R?sultats 2005 : COLONIAL gagne 266,2 millions d'euros en 2005 soit une augmentation de 153,6 %

14 février 2006

L'amélioration des marges dans toutes les lignes d'activité du Groupe, ajoutée à la vente d'actifs est la clef des meilleurs résultats de l'histoire de Colonial.

- La valeur des actifs du groupe dépasse les 6 000 millions d'euros et la valeur de l'actif net (NAV) augmente de 22,3 % pour atteindre 45,26 euros par action.

- Le chiffre d'affaires atteint 910,0 millions d'euros, soit une augmentation de 20,8 %. Les revenus de location sont en progression de 44,6 %, à 297,1 millions d'euros, grâce à l'activité commerciale réalisée, avec un total de contrats signés pour plus de 240 000 m2.

- La récupération du marché des bureaux du centre de Paris, Madrid et Barcelone a amené le taux d'occupation des immeubles du Groupe à 97,5 %.

- Colonial possède un excellent portefeuille de projets d'immeubles à louer qui atteignent au total plus de 150 000 m2, avec un investissement estimé qui dépasse les 250 millions d'euros.

- Le Groupe a eu en 2005 une activité d'investissement intense qui atteint les 700 millions d'euros, dont 577 sont destinés à l'acquisition d'immeubles à louer et 126 à la vente de terrains nus et à la promotion résidentielle.

- Le succès des nouvelles promotions ayant démarré à Vallecas (Madrid) et Sant Cugat (Barcelone) a fait augmenter la vente de logements de 53 % par rapport à 2004, pour atteindre 257,4 millions.

Les actions de Colonial ont augmenté de 62 % en 2005. Les dividendes distribués au cours de l'année par la société ont augmenté eux aussi de 12,3 %.

Barcelona, 14 February 2006.

The Colonial Group booked attributable earnings of €266.2 M in 2005, equalling 153.6% year-on-year growth. This expansion was thanks mainly to margin improvements in the Group's recurrent business, asset sales in the markets where it operates and SFL's inclusion in the scope of consolidation for the full-year 2005.

Results

Growth in all income statement lines

The Colonial Group's sales totalled €910.0 M in 2005, some 20.8% more than 2004. This growth was based on a general expansion in all Group business lines and particularly the property business — which booked €297.1 M in revenues thanks to the year's marketing efforts — plus asset sales that generated €353 M in revenues.

The residential land and development business, meanwhile, contributed €260.3 M.

The Colonial Group's Ebitda (earnings before interest, taxes, depreciation and amortisation) totalled €531.9 M, after 88.0% year-on-year growth.

The upshot of the above was to take the Colonial Group's net attributable earnings to €266.2 M, or a 153.6% increase on 2004. Furthermore, earnings per share equalled €4.46.

Assets valued in excess of €6,000 M

The acquisition of SFL in June 2004 and the recent Mutua Madrileña deal for the transfer of seven central Madrid office buildings have positioned Colonial as the eurozone benchmark in the high-quality office rental market, with assets valued by CB Richard Ellis in December 2005 at €6,094 M. Rental assets account for €5,004 M, or 82%, of this figure and are focused exclusively on the markets of Paris (55%), Madrid (25%) and Barcelona (20%). The residential development and land business represents the other €1,090 M, or 18%.

Colonial's strategy of positioning itself on high-quality offices in central business districts has been rewarded by the asset type's growing appeal to investors, as witnessed by 2005's significant 30.3% increase in Group net asset value (or "NAV"), to €2,702 M. For its part, the NAV per share advanced by 22.3% to €45.26. The NAV is calculated by adding capital gains for Group-managed assets — €1,589 M at year-end, 24% more than December 2004 — to its shareholders' equity.

Share re-rates by 62%

Investors continued to favour Colonial's stock price in 2005 as it gained by 62% in the year. The share's sparkling performance has continued in the first few weeks of 2006, to take the Company's stock market capitalisation to more than €3,000 M.

Rental business

Rental income increases by 44.6% — with margin improvements

The Colonial Group booked a 44.6% increase in rental income at end-2005, to €297.1 M, of which €185.1 M was from France and €112.0 M from Spain. At 82%, most came from office buildings, which in like-for-like terms saw 3.7% average growth across the three markets.

The expansion in rents was also achieved by improving efficiency in the rental business, reaching 80.7% against the previous year's 73.4% and driving its Ebitda up to €239.8 M, or a 59.1% gain on 2004.

Such healthy rental income developments took place in the general setting of a gradual office market upturn in Madrid, Barcelona and Paris. Combined with the Company's shrewd positioning on these market's leading, most central business districts, this took overall Group property occupancy to 97.5%, against 2004's 95.4%.

1.3 M m2 lettable area

The Colonial Group's commercial activity in 2005 resulted in contracts concluded for more than 240,000 m2. Some 184,000 m2 of this related to the renewal of existing contracts, while new agreements for surface area entering into operation in 2005 covered 57,000 m2.

These new contracts signed by the Group notably included operations like the letting of around 13,000 m2 in the Capitán Haya building in Madrid to the Administración de Loterías y Apuestas del Estado, Spain's state lottery body. There was also 24,500 m2 of logistics area at Coslada in Spain let to various tenants and more than 4,000 m2 of office space to the Citibank Group in Paris's Paul Cezanne building, as well as the entire building at 131 Av. Wagram to TV5 Monde after its complete renovation, also in Paris.

Taking into account the above, at end-2005 the Colonial Group managed a total surface area of 1,355,970 m2, of which 81% corresponded to office buildings, 11% to logistics centres and the other 8% to commercial premises and residential rental assets.

Projects under development for more than 150,000 m2 and €575 M in investment

The Colonial Group invested a total of €577 M in property to let last year, of which €531 M was spent on buying new buildings and the other €46 M on implementation of projects underway.

The year's new investments notably included €352 M in the deal reached with Mutua Madrileña for the transfer of seven central Madrid office buildings. Furthermore, the Group invested €157 M through its subsidiary SFL to buy the buildings Les Miroirs at la Défense in Paris and Alfred de Vigny in the French capital's business centre.

As well as the investments made in the year, at end-2005 Colonial had a portfolio of projects under development across the three markets where it is present that included ten office buildings and a retail centre. These represented more than 150,000 m2 in surface area and in excess of €250 M of expenditure committed.