Kekrops: Expansion of losses in the nine months

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Kekrops recorded a decrease in revenues and an expansion of losses in the nine months, with the main axis being the mandatory reduction of rents due to the pandemic.

In more detail, based on the corporate announcement:

“The decrease in Sales is due to the mandatory reduction of rents by 40% and then by 100%, based on relevant ministerial decisions, due to the SARS COVID pandemic 19.

The losses before taxes and interest of KEKROΨ Company appear increased compared to the previous period and are mainly due to consultants’ fees related to the disputed properties of the Company. A corresponding increase was recorded in Losses before taxes, interest and depreciation. Basic Data of the Financial Position 30.09.2021 The total Assets of the Company on 30.09.2021 amounted to € 8.426 thousand against € 8.516 thousand on 31.12.2020, recording a decrease of 1%. The net debt amounted to € 3,971 thousand on 30.09.2021 compared to € 3,994 thousand on 31.12.2020, recording a decrease of € 23 thousand. The Company’s Equity amounted to € 2,851 thousand on 30.09.2021, compared to € 3,462 thousand on 31.12.2020, ie reduced by € 610 thousand. The reduction is due to losses after taxes.

The total liabilities of the Company amounted to € 5,575 thousand on 30.09.2021, compared to € 5,053 thousand on 31.12.2020, ie increased by € 522 thousand. The increase is mainly due to the increase in borrowing by € 398 thousand and the increase of liabilities by € 145 thousand. Impact from the COVID-19 virus pandemic and the energy crisis. From the beginning of the pandemic, the Management of KEKROPS Company, focusing on the health and safety of its employees and associates, but also on minimizing the impact of the pandemic on the financial situation of the Company, immediately implemented a plan of measures and actions to create a safe environment. for all of the above.

Specifically, the following actions have been taken: (i) A detailed action plan in case of an infection has been prepared and the Company’s staff has been fully trained and informed about the symptoms and ways of transmitting the virus. Detailed instructions for the precautionary measures are always given, while the necessary items of personal protection are provided uninterruptedly in the workplaces. (ii) A cleaning / disinfection program of the Company’s premises is implemented at regular intervals. (iii) Instructions have been drawn up on when and which employees should stay away from the workplace, which are updated in accordance with the relevant instructions of the competent authorities. (iv) A policy of distance work, work rotation and teleconferencing (video calling), as well as restriction of visits to the Company’s premises was adopted.

It is pointed out that the Company did not reduce its human resources, nor their salaries and proceeded to the consolidation of its liquidity through the conclusion of a Joint Bond Loan Agreement of € 1,800,000, which was agreed to be covered equally by its Bondholders. “GEK TERNA SOCIETE ANONYME HOLDINGS OF REAL ESTATE CONSTRUCTIONS” (participation rate 37.48%) and “INTRADEVELOPMENT SOLE SHAREHOLDER SA. The implementation of the Bond Loan program is almost complete. In the case of the Company, where almost the entire real estate portfolio is either in the process of obtaining approvals from the Management or pending court decisions in order for these properties to become usable, the most significant effect of COVID-19 is the delays involved in the measures. taken for the operation of public services and courts and the consequent delay in adjudication or decision-making due to these measures.

The Management of the Company, in any case, closely monitors the developments and is in constant readiness in case additional measures are required, in addition to those that have been adopted to date. Finally, effects on the fundamental Financial Figures of the Company due to the energy crisis are not foreseen, as the Company does not have productive activity “.

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Source From: Capital

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