PR Newswire/Les Echos/

Paris, 8 September 2010, 06:00 p.m.

                        2010 half-year consolidated results

                               RETURN TO NET PROFIT

KEY FIGURES
EURm                                                    30/06/2009  30/06/2010

Net rents                                                      5.7         5.7

Current profit                                                 1.2         1.9

Net profit                                                   (16.4)        0.7

Operating cash flow                                             4.3        5.9

EURm                                                    31/12/2009  30/06/2010

Fair value of property portfolio (incl. transfer taxes)         219        220

Net asset value per share (excl. transfer taxes) (EUR)        11.21      11.42

On 7 September 2010, AffiParis Board of Directors approved the half-year
financial statements at 30 June 2010. These financial statements were subject 
to a restricted audit by the statutory auditors.

1) SHARP RISE IN CURRENT PROFIT

With rental income virtually unchanged at EUR5.7m (-1.1%), despite the few
disposals, departures and renegotiations, the operating margin was EUR5.8m, a
slight improvement (+0.4 %) over the first half of 2009.

Due to a marked decrease in financial costs (-16.7%), current profit before
disposals rose by more than 64% to EUR1.9m.

This Combined with an improvement in the fair value of properties (+EUR1.2m), 
it brought the company back to a profitable situation with a EUR0.7m net 
profit, despite a further drop in the value of financial instruments 
(-EUR2.4m).

Operating cash flow reached EUR2.0m, up nearly 32% over the same period 
in 2009.The improvement in WCR (EUR0.8m vs. -EUR0.6m) has allowed the Group 
to enjoy an operating cash flow of EUR5.9m, an increase of 38%.

2) DEBT UNDER CONTROL WITH AN AVERAGE DURATION OF 7 YEARS

In the first half of the year, no bank loan was granted or renewed. The average
duration of debt is 7 years and no significant debt repayment is expected 
before 2016.

Based on the conditions in force at 30 June, the average spread for current
loans is around 100 basis points and the average debt rate is 2.0%, excluding
hedging cost, or 4.1%, including hedging costs. Variable rate loans are almost
all hedged by caps or tunnels.

The 62.3% ratio of net bank debt to fair value of properties (LTV), including
transfer taxes, could improve with the fair values upturn.

At 30 June 2009, no compulsory prepayment in part or in whole of any credit
resulted from a failure to comply with the financial ratios to be reported on
that date.

3) SLIGHT INCREASE IN PORTFOLIO FAIR VALUE

In accordance with its policy for prudence in a context of continued
uncertainty, AffiParis made no new investments in Paris in the first half. No
disposals were completed during this period, but at the end of June two sales
agreements were signed and two were in the process of being signed for regional
properties, with AffiParis continuing its arbitrage policy for its assets
located outside Paris, in accordance with its strategy of specialising in
Parisbased properties.

At the end of June 2010, the fair value of the properties was EUR220.2m
(including transfer taxes), an increase of 0.6% compared to 2009.

The financial occupancy rate was 96.0% versus 96.5% at the end of 2009. For
Paris-based properties this rate was over 98%.

4) A SIGNIFICANT DROP IN SHARE PRICE

NAV excluding transfer taxes totalled EUR33.1m, a slight improvement (+2.0%) on
the end of 2009.

NAV per share excluding transfer taxes stood at EUR11.42m, in comparison with
which the share price at 30 June (EUR6.7m) reflected a 41% discount. NAV
including transfer taxes was EUR15.86 per share.

Using the EPRA calculation method (which is limited in AffiParis to the
retreatment of the fair value of derivatives), the NAV, excluding and including
taxes, stood at EUR14.71 and EUR19.15 respectively.

5) OUTLOOK

The dramatic deterioration in the financial markets has prevented AffiParis 
from fully implementing the strategy defined when it launched its IPO. The 
company is ready to revive the development of its properties portfolio through 
direct investment, contribution or external growth, either alone or through
partnerships. At the same time, the company will continue its disposal policy 
of regional assets.

6) SCHEDULE

* 15 November 2010: 2010 third quarter revenues

* February 2011: 2010 annual results

CONSOLIDATED PROFIT

EURm                                         H1 2009      2009   H1 2010

Operating margin(1)(2)                           5.8      11.4       5.8

Net financial income(1)                         (4.0)     (7.4)    (3.3)

Operating and miscellaneous                     (0.6)     (0.9)    (0.6)

Corporate income taxes                          (0.0)     (0.0)    (0.0)

Current profit                                   1.2       3.0      1.9

Net capital gains on property sales              0.1       0.1        -

Current profit after property sales              1.3       3.1      1.9

Change in fair value of properties             (16.4)    (12.7)     1.2

Change in fair value of financial 
instruments                                    (1.4)     (1.6)    (2.4)

Miscellaneous non-operating                        -         -       -  
 
Deferred tax net of Exit tax                     0.0       0.1       -

Net profit                                     (16.4)    (11.0)    0.7

(1) Excluding change in fair value.

(2) Net income from the Group's activities, constituted mainly of net rents

About AffiParis
Specialising in Paris-based commercial property, particularly office premises,
AffiParis held a portfolio at the end of June 2010 consisting of 18 properties
worth EUR220m, spread over a surface area of 67,000 m2.

In 2007 AffiParis opted for REIT (real estate investment trust) status (SIIC).
Its stock is listed on NYSE Euronext Paris (Ticker: FID FP / FID.PA; ISIN code:
FR0010148510)

Contact
Investor relations
Frank Lutz
+ +33(0) 1 44 90 43 53 - frank.lutz@affine.fr

Press relations
Citigate Dewe Rogerson - Agnès Villeret
Tel. + +33(0)1 53 32 78 95 - agnes.villeret@citigate.fr
                      
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