Financial results
Financial performance indicators improve further
Compagnie la Lucette's financial performance indicators showed further improvement despite uncertain economic conditions since the second half of 2007. During the year, leases were renegotiated and new leases were signed on 67,000 sqm of lettable area, generating €19.5 million in annualised rental income, vs. €15.7 million in 2006.
At 31 December 2007, the group's recurring net profit totalled €31.2 million, up 99% vs. a year earlier. This sharp increase was fuelled primarily by rental income growth derived from the asset management team's efforts to lease up properties as well as from contractual rent indexation.
At 31 December 2007, recurring net profit per share totalled €1.4 per share after dilution, vs. €1.5 in 2006. The decline resulted primarily from the year-on-year increase in the average number of shares in 2007 (a €219-million capital increase) and from the average number of shares calculated in 2006.
At 31 December 2007, replacement NAV totalled €42.2 per share after dilution, up 17% from €36.0 a year earlier. Liquidation NAV advanced 23% to €38.7 per share after dilution, from €31.5 at 31 December 2006.