Press release-Prodea Investments: Profit from continuing operations of € 108.8 million in H1 2021
Athens, September 30e, 2021
Profit from continuing operations of € 108.8 million in H1 2021
PRODEA Investments announced that the Group’s income from continuing operations for the six-month period ended June 30, 2021 amounted to € 108.8 million compared to € 28.1 million in H1 2020.
The Group’s net gain on the fair value adjustment of investment properties amounted to € 57.3 million (vs. a net loss of € 5.5 million in H1 2020) reflecting the positive trend in the construction sector. commercial real estate in Greece.
Profit before interest, taxes, depreciation, amortization, fair value adjustments of buildings and non-recurring items (adjusted EBITDA) amounted to € 47.4 million in H1 2021 vs. € 50.5 million in H1 2020 and the FFO s ‘amounted to € 30.4 M € M in H1 2021 vs. € 35.6 M in H1 2020. The difference in profit results mainly from the sale of investment properties in 2020, which resulted in the recognition of a gain of € 4.7 million in 2020. Management is constantly evaluating the optimization of the performance of the Group’s real estate portfolio, including a possible sale if market conditions are suitable, the Company’s strategy being to orient the composition of its investment portfolio towards new sectors, such as logistics, and more sustainable real estate.
The Group’s revenue at June 30, 2021 amounted to € 64.9 million compared to € 68.2 million in H1 2020. Regarding the effects of the coronavirus pandemic (COVID-19) in H1 2021, rental income of the Group were not significantly affected due to the low exposure of the Group’s real estate portfolio to companies / tenants whose activity was affected by the pandemic. More specifically, the drop in rental income in H1 2021 amounts to € 1.6 million for the Group and € 1.3 million for the Company.
The Group’s NAV as of June 30, 2021 amounted to € 1,439.0 million, or € 5.63 per share, compared with € 1,367.9 million or € 5.35 per share, respectively as of December 31, 2020.
Aris Karytinos, CEO of Prodea, said: “After a long economic crisis and an unprecedented epidemiological crisis, due to Covid-19, the Greek economy has entered a phase of recovery and the prospects for new investments are promising. Prodea is pursuing its investment plan which focuses on bioclimatic office buildings that adopt the principles of environmental and social governance and on logistics with energy efficiency characteristics exceeding the minimum regulatory requirements. the first green bond in real estate in Greece in July, Prodea has the liquidity to invest in sustainable real estate.As already announced, Prodea made the first investments financed by the proceeds of the green bond, the acquisition of 51% of the share capital of the company “PANTERRA Societe Anonyme Development and Utilization of Real Estate”, the aim of which is the development of a green office complex located in the wider CBD of Athenc at Syg avenue grou, rue Lagoumitzi and rue Evridamantos, as well as the acquisition of 100% of the units of “NEW METAL EXPERT M.IKE”, which owns a complex of two commercial warehouses in Aspro pyrgos, Attica. In addition, Prodea, in collaboration with Dimand and the EBRD, continues to develop