- Operating Income amounted to ISK 6,421 million.
- Impairment of trade receivables amounted to ISK 104 million.
- EBITDA amounted to ISK 4,229 million.
- Total comprehensive income amounted to ISK 3,638 million.
- Net cash from operations was ISK 2,579 million.
- The book value of investment properties amounted to ISK 103,537 million at the end of the period.
- The book value of assets for own use amounted to ISK 4,160 million at the end of the period.
- Change in value of investment properties was ISK 3,591 million.
- Cash and cash equivalents amounted to ISK 3,028 million.
- Interest-bearing debt amounted to ISK 64,463 million at the end of the period.
- Equity ratio was 32.1%.
- Earnings per share were ISK 1.07.
- Economic occupancy rate was 93.2% at the end of the period.
- Weighted indexed interest was 3.03% at the end of the period.
- Weighted unindexed interest was 3.62% at the end of the period.
The Interim Financial Statements of Eik fasteignafélag hf. for the period 1 January to
In case of any discrepancy in the English and the Icelandic versions of this announcement or the Financial Statements, the Icelandic version shall prevail.
Attached are Interim Financial Statements for the first nine months of the year.
The Company performed well in the first nine months of 2021 and the results were in line with the Company’s updated management forecast. Operating income for the first nine months of the year 2021 amounted to ISK 6,421 million. Of this amount, rental income was ISK 5,714 million. EBITDA amounted to ISK 4,229 million and increased by 12.1% between years. Profit before income tax amounted to ISK 4,545 million and comprehensive income of the Group for the first nine months of the year 2021 amounted to ISK 3,638 million.
The Net Operating Income (NOI) ratio (i.e. operating profit before changes in value and depreciation as a ratio of lease income) was 72.7% for the first nine months of the year 2021, compared to 67.5% for the same period in 2020.
The Company's investment properties are valued at fair value in accordance with International Financial Reporting Standards (IFRS), based in part on the discounted future cash flows of individual assets. Changes in fair value are recognised in changes in value of investment properties, which were ISK 3,591 million in the first nine months of the year.
Balance Sheet
The Company's total assets amounted to ISK 112,900 million as at
Economic occupancy rate
The Company's economic occupancy rate increased by 1.2% from the beginning of the year and was 93.2% at the end of the third quarter.
Updated forecast and effects due to COVID-19
When the Company published updated forecast on
The effects of COVID-19 on the Company’s operations are still considerable but are decreasing. The Company estimates that direct effects of COVID-19 on the operations were ISK 185–195 million in the first nine months of the year and they can mostly be traced to tourism companies. The effects are quite visible in impairment of trade receivables and the operations of Hótel 1919. It is unclear how long and to what extent the pandemic will continue to have effect on the Company’s operations in the coming periods.
Financing
The Company sold for the nominal value of ISK 1,500 million in the bond class EIK 141233 in September with the required return 1.73%. Earlier in the year the Company issued two new bond classes, EIK 23 1 and EIK 100327, and sold in total in both classes for the nominal value of ISK 4,200 million. These three bond classes have been listed on Nasdaq Iceland, EIK 23 1 in May and EIK 100327 and EIK 141233 in September. The bond class EIK 15 1, bearing 3.3% interest rate, was settled in
Weighted indexed interest terms were 3.03% at the end of the quarter and weighted unindexed interest terms were 3.62%, as the Company always strives for the most economical financing terms.
Company Portfolio
The Company has acquired just under 1,000 sqm. of space in Síðumúli 15 during the year and now owns the whole property at Síðumúli 13 and 15. In addition the Company acquired Vatnagarðar 24 and 26 which are just over 2,300 sqm. of commercial and industrial space housing the headquarters of Tesla in
The Company has sold Hafnarstræti 4 in the city centre of Reykjavík, Fjölnisgata 3b in Akureyri and Kirkjubraut 28 in Akranes. These properties have all been delivered to the new owners.
The Group owns over 110 properties which total almost 312,000 sqm. of rental space in over 650 units. Total number of tenants is over 400. The Company's principal properties in the capital region are Borgartún 21 and 21a; Borgartún 26; Suðurlandsbraut 8 and 10; Mýrargata 2-16; Pósthússtræti 2 (Hotel 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 outside the capital region is Glerártorg. The Company’s largest tenants are Húsasmiðjan,
The largest part of Eik's real estate portfolio is office space, or 45%, followed by commercial premises (24%), warehouses (14%), hotel (10%), health related operations (4%) and bars and restaurants (3%). Approximately 92% of the Company's real estate are in the capital region, of which 38% is in financial and business districts of Reykjavík (mainly within postal codes 105 and 108), 19% in Smárinn-Mjódd and 17% in the
Changes to department roles
Development of real estate and lots, previously handled by the construction department, is now handled by business development.
Amended Financial Calendar for 2021
Following are planned dates for publishing of annual results and AGM:
2021 Annual Results
2022 Annual general meeting
Previously planned dates for publishing of management accounts 2021 and 2022 budget were
Electronic presentation
An electronic presentation will be held on Friday
Registration to the meeting is here:
https://origo.zoom.us/webinar/register/WN_CZUoDSvURLyFhz8AcuvsXA
Following registration, participants will receive an e-mail with further information.
For further information contact:
Garðar Hannes Friðjónsson, CEO, gardar@eik.is, tel. 590-2200
Lýður
Attachment
- Q3 2021 Condensed consolidated interim financial statement
© OMX, source