NAV of € 88.5 per share, up 25 % in one year
| € millions | 2006 FY | 2005 FY | % change |
| Q4 revenue | 3.283 | 3.146 | 4% |
| Full-year revenue | 11.222 | 10.669 | 5% |
Full-year revenue
(excluding property dealings) | 9.995 | 8.293 | 21% |
| Replacement NAV €/share | 88.53 | 70.88 | 25% |
SIIC PAREF, a real estate company specialising in property investments andmanagement for third parties, announces 2006 full-year revenue of € 11.22million at 31 December 2006. This is a 5% increase over 2005.
Excluding non-recurring items (sale of a building as part of the Group’snon-strategic property dealing activity), consolidated revenue increased by21%.
2006 Q4 quarter revenue amounted to € 3.3 million, a 4% increase (49%excluding non-recurring items) compared to 2005 Q4.
Revenue may be analysed by activity as follows :
| € thousands | 4th Quarter | Full year |
| 2006 | 2005 | % Increase | 2006 | 2005 | % Increase |
Rent and costs recovered
residential
commercial | 1,632
517
1,115 | 917
447
470 | 78%
16%
137% | 5,921
2,020
3,901 | 4,683
1,465
3,218 | 26%
38%
21% |
| Management fees | 1,628 | 1,275 | 28% | 4,074 | 3,610 | 13% |
| Total recurring activities | 3,260 | 2,192 | 49% | 9,995 | 8,293 | 21% |
| Property dealing | 22 | 954 | Ns | 1,227 | 2,376 | Ns |
| IFRS consolidated revenue | 3,283 | 3,146 | 4% | 11,222 | 10,669 | 5% |
The strong growth in both residential and commercial rental income wasdue to the indexation of leases, as well as the significant increase in assetsowned by the Company, which has proceeded with numerous acquisitions since itsDecember 2005 IPO.
Management fees increased by 13% over the financial year, thanksto the sustained level of activity of SCPIs (real estate investment trusts)managed by Paref Gestion (formerly Sopargem): Pierre 48, Novapierre 1, Interpierre.
The decrease in revenue from the property dealing activity, non-strategicfor PAREF Group, resulted from the completion of the sale of the Boulevard Beaumarchaisbuilding.
The Group had total assets of € 82 million (realisable value, beforetransfer taxes) at 31 December 2006, with an additional € 40 million inundertakings to purchase at that date. Negotiations for several otherprojects totalling in excess of € 25 million are in progress and at anadvanced stage.
At 31 December 2006, replacement NAV (unaudited) was € 88.5 per share,compared to € 70.88 per share at the end of 2005, a 25% increase injust one year.
Next financial announcement:
22 March 2007: 2006 full-year results
PAREF operates in two major areas: commercialinvestment and management for third parties.
PAREF elected for SIIC (listed real estate company)status in 2006.
A liquidity contract on the company's securities, complying with the new AFEI(French Association of Investment Firms) Ethics Charter and approved by theAMF (French stock market regulator) on 22 March 2005, was signed with thecompany Invest Securities.
Eurolist C by Euronext Paris
ISIN Code: FR00110263202 - Ticker: PAR
For further information, please visit the PAREF Group website: http://www.PAREF.com
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