Unibail-Rodamco: dividends suspended as profit tumbles

(CercleFinance.com) - Unibail-Rodamco-Westfield (URW) has published adjusted annual EPS of 7.
28 euros for 2020, a figure that is actually above the consensus, although which is down 41.1% y-o-y.

The retail property group saw its annual sales (1.79 billion euros) fall
by 26.4% like-for-like compared with 2019, in particular driven by the
decline in revenues at shopping centres (-24%) and Conventions and
Exhibitions, which completely collapsed (-93.6%).

Net profit thus came in at 1.05 billion euros, down 40%.

URW expects its operating results to continue to be dogged by the
pandemic in 2021, although it has provided targets for 2021 due to the
high level of uncertainty.

In addition, given the impact of the pandemic on 2020 results, the group
has decided to suspend the payment of a dividend for its 2020, 2021 and
2022.

However, URW has said that it sees good prospects for a solid recovery
from some point in the second half of the year and assures that it will
take all necessary measures to meet these challenges in the best
possible way and strategically position URW for the future.



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