The Unibail-Rodamco Supervisory Board convened on February 6, 2008, and reviewed the company's consolidated accounts for the full year 2007.
Scope of consolidation: following the successful public exchange offer and subsequent open market purchases of Rodamco Europe shares, Unibail-Rodamco now owns 98.5% of these shares. Consolidation of the Rodamco Europe Balance Sheet occurred for the first time on June 30, 2007, while their results are consolidated effective 2nd half of 2007. This implies that the formal results of the company include a full year of Unibail's activities and a half year of Rodamco's.
Business Performance: like-for-like growth across the portfolio has been strong. The office division recorded a 9.4% growth in net rental income, mainly due to France where strong demand for prime office space resulted in increasing rental levels and vacancy levels reduced from 14% end 2006 to 8% end 2007. The Shopping Centre division saw like-for-like net rental income growth of 7.9%, a growth of more than 400 bps over inflation with particularly strong contributions from France, Spain and Central Europe. This performance is underpinned by strong tenant's performance with a 5.3% growth in tenant's sales across the portfolio. Recurring Earnings came to