Intercontinental International S.A.E.A.P. announced that in relation to the corresponding financial year 2020, it showed an increase in Contract Revenue by 4.51% (excluding the effect of IFRS 16) including mandatory reductions in rents, as a measure to support businesses affected (employees) by the pandemic COVID-19.
The value of the Group’s real estate portfolio increased by 21% compared to 31/12/2020, now amounting to € 111.4m (fiscal year 2020 – € 92.3m). On 31/12/2021 the Group owned a total of 34 properties, mainly shops and offices with an area of ​​52,936.52 sq.m. increased by 9,662.87 sq.m. or 22.33% compared to the corresponding period last year.
The course of the main economic figures during the year, compared to last year, was as follows:
1. Accounting income under lease agreements (excluding the effect of IFRS 16) amounted to € 8.1 million (including IFRS 16 € 7.55 million) versus € 7.7 million (inclusive effect) IFRS 16 – € 8.16 million), an increase of 4.51%, including the contractually agreed annual adjustments, as well as the mandatory reduction of 40% of a small part of the rents (based on relevant ministerial decisions), as one of the measures to support affected companies.
2. Losses from revaluation of estimates to the fair value of real estate amounted to € 1.57 million compared to losses of € 0.82 million in the corresponding period last year.
3. Operating profit amounted to € 4.38 million compared to € 5.83 million in the corresponding period last year, affected respectively: a) by the negative adjustment of contractual revenues € 0.53 million based on IFRS 16 (year 2020 positive adjustment € 0.43 million) and b) from the existence of losses from
revaluation of the fair values ​​of the real estate € 1.57 million (fiscal year 2020 – losses of € 0.82 million).
4. As a result, pre-tax profits amounted to € 3.84 million compared to € 5.5 million in the corresponding period last year.
5. Net profit after taxes amounted to € 3.72 million compared to € 5.37 million in the corresponding period last year.
6. The tax on investments and cash amounted to € 113 thousand against € 07 thousand due to the increase in the value of the Group’s portfolio.
Key Indicators
• Loan Liabilities to Investments (LTV): 35.76% (2020: 28.64%)
• Adjusted EBITDA: € 6,155,552 (2020: € 6,771,398)
• Operating capital (FFO): € 6,042,847 (2020: € 6,644,408)
• General Liquidity: 1.91 (2020: 4.46).
• Internal Book Value of the share (NAV ps): € 7.40 (2020: € 7.42)
• Earnings per share (EPS): € 0.36 (2020: € 0.51)
Source: Capital
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