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The group's share of revalued net assets on a totally diluted basis amounted to 218.3 million euros as at 31 December 2004, after taking into account deferred tax equal to the SIIC exit tax XXX (but excluding valuation of the residential development and services business).
In total, revalued net assets per share on a totally diluted basis amounted to 40.4 euros, up 17.4% compared to 2003.

  

  2004 2003
Group share of consolidated equity capital 111,7 100,7
Deferred capital gains on assets 102,0 86,8
Market value 520,3 408,4
Net book value (418,4) (321,5)
Replacement NAV 213,7 187,6
Write-back of provisions for tax in the accounts 11,2 8,8
Deferred taxation (XXX SIIC exit tax at 16.5% XXX) (19,7) (17,7)
Other deferred tax latent (0,9) (1,0)
Impact on equity capital of securities giving access to the capital 14,0 -
NAV as at 31 December 218,3 177,6
Number of shares on a totally diluted basis 5 399 143 5 158 903
NAV as at 31 December (in € per share) 40,4 34,4

(Figures expressed in terms of group share)
>> Download the 2004 Annual Report [PDF, 4,4mb]
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