ICI REIC reports a 4,51% jump in Contractual Revenue in 2021
ICI REIC reports a 4,51% jump in Contractual Revenue in 2021
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ICI REIC reports a 4,51% jump in Contractual Revenue in 2021

Operating profit amounted to € 4.38 million against € 5.83 million of the corresponding period last year
RE+D magazine
04.05.2022

Intercontinental International R.E.I.C. announced an increase, in relation to the corresponding financial year 2020, in contractual revenues by 4.51% (excluding the effect from IFRS 16) including mandatory reductions in rents, as a measure to support the affected companies’ tenants from the COVID-19 pandemic.

The value of the Group's real estate portfolio increased by 21% compared to 31/12/2020, reaching € 111.4million  (vs € 92,3 million in fiscal year 2020). On 31/12/2021 the Group owned a total of 34 properties - mainly shops and offices - with a total surface of 52,936.52 sq.m. increased by 9,662.87 sq.m. or 22.33% compared to the corresponding period last year.

The total income based on lease agreements (excluding the effect from IFRS 16) amounted to € 8.1 (including IFRS 16 - € 7.55 mill) versus € 7.7 mill (including IFRS 16 - € 8,16 mill) (increase of 4.51%), including the contractually agreed annual adjustments, as well as the mandatory rent reduction of 40% fora small part of the rental income (based on relevant ministerial decisions), as one of the measures to support the affected companies from COVID 19 pandemic. 

The fair value losses amounted to € 1.57 million compared to fair value losses of € 0.82 million in the corresponding period last year. 

Operating profit amounted to € 4.38 million against € 5.83 million of the corresponding period last year, affected respectively: 

a) by the negative adjustment of contractual income under IFRS 16 of € 0.53 million (fiscal year 2020 positive adjustment of € 0.43 million ) and 

b) because of fair value losses of € 1.57 million (fiscal year 2020 - losses of € 0.82 million ). 

Profits before taxes amounted to € 3.84 million against € 5.5 million of the corresponding period last year. 

Net profit after taxes amounted to € 3.72 million compared to € 5.37 million in the corresponding period last year. 

The investment tax amounted to € 113K versus € 107K due to the increase in the value of the Group's portfolio.

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