The PAREF Management Board meeting of 6 September 2010, chaired by Hubert Lévy-Lambert, approved the Group's first half-year consolidated financial statements at 30 June 2010 and submitted them to the Supervisory Board.
PROPERTY ASSETSGroup properties (appraised value excluding stamp duty and acquisition costs) remained virtually stable at ¤ 200 million, down 1% compared to 31 December. Over the first half of the year, the Group sold a hotel/restaurant in Lisieux for ¤ 0.9 million (which generated a ¤ 0.2 million capital gain) and rented out a purpose-built building to La Poste (valued at ¤ 3.2 million, the greater part of which was already recognised as work in progress at 31 December). The writedown on property fair value resulting from expert appraisals in June amounted to ¤ 1.8 million. High return on property assets: 9.5% overall gross yield (9.8% on property assets excluding SCPI/OPCI). Occupancy rate: 90%, up 1 percentage point compared to end December.
REVENUESRental income: ¤ 9.0 million, compared to ¤ 8.9 million at 30 June 2009, an increase of 1%. Management on behalf of third parties (excluding PAREF): ¤ 435 million in assets under management, up 10% in one year Management fees : ¤1.6 million, compared to ¤ 1.3 million in the previous year, due to the recovery in SCPI subscriptions and higher management fees resulting from the increase in assets under management over the year. Relaunch of SCPI Interpierre following the contribution of 8 Paref buildings, with effect from 1 July and with no impact on the consolidated financial statements at 30 June. This transaction will support the development of the SCPI and diversify its rental risk profile.
Main consolidated income statement items (IFRS)
|Management & subscription fees||1.57||1.29|
|Profit margin on property transactions||0.2||0.00|
|Gross operating profit||8.29||8.28|
|Proceeds from property disposals||0||0|
|Net movement in investment property fair value||(1.78)||(7.21)|
|Profit/(loss) before tax||3.01||(2.48)|
|Net profit/(loss) - Group share||3.38||(2.21)|
|Earnings/(loss) per share, adjusted, weighted and diluted (¤||3.77||(2.47)|
IFRS consolidated financial statements
|Replacement NAV / share
(¤ per outstanding share at end of period, excluding treasury shares)
NET ASSET VALUE
Renewed NAV growth following two years of decline:Replacement NAV per share: ¤ 95.1 per share, compared to ¤ 94.6 at the end of 2009, up 0.5%; Liquidation NAV, per share: ¤ 78.8 per share, compared to ¤ 78.0 at the end of 2009, up 1%.
FINANCIAL POSITIONConsolidated group equity: ¤ 69.1 million, compared to ¤ 68.6 million at the end of December 2009.
Net profit for the period (which includes the variance in the fair value of property assets) offset the distribution of the ¤ 2 million cash dividend paid out in May and the ¤ 0.9 million unrealised loss on interest rate hedges.
Paref S.A. reduced its share capital in February by cancelling 59,061 treasury shares. This cancellation had no impact on the level of consolidated equity.Consolidated financial debt of ¤ 131.5 million at 30 June, down ¤ 4.4 million since 31 December 2009. Net financial debt / asset value: 64.2% at 30 June 2010 (compared to 65.7% at 1 January), in compliance with bank covenants. All bank borrowings bear a fixed interest rate or are hedged by an interest rate swap.
The Company plans to issue shares or securities giving access to its share capital before the end of the year, in order to reduce its debt and finance further transactions. Over the coming months, PAREF Group will continue to implement its growth strategy, which is based on:Selective and cautious development of its asset portfolio through transfers and indirect investments through minority shareholdings in OPCIs launched by Paref Gestion, depending on the opportunities that arise, Continuation of the selective disposals policy, with a target of one or two asset disposals per year, Development of management on behalf of third parties, with the planned creation of new dedicated or tailored OPCIs, following Vivapierre, Polypierre and Naos; Implementation of existing synergies between the two business streams: Investments and management on behalf of third parties.
The 2010 half-year financial report will be available on the PAREF website on 10 September
3rd quarter sales: 4 November 2010
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 30 June 2010, PAREF Group owned more than ¤ 200 million in property assets and managed assets worth ¤ 435 million on behalf of third parties.
PAREF shares have been listed on Eurolist Compartment C of the European Paris Stock Exchange since December 2005
ISIN Code: FR00110263202 - Ticker: PAR
Chairman of the Management Board
Analyst - Investor Relations
Chief Executive Officer
Tel: +33 (0)1 40 29 86 86
Financial Press Relations
Tel: +33 (0)1 53 32 78 89 / 95
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|PAREF||Euronext Paris||71.63 (c)||0.00%||0|