through OCI that cannot be reclassified. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. FINANCIAL LIABILITIES Interest-bearing financial liabilities are initially measured at fair value, less transaction costs directly attributable to the issue, and after initial booking at amortised cost using the effective interest rate. Being a financial debt with an embedded derivative, and based on the option provided by IFRS 9, the ORNANE convertible bonds, net of write-off of the issuance costs, are accounted for fully, at inception, at fair value, on a separate line in the statement of financial position, with subsequent changes recorded on a separate line in the income statement, except for the impact of the variation of the credit spread which is accounted for OCI. The interest expenses are recorded based on the contractual interest rates and are classified in the statement of comprehensive income on the line \u201cNet financing costs\u201d. As at December 31, 2022, the ORNANEs are fully refunded. Other non-derivative financial liabilities are recognised at FVTPL. CLASSIFICATION AND MEASUREMENT OF FINANCIAL DERIVATIVES AND HEDGE ACCOUNTING The Group uses derivative financial instruments to hedge its exposure to movements in interest and currency exchange rates. All financial derivatives are recorded as financial assets or liabilities at fair value on the statement of financial position. Fair value variations of financial derivatives, apart from those designated as cash flow hedges or as net investment hedges (see below), are recognised in the income statement for the period. URW has a macro-hedging strategy for its debt. Except for some currency derivatives, it has chosen not to use the hedge accounting proposed by IFRS 9. All such derivatives are therefore measured at their market value and any fair value variations are recorded in the income statement. Changes in the fair value of forward exchange contracts that economically hedge monetary assets and liabilities in foreign currencies and for which no hedge accounting is applied, are recognised in the income statement. Both the changes in fair value of the forward contracts and the foreign exchange gains and losses relating to the monetary items are recognised as part of the \u201cfinancing result\u201d as these instruments are designated as hedging instruments. HEDGING INSTRUMENTS The Group, which holds a group of financial assets or financial liabilities, is exposed to market risks and credit risks of every single counterparty as defined in IFRS 7. The Group applies the exception provided by IFRS 13 (\u00a7 48), which permits to measure the fair value of a group of financial assets or a group of financial liabilities on the basis of the price that would be received to sell or transfer a net position towards a particular risk in an orderly transaction between market participants at the measurement date under current market conditions. To determine the net position, the Group takes into account existing arrangements to mitigate the credit risk exposure in the event of default (e.g. a master netting agreement with the counterparty). The fair value measurement takes into consideration the likelihood that such an arrangement would be legally enforceable in the event of default. Valuation of derivatives takes into account the Credit Valuation Adjustment (\u201cCVA\u201d) and the Debit Valuation Adjustment (\u201cDVA\u201d). CVA, calculated for a given counterparty, is the product of: \u2022 The total mark-to-market the Group has with this counterparty, in case it is positive; \u2022 The probability of default of this counterparty over the average maturity, weighted by the nominal of the derivatives recorded with them. This probability of default is taken from the Bloomberg model, based on market data and derived from the Credit Default Swaps of the banks; and \u2022 The loss given default following market standard. DVA based on URW\u2019s credit risk corresponds to the loss that the Group\u2019s counterparties may face in case of the Group\u2019s default. It is the product of: \u2022 The total mark-to-market the Group has with a counterparty, in case it is negative; \u2022 The probability of default of the Group over the average maturity, weighted by the nominal of the total portfolio of derivatives. The Group\u2019s probability of default is derived from the Credit Default Swaps of URW and taken from the Bloomberg model; and \u2022 The loss given default following market standard. 7.1.3. DISCOUNTING OF DEFERRED PAYMENTS Long-term liabilities and receivables are discounted when this has a significant impact: \u2022 Deferred payments on assets deals, share deals, acquisitions of lands have been discounted up to the payment date; \u2022 Provisions for material liabilities taken under IAS 37 are discounted over the estimated duration of the disputes they cover; and \u2022 Guarantee deposits received from tenants have not been discounted given the negligible impact of discounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-620": { "value": "CLASSIFICATION AND MEASUREMENT OF NON-DERIVATIVE FINANCIAL ASSETS AND LIABILITIES Under IFRS 9, on initial recognition, a financial asset is classified and measured at amortised cost, at Fair Value through Other Comprehensive Income (\u201cFVOCI\u201d) or Fair Value Through Profit and Loss (\u201cFVTPL\u201d). The classification of financial assets under IFRS 9 is based on the business model in which a financial asset is managed and its contractual cash flow characteristics. The financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interests on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition. The following accounting policies apply to the subsequent measurement of financial assets for the Group: FINANCIAL ASSETS AT FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. FINANCIAL ASSETS AT AMORTISED COST These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses if needed. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. FINANCIAL ASSETS AT FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. EQUITY INVESTMENTS AT FVOCI These assets are subsequently measured at fair value though profit or loss except in the case of an irrevocable election to classify them at fair value through OCI that cannot be reclassified. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-621": { "value": "FINANCIAL LIABILITIES Interest-bearing financial liabilities are initially measured at fair value, less transaction costs directly attributable to the issue, and after initial booking at amortised cost using the effective interest rate. Being a financial debt with an embedded derivative, and based on the option provided by IFRS 9, the ORNANE convertible bonds, net of write-off of the issuance costs, are accounted for fully, at inception, at fair value, on a separate line in the statement of financial position, with subsequent changes recorded on a separate line in the income statement, except for the impact of the variation of the credit spread which is accounted for OCI. The interest expenses are recorded based on the contractual interest rates and are classified in the statement of comprehensive income on the line \u201cNet financing costs\u201d. As at December 31, 2022, the ORNANEs are fully refunded. Other non-derivative financial liabilities are recognised at FVTPL. 7.1.3. DISCOUNTING OF DEFERRED PAYMENTS Long-term liabilities and receivables are discounted when this has a significant impact: \u2022 Deferred payments on assets deals, share deals, acquisitions of lands have been discounted up to the payment date; \u2022 Provisions for material liabilities taken under IAS 37 are discounted over the estimated duration of the disputes they cover; and \u2022 Guarantee deposits received from tenants have not been discounted given the negligible impact of discounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-640": { "value": "CLASSIFICATION AND MEASUREMENT OF FINANCIAL DERIVATIVES AND HEDGE ACCOUNTING The Group uses derivative financial instruments to hedge its exposure to movements in interest and currency exchange rates. All financial derivatives are recorded as financial assets or liabilities at fair value on the statement of financial position. Fair value variations of financial derivatives, apart from those designated as cash flow hedges or as net investment hedges (see below), are recognised in the income statement for the period. URW has a macro-hedging strategy for its debt. Except for some currency derivatives, it has chosen not to use the hedge accounting proposed by IFRS 9. All such derivatives are therefore measured at their market value and any fair value variations are recorded in the income statement. Changes in the fair value of forward exchange contracts that economically hedge monetary assets and liabilities in foreign currencies and for which no hedge accounting is applied, are recognised in the income statement. Both the changes in fair value of the forward contracts and the foreign exchange gains and losses relating to the monetary items are recognised as part of the \u201cfinancing result\u201d as these instruments are designated as hedging instruments.
7.4. HEDGING INSTRUMENTS
CHANGE IN DERIVATIVES
(\u20ac Mn)
Dec. 31,
2021
Amounts recognised in the
statement of comprehensive
income
Changes in
scope of
consolidation Acquisitions Disposals Reallocation
Dec. 31,
2022
Fair value
adjustments
of derivatives
Other
comprehensive
income
Assets
Derivatives at fair value non-current 442.9 317.1 \u2013 \u2013 62.8 8.1 \u2013 831.0
\u2022 Without a hedging relationship 442.9 317.1 \u2013 \u2013 62.8 8.1 \u2013 831.0
\u2022 Other derivatives \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Liabilities
Derivatives at fair value concurrent 1,067.2 12.3 \u2013 \u2013 38.7 (20.8) \u2013 1,097.4
\u2022 Without a hedging relationship 1,067.2 12.3 \u2013 \u2013 38.7 (20.8) \u2013 1,097.4
Net (624.2) 304.8 \u2013 \u2013 24.1 28.9 \u2013 (266.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-622": { "value": "CLASSIFICATION AND MEASUREMENT OF FINANCIAL DERIVATIVES AND HEDGE ACCOUNTING The Group uses derivative financial instruments to hedge its exposure to movements in interest and currency exchange rates. All financial derivatives are recorded as financial assets or liabilities at fair value on the statement of financial position. Fair value variations of financial derivatives, apart from those designated as cash flow hedges or as net investment hedges (see below), are recognised in the income statement for the period. URW has a macro-hedging strategy for its debt. Except for some currency derivatives, it has chosen not to use the hedge accounting proposed by IFRS 9. All such derivatives are therefore measured at their market value and any fair value variations are recorded in the income statement. Changes in the fair value of forward exchange contracts that economically hedge monetary assets and liabilities in foreign currencies and for which no hedge accounting is applied, are recognised in the income statement. Both the changes in fair value of the forward contracts and the foreign exchange gains and losses relating to the monetary items are recognised as part of the \u201cfinancing result\u201d as these instruments are designated as hedging instruments. HEDGING INSTRUMENTS The Group, which holds a group of financial assets or financial liabilities, is exposed to market risks and credit risks of every single counterparty as defined in IFRS 7. The Group applies the exception provided by IFRS 13 (\u00a7 48), which permits to measure the fair value of a group of financial assets or a group of financial liabilities on the basis of the price that would be received to sell or transfer a net position towards a particular risk in an orderly transaction between market participants at the measurement date under current market conditions. To determine the net position, the Group takes into account existing arrangements to mitigate the credit risk exposure in the event of default (e.g. a master netting agreement with the counterparty). The fair value measurement takes into consideration the likelihood that such an arrangement would be legally enforceable in the event of default. Valuation of derivatives takes into account the Credit Valuation Adjustment (\u201cCVA\u201d) and the Debit Valuation Adjustment (\u201cDVA\u201d). CVA, calculated for a given counterparty, is the product of: \u2022 The total mark-to-market the Group has with this counterparty, in case it is positive; \u2022 The probability of default of this counterparty over the average maturity, weighted by the nominal of the derivatives recorded with them. This probability of default is taken from the Bloomberg model, based on market data and derived from the Credit Default Swaps of the banks; and \u2022 The loss given default following market standard. DVA based on URW\u2019s credit risk corresponds to the loss that the Group\u2019s counterparties may face in case of the Group\u2019s default. It is the product of: \u2022 The total mark-to-market the Group has with a counterparty, in case it is negative; \u2022 The probability of default of the Group over the average maturity, weighted by the nominal of the total portfolio of derivatives. The Group\u2019s probability of default is derived from the Credit Default Swaps of URW and taken from the Bloomberg model; and \u2022 The loss given default following market standard. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-635": { "value": "HEDGING INSTRUMENTS The Group, which holds a group of financial assets or financial liabilities, is exposed to market risks and credit risks of every single counterparty as defined in IFRS 7. The Group applies the exception provided by IFRS 13 (\u00a7 48), which permits to measure the fair value of a group of financial assets or a group of financial liabilities on the basis of the price that would be received to sell or transfer a net position towards a particular risk in an orderly transaction between market participants at the measurement date under current market conditions. To determine the net position, the Group takes into account existing arrangements to mitigate the credit risk exposure in the event of default (e.g. a master netting agreement with the counterparty). The fair value measurement takes into consideration the likelihood that such an arrangement would be legally enforceable in the event of default. Valuation of derivatives takes into account the Credit Valuation Adjustment (\u201cCVA\u201d) and the Debit Valuation Adjustment (\u201cDVA\u201d). CVA, calculated for a given counterparty, is the product of: \u2022 The total mark-to-market the Group has with this counterparty, in case it is positive; \u2022 The probability of default of this counterparty over the average maturity, weighted by the nominal of the derivatives recorded with them. This probability of default is taken from the Bloomberg model, based on market data and derived from the Credit Default Swaps of the banks; and \u2022 The loss given default following market standard. DVA based on URW\u2019s credit risk corresponds to the loss that the Group\u2019s counterparties may face in case of the Group\u2019s default. It is the product of: \u2022 The total mark-to-market the Group has with a counterparty, in case it is negative; \u2022 The probability of default of the Group over the average maturity, weighted by the nominal of the total portfolio of derivatives. The Group\u2019s probability of default is derived from the Credit Default Swaps of URW and taken from the Bloomberg model; and \u2022 The loss given default following market standard. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-564": { "value": "7.1.2. BORROWING COSTS GENERATED BY CONSTRUCTION PROJECTS (IAS 23) Borrowing costs directly attributable to the acquisition or construction of an asset are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The interest costs capitalised are calculated using the Group\u2019s weighted average costs of borrowing applied to the average value of the work completed during each quarter, unless specific financing exists for the project. In this case, the specific interest costs of the project are capitalised. Capitalisation of borrowing costs starts when the asset is qualified as an IPUC and/or as inventory and ends when the project is transferred to standing investment property at the delivery date to the tenant or earlier when the project is technically completed or when an asset is available for sale. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-623": { "value": "7.1.2. BORROWING COSTS GENERATED BY CONSTRUCTION PROJECTS (IAS 23) Borrowing costs directly attributable to the acquisition or construction of an asset are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The interest costs capitalised are calculated using the Group\u2019s weighted average costs of borrowing applied to the average value of the work completed during each quarter, unless specific financing exists for the project. In this case, the specific interest costs of the project are capitalised. Capitalisation of borrowing costs starts when the asset is qualified as an IPUC and/or as inventory and ends when the project is transferred to standing investment property at the delivery date to the tenant or earlier when the project is technically completed or when an asset is available for sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-565": { "value": "
7.2. FINANCING RESULT
7.2.1. NET FINANCING COSTS
(\u20ac Mn)
2022 2021
Security transactions 7.7 2.9
Other financial interest 27.3 14.7
Interest income on derivatives 210.4 194.6
Subtotal financial income 245.3 212.2
Security transactions \u2013 (0.3)
Interest on bonds and EMTNs (486.6) (485.3)
Interest and expenses on borrowings (66.9) (59.3)
Interest on lease liability (50.8) (46.9)
Interest on preferred shares (12.4) (6.0)
Interest on partners\u2019 advances (30.9) (24.5)
Other financial interest (7.2) (5.5)
Interest expenses on derivatives (107.1) (91.5)
Financial expenses before capitalisation of financial expenses (761.8) (719.3)
Capitalised financial expenses 42.5 41.2
Subtotal net financial expenses (719.3) (678.1)
Total net financial costs (474.0) (465.9)
Financial income and expenses from the consolidated statement of cash flows correspond to cash amounts of financial interest paid and received
during the period. They do not include any non-cash items such as accrued interest and amortisation of issuance costs.
7.2.2. FAIR VALUE ADJUSTMENT OF DERIVATIVES, DEBTS AND CURRENCY EFFECT
(\u20acMn)
2022 2021
Mark-to-market of the ORNANEs 0.3 (2.9)
Currency impact (13.2) (29.3)
Restructuring of debt, hedges and mark-to-market of derivatives 233.3 (28.4)
Other financial assets and liabilities 54.9 (33.6)
Debt discounting 0.6 (0.9)
Total non-recurring financial result 275.9 (95.1)
7.7.2. NET GAIN/LOSS BY CATEGORY
URW closely monitors its financial risk linked to its activity and the financial instruments it uses. The Group identifies and regularly evaluates its
different risk exposures (liquidity, interest rates, and currency exchange rates) in order to implement the adopted strategy.
2022
(\u20ac Mn)
From
interest
Net gain/(loss)
in profit & loss
Net gain/(loss)
in equity
Investments in financial assets 11.3 11.3 (9.3)
Derivatives at fair value through profit and loss 103.3 103.3 \u2013
Financial liabilities at amortised cost (631.1) (631.1) \u2013
(516.4) (516.4) (9.3)
Capitalised expenses 42.5
Net financial expenses (474.0)
2021
(\u20ac Mn)
From
interest
Net gain/(loss)
in profit & loss
Net gain/(loss)
in equity
Investments in financial assets 10.5 10.5 (2.7)
Derivatives at fair value through profit and loss 103.1 103.1 \u2013
Financial liabilities at amortised cost (620.7) (620.7) \u2013
(5 07.1) (5 07.1) (2.7)
Capitalised expenses 41.2
Net financial expenses (465.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-594": { "value": "7.2.1. NET FINANCING COSTS (\u20ac Mn) 2022 2021 Security transactions 7.7 2.9 Other financial interest 27.3 14.7 Interest income on derivatives 210.4 194.6 Subtotal financial income 245.3 212.2 Security transactions \u2013 (0.3) Interest on bonds and EMTNs (486.6) (485.3) Interest and expenses on borrowings (66.9) (59.3) Interest on lease liability (50.8) (46.9) Interest on preferred shares (12.4) (6.0) Interest on partners\u2019 advances (30.9) (24.5) Other financial interest (7.2) (5.5) Interest expenses on derivatives (107.1) (91.5) Financial expenses before capitalisation of financial expenses (761.8) (719.3) Capitalised financial expenses 42.5 41.2 Subtotal net financial expenses (719.3) (678.1) Total net financial costs (474.0) (465.9) Financial income and expenses from the consolidated statement of cash flows correspond to cash amounts of financial interest paid and received during the period. They do not include any non-cash items such as accrued interest and amortisation of issuance costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-624": { "value": "7.2.2. FAIR VALUE ADJUSTMENT OF DERIVATIVES, DEBTS AND CURRENCY EFFECT (\u20acMn) 2022 2021 Mark-to-market of the ORNANEs 0.3 (2.9) Currency impact (13.2) (29.3) Restructuring of debt, hedges and mark-to-market of derivatives 233.3 (28.4) Other financial assets and liabilities 54.9 (33.6) Debt discounting 0.6 (0.9) Total non-recurring financial result 275.9 (95.1) 7.7.1. FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AND LIABILITIES IFRS 13 establishes a hierarchy of valuation techniques for financial instruments. The following categories are identified: \u2022 Level 1: financial instruments quoted in an active market; \u2022 Level 2: financial instruments whose fair value is evidenced by comparison with other observable current market transactions in the same instrument (i.e. without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets; and \u2022 Level 3: financial instruments whose fair value is determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable current market transactions in the same instrument (i.e. without modification or repackaging) and not based on available observable market data. ( \u20acMn) Fair value measurement at Dec. 31, 2022 Total Level 1 Level 2 Level 3 Assets Fair value through profit or loss Investments in financial assets 173.1 \u2013 \u2013 173.1 Derivatives 831.0 \u2013 831.0 \u2013 Marketable securities 11.5 11.5 \u2013 \u2013 Fair value through equity Investments in financial assets 24.5 \u2013 \u2013 24.5 Derivatives \u2013 \u2013 \u2013 \u2013 Total 1,040.0 11.5 831.0 197.5 Liabilities Fair value through profit or loss Commitment to non-controlling interests 44.8 \u2013 \u2013 44.8 ORNANE \u2013 \u2013 \u2013 \u2013 Derivatives 1,0 97.4 \u2013 1,0 97.4 \u2013 Other non-current liabilities 52.4 \u2013 \u2013 52.4 Total 1,194.6 \u2013 1,0 97.4 97.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-566": { "value": "
7.3.1. INVESTMENT IN FINANCIAL ASSETS
Change in investments in financial assets is mainly due to vendor loans
agreed on during asset disposals in France and Central Europe, and
equity interests in unlisted investments in the US.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-595": { "value": "7.3.1. INVESTMENT IN FINANCIAL ASSETS Change in investments in financial assets is mainly due to vendor loans agreed on during asset disposals in France and Central Europe, and equity interests in unlisted investments in the US. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-567": { "value": "
7.3.2. MAIN FINANCING TRANSACTIONS
IN 2022
ORNANES:
\u20ac500 Mn of net share settled bonds convertible into new and/or existing
URW Stapled Shares (ORNANE) issued in April 2015 matured and were
refunded on January 1, 2022.
SHORT TO MEDIUM TERM PAPER:
URW accessed the money markets by issuing short-term paper. The
average outstanding amount of short-term paper
(1)
in 2022 stood at
\u20ac176 Mn, below the average amount in 2021 (\u20ac682 Mn), due to the
Group\u2019s high liquidity position in 2022.
As at December 31, 2022, the Group had no short-term paper outstanding.
(1) Neu CP and Neu MTN.
(2) As Westfield Carr\u00e9 S\u00e9nart remains fully consolidated, the \u20ac302 Mn non-recourse debt raised by the asset-owning JV, held at 55% by URW, is fully consolidated
at 100% in URW\u2019s IFRS and proportionate debt.
(3) As Westfield CentrO is consolidated at 50.01% (at share) in URW\u2019s proportionate accounts, only \u20ac350.1 Mn (URW share) of the non-recourse debt raised by the
asset-owning JV, is consolidated in URW\u2019s proportionate debt. No debt consolidated under IFRS.
BANK DEBT:
The Group signed during 2022:
\u2022 \u20ac650 Mn sustainability-linked loans with a 5-year maturity (including
the refinancing of \u20ac150 Mn debt maturing in January 2023);
\u2022 \u20ac379 Mn new bilateral credit facilities with an average maturity of
4 years (including \u20ac250 Mn of sustainability-linked credit facilities);
\u2022 A non-recourse mortgage loan, for a total amount of \u20ac302 Mn with a
7-year maturity in the context of the disposal of a 45% stake in
Westfield Carr\u00e9 S\u00e9nart. This debt is fully consolidated in URW\u2019s
accounts
(2)
; and
\u2022 A non-recourse sustainability-linked mortgage loan to refinance a
maturing mortgage loan on Westfield CentrO for an amount of
\u20ac700 Mn with a 7-year maturity. This debt is consolidated at share in
the Group\u2019s proportionate accounts
(3)
.
Furthermore, the Group extended the maturity of its existing credit
facilities by one year, as follows:
\u2022 \u20ac4,075 Mn of European credit facilities (including \u20ac3,100 Mn of
sustainability-linked credit facility); and
\u2022 $1.5 Bn out of the $3.2 Bn multi-currency revolving credit facility
initially maturing in June 2023.
7.3.3. FINANCIAL DEBT BREAKDOWN AND OUTSTANDING DURATION TO MATURITY Current Non-current Total Total Outstanding duration to maturity (\u20ac Mn) Dec. 31, 2022 Lessthan1year 1yearto5years Morethan5years Dec.31,2021 Net share settled bonds convertible into new and/or existing shares (ORNANE) \u2013 \u2013 \u2013 \u2013 500.3 Principal debt \u2013 \u2013 \u2013 \u2013 500.0 Mark-to-market of debt \u2013 \u2013 \u2013 \u2013 0.3 Accrued interest \u2013 \u2013 \u2013 \u2013 \u2013 Bonds and EMTNs 686.5 8,793.3 13,009.5 22,489.3 22,793.8 Principal debt (1) 604.1 8,795.6 13,006.2 22,406.0 22,733.0 Accrued interest 237.0 \u2013 \u2013 237.0 242.9 Issuance costs (73.4) \u2013 \u2013 (73.4) (86.5) Bonds redemption premium (79.1) \u2013 \u2013 (79.1) (91.5) Mark-to-market of debt (2.1) (2.3) 3.3 (1.2) (4.1) Bank borrowings 39.2 958.6 653.4 1,651.2 1,384.2 Principal debt 62.5 961.0 653.4 1,676.9 1,395.1 Accrued interest 3.4 \u2013 \u2013 3.4 5.4 Borrowings issue fees (33.7) \u2013 \u2013 (33.7) (25.0) Bank overdrafts & current accounts to balance out cash flow 7.9 \u2013 \u2013 7.9 16.4 Mark-to-market of debt (0.9) (2.4) \u2013 (3.3) (7.7) Other financial liabilities \u2013 92.8 1,270.6 1,363.4 1,670.3 Interbank market instruments and negotiable instruments \u2013 \u2013 \u2013 \u2013 250.0 Accrued interest on interbank market instruments and negotiable instruments \u2013 \u2013 \u2013 \u2013 \u2013 Current accounts with non-controlling interests (2) \u2013 92.8 1,270.6 1,363.4 1,420.3 Lease liabilities (3) 55.6 215.0 628.3 898.9 784.9 Total financial debt 781.3 10,059.7 15,561.8 26,402.8 27,133.5 Including liabilities directly associated with Properties or Shares classified as held for sale \u2013 \u2013 \u2013 \u2013 \u2013 Total financial debt net of liabilities directly associated with Properties or Shares classified as held for sale 781.3 10,059.7 15,561.8 26,402.8 27,133.5 (1) Include currency impacts on debt raised in foreign currency for an amount of +\u20ac65.3 Mn as at December 31, 2022 (+\u20ac38.2 Mn as at December 31, 2021). The amount shown in the Financial Resources note (\u20ac22,340.7 Mn) corresponds to the amount of bonds after impact of derivatives instruments on debt raised in foreign currencies. (2) They are considered as non-current as they are financing the related assets. (3) During H2-2021, URW has entered into a new amendment with the Airport Authorities of Los Angeles which provide for rent reliefs related to the minimum annual guaranteed rent for certain months. Based on the terms of the amendment, URW applied the rent relief as a lease modification accounting according to IFRS 16 to remeasure the lease liability and the right-of-use asset based on information known at the date of reporting (i.e. enplanements). As a result, lease liability (the minimum in-substance fixed lease payments) and the right of use have been remeasured to take into account the evolution of the enplanements as at December 31, 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-625": { "value": "7.3.2. MAIN FINANCING TRANSACTIONS IN 2022 ORNANES: \u20ac500 Mn of net share settled bonds convertible into new and/or existing URW Stapled Shares (ORNANE) issued in April 2015 matured and were refunded on January 1, 2022. SHORT TO MEDIUM TERM PAPER: URW accessed the money markets by issuing short-term paper. The average outstanding amount of short-term paper (1) in 2022 stood at \u20ac176 Mn, below the average amount in 2021 (\u20ac682 Mn), due to the Group\u2019s high liquidity position in 2022. As at December 31, 2022, the Group had no short-term paper outstanding. (1) Neu CP and Neu MTN. (2) As Westfield Carr\u00e9 S\u00e9nart remains fully consolidated, the \u20ac302 Mn non-recourse debt raised by the asset-owning JV, held at 55% by URW, is fully consolidated at 100% in URW\u2019s IFRS and proportionate debt. (3) As Westfield CentrO is consolidated at 50.01% (at share) in URW\u2019s proportionate accounts, only \u20ac350.1 Mn (URW share) of the non-recourse debt raised by the asset-owning JV, is consolidated in URW\u2019s proportionate debt. No debt consolidated under IFRS. BANK DEBT: The Group signed during 2022: \u2022 \u20ac650 Mn sustainability-linked loans with a 5-year maturity (including the refinancing of \u20ac150 Mn debt maturing in January 2023); \u2022 \u20ac379 Mn new bilateral credit facilities with an average maturity of 4 years (including \u20ac250 Mn of sustainability-linked credit facilities); \u2022 A non-recourse mortgage loan, for a total amount of \u20ac302 Mn with a 7-year maturity in the context of the disposal of a 45% stake in Westfield Carr\u00e9 S\u00e9nart. This debt is fully consolidated in URW\u2019s accounts (2) ; and \u2022 A non-recourse sustainability-linked mortgage loan to refinance a maturing mortgage loan on Westfield CentrO for an amount of \u20ac700 Mn with a 7-year maturity. This debt is consolidated at share in the Group\u2019s proportionate accounts (3) . Furthermore, the Group extended the maturity of its existing credit facilities by one year, as follows: \u2022 \u20ac4,075 Mn of European credit facilities (including \u20ac3,100 Mn of sustainability-linked credit facility); and \u2022 $1.5 Bn out of the $3.2 Bn multi-currency revolving credit facility initially maturing in June 2023.
7.3.3. FINANCIAL DEBT BREAKDOWN AND OUTSTANDING DURATION TO MATURITY
Current Non-current
Total
Total
Outstanding duration to maturity (\u20ac Mn)
Dec. 31, 2022
Lessthan1year 1yearto5years Morethan5years Dec.31,2021
Net share settled bonds convertible into new and/or
existing shares (ORNANE) \u2013 \u2013 \u2013 \u2013 500.3
Principal debt \u2013 \u2013 \u2013 \u2013 500.0
Mark-to-market of debt \u2013 \u2013 \u2013 \u2013 0.3
Accrued interest \u2013 \u2013 \u2013 \u2013 \u2013
Bonds and EMTNs 686.5 8,793.3 13,009.5 22,489.3 22,793.8
Principal debt
(1)
604.1 8,795.6 13,006.2 22,406.0 22,733.0
Accrued interest 237.0 \u2013 \u2013 237.0 242.9
Issuance costs (73.4) \u2013 \u2013 (73.4) (86.5)
Bonds redemption premium (79.1) \u2013 \u2013 (79.1) (91.5)
Mark-to-market of debt (2.1) (2.3) 3.3 (1.2) (4.1)
Bank borrowings 39.2 958.6 653.4 1,651.2 1,384.2
Principal debt 62.5 961.0 653.4 1,676.9 1,395.1
Accrued interest 3.4 \u2013 \u2013 3.4 5.4
Borrowings issue fees (33.7) \u2013 \u2013 (33.7) (25.0)
Bank overdrafts & current accounts to balance out cash flow 7.9 \u2013 \u2013 7.9 16.4
Mark-to-market of debt (0.9) (2.4) \u2013 (3.3) (7.7)
Other financial liabilities \u2013 92.8 1,270.6 1,363.4 1,670.3
Interbank market instruments and negotiable instruments \u2013 \u2013 \u2013 \u2013 250.0
Accrued interest on interbank market instruments and
negotiable instruments \u2013 \u2013 \u2013 \u2013 \u2013
Current accounts with non-controlling interests
(2)
\u2013 92.8 1,270.6 1,363.4 1,420.3
Lease liabilities
(3)
55.6 215.0 628.3 898.9 784.9
Total financial debt 781.3 10,059.7 15,561.8 26,402.8 27,133.5
Including liabilities directly associated with Properties or Shares
classified as held for sale \u2013 \u2013 \u2013 \u2013 \u2013
Total financial debt net of liabilities directly associated with
Properties or Shares classified as held for sale 781.3 10,059.7 15,561.8 26,402.8 27,133.5
(1) Include currency impacts on debt raised in foreign currency for an amount of +\u20ac65.3 Mn as at December 31, 2022 (+\u20ac38.2 Mn as at December 31, 2021). The amount
shown in the Financial Resources note (\u20ac22,340.7 Mn) corresponds to the amount of bonds after impact of derivatives instruments on debt raised in foreign currencies.
(2) They are considered as non-current as they are financing the related assets.
(3) During H2-2021, URW has entered into a new amendment with the Airport Authorities of Los Angeles which provide for rent reliefs related to the minimum annual
guaranteed rent for certain months. Based on the terms of the amendment, URW applied the rent relief as a lease modification accounting according to IFRS 16 to
remeasure the lease liability and the right-of-use asset based on information known at the date of reporting (i.e. enplanements). As a result, lease liability (the
minimum in-substance fixed lease payments) and the right of use have been remeasured to take into account the evolution of the enplanements as at December 31, 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-568": { "value": "
MATURITY OF CURRENT AND NON-CURRENT PRINCIPAL DEBT
(\u20acMn)
Current Non-current
Total
Dec. 31,
2022
Less than
1 year
1 to 2
years
2 to 3
years
3 to 4
years
4 to 5
years
More than
5 years
ORNANE \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Bonds and EMTNs 60 4.1 1,631.3 3,031.0 1,160.1 2,973.2 13,006.2 22,406.0
Bank borrowings 62.5 162.5 12.5 125.9 660.0 653.4 1,676.9
Interbank market instruments and negotiable instruments \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Lease liabilities 55.6 57.3 54.8 52.7 50.3 628.3 898.9
Total 722.2 1,851.1 3,098.3 1,338.8 3,683.4 14,287.9 24,981.8
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-596": { "value": "MATURITY OF CURRENT AND NON-CURRENT PRINCIPAL DEBT (\u20acMn) Current Non-current Total Dec. 31, 2022 Less than 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years More than 5 years ORNANE \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Bonds and EMTNs 60 4.1 1,631.3 3,031.0 1,160.1 2,973.2 13,006.2 22,406.0 Bank borrowings 62.5 162.5 12.5 125.9 660.0 653.4 1,676.9 Interbank market instruments and negotiable instruments \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Lease liabilities 55.6 57.3 54.8 52.7 50.3 628.3 898.9 Total 722.2 1,851.1 3,098.3 1,338.8 3,683.4 14,287.9 24,981.8 ", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-597": { "value": "
(1) LTV = Net financial debt (or \u201cnet debt\u201d)/Total assets excluding \u20ac960 Mn of goodwill not justified by fee business as per the Group\u2019s European leverage
covenants, including transfer taxes. The proportionate ratio LTV ratio is 42.9%.
(2) Proportionate ICR of 3.8x.
7.3.5. COVENANTS
As at December 31, 2022, the LTV
(1)
ratio amounted to 41.2% (43.3% as at December 31, 2021).
The Interest Coverage Ratio (\u201cICR\u201d) for the period stood at 4.2x
(2)
(3.3x as at December 31, 2021).
The Group\u2019s corporate debt covenants levels and corresponding current ratios are set at:
Financial ratios
Dec. 31, 2022
Europe credit
facility
covenants level
US credit facility
covenants level
US bond
covenants level
LTV 41.2% < 60% < 65% < 65%
ICR 4.2x > 2x > 1.5x > 1.5x
FFO
(a)
/NFD 7.6% > 4% n/a n/a
Secured debt ratio
(b)
2.1% n/a < 50% < 45%
Unencumbered leverage ratio
(c)
2.0x n/a > 1.5x > 1.25x
(a) Funds From Operations: on an annualised basis, the recurring EBITDA minus (i) net recurring financial expenses and (ii) tax on recurring operating result.
(b) Secured debt/total assets.
(c) Unencumbered assets/unsecured debt.
These covenants are tested twice a year based on the Group\u2019s IFRS financial statements.
As at December 31, 2022:
\u2022 100% of the Group\u2019s credit facilities and loans allow an LTV of up to 60% for the Group or the borrowing entity, as the case may be;
\u2022 100% of the Group\u2019s credit facilities and loans require an ICR > 2x for the Group or the borrowing entity, as the case may be; and
\u2022 70% of the Group\u2019s credit facilities and loans include an FFO/NFD covenant. These require an FFO/NFD above 4% for the Group or the borrowing
entity, as the case may be.
SECURED DEBT NON-RECOURSE:
The non-recourse mortgage debt raised by certain entities of the Group includes financial covenants:
Covenant level range
% of non-recourse mortgage
incl. this feature in such covenant
Debt Yield
(1)
covenants 5% \u2013 7.5% 29%
ICR covenants 1.3x \u2013 3.5x 33%
LTV covenants 55% \u2013 125% 62%
(1) Debt Yield: ratio of the net operating income to the outstanding loan amount, net of certain cash as defined in the relevant mortgage loan documentation.
\u2022 Any breach under these covenants would not lead to a cross-default on the Group\u2019s borrowings;
\u2022 In the US, the financial covenants of some mortgage loans were not met leading to a funding of cash reserves. This situation does not generate a
default of these loans; and
\u2022 In any case, defaults under these loans are not expected to have a material adverse effect on the Group\u2019s finances.
SHORT-TERM DEBT:
\u2022 There are no financial covenants (such as LTV or interest coverage ratios) in the Neu MTN, the Neu CP and the ECP programmes of URW.
", "dimensions": { "concept": "urwse:DisclosureOfCovenants", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-569": { "value": "7.3.7. NET FINANCIAL DEBT Net financial debt is determined as below: NET FINANCIAL DEBT (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Amounts accounted for in balance sheet Net share settled bonds convertible into new and/or existing shares (ORNANE) \u2013 500.3 Non-current bonds and borrowings 24,778.2 24,774.6 Current borrowings and amounts due to credit institutions 725.7 1,073.7 Liabilities directly associated with properties or shares classified as held for sale \u2013 \u2013 Total financial liabilities 25,503.9 26,348.6 Adjustments Mark-to-market of debt 4.5 11.5 Current accounts with non-controlling interests (1,363.4) (1,420.3) Impact of derivatives instruments on debt raised in foreign currency (65.3) (38.2) Accrued interests/issuance fees (54.2) (45.3) Total financial liabilities (nominal value) 24,025.4 (1) 24,856.3 (1) Cash and cash equivalents (3,329.1) (1) (2,256.1) (1) Net financial debt 20,696.3 22,600.2 (1) Bank overdrafts and current accounts to balance out cash flow are included in the total financial liabilities, in 2022 for \u20ac7.9 Mn and in 2021 for \u20ac16.4 Mn. NET CASH AT PERIOD END (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Marketable securities (1) 11.5 12.4 Short-term deposit (2) 1,905.8 1,200.0 Cash 1,411.8 1,043.6 Total asset 3,329.1 2,256.1 Bank overdrafts and current accounts to balance out cash flow (7.9) (16.4) Total liabilities (7.9) (16.4) Net cash at period end 3,321.2 (3) 2,239.7 (1) This item includes investments in money-market SICAV (marketable securities) denominated in SEK at FVTPL. (2) All short-term deposits are denominated in euros. (3) The high level of cash as at December 31, 2022, aims to cover URW\u2019s debt repayment needs corresponding to the bonds and bank loans outstanding as at December 31, 2022, and maturing within 1 year (see note 7.5.1 \u201cLiquidity risk\u201d). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-653": { "value": "7.5. RISK MANAGEMENT POLICY (1) Subject to covenants. (2) Subject to covenants. (3) On any day in the period starting on, and including the 90th calendar day prior to the First Reset Date (being October 25, 2023). (4) With the Reset Rate of Interest being equal to the sum of the 5-Year Euro Mid Swaps as at October 23, 2023, and the Relevant Margin (i.e. 1.675% until October 24, 2028). 7.5.1. LIQUIDITY RISK The following table shows the Group\u2019s contractually agreed interest payments and repayments of the non-derivative financial liabilities (excluding leases liabilities and current accounts) and the derivatives with positive and negative fair values. Amounts in foreign currency were translated at the closing rate at the reporting date. The payments of the floating rate interests have been calculated on the basis of the last interest rates published on December 31, 2022. Commercial paper has been allocated at the earliest period of redemption even if they are rolled over. All other borrowings have been allocated by date of maturity. (\u20acMn) Carrying amount (a) Less than 1 year 1 year to 5 years More than 5 years Dec. 31, 2022 Interest Redemption Interest Redemption Interest Redemption Bonds, borrowings and amounts due to credit institutions Bonds and EMTNs 22,406.0 (456.5) 60 4.1 (1,489.8) 8,795.6 (1,965.6) 13,006.2 Bank borrowings and other financial liabilities (b) 1,676.9 (49.6) 62.5 (178.4) 961.0 (14.1) 653.4 Financial derivatives Derivative financial liabilities Derivatives without a hedging relationship (1,097.4) (83.3) 27.8 (4 45.1) 38.2 (150.0) \u2013 Derivative financial assets Derivatives without a hedging relationship 831.0 109.9 \u2013 299.7 (0.7) 667.3 \u2013 (a) Corresponds to the amount of principal debt (see note 7.3.3 \u201cFinancial debt breakdown and outstanding duration to maturity\u201d). (b) Excludes current accounts with non-controlling interests and lease liabilities. The average maturity of the Group\u2019s debt, considering the undrawn credit lines (1) and cash on hand, stood at 8.3 years and at 7.1 years without taking into account the undrawn credit lines and cash on hand. URW\u2019s debt maturing over the next 12 months amounts to \u20ac647 Mn. In any event, the next 12 months debt repayment needs are fully covered by the cash on hand (\u20ac3,329 Mn) and available undrawn credit lines (2) (\u20ac9,655 Mn) including a $3.2 Bn (c. \u20ac3.0 Bn) multi-currency revolving credit facility. The terms and conditions of the \u20ac1.25 Bn perpetual non-call 2023 hybrid instrument provide the issuer with a call option(3) in 2023, and annually thereafter. The decision regarding this call will be made ahead of its First Reset Date (4) (i.e. October 25, 2023). The amount of bonds, mortgage, bank loans, current accounts and overdrafts outstanding as at December 31, 2022, and maturing or amortising within 1 year is \u20ac675 Mn (including \u20ac604 Mn of bonds). The credit facilities maturing over the next 12 months amount to \u20ac1,824 Mn including $1.7 Bn that has not been extended out of the current $3.2 Bn multi-currency revolving credit facility. URW\u2019s long-term refinancing policy consists of diversifying the Group\u2019s expiry schedules and financial resources. Accordingly (on IFRS basis), bonds & EMTN issues represented 93% of financial nominal debt at December 31, 2022, and bank loans, mortgages and overdrafts 7%. 7.5.2. COUNTERPARTY RISK Due to its use of derivatives to minimise its interest and exchange rate risk, the Group is exposed to potential counterparty defaults. The counterparty risk is the risk of replacing the derivative transactions at current market rates in the case of default. To limit counterparty risk, URW relies solely on major international banks for its hedging operations. In case of derivative termination, netting can apply as a result of existing agreements between the Group and the banks. The related amounts of derivative instruments would be \u20ac139.2 Mn for assets and \u20ac503.4 Mn for liabilities. 7.5.3. CREDIT RISK Credit risk arises from cash and equivalents as well as credit exposures with respect to rental customers. Credit risk is managed on a Group level. The Group structures the level of credit risk it accepts by placing limits on its exposure to a single counterparty, or groups of counterparties, and to geographical and industry segments. Such risks are subject to at least an annual review, and often more frequently. The Group has policies in place to ensure that rental contracts are made with customers with an appropriate credit history. The main tenants of URW\u2019s Office properties in France are blue-chip companies. The tenant profile minimises insolvency risks. In the Shopping Centres segment, the risk of insolvency is spread widely across a large number of tenants. When tenants sign their lease agreements, they are typically required to provide financial guarantees, such as a deposit, first-demand guarantee or a surety bond amounting to between 3 and 6 months\u2019 rent. Payments for ancillary services provided by the C&E segment are generally received in advance, thereby reducing the risk of unpaid debt. Late payment reminders are automatically issued in respect of late payments and penalties are applied, in normalised context. Such late payments are monitored by a special \u201cdefault\u201d committee in each business segment, which decides on the pre-litigation or litigation action to be taken. According to IFRS 9, the estimated provision corresponds to the amount that the Company does not expect to recover. Although, when collecting a tenant deposit or obtaining a bank guarantee, URW partially covers the possible future losses. URW\u2019s provision policy meets the simplified model of IFRS 9: \u2022 The estimated losses are calculated on a homogeneous segment of receivables; \u2022 The rate of estimated loss reflects the best estimation of the expected future losses, on the considered client segment: URW respects the notion of back testing (comparisons are performed with historical rates of losses) and if needed, the rates are adjusted to take into account any new trigger event; and \u2022 Historical data are reviewed to better reflect the actual situation and integrate the best estimates for the near future. The Group applies the following rules to calculate the provision for doubtful accounts as at December 31, 2022: \u2022 Receivables from tenants under bankruptcies proceedings were fully depreciated; \u2022 Doubtful debt provisions are defined on the basis of an estimated default rate based on a forward-looking approach. This percentage of default may be refined by the tenant segment and position of the Shopping Centre in its catchment area. Ultimately, this default is rationalised based on recent events like tenants bankruptcies in 2022 and also the evolution of shop closures in the past quarters; and \u2022 This percentage was applied on the amount of receivables from which security deposit and deferred amounts not yet due were deducted. The amounts of tenants receivables and the related provisions for doubtful debtors from the retail activities have decreased during the period. This decrease was mitigated by an increase in receivables from the Office activity, mainly as a result to Trinity leasing progress and from the C&E sector following the recovery in activity. The total accounts receivable from retail activities decreased by -\u20ac96.6 Mn in total (-\u20ac100.4 Mn on a proportionate basis) vs. December 31, 2021, and by -\u20ac103.6 Mn (-\u20ac111.7 Mn on a proportionate basis) excluding +\u20ac7.0 Mn (+\u20ac11.2 Mn on a proportionate basis) of currency effect. This decrease includes -\u20ac14.9 Mn (-\u20ac13.5 Mn on a proportionate basis) of allowances of provisions net of reversal booked in the result for the period (vs. -\u20ac67.8 Mn of allowances net of reversals in 2021 and -\u20ac97.3 Mn on a proportionate basis). As at December 31, 2022, the gross amount of receivables amounted to \u20ac680.2 Mn (\u20ac882.2 Mn on a proportionate basis) and the provision for doubtful debtors to -\u20ac216.4 Mn (-\u20ac285.9 Mn on a proportionate basis) compared with \u20ac766.8 Mn and -\u20ac234.3 Mn, respectively, at the end of December 2021, (\u20ac985.7 Mn and -\u20ac317.0 Mn on a proportionate basis). 7.6. MARKET RISK Market risks can generate losses resulting from fluctuations in interest rates, exchange rates, raw material prices and share prices. URW\u2019s risk mainly relates to interest rate fluctuations on the debt it has taken out to finance its investments, and maintain the cash position it requires and exchange rate fluctuations due to the Group\u2019s activities in countries outside the Eurozone, in particular in the US and the UK. The Group, through its activities, may be exposed to market risks that can generate losses as a result of \ufb02uctuations in stock markets. The Group is either: (i) directly exposed to fluctuations in stock prices due to the ownership of shares or financial instruments, or (ii) indirectly exposed to fluctuations in stock prices, due to the ownership of funds, investment instruments or share-based derivatives which are directly correlated with the price of the asset underlying such derivatives. 7.6.1. INTEREST RATE RISK MANAGEMENT AVERAGE COST OF DEBT The average cost of debt corresponds to the ratio between \u201crecurring financial expenses (excluding the ones on financial leases and partners\u2019 current accounts) + capitalised financial expenses (excluding non- recurring financial expenses such as mark-to-market and termination costs of financial instruments including bonds repurchased, currency impact)\u201d and \u201caverage net debt over the period\u201d. The average cost of debt as at December 31, 2022, is 2.0% (2.0% as at December 31, 2021), representing the blended average cost of 1.5% for Euro and SEK denominated debt and 3.8% for USD and GBP denominated debt. The Group\u2019s cost of debt was stable between H1 and H2-2022 thanks to the Group\u2019s hedging instruments in place limiting the impact of rates increase and thanks to positive cash deposit rate in H2. MEASURING INTEREST RATE RISK As at December 31, 2022, the measuring interest risk is as follow: (\u20ac Mn) Financial liabilities Fixed rate Variable rate (1) Less than 1 year 674.5 \u2013 1 year to 2 years 1,743.8 50.0 2 years to 3 years 3,043.5 \u2013 3 years to 4 years 1,286.1 \u2013 4 years to 5 years 3,103.2 530.0 More than 5 years 13,308.7 350.9 Total 23,159.8 930.9 (1) Including index-linked debt. The Group does not have a micro-hedging strategy, except when both currency exchange risk and interest rate risk are hedged, which enables it not to correlate its liquidity risk and interest rate risk management. Consequently, the maturities of the debts and hedging instruments can be dissociated and the outstanding derivatives instruments can hedge a part of the fixed rate debt maturing in the following years. The interest cost of outstanding debt was fully hedged as at December 31, 2022, through both: \u2022 Debt kept at a fixed rate; and \u2022 Hedging in place as part of URW\u2019s macro-hedging policy.
The hedging balance as at December 31, 2022, breaks down as follows:
(1) On a proportionate basis.
(2) The hedging instruments are used to hedge (i) the variable rate debt and (ii) the fixed rate debt immediately converted into variable rate debt, through the
Group\u2019s macro hedging.
(3) The impact on exchange rates due to this theoretical increase/decrease in interest rates is not taken into account. The theoretical impact of an increase/
decrease in interest rates is calculated relative to the applicable rates as at December 31, 2022: 3 Mn Euribor (2.132%), 3 Mn USD Libor (4.7673%) and 3 Mn
Sonia (3.7463%).
(\u20acMn)
Outstanding total at Dec. 31, 2022
Fixed rate Variable rate
(a)
Financial liabilities before hedging programme (23,159.8) (930.9)
Micro-hedging 11,059.7 (11,059.7)
Financial liabilities after micro-hedging
(b)
(12 ,10 0.1) (11,990.6)
Swap rate hedging
(c)
\u2013
Net debt not covered by swaps (11,990.6)
Cap and floor hedging 2,979.1
Hedging balance \u2013 (9,011.6)
(a) Including index-linked debt.
(b) Partners\u2019 current accounts are not included in variable-rate debt.
(c) Forward hedging instruments are not accounted for in this table.
In 2022, the Group adjusted its hedging position in view of its current
disposal and investment plans, its hedging programme, the existing
debt
(1)
as well as the debt the Group expects to raise in the coming
years. The cost of these adjustments, including new instruments
implemented in 2022, net of their mark-to-market in URW books at end
of 2022, was positive at \u20ac98.8 Mn.
Taking into account the derivatives with a starting date as from 2023,
the Group\u2019s net interest rate position
(2)
is fully hedged for 2023 and the
following years.
MEASURING INTEREST RATE EXPOSURE
In 2022, short-term interest rates increased across currencies by:
+270 bps for 3M Euribor, +456 bps for 3M USD Libor and +341 bps for
3M Sonia.
Based on the Group\u2019s budgeted net debt in 2023, if interest rates
(3)
(Euribor, Libor, Stibor) were to increase/decrease, the recurring net
result would be impacted by:
Euros
(\u20acMn)
USD
($Mn)
GBP
(\u00a3Mn)
Total eq.
EUR
(\u20acMn)
-25 bps interest rate (9.6) \u2013 \u2013 (9.6)
+25 bps interest rate 9.6 \u2013 \u2013 9.6
+100 bps interest rate 38.3 \u2013 \u2013 38.3
+200 bps interest rate 76.6 \u2013 \u2013 76.6
As shown in the table above, the impact of a rate increase on the recurring financial expenses would be positive in case of an increase in rates as
the hedging instruments in place are expected to be above budgeted debt following the deleveraging progress.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-570": { "value": "(1) Subject to covenants. (2) Subject to covenants. (3) On any day in the period starting on, and including the 90th calendar day prior to the First Reset Date (being October 25, 2023). (4) With the Reset Rate of Interest being equal to the sum of the 5-Year Euro Mid Swaps as at October 23, 2023, and the Relevant Margin (i.e. 1.675% until October 24, 2028). 7.5.1. LIQUIDITY RISK The following table shows the Group\u2019s contractually agreed interest payments and repayments of the non-derivative financial liabilities (excluding leases liabilities and current accounts) and the derivatives with positive and negative fair values. Amounts in foreign currency were translated at the closing rate at the reporting date. The payments of the floating rate interests have been calculated on the basis of the last interest rates published on December 31, 2022. Commercial paper has been allocated at the earliest period of redemption even if they are rolled over. All other borrowings have been allocated by date of maturity. (\u20acMn) Carrying amount (a) Less than 1 year 1 year to 5 years More than 5 years Dec. 31, 2022 Interest Redemption Interest Redemption Interest Redemption Bonds, borrowings and amounts due to credit institutions Bonds and EMTNs 22,406.0 (456.5) 60 4.1 (1,489.8) 8,795.6 (1,965.6) 13,006.2 Bank borrowings and other financial liabilities (b) 1,676.9 (49.6) 62.5 (178.4) 961.0 (14.1) 653.4 Financial derivatives Derivative financial liabilities Derivatives without a hedging relationship (1,097.4) (83.3) 27.8 (4 45.1) 38.2 (150.0) \u2013 Derivative financial assets Derivatives without a hedging relationship 831.0 109.9 \u2013 299.7 (0.7) 667.3 \u2013 (a) Corresponds to the amount of principal debt (see note 7.3.3 \u201cFinancial debt breakdown and outstanding duration to maturity\u201d). (b) Excludes current accounts with non-controlling interests and lease liabilities. The average maturity of the Group\u2019s debt, considering the undrawn credit lines (1) and cash on hand, stood at 8.3 years and at 7.1 years without taking into account the undrawn credit lines and cash on hand. URW\u2019s debt maturing over the next 12 months amounts to \u20ac647 Mn. In any event, the next 12 months debt repayment needs are fully covered by the cash on hand (\u20ac3,329 Mn) and available undrawn credit lines (2) (\u20ac9,655 Mn) including a $3.2 Bn (c. \u20ac3.0 Bn) multi-currency revolving credit facility. The terms and conditions of the \u20ac1.25 Bn perpetual non-call 2023 hybrid instrument provide the issuer with a call option(3) in 2023, and annually thereafter. The decision regarding this call will be made ahead of its First Reset Date (4) (i.e. October 25, 2023). The amount of bonds, mortgage, bank loans, current accounts and overdrafts outstanding as at December 31, 2022, and maturing or amortising within 1 year is \u20ac675 Mn (including \u20ac604 Mn of bonds). The credit facilities maturing over the next 12 months amount to \u20ac1,824 Mn including $1.7 Bn that has not been extended out of the current $3.2 Bn multi-currency revolving credit facility. URW\u2019s long-term refinancing policy consists of diversifying the Group\u2019s expiry schedules and financial resources. Accordingly (on IFRS basis), bonds & EMTN issues represented 93% of financial nominal debt at December 31, 2022, and bank loans, mortgages and overdrafts 7%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-571": { "value": "
7.5.2. COUNTERPARTY RISK
Due to its use of derivatives to minimise its interest and exchange rate
risk, the Group is exposed to potential counterparty defaults. The
counterparty risk is the risk of replacing the derivative transactions at
current market rates in the case of default. To limit counterparty risk,
URW relies solely on major international banks for its hedging operations.
In case of derivative termination, netting can apply as a result of existing
agreements between the Group and the banks. The related amounts
of derivative instruments would be \u20ac139.2 Mn for assets and \u20ac503.4 Mn
for liabilities.
7.5.3. CREDIT RISK
Credit risk arises from cash and equivalents as well as credit exposures
with respect to rental customers. Credit risk is managed on a Group
level. The Group structures the level of credit risk it accepts by placing
limits on its exposure to a single counterparty, or groups of
counterparties, and to geographical and industry segments. Such risks
are subject to at least an annual review, and often more frequently. The
Group has policies in place to ensure that rental contracts are made
with customers with an appropriate credit history.
The main tenants of URW\u2019s Office properties in France are blue-chip
companies. The tenant profile minimises insolvency risks.
In the Shopping Centres segment, the risk of insolvency is spread widely
across a large number of tenants.
When tenants sign their lease agreements, they are typically required to
provide financial guarantees, such as a deposit, first-demand guarantee
or a surety bond amounting to between 3 and 6 months\u2019 rent.
Payments for ancillary services provided by the C&E segment are
generally received in advance, thereby reducing the risk of unpaid debt.
Late payment reminders are automatically issued in respect of late
payments and penalties are applied, in normalised context. Such late
payments are monitored by a special \u201cdefault\u201d committee in each
business segment, which decides on the pre-litigation or litigation action
to be taken.
According to IFRS 9, the estimated provision corresponds to the amount
that the Company does not expect to recover. Although, when collecting
a tenant deposit or obtaining a bank guarantee, URW partially covers
the possible future losses.
URW\u2019s provision policy meets the simplified model of IFRS 9:
\u2022 The estimated losses are calculated on a homogeneous segment of
receivables;
\u2022 The rate of estimated loss reflects the best estimation of the
expected future losses, on the considered client segment: URW
respects the notion of back testing (comparisons are performed with
historical rates of losses) and if needed, the rates are adjusted to take
into account any new trigger event; and
\u2022 Historical data are reviewed to better reflect the actual situation and
integrate the best estimates for the near future.
The Group applies the following rules to calculate the provision for
doubtful accounts as at December 31, 2022:
\u2022 Receivables from tenants under bankruptcies proceedings were fully
depreciated;
\u2022 Doubtful debt provisions are defined on the basis of an estimated
default rate based on a forward-looking approach. This percentage of
default may be refined by the tenant segment and position of the
Shopping Centre in its catchment area. Ultimately, this default is
rationalised based on recent events like tenants bankruptcies in 2022
and also the evolution of shop closures in the past quarters; and
\u2022 This percentage was applied on the amount of receivables from which
security deposit and deferred amounts not yet due were deducted.
The amounts of tenants receivables and the related provisions for
doubtful debtors from the retail activities have decreased during the
period. This decrease was mitigated by an increase in receivables from
the Office activity, mainly as a result to Trinity leasing progress and from
the C&E sector following the recovery in activity.
The total accounts receivable from retail activities decreased by
-\u20ac96.6 Mn in total (-\u20ac100.4 Mn on a proportionate basis) vs.
December 31, 2021, and by -\u20ac103.6 Mn (-\u20ac111.7 Mn on a proportionate
basis) excluding +\u20ac7.0 Mn (+\u20ac11.2 Mn on a proportionate basis) of
currency effect. This decrease includes -\u20ac14.9 Mn (-\u20ac13.5 Mn on a
proportionate basis) of allowances of provisions net of reversal booked
in the result for the period (vs. -\u20ac67.8 Mn of allowances net of reversals
in 2021 and -\u20ac97.3 Mn on a proportionate basis).
As at December 31, 2022, the gross amount of receivables amounted to
\u20ac680.2 Mn (\u20ac882.2 Mn on a proportionate basis) and the provision for
doubtful debtors to -\u20ac216.4 Mn (-\u20ac285.9 Mn on a proportionate basis)
compared with \u20ac766.8 Mn and -\u20ac234.3 Mn, respectively, at the end of
December 2021, (\u20ac985.7 Mn and -\u20ac317.0 Mn on a proportionate basis).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-572": { "value": "
7.6. MARKET RISK
Market risks can generate losses resulting from fluctuations in interest
rates, exchange rates, raw material prices and share prices. URW\u2019s risk
mainly relates to interest rate fluctuations on the debt it has taken out
to finance its investments, and maintain the cash position it requires
and exchange rate fluctuations due to the Group\u2019s activities in countries
outside the Eurozone, in particular in the US and the UK.
The Group, through its activities, may be exposed to market risks that
can generate losses as a result of \ufb02uctuations in stock markets. The
Group is either: (i) directly exposed to fluctuations in stock prices due
to the ownership of shares or financial instruments, or (ii) indirectly
exposed to fluctuations in stock prices, due to the ownership of funds,
investment instruments or share-based derivatives which are directly
correlated with the price of the asset underlying such derivatives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-598": { "value": "
7.7.1. FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AND LIABILITIES
IFRS 13 establishes a hierarchy of valuation techniques for financial
instruments. The following categories are identified:
\u2022 Level 1: financial instruments quoted in an active market;
\u2022 Level 2: financial instruments whose fair value is evidenced by
comparison with other observable current market transactions in the
same instrument (i.e. without modification or repackaging) or based
on a valuation technique whose variables include only data from
observable markets; and
\u2022 Level 3: financial instruments whose fair value is determined in whole
or in part using a valuation technique based on assumptions that are
not supported by prices from observable current market transactions
in the same instrument (i.e. without modification or repackaging) and
not based on available observable market data.
\u20acMn) Fair value measurement at Dec. 31, 2022 Total Level 1 Level 2 Level 3 Assets Fair value through profit or loss Investments in financial assets 173.1 \u2013 \u2013 173.1 Derivatives 831.0 \u2013 831.0 \u2013 Marketable securities 11.5 11.5 \u2013 \u2013 Fair value through equity Investments in financial assets 24.5 \u2013 \u2013 24.5 Derivatives \u2013 \u2013 \u2013 \u2013 Total 1,040.0 11.5 831.0 197.5 Liabilities Fair value through profit or loss Commitment to non-controlling interests 44.8 \u2013 \u2013 44.8 ORNANE \u2013 \u2013 \u2013 \u2013 Derivatives 1,0 97.4 \u2013 1,0 97.4 \u2013 Other non-current liabilities 52.4 \u2013 \u2013 52.4 Total 1,194.6 \u2013 1,0 97.4 97.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-573": { "value": "8.1. ACCOUNTING PRINCIPLES 8.1.1. INCOME TAX EXPENSES The Group companies are taxable according to the tax rules of their country. In some countries, special tax regimes for public property companies exist. Calculation of income tax expenses is based on local rules and rates. 8.1.2. DEFERRED TAX Deferred taxes are recognised in respect of all temporary differences between the carrying amount and tax base of assets and liabilities at each financial year-end. Deferred tax assets or liabilities are calculated based on total temporary differences and on tax losses carried forward, using the local tax rate that will apply on the expected reversal date of the concerned differences, if this rate has been set. Otherwise, they are calculated using the applicable tax rate in effect at the financial year-end date. Within a given fiscal entity or group and for a given tax rate, debit balances are recorded to assets for the amount expected to be recoverable over a foreseeable period. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be used. The main deferred tax liabilities relate to: \u2022 The mark-to-market of investment properties, resulting in the recognition of a deferred tax liability for non-tax-exempt assets; and \u2022 The recognition of intangible assets at the acquisition date identified on Viparis entities, particularly Viparis-Porte de Versailles and Paris Nord Villepinte, as well as on Westfield entities. 8.1.3. TAX REGIMES Different tax regimes exist in the following countries. FRANCE \u2013 SIIC REGIME (SOCI\u00c9T\u00c9 D\u2019INVESTISSEMENT IMMOBILIER COT\u00c9E) URW elected to participate in the SIIC regime from the creation of the regime on January 1, 2003. Its French subsidiaries eligible for SIIC status have also opted for this regime. The SIIC regime is based on the concept of tax transparency, meaning that rental income and capital gains made from divestments are not subject to income tax at the level of the Group\u2019s French property companies, but upon distribution to URW\u2019s shareholders. The SIIC regime requires that URW and its SIIC subsidiaries distribute 95% of their recurring income and 100% of their dividend income received from SIIC or equivalent subsidiaries before the end of the following tax year, and 70% of their capital gains before the end of the second tax year following the year in which the gain was generated. The SIIC regime limits the dividend payment to the statutory distribution capacity and the unpaid SIIC obligation as a result of the capping mechanism is carried forward until the statutory distribution capacity is restored. The SIIC regime only applies to real estate rental activities, therefore other income generated by URW and its SIIC subsidiaries\u2019 ancillary activities remains subject to income tax. SPAIN \u2013 SOCIMI REGIME (SOCIEDADES \u00c1NONIMAS COTIZADAS DE INVERSI\u00d3N EN EL MERCADO INMOBILIARO) URW entered the SOCIMI regime in 2013 with most of its Spanish subsidiaries which own standing assets. The SOCIMI regime provides for a tax rate of 0% on recurring income provided that certain requirements \u2013 some of them related to the shareholders of URW \u2013 are fulfilled. Capital gains realised within the SOCIMI regime are taxed at 0%, and capital gains related to the period before entering into the regime are taxed at the moment of realisation. Based on the SOCIMI regime, the Company has to fulfil distribution obligations of at least 80% of its profits annually, as well as 50% of its capital gains, provided that the remaining 50% is reinvested in the real estate sector within a 3-year period. THE NETHERLANDS \u2013 FBI/FII REGIME (FISCALE BELEGGINGSINSTELLING/FISCAL INVESTMENT INSTITUTION) The requirements for companies to qualify for the FBI regime are partly related to their activities and their shareholding base. For the main part of the Group\u2019s Dutch real estate, following an agreement with the Dutch tax authorities, the FBI regime is not applied. URW NV, which owns the majority of the US portfolio, does apply the FBI/FII regime. An FBI/FII has to distribute its income, calculated according to the rules for corporate income tax, on a yearly base. UNITED KINGDOM \u2013 UNITED KINGDOM REIT URW applies the UK REIT regime for part of its UK real estate portfolio. Based on the regime, various restrictions apply, among them the requirement that at least 75% of the REIT\u2019s net profit must be derived from the property rental business, and 75% of the REIT\u2019s assets must be used in the property rental business or be held as cash. At least 90% of the income from the property rental business must be distributed within 12 months after the end of the accounting period. There\u2019s no distribution obligation for gains arising from the disposal of real estate used in the property rental business. UNITED STATES \u2013 UNITED STATES REIT URW has elected to apply the REIT regime for the main part of its US portfolio. Like in other REIT regimes, there\u2019s an asset test (75%) along with various securities ownership limits, and in addition there is a combined income test: at least 75% of the gross income must be derived from real estate property rental or from interest on mortgages on real estate property, whereas at least 95% of the gross income must come from a combination of real estate related sources and passive sources, such as dividends and interest. US law requires the REIT to annually distribute at least 90% of its ordinary taxable income. 8.2. INCOME TAX EXPENSES (\u20ac Mn) 2022 2021 Recurring deferred and current tax on: \u2022 Allocation/reversal of provision concerning tax issues (5.1) (0.9) \u2022 Other recurring results (54.4) (14.4) Total recurring tax (59.5) (15.3) Non-recurring deferred and current tax on: \u2022 Change in fair value of investment properties and impairment of intangible assets 36.5 65.7 \u2022 Other non-recurring results (39.7) (17.5) Total non-recurring tax (3.2) 48.2 Total tax (62.7) 32.9 Total tax paid (64.7) (27.3) (\u20ac Mn) 2022 2021 Current tax (76.8) (5.4) Deferred tax 14.1 38.3 Total tax (62.7) 32.9 Reconciliation of effective tax rate % 2022 2021 Profit (loss) before tax, impairment of goodwill and result of associates 403.0 (307.7) Income tax using the average tax rate 25.9% (104.4) 70.6 Tax exempt profits (including SIIC, SOCIMI and REIT regimes) (44.1)% 17 7.9 101.9 Non-deductible costs 1.6% (6.6) (8.9) Effect of tax provisions 3.3% (13.5) (1.8) Effect of non-recognised tax losses 38.9% (156.7) (130.3) Effect of change in tax rates (8.1)% 32.8 (0.5) Effect of currency translation in tax 0.2% (0.7) (7.2) Other (2.1)% 8.5 9.2 Total tax 15.6% (62.7) 32.9
8.3. DEFERRED TAX
2022 CHANGE
(\u20acMn)
Dec. 31, 2021
Net
variation Reclassification
Currency
translation
Change in
scope of
consolidation Dec. 31, 2022
Deferred tax liabilities (1,918.0) 35.1 (2.2) 20.7 31.8 (1,832.6)
Deferred tax on investment properties (1,734.4) 30.5 (2.2) 21.6 31.8 (1,652.7)
Deferred tax on intangible assets (183.6) 4.6 \u2013 (0.9) \u2013 (179.9)
Other deferred tax 24.6 (21.5) (0.1) 0.8 \u2013 3.8
Tax loss carry-forward
(1)
45.9 (6.8) (0.1) 0.5 \u2013 39.5
Other
(1)
(21.3) (14.7) \u2013 0.3 \u2013 (35.7)
Total deferred tax liabilities (1,893.4) 13.6 (2.3) 21.5 31.8 (1,828.8)
Deferred tax assets
Tax loss carry-forward 31.3 1.4 0.1 (0.8) \u2013 32.0
Other deferred tax assets
(1)
8.0 (0.9) 1.6 0.3 \u2013 9.0
Provision on tax loss carry-forward (17.0) \u2013 \u2013 (0.2) \u2013 (17.2)
Total deferred tax assets 22.3 0.5 1.7 (0.7) \u2013 23.8
(1) Deferred tax assets and liabilities within a same tax group are offset.
2021 CHANGE
(\u20ac Mn)
Dec. 31, 2020
Net
variation Reclassification
Currency
translation
Change in
scope of
consolidation Dec. 31, 2021
Deferred tax liabilities (2,052.5) 66.2 \u2013 (4.0) 72.3 (1,918.0)
Deferred tax on investment properties (1,864.4) 62.5 \u2013 (4.8) 72.3 (1,734.4)
Deferred tax on intangible assets (188.1) 3.7 \u2013 0.8 \u2013 (183.6)
Other deferred tax 44.8 (25.5) 1.5 4.3 (0.5) 24.6
Tax loss carry-forward
(1)
63.0 (19.5) 2.2 (0.1) 0.3 45.9
Other
(1)
(18.2) (6.0) (0.7) 4.4 (0.8) (21.3)
Total deferred tax liabilities (2,0 07.8) 40.7 1.5 0.3 71.8 (1,893.4)
Deferred tax assets
Tax loss carry-forward 29.9 3.2 (2.2) 0.4 \u2013 31.3
Other deferred tax assets
(1)
11.7 (3.9) \u2013 0.2 \u2013 8.0
Provision on tax loss carry-forward (15.2) (1.7) \u2013 (0.1) \u2013 (17.0)
Total deferred tax assets 26.5 (2.4) (2.2) 0.5 \u2013 22.3
(1) Deferred tax assets and liabilities within a same tax group are offset.
Deferred tax liabilities on properties refer to:
1) Those countries where there is no REIT regime (like the SIIC regime in France), providing a tax exemption on recurring income and capital gains
on property sales with an obligation to distribute part of their net result, or
2) To countries where such tax efficient status does exist, but where the structure of URW in its current form and under current legislation would
lead to tax amounts to be paid in case of capital gains on property sales.
UNRECOGNISED DEFERRED TAX ASSETS
The table below presents the tax basis on which no deferred tax assets were recognised:
(\u20ac Mn)
Dec. 31, 2022 Dec. 31, 2021
Temporary differences investment properties \u2013 \u2013
Tax loss carry-forwards not recognised 2,471.0 2,070.2
Total unrecognised tax basis 2,471.0 2,070.2
DETAIL OF UNRECOGNISED TAX LOSSES AT THE END OF 2022 INTO FINAL YEAR OF USE:
(\u20ac Mn)
2023 13.6
2024 24.8
2025 27.3
2026 3.1
2027 17.5
Unlimited 2,384.7
Total 2,471.0
The tax losses are to a large extent related to negative financial results on French SIIC entities (\u20ac979.6 Mn), next to losses caused by impairments in
some other countries (mainly US and The Netherlands). Deferred tax assets have not been recognised because it is not probable that future taxable
profit will be available against which these losses can be offset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-626": { "value": "8.1.1. INCOME TAX EXPENSES The Group companies are taxable according to the tax rules of their country. In some countries, special tax regimes for public property companies exist. Calculation of income tax expenses is based on local rules and rates. 8.1.2. DEFERRED TAX Deferred taxes are recognised in respect of all temporary differences between the carrying amount and tax base of assets and liabilities at each financial year-end. Deferred tax assets or liabilities are calculated based on total temporary differences and on tax losses carried forward, using the local tax rate that will apply on the expected reversal date of the concerned differences, if this rate has been set. Otherwise, they are calculated using the applicable tax rate in effect at the financial year-end date. Within a given fiscal entity or group and for a given tax rate, debit balances are recorded to assets for the amount expected to be recoverable over a foreseeable period. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be used. The main deferred tax liabilities relate to: \u2022 The mark-to-market of investment properties, resulting in the recognition of a deferred tax liability for non-tax-exempt assets; and \u2022 The recognition of intangible assets at the acquisition date identified on Viparis entities, particularly Viparis-Porte de Versailles and Paris Nord Villepinte, as well as on Westfield entities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-599": { "value": "8.1.2. DEFERRED TAX Deferred taxes are recognised in respect of all temporary differences between the carrying amount and tax base of assets and liabilities at each financial year-end. Deferred tax assets or liabilities are calculated based on total temporary differences and on tax losses carried forward, using the local tax rate that will apply on the expected reversal date of the concerned differences, if this rate has been set. Otherwise, they are calculated using the applicable tax rate in effect at the financial year-end date. Within a given fiscal entity or group and for a given tax rate, debit balances are recorded to assets for the amount expected to be recoverable over a foreseeable period. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be used. The main deferred tax liabilities relate to: \u2022 The mark-to-market of investment properties, resulting in the recognition of a deferred tax liability for non-tax-exempt assets; and \u2022 The recognition of intangible assets at the acquisition date identified on Viparis entities, particularly Viparis-Porte de Versailles and Paris Nord Villepinte, as well as on Westfield entities. 8.2. INCOME TAX EXPENSES (\u20ac Mn) 2022 2021 Recurring deferred and current tax on: \u2022 Allocation/reversal of provision concerning tax issues (5.1) (0.9) \u2022 Other recurring results (54.4) (14.4) Total recurring tax (59.5) (15.3) Non-recurring deferred and current tax on: \u2022 Change in fair value of investment properties and impairment of intangible assets 36.5 65.7 \u2022 Other non-recurring results (39.7) (17.5) Total non-recurring tax (3.2) 48.2 Total tax (62.7) 32.9 Total tax paid (64.7) (27.3) (\u20ac Mn) 2022 2021 Current tax (76.8) (5.4) Deferred tax 14.1 38.3 Total tax (62.7) 32.9 Reconciliation of effective tax rate % 2022 2021 Profit (loss) before tax, impairment of goodwill and result of associates 403.0 (307.7) Income tax using the average tax rate 25.9% (104.4) 70.6 Tax exempt profits (including SIIC, SOCIMI and REIT regimes) (44.1)% 17 7.9 101.9 Non-deductible costs 1.6% (6.6) (8.9) Effect of tax provisions 3.3% (13.5) (1.8) Effect of non-recognised tax losses 38.9% (156.7) (130.3) Effect of change in tax rates (8.1)% 32.8 (0.5) Effect of currency translation in tax 0.2% (0.7) (7.2) Other (2.1)% 8.5 9.2 Total tax 15.6% (62.7) 32.9 8.3. DEFERRED TAX 2022 CHANGE (\u20acMn) Dec. 31, 2021 Net variation Reclassification Currency translation Change in scope of consolidation Dec. 31, 2022 Deferred tax liabilities (1,918.0) 35.1 (2.2) 20.7 31.8 (1,832.6) Deferred tax on investment properties (1,734.4) 30.5 (2.2) 21.6 31.8 (1,652.7) Deferred tax on intangible assets (183.6) 4.6 \u2013 (0.9) \u2013 (179.9) Other deferred tax 24.6 (21.5) (0.1) 0.8 \u2013 3.8 Tax loss carry-forward (1) 45.9 (6.8) (0.1) 0.5 \u2013 39.5 Other (1) (21.3) (14.7) \u2013 0.3 \u2013 (35.7) Total deferred tax liabilities (1,893.4) 13.6 (2.3) 21.5 31.8 (1,828.8) Deferred tax assets Tax loss carry-forward 31.3 1.4 0.1 (0.8) \u2013 32.0 Other deferred tax assets (1) 8.0 (0.9) 1.6 0.3 \u2013 9.0 Provision on tax loss carry-forward (17.0) \u2013 \u2013 (0.2) \u2013 (17.2) Total deferred tax assets 22.3 0.5 1.7 (0.7) \u2013 23.8 (1) Deferred tax assets and liabilities within a same tax group are offset. 2021 CHANGE (\u20ac Mn) Dec. 31, 2020 Net variation Reclassification Currency translation Change in scope of consolidation Dec. 31, 2021 Deferred tax liabilities (2,052.5) 66.2 \u2013 (4.0) 72.3 (1,918.0) Deferred tax on investment properties (1,864.4) 62.5 \u2013 (4.8) 72.3 (1,734.4) Deferred tax on intangible assets (188.1) 3.7 \u2013 0.8 \u2013 (183.6) Other deferred tax 44.8 (25.5) 1.5 4.3 (0.5) 24.6 Tax loss carry-forward (1) 63.0 (19.5) 2.2 (0.1) 0.3 45.9 Other (1) (18.2) (6.0) (0.7) 4.4 (0.8) (21.3) Total deferred tax liabilities (2,0 07.8) 40.7 1.5 0.3 71.8 (1,893.4) Deferred tax assets Tax loss carry-forward 29.9 3.2 (2.2) 0.4 \u2013 31.3 Other deferred tax assets (1) 11.7 (3.9) \u2013 0.2 \u2013 8.0 Provision on tax loss carry-forward (15.2) (1.7) \u2013 (0.1) \u2013 (17.0) Total deferred tax assets 26.5 (2.4) (2.2) 0.5 \u2013 22.3 (1) Deferred tax assets and liabilities within a same tax group are offset. Deferred tax liabilities on properties refer to: 1) Those countries where there is no REIT regime (like the SIIC regime in France), providing a tax exemption on recurring income and capital gains on property sales with an obligation to distribute part of their net result, or 2) To countries where such tax efficient status does exist, but where the structure of URW in its current form and under current legislation would lead to tax amounts to be paid in case of capital gains on property sales. UNRECOGNISED DEFERRED TAX ASSETS The table below presents the tax basis on which no deferred tax assets were recognised: (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Temporary differences investment properties \u2013 \u2013 Tax loss carry-forwards not recognised 2,471.0 2,070.2 Total unrecognised tax basis 2,471.0 2,070.2 DETAIL OF UNRECOGNISED TAX LOSSES AT THE END OF 2022 INTO FINAL YEAR OF USE: (\u20ac Mn) 2023 13.6 2024 24.8 2025 27.3 2026 3.1 2027 17.5 Unlimited 2,384.7 Total 2,471.0 The tax losses are to a large extent related to negative financial results on French SIIC entities (\u20ac979.6 Mn), next to losses caused by impairments in some other countries (mainly US and The Netherlands). Deferred tax assets have not been recognised because it is not probable that future taxable profit will be available against which these losses can be offset. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-636": { "value": "8.1.2. DEFERRED TAX Deferred taxes are recognised in respect of all temporary differences between the carrying amount and tax base of assets and liabilities at each financial year-end. Deferred tax assets or liabilities are calculated based on total temporary differences and on tax losses carried forward, using the local tax rate that will apply on the expected reversal date of the concerned differences, if this rate has been set. Otherwise, they are calculated using the applicable tax rate in effect at the financial year-end date. Within a given fiscal entity or group and for a given tax rate, debit balances are recorded to assets for the amount expected to be recoverable over a foreseeable period. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be used. The main deferred tax liabilities relate to: \u2022 The mark-to-market of investment properties, resulting in the recognition of a deferred tax liability for non-tax-exempt assets; and \u2022 The recognition of intangible assets at the acquisition date identified on Viparis entities, particularly Viparis-Porte de Versailles and Paris Nord Villepinte, as well as on Westfield entities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-574": { "value": "NOTE 9. PROVISIONS The determination of the amount of provisions for liabilities and charges requires the use of estimates, assumptions and judgement made by management based on information available or situations prevalent at the date of preparation of the accounts, information and situation which may vary from subsequent actual events, as well as on the basis of estimated conditions at a given date. 2022 CHANGE (\u20ac Mn) Dec. 31, 2021 Allocations Reversals used Reversals not used Foreign currency translation impact Other movements Dec. 31, 2022 Non-current provisions 55.5 15.7 (1.4) (1.5) 2 .1 (2.6) 67.7 Non-current provisions excluding employee benefits 42.5 9.4 (0.6) (1.5) 2.1 0.2 52.1 Employee benefits 13.0 6.3 (0.8) \u2013 \u2013 (2.8) 15.6 Current provisions 34.6 16.8 (7.0) (10.3) (1) (0.1) (0.9) 33.0 Total 90.1 32.5 (8.5) (11.8) 1.9 (3.4) 100.7 (1) Relates mainly to the reversal of litigation with tenants. Provisions for pension liabilities (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Retirement allowances 12.8 10.2 Pension plans with defined benefit (1) 2.8 2.8 Total 15.6 13.0 (1) The provision corresponds to the remaining obligation to the defined benefit contract in The Netherlands. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-627": { "value": "The determination of the amount of provisions for liabilities and charges requires the use of estimates, assumptions and judgement made by management based on information available or situations prevalent at the date of preparation of the accounts, information and situation which may vary from subsequent actual events, as well as on the basis of estimated conditions at a given date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-575": { "value": "
NOTE 10. OTHER CURRENT LIABILITIES
Other current liabilities break down as follows:
(\u20ac Mn)
Dec. 31, 2022 Dec. 31, 2021
Tax and social liabilities 512.0 453.1
Other liabilities 206.2 214.2
Total other current liabilities 718.2 667.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-600": { "value": "NOTE 10. OTHER CURRENT LIABILITIES Other current liabilities break down as follows: (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Tax and social liabilities 512.0 453.1 Other liabilities 206.2 214.2 Total other current liabilities 718.2 667.4 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-654": { "value": "
NOTE 11. EMPLOYEE REMUNERATION AND BENEFITS
11.1. HEADCOUNT
The average number of employees of the Group\u2019s companies breaks down as follows:
Regions
2022 2021
France
(1)
968 989
Spain 128 120
US 552 718
Central Europe 146 143
Austria 62 55
Germany 403 422
Nordics 96 104
The Netherlands 62 81
UK 243 259
Australia \u2013 \u2013
Total 2,660 2,889
(1) Of which Viparis: 336/334.
11.2. PERSONNEL COSTS
(\u20ac Mn)
2022 2021
Personnel costs 347.9 383.6
Employee benefits
(1)
18.0 13.3
Total 365.9 396.9
(1) Expenses relating to the Company Savings Plan, stock options and performance shares, recognised with an equivalent increase in equity.
EMPLOYEE PROFIT SHARING
Employees belonging to the UES (\u201cUnit\u00e9 \u00c9conomique et Sociale\u201d-Social and Economic Group) Unibail comprising notably Unibail Management and
Espace Expansion, and employees of URW SE benefit from a common employee profit-sharing plan and a common profit-sharing agreement introduced
in 1999. The common profit-sharing agreement was renewed in 2017, then extended for a period of 1 year covering the 2022 financial year. The
profit-sharing agreement is based on the annual growth of the net recurring result and of the EPRA NNNAV, weighted for the activity in France and
adjusted for indexation.
Employees belonging to the UES Viparis benefit from a common employee profit-sharing plan and a common profit-sharing agreement introduced in
2008. The profit-sharing agreement was renewed in 2020.
11.3. EMPLOYEE BENEFITS 11.3.1. PENSION PLAN ACCOUNTING PRINCIPLES Under IAS 19 Revised, a company must recognise all commitments made to its employees (i.e. current or future, formal or informal, cash payments or payments in kind). The cost of employee benefits must be recorded during the vesting period. POST-EMPLOYMENT BENEFITS Pension schemes may be defined contribution or defined benefit schemes. Under defined contribution schemes, the employer only pays a contribution, with no commitment from the Group regarding the level of benefits to be provided. The contributions paid are recorded as expenses for the year. Under defined benefit schemes, the employer makes a formal or implied commitment to an amount or level of benefits and therefore carries the medium- or long-term risk. A provision is recorded to liabilities to cover all these pension commitments. This provision is assessed regularly by independent actuaries using the projected unit credit method, which takes into account demographic assumptions, early retirements, salary increases and discount and inflation rates. In the majority of the Group companies, pensions due under the various compulsory retirement schemes to which employers contribute are managed by specialist external organisations. Defined contributions paid into these various compulsory retirement schemes are recognised in the income statement for the period. Provisions are recorded for retirement allowances relating to defined benefit schemes based on the net present value of these future allowances. According to IAS 19 Revised, the actuarial gains and losses are accounted for in the OCI. Since 2021, the Group has applied the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) recommendation related to the application of IAS 19 for the past service costs. LONG-TERM BENEFITS These are benefits paid to employees more than 12 months after the end of the financial year, during which the corresponding service was provided. The same valuation method is used as for post-employment benefits. With the exception of provision for retirement allowances and long- service awards, no commitments relating to long-term or post- employment benefits need to be accrued. Provisions for pension liabilities (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Retirement allowances 12.8 10.2 Pension plans with defined benefit (1) 2.8 2.8 Total 15.6 13.0 (1) The provision corresponds to the remaining obligation to the defined benefit contract in The Netherlands. 11.3.2. SHARE-BASED PAYMENTS ACCOUNTING PRINCIPLES Under IFRS 2, all transactions relating to share-based payments must be recognised in the income statement. This is the case for URW\u2019s Company Savings Plan, stock option plan, and performance shares plan. Shares issued under the Company Savings Plan are offered at a discount to the share price. This discount represents an employee benefit and is recorded in the income statement for the period, with a corresponding increase in equity. Stock options granted to employees are stated at their fair value on the date of allocation. As the transactions are equity-settled, share-based payments, this value remains unchanged, even if the options are never exercised. The value applied to the number of options finally exercised at the end of the vesting period (estimation of the turnover) is recorded as an expense, with a corresponding increase in equity which is spread over the vesting period (i.e. the period during which employees must work for the Company before they can exercise the options granted to them). The stock options and performance shares, all subject to performance condition, have been valued using a Monte Carlo model. The additional expenses incurred by the Company Savings Plan, stock option plan, and performance shares plans are classified under personnel expenses. COMPANY SAVINGS PLAN Subscription to the Company Savings Plan is offered to employees in France who have been with the Group for more than 3 months. The subscription period is opened once per year, after the share capital increase reserved to employees has been authorised by the MB, which also sets the subscription price. The subscription price is equal to the average of the opening share prices on the Eurolist of Euronext Paris over the 20 trading days preceding the decision of the MB, less a 30% discount. The Group also makes a top-up contribution applied exclusively to voluntary contributions (including profit-sharing), made by employees to the Group URW Fund (fund fully vested in Stapled Shares as from June 2018). These voluntary contributions are limited to a maximum of one- quarter of the annual salary with a cap of \u20ac25,000 (for shares acquired at the discount). The total cost of subscriptions to the Company Savings Plan (employer contribution and difference between the subscription price and the share price on the date of the capital increase) amounted to \u20ac3.3 Mn in 2022 compared with \u20ac3.0 Mn in 2021. STOCK OPTION PLANS There are currently 6 plans for stock options granted to directors and employees of the Group. The plans granted as from 2019 have a duration of 8 years (1) and may be exercised at any time, in 1 or more instalments, as from the third anniversary of the date of their allocation (2) . FOR PLANS UNTIL 2021: All plans are subject to both internal and external performance conditions. The external performance is assessed on the basis of the Total Shareholders Return (\u201cTSR\u201d) of URW\u2019s shares (with dividends reinvested) against a Reference Index (3) and a Corporate Social Responsibility (\u201cCSR\u201d) external rating. These KPIs weight 45% and 5% of the performance achievement respectively. The internal performance is assessed on the basis of the attainment of URW\u2019s Adjusted Recurring Earnings per Share (\u201cAREPS\u201d) guidance communicated to investors (4) , and on the level of achievement of the CSR agenda Better Places 2030, Group-wide (5) . These KPIs weight 45% and 5% of the performance achievement respectively. (1) The duration was 7 years for the plans granted before 2019. (2) The exercise was possible only as from the fourth anniversary of the grant date for the plans granted before 2019. (3) For the 2018 performance, the TSR taken into account is the one of Unibail-Rodamco before the Westfield Acquisition against index EPRA Eurozone \u201cRetail and Office\u201d. (4) For the 2018 performance, the performance is assessed on the attainment of the Recurring Earning Per Share (\u201cREPS\u201d) guidance on the scope of Unibail-Rodamco standalone. (5) For the 2018 performance, the assessment is based on the scope Unibail-Rodamco standalone and on the integration of the US, the UK and Italy into URW\u2019s CSR agenda. FOR PLANS AS FROM 2022: The stock options are subject to: \u2022 2 external market performance condition for up to 45% of the stock options granted: - The first condition, based on a relative criteria, for up to 35% of the stock options granted: the TSR of the URW\u2019s share must be higher than that of the Reference Index over a period of 3 years, from March 8, 2022, to March 8, 2025. The reference prices used in the measurement of the TSR correspond to the average of the closing prices of the last 90 days preceding the start and end dates of the measurement period; and - The second condition, based on an absolute criteria, for up to 10% of the stock options granted: the TSR of URW\u2019s share must be higher than 20% over a period of 3 years, from March 8, 2022, to March 8, 2025. The reference prices used in the measurement of the TSR correspond to the average of the closing prices of the last 90 days preceding the start and end dates of the measurement period. \u2022 Two non-market performance conditions for up to 55% of the stock options granted: AREPS growth compared with forecasts communicated to the market for 35% of the stock options granted and criteria based on CSR indicators for 20% of the stock options granted. The performance-related stock options allocated in May 2022 were valued: \u2022 At \u20ac1.35 for those subject to relative criteria; \u2022 At \u20ac1.26 for those subject to absolute criteria; and \u2022 At \u20ac1.51 for those subject to non-market conditions (i.e. AREPS and internal/external CSR), using a Monte Carlo model. This valuation is based on an initial exercise price of \u20ac66.68, the share price at the date of allocation of \u20ac52.68, a vesting period of 3 years, an estimated duration of 3.7 years, a market volatility of 23.99%, a dividend assumption for 2023 to 2026, a risk-free interest rate of -0.20% and a volatility of the reference composite index of 14.61% with a correlation reference composite index/URW of 75.23%. Stock options are accounted for in accordance with IFRS 2. The expense recorded on the income statement in relation to stock options came to \u20ac2.0 Mn in 2022 and \u20ac1.8 Mn in 2021 The table below shows allocated stock options not exercised at the period end: Plan Exercise period(1) Adjusted subscription price (\u20ac) (2) Number of options granted Adjustments in number of options (2) Number of options cancelled Number of options exercised Potential additional number of shares(3) 2015 plan (n\u00b08) 2015 from 04/03/2019 to 03/03/2022 256.81 615,860 \u2013 615,860 \u2013 \u2013 2015 from 05/09/2019 to 04/09/2022 238.33 7,225 \u2013 7,2 25 \u2013 \u2013 2016 from 09/03/2020 to 08/03/2023 227.24 611,608 \u2013 207,201 1,913 402,494 2017 from 08/03/2021 to 07/03/2024 218.47 611,611 \u2013 179,791 \u2013 431,820 2018 plan (n\u00b09) 2018 from 06/03/2022 to 05/03/2025 190.09 630,135 \u2013 171,972 \u2013 458,163 2019 plan (n\u00b010) 2019 from 20/03/2022 to 19/03/2026 144.55 748,372 \u2013 195,872 \u2013 552,500 2020 plan (n\u00b011) 2020 from 22/03/2023 to 21/03/2027 92.03 885,291 \u2013 231,793 \u2013 653,498 2021 plan (n\u00b012) 2021 from 19/05/2024 to 18/05/2029 69.41 950,295 \u2013 136,628 \u2013 813,667 2022 plan (n\u00b013) 2022 from 09/03/2025 to 08/03/2030 66.68 1,217,386 \u2013 105,581 \u2013 1,111,805 Total 6,27 7,783 \u2013 1,851,923 1,913 4,423,947 (1) Under assumption that the performance and presence conditions are satisfied. If the first day of the exercise period is a non-business day, the retained date will be the next business day. If the end of the exercise period is a non-business day, the retained date will be the first preceding business day. (2) Adjustments reflect distribution paid from retained earnings. (3) All the options are subject to presence and performance conditions. The table below shows the number and weighted average exercise prices of stock options: 2022 2021 Number Weighted average price (\u20ac) Number Weighted average price (\u20ac) Outstanding at the beginning of the period 3,909,464 151.49 3,779,904 175.05 Allocated over the period 1,217,386 66.68 950,295 69.41 Cancelled over the period (702,903) 184.83 (820,735) 164.95 Exercised over the period \u2013 \u2013 \u2013 \u2013 Average share price on date of exercise \u2013 \u2013 \u2013 \u2013 Outstanding at the end of the period 4,423,947 122.86 3,909,464 151.49 Of which exercisable at the end of the period 1,844,977 \u2013 1,245,313 \u2013 PERFORMANCE SHARE PLAN All shares are subject to both external and internal performance conditions. The performance conditions are the same as for the stock options described above. The awards allocated in May 2022 were valued: \u2022 At \u20ac16.05 (30.5%) for those with TSR subject to the relative criteria share in \u20ac (and as % of grant price); \u2022 At \u20ac9.67 (18.4%) for those with TSR subject to the absolute criteria share in \u20ac (and as % of grant price); and \u2022 At \u20ac41.16 for those subject to off-market conditions (i.e. AREPS and internal/external CSR), using a Monte Carlo model. This valuation is based on the share price at the date of allocation of \u20ac52.68, a vesting period of 3 years, a market volatility of 26.03%, a volatility of the reference composite index of 15.29% with a correlation reference composite index/URW of 77.18%, a dividend assumption for 2023, 2024 and 2025, and a risk-free interest rate of -0.28%. Performance shares are accounted for in accordance with IFRS 2. The expense recorded on the income statement in relation to performance shares came to \u20ac13.4 Mn in 2022 and \u20ac9.1 Mn in 2021. The table below shows allocated performance shares not acquired at the period end: Starting date of the vesting period (1) Number of performance shares allocated Number of performance shares cancelled Number of performance shares acquired Potential additional number of shares (2) March 2020 489,440 127,89 6 \u2013 361,544 May 2021 371,846 53,693 \u2013 318,153 March 2022 808,872 56,635 \u2013 752,237 Total 1,670,158 238,224 \u2013 1,431,934 (1) For French tax residents: a minimum vesting period of 3 years, and a minimum holding period of 2 years once vested. For non-French tax residents: a minimum vesting period of 4 years without any requirement to hold the shares. Plans granted from 2020 to 2022: a minimum vesting period of 3 years for the French and non-French tax residents without any requirement to hold the shares. (2) The acquisition of the shares is subject to presence and performance conditions. 11.3.3. REMUNERATION OF THE MANAGEMENT BOARD TEAM AND THE SUPERVISORY BOARD REMUNERATION OF THE MANAGEMENT BOARD Starting 2021, a new organisation has been adopted by URW. An extended MB has replaced the former Senior Management Team. (K\u20ac) Paid in: 2022 (1) 2021 (1) Fixed income 3,350 3,249 Short-term incentive 4,457 1,573 Other benefits (2) 1,120 799 Total 8,927 5,621 (1) Corresponds to the remuneration of the MB members (i.e. 5 members). (2) Supplementary Contribution Scheme, company car and other additional benefits. In 2022, members of the MB were allocated a total of 234,500 performance stock options, all subject to performance condition, and 155,810 performance shares. Regarding the 2022 performance achievements, the MB members will receive in 2023 a total Short-Term Incentive (\u201cSTI\u201d) amounting to \u20ac4,167 K. The payment will be made after the approval of the AGM. REMUNERATION OF THE SUPERVISORY BOARD The remuneration of the SB amounts to \u20ac824,678 for the 2022 fiscal year. TRANSACTIONS INVOLVING SUPERVISORY BOARD MEMBERS OR MANAGEMENT BOARD MEMBERS (INCLUDING LOANS OR GUARANTEES GRANTED) None. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-648": { "value": "11.2. PERSONNEL COSTS (\u20ac Mn) 2022 2021 Personnel costs 347.9 383.6 Employee benefits (1) 18.0 13.3 Total 365.9 396.9 (1) Expenses relating to the Company Savings Plan, stock options and performance shares, recognised with an equivalent increase in equity. EMPLOYEE PROFIT SHARING Employees belonging to the UES (\u201cUnit\u00e9 \u00c9conomique et Sociale\u201d-Social and Economic Group) Unibail comprising notably Unibail Management and Espace Expansion, and employees of URW SE benefit from a common employee profit-sharing plan and a common profit-sharing agreement introduced in 1999. The common profit-sharing agreement was renewed in 2017, then extended for a period of 1 year covering the 2022 financial year. The profit-sharing agreement is based on the annual growth of the net recurring result and of the EPRA NNNAV, weighted for the activity in France and adjusted for indexation. Employees belonging to the UES Viparis benefit from a common employee profit-sharing plan and a common profit-sharing agreement introduced in 2008. The profit-sharing agreement was renewed in 2020. 11.3. EMPLOYEE BENEFITS 11.3.1. PENSION PLAN ACCOUNTING PRINCIPLES Under IAS 19 Revised, a company must recognise all commitments made to its employees (i.e. current or future, formal or informal, cash payments or payments in kind). The cost of employee benefits must be recorded during the vesting period. POST-EMPLOYMENT BENEFITS Pension schemes may be defined contribution or defined benefit schemes. Under defined contribution schemes, the employer only pays a contribution, with no commitment from the Group regarding the level of benefits to be provided. The contributions paid are recorded as expenses for the year. Under defined benefit schemes, the employer makes a formal or implied commitment to an amount or level of benefits and therefore carries the medium- or long-term risk. A provision is recorded to liabilities to cover all these pension commitments. This provision is assessed regularly by independent actuaries using the projected unit credit method, which takes into account demographic assumptions, early retirements, salary increases and discount and inflation rates. In the majority of the Group companies, pensions due under the various compulsory retirement schemes to which employers contribute are managed by specialist external organisations. Defined contributions paid into these various compulsory retirement schemes are recognised in the income statement for the period. Provisions are recorded for retirement allowances relating to defined benefit schemes based on the net present value of these future allowances. According to IAS 19 Revised, the actuarial gains and losses are accounted for in the OCI. Since 2021, the Group has applied the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) recommendation related to the application of IAS 19 for the past service costs. LONG-TERM BENEFITS These are benefits paid to employees more than 12 months after the end of the financial year, during which the corresponding service was provided. The same valuation method is used as for post-employment benefits. With the exception of provision for retirement allowances and long- service awards, no commitments relating to long-term or post- employment benefits need to be accrued. Provisions for pension liabilities (\u20ac Mn) Dec. 31, 2022 Dec. 31, 2021 Retirement allowances 12.8 10.2 Pension plans with defined benefit (1) 2.8 2.8 Total 15.6 13.0 (1) The provision corresponds to the remaining obligation to the defined benefit contract in The Netherlands. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-628": { "value": "11.3.1. PENSION PLAN ACCOUNTING PRINCIPLES Under IAS 19 Revised, a company must recognise all commitments made to its employees (i.e. current or future, formal or informal, cash payments or payments in kind). The cost of employee benefits must be recorded during the vesting period. POST-EMPLOYMENT BENEFITS Pension schemes may be defined contribution or defined benefit schemes. Under defined contribution schemes, the employer only pays a contribution, with no commitment from the Group regarding the level of benefits to be provided. The contributions paid are recorded as expenses for the year. Under defined benefit schemes, the employer makes a formal or implied commitment to an amount or level of benefits and therefore carries the medium- or long-term risk. A provision is recorded to liabilities to cover all these pension commitments. This provision is assessed regularly by independent actuaries using the projected unit credit method, which takes into account demographic assumptions, early retirements, salary increases and discount and inflation rates. In the majority of the Group companies, pensions due under the various compulsory retirement schemes to which employers contribute are managed by specialist external organisations. Defined contributions paid into these various compulsory retirement schemes are recognised in the income statement for the period. Provisions are recorded for retirement allowances relating to defined benefit schemes based on the net present value of these future allowances. According to IAS 19 Revised, the actuarial gains and losses are accounted for in the OCI. Since 2021, the Group has applied the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) recommendation related to the application of IAS 19 for the past service costs. LONG-TERM BENEFITS These are benefits paid to employees more than 12 months after the end of the financial year, during which the corresponding service was provided. The same valuation method is used as for post-employment benefits. With the exception of provision for retirement allowances and long- service awards, no commitments relating to long-term or post- employment benefits need to be accrued. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-576": { "value": "11.3.2. SHARE-BASED PAYMENTS ACCOUNTING PRINCIPLES Under IFRS 2, all transactions relating to share-based payments must be recognised in the income statement. This is the case for URW\u2019s Company Savings Plan, stock option plan, and performance shares plan. Shares issued under the Company Savings Plan are offered at a discount to the share price. This discount represents an employee benefit and is recorded in the income statement for the period, with a corresponding increase in equity. Stock options granted to employees are stated at their fair value on the date of allocation. As the transactions are equity-settled, share-based payments, this value remains unchanged, even if the options are never exercised. The value applied to the number of options finally exercised at the end of the vesting period (estimation of the turnover) is recorded as an expense, with a corresponding increase in equity which is spread over the vesting period (i.e. the period during which employees must work for the Company before they can exercise the options granted to them). The stock options and performance shares, all subject to performance condition, have been valued using a Monte Carlo model. The additional expenses incurred by the Company Savings Plan, stock option plan, and performance shares plans are classified under personnel expenses. COMPANY SAVINGS PLAN Subscription to the Company Savings Plan is offered to employees in France who have been with the Group for more than 3 months. The subscription period is opened once per year, after the share capital increase reserved to employees has been authorised by the MB, which also sets the subscription price. The subscription price is equal to the average of the opening share prices on the Eurolist of Euronext Paris over the 20 trading days preceding the decision of the MB, less a 30% discount. The Group also makes a top-up contribution applied exclusively to voluntary contributions (including profit-sharing), made by employees to the Group URW Fund (fund fully vested in Stapled Shares as from June 2018). These voluntary contributions are limited to a maximum of one- quarter of the annual salary with a cap of \u20ac25,000 (for shares acquired at the discount). The total cost of subscriptions to the Company Savings Plan (employer contribution and difference between the subscription price and the share price on the date of the capital increase) amounted to \u20ac3.3 Mn in 2022 compared with \u20ac3.0 Mn in 2021. STOCK OPTION PLANS There are currently 6 plans for stock options granted to directors and employees of the Group. The plans granted as from 2019 have a duration of 8 years (1) and may be exercised at any time, in 1 or more instalments, as from the third anniversary of the date of their allocation (2) . FOR PLANS UNTIL 2021: All plans are subject to both internal and external performance conditions. The external performance is assessed on the basis of the Total Shareholders Return (\u201cTSR\u201d) of URW\u2019s shares (with dividends reinvested) against a Reference Index (3) and a Corporate Social Responsibility (\u201cCSR\u201d) external rating. These KPIs weight 45% and 5% of the performance achievement respectively. The internal performance is assessed on the basis of the attainment of URW\u2019s Adjusted Recurring Earnings per Share (\u201cAREPS\u201d) guidance communicated to investors (4) , and on the level of achievement of the CSR agenda Better Places 2030, Group-wide (5) . These KPIs weight 45% and 5% of the performance achievement respectively. (1) The duration was 7 years for the plans granted before 2019. (2) The exercise was possible only as from the fourth anniversary of the grant date for the plans granted before 2019. (3) For the 2018 performance, the TSR taken into account is the one of Unibail-Rodamco before the Westfield Acquisition against index EPRA Eurozone \u201cRetail and Office\u201d. (4) For the 2018 performance, the performance is assessed on the attainment of the Recurring Earning Per Share (\u201cREPS\u201d) guidance on the scope of Unibail-Rodamco standalone. (5) For the 2018 performance, the assessment is based on the scope Unibail-Rodamco standalone and on the integration of the US, the UK and Italy into URW\u2019s CSR agenda. FOR PLANS AS FROM 2022: The stock options are subject to: \u2022 2 external market performance condition for up to 45% of the stock options granted: - The first condition, based on a relative criteria, for up to 35% of the stock options granted: the TSR of the URW\u2019s share must be higher than that of the Reference Index over a period of 3 years, from March 8, 2022, to March 8, 2025. The reference prices used in the measurement of the TSR correspond to the average of the closing prices of the last 90 days preceding the start and end dates of the measurement period; and - The second condition, based on an absolute criteria, for up to 10% of the stock options granted: the TSR of URW\u2019s share must be higher than 20% over a period of 3 years, from March 8, 2022, to March 8, 2025. The reference prices used in the measurement of the TSR correspond to the average of the closing prices of the last 90 days preceding the start and end dates of the measurement period. \u2022 Two non-market performance conditions for up to 55% of the stock options granted: AREPS growth compared with forecasts communicated to the market for 35% of the stock options granted and criteria based on CSR indicators for 20% of the stock options granted. The performance-related stock options allocated in May 2022 were valued: \u2022 At \u20ac1.35 for those subject to relative criteria; \u2022 At \u20ac1.26 for those subject to absolute criteria; and \u2022 At \u20ac1.51 for those subject to non-market conditions (i.e. AREPS and internal/external CSR), using a Monte Carlo model. This valuation is based on an initial exercise price of \u20ac66.68, the share price at the date of allocation of \u20ac52.68, a vesting period of 3 years, an estimated duration of 3.7 years, a market volatility of 23.99%, a dividend assumption for 2023 to 2026, a risk-free interest rate of -0.20% and a volatility of the reference composite index of 14.61% with a correlation reference composite index/URW of 75.23%. Stock options are accounted for in accordance with IFRS 2. The expense recorded on the income statement in relation to stock options came to \u20ac2.0 Mn in 2022 and \u20ac1.8 Mn in 2021 . The table below shows allocated stock options not exercised at the period end: Plan Exercise period(1) Adjusted subscription price (\u20ac) (2) Number of options granted Adjustments in number of options (2) Number of options cancelled Number of options exercised Potential additional number of shares(3) 2015 plan (n\u00b08) 2015 from 04/03/2019 to 03/03/2022 256.81 615,860 \u2013 615,860 \u2013 \u2013 2015 from 05/09/2019 to 04/09/2022 238.33 7,225 \u2013 7,2 25 \u2013 \u2013 2016 from 09/03/2020 to 08/03/2023 227.24 611,608 \u2013 207,201 1,913 402,494 2017 from 08/03/2021 to 07/03/2024 218.47 611,611 \u2013 179,791 \u2013 431,820 2018 plan (n\u00b09) 2018 from 06/03/2022 to 05/03/2025 190.09 630,135 \u2013 171,972 \u2013 458,163 2019 plan (n\u00b010) 2019 from 20/03/2022 to 19/03/2026 144.55 748,372 \u2013 195,872 \u2013 552,500 2020 plan (n\u00b011) 2020 from 22/03/2023 to 21/03/2027 92.03 885,291 \u2013 231,793 \u2013 653,498 2021 plan (n\u00b012) 2021 from 19/05/2024 to 18/05/2029 69.41 950,295 \u2013 136,628 \u2013 813,667 2022 plan (n\u00b013) 2022 from 09/03/2025 to 08/03/2030 66.68 1,217,386 \u2013 105,581 \u2013 1,111,805 Total 6,27 7,783 \u2013 1,851,923 1,913 4,423,947 (1) Under assumption that the performance and presence conditions are satisfied. If the first day of the exercise period is a non-business day, the retained date will be the next business day. If the end of the exercise period is a non-business day, the retained date will be the first preceding business day. (2) Adjustments reflect distribution paid from retained earnings. (3) All the options are subject to presence and performance conditions. The table below shows the number and weighted average exercise prices of stock options: 2022 2021 Number Weighted average price (\u20ac) Number Weighted average price (\u20ac) Outstanding at the beginning of the period 3,909,464 151.49 3,779,904 175.05 Allocated over the period 1,217,386 66.68 950,295 69.41 Cancelled over the period (702,903) 184.83 (820,735) 164.95 Exercised over the period \u2013 \u2013 \u2013 \u2013 Average share price on date of exercise \u2013 \u2013 \u2013 \u2013 Outstanding at the end of the period 4,423,947 122.86 3,909,464 151.49 Of which exercisable at the end of the period 1,844,977 \u2013 1,245,313 \u2013 PERFORMANCE SHARE PLAN All shares are subject to both external and internal performance conditions. The performance conditions are the same as for the stock options described above. The awards allocated in May 2022 were valued: \u2022 At \u20ac16.05 (30.5%) for those with TSR subject to the relative criteria share in \u20ac (and as % of grant price); \u2022 At \u20ac9.67 (18.4%) for those with TSR subject to the absolute criteria share in \u20ac (and as % of grant price); and \u2022 At \u20ac41.16 for those subject to off-market conditions (i.e. AREPS and internal/external CSR), using a Monte Carlo model. This valuation is based on the share price at the date of allocation of \u20ac52.68, a vesting period of 3 years, a market volatility of 26.03%, a volatility of the reference composite index of 15.29% with a correlation reference composite index/URW of 77.18%, a dividend assumption for 2023, 2024 and 2025, and a risk-free interest rate of -0.28%. Performance shares are accounted for in accordance with IFRS 2. The expense recorded on the income statement in relation to performance shares came to \u20ac13.4 Mn in 2022 and \u20ac9.1 Mn in 2021. The table below shows allocated performance shares not acquired at the period end: Starting date of the vesting period (1) Number of performance shares allocated Number of performance shares cancelled Number of performance shares acquired Potential additional number of shares (2) March 2020 489,440 127,89 6 \u2013 361,544 May 2021 371,846 53,693 \u2013 318,153 March 2022 808,872 56,635 \u2013 752,237 Total 1,670,158 238,224 \u2013 1,431,934 (1) For French tax residents: a minimum vesting period of 3 years, and a minimum holding period of 2 years once vested. For non-French tax residents: a minimum vesting period of 4 years without any requirement to hold the shares. Plans granted from 2020 to 2022: a minimum vesting period of 3 years for the French and non-French tax residents without any requirement to hold the shares. (2) The acquisition of the shares is subject to presence and performance conditions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-629": { "value": "ACCOUNTING PRINCIPLES Under IFRS 2, all transactions relating to share-based payments must be recognised in the income statement. This is the case for URW\u2019s Company Savings Plan, stock option plan, and performance shares plan. Shares issued under the Company Savings Plan are offered at a discount to the share price. This discount represents an employee benefit and is recorded in the income statement for the period, with a corresponding increase in equity. Stock options granted to employees are stated at their fair value on the date of allocation. As the transactions are equity-settled, share-based payments, this value remains unchanged, even if the options are never exercised. The value applied to the number of options finally exercised at the end of the vesting period (estimation of the turnover) is recorded as an expense, with a corresponding increase in equity which is spread over the vesting period (i.e. the period during which employees must work for the Company before they can exercise the options granted to them). The stock options and performance shares, all subject to performance condition, have been valued using a Monte Carlo model. The additional expenses incurred by the Company Savings Plan, stock option plan, and performance shares plans are classified under personnel expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-601": { "value": "11.3.3. REMUNERATION OF THE MANAGEMENT BOARD TEAM AND THE SUPERVISORY BOARD REMUNERATION OF THE MANAGEMENT BOARD Starting 2021, a new organisation has been adopted by URW. An extended MB has replaced the former Senior Management Team. (K\u20ac) Paid in: 2022 (1) 2021 (1) Fixed income 3,350 3,249 Short-term incentive 4,457 1,573 Other benefits (2) 1,120 799 Total 8,927 5,621 (1) Corresponds to the remuneration of the MB members (i.e. 5 members). (2) Supplementary Contribution Scheme, company car and other additional benefits. In 2022, members of the MB were allocated a total of 234,500 performance stock options, all subject to performance condition, and 155,810 performance shares. Regarding the 2022 performance achievements, the MB members will receive in 2023 a total Short-Term Incentive (\u201cSTI\u201d) amounting to \u20ac4,167 K. The payment will be made after the approval of the AGM. REMUNERATION OF THE SUPERVISORY BOARD The remuneration of the SB amounts to \u20ac824,678 for the 2022 fiscal year. TRANSACTIONS INVOLVING SUPERVISORY BOARD MEMBERS OR MANAGEMENT BOARD MEMBERS (INCLUDING LOANS OR GUARANTEES GRANTED) None. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-577": { "value": "NOTE 12. SHARE CAPITAL AND DIVIDENDS 12.1. CAPITAL MANAGEMENT (1) After impact of derivatives instruments on debt raised in foreign currencies. The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may issue new debt or buy back existing outstanding debt, adjust the amount of dividends paid to shareholders (subject to the Group\u2019s fiscal status under the SIIC regime in France), return capital to shareholders, issue new shares or buy back outstanding shares or sell assets to reduce debt. The Group has disclosed the debt ratio LTV, which is calculated as the net financial nominal debt expressed as a percentage of the portfolio valuation (including transfer taxes). As at December 31, 2022, net financial debt stood at \u20ac20,696 Mn (1) , excluding partners\u2019 current accounts and after taking cash surpluses into account (\u20ac3,329 Mn). As at December 31, 2022, the total portfolio valuation amounts to \u20ac50,251 Mn, including transfer taxes. As at December 31, 2022, the calculated ratio amounted to 41.2%, compared with 43.3% as at December 31, 2021. 12.2. NUMBER OF SHARES ACCOUNTING PRINCIPLES The Earnings per Share indicator is calculated by dividing net result (holders of the Stapled Shares) by the weighted average number of ordinary shares in circulation over the period. To calculate diluted Earnings per Share, the average number of shares in circulation is adjusted to take into account the conversion of all potentially dilutive ordinary shares, in particular stock options and performance shares during the vesting period, as well as the net share settled bonds convertible into new and/or existing shares (ORNANE). The dilutive impact is determined using the treasury stock method, which assumes that proceeds from the exercise of options are used to repurchase Company shares at their market value. The market value corresponds to the average monthly share price weighted by trading volumes. The theoretical number of shares that may be purchased at the market value is deducted from the total number of shares resulting from the exercise of rights. This number is then added to the average number of shares in circulation and hence constitutes the denominator. The ORNANE being accounted as a debt at fair value, the impact of the variation of their fair value and the related financial expenses are restated from the net result when taking into account the dilutive impact. CHANGE IN SHARE CAPITAL Total number of shares As at Jan. 1, 2021 138,472,385 Capital increase reserved for employees under Company Savings Plan 74,055 Shares granted 47,976 As at Dec. 31, 2021 138,594,416 Capital increase reserved for employees under Company Savings Plan 105,741 Shares granted 66,931 As at Dec. 31, 2022 138,767,0 88 AVERAGE NUMBER OF SHARES DILUTED AND UNDILUTED 2022 2021 Average number of shares (undiluted) 138,717,455 138,545,360 Dilutive impact Potential shares via stock options (a) \u2013 \u2013 Attributed performance shares (unvested) (a) 733,332 418,750 Potential shares via ORNANE \u2013 1,225,243 Average number of shares (diluted) 139,450,787 14 0,189,353 (a) Corresponds only to stock options and attributed performance shares which are in the money and for which the performance condition is fulfilled.
12.3. DIVIDENDS
Given the statutory results and cumulated negative retained earnings of
URW SE in 2022 as well as in 2021, the Group had no obligation to pay a
dividend neither in 2023 for the fiscal year 2022, nor in 2022 for the
fiscal year 2021, under the SIIC regime and other REIT regimes it benefits
from. Consequently, URW SE\u2019s total carry-forward SIIC distribution
obligation, standing at \u20ac1,720 Mn as at December 31, 2022, is delayed
until URW SE has sufficient statutory results to meet this obligation.
These statutory results would not prevent URW SE from deciding to
make distributions out of its premium.
On May 15, 2020, URW SE\u2019s combined General Meeting of shareholders
resolved to distribute a dividend of \u20ac5 .40 per Stapled Share. A total cash
dividend amounted to \u20ac747.4 Mn was paid on March 26, 2020.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-602": { "value": "12.1. CAPITAL MANAGEMENT The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may issue new debt or buy back existing outstanding debt, adjust the amount of dividends paid to shareholders (subject to the Group\u2019s fiscal status under the SIIC regime in France), return capital to shareholders, issue new shares or buy back outstanding shares or sell assets to reduce debt. The Group has disclosed the debt ratio LTV, which is calculated as the net financial nominal debt expressed as a percentage of the portfolio valuation (including transfer taxes). As at December 31, 2022, net financial debt stood at \u20ac20,696 Mn (1) , excluding partners\u2019 current accounts and after taking cash surpluses into account (\u20ac3,329 Mn). As at December 31, 2022, the total portfolio valuation amounts to \u20ac50,251 Mn, including transfer taxes. As at December 31, 2022, the calculated ratio amounted to 41.2%, compared with 43.3% as at December 31, 2021. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-603": { "value": "(1) After impact of derivatives instruments on debt raised in foreign currencies. 12.2. NUMBER OF SHARES ACCOUNTING PRINCIPLES The Earnings per Share indicator is calculated by dividing net result (holders of the Stapled Shares) by the weighted average number of ordinary shares in circulation over the period. To calculate diluted Earnings per Share, the average number of shares in circulation is adjusted to take into account the conversion of all potentially dilutive ordinary shares, in particular stock options and performance shares during the vesting period, as well as the net share settled bonds convertible into new and/or existing shares (ORNANE). The dilutive impact is determined using the treasury stock method, which assumes that proceeds from the exercise of options are used to repurchase Company shares at their market value. The market value corresponds to the average monthly share price weighted by trading volumes. The theoretical number of shares that may be purchased at the market value is deducted from the total number of shares resulting from the exercise of rights. This number is then added to the average number of shares in circulation and hence constitutes the denominator. The ORNANE being accounted as a debt at fair value, the impact of the variation of their fair value and the related financial expenses are restated from the net result when taking into account the dilutive impact. CHANGE IN SHARE CAPITAL Total number of shares As at Jan. 1, 2021 138,472,385 Capital increase reserved for employees under Company Savings Plan 74,055 Shares granted 47,976 As at Dec. 31, 2021 138,594,416 Capital increase reserved for employees under Company Savings Plan 105,741 Shares granted 66,931 As at Dec. 31, 2022 138,767,0 88 AVERAGE NUMBER OF SHARES DILUTED AND UNDILUTED 2022 2021 Average number of shares (undiluted) 138,717,455 138,545,360 Dilutive impact Potential shares via stock options (a) \u2013 \u2013 Attributed performance shares (unvested) (a) 733,332 418,750 Potential shares via ORNANE \u2013 1,225,243 Average number of shares (diluted) 139,450,787 14 0,189,353 (a) Corresponds only to stock options and attributed performance shares which are in the money and for which the performance condition is fulfilled. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-630": { "value": "ACCOUNTING PRINCIPLES The Earnings per Share indicator is calculated by dividing net result (holders of the Stapled Shares) by the weighted average number of ordinary shares in circulation over the period. To calculate diluted Earnings per Share, the average number of shares in circulation is adjusted to take into account the conversion of all potentially dilutive ordinary shares, in particular stock options and performance shares during the vesting period, as well as the net share settled bonds convertible into new and/or existing shares (ORNANE). The dilutive impact is determined using the treasury stock method, which assumes that proceeds from the exercise of options are used to repurchase Company shares at their market value. The market value corresponds to the average monthly share price weighted by trading volumes. The theoretical number of shares that may be purchased at the market value is deducted from the total number of shares resulting from the exercise of rights. This number is then added to the average number of shares in circulation and hence constitutes the denominator. The ORNANE being accounted as a debt at fair value, the impact of the variation of their fair value and the related financial expenses are restated from the net result when taking into account the dilutive impact. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-604": { "value": "12.3. DIVIDENDS Given the statutory results and cumulated negative retained earnings of URW SE in 2022 as well as in 2021, the Group had no obligation to pay a dividend neither in 2023 for the fiscal year 2022, nor in 2022 for the fiscal year 2021, under the SIIC regime and other REIT regimes it benefits from. Consequently, URW SE\u2019s total carry-forward SIIC distribution obligation, standing at \u20ac1,720 Mn as at December 31, 2022, is delayed until URW SE has sufficient statutory results to meet this obligation. These statutory results would not prevent URW SE from deciding to make distributions out of its premium. On May 15, 2020, URW SE\u2019s combined General Meeting of shareholders resolved to distribute a dividend of \u20ac5 .40 per Stapled Share. A total cash dividend amounted to \u20ac747.4 Mn was paid on March 26, 2020. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-6": { "value": "5.4", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2020-01-01T00:00:00/2021-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-578": { "value": "
NOTE 13. OFF-BALANCE SHEET COMMITMENTS AND CONTINGENT
LIABILITIES
All significant commitments are shown below. The Group does not have any complex commitments.
The amounts are disclosed under IFRS.
13.1. COMMITMENTS GIVEN
Commitments given
(\u20acMn) Description
Maturities Dec. 31, 2022 Dec. 31, 2021
1) Commitments related to the scope of the consolidated Group 58.7 24.0
Commitments for acquisitions \u2022 Purchase undertakings and earn-out 2023 to 2040 53.8 5.9
Commitments given as part of specific transactions
\u2022 Warranties and bank letters of credit given in the
course of the ordinary business 2023+ 4.9 18.0
2) Commitments related to Group financing 1,593.7 1,683.6
Financial guarantees given
\u2022 Mortgages and first lien lenders
(1)
2023+ 1,126.8 1,195.0
\u2022 Guarantees relating to entities under the equity
method or not consolidated
(2)
2023+ 466.9 488.6
3) Commitments related to Group operational activities 1,680.0 1,587.2
Commitments related to development activities
\u2022 Properties under construction: residual
commitments for works contracts and forward
purchase agreements
(3)
2023+ 1,181.6 1,062.9
\u2022 Residual commitments for other works contracts 2023+ 6.4 0.3
\u2022 Commitments subject to conditions precedent 2023 to 2028 190.9 214.3
Commitments related to operating contracts
\u2022 Commitments for construction works
(4)
2023 to 2064 204.4 209.5
\u2022 Rental of premises and equipment 2023+ 15.9 22.3
\u2022 Other 2023+ 80.8 7 7.8
Total commitments given 3,332.4 3,294.7
(1) The outstanding balances at the reporting date of the debts and drawn credit lines which are secured by mortgages. The gross amount of mortgages was \u20ac1,141.9 Mn
as at December 31, 2022 (\u20ac1,195.0 Mn as at December 31, 2021).
(2) Corresponds to guarantees provided by the Group in the US relating to associates under equity method or entities under foreclosure, for a portion of the principal
amount of the loans greater than the Group\u2019s stake.
(3) Comprises financial guarantees given to the City of Paris regarding the Triangle Tower project.
(4) Under the 50-year lease contract to operate Porte de Versailles (Paris), an amount of \u20ac497.0 Mn for renovation works and \u20ac227.2 Mn for maintenance works have to
be spent (i.e. \u20ac724.2 Mn, representing an initial commitment of \u20ac362.1 Mn (Group share), of which \u20ac537.4 Mn has already been invested).
COMMITMENTS RELATING TO GROUP
FINANCING
\u2022 The \u20ac2,000 Mn hybrid securities issued on April 16, 2018, are deeply
subordinated perpetual instruments with a coupon deferral option.
The coupon is to be paid when a mandatory payment event occurs,
such as the approval of a dividend payment, though the Group
can suspend payments while making the minimum required
REIT distributions.
\u2022 In 2000, Westfield America Limited Partnership, Urban Shopping
Centres L.P. and Westfield Growth L.P. have guaranteed loans entered
into by joint ventures for a portion of the principal amount of the
loans greater than their stake in the joint ventures.
The Group, as one of the General Partners of Head Acquisition, L.P.
(the general partner of Urban Shopping Centers, L.P.), has committed
to maintain and allocate to Urban\u2019s minority limited partners a certain
amount of qualified non-recourse mortgage debt.
As a result of such debt maintenance obligations, which are subject to
indemnification, certain subsidiaries of the Group may be required to
incur non-recourse financing on some of the assets that are held by
Urban Shopping Centers, L.P., irrespective of the Group\u2019s liquidity
needs or alternative sources of funding.
OTHER UNQUANTIFIABLE COMMITMENTS
GIVEN RELATED TO THE SCOPE OF THE
CONSOLIDATED GROUP
\u2022 For a number of recent acquisitions of properties in France, URW SE
has committed to the French tax authorities to retain these interests
for at least 5 years, in accordance with the SIIC tax regime.
\u2022 For a number of disposals, the Group granted usual representations
and warranties to the purchasers.
\u2022 The agreements in connection with joint investments with partners
may include usual clauses like (i) a lock-up period during which the
shareholders have to retain their interest in shared subsidiaries, or (ii)
arrangements pursuant to which the parties can organise the exit of
the shareholders (e.g. right of first offer, tag-along right in case the
partner sells its shares to a third party).
OTHER COMMITMENTS GIVEN RELATED TO
GROUP OPERATIONAL ACTIVITIES
\u2022 The Group\u2019s 50% subsidiary SCI Propexpo has committed that th e
Espace Champerret venue in Paris, France, will continue to be used
as an exhibition hall until 2066.
\u2022 In a number of countries in which the Group operates, specific ta x
regimes for real estate companies exist. For many companies of the
Group, eligible for such regimes, the Group has opted to use such
regimes. Although the details of those regimes are not exactly the
same for all countries, one of the standard elements is a requiremen t
to distribute all/nearly all of the recurring income, a large part of the
capital gains and all dividends received from other companies that
have opted for the application of such specific regime.
URW SE\u2019s total carry-forward SIIC distribution obligation stands a t
\u20ac1,720 Mn as at December 31, 2022: it will be delayed until URW S E
has sufficient statutory results to meet this obligation. Thes e
statutory results would not prevent URW SE from deciding to make
distributions out of its premium.
\u2022 In 2014, the City of Brussels selected URW as the co-developer, wit h
its partners BESIX and CFE, of the NEO project. BESIX has the
possibility to increase its interest in the Mall of Europe from 12.5% to
20% before the construction of the project.
CFE has an option to sell its shares in the Mall of Europe to URW fro m
December 31 following the opening of the shopping centre and during
a period of 1 year. If the put is not exercised, the Group has an option
to buy CFE\u2019s shares in the Mall of Europe.
BESIX has an option to sell its shares in the Mall of Europe to UR W
from the end of the second full year after the opening of the shopping
centre and lasting 38 months from such date.
URW SE together with the parent companies of BESIX and CF E
provided guarantees to the City of Brussels with respect of all
payment obligations of the joint ventures which will develop th e
project.
Several counter guarantees were provided between URW SE, BESI X
and CFE, to ensure that each joint venture shall not bear any financial
consequence beyond its programme and that the ultimate shareholder
shall not bear more than its share in each joint venture.
\u2022 In the context of the master concession developer agreement at Joh n
F. Kennedy International Airport \u2013 Terminal One, URW SE guarantees
to JFK NTO LLC, performance of all obligations of its subsidiary, URW
Airports JFK T1, LLC, including but not limited to the prompt payment
of the concession rents when due and all other amounts due and
payable under the concession agreement. The concession rents are
fully variable and based on passenger enplanements, and the first
payments will start with the opening of the terminal to the public
expected in phases between 2026 and 2030.
13.2. COMMITMENTS RECEIVED
Commitments received
(\u20acMn) Description
Maturities Dec. 31, 2022 Dec. 31, 2021
1) Commitments related to the scope of the consolidated Group 7.3 2.5
Commitments for acquisitions \u2022 Sales undertakings 2024 7.3 2.5
2) Commitments related to Group financing 9,655.0 9,859.0
Financial guarantees received \u2022 Undrawn credit lines
(1)
2023 to 2028 9,655.0 9,859.0
3) Commitments related to Group operational activities 904.0 793.6
Other contractual commitments received related to
operations
\u2022 Bank guarantees on works and others 2023+ 18.4 15.5
\u2022 Other
(2)
2024 to 2028 393.9 339.5
Assets received as security, mortgage or pledge, as
well as guarantees received
\u2022 Guarantees received relating to Hoguet regulation
(France) 2030 100.2 104.5
\u2022 Guarantees received from tenants 2023+ 309.2 255.0
\u2022 Guarantees received from contractors on works 2023+ 82.3 79.1
Total commitments received 10,566.3 10,655.2
(1) These agreements contain financial covenants based on the Group\u2019s IFRS financial statements. Certain credit lines are also subject to an early prepayment clause
(in full or in part) in the event of a change in ownership or a series of disposals reducing portfolio assets below a given threshold. No amount is secured by mortgages
as at December 31, 2022.
(2) Mainly comprises counter guarantees received from JV\u2019s partners in the Triangle Tower project.
13.3. CONTINGENT LIABILITIES
The Group is involved in an arbitration procedure with PEAB involving
claims regarding the development of Westfield Mall of Scandinavia. The
process involves claims by both sides and is expected to take time to
resolve. Based on the risk analysis, no provision was recorded in the
consolidated accounts.
The Group is subject to a tax audit in France, which resulted in a
notification of reassessments. The vast majority of reassessments under
proposal are denied by the Group and no provision was recorded in the
consolidated accounts based on the risk analysis performed by the
Group and its tax advisors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-605": { "value": "13.1. COMMITMENTS GIVEN Commitments given (\u20acMn) Description Maturities Dec. 31, 2022 Dec. 31, 2021 1) Commitments related to the scope of the consolidated Group 58.7 24.0 Commitments for acquisitions \u2022 Purchase undertakings and earn-out 2023 to 2040 53.8 5.9 Commitments given as part of specific transactions \u2022 Warranties and bank letters of credit given in the course of the ordinary business 2023+ 4.9 18.0 2) Commitments related to Group financing 1,593.7 1,683.6 Financial guarantees given \u2022 Mortgages and first lien lenders (1) 2023+ 1,126.8 1,195.0 \u2022 Guarantees relating to entities under the equity method or not consolidated (2) 2023+ 466.9 488.6 3) Commitments related to Group operational activities 1,680.0 1,587.2 Commitments related to development activities \u2022 Properties under construction: residual commitments for works contracts and forward purchase agreements (3) 2023+ 1,181.6 1,062.9 \u2022 Residual commitments for other works contracts 2023+ 6.4 0.3 \u2022 Commitments subject to conditions precedent 2023 to 2028 190.9 214.3 Commitments related to operating contracts \u2022 Commitments for construction works (4) 2023 to 2064 204.4 209.5 \u2022 Rental of premises and equipment 2023+ 15.9 22.3 \u2022 Other 2023+ 80.8 7 7.8 Total commitments given 3,332.4 3,294.7 (1) The outstanding balances at the reporting date of the debts and drawn credit lines which are secured by mortgages. The gross amount of mortgages was \u20ac1,141.9 Mn as at December 31, 2022 (\u20ac1,195.0 Mn as at December 31, 2021). (2) Corresponds to guarantees provided by the Group in the US relating to associates under equity method or entities under foreclosure, for a portion of the principal amount of the loans greater than the Group\u2019s stake. (3) Comprises financial guarantees given to the City of Paris regarding the Triangle Tower project. (4) Under the 50-year lease contract to operate Porte de Versailles (Paris), an amount of \u20ac497.0 Mn for renovation works and \u20ac227.2 Mn for maintenance works have to be spent (i.e. \u20ac724.2 Mn, representing an initial commitment of \u20ac362.1 Mn (Group share), of which \u20ac537.4 Mn has already been invested). COMMITMENTS RELATING TO GROUP FINANCING \u2022 The \u20ac2,000 Mn hybrid securities issued on April 16, 2018, are deeply subordinated perpetual instruments with a coupon deferral option. The coupon is to be paid when a mandatory payment event occurs, such as the approval of a dividend payment, though the Group can suspend payments while making the minimum required REIT distributions. \u2022 In 2000, Westfield America Limited Partnership, Urban Shopping Centres L.P. and Westfield Growth L.P. have guaranteed loans entered into by joint ventures for a portion of the principal amount of the loans greater than their stake in the joint ventures. The Group, as one of the General Partners of Head Acquisition, L.P. (the general partner of Urban Shopping Centers, L.P.), has committed to maintain and allocate to Urban\u2019s minority limited partners a certain amount of qualified non-recourse mortgage debt. As a result of such debt maintenance obligations, which are subject to indemnification, certain subsidiaries of the Group may be required to incur non-recourse financing on some of the assets that are held by Urban Shopping Centers, L.P., irrespective of the Group\u2019s liquidity needs or alternative sources of funding. OTHER UNQUANTIFIABLE COMMITMENTS GIVEN RELATED TO THE SCOPE OF THE CONSOLIDATED GROUP \u2022 For a number of recent acquisitions of properties in France, URW SE has committed to the French tax authorities to retain these interests for at least 5 years, in accordance with the SIIC tax regime. \u2022 For a number of disposals, the Group granted usual representations and warranties to the purchasers. \u2022 The agreements in connection with joint investments with partners may include usual clauses like (i) a lock-up period during which the shareholders have to retain their interest in shared subsidiaries, or (ii) arrangements pursuant to which the parties can organise the exit of the shareholders (e.g. right of first offer, tag-along right in case the partner sells its shares to a third party). OTHER COMMITMENTS GIVEN RELATED TO GROUP OPERATIONAL ACTIVITIES \u2022 The Group\u2019s 50% subsidiary SCI Propexpo has committed that th e Espace Champerret venue in Paris, France, will continue to be used as an exhibition hall until 2066. \u2022 In a number of countries in which the Group operates, specific ta x regimes for real estate companies exist. For many companies of the Group, eligible for such regimes, the Group has opted to use such regimes. Although the details of those regimes are not exactly the same for all countries, one of the standard elements is a requiremen t to distribute all/nearly all of the recurring income, a large part of the capital gains and all dividends received from other companies that have opted for the application of such specific regime. URW SE\u2019s total carry-forward SIIC distribution obligation stands a t \u20ac1,720 Mn as at December 31, 2022: it will be delayed until URW S E has sufficient statutory results to meet this obligation. Thes e statutory results would not prevent URW SE from deciding to make distributions out of its premium. \u2022 In 2014, the City of Brussels selected URW as the co-developer, wit h its partners BESIX and CFE, of the NEO project. BESIX has the possibility to increase its interest in the Mall of Europe from 12.5% to 20% before the construction of the project. CFE has an option to sell its shares in the Mall of Europe to URW fro m December 31 following the opening of the shopping centre and during a period of 1 year. If the put is not exercised, the Group has an option to buy CFE\u2019s shares in the Mall of Europe. BESIX has an option to sell its shares in the Mall of Europe to UR W from the end of the second full year after the opening of the shopping centre and lasting 38 months from such date. URW SE together with the parent companies of BESIX and CF E provided guarantees to the City of Brussels with respect of all payment obligations of the joint ventures which will develop th e project. Several counter guarantees were provided between URW SE, BESI X and CFE, to ensure that each joint venture shall not bear any financial consequence beyond its programme and that the ultimate shareholder shall not bear more than its share in each joint venture. \u2022 In the context of the master concession developer agreement at Joh n F. Kennedy International Airport \u2013 Terminal One, URW SE guarantees to JFK NTO LLC, performance of all obligations of its subsidiary, URW Airports JFK T1, LLC, including but not limited to the prompt payment of the concession rents when due and all other amounts due and payable under the concession agreement. The concession rents are fully variable and based on passenger enplanements, and the first payments will start with the opening of the terminal to the public expected in phases between 2026 and 2030. 13.2. COMMITMENTS RECEIVED Commitments received (\u20acMn) Description Maturities Dec. 31, 2022 Dec. 31, 2021 1) Commitments related to the scope of the consolidated Group 7.3 2.5 Commitments for acquisitions \u2022 Sales undertakings 2024 7.3 2.5 2) Commitments related to Group financing 9,655.0 9,859.0 Financial guarantees received \u2022 Undrawn credit lines (1) 2023 to 2028 9,655.0 9,859.0 3) Commitments related to Group operational activities 904.0 793.6 Other contractual commitments received related to operations \u2022 Bank guarantees on works and others 2023+ 18.4 15.5 \u2022 Other (2) 2024 to 2028 393.9 339.5 Assets received as security, mortgage or pledge, as well as guarantees received \u2022 Guarantees received relating to Hoguet regulation (France) 2030 100.2 104.5 \u2022 Guarantees received from tenants 2023+ 309.2 255.0 \u2022 Guarantees received from contractors on works 2023+ 82.3 79.1 Total commitments received 10,566.3 10,655.2 (1) These agreements contain financial covenants based on the Group\u2019s IFRS financial statements. Certain credit lines are also subject to an early prepayment clause (in full or in part) in the event of a change in ownership or a series of disposals reducing portfolio assets below a given threshold. No amount is secured by mortgages as at December 31, 2022. (2) Mainly comprises counter guarantees received from JV\u2019s partners in the Triangle Tower project. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-606": { "value": "13.3. CONTINGENT LIABILITIES The Group is involved in an arbitration procedure with PEAB involving claims regarding the development of Westfield Mall of Scandinavia. The process involves claims by both sides and is expected to take time to resolve. Based on the risk analysis, no provision was recorded in the consolidated accounts. The Group is subject to a tax audit in France, which resulted in a notification of reassessments. The vast majority of reassessments under proposal are denied by the Group and no provision was recorded in the consolidated accounts based on the risk analysis performed by the Group and its tax advisors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-579": { "value": "
NOTE 14. SUBSEQUENT EVENTS
In line with the Group\u2019s efforts to deleverage in the US, the Group (along
with its JV partner) made the decision not to repay the $195 Mn
($97.5 Mn on a proportionate basis) secured debt on Westfield Valencia
Town Center, which matured on January 1, 2023. The Group is engaged
in discussions to sell the asset (or its interest in it) and any potential
purchaser would assume the relevant debt. If a sale is not finalised, the
property will likely be foreclosed. This debt is non-recourse and its non-
repayment has no impact on the rest of the Group\u2019s debt. The asset
value in the Group\u2019s consolidated accounts was $100.2 Mn as at
December 31, 2022. Upon sale of the asset or foreclosure, the Group\u2019s
debt will be reduced by -$97.5 Mn, corresponding to a net impact on the
Group\u2019s balance sheet of -$2.7 Mn.
On February 1, 2023, the Group completed the sale of its ground lease
for Westfield North County located in Escondido, California, to Bridge
Group Investments and Steerpoint Capital, effectively transferring
ownership and management of the asset. The sale price of $57 Mn (at
100%, URW share 55%) for Westfield North County, which has 30 years
left on its ground lease, reflects the property\u2019s book value as at
December 31, 2022. The asset is a B-rated, 1.25 Mn square foot property,
which is 89% leased.
The Group started discussions with Euronext in order to change its
market of reference from Euronext Amsterdam to Euronext Paris as part
of an initiative to simplify its structure given limited trading activity on
that market. As a part of this request, the Group intends to delist of the
URW Stapled Shares from Euronext Amsterdam, while maintaining a
single listing on Euronext Paris. The delisting from Euronext Amsterdam
would not affect the liquidity of the shares nor have any impact on
trading, URW\u2019s organisation (including the Stapled Share principle) or
the ISIN code (FR0013326246) of the Group. Following the approval of
the Euronext Listing Board, the change of the Group\u2019s market of
reference from Euronext Amsterdam to Euronext Paris will be effective
on April 14, 2023 and the last day of trading on Euronext Amsterdam will
be April 27, 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-580": { "value": "
NOTE 16. RELATIONSHIP WITH THE STATUTORY AUDITORS
Statutory Auditors
\u2022 Ernst & Young Audit
Commencement date of first term of office: AGM of May 13, 1975;
Persons responsible: Jean-Yves J\u00e9gourel since May 2017 and Antoine Flora since December 2020.
\u2022 Deloitte & Associ\u00e9s
Deloitte & Associ\u00e9s succeeded Deloitte Marque & Gendrot which was appointed on April 28, 2005;
Person responsible: Emmanuel Gadret since May 2019.
The 6-year term of office for Ernst & Young Audit and Deloitte & Associ\u00e9s comes to an end as at the AGM approving the 2022 accounts.
FEES OF STATUTORY AUDITORS EXCLUDING THEIR NETWORKS FOR THE 2022 AND 2021
FISCAL YEARS
Statutory Auditors\u2019 fees Dec. 31, 2022
(\u20acMn)
Ernst & Young Audit Deloitte & Associ\u00e9s
2022 2021 2022 2021
Audit and half-year review of the consolidated and non-consolidated financial statements
(Parent company + controlled companies
(1)
)
1.0
1.2
1.4
1.3
Non-audit services
(2)
(Parent company + controlled companies
(1)
)
0.3 0.4 0.2 0.2
Total 1.3 1.6 1.6 1.5
(1) The controlled companies correspond to the fully consolidated companies as well as the jointly controlled companies.
(2) Relates to the non-audit services in accordance with legal and regulatory requirements and to the non-audit services provided at the request of the Company.
The amounts correspond to (i) comfort letters issued in connection with bond issuances of the Group, (ii) the certificate CSR, and (iii) other services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-581": { "value": "7, place du Chancelier Adenauer, 75016 Paris", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-582": { "value": "France", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-583": { "value": "France", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-655": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }