Press Releases

2006 first half-year revenue up 7%

  24/07/2006 17:45

The SIIC PAREF, a real-estate company specialising in property investments and management on behalf of third parties, announces revenues of € 5.4 million for the 2006 first half-year ended 30 June. This is a 7% increase over the 2005 first half-year.

Revenues may be analysed by activity as follows:

€ thousands 1st half year 2006 1st half year 2005 % change
Rents and costs recovered
2,686 2,893 (7%)
•  residential 959 583 64%
•  commercial 1,727 2,310 (25%)
Property dealing   1,164 800 45%
Management fees   1,566 1,368 14%
IFRS consolidated revenues 5,415 5,062 7%

The strong growth in residential rental income was essentially due to the increase in the Company's portfolio of buildings held in the form of usufructs. The decline in commercial rental income resulted from the recognition in the 2005 first half-year of € 1.1 million compensation paid by a tenant leaving before the end of the lease. Excluding this non-recurring item, commercial rental income increased by 33%, due in particular to the acquisitions carried out since the beginning of the year.

The property dealing activity grew as sales continue to be concluded in the Boulevard Beaumarchais building. Management fees increased by 14%, thanks to the high level of activity of SCPI (real-estate investment trusts) managed by Paref's subsidiary Sopargem, (Pierre 48, Novapierre 1, Interpierre) .

PAREF has made 5 investments in Paris since the initial public offering, of which one is still at the sales agreement stage, totalling € 37 million. Numerous other properties are currently under negotiation.


PAREF is listed on the Eurolist C of the Euronext Paris stock market.
PAREF operates in four complementary areas: commercial investment, housing investment, property trading and management on behalf of third parties.
PAREF manages over 130,000 m 2 of assets valued at over € 300 million.

A liquidity contract on the company's securities, complying with the new charter of professional ethics drawn up by the AFEI (French Association of Investment Firms) and approved by the AMF (French stock market regulator) on 22 March 2005, was signed with the company Banque Privée Fideuram Wargny.

PAREF – Eurolist C by Euronext Paris
ISIN Code: FR00110263202
Mnemonic: PAR
For further information, please visit the PAREF Group website : http://www.PAREF.com

CONTACTS
PAREF
Hubert LEVY-LAMBERT
Chairman of the Board of Management
Tel: +33 (0)140 29 86 86

Alain PERROLLAZ
Director
Tel: +33 (0)1 40 29 86 86
ACTUS Finance & Communication
Sébastien BERRET
Analyst-Investor Relations

Tel: +33 (0)1 53 67 36 36
sberret@actus.fr

Chantal FARANT
Press Relations
Tel: +33 (0)1 53 67 36 36
cfarant@actus.fr

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