Gecina ´s first half 2004 results (FR)

Over the first six months of the year, GECINA’s consolidated rental income came to 234.0 million euros compared with 260.5 million euros in H1 2003. This 10.2% reduction reflects moves to ramp up the policy rolled out in 2003 to rationalize the Group’s property holding, with the disposal of 1.5 billion euros in assets, primarily residential properties. On a constant structural basis and excluding property for sale, the Group’s rental income is up 2.5%.

With 99.8 million euros (-22.8%) in rent, the Residential Business accounted for 42.6% of the GECINA Group’s rental activities in H1 2004 compared with 49.6% in the corresponding prior period. In the Commercial Business, rental income increased 2.2% (134.2 million euros), representing 57.4% of GECINA’s consolidated rental income, up from 50.4% for the first six months of 2003.

The proactive management of real estate assets combined with the gradual implementation of synergies linked to the integration of the SIMCO Group

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