- Income from operations amounted to ISK 7,387 million.
- Operating revenue earlier than adjustments in worth and depreciation amounted to ISK 4,875 million.
- Total revenue amounted to ISK 7,234 million.
- Net money from operations was ISK 3,042 million.
- The guide worth of funding properties amounted to ISK 118,270 million.
- The guide worth of belongings for personal use amounted to ISK 4,186 million at the finish of the interval.
- Change in worth of funding properties was ISK 9,888 million.
- Cash and money equivalents amounted to ISK 1,734 million.
- Interest-bearing debt amounted to ISK 68,626 million at the finish of the interval.
- Equity ratio was 34.1%.
- Profit per share was ISK 2.12.
- Economic occupancy charge was 94.0% at the finish of the interval
- Weighted listed curiosity was 3.03% at the finish of the interval.
- Weighted unindexed curiosity was 6.52% at the finish of the interval.
The Interim Financial Statements of Eik fasteignafélag hf. for the interval 1 January to 30 September 2022 had been permitted by the Company’s Board of Directors and CEO on 27 October 2022
Attached is an interim monetary report which accommodates Interim Financial Statements for the first nine months of the 12 months along with additional info on the Company’s operations than are included in the announcement.
In case of any discrepancy in the English and the Icelandic variations of this announcement or the Financial Statements, the Icelandic model shall prevail.
Company operations
The Company carried out nicely in the first nine months of the 12 months 2022 and the results had been consistent with administration’s forecasts. Operating earnings for the first nine months of the 12 months 2022 amounted to ISK 7,387 million. Of this quantity, rental earnings was ISK 6,275 million. Operating revenue earlier than adjustments in worth and depreciation amounted to ISK 4,875 million and elevated by approx. 15% between years. Profit earlier than earnings tax amounted to ISK 9,006 million and whole revenue of the Group for the first nine months of the 12 months 2022 amounted to ISK 7,234 million.
The Net Operating Income (NOI) ratio (i.e. working revenue earlier than adjustments in worth and depreciation as a ratio of lease earnings) was 74.6% for the first nine months of the 12 months 2022, in comparison with 72.7% for the identical interval in 2021.
The Company’s funding properties are valued at truthful worth in accordance with International Financial Reporting Standards (IFRS), primarily based partially on the discounted future money flows of particular person belongings. Changes in truthful worth are recognised in adjustments in worth of funding properties, which had been round ISK 9,888 million in the first nine months of the 12 months.
Balance Sheet
The Company’s whole belongings amounted to ISK 126,089 million on 30 September 2022. Of this, funding properties valued at ISK 118,270 million encompass actual property leased to tenants amounting to ISK 114,216 million, lease belongings ISK 2,457 million, funding properties below improvement ISK 1,137 million, constructing rights and much ISK 448 million and pre-paid avenue building charges in the quantity of ISK 13 million. Assets for personal use amounted to ISK 4,186 million and belongings below improvement amounted to ISK 671 million. The Company’s fairness amounted to ISK 42,977 million at the finish of September 2022 and its fairness ratio was 34.1%. At the Company’s Annual General Meeting on 5 April 2022 a dividend fee to shareholders resulting from the working 12 months 2021 amounting to ISK 1,740 million was permitted which was paid on 28 April 2022.
The Company’s whole liabilities amounted to ISK 83,111 million on 30 September 2022, of which interest-bearing debt was ISK 68,626 million and deferred tax legal responsibility ISK 10,451 million
Economic occupancy charge
The Company’s financial occupancy charge was 94.0% at the finish of the interval however was 94.2% at the starting of the 12 months. Possession of the property Lónsbakki in Hörgársveit was transferred to the Company from Húsasmiðjan on the expiration of long-term lease. This property is now categorized as funding property below improvement.
Outlook
Based on the client value index for monetary indexation in November 2022 the Company expects that EBITDA for the 12 months will probably be between ISK 6,430–6,690 million at a set value all through the 12 months.
Effects resulting from COVID-19
The results of COVID-19 on the Company’s operations have been quick lowering and had been thought-about non-existent at the finish of the third quarter. Based on unchanged scenario of the pandemic, the Company expects this to proceed. The Company estimates that the results had been unfavorable by ISK 40–45 million on EBITDA in the first half of the 12 months. Furthermore, results of COVID-19 on worth of the Company’s funding properties have in most half disappeared.
Company Portfolio
During the 12 months, possession of 4 properties in the capital area was transferred to the Company: Sóltún 24, Skeifan 5, part of Pósthússtræti 2 and now at the finish of September Smiðshöfði 9, which whole 2,968 sqm. The Company has bought and delivered three properties throughout the 12 months, Hjalteyrargata 4 in Akureyri and Höfðasel 2 and 4 in Akranes, which whole 3,911 sqm and booked gross sales revenue in the third quarter quantities to ISK 362 million.
As reported in the Company’s announcement on Nasdaq Iceland on 15 September, negotiations relating to the Company’s attainable buy of Lambhagavegur 23 ehf. and Laufskálar fasteignafélag ehf. have been terminated.
The Group owns simply over 110 properties which whole virtually 314,000 sqm. of rental area in simply over 600 items. Total variety of tenants is over 400. The Company’s principal properties in the capital area are Borgartún 21 and 21a; Borgartún 26; Suðurlandsbraut 8 and 10; Mýrargata 2-16; Pósthússtræti 2 (Hótel 1919); Smáratorg 3 (Turninn); Smáratorg 1; Álfheimar 74 (Nýi Glæsibær); Grjótháls 1-3 and Austurstræti 5, 6, 7 and 17. The Company’s principal property exterior the capital area is Glerártorg. The Company’s largest tenants are Húsasmiðjan, Flugleiðahótel, Ríkiseignir, Landsbankinn, Sýn, Össur, Míla, Deloitte, Síminn and VÍS.
The largest a part of the Company’s actual property portfolio is workplace area, or 41%, adopted by industrial premises (24%), warehouses (14%), resort (9%), well being associated operations (7%) and bars and eating places (3%). Around 93% of the Company’s actual property are in the capital area, of which 38% is in monetary and business districts of Reykjavík (primarily inside postal codes 105 and 108), 17% in the Reykjavik metropolis centre and 19% in Smárinn-Mjódd. 7% of the portfolio is positioned exterior the capital area, whereof round 6% is in Akureyri.
Electronic presentation
An digital presentation will probably be held on Friday 28 October 2022 at 8:30 am. Garðar Hannes Friðjónsson, CEO and Lýður H. Gunnarsson, CFO will current the results and reply to questions following the presentation.
Registration to the assembly is right here:
https://us02web.zoom.us/webinar/register/WN_qQhwBndkSMyhL3DmJjcIsw
Following registration, members will obtain an e-mail with additional info.
Financial Calendar
Following are deliberate dates for publishing of interim and annual results:
Management accounts 2022 and 2023 price range 6 February 2023
2022 Annual Results 28 February 2023
Financial info will probably be revealed after closing of markets.
For additional info contact:
Garðar Hannes Friðjónsson, CEO, [email protected], tel. 590-2200
Lýður H. Gunnarsson, CFO, [email protected], tel. 820-8980
- Q3 2022 Condensed consolidated interim monetary statements
