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Real Estate NAV Dec 2007
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Balance Sheet

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(Euro Million)

Fixed Assets 375.7 410.7 581.7 886.1
Net Working Capital 204.6 215.9 283.3 190.5
Net Invested Capital 580.3 626.6 865.0 1,076.6
Shareholders' Equity 485.5 535.4 700.3 715.7
Minority Interests 6.4 16.7 8.4 4.4
Funds 48.2 38.7 59.9 66,8
Net Financial Position 40.2 30.5 96.4 289.7
Total Sources 580.3 621.3 865.0 1076.6
ROE 26.0% 28.0% 26.0% na
ROI Adjusted 20.0% 24.0% 23.0% na
Financial Position excluding Shareholders'Loans 250 292.5 430.5 816.1
Gearing NFP not incl. Shareholders' Loans 0.51 0.53 0.61 1.13



Financial Position excluding Shareholders' Loans Data Graph

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