Eik fasteignafélag hf.

Interim results for the first nine months of 2023

The Interim Consolidated Financial Statements of Eik fasteignafélag hf. for the period 1 January to 30 September 2023 were approved by the Company’s Board of Directors and CEO on 15 November 2023

Key results of the Interim Consolidated Financial Statement are:

• Income from operations amounted to ISK 8,453 million
  • Thereof, rental income amounted to ISK 7,115 million
• Adjusted EBITDA amounted to ISK 5,806 million
  • One-time costs amounted to ISK 40 million. And EBITDA for the period amounted to ISK 5,766 million.
• Total profit amounted to ISK 6,886million.
• Net cash from operations amounted to ISK 3,498 million.
• The book value of investment properties amounted to ISK 130,677 million. 
• The book value of assets for own use amounted to ISK 6,003 million at the end of the period.
• Change in value of investment properties amounted to ISK 7,095 million.
• Cash and cash equivalents amounted to ISK 1,276 million.
• Interest-bearing debt amounted to ISK 74,390 million at the end of the period.
• Equity ratio was 34.7%.
• Profit per share was ISK 1.6.
• Economic occupancy rate was 93.5% at the end of the period
• Weighted indexed interest was 3.03%.
• Weighted unindexed interest was 9.85%.

Attached is an interim financial report which contains Interim Consolidated Financial Statements for the first nine months of the year 2023 together with further information on the Company’s operations than are included in the announcement.

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 nine months of the year 2023 and the results were in accordance with management’s updated forecasts. Operating income for the first nine months of the year 2023 amounted to ISK 8,453 million. Thereof, rental income amounted to ISK 7,115 million. Operating costs amounted to 2,866 million and write down of trade receivables was positive during the period, amounting to ISK 179 million.

Operating profit before changes in fair value change and depreciation amounted to ISK 5,766 million. Adjusted for one-time costs related to the merger discussion, takeover bid and other items the operating profit before changes in fair value change and deprecation amounted to ISK 5,806 million, increasing by just over 19% between years. Profit before income tax amounted to ISK 6,823 million and total profit of the Group for the first nine months of the year 2023 amounted to ISK 5,459 million. Other comprehensive income amounted to ISK 1,427 million. Total comprehensive income for the first nine months amounted to ISK 6,886 million