PAREF : First half-year revenue : 14.3 M EUR
- Growth in recurring operations (excluding property dealings): 12.8%
- 2.9% decline in rental income on a constant group structure basis
- Strong growth in management fees: up 130%
|Revenues (€ thousands)||HY1 2011||HY1 2010||% Change||FY 2010|
|Rent and costs recovered||10,707||11,126||(3.8%)||22,969|
|Total recurring activities||14,315||12,692||12.8%||27,109|
|Consolidated IFRS revenue||14,315||13,592||5.3%||28,055|
Moderate decline in rental income
- Rent (and costs recovered) for the first half of 2011 represented € 10.71 million, which was a decrease of 2.9% on a like-for-like basis (compared to 3.8% as reported). Movements related to changes in group structure accounted for a decline of € 94 thousand and were due to:
- an increase in rent (and costs recovered) of € 443 thousand, related to the change in the consolidation scope resulting from the contribution to SCPI Interpierre (implemented on 1 July 2010), and
- the sale of buildings, as confirmed in the press release dated 5 May 2011 (building of the Parmentier private hospital and Rivoli and Roule buildings), which resulted in a reduction of € 537 thousand in rent (and costs recovered).
- The occupancy rate was 89% at 30 June 2011, unchanged compared to 31 March but down one percentage point compared to the end of 2010; this change was primarily due to the effect of arbitrations and tenants vacating smaller premises in Clichy and Vitry.
Management on behalf of third parties: increased momentum for the trend initiated in 2010
During the first six months of the 2011 financial year, the various SCPIs management by PAREF GESTION collected a total of almost € 35 million (note that excluding the contribution to SCPI Interpierre, for the full 2010 financial year a total of € 31.3 million was collected). The subscription fees of SCPI Novapierre (stores) and Pierre 48 (residential property in Paris and the Paris region) represented € 1.66 million and € 0.45 million, respectively. Furthermore, management fees on current subscriptions grew by 8.3% on a like-for-like basis, owing to strong collections since the second half of 2010.
The management of OPCIs (Vivapierre, Naos and Polypierre) also generated recurring fees of € 274 thousand, an increase of 14% compared to the 1st half of 2010.
The environment is favourable for the launch of new investment vehicles, in particular in making use of the SIIC regime.
New development: Acquisition of Watford
Following the announcement made in its quarterly report dated 5 May 2011, on 7 July 2011 PAREF finalised the full acquisition of Watford Eurl from its own resources. The purpose of this transaction is to own a building site located in Nanterre (92), which benefits from an 11,000 m2 planning permission, free and clear of any appeal. This acquisition enables PAREF to give a new impetus to its investment policy, with the planned construction of a HQE/BBC (High Environmental Quality) office building.
Publication of half year results 9 September 2011 before start of trading and presentation meeting at 11.30am.
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 properties 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 2011, PAREF Group managed a property portfolio of € 677 million, of which € 525 million managed 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
|PAREF||CITIGATE DEWE ROGERSON|
Chairman of the Management Board
Member of the Management Board
Tel: +33 (0)1 40 29 86 86
Analyst – Investor Relations
Financial Press Relations
Tel.: +33 (0)1 53 32 78 89 / 95
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