PREMIA REAL ESTATE INVESTMENT COMPANY SOCIETE ANOMYME
Financial Results for the 1st Quarter 2009
PASAL Development announces that the consolidated profits after tax and minorities interests for the 1st quarter of 2009 reached euro 139 k. versus euro 2,2 mil. in the corresponding 2008 period. This difference is due to the lower profits from fair value adjustments, which were euro 1,2 mil. for the 1st quarter of 2009 compared to euro 2,9 mil. for the 1st quarter 2008. The consolidated operating income, including rents and income from services rendered, increased by 175%, mainly due to Athens Heart shopping mall operation, and reached euro 2,5 mil. versus euro 0,9 mil. of the corresponding 2008 period.
Net Asset Value before deferred taxes (NAV) at 31.03.2009 amounted to euro 121,8 mil. (euro 8,1 per share), while the Net Asset Value after deferred taxes (triple net NAV) amounted to euro 101,0 mil. (euro 6,75 per share), remaining at the same levels with the corresponding values of 31.12.2008. Investment properties value at 31.03.2009 was euro 222,5 mil. Net bank debt of the group (loans less cash & equivalents available) at the end of the 1st quarter amounted to euro 134,2 mil., showing a slight decrease compared to 31.12.2008, while the Loan to Value ratio (LTV) was 50%, remaining at low levels. The company pays particular attention in maintaining sufficient liquidity and supporting group profitability. In this direction, the company will examine the sale of properties not readily utilizable, as it was the case with the sale of the Pilaia, Thessalonica land plot at 30.04.2009.
The immediate plans of PASAL include:
- The completion and lease of the commercial building at Alimou Ave., offering 4.500 sqm gross lettable area and 80 underground parking places. The property is expected to start operating during the 3rd quarter of 2009
- The expansion of Athens Heart shopping mall over adjacent properties owned by PASAL, aiming at enhancing the entertainment aspect of the mall and the addition of at least one more anchor tenant. At the same time PASAL invests in the promotion of the mall, which is the only one operating in the broad area, and improves administration efficiency.
- The planning for a commercial development on the 80.000 sqm land plot situated in the area of N. Lampsakos, in Chalkida.
PASAL will continue to implement its investment plan, taking into consideration the overall financial situation, and at the same time seeking for investment opportunities in Greece and abroad.
Net Asset Value before deferred taxes (NAV) at 31.03.2009 amounted to euro 121,8 mil. (euro 8,1 per share), while the Net Asset Value after deferred taxes (triple net NAV) amounted to euro 101,0 mil. (euro 6,75 per share), remaining at the same levels with the corresponding values of 31.12.2008. Investment properties value at 31.03.2009 was euro 222,5 mil. Net bank debt of the group (loans less cash & equivalents available) at the end of the 1st quarter amounted to euro 134,2 mil., showing a slight decrease compared to 31.12.2008, while the Loan to Value ratio (LTV) was 50%, remaining at low levels. The company pays particular attention in maintaining sufficient liquidity and supporting group profitability. In this direction, the company will examine the sale of properties not readily utilizable, as it was the case with the sale of the Pilaia, Thessalonica land plot at 30.04.2009.
The immediate plans of PASAL include:
- The completion and lease of the commercial building at Alimou Ave., offering 4.500 sqm gross lettable area and 80 underground parking places. The property is expected to start operating during the 3rd quarter of 2009
- The expansion of Athens Heart shopping mall over adjacent properties owned by PASAL, aiming at enhancing the entertainment aspect of the mall and the addition of at least one more anchor tenant. At the same time PASAL invests in the promotion of the mall, which is the only one operating in the broad area, and improves administration efficiency.
- The planning for a commercial development on the 80.000 sqm land plot situated in the area of N. Lampsakos, in Chalkida.
PASAL will continue to implement its investment plan, taking into consideration the overall financial situation, and at the same time seeking for investment opportunities in Greece and abroad.