GRIVALIA PROPERTIES R.E.I.C.
Increase of 19% in consolidated net profits for the year ended December 31, 2007 - Proposed Dividend 12.5% higher than 2006 of total amount of euro 17.568 thousand.
Eurobank Properties REIC announced that the consolidated net profits for the year ended December 31, 2007 increased by 19% compared to 2006 (euro 37.33 million for the FY 2007 compared to euro 31.30 million for the FY 2006). Profits before tax for 2007 amounted to ?39.66 million compared to euro 32.44 million for 2006, resulting in an increase of 22%. Income from rentals increased by 24%, (euro 26.82 million for the FY 2007 compared to euro 21.70 million for the FY 2006).
In addition, gains from sale of investment properties for the year ended December 31, 2007 amounting to euro1.07 million relates to the disposal of the Ioannina property for the price of euro 2.36 million.
Net gain from fair value adjustment of investment property for the year ended December 31, 2007 substantially increased to euro 19.57 million from euro 15.35 million for the 2006.
Finally, it is noted that NAV as at December 31, 2007 amounts to euro 701.32 million or euro 11.50 per share.
It must be noted that due to the acceleration of the business growth and the prospect of future acquisitions in Greece and Central and Eastern Europe, Eurobank Properties REIC proceeded in 2007 to a successful share capital increase in cash and the issuance of 36.6 million new ordinary registered shares. The total net proceeds amounted to euro 322.75 million (net of related costs of approximately euro 6.66 million). The trading of the 36.6 million new shares commenced on December 24, 2007.
It must be noted that the Company after the share capital increase has already invested an amount of euro 78.85 million. Finally, euro 30.00 million from the share capital increase proceeds have been used for the repayment of existing debt of the Company.
As Mr Karytinos, Executive member of the Company's Board of Directors and member of the Investment Committee, announced that due to the positive trend in the Company's financial results for the FY 2007, the Company's Board of Directors, during its meeting on January 30, 2008 decided to distribute a dividend of euro 17.57 million for the FY 2007 (compared to euro 15.62 million for 2006), based on the Company's distributable profits (after the deduction of the regular reserve). The proposed dividend for distribution also includes the interim dividend distributed during 2007 of euro 7.81 million. It is noted that the said dividend is under approval by the Annual General Meeting of the Shareholders; the latter will also decide on the ex- dividend date and the commencement and method of the dividend payment.
In addition, gains from sale of investment properties for the year ended December 31, 2007 amounting to euro1.07 million relates to the disposal of the Ioannina property for the price of euro 2.36 million.
Net gain from fair value adjustment of investment property for the year ended December 31, 2007 substantially increased to euro 19.57 million from euro 15.35 million for the 2006.
Finally, it is noted that NAV as at December 31, 2007 amounts to euro 701.32 million or euro 11.50 per share.
It must be noted that due to the acceleration of the business growth and the prospect of future acquisitions in Greece and Central and Eastern Europe, Eurobank Properties REIC proceeded in 2007 to a successful share capital increase in cash and the issuance of 36.6 million new ordinary registered shares. The total net proceeds amounted to euro 322.75 million (net of related costs of approximately euro 6.66 million). The trading of the 36.6 million new shares commenced on December 24, 2007.
It must be noted that the Company after the share capital increase has already invested an amount of euro 78.85 million. Finally, euro 30.00 million from the share capital increase proceeds have been used for the repayment of existing debt of the Company.
As Mr Karytinos, Executive member of the Company's Board of Directors and member of the Investment Committee, announced that due to the positive trend in the Company's financial results for the FY 2007, the Company's Board of Directors, during its meeting on January 30, 2008 decided to distribute a dividend of euro 17.57 million for the FY 2007 (compared to euro 15.62 million for 2006), based on the Company's distributable profits (after the deduction of the regular reserve). The proposed dividend for distribution also includes the interim dividend distributed during 2007 of euro 7.81 million. It is noted that the said dividend is under approval by the Annual General Meeting of the Shareholders; the latter will also decide on the ex- dividend date and the commencement and method of the dividend payment.