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BRIQ PROPERTIES REAL ESTATE INVESTMENT COMPANY

(BRIQ)
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BriQ Properties Real Estate Investment : PRESS RELEASE FINANCIAL RESULTS H1 2021

09/27/2021 | 02:42am EST

September 27th, 2021

Press Release

Increase in revenue by 46% for the first semester of 2021

BriQ Properties R.E.I.C. (the "Company" and the "Group") announces that according to the consolidated financial statements for first semester of 2021, the rental income of the Group amounted to € 2.574k compared to € 1.766k for the respective last year period, recording an increase of 46%. This increase was achieved despite the decrease in revenues by € 951k in the first semester of 2021 due to the measures imposed due to COVID-19, while the corresponding decrease in the first half of 2020 was significantly lower (€ 374k). The increase of revenues by 46% was mainly driven by the incorporation of revenue from new investments in logistics in the previous twelve-month period.

The significant shift of the Company's portfolio in the logistics sector is proved by the fact that the value of the portfolio on 30.06.2021 was distributed by 47% in logistics, 30% offices, 17% hotels and 6% other uses while on 30.06.2020 the distribution was 44% offices, 27% hotels, 14% logistics and 15% other uses.

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

  • On June 30st, 2021, Group's portfolio consisted of 28 properties with total value of € 114.244 thousand compared to properties with total value of € 106.001 thousand on 31.12.2010 and properties with total value of € 71.665 on 30.06.2020.
  • During the first semester of 2021, the Company proceeded to new investments totaling € 6.151 thousand, of which € 2.146 thousand related to the purchase of an office building in Piraeus, € 1.054 thousand related to the acquisition of land in its area Aspropyrgos and € 2.950 thousand related to construction of a warehouse and distribution in Aspropyrgos, Attica.
  • Adjusted(1)(2) EBITDA (Earnings before interest, taxes, depreciation & amortization) increased by 44,3% to € 1.661 thousand compared to € 1.152 for the respective last year period.
  • Adjusted(1)(2) EBT (Earnings before taxes) increased by 62% to € 1.310 thousand compared to € 809 for the respective last year period.
  • Adjusted(1) Net Earnings after taxes increased by 64,2% to € 1.253 thousand compared to € 763 for the respective last year period.

Cash and cash equivalents on June 30, 2021, amounted to € 3.358 thousand compared to € 2.067 thousand on December 31, 2020.

As of June 30, 2021, the Group's loan obligations amounted to € 26.232 thousand compared to € 18.313 thousand as of December 31, 2020.

25 Al. Pantou str.• GR 176 71 Kallithea • Tel.: +30 211 999 1699 • e-mail:ir@briqproperties.gr

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The Company on June 30, 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.

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

P&L (amounts in € 000's)

01.01-

01.01-

%

30.06.2021

30.06.2020

Rental Income

2.574

1.766

45,7%

EBITDA (Earnings before interest, taxes, depreciation &

3.421

1.462

134,0%

amortization)

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

1.661

1.152

44,2%

expenses) (1)(2)

EBT (Earnings before taxes)

3.070

1.119

174%

Adjusted EBT (Earnings before taxes) (1)

1.310

809

62,0%

Net profit after tax

3.013

1.073

181%

Adjusted Net profit after tax (1)

1.253

763

64,3%

  1. Excluding profit form fair value revaluations on investment properties
  2. Includes property tax (ENFIA) adjustments as results of first semester include the 100% of the annual ENFIA provision.

Key Ratios

30.06.2021

31.12.2020

Loan-to-Value (Debt / Properties)

23,0%

17,2%

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

20,0%

15,3%

Total equity corresponding to shareholders of the Company (NAV)

84.282

84.016

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

€ 2,38

€ 2,37

The Management of the Company will present the Financial Results for the semester that ended on June 30th, 2021, through telephone conference, on Monday, September 24, 2021, at 14:00 Greek time.

  • call number Greece: + 30 213 009 6000
  • call number United Kingdom: + 44 203 059 5872
  • call number USΑ: +1 516 447 5632

In case you need more information, please contact Mr. Andrikakis Emmanuel, Investor Relations Manager, at (+30) 211 999 1631 or Chorus Call Hellas SA, Teleconferencing service provider at (+30) 210 94 27 300.

The interim condensed consolidated financial statements for the first semester ended on June 30 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 Monday September 27st, 2021.

25 Al. Pantou str.• GR 176 71 Kallithea • Tel.: +30 211 999 1699 • e-mail:ir@briqproperties.gr

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Disclaimer

BriQ Properties REIC published this content on 27 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 September 2021 06:41:02 UTC.


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Financials
Sales 2020 3,68 M 4,18 M 4,18 M
Net income 2020 1,92 M 2,18 M 2,18 M
Net Debt 2020 16,3 M 18,5 M 18,5 M
P/E ratio 2020 36,4x
Yield 2020 3,05%
Capitalization 75,1 M 85,0 M 85,2 M
EV / Sales 2019 18,8x
EV / Sales 2020 23,4x
Nbr of Employees 6
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