NAV (net asset value) per share before deferred tax stood at €2.73, compared to €2.20 at year-end 2010, an increase of 24.3%.  NAV per share after deferred tax stood at €2.00, compared to €1.72 at year-end 2010, an increase of 15.9% that stemmed from the net gain from fair value adjustment of the Group’s investment property portfolio of €22.7 million.

BVIC Group’s investment properties for H1 2011 stood at €853 million, a 2.8% increase from year-end 2010. The Group’s entire investment property portfolio was revalued by Proprius S.A. (member of Cushman & Wakefield Alliance) in H1 2011, leading to the increase in the portfolio value.

The Group’s revenue stood at € 16.6 million in H1 2011, a decrease of 35.3% compared to H1 2010 mainly due to the fact that rental revenue decreased by 33.8% to €16.5 million. The rental revenue generated by investment properties decreased by 13.5% year-on-year, as per management’s guidance at Q3 2010, mainly due to the re-negotiation of many of the investment property lease contracts during H2 2010. This process has also resulted to the extension of the lease maturity of the investment properties by average 3 years. The rental revenue generated by sublease properties fell by 89% since the respective non – profit generating contracts were not renewed.

BVIC Group’s EBITDA reached €31.4 million, compared to loss of €2.1 million in H1 2010. This was mainly due to the net gain from fair value adjustment of €22.7 million in H1 2011 whereas there was no gain from investment properties in the same period in 2010.

The Group’s profit after tax for H1 2011 stood at €6.8 million compared to a loss of €28.6 million in H1 2010.

Business Update

During June 2011, the legislation on “Maritime Strategy For the Protection and Management of the Marine Environment - harmonization with the directive 2008/56/EC of the European Parliament and its Council of the 17th of June 2008”, which incorporates, as article 23, the amendment for the Double Redevelopment Project of Votanikos - Alexandras Ave.  was voted in principle and article by the Parliament.

The provision of this article states that the Municipality of Athens will submit a draft presidential decree to the Ministry of the Environment, Energy, and Climate Change which the Ministry will then submit for approval to the Council of State. The amendment for the Double Redevelopment Project includes the construction of the company’s mall with a building coefficient of 1.2 in building block 45a.