Following the company financial calendar 2009 and in accordance with the provisions of article 292 par. 4 of the Athens Exchange Regulation, management of 'Babis Vovos International Construction S.A.' announces that the Financial Results 2008 Conference Call was held on March 02, 2009. During the call, management analysed the Group's annual financial statements as these were published in the press, focusing on the income statement, the movement in NAV as well as going over the Group's new leases. They announced that the Group would be signing an additional lease agreement for the building located at 340 Syggrou Avenue, referring to 2,300 sqm of office space and 1,762 sqm of ground floor area, as well as 140 parking spaces. The annual rental revenue for the first year will be euro 960,000.
The Group's strategy was also reviewed, focusing on the Votanikos court case, as well as the restructuring of the Group's debt. Specifically, the Group expects the Council of State to reconvene on April 10, 2009, on the Votanikos case and the verdict to be issued no later than the end of June. The Group has alternative options in terms of optimizing the asset at Votanikos, if the joint regeneration is cancelled. The alternative development option that legal counsellors have investigated will allow the Group to cover its costs and generate a profit for the project. Moreover, management stated that the tourist project in Poros-Galatas will require an additional euro 5 million for its completion this year, and the Group has already secured euro 4 million from bank financing. Finally, management announced that two large national corporations have expressed their interest in office space of nearly 50,000sqm in total, in the North of Athens.