PAREF : 1st Quarter 2012 Revenue : EUR 6.7 million

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17% growth in management fees due to buoyant SCPI collection Continued implementation of the selective disposal policy and start of  construction of "Le Gaïa" building Upcoming launch of a capital increase of approximately ¤ 8 million

SIIC PAREF, a property company specialised in property investment and management on behalf of third parties, announces quarterly revenue of ¤ 6.70 million, compared to ¤ 7.06 million in the 1st quarter of 2011.

Revenue (¤ thousands) Q1 2012 Q1 2011 % change FY 2011
Rent and cost recovered 4,849 5 482 (11.55%) 22,969
residential 793 781 1.55% 3,159
commercial 4,055 4,701 (13.73%) 19,810
Management fees 1,850 1,577 17.29% 4,140
Total recurring operations 6,698 7,059 (5.11%) 27,109
Property dealings 0 0 ns 0
         
Consolidated IFRS revenue 6,698 7,059 (5.11%) 28,055

Decline in rent revenue due to selective disposals carried out in 2011

Rent and costs recovered for the 1st quarter of 2012 were ¤ 4.85 million, a decline of 11.6% which was primarily due to disposals carried out in 2011 (Parmentier, Roule, Rivoli and Les Ulis). On a constant group structure basis (excluding the impact of 2011 sales), rent revenue declined by 1.9%. The occupancy rate was 88% at the end of March, compared to 90% at the end of December. However, after restatement for properties for which an undertaking to sell has been signed at 31 March (Fontenay, Gentilly, La Houssaye and Berger), this rate was 93%, stable compared to 31 December on a constant group structure basis.

During the quarter, Paref continued its selective disposal policy with the signing of two undertakings to sell:

The first undertaking relates to the Gentilly building, signed in January for ¤ 5.45 million. A condition precedent applies involving the granting of planning permission free and clear of any legal encumbrances. The second undertaking relates to the Berger building in Paris (Forum des Halles). This was signed in March for a net sales price of ¤ 9.97 million, not subject to any condition precedent; the sale is set to be effected in May.

Furthermore, on 15 March the Company sold 50% of the shares in Watford to GA promotion. Watford owns a building site in Nanterre that benefits from a planning permission, free and clear of any legal encumbrances. On 16 April Watford signed for a ¤ 19 million bank loan, and in early May launched the construction of an 11,000 m2 HQE/BBC office building named "Le Gaïa". A works contract has been concluded with GA Entreprise. The building will be delivered in July 2013 and is being actively marketed.

Increase in SCPI subscription fees

Fees from management on behalf of third parties continued to grow to ¤ 1.85 million in the first quarter (compared to ¤ 1.58 million in the 1st quarter of 2011), an increase of 17%. This strong performance was primarily due to SCPI subscription fees totalling ¤ 1.2 million, of which ¤ 0.85 million for Pierre 48 (residential SCPI). At 31 March, assets under management were valued at ¤ 604 million (up 5% compared to 31 December 2011).

Cash capital increase

Pursuant to the decision in principle made by the Supervisory Board on 4 May 2012, the Company plans on carrying out, imminently and subject to favourable market conditions, a capital increase of approximately ¤ 8 million, with retention of the pre-emption right, in accordance with the delegation of authority granted by the Annual General Meeting of 11 May 2011 in its 16th resolution.

The decision to carry out this transaction has been motivated by a desire to support the development of PAREF's management on behalf of third party activities. The funds raised following this capital increase will be essentially used to allow PAREF to participate in the launch of new institutional funds, primarily consisting of OPCIs, by taking minority stakes and therefore fully play its role as sponsor as in the case of Vivapierre.

More detailed information on Group operations and financial position during the period is provided in the quarterly financial available on our Website  www.paref.com .

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Shareholders' agenda

Annual General Meeting; 9 May 2012

1st half-year revenue: 30 July 2012

About PAREF

PAREF Group operates in two major complementary areas:

Commercial and residential investments: PAREF owns various commercial buildings in and out of the Paris region. The Group also owns the temporary usufruct of residential property in Paris. Management on behalf of third parties: PAREF Gestion, an AMF-certified subsidiary of PAREF manages 3 SCPIs and 3 OPCIs.

At 31 March 2012, PAREF Group owned more than ¤ 165 million in property assets and managed assets worth in excess of ¤ 600 million on behalf of third parties.

PAREF shares have been listed on Eurolist Compartment C of the Euronext Paris Stock Exchange since December 2005 - ISIN code: FR00110263202 - Ticker: PAR

 
Alain PERROLLAZ
Chairman of the Management Board

Olivier DELISLE
Member of the Management Board

Tel.: +33 1 40 29 86 86
 
Agnès VILLERET
Analyst/investor relations

Lucie LARGUIER
Financial press relations

Tel.: +33 1 53 32 78 95 / 84 75

agnes.villeret@citigate.fr / lucie.larguier@citigate.fr

For further information, please visit www.paref.com

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