Prodea Investments announced that profits from continuing operations for the year ended 31 December 2021 amounted to € 175.1 million, compared to € 62.9 million in 2020.
The net profit from revaluation of real estate investments at fair value amounted to € 96.7 million (compared to net losses of € 7.6 million in 2020) reflecting the positive trend of the commercial real estate sector in Greece.
Earnings before interest, taxes, depreciation and amortization, revaluation of real estate and other non-recurring assets (adjusted EBITDA) amounted to € 101.7 million in 2021 compared to € 100.7 million in 2020 and operating capital (Funds from Operations – FFO) amounted to € 61 million in 2021 compared to € 69.6 million in 2020. The Group’s turnover amounted to € 134.2 million compared to € 133.9 million in 2020.
Regarding the effects of the coronavirus pandemic (COVID-19) for 2021, the Group’s rental income was not significantly affected due to the small exposure of the Group’s real estate portfolio to companies whose activity was affected by the pandemic. More specifically, the reduction in rents for 2021 amounted to € 2.9 million for the Group and € 1.4 million for the Company. The energy crisis did not significantly affect the activity and the results of the Group and the Company in 2021.
Regarding the recent geopolitical developments, the Management closely monitors and evaluates the situation in order to take the necessary measures and to update its business plans (if required) in order to ensure business continuity and limit any negative effects (more information is provided). in the annual financial report). The Internal Value (NAV) of the Group on December 31, 2021 amounted to € 1,396.3 million or € 5.47 per share compared to € 1,367.9 million and € 5.35 per share respectively on December 31, 2020.
The CEO of the Company, Mr. Aristotle Karytinos said: “PRODEA Investments continues its investment program with its main strategy to be the optimization of both the composition of the investment portfolio and the quality characteristics of real estate. Pillar of our development are the principles of sustainability (Environment – Society – Governance,” ESG “)” and our goal is for the Company to join within 2022 in the research and evaluation system of the Global Real Estate Sustainability Benchmark (“GRESB”), which aims to strengthen values through the evaluation and promotion of sustainability practices. ”
Source: 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.
