The revaluation, by an independent valuer (Savills), of part of the assets (Investment Property) held by HELLINIKON S.A., has improved the Company’s results by €306million. The consolidated net result, after taxes and minority interest, amounted to €224.6million profit, compared to €5.7million loss in the respective period in 2020.
Consolidated EBITDA before revaluations reached €15.9million, a 4% increase vs. the respective period in 2020. Shopping Malls (The Mall Athens, Golden Hall and Mediterranean Cosmos) EBITDA amounted to €16.1million, a 17% reduction compared to the respective period in 2020, on account of the suspension of their operations for the majority of the 6-month period, the legal provision for rent discounts to shopkeepers/tenants as well as the restrictive measures to their operations aimed at preventing the spread of the pandemic.
The Company’s Net Asset Value (NAV) as of 30.06.2021 reached € 1,392million (equivalent to € 7.88 per share), a 26% increase vs. 31.12.2020. The positive impact to NAV stemming from the revaluation of part of the assets (Investment Property) held by HELLINIKON S.A. amounted to € 306million.
The Ellinikon assets classified as Investment Property include Shopping Malls and other commercial uses, offices, the integrated tourist resort-casino as well as uses related to sports and schools.
On the contrary, potential revaluation gains related to residential units will appear on the financial results following the signing of the sale agreement and the commencement of their construction.
In accordance with the relevant legislation, the Company proceeded to 40% rent reductions for the entire H1 2021 (compared to 40% rent discounts in March and June 2020 and 70% in April and May 2020). The total impact in H1 2021, after taxes and minority interest, amounts to € 2.2million or equivalent to € 0.013 per share.
