BABIS VOVOS INTERNATIONAL TECHNICAL S.A.
1st QUARTER 2011 FINANCIAL RESULTS
NAV (net asset value) per share before deferred tax stood at € 3.10, compared to € 2.20 at year-end 2010, an increase of 41%. NAV per share after deferred tax stood at € 2.36, compared to € 1.72 at year-end 2010, an increase of 37% that stemmed from the net gain from fair value adjustment of the Group's investment property portfolio of € 28.5 million. BVIC Group's investment properties for Q1 2011 stood at € 858.5 million, a 3.5% increase from year-end 2010. As was announced in April 2011, the Group's entire investment property portfolio was revalued by Proprius S.A. (member of Cushman & Wakefield Alliance) in Q1 2011, leading to the increase in the portfolio value.
The Group's revenue stood at € 9.5 million in Q1 2011, a decrease of 30.5% compared to Q1 2010 mainly due to the fact that rental revenue decreased by 27.8% to € 9.4. The rental revenue generated by investment properties decreased by 14% year-on-year, as per management's guidance at Q3 2010, whereas that generated by sublease properties fell by 63%. BVIC Group's EBITDA reached € 36.1 million, compared to € 4.6 million in Q1 2010. This was mainly due to the net gain from fair value adjustment of € 28.5 million in Q1 2010 whereas there was no gain from investment properties in the same period in 2010.
The Group's profit after tax for the quarter stood at € 22.2 million compared to a loss of € 3.1 million in Q1 2010.
Business Update
The "Joint Regeneration - Alexandras Avenue" program was forwarded on the 12th of May 2011, to be voted upon in parliament, as an amendment to the legislation on "Maritime Strategy For the Protection and Management of the Marine Environment -Harmonization with the directive 2008/56/EC of the European Parliament and its Council of the 17th of June 2008" that was submitted by the Ministry of the Environment, Energy, and Climate Change, on the 10 of May 2011. On May 25, 2011 the appropriate Standing Committee on Production and Trade of the Parliament, completed the second reading of the bill which includes the amendment to the Joint Regeneration Project of Votanikos - Alexandras Avenue, that is expected for debate and vote in the Parliament.
The Group's revenue stood at € 9.5 million in Q1 2011, a decrease of 30.5% compared to Q1 2010 mainly due to the fact that rental revenue decreased by 27.8% to € 9.4. The rental revenue generated by investment properties decreased by 14% year-on-year, as per management's guidance at Q3 2010, whereas that generated by sublease properties fell by 63%. BVIC Group's EBITDA reached € 36.1 million, compared to € 4.6 million in Q1 2010. This was mainly due to the net gain from fair value adjustment of € 28.5 million in Q1 2010 whereas there was no gain from investment properties in the same period in 2010.
The Group's profit after tax for the quarter stood at € 22.2 million compared to a loss of € 3.1 million in Q1 2010.
Business Update
The "Joint Regeneration - Alexandras Avenue" program was forwarded on the 12th of May 2011, to be voted upon in parliament, as an amendment to the legislation on "Maritime Strategy For the Protection and Management of the Marine Environment -Harmonization with the directive 2008/56/EC of the European Parliament and its Council of the 17th of June 2008" that was submitted by the Ministry of the Environment, Energy, and Climate Change, on the 10 of May 2011. On May 25, 2011 the appropriate Standing Committee on Production and Trade of the Parliament, completed the second reading of the bill which includes the amendment to the Joint Regeneration Project of Votanikos - Alexandras Avenue, that is expected for debate and vote in the Parliament.