03.10.2022
The net income of Pandora Investments Public Limited in the first half of 2022 is at 8,496,447 euros compared to a net profit of 4,844,014 euros in the first half of 2021, of which 824,228 euros (2021: 78,009 euros) is attributable to non-controlling interest.
The difference of EUR 3,652,433 is mainly due to the following fluctuations: an increase in gross profit of EUR 1,792,646; an increase in other losses of EUR 1,287,688 due to the provision for the recovery of interest receivable; decrease in loss from the valuation of financial assets at fair value through profit or loss and other comprehensive income by EUR 155,149; increase in sales, advertising and administrative expenses by 679,775 euros; an increase in the profit share of associates and joint ventures by EUR 3,818,135; increase in profit from the revaluation of investment property by 3,628 euros; an increase in finance costs by EUR 176,669; a decrease in finance costs for lease liabilities of EUR 42,366 and a decrease in tax expenses of EUR 4,640. The allocation to non-controlling interests increased by EUR 746,219.
Profit from operating activities amounted to €11,405,474 compared to a profit of €7,778,527 (including an increase in the fair value of investment property of €492,558 (2021: €488,930)) for the corresponding period last year. The Group’s earnings before interest, taxes, depreciation and impairment/revaluation of the fair value of financial investments and investment property (EBITDA) increased by 48% year-on-year to EUR 11,190,034 (2021: EUR 7,548,374). This gain excludes the gain on the fair value of the property investment of €492,558 (2021: €488,930).
Available and restricted cash is € 70.3m (2021: €82.95m), of which €3.9m (2021: €9.95m) is attributable to 50% of cash in the company, 50% of the share capital of which is owned by the Group. .
The Group’s recognized sales/earnings were €40.4 million (2021: €33.8 million), an increase of €6.6 million (20%) compared to the corresponding period last year. The difference is due to an increase in sales of properties completed in 2022 of €6.5 million. It should be noted that income from the sale of properties is recognized using the “final completion and handover” method.
