SILIC - Quarterly financial reporting first quarter 2013

PR Newswire/Les Echos/ 
SOCIETE IMMOBILIERE DE LOCATION POUR L'INDUSTRIE ET LE COMMERCE
- SILIC -
French société anonyme with a share capital of 70,123,592
Registered office: 31 Boulevard des Bouvets, 92000 Nanterre
572 045 151 RCS NANTERRE
NAF Code 6820 B - SIRET no. 572 045 151 00063 


                         QUARTERLY FINANCIAL REPORTING
                               FIRST QUARTER 2013
                   Silic confirms earnings growth in Q1 2013
            2013 outlook maintained in a climate of economic slowdown.

Activity indicators for Q1 2013 confirm our return to earnings growth thanks
mainly to mid-2012 lettings of the large new buildings completed in 2011.
    - Rental income rose by 9.0% to 48.4 million versus 44.4 million in Q1
     2012, driven by the contribution of Cézanne at Saint-Denis, Montréal at
     Orly-Rungis and Axe-Seine at Nanterre. On a like-for-like basis, rental 
     income rose by 5.3%.
    - As in previous years, tenant default was extremely low.
    - EBITDA and adjusted EPRA earnings were boosted by the strong commercial
     performance in 2012 and the non-recurrence of certain structural costs 
     incurred in H1 2012.

Tenant movements were not significant in volume and more or less cancelled 
each other out with 12,000 m2 incoming and 14,000 m2 outgoing. The occupancy 
rate therefore remained stable at 87.1% versus 87.2% at end- 2012.

Investments during the quarter amounted to 20.3 million and were mainly devoted
to construction work on Sisley at Saint-Denis, due for completion in 2014 and
fully pre-let to Siemens. Preparations for the Campus La Défense project
continued and we expect to apply for planning consent in the next few weeks.
Planning work on Québec at Orly-Rungis, Brahms at Colombes and Monet at
Saint-Denis has now been completed and construction work is due to start in
Q2.

Silic's financial structure remained unchanged in Q1, with debt totalling
1,423.6 million at end-March versus 1,432.9 million at end-2012.

The Board of Directors is recommending a dividend of 4.55 per share at the next
annual general meeting. It will be paid in early July, before settlement and
delivery of the public exchange offer pending.

Icade's public exchange offer for Silic shares made in March 2012 has been
suspended until the outcome of two legal actions pending before the Paris 
Appeal Court, which is expected to deliver a ruling on 20 June 2013.

We confirm our outlook for 2013. With 65,000 m2 under construction already 82%
pre-let and a pipeline of 150,000 m2 projects ready to start, Silic has two
goals: to tailor its offering to the requirements of the Paris region office
property market and to support companies in their growth.

FINANCIAL COMMUNICATION                        Nanterre, 23 April 2013

Bruno Meyer - Tel.: +33(0)1 41 45 79 65


                  
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-0- Apr/23/2013 08:38 GMT
 
 
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