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Consolidated income statement

In thousand euros 31/12/200731/12/06 31/12/05*
Rental income 110,184 74,523 4,194
Ground rents paid -549 -344 -121
Unrecovered rental expenses -1,954 -248 -100
Landlord building expenses -1,105 -251 -35
Net rents
106,576 73,680 3,938
Other income or expenses 312 1,646 -
Asset management expenses -3,885 -1,648 -613
Corporate overheads -8,254 -5,353 -1,483
Change in provisions -916 -368 -54
Development expenses -1,173 -351 -452
Depreciation of operating assets -1,188 -114 -128
Administrative expenses -15,416 -7,835 -2,731
Other income 2,601 298 17
Other expenses -1,880 -2 -8
Net income from other activities 721 296 9
Operating profit before changes in value
92,193 67,787 1,217
Proceeds from disposals of investment properties - 5,848 2,478
NBV of investment properties sold - -5,877 -2,114
Capital gains/losses on sale of investment properties - -29 364
Fair value changes on investment properties 109,376 90,657 3,013
Operating profit 201,568
158,415 4,594
Financial expenses -68,320 -51,808 -1,912
Financial income 3,709 948 212
Net costs of debt -64,611 -50,860 -1,700
Change in fair value of financial instruments 126 188 -
Other financial income and expenses -1,341 -503 -
Net financial items -65,826 -51,175 -1,700
Profit before tax 135,742 107,239 2,893
Current income tax -9,315 -83 -1,361
Deferred income tax
10,403 -1 753 3,379
Net profit of consolidated companies 136,830 105,403 4,911
Net profit of consolidated group 136,830 105,403 4,911
Of which minority interests - - -
Of which Group share 136,830 105,403 4,911
Non-diluted average number of shares22,255,38210,106,3671,568,353
Earnings per share (€) 6.15 10.43 3.13
Diluted average number of shares 22,820,51710,440,2771,568,353
Diluted earnings per share (€) 6.00 10.10 3.13