Unibail-Rodamco-Westfield Reports FY-2022 Earnings

Unibail-Rodamco-Westfield SE
Unibail-Rodamco-Westfield SE

Paris, Amsterdam, February 9, 2023

Press release


Adjusted Recurring EPS of €9.31 up 34.7% vs. 2021 thanks to Shopping Centres performance and strong rebound in Convention & Exhibition activity

Shopping Centre tenant sales and rent collection at pre-COVID levels with consistent improvement across all operating metrics

Strong operational performance and continued deleveraging leading to improved credit metrics with Net Debt/EBITDA now at 9.6x better than 2019 levels

2023 AREPS forecasted to be in the range of €9.30 to €9.501

2022 in review:

  • Tenant sales reached 103% of 2019 levels, with Europe2 at 100% and the US at 108% of 2019 levels

  • Rent collection at 97%, in line with 2019 levels

  • Shopping Centre vacancy at 6.5% (June 2021: 8.9%, December 2019: 5.4%)

  • €441 Mn of Minimum Guaranteed Rent (MGR) signed (+26% vs. 2021, +14% vs. 2019), at uplift of +6.2% including +14.4% on long-term deals

  • 51% increase in Commercial Partnerships revenues3 to €175 Mn (2021: €116 Mn) – with strong growth in European advertising, brand and data activities (2022 net margin: €46 Mn, 2021: €30 Mn)

  • Recovery of Convention & Exhibition Net Operating Income at €190 Mn (2021: €55 Mn, 2018: €165 Mn)

  • Offices & Others Net Rental Income of €70 Mn, up +23.2% on like-for-like basis, reflecting leasing progress at Trinity

  • 2022 EBITDA +30% at €2,209 Mn (2021: €1,697 Mn)

  • €2.8 Bn of disposal transactions in 2022 with €1.6 Bn for Europe and €1.2 Bn for the US

  • 2022 IFRS Net Financial Debt reduced by -€1.9 Bn to €20.7 Bn and fully hedged against interest rates increases for the coming years

  • Refinancing needs secured for the next 36 months with €13.0 Bn4 of cash on hand and available facilities

  • Successful delivery of Les Ateliers Gaîté (Paris), “Rue de la Boucle” at Westfield Forum des Halles (Paris), Westfield Topanga extension (Los Angeles) and the first phase of Coppermaker Square residential (London)

  • 2023 AREPS guidance of €9.30 to €9.50 reflects consistent underlying operational performance

Commenting on the results, Jean-Marie Tritant, Chief Executive Officer, said:

“URW achieved excellent financial results in 2022, confirming the end of any COVID effect on our business. In particular, tenant sales and rent collection returned to pre-pandemic levels and we delivered consistent improvement in operating metrics across all regions.

Our proactive leasing strategy yielded a higher proportion of longer-term leases at increased rents while we also benefitted from Sales Based Rents and the positive impact of indexation. In 2023, we will perform as retailers and brands optimise their store networks with us, with a focus on the most productive stores in prime locations as part of their drive-to-store strategies.

Strong growth in Commercial Partnerships revenues clearly demonstrated the opportunity to generate new revenues from qualifying the audience of visitors to our centres, especially in Europe where we launched Westfield Rise, an in-house media advertising agency.

Higher earnings, combined with a -€1.9 Bn debt reduction thanks to disposals in the US and Europe, translated into enhanced credit metrics. The Group’s robust operational performance and strong liquidity position allows us to progress our deleveraging programme in a timely and orderly manner, including the radical reduction of our US financial exposure.

The Group is on track to deliver its “2024 and beyond” strategy, which includes maximising asset value through the disciplined delivery of our committed pipeline and unlocking new development opportunities, with a focus on urban regeneration and environmental transition projects.





Like-for-like growth5

Net Rental Income (in € Mn)





Shopping Centres





Offices & Others





Convention & Exhibition










EBITDA (in € Mn)





Recurring net result (in € Mn)





Recurring EPS (in €)





Adjusted Recurring EPS (in €)











Dec. 31, 2022

Dec. 31, 2021


Like-for-like growth

Proportionate portfolio valuation (in € Mn)





EPRA Net Reinstatement Value (in € per stapled share)





Figures may not add up due to rounding

2022 AREPS: 9.31

Reported AREPS amounted to €9.31, up +34.7% compared to 2021, mainly driven by strong Shopping Centre operational performance (including the end of COVID-19 rent relief, lower doubtful debtors and higher variable income), the recovery of the C&E division and the delivery of projects, partly offset by disposals, increase in financial expenses and taxes. Rebasing both periods for the COVID-19 rent relief, the AREPS would have increased by +13.0%.


Shopping Centres

Like-for-like shopping centre NRI was up by +21.5%8 for the Group, and by +25.4% in Continental Europe, and up +12.0%8 in the US and +21.4% in the UK. All regions benefitted from higher variable income and lower doubtful debtors due to higher rent collection including 2021 rents. Performance in Continental Europe was also positively impacted by the end of COVID-19 rent discounts as well as indexation, and in the UK by lower rent relief and higher Sales Based Rents (SBR). The US benefitted from higher SBR, parking income and Commercial Partnerships, partly offset by negative MGR uplifts on short-term deals. Excluding the impact of COVID-19 rent relief, the like-for-like NRI growth would be +7.8% for the Group.

2022 tenant sales9 were at 103% of 2019 levels, including 101% in Continental Europe, 96% in the UK and 108% in the US, and footfall10 was at 90% of 2019 levels, including 88% in Continental Europe, 89% in the UK and 94% in the US (96% excluding Westfield World Trade Center and Westfield San Francisco Centre in which footfall remains affected by work-from-home trends). Footfall is expected to continue to grow as vacancy decreases.

In H2-2022, European tenant sales reached 102% of 2019 levels (vs. 98% in H1-2022). Sales performance in 2022 differed by sector in Europe. In particular, Health and Beauty was +11%, Sports +15%, while Fashion -5% and Entertainment -12% vs. 2019 levels. Entertainment saw an improvement from -14% in H1 to -10% in H2 and Fashion from -7% to -2%.

In the US, tenant sales have consistently outperformed pre-COVID levels since H1-2021. Overall, 2022 sales came to 108% of 2019 levels driven by Flagship assets at 117%, Regionals at 100% and partly offset by the Central Business District (“CBD”)11 assets at 74%. The strong growth continued to be broad-based with almost all categories performing above 2019 levels, such as Luxury (+83%), Home (+37%), F&B (+10%) and Fashion (+3%). Entertainment saw an improvement from -25% in H1 to -12% in H2.

Rent collection12 amounted to 97% for 2022 (vs. 88% at FY-2021 and 96% in H1-2022), including 97% in Continental Europe, 99% in the UK and 97% in the US, returning to pre-COVID levels. The Group continued to collect 2021 rents, leading to an improvement of 2021 rent collection from 88% to 93% between February 2022 and December 2022.

URW signed €441 Mn of MGR13 during 2022 (+26% compared to 2021) with an MGR uplift of +6.2% (vs. -5.2% in 2021). As market conditions improved, the proportion of long-term deals signed also increased from 61% of MGR signed in 2021 to 68% in 2022. The MGR uplift for leases longer than 36 months came to +14.4% for the Group, with Continental Europe at +8.9%, the UK at +3.6% and the US at +36.0%.

SBR14, which are mainly generated in the US, increased to €123.6 Mn in 2022 (6.1% of NRI) from €80.2 Mn in 2021 (5.0% of NRI) of which €77.7 Mn was for the US and €45.9 Mn for Europe.

Vacancy for Shopping Centres at a Group level decreased significantly to 6.5% at FY-2022, down from 8.9% at H1-2021 and 7.0% at FY-2021. In Continental Europe, vacancy was 3.1%, down from 4.0% in December 2021 and 5.0% in June 2021. In the UK, vacancy also decreased from 12.2% in June 2021 and 10.6% in December 2021 to 9.4% at FY-2022. In the US, the vacancy reduced to 10.4% at FY-2022 from 14.0% in June 2021 and 11.0% at FY-2021, with vacancy decreasing by -110 bps year-on-year to 8.2% in the Flagships.

Indexation and inflation

URW rents are indexed on a yearly basis in Continental Europe. 2022 indexation contribution to like-for-like retail NRI performance in Continental Europe was +3.6%, reflecting 2021 inflation due to the usual time lag between contractual indexation and inflation. In the UK and the US, leases are not tied to actual CPI figures but the Group benefitted from inflation through SBR.

Commercial Partnerships

Revenue from Commercial Partnerships15 increased from €76.2 Mn in 2021 to €115.5 Mn in 2022, driven in part by the launch in Europe of Westfield Rise, an in-house media, brand experience and data partnerships agency.

Total Westfield Rise activity in Europe amounted to €45.5 Mn in net margin at 100% share in 2022, up +23% compared to 2019 (and +52% compared to 202116). This new division (for which figures are reported at 100%) will generate €75 Mn16 in annual net margin by 2024, a +€45 Mn increase compared to 2021, with strong potential growth beyond 2024.

Offices & Others

Office NRI increased by +16.0%, primarily as a result of deliveries of Pullman Montparnasse and Gaîté Montparnasse offices, partly offset by 2021 and 2022 disposals, especially Solna Centrum. On a like-for-like basis, office NRI increased by +23.2%, with +44.2% in France, mainly due to leasing activity at Trinity in La Défense, now 74% let.

Two new leases (Santarelli and Alain Afflelou) were signed for Trinity in 2022 at an average rent of c. €567/sqm17, with lease incentives below the market average. In addition, 33,100 sqm were leased on projects, including Lightwell in La Défense (80% pre-let) and Westfield Hamburg offices (29% pre-let), both due to be delivered in 2024.

Convention & Exhibition

In 2022, Viparis hosted 617 events (including 189 exhibitions, 75 congresses and 353 corporate events) compared to 236 events in 2020 and 721 events in 2018.

Convention & Exhibition recurring NOI amounted to €190.2 Mn compared to €55.2 Mn in 2021 and €164.7 Mn in 2018. This includes the €25 Mn contribution from the French State to compensate closure periods in earlier years. Restated from this and triennial shows (held in 2018 and 2022), the NOI is slightly above 2018, due to the strong recovery of activity and the shift of certain biannual shows, despite the remaining impact of COVID-19 in the first quarter.

As at January 31, 2023, signed and pre-booked events in Viparis venues for 2023 amounted to 86%18 of 2019 pre-bookings, the last comparable year.


In total, the Group completed disposals in Europe and in the US that represents €1.8 Bn of IFRS net debt reduction.

In Europe, URW completed disposals in 2022 that represents a €1.2 Bn of IFRS net debt reduction at an average NIY of 5.5% and an average premium to last unaffected book value of +2.7%. Deals completed include the disposal of Solna Centrum (Stockholm region), the building rights for two residential buildings at Westfield Hamburg (Hamburg), a 45% interest in Westfield Carré Sénart (Paris region), Gera Arcaden (Gera), Almere Centrum (Amsterdam region), Carré Sénart Shopping Parc (Paris region) and Villeneuve 2 (Lille region). In addition, URW’s partner in Aupark exercised its call option for the acquisition of an additional 27% stake.

In total, URW has now reached €3.2 Bn19 of its €4.0 Bn European disposals programme representing 80%, at an average NIY of 4.9% (including 5.4% for the Shopping Centres and 3.9% for the Offices & Others), a premium to the last unaffected appraisal of +4.9% (including +1.3% for the Shopping Centres and +12.3% for the Offices & Others). The Group expects to complete the European disposals programme during 2023.

URW will continue the asset and property management for several of the assets sold, including Aupark, Westfield Carré Sénart, Gera Arcaden and Carré Sénart Shopping Parc, allowing the Group to earn management fees and consequently increase the return on investment for those assets.

In the US, the Group also continued efforts to streamline its US Regional portfolio with the completion in 2022 of a total of $0.6 Bn of disposals20. These include the disposals of the Promenade development parcel in the San Fernando Valley of Los Angeles, Westfield Santa Anita, The Village at Topanga, as well as Westfield Trumbull and Westfield South Shore. These transactions were completed at a discount of -0.5% to 2021 book value. Together with the disposal of the Palisade residential building and the ownership transfer of five other regional properties in 2021, URW has made $1.3 Bn in total proceeds to date from the planned radical reduction of its financial exposure to the US.

In 2023, the Group will continue to streamline its remaining US Regional asset portfolio. URW is committed to the radical reduction of its financial exposure to the US, a process that is supported by the strong operational performance of the assets and the Group’s liquidity position.


The Total Investment Cost (TIC)21 of URW’s development pipeline decreased by -€0.1 Bn to €3.1 Bn, compared to December 31, 2021, mainly as a result of the delivery of projects, representing €0.4 Bn, new projects and increasing costs.

In 2022, the Group delivered the 19,439 sqm Westfield Topanga extension, “Rue de la Boucle”, a 10,000 sqm destination at Westfield Forum des Halles, the Gaîté Montparnasse Office project as well as Les Ateliers Gaîté shopping centre (33,364 sqm) to complete the Gaîté Montparnasse mixed-use complex, one of the most ambitious and largest urban regeneration projects in Paris. The average letting22 of these deliveries stands at 88% as at December 31, 2022.

Committed projects amount to €2.4 Bn, of which €1.2 Bn has already been invested. The two main projects are the mixed used development in Hamburg (Westfield Hamburg-Überseequartier) and the residential project of Coppermaker Square.

In 2023, URW plans to deliver the Garbera shopping centre extension project, Coppermaker Square Retail (a leisure development adjacent to Westfield Stratford City), the renovation project of the Westfield Les 4 Temps main plaza “La Clairière”, CNIT Eole, a redevelopment at the CNIT shopping centre, and Fisketorvet dining area. The average pre-letting22 of these projects stands at 81%.


The proportionate Gross Market Value (GMV) of the Group’s assets as at December 31, 2022, decreased by
-4.1% to €52.2 Bn from €54.5 Bn as at December 31, 2021, mainly as a result of disposals (-€1.8 Bn) and a like-for-like portfolio revaluation of -€1.3 Bn (-2.7%), partly offset by CAPEX, Acquisitions and Transfers (+€0.9 Bn) and positive FX moves (+€0.4 Bn). The like-for-like shopping centres valuation was -2.6% for 2022 including
-2.3% in H2 as appraisers increased their assumption of discount and exit cap rates.

The EPRA Net Reinstatement Value per share came to €155.70 as at December 31, 2022, down -€3.90 (-2.4%) compared to December 31, 2021, mainly driven by the revaluation of investment properties, partly offset by the retained recurring results.


As at December 31, 2022, the Group’s IFRS net financial debt decreased to €20.7 Bn (from €22.6 Bn as at December 31, 2021) mainly driven by the disposals completed in 2022.

The Group’s credit metrics improved over the period supported by strong operational performance and deleveraging progress. URW’s Loan-to-Value (LTV) ratio23 decreased to 41.2% (vs. 43.3% as at December 31, 2021), Net debt/EBITDA24 ratio decreased to 9.6x (vs. 13.7x in 2021), below its 2019 level (9.9x), the Interest Coverage Ratio (ICR) increased to 4.2x (vs. 3.3x in 2021), and Funds from Operations to Net Financial Debt (FFO/NFD) ratio improved to 7.6% (vs. 5.0% in 2021).

Over 2022, URW further strengthened its liquidity position by raising €1,332 Mn (€1,682 Mn on a proportionate basis) of medium to long-term funds25 in the mortgage and corporate bank debt market, out of which €900 Mn (€1,250 Mn on a proportionate basis) is sustainability-linked.

The Group’s liquidity position increased by ca. +€0.9 Bn over the year to reach €13.0 Bn and €13.2 Bn on a proportionate basis including €3.3 Bn of cash on hand26 (vs. €2.3 Bn as at December 31, 2021), allowing the Group to fully secure its debt maturities for the next 36 months.

Regarding the €1.25 Bn perpetual non-call 2023 hybrid, the terms and conditions of the instrument provide for the issuer a call option27 in 2023, and annually thereafter.

The decision regarding this call will be made ahead of its First Reset Date28 (i.e. October 25, 2023).

The Group’s average debt maturity29 stood at 8.3 years.

The Group’s average cost of debt remained stable at 2.0%, representing a blended average cost of 1.5% for Euro30 denominated debt and 3.8% for USD and GBP denominated debt, thanks to both the Group’s hedging instruments in place limiting the impact of rates increases and to positive cash deposit rates.

The Group’s debt is fully hedged for 2023 and the following years, limiting the impact of any rates increase on the Group’s financial expenses for 2023.


2022 marks another year of ESG progress for the Group under its Better Places 2030 strategy. Having achieved a -17% reduction of energy intensity since 2015 in Europe, URW set an additional target to reduce its energy intensity by -15% in 2022 compared to 2019 in Europe to support national and European efforts to address the energy crisis. Thanks to a range of proactive measures, URW was able to outperform this target, reaching -19.8%, supporting both governments efforts and mitigating costs impacts for tenants.

URW is on track to meet all Better Places 2030 targets, including cutting carbon emissions by 50% between 2015 and 2030. The Group is committed to contribute to global carbon neutrality and will present a step-change update to its plan in autumn 2023, with a view to establishing new commitments.

The Group’s CSR agenda was recognised by equity and debt investors as a value creation driver for its stakeholders. In 2022, URW inclusion in the main ESG indices was confirmed and the Group’s sustainability achievements were registered in ratings and awards.


Thanks to the improvement in 2022 operating performance, higher indexation, the positioning of the Group on prime and well-located assets, and retailers’ drive-to-store strategies, as well as deleveraging progress, URW is well-positioned to continue to perform in what is expected to remain an uncertain macro environment in 2023.

In this context, the Group forecasts its 2023 AREPS to be in the range of €9.30 to €9.50. The main drivers of this guidance are:

  • Consistent performance in our retail operations versus 2022 with inflation protection through indexation and SBR;

  • The impact of large event scheduling changes in 2022, leading to a naturally lower Convention & Exhibition activity in 2023;

  • Full-year effect of 2022 disposals, impact of US regional streamlining and the European disposal programme;

  • Contribution of 2022 and 2023 project deliveries;

  • Stable cost of funding thanks to Group’s hedging programme;

  • FX impact with the strengthening of the Euro vs. USD.

This guidance does not include major disposals in the US in the context of the radical reduction of its financial exposure.

The Group assumes no major energy-related restrictions, nor major deterioration to the macro-economic and geopolitical environment.


Complying with the deleveraging commitments made in 2021, the Group will not pay a dividend for fiscal year 2022.

Given the statutory results of URW SE in 2022 (+€90 Mn in 2022 and cumulated negative retained earnings of -€2,341 Mn), the Group has no obligation to pay a dividend in 2023 for the fiscal year 2022 under the SIIC regime and other REIT regimes it benefits from. Consequently, URW SE’s total carry forward SIIC distribution obligation, standing at €1,720 Mn as at December 31, 2022, will be delayed until URW SE has sufficient statutory results to meet this obligation. These statutory results do not prevent URW SE from making distributions out of its premium.


The Group started discussions with Euronext in order to change its market of reference from Euronext Amsterdam to Euronext Paris as part of an initiative to simplify its structure given limited trading activity on that market. As a part of this request, the Group intends to delist the URW Stapled Shares from Euronext Amsterdam, while maintaining a single listing on Euronext Paris. The delisting from Euronext Amsterdam would not affect the liquidity of the shares nor have any impact on trading, URW’s organisation (including the stapled share principle) or the ISIN code (FR0013326246) of the Group.

Subject to approval by the Euronext Listing Board, the Group expects these changes to be effective by the end of April 2023.

Further information regarding this process will be communicated as appropriate.


The next financial events on the Group’s calendar will be:
April 26, 2023: Q1 trading update
May 10, 2023: AGM Unibail-Rodamco-Westfield SE
July 27, 2023: H1-2023 results

For further information, please contact:

Investor Relations 
Audrey Arnoux
+33 6 61 27 07 39

Media Relations 
Cornelia Schnepf – Finelk
+44 7387 108 998

Sonia Fellmann – PLEAD
+33 6 27 84 91 30

United States:
Molly Morse – Kekst CNC
+ 1 212 521 4826

About Unibail-Rodamco-Westfield

Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.

The Group operates 78 shopping centres in 12 countries, including 45 which carry the iconic Westfield brand. These centres attract over 900 million visits annually and provide a unique platform for retailers and brands to connect with consumers. URW also has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a €3 Bn development pipeline of mainly mixed-use assets. Currently, its €52 Bn portfolio is 87% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services (as at December 31, 2022).

URW is a committed partner to major cities on urban regeneration projects, through both mixed-use development and the retrofitting of buildings to industry-leading sustainability standards. These commitments are enhanced by the Group’s Better Places 2030 agenda, which strives to make a positive environmental, social and economic impact on the cities and communities where URW operates.

URW’s stapled shares are listed on Euronext Amsterdam and Euronext Paris (Ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from a BBB+ rating from Standard & Poor’s and from a Baa2 rating from Moody’s.

For more information, please visit www.urw.com

1 Please refer to the guidance in page ix for further detail.
2 Incorporates Continental Europe and UK.
3 At 100%.
4 On an IFRS basis.

5 Like-for-like NRI: Net Rental Income excluding acquisitions, divestments, transfers to and from pipeline (extensions, brownfields or redevelopment of an asset when operations are stopped to enable works), all other changes resulting in any change to square metres and currency exchange rate differences in the periods analysed.
6 Including airports.
7 Excluding airports.
8 Excluding airports.

9 Tenant sales for all centres (except The Netherlands) in operation, including extensions of existing assets, but excluding deliveries of new brownfield projects, newly acquired assets and assets under heavy refurbishment (Ursynów, Westfield La Part-Dieu, Les Ateliers Gaîté, CNIT, Gropius Passagen and Garbera) or works in the surrounding area (Fisketorvet), excluding El Corte Inglés sales from Westfield Parquesur and La Vaguada, excluding Zlote Tarasy as this centre is not managed by URW, excluding Carrousel du Louvre and excluding Auto category for Europe and Auto and Department Stores for the US. In addition, sales have been restated from the disposals occurred during the year. H2 figures are based on the scope of assets in operation over the full year. H1 figures have been restated accordingly.
10 Footfall for all centres in operation, including extensions of existing assets, but excluding deliveries of new brownfield projects, newly acquired assets and assets under heavy refurbishment (Ursynów, Westfield La Part-Dieu, Les Ateliers Gaîté, CNIT, Gropius Passagen, Garbera and Westfield Mall of the Netherlands) or works in the surrounding area (Fisketorvet), excluding Carrousel du Louvre and excluding Zlote Tarasy as this centre is not managed by URW, and excluding in the US, the centres for which no comparable data of the previous year is available. In addition, footfall has been restated from the disposals occurred during the year. H2 figures are based on the scope of assets in operation over the full year. H1 figures have been restated accordingly.
11 Westfield World Trade Center and Westfield San Francisco Centre.
12 For the Shopping Centre division, including service charges, as at February 2, 2023.
13 All letting figures exclude deals <12 months.
14 Excluding airports.

15 Group figure (Europe and US) on a proportionate basis. Commercial Partnerships includes both the new Media, Brand & Data Partnerships division presented during the Investor Day in March 2022 and now called “Westfield Rise”, as well as kiosks, seasonal markets, pop-ups, and car park activations (“Specialty leasing & other income”).
16 As published at the Investor Day.
17 Average weighted face rent excluding Welkin & Meraki floors (flex space operator) with SBR.
18 In number of events.
19 IFRS net debt reduction. €3.1 Bn on a proportionate basis.
20 IFRS net debt reduction. $0.7 Bn on a proportionate basis.

21 URW Total Investment Cost (TIC) equals 100% TIC multiplied by URW's percentage stake in the project, adjusted by specific own costs and income, if any. 100% TIC is expressed in value at completion. It equals the sum of: (i) all capital expenditures from the start of the project to the completion date and includes: land costs, construction costs, study costs, design costs, technical fees, tenant fitting-out costs paid for by the Group, letting fees and related costs, eviction costs and vacancy costs for renovations or redevelopments of standing assets; and (ii) opening marketing expenses. It excludes: (i) step rents and rent-free periods; (ii) capitalised financial interests; (iii) overhead costs; (iv) early or lost Net Rental Income; and (v) IFRS adjustments.
22 GLA signed, all agreed to be signed and financials agreed.
23 Including the hybrids, the LTV would be 45.2% (46.7% on a proportionate basis).
24 On an IFRS basis and on last 12 months basis.
25 Including credit facility renewals.
26 €3.5 Bn on a proportionate basis.

27 On any day in the period starting on and including the 90th calendar day prior to the First Reset Date (i.e. October 25, 2023).
28 With the Reset Rate of Interest being equal to the sum of the 5-Year Euro Mid Swaps as at October 23, 2023 and the Relevant Margin (i.e. 1.675% until October 24, 2028).
29 Considering the undrawn credit lines (subject to covenants) and cash on hand.
30 Including SEK.