4Q16 results in line, 2016 FFO at 0.37/share (4.7% yield)
Grivalia’s 4Q16 results were in line with our expectations: a steady set of figures with a small revaluation loss, which the company attributed to the weak economic backdrop throughout 2016. Grivalia has generated FFO of EUR 37.7m for the year, down some 10% yoy. This decline comes primarily on back of higher taxation (expected), as Grivalia paid some EUR 10.5m in taxes, compared to EUR 5.5m last year, following the legislative changes. The lower year-on-year result has been also affected by a provision for bad debt related to Marinopoulos, which had already been booked in the half-year results (at EUR 4.0m), and subsequently reduced to EUR 1.5m. The FFO thus stood at EUR 0.37/share (calculated excluding treasury shares).Grivalia Properties Real Estate Investment is an investment property group with a major portfolio in Greece and an expanding portfolio in Southeastern Europe. Co.'s business is leasing out investment property under operating leases and is classified as a real estate investment vehicle under Greek Law 2778/1999. Co.'s investment strategy, aims at increasing its revenues and returns and towards creating added value for its shareholders. Co. is seeking to achieve this goal through: analytical follow up and monitoring of the macro-economic indicators; active management of its portfolio of assets; continuous monitoring of the portfolio's risk and the efficient management.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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