Full Year 2022 Unibail-Rodamco-Westfield SE Earnings Call Transcript
Good morning, and welcome to Unibail-Rodamco-Westfield's 2022 Full Year Results Presentation.
In 2022, our strong operations and continued deleveraging provided a powerful platform for progress against all of our strategic objectives. Our group-wide performance drove increased earnings which, combined with EUR 2.8 billion of European and U.S. disposals, has translated into improved credit metrics and a net debt-to-EBITDA ratio lower than 2019 levels. This performance is reflected in consistently-increasing operating metrics, also now at 2019 levels, demonstrating the full recovery of our business.
Commercial Partnerships revenues increased 51% versus 2021, slightly above 2019, and we achieved strong growth in media advertising and brand experience. Our Convention & Exhibition activity has rebounded strongly, and our Office division delivered a 20% like-for-like increase in NRI.
We continued our strong ESG performance and are on track to achieve all of our
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