Athens, 14e November 2022
Press release
Revenue increase of 34% for the nine-month period ended 30.09.2022
BriQ Properties REIC (the “Company” and the “Group”) announces that according to the consolidated financial statements for the nine-month period ended 30.09.2022, the Group’s rental income amounts to € 5.9 million compared to € 4 .4 million for the respective period of last year, registering an increase of 34%, due to the integration of income from investments in logistics and lower income for 2021 from mandatory measures against Covid-19.
Adjusted(1) profit before tax, interest and amortization (EBITDA) for the nine months of 2022 amounted to 4.3 million euros compared to 3.2 million euros for the corresponding period of last year, while(1) Net profit after tax amounted to € 3.5 million compared to € 2.5 million for the corresponding period last year, marking an increase of 40%.
At the same time, the Group’s portfolio increased in value to €130.5 million compared to €122.0 million at 31.12.2021, an increase of 7%.
During the nine months of 2022, the Company made investments of 4.9 million euros in existing buildings, while the benefits of real estate value adjustments amounted to 5 million euros, while the Company also proceeded with the sale of a commercial building for €1.35 million.
The distribution of the value of investment properties as of 30.09.2022 by real estate sector category was 49% in logistics, 27% in office buildings, 20% in hotels and 4% in other real estate categories.
The Company recorded at consolidated level an increase in its financial performance in the first half compared to the corresponding period of the previous year, in particular:
-
September 30st2022, the Group’s portfolio consisted of 26 properties with a total value of €
130.5 million compared to 27 buildings with a value of €122.0 million at 31.12.2021, an increase of 7.0%. As of 30 June 2022, the fair value of the portfolio amounts to €129.3 million compared to €120.8 million as of 31.12.2021. - Rental income amounted to € 5.9 million compared to € 4.4 million for the corresponding period last year, marking an increase of 34%.
- Adjusted(1) EBITDA (Earnings before interest, taxes, depreciation & amortization) increased significantly by 38% to € 4.3 million compared to € 3.2 million for the corresponding period last year.
- Adjusted(1) Net profit after tax increased by 40% to 3.5 million euros compared to 2.5 million euros for the same period last year.
The Company’s Net Asset Value (NAA) amounted to €2.66 per share compared to €2.52 at 31.12.2021 after the reduction of the dividend of €0.075, which was paid to beneficiaries on April 29, 2022 .
- Excluding fair value revaluations of profit on investment properties, includes property tax adjustments (ENFIA), as the results for the first nine months of 2022 include 100% of the annual ENFIA provision.
Cash and cash equivalents as of September 30, 2022 amounted to €4.7 million as of December 31, 2021.
As of September 30, 2022, the Group’s debt obligations amounted to €35.3 million compared to €30.2 million as of December 31, 2021.
As of September 30, 2022, the Company held a total of 367,048 treasury shares valued at €771,000 with an acquisition value of €644,000, i.e. an average acquisition price of €1.75 per share. The treasury shares held correspond to 1.03% of the Company’s share capital.
The main financial data and key ratios are shown in the following tables:
|
P&L (amounts in thousands of euros) |
01.01- |
01.01- |
% |
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|
30.09.2022 |
30.09.2021 |
||||||||||
|
Rental income |
5.881 |
4,400 |
33.7% |
||||||||
|
EBITDA (earnings before interest, taxes, depreciation and |
9.196 |
5.083 |
80.9% |
||||||||
|
amortization) |
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|
Adjust. EBITDA (excluding revaluation profit and non-recurring result |
4.340 |
3.152 |
37.7% |
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|
expenses) (1) |
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|
EBT (Earnings Before Tax) |
8.511 |
4.533 |
87.8% |
||||||||
|
Adjusted EBT (profit before tax) (1) |
3.655 |
2.602 |
40.5% |
||||||||
|
Net profit after tax |
8.366 |
4.438 |
88.5% |
||||||||
|
Adjusted net profit after tax (1) |
3.510 |
2.506 |
40.1% |
- Excluding fair value revaluations of profit on investment properties, includes property tax adjustments (ENFIA), as the results for the first nine months of 2022 include 100% of the annual ENFIA provision.
|
Main ratios |
30.09.2022 |
31.12.2021 |
|
Loan-to-Value (debt / properties) |
27.3% |
25.0% |
|
Net Loan to Worth Ratio((Debt-Cash)/Properties) |
23.6% |
21.4% |
|
Total shareholders’ equity of the Company (NAV) |
94.223 |
89.259 |
|
Net asset value per share (Ν.Α.V. / share) |
2,66 € |
2,52 € |
The condensed half-yearly consolidated financial statements for the nine months of 2022 will be posted on the website of the
Athens Stock Exchange (www.helex.gr) and on the company’s website (www.briqproperties.gr) On Monday
November 14st2022.
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Disclaimer
BriQ REIC Properties published this content on November 14, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on November 14, 2022 11:01:02 AM UTC.
Public now 2022
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Technical analysis of trends BRIQ PROPERTIES REAL ESTATE INVESTMENT COMPANY
| Short term | Middle term | Long term | |
| Tendencies | Neutral | Bearish | Bearish |
Evolution of the income statement