Profit and loss account
(*000 Eur.) 2004 2005 2006 2007 . Sales 218,513 320,843 590,035 529,107 Other revenues 4,239 3,258 6,172 15,765 Total revenues 222,752 324,101 596,207 544,872 Gross sales margin (1) 48,844 78,151 121,360 96,475 % growth 41% 60% 55% -21% Operating cash flow (EBITDA) 31,703 53,979 77,350 57,294 Operating profit (EBIT) 31,409 53,689 77,014 55,958 Consolidated pre-tax profit (EBT) 25,698 48,741 70,918 49,455 Consolidated profit 20,398 32,636 47,501 35,352 Profit attributable to shareholders 19,949 32,502 47,501 35,352 % growth 45% 63% 46% -26% Total dividend 2,987 10,086 14,250 10,606 Payout 15% 31% 30% 30% Earnings per share (2) 0.91 1.48 1.90 1.41 Adjusted earnings per share (2)(3) 0.96 1.48 1.97 1.42 Dividend per share 1.50 0.46 0.57 0.42 Adjusted dividend per share (2) 0.14 0.46 0.57 0.43   (*000 Eur.) 2004 2005 2006 2007 Balance sheet Total assets 271,502 394,290 889,300 1,077,969 Current assets 266,736 392,055 881,076 995,439 Net Equity 55,285 84,994 203,899 220,614 Ratios (%) EBITDA / Total revenues 14% 17% 13% 11% Consolidated distributable profit / Total revenues 9% 10% 8% 6% Equity / Total assets 20% 22% 23% 20% ROE 60% (4) 47% 31% (5) 17% Operating data Number of employees at 31 December 78 95 115 139 Total investment 283,823 330,577 864,232 569,580 Projects / properties acquired during the year (6) 40 26 46 27

IFRS: International Financial Reporting Standards

(1) Excludes other revenues
(2) Adjusted for the share split in 2005
(3) Average weighted number of shares excluding treasury stock
(4) Excludes capital increase of 27-12-04
(5) In 2006, ROE calculated as Net profit/monthly average in Shareholders' funds.
In previous years 2006, ROE calculated as Net profit/average Shareholders' funds at beginning and end of year.
(6) Projects may involve more than one property