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Empresas y finanzas

SFL: First Quarter 2008


    Regulatory News:
    SFL (Paris:FLY):

    = = = = = = = = = = =

    Consolidated revenue by business segment (EUR 000´s)

    - - - - - -

    - - - - - -

    1st Quarter 2008

    1st Quarter 2007
    - - - - - -

    Property rentals

    44,546

    41,166
    - - - - - -

    o/w
    Golden Triangle

    17,225

    13,078
    - - - - - -

    Financial District

    14,727

    15,716
    - - - - - -

    Golden Crescent - La Défense

    8,782

    8,367
    - - - - - -

    Other

    3,811

    4,005
    - - - - - -

    Other revenue

    49

    244
    - - - - - -

    Total revenue

    44,595

    41,409
    - - - - - -

    Consolidated property rentals for the first quarter of 2008 amounted to €44.5

    million, an 8.2% increase on the €41.2

    million reported in the year-earlier period. Like-for-like property

    rentals rose 2.4% while acquisitions, disposals and deliveries carried

    out in 2007 added a net €2.5 million in

    revenue for the period.
    The occupancy rate remained very satisfactory, at 97.4% as of 31 March

    2008. Six new leases on a total of nearly 7,000 square metres were

    signed during the quarter, at an average rent of €525

    per square metre.
    The estimated market value of the portfolio at 31 March 2008, based on

    independent valuations, was €3,767 million

    excluding transfer costs and €3,981 million

    including transfer costs, representing a slight decline of 3.6% from 31

    December 2007. This change reflects the moderate increase in the

    discount rates applied by the valuers to SFL´s

    high quality properties.
    Net debt remained stable at €1,049 million as

    of 31 March 2008, representing a loan-to-value ratio of 26.3%.
    On this basis, at 31 March 2008 fully diluted NAV per share stood at €55.7

    excluding transfer costs and €60.3 including

    transfer costs.
    During the first quarter, SFL signed an off-plan purchase agreement for

    an office building located 108-112 avenue de Wagram. Totalling around

    6,000 square metres, the building will be delivered in late 2010 after

    top-to-bottom renovation.
    With an exceptional portfolio of properties valued at nearly €4

    billion including transfer costs, essentially located in the Paris

    Central Business District, SFL is a preferred vehicle for investors

    wishing to invest in the Paris office and retail property market. As the

    leading player in this market, the Group is firmly focused on

    pro-actively managing high-quality property assets. SFL has elected to

    be taxed as an SIIC since 2003.
    STOCK MARKET:
    Euronext Paris Compartment A "“ Euronext Paris

    ISIN FR0000033409 "“ Bloomberg: FLY FP "“ Reuters: FLYP PA