February 29, 2008 06:47 ET

PARQUESOL : Parquesol posts income of 187 million euros and EBITDA of 86 million euros, in line with their expectations for 2007

MADRID, SPAIN--(Marketwire - February 29, 2008) - Parquesol posts income of 187 million euros and EBITDA of

86 million euros, in line with their expectations for 2007

The Company has a LTV ratio of 27%,

one of the strongest in the sector

*Sales in the residential development business during the final quarter of 2007 more than doubled total sales over the first nine months of 2007, up over 129%.

*Rental income amounted to EUR 20.6 million, up 11% on 2006 rental income. The occupancy rate of the main assets was 92% compared to 85% the previous year.

*The Gross margin, increased in relative terms, amounted to EUR 98.2 million, representing a margin of 52% compared to 47% in 2006.

*The Board of Directors, on their 28 of February meeting, agreed to propose to the Annual General Meeting a gross dividend of 10,500,000 million euros out of the 2007 results. This implies a 0,264 euros per share.

The Board member Grupo Empresarial San José has appointed Mr. Francis Lapoutre as his board representative.

Madrid, 29 February 2008.- Parquesol, a property company with a growing business for over three decades in the residential and service sectors, posted revenue of EUR 187 million, down 26% on the previous year.

The fall back in the residential developments business is due to the slowdown in demand and the delay in the expected delivery of developments. In this regard, the solid performance in the final quarter of the year should be noted, achieving 129% increase over the last nine months sales figure.

During the year, Parquesol delivered a total of 452 units split between Valladolid, Malaga and Seville and began marketing developments in those same cities.

Land sales amounted to EUR 44.6 million, while investments in land during 2007 amounted to EUR 41.3 million in actual payments, with total commitments amounting to EUR 79.3 million, for the purchase of land in Madrid, Malaga, Cadiz and Barcelona.

January-December 2007 Results

In the property management business, rental income amounted to EUR 20.6 million, up 11% on the previous year, Of this, EUR 14.3 million stemmed from building rental and EUR 6.4 million from hotel rental.

At present, Parquesol's project portfolio is diversified between hotels and areas for developing shopping centres in the provinces of Madrid, Malaga, Valladolid and Lisbon.

Of the existing projects that came on stream in the property management business, the following are of particular note: the Ballesol residence in Valladolid with over 6,600 m2 and the office building in Calle García Martín in Madrid, covering 5,780 m2 and 100% occupied.

The Company's shareholder base was as follows at the end of 2007: San José Group (53.085%), Caja Castilla La Mancha (13.371%), Caja de Ahorros Municipal de Burgos (5.035%) and Lábaro Group (12%).

Full 2007 results report available on Parquesol's web site

For further information on this press release, please contact:

Pilar Fernández. Communication Manager. Parquesol.

Tel: +34 91-799-49-90. Fax: +34 91-799-49-97.


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