PAREF : 2006 full-year revenue up 21% (excluding non-recurring items)

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NAV of ¤ 88.5 per share, up 25 % in one year

¤ millions 2006 FY 2005 FY % change
Q4 revenue 3.283 3.146 4%
Full-year revenue 11.222 10.669 5%
Full-year revenue
(excluding property dealings)
9.995 8.293 21%
Replacement NAV ¤/share 88.53 70.88 25%

SIIC PAREF, a real estate company specialising in property investments and management for third parties, announces 2006 full-year revenue of ¤ 11.22 million at 31 December 2006.  This is a 5% increase over 2005.

Excluding non-recurring items (sale of a building as part of the Group's non-strategic property dealing activity), consolidated revenue increased by 21%.

2006 Q4 quarter revenue amounted to ¤ 3.3 million, a 4% increase (49% excluding non-recurring items) compared to 2005 Q4.

Revenue may be analysed by activity as follows:

¤ thousands 4th Quarter Full year
2006 2005 % Increase 2006 2005 % Increase
Rent and costs recovered
  residential
  commercial
1,632
517
1,115
917
447
470
78%
16%
137%
5,921
2,020
3,901
4,683
1,465
3,218
26%
38%
21%
Management fees 1,628 1,275 28% 4,074 3,610 13%
Total recurring activities 3,260 2,192 49% 9,995 8,293 21%
Property dealing 22 954 Ns 1,227 2,376 Ns
IFRS consolidated revenue 3,283 3,146 4% 11,222 10,669 5%

The strong growth in both residential and commercial rental income was due to the indexation of leases, as well as the significant increase in assets owned by the Company, which has proceeded with numerous acquisitions since its December 2005 IPO.

Management fees increased by 13% over the financial year, thanks to the sustained level of activity of SCPIs (real estate investment trusts) managed by Paref Gestion (formerly Sopargem): Pierre 48, Novapierre 1, Interpierre.

The decrease in revenue from the property dealing activity, non-strategic for PAREF Group, resulted from the completion of the sale of the Boulevard Beaumarchais building.

The Group had total assets of ¤ 82 million (realisable value, before transfer taxes) at 31 December 2006, with an additional ¤ 40 million in undertakings to purchase at that date.  Negotiations for several other projects totalling in excess of ¤ 25 million are in progress and at an advanced stage.

At 31 December 2006, replacement NAV (unaudited) was ¤ 88.5 per share, compared to ¤ 70.88 per share at the end of 2005, a 25% increase in just one year.


Next financial announcement:
22 March 2007: 2006 full-year results

PAREF operates in two major areas: commercial investment and management for third parties.
PAREF elected for SIIC (listed real estate company) status in 2006.
A liquidity contract on the company's securities, complying with the new AFEI (French Association of Investment Firms) Ethics Charter and approved by the AMF (French stock market regulator) on 22 March 2005, was signed with the company Invest Securities.

Eurolist C by Euronext Paris
ISIN Code: FR00110263202 - Ticker: PAR

For further information, please visit the PAREF Group website: http://www.PAREF.com

CONTACT
CONTACTS
PAREF 

Hubert LEVY-LAMBERT
Chairman of the Management Board
hll@paref.com

Alain PERROLLAZ
Director
Tel: +33 (0)1 40 29 86 86
alain.perrollaz@paref.com
ACTUS Finance & Communication
 

Sébastien BERRETAnalyst/Investor relations
 sberret@actus.fr
 
  Chantal FARANT
  Press Relations
  Tel: +33 (0)1 53 67 36 36
cfarant@actus.fr
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