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June figures lead to double the assessmentJuly 31 Alstom will replace Thales in the CAC 40Election period is more synonymous with social truceAccording to counsel the Germany is no need to take any decision on what either todayWhen he called me I only had never met himEquality of opportunity it is also work for allThus the unemployment rate has dropped to 7Deliberate provocation the law requiring local authorities to balance their budgetsIf the original is fuzzy the photocopy will be blurredTwo other agencies should soon see the dayLand areas is to find an original solution to the problem posed by its Italian subsidiary Beni Stabili. According to Italian law, the latter, a national number of the real estate side with a heritage of 4.2 billion euros of offices, must not be more than 51 owned by a shareholder if it is to be exempt from profits tax. However, land of the regions holds 68. The fourth land French decided to pay a dividend made up of cash (3.30 euros) but 6 actions Beni Stabili in May. Which will allow fall 52.5 of the capital, while showing an increase of 30 of its dividend (valued 6.90 per share). At the same time "we are conducting negotiations with the administration that our voting rights are limited to 51 and we hope to obtain the tax of Beni Stabili transparency this year, says the President of the land regions, Christophe Kullmann.". "It would apply to the benefits of 2011." The market welcomed this solution, because in addition to the floating of the land Italian will be expanded, its profitability rise. "Society has on average a recurrent annual net result of EUR 50 million, with a tax of 25 million, its profit would therefore increase by 50", explains Christophe Kullmann.
Debt reduced
Of course, the recurrent result is not all. This year, total net income of Beni Stabili is a loss, because it integrates, as most of the land, the depreciation of the market value of their real estate assets. Land areas, for its part, is loss of EUR 262 million. But its annual results confirm: depreciation is going to end. Klépierre or Société Foncière Lyonnaise before it, land of the regions announced yesterday a stability of the value of its heritage in the second half. In total, he has lost only 3.6 of its value last year. The performance is better than the average (-7,8 for the Société Foncière Lyonnaise, for example).
Moreover, the results revealed by the fourth land French have worked yesterday several good surprises. At constant perimeter (excluding transfers), rental income increased by 3.3, "recurrent net income increased by 6.9 to 304 million euros, or more forecasts of analysts, and debt declined by$ 1 billion," said Christophe Kullmann. Land areas was part, there is a year, companies that scared the market by too much debt. Since then, 751 million euros from disposals and financial restructuring helped to turn the page. Debt represents more than 55.6 of the value of the assets compared to 58.8 at end 2008. The objective, this year, is a range of 50 to 55. The company could just 55 and a focus on the development of its assets, but "we will instead continue to reduce our debt," said Christophe Kullmann. "The economic crisis seems to be called to last, SMEs suffer, I therefore see no rent of offices back and banks lend again hardly beyond EUR 100 million. Yesterday, stock exchange welcomed the results of land of the regions by climbing its course of 5.20 74,69 euros.
