Despite the crisis of the real estate and atony of the household consumption, the land specialist in commercial real estate will perform not so evil. Such is the teaching of the results for the first half that come to publish several land, to the first ranks of which Unibail-Rodamco, European leader in commercial real estate, Klépierre, and Mercialys.
Of course, and as with their specialist counterparts in real estate offices, the adjustment at the decline in the real estate portfolio poor result net, and sometimes heavily. Unibail-Rodamco thus displays a loss net group share of 1.32 billion, against a profit of 489 million a year earlier, the removal of the value of the assets of 3.7 billion euros over 12 months and 1.93 billion over six months, the portfolio now estimated at 22.8 billion. But if you exclude this accounting practice resulting from the IAS standards upgrading all six months of the heritage in its "fair value", the Group has, at the same time, displayed a recurrent net income increased by 7.6 to EUR 426 million for net rents rose by 5.9 to EUR 634 million.
Due to a different accounting approach, Klépierre is in revanche far less result. The real estate crisis has however forced (51)-owned subsidiary of BNP Paribas real estate to provisionner 184,5 million euros on assets acquired in 2006 and 2007. The net result of the first half declined as a result of 14.4 over the first six months of 2008, with 68.9 million, but at the same time the current operating cash grew by 28.8 to 377,9 million for net rents increased by 31, to 397,3 million.
Good resistance of the heart of business - the operation of commercial surfaces - checks in Mercialis, the foncière subsidiary of Casino. Its cash flow of operating current climbed so 12.5 to EUR 55.5 million, for net rents increased by 12.5 to 60,67 million.
A real trade
Bad language may conclude that the satisfactory results of the land three in times of crisis are not amazing, simply reflecting the fact that they live in an economy of annuity where simply intelligence the rent paid by the client. At this kind of critiques, offending leaders meet tirelessly that manage commercial real estate is a true profession. And despite various hunting grounds - the great centres commercial UnibailRodamco European, regional malls and hypermarkets Carrefour to Klépierre, galleries Mercialys intercommunaux centres - they want proof of the fact that the dealers they host perform better than the average.
Despite the crisis, UnibailRodamco refers to an attendance of its almost stable centres (0.2 in the first semestre). Rollup on January to may, Klépierre concedes that the turnover figures of the traders in its galleries in Europe declined while 3 a year, but note that its hypermarkets in Espagne galleries are far better than the local market. Same sound of cloche in Mercialys, where the chiffres business in its centres declined by 1.6 in rollup to end of May 2009, against-2,6 for the panel of public centres of the national Council of shopping centers.
It would indeed get a minority stake in the Caisse d'Epargne de ParmaOn the first point the results are mixed1 in the second quarter after a drop of 7 The idea is to allow permanently to be unpredictableRoseMarie Faria attached commercial at the American Embassy in ParisIn this case two configurations are possibleOur research confirms the empirical importance of these two factorsIndeed such services are primarily minors which can be monitored by their parents490 over the period July 2005 June 2006Social VAT proposal is an edifying example
