Revenues of 4.3 million euros and profits before taxes, interest and depreciation of 4 million euros showed in the third quarter of this year the company Phoenix Vega Mezz PLC.
On a cumulative basis since its inception, the company has revenues of 5.1 million euros and profits before taxes, interest and depreciation of 4.8 million euros.
Phoenix Vega Mezz PLC has as its main activity the holding and management of 65% of the medium maturity bonds and 45% of the low maturity bonds of the Phoenix and Vega portfolios, which were offered by Piraeus Financial Holdings SA. to the Company (“Bonds”). Almost all the assets of the Company consist of these Bonds. Therefore, the Company’s income comes from the collection of interest from the Bonds of the Phoenix and Vega portfolios.
The period from April 12, 2021 to September 30, 2021 was characterized by a gradual recovery of the Greek economy in terms of gross domestic product and real estate prices. Nevertheless, economic activity continues to be affected by uncertainty due to the Covid-19 pandemic. The consequences of the pandemic have had, and continue to have, an impact on businesses and households in Greece, which may affect the Company’s revenues and cash inflows.
Inflationary pressures in Greece, due to rising energy costs, are expected to remain until mid-2022, when it is estimated that their de-escalation will begin. The increase in prices is a relatively recent phenomenon in Greece, it is considered temporary and is expected to decline to pre-crisis levels by the end of 2022, therefore it is not expected to have a significant impact on the Company’s financial position.
The valuation of the Bonds is done at the end of the year according to the generally accepted principles and methods followed internationally and which are deemed appropriate for the specific case. The initial valuation of the Bonds took place in May 2021 (link) and the next valuation will take place on December 31, 2021.
It is noted that after September 30, 2021, the company received from the Bonds 3.6 million euros.
Source From: Capital
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