Unibail-Rodamco SE announced earnings results for the fiscal year 2014. For the year, the company reported, net rental income was EUR 1,465 million compared to EUR 1,352 million a year ago. Recurring net result was EUR 1,068 million compared to EUR 986 million a year ago. Recurring EPS was EUR 10.92 compared to EUR 10.22 a year ago. EPRA triple net asset value per share was EUR 151.20 compared to EUR 146.20 a year ago. So on to the results, which, for 2014, show a recurring net result of EUR 1,068,000,000, a strong increase of more than 8% over 2013. Recurring earnings per share stand at EUR 10.92, an increase of plus 6.8% over last year, well above the outlook of at least plus 5.5% and above the plus 6% it had achieved in the first half of the year. Recurring net result was driven by strong like for like growth in shopping centres and offices, the successful deliveries in 2013, the acquisition of a stake in CentrO in May 2014 and a record low cost of debt of 2.6%.

The company provided earnings guidance for the year 2015. So for 2015, the core business is, therefore, anticipated to be strong. And the group expects its underlying recurring earnings per share to grow between plus 6% and plus 8%. And as a consequence, of course, of the massive 2014 disposal and the result of the further disposal the group intends to make in 2015, like Arkad, [indiscernible], and some others, its recurring earnings per share are expected to reach between EUR 10.15 and EUR 10.35.