Friday, 15 February 2008

Higher earnings for Icade

The land and real estate subsidiary of the Caisse des Depots shows an increase of 26% in earnings. The dividend is expected to increase by 27%. The group foresees a double-digit growth in the medium term.

Icade displays a profit rose by 26% to 266 million euros and a turnover up 12% to 1482 billion euros for the year 2007, said the land and real estate subsidiary of the Caisse des Depots in a news release this Wednesday, February 13. His current net cash flow increased by 14.8% to 224 million euros in 2007.

The turnover breaks down to 66% for the promotion activity at 974.9 million euros, up 23% in one year, to 24% on the work of land, 358.4 million euros in up 9% over one year and the balance to other services to 237.9 million euros (+11%).

The value of the assets was "beyond rights", December 31, 2007, at 6,231 billion euros, an increase of 42% compared to the previous year. The amount of net investment disposals amounted to 947 million euros in 2007, of which 41 million represent an advance for the acquisition of 95% stake in the real estate Mr.Bricolage.

At the general meeting to be held on April 16, "it will be proposed the distribution of a dividend of 3.25 euros per share, an increase of 27% compared to the exercise, said the press release. In addition, Icade, optimistic, foresees "a period average" double-digit growth.