Alpha Urban Real Estate’s EBITDA amounted to 1.219 million euros in the first nine months of 2021, compared to 1.902 million euros in the corresponding period of 2020. At the same time, EBIT amounted to 440 thousand euros against 1.432 million euros.
The company announcement in detail:
In response to your letter of 9/11/2021, in which you asked us and you to inform the investing public, regarding the formation of the fundamental financial figures of both the Company and its subsidiaries (Group) during the year. quarter of the year 2021, as well as regarding the developments in our activity under the conditions of the Covid-19 pandemic, we know the following:
The appearance of the coronavirus pandemic (Covid-19) at the beginning of the year 2020 and its spread in the Greek Territory led to the taking of important prevention and protection measures by the Greek Government.
The company and its subsidiaries (Group) fully responding to the social and economic conditions created for the response to the emergency (Covid-19) implements a package of measures focusing on the protection of staff and minimizing the financial consequences of the received measures. meters.
In the light of the above, the Management, with an extremely high sense of responsibility towards its customers, employees, suppliers, partners and investors, monitors the developments regarding the coronavirus disease (Covid-19), studying the possible factors. risk to the health and safety of its employees and associates, its financial position, activities and results.
Earnings from sales, earnings before interest and taxes (EBIT) and earnings before interest, taxes, depreciation and amortization (EBITDA), both for the third quarter of fiscal year 2021 and on a cumulative basis, in relation to their respective comparative figures last year, were formed, for the Group and the Company as follows:
In addition, no change in the loan position and / or capital structure of both the Company and its subsidiaries (Group), took place during the third quarter of the fiscal year 2021, nor was there a substantial difference in the other dimensions of their financial position during the same period.
Regarding the effects of the Covid-19 pandemic, as it appears at the date of review of the financial figures for the third quarter of fiscal year 2021, the ongoing emergencies have created delays in the execution of certain tasks and the conclusion of agreements. However, several of these (delays), which mainly concerned appraisal work, were successfully addressed, for example by distance or teleworking certifications, and where this was not possible, the initial execution / completion deadline was redefined, without substantially affecting revenue streams. the company’s.
Regarding the income from real estate leases, both the Company and its subsidiaries (Group), having drawn up multi-year contracts with tenants whose total value is not affected by the extraordinary provisions introduced in the relevant regulations for the creation of a protective institutional framework due to covid 19, and concerning the reduced payments on the monthly rents, have not been affected.
Based on the data of the third quarter of the year 2021, credit risk from the possibility of non-compliance of our customers with the agreed repayment terms is estimated that there will be no, given that our counterparties have a high quality capital structure and generally high creditworthiness. Therefore, it is estimated that neither the Group nor the Company is exposed to significant credit risk from commercial receivables.
The liquidity of the Company and its subsidiaries (Group) remained high in the third quarter of 2021 and was not significantly affected, on the one hand due to the positive flow of revenues from the provision of services, and on the other due to the solvency of customers and employees of its properties.
The Management of the company has proceeded to the evaluation for the impact of Covid-19 on the values ​​of the real estate as well as on the investment properties of its property and since the company determines the fair value of its real estate using the income method, which as mentioned above, resulting from multi-year contracts with tenants not included in the protection of laws on measures due to covid 19, and is generally highly creditworthy, it is estimated that, despite the uncertainty due to the evolution of the pandemic value of real estate on 30.09.2021 which will be re-examined on 31.12.2021.
Source From: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
