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BRIQ PROPERTIES REAL ESTATE INVESTMENT COMPANY

(BRIQ)
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BriQ Properties Real Estate Investment : 31.05.2021 - Press Release of Financial Results for the 1st quarter of 2021

05/31/2021 | 11:14am EDT

May 31st, 2021

Press Release

BriQ Properties announces 13% increase in revenue for the first quarter of 2021

BriQ Properties R.E.I.C. (the "Company" and the "Group") announces that according to the consolidated financial statements for first quarter of 2021, the rental income of the Group amounted to € 1.093 thousand compared to € 963 thousand for the respective last year period, recording an increase of 13,4% despite the government measures imposed due to COVID-19 to reduce rents in the first quarter of 2021. The increase was mainly driven by the incorporation of revenue from new investments.

The Group achieved an increase in its financial performance metrics compared to the respective last year period, in particular:

  • On March 31st, 2021, Group's portfolio consisted of 29 properties with total value of € 109.125 thousand compared to 28 properties with total value of € 106.001 thousand on 31.12.2010 and 25 properties with total value of € 68.183 on 31.03.2020.
  • During the first quarter of 2021, acquired a new property for € 2.122 thousand and implemented capital expenditures of € 1.002 thousand, mainly related to construction of a warehouse and distribution building of 20.764 sq.m. in Aspropyrgos, Attica.
  • Adjusted(1)(2) EBITDA (Earnings before interest, taxes, depreciation & amortization) increased by 8,3% to € 686 thousand compared to € 633 for the respective last year period.
  • Adjusted(1)(2) EBT (Earnings before taxes) increased by 34,5% to € 535 thousand compared to € 397 for the respective last year period.
  • Adjusted(1) Net Earnings after taxes increased by 35,7% to € 507 thousand compared to € 374 for the respective last year period.

The total reduction on Group's revenues for the first quarter of 2021 from rents due to the Covid-19 pandemic amounted to € 633 thousand.

Cash and cash equivalents on March 31, 2021, amounted to € 2.628 thousand compared to € 2.067 thousand on December 31, 2020.

As of December 31, 2020, the Group's loan obligations amounted to € 22.222 thousand compared to € 18.313 thousand as of December 31, 2020.

The Company on March 31, 2021 held a total of 358.618 own shares valued at 753 thousand with an acquisition value of € 624 thousand. The own shares held correspond to 1,00% of the Company's share capital.

  1. Excluding profit form fair value revaluations on investment properties.
  2. Property tax (ENFIA) has been adjusted to 25% of the annual ENFIA to correspond to the reference period (01.01-31.03) as results of first quarter include the 50% of the annual ENFIA provision.

The main financial data and key ratios are included in the following tables:

P&L (amounts in € 000's)

01.01-

01.01-

%

31.03.2021

31.03.2020

Rental Income

1.093

963

13,4%

EBITDA (Earnings before interest, taxes, depreciation &

520

1.389 (3)

-62,6%

amortization)

Adjust. EBITDA (excl. revaluation profit and non-recurring

686

633

8,3%

expenses) (1)(2)

EBT (Earnings before taxes)

369

1.154(3)

-68,0%

Adjusted EBT (Earnings before taxes) (1)

535

397

34,5%

Net profit after tax

341

1.130 (3)

-69,8%

Adjusted Net profit after tax (1)

507

374

35,7%

  1. Excluding profit form fair value revaluations on investment properties
  2. Property tax (ENFIA) has been adjusted to 25% of the annual ENFIA to correspond to the reference period (01.01-31.03) as results of first quarter include the 50% of the annual ENFIA provision.
  3. Includes an amount of € 848 thousand recognized in the profits from revaluation of the Group's real estate due to the difference between the fair value of the subsidiary "Plaza Hotel Skiathos" acquired on 03.03.2020 and its acquisition value.

Key Ratios

31.03.2021

31.12.2020

Loan-to-Value (Debt / Properties)

20,4%

17,2%

Net Loan-to-Value((Debt-Cash)/Properties)

18,0%

15,3%

Total equity corresponding to shareholders of the Company (NAV)

84.148

84.016

Net Asset Value per share (Ν.Α.V. / share)

€ 2,37

€ 2,36

The interim condensed consolidated financial statements for the first quarter ended on March 31. 2021 will be posted on the website of the Athens Stock Exchange (www.helex.gr) and on Company's corporate website (www.briqproperties.gr) on Tuesday June 1st, 2021.

Disclaimer

BriQ Properties REIC published this content on 31 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2021 15:13:07 UTC.


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Financials
Sales 2020 3,68 M 4,27 M 4,27 M
Net income 2020 1,92 M 2,23 M 2,23 M
Net Debt 2020 16,3 M 18,9 M 18,9 M
P/E ratio 2020 36,4x
Yield 2020 3,05%
Capitalization 73,6 M 85,3 M 85,4 M
EV / Sales 2019 18,8x
EV / Sales 2020 23,4x
Nbr of Employees 7
Free-Float 44,6%
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Managers and Directors
Anna Georgiou Apostolidou Chief Executive Officer & Executive Director
Theodoros Dimitriou Fessas Non-Executive Chairman
Fotini Katsikavela Director-Investment & Asset Management
Phaedon-Theodore Tamvakakis Vice Chairman
Efstratios Dimitriou Papaefstratiou Independent Non-Executive Director