PREMIA REAL ESTATE INVESTMENT COMPANY SOCIETE ANOMYME
Financial Results for the 1st Half 2009
PASAL Development announce that the consolidated loss after tax and minorities interests for the 1st half of 2009 reached euro 5,9 mio versus profits euro 1,9 mio in the corresponding 2008 period. This difference is due to the negative fair value adjustments of investment properties, which for the 1st half of 2009 amounted to euro 5,3 mio compared to profits of euro 4,1 mio during the 1st half of 2008,
The consolidated operating income, including rents and income from services rendered, tripled during the 1st half of 2009, mainly due to Athens Heart shopping mall operation, and reached euro 5,1 mio versus euro 1,7 mio of the corresponding 2008 period. Net Asset Value before deferred taxes (NAV) at 30.06.2009 amounted to euro euro 113,9 mio (euro 7,6 per share), while the Net Asset Value after deferred taxes (triple net NAV) amounted to euro 95,3 mio or euro 6,37 per share, versus triple net NAV of euro 6,75 per share as of 31.12.2008.
Investment properties value at 30.06.2009 was euro 216,2 mio. Net bank debt of the group (loans less cash & equivalents available) at the end of the 1st half amounted to euro 135,9 mio, showing remaining at the same level as of 31.12.2008, while the Loan to Value ratio (LTV) was 51,2%, remaining at low levels. The company pays particular attention in maintaining sufficient liquidity and supporting group profitability. The immediate plans of PASAL include:
- The completion of the commercial building on Alimou Avenue, which has a GLA (Gross Lettable Area) of 4,500 sqm and 80 underground parking spaces. The building is under lease and will start operating during the 4th quarter of 2009.
- The enhancement of Athens Heart shopping mall profitability by investing further in the promotion of the mall and the increase in the number of visitors. PASAL also examines the expansion of Athens Heart over adjacent properties owned by PASAL. Although Athens Heart started operating in a difficult period for the retail business, is becoming widely recognized, thanks to the strong fashion and technology brands it houses and it is becoming as a shopping and leisure destination.
- The planning for a commercial development on the 80.000 sqm land plot situated in the area of N. Lampsakos, in Halkida. 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.
The consolidated operating income, including rents and income from services rendered, tripled during the 1st half of 2009, mainly due to Athens Heart shopping mall operation, and reached euro 5,1 mio versus euro 1,7 mio of the corresponding 2008 period. Net Asset Value before deferred taxes (NAV) at 30.06.2009 amounted to euro euro 113,9 mio (euro 7,6 per share), while the Net Asset Value after deferred taxes (triple net NAV) amounted to euro 95,3 mio or euro 6,37 per share, versus triple net NAV of euro 6,75 per share as of 31.12.2008.
Investment properties value at 30.06.2009 was euro 216,2 mio. Net bank debt of the group (loans less cash & equivalents available) at the end of the 1st half amounted to euro 135,9 mio, showing remaining at the same level as of 31.12.2008, while the Loan to Value ratio (LTV) was 51,2%, remaining at low levels. The company pays particular attention in maintaining sufficient liquidity and supporting group profitability. The immediate plans of PASAL include:
- The completion of the commercial building on Alimou Avenue, which has a GLA (Gross Lettable Area) of 4,500 sqm and 80 underground parking spaces. The building is under lease and will start operating during the 4th quarter of 2009.
- The enhancement of Athens Heart shopping mall profitability by investing further in the promotion of the mall and the increase in the number of visitors. PASAL also examines the expansion of Athens Heart over adjacent properties owned by PASAL. Although Athens Heart started operating in a difficult period for the retail business, is becoming widely recognized, thanks to the strong fashion and technology brands it houses and it is becoming as a shopping and leisure destination.
- The planning for a commercial development on the 80.000 sqm land plot situated in the area of N. Lampsakos, in Halkida. 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.