NAV (net asset value) per share before deferred tax stood at euro 14.65, nearly flat compared to Q4 2008 and 24.7% decrease year-on-year. The NAV decrease over Q1 2008 derived from the fact that the Group's investment properties portfolio value was revalued at year-end 2008 in order to reflect lower asset values based on current market conditions, and from the impairment of the Votanikos land plot value.
NAV per share after deferred tax stood at euro 12.06, a 21.9% decrease year-on-year and nearly flat over year-end 2008.
BVIC Group's investment properties for Q1 2009 reached euro 1,213 million, almost flat from Q4 2008 and 3.6% decrease year-on-year, for the reasons mentioned here above.
The Group's revenue stood at euro 14.4 million in Q1 2009, a 1% decrease compared to Q1 2008 mainly due to the fact that during Q1 2008 sales of mainly residential assets stood at euro 2.4 million whereas during the same period in 2009 sales of residential assets stood at euro 0.9m.
BVIC Group's rental revenue stood at euro 13.1 million, a 10% increase compared to Q1 2008, based on the lease indexation according to Greek CPI plus 100 bps, as well as the new agreements signed during 2008 for the Group's properties located at 340 Syggrou Avenue, 1-3 Kifissias Avenue as well as 49 Kifissias Avenue.
BVIC Group's EBITDA reached euro 4.9 million, a 38% year-on-year decrease. This was mainly due to the fact that there was a fair value adjustment of euro 5.4 million in Q1 2008 on the acquisition of the investment property at 1-3 Kifissias Avenue, whereas in Q1 2009 there was no fair value adjustment to the Group's portfolio.
Net finance expenses stood at euro 5.3 million recording a 79% decrease compared to Q1 2008. The decrease in net finance expenses mainly stems from the fact that the mark to market of the Group's interest rate swaps generated a gain of euro 1.6 million in the first quarter of 2009, compared to a euro 14 million loss in the same period in 2008. Similarly, the interest rate swaps generated finance revenue of euro 2.7 million compared to euro 0.5 million in 2008. Finally, a decrease in interest rates from the previous year also lowered finance expenses.
The Group's loss after tax for the quarter stood at euro 5 thousand compared to a loss of euro 6,232 thousand in Q1 2008.
BUSINESS UPDATE
RESTRUCTURING OF SALE & LEASEBACK AGREEMENT FOR BUILDING A AT 24 KIFISSIAS AVENUE
During March 2009, BVIC restructured the sale and leaseback agreement with Alpha Leasing for Building A and 204 parking spaces located at 24 Kifissias Avenue in Maroussi. The principal was increased by euro 15.9 million and the maturity was extended from 19 February 2014 to 4 April 2019. The interest rate remains the same at Euribor 3month plus a spread of 2.50%. The net inflow was used for the repayment of short-term bank debt.
VOTANIKOS SHOPPING MALL
During the 1st quarter of 2009, the Council of State adjourned twice over the matter of the constitutionality of the Law 3481/2006 for the Joint Regeneration of Votanikos and Alexandras Avenue, and therefore the legality of the shopping mall building permit. BVIC's management is awaiting the publication of the court decision in order to see if the building coefficient of 1.6 as defined by law is still applicable, and to engage upon a course of action concerning the development of the project at Votanikos. In any case, it is clear that if the building coefficient of 1.6 does not apply then the transfer of BVIC's property to the Municipality of Athens also does not apply and the company's management will revoke the grant of the property to the municipality, and do everything within its power to obtain a building permit with a building coefficient of 1.6.