GRIVALIA PROPERTIES Α.Ε.Ε.Α.Π.
44% Increase in Rental Income during 2008 for Eurobank Properties. Proposal for euro 0.52 dividend per share .
The Board of Directors of Eurobank Properties approved the financial results for 2008 under which: -Company's rental income followed the increasing trend and reached euro 38.7 million for 2008 compared to euro 26.8 million for 2007 (increase of 44%). -Net gain from fair value adjustments for 2008 was euro 2.1 million compared to euro 19.6 million for 2007 (decrease of 89%). The decrease was mainly driven by the prevailing market conditions in real estate especially during the last quarter of 2008. -Interest income amounted to euro 11.1 million from euro 2.3 million in 2007. It is mainly driven by a) increase in cash from the December's 2007 share capital increase and b) increase in deposit interest spreads especially in the 2nd half of 2008. -Consequently, profit before tax amounted to euro 41.6 million compared to euro 39.7 million for 2007 (increase of 4.8%). Profit after tax for 2008 amounted to euro 38.4 million compared to euro 37.3 million of the previous year (increase of 3%). -Funds from Operations (FFO) increased significantly in 2008 and amounted to euro 33.5 million from euro 17 million (+ 96%) mainly driven by rental income uplift. -Cash and short term deposits for December 31st, 2008 amount to euro 204 million. -Finally it is noted that the NAV (per share) as of December 31st, 2008 amounted to euro 11.85 compared to euro 11.50 as of December 31st, 2007. Based on current share price the company is trading at a 53% discount. The Board of Directors decided to propose to the General Assembly dividend distribution of euro 0.52 including the interim dividend of euro 0.15 that was distributed during December. The total dividend payout is increased by 80% compared to last year.