Earnings before interest, taxes, depreciation, amortization and fair value adjustment of investment property (adjusted EBITDA) amounted to €26.3million in Q12020 vs €27.6million in Q1 2019.
It is noted that the Group acquired thestakein Aphrodite Hills (owner of Aphrodite Hills Resort in Cyprus) atthe end of Q1 2019 and the stake in The Cyprus Tourism and Development Company (owner of The Landmark Nicosia in Cyprus) in Q2 2019.
Therefore, the results of Q1 2020 are not comparable to those of Q1 2019.
By excluding theeffectofthe abovementioned subsidiaries, adjusted EBITDA in Q1 2020 amounted to €27.9million vs €27.6million in Q1 2019 (increase of €0.3million or c. 1.0%).
The Group’s NAV as of March 31, 2020 amounted to €1,435.3million or €5.62 per share vs €1,419.3million and €5.56per share, respectively as of December 31, 2019.
