Sophia´s Board of Directors, which met on 15 October 2004, has approved the accounts for the first half of 2004. The 30 June 2004 profit is up € 17 million compared to 30 June 2003.

The profit rise is in particular affected by the drop of € 15m in rent received, resulting from the sale of 22 buildings for a total amount of € 730m, capital gains on sales of € 33m against € 16m at 30 June 2003 and the profit of € 19m made by cancelling almost the entire portfolio of rate swaps.

At 30 June 2004, Sophia owned 132 buildings with an estimated value, taxes included, of € 2,209m. In the first half 2004, 22 buildings were sold for €730m under favourable market conditions.

Net assets values
The Group portion NAV rights included after exit tax comes to € 1,627m and € 1,558m after deducting transfer taxes, or € 44.1 and € 42.2 par share respectively.

The Board of Directors will propose at the Annual General Meeting the payment of a net dividend of € 0.86 per share, without tax credit.

Source: Sophia

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