2014 first half revenue
2014 first half revenue up 2% to € 11.7 million
§ Impact of disposals offset by rent from the Levallois building acquired in April
§ Management fees increased thanks to SCPI Novapierre Germany
SIIC PAREF, a property company specialised in property investment and management on behalf of third parties, announces revenues of € 11.7 million for the first six month of the 2014 financial year, a slight increase compared with the first half of 2013 (€ 11.4 million).
| Revenues (€ millions) | HY1 2014 | HY1 2013 | % change | FY 2013 |
| Rent and costs recovered | 8.3 | 8.5 | (2.9%) | 16.9 |
| of which residential | 1.0 | 0.9 | 2.8% | 1.9 |
| of which commercial | 7.3 | 7.6 | (3.6%) | 14.9 |
| Management fees | 3.4 | 2.9 | 17.4% | 5.2 |
| Consolidated IFRS revenue | 11.7 | 11.4 | 2.2% | 22.1 |
Slight decline in rental income
Rent (and costs recovered) in the first half of 2014 totalled € 8.3 million, compared with € 8.5 million in the first half of 2013. This € 0.2 million decline was due to renegotiations of leases and tenants moving in and out. Rent from the Levallois building (5,800 m² of offices located near to the So Ouest shopping centre), acquired in April 2014 and 95% rented out, offset the effects of the sale of the Rueil and La Courneuve buildings, completed in May 2013 and March 2014 respectively.
On a constant group structure basis (excluding the 2013 and 2014 sales), rent and costs recovered dipped by € 0.2 million
The occupancy rate at the end of June, excluding the “Le Gaïa” building in Nanterre, was 91% (compared with 89% at the end of March 2014 and the end of December 2013). Taking the Le Gaïa building into account, the occupancy rate was 83%. The first lease, a 1,400 m² office complex, was signed in April.
Increase in SCPI subscription fees thanks to Novapierre Germany
During the first half of 2014, management fees totalled € 3.4 million compared with € 2.9 million for the same period in 2013, an increase of 17%.
Subscription fees increased thanks to the new SCPI Novapierre Germany whose launch has been highly successful. This SCPI posted a capitalisation of € 28.5 million at 30 June and made its first two acquisitions in June for € 16 million. Subscription fees thus totalled € 1.7 million (including € 1.2 million from Novapierre Germany), compared with € 1.4 million in the first half of 2013.
Management fees on property assets represented € 1.7 million, compared with € 1.5 million over the same period of 2013.
Assets managed on behalf of third parties grew by 4% in comparison with 31 December 2013 to € 712 million. In total, assets held or managed by the Paref Group, after eliminating duplication (Paref investments in vehicles managed by Paref Gestion) thus amounted to € 851 million, compared with € 816 million at the end of 2013.
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| About PAREF |
Contacts |
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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 5 SCPIs and 2 OPCIs. At 30 June 2014, PAREF Group owned € 168 million in property assets and managed assets worth € 712 million on behalf of third parties Euronext Paris - Compartment C ISIN: FR00110263202 - Ticker: PAR |
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| Alain PERROLLAZ Chairman of the Management Board Olivier DELISLE Member of the Management Board Tel: +33 (1) 40 29 86 86 |
Lucie LARGUIER Investor relations Press relations [email protected] Tel: +33 (1) 53 32 78 89 / 95 |
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Shareholders' agenda Publication of half-year results: 18 September 2014 |
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| For further information, please visit www.paref.com |
Communiqué intégral et original au format PDF :
http://www.actusnews.com/documents_communiques/ACTUS-0-36822-2014-first-half-revenue.pdf
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