It is worth noting that the revenues for the nine months of 2020 were affected by rent reductions totaling € 509 thousand due to measures against the spread of the COVID -19 pandemic.
During nine-month period ended 30.09.2020 the Company achieved an increase in all financial performance metrics compared to the respective last year period.
In particular:
•On September 30th, 2020,the Company's property portfolio comprised of 26 properties with a total value of € 72.557k,compared to 22 properties with a total value of € 59.793kat 31.12.2019, presenting an increaseof 21%in portfolio’s total value.
•During the nine-month period ended 30.09.2020 the Company completed new investments of € 12.269k in total. More specifically, the company (i) purchased three investment properties for€ 7.795 thousand, (ii) acquired one property,through purchase of company shares, for € 3.480 k and (iii) incurred capital expenditure of € 994 k which are mainly related to stage payments for the construction of a modern logistics building in Aspropyrgos, Attica, with a total buildable area of 20.764 sq.m.
• Adjusted EBITDA (Earnings before interest, taxes, depreciation & amortization) increased by 29% to € 1.842k versus€ 1.424 kof the respective last year period.
This does not include
(i) profit from revaluation of the fair value of investment properties,
(ii) marketing expenses of Share Capital Increase amounting to € 91 thousand at 30.09.2019 which were capitalized in Dec '19 while
(ii) property tax (ENFIA) has been adjusted to 75% of the annual ENFIA to correspond to the reference period (01.01-30.09).
• Net profit after tax amounted to € 1.085 for the period ended onSeptember30th, 2020 versus € 1.522 k presenting an increase of 19%.
• Adjusted net profit after tax amounted to € 1.573 kfor the nine-monthperiod that ended onSeptember30th, 2020versus €1.002 kfor the respective last yearperiod, presenting a 57% increase.
Cashand Cash equivalents on September 30st, 2020 amounted to€ 11.248 k compared to € 37.568 k on December 31st, 2019.
Following the decision of the Annual General Meeting of the Shareholders on 30.03.2020 regarding the repayment of the Company’s loans,on 15.04.2020 and 16.04.2020 the Company repaid bank bonds of € 12.572 k and consequently today has almost zero loan obligations. The bond loan repayments took place in order to reduce the Company’s financial costs.
