Earnings Release • Jan 26, 2010
Earnings Release
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SIIC PAREF reports revenue of € 25.8 million for 2009, a 7.2% increase compared to 2008 and 10% growth excluding the property dealing business, which is not strategic for the Group.
4th quarter revenue grew by 6.2% compared to the 4th quarter 2008 to € 6.6 million.
| Consolidated revenue under IFRS | |||
|---|---|---|---|
| (€ thousands) | 2009 | 2008 | % change |
| 9-month revenue | 19,202 | 17,859 | 7.5% |
| 4th quarter revenue | 6,567 | 6,186 | 6.2% |
| Total consolidated revenue | , 25,769 |
, 24,045 |
, 7.2% |
| Rent and costs recovered | 22,741 | 20,452 | 11.2% |
| Residential | 3,034 | 3,053 | (0.6%) |
| Commercial | 19,707 | 17,399 | 13.3% |
| Management fees | 3,028 | 2,948 | 2.7% |
| Total recurring activities | 25,769 | 23,400 | 10.1% |
| Property dealing | 0 | 645 | ns |
2008 rental income and costs recovered increased by 11.2% to € 22.8 million, due to rent indexing and the take up of new tenants. The Group did not carry out any acquisitions or disposals in 2009. Rental income rose by 9.3% on a constant group structure basis. The difference resulted from the full-year effect of the 2008 acquisitions.
The occupancy rate of the property portfolio amounted to 94% over the quarter, compared with 93% at end 2008. As previously announced, the La Houssaye and Créteil tenants gave their notice with effect from 1 January 2010, the consequence of which was a decrease in the occupancy rate to 89% at 1 January. We are currently actively marketing these two sites.
2008 was marked by the launch of two new OPCIs, Naos, which made its first investment in August for € 26 million excluding stamp duty, and Polypierre, which is currently raising funds for a first investment tranche of about € 130 million.
At 31 December 2009, assets managed on behalf of third parties by Paref Gestion (excluding PAREF's own assets) totalled € 431 million (compared to € 407 million a year earlier), a 6% increase. This growth was due to the Naos (€ 27 million) and Vivapierre (€ 18 million) OPCIs. The latter implemented a major work programme in 2009, in accordance with the acquisition contracts signed in 2008 with VVF Belambra.
Conversely, the capitalisation of the Group's 3 SCPIs retreated by 7% in 2009, due to redemption requests resulting from the financial crisis, which were fulfilled before the end of the year.
The capitalisation of the 3 SCPIs was distributed as follows at 31 December 2009: SCPI Pierre 48 (€ 217 million), Novapierre (€ 51 million) and Interpierre (€ 6 million).
Fees generated by Paref Gestion grew by 2.7% in 2009 to € 3 million. The decline in SCPI subscriptions was offset by the commissions received on OPCIs Vivapierre and Naos and by the balance of an overperformance fee of € 0.23 million received in the 1st half-year in respect of transactions carried out on behalf of Westbrook Partners.
At 31 December 2009, PAREF Group owned more than € 200 million in property assets and managed assets worth over € 400 million on behalf of third parties.
Shareholders' agenda 25 March 2010: presentation of 2009 annual results
Hubert LEVY-LAMBERT Chairman of the Management Board Alain PERROLLAZ
Chief Executive Officer Tel: +33 (0)1 40 29 86 86
Agnès VILLERET Analyst/Investor relations Lucie LARGUIER Financial Press Relations
Tel: +33 (0)1 53 32 78 89 / 95 [email protected] / [email protected]
PAREF shares have been listed on Eurolist Compartment C of the Euronext Paris Stock Exchange since December 2005 ISIN code: FR00110263202 - Ticker: PAR
For further information, please visit the PAREF Group website: www.paref.com
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