BVIC reports H1 2007 results (GR)

Babis Vovos International Construction (BVIC) has presented its H1 2007 financial statements. NAV per share before deferred tax stood at €20.47, a 1% increase compared to €20.24 in Q1 2007, and 1% decrease year-on-year. The NAV remained almost flat from year-end 2006, due to the fact that there was no fair value adjustment on investment property recorded during the period, as no investment property under construction was completed.

NAV per share after deferred tax stood at €15.88, a 1% increase over Q1 2007 and a 2% year-on-year decrease.

BVIC Group's investment properties for H1 2007 reached €1.20 billion, up 1% from 31 December 2006 and 7% year-on-year.

BVIC Group's revenue totalled €66 million in H1 2007, a 177% increase compared to H1 2006, based on a significant increase in sale revenue deriving mainly from the Hellenic Exchanges Complex.

Specifically, the revenue was generated from the sale of two office buildings under construction at the Helex Complex, 108-110 Athens Avenue. These two buildings were held in inventory and therefore had no impact on the value of the Group's investment properties.

In Q4 2006, BVIC sold an office building of 5,000 m² of GLA to Allianz S.A. for €17.5 million. The second office building of 12,224 m² of GLA was sold to KanAm Grund for €47.1 million in May 2007.

During the previous fiscal year, 59% of the revenue for the Allianz building was booked, according to the stage of completion of the project. In H1 2007, the total sale revenue generated by the Helex Complex amounted to €42.5 million, according to the stage of completion of the project. The remaining €11.8 million will be booked in H2 2007, when the two buildings will be delivered.

The Group's rental revenue increased by 18% year-on-year to €23 million, based mainly on new leases from the Delta Falirou Complex.

BVIC Group's EBITDA (earnings before interest, tax, depreciation and amortisation) stood at €18 million, an 87% decrease from H1 2006. There was no fair value adjustment on investment property in H1 2007, whereas there was a net gain from fair value adjustment on investment property of €138 million in H1 2006, mainly from the completion of Delta Falirou Complexes I and II.

Similarly, the Group's profit after tax for the period reached €2 million, a 98% decrease compared to during H1 2006.

Votanikos Shopping Mall
The Company has made significant progress on the Votanikos project having received the demolition and excavation permits as well as approval from the Athens National Heritage.

BVIC SA has completed the demolition of the existing buildings on the Votanikos site and the excavation works are already at an advanced stage.

The Votanikos shopping mall, located in South West Athens, nearly 3 km from the city center, will incorporate approximately 69,000 m² of GLA as well as 3,000 parking spaces, making it the largest shopping mall in Greece. It is scheduled for completion in the first half of 2009 with expected total land and construction costs of circa €250 million.

BVIC's management anticipates that the Votanikos shopping mall will generate €35 million in annual rental revenue. This is based upon the strong demand from anchor tenants given the mall's critical mass and location, as well as the lack of prime retail development in Greece.

340 Syggrou Avenue
The 340 Syggrou Avenue commercial centre is expected to be completed in June 2008 and the center is anticipated to generate almost €5 million in annual rental revenue.

Source: BVIC

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