{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "urw": "http://urw.com/xbrl/2023", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://urw.com/xbrl/2023/969500SHQITWXSIS7N89-2023-12-31.xsd" ] }, "facts": { "fact-1": { "value": "Unibail-Rodamco-Westfield (\u201cURW\u201d or \u201cthe Group\u201d) is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-550": { "value": "
On February 5, 2024, the Management Board (\u201cMB\u201d) approved the
consolidated financial statements of Unibail-Rodamco-Westfield SE
(\u201cURW SE\u201d) for the year ended December 31, 2023, and the Supervisory
Board (\u201cSB\u201d) authorised their publication on February 8, 2024.
These consolidated financial statements will be submitted to the
approval of the Annual General Meeting (\u201cAGM\u201d) expected to be held on
April 30, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "Unibail-Rodamco-Westfield SE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-641": { "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.
The Group\u2019s consolidated financial statements are presented in euros.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-16": { "value": "2322100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RentalIncomeFromInvestmentProperty", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-17": { "value": "2231300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RentalIncomeFromInvestmentProperty", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-18": { "value": "37700000", "decimals": -5, "dimensions": { "concept": "urw:GroundRentsPaid", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": 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SIGNIFICANT EVENTS 1.1 SIGNIFICANT EVENTS OF 2023 1.1.1 DISPOSALS IN 2023 DISPOSAL OF WESTFIELD NORTH COUNTY On February 1, 2023, the Group completed the sale of the Westfield North County ground lease located in Escondido, California, to Bridge Group Investments and Steerpoint Capital, transferring ownership and management of the asset. The sale price of $57 Mn (at 100%, URW share 55%) for the asset, which has 30 years left on its ground lease, reflects the property\u2019s book value as at December 31, 2022. DISPOSAL OF WESTFIELD BRANDON On May 25, 2023, URW disposed of Westfield Brandon Shopping Centre in the US. The sale price of $220 Mn (URW share 100%) reflects a 10.0% net initial yield and a 4.4% discount to the latest unaffected appraisal. DISPOSAL OF \u201cV\u201d OFFICE BUILDING On May 25, 2023, the Group announced the disposal of \u201cV\u201d office building in France. The sale price of \u20ac95 Mn is in line with the last unaffected appraisal value and delivers a double-digit internal rate of return and a net initial yield of 5.7%. DISPOSAL OF A STAKE OF 50% IN H\u00d4TEL SALOMON DE ROTHSCHILD On July 4, 2023, the Group disposed a stake of 50% in H\u00f4tel Salomon de Rothschild. After this operation, the asset is accounted for using the equity method. DISPOSAL OF WESTFIELD MISSION VALLEY On July 21, 2023, the Group completed the sale of Westfield Mission Valley Shopping Centres in San Diego, California, for a total amount of $290 Mn (at 100%, URW share 42%), including the sale of Westfield Mission Valley \u201cEast\u201d to Lowe Enterprises and Real Capital Solutions, and Westfield Mission Valley \u201cWest\u201d to Sunbelt Investment Holdings Inc. The transaction value reflects a combined initial yield of 8.5% on the in-place net operating income (\u201cNOI\u201d) and a 12% discount to the last unaffected appraisal. DISPOSAL OF WESTFIELD VALENCIA On September 4, 2023, the Group completed the sale of Westfield Valencia Town Center, in Santa Clarita, California, to Centennial Real Estate at a total value of $199 Mn (at 100%, URW share 50%), above the $195 Mn debt amount (at 100%, URW share 50%) on the asset. The transaction value reflects less than 3% discount to its last unaffected appraisal. DISPOSAL OF POLYGONE RIVIERA On October 18, 2023, the Group completed the sale of Polygone Riviera to FREY, a real estate company specialising in the development and operation of outdoor shopping centres in Europe, for a Net Disposal Price (\u201cNDP\u201d) of \u20ac272.3 Mn at a 4% discount to last unaffected book value. DISPOSAL OF NOVOTEL LYON CONFLUENCE On October 31, 2023, the Group completed the sale of Novotel Lyon Confluence in France to a hospitality investor. The NDP reflects a +21.2% premium to the latest unaffected appraisal. The disposal results on the above-mentioned transactions are recorded in the Consolidated statement of comprehensive income: \u2022 For the fully consolidated assets, the Result on disposal of investment properties and loss of control amounts to -\u20ac10.3 Mn, including \u20ac36.4 Mn of asset deals, and -\u20ac46.7 Mn of share deals; \u2022 For the assets accounted for using the equity method, URW\u2019s stake in the net disposal result of -\u20ac4.8 Mn is recorded within Share of the result of companies accounted for using the equity method. 1.1.2 FORECLOSURE OF US ASSETS On October 26, 2023, San Francisco Centre was put on foreclosure. The Group lost control of the asset (asset value of $301 Mn as at June 30, 2023) and the companies holding it were thus deconsolidated together with the debt allocated to it ($340 Mn). 1.1.3 ACQUISITIONS IN 2023 On April 21, 2023, URW completed the acquisition of the remaining 50% stake in the Croydon Partnership at a price in line with the last unaffected appraisal value and for a site which comprises a 10-hectare parcel which includes the Whitgift and Centrale shopping centres as well as high street retail frontage, office blocks and multi-storey car parks in the heart of the designated Greater London Authority Opportunity Area in South London. Thus, the consolidation method used for Croydon Partnership was changed from equity method (before the acquisition) to full consolidation. The purchase price accounting was based on 100% of the asset corresponding to the stake of 50% acquired and the revalued stake of 50% previously held and led to a positive impact of \u20ac3.3 Mn (\u00a32.9 Mn) recorded in Valuation movements on assets in the consolidated statement of comprehensive income. 1.1.4 LISTING ON EURONEXT Following the request filed by URW with Euronext as announced on February 9, 2023, the Group obtained the approval of the Euronext Listing Board on February 28, 2023, to change its market of reference from Euronext Amsterdam to Euronext Paris and delist the URW Stapled Shares from Euronext Amsterdam, while maintaining their listing on Euronext Paris. Pursuant to the timing validated by Euronext: \u2022 The change of its market of reference from Euronext Amsterdam to Euronext Paris was effective on April 14, 2023; \u2022 The last day of trading on Euronext Amsterdam was April 27, 2023; and \u2022 The delisting from Euronext Amsterdam was effective on April 28, 2023. 1.1.5 EXCHANGE OFFER ON THE PERPETUAL NON-CALL 2023 (\u201cPERP-NC23\u201d) HYBRID INSTRUMENT On June 20, 2023, the Group launched an any-and-all par-for-par Exchange Offer on its \u20ac1.25 Bn hybrid Perp-NC23 notes (\u201cOld Notes\u201d) into a combination of (i) new Euro denominated Perp-NC28 hybrid notes with a coupon of 7.25% (\u201cNew Notes\u201d) and (ii) a cash amount when applicable. The terms and conditions of the New Notes provide the issuer with a call option in 2028. The first of its kind by a corporate issuer, the Exchange Offer was successfully completed on June 26, 2023 (1) , with a participation rate of 92%, corresponding to: \u2022 \u20ac1.15 Bn of Old Notes validly submitted for exchange and cancelled at the Settlement Date on July 3,2023; \u2022 \u20ac995 Mn of New Notes issued at the Settlement Date; and \u2022 \u20ac155 Mn of cash paid out at the Settlement Date (the cash amount). The newly issued perpetual hybrid is defined as an equity instrument as per IAS 32. Accordingly, the Group\u2019s overall hybrid portfolio amounts to \u20ac1,845 Mn (corresponding to a reduction of 7.8%). The amount of \u20ac155 Mn, as well as the accrued interests of \u20ac17 Mn, was paid out at the Settlement Date (July 3, 2023). 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 of 2 residential building rights at Westfield Hamburg in January and March 2022, for a NDP of \u20ac51 Mn. The disposal result amounted to +\u20ac4.5 Mn and was recorded in the consolidated statement of comprehensive income. (1) With a Settlement Date of July 3, 2023.
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, URW\u2019s stake
in the net disposal result of +\u20ac19.8 Mn is recorded within 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, URW\u2019s stake
in the net disposal result of -\u20ac32.4 Mn is recorded within Share of the
result of companies accounted for using the equity method.
DISPOSAL OF AN ADDITIONAL 27% STAKE IN
AUPARK
On August 31, 2022, WOOD & Company, as transaction leader, together
with its joint venture partner Tatra Asset Management acquired 2
complementary stakes (\u201cTranches 2 and 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. The remaining 13% will be
acquired through pre-agreed stake in 2024 (\u201cTranche 4\u201d).
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 (\u201cGMV\u201d).
2.3 CLIMATE CHANGE AND RISKS Climate change mitigation and adaptation are part of the priorities of the Group Sustainability strategy, 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. In October 2023, URW announced a comprehensive evolution of the Better Places roadmap setting ambitious SBTi -approved (The Science Based Targets Initiative) net-zero targets in terms of carbon emissions reduction and reinforcing its environmental performance objectives, with the aim to develop and operate places that provide sustainable experiences and contribute to thriving communities. 2.3.1 GROUP COMMITMENTS TO SUPPORT THE ENVIRONMENTAL TRANSITION OF CITIES AND RETAIL ENHANCED CLIMATE COMMITMENTS URW\u2019s new commitments are focused on enhancing the Group\u2019s greenhouse gas (\u201cGHG\u201d) emissions reduction efforts, introducing a net-zero target on Scopes 1 & 2 in 2030(1) and a net-zero target on Scopes 1, 2 & 3 by 2050, all approved by the Science Based Targets initiative (\u201cSBTi\u201d). The Group aims to reduce by -50% its Scope 1, 2 & 3 GHG emissions across its value chain by 2030, with a target to reduce emissions by -90% in Scopes 1 & 2(2) . GROWTH IN RENEWABLE ENERGY PRODUCTION Since 2021, 100% of URW\u2019s electricity consumption has come from renewable energy sources(3) . URW will increase its renewable electricity production capacity through on-site and off-site renewable electricity projects. Benefits to URW include reducing its total carbon footprint and generating a return on investment. The Group targets 50 MWp of on-site solar capacity by 2030 in Europe (2022: 6.4 MWp (4) ), with 27 MWp of projects already underway in 24 shopping centres in 10 countries. The Group\u2019s plan requires limited additional capitalised expenses of \u20ac28 Mn (5) per year over 7 years thanks to URW\u2019s consistent annual investment in its high-quality assets. This includes a \u20ac20 Mn(6) annual investment in energy efficiency and carbon reduction, as well as \u20ac8 Mn (7) a year on identified solar photovoltaic (\u201cPV\u201d) projects. These investments will generate significant financial savings, with full effect from 2030 onwards (\u20ac23 Mn per year and a return on investment over 8% for solar PV projects). (1) From 2015 levels, in absolute value. URW\u2019s Scope 3 GHG emissions include construction activities, operations including tenant energy consumption, and transport from visitors. (2) From 2015 levels. (3) Group-wide, common areas, Retail, Offices and C&E. (4) Total installed renewable energy capacity. (5) On a proportionate basis. (6) On a proportionate basis. (7) On a proportionate basis. ROBUST EMPLOYEE ENGAGEMENT AND GOVERNANCE FRAMEWORKS Sustainability is embedded in URW\u2019s business strategy, integrated into the highest levels of governance and taken into consideration in key decisions, in particular investments. The Company\u2019s corporate governance has received clear recognition, with top level specific corporate governance sub-scores from ESG rating agencies such as ISS-ESG (B+) and Sustainalytics. The Group\u2019s existing short- and long-term ESG compensation incentives will be aligned with the updated Better Places roadmap. Currently, 10% of the MB and Executive Committee annual Short-Term Incentive (\u201cSTI\u201d) is contingent on meeting sustainability performance goals, and every recipient of STI has at least one ESG objective. 20% of long- term incentives, received by around 20% of employees, are tied to sustainability performance. 2.3.2 IMPACT ON THE FINANCIAL STATEMENTS The potential impacts of climate change and risks have been analysed in the context of the 2023 Group Financial Statements closing, based on the above-mentioned facts and assumptions. INTEGRATION OF ESG IN URW\u2019S VALUATIONS A significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an asset-by-asset basis (1) in connexion with a new AFREXIM ESG scorecard built by main valuation firms, international shopping centres landlords and some French institutions representing a large scope of retail market participants. Amongst others, these KPIs are the Energy Use Intensity on common areas, BREEAM certificate label part I and II, climate risk studies outcomes, renewable energy on-site production or presence of EV 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 defined by the Group (circa \u20ac100 Mn on a proportionate basis) were integrated in the valuation model. FINANCING ACTIVITY GREEN LOANS In 2023, \u20ac1,391 Mn of corporate bank debt and credit facilities were completed, including: \u2022 \u20ac300 Mn sustainability-linked term loans with an average maturity of 2.8 years; and \u2022 \u20ac1,091 Mn new sustainability-linked bilateral credit facilities with an average maturity of 4.2 years. Furthermore, the Group extended by one year the maturity of \u20ac3,675 Mn existing European credit facilities (including \u20ac3,200 Mn under sustainability-linked format). As at December 31, 2023, the total credit lines featuring with green or sustainable indicators stands at \u20ac4.70 Bn, and the sustainability-linked term loans amounts to \u20ac0.94 Bn. GREEN BONDS The Group currently has two frameworks for its green financing: \u2022 A green bond framework, launched in 2014, under which two green bonds issued in February 2014 and April 2015 are still outstanding; and \u2022 A green financing framework (\u201cFramework\u201d), launched in November 2022, which will apply for all new green financing issuances forward. This Framework establishes clear requirements for the financing and/or re-financing of eligible new development projects and the regeneration of standing assets. It imposes higher standards on energy performance and new more stringent eligibility criteria. On December 4, 2023, the Group secured additional liquidity through the successful issuance of a green bond of \u20ac750 Mn with a 7-year maturity and a 4.125% coupon, URW\u2019s first green bond in the Euro bond market since 2015 and its first senior bond issuance since May 2021. The bond\u2019s proceeds will finance or refinance Eligible Green Assets in line with the Group\u2019s 2022 Green Financing Framework(2) . It aligns with the Group\u2019s sustainability strategy and its Better Places roadmap(3) shared with the market on October 10, 2023. As at December 31, 2023, the outstanding nominal value of Green Bonds amounts to \u20ac1.89 Bn. (1) For European shopping centres. (2) The green financing framework is available under: https://cdn.urw.com/-/media/Corporate~o~Sites/Unibail-Rodamco-Corporate/Files/Homepage/INVESTORS/Financing- Activity/Sustainable-Financing/Framework/2022/20221116-URW-Green-Financial-Framework-Brochure.ashx (3) The Better Places roadmap is available under: https://www.urw.com/2023-sustainability-investor-event ", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-649": { "value": "1.1.1 DISPOSALS IN 2023 DISPOSAL OF WESTFIELD NORTH COUNTY On February 1, 2023, the Group completed the sale of the Westfield North County ground lease located in Escondido, California, to Bridge Group Investments and Steerpoint Capital, transferring ownership and management of the asset. The sale price of $57 Mn (at 100%, URW share 55%) for the asset, which has 30 years left on its ground lease, reflects the property\u2019s book value as at December 31, 2022. DISPOSAL OF WESTFIELD BRANDON On May 25, 2023, URW disposed of Westfield Brandon Shopping Centre in the US. The sale price of $220 Mn (URW share 100%) reflects a 10.0% net initial yield and a 4.4% discount to the latest unaffected appraisal. DISPOSAL OF \u201cV\u201d OFFICE BUILDING On May 25, 2023, the Group announced the disposal of \u201cV\u201d office building in France. The sale price of \u20ac95 Mn is in line with the last unaffected appraisal value and delivers a double-digit internal rate of return and a net initial yield of 5.7%. DISPOSAL OF A STAKE OF 50% IN H\u00d4TEL SALOMON DE ROTHSCHILD On July 4, 2023, the Group disposed a stake of 50% in H\u00f4tel Salomon de Rothschild. After this operation, the asset is accounted for using the equity method. DISPOSAL OF WESTFIELD MISSION VALLEY On July 21, 2023, the Group completed the sale of Westfield Mission Valley Shopping Centres in San Diego, California, for a total amount of $290 Mn (at 100%, URW share 42%), including the sale of Westfield Mission Valley \u201cEast\u201d to Lowe Enterprises and Real Capital Solutions, and Westfield Mission Valley \u201cWest\u201d to Sunbelt Investment Holdings Inc. The transaction value reflects a combined initial yield of 8.5% on the in-place net operating income (\u201cNOI\u201d) and a 12% discount to the last unaffected appraisal. DISPOSAL OF WESTFIELD VALENCIA On September 4, 2023, the Group completed the sale of Westfield Valencia Town Center, in Santa Clarita, California, to Centennial Real Estate at a total value of $199 Mn (at 100%, URW share 50%), above the $195 Mn debt amount (at 100%, URW share 50%) on the asset. The transaction value reflects less than 3% discount to its last unaffected appraisal. DISPOSAL OF POLYGONE RIVIERA On October 18, 2023, the Group completed the sale of Polygone Riviera to FREY, a real estate company specialising in the development and operation of outdoor shopping centres in Europe, for a Net Disposal Price (\u201cNDP\u201d) of \u20ac272.3 Mn at a 4% discount to last unaffected book value. DISPOSAL OF NOVOTEL LYON CONFLUENCE On October 31, 2023, the Group completed the sale of Novotel Lyon Confluence in France to a hospitality investor. The NDP reflects a +21.2% premium to the latest unaffected appraisal. The disposal results on the above-mentioned transactions are recorded in the Consolidated statement of comprehensive income: \u2022 For the fully consolidated assets, the Result on disposal of investment properties and loss of control amounts to -\u20ac10.3 Mn, including \u20ac36.4 Mn of asset deals, and -\u20ac46.7 Mn of share deals; \u2022 For the assets accounted for using the equity method, URW\u2019s stake in the net disposal result of -\u20ac4.8 Mn is recorded within Share of the result of companies accounted for using the equity method. 1.1.2 FORECLOSURE OF US ASSETS On October 26, 2023, San Francisco Centre was put on foreclosure. The Group lost control of the asset (asset value of $301 Mn as at June 30, 2023) and the companies holding it were thus deconsolidated together with the debt allocated to it ($340 Mn). 1.1.3 ACQUISITIONS IN 2023 On April 21, 2023, URW completed the acquisition of the remaining 50% stake in the Croydon Partnership at a price in line with the last unaffected appraisal value and for a site which comprises a 10-hectare parcel which includes the Whitgift and Centrale shopping centres as well as high street retail frontage, office blocks and multi-storey car parks in the heart of the designated Greater London Authority Opportunity Area in South London. Thus, the consolidation method used for Croydon Partnership was changed from equity method (before the acquisition) to full consolidation. The purchase price accounting was based on 100% of the asset corresponding to the stake of 50% acquired and the revalued stake of 50% previously held and led to a positive impact of \u20ac3.3 Mn (\u00a32.9 Mn) recorded in Valuation movements on assets in the consolidated statement of comprehensive income. 1.2 ACQUISITIONS/DISPOSALS OF 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 of 2 residential building rights at Westfield Hamburg in January and March 2022, for a NDP 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, URW\u2019s stake in the net disposal result of +\u20ac19.8 Mn is recorded within 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, URW\u2019s stake in the net disposal result of -\u20ac32.4 Mn is recorded within Share of the result of companies accounted for using the equity method. DISPOSAL OF AN ADDITIONAL 27% STAKE IN AUPARK On August 31, 2022, WOOD & Company, as transaction leader, together with its joint venture partner Tatra Asset Management acquired 2 complementary stakes (\u201cTranches 2 and 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. The remaining 13% will be acquired through pre-agreed stake in 2024 (\u201cTranche 4\u201d). 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 (\u201cGMV\u201d). 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 one 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; 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. 3.3 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)
(\u20ac Mn)
2023
2022
Acquisition price of shares
(50.1)
\u2013
Cash and current accounts
(22.6)
\u2013
Acquisition of subsidiaries net of cash a cquired
(72.6)
\u2013
3.4.2 RESULT ON DISPOSAL OF INVESTMENT PROPERTIES AND LOSS OF CONTROL 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.
(\u20ac Mn)
2023
2022
Net capital g ains/losses on disposal of assets
36.4
18.6
Proceeds from disposal of assets
347.1
737.4
Carrying values of disposed assets
(310.7)
(718.8)
Net capital g ains/losses on disposal of shares
(46.7)
12.2
Proceeds from disposal of shares
9.4
309.0
Carrying values of disposed shares
(56.0)
(296.7)
Net capital g ains/losses on disposal of investment properties and loss of control
(10.3)
30.9
DISPOSAL OF SHARES/CONSOLIDATED SUBSIDIARIES, INVESTMENT PROPERTIES IN THE CONSOLIDATED STATEMENT OF CASH FLOWS
(\u20ac Mn)
2023
2022
Net price of shares sold
7.1
597.5
Cash and current accounts
216.5
136.6
Disposal of shares/consolidated subsidiaries
223.6
734.1
Disposal of investment properties
298.8
585.5
(2) (1) (3) (3) (1) In 2023, refers mainly to the disposal of Polygone Riviera described in note 1.1. In 2022, refers mainly to the disposals of Solna Centrum, Westfield Carr\u00e9 S\u00e9nart, Almere and Aupark described in note 1.2. (2) The disposal result of Westfield Carr\u00e9 S\u00e9nart in 2022 is booked within shareholders\u2019 equity (see note 1.2 \u201cAcquisitions/Disposals in 2022\u201d) and as a result is not shown in the proceeds from disposal of shares in the consolidated statement of comprehensive income. (3) In 2023, 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 to some non-cash items mainly in the USA. In 2022, it corresponds mainly 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. 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 preferred shares held by external parties. They are measured at fair value through profit or loss. 3.5.2 NON-CONTROLLING INTERESTS For 2023, this item comprised mainly non-controlling interests in the following entities: \u2022 C&E entities (-\u20ac27.1 Mn); \u2022 Several shopping centres and development projects in France and Italy (-\u20ac26.9 Mn, mainly Westfield Les 4 Temps, Westfield Parly 2, Westfield Forum des Halles and Westfield Carr\u00e9 S\u00e9nart); \u2022 Several shopping centres in Germany, Spain and Austria (-\u20ac98.4 Mn); and \u2022 Others +\u20ac2.8 Mn.
NOTE 15. LIST OF THE MAIN CONSOLIDATED COMPANIES
(1)
% interest % control % interest
List of the main consolidated companies
Country
Method
Dec. 31, 2023 Dec. 31, 2023 Dec. 31, 2022
Unibail-Rodamco-Westfield 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
55.00
SNC Viparis \u2013 Porte de Versailles
France
FC
50.00
100.00
50.00
Uni-commerces
France
FC
100.00
100.00
100.00
CentrO companies
Germany
EM-JV
50.00
50.00
50.00
Unibail-Rodamco-Westfield 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
13.00
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
Unibail-Rodamco TH BV
The Netherlands
FC
100.00
100.00
100.00
(1)
% interest % control % interest
List of the main consolidated companies
Country
Method
Dec. 31, 2023 Dec. 31, 2023 Dec. 31, 2022
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
Unibail-Rodamco-Westfield N.V.
The Netherlands
FC
100.00
100.00
100.00
Stratford City Shopping Centre n\u00b01 & 2 Limited
United Kingdom
EM-JV
50.00
50.00
50.00
Westfield Europe Limited
United Kingdom
FC
100.00
100.00
100.00
Westfield UK & Europe Finance PLC
United Kingdom
FC
100.00
100.00
100.00
White City Acquisitions Limited
United Kingdom
FC
100.00
100.00
100.00
Head Acquisition LP
United States
FC
100.00
100.00
100.00
New WTC Retail Member LLC
United States
FC
100.00
100.00
100.00
Urban Shopping Centers LP
United States
FC
100.00
100.00
100.00
URW America Inc.
United States
FC
100.00
100.00
100.00
URW US Services, Inc.
United States
FC
100.00
100.00
100.00
URW WEA LLC
United States
FC
100.00
100.00
100.00
WEA Finance, LLC
United States
FC
100.00
100.00
100.00
WEA Holdings, LLC
United States
FC
100.00
100.00
100.00
Westfield America, LP
United States
FC
100.00
100.00
100.00
Westfield DDC, LLC
United States
FC
100.00
100.00
100.00
Westfield Head, LP
United States
FC
100.00
100.00
100.00
Westfield, LLC
United States
FC
100.00
100.00
100.00
WHL USA Acquisitions, Inc.
United States
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-662": { "value": "1.1.1 DISPOSALS IN 2023 DISPOSAL OF WESTFIELD NORTH COUNTY On February 1, 2023, the Group completed the sale of the Westfield North County ground lease located in Escondido, California, to Bridge Group Investments and Steerpoint Capital, transferring ownership and management of the asset. The sale price of $57 Mn (at 100%, URW share 55%) for the asset, which has 30 years left on its ground lease, reflects the property\u2019s book value as at December 31, 2022. DISPOSAL OF WESTFIELD BRANDON On May 25, 2023, URW disposed of Westfield Brandon Shopping Centre in the US. The sale price of $220 Mn (URW share 100%) reflects a 10.0% net initial yield and a 4.4% discount to the latest unaffected appraisal. DISPOSAL OF \u201cV\u201d OFFICE BUILDING On May 25, 2023, the Group announced the disposal of \u201cV\u201d office building in France. The sale price of \u20ac95 Mn is in line with the last unaffected appraisal value and delivers a double-digit internal rate of return and a net initial yield of 5.7%. DISPOSAL OF A STAKE OF 50% IN H\u00d4TEL SALOMON DE ROTHSCHILD On July 4, 2023, the Group disposed a stake of 50% in H\u00f4tel Salomon de Rothschild. After this operation, the asset is accounted for using the equity method. DISPOSAL OF WESTFIELD MISSION VALLEY On July 21, 2023, the Group completed the sale of Westfield Mission Valley Shopping Centres in San Diego, California, for a total amount of $290 Mn (at 100%, URW share 42%), including the sale of Westfield Mission Valley \u201cEast\u201d to Lowe Enterprises and Real Capital Solutions, and Westfield Mission Valley \u201cWest\u201d to Sunbelt Investment Holdings Inc. The transaction value reflects a combined initial yield of 8.5% on the in-place net operating income (\u201cNOI\u201d) and a 12% discount to the last unaffected appraisal. DISPOSAL OF WESTFIELD VALENCIA On September 4, 2023, the Group completed the sale of Westfield Valencia Town Center, in Santa Clarita, California, to Centennial Real Estate at a total value of $199 Mn (at 100%, URW share 50%), above the $195 Mn debt amount (at 100%, URW share 50%) on the asset. The transaction value reflects less than 3% discount to its last unaffected appraisal. DISPOSAL OF POLYGONE RIVIERA On October 18, 2023, the Group completed the sale of Polygone Riviera to FREY, a real estate company specialising in the development and operation of outdoor shopping centres in Europe, for a Net Disposal Price (\u201cNDP\u201d) of \u20ac272.3 Mn at a 4% discount to last unaffected book value. DISPOSAL OF NOVOTEL LYON CONFLUENCE On October 31, 2023, the Group completed the sale of Novotel Lyon Confluence in France to a hospitality investor. The NDP reflects a +21.2% premium to the latest unaffected appraisal. The disposal results on the above-mentioned transactions are recorded in the Consolidated statement of comprehensive income: \u2022 For the fully consolidated assets, the Result on disposal of investment properties and loss of control amounts to -\u20ac10.3 Mn, including \u20ac36.4 Mn of asset deals, and -\u20ac46.7 Mn of share deals; \u2022 For the assets accounted for using the equity method, URW\u2019s stake in the net disposal result of -\u20ac4.8 Mn is recorded within Share of the result of companies accounted for using the equity method. 1.1.2 FORECLOSURE OF US ASSETS On October 26, 2023, San Francisco Centre was put on foreclosure. The Group lost control of the asset (asset value of $301 Mn as at June 30, 2023) and the companies holding it were thus deconsolidated together with the debt allocated to it ($340 Mn). 1.1.3 ACQUISITIONS IN 2023 On April 21, 2023, URW completed the acquisition of the remaining 50% stake in the Croydon Partnership at a price in line with the last unaffected appraisal value and for a site which comprises a 10-hectare parcel which includes the Whitgift and Centrale shopping centres as well as high street retail frontage, office blocks and multi-storey car parks in the heart of the designated Greater London Authority Opportunity Area in South London. Thus, the consolidation method used for Croydon Partnership was changed from equity method (before the acquisition) to full consolidation. The purchase price accounting was based on 100% of the asset corresponding to the stake of 50% acquired and the revalued stake of 50% previously held and led to a positive impact of \u20ac3.3 Mn (\u00a32.9 Mn) recorded in Valuation movements on assets in the consolidated statement of comprehensive income.
1.2 ACQUISITIONS/DISPOSALS OF
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 of 2 residential building rights at Westfield Hamburg
in January and March 2022, for a NDP 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, URW\u2019s stake in the net disposal result of +\u20ac19.8 Mn is recorded within 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, URW\u2019s stake in the net disposal result of -\u20ac32.4 Mn is recorded within Share of the result of companies accounted for using the equity method. DISPOSAL OF AN ADDITIONAL 27% STAKE IN AUPARK On August 31, 2022, WOOD & Company, as transaction leader, together with its joint venture partner Tatra Asset Management acquired 2 complementary stakes (\u201cTranches 2 and 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. The remaining 13% will be acquired through pre-agreed stake in 2024 (\u201cTranche 4\u201d). 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 (\u201cGMV\u201d). 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 one 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: \u2013 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 \u2013 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; and \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 in other comprehensive income (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 in entities in foreign currency; 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 in OCI, 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 and 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 net comprehensive income. 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. 3.3 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)
(\u20ac Mn)
2023
2022
Acquisition price of shares
(50.1)
\u2013
Cash and current accounts
(22.6)
\u2013
Acquisition of subsidiaries net of cash a cquired
(72.6)
\u2013
3.4.2 RESULT ON DISPOSAL OF INVESTMENT PROPERTIES AND LOSS OF CONTROL 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.
(\u20ac Mn)
2023
2022
Net capital g ains/losses on disposal of assets
36.4
18.6
Proceeds from disposal of assets
347.1
737.4
Carrying values of disposed assets
(310.7)
(718.8)
Net capital g ains/losses on disposal of shares
(46.7)
12.2
Proceeds from disposal of shares
9.4
309.0
Carrying values of disposed shares
(56.0)
(296.7)
Net capital g ains/losses on disposal of investment properties and loss of control
(10.3)
30.9
DISPOSAL OF SHARES/CONSOLIDATED SUBSIDIARIES, INVESTMENT PROPERTIES IN THE CONSOLIDATED STATEMENT OF CASH FLOWS
(\u20ac Mn)
2023
2022
Net price of shares sold
7.1
597.5
Cash and current accounts
216.5
136.6
Disposal of shares/consolidated subsidiaries
223.6
734.1
Disposal of investment properties
298.8
585.5
(2) (1) (3) (3) (1) In 2023, refers mainly to the disposal of Polygone Riviera described in note 1.1. In 2022, refers mainly to the disposals of Solna Centrum, Westfield Carr\u00e9 S\u00e9nart, Almere and Aupark described in note 1.2. (2) The disposal result of Westfield Carr\u00e9 S\u00e9nart in 2022 is booked within shareholders\u2019 equity (see note 1.2 \u201cAcquisitions/Disposals in 2022\u201d) and as a result is not shown in the proceeds from disposal of shares in the consolidated statement of comprehensive income. (3) In 2023, 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 to some non-cash items mainly in the USA. In 2022, it corresponds mainly 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. 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 preferred shares held by external parties. They are measured at fair value through profit or loss. 3.5.2 NON-CONTROLLING INTERESTS For 2023, this item comprised mainly non-controlling interests in the following entities: \u2022 C&E entities (-\u20ac27.1 Mn); \u2022 Several shopping centres and development projects in France and Italy (-\u20ac26.9 Mn, mainly Westfield Les 4 Temps, Westfield Parly 2, Westfield Forum des Halles and Westfield Carr\u00e9 S\u00e9nart); \u2022 Several shopping centres in Germany, Spain and Austria (-\u20ac98.4 Mn); and \u2022 Others +\u20ac2.8 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 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, 2023
Dec. 31, 2022
Shares in companies accounted for using the equity method
6,260.5
7,007.5
Loans granted to companies accounted for using the equity method
881.0
919.6
Total shares and investm ents in companies account ed for using the equity method
7,141 .5
7,927. 1
Of which shares and investments in companies whose properties are under promise or mandate of sale
161.2
\u2013
Total shares and investm ents in companies account ed for using the equity method excluding under promise or
mandate of sale)
6,980.3
7,927.1
(1) (1) (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:
2023
2022
Recurring Non-recurring Recurring Non-recurring
(\u20ac Mn) activities
activities
(1)
Result activities activities Result
Total share of income from companies accounted
for using the equity method
396.6
(566.2)
(169.6)
420.6
(472.4)
(51.8)
Total interest s on loans granted to compani es \ue01f
accounted for using the equi ty method
48.8\ue01f
\u2013
48.8
31.0\ue01f
\u2013
31.0
(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:
% Interest as at % Interest as at
Name of investment
Geographical area
Dec. 31, 2023 Dec. 31, 2022
Westfield Stratford City
UK
50.0%
50.0%
Cherry Park Property & ResiCo
UK
25.0%
25.0%
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 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%
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, 2023
Dec. 31, 2022
Investment properties
7,192.7
8,365.6
Other non-current assets
10.4
27.2
Current assets
283.2
402.6
Assets held for sale
206.5
\u2013
Total a ssets
7,692.8
8,795.4
Restated shareholders\u2019 equity
5,435.1
6,111.5
Deferred tax liabilities
82.6
97.1
Shareholders loans
419.0
458.1
External borrowings
1,517.2
1,915.5
Other non-current liabilities
24.6
22.2
Liabilities held for sale
45.3
\u2013
Current liabilities
169.0
191.0
Total liabilities
7,692.8
8,795.4
(1)
(1) Includes current and non-current borrowings.
(\u20ac Mn)
2023
2022
NRI
416.7
450.7
Change in fair value of investment properties
(447.1)
(509.7)
Financial result
(48.4)
(50.1)
Net result
(132.6)
(161.0)
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.
(a)
(b)
Exit
Net Initial Rent in \u20ac Discount Capitalisation CAGR of
Shopping Centres\u2013December 31, 2023 Yield per sqm Rate Rate NRI
Max
7.4%
1,012
9.4%
7.3%
5.0%
Europe
Min
4.9%
148
7.0%
5.0%
1.7%
Weighted average
6.2%
393
7.6%
6.0%
2.5%
Max
12.2%
1,182
14.0%
12.0%
7.6%
US
Min
4.1%
345
7.0%
5.0%
1.9%
Weighted average
5.2%
719
7.6%
5.7%
4.7%
(c)
(d)
NIY, 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.
(a) Average annual rent (MGR + SBR) per asset per square meter.
(b) Rate used to calculate the net present value of future cash flows.
(c) Rate used to capitalise the exit rent to determine the exit value of an asset.
(d) CAGR of NRI determined by the appraiser (between 6 and 10 years depending on duration of DCF model used).
The tables below show the sensitivity on URW\u2019s Shopping Centres portfolio value for assets accounted for using the equity method, excluding assets under development. The percentages below are indicative of evolutions in case of various evolutions of NIY, DR, ECR and appraisers\u2019 ERV.
Impact in Impact in
Sensitivity \u20ac Mn %
+25 bps in NIY
(317)
(4.3)%
+25 bps in DR
(136)
(1.9)%
+10 bps in ECR
(80)
(1.1)%
-5% in appraisers\u2019 ERV
(222)
(3.0)%
Impact in Impact in
Sensitivity \u20ac Mn %
-25 bps in NIY
+348
+4.8%
-25 bps in DR
+139
+1.9%
-10 bps in ECR
+83
+1.1%
+5% in appraisers\u2019 ERV
+216
+3.0%
6.4 ASSOCIATES Associates are those entities, not controlled by the Group, but in which it has a significant influence according to IAS 28. 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 and Confluence in Lyon; \u2022 Zlote Tarasy complex (Warsaw); \u2022 Gropius Passagen (Berlin); \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), 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 one 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, 2023
Dec. 31, 2022
Investment properties
1,801.8
1,870.4
Other non-current assets
50.7
82.6
Current assets
154.8
133.1
Total a ssets
2,0 07.3
2,086.0
Restated shareholders\u2019 equity
777.3
835.0
Deferred tax liabilities
120.0
121.0
Shareholders loans
462.0
461.5
External borrowings
535.1
569.8
Other non-current liabilities
64.5
54.5
Current liabilities
48.5
44.2
Total liabilities
2 ,0 07.3
2,086 .0
(\u20ac Mn)
2023
2022
NRI
101.6
88.0
Net financing cost
(35.6)
(25.9)
Change in fair value of investment properties
(73.2)
10.9
Fair value adjustments of derivatives and debt
(24.4)
57.7
Net result
(37. 0)
109.2
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, 2023
Dec. 31, 2022
Shopping Centres and Convent ion & Exhibition companies
Loans
920.8
964.8
Recognised interest
48.8
31.1
Current account in debit
4.2
6.3
Current account in credit
(6.1)
(27.8)
Asset management fees invoiced and other fees
106.0
144.8
(1) (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 and disposals of assets. All of these transactions are based on market prices. NOTE 15. LIST OF THE MAIN CONSOLIDATED COMPANIES (1)
% interest % control % interest
List of the main consolidated companies
Country
Method
Dec. 31, 2023 Dec. 31, 2023 Dec. 31, 2022
Unibail-Rodamco-Westfield 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
55.00
SNC Viparis \u2013 Porte de Versailles
France
FC
50.00
100.00
50.00
Uni-commerces
France
FC
100.00
100.00
100.00
CentrO companies
Germany
EM-JV
50.00
50.00
50.00
Unibail-Rodamco-Westfield 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
13.00
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
Unibail-Rodamco TH BV
The Netherlands
FC
100.00
100.00
100.00
(1)
% interest % control % interest
List of the main consolidated companies
Country
Method
Dec. 31, 2023 Dec. 31, 2023 Dec. 31, 2022
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
Unibail-Rodamco-Westfield N.V.
The Netherlands
FC
100.00
100.00
100.00
Stratford City Shopping Centre n\u00b01 & 2 Limited
United Kingdom
EM-JV
50.00
50.00
50.00
Westfield Europe Limited
United Kingdom
FC
100.00
100.00
100.00
Westfield UK & Europe Finance PLC
United Kingdom
FC
100.00
100.00
100.00
White City Acquisitions Limited
United Kingdom
FC
100.00
100.00
100.00
Head Acquisition LP
United States
FC
100.00
100.00
100.00
New WTC Retail Member LLC
United States
FC
100.00
100.00
100.00
Urban Shopping Centers LP
United States
FC
100.00
100.00
100.00
URW America Inc.
United States
FC
100.00
100.00
100.00
URW US Services, Inc.
United States
FC
100.00
100.00
100.00
URW WEA LLC
United States
FC
100.00
100.00
100.00
WEA Finance, LLC
United States
FC
100.00
100.00
100.00
WEA Holdings, LLC
United States
FC
100.00
100.00
100.00
Westfield America, LP
United States
FC
100.00
100.00
100.00
Westfield DDC, LLC
United States
FC
100.00
100.00
100.00
Westfield Head, LP
United States
FC
100.00
100.00
100.00
Westfield, LLC
United States
FC
100.00
100.00
100.00
WHL USA Acquisitions, Inc.
United States
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-667": { "value": "1.1.1 DISPOSALS IN 2023 DISPOSAL OF WESTFIELD NORTH COUNTY On February 1, 2023, the Group completed the sale of the Westfield North County ground lease located in Escondido, California, to Bridge Group Investments and Steerpoint Capital, transferring ownership and management of the asset. The sale price of $57 Mn (at 100%, URW share 55%) for the asset, which has 30 years left on its ground lease, reflects the property\u2019s book value as at December 31, 2022. DISPOSAL OF WESTFIELD BRANDON On May 25, 2023, URW disposed of Westfield Brandon Shopping Centre in the US. The sale price of $220 Mn (URW share 100%) reflects a 10.0% net initial yield and a 4.4% discount to the latest unaffected appraisal. DISPOSAL OF \u201cV\u201d OFFICE BUILDING On May 25, 2023, the Group announced the disposal of \u201cV\u201d office building in France. The sale price of \u20ac95 Mn is in line with the last unaffected appraisal value and delivers a double-digit internal rate of return and a net initial yield of 5.7%. DISPOSAL OF A STAKE OF 50% IN H\u00d4TEL SALOMON DE ROTHSCHILD On July 4, 2023, the Group disposed a stake of 50% in H\u00f4tel Salomon de Rothschild. After this operation, the asset is accounted for using the equity method. DISPOSAL OF WESTFIELD MISSION VALLEY On July 21, 2023, the Group completed the sale of Westfield Mission Valley Shopping Centres in San Diego, California, for a total amount of $290 Mn (at 100%, URW share 42%), including the sale of Westfield Mission Valley \u201cEast\u201d to Lowe Enterprises and Real Capital Solutions, and Westfield Mission Valley \u201cWest\u201d to Sunbelt Investment Holdings Inc. The transaction value reflects a combined initial yield of 8.5% on the in-place net operating income (\u201cNOI\u201d) and a 12% discount to the last unaffected appraisal. DISPOSAL OF WESTFIELD VALENCIA On September 4, 2023, the Group completed the sale of Westfield Valencia Town Center, in Santa Clarita, California, to Centennial Real Estate at a total value of $199 Mn (at 100%, URW share 50%), above the $195 Mn debt amount (at 100%, URW share 50%) on the asset. The transaction value reflects less than 3% discount to its last unaffected appraisal. DISPOSAL OF POLYGONE RIVIERA On October 18, 2023, the Group completed the sale of Polygone Riviera to FREY, a real estate company specialising in the development and operation of outdoor shopping centres in Europe, for a Net Disposal Price (\u201cNDP\u201d) of \u20ac272.3 Mn at a 4% discount to last unaffected book value. DISPOSAL OF NOVOTEL LYON CONFLUENCE On October 31, 2023, the Group completed the sale of Novotel Lyon Confluence in France to a hospitality investor. The NDP reflects a +21.2% premium to the latest unaffected appraisal. The disposal results on the above-mentioned transactions are recorded in the Consolidated statement of comprehensive income: \u2022 For the fully consolidated assets, the Result on disposal of investment properties and loss of control amounts to -\u20ac10.3 Mn, including \u20ac36.4 Mn of asset deals, and -\u20ac46.7 Mn of share deals; \u2022 For the assets accounted for using the equity method, URW\u2019s stake in the net disposal result of -\u20ac4.8 Mn is recorded within Share of the result of companies accounted for using the equity method. 1.1.2 FORECLOSURE OF US ASSETS On October 26, 2023, San Francisco Centre was put on foreclosure. The Group lost control of the asset (asset value of $301 Mn as at June 30, 2023) and the companies holding it were thus deconsolidated together with the debt allocated to it ($340 Mn). 1.1.3 ACQUISITIONS IN 2023 On April 21, 2023, URW completed the acquisition of the remaining 50% stake in the Croydon Partnership at a price in line with the last unaffected appraisal value and for a site which comprises a 10-hectare parcel which includes the Whitgift and Centrale shopping centres as well as high street retail frontage, office blocks and multi-storey car parks in the heart of the designated Greater London Authority Opportunity Area in South London. Thus, the consolidation method used for Croydon Partnership was changed from equity method (before the acquisition) to full consolidation. The purchase price accounting was based on 100% of the asset corresponding to the stake of 50% acquired and the revalued stake of 50% previously held and led to a positive impact of \u20ac3.3 Mn (\u00a32.9 Mn) recorded in Valuation movements on assets in the consolidated statement of comprehensive income. 1.2 ACQUISITIONS/DISPOSALS OF 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 of 2 residential building rights at Westfield Hamburg in January and March 2022, for a NDP 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, URW\u2019s stake in the net disposal result of +\u20ac19.8 Mn is recorded within 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, URW\u2019s stake in the net disposal result of -\u20ac32.4 Mn is recorded within Share of the result of companies accounted for using the equity method. DISPOSAL OF AN ADDITIONAL 27% STAKE IN AUPARK On August 31, 2022, WOOD & Company, as transaction leader, together with its joint venture partner Tatra Asset Management acquired 2 complementary stakes (\u201cTranches 2 and 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. The remaining 13% will be acquired through pre-agreed stake in 2024 (\u201cTranche 4\u201d). 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 (\u201cGMV\u201d). 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 one 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: \u2013 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 \u2013 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; and \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. 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, 2023
Dec. 31, 2022
Shares in companies accounted for using the equity method
6,260.5
7,007.5
Loans granted to companies accounted for using the equity method
881.0
919.6
Total shares and investm ents in companies account ed for using the equity method
7,141 .5
7,927. 1
Of which shares and investments in companies whose properties are under promise or mandate of sale
161.2
\u2013
Total shares and investm ents in companies account ed for using the equity method excluding under promise or
mandate of sale)
6,980.3
7,927.1
(1) (1) (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:
2023
2022
Recurring Non-recurring Recurring Non-recurring
(\u20ac Mn) activities
activities
(1)
Result activities activities Result
Total share of income from companies accounted
for using the equity method
396.6
(566.2)
(169.6)
420.6
(472.4)
(51.8)
Total interest s on loans granted to compani es \ue01f
accounted for using the equi ty method
48.8\ue01f
\u2013
48.8
31.0\ue01f
\u2013
31.0
(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:
% Interest as at % Interest as at
Name of investment
Geographical area
Dec. 31, 2023 Dec. 31, 2022
Westfield Stratford City
UK
50.0%
50.0%
Cherry Park Property & ResiCo
UK
25.0%
25.0%
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 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%
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, 2023
Dec. 31, 2022
Investment properties
7,192.7
8,365.6
Other non-current assets
10.4
27.2
Current assets
283.2
402.6
Assets held for sale
206.5
\u2013
Total a ssets
7,692.8
8,795.4
Restated shareholders\u2019 equity
5,435.1
6,111.5
Deferred tax liabilities
82.6
97.1
Shareholders loans
419.0
458.1
External borrowings
1,517.2
1,915.5
Other non-current liabilities
24.6
22.2
Liabilities held for sale
45.3
\u2013
Current liabilities
169.0
191.0
Total liabilities
7,692.8
8,795.4
(1) (1) Includes current and non-current borrowings.
(\u20ac Mn)
2023
2022
NRI
416.7
450.7
Change in fair value of investment properties
(447.1)
(509.7)
Financial result
(48.4)
(50.1)
Net result
(132.6)
(161.0)
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. (a) (b)
Exit
Net Initial Rent in \u20ac Discount Capitalisation CAGR of
Shopping Centres\u2013December 31, 2023 Yield per sqm Rate Rate NRI
Max
7.4%
1,012
9.4%
7.3%
5.0%
Europe
Min
4.9%
148
7.0%
5.0%
1.7%
Weighted average
6.2%
393
7.6%
6.0%
2.5%
Max
12.2%
1,182
14.0%
12.0%
7.6%
US
Min
4.1%
345
7.0%
5.0%
1.9%
Weighted average
5.2%
719
7.6%
5.7%
4.7%
(c) (d) NIY, 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. (a) Average annual rent (MGR + SBR) per asset per square meter. (b) Rate used to calculate the net present value of future cash flows. (c) Rate used to capitalise the exit rent to determine the exit value of an asset. (d) CAGR of NRI determined by the appraiser (between 6 and 10 years depending on duration of DCF model used). The tables below show the sensitivity on URW\u2019s Shopping Centres portfolio value for assets accounted for using the equity method, excluding assets under development. The percentages below are indicative of evolutions in case of various evolutions of NIY, DR, ECR and appraisers\u2019 ERV.
Impact in Impact in
Sensitivity \u20ac Mn %
+25 bps in NIY
(317)
(4.3)%
+25 bps in DR
(136)
(1.9)%
+10 bps in ECR
(80)
(1.1)%
-5% in appraisers\u2019 ERV
(222)
(3.0)%
Impact in Impact in
Sensitivity \u20ac Mn %
-25 bps in NIY
+348
+4.8%
-25 bps in DR
+139
+1.9%
-10 bps in ECR
+83
+1.1%
+5% in appraisers\u2019 ERV
+216
+3.0%
6.4 ASSOCIATES Associates are those entities, not controlled by the Group, but in which it has a significant influence according to IAS 28. 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 and Confluence in Lyon; \u2022 Zlote Tarasy complex (Warsaw); \u2022 Gropius Passagen (Berlin); \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), 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 one 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, 2023
Dec. 31, 2022
Investment properties
1,801.8
1,870.4
Other non-current assets
50.7
82.6
Current assets
154.8
133.1
Total a ssets
2,0 07.3
2,086.0
Restated shareholders\u2019 equity
777.3
835.0
Deferred tax liabilities
120.0
121.0
Shareholders loans
462.0
461.5
External borrowings
535.1
569.8
Other non-current liabilities
64.5
54.5
Current liabilities
48.5
44.2
Total liabilities
2 ,0 07.3
2,086 .0
(\u20ac Mn)
2023
2022
NRI
101.6
88.0
Net financing cost
(35.6)
(25.9)
Change in fair value of investment properties
(73.2)
10.9
Fair value adjustments of derivatives and debt
(24.4)
57.7
Net result
(37. 0)
109.2
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, 2023
Dec. 31, 2022
Shopping Centres and Convent ion & Exhibition companies
Loans
920.8
964.8
Recognised interest
48.8
31.1
Current account in debit
4.2
6.3
Current account in credit
(6.1)
(27.8)
Asset management fees invoiced and other fees
106.0
144.8
(1) (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 and disposals of assets. All of these transactions are based on market prices. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-551": { "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, 2023, 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, 2022, except for the application of the
new obligatory standards and interpretations described below.
STANDARDS, AMENDMENTS AND
INTERPRETATIONS EFFECTIVE AS OF
JANUARY 1, 2023
\u2022 IFRS 17 Insurance Contracts, including Amendments to IFRS 17;
\u2022 Amendments to:
\u2013 IAS 1 Presentation of Financial Statements and IFRS Practice
Statement 2: Disclosure of Accounting policies;
\u2013 IAS 8 Accounting Policies, Changes in Accounting Estimates and
Errors: Definition of Accounting Estimates;
\u2013 IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities
arising from a Single Transaction; and
\u2013 IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and
IFRS 9 \u2013 Comparative Information.
\u2022 Amendments to IAS 12 Income Taxes: International Tax Reform \u2013
Pillar 2 Model Rules.
These standards, amendments and interpretations do not have a
significant impact on the Group\u2019s accounts as at December 31, 2023.
The Group applied the exemption for the Amendments to IAS 12 Income
Taxes: International Tax Reform \u2013 Pillar 2 Model Rules.
Pillar 2 is a set of rules entering into force in 2024 designed to ensure
large multinational enterprises pay a minimum level of tax (15%) on
the income arising in each jurisdiction where they operate. The new
legislation provides for a general exemption for REITs subject to certain
technicalities. Whereas some legislation clarifications are still expected,
the Group reasonably expects the minimum global tax not to have a
significant impact on both its REIT and non-REIT activities.
STANDARDS, AMENDMENTS AND
INTERPRETATIONS NOT MANDATORILY
APPLICABLE AS OF JANUARY 1, 2023
The following text has been adopted by the EU as at December 31, 2023,
but not applied in advance by the Group:
\u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and
Leaseback;
\u2022 Amendments to IAS 1 Presentation of Financial Statements:
\u2013 Classification of Liabilities as Current or Non-current;
\u2013 Classification of Liabilities as Current or Non-current \u2013 Deferral of
Effective Date; and
\u2013 Non-current Liabilities with Covenants.
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 7 Statement of Cash Flows and IFRS 7 Financial
Instruments: Disclosures: Supplier Finance Arrangements; and
\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange
Rates: Lack of Exchangeability.
The measurement of the potential impacts of these texts on the
consolidated accounts of URW is ongoing; no significant impacts
are expected.
The pension reform law adopted in France in 2023 has no significant
impact on the consolidated accounts of URW.
2.2 ESTIMATES AND ASSUMPTIONS
Certain amounts recorded in the consolidated financial statements
reflect estimates and assumptions made by management in the
current uncertain context regarding inflation, interest rates, energy and
raw material costs evolution, supply chain disruption resulting from
geopolitical and economic environment 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. 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, 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.
In October 2023, URW announced a comprehensive evolution of the
Better Places roadmap setting ambitious SBTi -approved (The Science
Based Targets Initiative) net-zero targets in terms of carbon emissions
reduction and reinforcing its environmental performance objectives,
with the aim to develop and operate places that provide sustainable
experiences and contribute to thriving communities.
2.3.1 GROUP COMMITMENTS TO SUPPORT
THE ENVIRONMENTAL TRANSITION OF
CITIES AND RETAIL
ENHANCED CLIMATE COMMITMENTS
URW\u2019s new commitments are focused on enhancing the Group\u2019s
greenhouse gas (\u201cGHG\u201d) emissions reduction efforts, introducing a
net-zero target on Scopes 1 & 2 in 2030
(1)
and a net-zero target on
Scopes 1, 2 & 3 by 2050, all approved by the Science Based Targets
initiative (\u201cSBTi\u201d).
The Group aims to reduce by -50% its Scope 1, 2 & 3 GHG emissions
across its value chain by 2030, with a target to reduce emissions by
-90% in Scopes 1 & 2
(2)
.
GROWTH IN RENEWABLE ENERGY
PRODUCTION
Since 2021, 100% of URW\u2019s electricity consumption has come from
renewable energy sources
(3)
. URW will increase its renewable electricity
production capacity through on-site and off-site renewable electricity
projects. Benefits to URW include reducing its total carbon footprint and
generating a return on investment.
The Group targets 50 MWp of on-site solar capacity by 2030 in Europe
(2022: 6.4 MWp
(4)
), with 27 MWp of projects already underway in 24
shopping centres in 10 countries.
The Group\u2019s plan requires limited additional capitalised expenses
of \u20ac28 Mn
(5)
per year over 7 years thanks to URW\u2019s consistent annual
investment in its high-quality assets. This includes a \u20ac20 Mn
(6)
annual
investment in energy efficiency and carbon reduction, as well as \u20ac8 Mn
(7)
a year on identified solar photovoltaic (\u201cPV\u201d) projects. These investments
will generate significant financial savings, with full effect from 2030
onwards (\u20ac23 Mn per year and a return on investment over 8% for solar
PV projects).
(1) From 2015 levels, in absolute value. URW\u2019s Scope 3 GHG emissions include construction activities, operations including tenant energy consumption, and transport from visitors.
(2) From 2015 levels.
(3) Group-wide, common areas, Retail, Offices and C&E.
(4) Total installed renewable energy capacity.
(5) On a proportionate basis.
(6) On a proportionate basis.
(7) On a proportionate basis.
ROBUST EMPLOYEE ENGAGEMENT AND
GOVERNANCE FRAMEWORKS
Sustainability is embedded in URW\u2019s business strategy, integrated into
the highest levels of governance and taken into consideration in key
decisions, in particular investments.
The Company\u2019s corporate governance has received clear recognition,
with top level specific corporate governance sub-scores from ESG rating
agencies such as ISS-ESG (B+) and Sustainalytics.
The Group\u2019s existing short- and long-term ESG compensation incentives
will be aligned with the updated Better Places roadmap. Currently,
10% of the MB and Executive Committee annual Short-Term Incentive
(\u201cSTI\u201d) is contingent on meeting sustainability performance goals,
and every recipient of STI has at least one ESG objective. 20% of long-
term incentives, received by around 20% of employees, are tied to
sustainability performance.
2.3.2 IMPACT ON THE FINANCIAL
STATEMENTS
The potential impacts of climate change and risks have been analysed
in the context of the 2023 Group Financial Statements closing, based on
the above-mentioned facts and assumptions.
INTEGRATION OF ESG IN URW\u2019S VALUATIONS
A significant amount of information has been made available to the
appraisers in relation to several ESG KPIs on an asset-by-asset
basis
(1)
in connexion with a new AFREXIM ESG scorecard built by
main valuation firms, international shopping centres landlords and
some French institutions representing a large scope of retail market
participants. Amongst others, these KPIs are the Energy Use Intensity
on common areas, BREEAM certificate label part I and II, climate risk
studies outcomes, renewable energy on-site production or presence of
EV 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 defined by the Group (circa \u20ac100 Mn on a
proportionate basis) were integrated in the valuation model.
FINANCING ACTIVITY
GREEN LOANS
In 2023, \u20ac1,391 Mn of corporate bank debt and credit facilities were
completed, including:
\u2022 \u20ac300 Mn sustainability-linked term loans with an average maturity
of 2.8 years; and
\u2022 \u20ac1,091 Mn new sustainability-linked bilateral credit facilities with an
average maturity of 4.2 years.
Furthermore, the Group extended by one year the maturity of \u20ac3,675 Mn
existing European credit facilities (including \u20ac3,200 Mn under
sustainability-linked format).
As at December 31, 2023, the total credit lines featuring with green or
sustainable indicators stands at \u20ac4.70 Bn, and the sustainability-linked
term loans amounts to \u20ac0.94 Bn.
GREEN BONDS
The Group currently has two frameworks for its green financing:
\u2022 A green bond framework, launched in 2014, under which two green
bonds issued in February 2014 and April 2015 are still outstanding; and
\u2022 A green financing framework (\u201cFramework\u201d), launched in November
2022, which will apply for all new green financing issuances forward.
This Framework establishes clear requirements for the financing
and/or re-financing of eligible new development projects and the
regeneration of standing assets. It imposes higher standards on
energy performance and new more stringent eligibility criteria.
On December 4, 2023, the Group secured additional liquidity through the
successful issuance of a green bond of \u20ac750 Mn with a 7-year maturity
and a 4.125% coupon, URW\u2019s first green bond in the Euro bond market
since 2015 and its first senior bond issuance since May 2021.
The bond\u2019s proceeds will finance or refinance Eligible Green Assets in
line with the Group\u2019s 2022 Green Financing Framework
(2)
. It aligns with
the Group\u2019s sustainability strategy and its Better Places roadmap
(3)
shared with the market on October 10, 2023.
As at December 31, 2023, the outstanding nominal value of Green Bonds
amounts to \u20ac1.89 Bn.
(1) For European shopping centres.
(2) The green financing framework is available under: https://cdn.urw.com/-/media/Corporate~o~Sites/Unibail-Rodamco-Corporate/Files/Homepage/INVESTORS/Financing-
Activity/Sustainable-Financing/Framework/2022/20221116-URW-Green-Financial-Framework-Brochure.ashx
(3) The Better Places roadmap is available under: https://www.urw.com/2023-sustainability-investor-event
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 one 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: \u2013 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 \u2013 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; and \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 in other comprehensive income (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 in entities in foreign currency; 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 in OCI, 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 and 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 net comprehensive income.
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 on
a straight-line basis over the expected term of the lease.
According to IFRS 16, a rent relief which is not a lease modification
will be directly charged to the income statement as a reduction of the
Gross Rental Income. For rent relief which are considered as a lease
modification, the accounting treatment depends on whether there\u2019s
a counterpart received from the tenant or not.
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 straightlining of initial payments) for properties built on land subject to leasehold or 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. URW is acting as principal.
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
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 out c ome. A s such , t he Gro up t ake s t he vie w t hat the 3 typ es of c on tr ac t s 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 uses the input method of calculating revenue over time, which in this case is costs incurred. Expenses comprise construction costs and related project management costs.
5.1.1 ACCOUNTING PRINCIPLES
INVESTMENT PROPERTIES (IAS 40 AND IFRS 13)
In accordance with IAS 40, investment properties are shown at
their fair 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 the European Public Real
Estate Association (\u201cEPRA\u201d), 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
the Royal Institution of Chartered Surveyors (\u201cRICS\u201d), 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 1 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 (\u201cDCF\u201d) methodology
as well as the yield methodology. Furthermore, the resulting
valuations are cross-checked against the initial yield, value per square
metre 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. 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)
in connexion with a new
AFREXIM ESG scorecard built by main valuation firms, international
shopping centres landlords and some French institutions representing
a large scope of retail market participants (see 2.3.2 \u201cImpact on
financial statements\u201d).
On that basis, 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 DCF 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.
Proper ties under c onst ruc tion car ried at c ost are subjec t 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 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 fa\u00e7ade,
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 \u2013 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 and DD&C contracts
are fully amortised.
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, 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 5YBP 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 2024\u2013 2028 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. These discount rates were also compared with the discount rates used by appraisers for the valuation of Investment Properties as at December 31, 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, 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 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.
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 FINANCIAL ASSETS 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 representing a debt instrument is measured at amortised cost if it meets both of the following conditions and is not designated as measured 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 representing a debt instrument is measured at FVOCI if it meets both of the following conditions and is not designated as measured 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 irrevocably elected 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 according to IFRS 15) is initially measured at fair value plus, for an item not measured 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 expected impairment losses. 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 FVTPL except in the case of an irrevocable election to classify them at FVOCI 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. Other non-derivative financial liabilities are recognised at FVTPL. CLASSIFICATION AND MEASUREMENT OF FINANCIAL DERIVATIVES 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, the group 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. VALUATION OF CREDIT RISK AND DERIVATIVES 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. 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, 2023: \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 such as tenant bankruptcies in 2023 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.
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
dif ferences, if this rate has been set. Other wise, 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 is 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 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, 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 the actuarial gains and losses
are accounted for in OCI. Since 2021, the Group has applied the
International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d)
recommendations 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
conditions, have been valued using a Monte Carlo model.
The additional expenses incurred by the Company Savings Plan,
Stock Option Plan, and Performance Shares Plan 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-578": { "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, 2023, 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:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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, 2023, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-631": { "value": "STANDARDS, AMENDMENTS AND INTERPRETATIONS EFFECTIVE AS OF JANUARY 1, 2023 \u2022 IFRS 17 Insurance Contracts, including Amendments to IFRS 17; \u2022 Amendments to: \u2013 IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies; \u2013 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; \u2013 IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction; and \u2013 IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information. \u2022 Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar 2 Model Rules. These standards, amendments and interpretations do not have a significant impact on the Group\u2019s accounts as at December 31, 2023. The Group applied the exemption for the Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar 2 Model Rules. Pillar 2 is a set of rules entering into force in 2024 designed to ensure large multinational enterprises pay a minimum level of tax (15%) on the income arising in each jurisdiction where they operate. The new legislation provides for a general exemption for REITs subject to certain technicalities. Whereas some legislation clarifications are still expected, the Group reasonably expects the minimum global tax not to have a significant impact on both its REIT and non-REIT activities. STANDARDS, AMENDMENTS AND INTERPRETATIONS NOT MANDATORILY APPLICABLE AS OF JANUARY 1, 2023 The following text has been adopted by the EU as at December 31, 2023, but not applied in advance by the Group: \u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback; \u2022 Amendments to IAS 1 Presentation of Financial Statements: \u2013 Classification of Liabilities as Current or Non-current; \u2013 Classification of Liabilities as Current or Non-current \u2013 Deferral of Effective Date; and \u2013 Non-current Liabilities with Covenants. 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 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements; and \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability. The measurement of the potential impacts of these texts on the consolidated accounts of URW is ongoing; no significant impacts are expected. The pension reform law adopted in France in 2023 has no significant impact on the consolidated accounts of URW. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-603": { "value": "STANDARDS, AMENDMENTS AND INTERPRETATIONS EFFECTIVE AS OF JANUARY 1, 2023 \u2022 IFRS 17 Insurance Contracts, including Amendments to IFRS 17; \u2022 Amendments to: \u2013 IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies; \u2013 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; \u2013 IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction; and \u2013 IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information. \u2022 Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar 2 Model Rules. These standards, amendments and interpretations do not have a significant impact on the Group\u2019s accounts as at December 31, 2023. The Group applied the exemption for the Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar 2 Model Rules. Pillar 2 is a set of rules entering into force in 2024 designed to ensure large multinational enterprises pay a minimum level of tax (15%) on the income arising in each jurisdiction where they operate. The new legislation provides for a general exemption for REITs subject to certain technicalities. Whereas some legislation clarifications are still expected, the Group reasonably expects the minimum global tax not to have a significant impact on both its REIT and non-REIT activities. STANDARDS, AMENDMENTS AND INTERPRETATIONS NOT MANDATORILY APPLICABLE AS OF JANUARY 1, 2023 The following text has been adopted by the EU as at December 31, 2023, but not applied in advance by the Group: \u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback; \u2022 Amendments to IAS 1 Presentation of Financial Statements: \u2013 Classification of Liabilities as Current or Non-current; \u2013 Classification of Liabilities as Current or Non-current \u2013 Deferral of Effective Date; and \u2013 Non-current Liabilities with Covenants. 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 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements; and \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability. The measurement of the potential impacts of these texts on the consolidated accounts of URW is ongoing; no significant impacts are expected. The pension reform law adopted in France in 2023 has no significant impact on the consolidated accounts of URW. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-579": { "value": "STANDARDS, AMENDMENTS AND INTERPRETATIONS EFFECTIVE AS OF JANUARY 1, 2023 \u2022 IFRS 17 Insurance Contracts, including Amendments to IFRS 17; \u2022 Amendments to: \u2013 IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies; \u2013 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; \u2013 IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction; and \u2013 IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information. \u2022 Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar 2 Model Rules. These standards, amendments and interpretations do not have a significant impact on the Group\u2019s accounts as at December 31, 2023. The Group applied the exemption for the Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar 2 Model Rules. Pillar 2 is a set of rules entering into force in 2024 designed to ensure large multinational enterprises pay a minimum level of tax (15%) on the income arising in each jurisdiction where they operate. The new legislation provides for a general exemption for REITs subject to certain technicalities. Whereas some legislation clarifications are still expected, the Group reasonably expects the minimum global tax not to have a significant impact on both its REIT and non-REIT activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-580": { "value": "STANDARDS, AMENDMENTS AND INTERPRETATIONS NOT MANDATORILY APPLICABLE AS OF JANUARY 1, 2023 The following text has been adopted by the EU as at December 31, 2023, but not applied in advance by the Group: \u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback; \u2022 Amendments to IAS 1 Presentation of Financial Statements: \u2013 Classification of Liabilities as Current or Non-current; \u2013 Classification of Liabilities as Current or Non-current \u2013 Deferral of Effective Date; and \u2013 Non-current Liabilities with Covenants. 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 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements; and \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability. The measurement of the potential impacts of these texts on the consolidated accounts of URW is ongoing; no significant impacts are expected. The pension reform law adopted in France in 2023 has no significant impact on the consolidated accounts of URW. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-663": { "value": "2.2 ESTIMATES AND ASSUMPTIONS Certain amounts recorded in the consolidated financial statements reflect estimates and assumptions made by management in the current uncertain context regarding inflation, interest rates, energy and raw material costs evolution, supply chain disruption resulting from geopolitical and economic environment 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. 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. 11.2 PERSONNEL COSTS
(\u20ac Mn)
2023
2022
Personnel costs
338.6
347.9
Employee benefits
18.9
18.0
Total
357.5
365.9
(1) (1) Expenses relating to the Company Savings Plan, Performance 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\u2013 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 2 years covering the 2023 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 till 2025. 11.3 EMPLOYEE BENEFITS 11.3.1 PENSION PLAN ACCOUNTING PRINCIPLES Under IAS 19, 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 the actuarial gains and losses are accounted for in OCI. Since 2021, the Group has applied the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) recommendations 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, 2023
Dec. 31, 2022
Retirement allowances
9.3
12.8
Pension plans with defined benefit
2.7
2.8
Total
11.9
15.6
(1) (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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-553": { "value": "2.3 CLIMATE CHANGE AND RISKS Climate change mitigation and adaptation are part of the priorities of the Group Sustainability strategy, 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. In October 2023, URW announced a comprehensive evolution of the Better Places roadmap setting ambitious SBTi -approved (The Science Based Targets Initiative) net-zero targets in terms of carbon emissions reduction and reinforcing its environmental performance objectives, with the aim to develop and operate places that provide sustainable experiences and contribute to thriving communities. 2.3.1 GROUP COMMITMENTS TO SUPPORT THE ENVIRONMENTAL TRANSITION OF CITIES AND RETAIL ENHANCED CLIMATE COMMITMENTS URW\u2019s new commitments are focused on enhancing the Group\u2019s greenhouse gas (\u201cGHG\u201d) emissions reduction efforts, introducing a net-zero target on Scopes 1 & 2 in 2030(1) and a net-zero target on Scopes 1, 2 & 3 by 2050, all approved by the Science Based Targets initiative (\u201cSBTi\u201d). The Group aims to reduce by -50% its Scope 1, 2 & 3 GHG emissions across its value chain by 2030, with a target to reduce emissions by -90% in Scopes 1 & 2(2) . GROWTH IN RENEWABLE ENERGY PRODUCTION Since 2021, 100% of URW\u2019s electricity consumption has come from renewable energy sources(3) . URW will increase its renewable electricity production capacity through on-site and off-site renewable electricity projects. Benefits to URW include reducing its total carbon footprint and generating a return on investment. The Group targets 50 MWp of on-site solar capacity by 2030 in Europe (2022: 6.4 MWp (4) ), with 27 MWp of projects already underway in 24 shopping centres in 10 countries. The Group\u2019s plan requires limited additional capitalised expenses of \u20ac28 Mn (5) per year over 7 years thanks to URW\u2019s consistent annual investment in its high-quality assets. This includes a \u20ac20 Mn(6) annual investment in energy efficiency and carbon reduction, as well as \u20ac8 Mn (7) a year on identified solar photovoltaic (\u201cPV\u201d) projects. These investments will generate significant financial savings, with full effect from 2030 onwards (\u20ac23 Mn per year and a return on investment over 8% for solar PV projects). (1) From 2015 levels, in absolute value. URW\u2019s Scope 3 GHG emissions include construction activities, operations including tenant energy consumption, and transport from visitors. (2) From 2015 levels. (3) Group-wide, common areas, Retail, Offices and C&E. (4) Total installed renewable energy capacity. (5) On a proportionate basis. (6) On a proportionate basis. (7) On a proportionate basis. ROBUST EMPLOYEE ENGAGEMENT AND GOVERNANCE FRAMEWORKS Sustainability is embedded in URW\u2019s business strategy, integrated into the highest levels of governance and taken into consideration in key decisions, in particular investments. The Company\u2019s corporate governance has received clear recognition, with top level specific corporate governance sub-scores from ESG rating agencies such as ISS-ESG (B+) and Sustainalytics. The Group\u2019s existing short- and long-term ESG compensation incentives will be aligned with the updated Better Places roadmap. Currently, 10% of the MB and Executive Committee annual Short-Term Incentive (\u201cSTI\u201d) is contingent on meeting sustainability performance goals, and every recipient of STI has at least one ESG objective. 20% of long- term incentives, received by around 20% of employees, are tied to sustainability performance. 2.3.2 IMPACT ON THE FINANCIAL STATEMENTS The potential impacts of climate change and risks have been analysed in the context of the 2023 Group Financial Statements closing, based on the above-mentioned facts and assumptions. INTEGRATION OF ESG IN URW\u2019S VALUATIONS A significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an asset-by-asset basis (1) in connexion with a new AFREXIM ESG scorecard built by main valuation firms, international shopping centres landlords and some French institutions representing a large scope of retail market participants. Amongst others, these KPIs are the Energy Use Intensity on common areas, BREEAM certificate label part I and II, climate risk studies outcomes, renewable energy on-site production or presence of EV 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 defined by the Group (circa \u20ac100 Mn on a proportionate basis) were integrated in the valuation model. FINANCING ACTIVITY GREEN LOANS In 2023, \u20ac1,391 Mn of corporate bank debt and credit facilities were completed, including: \u2022 \u20ac300 Mn sustainability-linked term loans with an average maturity of 2.8 years; and \u2022 \u20ac1,091 Mn new sustainability-linked bilateral credit facilities with an average maturity of 4.2 years. Furthermore, the Group extended by one year the maturity of \u20ac3,675 Mn existing European credit facilities (including \u20ac3,200 Mn under sustainability-linked format). As at December 31, 2023, the total credit lines featuring with green or sustainable indicators stands at \u20ac4.70 Bn, and the sustainability-linked term loans amounts to \u20ac0.94 Bn. GREEN BONDS The Group currently has two frameworks for its green financing: \u2022 A green bond framework, launched in 2014, under which two green bonds issued in February 2014 and April 2015 are still outstanding; and \u2022 A green financing framework (\u201cFramework\u201d), launched in November 2022, which will apply for all new green financing issuances forward. This Framework establishes clear requirements for the financing and/or re-financing of eligible new development projects and the regeneration of standing assets. It imposes higher standards on energy performance and new more stringent eligibility criteria. On December 4, 2023, the Group secured additional liquidity through the successful issuance of a green bond of \u20ac750 Mn with a 7-year maturity and a 4.125% coupon, URW\u2019s first green bond in the Euro bond market since 2015 and its first senior bond issuance since May 2021. The bond\u2019s proceeds will finance or refinance Eligible Green Assets in line with the Group\u2019s 2022 Green Financing Framework(2) . It aligns with the Group\u2019s sustainability strategy and its Better Places roadmap(3) shared with the market on October 10, 2023. As at December 31, 2023, the outstanding nominal value of Green Bonds amounts to \u20ac1.89 Bn. (1) For European shopping centres. (2) The green financing framework is available under: https://cdn.urw.com/-/media/Corporate~o~Sites/Unibail-Rodamco-Corporate/Files/Homepage/INVESTORS/Financing- Activity/Sustainable-Financing/Framework/2022/20221116-URW-Green-Financial-Framework-Brochure.ashx (3) The Better Places roadmap is available under: https://www.urw.com/2023-sustainability-investor-event ", "dimensions": { "concept": "urw:DisclosureOfClimateChangeAndRisks", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-665": { "value": "INTEGRATION OF ESG IN URW\u2019S VALUATIONS A significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an asset-by-asset basis (1) in connexion with a new AFREXIM ESG scorecard built by main valuation firms, international shopping centres landlords and some French institutions representing a large scope of retail market participants. Amongst others, these KPIs are the Energy Use Intensity on common areas, BREEAM certificate label part I and II, climate risk studies outcomes, renewable energy on-site production or presence of EV 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 defined by the Group (circa \u20ac100 Mn on a proportionate basis) were integrated in the valuation model. 5.1.1 ACCOUNTING PRINCIPLES INVESTMENT PROPERTIES (IAS 40 AND IFRS 13) In accordance with IAS 40, investment properties are shown at their fair 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 the European Public Real Estate Association (\u201cEPRA\u201d), 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 the Royal Institution of Chartered Surveyors (\u201cRICS\u201d), 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 1 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 (\u201cDCF\u201d) methodology as well as the yield methodology. Furthermore, the resulting valuations are cross-checked against the initial yield, value per square metre 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. 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) in connexion with a new AFREXIM ESG scorecard built by main valuation firms, international shopping centres landlords and some French institutions representing a large scope of retail market participants (see 2.3.2 \u201cImpact on financial statements\u201d). On that basis, 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 DCF 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. Proper ties under c onst ruc tion car ried at c ost are subjec t 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 Westfield Hamburg, previously classified as Investment Property Under Construction at cost, is assessed at fair value since June 30, 2023.
(\u20ac Mn)
Dec. 31, 2023
Dec. 31, 2022
Shopping Centres
32,015.9
33,025.6
France
10,841.3
11,658.5
Spain
3,329.9
3,402.2
US
4,577.8
5,164.5
Central Europe
3,888.9
3,795.2
Austria
2,056.5
2,159.8
Germany
2,169.7
1,656.9
Nordics
2,427.5
2,514.1
The Netherlands
1,453.2
1,519.0
UK
1,271.2
1,155.4
Offices & Others
2,404.2
2,327.1
France
1,511.9
1,779.6
Other countries
892.3
547.5
Convention & Exhibition
2,492.7
2,478.1
Total
36,912.8
37,830.8
The decrease is explained in the table below.
Total
Shopping Offices Convention & investment Properties held
(\u20ac Mn) Centres & Others Exhibition properties
for sale
Total
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
340.5
94.4
31.8
466.7
0.3
467.0
Disposals/exits from the scope of consolidation
(812.5)
(5.2)
\u2013
(817.7)
(249.5)
(1,067.2)
Reclassification and transfer of category
191.3
36.4
15.0
242.6
\u2013
242.6
Discounting impact
2.6
\u2013
\u2013
2.6
\u2013
2.6
Valuation movements
(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
3
7,83
0. 8
\u2013
37,
83 0.8
Acquisitions
21.5
\u2013
\u2013
21.5
\u2013
21.5
Entry into scope of consolidation
112.9
\u2013
\u2013
112.9
\u2013
112.9
Capitalised expenses
730.4
214.8
56.9
1,002.1
\u2013
1,002.1
Disposals/exits from the scope of consolidation
(668.4)
(94.8)
\u2013
(763.2)
\u2013
(763.2)
Reclassification and transfer of category
566.3
329.8
66.8
962.9
33.9
996.8
Discounting impact
0.1
\u2013
\u2013
0.1
\u2013
0.1
Valuation movements
(1,626.2)
(375.9)
(109.2)
(2,111.3)
\u2013
(2,111.3)
Currency translation
(146.3)
3.3
\u2013
(142.9)
\u2013
(142.9)
Dec. 31, 2023
32,015.9
2,404.2
2,492.7
36,912.8
33.9
36,946.7
(1) (2) (3) (4) (1) Relates to the change of consolidation method of Croydon and the entry of fully consolidated companies. (2) Capitalised expenses mainly relate to: \u2013 Shopping centres in Germany, France and US; \u2013 Offices in France; and \u2013 C&E sites such as the Parc des Expositions in Porte de Versailles. (3) Includes the disposals of Polygone Riviera, Westfield Brandon, Versailles Chantiers and the foreclosure of San Francisco Centre (see note 1.1.1 Disposals in 2023). (4) Includes mainly: \u2013 The reclassification of Westfield Hamburg from IPUC at cost to IPUC at fair value; and \u2013 The revaluation of the financial lease of LAX Airport (\u20ac92.8 Mn), the Parc des Expositions in Porte de Versailles (\u20ac55.3 Mn) and Le Bourget (\u20ac11.5 Mn). 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, 2023, 99% 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 -\u20ac185.8 Mn (-\u20ac159.3 Mn as at December 31, 2022). 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 DCF and/or yield methodologies. The table below only includes fully consolidated assets.
Net Rent in \u20ac Discount Exit Capitalisation CAGR of
Shopping Centres \u2013 Dec. 31, 2023 Initial Yield per sqm Rate Rate NRI
Max
7.8%
968
10.0%
20.0%
21.2%
France
Min
3.5%
160
6.7%
4.7%
4.3%
Weighted average
4.9%
632
6.9%
4.9%
5.3%
Max
10.6%
620
14.0%
9.5%
4.2%
Spain
Min
5.0%
136
7.9%
5.3%
2.7%
Weighted average
5.8%
411
8.4%
5.6%
3.4%
Max
9.2%
734
9.8%
9.5%
2.3%
Central Europe
Min
6.0%
306
7.5%
5.6%
1.5%
Weighted average
6.3%
509
7.9%
5.9%
2.0%
Max
5.4%
449
7.0%
5.1%
4.4%
Austria
Min
5.3%
343
7.0%
5.1%
3.0%
Weighted average
5.3%
393
7.0%
5.1%
3.7%
Max
7.6%
528
9.4%
7.3%
4.8%
Germany
Min
5.0%
201
6.6%
5.0%
1.4%
Weighted average
5.8%
336
7.4%
5.5%
3.3%
Max
6.4%
467
7.9%
5.9%
4.9%
Nordics
Min
4.6%
296
6.9%
4.9%
3.4%
Weighted average
5.1%
390
7.1%
5.1%
3.6%
Max
8.1%
397
8.3%
7.1%
3.3%
The Netherlands
Min
5.2%
283
6.5%
5.0%
1.3%
Weighted average
5.6%
369
6.7%
5.4%
2.9%
Max
5.4%
1,438
7.5%
6.0%
9.5%
US
Min
3.2%
476
6.8%
5.0%
3.2%
Weighted average
4.6%
841
7.1%
5.3%
4.9%
(a) (b) (c) (d) 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 and the airport activities are not included in this table neither the UK asset. (a) Average annual rent (minimum guaranteed rent (\u201cMGR\u201d) + sales-based rent (\u201cSBR\u201d)) per asset per square meter. (b) Rate used to calculate the net present value of future cash flows. (c) Rate used to capitalise the exit rent to determine the exit value of an asset. (d) 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).
Net Rent in \u20ac Discount Exit Capitalisation CAGR of
Shopping Centres \u2013 December 31, 2022 Initial Yield per sqm Rate Rate NRI
Max
7.1%
919
9.5%
13.1%
13.5%
France
Min
3.4%
174
6.3%
4.2%
3.8%
Weighted average
4.5%
585
6.5%
4.4%
4.9%
Max
9.0%
577
12.8%
8.5%
9.0%
Spain
Min
3.6%
131
7.5%
4.7%
2.5%
Weighted average
5.0%
370
7.9%
5.0%
4.3%
Max
8.2%
681
9.2%
8.9%
3.2%
Central Europe
Min
5.3%
262
7.2%
5.2%
2.4%
Weighted average
5.7%
452
7.6%
5.4%
2.9%
Max
5.0%
438
6.7%
4.6%
3.3%
Austria
Min
4.9%
331
6.6%
4.6%
3.0%
Weighted average
4.9%
382
6.6%
4.6%
3.1%
Max
7.3%
508
9.0%
6.9%
3.9%
Germany
Min
4.8%
215
6.5%
4.6%
2.3%
Weighted average
5.4%
329
7.0%
5.0%
3.2%
Max
6.1%
446
7.5%
5.3%
4.5%
Nordics
Min
4.5%
285
6.6%
4.5%
2.9%
Weighted average
4.8%
386
6.9%
4.7%
3.5%
Max
7.3%
403
7.7 %
6.6%
4.5%
The Netherlands
Min
4.8%
297
5.8%
4.6%
3.0%
Weighted average
5.2%
365
6.2%
5.0%
3.9%
Max
9.3%
1,438
10.0%
9.0%
9.1%
US
Min
2.9%
420
6.5%
4.5%
0.6%
Weighted average
4.3%
773
6.9%
5.0%
4.2%
(a) (b) (c) (d) NIY, 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 and the airport activities are not included in this table neither the UK asset. (a) Average annual rent (MGR + SBR) per asset per square meter. (b) Rate used to calculate the net present value of future cash flows. (c) Rate used to capitalise the exit rent to determine the exit value of an asset. (d) CAGR of NRI determined by the appraiser (duration of the DCF model used either 6 or 10 years). The tables below show the sensitivity on URW\u2019s Shopping Centres portfolio value for assets fully consolidated, excluding assets under development and the airport activities. The percentages below are indicative of evolutions in case of various evolutions of NIY, DR, ECR and appraisers\u2019 Estimated Rental Value (ERV).
Impact in Impact in
Sensitivity \u20ac Mn %
+25 bps in NIY
(1,466)
(4.5)%
+25 bps in DR
(522)
(1.6)%
+10 bps in ECR
(395)
(1.2)%
-5% in appraisers\u2019 ERV
(1,270)
(3.9)%
Impact in Impact in
Sensitivity \u20ac Mn %
-25 bps in NIY
+1,612
+5.0%
-25 bps in DR
+534
+1.6%
-10 bps in ECR
+420
+1.3%
+5% in appraisers\u2019 ERV
+1,031
+3.2%
OFFICES & OTHERS Appraisers value the Group\u2019s Offices & Others using the DCF and yield methodologies. The tables below show the sensitivity on URW\u2019s Offices & Others portfolio value for assets fully consolidated, excluding assets under development. The percentages below are indicative of evolutions in case of various evolutions of NIY.
Impact in Impact in
Sensitivity \u20ac Mn %
+25 bps in NIY
(82)
(4.5)%
-25 bps in NIY
+90
+4.9%
CONVENTION & EXHIBITION The table shows below the sensitivity of the C&E portfolio related to the weighted average cost of capital (\u201cWACC\u201d).
Impact in Impact in
Sensitivity \u20ac Mn %
+25 bps in \u201cWACC\u201d
(77)
(3.7)%
-25 bps in \u201cWACC\u201d
+82
+4.0%
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)
2023
2022
Investment properties at fair value
(2,111.3)
(798.5)
Shopping Centres
(1,626.2)
(597.5)
Offices & Others
(375.9)
(131.0)
Convention & Exhibition
(109.2)
(70.0)
Investment properties at cost
(116.1)
(297.1)
Tangible and i ntangible assets
( 18.6)
(14.9)
Total
(2,246.0)
(1,110.6)
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. (a) (b)
Exit
Net Initial Rent in \u20ac Discount Capitalisation CAGR of
Shopping Centres\u2013December 31, 2023 Yield per sqm Rate Rate NRI
Max
7.4%
1,012
9.4%
7.3%
5.0%
Europe
Min
4.9%
148
7.0%
5.0%
1.7%
Weighted average
6.2%
393
7.6%
6.0%
2.5%
Max
12.2%
1,182
14.0%
12.0%
7.6%
US
Min
4.1%
345
7.0%
5.0%
1.9%
Weighted average
5.2%
719
7.6%
5.7%
4.7%
(c) (d) NIY, 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. (a) Average annual rent (MGR + SBR) per asset per square meter. (b) Rate used to calculate the net present value of future cash flows. (c) Rate used to capitalise the exit rent to determine the exit value of an asset. (d) CAGR of NRI determined by the appraiser (between 6 and 10 years depending on duration of DCF model used). The tables below show the sensitivity on URW\u2019s Shopping Centres portfolio value for assets accounted for using the equity method, excluding assets under development. The percentages below are indicative of evolutions in case of various evolutions of NIY, DR, ECR and appraisers\u2019 ERV.
Impact in Impact in
Sensitivity \u20ac Mn %
+25 bps in NIY
(317)
(4.3)%
+25 bps in DR
(136)
(1.9)%
+10 bps in ECR
(80)
(1.1)%
-5% in appraisers\u2019 ERV
(222)
(3.0)%
Impact in Impact in
Sensitivity \u20ac Mn %
-25 bps in NIY
+348
+4.8%
-25 bps in DR
+139
+1.9%
-10 bps in ECR
+83
+1.1%
+5% in appraisers\u2019 ERV
+216
+3.0%
7.2.2 FAIR VALUE ADJUSTMENT OF DERIVATIVES, DEBTS AND CURRENCY EFFECT
(\u20ac Mn)
2023
2022
Mark-to-market of the ORNANEs
\u2013
0.3
Currency impact
41.4
(13.2)
Mark-to-market, costs of purchase and disposals of derivatives
(310.3)
233.3
Other financial assets and liabilities
(101.1)
54.9
Debt discounting
0.8
0.6
Total n on- recurring finan ci al result
(369.2)
275.9
(1) (1) Mainly change in fair value on US equity interests in unlisted investments and impairment of external loan in the UK. 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
Amounts recognised in statement of financial
position according to IFRS 9
Carrying Fair value
Categories in amount Fair value recognised
Dec. 31, 2023 accordance with Dec. 31, Amortised recognised in in profit
(\u20ac Mn) IFRS 9 2023 cost equity and loss Fair value
Assets
Investments in financial assets
FAAC/FAFVOCI/FAFVTPL
260.0
127.8
18.8
113.4
260.0
Derivatives at fair value
FAFVTPL
250.7
\u2013
\u2013
250.7
250.7
Trade receivables from activity
FAAC
268.5
268.5
\u2013
\u2013
268.5
Other receivables
FAAC
412.7
412.7
\u2013
\u2013
412.7
Cash and cash equivalents
FAAC/FAFVTPL
5,502.3
2,192.0
\u2013
3,310.2
5,502.3
6,694.1
3,001.0
18.8
3,674.3
6,694.1
Liabilities
Commitment to non-controlling interests
FLFVTPL
32.7
\u2013
\u2013
32.7
32.7
Financial debts
FLAC
27,895.1
27,895.1
\u2013
\u2013
25,515.5
Derivatives at fair value
FLFVTPL
796.3
\u2013
\u2013
796.3
796.3
Non-current amounts due on investments
FLAC
24.6
24.6
\u2013
\u2013
24.6
Other non-current liabilities
FLAC/FLFVTPL
32.9
32.9
\u2013
\u2013
32.9
Amounts due to suppliers and other current debt
FLAC
1,167.7
1,167.7
\u2013
\u2013
1,167.7
29,949.4
29,120.3
\u2013
829.1
27,569.8
(1) (2) (3) (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 \u20ac22,819.6 Mn valued at \u20ac20,440.0 Mn. (4) Excluding deferred income, service charges billed and tax liabilities.
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
Amounts recognised in statement of
financial position according to IFRS 9
Carrying Fair value
Categories in amount Fair value recognised in
Dec. 31, 2022 accordance with Dec. 31, Amortised recognised in profit Fair
(\u20ac Mn) IFRS 9 2022 cost equity and loss value
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
FAAC
257.2
257.2
\u2013
\u2013
257.2
Other receivables
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
FLAC
26,402.8
26,402.8
\u2013
\u2013
22,182.0
Derivatives at fair value
FLFVTPL
1,097.4
\u2013
\u2013
1,097.4
1,097.4
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
FLAC
1,141.6
1,141.6
\u2013
\u2013
1,141.6
28,81
6.2
27,621.6
\u2013
1,194.6
24,5 95.4
(1)
(2)
(3)
(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.
\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.
Fair value measurement at Dec. 31, 2023
(\u20ac Mn)
Total
Level 1
Level 2
Level 3
Assets
Fair value through profit or loss
Investments in financial assets
113.4
\u2013
\u2013
113.4
Derivatives
250.7
\u2013
250.7
\u2013
Marketable securities
2.3
2.3
\u2013
\u2013
Fair value through equity
Investments in financial assets
18.8
\u2013
\u2013
18.8
Derivatives
\u2013
\u2013
\u2013
\u2013
Total
385.2
2.3
250.7
132.1
Liabilities
Fair value through profit or loss
Commitment to non-controlling interests
32.7
\u2013
\u2013
32.7
Derivatives
796.3
\u2013
796.3
\u2013
Other non-current liabilities
\u2013
\u2013
\u2013
\u2013
Total
829.1
\u2013
796.3
32.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-632": { "value": "INTEGRATION OF ESG IN URW\u2019S VALUATIONS A significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an asset-by-asset basis (1) in connexion with a new AFREXIM ESG scorecard built by main valuation firms, international shopping centres landlords and some French institutions representing a large scope of retail market participants. Amongst others, these KPIs are the Energy Use Intensity on common areas, BREEAM certificate label part I and II, climate risk studies outcomes, renewable energy on-site production or presence of EV 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 defined by the Group (circa \u20ac100 Mn on a proportionate basis) were integrated in the valuation model. 5.1.1 ACCOUNTING PRINCIPLES INVESTMENT PROPERTIES (IAS 40 AND IFRS 13) In accordance with IAS 40, investment properties are shown at their fair 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 the European Public Real Estate Association (\u201cEPRA\u201d), 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 the Royal Institution of Chartered Surveyors (\u201cRICS\u201d), 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 1 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 (\u201cDCF\u201d) methodology as well as the yield methodology. Furthermore, the resulting valuations are cross-checked against the initial yield, value per square metre 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. 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) in connexion with a new AFREXIM ESG scorecard built by main valuation firms, international shopping centres landlords and some French institutions representing a large scope of retail market participants (see 2.3.2 \u201cImpact on financial statements\u201d). On that basis, 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 DCF 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. Proper ties under c onst ruc tion car ried at c ost are subjec t 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-659": { "value": "FINANCING ACTIVITY GREEN LOANS In 2023, \u20ac1,391 Mn of corporate bank debt and credit facilities were completed, including: \u2022 \u20ac300 Mn sustainability-linked term loans with an average maturity of 2.8 years; and \u2022 \u20ac1,091 Mn new sustainability-linked bilateral credit facilities with an average maturity of 4.2 years. Furthermore, the Group extended by one year the maturity of \u20ac3,675 Mn existing European credit facilities (including \u20ac3,200 Mn under sustainability-linked format). As at December 31, 2023, the total credit lines featuring with green or sustainable indicators stands at \u20ac4.70 Bn, and the sustainability-linked term loans amounts to \u20ac0.94 Bn. GREEN BONDS The Group currently has two frameworks for its green financing: \u2022 A green bond framework, launched in 2014, under which two green bonds issued in February 2014 and April 2015 are still outstanding; and \u2022 A green financing framework (\u201cFramework\u201d), launched in November 2022, which will apply for all new green financing issuances forward. This Framework establishes clear requirements for the financing and/or re-financing of eligible new development projects and the regeneration of standing assets. It imposes higher standards on energy performance and new more stringent eligibility criteria. On December 4, 2023, the Group secured additional liquidity through the successful issuance of a green bond of \u20ac750 Mn with a 7-year maturity and a 4.125% coupon, URW\u2019s first green bond in the Euro bond market since 2015 and its first senior bond issuance since May 2021. The bond\u2019s proceeds will finance or refinance Eligible Green Assets in line with the Group\u2019s 2022 Green Financing Framework(2) . It aligns with the Group\u2019s sustainability strategy and its Better Places roadmap(3) shared with the market on October 10, 2023. As at December 31, 2023, the outstanding nominal value of Green Bonds amounts to \u20ac1.89 Bn. 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 FINANCIAL ASSETS 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 representing a debt instrument is measured at amortised cost if it meets both of the following conditions and is not designated as measured 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 representing a debt instrument is measured at FVOCI if it meets both of the following conditions and is not designated as measured 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 irrevocably elected 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 according to IFRS 15) is initially measured at fair value plus, for an item not measured 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 expected impairment losses. 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 FVTPL except in the case of an irrevocable election to classify them at FVOCI 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. Other non-derivative financial liabilities are recognised at FVTPL. CLASSIFICATION AND MEASUREMENT OF FINANCIAL DERIVATIVES 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, the group 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. VALUATION OF CREDIT RISK AND DERIVATIVES 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
(\u20ac Mn)
2023
2022
Mark-to-market of the ORNANEs
\u2013
0.3
Currency impact
41.4
(13.2)
Mark-to-market, costs of purchase and disposals of derivatives
(310.3)
233.3
Other financial assets and liabilities
(101.1)
54.9
Debt discounting
0.8
0.6
Total n on- recurring finan ci al result
(369.2)
275.9
(1) (1) Mainly change in fair value on US equity interests in unlisted investments and impairment of external loan in the UK. 7.3 FINANCIAL ASSETS AND LIABILITIES 7.3.1 INVESTMENT IN FINANCIAL ASSETS Investments in financial assets mainly correspond to vendor loans agreed on during asset disposals in France and Central Europe, and equity interests in unlisted investments in the US. As at December 31, 2023, investments in financial assets stand at \u20ac260.0 Mn (compared to \u20ac365.2 Mn as at December 31st, 2022). This decrease is mainly driven by changes in fair values. 7.3.2 MAIN FINANCING TRANSACTIONS IN 2023 BOND MARKET: On December 4, 2023, the Group secured additional liquidity through the successful issuance of a green bond of \u20ac750 Mn with a 7-year maturity and a 4.125% coupon (i.e. Mid swap +145 bps, corresponding to no new issue premium), URW\u2019s first green bond in the Euro bond market since 2015 and its first senior bond issuance since May 2021. The bond received strong demand from investors, achieving an oversubscription of 6.1 times and an order book of more than \u20ac4.5 Bn at its peak, reflecting investors\u2019 appetite for URW\u2019s credit. The bond\u2019s proceeds will finance or refinance Eligible Green Assets in line with the Group\u2019s 2022 Green Financing Framework (1) . It aligns with the Group\u2019s sustainability strategy and its Better Places roadmap (2) shared with the market on October 10, 2023. BANK DEBT AND CREDIT FACILTY: In 2023, \u20ac1,391 Mn of corporate bank debt and credit facilities were completed, including: \u2022 \u20ac300 Mn sustainability-linked term loans with an average maturity of 2.8 years; and \u2022 \u20ac1,091 Mn new sustainability-linked bilateral credit facilities with an average maturity of 4.2 years. Furthermore, the Group extended by one year the maturity of \u20ac3,675 Mn existing European credit facilities (including \u20ac3,200 Mn under sustainability-linked format). MORTGAGE DEBT: Mortgage debt was also raised in 2023 for a total amount of \u20ac1,726 Mn (3) , including the following asset backed financings: \u2022 Westfield Galeria at Roseville: $275 Mn floating mortgage loan with an equivalent coupon of 6.55% (4) and a 5-year (5) maturity. This debt has been consolidated at 100% in the Group\u2019s IFRS and proportionate accounts; \u2022 Paunsdorf Center: \u20ac120 Mn fixed mortgage loan with a spread of Mid swap +141 bps and a 5-year maturity to refinance maturing mortgage debt. This debt has been consolidated at share in the Group\u2019s proportionate accounts (6) ; \u2022 Westfield Century City: $925 Mn floating CMBS with a spread of SOFR +280.7 bps and a 5-year (7) maturity. This debt has been consolidated at 100% in the Group\u2019s IFRS and proportionate accounts; and \u2022 Westfield Garden State Plaza: $525 Mn fixed CMBS with a spread of US treasury +234 bps and a 5-year maturity. This debt has been consolidated at share in the Group\u2019s proportionate accounts (8) . SHORT TO MEDIUM TERM PAPER: URW did not issue any short-term paper, due to the Group\u2019s high liquidity position in 2023. HYBRID INSTRUMENTS: On June 20, 2023, the Group launched an any-and-all par-for- par Exchange Offer on its \u20ac1.25 Bn Perp-NC23 hybrid notes for a combination of (i) new Euro denominated Perp-NC28 hybrid notes with a 7.25% coupon and (ii) a cash amount when applicable. The first of its kind by a corporate issuer, the Exchange Offer was successfully completed on June 26, 2023 (9) with a participation rate of 92%. As a result of this Exchange Offer, the Group\u2019s hybrid instruments decreased by 7.8% from \u20ac2,000 Mn to \u20ac1,845 Mn including: \u2022 \u20ac100 Mn of Hybrid Perp NC23; \u2022 \u20ac750 Mn of Hybrid Perp NC26; and \u2022 \u20ac995 Mn of Hybrid Perp NC28. As at October 25, 2023, the coupon of the remaining Hybrid Perp NC23 was reset at 5.142% (10) in line with the contractual provisions and the Group\u2019s decision not to exercise its option to call this instrument (11) following the Exchange Offer. (1) The green financing framework is available under: https://cdn.urw.com/-/media/Corporate~o~Sites/Unibail-Rodamco-Corporate/Files/Homepage/INVESTORS/Financing- Activity/Sustainable-Financing/Framework/2022/20221116-URW-Green-Financial-Framework-Brochure.ashx (2) The Better Places roadmap is available under: https://www.urw.com/2023-sustainability-investor-event (3) At 100%. (4) Including the hedging instrument put in place to limit the Group\u2019s exposure to the interest rate movement. (5) Subject to covenants. (6) As Paunsdorf Center is consolidated at 50.0% (at share) in URW\u2019s proportionate accounts, only \u20ac60 Mn (URW share) of the non-recourse debt raised by the asset-owning JV, will be consolidated in URW\u2019s proportionate debt. No debt consolidated under IFRS. (7) Subject to covenants. (8) As Westfield Garden State Plaza is consolidated at 50.0% (at share) in URW\u2019s proportionate accounts, only $262.5 Mn (URW share) of the non-recourse debt raised by the asset- owning JV, will be consolidated in URW\u2019s proportionate debt. No debt consolidated under IFRS. (9) Settlement Date on July 3, 2023. (10) 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). (11) As announced in the June 20, 2023 press release: https://cdn.urw.com/-/media/Corporate~o~Sites/Unibail-Rodamco-Corporate/Nasdaq/2023-06-20URW-announces-an- Exchange-Offer-on-its-Perp-NC-2023-hybrid.pdf?revision=a494708a-6369-4026-ab58-3b83927929c1 7.3.3 FINANCIAL DEBT BREAKDOWN AND OUTSTANDING DURATION TO MATURITY
Current
Non-current
Total Total
Outstanding duration to maturity (\u20ac Mn)
Lessthan1year
1yearto5years
Morethan5years
Dec. 31, 2023
Dec.31,2022
Bonds and EMTNs
1,687. 1
8,834.7
11,995.6
22,517.4
22,489.3
Principal debt
1,598.8
8,836.5
11,992.1
22,427.2
22,406.0
Accrued interest
231.1
\u2013
\u2013
231.1
237.0
Issuance costs
(70.3)
\u2013
\u2013
(70.3)
(73.4)
Bonds redemption premium
(71.5)
\u2013
\u2013
(71.5)
(79.1)
Mark-to-market of debt
(1.0)
(1.8)
3.6
0.8
(1.2)
Bank borrowings
148.4
2,594.9
302.5
3,045.7
1,651.2
Principal debt
162.5
2,594.9
302.5
3,059.9
1,676.9
Accrued interest
16.1
\u2013
\u2013
16.1
3.4
Borrowings issue fees
(36.6)
\u2013
\u2013
(36.6)
(33.7)
Accrued interest on bank overdrafts
0.2
\u2013
\u2013
0.2
\u2013
Bank overdrafts and current accounts to balance out cash flow
6.2
\u2013
\u2013
6.2
7.9
Mark-to-market of debt
\u2013
0.0
\u2013
0.0
(3.3)
Other financial liabilities
\u2013
87.3
1 ,267.6
1,354.9
1,363.4
Interbank market instruments and negotiable instruments
\u2013
\u2013
\u2013
\u2013
\u2013
Accrued interest on interbank market instruments and
negotiable instruments
\u2013
\u2013
\u2013
\u2013
\u2013
Current accounts with non-controlling interests
\u2013
87.3
1,267.6
1,354.9
1,363.4
Lease liabilities
56.0
240.2
680.8
977.0
898.9
Total financial debt
1,891.5
11 ,757.0
14,246.6
27,895. 1
26,402.8
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 o r shares c lassified as held for sa le
1,891.5
11 ,757.0
14,246.6
27,895. 1
26,402.8
(1) (2) (3) (1) Include currency impacts on debt raised in foreign currency for an amount of +\u20ac24.6 Mn as at December 31, 2023 (+\u20ac65.3 Mn as at December 31, 2022). The amount shown in the Financial Resources note (\u20ac22,402.6 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. 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. As a result, lease liability and the right of use are remeasured every year. The variation of financial debt by flows breaks down as follows: Cash flows Variation Non-cash flows Dec. 31, of accrued Variation of Currency Fair value Dec. 31, (\u20ac Mn) 2022 Increase Decrease interest scope translation impact Others Bonds and EMTNs 22,489.3 736.1 (576.2) (4.9) \u2013 (153.2) 2.2 24.1 22,517.4 Bank borrowings 1,651.2 1,500.1 (0.1) 11.4 (110.5) (27.5) 0.8 20.4 3,045.7 Other financial liabilities 1,363.4 74.2 (82.3) \u2013 (0.1) 0.0 \u2013 (0.1) 1,354.9 Lease liabilities 898.9 26.9 (65.3) \u2013 42.9 (11.7) \u2013 171.1 9 77. 0 Total 26,402.8 2,337.2 (723.9) 6. 5 (153.5)\ue01f (192.4) 3.0 215.5 27,895 .1 (1) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac2,409.3 Mn and decrease of -\u20ac769.2 Mn) mainly due the variation of guarantee (1) (3) (2) (4) deposits received. (2) Net of bonds and EMTNs issuance costs and issuance 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 straightlining of premiums and fees on EMTNs and bank borrowings and change in recognition of lease liabilities in application of IFRS 16. As at December 2022, the variation of financial debt by flows broke down as follows: Cash flows Variation Non-cash flows Dec. 31, of accrued Variation of Currency Fair value Dec. 31, (\u20ac Mn) 2021 Increase Decrease interest scope translation impact Others 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 16 5.8 26,402.8 (1) (3) (2) (4) (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 straightlining 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
Current
Non-current
Total
Less than 1 to 2 2 to 3 3 to 4 4 to 5 More than Dec. 31,
(\u20ac Mn) 1 year years years years years 5 years 2023
Bonds and EMTNs
1,598.8
3,027.3
1,157.9
2,948.7
1,702.5
11,992.1
22,427.2
Bank borrowings
162.5
62.5
262.5
600.0
1,669.9
302.5
3 ,059.9
Interbank market instruments and negotiable instruments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
56.0
75.7
66.2
53.1
45.3
680.8
97 7.0
Total
1,817.3
3,165.5
1,486.6
3,601.8
3,417.6
12,975.4
26,464.2
7.3.4 CHARACTERISTICS OF BONDS AND EMTNS
Amount at
Dec. 31, 2023
Issue date
Rate
Currency
(\u20ac Mn)
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
81.1
February 2025
March 2013
Fixed rate HKD swapped back into EUR
HKD
67.8
March 2025
October 2013
Fixed rate HKD swapped back into EUR
HKD
46.3
October 2025
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
905.0
September 2024
September 2014
Fixed rate 4.75%
USD
452.5
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
86.9
November 2025
December 2015
Fixed rate 2.1% during 3 years then Constant Maturity Swap 10 years
EUR
70.0
December 2030
(floored at 0% capped at 4%)
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
57.9
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
452.5
September 2048
September 2018
Fixed rate 4.13%
USD
452.5
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
345.2
March 2025
March 2019
Fixed rate 2.63%
GBP
575.3
March 2029
June 2019
Fixed rate 3.5%
USD
678.7
June 2029
July 2019
Fixed rate 1.75%
EUR
500.0
July 2049
October 2019
Fixed rate 2.88%
USD
678.7
January 2027
October 2019
Fixed rate 0.88%
EUR
750.0
March 2032
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
Amount at
Dec. 31, 2023
Issue date
Rate
Currency
(\u20ac Mn)
Maturity
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
December 2023
Fixed rate 4.13%
EUR
750.0
December 2030
Total
22,427.2
7.3.5 COVENANTS As at December 31, 2023, the LTV (1) ratio amounted to 41.8% (41.2% as at December 31, 2022). The Interest Coverage Ratio (\u201cICR\u201d) for the period stood at 4.2x (2) (4.2x as at December 31, 2022). The Group\u2019s corporate debt covenants levels and corresponding current ratios are set at:
Europe Credit Rule 144A and Reg
December 31, facility US Credit facility S Bonds
Financial ratios 2023 covenants level covenants level covenants level
LTV
41.8%
< 60%
< 65%
< 65%
ICR
4.2x
> 2x
> 1.5x
> 1.5x
FFO
(1)
/NFD
7.8%
> 4%
na.
na.
Secured debt ratio
4.0%
na.
< 50%
< 45%
Unencumbered leverage ratio
1.8x
na.
> 1.5x
> 1.25x
(2) (3) (1) Funds From Operations (\u201cFFO\u201d): on an annualised basis, the recurring EBITDA minus (i) net recurring financial expenses and (ii) tax on recurring operating result. (2) Secured debt/total assets. (3) Unencumbered assets/unsecured debt. These covenants are tested twice a year based on the Group\u2019s IFRS financial statements. As at December 31, 2023: \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. \u2022 100% 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:
% of non-recourse mortgage
Covenant level range incl. this feature in such covenant
Debt Yield
(1)
covenants
5% \u2013 7%
21%
Debt to Rent
8.9x
2%
ICR covenants
1.3x \u2013 3.15x
28%
LTV covenants
55% \u2013 75%
49%
(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; and \u2022 In any case, defaults under these loans are not expected to have a material adverse effect on the Group\u2019s finances. (1) Loan-to-Value (\u201cLTV\u201d) = Net financial debt (or \u201cnet debt\u201d)/Total assets excluding \u20ac726 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 43.1%. (2) Proportionate ICR of 3.9x. 7.3.7 NET FINANCIAL DEBT Net financial debt is determined as below: NET FINANCIAL DEBT
(\u20ac Mn)
Dec. 31, 2023
Dec. 31, 2022
Amounts accounted for in balance sheet
Non-current bonds and borrowings
25,082.6
24,778.2
Current borrowings and amounts due to credit institutions
1,835.5
725.7
Liabilities directly associated with properties or shares classified as held for sale
\u2013
\u2013
Total financial liabiliti es
26,918.1
25,503.9
Adjustments
Mark-to-market of debt
(0.8)
4.5
Current accounts with non-controlling interests
(1,354.9)
(1,363.4)
Impact of derivatives instruments on debt raised in foreign currency
(24.6)
(65.3)
Accrued interests/issuance fees
(68.9)
(54.2)
Total financial liabilities (nominal value)
25,468.8
24,025.4
Cash and cash equivalents
(5,502.3)
(3,329.1)
Net financial debt
19,966.5
20,696.3
(1) (1) (1) (1) (1) Bank overdrafts and current accounts to balance out cash flow are included in the total financial liabilities, in 2023 for \u20ac6.2 Mn and in 2022 for \u20ac7.9 Mn. NET CASH AT PERIOD END
(\u20ac Mn)
Dec. 31, 2023
Dec. 31, 2022
Marketable securities
2.3
11.5
Short-term deposit
2,192.0
1,905.8
Cash
3,308.0
1,411.8
Total a sset
5,502.3
3 ,329.1
Bank overdrafts and current accounts to balance out cash flow
(6.2)
( 7.9)
Total liabilities
(6.2)
(7.9)
Net cash at perio d end
5,496.1
3,321.2
(1) (2) (2) (1) Short-term deposits are denominated in euro and USD. (2) The high level of cash as at December 31, 2023, aims to cover URW\u2019s debt repayment needs corresponding to the bonds and bank loans outstanding as at December 31, 2023, and maturing within 1 year (see note 7.5.1 \u201cLiquidity risk\u201d).
7.4 HEDGING INSTRUMENTS
CHANGE IN DERIVATIVES
2023
Amounts recognised in the statement of
comprehensive income
Fair value Other Changes in
Dec. 31, adjustments of comprehensive scope of Dec. 31,
(\u20ac Mn) 2022 derivatives income
consolidation
Acquisitions
Disposals
Reallocation
2023
Assets
Derivatives at fair value non-current
831.0
(6 87.2)
(0.0)
\u2013
163.5
(56.5)
\u2013
250.7
\u2022\ue01f
Without a hedging relationship
831.0
(687.2)
(0.0)
\u2013
163.5
(56.5)
\u2013
250.7
\u2022\ue01f
Other derivatives
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Liabilities
Derivatives at fair value non-current
1 ,0 97.4
(317.3)
\u2013
\u2013
67. 9
(51.7)
\u2013
796.3
\u2022\ue01f
Without a hedging relationship
1,097.4
(317.3)
\u2013
\u2013
67.9
(51.7)
\u2013
796.3
Net
(266.4)
(369.9)
(0.0)
\u2013
95.6
(4.8)
\u2013
(545.6)
2022
Amounts recognised in the statement of
comprehensive income
Fair value Other
Dec. 31, adjustments of comprehensive Changes in scope Dec. 31,
(\u20ac Mn) 2021 derivatives income
of consolidation
Acquisitions
Disposals
Reallocation
2022
Assets
Derivatives at fair value non-current
442.9
317.1
\u2013
\u2013
62.8
8.1
\u2013
831.0
\u2022\ue01f
Without a hedging relationship
442.9
317.1
\u2013
\u2013
62.8
8.1
\u2013
831.0
\u2022\ue01f
Other derivatives
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Liabilities
Derivatives at fair value non-current
1,067.2
12.3
\u2013
\u2013
38.7
(20.8)
\u2013
1, 09 7.4
\u2022\ue01f
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 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, 2023. 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.
Carrying
amount
Less than 1 year
1 year to 5 years
More than 5 years
Dec. 31,
(\u20ac Mn)
2023
Interest
Redemption
Interest
Redemption
Interest
Redemption
Bonds, borrowings and amounts due to credit
institutions
Bonds and EMTNs
(22,427.3)
(469.2)
(1,598.7)
(1,434.4)
(8,836.5)
(1,726.1)
(11,992.1)
Bank borrowings and other financial liabilities
(3,059.9)
(176.2)
(162.5)
(563.2)
(2,594.9)
(1.2)
(302.5)
Financial derivatives
Derivative financial liabilities
Derivatives without a hedging relationship
(796.3)
(203.5)
\u2013
(641.3)
24.6
(454.2)
\u2013
Derivative financial assets
Derivatives without a hedging relationship
250.7
339.5
\u2013
555.4
\u2013
(1.3)
\u2013
(1) (2) (1) Corresponds to the amount of principal debt (see note 7.3.3 \u201cFinancial debt breakdown and outstanding duration to maturity\u201d). (2) 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 7.8 years and at 6.2 years without taking into account the undrawn credit lines and cash on hand. URW\u2019s debt maturing over the next 12 months amounts to \u20ac1,768 Mn (including \u20ac1,599 Mn of bonds). In any event, the next 12 months debt repayment needs are fully covered(2) by \u20ac13.6 Bn of cash on hand and undrawn credit lines including \u20ac5.5 Bn of cash on hand. The credit facilities maturing over the next 12 months amount to \u20ac2.1 Bn including the current $1.5 Bn (c. \u20ac1.3 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 88% of financial nominal debt at December 31, 2023, and bank loans, mortgages and overdrafts 12%. 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, including accrued interests, would be \u20ac35.7 Mn for assets and \u20ac656.8 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. 5.2 Notes to the consolidated financial statements (1) Subject to covenants. (2) Subject to covenants. 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, 2023: \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 such as tenant bankruptcies in 2023 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 total accounts receivable increased by +\u20ac42.6 Mn in total vs. December 31, 2022, and by +\u20ac46.9 Mn excluding -\u20ac4.3 Mn of currency effect. This increase includes -\u20ac49.7 Mn of allowances of provisions net of reversal booked in the result for the period (vs.-\u20ac13.1 Mn of reversal of provisions net of allowances in H2-2022). This increase was mainly driven by retail activity and as a result of Trinity leasing progress for office activity. As at December 31, 2023, the gross amount of receivables amounted to \u20ac751.5 Mn and the provision for doubtful debtors to -\u20ac245.0 Mn compared with \u20ac680.2 Mn and -\u20ac216.4 Mn, respectively, at the end of December 2022. The amount of the overdue trade receivables amounts to \u20ac252.5 Mn in 2023. 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 (i) interest rate fluctuations on the debt it has taken out to finance its investments and maintain the cash position it requires and (ii) exchange rate fluctuations due to the Group\u2019s activities in countries outside the Eurozone, in particular in the US and the UK. 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, 2023, is 1.8% (2.0% in 2022), representing the blended average cost of 1.2% for EUR denominated debt and 4.2% for USD and GBP denominated debt. The Group\u2019s cost of debt decreased over 2023 despite increase in rates since H2 2022 as a result of improved cash remuneration on its increasing cash position and a stable cost of gross debt thanks to hedges in place. MEASURING INTEREST RATE RISK As at December 31, 2023, the measuring interest risk is as follow:
Financial liabilities
(\u20ac Mn)
Fixed rate
Variable rate
Less than 1 year
1,717.5
50.0
1 year to 2 years
3,039.8
50.0
2 years to 3 years
1,170.4
250.0
3 years to 4 years
3,078.7
470.0
4 years to 5 years
1,702.5
1,669.9
More than 5 years
12,294.5
\u2013
Total
23,003.5
2,489.9
(1) (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, 2023, 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, 2023, breaks down as follows: (\u20ac Mn) Outstanding total at Dec. 31, 2023
Fixed rate
Variable rate
Financial lia bilities before hedging program
(23,003.5)
(2,489.9)
Micro-hedging
4,435.4
(4,435.4)
Financial lia bilities a fter micro-hedging
(18,568.1)
(6,925.3)
Swap rate hedging 4,703.8
Net debt not covered by sw aps
(2,221.5)
Cap and floor hedging
11,550.0
Hedg ing bala nce as at Dec. 31, 2023
\u2013
9,328.5
Hedging instruments maturing on Jan. 2nd, 2024
(11,550.0)
Hedging instruments starting on Jan. 2nd, 2024
4,950.6
Hedg ing bala nce considerin g hedging instruments matu ring or starting on Jan 2 , 2024.
2,729.1
(1) (2) (3) (1) Including index-linked debt. (2) Partners\u2019 current accounts are not included in variable-rate debt. (3) Forward hedging instruments are not accounted for in this line. The hedging balance as at December 31, 2022, breaks down as follows:
Outstanding total at Dec. 31, 2022
(\u20ac Mn)
Fixed rate
Variable rate
Financial lia bilities before hedging program me
(23,159.8)
(930.9)
Micro-hedging
11,059.7
(11,059.7)
Financial lia bilities a fter micro-hedging
(12,100.1)
(11,990.6)
Swap rate hedging \u2013
Net debt not covered by sw aps
(11,990.6)
Cap and floor hedging
2,979.1
Hedging balance
\u2013
(9,011 .6)
(1) (2) (3) (1) Including index-linked debt. (2) Partners\u2019 current accounts are not included in variable-rate debt. (3) Forward hedging instruments are not accounted for in this table. Over 2023, the Group adjusted its hedging position in view of its current disposal and investment plans, its existing hedging programme and debt as well as the debt (1) the Group expects to raise in the coming years. The cost of these adjustments including new instruments implemented in 2023 was -\u20ac19.4 Mn. The Group\u2019s net interest rate position (2) is fully hedged for 2024 and the following years. (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.
MEASURING INTEREST RATE EXPOSURE
Over 2023, short-term interest rates increased across currencies by: +178 bps for 3M Euribor, +74 bps for 3M SOFR and +146 bps for 3M SONIA, while
long-term treasury rates decreased in Continental Europe -66 bps and in the UK -13 bps, when they remained flat in the US.
Based on the Group\u2018s budgeted net debt in 2024, if interest rates
(1)
(Euribor, Libor, SONIA) were to increase/decrease, the Group\u2019s recurring result in
2024 would be impacted by:
Euros USD GBP Total eq. EUR
(\u20acMn) ($Mn) (\u00a3Mn) (\u20acMn)
-50 bps interest rate
(15.9)
+5.1
\u2013
(11.3)
-25 bps interest rate
(8.0)
+2.5
\u2013
(5.7)
+25 bps interest rate
+8.0
(2.5)
\u2013
+5.7
+50 bps interest rate
+15.9
(5.1)
\u2013
+11.3
As shown in the table above, the impact of a rate increase on the recurring financial expenses would be positive as the hedging instruments in place in
2024 are expected to be above budgeted debt.
7.6.2 MANAGEMENT OF EXCHANGE RISKS
MEASURE OF EXPOSURE TO FOREIGN EXCHANGE RISKS AS AT DECEMBER 31, 2023
The Group is active in countries outside the Eurozone. When converted into euros, the income and value of the Group\u2019s investments may be impacted
by fluctuations in exchange rates against the euro. The Group\u2019s policy objective is to apply a broadly consistent
(2)
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, 2023 (\u20ac MN)
Net Hedging Exposure
Currency
Assets
Liabilities
exposure instruments net of hedges
USD
9,221
(5,527)
3,694
\u2013
3,694
GBP
2,486
(1,065)
1,421
\u2013
1,421
SEK
2,062
(291)
1,771
\u2013
1,771
Other
643
(612)
32
340
372
Total
14,412
(7,495)
6,917
340
7,257
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 2024) would have an impact on shareholders\u2019 equity and the net recurring result as follows:
Dec. 31, 2023
Dec. 31, 2022
Net recurring Equity Net recurring Equity
(\u20ac Mn) result gain/(loss) gain/(loss) result gain/(loss) gain/(loss)
Impact of an increase of +10% in the EUR/USD exchange
(22.1)
(335.8)
(23.0)
(526.4)
Impact of an increase of +10% in the EUR/GBP exchange
(13.5)
(129.2)
(12.8)
(128.6)
Impact of an increase of +10% in the EUR/SEK exchange
(8.2)
(161.0)
(8.1)
(169.1)
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.
(1) 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, 2023: 3M Euribor (3.909%), 3M SOFR (5.3314%) and 3M SONIA (5.206%).
(2) On a proportionate basis.
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
Amounts recognised in statement of financial
position according to IFRS 9
Carrying Fair value
Categories in amount Fair value recognised
Dec. 31, 2023 accordance with Dec. 31, Amortised recognised in in profit
(\u20ac Mn) IFRS 9 2023 cost equity and loss Fair value
Assets
Investments in financial assets
FAAC/FAFVOCI/FAFVTPL
260.0
127.8
18.8
113.4
260.0
Derivatives at fair value
FAFVTPL
250.7
\u2013
\u2013
250.7
250.7
Trade receivables from activity
FAAC
268.5
268.5
\u2013
\u2013
268.5
Other receivables
FAAC
412.7
412.7
\u2013
\u2013
412.7
Cash and cash equivalents
FAAC/FAFVTPL
5,502.3
2,192.0
\u2013
3,310.2
5,502.3
6,694.1
3,001.0
18.8
3,674.3
6,694.1
Liabilities
Commitment to non-controlling interests
FLFVTPL
32.7
\u2013
\u2013
32.7
32.7
Financial debts
FLAC
27,895.1
27,895.1
\u2013
\u2013
25,515.5
Derivatives at fair value
FLFVTPL
796.3
\u2013
\u2013
796.3
796.3
Non-current amounts due on investments
FLAC
24.6
24.6
\u2013
\u2013
24.6
Other non-current liabilities
FLAC/FLFVTPL
32.9
32.9
\u2013
\u2013
32.9
Amounts due to suppliers and other current debt
FLAC
1,167.7
1,167.7
\u2013
\u2013
1,167.7
29,949.4
29,120.3
\u2013
829.1
27,569.8
(1) (2) (3) (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 \u20ac22,819.6 Mn valued at \u20ac20,440.0 Mn. (4) Excluding deferred income, service charges billed and tax liabilities. 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
Amounts recognised in statement of
financial position according to IFRS 9
Carrying Fair value
Categories in amount Fair value recognised in
Dec. 31, 2022 accordance with Dec. 31, Amortised recognised in profit Fair
(\u20ac Mn) IFRS 9 2022 cost equity and loss value
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
FAAC
257.2
257.2
\u2013
\u2013
257.2
Other receivables
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
FLAC
26,402.8
26,402.8
\u2013
\u2013
22,182.0
Derivatives at fair value
FLFVTPL
1,097.4
\u2013
\u2013
1,097.4
1,097.4
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
FLAC
1,141.6
1,141.6
\u2013
\u2013
1,141.6
28,81
6.2
27,621.6
\u2013
1,194.6
24,5 95.4
(1) (2) (3) (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. \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.
Fair value measurement at Dec. 31, 2023
(\u20ac Mn)
Total
Level 1
Level 2
Level 3
Assets
Fair value through profit or loss
Investments in financial assets
113.4
\u2013
\u2013
113.4
Derivatives
250.7
\u2013
250.7
\u2013
Marketable securities
2.3
2.3
\u2013
\u2013
Fair value through equity
Investments in financial assets
18.8
\u2013
\u2013
18.8
Derivatives
\u2013
\u2013
\u2013
\u2013
Total
385.2
2.3
250.7
132.1
Liabilities
Fair value through profit or loss
Commitment to non-controlling interests
32.7
\u2013
\u2013
32.7
Derivatives
796.3
\u2013
796.3
\u2013
Other non-current liabilities
\u2013
\u2013
\u2013
\u2013
Total
829.1
\u2013
796.3
32.7
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.
2023 Net gain/(loss) Net gain/(loss)
(\u20ac Mn)
From interest
in profit and loss in equity
Investments in financial assets
8.2
8.2
1.1
Hedging instruments at fair value through profit and loss
111.5
111.5
\u2013
Financial liabilities at amortised cost
(627.2)
(627.2)
\u2013
(50 7.5)
(5 07.5)
1.1
Capitalised expenses
71.4
Net financial expenses
(436.1)
2022 Net gain/(loss) Net gain/(loss)
(\u20ac Mn)
From interest
in profit and loss in equity
Investments in financial assets
11.3
11.3
(9.3)
Hedging instruments at fair value through profit and loss
103.3
103.3
\u2013
Financial liabilities at amortised cost
(631.1)
(631.1)
(516.4)
(516.4)
(9.3)
Capitalised expenses
42.5
Net financial expenses
(474.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-581": { "value": "FINANCING ACTIVITY GREEN LOANS In 2023, \u20ac1,391 Mn of corporate bank debt and credit facilities were completed, including: \u2022 \u20ac300 Mn sustainability-linked term loans with an average maturity of 2.8 years; and \u2022 \u20ac1,091 Mn new sustainability-linked bilateral credit facilities with an average maturity of 4.2 years. Furthermore, the Group extended by one year the maturity of \u20ac3,675 Mn existing European credit facilities (including \u20ac3,200 Mn under sustainability-linked format). As at December 31, 2023, the total credit lines featuring with green or sustainable indicators stands at \u20ac4.70 Bn, and the sustainability-linked term loans amounts to \u20ac0.94 Bn. GREEN BONDS The Group currently has two frameworks for its green financing: \u2022 A green bond framework, launched in 2014, under which two green bonds issued in February 2014 and April 2015 are still outstanding; and \u2022 A green financing framework (\u201cFramework\u201d), launched in November 2022, which will apply for all new green financing issuances forward. This Framework establishes clear requirements for the financing and/or re-financing of eligible new development projects and the regeneration of standing assets. It imposes higher standards on energy performance and new more stringent eligibility criteria. On December 4, 2023, the Group secured additional liquidity through the successful issuance of a green bond of \u20ac750 Mn with a 7-year maturity and a 4.125% coupon, URW\u2019s first green bond in the Euro bond market since 2015 and its first senior bond issuance since May 2021. The bond\u2019s proceeds will finance or refinance Eligible Green Assets in line with the Group\u2019s 2022 Green Financing Framework(2) . It aligns with the Group\u2019s sustainability strategy and its Better Places roadmap(3) shared with the market on October 10, 2023. As at December 31, 2023, the outstanding nominal value of Green Bonds amounts to \u20ac1.89 Bn. 7.3.2 MAIN FINANCING TRANSACTIONS IN 2023 BOND MARKET: On December 4, 2023, the Group secured additional liquidity through the successful issuance of a green bond of \u20ac750 Mn with a 7-year maturity and a 4.125% coupon (i.e. Mid swap +145 bps, corresponding to no new issue premium), URW\u2019s first green bond in the Euro bond market since 2015 and its first senior bond issuance since May 2021. The bond received strong demand from investors, achieving an oversubscription of 6.1 times and an order book of more than \u20ac4.5 Bn at its peak, reflecting investors\u2019 appetite for URW\u2019s credit. The bond\u2019s proceeds will finance or refinance Eligible Green Assets in line with the Group\u2019s 2022 Green Financing Framework (1) . It aligns with the Group\u2019s sustainability strategy and its Better Places roadmap (2) shared with the market on October 10, 2023. BANK DEBT AND CREDIT FACILTY: In 2023, \u20ac1,391 Mn of corporate bank debt and credit facilities were completed, including: \u2022 \u20ac300 Mn sustainability-linked term loans with an average maturity of 2.8 years; and \u2022 \u20ac1,091 Mn new sustainability-linked bilateral credit facilities with an average maturity of 4.2 years. Furthermore, the Group extended by one year the maturity of \u20ac3,675 Mn existing European credit facilities (including \u20ac3,200 Mn under sustainability-linked format). MORTGAGE DEBT: Mortgage debt was also raised in 2023 for a total amount of \u20ac1,726 Mn (3) , including the following asset backed financings: \u2022 Westfield Galeria at Roseville: $275 Mn floating mortgage loan with an equivalent coupon of 6.55% (4) and a 5-year (5) maturity. This debt has been consolidated at 100% in the Group\u2019s IFRS and proportionate accounts; \u2022 Paunsdorf Center: \u20ac120 Mn fixed mortgage loan with a spread of Mid swap +141 bps and a 5-year maturity to refinance maturing mortgage debt. This debt has been consolidated at share in the Group\u2019s proportionate accounts (6) ; \u2022 Westfield Century City: $925 Mn floating CMBS with a spread of SOFR +280.7 bps and a 5-year (7) maturity. This debt has been consolidated at 100% in the Group\u2019s IFRS and proportionate accounts; and \u2022 Westfield Garden State Plaza: $525 Mn fixed CMBS with a spread of US treasury +234 bps and a 5-year maturity. This debt has been consolidated at share in the Group\u2019s proportionate accounts (8) . SHORT TO MEDIUM TERM PAPER: URW did not issue any short-term paper, due to the Group\u2019s high liquidity position in 2023. HYBRID INSTRUMENTS: On June 20, 2023, the Group launched an any-and-all par-for- par Exchange Offer on its \u20ac1.25 Bn Perp-NC23 hybrid notes for a combination of (i) new Euro denominated Perp-NC28 hybrid notes with a 7.25% coupon and (ii) a cash amount when applicable. The first of its kind by a corporate issuer, the Exchange Offer was successfully completed on June 26, 2023 (9) with a participation rate of 92%. As a result of this Exchange Offer, the Group\u2019s hybrid instruments decreased by 7.8% from \u20ac2,000 Mn to \u20ac1,845 Mn including: \u2022 \u20ac100 Mn of Hybrid Perp NC23; \u2022 \u20ac750 Mn of Hybrid Perp NC26; and \u2022 \u20ac995 Mn of Hybrid Perp NC28. As at October 25, 2023, the coupon of the remaining Hybrid Perp NC23 was reset at 5.142% (10) in line with the contractual provisions and the Group\u2019s decision not to exercise its option to call this instrument (11) following the Exchange Offer.
(1) The green financing framework is available under: https://cdn.urw.com/-/media/Corporate~o~Sites/Unibail-Rodamco-Corporate/Files/Homepage/INVESTORS/Financing-
Activity/Sustainable-Financing/Framework/2022/20221116-URW-Green-Financial-Framework-Brochure.ashx
(2) The Better Places roadmap is available under: https://www.urw.com/2023-sustainability-investor-event
(3) At 100%.
(4) Including the hedging instrument put in place to limit the Group\u2019s exposure to the interest rate movement.
(5) Subject to covenants.
(6) As Paunsdorf Center is consolidated at 50.0% (at share) in URW\u2019s proportionate accounts, only \u20ac60 Mn (URW share) of the non-recourse debt raised by the asset-owning JV, will
be consolidated in URW\u2019s proportionate debt. No debt consolidated under IFRS.
(7) Subject to covenants.
(8) As Westfield Garden State Plaza is consolidated at 50.0% (at share) in URW\u2019s proportionate accounts, only $262.5 Mn (URW share) of the non-recourse debt raised by the asset-
owning JV, will be consolidated in URW\u2019s proportionate debt. No debt consolidated under IFRS.
(9) Settlement Date on July 3, 2023.
(10) 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).
(11) As announced in the June 20, 2023 press release: https://cdn.urw.com/-/media/Corporate~o~Sites/Unibail-Rodamco-Corporate/Nasdaq/2023-06-20URW-announces-an-
Exchange-Offer-on-its-Perp-NC-2023-hybrid.pdf?revision=a494708a-6369-4026-ab58-3b83927929c1
7.3.3 FINANCIAL DEBT BREAKDOWN AND OUTSTANDING DURATION TO MATURITY
Current
Non-current
Total Total
Outstanding duration to maturity (\u20ac Mn)
Lessthan1year
1yearto5years
Morethan5years
Dec. 31, 2023
Dec.31,2022
Bonds and EMTNs
1,687. 1
8,834.7
11,995.6
22,517.4
22,489.3
Principal debt
1,598.8
8,836.5
11,992.1
22,427.2
22,406.0
Accrued interest
231.1
\u2013
\u2013
231.1
237.0
Issuance costs
(70.3)
\u2013
\u2013
(70.3)
(73.4)
Bonds redemption premium
(71.5)
\u2013
\u2013
(71.5)
(79.1)
Mark-to-market of debt
(1.0)
(1.8)
3.6
0.8
(1.2)
Bank borrowings
148.4
2,594.9
302.5
3,045.7
1,651.2
Principal debt
162.5
2,594.9
302.5
3,059.9
1,676.9
Accrued interest
16.1
\u2013
\u2013
16.1
3.4
Borrowings issue fees
(36.6)
\u2013
\u2013
(36.6)
(33.7)
Accrued interest on bank overdrafts
0.2
\u2013
\u2013
0.2
\u2013
Bank overdrafts and current accounts to balance out cash flow
6.2
\u2013
\u2013
6.2
7.9
Mark-to-market of debt
\u2013
0.0
\u2013
0.0
(3.3)
Other financial liabilities
\u2013
87.3
1 ,267.6
1,354.9
1,363.4
Interbank market instruments and negotiable instruments
\u2013
\u2013
\u2013
\u2013
\u2013
Accrued interest on interbank market instruments and
negotiable instruments
\u2013
\u2013
\u2013
\u2013
\u2013
Current accounts with non-controlling interests
\u2013
87.3
1,267.6
1,354.9
1,363.4
Lease liabilities
56.0
240.2
680.8
977.0
898.9
Total financial debt
1,891.5
11 ,757.0
14,246.6
27,895. 1
26,402.8
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 o r shares c lassified as held for sa le
1,891.5
11 ,757.0
14,246.6
27,895. 1
26,402.8
(1) (2) (3) (1) Include currency impacts on debt raised in foreign currency for an amount of +\u20ac24.6 Mn as at December 31, 2023 (+\u20ac65.3 Mn as at December 31, 2022). The amount shown in the Financial Resources note (\u20ac22,402.6 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. 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. As a result, lease liability and the right of use are remeasured every year. The variation of financial debt by flows breaks down as follows: Cash flows Variation Non-cash flows Dec. 31, of accrued Variation of Currency Fair value Dec. 31, (\u20ac Mn) 2022 Increase Decrease interest scope translation impact Others Bonds and EMTNs 22,489.3 736.1 (576.2) (4.9) \u2013 (153.2) 2.2 24.1 22,517.4 Bank borrowings 1,651.2 1,500.1 (0.1) 11.4 (110.5) (27.5) 0.8 20.4 3,045.7 Other financial liabilities 1,363.4 74.2 (82.3) \u2013 (0.1) 0.0 \u2013 (0.1) 1,354.9 Lease liabilities 898.9 26.9 (65.3) \u2013 42.9 (11.7) \u2013 171.1 9 77. 0 Total 26,402.8 2,337.2 (723.9) 6. 5 (153.5)\ue01f (192.4) 3.0 215.5 27,895 .1 (1) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac2,409.3 Mn and decrease of -\u20ac769.2 Mn) mainly due the variation of guarantee (1) (3) (2) (4) deposits received. (2) Net of bonds and EMTNs issuance costs and issuance 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 straightlining of premiums and fees on EMTNs and bank borrowings and change in recognition of lease liabilities in application of IFRS 16. As at December 2022, the variation of financial debt by flows broke down as follows: Cash flows Variation Non-cash flows Dec. 31, of accrued Variation of Currency Fair value Dec. 31, (\u20ac Mn) 2021 Increase Decrease interest scope translation impact Others 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 16 5.8 26,402.8 (1) (3) (2) (4) (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 straightlining 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
Current
Non-current
Total
Less than 1 to 2 2 to 3 3 to 4 4 to 5 More than Dec. 31,
(\u20ac Mn) 1 year years years years years 5 years 2023
Bonds and EMTNs
1,598.8
3,027.3
1,157.9
2,948.7
1,702.5
11,992.1
22,427.2
Bank borrowings
162.5
62.5
262.5
600.0
1,669.9
302.5
3 ,059.9
Interbank market instruments and negotiable instruments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
56.0
75.7
66.2
53.1
45.3
680.8
97 7.0
Total
1,817.3
3,165.5
1,486.6
3,601.8
3,417.6
12,975.4
26,464.2
7.3.4 CHARACTERISTICS OF BONDS AND EMTNS
Amount at
Dec. 31, 2023
Issue date
Rate
Currency
(\u20ac Mn)
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
81.1
February 2025
March 2013
Fixed rate HKD swapped back into EUR
HKD
67.8
March 2025
October 2013
Fixed rate HKD swapped back into EUR
HKD
46.3
October 2025
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
905.0
September 2024
September 2014
Fixed rate 4.75%
USD
452.5
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
86.9
November 2025
December 2015
Fixed rate 2.1% during 3 years then Constant Maturity Swap 10 years
EUR
70.0
December 2030
(floored at 0% capped at 4%)
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
57.9
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
452.5
September 2048
September 2018
Fixed rate 4.13%
USD
452.5
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
345.2
March 2025
March 2019
Fixed rate 2.63%
GBP
575.3
March 2029
June 2019
Fixed rate 3.5%
USD
678.7
June 2029
July 2019
Fixed rate 1.75%
EUR
500.0
July 2049
October 2019
Fixed rate 2.88%
USD
678.7
January 2027
October 2019
Fixed rate 0.88%
EUR
750.0
March 2032
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
Amount at
Dec. 31, 2023
Issue date
Rate
Currency
(\u20ac Mn)
Maturity
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
December 2023
Fixed rate 4.13%
EUR
750.0
December 2030
Total
22,427.2
7.3.5 COVENANTS
As at December 31, 2023, the LTV
(1)
ratio amounted to 41.8% (41.2% as at December 31, 2022).
The Interest Coverage Ratio (\u201cICR\u201d) for the period stood at 4.2x
(2)
(4.2x as at December 31, 2022).
The Group\u2019s corporate debt covenants levels and corresponding current ratios are set at:
Europe Credit Rule 144A and Reg
December 31, facility US Credit facility S Bonds
Financial ratios 2023 covenants level covenants level covenants level
LTV
41.8%
< 60%
< 65%
< 65%
ICR
4.2x
> 2x
> 1.5x
> 1.5x
FFO
(1)
/NFD
7.8%
> 4%
na.
na.
Secured debt ratio
4.0%
na.
< 50%
< 45%
Unencumbered leverage ratio
1.8x
na.
> 1.5x
> 1.25x
(2)
(3)
(1) Funds From Operations (\u201cFFO\u201d): on an annualised basis, the recurring EBITDA minus (i) net recurring financial expenses and (ii) tax on recurring operating result.
(2) Secured debt/total assets.
(3) Unencumbered assets/unsecured debt.
These covenants are tested twice a year based on the Group\u2019s IFRS financial statements.
As at December 31, 2023:
\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.
\u2022 100% 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.
(1) Loan-to-Value (\u201cLTV\u201d) = Net financial debt (or \u201cnet debt\u201d)/Total assets excluding \u20ac726 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 43.1%. (2) Proportionate ICR of 3.9x. 7.3.7 NET FINANCIAL DEBT Net financial debt is determined as below: NET FINANCIAL DEBT
(\u20ac Mn)
Dec. 31, 2023
Dec. 31, 2022
Amounts accounted for in balance sheet
Non-current bonds and borrowings
25,082.6
24,778.2
Current borrowings and amounts due to credit institutions
1,835.5
725.7
Liabilities directly associated with properties or shares classified as held for sale
\u2013
\u2013
Total financial liabiliti es
26,918.1
25,503.9
Adjustments
Mark-to-market of debt
(0.8)
4.5
Current accounts with non-controlling interests
(1,354.9)
(1,363.4)
Impact of derivatives instruments on debt raised in foreign currency
(24.6)
(65.3)
Accrued interests/issuance fees
(68.9)
(54.2)
Total financial liabilities (nominal value)
25,468.8
24,025.4
Cash and cash equivalents
(5,502.3)
(3,329.1)
Net financial debt
19,966.5
20,696.3
(1) (1) (1) (1) (1) Bank overdrafts and current accounts to balance out cash flow are included in the total financial liabilities, in 2023 for \u20ac6.2 Mn and in 2022 for \u20ac7.9 Mn. NET CASH AT PERIOD END
(\u20ac Mn)
Dec. 31, 2023
Dec. 31, 2022
Marketable securities
2.3
11.5
Short-term deposit
2,192.0
1,905.8
Cash
3,308.0
1,411.8
Total a sset
5,502.3
3 ,329.1
Bank overdrafts and current accounts to balance out cash flow
(6.2)
( 7.9)
Total liabilities
(6.2)
(7.9)
Net cash at perio d end
5,496.1
3,321.2
(1) (2) (2) (1) Short-term deposits are denominated in euro and USD. (2) The high level of cash as at December 31, 2023, aims to cover URW\u2019s debt repayment needs corresponding to the bonds and bank loans outstanding as at December 31, 2023, and maturing within 1 year (see note 7.5.1 \u201cLiquidity risk\u201d). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-633": { "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 one 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: \u2013 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 \u2013 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; and \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 in other comprehensive income (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 in entities in foreign currency; 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 in OCI, 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 and 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 net comprehensive income. 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. Associates are those entities, not controlled by the Group, but in which it has a significant influence according to IAS 28. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-554": { "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 one 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;
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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-555": { "value": "
\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:
\u2013 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
\u2013 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; and
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:
% Interest as at % Interest as at
Name of investment
Geographical area
Dec. 31, 2023 Dec. 31, 2022
Westfield Stratford City
UK
50.0%
50.0%
Cherry Park Property & ResiCo
UK
25.0%
25.0%
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 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%
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, 2023
Dec. 31, 2022
Investment properties
7,192.7
8,365.6
Other non-current assets
10.4
27.2
Current assets
283.2
402.6
Assets held for sale
206.5
\u2013
Total a ssets
7,692.8
8,795.4
Restated shareholders\u2019 equity
5,435.1
6,111.5
Deferred tax liabilities
82.6
97.1
Shareholders loans
419.0
458.1
External borrowings
1,517.2
1,915.5
Other non-current liabilities
24.6
22.2
Liabilities held for sale
45.3
\u2013
Current liabilities
169.0
191.0
Total liabilities
7,692.8
8,795.4
(1) (1) Includes current and non-current borrowings.
(\u20ac Mn)
2023
2022
NRI
416.7
450.7
Change in fair value of investment properties
(447.1)
(509.7)
Financial result
(48.4)
(50.1)
Net result
(132.6)
(161.0)
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. (a) (b)
Exit
Net Initial Rent in \u20ac Discount Capitalisation CAGR of
Shopping Centres\u2013December 31, 2023 Yield per sqm Rate Rate NRI
Max
7.4%
1,012
9.4%
7.3%
5.0%
Europe
Min
4.9%
148
7.0%
5.0%
1.7%
Weighted average
6.2%
393
7.6%
6.0%
2.5%
Max
12.2%
1,182
14.0%
12.0%
7.6%
US
Min
4.1%
345
7.0%
5.0%
1.9%
Weighted average
5.2%
719
7.6%
5.7%
4.7%
(c) (d) NIY, 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. (a) Average annual rent (MGR + SBR) per asset per square meter. (b) Rate used to calculate the net present value of future cash flows. (c) Rate used to capitalise the exit rent to determine the exit value of an asset. (d) CAGR of NRI determined by the appraiser (between 6 and 10 years depending on duration of DCF model used).
The tables below show the sensitivity on URW\u2019s Shopping Centres portfolio value for assets accounted for using the equity method, excluding assets
under development.
The percentages below are indicative of evolutions in case of various evolutions of NIY, DR, ECR and appraisers\u2019 ERV.
Impact in Impact in
Sensitivity \u20ac Mn %
+25 bps in NIY
(317)
(4.3)%
+25 bps in DR
(136)
(1.9)%
+10 bps in ECR
(80)
(1.1)%
-5% in appraisers\u2019 ERV
(222)
(3.0)%
Impact in Impact in
Sensitivity \u20ac Mn %
-25 bps in NIY
+348
+4.8%
-25 bps in DR
+139
+1.9%
-10 bps in ECR
+83
+1.1%
+5% in appraisers\u2019 ERV
+216
+3.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-604": { "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: \u2013 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 \u2013 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; and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-556": { "value": "
\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.
6.4 ASSOCIATES Associates are those entities, not controlled by the Group, but in which it has a significant influence according to IAS 28. 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 and Confluence in Lyon; \u2022 Zlote Tarasy complex (Warsaw); \u2022 Gropius Passagen (Berlin); \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), 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 one 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, 2023
Dec. 31, 2022
Investment properties
1,801.8
1,870.4
Other non-current assets
50.7
82.6
Current assets
154.8
133.1
Total a ssets
2,0 07.3
2,086.0
Restated shareholders\u2019 equity
777.3
835.0
Deferred tax liabilities
120.0
121.0
Shareholders loans
462.0
461.5
External borrowings
535.1
569.8
Other non-current liabilities
64.5
54.5
Current liabilities
48.5
44.2
Total liabilities
2 ,0 07.3
2,086 .0
(\u20ac Mn)
2023
2022
NRI
101.6
88.0
Net financing cost
(35.6)
(25.9)
Change in fair value of investment properties
(73.2)
10.9
Fair value adjustments of derivatives and debt
(24.4)
57.7
Net result
(37. 0)
109.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-605": { "value": "\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. Associates are those entities, not controlled by the Group, but in which it has a significant influence according to IAS 28. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-607": { "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 in other comprehensive income (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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 in entities in
foreign currency; 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 in OCI, 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:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-606": { "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 in entities in foreign currency; 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 in OCI, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-608": { "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 and 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 net comprehensive income. 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, 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 5YBP 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 2024\u2013 2028 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. These discount rates were also compared with the discount rates used by appraisers for the valuation of Investment Properties as at December 31, 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, 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-660": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-582": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-656": { "value": "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. 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, 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 5YBP 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 2024\u2013 2028 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. These discount rates were also compared with the discount rates used by appraisers for the valuation of Investment Properties as at December 31, 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, 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 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, 2023, the goodwill breaks down as follows:
Synergies,
workforce and
ability to
generate
Optimised value of development
Net value (\u20ac Mn)
deferred taxes
Fee business
projects
Total
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
Disposal
\u2013
\u2013
\u2013
\u2013
Impairment
(1.1)
\u2013
(232.9)
(234.0)
Currency translation
\u2013
\u2013
\u2013
\u2013
Dec. 31, 2023
175.5
119.3
550.5
845.2
The allocation of the goodwill per geographical segment breaks down as follows:
(\u20ac Mn)
France Retail
Central Europe
Austria
Germany
Other
Total
Goodwill Dec. 31, 2022
731.0
87.3
72.9
17 7.8
10.3
1,079.2
Disposal
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment
(183.8)
\u2013
\u2013
(50.2)
\u2013
(234.0)
Currency translation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Goodwill Dec. 31, 2023
5 47.2
87.3
72.9
12 7.6
10.3
845.2
The Group performs an impairment test for each category of goodwill. GOODWILL RELATING TO OPTIMISED VALUE OF DEFERRED TAXES As at December 31, 2023, an impairment of -\u20ac1.1 Mn was recognised. GOODWILL RELATING TO FEE BUSINESS As at December 31, 2023, no additional impairment was recognised. GOODWILL RELATING TO THE ABILITY TO GENERATE DEVELOPMENT PROJECTS An impairment test, performed on this goodwill and based on an independent external appraisal was performed as at December 31, 2023. As at December 31, 2023, an impairment of -\u20ac49.1 Mn was recognised following the change in category of the Westfield Hamburg project from investment properties at cost to investment properties at fair value. GOODWILL RELATING TO SYNERGIES AND WORKFORCE As at December 31, 2023, the only remaining value of the goodwill resulting from the Westfield acquisition is the one that was allocated to France Retail, the other geographical segments having been totally depreciated. The main assumptions for calculating the value in use are the WACC, the long-term growth rates (\u201cLTGR\u201d) and the CAGR of NRI displayed in the table below.
France
Retail
Dec. 31, 2022
WACC before tax in %
6.50%
LTGR in %
1.70%
CAGR of NRI in %
4.85%
Dec. 31, 2023
WACC before tax in %
6.87%
LTGR in %
1.93%
CAGR of NRI in %
5.20%
An increase in the WACC, a decrease in the LTGR or a decrease in the CAGR of NRI as determined at December 31, 2023, 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 remaining value of the goodwill allocated to France Retail was impaired by -\u20ac183.8 Mn further to an increase of the WACC, and a decrease of the long-term cash flows. A change of +25 basis points in the WACC as determined at December 31, 2023, without any change in the LTGR and in the CAGR of NRI would lead to additional impairment of goodwill of -\u20ac90.4 Mn. A change of -10 basis points in the LTGR as determined at December 31, 2023, without any change in the WACC and in the CAGR of NRI would lead to additional impairment of goodwill of -\u20ac27.3 Mn. A change of -50 basis points in the CAGR of NRI as determined at December 31, 2023, without any change in the WACC and in the LTGR would lead to additional impairment of goodwill of -\u20ac28.7 Mn. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-650": { "value": "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. 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 \u2013 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 and DD&C contracts are fully amortised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-643": { "value": "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. 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 \u2013 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 and DD&C contracts are fully amortised. 5.3.2 CHANGES IN INTANGIBLE ASSETS
PM/DD&C/ Rights and Other intangible
Net value (\u20ac Mn)
Airport
Trademark
exhibitions
assets
Total
Dec. 31, 2021
253.9\ue01f
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
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\ue01f
425.8
117.0
23.4
820.5
Acquisitions
\u2013
\u2013
\u2013
14.2
14.2
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
Amortisation
(5.4)
\u2013
(2.0)
(12.6)
(20.0)
Impairment/reversal
(11.9)
(2.7)
18.1
\u2013
3.5
Currency translation
(0.5)
\u2013
\u2013
(0.4)
(0.9)
Reclassification
\u2013
\u2013
\u2013
12.4
12.4
Dec. 31, 2023
236.5
423.2
133.1
36.9
829.6
(1) (2) (2) (1) The net impairment variation relates to reversals in Viparis\u2019 intangible assets partly offset by allowances in the US PM activity. (2) Amounts related to Westfield\u2019s intangibles acquisition: PM, DDC, Airport and trademark amount to \u20ac659.7Mn. One of the main assumptions used to value the PM, DD&C and the Trademark is the DR, which stands between 9.5% and 10.0%. PM The table below shows the sensitivity of the Property Management assets value and the impact in the result as determined at December 31, 2023:
(Additional)/
Impact in Reversal of
the value impairment
Sensitivity (\u20ac Mn) (\u20ac Mn)
-25bps in DR
+7.7
+7.7
+25bps in DR
(7.2)
(7.2)
-10bps LTGR
(2.1)
(2.1)
+10bps LTGR
+2.0
+2.0
TRADEMARK For the Trademark, the impairment test performed was based on an independent external appraisal leading to an impairment of -\u20ac2.7 Mn. The table below shows the sensitivity of the Trademark as determined at December 31, 2023:
Impairment
Sensitivity (\u20ac Mn)
+25bps in DR
(29.1)
-10bps in long-term growth rate
(8.4)
RIGHTS AND EXHIBITIONS As at December 31, 2023, impairment tests were performed on the intangible assets relating to the Viparis entities based on the valuations of independent external appraisers and a reversal of impairment of +\u20ac18.1 Mn was recognised. The table below shows the sensitivity of the Rights and exhibitions portfolio related to the weighted average cost of capital (\u201cWACC\u201d) and the impact in the result as determined at December 31, 2023:
(Additional)/
Impact in Impact in % Reversal of
the value of the portfolio impairment
Sensitivity (\u20ac Mn) value (\u20ac Mn)
-25bps in \u201cWACC\u201d
+26.5
+6.5%
+9.7
+25bps in \u201cWACC\u201d
(24.5)
(6.0)%
(8.7)
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, 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 5YBP 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 2024\u2013 2028 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. These discount rates were also compared with the discount rates used by appraisers for the valuation of Investment Properties as at December 31, 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, 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 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, 2023, the goodwill breaks down as follows:
Synergies,
workforce and
ability to
generate
Optimised value of development
Net value (\u20ac Mn)
deferred taxes
Fee business
projects
Total
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
Disposal
\u2013
\u2013
\u2013
\u2013
Impairment
(1.1)
\u2013
(232.9)
(234.0)
Currency translation
\u2013
\u2013
\u2013
\u2013
Dec. 31, 2023
175.5
119.3
550.5
845.2
The allocation of the goodwill per geographical segment breaks down as follows:
(\u20ac Mn)
France Retail
Central Europe
Austria
Germany
Other
Total
Goodwill Dec. 31, 2022
731.0
87.3
72.9
17 7.8
10.3
1,079.2
Disposal
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment
(183.8)
\u2013
\u2013
(50.2)
\u2013
(234.0)
Currency translation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Goodwill Dec. 31, 2023
5 47.2
87.3
72.9
12 7.6
10.3
845.2
The Group performs an impairment test for each category of goodwill.
GOODWILL RELATING TO OPTIMISED VALUE
OF DEFERRED TAXES
As at December 31, 2023, an impairment of -\u20ac1.1 Mn was recognised.
GOODWILL RELATING TO FEE BUSINESS
As at December 31, 2023, no additional impairment was recognised.
GOODWILL RELATING TO THE ABILITY TO
GENERATE DEVELOPMENT PROJECTS
An impairment test, performed on this goodwill and based on an
independent external appraisal was performed as at December 31, 2023.
As at December 31, 2023, an impairment of -\u20ac49.1 Mn was recognised
following the change in category of the Westfield Hamburg project from
investment properties at cost to investment properties at fair value.
GOODWILL RELATING TO SYNERGIES AND
WORKFORCE
As at December 31, 2023, the only remaining value of the goodwill
resulting from the Westfield acquisition is the one that was allocated
to France Retail, the other geographical segments having been totally
depreciated.
The main assumptions for calculating the value in use are the WACC, the long-term growth rates (\u201cLTGR\u201d) and the CAGR of NRI displayed in the table
below.
France
Retail
Dec. 31, 2022
WACC before tax in %
6.50%
LTGR in %
1.70%
CAGR of NRI in %
4.85%
Dec. 31, 2023
WACC before tax in %
6.87%
LTGR in %
1.93%
CAGR of NRI in %
5.20%
An increase in the WACC, a decrease in the LTGR or a decrease in
the CAGR of NRI as determined at December 31, 2023, 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
remaining value of the goodwill allocated to France Retail was impaired
by -\u20ac183.8 Mn further to an increase of the WACC, and a decrease of the
long-term cash flows.
A change of +25 basis points in the WACC as determined at December 31, 2023, without any change in the LTGR and in the CAGR of NRI would lead to additional impairment of goodwill of -\u20ac90.4 Mn. A change of -10 basis points in the LTGR as determined at December 31, 2023, without any change in the WACC and in the CAGR of NRI would lead to additional impairment of goodwill of -\u20ac27.3 Mn. A change of -50 basis points in the CAGR of NRI as determined at December 31, 2023, without any change in the WACC and in the LTGR would lead to additional impairment of goodwill of -\u20ac28.7 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)
2023
2022
Investment properties at fair value
(2,111.3)
(798.5)
Shopping Centres
(1,626.2)
(597.5)
Offices & Others
(375.9)
(131.0)
Convention & Exhibition
(109.2)
(70.0)
Investment properties at cost
(116.1)
(297.1)
Tangible and i ntangible assets
( 18.6)
(14.9)
Total
(2,246.0)
(1,110.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-583": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-642": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-584": { "value": "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.
3.5 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 preferred shares held by external parties.
They are measured at fair value through profit or loss.
3.5.2 NON-CONTROLLING INTERESTS
For 2023, this item comprised mainly non-controlling interests in the
following entities:
\u2022 C&E entities (-\u20ac27.1 Mn);
\u2022 Several shopping centres and development projects in France and
Italy (-\u20ac26.9 Mn, mainly Westfield Les 4 Temps, Westfield Parly 2,
Westfield Forum des Halles and Westfield Carr\u00e9 S\u00e9nart);
\u2022 Several shopping centres in Germany, Spain and Austria (-\u20ac98.4 Mn); and
\u2022 Others +\u20ac2.8 Mn.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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. (\u201cURW NV\u201d), 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-609": { "value": "3.4 ACQUISITIONS AND DISPOSALS 3.4.1 ACQUISITIONS OF SUBSIDIARIES, NET OF CASH ACQUIRED (CONSOLIDATED STATEMENT OF CASH FLOWS)
(\u20ac Mn)
2023
2022
Acquisition price of shares
(50.1)
\u2013
Cash and current accounts
(22.6)
\u2013
Acquisition of subsidiaries net of cash a cquired
(72.6)
\u2013
3.4.2 RESULT ON DISPOSAL OF INVESTMENT PROPERTIES AND LOSS OF CONTROL 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.
(\u20ac Mn)
2023
2022
Net capital g ains/losses on disposal of assets
36.4
18.6
Proceeds from disposal of assets
347.1
737.4
Carrying values of disposed assets
(310.7)
(718.8)
Net capital g ains/losses on disposal of shares
(46.7)
12.2
Proceeds from disposal of shares
9.4
309.0
Carrying values of disposed shares
(56.0)
(296.7)
Net capital g ains/losses on disposal of investment properties and loss of control
(10.3)
30.9
DISPOSAL OF SHARES/CONSOLIDATED SUBSIDIARIES, INVESTMENT PROPERTIES IN THE CONSOLIDATED STATEMENT OF CASH FLOWS
(\u20ac Mn)
2023
2022
Net price of shares sold
7.1
597.5
Cash and current accounts
216.5
136.6
Disposal of shares/consolidated subsidiaries
223.6
734.1
Disposal of investment properties
298.8
585.5
(2) (1) (3) (3) (1) In 2023, refers mainly to the disposal of Polygone Riviera described in note 1.1. In 2022, refers mainly to the disposals of Solna Centrum, Westfield Carr\u00e9 S\u00e9nart, Almere and Aupark described in note 1.2. (2) The disposal result of Westfield Carr\u00e9 S\u00e9nart in 2022 is booked within shareholders\u2019 equity (see note 1.2 \u201cAcquisitions/Disposals in 2022\u201d) and as a result is not shown in the proceeds from disposal of shares in the consolidated statement of comprehensive income. (3) In 2023, 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 to some non-cash items mainly in the USA. In 2022, it corresponds mainly 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. NOTE 5. INVESTMENT PROPERTIES, TANGIBLE AND INTANGIBLE ASSETS, GOODWILL 5.1 INVESTMENT PROPERTIES 5.1.1 ACCOUNTING PRINCIPLES INVESTMENT PROPERTIES (IAS 40 AND IFRS 13) In accordance with IAS 40, investment properties are shown at their fair 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 the European Public Real Estate Association (\u201cEPRA\u201d), 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 the Royal Institution of Chartered Surveyors (\u201cRICS\u201d), 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 1 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 (\u201cDCF\u201d) methodology as well as the yield methodology. Furthermore, the resulting valuations are cross-checked against the initial yield, value per square metre 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. 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) in connexion with a new AFREXIM ESG scorecard built by main valuation firms, international shopping centres landlords and some French institutions representing a large scope of retail market participants (see 2.3.2 \u201cImpact on financial statements\u201d). On that basis, 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 DCF 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. Proper ties under c onst ruc tion car ried at c ost are subjec t 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 Westfield Hamburg, previously classified as Investment Property Under Construction at cost, is assessed at fair value since June 30, 2023.
(\u20ac Mn)
Dec. 31, 2023
Dec. 31, 2022
Shopping Centres
32,015.9
33,025.6
France
10,841.3
11,658.5
Spain
3,329.9
3,402.2
US
4,577.8
5,164.5
Central Europe
3,888.9
3,795.2
Austria
2,056.5
2,159.8
Germany
2,169.7
1,656.9
Nordics
2,427.5
2,514.1
The Netherlands
1,453.2
1,519.0
UK
1,271.2
1,155.4
Offices & Others
2,404.2
2,327.1
France
1,511.9
1,779.6
Other countries
892.3
547.5
Convention & Exhibition
2,492.7
2,478.1
Total
36,912.8
37,830.8
The decrease is explained in the table below.
Total
Shopping Offices Convention & investment Properties held
(\u20ac Mn) Centres & Others Exhibition properties
for sale
Total
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
340.5
94.4
31.8
466.7
0.3
467.0
Disposals/exits from the scope of consolidation
(812.5)
(5.2)
\u2013
(817.7)
(249.5)
(1,067.2)
Reclassification and transfer of category
191.3
36.4
15.0
242.6
\u2013
242.6
Discounting impact
2.6
\u2013
\u2013
2.6
\u2013
2.6
Valuation movements
(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
3
7,83
0. 8
\u2013
37,
83 0.8
Acquisitions
21.5
\u2013
\u2013
21.5
\u2013
21.5
Entry into scope of consolidation
112.9
\u2013
\u2013
112.9
\u2013
112.9
Capitalised expenses
730.4
214.8
56.9
1,002.1
\u2013
1,002.1
Disposals/exits from the scope of consolidation
(668.4)
(94.8)
\u2013
(763.2)
\u2013
(763.2)
Reclassification and transfer of category
566.3
329.8
66.8
962.9
33.9
996.8
Discounting impact
0.1
\u2013
\u2013
0.1
\u2013
0.1
Valuation movements
(1,626.2)
(375.9)
(109.2)
(2,111.3)
\u2013
(2,111.3)
Currency translation
(146.3)
3.3
\u2013
(142.9)
\u2013
(142.9)
Dec. 31, 2023
32,015.9
2,404.2
2,492.7
36,912.8
33.9
36,946.7
(1)
(2)
(3)
(4)
(1) Relates to the change of consolidation method of Croydon and the entry of fully consolidated companies.
(2) Capitalised expenses mainly relate to:
\u2013 Shopping centres in Germany, France and US;
\u2013 Offices in France; and
\u2013 C&E sites such as the Parc des Expositions in Porte de Versailles.
(3) Includes the disposals of Polygone Riviera, Westfield Brandon, Versailles Chantiers and the foreclosure of San Francisco Centre (see note 1.1.1 Disposals in 2023).
(4) Includes mainly:
\u2013 The reclassification of Westfield Hamburg from IPUC at cost to IPUC at fair value; and
\u2013 The revaluation of the financial lease of LAX Airport (\u20ac92.8 Mn), the Parc des Expositions in Porte de Versailles (\u20ac55.3 Mn) and Le Bourget (\u20ac11.5 Mn).
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, 2023, 99% 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 -\u20ac185.8 Mn (-\u20ac159.3 Mn as at December 31, 2022).
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 DCF and/or yield methodologies.
The table below only includes fully consolidated assets.
Net Rent in \u20ac Discount Exit Capitalisation CAGR of
Shopping Centres \u2013 Dec. 31, 2023 Initial Yield per sqm Rate Rate NRI
Max
7.8%
968
10.0%
20.0%
21.2%
France
Min
3.5%
160
6.7%
4.7%
4.3%
Weighted average
4.9%
632
6.9%
4.9%
5.3%
Max
10.6%
620
14.0%
9.5%
4.2%
Spain
Min
5.0%
136
7.9%
5.3%
2.7%
Weighted average
5.8%
411
8.4%
5.6%
3.4%
Max
9.2%
734
9.8%
9.5%
2.3%
Central Europe
Min
6.0%
306
7.5%
5.6%
1.5%
Weighted average
6.3%
509
7.9%
5.9%
2.0%
Max
5.4%
449
7.0%
5.1%
4.4%
Austria
Min
5.3%
343
7.0%
5.1%
3.0%
Weighted average
5.3%
393
7.0%
5.1%
3.7%
Max
7.6%
528
9.4%
7.3%
4.8%
Germany
Min
5.0%
201
6.6%
5.0%
1.4%
Weighted average
5.8%
336
7.4%
5.5%
3.3%
Max
6.4%
467
7.9%
5.9%
4.9%
Nordics
Min
4.6%
296
6.9%
4.9%
3.4%
Weighted average
5.1%
390
7.1%
5.1%
3.6%
Max
8.1%
397
8.3%
7.1%
3.3%
The Netherlands
Min
5.2%
283
6.5%
5.0%
1.3%
Weighted average
5.6%
369
6.7%
5.4%
2.9%
Max
5.4%
1,438
7.5%
6.0%
9.5%
US
Min
3.2%
476
6.8%
5.0%
3.2%
Weighted average
4.6%
841
7.1%
5.3%
4.9%
(a)
(b)
(c)
(d)
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 and the airport activities are not included in this table neither the UK asset.
(a) Average annual rent (minimum guaranteed rent (\u201cMGR\u201d) + sales-based rent (\u201cSBR\u201d)) per asset per square meter.
(b) Rate used to calculate the net present value of future cash flows.
(c) Rate used to capitalise the exit rent to determine the exit value of an asset.
(d) 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).
Net Rent in \u20ac Discount Exit Capitalisation CAGR of
Shopping Centres \u2013 December 31, 2022 Initial Yield per sqm Rate Rate NRI
Max
7.1%
919
9.5%
13.1%
13.5%
France
Min
3.4%
174
6.3%
4.2%
3.8%
Weighted average
4.5%
585
6.5%
4.4%
4.9%
Max
9.0%
577
12.8%
8.5%
9.0%
Spain
Min
3.6%
131
7.5%
4.7%
2.5%
Weighted average
5.0%
370
7.9%
5.0%
4.3%
Max
8.2%
681
9.2%
8.9%
3.2%
Central Europe
Min
5.3%
262
7.2%
5.2%
2.4%
Weighted average
5.7%
452
7.6%
5.4%
2.9%
Max
5.0%
438
6.7%
4.6%
3.3%
Austria
Min
4.9%
331
6.6%
4.6%
3.0%
Weighted average
4.9%
382
6.6%
4.6%
3.1%
Max
7.3%
508
9.0%
6.9%
3.9%
Germany
Min
4.8%
215
6.5%
4.6%
2.3%
Weighted average
5.4%
329
7.0%
5.0%
3.2%
Max
6.1%
446
7.5%
5.3%
4.5%
Nordics
Min
4.5%
285
6.6%
4.5%
2.9%
Weighted average
4.8%
386
6.9%
4.7%
3.5%
Max
7.3%
403
7.7 %
6.6%
4.5%
The Netherlands
Min
4.8%
297
5.8%
4.6%
3.0%
Weighted average
5.2%
365
6.2%
5.0%
3.9%
Max
9.3%
1,438
10.0%
9.0%
9.1%
US
Min
2.9%
420
6.5%
4.5%
0.6%
Weighted average
4.3%
773
6.9%
5.0%
4.2%
(a)
(b)
(c)
(d)
NIY, 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 and the airport activities are not included in this table neither the UK asset.
(a) Average annual rent (MGR + SBR) per asset per square meter.
(b) Rate used to calculate the net present value of future cash flows.
(c) Rate used to capitalise the exit rent to determine the exit value of an asset.
(d) CAGR of NRI determined by the appraiser (duration of the DCF model used either 6 or 10 years).
The tables below show the sensitivity on URW\u2019s Shopping Centres portfolio value for assets fully consolidated, excluding assets under development
and the airport activities.
The percentages below are indicative of evolutions in case of various evolutions of NIY, DR, ECR and appraisers\u2019 Estimated Rental Value (ERV).
OFFICES & OTHERS
Appraisers value the Group\u2019s Offices & Others using the DCF and yield methodologies.
The tables below show the sensitivity on URW\u2019s Offices & Others portfolio value for assets fully consolidated, excluding assets under development.
The percentages below are indicative of evolutions in case of various evolutions of NIY.
Impact in Impact in
Sensitivity \u20ac Mn %
+25 bps in NIY
(82)
(4.5)%
-25 bps in NIY
+90
+4.9%
CONVENTION & EXHIBITION
The table shows below the sensitivity of the C&E portfolio related to the weighted average cost of capital (\u201cWACC\u201d).
Impact in Impact in
Sensitivity \u20ac Mn %
+25 bps in \u201cWACC\u201d
(77)
(3.7)%
-25 bps in \u201cWACC\u201d
+82
+4.0%
5.1.3 INVESTMENT PROPERTIES UNDER CONSTRUCTION AT COST \u2013 IFRS BASIS
(\u20ac Mn)
Dec. 31, 2023
Dec. 31, 2022
Shopping Centres
307.2
724.3
France
138.7
148.9
Spain
110.4
121.4
US
2.7
11.6
Central Europe
44.3
38.4
Austria
\u2013
\u2013
Germany
1.8
397.0
Nordics
9.3
7.0
The Netherlands
\u2013
\u2013
UK
\u2013
\u2013
Offices & Others
98.3
438.3
France
24.0
83.4
Other countries
74.3
354.9
Convention & Exhibition
\u2013
\u2013
Total
405.4
1,162.6
Assets still stated at cost were subject to impairment tests as at December 31, 2023. Allowances were recorded for a total amount of -\u20ac114.0 Mn in
2023. It mainly corresponds to Sisters in La D\u00e9fense.
Total investment Properties held
(\u20ac Mn)
Gross value
Impairment
properties at cost
for sale
Total
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
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
\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)
1,16
2.6
\u2013
1,162.6
Acquisitions
(0.3)
\u2013
(0.3)
\u2013
(0.3)
Capitalised expenses
216.6
\u2013
216.6
\u2013
216.6
Disposals/exits from the scope of consolidation
(20.0)
11.8
(8.1)
\u2013
(8.1)
Reclassification and transfer of category
(1,053.4)
203.2
(850.2)
9.4
(840.8)
Write-off
(2.2)
\u2013
(2.2)
\u2013
(2.2)
Impairment/reversal
\u2013
(114.0)
(114.0)
\u2013
(114.0)
Currency translation
1.8
(0.7)
1.1
\u2013
1.1
Dec. 31, 2023
818.7
(413.3)
405.4
9.4
414.8
(1)
(2)
(3)
(1) Capitalised expenses mainly refer to investments in Westfield Hamburg.
(2) Includes mainly the reclassification of Westfield Hamburg from IPUC at cost to IPUC at fair value.
(3) Impairment mainly relates to Sisters in La D\u00e9fense.
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)
2023
2022
Investment properties at fair value
(2,111.3)
(798.5)
Shopping Centres
(1,626.2)
(597.5)
Offices & Others
(375.9)
(131.0)
Convention & Exhibition
(109.2)
(70.0)
Investment properties at cost
(116.1)
(297.1)
Tangible and i ntangible assets
( 18.6)
(14.9)
Total
(2,246.0)
(1,110.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-559": { "value": "
3.4.1 ACQUISITIONS OF SUBSIDIARIES, NET OF CASH ACQUIRED (CONSOLIDATED
STATEMENT OF CASH FLOWS)
(\u20ac Mn)
2023
2022
Acquisition price of shares
(50.1)
\u2013
Cash and current accounts
(22.6)
\u2013
Acquisition of subsidiaries net of cash a cquired
(72.6)
\u2013
DISPOSAL OF SHARES/CONSOLIDATED SUBSIDIARIES, INVESTMENT PROPERTIES IN THE
CONSOLIDATED STATEMENT OF CASH FLOWS
(\u20ac Mn)
2023
2022
Net price of shares sold
7.1
597.5
Cash and current accounts
216.5
136.6
Disposal of shares/consolidated subsidiaries
223.6
734.1
Disposal of investment properties
298.8
585.5
(2)
(1)
(3)
(3)
(1) In 2023, refers mainly to the disposal of Polygone Riviera described in note 1.1.
In 2022, refers mainly to the disposals of Solna Centrum, Westfield Carr\u00e9 S\u00e9nart, Almere and Aupark described in note 1.2.
(2) The disposal result of Westfield Carr\u00e9 S\u00e9nart in 2022 is booked within shareholders\u2019 equity (see note 1.2 \u201cAcquisitions/Disposals in 2022\u201d) and as a result is not shown in the
proceeds from disposal of shares in the consolidated statement of comprehensive income.
(3) In 2023, 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 to some non-cash items mainly in the USA. In 2022, it corresponds mainly 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.
5.6 AMOUNTS PAID FOR WORKS AND ACQUISITION OF PROPERTY ASSETS
(CONSOLIDATED STATEMENT OF CASH FLOWS)
In 2023, amounts paid for works and acquisition of property assets amount to \u20ac1,181.0 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.
The variation of financial debt by flows breaks down as follows: Cash flows Variation Non-cash flows Dec. 31, of accrued Variation of Currency Fair value Dec. 31, (\u20ac Mn) 2022 Increase Decrease interest scope translation impact Others Bonds and EMTNs 22,489.3 736.1 (576.2) (4.9) \u2013 (153.2) 2.2 24.1 22,517.4 Bank borrowings 1,651.2 1,500.1 (0.1) 11.4 (110.5) (27.5) 0.8 20.4 3,045.7 Other financial liabilities 1,363.4 74.2 (82.3) \u2013 (0.1) 0.0 \u2013 (0.1) 1,354.9 Lease liabilities 898.9 26.9 (65.3) \u2013 42.9 (11.7) \u2013 171.1 9 77. 0 Total 26,402.8 2,337.2 (723.9) 6. 5 (153.5)\ue01f (192.4) 3.0 215.5 27,895 .1 (1) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac2,409.3 Mn and decrease of -\u20ac769.2 Mn) mainly due the variation of guarantee (1) (3) (2) (4) deposits received. (2) Net of bonds and EMTNs issuance costs and issuance 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 straightlining of premiums and fees on EMTNs and bank borrowings and change in recognition of lease liabilities in application of IFRS 16. As at December 2022, the variation of financial debt by flows broke down as follows: Cash flows Variation Non-cash flows Dec. 31, of accrued Variation of Currency Fair value Dec. 31, (\u20ac Mn) 2021 Increase Decrease interest scope translation impact Others 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 16 5.8 26,402.8 (1) (3) (2) (4) (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 straightlining of premiums and fees on EMTNs and bank borrowings and change in recognition of lease liabilities in application of IFRS 16.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-560": { "value": "
3.4.2 RESULT ON DISPOSAL OF INVESTMENT PROPERTIES AND LOSS OF CONTROL
The result on disposal of investment properties and loss of control includes both the result on disposal of assets and the result on disposal of shares.
(\u20ac Mn)
2023
2022
Net capital g ains/losses on disposal of assets
36.4
18.6
Proceeds from disposal of assets
347.1
737.4
Carrying values of disposed assets
(310.7)
(718.8)
Net capital g ains/losses on disposal of shares
(46.7)
12.2
Proceeds from disposal of shares
9.4
309.0
Carrying values of disposed shares
(56.0)
(296.7)
Net capital g ains/losses on disposal of investment properties and loss of control
(10.3)
30.9
", "dimensions": { "concept": "urw:DisclosureOfResultOnDisposalOfInvestmentPropertiesAndLossOfControl", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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
Total Total
Consolidated statement of comprensive income 2023 2023 2022 2022
(\u20ac Mn)
IFRS
Proportionate
Proportionate
IFRS
Proportionate
Proportionate
Gross rental income
2,322.1
550.8
2,872.9
2,231.3
601.1
2,832.4
Ground rents paid
(37.7)
(0.8)
(38.5)
(38.3)
(1.4)
(39.7)
Service charge income
364.8
63.2
428.0
320.5
68.1
388.6
Service charge expenses
(424.1)
(85.4)
(509.5)
(384.6)
(87.1)
(471.7)
Property operating expenses
(431.8)
(111.1)
(542.8)
(353.3)
(129.9)
(483.1)
Operating expenses and net service charges
(528.7)
(134.1)
(662.9)
(455.7)
(150.4)
(606.0)
Net rental income
1,793.4
416.7
2,210.1
1,775.6
450.7
2,226.3
Property development and project management revenue
90.0
0.1
90.1
162.1
0.0
162.1
Property development and project management costs
(59.0)
(0.1)
(59.2)
(130.0)
\u2013
(130.0)
Net prope rty development and pro ject management income
30.9
(0.0)
30.9
32.1
0.0
32. 1
Property services and other activities revenues
284.1
0.8
284.9
289.9
0.0
289.9
Property services and other activities expenses
(226.1)
(1.2)
(227.3)
(211.8)
(0.1)
(212.0)
Net prope rty se rvices and other acti vities income\ue01f
58.0
(0.4)
57.6
78.0
(0.1)
77. 9
Share of the result of companies accounted for using the equity
method
(169.6)
132.6
(37.0)
(51.8)
161.0
109.2
Income on financial assets
48.8
( 17.3)
31.5
31.0
(13.1)
18.0
Contribution of companies accounted for using the
equity method
(120.8)
115.4
(5.4)
(20.8)
147.9
127.2
Corporate expenses
(199.3)
(4.9)
(204.2)
(210.4)
(4.0)
(214.4)
Depreciation of other tangible and intangible assets
(31.9)
\u2013
(31.9)
(32.4)
\u2013
(32.4)
Administrative expenses
(231.2)
(4.9)
(236.1)
(242.8)
(4.0)
(246.8)
Acquisition and other costs
(8.9)
(0.0)
(8.9)
2.6
\u2013
2.6
Proceeds from disposal of investment properties
356.5
231.2
5 87.7
1,046.4
497.4
1,543.8
Carrying value of investment properties sold
(366.8)
(242.2)
(609.0)
(1,015.5)
(535.1)
(1,550.6)
Result on dispos al of investment properties and loss of
control
(10.3)
(11.0)
(21 .2)
30.9
(37.7 )
(6.8)
Valuation gains on assets
239.4
89.9
329.3
403.6
78.4
482.0
Valuation losses on assets
(2,485.4)
(537.0)
(3,022.4)
(1,514.2)
(588.1)
(2,102.3)
Valuation movement s on assets
(2,246.0)
(447.1)
(2,693.1)
(1,110.6)
(509.7)
(1,620.3)
Impairment of goodw ill
(234.0)
(8.0)
( 242.1)
\u2013
\u2013
\u2013
NET OPERATING RESULT
(968.9)
60.6
(908.3)
545.0
47.1
592.1
Result from non-consolidated companies
3.0
(0.0)
2.9
4.3
(0.0)
4.3
Financial income
558.5
11.8
570.3
245.3
(0.1)
245.2
Financial expenses
(994.6)
(60.2)
(1,054.8)
(719.3)
(50.0)
(769.3)
Net financing costs
(436.1)
(48.4)
(484.5)
(474.0)
(50.1)
(524.1)
Fair value adjustment of net share settled bonds convertible into
new and/or existing shares (ORNANE)
\u2013
\u2013
\u2013
0.3
\u2013
0.3
Fair value adjustments of derivatives, debt and currency effect
(370.0)
(12.6)
(382.6)
275.0
7.2
282.2
Debt discounting
0.8
-
0.8
0.6
\u2013
0.6
RES ULT BEFORE TAX
(1,771.2)
(0.5)
(1,771.7)
351.2
4.2
355.4
Income tax expenses
(7.4)
0.5
( 7.0)
(62.7)
(4.2)
(66.9)
NET RESULT FOR THE PERIOD
(1,778.7)
(0.0)
(1,778.7)
288.5
0.0
288.5
Net result for the period attributable to:
\u2022\ue01f
The holders of the Stapled Shares
(1,629.1)
\u2013
(1,629.1)
178.2
\u2013
178.2
\u2022\ue01f
External non-controlling interests
(149.6)
\u2013
(149.6)
110.3
\u2013
110.3
NET RESULT FOR THE PERIOD
(1,778.7)
\u2013
(1,778.7)
288.5
\u2013
288.5
(1)
(2)
(1) In 2023 and 2022, includes development expenses respectively for -\u20ac4.7 Mn and -\u20ac3.7 Mn.
(2) 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
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
Consolidated statement of financial position 2023 2023 2022 2022
(\u20ac Mn)
IFRS
Proportionate
Proportionate
IFRS
Proportionate
Proportionate
NON-CURRENT ASSETS
46,621.4
1,510.2
48,131.6
5 0,177.5
1,823.2
52,000.7
Investment properties
37,318.2
7,192.7
44,510.9
38,993.4
8, 365.6
47,359.0
Investment properties at fair value
36,912.8
7,143.2
44,056.0
37,830.8
8,322.2
46,153.0
Investment properties at cost
405.4
49.5
454.9
1,162.6
43.4
1,206.0
Shares and investments in companies accounted for using the
equity method
6,980.3
(5,741.0)
1,239.3
7,927.1
(6,630.6)
1,296.5
Other tangible assets
113.0
2.8
115.8
137.3
3.0
140.3
Goodwill
845.2
48.1
893.3
1,079.2
61.0
1,140.2
Intangible assets
829.6
(0.1)
829.5
820.5
\u2013
820.5
Investments in financial assets
260.0
5.2
265.2
365.2
17.2
382.4
Deferred tax assets
24.4
\u2013
24.4
23.8
\u2013
23.8
Derivatives at fair value
250.7
2.5
253.2
831.0
7.0
838.0
CURRENT A SSETS
6,956.7
328.5
7,28
5.2
4,458.5
402.6
4,861.1
Properties or shares held for sale
204.5
45.3
249.9
\u2013
\u2013
\u2013
Inventories
35.3
28.3
63.6
44.4
36.3
80.7
Trade receivables from activity
506.5
118.5
625.0
463.9
132.4
596.3
Tax receivables
196.6
8.5
205.1
174.9
16.9
191.8
Other receivables
511.5
(6.3)
505.2
446.2
31.7
47 7.9
Cash and cash equivalents
5,502.3
134.2
5,636.5
3,329.1
185.3
3,514.4
TOTAL ASSETS
53,578.1
1,838.7
55,416.8
54,636.0
2,225.8
56,861.8
Equity attributable to the holders of the Stapled Shares
15,385.7
\u2013
15,385.7
17,1 88 .7
\u2013
17,18
8.7
Share capital
695.2
\u2013
695.2
693.8
\u2013
693.8
Additional paid-in capital
13,491.1
\u2013
13,491.1
13,487.3
\u2013
13,487.3
Consolidated reserves
2,852.8
\u2013
2,852.8
2,692.0
\u2013
2,692.0
Hedging and foreign currency translation reserves
(24.3)
\u2013
(24.3)
137.4
\u2013
137.4
Consolidated result
(1,629.1)
\u2013
(1,629.1)
178.2
\u2013
178.2
\u2022\ue01f
Equity attributable to Unibail-Rodamco-Westfield SE
members
16,066.6
\u2013
16,066.6
17,478.4
\u2013
17,478.4
\u2022\ue01f
Equity attributable to Unibail-Rodamco-Westfield N.V.
members
(680.9)
\u2013
(680.9)
(289.7)
\u2013
(289.7)
Hybrid securities
1,821.1
\u2013
1,821.1
1,988.5
\u2013
1,988.5
External non-controlling interests
3,560.5
\u2013
3,560.5
3,771.1
\u2013
3,771.1
TOTAL SHAREHOLDERS' EQUITY
20,767.3
\u2013
20,767.3
22,948.2
\u2013
22,948.2
NON-CURRENT LIABILITIES
28,973.7
1,466.9
30,440.6
29,002.7
1, 820.7
30,823.4
Non-current commitment to external non-controlling interests
28.0
0.9
28.9
39.4
1.5
40.9
Non-current bonds and borrowings
25,082.6
1,357.6
26,440.2
24,778.2
1,692.3
26,470.5
Non-current lease liabilities
921.0
2.1
923.1
843.3
9.1
852.4
Derivatives at fair value
796.3
\u2013
796.3
1,097.4
\u2013
1,097.4
Deferred tax liabilities
1,781.9
82.6
1,864.5
1,828.8
97.1
1,925.9
Non-current provisions
64.3
2.7
67.0
67.7
2.7
70.4
Guarantee deposits
242.1
19.5
261.6
218.2
17.9
236.1
Amounts due on investments
24.6
0.2
24.8
39.1
0.1
39.2
Other non-current liabilities
32.9
1.3
34.2
90.6
\u2013
90.6
CURRENT LIABILITIES
3, 837. 1
371.8
4,208.9
2,685.1
405.1
3,090.2
Liabilities directly associated with properties or shares classified
as held for sale
\u2013
45.3
45.3
\u2013
\u2013
\u2013
Current commitment to external non-controlling interests
4.8
(0.1)
4.7
5.4
0.2
5.6
Amounts due to supplier s and other creditors
1,156.0
151.4
1 ,3 07.4
1 ,147.2
160.2
1, 30 7.4
Amounts due to suppliers
245.0
52.3
297.3
240.5
34.4
274.9
Amounts due on investments
474.0
33.4
507.4
411.3
42.2
453.5
Sundry creditors
437.0
65.7
502.7
495.4
83.6
579.0
Other current liabilities
738.3
17.7
756.0
718.2
30.5
748.7
Current borrowings and amounts due to credit institutions
1,835.5
157.4
1,992.9
725.7
213.4
939.1
Current lease liabilities
56.0
0.1
56.1
55.6
0.7
56.3
Current provisions
46.5
\u2013
46.5
33.0
0.1
33.1
TOTAL LIABILITIES AND EQUITY
53,578.1
1,838.7
55,416.8
54,636.0
2,225.8
56,861.8
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
2023
2022
Non- Non-
Net result by segment on a proportionate basis Recurring recurring Recurring recurring
(\u20acMn) activities activities Result activities activities Result
SHOPPING CENTRES
Gross rental income
614.6
\u2013
614.6
569.7
\u2013
569.7
Operating expenses and net service charges
(89.1)
\u2013
(89.1)
(62.6)
\u2013
(62.6)
Net rental income
525.5
\u2013
525.5
5 07.0
\u2013
5 07.0
FR ANCE
Contribution of companies accounted for using the equity method
36.8
(42.8)
(6.0)
29.1
65.8
94.8
Gains/losses on sales of properties
\u2013
(41.8)
(41.8)
\u2013
(4.3)
(4.3)
Valuation movements on assets
\u2013
(695.7)
(695.7)
\u2013
(125.4)
(125.4)
Impairment of goodwill
\u2013
(183.8)
(183.8)
\u2013
\u2013
\u2013
Result from operations Shopping Centres F rance
562.3
(964.1)
(4 01.8)
53 6.1
(64.0)
472.1
Gross rental income
192.7
\u2013
192.7
206.7
\u2013
206.7
Operating expenses and net service charges
(23.7)
\u2013
(23.7)
(18.4)
\u2013
(18.4)
Net rental income
169.0
\u2013
169.0
188.3
\u2013
188.3
SPAIN
Contribution of companies accounted for using the equity method
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Gains/losses on sales of properties
\u2013
3.7
3.7
\u2013
(0.0)
(0.0)
Valuation movements on assets
\u2013
(144.1)
(144.1)
\u2013
(19.0)
(19.0)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Shopping Centres Spain
169.0
(140.5)
28.6
188.3
(19.0)
169.4
Gross rental income
782.3
\u2013
782.3
860.4
\u2013
860.4
Operating expenses and net service charges
(247.0)
\u2013
(247.0)
(281.6)
\u2013
(281.6)
Net rental income
535.3
\u2013
5 35.3
578.8
\u2013
578.8
UNITED\ue01f
Contribution of companies accounted for using the equity method
\u2013
(25.4)
(25.4)
0.6
(30.6)
(30.1)
STATES
Gains/losses on sales of properties
\u2013
9.9
9.9
\u2013
(23.0)
(23.0)
Valuation movements on assets
\u2013
(689.4)
(689.4)
\u2013
(711.9)
(711.9)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Shopping Centres United States
535.3
( 704.9)
(169.6)
579.4
(765.5)
(186.2)
Gross rental income
246.6
\u2013
246.6
221.3
\u2013
221.3
Operating expenses and net service charges
2.1
\u2013
2.1
(4.1)
\u2013
(4.1)
Net rental income
248.8
\u2013
248.8
217.2
\u2013
2 17.2
CENTRAL
Contribution of companies accounted for using the equity method
46.9
(8.0)
38.9
30.4
26.0
56.4
EUROPE
Gains/losses on sales of properties
\u2013
2.2
2.2
\u2013
(3.5)
(3.5)
Valuation movements on assets
\u2013
81.9
81.9
\u2013
72.8
72.8
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Shopping Centres Central Euro pe
295.7
76.2
371.9
247.6
95.4
343.0
Gross rental income
147.8
\u2013
147.8
137.3
\u2013
137.3
Operating expenses and net service charges
(36.0)
\u2013
(36.0)
(27.8)
\u2013
(27.8)
Net rental income
111. 8
\u2013
111.8
10 9.5
\u2013
109.5
AUS TR IA
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
(149.5)
(149.5)
\u2013
(51.6)
(51.6)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Shopping Centres Austria
111.8
(149.5)
(37.8)
109.5
(51.6)
57.9
(1) (1) (1) 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.
2023
2022
Non- Non-
Net result by segment on a proportionate basis Recurring recurring Recurring recurring
(\u20acMn) activities activities Result activities activities Result
SHOPPING CENTRES
Gross rental income
146.7
\u2013
146.7
136.9
\u2013
136.9
Operating expenses and net service charges
(20.4)
\u2013
(20.4)
(8.8)
\u2013
(8.8)
Net rental income
126.3
\u2013
126.3
128.1
\u2013
128.1
GERMANY
Contribution of companies accounted for using the equity method
2.7
(11.3)
(8.7)
2.5
(3.5)
(1.1)
Gains/losses on sales of properties
\u2013
(1.5)
(1.5)
\u2013
11.1
11.1
Valuation movements on assets
\u2013
(285.1)
(285.1)
\u2013
(282.1)
(282.1)
Impairment of goodwill
\u2013
(58.3)
(58.3)
\u2013
\u2013
\u2013
Result from operations Shopping Centres Germany
128.9
(356.1)
(227.2)
130.6
(274.5)
(143.9)
Gross rental income
1 17.9
\u2013
117.9
118.5
\u2013
118.5
Operating expenses and net service charges
(15.7)
\u2013
(15.7)
(19.7)
\u2013
(19.7)
Net rental income
102.2
\u2013
102.2
98.8
\u2013
98.8
NORDICS
Contribution of companies accounted for using the equity method
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Gains/losses on sales of properties
\u2013
1.3
1.3
\u2013
22.9
22.9
Valuation movements on assets
\u2013
(156.9)
(156.9)
\u2013
(49.1)
(49.1)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Shopping Centres Nordics
102.2
(15 5.6)
(53.4)
98.8
(26.3)
72.6
Gross rental income
92.3
\u2013
92.3
93.7
\u2013
93.7
Operating expenses and net service charges
(14.8)
\u2013
(14.8)
(17.0)
\u2013
(17.0)
Net rental income
7 7.5
\u2013
77.5
76.8
\u2013
76. 8
THE\ue01f
Contribution of companies accounted for using the equity method
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
NETHERLANDS
Gains/losses on sales of properties
\u2013
0.1
0.1
\u2013
(10.0)
(10.0)
Valuation movements on assets
\u2013
(81.2)
(81.2)
\u2013
(3.9)
(3.9)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Shopping Centres The Netherlands\ue01f
77.5
(81.1)
(3.5)
76.8
(13.9)
62.9
Gross rental income
233.1
\u2013
233.1
198.4
\u2013
198.4
Operating expenses and net service charges
(98.7)
\u2013
(98.7)
(82.2)
\u2013
(82.2)
Net rental income
134.4
\u2013
134.4
116.3
\u2013
116.3
UNITED\ue01f
Contribution of companies accounted for using the equity method
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
KINGDOM
Gains/losses on sales of properties
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Valuation movements on assets
\u2013
(24.4)
(24.4)
\u2013
(145.7)
(145.7)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Shopping Centres United Kingdom
134.4
(24.4)
110.0
116.3
(145.7)
(29.4)
TOTAL RES ULT FROM OPERATIONS SHOPPING CENTRES
2, 117.2
(2,500.0)
(382.8)
2,08
3.4
(1,265.1)
818.3
OFFICES & OTHERS
Gross rental income
70.3
\u2013
70.3
58.7
\u2013
58.7
Operating expenses and net service charges
(4.5)
\u2013
(4.5)
(5.2)
\u2013
(5.2)
Net rental income
65.8
\u2013
65.8
53.5
\u2013
53.5
FR ANCE
Contribution of companies accounted for using the equity method
(0.1)
(2.9)
(3.0)
(0.2)
7.2
7.1
Gains/losses on sales of properties
\u2013
(5.4)
(5.4)
\u2013
(0.3)
(0.3)
Valuation movements on assets
\u2013
(334.0)
(334.0)
\u2013
(123.7)
(123.7)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Offices & Others France
65.7
(342. 3)
(276.6)
53.3
(116.8)
(63.5)
Gross rental income
27.5
\u2013
27.5
28.1
\u2013
28.1
Operating expenses and net service charges
(9.4)
\u2013
(9.4)
(8.4)
\u2013
(8.4)
Net rental income
18.1
\u2013
18.1
1 9.7
\u2013
19.7
OTHER\ue01f
Contribution of companies accounted for using the equity method
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
COUNTRIES
Gains/losses on sales of properties
\u2013
0.1
0.1
\u2013
0.3
0.3
Valuation movements on assets
\u2013
(86.8)
(86.8)
\u2013
(96.0)
(96.0)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Offices & Others Other coun tries
18.1
(86.7)
(68.7)
19.7
(95 .7)
(76.1)
TOTAL RES ULT FROM OPERATIONS OFFICES & OTHERS
8 3.8
(429.0)
(345.2)
73.0
(212.5)
(139.5)
(1)
(1)
(2)
(2)
(1) 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.
(2) Following a change in classification of one building from Shopping Centres to Offices & Others, the figures for 2022 were accordingly restated for \u20ac3.4Mn.
2023
2022
Non- Non-
Net result by segment on a proportionate basis Recurring recurring Recurring recurring
(\u20acMn) activities activities Result activities activities Result
CONVENTION & EXHIBITION
Gross rental income
201.1
\u2013
201.1
202.6
\u2013
202.6
Operating expenses and net service charges
(105.7)
\u2013
(105.7)
(70.3)
\u2013
(70.3)
Net rental income
95.4
\u2013
95.4
132.3
\u2013
132.3
FR ANCE
On\u2013site property services net inc ome
3 7.2
\u2013
37.2
57.9
\u2013
57.9
Contribution of companies accounted for using the equity method
(0.9)
(0.4)
(1.2)
\u2013
\u2013
\u2013
Valuation movements, depreciation, capital gains
\u2013
(99.3)
(99.3)
\u2013
(69.7)
(69.7)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
TOTAL RESULT FROM OPERATIONS CONVENTION & EXHIBITION
131.7
(99.6)
32.1
190.2
(69.7)
120 .5
Net property development and project management income
30.9
\u2013
30.9
32.1
\u2013
32.1
Other property services net income
39.9
\u2013
39.9
44.8
(0.0)
44.8
Impairment of goodwill related to the property services
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
General expenses
(199.4)
\u2013
(199.4)
(210.7)
\u2013
(210.7)
Development expenses
(4.7)
\u2013
(4.7)
(3.7)
\u2013
(3.7)
Acquisition and other costs
\u2013
(8.9)
(8.9)
\u2013
2.6
2.6
NET OPERATING RESULT BEFORE DEPRECIATION AND IMPAIRMENT OF\ue01f
ASSE TS
2,199.3
(3,037.5)
(838.2)
2,209.0
(1,544.7)
664.2
Depreciation and impairment of tangible and intangible assets
(51.5)
(18.6)
(70.1)
(57.2)
(14.9)
(72.1)
NET OPERATING RESULT
2, 147.8
(3,056.1)
(908.3)
2,151.8
(1,559.7)
592.1
Result from non consolidated companies
2.9
\u2013
2.9
4.3
\u2013
4.3
Financing result
(484.5)
(381.9)
(866.4)
(524.1)
283.1
(241.0)
RES ULT BEFORE TAX
1,666.3
(3,438.0)
(1,771.7)
1,632.0
(1,276.6)
355.4
Income tax expenses
(80.6)
73.6
(7.0)
(66.6)
(0.3)
(66.9)
NET RESULT FOR THE PERIOD
1,585.7
(3,364.4)
( 1,778.7)
1,565.4
(1,276.9)
288.5
External non\u2013controlling interests
(176.8)
326.3
149.6
(226.0)
115.7
(110.3)
NET RESULT FOR THE PERIOD ATTRIBUTABL E TO THE HOLDERS OF THE\ue01f
STAPLED SHARES
1,408.9
(3,038.0)
(1,629.1)
1,339.3
(1,161.1)
178.2
(1) (1) (1) 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 on a straight-line basis over the expected term of the lease. According to IFRS 16, a rent relief which is not a lease modification will be directly charged to the income statement as a reduction of the Gross Rental Income. For rent relief which are considered as a lease modification, the accounting treatment depends on whether there\u2019s a counterpart received from the tenant or not. 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
(\u20ac Mn excluding taxes)
2023
2022
Shopping Centres
2,574.1
2,543.0
France
614.6
569.7
Spain
192.7
206.7
US
782.3
860.4
Central Europe
246.6
221.3
Austria
147.8
137.3
Germany
146.7
136.9
Nordics
117.9
118.5
The Netherlands
92.3
93.7
UK
233,1
198.4
Offices & Others
97.7
86.8
France
70.3
58.7
Other countries
27.5
28.1
Convention & Exhibition
201.1
202.6
Total
2,872.9
2,832.4
(1) (1) (1) Following a change in classification of one building from Shopping Centres to Offices & Others, the figures for 2022 were accordingly restated for \u20ac3.4Mn. Gross Rental Income amounted to \u20ac2,872.9 Mn (\u20ac2,832.4 Mn as at December 31, 2022), an increase of +1.4%.
GROSS RENTAL INCOME BY SEGMENTS ON IFRS BASIS
(\u20ac Mn excluding taxes)
2023
2022
Shopping Centres
2,033.3
1,949.5
France
603.2
559.4
Spain
192.2
206.3
US
419.3
434.9
Central Europe
229.3
199.8
Austria
147.8
137.3
Germany
97.5
93.1
Nordics
117.9
118.5
The Netherlands
92.3
93.7
UK
133.7
106.4
Offices & Others
90.2
81.4
France
68.1
56.6
Other countries
22.1
24.8
Convention & Exhibition
198.6
200.5
Total
2,322.1
2,231.3
MINIMUM GUARANTEED RENTS UNDER LEASES ON A PROPORTIONATE BASIS
As at December 31, 2023, minimum future rents due under leases until the next possible termination date break down as follows:
Minimum future rents per year
(\u20ac Mn)
Shopping Offices
Year Centres
& Others
Total
2024
1,661.0
96.7
1,757.7
2025
1,442.9
92.8
1,535.7
2026
1,135.1
86.2
1,221.3
2027
872.6
70.4
943.0
2028
650.2
66.1
716.3
2029
479.4
61.0
540.4
2030
359.9
55.4
415.3
2031
283.4
51.5
334.8
2032
229.8
43.1
272.9
2033
157.2
30.4
187.6
2034
109.0
19.2
128.1
Beyond
122.5
0.7
123.2
Total
7,502.9
673.4
8,176.3\ue01f
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 2023
Net property
development
and project
management Contribution Result on
income, net of companies disposal of Total net
property services accounted for investment Valuation Acquisition operating
Net rental and other using the equity Administrative properties movements and other Impairment result
(\u20acMn) income activities income method expenses and shares on assets costs of goodwill 2023
Shopping Centres
France
525.5
\u2013
(6.0)
\u2013
(41.8)
(695.7)
\u2013
(183.8)
(401.8)
Spain
169.0
\u2013
\u2013
\u2013
3.7
(144.1)
\u2013
\u2013
28.6
United States
535.3
\u2013
(25.4)
\u2013
9.9
(689.4)
\u2013
\u2013
(169.6)
Central Europe
248.8
\u2013
38.9
\u2013
2.2
81.9
\u2013
\u2013
371.9
Austria
111.8
\u2013
\u2013
\u2013
\u2013
(149.5)
\u2013
\u2013
(37.8)
Germany
126.3
\u2013
(8.7)
\u2013
(1.5)
(285.1)
\u2013
(58.3)
(227.2)
Nordics
102.2
\u2013
\u2013
\u2013
1.3
(156.9)
\u2013
\u2013
(53.4)
The Netherlands
7 7.5
\u2013
\u2013
\u2013
0.1
(81.2)
\u2013
\u2013
(3.5)
United Kingdom
134.4
\u2013
\u2013
\u2013
\u2013
(24.4)
\u2013
\u2013
110.0
Total Shopp ing Cent res
2,030.9
\u2013
(1.2)
\u2013
(26.1)
(2,144.3)
\u2013
(242.1)
(382.8)
Offices & Others
France
65.8
\u2013
(3.0)
\u2013
(5.4)
(334.0)
\u2013
\u2013
(276.6)
Others
18.1
\u2013
\u2013
\u2013
0.1
(86.8)
\u2013
\u2013
(68.7)
Total Office s & Others
83.8
\u2013
(3.0)
\u2013
(5.3)
(420.8)
\u2013
\u2013
(34 5.2)
C. & E.
France
95.4
37.2
(1.2)
\u2013
10.1
(109.4)
\u2013
\u2013
32.1
Not allocated
\u2013
51.3
\u2013
(236.1)
\u2013
(1 8.6)
(8.9)
\u2013
(212.3)
Total
2,2 10.1
88.5
(5.4)
(236.1)
(21.2)
(2,693.1)
(8. 9)
(242.1)
(908.3)
(1)
(2)
(1) Convention & Exhibition segment.
(2) Includes development expenses respectively -\u20ac4.7 Mn.
FOR 2022
(2)
Net property
development
and project
management Contribution Result on
income, net of companies disposal of Total net
property services accounted for investment Valuation Acquisition operating
Net rental and other using the equity Administrative properties movements and other Impairment result
(\u20acMn) income activities income method expenses and shares on assets costs of goodwill 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
116.3
\u2013
\u2013
\u2013
\u2013
(145.7)
\u2013
\u2013
(29.4)
Total Shopp ing Cent res
2,020.9
\u2013
120.1
\u2013
(6.8)
(1,315.9)
\u2013
\u2013
818.3
Offices & Others
France
53.5
\u2013
7.1
\u2013
(0.3)
(123.7)
\u2013
\u2013
(63.5)
Others
19.7
\u2013
\u2013
\u2013
0.3
(96.0)
\u2013
\u2013
(76.1)
Total Office s & Others
73.2
\u2013
7.1
\u2013
(0.0)
(219.7)
\u2013
\u2013
(13 9.5)
C. & E.
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
(207.1)
Total
2,226.3
110.0
127.2
(246.8)
(6.8)
(1,620.3)
2.6
\u2013
592.1
(1)
(3)
(1) Convention & Exhibition segment.
(2) Following a change in classification of one building from Shopping Centres to Offices & Others, the figures for 2022 were accordingly restated for \u20ac3.4Mn.
(3) Includes development expenses for -\u20ac3.7 Mn.
4.5.2 STATEMENT OF FINANCIAL POSITION BY SEGMENT ON A PROPORTIONATE BASIS
FOR 2023
Shares and Total Liabilities
investments in Properties or Other excluding
Investment companies under Other non current shares held current Total shareholders'
(\u20acMn)
properties
Goodwill
the equity method assets for sale assets Assets equity
Shopping Centres
France
11,201.2
547.2
454.7
38.8
\u2013
234.4
12,476.3
386.6
Spain
3,441.4
\u2013
\u2013
34.4
33.9
45.5
3,555.2
292.7
United States
9,216.5
\u2013
\u2013
210.0
135.1
257.5
9,819.1
576.3
Central Europe
4,142.7
87.3
725.5
29.5
71.2
27.6
5,083.8
724.0
Austria
2,056.5
72.9
\u2013
0.1
\u2013
29.5
2,158.9
443.8
Germany
2,965.2
175.6
11.7
29.4
\u2013
87.4
3,269.3
372.3
Nordics
2,436.8
\u2013
\u2013
0.7
\u2013
29.5
2,467.0
425.9
The Netherlands
1,453.2
\u2013
\u2013
5.8
\u2013
9.2
1,468.2
59.6
United Kingdom
2,300.7
\u2013
\u2013
155.7
\u2013
178.3
2,634.7
292.5
Total Shopp ing Cent res
39,214.2
883.0
1,191.9
504.5
240.2
898.9
42,932.6
3,573.8
Offices & Others
France
1,578.1
\u2013
38.5
113.7
\u2013
82.1
1,812.4
54.4
Others
1,225.2
\u2013
\u2013
(0.0)
9.7
34.0
1,268.8
130.1
Total Office s & Others
2,803.3
\u2013
38.5
113.7
9.7
116.1
3,081.2
184.4
C. & E.
France
2,493.4
\u2013
9.0
123.8
\u2013
142.0
2,768.2
233.8
Not allocated
\u2013
10.3
\u2013
746.1
\u2013
5,878.4
6,634.8
30,657.5
Total Dec. 31, 2023
44,510.9
893.3
1,239.3
1,488.1
249.9
7,035.4
55,416.8
3
4,64
9 .5
(1)
(2)
(3)
(4)
(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 2022
Shares and Total Liabilities
investments in Properties or Other excluding
Investment companies under Other non current shares held current Total shareholders'
(\u20acMn)
properties
Goodwill
the equity method assets for sale assets Assets 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 Shopp ing Cent res
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 Office s & Others
3,077.5
\u2013
30.7
114.3
\u2013
90.5
3,313.0
181.3
C. & E.
France
2,479.0
\u2013
\u2013
119.3
\u2013
126.8
2,725.1
195.2
Not allocated
\u2013
10.3
\u2013
1,358.2
\u2013
3,683.5
5,052.0
29,839.0
Total Dec. 31, 2022
47,359.0
1,140.2
1,296.5
2,2 05.0
\u2013
4,861.1
56,861.8
33,913.6
(1)
(2)
(3)
(4)
(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
2023
2022
Investments Investments Investments Investments
in investment in investment in investment in investment
properties at fair properties at Total properties at fair properties at Total
(\u20acMn) value cost investments value cost investments
Shopping Centres
France
168.7
7.1
175.8
144.3
7.4
151.8
Spain
85.2
9.5
94.7
46.5
4.7
51.2
United States
165.2
14.6
179.8
115.4
3.1
118.5
Central Europe
21.9
6.9
28.7
18.9
6.5
25.4
Austria
45.2
\u2013
45.2
22.8
0.0
22.8
Germany
226.4
93.2
319.6
17.3
118.0
135.3
Nordics
69.1
2.4
71.5
20.3
11.2
31.4
The Netherlands
16.2
\u2013
16.2
20.2
\u2013
20.2
United Kingdom
52.7
\u2013
52.7
59.5
\u2013
59.5
Total Shopp ing Cent res
850.6
133.7
984.3
465.3
150.9
616.2
Offices & Others
France
78.7
17.8
96.6
88.3
2.0
90.3
Others
153.6
76.8
230.4
53.9
87.7
141.6
Total Office s & Others
232.3
9 4.7
327.0
142.2
89.7
231.9
C. & E.
France
57.0
\u2013
57.0
31.8
\u2013
31.8
Total
1,139.9
228.3
1,368.2
639.3
240.6
87 9.8
(2)
(2)
(1)
(1) Convention & Exhibition segment.
(2) Before transfer between category of investment property.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-610": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-585": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-586": { "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
2023
2022
Non- Non-
Net result by segment on a proportionate basis Recurring recurring Recurring recurring
(\u20acMn) activities activities Result activities activities Result
SHOPPING CENTRES
Gross rental income
614.6
\u2013
614.6
569.7
\u2013
569.7
Operating expenses and net service charges
(89.1)
\u2013
(89.1)
(62.6)
\u2013
(62.6)
Net rental income
525.5
\u2013
525.5
5 07.0
\u2013
5 07.0
FR ANCE
Contribution of companies accounted for using the equity method
36.8
(42.8)
(6.0)
29.1
65.8
94.8
Gains/losses on sales of properties
\u2013
(41.8)
(41.8)
\u2013
(4.3)
(4.3)
Valuation movements on assets
\u2013
(695.7)
(695.7)
\u2013
(125.4)
(125.4)
Impairment of goodwill
\u2013
(183.8)
(183.8)
\u2013
\u2013
\u2013
Result from operations Shopping Centres F rance
562.3
(964.1)
(4 01.8)
53 6.1
(64.0)
472.1
Gross rental income
192.7
\u2013
192.7
206.7
\u2013
206.7
Operating expenses and net service charges
(23.7)
\u2013
(23.7)
(18.4)
\u2013
(18.4)
Net rental income
169.0
\u2013
169.0
188.3
\u2013
188.3
SPAIN
Contribution of companies accounted for using the equity method
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Gains/losses on sales of properties
\u2013
3.7
3.7
\u2013
(0.0)
(0.0)
Valuation movements on assets
\u2013
(144.1)
(144.1)
\u2013
(19.0)
(19.0)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Shopping Centres Spain
169.0
(140.5)
28.6
188.3
(19.0)
169.4
Gross rental income
782.3
\u2013
782.3
860.4
\u2013
860.4
Operating expenses and net service charges
(247.0)
\u2013
(247.0)
(281.6)
\u2013
(281.6)
Net rental income
535.3
\u2013
5 35.3
578.8
\u2013
578.8
UNITED\ue01f
Contribution of companies accounted for using the equity method
\u2013
(25.4)
(25.4)
0.6
(30.6)
(30.1)
STATES
Gains/losses on sales of properties
\u2013
9.9
9.9
\u2013
(23.0)
(23.0)
Valuation movements on assets
\u2013
(689.4)
(689.4)
\u2013
(711.9)
(711.9)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Shopping Centres United States
535.3
( 704.9)
(169.6)
579.4
(765.5)
(186.2)
Gross rental income
246.6
\u2013
246.6
221.3
\u2013
221.3
Operating expenses and net service charges
2.1
\u2013
2.1
(4.1)
\u2013
(4.1)
Net rental income
248.8
\u2013
248.8
217.2
\u2013
2 17.2
CENTRAL
Contribution of companies accounted for using the equity method
46.9
(8.0)
38.9
30.4
26.0
56.4
EUROPE
Gains/losses on sales of properties
\u2013
2.2
2.2
\u2013
(3.5)
(3.5)
Valuation movements on assets
\u2013
81.9
81.9
\u2013
72.8
72.8
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Shopping Centres Central Euro pe
295.7
76.2
371.9
247.6
95.4
343.0
Gross rental income
147.8
\u2013
147.8
137.3
\u2013
137.3
Operating expenses and net service charges
(36.0)
\u2013
(36.0)
(27.8)
\u2013
(27.8)
Net rental income
111. 8
\u2013
111.8
10 9.5
\u2013
109.5
AUS TR IA
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
(149.5)
(149.5)
\u2013
(51.6)
(51.6)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Shopping Centres Austria
111.8
(149.5)
(37.8)
109.5
(51.6)
57.9
(1) (1) (1) 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.
2023
2022
Non- Non-
Net result by segment on a proportionate basis Recurring recurring Recurring recurring
(\u20acMn) activities activities Result activities activities Result
SHOPPING CENTRES
Gross rental income
146.7
\u2013
146.7
136.9
\u2013
136.9
Operating expenses and net service charges
(20.4)
\u2013
(20.4)
(8.8)
\u2013
(8.8)
Net rental income
126.3
\u2013
126.3
128.1
\u2013
128.1
GERMANY
Contribution of companies accounted for using the equity method
2.7
(11.3)
(8.7)
2.5
(3.5)
(1.1)
Gains/losses on sales of properties
\u2013
(1.5)
(1.5)
\u2013
11.1
11.1
Valuation movements on assets
\u2013
(285.1)
(285.1)
\u2013
(282.1)
(282.1)
Impairment of goodwill
\u2013
(58.3)
(58.3)
\u2013
\u2013
\u2013
Result from operations Shopping Centres Germany
128.9
(356.1)
(227.2)
130.6
(274.5)
(143.9)
Gross rental income
1 17.9
\u2013
117.9
118.5
\u2013
118.5
Operating expenses and net service charges
(15.7)
\u2013
(15.7)
(19.7)
\u2013
(19.7)
Net rental income
102.2
\u2013
102.2
98.8
\u2013
98.8
NORDICS
Contribution of companies accounted for using the equity method
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Gains/losses on sales of properties
\u2013
1.3
1.3
\u2013
22.9
22.9
Valuation movements on assets
\u2013
(156.9)
(156.9)
\u2013
(49.1)
(49.1)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Shopping Centres Nordics
102.2
(15 5.6)
(53.4)
98.8
(26.3)
72.6
Gross rental income
92.3
\u2013
92.3
93.7
\u2013
93.7
Operating expenses and net service charges
(14.8)
\u2013
(14.8)
(17.0)
\u2013
(17.0)
Net rental income
7 7.5
\u2013
77.5
76.8
\u2013
76. 8
THE\ue01f
Contribution of companies accounted for using the equity method
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
NETHERLANDS
Gains/losses on sales of properties
\u2013
0.1
0.1
\u2013
(10.0)
(10.0)
Valuation movements on assets
\u2013
(81.2)
(81.2)
\u2013
(3.9)
(3.9)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Shopping Centres The Netherlands\ue01f
77.5
(81.1)
(3.5)
76.8
(13.9)
62.9
Gross rental income
233.1
\u2013
233.1
198.4
\u2013
198.4
Operating expenses and net service charges
(98.7)
\u2013
(98.7)
(82.2)
\u2013
(82.2)
Net rental income
134.4
\u2013
134.4
116.3
\u2013
116.3
UNITED\ue01f
Contribution of companies accounted for using the equity method
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
KINGDOM
Gains/losses on sales of properties
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Valuation movements on assets
\u2013
(24.4)
(24.4)
\u2013
(145.7)
(145.7)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Shopping Centres United Kingdom
134.4
(24.4)
110.0
116.3
(145.7)
(29.4)
TOTAL RES ULT FROM OPERATIONS SHOPPING CENTRES
2, 117.2
(2,500.0)
(382.8)
2,08
3.4
(1,265.1)
818.3
OFFICES & OTHERS
Gross rental income
70.3
\u2013
70.3
58.7
\u2013
58.7
Operating expenses and net service charges
(4.5)
\u2013
(4.5)
(5.2)
\u2013
(5.2)
Net rental income
65.8
\u2013
65.8
53.5
\u2013
53.5
FR ANCE
Contribution of companies accounted for using the equity method
(0.1)
(2.9)
(3.0)
(0.2)
7.2
7.1
Gains/losses on sales of properties
\u2013
(5.4)
(5.4)
\u2013
(0.3)
(0.3)
Valuation movements on assets
\u2013
(334.0)
(334.0)
\u2013
(123.7)
(123.7)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Offices & Others France
65.7
(342. 3)
(276.6)
53.3
(116.8)
(63.5)
Gross rental income
27.5
\u2013
27.5
28.1
\u2013
28.1
Operating expenses and net service charges
(9.4)
\u2013
(9.4)
(8.4)
\u2013
(8.4)
Net rental income
18.1
\u2013
18.1
1 9.7
\u2013
19.7
OTHER\ue01f
Contribution of companies accounted for using the equity method
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
COUNTRIES
Gains/losses on sales of properties
\u2013
0.1
0.1
\u2013
0.3
0.3
Valuation movements on assets
\u2013
(86.8)
(86.8)
\u2013
(96.0)
(96.0)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Result from operations Offices & Others Other coun tries
18.1
(86.7)
(68.7)
19.7
(95 .7)
(76.1)
TOTAL RES ULT FROM OPERATIONS OFFICES & OTHERS
8 3.8
(429.0)
(345.2)
73.0
(212.5)
(139.5)
(1) (1) (2) (2) (1) 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. (2) Following a change in classification of one building from Shopping Centres to Offices & Others, the figures for 2022 were accordingly restated for \u20ac3.4Mn.
2023
2022
Non- Non-
Net result by segment on a proportionate basis Recurring recurring Recurring recurring
(\u20acMn) activities activities Result activities activities Result
CONVENTION & EXHIBITION
Gross rental income
201.1
\u2013
201.1
202.6
\u2013
202.6
Operating expenses and net service charges
(105.7)
\u2013
(105.7)
(70.3)
\u2013
(70.3)
Net rental income
95.4
\u2013
95.4
132.3
\u2013
132.3
FR ANCE
On\u2013site property services net inc ome
3 7.2
\u2013
37.2
57.9
\u2013
57.9
Contribution of companies accounted for using the equity method
(0.9)
(0.4)
(1.2)
\u2013
\u2013
\u2013
Valuation movements, depreciation, capital gains
\u2013
(99.3)
(99.3)
\u2013
(69.7)
(69.7)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
TOTAL RESULT FROM OPERATIONS CONVENTION & EXHIBITION
131.7
(99.6)
32.1
190.2
(69.7)
120 .5
Net property development and project management income
30.9
\u2013
30.9
32.1
\u2013
32.1
Other property services net income
39.9
\u2013
39.9
44.8
(0.0)
44.8
Impairment of goodwill related to the property services
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
General expenses
(199.4)
\u2013
(199.4)
(210.7)
\u2013
(210.7)
Development expenses
(4.7)
\u2013
(4.7)
(3.7)
\u2013
(3.7)
Acquisition and other costs
\u2013
(8.9)
(8.9)
\u2013
2.6
2.6
NET OPERATING RESULT BEFORE DEPRECIATION AND IMPAIRMENT OF\ue01f
ASSE TS
2,199.3
(3,037.5)
(838.2)
2,209.0
(1,544.7)
664.2
Depreciation and impairment of tangible and intangible assets
(51.5)
(18.6)
(70.1)
(57.2)
(14.9)
(72.1)
NET OPERATING RESULT
2, 147.8
(3,056.1)
(908.3)
2,151.8
(1,559.7)
592.1
Result from non consolidated companies
2.9
\u2013
2.9
4.3
\u2013
4.3
Financing result
(484.5)
(381.9)
(866.4)
(524.1)
283.1
(241.0)
RES ULT BEFORE TAX
1,666.3
(3,438.0)
(1,771.7)
1,632.0
(1,276.6)
355.4
Income tax expenses
(80.6)
73.6
(7.0)
(66.6)
(0.3)
(66.9)
NET RESULT FOR THE PERIOD
1,585.7
(3,364.4)
( 1,778.7)
1,565.4
(1,276.9)
288.5
External non\u2013controlling interests
(176.8)
326.3
149.6
(226.0)
115.7
(110.3)
NET RESULT FOR THE PERIOD ATTRIBUTABL E TO THE HOLDERS OF THE\ue01f
STAPLED SHARES
1,408.9
(3,038.0)
(1,629.1)
1,339.3
(1,161.1)
178.2
(1)
(1)
(1) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-587": { "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 on a straight-line basis over the expected term of the lease. According to IFRS 16, a rent relief which is not a lease modification will be directly charged to the income statement as a reduction of the Gross Rental Income. For rent relief which are considered as a lease modification, the accounting treatment depends on whether there\u2019s a counterpart received from the tenant or not. 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
(\u20ac Mn excluding taxes)
2023
2022
Shopping Centres
2,574.1
2,543.0
France
614.6
569.7
Spain
192.7
206.7
US
782.3
860.4
Central Europe
246.6
221.3
Austria
147.8
137.3
Germany
146.7
136.9
Nordics
117.9
118.5
The Netherlands
92.3
93.7
UK
233,1
198.4
Offices & Others
97.7
86.8
France
70.3
58.7
Other countries
27.5
28.1
Convention & Exhibition
201.1
202.6
Total
2,872.9
2,832.4
(1) (1) (1) Following a change in classification of one building from Shopping Centres to Offices & Others, the figures for 2022 were accordingly restated for \u20ac3.4Mn. Gross Rental Income amounted to \u20ac2,872.9 Mn (\u20ac2,832.4 Mn as at December 31, 2022), an increase of +1.4%. GROSS RENTAL INCOME BY SEGMENTS ON IFRS BASIS
(\u20ac Mn excluding taxes)
2023
2022
Shopping Centres
2,033.3
1,949.5
France
603.2
559.4
Spain
192.2
206.3
US
419.3
434.9
Central Europe
229.3
199.8
Austria
147.8
137.3
Germany
97.5
93.1
Nordics
117.9
118.5
The Netherlands
92.3
93.7
UK
133.7
106.4
Offices & Others
90.2
81.4
France
68.1
56.6
Other countries
22.1
24.8
Convention & Exhibition
198.6
200.5
Total
2,322.1
2,231.3
MINIMUM GUARANTEED RENTS UNDER LEASES ON A PROPORTIONATE BASIS As at December 31, 2023, minimum future rents due under leases until the next possible termination date break down as follows:
Minimum future rents per year
(\u20ac Mn)
Shopping Offices
Year Centres
& Others
Total
2024
1,661.0
96.7
1,757.7
2025
1,442.9
92.8
1,535.7
2026
1,135.1
86.2
1,221.3
2027
872.6
70.4
943.0
2028
650.2
66.1
716.3
2029
479.4
61.0
540.4
2030
359.9
55.4
415.3
2031
283.4
51.5
334.8
2032
229.8
43.1
272.9
2033
157.2
30.4
187.6
2034
109.0
19.2
128.1
Beyond
122.5
0.7
123.2
Total
7,502.9
673.4
8,176.3\ue01f
4.4.3 NET PROPERTY SERVICES AND OTHER ACTIVITIES INCOME REVENUE RECOGNITION 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
2023
2022
Net prope rty se rvices and other acti vities income
57.5
7 7.9
On-site property services net income \u2013 Convention & Exhibition
37.2
57.9
Depreciation of tangible and intangible assets \u2013 Convention & Exhibition
(14.0)
(17.6)
Other property services net income
39.9
44.8
Depreciation of tangible and intangible assets \u2013 other property services
(5.6)
(7.1)
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
out c ome. A s such , t he Gro up t ake s t he vie w t hat the 3 typ es of c on tr ac t s
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
uses 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-611": { "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 on a straight-line basis over the expected term of the lease. According to IFRS 16, a rent relief which is not a lease modification will be directly charged to the income statement as a reduction of the Gross Rental Income. For rent relief which are considered as a lease modification, the accounting treatment depends on whether there\u2019s a counterpart received from the tenant or not. 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 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 out c ome. A s such , t he Gro up t ake s t he vie w t hat the 3 typ es of c on tr ac t s 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 uses 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-657": { "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 on a straight-line basis over the expected term of the lease. According to IFRS 16, a rent relief which is not a lease modification will be directly charged to the income statement as a reduction of the Gross Rental Income. For rent relief which are considered as a lease modification, the accounting treatment depends on whether there\u2019s a counterpart received from the tenant or not. 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. 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. 5.2.2 CHANGES IN TANGIBLE ASSETS
Furniture and Right-of-use
Net value (\u20ac Mn) equipment
assets
Total
Dec. 31, 2021
80.4
65.5
14 5.9
Acquisitions and capitalised expenses
15.9
1.3
17.2
Reclassification
8.9
20.2
29.1
Disposals/exits from the scope of consolidation
(2.0)
(14.4)
(16.4)
Depreciation
(24.4)
(15.1)
(39.5)
Impairment/reversal
(0.8)
\u2013
(0.8)
Currency translation
0.5
1.3
1.8
Dec. 31, 2022
78.5
58.8
137.3
Acquisitions and capitalised expenses
32.1
0.6
32.8
Reclassification
0.1
1.0
1.1
Disposals/exits from the scope
(1.5)
(4.4)
(5.9)
Depreciation
(21.1)
(13.4)
(34.5)
Impairment/reversal
(16.7)
\u2013
(16.7)
Currency translation
(0.7)
(0.3)
(1.0)
Dec. 31, 2023
70.7
42.4
113.0
(1) (1) Impairment/reversal on Viparis assets according to the external appraisals . The variation of financial debt by flows breaks down as follows: Cash flows Variation Non-cash flows Dec. 31, of accrued Variation of Currency Fair value Dec. 31, (\u20ac Mn) 2022 Increase Decrease interest scope translation impact Others Bonds and EMTNs 22,489.3 736.1 (576.2) (4.9) \u2013 (153.2) 2.2 24.1 22,517.4 Bank borrowings 1,651.2 1,500.1 (0.1) 11.4 (110.5) (27.5) 0.8 20.4 3,045.7 Other financial liabilities 1,363.4 74.2 (82.3) \u2013 (0.1) 0.0 \u2013 (0.1) 1,354.9 Lease liabilities 898.9 26.9 (65.3) \u2013 42.9 (11.7) \u2013 171.1 9 77. 0 Total 26,402.8 2,337.2 (723.9) 6. 5 (153.5)\ue01f (192.4) 3.0 215.5 27,895 .1 (1) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac2,409.3 Mn and decrease of -\u20ac769.2 Mn) mainly due the variation of guarantee (1) (3) (2) (4) deposits received. (2) Net of bonds and EMTNs issuance costs and issuance 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 straightlining 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-634": { "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 on a straight-line basis over the expected term of the lease. According to IFRS 16, a rent relief which is not a lease modification will be directly charged to the income statement as a reduction of the Gross Rental Income. For rent relief which are considered as a lease modification, the accounting treatment depends on whether there\u2019s a counterpart received from the tenant or not. 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. 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:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-644": { "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 straightlining of initial payments) for properties built on land subject to leasehold or 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. URW is acting as principal. 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 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
2023
2022
Net prope rty se rvices and other acti vities income
57.5
7 7.9
On-site property services net income \u2013 Convention & Exhibition
37.2
57.9
Depreciation of tangible and intangible assets \u2013 Convention & Exhibition
(14.0)
(17.6)
Other property services net income
39.9
44.8
Depreciation of tangible and intangible assets \u2013 other property services
(5.6)
(7.1)
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 out c ome. A s such , t he Gro up t ake s t he vie w t hat the 3 typ es of c on tr ac t s 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 2023, acquisition and other costs amounted to -\u20ac8.9 Mn and mainly comprise costs relating to the acquisition of Croydon in UK and other costs in US. In 2022, acquisition and other costs amounted to +\u20ac2.6 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-612": { "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 straightlining of initial payments) for properties built on land subject to leasehold or 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. URW is acting as principal. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-651": { "value": "4.4.3 NET PROPERTY SERVICES AND OTHER ACTIVITIES INCOME REVENUE RECOGNITION 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
2023
2022
Net prope rty se rvices and other acti vities income
57.5
7 7.9
On-site property services net income \u2013 Convention & Exhibition
37.2
57.9
Depreciation of tangible and intangible assets \u2013 Convention & Exhibition
(14.0)
(17.6)
Other property services net income
39.9
44.8
Depreciation of tangible and intangible assets \u2013 other property services
(5.6)
(7.1)
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 out c ome. A s such , t he Gro up t ake s t he vie w t hat the 3 typ es of c on tr ac t s 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 uses 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:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-588": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-645": { "value": "5.1.1 ACCOUNTING PRINCIPLES INVESTMENT PROPERTIES (IAS 40 AND IFRS 13) In accordance with IAS 40, investment properties are shown at their fair 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 the European Public Real Estate Association (\u201cEPRA\u201d), 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 the Royal Institution of Chartered Surveyors (\u201cRICS\u201d), 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 1 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 (\u201cDCF\u201d) methodology as well as the yield methodology. Furthermore, the resulting valuations are cross-checked against the initial yield, value per square metre 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. 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) in connexion with a new AFREXIM ESG scorecard built by main valuation firms, international shopping centres landlords and some French institutions representing a large scope of retail market participants (see 2.3.2 \u201cImpact on financial statements\u201d). On that basis, 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 DCF 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. Proper ties under c onst ruc tion car ried at c ost are subjec t 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-652": { "value": "5.1.1 ACCOUNTING PRINCIPLES INVESTMENT PROPERTIES (IAS 40 AND IFRS 13) In accordance with IAS 40, investment properties are shown at their fair 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 the European Public Real Estate Association (\u201cEPRA\u201d), 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 the Royal Institution of Chartered Surveyors (\u201cRICS\u201d), 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 1 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 (\u201cDCF\u201d) methodology as well as the yield methodology. Furthermore, the resulting valuations are cross-checked against the initial yield, value per square metre 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. 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) in connexion with a new AFREXIM ESG scorecard built by main valuation firms, international shopping centres landlords and some French institutions representing a large scope of retail market participants (see 2.3.2 \u201cImpact on financial statements\u201d). On that basis, 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 DCF 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. Proper ties under c onst ruc tion car ried at c ost are subjec t 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-664": { "value": "
5.1.2 INVESTMENT PROPERTIES AT FAIR VALUE \u2013 IFRS BASIS
Westfield Hamburg, previously classified as Investment Property Under Construction at cost, is assessed at fair value since June 30, 2023.
(\u20ac Mn)
Dec. 31, 2023
Dec. 31, 2022
Shopping Centres
32,015.9
33,025.6
France
10,841.3
11,658.5
Spain
3,329.9
3,402.2
US
4,577.8
5,164.5
Central Europe
3,888.9
3,795.2
Austria
2,056.5
2,159.8
Germany
2,169.7
1,656.9
Nordics
2,427.5
2,514.1
The Netherlands
1,453.2
1,519.0
UK
1,271.2
1,155.4
Offices & Others
2,404.2
2,327.1
France
1,511.9
1,779.6
Other countries
892.3
547.5
Convention & Exhibition
2,492.7
2,478.1
Total
36,912.8
37,830.8
The decrease is explained in the table below.
Total
Shopping Offices Convention & investment Properties held
(\u20ac Mn) Centres & Others Exhibition properties
for sale
Total
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
340.5
94.4
31.8
466.7
0.3
467.0
Disposals/exits from the scope of consolidation
(812.5)
(5.2)
\u2013
(817.7)
(249.5)
(1,067.2)
Reclassification and transfer of category
191.3
36.4
15.0
242.6
\u2013
242.6
Discounting impact
2.6
\u2013
\u2013
2.6
\u2013
2.6
Valuation movements
(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
3
7,83
0. 8
\u2013
37,
83 0.8
Acquisitions
21.5
\u2013
\u2013
21.5
\u2013
21.5
Entry into scope of consolidation
112.9
\u2013
\u2013
112.9
\u2013
112.9
Capitalised expenses
730.4
214.8
56.9
1,002.1
\u2013
1,002.1
Disposals/exits from the scope of consolidation
(668.4)
(94.8)
\u2013
(763.2)
\u2013
(763.2)
Reclassification and transfer of category
566.3
329.8
66.8
962.9
33.9
996.8
Discounting impact
0.1
\u2013
\u2013
0.1
\u2013
0.1
Valuation movements
(1,626.2)
(375.9)
(109.2)
(2,111.3)
\u2013
(2,111.3)
Currency translation
(146.3)
3.3
\u2013
(142.9)
\u2013
(142.9)
Dec. 31, 2023
32,015.9
2,404.2
2,492.7
36,912.8
33.9
36,946.7
(1) (2) (3) (4) (1) Relates to the change of consolidation method of Croydon and the entry of fully consolidated companies. (2) Capitalised expenses mainly relate to: \u2013 Shopping centres in Germany, France and US; \u2013 Offices in France; and \u2013 C&E sites such as the Parc des Expositions in Porte de Versailles. (3) Includes the disposals of Polygone Riviera, Westfield Brandon, Versailles Chantiers and the foreclosure of San Francisco Centre (see note 1.1.1 Disposals in 2023). (4) Includes mainly: \u2013 The reclassification of Westfield Hamburg from IPUC at cost to IPUC at fair value; and \u2013 The revaluation of the financial lease of LAX Airport (\u20ac92.8 Mn), the Parc des Expositions in Porte de Versailles (\u20ac55.3 Mn) and Le Bourget (\u20ac11.5 Mn). 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, 2023, 99% 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 -\u20ac185.8 Mn (-\u20ac159.3 Mn as at December 31, 2022). 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 DCF and/or yield methodologies. The table below only includes fully consolidated assets.
Net Rent in \u20ac Discount Exit Capitalisation CAGR of
Shopping Centres \u2013 Dec. 31, 2023 Initial Yield per sqm Rate Rate NRI
Max
7.8%
968
10.0%
20.0%
21.2%
France
Min
3.5%
160
6.7%
4.7%
4.3%
Weighted average
4.9%
632
6.9%
4.9%
5.3%
Max
10.6%
620
14.0%
9.5%
4.2%
Spain
Min
5.0%
136
7.9%
5.3%
2.7%
Weighted average
5.8%
411
8.4%
5.6%
3.4%
Max
9.2%
734
9.8%
9.5%
2.3%
Central Europe
Min
6.0%
306
7.5%
5.6%
1.5%
Weighted average
6.3%
509
7.9%
5.9%
2.0%
Max
5.4%
449
7.0%
5.1%
4.4%
Austria
Min
5.3%
343
7.0%
5.1%
3.0%
Weighted average
5.3%
393
7.0%
5.1%
3.7%
Max
7.6%
528
9.4%
7.3%
4.8%
Germany
Min
5.0%
201
6.6%
5.0%
1.4%
Weighted average
5.8%
336
7.4%
5.5%
3.3%
Max
6.4%
467
7.9%
5.9%
4.9%
Nordics
Min
4.6%
296
6.9%
4.9%
3.4%
Weighted average
5.1%
390
7.1%
5.1%
3.6%
Max
8.1%
397
8.3%
7.1%
3.3%
The Netherlands
Min
5.2%
283
6.5%
5.0%
1.3%
Weighted average
5.6%
369
6.7%
5.4%
2.9%
Max
5.4%
1,438
7.5%
6.0%
9.5%
US
Min
3.2%
476
6.8%
5.0%
3.2%
Weighted average
4.6%
841
7.1%
5.3%
4.9%
(a) (b) (c) (d) 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 and the airport activities are not included in this table neither the UK asset. (a) Average annual rent (minimum guaranteed rent (\u201cMGR\u201d) + sales-based rent (\u201cSBR\u201d)) per asset per square meter. (b) Rate used to calculate the net present value of future cash flows. (c) Rate used to capitalise the exit rent to determine the exit value of an asset. (d) 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).
Net Rent in \u20ac Discount Exit Capitalisation CAGR of
Shopping Centres \u2013 December 31, 2022 Initial Yield per sqm Rate Rate NRI
Max
7.1%
919
9.5%
13.1%
13.5%
France
Min
3.4%
174
6.3%
4.2%
3.8%
Weighted average
4.5%
585
6.5%
4.4%
4.9%
Max
9.0%
577
12.8%
8.5%
9.0%
Spain
Min
3.6%
131
7.5%
4.7%
2.5%
Weighted average
5.0%
370
7.9%
5.0%
4.3%
Max
8.2%
681
9.2%
8.9%
3.2%
Central Europe
Min
5.3%
262
7.2%
5.2%
2.4%
Weighted average
5.7%
452
7.6%
5.4%
2.9%
Max
5.0%
438
6.7%
4.6%
3.3%
Austria
Min
4.9%
331
6.6%
4.6%
3.0%
Weighted average
4.9%
382
6.6%
4.6%
3.1%
Max
7.3%
508
9.0%
6.9%
3.9%
Germany
Min
4.8%
215
6.5%
4.6%
2.3%
Weighted average
5.4%
329
7.0%
5.0%
3.2%
Max
6.1%
446
7.5%
5.3%
4.5%
Nordics
Min
4.5%
285
6.6%
4.5%
2.9%
Weighted average
4.8%
386
6.9%
4.7%
3.5%
Max
7.3%
403
7.7 %
6.6%
4.5%
The Netherlands
Min
4.8%
297
5.8%
4.6%
3.0%
Weighted average
5.2%
365
6.2%
5.0%
3.9%
Max
9.3%
1,438
10.0%
9.0%
9.1%
US
Min
2.9%
420
6.5%
4.5%
0.6%
Weighted average
4.3%
773
6.9%
5.0%
4.2%
(a) (b) (c) (d) NIY, 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 and the airport activities are not included in this table neither the UK asset. (a) Average annual rent (MGR + SBR) per asset per square meter. (b) Rate used to calculate the net present value of future cash flows. (c) Rate used to capitalise the exit rent to determine the exit value of an asset. (d) CAGR of NRI determined by the appraiser (duration of the DCF model used either 6 or 10 years). The tables below show the sensitivity on URW\u2019s Shopping Centres portfolio value for assets fully consolidated, excluding assets under development and the airport activities. The percentages below are indicative of evolutions in case of various evolutions of NIY, DR, ECR and appraisers\u2019 Estimated Rental Value (ERV).
Impact in Impact in
Sensitivity \u20ac Mn %
+25 bps in NIY
(1,466)
(4.5)%
+25 bps in DR
(522)
(1.6)%
+10 bps in ECR
(395)
(1.2)%
-5% in appraisers\u2019 ERV
(1,270)
(3.9)%
Impact in Impact in
Sensitivity \u20ac Mn %
-25 bps in NIY
+1,612
+5.0%
-25 bps in DR
+534
+1.6%
-10 bps in ECR
+420
+1.3%
+5% in appraisers\u2019 ERV
+1,031
+3.2%
OFFICES & OTHERS Appraisers value the Group\u2019s Offices & Others using the DCF and yield methodologies. The tables below show the sensitivity on URW\u2019s Offices & Others portfolio value for assets fully consolidated, excluding assets under development. The percentages below are indicative of evolutions in case of various evolutions of NIY.
Impact in Impact in
Sensitivity \u20ac Mn %
+25 bps in NIY
(82)
(4.5)%
-25 bps in NIY
+90
+4.9%
CONVENTION & EXHIBITION The table shows below the sensitivity of the C&E portfolio related to the weighted average cost of capital (\u201cWACC\u201d).
Impact in Impact in
Sensitivity \u20ac Mn %
+25 bps in \u201cWACC\u201d
(77)
(3.7)%
-25 bps in \u201cWACC\u201d
+82
+4.0%
5.3.2 CHANGES IN INTANGIBLE ASSETS
PM/DD&C/ Rights and Other intangible
Net value (\u20ac Mn)
Airport
Trademark
exhibitions
assets
Total
Dec. 31, 2021
253.9\ue01f
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
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\ue01f
425.8
117.0
23.4
820.5
Acquisitions
\u2013
\u2013
\u2013
14.2
14.2
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
Amortisation
(5.4)
\u2013
(2.0)
(12.6)
(20.0)
Impairment/reversal
(11.9)
(2.7)
18.1
\u2013
3.5
Currency translation
(0.5)
\u2013
\u2013
(0.4)
(0.9)
Reclassification
\u2013
\u2013
\u2013
12.4
12.4
Dec. 31, 2023
236.5
423.2
133.1
36.9
829.6
(1)
(2)
(2)
(1) The net impairment variation relates to reversals in Viparis\u2019 intangible assets partly offset by allowances in the US PM activity.
(2) Amounts related to Westfield\u2019s intangibles acquisition: PM, DDC, Airport and trademark amount to \u20ac659.7Mn.
One of the main assumptions used to value the PM, DD&C and the Trademark is the DR, which stands between 9.5% and 10.0%. PM The table below shows the sensitivity of the Property Management assets value and the impact in the result as determined at December 31, 2023:
(Additional)/
Impact in Reversal of
the value impairment
Sensitivity (\u20ac Mn) (\u20ac Mn)
-25bps in DR
+7.7
+7.7
+25bps in DR
(7.2)
(7.2)
-10bps LTGR
(2.1)
(2.1)
+10bps LTGR
+2.0
+2.0
TRADEMARK For the Trademark, the impairment test performed was based on an independent external appraisal leading to an impairment of -\u20ac2.7 Mn. The table below shows the sensitivity of the Trademark as determined at December 31, 2023:
Impairment
Sensitivity (\u20ac Mn)
+25bps in DR
(29.1)
-10bps in long-term growth rate
(8.4)
RIGHTS AND EXHIBITIONS As at December 31, 2023, impairment tests were performed on the intangible assets relating to the Viparis entities based on the valuations of independent external appraisers and a reversal of impairment of +\u20ac18.1 Mn was recognised. The table below shows the sensitivity of the Rights and exhibitions portfolio related to the weighted average cost of capital (\u201cWACC\u201d) and the impact in the result as determined at December 31, 2023:
(Additional)/
Impact in Impact in % Reversal of
the value of the portfolio impairment
Sensitivity (\u20ac Mn) value (\u20ac Mn)
-25bps in \u201cWACC\u201d
+26.5
+6.5%
+9.7
+25bps in \u201cWACC\u201d
(24.5)
(6.0)%
(8.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-653": { "value": "The decrease is explained in the table below.
Total
Shopping Offices Convention & investment Properties held
(\u20ac Mn) Centres & Others Exhibition properties
for sale
Total
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
340.5
94.4
31.8
466.7
0.3
467.0
Disposals/exits from the scope of consolidation
(812.5)
(5.2)
\u2013
(817.7)
(249.5)
(1,067.2)
Reclassification and transfer of category
191.3
36.4
15.0
242.6
\u2013
242.6
Discounting impact
2.6
\u2013
\u2013
2.6
\u2013
2.6
Valuation movements
(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
3
7,83
0. 8
\u2013
37,
83 0.8
Acquisitions
21.5
\u2013
\u2013
21.5
\u2013
21.5
Entry into scope of consolidation
112.9
\u2013
\u2013
112.9
\u2013
112.9
Capitalised expenses
730.4
214.8
56.9
1,002.1
\u2013
1,002.1
Disposals/exits from the scope of consolidation
(668.4)
(94.8)
\u2013
(763.2)
\u2013
(763.2)
Reclassification and transfer of category
566.3
329.8
66.8
962.9
33.9
996.8
Discounting impact
0.1
\u2013
\u2013
0.1
\u2013
0.1
Valuation movements
(1,626.2)
(375.9)
(109.2)
(2,111.3)
\u2013
(2,111.3)
Currency translation
(146.3)
3.3
\u2013
(142.9)
\u2013
(142.9)
Dec. 31, 2023
32,015.9
2,404.2
2,492.7
36,912.8
33.9
36,946.7
(1) (2) (3) (4) (1) Relates to the change of consolidation method of Croydon and the entry of fully consolidated companies. (2) Capitalised expenses mainly relate to: \u2013 Shopping centres in Germany, France and US; \u2013 Offices in France; and \u2013 C&E sites such as the Parc des Expositions in Porte de Versailles. (3) Includes the disposals of Polygone Riviera, Westfield Brandon, Versailles Chantiers and the foreclosure of San Francisco Centre (see note 1.1.1 Disposals in 2023). (4) Includes mainly: \u2013 The reclassification of Westfield Hamburg from IPUC at cost to IPUC at fair value; and \u2013 The revaluation of the financial lease of LAX Airport (\u20ac92.8 Mn), the Parc des Expositions in Porte de Versailles (\u20ac55.3 Mn) and Le Bourget (\u20ac11.5 Mn). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-666": { "value": "5.2 TANGIBLE ASSETS 5.2.1 ACCOUNTING PRINCIPLES Under 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 fa\u00e7ade, 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
Furniture and Right-of-use
Net value (\u20ac Mn) equipment
assets
Total
Dec. 31, 2021
80.4
65.5
14 5.9
Acquisitions and capitalised expenses
15.9
1.3
17.2
Reclassification
8.9
20.2
29.1
Disposals/exits from the scope of consolidation
(2.0)
(14.4)
(16.4)
Depreciation
(24.4)
(15.1)
(39.5)
Impairment/reversal
(0.8)
\u2013
(0.8)
Currency translation
0.5
1.3
1.8
Dec. 31, 2022
78.5
58.8
137.3
Acquisitions and capitalised expenses
32.1
0.6
32.8
Reclassification
0.1
1.0
1.1
Disposals/exits from the scope
(1.5)
(4.4)
(5.9)
Depreciation
(21.1)
(13.4)
(34.5)
Impairment/reversal
(16.7)
\u2013
(16.7)
Currency translation
(0.7)
(0.3)
(1.0)
Dec. 31, 2023
70.7
42.4
113.0
(1) (1) 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)
2023
2022
Investment properties at fair value
(2,111.3)
(798.5)
Shopping Centres
(1,626.2)
(597.5)
Offices & Others
(375.9)
(131.0)
Convention & Exhibition
(109.2)
(70.0)
Investment properties at cost
(116.1)
(297.1)
Tangible and i ntangible assets
( 18.6)
(14.9)
Total
(2,246.0)
(1,110.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-661": { "value": "5.2 TANGIBLE ASSETS 5.2.1 ACCOUNTING PRINCIPLES Under 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 fa\u00e7ade, 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
Furniture and Right-of-use
Net value (\u20ac Mn) equipment
assets
Total
Dec. 31, 2021
80.4
65.5
14 5.9
Acquisitions and capitalised expenses
15.9
1.3
17.2
Reclassification
8.9
20.2
29.1
Disposals/exits from the scope of consolidation
(2.0)
(14.4)
(16.4)
Depreciation
(24.4)
(15.1)
(39.5)
Impairment/reversal
(0.8)
\u2013
(0.8)
Currency translation
0.5
1.3
1.8
Dec. 31, 2022
78.5
58.8
137.3
Acquisitions and capitalised expenses
32.1
0.6
32.8
Reclassification
0.1
1.0
1.1
Disposals/exits from the scope
(1.5)
(4.4)
(5.9)
Depreciation
(21.1)
(13.4)
(34.5)
Impairment/reversal
(16.7)
\u2013
(16.7)
Currency translation
(0.7)
(0.3)
(1.0)
Dec. 31, 2023
70.7
42.4
113.0
(1) (1) 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 \u2013 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 and DD&C contracts are fully amortised. 5.3.2 CHANGES IN INTANGIBLE ASSETS
PM/DD&C/ Rights and Other intangible
Net value (\u20ac Mn)
Airport
Trademark
exhibitions
assets
Total
Dec. 31, 2021
253.9\ue01f
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
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\ue01f
425.8
117.0
23.4
820.5
Acquisitions
\u2013
\u2013
\u2013
14.2
14.2
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
Amortisation
(5.4)
\u2013
(2.0)
(12.6)
(20.0)
Impairment/reversal
(11.9)
(2.7)
18.1
\u2013
3.5
Currency translation
(0.5)
\u2013
\u2013
(0.4)
(0.9)
Reclassification
\u2013
\u2013
\u2013
12.4
12.4
Dec. 31, 2023
236.5
423.2
133.1
36.9
829.6
(1) (2) (2) (1) The net impairment variation relates to reversals in Viparis\u2019 intangible assets partly offset by allowances in the US PM activity. (2) Amounts related to Westfield\u2019s intangibles acquisition: PM, DDC, Airport and trademark amount to \u20ac659.7Mn. One of the main assumptions used to value the PM, DD&C and the Trademark is the DR, which stands between 9.5% and 10.0%. PM The table below shows the sensitivity of the Property Management assets value and the impact in the result as determined at December 31, 2023:
(Additional)/
Impact in Reversal of
the value impairment
Sensitivity (\u20ac Mn) (\u20ac Mn)
-25bps in DR
+7.7
+7.7
+25bps in DR
(7.2)
(7.2)
-10bps LTGR
(2.1)
(2.1)
+10bps LTGR
+2.0
+2.0
TRADEMARK For the Trademark, the impairment test performed was based on an independent external appraisal leading to an impairment of -\u20ac2.7 Mn. The table below shows the sensitivity of the Trademark as determined at December 31, 2023:
Impairment
Sensitivity (\u20ac Mn)
+25bps in DR
(29.1)
-10bps in long-term growth rate
(8.4)
RIGHTS AND EXHIBITIONS As at December 31, 2023, impairment tests were performed on the intangible assets relating to the Viparis entities based on the valuations of independent external appraisers and a reversal of impairment of +\u20ac18.1 Mn was recognised. The table below shows the sensitivity of the Rights and exhibitions portfolio related to the weighted average cost of capital (\u201cWACC\u201d) and the impact in the result as determined at December 31, 2023:
(Additional)/
Impact in Impact in % Reversal of
the value of the portfolio impairment
Sensitivity (\u20ac Mn) value (\u20ac Mn)
-25bps in \u201cWACC\u201d
+26.5
+6.5%
+9.7
+25bps in \u201cWACC\u201d
(24.5)
(6.0)%
(8.7)
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, 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 5YBP 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 2024\u2013 2028 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. These discount rates were also compared with the discount rates used by appraisers for the valuation of Investment Properties as at December 31, 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, 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 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, 2023, the goodwill breaks down as follows:
Synergies,
workforce and
ability to
generate
Optimised value of development
Net value (\u20ac Mn)
deferred taxes
Fee business
projects
Total
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
Disposal
\u2013
\u2013
\u2013
\u2013
Impairment
(1.1)
\u2013
(232.9)
(234.0)
Currency translation
\u2013
\u2013
\u2013
\u2013
Dec. 31, 2023
175.5
119.3
550.5
845.2
The allocation of the goodwill per geographical segment breaks down as follows:
(\u20ac Mn)
France Retail
Central Europe
Austria
Germany
Other
Total
Goodwill Dec. 31, 2022
731.0
87.3
72.9
17 7.8
10.3
1,079.2
Disposal
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment
(183.8)
\u2013
\u2013
(50.2)
\u2013
(234.0)
Currency translation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Goodwill Dec. 31, 2023
5 47.2
87.3
72.9
12 7.6
10.3
845.2
The Group performs an impairment test for each category of goodwill. GOODWILL RELATING TO OPTIMISED VALUE OF DEFERRED TAXES As at December 31, 2023, an impairment of -\u20ac1.1 Mn was recognised. GOODWILL RELATING TO FEE BUSINESS As at December 31, 2023, no additional impairment was recognised. GOODWILL RELATING TO THE ABILITY TO GENERATE DEVELOPMENT PROJECTS An impairment test, performed on this goodwill and based on an independent external appraisal was performed as at December 31, 2023. As at December 31, 2023, an impairment of -\u20ac49.1 Mn was recognised following the change in category of the Westfield Hamburg project from investment properties at cost to investment properties at fair value. GOODWILL RELATING TO SYNERGIES AND WORKFORCE As at December 31, 2023, the only remaining value of the goodwill resulting from the Westfield acquisition is the one that was allocated to France Retail, the other geographical segments having been totally depreciated. The main assumptions for calculating the value in use are the WACC, the long-term growth rates (\u201cLTGR\u201d) and the CAGR of NRI displayed in the table below.
France
Retail
Dec. 31, 2022
WACC before tax in %
6.50%
LTGR in %
1.70%
CAGR of NRI in %
4.85%
Dec. 31, 2023
WACC before tax in %
6.87%
LTGR in %
1.93%
CAGR of NRI in %
5.20%
An increase in the WACC, a decrease in the LTGR or a decrease in the CAGR of NRI as determined at December 31, 2023, 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 remaining value of the goodwill allocated to France Retail was impaired by -\u20ac183.8 Mn further to an increase of the WACC, and a decrease of the long-term cash flows.
A change of +25 basis points in the WACC as determined at December
31, 2023, without any change in the LTGR and in the CAGR of NRI would
lead to additional impairment of goodwill of -\u20ac90.4 Mn.
A change of -10 basis points in the LTGR as determined at December 31,
2023, without any change in the WACC and in the CAGR of NRI would
lead to additional impairment of goodwill of -\u20ac27.3 Mn.
A change of -50 basis points in the CAGR of NRI as determined at
December 31, 2023, without any change in the WACC and in the LTGR
would lead to additional impairment of goodwill of -\u20ac28.7 Mn.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-672": { "value": "5.2.1 ACCOUNTING PRINCIPLES Under 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 fa\u00e7ade, 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 \u2013 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 and DD&C contracts are fully amortised. 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, 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 5YBP 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 2024\u2013 2028 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. These discount rates were also compared with the discount rates used by appraisers for the valuation of Investment Properties as at December 31, 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, 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 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. 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, 2023: \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 such as tenant bankruptcies in 2023 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-635": { "value": "5.2.1 ACCOUNTING PRINCIPLES Under 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 fa\u00e7ade, 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 \u2013 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 and DD&C contracts are fully amortised. 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, 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 5YBP 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 2024\u2013 2028 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. These discount rates were also compared with the discount rates used by appraisers for the valuation of Investment Properties as at December 31, 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, 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-613": { "value": "5.2.1 ACCOUNTING PRINCIPLES Under 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 fa\u00e7ade, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-589": { "value": "5.2.1 ACCOUNTING PRINCIPLES Under 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 fa\u00e7ade, 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
Furniture and Right-of-use
Net value (\u20ac Mn) equipment
assets
Total
Dec. 31, 2021
80.4
65.5
14 5.9
Acquisitions and capitalised expenses
15.9
1.3
17.2
Reclassification
8.9
20.2
29.1
Disposals/exits from the scope of consolidation
(2.0)
(14.4)
(16.4)
Depreciation
(24.4)
(15.1)
(39.5)
Impairment/reversal
(0.8)
\u2013
(0.8)
Currency translation
0.5
1.3
1.8
Dec. 31, 2022
78.5
58.8
137.3
Acquisitions and capitalised expenses
32.1
0.6
32.8
Reclassification
0.1
1.0
1.1
Disposals/exits from the scope
(1.5)
(4.4)
(5.9)
Depreciation
(21.1)
(13.4)
(34.5)
Impairment/reversal
(16.7)
\u2013
(16.7)
Currency translation
(0.7)
(0.3)
(1.0)
Dec. 31, 2023
70.7
42.4
113.0
(1) (1) Impairment/reversal on Viparis assets according to the external appraisals . 5.3.2 CHANGES IN INTANGIBLE ASSETS
PM/DD&C/ Rights and Other intangible
Net value (\u20ac Mn)
Airport
Trademark
exhibitions
assets
Total
Dec. 31, 2021
253.9\ue01f
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
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\ue01f
425.8
117.0
23.4
820.5
Acquisitions
\u2013
\u2013
\u2013
14.2
14.2
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
Amortisation
(5.4)
\u2013
(2.0)
(12.6)
(20.0)
Impairment/reversal
(11.9)
(2.7)
18.1
\u2013
3.5
Currency translation
(0.5)
\u2013
\u2013
(0.4)
(0.9)
Reclassification
\u2013
\u2013
\u2013
12.4
12.4
Dec. 31, 2023
236.5
423.2
133.1
36.9
829.6
(1) (2) (2) (1) The net impairment variation relates to reversals in Viparis\u2019 intangible assets partly offset by allowances in the US PM activity. (2) Amounts related to Westfield\u2019s intangibles acquisition: PM, DDC, Airport and trademark amount to \u20ac659.7Mn.
One of the main assumptions used to value the PM, DD&C and the Trademark is the DR, which stands between 9.5% and 10.0%.
PM
The table below shows the sensitivity of the Property Management assets value and the impact in the result as determined at December 31, 2023:
(Additional)/
Impact in Reversal of
the value impairment
Sensitivity (\u20ac Mn) (\u20ac Mn)
-25bps in DR
+7.7
+7.7
+25bps in DR
(7.2)
(7.2)
-10bps LTGR
(2.1)
(2.1)
+10bps LTGR
+2.0
+2.0
TRADEMARK
For the Trademark, the impairment test performed was based on an independent external appraisal leading to an impairment of -\u20ac2.7 Mn.
The table below shows the sensitivity of the Trademark as determined at December 31, 2023:
Impairment
Sensitivity (\u20ac Mn)
+25bps in DR
(29.1)
-10bps in long-term growth rate
(8.4)
RIGHTS AND EXHIBITIONS
As at December 31, 2023, impairment tests were performed on the intangible assets relating to the Viparis entities based on the valuations of
independent external appraisers and a reversal of impairment of +\u20ac18.1 Mn was recognised.
The table below shows the sensitivity of the Rights and exhibitions portfolio related to the weighted average cost of capital (\u201cWACC\u201d) and the impact
in the result as determined at December 31, 2023:
(Additional)/
Impact in Impact in % Reversal of
the value of the portfolio impairment
Sensitivity (\u20ac Mn) value (\u20ac Mn)
-25bps in \u201cWACC\u201d
+26.5
+6.5%
+9.7
+25bps in \u201cWACC\u201d
(24.5)
(6.0)%
(8.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-562": { "value": "Under 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 fa\u00e7ade, 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:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-658": { "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 \u2013 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 and DD&C contracts are fully amortised. 5.3.2 CHANGES IN INTANGIBLE ASSETS
PM/DD&C/ Rights and Other intangible
Net value (\u20ac Mn)
Airport
Trademark
exhibitions
assets
Total
Dec. 31, 2021
253.9\ue01f
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
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\ue01f
425.8
117.0
23.4
820.5
Acquisitions
\u2013
\u2013
\u2013
14.2
14.2
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
Amortisation
(5.4)
\u2013
(2.0)
(12.6)
(20.0)
Impairment/reversal
(11.9)
(2.7)
18.1
\u2013
3.5
Currency translation
(0.5)
\u2013
\u2013
(0.4)
(0.9)
Reclassification
\u2013
\u2013
\u2013
12.4
12.4
Dec. 31, 2023
236.5
423.2
133.1
36.9
829.6
(1) (2) (2) (1) The net impairment variation relates to reversals in Viparis\u2019 intangible assets partly offset by allowances in the US PM activity. (2) Amounts related to Westfield\u2019s intangibles acquisition: PM, DDC, Airport and trademark amount to \u20ac659.7Mn. One of the main assumptions used to value the PM, DD&C and the Trademark is the DR, which stands between 9.5% and 10.0%. PM The table below shows the sensitivity of the Property Management assets value and the impact in the result as determined at December 31, 2023:
(Additional)/
Impact in Reversal of
the value impairment
Sensitivity (\u20ac Mn) (\u20ac Mn)
-25bps in DR
+7.7
+7.7
+25bps in DR
(7.2)
(7.2)
-10bps LTGR
(2.1)
(2.1)
+10bps LTGR
+2.0
+2.0
TRADEMARK For the Trademark, the impairment test performed was based on an independent external appraisal leading to an impairment of -\u20ac2.7 Mn. The table below shows the sensitivity of the Trademark as determined at December 31, 2023:
Impairment
Sensitivity (\u20ac Mn)
+25bps in DR
(29.1)
-10bps in long-term growth rate
(8.4)
RIGHTS AND EXHIBITIONS As at December 31, 2023, impairment tests were performed on the intangible assets relating to the Viparis entities based on the valuations of independent external appraisers and a reversal of impairment of +\u20ac18.1 Mn was recognised. The table below shows the sensitivity of the Rights and exhibitions portfolio related to the weighted average cost of capital (\u201cWACC\u201d) and the impact in the result as determined at December 31, 2023:
(Additional)/
Impact in Impact in % Reversal of
the value of the portfolio impairment
Sensitivity (\u20ac Mn) value (\u20ac Mn)
-25bps in \u201cWACC\u201d
+26.5
+6.5%
+9.7
+25bps in \u201cWACC\u201d
(24.5)
(6.0)%
(8.7)
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)
2023
2022
Investment properties at fair value
(2,111.3)
(798.5)
Shopping Centres
(1,626.2)
(597.5)
Offices & Others
(375.9)
(131.0)
Convention & Exhibition
(109.2)
(70.0)
Investment properties at cost
(116.1)
(297.1)
Tangible and i ntangible assets
( 18.6)
(14.9)
Total
(2,246.0)
(1,110.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-614": { "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 \u2013 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 and DD&C contracts are fully amortised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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, 2023
Dec. 31, 2022
Shopping Centres and Convent ion & Exhibition companies
Loans
920.8
964.8
Recognised interest
48.8
31.1
Current account in debit
4.2
6.3
Current account in credit
(6.1)
(27.8)
Asset management fees invoiced and other fees
106.0
144.8
(1) (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 and disposals of assets. 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
(\u20ac thousands) Paid in:
2023
2022
Fixed income
3,494
3,350
Short-term incentive
4,167
4,457
Other benefits
1,154
1,120
Total
8,815
8,927
(1)
(2)
(1) Corresponds to the remuneration of the MB members paid in 2023 (i.e. 5 members in proportion to their attendance time).
(2) Supplementary Contribution Scheme, company car and other additional benefits.
In 2023, members of the MB were allocated a total of 203,000
Performance Stock Options, all subject to performance conditions, and
135,308 Performance Shares.
Regarding the 2023 performance achievements, the MB members will
receive in 2024 a total STI amounting to \u20ac4,748 K. The payment will be
made after the approval of the AGM.
REMUNERATION OF THE SUPERVISORY
BOARD
The remuneration of the SB amounts to \u20ac1,110,625 for the 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-615": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-668": { "value": "7.1.1 FINANCIAL INSTRUMENTS (IAS 32/IFRS 7/IFRS 9/IFRS 13) CLASSIFICATION AND MEASUREMENT OF NON-DERIVATIVE FINANCIAL ASSETS AND LIABILITIES FINANCIAL ASSETS 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 representing a debt instrument is measured at amortised cost if it meets both of the following conditions and is not designated as measured 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 representing a debt instrument is measured at FVOCI if it meets both of the following conditions and is not designated as measured 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 irrevocably elected 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 according to IFRS 15) is initially measured at fair value plus, for an item not measured 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 expected impairment losses. 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 FVTPL except in the case of an irrevocable election to classify them at FVOCI 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. Other non-derivative financial liabilities are recognised at FVTPL. CLASSIFICATION AND MEASUREMENT OF FINANCIAL DERIVATIVES 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, the group 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. VALUATION OF CREDIT RISK AND DERIVATIVES 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. 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, 2023: \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 such as tenant bankruptcies in 2023 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-616": { "value": "CLASSIFICATION AND MEASUREMENT OF NON-DERIVATIVE FINANCIAL ASSETS AND LIABILITIES FINANCIAL ASSETS 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 representing a debt instrument is measured at amortised cost if it meets both of the following conditions and is not designated as measured 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 representing a debt instrument is measured at FVOCI if it meets both of the following conditions and is not designated as measured 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 irrevocably elected 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 according to IFRS 15) is initially measured at fair value plus, for an item not measured 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 expected impairment losses. 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 FVTPL except in the case of an irrevocable election to classify them at FVOCI 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. 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, 2023: \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 such as tenant bankruptcies in 2023 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-617": { "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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-590": { "value": "CLASSIFICATION AND MEASUREMENT OF FINANCIAL DERIVATIVES 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, the group 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. VALUATION OF CREDIT RISK AND DERIVATIVES 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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-646": { "value": "CLASSIFICATION AND MEASUREMENT OF FINANCIAL DERIVATIVES 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, the group 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. VALUATION OF CREDIT RISK AND DERIVATIVES 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. 7.4 HEDGING INSTRUMENTS CHANGE IN DERIVATIVES 2023
Amounts recognised in the statement of
comprehensive income
Fair value Other Changes in
Dec. 31, adjustments of comprehensive scope of Dec. 31,
(\u20ac Mn) 2022 derivatives income
consolidation
Acquisitions
Disposals
Reallocation
2023
Assets
Derivatives at fair value non-current
831.0
(6 87.2)
(0.0)
\u2013
163.5
(56.5)
\u2013
250.7
\u2022\ue01f
Without a hedging relationship
831.0
(687.2)
(0.0)
\u2013
163.5
(56.5)
\u2013
250.7
\u2022\ue01f
Other derivatives
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Liabilities
Derivatives at fair value non-current
1 ,0 97.4
(317.3)
\u2013
\u2013
67. 9
(51.7)
\u2013
796.3
\u2022\ue01f
Without a hedging relationship
1,097.4
(317.3)
\u2013
\u2013
67.9
(51.7)
\u2013
796.3
Net
(266.4)
(369.9)
(0.0)
\u2013
95.6
(4.8)
\u2013
(545.6)
2022
Amounts recognised in the statement of
comprehensive income
Fair value Other
Dec. 31, adjustments of comprehensive Changes in scope Dec. 31,
(\u20ac Mn) 2021 derivatives income
of consolidation
Acquisitions
Disposals
Reallocation
2022
Assets
Derivatives at fair value non-current
442.9
317.1
\u2013
\u2013
62.8
8.1
\u2013
831.0
\u2022\ue01f
Without a hedging relationship
442.9
317.1
\u2013
\u2013
62.8
8.1
\u2013
831.0
\u2022\ue01f
Other derivatives
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Liabilities
Derivatives at fair value non-current
1,067.2
12.3
\u2013
\u2013
38.7
(20.8)
\u2013
1, 09 7.4
\u2022\ue01f
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-636": { "value": "CLASSIFICATION AND MEASUREMENT OF FINANCIAL DERIVATIVES 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, the group 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. VALUATION OF CREDIT RISK AND DERIVATIVES 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-618": { "value": "CLASSIFICATION AND MEASUREMENT OF FINANCIAL DERIVATIVES 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, the group 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. VALUATION OF CREDIT RISK AND DERIVATIVES 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-619": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-565": { "value": "
7.2 FINANCING RESULT
7.2.1 NET FINANCING COSTS
(\u20ac Mn)
2023
2022
Security transactions
86.5
7.7
Other financial interest
99.8
27.3
Interest income on economical hedging instruments
372.3
210.4
Subtotal financial income
558.5
245.3
Security transactions
\u2013
\u2013
Interest on bonds and Euro Medium Term Notes (\u201cEMTNs\u201d)
(474.5)
(486.6)
Interest and expenses on borrowings
(156.8)
(66.9)
Interest on lease liability
(60.7)
(50.8)
Interest on preferred shares
(12.9)
(12.4)
Interest on partners\u2019 advances
(55.7)
(30.9)
Other financial interest
(44.6)
(7.2)
Interest expenses on economical hedging instruments
(260.8)
(107.1)
Financial expenses before capitalisation of financial expenses
(1,066.0)
(761.8)
Capitalised financial expenses
71.4
42.5
Subtotal net financi al expenses
(994.6)
(719.3)
Total net financial costs
(436.1)
(474.0)
(1)
(1) Includes interest income on economic hedging financial investments
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
(\u20ac Mn)
2023
2022
Mark-to-market of the ORNANEs
\u2013
0.3
Currency impact
41.4
(13.2)
Mark-to-market, costs of purchase and disposals of derivatives
(310.3)
233.3
Other financial assets and liabilities
(101.1)
54.9
Debt discounting
0.8
0.6
Total n on- recurring finan ci al result
(369.2)
275.9
(1)
(1) Mainly change in fair value on US equity interests in unlisted investments and impairment of external loan in the UK.
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.
2023 Net gain/(loss) Net gain/(loss)
(\u20ac Mn)
From interest
in profit and loss in equity
Investments in financial assets
8.2
8.2
1.1
Hedging instruments at fair value through profit and loss
111.5
111.5
\u2013
Financial liabilities at amortised cost
(627.2)
(627.2)
\u2013
(50 7.5)
(5 07.5)
1.1
Capitalised expenses
71.4
Net financial expenses
(436.1)
2022 Net gain/(loss) Net gain/(loss)
(\u20ac Mn)
From interest
in profit and loss in equity
Investments in financial assets
11.3
11.3
(9.3)
Hedging instruments at fair value through profit and loss
103.3
103.3
\u2013
Financial liabilities at amortised cost
(631.1)
(631.1)
(516.4)
(516.4)
(9.3)
Capitalised expenses
42.5
Net financial expenses
(474.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-591": { "value": "7.2.1 NET FINANCING COSTS
(\u20ac Mn)
2023
2022
Security transactions
86.5
7.7
Other financial interest
99.8
27.3
Interest income on economical hedging instruments
372.3
210.4
Subtotal financial income
558.5
245.3
Security transactions
\u2013
\u2013
Interest on bonds and Euro Medium Term Notes (\u201cEMTNs\u201d)
(474.5)
(486.6)
Interest and expenses on borrowings
(156.8)
(66.9)
Interest on lease liability
(60.7)
(50.8)
Interest on preferred shares
(12.9)
(12.4)
Interest on partners\u2019 advances
(55.7)
(30.9)
Other financial interest
(44.6)
(7.2)
Interest expenses on economical hedging instruments
(260.8)
(107.1)
Financial expenses before capitalisation of financial expenses
(1,066.0)
(761.8)
Capitalised financial expenses
71.4
42.5
Subtotal net financi al expenses
(994.6)
(719.3)
Total net financial costs
(436.1)
(474.0)
(1) (1) Includes interest income on economic hedging financial investments 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-637": { "value": "7.2.1 NET FINANCING COSTS
(\u20ac Mn)
2023
2022
Security transactions
86.5
7.7
Other financial interest
99.8
27.3
Interest income on economical hedging instruments
372.3
210.4
Subtotal financial income
558.5
245.3
Security transactions
\u2013
\u2013
Interest on bonds and Euro Medium Term Notes (\u201cEMTNs\u201d)
(474.5)
(486.6)
Interest and expenses on borrowings
(156.8)
(66.9)
Interest on lease liability
(60.7)
(50.8)
Interest on preferred shares
(12.9)
(12.4)
Interest on partners\u2019 advances
(55.7)
(30.9)
Other financial interest
(44.6)
(7.2)
Interest expenses on economical hedging instruments
(260.8)
(107.1)
Financial expenses before capitalisation of financial expenses
(1,066.0)
(761.8)
Capitalised financial expenses
71.4
42.5
Subtotal net financi al expenses
(994.6)
(719.3)
Total net financial costs
(436.1)
(474.0)
(1) (1) Includes interest income on economic hedging financial investments 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:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-647": { "value": "7.2.1 NET FINANCING COSTS
(\u20ac Mn)
2023
2022
Security transactions
86.5
7.7
Other financial interest
99.8
27.3
Interest income on economical hedging instruments
372.3
210.4
Subtotal financial income
558.5
245.3
Security transactions
\u2013
\u2013
Interest on bonds and Euro Medium Term Notes (\u201cEMTNs\u201d)
(474.5)
(486.6)
Interest and expenses on borrowings
(156.8)
(66.9)
Interest on lease liability
(60.7)
(50.8)
Interest on preferred shares
(12.9)
(12.4)
Interest on partners\u2019 advances
(55.7)
(30.9)
Other financial interest
(44.6)
(7.2)
Interest expenses on economical hedging instruments
(260.8)
(107.1)
Financial expenses before capitalisation of financial expenses
(1,066.0)
(761.8)
Capitalised financial expenses
71.4
42.5
Subtotal net financi al expenses
(994.6)
(719.3)
Total net financial costs
(436.1)
(474.0)
(1) (1) Includes interest income on economic hedging financial investments 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:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-621": { "value": "7.2.1 NET FINANCING COSTS
(\u20ac Mn)
2023
2022
Security transactions
86.5
7.7
Other financial interest
99.8
27.3
Interest income on economical hedging instruments
372.3
210.4
Subtotal financial income
558.5
245.3
Security transactions
\u2013
\u2013
Interest on bonds and Euro Medium Term Notes (\u201cEMTNs\u201d)
(474.5)
(486.6)
Interest and expenses on borrowings
(156.8)
(66.9)
Interest on lease liability
(60.7)
(50.8)
Interest on preferred shares
(12.9)
(12.4)
Interest on partners\u2019 advances
(55.7)
(30.9)
Other financial interest
(44.6)
(7.2)
Interest expenses on economical hedging instruments
(260.8)
(107.1)
Financial expenses before capitalisation of financial expenses
(1,066.0)
(761.8)
Capitalised financial expenses
71.4
42.5
Subtotal net financi al expenses
(994.6)
(719.3)
Total net financial costs
(436.1)
(474.0)
(1) (1) Includes interest income on economic hedging financial investments 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:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-654": { "value": "7.2.1 NET FINANCING COSTS
(\u20ac Mn)
2023
2022
Security transactions
86.5
7.7
Other financial interest
99.8
27.3
Interest income on economical hedging instruments
372.3
210.4
Subtotal financial income
558.5
245.3
Security transactions
\u2013
\u2013
Interest on bonds and Euro Medium Term Notes (\u201cEMTNs\u201d)
(474.5)
(486.6)
Interest and expenses on borrowings
(156.8)
(66.9)
Interest on lease liability
(60.7)
(50.8)
Interest on preferred shares
(12.9)
(12.4)
Interest on partners\u2019 advances
(55.7)
(30.9)
Other financial interest
(44.6)
(7.2)
Interest expenses on economical hedging instruments
(260.8)
(107.1)
Financial expenses before capitalisation of financial expenses
(1,066.0)
(761.8)
Capitalised financial expenses
71.4
42.5
Subtotal net financi al expenses
(994.6)
(719.3)
Total net financial costs
(436.1)
(474.0)
(1) (1) Includes interest income on economic hedging financial investments 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:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-620": { "value": "7.2.2 FAIR VALUE ADJUSTMENT OF DERIVATIVES, DEBTS AND CURRENCY EFFECT
(\u20ac Mn)
2023
2022
Mark-to-market of the ORNANEs
\u2013
0.3
Currency impact
41.4
(13.2)
Mark-to-market, costs of purchase and disposals of derivatives
(310.3)
233.3
Other financial assets and liabilities
(101.1)
54.9
Debt discounting
0.8
0.6
Total n on- recurring finan ci al result
(369.2)
275.9
(1) (1) Mainly change in fair value on US equity interests in unlisted investments and impairment of external loan in the UK.
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
Amounts recognised in statement of financial
position according to IFRS 9
Carrying Fair value
Categories in amount Fair value recognised
Dec. 31, 2023 accordance with Dec. 31, Amortised recognised in in profit
(\u20ac Mn) IFRS 9 2023 cost equity and loss Fair value
Assets
Investments in financial assets
FAAC/FAFVOCI/FAFVTPL
260.0
127.8
18.8
113.4
260.0
Derivatives at fair value
FAFVTPL
250.7
\u2013
\u2013
250.7
250.7
Trade receivables from activity
FAAC
268.5
268.5
\u2013
\u2013
268.5
Other receivables
FAAC
412.7
412.7
\u2013
\u2013
412.7
Cash and cash equivalents
FAAC/FAFVTPL
5,502.3
2,192.0
\u2013
3,310.2
5,502.3
6,694.1
3,001.0
18.8
3,674.3
6,694.1
Liabilities
Commitment to non-controlling interests
FLFVTPL
32.7
\u2013
\u2013
32.7
32.7
Financial debts
FLAC
27,895.1
27,895.1
\u2013
\u2013
25,515.5
Derivatives at fair value
FLFVTPL
796.3
\u2013
\u2013
796.3
796.3
Non-current amounts due on investments
FLAC
24.6
24.6
\u2013
\u2013
24.6
Other non-current liabilities
FLAC/FLFVTPL
32.9
32.9
\u2013
\u2013
32.9
Amounts due to suppliers and other current debt
FLAC
1,167.7
1,167.7
\u2013
\u2013
1,167.7
29,949.4
29,120.3
\u2013
829.1
27,569.8
(1)
(2)
(3)
(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 \u20ac22,819.6 Mn valued
at \u20ac20,440.0 Mn.
(4) Excluding deferred income, service charges billed and tax liabilities.
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
Amounts recognised in statement of
financial position according to IFRS 9
Carrying Fair value
Categories in amount Fair value recognised in
Dec. 31, 2022 accordance with Dec. 31, Amortised recognised in profit Fair
(\u20ac Mn) IFRS 9 2022 cost equity and loss value
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
FAAC
257.2
257.2
\u2013
\u2013
257.2
Other receivables
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
FLAC
26,402.8
26,402.8
\u2013
\u2013
22,182.0
Derivatives at fair value
FLFVTPL
1,097.4
\u2013
\u2013
1,097.4
1,097.4
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
FLAC
1,141.6
1,141.6
\u2013
\u2013
1,141.6
28,81
6.2
27,621.6
\u2013
1,194.6
24,5 95.4
(1) (2) (3) (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. \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.
Fair value measurement at Dec. 31, 2023
(\u20ac Mn)
Total
Level 1
Level 2
Level 3
Assets
Fair value through profit or loss
Investments in financial assets
113.4
\u2013
\u2013
113.4
Derivatives
250.7
\u2013
250.7
\u2013
Marketable securities
2.3
2.3
\u2013
\u2013
Fair value through equity
Investments in financial assets
18.8
\u2013
\u2013
18.8
Derivatives
\u2013
\u2013
\u2013
\u2013
Total
385.2
2.3
250.7
132.1
Liabilities
Fair value through profit or loss
Commitment to non-controlling interests
32.7
\u2013
\u2013
32.7
Derivatives
796.3
\u2013
796.3
\u2013
Other non-current liabilities
\u2013
\u2013
\u2013
\u2013
Total
829.1
\u2013
796.3
32.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-566": { "value": "
7.3.1 INVESTMENT IN FINANCIAL ASSETS
Investments in financial assets mainly correspond to vendor loans
agreed on during asset disposals in France and Central Europe, and
equity interests in unlisted investments in the US.
As at December 31, 2023, investments in financial assets stand at
\u20ac260.0 Mn (compared to \u20ac365.2 Mn as at December 31st, 2022). This
decrease is mainly driven by changes in fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-592": { "value": "7.3.1 INVESTMENT IN FINANCIAL ASSETS Investments in financial assets mainly correspond to vendor loans agreed on during asset disposals in France and Central Europe, and equity interests in unlisted investments in the US. As at December 31, 2023, investments in financial assets stand at \u20ac260.0 Mn (compared to \u20ac365.2 Mn as at December 31st, 2022). This decrease is mainly driven by changes in fair values. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-622": { "value": "7.3.2 MAIN FINANCING TRANSACTIONS IN 2023 BOND MARKET: On December 4, 2023, the Group secured additional liquidity through the successful issuance of a green bond of \u20ac750 Mn with a 7-year maturity and a 4.125% coupon (i.e. Mid swap +145 bps, corresponding to no new issue premium), URW\u2019s first green bond in the Euro bond market since 2015 and its first senior bond issuance since May 2021. The bond received strong demand from investors, achieving an oversubscription of 6.1 times and an order book of more than \u20ac4.5 Bn at its peak, reflecting investors\u2019 appetite for URW\u2019s credit. The bond\u2019s proceeds will finance or refinance Eligible Green Assets in line with the Group\u2019s 2022 Green Financing Framework (1) . It aligns with the Group\u2019s sustainability strategy and its Better Places roadmap (2) shared with the market on October 10, 2023. BANK DEBT AND CREDIT FACILTY: In 2023, \u20ac1,391 Mn of corporate bank debt and credit facilities were completed, including: \u2022 \u20ac300 Mn sustainability-linked term loans with an average maturity of 2.8 years; and \u2022 \u20ac1,091 Mn new sustainability-linked bilateral credit facilities with an average maturity of 4.2 years. Furthermore, the Group extended by one year the maturity of \u20ac3,675 Mn existing European credit facilities (including \u20ac3,200 Mn under sustainability-linked format). MORTGAGE DEBT: Mortgage debt was also raised in 2023 for a total amount of \u20ac1,726 Mn (3) , including the following asset backed financings: \u2022 Westfield Galeria at Roseville: $275 Mn floating mortgage loan with an equivalent coupon of 6.55% (4) and a 5-year (5) maturity. This debt has been consolidated at 100% in the Group\u2019s IFRS and proportionate accounts; \u2022 Paunsdorf Center: \u20ac120 Mn fixed mortgage loan with a spread of Mid swap +141 bps and a 5-year maturity to refinance maturing mortgage debt. This debt has been consolidated at share in the Group\u2019s proportionate accounts (6) ; \u2022 Westfield Century City: $925 Mn floating CMBS with a spread of SOFR +280.7 bps and a 5-year (7) maturity. This debt has been consolidated at 100% in the Group\u2019s IFRS and proportionate accounts; and \u2022 Westfield Garden State Plaza: $525 Mn fixed CMBS with a spread of US treasury +234 bps and a 5-year maturity. This debt has been consolidated at share in the Group\u2019s proportionate accounts (8) . SHORT TO MEDIUM TERM PAPER: URW did not issue any short-term paper, due to the Group\u2019s high liquidity position in 2023. HYBRID INSTRUMENTS: On June 20, 2023, the Group launched an any-and-all par-for- par Exchange Offer on its \u20ac1.25 Bn Perp-NC23 hybrid notes for a combination of (i) new Euro denominated Perp-NC28 hybrid notes with a 7.25% coupon and (ii) a cash amount when applicable. The first of its kind by a corporate issuer, the Exchange Offer was successfully completed on June 26, 2023 (9) with a participation rate of 92%. As a result of this Exchange Offer, the Group\u2019s hybrid instruments decreased by 7.8% from \u20ac2,000 Mn to \u20ac1,845 Mn including: \u2022 \u20ac100 Mn of Hybrid Perp NC23; \u2022 \u20ac750 Mn of Hybrid Perp NC26; and \u2022 \u20ac995 Mn of Hybrid Perp NC28. As at October 25, 2023, the coupon of the remaining Hybrid Perp NC23 was reset at 5.142% (10) in line with the contractual provisions and the Group\u2019s decision not to exercise its option to call this instrument (11) following the Exchange Offer. (1) The green financing framework is available under: https://cdn.urw.com/-/media/Corporate~o~Sites/Unibail-Rodamco-Corporate/Files/Homepage/INVESTORS/Financing- Activity/Sustainable-Financing/Framework/2022/20221116-URW-Green-Financial-Framework-Brochure.ashx (2) The Better Places roadmap is available under: https://www.urw.com/2023-sustainability-investor-event (3) At 100%. (4) Including the hedging instrument put in place to limit the Group\u2019s exposure to the interest rate movement. (5) Subject to covenants. (6) As Paunsdorf Center is consolidated at 50.0% (at share) in URW\u2019s proportionate accounts, only \u20ac60 Mn (URW share) of the non-recourse debt raised by the asset-owning JV, will be consolidated in URW\u2019s proportionate debt. No debt consolidated under IFRS. (7) Subject to covenants. (8) As Westfield Garden State Plaza is consolidated at 50.0% (at share) in URW\u2019s proportionate accounts, only $262.5 Mn (URW share) of the non-recourse debt raised by the asset- owning JV, will be consolidated in URW\u2019s proportionate debt. No debt consolidated under IFRS. (9) Settlement Date on July 3, 2023. (10) 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). (11) As announced in the June 20, 2023 press release: https://cdn.urw.com/-/media/Corporate~o~Sites/Unibail-Rodamco-Corporate/Nasdaq/2023-06-20URW-announces-an- Exchange-Offer-on-its-Perp-NC-2023-hybrid.pdf?revision=a494708a-6369-4026-ab58-3b83927929c1 7.3.3 FINANCIAL DEBT BREAKDOWN AND OUTSTANDING DURATION TO MATURITY
Current
Non-current
Total Total
Outstanding duration to maturity (\u20ac Mn)
Lessthan1year
1yearto5years
Morethan5years
Dec. 31, 2023
Dec.31,2022
Bonds and EMTNs
1,687. 1
8,834.7
11,995.6
22,517.4
22,489.3
Principal debt
1,598.8
8,836.5
11,992.1
22,427.2
22,406.0
Accrued interest
231.1
\u2013
\u2013
231.1
237.0
Issuance costs
(70.3)
\u2013
\u2013
(70.3)
(73.4)
Bonds redemption premium
(71.5)
\u2013
\u2013
(71.5)
(79.1)
Mark-to-market of debt
(1.0)
(1.8)
3.6
0.8
(1.2)
Bank borrowings
148.4
2,594.9
302.5
3,045.7
1,651.2
Principal debt
162.5
2,594.9
302.5
3,059.9
1,676.9
Accrued interest
16.1
\u2013
\u2013
16.1
3.4
Borrowings issue fees
(36.6)
\u2013
\u2013
(36.6)
(33.7)
Accrued interest on bank overdrafts
0.2
\u2013
\u2013
0.2
\u2013
Bank overdrafts and current accounts to balance out cash flow
6.2
\u2013
\u2013
6.2
7.9
Mark-to-market of debt
\u2013
0.0
\u2013
0.0
(3.3)
Other financial liabilities
\u2013
87.3
1 ,267.6
1,354.9
1,363.4
Interbank market instruments and negotiable instruments
\u2013
\u2013
\u2013
\u2013
\u2013
Accrued interest on interbank market instruments and
negotiable instruments
\u2013
\u2013
\u2013
\u2013
\u2013
Current accounts with non-controlling interests
\u2013
87.3
1,267.6
1,354.9
1,363.4
Lease liabilities
56.0
240.2
680.8
977.0
898.9
Total financial debt
1,891.5
11 ,757.0
14,246.6
27,895. 1
26,402.8
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 o r shares c lassified as held for sa le
1,891.5
11 ,757.0
14,246.6
27,895. 1
26,402.8
(1) (2) (3) (1) Include currency impacts on debt raised in foreign currency for an amount of +\u20ac24.6 Mn as at December 31, 2023 (+\u20ac65.3 Mn as at December 31, 2022). The amount shown in the Financial Resources note (\u20ac22,402.6 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. 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. As a result, lease liability and the right of use are remeasured every year. 7.3.4 CHARACTERISTICS OF BONDS AND EMTNS
Amount at
Dec. 31, 2023
Issue date
Rate
Currency
(\u20ac Mn)
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
81.1
February 2025
March 2013
Fixed rate HKD swapped back into EUR
HKD
67.8
March 2025
October 2013
Fixed rate HKD swapped back into EUR
HKD
46.3
October 2025
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
905.0
September 2024
September 2014
Fixed rate 4.75%
USD
452.5
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
86.9
November 2025
December 2015
Fixed rate 2.1% during 3 years then Constant Maturity Swap 10 years
EUR
70.0
December 2030
(floored at 0% capped at 4%)
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
57.9
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
452.5
September 2048
September 2018
Fixed rate 4.13%
USD
452.5
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
345.2
March 2025
March 2019
Fixed rate 2.63%
GBP
575.3
March 2029
June 2019
Fixed rate 3.5%
USD
678.7
June 2029
July 2019
Fixed rate 1.75%
EUR
500.0
July 2049
October 2019
Fixed rate 2.88%
USD
678.7
January 2027
October 2019
Fixed rate 0.88%
EUR
750.0
March 2032
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
Amount at
Dec. 31, 2023
Issue date
Rate
Currency
(\u20ac Mn)
Maturity
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
December 2023
Fixed rate 4.13%
EUR
750.0
December 2030
Total
22,427.2
7.3.5 COVENANTS As at December 31, 2023, the LTV (1) ratio amounted to 41.8% (41.2% as at December 31, 2022). The Interest Coverage Ratio (\u201cICR\u201d) for the period stood at 4.2x (2) (4.2x as at December 31, 2022). The Group\u2019s corporate debt covenants levels and corresponding current ratios are set at:
Europe Credit Rule 144A and Reg
December 31, facility US Credit facility S Bonds
Financial ratios 2023 covenants level covenants level covenants level
LTV
41.8%
< 60%
< 65%
< 65%
ICR
4.2x
> 2x
> 1.5x
> 1.5x
FFO
(1)
/NFD
7.8%
> 4%
na.
na.
Secured debt ratio
4.0%
na.
< 50%
< 45%
Unencumbered leverage ratio
1.8x
na.
> 1.5x
> 1.25x
(2) (3) (1) Funds From Operations (\u201cFFO\u201d): on an annualised basis, the recurring EBITDA minus (i) net recurring financial expenses and (ii) tax on recurring operating result. (2) Secured debt/total assets. (3) Unencumbered assets/unsecured debt. These covenants are tested twice a year based on the Group\u2019s IFRS financial statements. As at December 31, 2023: \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. \u2022 100% 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:
% of non-recourse mortgage
Covenant level range incl. this feature in such covenant
Debt Yield
(1)
covenants
5% \u2013 7%
21%
Debt to Rent
8.9x
2%
ICR covenants
1.3x \u2013 3.15x
28%
LTV covenants
55% \u2013 75%
49%
(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; and \u2022 In any case, defaults under these loans are not expected to have a material adverse effect on the Group\u2019s finances. (1) Loan-to-Value (\u201cLTV\u201d) = Net financial debt (or \u201cnet debt\u201d)/Total assets excluding \u20ac726 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 43.1%. (2) Proportionate ICR of 3.9x. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-567": { "value": "
7.3.3 FINANCIAL DEBT BREAKDOWN AND OUTSTANDING DURATION TO MATURITY
Current
Non-current
Total Total
Outstanding duration to maturity (\u20ac Mn)
Lessthan1year
1yearto5years
Morethan5years
Dec. 31, 2023
Dec.31,2022
Bonds and EMTNs
1,687. 1
8,834.7
11,995.6
22,517.4
22,489.3
Principal debt
1,598.8
8,836.5
11,992.1
22,427.2
22,406.0
Accrued interest
231.1
\u2013
\u2013
231.1
237.0
Issuance costs
(70.3)
\u2013
\u2013
(70.3)
(73.4)
Bonds redemption premium
(71.5)
\u2013
\u2013
(71.5)
(79.1)
Mark-to-market of debt
(1.0)
(1.8)
3.6
0.8
(1.2)
Bank borrowings
148.4
2,594.9
302.5
3,045.7
1,651.2
Principal debt
162.5
2,594.9
302.5
3,059.9
1,676.9
Accrued interest
16.1
\u2013
\u2013
16.1
3.4
Borrowings issue fees
(36.6)
\u2013
\u2013
(36.6)
(33.7)
Accrued interest on bank overdrafts
0.2
\u2013
\u2013
0.2
\u2013
Bank overdrafts and current accounts to balance out cash flow
6.2
\u2013
\u2013
6.2
7.9
Mark-to-market of debt
\u2013
0.0
\u2013
0.0
(3.3)
Other financial liabilities
\u2013
87.3
1 ,267.6
1,354.9
1,363.4
Interbank market instruments and negotiable instruments
\u2013
\u2013
\u2013
\u2013
\u2013
Accrued interest on interbank market instruments and
negotiable instruments
\u2013
\u2013
\u2013
\u2013
\u2013
Current accounts with non-controlling interests
\u2013
87.3
1,267.6
1,354.9
1,363.4
Lease liabilities
56.0
240.2
680.8
977.0
898.9
Total financial debt
1,891.5
11 ,757.0
14,246.6
27,895. 1
26,402.8
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 o r shares c lassified as held for sa le
1,891.5
11 ,757.0
14,246.6
27,895. 1
26,402.8
(1)
(2)
(3)
(1) Include currency impacts on debt raised in foreign currency for an amount of +\u20ac24.6 Mn as at December 31, 2023 (+\u20ac65.3 Mn as at December 31, 2022). The amount shown in the
Financial Resources note (\u20ac22,402.6 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.
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. As
a result, lease liability and the right of use are remeasured every year.
MATURITY OF CURRENT AND NON-CURRENT PRINCIPAL DEBT
Current
Non-current
Total
Less than 1 to 2 2 to 3 3 to 4 4 to 5 More than Dec. 31,
(\u20ac Mn) 1 year years years years years 5 years 2023
Bonds and EMTNs
1,598.8
3,027.3
1,157.9
2,948.7
1,702.5
11,992.1
22,427.2
Bank borrowings
162.5
62.5
262.5
600.0
1,669.9
302.5
3 ,059.9
Interbank market instruments and negotiable instruments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
56.0
75.7
66.2
53.1
45.3
680.8
97 7.0
Total
1,817.3
3,165.5
1,486.6
3,601.8
3,417.6
12,975.4
26,464.2
7.3.5 COVENANTS As at December 31, 2023, the LTV (1) ratio amounted to 41.8% (41.2% as at December 31, 2022). The Interest Coverage Ratio (\u201cICR\u201d) for the period stood at 4.2x (2) (4.2x as at December 31, 2022). The Group\u2019s corporate debt covenants levels and corresponding current ratios are set at:
Europe Credit Rule 144A and Reg
December 31, facility US Credit facility S Bonds
Financial ratios 2023 covenants level covenants level covenants level
LTV
41.8%
< 60%
< 65%
< 65%
ICR
4.2x
> 2x
> 1.5x
> 1.5x
FFO
(1)
/NFD
7.8%
> 4%
na.
na.
Secured debt ratio
4.0%
na.
< 50%
< 45%
Unencumbered leverage ratio
1.8x
na.
> 1.5x
> 1.25x
(2) (3) (1) Funds From Operations (\u201cFFO\u201d): on an annualised basis, the recurring EBITDA minus (i) net recurring financial expenses and (ii) tax on recurring operating result. (2) Secured debt/total assets. (3) Unencumbered assets/unsecured debt. These covenants are tested twice a year based on the Group\u2019s IFRS financial statements. As at December 31, 2023: \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. \u2022 100% 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.
(1) Loan-to-Value (\u201cLTV\u201d) = Net financial debt (or \u201cnet debt\u201d)/Total assets excluding \u20ac726 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 43.1%.
(2) Proportionate ICR of 3.9x.
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, 2023.
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.
Carrying
amount
Less than 1 year
1 year to 5 years
More than 5 years
Dec. 31,
(\u20ac Mn)
2023
Interest
Redemption
Interest
Redemption
Interest
Redemption
Bonds, borrowings and amounts due to credit
institutions
Bonds and EMTNs
(22,427.3)
(469.2)
(1,598.7)
(1,434.4)
(8,836.5)
(1,726.1)
(11,992.1)
Bank borrowings and other financial liabilities
(3,059.9)
(176.2)
(162.5)
(563.2)
(2,594.9)
(1.2)
(302.5)
Financial derivatives
Derivative financial liabilities
Derivatives without a hedging relationship
(796.3)
(203.5)
\u2013
(641.3)
24.6
(454.2)
\u2013
Derivative financial assets
Derivatives without a hedging relationship
250.7
339.5
\u2013
555.4
\u2013
(1.3)
\u2013
(1)
(2)
(1) Corresponds to the amount of principal debt (see note 7.3.3 \u201cFinancial debt breakdown and outstanding duration to maturity\u201d).
(2) 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 7.8 years and at 6.2 years without taking
into account the undrawn credit lines and cash on hand.
URW\u2019s debt maturing over the next 12 months amounts to \u20ac1,768 Mn (including \u20ac1,599 Mn of bonds).
In any event, the next 12 months debt repayment needs are fully covered
(2)
by \u20ac13.6 Bn of cash on hand and undrawn credit lines including \u20ac5.5 Bn of
cash on hand.
The credit facilities maturing over the next 12 months amount to \u20ac2.1 Bn including the current $1.5 Bn (c. \u20ac1.3 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 88% of financial nominal debt at December 31, 2023, and bank loans, mortgages and overdrafts 12%.
(1) Subject to covenants.
(2) Subject to covenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-638": { "value": "MATURITY OF CURRENT AND NON-CURRENT PRINCIPAL DEBT
Current
Non-current
Total
Less than 1 to 2 2 to 3 3 to 4 4 to 5 More than Dec. 31,
(\u20ac Mn) 1 year years years years years 5 years 2023
Bonds and EMTNs
1,598.8
3,027.3
1,157.9
2,948.7
1,702.5
11,992.1
22,427.2
Bank borrowings
162.5
62.5
262.5
600.0
1,669.9
302.5
3 ,059.9
Interbank market instruments and negotiable instruments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
56.0
75.7
66.2
53.1
45.3
680.8
97 7.0
Total
1,817.3
3,165.5
1,486.6
3,601.8
3,417.6
12,975.4
26,464.2
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-623": { "value": "MATURITY OF CURRENT AND NON-CURRENT PRINCIPAL DEBT
Current
Non-current
Total
Less than 1 to 2 2 to 3 3 to 4 4 to 5 More than Dec. 31,
(\u20ac Mn) 1 year years years years years 5 years 2023
Bonds and EMTNs
1,598.8
3,027.3
1,157.9
2,948.7
1,702.5
11,992.1
22,427.2
Bank borrowings
162.5
62.5
262.5
600.0
1,669.9
302.5
3 ,059.9
Interbank market instruments and negotiable instruments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
56.0
75.7
66.2
53.1
45.3
680.8
97 7.0
Total
1,817.3
3,165.5
1,486.6
3,601.8
3,417.6
12,975.4
26,464.2
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-648": { "value": "7.3.5 COVENANTS As at December 31, 2023, the LTV (1) ratio amounted to 41.8% (41.2% as at December 31, 2022). The Interest Coverage Ratio (\u201cICR\u201d) for the period stood at 4.2x (2) (4.2x as at December 31, 2022). The Group\u2019s corporate debt covenants levels and corresponding current ratios are set at:
Europe Credit Rule 144A and Reg
December 31, facility US Credit facility S Bonds
Financial ratios 2023 covenants level covenants level covenants level
LTV
41.8%
< 60%
< 65%
< 65%
ICR
4.2x
> 2x
> 1.5x
> 1.5x
FFO
(1)
/NFD
7.8%
> 4%
na.
na.
Secured debt ratio
4.0%
na.
< 50%
< 45%
Unencumbered leverage ratio
1.8x
na.
> 1.5x
> 1.25x
(2) (3) (1) Funds From Operations (\u201cFFO\u201d): on an annualised basis, the recurring EBITDA minus (i) net recurring financial expenses and (ii) tax on recurring operating result. (2) Secured debt/total assets. (3) Unencumbered assets/unsecured debt. These covenants are tested twice a year based on the Group\u2019s IFRS financial statements. As at December 31, 2023: \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. \u2022 100% 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:
% of non-recourse mortgage
Covenant level range incl. this feature in such covenant
Debt Yield
(1)
covenants
5% \u2013 7%
21%
Debt to Rent
8.9x
2%
ICR covenants
1.3x \u2013 3.15x
28%
LTV covenants
55% \u2013 75%
49%
(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; and \u2022 In any case, defaults under these loans are not expected to have a material adverse effect on the Group\u2019s finances. (1) Loan-to-Value (\u201cLTV\u201d) = Net financial debt (or \u201cnet debt\u201d)/Total assets excluding \u20ac726 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 43.1%. (2) Proportionate ICR of 3.9x.
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": "urw:DisclosureOfCovenants", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-568": { "value": "
7.3.7 NET FINANCIAL DEBT
Net financial debt is determined as below:
NET FINANCIAL DEBT
(\u20ac Mn)
Dec. 31, 2023
Dec. 31, 2022
Amounts accounted for in balance sheet
Non-current bonds and borrowings
25,082.6
24,778.2
Current borrowings and amounts due to credit institutions
1,835.5
725.7
Liabilities directly associated with properties or shares classified as held for sale
\u2013
\u2013
Total financial liabiliti es
26,918.1
25,503.9
Adjustments
Mark-to-market of debt
(0.8)
4.5
Current accounts with non-controlling interests
(1,354.9)
(1,363.4)
Impact of derivatives instruments on debt raised in foreign currency
(24.6)
(65.3)
Accrued interests/issuance fees
(68.9)
(54.2)
Total financial liabilities (nominal value)
25,468.8
24,025.4
Cash and cash equivalents
(5,502.3)
(3,329.1)
Net financial debt
19,966.5
20,696.3
(1)
(1)
(1)
(1)
(1) Bank overdrafts and current accounts to balance out cash flow are included in the total financial liabilities, in 2023 for \u20ac6.2 Mn and in 2022 for \u20ac7.9 Mn.
NET CASH AT PERIOD END
(\u20ac Mn)
Dec. 31, 2023
Dec. 31, 2022
Marketable securities
2.3
11.5
Short-term deposit
2,192.0
1,905.8
Cash
3,308.0
1,411.8
Total a sset
5,502.3
3 ,329.1
Bank overdrafts and current accounts to balance out cash flow
(6.2)
( 7.9)
Total liabilities
(6.2)
(7.9)
Net cash at perio d end
5,496.1
3,321.2
(1)
(2)
(2)
(1) Short-term deposits are denominated in euro and USD.
(2) The high level of cash as at December 31, 2023, aims to cover URW\u2019s debt repayment needs corresponding to the bonds and bank loans outstanding as at December 31, 2023, and
maturing within 1 year (see note 7.5.1 \u201cLiquidity risk\u201d).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-669": { "value": "7.5 RISK MANAGEMENT POLICY 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, 2023. 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.
Carrying
amount
Less than 1 year
1 year to 5 years
More than 5 years
Dec. 31,
(\u20ac Mn)
2023
Interest
Redemption
Interest
Redemption
Interest
Redemption
Bonds, borrowings and amounts due to credit
institutions
Bonds and EMTNs
(22,427.3)
(469.2)
(1,598.7)
(1,434.4)
(8,836.5)
(1,726.1)
(11,992.1)
Bank borrowings and other financial liabilities
(3,059.9)
(176.2)
(162.5)
(563.2)
(2,594.9)
(1.2)
(302.5)
Financial derivatives
Derivative financial liabilities
Derivatives without a hedging relationship
(796.3)
(203.5)
\u2013
(641.3)
24.6
(454.2)
\u2013
Derivative financial assets
Derivatives without a hedging relationship
250.7
339.5
\u2013
555.4
\u2013
(1.3)
\u2013
(1) (2) (1) Corresponds to the amount of principal debt (see note 7.3.3 \u201cFinancial debt breakdown and outstanding duration to maturity\u201d). (2) 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 7.8 years and at 6.2 years without taking into account the undrawn credit lines and cash on hand. URW\u2019s debt maturing over the next 12 months amounts to \u20ac1,768 Mn (including \u20ac1,599 Mn of bonds). In any event, the next 12 months debt repayment needs are fully covered(2) by \u20ac13.6 Bn of cash on hand and undrawn credit lines including \u20ac5.5 Bn of cash on hand. The credit facilities maturing over the next 12 months amount to \u20ac2.1 Bn including the current $1.5 Bn (c. \u20ac1.3 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 88% of financial nominal debt at December 31, 2023, and bank loans, mortgages and overdrafts 12%. 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, including accrued interests, would be \u20ac35.7 Mn for assets and \u20ac656.8 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. 5.2 Notes to the consolidated financial statements (1) Subject to covenants. (2) Subject to covenants. 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, 2023: \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 such as tenant bankruptcies in 2023 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 total accounts receivable increased by +\u20ac42.6 Mn in total vs. December 31, 2022, and by +\u20ac46.9 Mn excluding -\u20ac4.3 Mn of currency effect. This increase includes -\u20ac49.7 Mn of allowances of provisions net of reversal booked in the result for the period (vs.-\u20ac13.1 Mn of reversal of provisions net of allowances in H2-2022). This increase was mainly driven by retail activity and as a result of Trinity leasing progress for office activity. As at December 31, 2023, the gross amount of receivables amounted to \u20ac751.5 Mn and the provision for doubtful debtors to -\u20ac245.0 Mn compared with \u20ac680.2 Mn and -\u20ac216.4 Mn, respectively, at the end of December 2022. The amount of the overdue trade receivables amounts to \u20ac252.5 Mn in 2023. 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 (i) interest rate fluctuations on the debt it has taken out to finance its investments and maintain the cash position it requires and (ii) exchange rate fluctuations due to the Group\u2019s activities in countries outside the Eurozone, in particular in the US and the UK. 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, 2023, is 1.8% (2.0% in 2022), representing the blended average cost of 1.2% for EUR denominated debt and 4.2% for USD and GBP denominated debt. The Group\u2019s cost of debt decreased over 2023 despite increase in rates since H2 2022 as a result of improved cash remuneration on its increasing cash position and a stable cost of gross debt thanks to hedges in place. MEASURING INTEREST RATE RISK As at December 31, 2023, the measuring interest risk is as follow:
Financial liabilities
(\u20ac Mn)
Fixed rate
Variable rate
Less than 1 year
1,717.5
50.0
1 year to 2 years
3,039.8
50.0
2 years to 3 years
1,170.4
250.0
3 years to 4 years
3,078.7
470.0
4 years to 5 years
1,702.5
1,669.9
More than 5 years
12,294.5
\u2013
Total
23,003.5
2,489.9
(1) (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, 2023, 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, 2023, breaks down as follows:
(\u20ac Mn)
Outstanding total at Dec. 31, 2023
Fixed rate
Variable rate
Financial lia bilities before hedging program
(23,003.5)
(2,489.9)
Micro-hedging
4,435.4
(4,435.4)
Financial lia bilities a fter micro-hedging
(18,568.1)
(6,925.3)
Swap rate hedging 4,703.8
Net debt not covered by sw aps
(2,221.5)
Cap and floor hedging
11,550.0
Hedg ing bala nce as at Dec. 31, 2023
\u2013
9,328.5
Hedging instruments maturing on Jan. 2nd, 2024
(11,550.0)
Hedging instruments starting on Jan. 2nd, 2024
4,950.6
Hedg ing bala nce considerin g hedging instruments matu ring or starting on Jan 2 , 2024.
2,729.1
(1)
(2)
(3)
(1) Including index-linked debt.
(2) Partners\u2019 current accounts are not included in variable-rate debt.
(3) Forward hedging instruments are not accounted for in this line.
The hedging balance as at December 31, 2022, breaks down as follows:
Outstanding total at Dec. 31, 2022
(\u20ac Mn)
Fixed rate
Variable rate
Financial lia bilities before hedging program me
(23,159.8)
(930.9)
Micro-hedging
11,059.7
(11,059.7)
Financial lia bilities a fter micro-hedging
(12,100.1)
(11,990.6)
Swap rate hedging \u2013
Net debt not covered by sw aps
(11,990.6)
Cap and floor hedging
2,979.1
Hedging balance
\u2013
(9,011 .6)
(1)
(2)
(3)
(1) Including index-linked debt.
(2) Partners\u2019 current accounts are not included in variable-rate debt.
(3) Forward hedging instruments are not accounted for in this table.
Over 2023, the Group adjusted its hedging position in view of its current disposal and investment plans, its existing hedging programme and debt as
well as the debt
(1)
the Group expects to raise in the coming years. The cost of these adjustments including new instruments implemented in 2023 was
-\u20ac19.4 Mn.
The Group\u2019s net interest rate position
(2)
is fully hedged for 2024 and the following years.
5.2 Notes to the consolidated financial statements
(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.
MEASURING INTEREST RATE EXPOSURE Over 2023, short-term interest rates increased across currencies by: +178 bps for 3M Euribor, +74 bps for 3M SOFR and +146 bps for 3M SONIA, while long-term treasury rates decreased in Continental Europe -66 bps and in the UK -13 bps, when they remained flat in the US. Based on the Group\u2018s budgeted net debt in 2024, if interest rates (1) (Euribor, Libor, SONIA) were to increase/decrease, the Group\u2019s recurring result in 2024 would be impacted by:
Euros USD GBP Total eq. EUR
(\u20acMn) ($Mn) (\u00a3Mn) (\u20acMn)
-50 bps interest rate
(15.9)
+5.1
\u2013
(11.3)
-25 bps interest rate
(8.0)
+2.5
\u2013
(5.7)
+25 bps interest rate
+8.0
(2.5)
\u2013
+5.7
+50 bps interest rate
+15.9
(5.1)
\u2013
+11.3
As shown in the table above, the impact of a rate increase on the recurring financial expenses would be positive as the hedging instruments in place in 2024 are expected to be above budgeted debt. 7.6.2 MANAGEMENT OF EXCHANGE RISKS MEASURE OF EXPOSURE TO FOREIGN EXCHANGE RISKS AS AT DECEMBER 31, 2023 The Group is active in countries outside the Eurozone. When converted into euros, the income and value of the Group\u2019s investments may be impacted by fluctuations in exchange rates against the euro. The Group\u2019s policy objective is to apply a broadly consistent (2) 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, 2023 (\u20ac MN)
Net Hedging Exposure
Currency
Assets
Liabilities
exposure instruments net of hedges
USD
9,221
(5,527)
3,694
\u2013
3,694
GBP
2,486
(1,065)
1,421
\u2013
1,421
SEK
2,062
(291)
1,771
\u2013
1,771
Other
643
(612)
32
340
372
Total
14,412
(7,495)
6,917
340
7,257
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 2024) would have an impact on shareholders\u2019 equity and the net recurring result as follows:
Dec. 31, 2023
Dec. 31, 2022
Net recurring Equity Net recurring Equity
(\u20ac Mn) result gain/(loss) gain/(loss) result gain/(loss) gain/(loss)
Impact of an increase of +10% in the EUR/USD exchange
(22.1)
(335.8)
(23.0)
(526.4)
Impact of an increase of +10% in the EUR/GBP exchange
(13.5)
(129.2)
(12.8)
(128.6)
Impact of an increase of +10% in the EUR/SEK exchange
(8.2)
(161.0)
(8.1)
(169.1)
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. (1) 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, 2023: 3M Euribor (3.909%), 3M SOFR (5.3314%) and 3M SONIA (5.206%). (2) On a proportionate basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-569": { "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, including accrued interests, would be \u20ac35.7 Mn
for assets and \u20ac656.8 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, 2023: \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 such as tenant bankruptcies in 2023 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 total accounts receivable increased by +\u20ac42.6 Mn in total vs. December 31, 2022, and by +\u20ac46.9 Mn excluding -\u20ac4.3 Mn of currency effect. This increase includes -\u20ac49.7 Mn of allowances of provisions net of reversal booked in the result for the period (vs.-\u20ac13.1 Mn of reversal of provisions net of allowances in H2-2022). This increase was mainly driven by retail activity and as a result of Trinity leasing progress for office activity. As at December 31, 2023, the gross amount of receivables amounted to \u20ac751.5 Mn and the provision for doubtful debtors to -\u20ac245.0 Mn compared with \u20ac680.2 Mn and -\u20ac216.4 Mn, respectively, at the end of December 2022. The amount of the overdue trade receivables amounts to \u20ac252.5 Mn in 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-593": { "value": "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, 2023: \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 such as tenant bankruptcies in 2023 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-655": { "value": "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, 2023: \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 such as tenant bankruptcies in 2023 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-624": { "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 (i) interest rate fluctuations on the debt it has taken out to finance its investments and maintain the cash position it requires and (ii) exchange rate fluctuations due to the Group\u2019s activities in countries outside the Eurozone, in particular in the US and the UK. 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, 2023, is 1.8% (2.0% in 2022), representing the blended average cost of 1.2% for EUR denominated debt and 4.2% for USD and GBP denominated debt. The Group\u2019s cost of debt decreased over 2023 despite increase in rates since H2 2022 as a result of improved cash remuneration on its increasing cash position and a stable cost of gross debt thanks to hedges in place. MEASURING INTEREST RATE RISK As at December 31, 2023, the measuring interest risk is as follow:
Financial liabilities
(\u20ac Mn)
Fixed rate
Variable rate
Less than 1 year
1,717.5
50.0
1 year to 2 years
3,039.8
50.0
2 years to 3 years
1,170.4
250.0
3 years to 4 years
3,078.7
470.0
4 years to 5 years
1,702.5
1,669.9
More than 5 years
12,294.5
\u2013
Total
23,003.5
2,489.9
(1) (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, 2023, 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, 2023, breaks down as follows: (\u20ac Mn) Outstanding total at Dec. 31, 2023
Fixed rate
Variable rate
Financial lia bilities before hedging program
(23,003.5)
(2,489.9)
Micro-hedging
4,435.4
(4,435.4)
Financial lia bilities a fter micro-hedging
(18,568.1)
(6,925.3)
Swap rate hedging 4,703.8
Net debt not covered by sw aps
(2,221.5)
Cap and floor hedging
11,550.0
Hedg ing bala nce as at Dec. 31, 2023
\u2013
9,328.5
Hedging instruments maturing on Jan. 2nd, 2024
(11,550.0)
Hedging instruments starting on Jan. 2nd, 2024
4,950.6
Hedg ing bala nce considerin g hedging instruments matu ring or starting on Jan 2 , 2024.
2,729.1
(1) (2) (3) (1) Including index-linked debt. (2) Partners\u2019 current accounts are not included in variable-rate debt. (3) Forward hedging instruments are not accounted for in this line. The hedging balance as at December 31, 2022, breaks down as follows:
Outstanding total at Dec. 31, 2022
(\u20ac Mn)
Fixed rate
Variable rate
Financial lia bilities before hedging program me
(23,159.8)
(930.9)
Micro-hedging
11,059.7
(11,059.7)
Financial lia bilities a fter micro-hedging
(12,100.1)
(11,990.6)
Swap rate hedging \u2013
Net debt not covered by sw aps
(11,990.6)
Cap and floor hedging
2,979.1
Hedging balance
\u2013
(9,011 .6)
(1) (2) (3) (1) Including index-linked debt. (2) Partners\u2019 current accounts are not included in variable-rate debt. (3) Forward hedging instruments are not accounted for in this table. Over 2023, the Group adjusted its hedging position in view of its current disposal and investment plans, its existing hedging programme and debt as well as the debt (1) the Group expects to raise in the coming years. The cost of these adjustments including new instruments implemented in 2023 was -\u20ac19.4 Mn. The Group\u2019s net interest rate position (2) is fully hedged for 2024 and the following years. 5.2 Notes to the consolidated financial statements (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. MEASURING INTEREST RATE EXPOSURE Over 2023, short-term interest rates increased across currencies by: +178 bps for 3M Euribor, +74 bps for 3M SOFR and +146 bps for 3M SONIA, while long-term treasury rates decreased in Continental Europe -66 bps and in the UK -13 bps, when they remained flat in the US. Based on the Group\u2018s budgeted net debt in 2024, if interest rates (1) (Euribor, Libor, SONIA) were to increase/decrease, the Group\u2019s recurring result in 2024 would be impacted by:
Euros USD GBP Total eq. EUR
(\u20acMn) ($Mn) (\u00a3Mn) (\u20acMn)
-50 bps interest rate
(15.9)
+5.1
\u2013
(11.3)
-25 bps interest rate
(8.0)
+2.5
\u2013
(5.7)
+25 bps interest rate
+8.0
(2.5)
\u2013
+5.7
+50 bps interest rate
+15.9
(5.1)
\u2013
+11.3
As shown in the table above, the impact of a rate increase on the recurring financial expenses would be positive as the hedging instruments in place in 2024 are expected to be above budgeted debt. 7.6.2 MANAGEMENT OF EXCHANGE RISKS MEASURE OF EXPOSURE TO FOREIGN EXCHANGE RISKS AS AT DECEMBER 31, 2023 The Group is active in countries outside the Eurozone. When converted into euros, the income and value of the Group\u2019s investments may be impacted by fluctuations in exchange rates against the euro. The Group\u2019s policy objective is to apply a broadly consistent (2) 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, 2023 (\u20ac MN)
Net Hedging Exposure
Currency
Assets
Liabilities
exposure instruments net of hedges
USD
9,221
(5,527)
3,694
\u2013
3,694
GBP
2,486
(1,065)
1,421
\u2013
1,421
SEK
2,062
(291)
1,771
\u2013
1,771
Other
643
(612)
32
340
372
Total
14,412
(7,495)
6,917
340
7,257
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 2024) would have an impact on shareholders\u2019 equity and the net recurring result as follows:
Dec. 31, 2023
Dec. 31, 2022
Net recurring Equity Net recurring Equity
(\u20ac Mn) result gain/(loss) gain/(loss) result gain/(loss) gain/(loss)
Impact of an increase of +10% in the EUR/USD exchange
(22.1)
(335.8)
(23.0)
(526.4)
Impact of an increase of +10% in the EUR/GBP exchange
(13.5)
(129.2)
(12.8)
(128.6)
Impact of an increase of +10% in the EUR/SEK exchange
(8.2)
(161.0)
(8.1)
(169.1)
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. (1) 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, 2023: 3M Euribor (3.909%), 3M SOFR (5.3314%) and 3M SONIA (5.206%). (2) On a proportionate basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-594": { "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.
Fair value measurement at Dec. 31, 2023
(\u20ac Mn)
Total
Level 1
Level 2
Level 3
Assets
Fair value through profit or loss
Investments in financial assets
113.4
\u2013
\u2013
113.4
Derivatives
250.7
\u2013
250.7
\u2013
Marketable securities
2.3
2.3
\u2013
\u2013
Fair value through equity
Investments in financial assets
18.8
\u2013
\u2013
18.8
Derivatives
\u2013
\u2013
\u2013
\u2013
Total
385.2
2.3
250.7
132.1
Liabilities
Fair value through profit or loss
Commitment to non-controlling interests
32.7
\u2013
\u2013
32.7
Derivatives
796.3
\u2013
796.3
\u2013
Other non-current liabilities
\u2013
\u2013
\u2013
\u2013
Total
829.1
\u2013
796.3
32.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-570": { "value": "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 dif ferences, if this rate has been set. Other wise, 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 is 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)
2023
2022
Recurring deferred and current tax on:
\u2022\ue01f
Allocation/reversal of provision concerning tax issues
(3.9)
(5.1)
\u2022\ue01f
Other recurring results
(73.8)
(54.4)
Total recurring tax
(7 7.7 )
(59.5)
Non-recurring deferred and current tax on:
\u2022\ue01f
Change in fair value of investment properties and impairment of intangible assets
6.6
36.5
\u2022\ue01f
Other non-recurring results
63.7
(39.7)
Total n on- recurring tax
70.3
(3.2)
Total tax
(7.4)
(62.7)
Total tax paid
(73.4)
(64.7)
(\u20ac Mn)
2023
2022
Current tax
(43.0)
(76.8)
Deferred tax
35.6
14.1
Total tax
(7.4)
(62.7)
Reconciliation of effective tax rate
%
2023
2022
Pro fit/(los s)\ue01fbefore tax, impairment of goodwill and result of associates
(1 ,3 67.6)
403.0
Income tax using the average tax rate
24.7%
337.2
(104.4)
Tax exempt profits (including SIIC, SOCIMI and REIT regimes)
(14.1)%
(192.2)
177.9
Non-deductible costs
(2.2)%
(30.1)
(6.6)
Effect of tax provisions
(2.5)%
(33.9)
(13.5)
Effect of non-recognised tax losses
(4.8)%
(65.1)
(156.7)
Effect of change in tax rates
(2.0) %
(26.7)
32.8
Effect of currency translation in tax
0.3 %
4.1
(0.7)
Other
(0.1)%
(0.7)
8.5
Total tax
(0.5)%
( 7.4)
(62.7)
8.3 DEFERRED TAX
2023 CHANGE
First application Currency Change in scope
(\u20acMn)
Dec. 31, 2022
of IAS 12 A
Net variation
Reclassification
translation
of consolidation
Dec. 31, 2023
Deferred tax liabilities
( 1,832.6)
(137.6)
6.0
(0.8)
13.2
\u2013
(1,951.6)
Deferred tax on investment properties
(1,652.7)
\u2013
18.9
(0.8)
10.2
\u2013
(1,624.3)
Deferred tax on intangible assets
(179.9)
\u2013
(2.9)
\u2013
0.3
\u2013
(182.4)
Deferred tax on leases
\u2013
(137.6)
(10.1)
\u2013
2.8
\u2013
(144.9)
Other deferred tax
3.8\ue01f
142.6
28.6
5.7
(10.4)
(0.5)
169.7
Tax loss carry-forward
39.5
\u2013
(3.3)
1.2
\u2013
(0.5)
36.9
Other
(35.7)
\u2013
22.7
4.5
(7.6)
\u2013
(16.3)
Deferred tax on leases
\u2013
142.6
9.2
\u2013
(2.8)
\u2013
149.0
Total deferred tax liabilities
(1,828.8)\ue01f
5.0
34.6
4.8
2.8
(0.5)
(1,781.9)
Deferred tax assets
Tax loss carry-forward
14.8
\u2013
1.4
0.7
(0.2)
\u2013
16.7
Other deferred tax assets
9.0
\u2013
(0.4)
(1.0)
0.1
\u2013
7.7
Total deferred tax assets
23.8
\u2013
1.0
(0.3)
(0.1)
\u2013
24.4
(1)
(1)
(2)
(2)
(1)
(2)
(1) Corresponds to the first application of the amendment to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction.
(2) Deferred tax assets and liabilities within a same tax group are offset.
2022 CHANGE
Currency Change in scope of
(\u20ac Mn)
Dec. 31, 2021
Net variation
Reclassification
translation
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
45.9
(6.8)
(0.1)
0.5
\u2013
39.5
Other
(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
14.3
1.4
0.1
(1.0)
\u2013
14.8
Other deferred tax assets
8.0
(0.9)
1.6
0.3
\u2013
9.0
Total deferred tax assets
22.3
0.5
1.7
(0.7)
\u2013
23.8
(1)
(1)
(1)
(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, 2023
Dec. 31, 2022
Temporary differences investment properties
\u2013
\u2013
Tax loss carry-forwards not recognised
3,236.3
2,471.0
Total unrecognised tax basis
3,236.3
2,471.0
DETAIL OF UNRECOGNISED TAX LOSSES AT THE END OF 2023 INTO FINAL YEAR OF USE:
(\u20ac Mn)
2024
7.8
2025
\u2013
2026
18.4
2027
109.1
2028
\u2013
Unlimited
3,101.0
Total
3,236.3
The tax losses are to a large extent related to negative financial results on French SIIC entities (\u20ac1,320.8 Mn), next to losses caused by impairments in
some other countries (mainly the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-625": { "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 dif ferences, if this rate has been set. Other wise, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-595": { "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 dif ferences, if this rate has been set. Other wise, 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)
2023
2022
Recurring deferred and current tax on:
\u2022\ue01f
Allocation/reversal of provision concerning tax issues
(3.9)
(5.1)
\u2022\ue01f
Other recurring results
(73.8)
(54.4)
Total recurring tax
(7 7.7 )
(59.5)
Non-recurring deferred and current tax on:
\u2022\ue01f
Change in fair value of investment properties and impairment of intangible assets
6.6
36.5
\u2022\ue01f
Other non-recurring results
63.7
(39.7)
Total n on- recurring tax
70.3
(3.2)
Total tax
(7.4)
(62.7)
Total tax paid
(73.4)
(64.7)
(\u20ac Mn)
2023
2022
Current tax
(43.0)
(76.8)
Deferred tax
35.6
14.1
Total tax
(7.4)
(62.7)
Reconciliation of effective tax rate
%
2023
2022
Pro fit/(los s)\ue01fbefore tax, impairment of goodwill and result of associates
(1 ,3 67.6)
403.0
Income tax using the average tax rate
24.7%
337.2
(104.4)
Tax exempt profits (including SIIC, SOCIMI and REIT regimes)
(14.1)%
(192.2)
177.9
Non-deductible costs
(2.2)%
(30.1)
(6.6)
Effect of tax provisions
(2.5)%
(33.9)
(13.5)
Effect of non-recognised tax losses
(4.8)%
(65.1)
(156.7)
Effect of change in tax rates
(2.0) %
(26.7)
32.8
Effect of currency translation in tax
0.3 %
4.1
(0.7)
Other
(0.1)%
(0.7)
8.5
Total tax
(0.5)%
( 7.4)
(62.7)
8.3 DEFERRED TAX 2023 CHANGE
First application Currency Change in scope
(\u20acMn)
Dec. 31, 2022
of IAS 12 A
Net variation
Reclassification
translation
of consolidation
Dec. 31, 2023
Deferred tax liabilities
( 1,832.6)
(137.6)
6.0
(0.8)
13.2
\u2013
(1,951.6)
Deferred tax on investment properties
(1,652.7)
\u2013
18.9
(0.8)
10.2
\u2013
(1,624.3)
Deferred tax on intangible assets
(179.9)
\u2013
(2.9)
\u2013
0.3
\u2013
(182.4)
Deferred tax on leases
\u2013
(137.6)
(10.1)
\u2013
2.8
\u2013
(144.9)
Other deferred tax
3.8\ue01f
142.6
28.6
5.7
(10.4)
(0.5)
169.7
Tax loss carry-forward
39.5
\u2013
(3.3)
1.2
\u2013
(0.5)
36.9
Other
(35.7)
\u2013
22.7
4.5
(7.6)
\u2013
(16.3)
Deferred tax on leases
\u2013
142.6
9.2
\u2013
(2.8)
\u2013
149.0
Total deferred tax liabilities
(1,828.8)\ue01f
5.0
34.6
4.8
2.8
(0.5)
(1,781.9)
Deferred tax assets
Tax loss carry-forward
14.8
\u2013
1.4
0.7
(0.2)
\u2013
16.7
Other deferred tax assets
9.0
\u2013
(0.4)
(1.0)
0.1
\u2013
7.7
Total deferred tax assets
23.8
\u2013
1.0
(0.3)
(0.1)
\u2013
24.4
(1) (1) (2) (2) (1) (2) (1) Corresponds to the first application of the amendment to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction. (2) Deferred tax assets and liabilities within a same tax group are offset. 2022 CHANGE
Currency Change in scope of
(\u20ac Mn)
Dec. 31, 2021
Net variation
Reclassification
translation
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
45.9
(6.8)
(0.1)
0.5
\u2013
39.5
Other
(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
14.3
1.4
0.1
(1.0)
\u2013
14.8
Other deferred tax assets
8.0
(0.9)
1.6
0.3
\u2013
9.0
Total deferred tax assets
22.3
0.5
1.7
(0.7)
\u2013
23.8
(1) (1) (1) (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, 2023
Dec. 31, 2022
Temporary differences investment properties
\u2013
\u2013
Tax loss carry-forwards not recognised
3,236.3
2,471.0
Total unrecognised tax basis
3,236.3
2,471.0
DETAIL OF UNRECOGNISED TAX LOSSES AT THE END OF 2023 INTO FINAL YEAR OF USE:
(\u20ac Mn)
2024
7.8
2025
\u2013
2026
18.4
2027
109.1
2028
\u2013
Unlimited
3,101.0
Total
3,236.3
The tax losses are to a large extent related to negative financial results on French SIIC entities (\u20ac1,320.8 Mn), next to losses caused by impairments in some other countries (mainly the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-639": { "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 dif ferences, if this rate has been set. Other wise, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-640": { "value": "NOTE 9. PROVISIONS The determination of the amount of provisions 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. 2023 CHANGE
Foreign
currency
Reversals Reversals translation Other
(\u20ac Mn)
Dec. 31, 2022
Allocations
used not used impact
movements
Dec. 31, 2023
Non-current provisions
67.7
28.9
(1.3)
(29.7)
(0.8)
(0.5)
64.3
Non-current provisions excluding employee benefits
52.1
27.3
(1.1)
(25.2)
(0.8)
\u2013
52.3
Employee benefits
15.6
1.6
(0.2)
(4.5)
\u2013
(0.5)
11.9
Current provisions
33.0
26.8
( 11.2)
(2.0)
\u2013
(0.2)
46.5
Total
100.7
55.7
(12.6)
(31.7)
(0.8)
(0.7)
110.8
(1) (1) Relates mainly to the reversal of tax indemnities provision in the US. 13.3 CONTINGENT LIABILITIES The company Rodamco Projekt AB (a Swedish autonomous legal entity) is involved in an arbitration procedure with PEAB regarding claims on the development of Westfield Mall of Scandinavia. The arbitration decision was issued on June 30, 2023 and was not in line with the Group\u2019s expectations. The tribunal, by majority decision, accepted a number of PEAB\u2019s claims and rejected Rodamco Projekt AB\u2019s claims in very large parts. A total of SEK1.5 Bn, including interests and legal costs, was granted to PEAB, while Rodamco Project AB was granted in its turn a very limited amount of SEK0.089 Bn on its disturbance claims. One of the arbitrators dissented with the majority and delivered an extensive opinion to support his view. Based on the two separate arbitral awards which were issued on matters of principle in the case, Rodamco Projekt AB considers that the judgment issued is contrary to these previous separate awards and contains substantial procedural errors in almost every aspect. While arbitration award is not subject to appeal, it can be cancelled in whole or in part at the request of one of the parties. On August 7, 2023, Rodamco Projekt AB filed a suit against PEAB before the Svea Court of Appeal with a request that the Final Award be set aside and requested the Court of Appeal to stay the enforcement of the Final Award. The stay of enforcement was ordered by the Court of Appeal on August 10, 2023, challenged by PEAB on December 5, 2023 and confirmed by the Court of appeal on December 21, 2023. Based on the risk analysis performed by the Group and its legal advisors and reinforced by independent experts\u2019 opinions, no provision relating to this litigation was booked. In parallel, the Group has reserved an amount to cover the proceeding costs. 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:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-571": { "value": "NOTE 9. PROVISIONS The determination of the amount of provisions 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. 2023 CHANGE
Foreign
currency
Reversals Reversals translation Other
(\u20ac Mn)
Dec. 31, 2022
Allocations
used not used impact
movements
Dec. 31, 2023
Non-current provisions
67.7
28.9
(1.3)
(29.7)
(0.8)
(0.5)
64.3
Non-current provisions excluding employee benefits
52.1
27.3
(1.1)
(25.2)
(0.8)
\u2013
52.3
Employee benefits
15.6
1.6
(0.2)
(4.5)
\u2013
(0.5)
11.9
Current provisions
33.0
26.8
( 11.2)
(2.0)
\u2013
(0.2)
46.5
Total
100.7
55.7
(12.6)
(31.7)
(0.8)
(0.7)
110.8
(1) (1) Relates mainly to the reversal of tax indemnities provision in the US.
Provisions for pension liabilities (\u20ac Mn)
Dec. 31, 2023
Dec. 31, 2022
Retirement allowances
9.3
12.8
Pension plans with defined benefit
2.7
2.8
Total
11.9
15.6
(1)
(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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-626": { "value": "The determination of the amount of provisions 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-572": { "value": "
NOTE 10. OTHER CURRENT LIABILITIES
Other current liabilities break down as follows:
(\u20ac Mn)
Dec. 31, 2023
Dec. 31, 2022
Tax and social liabilities
505.2
512.0
Other liabilities
233.1
206.2
Total other current liabilities
738.3
718.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-596": { "value": "NOTE 10. OTHER CURRENT LIABILITIES Other current liabilities break down as follows:
(\u20ac Mn)
Dec. 31, 2023
Dec. 31, 2022
Tax and social liabilities
505.2
512.0
Other liabilities
233.1
206.2
Total other current liabilities
738.3
718.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-670": { "value": "
11.1 HEADCOUNT
The average number of employees of the Group\u2019s companies breaks down as follows:
Regions
2023
2022
France
1,018
968
Spain
125
128
US
438
552
Central Europe
151
146
Austria
63
62
Germany
433
403
Nordics
100
96
The Netherlands
64
62
UK
239
243
Australia
\u2013
\u2013
Total
2,631
2,660
(1)
(1) Of which Viparis: 369/336.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-627": { "value": "11.3.1 PENSION PLAN ACCOUNTING PRINCIPLES Under IAS 19, 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 the actuarial gains and losses are accounted for in OCI. Since 2021, the Group has applied the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) recommendations 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-573": { "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 conditions, have been valued using a Monte Carlo model. The additional expenses incurred by the Company Savings Plan, Stock Option Plan, and Performance Shares Plan 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 \u20ac1.5 Mn in 2023 compared with \u20ac3.3 Mn in 2022. STOCK OPTION PLANS There are currently 7 plans for stock options granted to Directors and employees of the Group. The plans granted as from 2019 have a duration of eight years (1) and may be exercised at any time, in one or more instalments, as from the third anniversary of the date of their allocation (2) .
(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.
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 Shareholder Return (\u201cTSR\u201d) of URW\u2019s shares (with dividends reinvested) against a Reference Index (1) 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 (2) , and on the level of achievement of the CSR agenda Better Places 2030, Group-wide (3) . These KPIs weight 45% and 5% of the performance achievement respectively. FOR PLANS IN 2022: The stock options are subject to: \u2022 2 external market performance conditions for up to 45% of the stock options granted: \u2013 The first condition, based on a relative criterion, for up to 35% of the stock options granted: the TSR of URW\u2019s shares 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 \u2013 The second condition, based on an absolute criterion, for up to 10% of the stock options granted: the TSR of URW\u2019s shares 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 2 non-mar ket per for mance conditions for up to 5 5% 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. FOR PLANS IN 2023: URW Group grant Performance Stock Options with performance conditions (internal and external). The external condition compares URW\u2019s TSR with the TSR of a composite index defined by the Group. The table below shows the 2 external conditions:
Criteria 1
Criteria 2
Performance Condition
Vesting in %
Performance Condition
Vesting in %
A
URW\u2019s TSR underperforms
0%
URW\u2019s TSR < 20%
0%
B*
URW\u2019s TSR = Index\u2019s TSR
30%
URW\u2019s TSR = 20%
30%
C*
URW\u2019s TSR \u2013 Index\u2019s TSR > 3%
100%
URW\u2019s TSR > 30%
100%
* Linear interpolation between B and C. The other criteria of this plan are identical to those of the 2022 plan. The performance-related stock options allocated in May 2023 were valued at: \u2022 \u20ac5.99 (internal performance condition); \u2022 \u20ac5.20 (Criteria 1 external performance condition on TSR); and \u2022 \u20ac5.05 (Criteria 2 external performance condition on TSR). This valuation is based on an initial exercise price of \u20ac58.98, the share price at the date of allocation of \u20ac55.20, a vesting period of 3 years, an estimated duration of 3.7 years, a market volatility of 31.13%, a dividend assumption, a risk-free interest rate of 2.99% and a volatility of the reference composite index of 18.47% with a correlation reference composite index/URW of 76.46%. Stock options are accounted for in accordance with IFRS 2. The expense recorded on the income statement in relation to stock options came to \u20ac2.3 Mn in 2023 and \u20ac2.0 Mn in 2022.
(1) 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.
(2) 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.
(3) 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.
The table below shows allocated stock options not exercised at the period end:
(1)
(2)
(2)
Potential
Adjusted Adjustments Number Number additional
subscription Number of in number of of options of options number of
Plan
Exercise period
price (\u20ac) options granted options cancelled exercised shares
from 09/03/2020
2015 plan (n\u00b08) 2016
to 08/03/2023
227.24
611,608
\u2013
609,695
1,913
\u2013
from 08/03/2021
2017
to 07/03/2024
218.47
611,611
\u2013
272,475
\u2013
339,136
from 06/03/2022
2018 plan (n\u00b09)
2018
to 05/03/2025
190.09
630,135
\u2013
295,847
\u2013
334,288
from 20/03/2022
2019 plan (n\u00b010)
2019
to 19/03/2026
144.55
748,372
\u2013
301,456
\u2013
446,916
from 22/03/2023
2020 plan (n\u00b011)
2020
to 21/03/2027
92.03
885,291
\u2013
633,094
\u2013
252,197
from 19/05/2024
2021 plan (n\u00b012)
2021
to 18/05/2029
69.41
950,295
\u2013
188,460
\u2013
761,835
from 09/03/2025
2022 plan (n\u00b013)
2022
to 08/03/2030
66.68
1,217,3 86
\u2013
202,421
\u2013
1,014,965
2023 plan (n\u00b014) from 13/03/2026
2023
to 13/03/2031
58.98
819,684
\u2013
6,928
\u2013
812,756
Total
6,474,382
\u2013
2,510,37
6
1,913
3,962,093
(3)
(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:
2023
2022
Weighted Weighted
average average
Number
price (\u20ac)
Number
price (\u20ac)
Outstanding at the beginning of the period
4,423,947
122.86
3,909,464
151.49
Allocated over the period
819,684
58.98
1,217,386
66.68
Cancelled over the period
(1,281,538)
154.44
(702,903)
184.83
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
3,962,093
99.43
4,423,947
122.86
Of which exercisable at the end of the period
1,372,537
\u2013
1,844,977
\u2013
PERFORMANCE SHARES PLAN
All the 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 2023 were valued at:
\u2022 \u20ac41.73 (internal performance condition);
\u2022 \u20ac23.31 (Criteria 1 external performance condition on TSR); and
\u2022 \u20ac21.49 (Criteria 2 external performance condition on TSR).
This valuation is based on the share price at the date of allocation
of \u20ac55.20, a vesting period of 3 years, a market volatility of 33.41%, a
volatility of the reference composite index of 19.59% with a correlation
reference composite index/URW of 77.64%, a dividend assumption, and
a risk-free interest rate of 3.06%.
Performance Shares are accounted for in accordance with IFRS 2. The
expense recorded on the income statement in relation to Performance
Shares came to \u20ac14.3 Mn in 2023 and \u20ac13.4 Mn in 2022.
The table below shows allocated Performance Shares not acquired at the period end:
(1)
Number of Number of Number of Potential
performance performance performance additional number
Starting date of the vesting period shares allocated shares cancelled shares acquired of shares
May 2021
371,846
73,483
495
297,868
March 2022
808,872
119,299
1,684
687,889
March 2023
459,472
2,220
\u2013
457,252
Total
1,640,190
195,002
2,179
1
,443,00
9
(2)
(1) A minimum vesting period of 3 years without any requirement to hold the shares.
(2) The acquisition of the shares is subject to presence and performance conditions.
RETENTION SHARE PLAN
As of March 13, 2023, the Group implemented a Retention Share Plan for the employees. In this plan, 130,286 shares without performance conditions
were granted, with delivery subject only to continued employment for 3 years from the grant date.
Retention Shares are accounted for in accordance with IFRS 2. The expense recorded on the income statement in relation to the Retention Share Plan
amounted to \u20ac1.2 Mn in 2023.
The table below shows allocated Retention Shares not acquired at the period end:
Number of Number of Number of Potential
retention shares retention shares retention shares additional number
Starting date of the vesting period allocated cancelled acquired of shares
March 2023
130,286
3,191
405
126,690
Total
130,286
3,191
405
126,690
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-628": { "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 conditions, have been valued using a Monte Carlo model. The additional expenses incurred by the Company Savings Plan, Stock Option Plan, and Performance Shares Plan are classified under personnel expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-597": { "value": "11.3.3 REMUNERATION OF THE MANAGEMENT BOARD TEAM AND THE SUPERVISORY BOARD REMUNERATION OF THE MANAGEMENT BOARD
(\u20ac thousands) Paid in:
2023
2022
Fixed income
3,494
3,350
Short-term incentive
4,167
4,457
Other benefits
1,154
1,120
Total
8,815
8,927
(1) (2) (1) Corresponds to the remuneration of the MB members paid in 2023 (i.e. 5 members in proportion to their attendance time). (2) Supplementary Contribution Scheme, company car and other additional benefits. In 2023, members of the MB were allocated a total of 203,000 Performance Stock Options, all subject to performance conditions, and 135,308 Performance Shares. Regarding the 2023 performance achievements, the MB members will receive in 2024 a total STI amounting to \u20ac4,748 K. The payment will be made after the approval of the AGM. REMUNERATION OF THE SUPERVISORY BOARD The remuneration of the SB amounts to \u20ac1,110,625 for the 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-574": { "value": "NOTE 12. SHARE CAPITAL AND DIVIDENDS 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, 2023, net financial debt stood at \u20ac19,967 Mn (1) , excluding partners\u2019 current accounts and after taking cash surpluses into account (\u20ac5,502.3 Mn). As at December 31, 2023, the total portfolio valuation amounts to \u20ac47,796 Mn, including transfer taxes. As at December 31, 2023, the calculated ratio amounted to 41.8%, compared with 41.2% as at December 31, 2022. 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, 2 022
138,594,416
Capital increase reserved for employees under Company Savings Plan
105,741
Shares granted
66,931
As at Dec. 31, 2022
138,767,088
Capital increase reserved for employees under Company Savings Plan
128,408
Shares granted
145,895
As at Dec. 31, 2023
139,041,391
AVERAGE NUMBER OF SHARES DILUTED AND UNDILUTED
2023
2022
Average number of shares (undiluted)
138,965,717
138,717,455
Dilutive impact\ue01f
Potential shares via stock options
\u2013
\u2013
Attributed Performance Shares and Retention shares (unvested)
920,345
733,332
Average number of shares (di luted)
139,886,062
139,450,787
(1) (1) (1) Correspond only to shares or stock options as well as attributed performance and retention shares which are in the money and for which the performance conditions are fulfilled. (1) After impact of derivatives instruments on debt raised in foreign currencies.
12.3 DIVIDENDS
The Group will propose to the AGM to be held on April 30, 2024 a cash
distribution of \u20ac2. 5 0/share to be paid on May 16, 2024.
As at December 31, 2023, the total statutory retained losses of URW SE
(parent company) is negative at -\u20ac2,927 Mn, including a loss of -\u20ac585
Mn in 2023.
Given the negative statutory results of URW SE, the Group has no
obligation to pay a dividend in 2024 for the fiscal year 2023 under the SIIC
regime and other REIT regimes it benefits from. The dividend distribution
obligation resulting from the French SIIC regime will be delayed until
URW has sufficient statutory results to meet this obligation.
As a consequence, the distribution will be made out of premium, which
amounted to \u20ac13.5 Bn in URW SE\u2019s statutory accounts as at December
31, 2023. This premium distribution will not reduce the carry forward
SIIC dividend payment obligation standing at \u20ac2,001 Mn as at December
31, 2023 and will qualify as an equity repayment for French tax purposes
(article 112-1 of the French tax code).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-598": { "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, 2023, net financial debt stood at \u20ac19,967 Mn (1) , excluding partners\u2019 current accounts and after taking cash surpluses into account (\u20ac5,502.3 Mn). As at December 31, 2023, the total portfolio valuation amounts to \u20ac47,796 Mn, including transfer taxes. As at December 31, 2023, the calculated ratio amounted to 41.8%, compared with 41.2% as at December 31, 2022.
(1) After impact of derivatives instruments on debt raised in foreign currencies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-599": { "value": "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, 2 022
138,594,416
Capital increase reserved for employees under Company Savings Plan
105,741
Shares granted
66,931
As at Dec. 31, 2022
138,767,088
Capital increase reserved for employees under Company Savings Plan
128,408
Shares granted
145,895
As at Dec. 31, 2023
139,041,391
AVERAGE NUMBER OF SHARES DILUTED AND UNDILUTED
2023
2022
Average number of shares (undiluted)
138,965,717
138,717,455
Dilutive impact\ue01f
Potential shares via stock options
\u2013
\u2013
Attributed Performance Shares and Retention shares (unvested)
920,345
733,332
Average number of shares (di luted)
139,886,062
139,450,787
(1) (1) (1) Correspond only to shares or stock options as well as attributed performance and retention shares which are in the money and for which the performance conditions are fulfilled. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-629": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-630": { "value": "
AVERAGE NUMBER OF SHARES DILUTED AND UNDILUTED
2023
2022
Average number of shares (undiluted)
138,965,717
138,717,455
Dilutive impact\ue01f
Potential shares via stock options
\u2013
\u2013
Attributed Performance Shares and Retention shares (unvested)
920,345
733,332
Average number of shares (di luted)
139,886,062
139,450,787
(1)
(1)
(1) Correspond only to shares or stock options as well as attributed performance and retention shares which are in the money and for which the performance conditions are fulfilled.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-600": { "value": "12.3 DIVIDENDS The Group will propose to the AGM to be held on April 30, 2024 a cash distribution of \u20ac2. 5 0/share to be paid on May 16, 2024. As at December 31, 2023, the total statutory retained losses of URW SE (parent company) is negative at -\u20ac2,927 Mn, including a loss of -\u20ac585 Mn in 2023. Given the negative statutory results of URW SE, the Group has no obligation to pay a dividend in 2024 for the fiscal year 2023 under the SIIC regime and other REIT regimes it benefits from. The dividend distribution obligation resulting from the French SIIC regime will be delayed until URW has sufficient statutory results to meet this obligation. As a consequence, the distribution will be made out of premium, which amounted to \u20ac13.5 Bn in URW SE\u2019s statutory accounts as at December 31, 2023. This premium distribution will not reduce the carry forward SIIC dividend payment obligation standing at \u20ac2,001 Mn as at December 31, 2023 and will qualify as an equity repayment for French tax purposes (article 112-1 of the French tax code). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-13": { "value": "2.5", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-575": { "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, 2023
Dec. 31, 2022
1) Commitments related to the sc op e of the consolidated Group
56.5
58.7
Commitments for acquisitions/disposals
\u2022\ue01f
Purchase undertakings and earn-out
2024 to 2040
51.4
53.8
Commitments given as part of specific transactions
\u2022\ue01f
Warranties and bank letters of credit given in the
course of the ordinary business
2024+
5.1
4.9
2) Commitments related to Gr oup financing
2,475.2
1,593.7
\u2022\ue01f
Mortgages and first lien lenders
2024+
2,122.3
1,126.8
Financial guarantees given
\u2022\ue01f
Guarantees relating to entities under the equity
method or not consolidated
2024+
352.9
466.9
3) Commitments related to Group operational activities
1 ,417.1
1,680.0
\u2022\ue01f
Properties under construction: residual
commitments for works contracts and forward
Commitments related to development activities purchase agreements
2024+
950.1
1,181.6
\u2022\ue01f
Residual commitments for other works contracts
\u2013
\u2013
6.4
\u2022\ue01f
Commitments subject to conditions precedent
2024 to 2028
192.8
190.9
\u2022\ue01f
Commitments for construction works
2024 to 2064
192.7
204.4
Commitments related to operating contracts
\u2022\ue01f
Rental of premises and equipment
2024+
12.5
15.9
\u2022\ue01f
Other
2024+
69.0
80.8
Total commitment s given
3,948.9
3,332.4
(1) (2) (3) (4) (5) (1) Relates to the commitments to purchase external shares and includes the put option on an asset in Poland exercised by the partner. (2) 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 \u20ac2,137.5 Mn as at December 31, 2023 (\u20ac1,141.9 Mn as at December 31, 2022). (3) Corresponds mainly 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. (4) Comprises financial guarantees given to the City of Paris regarding the Triangle Tower project. (5) 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 \u20ac550.0 Mn has already been invested). COMMITMENTS RELATING TO GROUP FINANCING \u2022 Following the exchange offer launched on June 20, 2023, from Settlement date on July 3, 2023, the Group\u2019s overall hybrid portfolio amounts to \u20ac1,845 Mn as at December 31, 2023. Hybrid securities 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, Unibail-Rodamco-Westfield SE has committed to the French tax authorities to retain these interests for at least five 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 the 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 tax 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 requirement 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 at \u20ac2,001 Mn as at December 31, 2023: it will be 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. \u2022 In 2014, the City of Brussels selected Unibail-Rodamco-Westfield as the co-developer, with 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 Unibail-Rodamco-Westfield from December 31 following the opening of the shopping centre and during a period of one 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 Unibail-Rodamco-Westfield from the end of the second full year after the opening of the shopping centre and lasting 38 months from such date. Unibail-Rodamco-Westfield SE together with the parent companies of BESIX and CFE provided guarantees to the City of Brussels with respect of all payment obligations of the joint ventures which will develop the project. Several counter guarantees were provided between Unibail-Rodamco-Westfield SE, BESIX and CFE, to ensure that each joint venture shall not bear any financial consequence beyond its program 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 John F. Kennedy International Airport \u2013 Terminal One, URW SE guarantees to JFK NTO L.L.C., performance of all obligations of its subsidiary, URW Airports JFK T1, L.L.C., 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 2026-2030. Under the Master Retail Development, Management and Leasing Agreement relating to JFK Terminal 8, URW SE guarantees to American Airlines, Inc., the performance of all the terms and conditions of the agreement executed by its subsidiary JFK T8 Innovation Partners, LLC.
13.2 COMMITMENTS RECEIVED
Commitments received
(\u20acMn)
Description
Maturities
Dec. 31, 2023
Dec. 31, 2022
1) Commitments related to the sc op e of the consolidated Group
7.0
7.3
Commitments for acquisitions/disposals
\u2022\ue01f
Sales undertakings
2024 to 2025
7.0
7.3
2) Commitments related to Gr oup financing
8,059.9
9,655.0
Financial guarantees received
\u2022\ue01f
Undrawn credit lines
2024 to 2029
8,059.9
9,655.0
3) Commitments related to Group operational activities
869.6
904.0
Other contractual commitments received related to
\u2022\ue01f
Bank guarantees on works and others
2024+
18.5
18.4
operations
\u2022\ue01f
Other
2024 to 2028
316.6
393.9
\u2022\ue01f
Guarantees received relating to Hoguet regulation
Assets received as security, mortgage or pledge, as well
(France)
2030
104.5
100.2
as guarantees received
\u2022\ue01f
Guarantees received from tenants
2024+
326.5
309.2
\u2022\ue01f
Guarantees received from contractors on works
2024+
103.5
82.3
Total commitment s received
8,936.4
10,566.3
(1)
(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, 2023.
(2) Mainly comprises counter-guarantees received from JV\u2019s partners in the Triangle Tower project.
13.3 CONTINGENT LIABILITIES
The company Rodamco Projekt AB (a Swedish autonomous legal entity)
is involved in an arbitration procedure with PEAB regarding claims on
the development of Westfield Mall of Scandinavia. The arbitration
decision was issued on June 30, 2023 and was not in line with the
Group\u2019s expectations. The tribunal, by majority decision, accepted a
number of PEAB\u2019s claims and rejected Rodamco Projekt AB\u2019s claims
in very large parts. A total of SEK1.5 Bn, including interests and legal
costs, was granted to PEAB, while Rodamco Project AB was granted in
its turn a very limited amount of SEK0.089 Bn on its disturbance claims.
One of the arbitrators dissented with the majority and delivered an
extensive opinion to support his view. Based on the two separate arbitral
awards which were issued on matters of principle in the case, Rodamco
Projekt AB considers that the judgment issued is contrary to these
previous separate awards and contains substantial procedural errors in
almost every aspect. While arbitration award is not subject to appeal, it
can be cancelled in whole or in part at the request of one of the parties.
On August 7, 2023, Rodamco Projekt AB filed a suit against PEAB before
the Svea Court of Appeal with a request that the Final Award be set aside
and requested the Court of Appeal to stay the enforcement of the Final
Award. The stay of enforcement was ordered by the Court of Appeal
on August 10, 2023, challenged by PEAB on December 5, 2023 and
confirmed by the Court of appeal on December 21, 2023.
Based on the risk analysis performed by the Group and its legal advisors
and reinforced by independent experts\u2019 opinions, no provision relating to
this litigation was booked. In parallel, the Group has reserved an amount
to cover the proceeding costs.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-601": { "value": "
13.1 COMMITMENTS GIVEN
Commitments given
(\u20acMn)
Description
Maturities
Dec. 31, 2023
Dec. 31, 2022
1) Commitments related to the sc op e of the consolidated Group
56.5
58.7
Commitments for acquisitions/disposals
\u2022\ue01f
Purchase undertakings and earn-out
2024 to 2040
51.4
53.8
Commitments given as part of specific transactions
\u2022\ue01f
Warranties and bank letters of credit given in the
course of the ordinary business
2024+
5.1
4.9
2) Commitments related to Gr oup financing
2,475.2
1,593.7
\u2022\ue01f
Mortgages and first lien lenders
2024+
2,122.3
1,126.8
Financial guarantees given
\u2022\ue01f
Guarantees relating to entities under the equity
method or not consolidated
2024+
352.9
466.9
3) Commitments related to Group operational activities
1 ,417.1
1,680.0
\u2022\ue01f
Properties under construction: residual
commitments for works contracts and forward
Commitments related to development activities purchase agreements
2024+
950.1
1,181.6
\u2022\ue01f
Residual commitments for other works contracts
\u2013
\u2013
6.4
\u2022\ue01f
Commitments subject to conditions precedent
2024 to 2028
192.8
190.9
\u2022\ue01f
Commitments for construction works
2024 to 2064
192.7
204.4
Commitments related to operating contracts
\u2022\ue01f
Rental of premises and equipment
2024+
12.5
15.9
\u2022\ue01f
Other
2024+
69.0
80.8
Total commitment s given
3,948.9
3,332.4
(1)
(2)
(3)
(4)
(5)
(1) Relates to the commitments to purchase external shares and includes the put option on an asset in Poland exercised by the partner.
(2) 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 \u20ac2,137.5 Mn as at
December 31, 2023 (\u20ac1,141.9 Mn as at December 31, 2022).
(3) Corresponds mainly 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.
(4) Comprises financial guarantees given to the City of Paris regarding the Triangle Tower project.
(5) 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 \u20ac550.0 Mn has already been invested).
COMMITMENTS RELATING TO GROUP FINANCING
\u2022 Following the exchange offer launched on June 20, 2023, from Settlement date on July 3, 2023, the Group\u2019s overall hybrid portfolio amounts to
\u20ac1,845 Mn as at December 31, 2023. Hybrid securities 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,
Unibail-Rodamco-Westfield SE has committed to the French
tax authorities to retain these interests for at least five 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 the
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 tax
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 requirement
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 at
\u20ac2,001 Mn as at December 31, 2023: it will be 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.
\u2022 In 2014, the City of Brussels selected Unibail-Rodamco-Westfield as
the co-developer, with 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
Unibail-Rodamco-Westfield from December 31 following the opening
of the shopping centre and during a period of one 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
Unibail-Rodamco-Westfield from the end of the second full year after
the opening of the shopping centre and lasting 38 months from such
date.
Unibail-Rodamco-Westfield SE together with the parent companies
of BESIX and CFE provided guarantees to the City of Brussels with
respect of all payment obligations of the joint ventures which will
develop the project.
Several counter guarantees were provided between
Unibail-Rodamco-Westfield SE, BESIX and CFE, to ensure that each
joint venture shall not bear any financial consequence beyond its
program 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 John
F. Kennedy International Airport \u2013 Terminal One, URW SE guarantees
to JFK NTO L.L.C., performance of all obligations of its subsidiary,
URW Airports JFK T1, L.L.C., 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 2026-2030.
Under the Master Retail Development, Management and Leasing
Agreement relating to JFK Terminal 8, URW SE guarantees to
American Airlines, Inc., the performance of all the terms and
conditions of the agreement executed by its subsidiary JFK T8
Innovation Partners, LLC.
13.2 COMMITMENTS RECEIVED
Commitments received
(\u20acMn)
Description
Maturities
Dec. 31, 2023
Dec. 31, 2022
1) Commitments related to the sc op e of the consolidated Group
7.0
7.3
Commitments for acquisitions/disposals
\u2022\ue01f
Sales undertakings
2024 to 2025
7.0
7.3
2) Commitments related to Gr oup financing
8,059.9
9,655.0
Financial guarantees received
\u2022\ue01f
Undrawn credit lines
2024 to 2029
8,059.9
9,655.0
3) Commitments related to Group operational activities
869.6
904.0
Other contractual commitments received related to
\u2022\ue01f
Bank guarantees on works and others
2024+
18.5
18.4
operations
\u2022\ue01f
Other
2024 to 2028
316.6
393.9
\u2022\ue01f
Guarantees received relating to Hoguet regulation
Assets received as security, mortgage or pledge, as well
(France)
2030
104.5
100.2
as guarantees received
\u2022\ue01f
Guarantees received from tenants
2024+
326.5
309.2
\u2022\ue01f
Guarantees received from contractors on works
2024+
103.5
82.3
Total commitment s received
8,936.4
10,566.3
(1) (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, 2023. (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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-602": { "value": "13.3 CONTINGENT LIABILITIES The company Rodamco Projekt AB (a Swedish autonomous legal entity) is involved in an arbitration procedure with PEAB regarding claims on the development of Westfield Mall of Scandinavia. The arbitration decision was issued on June 30, 2023 and was not in line with the Group\u2019s expectations. The tribunal, by majority decision, accepted a number of PEAB\u2019s claims and rejected Rodamco Projekt AB\u2019s claims in very large parts. A total of SEK1.5 Bn, including interests and legal costs, was granted to PEAB, while Rodamco Project AB was granted in its turn a very limited amount of SEK0.089 Bn on its disturbance claims. One of the arbitrators dissented with the majority and delivered an extensive opinion to support his view. Based on the two separate arbitral awards which were issued on matters of principle in the case, Rodamco Projekt AB considers that the judgment issued is contrary to these previous separate awards and contains substantial procedural errors in almost every aspect. While arbitration award is not subject to appeal, it can be cancelled in whole or in part at the request of one of the parties. On August 7, 2023, Rodamco Projekt AB filed a suit against PEAB before the Svea Court of Appeal with a request that the Final Award be set aside and requested the Court of Appeal to stay the enforcement of the Final Award. The stay of enforcement was ordered by the Court of Appeal on August 10, 2023, challenged by PEAB on December 5, 2023 and confirmed by the Court of appeal on December 21, 2023. Based on the risk analysis performed by the Group and its legal advisors and reinforced by independent experts\u2019 opinions, no provision relating to this litigation was booked. In parallel, the Group has reserved an amount to cover the proceeding costs. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-576": { "value": "
NOTE 14. SUBSEQUENT EVENTS
On January 30, 2024, URW closed the disposal of Equinoccio in Spain to
Atitlan for a Total Acquisition Cost of \u20ac34 Mn, represented a discount to
book value of -3.1%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-577": { "value": "
NOTE 16. RELATIONSHIP WITH THE STATUTORY AUDITORS
Statutory Auditors
\u2022 KPMG Audit
\u2013 Commencement date of first term of office: AGM of May 11, 2023;
\u2013 Persons responsible: R\u00e9gis Chemouny since May 2023.
\u2022 Deloitte & Associ\u00e9s
\u2013 Deloitte & Associ\u00e9s succeeded Deloitte Marque & Gendrot which was appointed on April 28, 2005;
\u2013 Person responsible: Emmanuel Gadret since May 2019.
The 6-year term of office for KPMG Audit and Deloitte & Associ\u00e9s comes to an end as at the AGM approving the 2028 accounts.
FEES OF STATUTORY AUDITORS EXCLUDING THEIR NETWORKS FOR
THE 2023 AND 2022 FISCAL YEARS
STATUTORY AUDITORS\u2019 FEES 2023
Deloitte & Associ\u00e9s
KPMG
Ernst & Young Audit
(\u20acMn)
2023
2022
2023
2022
2023
2022
Audit and half-year review of the consolidated and non-consolidated financial statements
1.7
1.4
1.0
0.0
0.0
1.0
Parent company + controlled companies
(1)
)
Non-audit services
0.4
0.2
0.2
0.0
0.0
0.3
Parent company + controlled companies
(1)
)
Total
2.1
1.6
1.1
0.0
0.0
1.3
(2)
(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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-543": { "value": "7, place du Chancelier Adenauer, 75016 Paris", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-15": { "value": "France", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-542": { "value": "France", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-14": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }