Eik fasteignafélag hf.

Interim results for the first six months of 2023

• Income from operations amounted to ISK 5,497 million
  • Thereof, rental income amounted to ISK 4,691 million
• Operating profit before changes in value and depreciation amounted to ISK 3,827 million.
• Total profit amounted to ISK 8,769million.
• Net cash from operations amounted to ISK 2,136 million.
• The book value of investment assets amounted to ISK 132,572 million. 
• The book value of assets for own use amounted to ISK 6,025 million at the end of the period.
• Change in value of investment assets amounted to ISK 9,788 million.
• Cash and cash equivalents amounted to ISK 1,043 million.
• Interest-bearing debt amounted to ISK 74,004 million at the end of the period.
• Equity ratio was 35.6%.
• Profit per share was ISK 2.15.
• Economic occupancy rate was 93.8% at the end of the period
• Weighted indexed interest was 3.03%.
• Weighted unindexed interest was 8.93%.

The Interim Consolidated Financial Statements of Eik fasteignafélag hf. for the period 1 January to 30 June 2023 were approved by the Company’s Board of Directors and CEO on 7 September 2023.

In case of any discrepancy in the English and the Icelandic versions of this announcement or the Financial Statements, the Icelandic version shall prevail.

Group´s operations

The Group performed well in the first six months of the year 2023 and the results exceeded management’s forecasts, which can largely be explained by decrease in doubtful accounts provision during the period. Operating income for the first six months of the year 2023 amounted to ISK 5,497 million. Thereof, rental income amounted to ISK 4,691 million. Operating costs amounted to 1,851 million and write down of trade receivables was positive during the period, amounting to ISK 181 million. This is mainly driven by decrease in doubtful accounts provision due to settlement of outstanding rental obligations which can be explained by the impact of Covid-19 on the lessee. Operating profit before changes in fair value change and depreciation amounted to ISK 3,827 million, increasing by just over 24% between years. Profit before income tax amounted to ISK 9,178 million and total profit of the Group for the first six months of the year 2023 amounted to ISK 7,342 million. Other comprehensive income amounted to ISK 1,427 million. Total comprehensive income for the first six months amounted to ISK 8,769 million