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Press releases

Half-year results at June 30, 2020

  07/31/2020 5:50 PM

A strategy that demonstrates its resilience in the context of a global health crisis

A portfolio under management growing by 7% reaching more than 2.3 billion euros

  • 197[1] € m in assets in own account (+ 3% at constant scope vs. December 31, 2019);
  • € 2,143 million managed on behalf of third parties (+ 8% vs. December 31, 2019) in the form of SCPI[2] and d & #39; OPCI[3].

Solid financial indicators

  • Recurring EPRA net income per share up by 9% to € 3.65 (€ 3.35 at June 30, 2019);
  • Continuing EPRA ANR (NTA) up by 15% over one year to € 128.2 per share (€ 111.1 as of June 30, 2019);
  • Debt (LTV) kept at a low level at 26% (vs. 28% at 12/31/2019);
  • Substantial liquidity of nearly € 40 million (including a confirmed undrawn credit line).

“The period we are going through is unprecedented and decisive for testing the resilience of the PAREF Group's strategy. Thanks to the in-depth transformations that have taken place over the last few years, the acceleration of the Group's digitalization and the unfailing mobilization of the teams, operational activity has not been interrupted and has enabled us to continue to create value for our shareholders and customers. Despite a slowdown in SCPI fund inflows, the model based on the 3 pillars (own ownership with PAREF, management for institutional and individual investors with PAREF IM and PAREF Gestion) confirms its resilience and allows us to generate solid financial results for this first half of 2020. With a healthy balance sheet, liquidity, tools and competent teams, we will continue during the second half of 2020 to invest in assets held directly, to ramp up SCPI funds both historical and newly created and will develop management on behalf of institutional third parties. »

Antoine Onfray - Deputy CEO

“Our transformation of activities around 3 pillars ensured stability during this period of severe crisis. The model was tested in the second quarter of 2020 with robust financial results for this first half. This relies on the implementation of new IT systems, demonstrating the continued operational resilience of our platform through remote work. We remain focused on supporting our employees, communities and customers, while proactively managing our assets and development in Europe. "

Antoine Castro - Managing Director

PAREF's board of directors, which met on July 31, 2020, closed the accounts on June 30, 2020.

I - Real estate activity (PAREF SA)

PAREF continued its strategy of active management of its assets during the 1er semester 2020 in particular through:

  • The signing of a new lease on the Gaïa building in February 2020 on an area of 1,751m² and with a firm period of 9 years. The occupancy rate of this asset is now increased to 64%;
  • The final sale of 4 assets held by PAREF located in Meythet, Saint-Etienne, Thyez and Trappes for a total net seller amount of nearly € 5 million, i.e. in line with the last appraised value. The Group is thus continuing its strategy of rotating its portfolio with a gradual repositioning on assets of more significant size and mainly located in Greater Paris.

The Group's financial occupancy rate increased to 87.5 % compared to 86.3 % at December 31, 2019[4]

The weighted average maturity of the leases is 4.6 years at the end of June 2020 and the schedule profile of the leases on the owned assets is as follows:

The value of the PAREF Group's real estate assets thus amounted to € 184 million as of June 30, 2020, + 2.36% at constant scope compared to December 31, 2019.

Key figures for directly owned assets[5]12/31/201906/30/2020
Number of active1612
Rental area (in operation)111,074m²100 143 m²
Valuation€ 185m184 M €


 Geographical distribution of directly owned assets
Greater Paris81%

Overall, the net rental income on the assets held directly by PAREF amounted to € 4.4 million at 1er half of 2020, up compared to the same period in 2019 (+42 %). This increase is mainly explained by the acquisition of 6 floors of the Franklin Tower in La Défense offset by the disposals of assets in 2019 and during the 1er half-year 2020. The average gross rate of return on its own assets is 6.7 1TP1Q (excluding Gaïa).

Rental results on own assets (k €)S1-2019S1-2020Evolution in %
Gross rental income3 3534,54836%
Rental charges re-invoiced2 1912,64221%
Rental charges, taxes and insurance-2,518-2,80812%
Non-recoverable charges---
Other income661-98%
Total net rental income3 0924 38242%

II - Management activity on behalf of third parties (PAREF Gestion)

  • Collection and managed heritage

The Group collected during the 1er half-year 2020, a total amount of € 86m in gross subscriptions to SCPI fund investors, representing a decrease of 40% compared to the same period in 2019 (€ 144m at 1er semester 2019). This performance is mainly linked to the COVID19 health crisis which significantly slowed the appetite of individual investors to invest in SCPI products and to an operation in 2019 to acquire & #39; a portfolio of nearly 100 M € on Novapierre 1 which s & #39; was accompanied by subscriptions of nearly € 40 million.

PAREF Gestion has made more than € 120m in investments for all SCPIs under management, including € 54m for Novapierre Germany 2 following the fund's launch last September, € 44m for Novapierre Germany as part of a & #39; acquisition of a retail portfolio, € 17 million for Interpierre France and € 7 million for Capiforce.

Thus, PAREF Gestion manages assets for third parties of € 1,758 million, up 9 % compared to December 31, 2019 (€ 1,611 million as of December 31, 2019).

Breakdown of funds managed by PAREF Gestion as of June 30, 2020:

TypeFundsStrategyAssets under managementAssets under managementEvolution in %
(€ m)(€ m)
SCPINovapierre Germany (CV)Shops (Germany)54360411%
Novapierre Residential (CV)Residential (Paris)2862953%
Novapierre 1 (CV)Shops (Paris region)2542540%
Interpierre France (CV)Office / Logistics15417615%
Novapierre Germany 2 (CV)Shops (Germany)7011868%
Capiforce Pierre (CF)Diversified62689%
Atlantic Stone 1 (CF)Diversified5756-1%
Cifocoma 2 (CF)Shops25252%
Cifocoma 1 (CF)Shops25250%
Novapierre Italy (CV)Shops (Italy)3326%
SCPI Subtotal 1,4771,62410%
OPCIVivapierre (CV) 92920%
Total OPCI 92920%
Other AIFs 42430%
Total  1,6111,7589%

CF: Fixed capital

CV: Variable capital

Breakdown of gross collection carried out in 1er semester 2020:

TypeFundsH1-2019 gross inflows (€ m)H1-2020 gross inflows (€ m)Evolution in %
SCPINovapierre Allemagne772-97%
Novapierre Allemagne 2-56n / A
Novapierre Italy-1n / A
Novapierre 1401-99%
Interpierre France2314-39%
Novapierre Residential413225%
Total 14486-40%
  • Commissions

Management fees were stable at € 4.6m in H1 2020, due to the increase in assets under management and revenues from the platform in Italy. This effect is offset by a decrease in commissions on disposals and investments (- € 0.4 M), the impact of rents not collected in the context of the Covid-19 (- € 0.3 M) and the end of the & #39 ; OPCI 54 Boétie and the OPPCI of hotel walls (- € 0.2 million).

Subscription fees amounted to € 8.4 million in H1 2020, down compared to the same period in 2019, notably explained by the COVID19 health crisis which significantly slowed the appetite of individual investors to invest in SCPI products .

Retro-commissions decreased in line with the drop in inflows to reach € 6.8 million and included fees paid to service providers on acquisitions made on behalf of Novapierre Germany and Novapierre Germany 2.

Commissions (in k €)S1-2019S1-2020Evolution in %
Management commissions4,6224,6170%
Subscription fees13,0658,401-36%
Retro-commissions-9 852- 6,773-31%
Net commissions7 8366,245-20%

III - Results of 1er semester 2020

Consolidated income statement:

Detailed consolidated income statement (in k €) S1-2019S1-2020Evolution in %
Gross rental income3 3534,54836%
Rental charges re-invoiced2 1912,64221%
Rental charges, taxes and insurance-2,518-2,80812%
Rental charges and taxes not recovered---
Other income661-98%
Net rental income3 0924 38242%
Turnover on commissions17 68813,018-26%
-of which management fees4,6224,6170%
-of which subscription fees13,0658,401-36%
Retro-commissions-9 852-6 773-31%
Net commission income7 8366,245-20%
General operating expenses-5,119-4,829-6%
Depreciation and impairment-278-235-15%
current operating income5 5315 5641%
Change in fair value of investment properties16131496-7%
Income from the sale of investment properties1,881-18n / A
Operating income9,0257,042-22%
Financial products3728-25%
Financial expenses-1 281-864-33%
Cost of net financial debt-1 244-836-33%
Other financial income and expenses171132-29%
Value adjustment of financial instruments204--100%
Share of associates888133550%
Net income before taxes9,0457 673-15%
Tax charges-1 166- 480-59%
Consolidated net income7 8787,193-9%
Net income attributable to non-controlling interests---
Consolidated net income, Group share7 8787,193-9%
Average number of shares (undiluted)1,439,9481,454,552 
Consolidated net income per share (Group share)5.474.95-10%
Average number of shares (diluted)1 445 8761,460,480 
Consolidated net income per share (diluted Group share)5.454.93-10%

The Group generated consolidated net income Group share of € 7.2 million at 1er half of 2020, down 9% compared to the same period in 2019, explained in particular by:

  • net rental income of € 4.4 million, up thanks to the acquisition of 6 floors of the Franklin Tower;
  • net commission income which came to € 6.2 million, a decrease of 20 % mainly explained by the slowdown in collection linked to COVID19;
  • the cost of financial debt, which came to € 0.8 million at 1er half-year 2020 compared to € 1.2 million in 1er half of 2019, benefiting from the full effect of the refinancing of the Group's debt in February 2019;
  • the result of the share of companies accounted for by the equity method, which came to € 1.3 million at 1er half-year compared to € 0.9 million in the 1ster half of 2019, including € 0.6M for Vivapierre and € 0.7M for Gaïa mainly due to the increase in the fair value of the asset following the new signings.

IV - Financial resources

The nominal amount of the PAREF Group's gross financial debt stood at € 70 million as of June 30, 2020, vs. € 78 million at the end of 2019.

The average debt rate stood at 1.7 % as of June 30, 2020, down compared to the end of 2019 (2.2 % as of December 31, 2019). This change is explained by the full-year effect of the Group's refinancing which took place in February 2019.

The average residual maturity of the debt is 3.6 years, as of June 30, 2020 (4.4 years at the end of 2019).

All of the drawn debt is hedged by hedging instruments, thus limiting its sensitivity to changes in interest rates.

The PAREF Group's financial ratios are solid with a debt ratio (LTV[6]) to 26 % and financial interest coverage (ICR[7]) at 9.5 x, against 28 % and 7.8 x respectively at the end of 2019.

The Group thus respects its covenants on its bank debts, mainly:

  • A debt ratio (LTV) <50%;
  • An ICR> 2.5x.

Debt schedule:

 Debt schedule (in € m)
2025 and beyond 0

The PAREF Group also has cash of € 9 million as of June 30, 2020 including PAREF Gestion's regulatory equity and € 30 million available on a confirmed line of credit.

V - Assets under management

In € k12/31/201906/30/2020Evolution in %
Assets held directly by PAREF167,450166,300-1%
Investments held by PAREF(1)29,32230,7355%
Total PAREF assets196,772197,0350%
Novapierre Germany (CV)543,273603,80811%
Novapierre Residential (CV)285,639294 6513%
Novapierre 1 (CV)254,027254,4670%
Interpierre France (CV)153,559175,91815%
Novapierre Germany 2 (CV)70,047117,79868%
Capiforce Pierre (CF)61 87967 6809%
Atlantic Stone 1 (CF)57,05156,238-1%
Cifocoma 2 (CF)24,80125,1832%
Cifocoma 1 (CF)24,55824,5650%
Novapierre Italy (CV)2,6203 31126%
SCPI Subtotal1,477,4561,623,61810%
- Vivapierre91 78091 7400%
OPPCI Subtotal91 78091 7400%
Other assets managed on behalf of third parties (2)417,380426,7102%
Total assets managed by PAREF Gestion and PAREF Investment Management on behalf of third parties1 986 6162,142,0688%
Reprocessing (3)-10 762-11,3906%
GENERAL TOTAL2 172 6262 327 7147%

(1) Including investments in Vivapierre and Le Gaia

(2) Includes Foncière Sélection Régions and the asset of “The Medelan” managed by the platform in Italy

(3) Part of the assets of PAREF (OPPCI Vivapierre) is included in the management of PAREF Gestion

The portfolio of real estate assets owned by PAREF (excluding Gaïa) amounted to € 166 million, a decrease of 1% compared to the end of 2019, mainly explained by:

  • disposals for € 4.8 million (values at 12/31/2019);
  • costs and improvement works carried out on the 1er half-year 2020 for € 2.1 million; and
  • a positive revaluation of the value of assets for around € 1.5 million.

Thus, at constant scope, the change in fair value amounts to € 3.6 million over the 1er half-year 2020, an increase of 2.2 % compared to the end of 2019 (excluding consolidated assets under the equity method).

The average gross rate of return on assets held directly and consolidated by PAREF was 6.7 % excluding Gaia (7.0 % at the end of 2019).

VI - Revalued EPRA net assets

L & #39; Revalued EPRA reconstitution (NRV) and continuation (NTA) net assets increased by 15% over 1 year and 9% over 6 months to reach € 128.2 / share at June 30, 2020 (vs. € 117.9 / share at December 31, 2019 and € 111.1 / share as of June 30, 2019).

This increase is mainly explained by the results for the first half of 2020 and the positive change in fair value of the PAREF Gestion business (+ 73% vs. December 31, 2019) which has benefited since this accounting closure from a valuation carried out by an external expert. , partially offset by the payment of the dividend for the 2019 financial year.

The ANR EPRA ratios are determined in particular on the basis of consolidated shareholders' equity under IFRS (including the fair value method) and the market value of debt and financial instruments, in accordance with EPRA Best Practices Recommendations.

New ANR EPRA indicators at the end of June 2020:


In € k
EPRA NRV (Net Replenishment Value)EPRA NTA (Net going concern value)EPRA NDV (Net liquidation value)
IFRS equity - Group share137,237137,237137,237
Include / Exclude   
Hybrid instrument---
Diluted NAV137,237137,237137,237
Revaluation of investment properties---
Revaluation of buildings undergoing restructuring---
Revaluation of other non-current assets (value of PAREF Gestion's goodwill(1))42,52842,52842,528
Reassessment of leasing contracts---
Inventory revaluation---
NAV diluted at fair value179 765179 765179 765
Deferred taxes related to unrealized capital gains on investment properties--n / A
Fair value of financial instruments865865-
Goodwill resulting from deferred taxes---
Goodwill recorded in the balance sheetn / A-n / A
Intangible assetsn / A-n / A
Fair value of debtsn / An / A48
Revaluation of intangible assets-n / A-
Transfer taxes12 76712 767n / A
Number of fully diluted shares1,509,1361,509,1361,509,136
NAV per share (in €) - 06/30/2020128.2128.2119.1
NAV per share (in €) - 12/31/2019117.9117.9108.5
NAV per share (in €) - 06/30/2019111.1111.1103.8

(1) On June 30, for the first time the valuation of PAREF Gestion's business was carried out by an external expert qualified in valuation.

As an indication, the EPRA ANRs of the old format are recalled below:

 12/31/201906/30/2020Evolution in %
Consolidated equity132.5137.24%
Neutralization of the fair value measurement of financial instruments0.40.91.1x
Value adjustment of the goodwill (PAREF Gestion)(1)24.542.574%
Unrealized capital gains / losses on assets carried at cost-- 
ANR EPRA (in € m)157.4180.615%
ANR EPRA / diluted share (in €)109.0119.710%
Fair value measurement of financial instruments-0.4-0.91.1x
Fair value adjustment of fixed rate debt-0.3- 
Deferred taxes on fair values-0.7-1.384%
Triple net EPRA NAV (in € m)155.9178.515%
Triple net EPRA NAV / diluted share (in €)108.0118.310%
Neutralization of deferred taxes on fair values0.71.384%
Reconstitution NAV, Group share (in € m)169.4192.614%
Reconstitution NAV / diluted share (in €)117.3127.69%

(1) On June 30, for the first time the valuation of PAREF Gestion's business was carried out by an external expert qualified in valuation.

Transition table of ANR EPRA from the old format to the new indicators:

Diluted NAV per share (old format)119.7119.7119.7
Transfer taxes8.58.5-
Goodwill -  -  - 
Intangible assets -  -  - 
Fair value of debts and financial instruments -  -  -0.5 
NAV per share128.2128.2119.1

VII - Post-closing events


VIII - Other EPRA indicator

  • EPRA Recurring Net Income
In € k06/30/201906/30/2020Evolution in %
Consolidated net income, Group share7 8787,193-9%
  1. Variation of JV of imm. investments and other assets
-1,613- 1 496-7%
  1. Gains / losses on disposals of assets or companies and other disposals
-1 88118n / A
  1. Gains or losses on disposals of available-for-sale financial assets
  1. Taxes on capital gains or losses on disposals
  1. Impairment of goodwill / Goodwill negative
  1. Change in fair value of financial instruments and cancellation fees for derivatives
  1. Acquisition costs on acquisitions of companies and other interests
  1. Deferred taxes resulting from adjustments
  1. Adjustment (i) to (viii) on companies held in partnership
170-639n / A
  1. Participations not giving control over adjustments
EPRA recurring net income4,8235 31010%
Average number of shares1,439,9481,454,552 
Recurring EPRA net income / share€ 3.35€ 3.659%
  • EPRA vacancy rate
In € k12/31/201906/30/2020Evolution in %
Estimated rental income on vacant space (1)1,4201,121 
Rental income estimated over the entire portfolio (1)10 82410,241 
EPRA vacancy rate13.1%11.0%-2.1pts
  1. Including the Gaïa building as a share, excluding investments in OPPCI Vivapierre. Excluding Gaia, the EPRA vacancy rate stood at 7.2% as of June 30, 2020 compared to 7.7% as of December 31, 2019.
  • EPRA rate of return
In € k12/31/201906/30/2020Evolution in %
PAREF net capitalization rate6.15%6.46%+ 0.31pts
 Effect of estimated fees and charges-0.4%-0.4%+ 0.05pts
 Effect of changes in scope-0.1%-0.1%+ 0.05pts
EPRA Net Initial Yield (1)5,59%6,00%+ 0.41pts
 Effect of rent adjustments0.2%0.30%+ 0.07pts
Initial Net Yield Topped-Up EPRA (2)5,82%6.30%+ 0.48pts
  1. The EPRA net initial rate of return is defined as the annualized contractual rent, net of charges, after deduction of rental arrangements, divided by the value of the portfolio including transfer duties.
  2. The EPRA “topped-up” net initial rate of return is defined as the annualized contractual rent, net of charges, excluding rental adjustments, divided by the value of the assets including transfer duties.
  • EPRA cost ratios

The ratios below are calculated on the scope of assets held directly by the PAREF Group (including equity method).

In € k06/30/201906/30/2020Evolution in %
Included :   
  1. Overheads
  1. Charges on buildings
-100-n / A
  1. Rental charges net of fees
  1. Management fees net of actual / estimated margins
  1. Other income net of re-invoicing covering overheads
  1. Share of overheads and expenses of associates
  1. Depreciation of investment property
  1. Land charges
  1. Re-invoiced rental charges included in the rents
Costs (including vacancy costs) (A)-1 301-864-34%
  1. Less: vacancy charges (unrecovered rental charges)
Costs (excluding vacancy costs) (B)-893-584-35%
  1. Rental income less land charges
  1. Less: re-invoiced rental charges included in the rents
-1 352-1,4608%
  1. Plus: share of rental income less land charges of companies accounted for by the equity method
Rental income (C)4,3285 71132%
Cost ratio (including vacancy costs) (A / C)30.1%15.1%-15pts
Cost ratio (excluding vacancy costs) (B / C)20.6%10.2%-10pts
  • Real estate investments made
In K €06/30/201906/30/2020
Development (1)931,408
Portfolio at constant scope (2)540697
Others (3)820-
Total1,3972 104
  1. Includes investments relating to the "The Go" project of the asset located in Levallois-Perret
  2. Mainly includes investments relating to the Dax asset
  3. Includes eviction indemnities and rental adjustments, capitalized financial costs relating to "The Go" projects
BALANCE SHEET ASSETS (in k €)12/31/201906/30/2020
Non-current assets  
Investment property162,950167,243
Intangible assets339556
Tangible fixed assets2,6122 337
Financial fixed assets10 66211,469
Investments in associates13 66414,999
Financial assets1 1601,296
Deferred tax assets15-
Total non-current assets191,402197,900
Current assets  
Customers and other debtors16,80721 221
Other receivables and accruals98312
Derivative instruments--
Cash and cash equivalents16,3579,129
Total current assets33,26230,661
Non-current assets held for sale4 750-
TOTAL ASSETS229,414228,562
BALANCE SHEET (in k €)12/31/201906/30/2020
Share capital36 10637 755
Premiums linked to capital39,98342,285
Fair value reserves5977
Change in value of hedging instruments-407-865
Consolidated reserves43,24650,793
Consolidated result13,4747,193
Equity - Group share132,459137,237
Minority interests--
Total equity132,459137,237
Non-current liabilities  
Financial debts, long-term portion78,47370 976
Deferred tax liabilities, net5540
Total non-current liabilities78 78871,277
Current liabilities  
Financial debts, short-term portion1,096606
Derivative instruments407865
Trade payables and related accounts7,1117,796
Social and tax debts7,0957 625
Other debts and accruals2 4573 156
Total current liabilities18 16720,047


CASH FLOWS (in € k)06/30/201906/30/2020
Operating flow  
Net profit7 8787,193
Depreciation and amortization142223
Fair value revaluations of investment properties-1,613-1 496
Fair value revaluations of derivative instruments-204-
Fair value revaluations of financial assets15-
Changes in taxes1,166480
Capital gains or losses on the disposal of fixed assets net of tax-1 88118
Share of results of associates-888-1 335
Self-financing capacity after cost of financial debt and before tax4,6155,083
Cost of net financial debt1,244836
Taxes paid-1 899-898
Self-financing capacity before cost of financial debt and after tax3 9605,021
Changes in working capital-1 208-2 185
Net cash flow from operating activities2 7522,836
Investment flows  
Acquisition of investment properties-1 397-2 798
Other acquisitions of fixed assets-24-283
Sale price of investment properties16,0004,732
Acquisition of financial fixed assets-1,064-1,085
Disposal of financial fixed assets--
Change in investments in associates--
Financial products received3728
Impact of changes in scope--
Cash flow used by investing activities13 553594
Funding flow  
Change in capital643 945
Treasury shares-19927
Increase in bank loans30,000-
Change in other financial debts--
Repayment of rental debts-2,078-8,520
Loan repayments-24,276-
Change in bank loans-10168
Interest paid-2,327-504
Dividends paid to shareholders and minority shareholders-5,552-5,775
Cash flows used by financing activities- 4 377-10 659
Increase / (Decrease) in cash11 928-7,228
Cash and cash equivalents at the start of the fiscal year28,43716,357
Cash and cash equivalents at year end40 3659,129

The statutory auditors issued their report on the half-yearly financial information on July 31, 2020 after carrying out the limited review of the condensed half-year consolidated financial statements relating to the period from January 1 to June 30, 2020.

Financial Agenda

October 29, 2020: Financial information as of September 30, 2020

About the PAREF Group

PAREF is developing in two complementary activity sectors: (i) investment through the real estate company SIIC PAREF mainly in real estate for companies in the Paris region (€ 0.2 billion in assets as of June 30, 2020) and (ii ) management on behalf of third parties through PAREF Gestion (€ 1.8 billion of funds managed as of June 30, 2020), a management company approved by the & #39; AMF and PAREF Investment Management (€ 0.4 billion as of June 30, 2020)

PAREF is a SIIC real estate company, listed on compartment C of Euronext Paris - FR0010263202 - PAR

More information on


Antoine CASTRO
General manager

Mail. :
Phone. : 01 40 29 86 86

Press contact
Citigate Dewe Rogerson

Mail. :
Antoine ONFRAY
Chief Operating Officer

Mail. :
Phone. : 01 40 29 86 86


[1] Including shareholdings held by PAREF

[2] Civil companies of real estate investments

[3] Collective Real Estate Investment Organization

[4] Including the Gaïa building. Excluding the Gaïa building, the financial occupancy rate was 91.0% as of June 30, 2020, compared to 91.7% at the end of 2019.

[5] Including the Gaïa building in quota. Excluding holdings in Vivapierre and shares in PAREF Gestion.

[6] LTV: consolidated net debt divided by the value of the consolidated assets excluding duties.

[7] ICR: consolidated financial charges excluding early repayment charges divided by current operating income.

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