First year of operation under the SIIC regime



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Significant growth in the asset base of 30%
(up 12.4% at comparable structure)

NAV of €11.02 per share (up 19%)

Dividend of €0.40

Further double-digit growth expected in 2008



At its meeting on 10 March 2008, Terreïs’ Board of Directors approved the consolidated financial statements for the 2007 financial year.

TERREIS : 2007 results

Business trends during 2007: ramp-up in investments

Terreïs’ rental income for the 2007 financial year (see press release on 30 January) came to €7.3 million, up 21% compared with the restated 2006 figure of €6.0 million.
Notwithstanding the impact of amortisation linked to acquisitions, revenue growth and the stability in EBITDA at a high level contributed to a 24% increase in current operating income over the previous year. Net income, which did not reflect any significant exceptional items, came to €3.2 million, up 59% compared with the restated figures for 2006. Cash flow, which is more representative of Terreïs’ performance during 2007, grew by 30%, demonstrating the wisdom of Terreïs’ business model.  

Strong expansion in the asset base on the back of investments and increased asset portfolio value appraised by Atis Real

At 31 December 2007, the appraised value of the portfolio stood at €123 million, up 31% compared with at year-end 2006. At comparable structure, the increase worked out at 12.4%, owing mainly to the increase in rentals. The portfolio’s yield came to 7.14% in 2007 compared with 7.22% in 2006.
Net asset value stood at €11.02 per share (liquidation value), up 19% compared with 2006.

Faster pace of investment towards the end of the year in line with the profitability criteria set

Terreïs acquired 28 properties during 2007 for a total outlay of €19.5 million. These transactions, most of which were completed at the end of the year, carry an instantaneous gross yield of 6.8% prior to any renegotiations. They will make a significant contribution to growth in rental income and earnings during 2008.

Financial resources intact for continued pursuit of the development policy

At 31 December 2007, the Group’s consolidated shareholders’ equity stood at €74.1 million and net debt at €32.4 million. With a gearing (ratio of net debt to shareholders’ equity) of 44% and a loan to value ratio (net debt to asset value ratio) of 26%, Terreïs has the resources it needs to finance its investment programme. Current market conditions should enable it to acquire assets on attractive terms with regard to their future profitability.

First dividend of €0.40 per share

At the Annual General Meeting on 13 May, the Board of Directors will propose paying out a dividend of €0.40 per share in respect of the 2007 financial year. Since an interim dividend of €0.20 was paid out on 20 November, the balance of €0.20 is due to be paid on 20 May 2008.

Outlook for 2008

Thanks to the investments completed in late 2007 and the acquisitions currently in progress, Terreïs anticipates double-digit growth in its rental income and earnings during 2008.



1The restated 2006 financial statements primarily reflect the impact of the following three factors:

Retroactive recognition from 1 January 2006 of the asset contributions recorded on 29 September 2006,
Goodwill amortisation,
Conversion of the bonds redeemable in equity (ORAs) on 1 January 2006 and not on 22 December 2006.

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Analyst/Investor contact
Terreïs: Emmanuel Pineau
Tel.: +33 1 55 52 57 71 Press contact
Oratorio: Jean-François Carminati
Tel.: +33 1 44 94 96 3

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About Terreïs (www.terreis.fr)

Terreïs is a property company whose asset portfolio contains small and medium sized offices and commercial premises, mostly in central locations in Paris and the main French regional cities. Terreïs grows by drawing on the considerable reservoir of commercial leases currently managed by branches of the Foncia group and through acquisitions facilitated by the network of business sources that these branches represent.
Terreïs has been listed in the C Compartment of Eurolist by Euronext Paris since December 2006, and adopted the listed property company regime (régime des sociétés d’investissement immobilier cotées or SIIC) from 1 January 2007.

ISIN code: FR0010407049 – Stock code: TER
Publication of 1st quarter 2008 rental income on 30 April 2008


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