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All indicators are up: NAV €267 million + 5% vs. 30 June 2015, net income €10 million + 23% vs. June 2015, Value creation €16 million between 30 June 2015 and 30 June 2016. Growth was driven by real estate with the completion of two major buy-resell (Taranis) ans property development (Curial) projects. Private equity was the largest contributor. Hospitality reported organic growth of 4%, thereby outperforming a declining Paris hotel market and show robust growth in the regions and on the thermal market.