NAV (net asset value) per share before deferred tax stood at Euro 20.24, a 5% increase year-on-year and a 1% decrease compared to Q4 2006. The NAV decrease over year end 2006 derived from a Euro 5 million loss during Q1 2007, due to the fact that there was no fair value adjustment on investment property recorded during the period, as no investment property was completed, and there were no significant sales of assets.
NAV per share after deferred tax stood at Euro 15.69, a 2% increase year-on-year and a 1% decrease over Q4 2006.
BVIC Group's investment properties for Q1 2007 were Euro 1,197 m, up 17% year-on-year, and almost unchanged from Q4 2006.
BVIC Group's revenue stood at Euro 15m in Q1 2007, a 15% increase compared to Q1 2006, based on a 13% increase in rental revenue mainly from new lease agreements which came in effect in the end of 2006, as well as the sale of Building C at the HELEX complex. Building C at the HELEX complex was sold to Allianz in Q4 2006 for Euro 17.5 million of which Euro 10.3 m were recorded in 2006, and Euro 3.4 m in Q1 2007 according to the percentage of construction completed.
BVIC Group's EBITDA stood at Euro 5 million, a 94% decrease over Q1 2006. This was mainly due to the fact that there was no fair value adjustment on investment properties during Q1 2007, compared to a Euro 80 million net gain on fair value adjustment on investment properties for Q1 2006 from the completion of a 49 year BOT agreement at Delta Falirou Complex I.
Loss after tax for the quarter was Euro 5 million, a 109% decrease compared to profit after tax of Euro 59 million during Q1 2006.
Business Update:
Athens Avenue:
On 18 May 2007 BVIC agreed with the German real estate investor 'KanAm Grund' to sell the office building of 12,224 sqm and 243 parking spaces, at the office complex under construction at 108-110 Athens Avenue, for Euro 47.096 million.
BVIC was awarded the development following an open bid by the Hellenic Exchanges SA (HELEX). BVIC is developing an office building complex of 23,924 sqm of GLA. The HELEX building which has 6,700 sqm of GLA will be delivered on the 30th of June 2007. The other two buildings of 12,224 sqm and 5,000 sqm of GLA will be delivered on the 31st August 2007 and 31st October 2007 respectively.
It has to be noted that the 5,000 sqm building has already been sold to the international insurance company ALLIANZ SA for Euro 17.5 million.
Syggrou Avenue (Elfinco):
During the first quarter of 2007, excavation works have started while, as of April 2007, the building permit for the construction of an office and retail building of 14,000 sqm of GLA and 393 parking spaces has been issued.
The project has already received significant interest from Greek and multinational anchor tenants and we expect to proceed with substantial pre-let agreements before completion.
Votanikos:
In the 4th quarter of 2006, BVIC purchased the assets owned by ETMA S.A. and HELLATEX S.A., on a total land surface of approximately 100,000 sqm, located in the district of Elaionas in the municipality of Athens. The aforementioned land plots are located within the borders of the Metropolitan intervention and combined urban regeneration and development of the areas of Alexandras Avenue and Votanikos, according to L. 3481/2006.
During the first quarter of 2007, the demolition permit concerning the existing buildings was issued. The demolition started in April 2007 with the intention of initiating the construction of a shopping mall with 70,000 sqm of gross lettable area. The respective building permit is expected to be issued during 2007.