Premia: 63% increase in the total value of investments in the nine months

The financial results for the period from January 1 to September 30, 2021, based on the International Financial Reporting Standards (IFRS), announced today PREMIA PROPERTIES.

As stated in the relevant announcement:

Significant expansion of the real estate portfolio with the addition of a total of nine (9) new properties as well as a strategic entry in the sector of serviced residential properties.

. Purchase of one (1) new logistics property and one (1) commercial property (big-box) with a total fair value of € 7.8 million on 30.09.2021.

 Acquisition on 29.6.2021 for a price of € 24.6 million * of the total shares of (6) public limited companies which operate a total of seven (7) properties, of which five (5) logistics and two (2) big boxes, with a total fair value of € 55.2 million on 30.09.2021.
* € 23.6 million through contribution and 1 million in cash

Γραφή Signing a preliminary agreement with DIMAND in September 2021 for the acquisition
independent property of serviced apartments in Piraeus. The total value of the transaction will amount to € 10.2 million.

Increase by 63% of the total value of the Group’s investments, which amounted to € 173.1 million on 30.9.2021.

. The Group’s real estate portfolio includes sixteen (16) investment properties worth € 131.6 million, compared to seven (7) properties worth € 65.9 million on 31.12.2020. In addition, an advance payment of € 2.0 million was paid upon the signing of the above preliminary property purchase agreement in Piraeus.

. The Group has also invested since 2020 in social buildings (schools) through the subsidiary JPA AEES which has the management of ten (10) school units in Attica through a PPP contract. The total value of the relevant right (Financial data at amortized cost) amounted to € 39.5 million on 30.9.2021 compared to € 40.4 million on 31.12.2020.

Significant increase in the Group’s Net Assets which amounted to € 114.6 million as well as cash and cash equivalents which amounted to € 43.8 million, following the recent Share Capital Increase (“AMK”)

Σύνολο The total Equity of the Group amounted to € 114.6 million compared to € 38.2 million on 31.12.2020, as the AMK with a total value of € 75 million fully completed, which was completed in July 2021 with a total issue of 52,083. 331 new shares, with a nominal value of € 0.50 each, at a selling price of € 1.44 per new share, which included a combination of: (a) contributions of assets with a total value of € 27.5 million .2021 worth € 23.6 million, as well as bonds issued by the Company worth € 3.9 million) and (b) cash amounting to € 47.5 million.

. Following the completion of AMK, the Group’s cash and cash equivalents amounted to € 43.8 million compared to € 1.9 million on 31.12.2020.

Increase in revenue, improvement of operating profitability and profitability before taxes on a consolidated basis compared to the corresponding period 2020 as a result of the addition of new investments * as well as the subsidiary JPA AEES.

Ε The consolidated income of the Group in the nine months of 2021 amounted to € 6.5 million compared to € 1.2 million in the corresponding period 2020, with the rental income of investment real estate amounting to € 4.3 million against € 1.2 million in the corresponding period 2020. The rental income of the Group was not significantly affected by the pandemic (Covid-19), with the relative reduction amounting to € 0.2m. for the nine months 2021.

Λειτουργ The Group’s operating profit before interest and depreciation (EBITDA) amounted to € 5.2 million compared to € 1.2 million in the nine months of 2020. EBITDA excluding gains on adjusted investment property at fair value (Adjusted EBITDA) , amounted to € 2.5 million compared to € 0.5 million in the corresponding period 2020.

Ε Consolidated operating profit for the nine months 2021 amounted to € 5.0 million, compared to € 1.1 million in the corresponding period 2020. Consolidated earnings before taxes for the nine months 2021 amounted to € 3.9 million against € 0 , 9 million in the corresponding period 2020.
* It is noted that the results of (6) companies acquired on 29.6.2021 are incorporated in the consolidated results of the Group from the date of their acquisition.

Regarding the changes in key statements of the financial position within the third quarter of 2021, it is noted that there was a significant increase in Equity as well as the Cash and Cash Equivalents of the Group, as a result of the completion of the aforementioned AMK. More specifically, the total Equity of the Group amounted to € 114.6 million on 30.9.2021 compared to € 67.8 million on 30.6.2021, as on 30.9.2021 the aforementioned AMK is fully integrated, while on 30.6.2021 it is incorporated only as part of the asset contributions (ie the cash part is not included).

Respectively, after the completion of AMK, the cash and cash equivalents of the Group amounted to € 43.8 million compared to € 3.3 million on 30.6.2021.

Prospects for 2021

PREMIA continues to implement its business plan smoothly despite the uncertain prevailing conditions, both internationally and in our country, which have been formed due to the coronavirus pandemic (Covid-19) and the recent energy crisis.

The macroeconomic environment remains highly fluid as the data on the intensity and duration of the pandemic and the energy crisis are constantly changing, making any quantitative assessments regarding the impact on the domestic economy, the real estate market and consequently on the Group’s financial results. particularly difficult. The Management of the Group carefully monitors the developments and constantly evaluates the data that are formed.

PREMIA has strategically selected sectors and types of real estate by forming an investment portfolio, resistant to the effects of the pandemic but also against inflation, with long-term contracts and high solvency tenants. Taking into account the above as well as its strong equity base and its strengthened financial structure after the recent AMK, the Company estimates that it is able to continue its business activity smoothly in the near future.

PREMIA focuses on the timely and effective utilization of investment opportunities in order to achieve high returns and goodwill for its shareholders, seeking to strengthen its presence in strategic sectors already established, such as logistics, big-box commercial real estate and social infrastructure buildings. , as well as in the sector of serviced residential real estate in which it has recently entered and which it intends to develop dynamically. At the same time, it constantly evaluates the conditions of the real estate market in order, if deemed appropriate, to selectively consider its entry into other sectors of real estate.

Simultaneously with the implementation of its investment program, PREMIA seeks the active management of its capital structure and in this context the Management of the Company investigates the available financing options, aiming at its further dynamic and healthy development.

Finally, in view of the strengthening of PREMIA’s strategic position in the real estate market, the Board of Directors of the Company decided to submit an application for its licensing as a Real Estate Investment Company (“AEEAP”). The receipt of the relevant license is subject to the approval of the Hellenic Capital Market Commission. This decision serves the strategic planning of the Company which aims at its more effective activity in the real estate market by utilizing the tax advantages offered by the framework of AEEAP.

See the full announcement in the right column “Related Files”