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In millions of euros (unless otherwise stated) 2002 2003 2004
Gross operating profit of the divisions 14,7 21,3 29,7
Depreciation and provisions
Financial income
Income from sales
Exceptional income
Consolidated tax 		(8,9)
(3,3)
2,9
(0,6)
(2,0)		 (14,6)
(5,9)
2,7
1,5
(2,1)		 (16,3)
(7,6)
1,6
0,4
(2,3)
Net profit 2,7 3,1 5,5
Companies treated as associates/minorities 0,2 (0,6) (1,3)
Group share of net profit 2,9 2,5 4,2
       
Available cash flow before tax 11,4 15,5 22,1
Of which property cash flow 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
Group share of available cash flow before tax 11,1 15,1 20,6
Group share of available cash flow after tax 9,1 13,0 18,3


Ratios per share (1)     2002 2003 2004
Number of shares (millions) 5,16 5,16 5,16
GOP per share (€)   2,8 4,1 5,8
Change N/N-1   45% 40%
Available cash flow before tax per share (€) 2,1 2,9 4,0
Change N/N-1   36% 37%
Available cash flow after tax per share (€) 1,8 2,5 3,6
Change N/N-1   43% 41%

(1) The 2002 and 2003 ratios have been determined by reference to the number of Altarea shares as at 31 December 2004, and not by reference to the number of Imaffine shares before the merger, in order to enable the data presented for the three years to be compared.



The gross operating profit for 2004 amounted to 29.7 million euros, up 38% compared to 2003, which had also shown a marked increase (+47%).

Financial charges increased from 5.9 million euros in 2003 to 7.6 million euros in 2004, in line with the other operational indicators of the group. Financial charges in respect of fixed assets represented 1.9 million euros

Income from sales : the amount of capital gains from sales amounted to 1.6 million euros in 2004. Consistent with its strategy of asset growth, the ALTAREA group completed a fixed asset arbitrage operation in 2004 with the sale of its (42%) stake in the Bayonne retail park (Top Office chain covering 1,800 m²). This sale carried out at the end of 2004 on the basis of an asset valuation of 3.1 millions euros (100% figure XXX) resulted in a capital gain of 0.4 million euros (group share). The other income from sales arose from the resale to Vinci Park of the superstructure car park built in the Lille Les Tanneurs centre and the shell delivered to Alinea as part of the Villeparisis programme. In general, it is not ALTAREA’s policy to retain assets where operational control of them cannot be retained (in 2003 the Argenteuil centre was sold giving rise to the inclusion in the accounts of a capital gain of 2.7 million euros in respect of an ownership share of 15%).
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