Unibail Rodamco Westfield : 2020 Universal Registration Document (in PDF format)

2020

Universal Registration Document

UNIBAIL-RODAMCO-WESTFIELD SE

CONTENTS

CHAPTER 1

CHAPTER 5

Presentation of the Group 2

Financial statements

1.1 Key facts 3

as at December 31, 2020 285

1.2 History 4

5.1 Consolidated financial statements 286

1.3 Strategy and business model 6

5.2 Notes to the consolidated financial statements 292

1.4 Business overview 12

5.3 Statutory financial statements as at December 31, 2020 362

1.5 Portfolio 16

5.4 Notes to the statutory financial statements 365

• 1.6 Overview of valuation reports prepared by Unibail-Rodamco-Westfield's independent external

  • 5.5 Statutory auditors' report on the consolidated

    financial statements 397

• appraisers for European assets 30

  • 5.6 Statutory auditors' report on the financial statements

• 1.7 Overview of valuation reports prepared by Unibail-Rodamco-Westfield's independent external

  • of the parent company only 404

  5.7 Statutory auditors' special report on regulated agreements 409

  appraisers for American assets 32

5.8 Other information 411

1.8 Structure 34

1.9 Simplified Group organisational chart 35

CHAPTER 6

CHAPTER 2

Risk factors and internal control 413

Corporate Social Responsibility 36

6.1 Risk management framework 414

6.2 Main risk factors 418

2.1 Our sustainability strategy 38

6.3 Transferring risk to insurers 436

2.2 Better Spaces 60

2.3 Better Communities 92

2.4 Better Together 108

CHAPTER 7

2.5 Green financing of the Group activities 119

Information on the Company,

2.6 Appendices 126

shareholding and the share capital 439

7.1 Information on the Company 440

CHAPTER 3

7.2 Share capital and other securities granting access

Corporate governance and remuneration 133

to the share capital 440

7.3 Share buy-back programme 443

3.1 Governance principles AFEP-Medef Code 134

7.4 Information on the shareholding 444

3.2 Management and Supervisory Bodies 135

7.5 Financial authorisations 447

3.3 Management and Supervisory Boards Remuneration 175

7.6 Articles of Association of the Company and charters 449

3.4 Compliance 208

• 7.7 Investment by the Company outside the Unibail-Rodamco-

  3.5 Report of the Supervisory Board on Corporate Governance 213

  Westfield Group 453

• 7.8 Elements likely to have an impact in the case of a public offer 453

CHAPTER 4

Activity review 214

CHAPTER 8

4.1

Management discussion and analysis 215

Additional information

454
8.1	Statement of the persons responsible for the
Universal Registration Document	455
8.2	Statutory Auditors	456
8.3	Historical information on financial years 2017 and 2018	456
8.4	Documents available to the public	456
8.5	Glossary	457
8.6	Cross-reference tables	459

Universal Registration Document 2020 / UNIBAIL-RODAMCO-WESTFIELD

1

2020

Universal Registration Document

This Universal Registration Document has been filed on March 25, 2021, with the Autorité des Marchés Financiers (French Financial Markets Authority), as competent authority under Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of this Regulation.

The Universal Registration Document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if it is supplemented by a securities note and, if applicable, a summary together with any amendments to the Universal

Registration Document. All shall be approved by the Autorité des Marchés Financiers in accordance with Regulation (EU) 2017/1129.

The Universal Registration Document (URD) is a reproduction of the official version of the URD which has been prepared in XHTML and available onwww.urw.com.

This is a translation into English of the Universal Registration Document of the Company issued in French and available onwww.urw.com.

2

Presentation of the Group

CHAPTER

Presentation of the Group

Universal Registration Document 2020 / UNIBAIL-RODAMCO-WESTFIELD

1.1 KEY FACTS 3

1.2 HISTORY 4

1.3 STRATEGY AND BUSINESS MODEL 6

1.4 BUSINESS OVERVIEW 12

Business segments 12

Portfolio breakdown 13

Development pipeline 15

1.5 PORTFOLIO 16

1.5.1 France: Shopping Centres 16

1.5.2 France: Convention & Exhibition 18

1.5.3 France: Offices 19

1.5.4 Central Europe: Shopping Centres 20

1.5.5 Central Europe: Offices 21

1.5.6 Spain: Shopping Centres 21

1.5.7 Spain: Offices 21

1.5.8 Nordics: Shopping Centres 22

1.5.9 Nordics: Offices 22

1.5.10 Austria: Shopping Centres 23

1.5.11 Austria: Offices 23

1.5.12 Germany: Shopping Centres 24

1.5.13 Germany: Offices 24

1.5.14 The Netherlands: Shopping Centres 25

1.5.15 The Netherlands: Offices 25

1.5.16 United States: Shopping Centres 26

1.5.17 United States: Offices 28

1.5.18 United Kingdom: Shopping Centres 29

1.5.19 United Kingdom: Offices 29

• 1.6 OVERVIEW OF VALUATION REPORTS PREPARED BY UNIBAIL-RODAMCO-WESTFIELD'S INDEPENDENT EXTERNAL APPRAISERS FOR EUROPEAN ASSETS 30

• 1.7 OVERVIEW OF VALUATION REPORTS PREPARED BY UNIBAIL-RODAMCO-WESTFIELD'S INDEPENDENT

  EXTERNAL APPRAISERS FOR AMERICAN ASSETS 32

1.8 STRUCTURE 34

1.9

SIMPLIFIED GROUP ORGANISATIONAL CHART 35