The turnover of Intercontinental International AEEAP is marginally improved in the nine months of 2021 compared to the corresponding period of 2020, while adjusted EBITDA increased to € 5.1 million from € 5.0 million a year earlier, as announced today by listed.
In detail, as the company states in a relevant announcement, in the context of timely information of the investing public, in relation to the effects of the pandemic SARS COVID-19 and based on article 21 of law 3556/2007, Intercontinental International AEEAP., Announces that the The Group’s turnover for the nine months of 2021 amounted to € 6.19 million, compared to € 6.18 million in the corresponding period of 2020.
Respectively in the third quarter of 2021, the Group’s turnover amounted to € 2.2 million, compared to € 2.1 million in the corresponding period of 2020.
The turnover of the Group in both the nine months and the third quarter, is marginally improved despite the imposition of the mandatory reduction of rents, based on relevant ministerial decisions, due to the pandemic from January to June. The annual adjustments of the total lease contracts, exceeded the respective mandatory reductions of rents, which in any case concern a minor subset of the total lease contracts.
Earnings before interest, taxes, depreciation and amortization, revaluation of real estate and other non-recurring items (“Unjustified EBITDA”) amounted to € 5.1 million in the first nine months of 2021, compared to € 5.0 million in the corresponding period of 2020 .
Respectively, in the third quarter of 2021, earnings before interest, taxes, depreciation, amortization of real estate and other non-recurring items (“Adjusted EBITDA”) amounted to € 2.0 million in 2021 compared to € 1.95 million in corresponding period of 2020.
Funds from operating activities (Funds from Operations – FFO) amounted to € 5.0 million in the first nine months of 2021, ie unchanged compared to the corresponding period of 2020, remaining unchanged.
Respectively in the third quarter of 2021, the funds from operating activities (Funds from Operations – FFO) amounted to € 2.0 million, compared to € 1.95 million in the corresponding period of 2020.
Earnings before interest, taxes, revaluation of real estate and other non-recurring items (“Unjustified EBIT”) amounted to € 5.01 million in the nine months of 2021 compared to € 4.99 million in the corresponding period of 2020.
Respectively in the third quarter of 2021, the profits before interest, taxes, real estate revaluation and other non-recurring funds (“Adjusted EBIT”) amounted to € 2.0 million in the third quarter of 2021 compared to € 1.95 million in corresponding period of 2020.
In addition, the parent company of the Intercontinental International AEEAP group. within 2021 secured funding totaling € 40.0m. through a bond loan from Eurobank with the aim of completing its investment plan.
Significant Events in the Nine Months of 2021 and Ongoing Activity
The Management of Intercontinental International AEEAP, realizing the seriousness of the developments since the outbreak and the spread of the pandemic, and as a responsible social partner, strongly supports the measures taken by the Greek Government and contributes to the national effort to slow down its .
It immediately developed a series of initiatives and preventive measures, within the guidelines of the competent public services, in order to ensure the health of its employees and its business continuity. In particular, the Company’s Management decided to enable its employees to work from home, through the rapid adaptation of its computer systems.
The company in the context of the implementation of its investment plan and the development of its portfolio acquired after its participation in a private tender process, on October 29, 2020, regarding the acquisition of commercial property (office building 3,180.32 sq.m.) at 266 Kifissias Street , Chalandri and the partial lease of the building to its owner GlaxoSmithKline Single Member with the acquisition and partial lease of the above property to be completed on June 3, 2021. The total amount of the transaction amounted to € 12,050,000 fully paid and partially financed by funds raised from a private placement (€ 8,109,000) under a bond loan, covered by Eurobank and partly with the company’s available cash.
Also on July 30, 2021, through its participation in a private tender process, the company acquired a two-storey commercial building after a basement building (supermarket) with a total area of 4,408.32 sq.m. with parking in Pikermi, Attica and specifically three adjacent plots on Aderfon Xintara 1 & L. Marathonos 4, in which a two-storey building / shop with basement has been erected, on Aderfon Xintara 3 in the Community of Pikermi of the Municipality of Rafina with Pikroti The company “Hellenic Supermarkets Sklavenitis SA”. the Eurobank.
After the above purchases, the value of the Company’s portfolio increases to € 115.60 million (based on the results 31/12/20) while the total loan liabilities of the company as at 30.09.2021 amount to € 40.1 million .
Source From: Capital
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