![Prodea: Earnings of 175.1 million euros from ongoing activities](https://www.ot.gr/wp-content/uploads/2021/05/prodea.jpg)
Profits from continuing operations of PRODEA Investments in 2021 amounted to 175.1 million euros compared to 62.9 million euros in 2020.
The net profit from the revaluation of real estate investments at fair value amounted to € 96.7 million (compared to net losses of € 7.6 million in 2020) reflecting the positive trend of the commercial real estate sector in Greece, as noted in its announcement. company.
Earnings before interest, taxes, depreciation and amortization, revaluation of real estate and other non-recurring assets (adjusted EBITDA) amounted to € 101.7 million in 2021 compared to € 100.7 million in 2020 and operating capital (Funds from Operations – FFO) amounted to € 61 million in 2021 compared to € 69.6 million in 2020.
The Group’s turnover amounted to € 134.2 million compared to € 133.9 million in 2020.
Regarding the effects of the coronavirus pandemic for 2021, the Group’s rental income was not significantly affected due to the small exposure of the Group’s real estate portfolio to companies whose activity was affected by the pandemic. More specifically, the reduction in rents for 2021 amounted to € 2.9 million for the Group and € 1.4 million for the Company.
The energy crisis did not significantly affect the activity and the results of the Group and the Company in 2021.
Regarding the recent geopolitical developments, Management is closely monitoring and evaluatinhg the situation in order to take the necessary measures and to update its business plans (if required) in order to ensure business continuity and limit any negative effects.
The Internal Value (NAV) of the Group on December 31, 2021 amounted to € 1,396.3 million or € 5.47 per share compared to € 1,367.9 million and € 5.35 per share respectively on December 31, 2020.
The CEO of the company, Mr. Aristotelis Karytinos stated: “PRODEA Investments continues its investment program with its basic strategy to be the optimization of both the composition of the investment portfolio and the quality characteristics of the properties. The pillar of our development is the principles of sustainability (Environment – Society – Governance, “ESG”) “and our goal is for the Company to join within 2022 in the research and evaluation system of the Global Real Estate Sustainability Benchmark (” GRESB “), which aims to reinforce values through the evaluation and promotion of sustainability practices “.
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