PASAL Development announces that the consolidated operating results for the fiscal year 2012 (before fair value adjustments) recorded losses that amounted to 1,8 mio against profits of 2,9 mio o in 2011.

The results after tax and minority interests amounted to losses of 25,4 mio compared to losses of 14,3 mio for the corresponding period last  year. Operating income (from rents and services) amounted to 6,6 mio versus € 7,6 mio in 2010, while operating expenses increased due to the write off of doubtful receivables.

The net asset value before deferred taxation (NAV) on 30.12.2012 amounted to 40,2 mio euro (2,69 euro per share) while the net asset value after deferred taxation (triple net NAV) amounted to 25,8 mio (1,73 euro per share) compared to 47,6 mio on 31.12.2011. This is mainly attributed to the revaluation of  the Group's investment properties.

The group's net debt (debt minus cash) at the end of the year amounted to 139, mio euro compared to 131,6 mio at 31.12.2011.

The value of the Group's investment properties as at 31.12.2012 amounted to 159,7 mio euro.

The Group owns a qualitative property portfolio and focuses on the investment and further development of these properties, taking into account the current economic situation.

PASAL gives a particular emphasis to the support of the Athens Heart mall through continuous revaluation of the tenant mix and targeted promotional activities.

Shopping malls, in relation to the other retail markets so far, have shown an increased preference both by the consumers and their theιr commercial customers (tenants) due to the advantages they offer (such as security, promotion and flexibility in leases) compared to the traditional markets.

Athens Heart showed a 9,5% increase in the number of visitors (footfall) and a marginal increase in tenants turnover. These data confirm the positive trends for the shopping mall compared to the rest of the market.

The PASAL is the largest shareholder of TRASTOR REIC, which owns a significant property portfolio and offers high dividend yield. TRASTOR is a real estate investment company with a special tax regime.

REIC's are expected to play an important role in the near future, as their prospects are enhanced through the review of the related regulatory framework, in order to make them even more attractive vehicles for investments in property.