ALTAREA - Financial Information

>> Key figures⁺

In millions of euros (unless otherwise stated)		2002	2003	2004
Assets	m² (share of GLA)	84 300	126 600	153 730
	Value (share)	290,9	408,4	520,3
	Of which operated	231,4	309,7	393,6
	Of which in progress	59,6	98,7	126,7
Income	Invoiced gross rents	13,8	25,2	29,7
	Profits from the residential development business	0,6	0,5	5,1
	Gross Operating Profit	14,7	21,3	29,7
	Profit from sales exc. residential development business	2,9	2,7	1,6
	Group share of consolidated net profit	2,9	2,5	4,2
	Available cash flow before tax	11,4	15,5	22,1
	Of which cash flow from the running of shopping centres	8,4	15,7	18,8
	Of which project management cash flow	2,5	(0,6)	(1,4)
	Of which residential development cash flow	0,5	0,4	4,6
Debt	Debt ratio (%)	35,2	43,2	48,8
	GOP/investment income (x)	4,4	3,6	3,9
NAV*	Replacement NAV	165,1	187,6	213,7
	Initial SIIC NAV	-	177,6	218,3
Number of employees		137	143	171
Ratios/share (in euros per action)	Gross Operating Profit	2,8	4,1	5,8
	Available cash flow before tax	2,1	2,9	4,0
	Replacement NAV	32,0	36,4	39,6
	Initial SIIC NAV	-	34,4	40,4

* Net asset value