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ANNUAL REPORT 2017 Results Strategy Operations Sustainability Governance & Risk Financial Statements

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ANNUAL REPORT 2017 Results Strategy Operations Sustainability Governance & Risk Financial Statements Results Strategy Operations Sustainability Governance & risk Financial Statements INTEGRATED ANNUAL REPORT 2017 Results Strategy Operations Sustainability Governance & risk Financial Statements RESULTS STRATEGY OPERATIONS Message from the CEO 5 Vision, mission and profile 14 Operations 24 Key performance indicators 7 Market, environmental and societal trends 16 Property portfolio The Netherlands 32 Key figures 2013-2017 8 Integrated strategic business model 18 Property portfolio Belgium 41 The share 10 Fully focused on convenience Property portfolio Finland 48 FINANCIAL CALENDAR 12 shopping centres 19 Shopping Centre Operations 49 Highlights 2017 13 Strategic management agenda 2018-2019 20 Property portfolio Finland 50 Results 79 Property portfolio France 53 Equity and debt 80 Staff & organisation 83 EPRA tables 85 Direct & Indirect Result 90 Our sustainability results 2017 91 SUSTAINABILITY GOVERNANCE & RISK FINANCIAL STATEMENTS Stakeholder engagement and materiality 59 Report from the Supervisory Board 92 Financial Statements 128 Sustainable value creation 61 Composition of the Supervisory Board 101 Bricks: environmental performance 63 Remuneration report 103 People: our human capital 68 Corporate Governance 109 Partners: teaming up in APM’s 126 SPECIAL ITEMS supply chain responsibility 71 Society: social performance 76 Highlighted Tilburg city centre 21 Appendix 203 Interview Tamara Obradov 81 Independent Auditor’s Report 192 Annual Report 2017 Wereldhave N.V. 2 Results Strategy Operations Sustainability Governance & risk Financial Statements OUR REPORTING FRAMEWORK This is the integrated annual report 2017 of About Wereldhave Feedback Wereldhave N.V. It will be published in digital Wereldhave invests in dominant convenience We welcome any feedback from our stakeholders. form on the Company’s website shopping centres in larger regional cities in the www.wereldhave.com Netherlands, Belgium, France and Finland. Please contact us for feedback or any questions you might have at: [email protected] This report focuses on the operational, financial and The area surrounding our centres will include at least and/or [email protected] sustainability performance for the financial year 100,000 inhabitants within 10 minutes’ travel time 2017 of Wereldhave N.V. and its subsidiaries. from the shopping centre. The report covers our portfolio of shopping centres We focus on shopping centres that strike a balance in the Netherlands, Belgium, Finland and France and between convenience and shopping experience. offices in Belgium, owned and managed by the group. With easy accessibility, products that cover all the daily shopping needs, a successful mix of WERELDHAVE N.V. international and local retail products and strong WTC Schiphol, Tower A, 3rd floor food anchor stores, our centres provide convenience Schiphol Boulevard 233, 1118 BH Schiphol shopping to accommodate a busy urban lifestyle as P.O. Box 75837, 1118 ZZ Schiphol, The Netherlands well as an ageing population. T: +31 20 702 78 00, F: +31 20 702 78 01 We aim for an experience that goes beyond Wereldhave is a member of the following shopping, with restaurants, kids’ playgrounds and organisations: high quality amenities in order to attract families – and keep them with us for longer visits. For more information: www.wereldhave.com Annual Report 2017 Wereldhave N.V. 3 Results Strategy Operations Sustainability Governance & risk Financial Statements OUR REPORTING FRAMEWORK Five reporting topics BRINGING STRATEGY 1 Owner and operator of shopping centres with long- term societal and financial returns PEOPLE TOGETHER OPERATIONS Wereldhave believes in shopping centres that 2 How our shopping centres performed in 2017 bring people together. Shopping centres that are strongly intertwined with local society. Where people love to come, SUSTAINABILITY not just to shop, but also to meet people and 3 Our sustainability framework is fully integrated in our business strategy and operations visit events. Shopping centres that meet different needs and provide a rich, inspiring experience, this RESULTS way strengthening the economic position of 4 Our financial, environmental and societal results in 2017 the region and enriching the range of enter- tainment and relaxation being offered. Bringing people together leverages shopping GOVERNANCE & RISK as a social activity, a combination of need-to-do 5 Our Governance & Risk framework is designed for our business strategy and operations with recreation and entertainment. This will drive footfall, rent roll and ultimately the value of our shopping centres, with long- term soci- etal and financial returns for all stakeholders. Annual Report 2017 Wereldhave N.V. 4 Results Strategy Operations Sustainability Governance & risk Financial Statements MESSAGE FROM THE CEO Focus on operations Dear stakeholder,the year 2017 was It allows us to rapidly respond to market changes. a turbulent year, with recovering markets in the Leasing activity remained high and I am proud that Netherlands, Belgium and Finland, but several new shop formats were first launched in the headwind in France. The direct result Netherlands in our portfolio. Together with the decreased by 0.6% to € 150.1m, or € 3.43 per increasing number of package deals, it clearly shows share, exactly within the guidance we that our centres are viewed as the right platform by provided. The decrease was primarily caused retailers. by disposals in the Netherlands and lower rental income in France. In Belgium, the change in the leasing team we implemented in 2016 started to bear fruit. Leasing In France, market conditions were tight, especially picked up, particularly for the Tournai extension during the first half of the year. Bad debts and plan. We now anticipate that the centre will be nearly defaulting tenants caused a decrease in net rental fully let at opening in April 2018. In 2018, our focus income. A further drop in occupancy appeared in Belgium will be on the reletting of two Carrefour likely, as the large fashion chains were seeking to hypermarkets in Genk and Liege. rationalise their store base. With the appointment of Olivier Mourrain as new Managing Director for Finland showed a strong recovery in 2017. Like-for- France, we set two key priorities: securing our key like rental growth was driven by an increase in anchors and improving the overall tenant quality. occupancy, with rental values remaining stable. Even During the last quarter of 2017, occupancy found the though approx. 7,000 m² in the heart of the centre is way up again. Our target for 2018 in France is to under redevelopment, footfall went up by 2.6%. Our stabilise rental income, improve occupancy and target in Finland for 2018 is to complete the cinema quality of the tenant base. development and to improve the F&B offer in the centre. The huge interest for Finnkino’s press In the Netherlands, the retail market recovered from conference, where they announced the first Imax for the difficult year 2016. The number of bankruptcies Finland, strengthens our conviction that Itis is the decreased significantly and retailer interest is picking preferred retail centre for Greater Helsinki. up. In the first quarter of the year, the Dutch management organisation was changed. We created four business units to bring operational accountability down in the organisation. Annual Report 2017 Wereldhave N.V. 5 Results Strategy Operations Sustainability Governance & risk Financial Statements MESSAGE FROM THE CEO Since we launched our sustainability policy in 2013, We will set up a dedicated project management The associated need for capex is structurally higher more than 76% of the asset value of our shopping organisation to roll out the plans. The investment than before, as well as the fit-out contributions to centres is now rated BREEAM Very Good or higher. scheme amounts to approx. € 6m and includes accommodate tenants. After careful consideration, During 2017, we invested approximately 1.1% of our detailed actions per shopping centre, depending on we have therefore decided to propose a resetting of net rental income in more than 200 social inclusion their situation. We are also improving the digital the dividend level, to make our dividend covered by initiatives. By providing space in kind, organising foundations of our shopping centres. A first pilot was cash-flow from operations. We acknowledge that for social events, facilities and sponsoring, we invest in launched in the Netherlands, with e-mail marketing many shareholders, dividend is a key driver for their connecting our shopping centres to society, on (consent-based) shopping behavior analyses with investment decision. A lower dividend is certainly bringing people together. wifi-tracking. Such pilot projects are an important a disappointment for shareholders, but our dividend tool in our customer journey project. Only tested will become more sustainable. A higher quality The next step for 2018 is our Customer Journey and proven concepts will be fully rolled out. portfolio will also improve the Company’s risk project. In 2017, we identified a number of key profile. As we are convinced we have to move in this trends and we defined our shopping centre vision This new shopping centre approach also embodies direction, we truly believe this is the right decision. for the year 2025, with short term targets. We our vision of the changing organisation Wereldhave selected six overarching promises for our shopping is. We are gradually including the DNA of a retailer I would like
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