PR Newswire/Les Echos/ 2007: Further strong growth in operating performance, portfolio value and net asset value Portfolio value* €3.18bn +12.5% NAV per share* €130.48 +13,0% Pre-tax ordinary cash flow per share €5.69 +7.8% Dividend per shareshare €4.0 +7.2% / * replacement value At their meeting of 26 February 2008, the Board of Directors approved the financial statements for the year ended 31 December 2007. Consolidated figures 2007 2006 A ( millions) - Rental income 145.0 120.3 + 20.5% - EBITDA 131.8 107.2 + 22.9% - Pre-tax ordinary cash flow 98.0 91.9 + 6.7% - Net profit 37.6 43.0 - 12.7% ( per share) - Pre-tax ordinary cash flow 5.69 5.28 + 7.8% - Net asset value (NAV) (1) 130.48 115.52 + 13.0% (1) Replacement value: equity restated for the impact of recognizing financial instruments at fair value Activity: a good operating performance 2007 was a good year in terms of operating performance: Lease signatures up sharply by 15.7%, mainly relets (97,900 m² against 84,600 m²); Sharp improvement in occupancy rate (89.6% for entire portfolio, 91.4 % for the 3 predominantly office areas); Steady rise in average rent on let portfolio (€160.9 per m² before tax and service charges compared to €153.2); EBITDA margin (EBITDA/rental income + fee income) up from 85.0% to 87.2%. Activity was boosted in 2007 by some major new completions in 2006. However, net profit amounted to €37.6 million against €43.0 million in 2006 due to additional depreciation of €7.0 million on completions and a adverse impact of €6.5 million following the temporary withdrawal of space for redevelopment. Net profit does not include the increase in open market value of the portfolio. 2 Sharp increase in portfolio value (+ 12.5%) and net asset value (+ 13%) The open market value of the portfolio stood at €3.18 billion ( including transfer taxes), an increase of 12.5% over 2006, including €2.8 billion for the buildings in service. On a like-for-like basis , growth in open market value was 6.7%. This increase in value is driven mainly by growth in rental income , with the average net yield falling from 6.2% to 6%. NAV per share amounted to: €130.48 at replacement value (+ 13% over 1 year) €123.42 at liquidation value (+ 13.8% over 1 year) Dividend: up 7.2% The Board of Directors will recommend a dividend of €4.0 per share at the Annual General Meeting, representing an increase of 7.2% on the 2006 dividend. Outlook: continued growth of portfolio Drawing on its robust business model and healthy fundamentals, Silic intends to maintain its pace of development in 2008 and beyond , under controlled risk conditions. 12 projects totalling 197,300 m² have been identified for commencement between 2008-2011 at a projected total cost of €597 million and projected rental income of €52 million, giving a gross return on investment of 8.7%. Projected investment for 2008 amounts to €175 million, mainly comprising: continued work on 52,000 m² of new buildings started in 2007, launch of two new developments totalling 32,000 m² at Orly- Rungis and La Défense Nanterre- Préfecture. The total 84,000 m² for which financing has been secured at a maximum cost of 5% will generate an additional €24 million in rental income by 2010. In the absence of any major new completions, growth in pre-tax ordinary cash flow is expected to be in line with 2007. ISIN code FR 0000050916 Euroclear code: 5091 Symbol: SIL Member of the SBF 120, CAC Mid 100, CAC Mid and Small 190 indices Investor Relations: Claude Revesz Tel.: +33 (0)1.53.89.79.65 Next events: Annual General Meeting: Wednesday, 7 May 2008 at 9.30 a.m. 7 boulevard des Bouvets, 92000 Nanterre Auditorium - level 2 Publication of interim results: Tuesday, 29 July 2008 www.silic.fr Silic - Owner and Developer Ÿ 1,100,000 m² in the three biggest business areas in the Paris region: Orly- Rungis, La Défense-A86 and Roissy-Paris Nord 2 Ÿ High-quality buildings in business parks providing excellent amenities and support for corporate tenants Ÿ Control over 1 million m² of building potential Ÿ Ability to retain the development margin The content and accuracy of news releases published on this site and/or distributed by PR Newswire or its partners are the sole responsibility of the originating company or organisation. Whilst every effort is made to ensure the accuracy of our services, such releases are not actively monitored or reviewed by PR Newswire or its partners and under no circumstances shall PR Newswire or its partners be liable for any loss or damage resulting from the use of such information. All information should be checked prior to publication.
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- Silic : SILIC - 2007 annual results