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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Park Street Nordicom A/s | LSE:0FFW | London | Ordinary Share | DK0010158500 | PARK STREET NORDICOM LINE A ORD SHS |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.86 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 153.28M | 54.98M | 4.2859 | 1.60 | 88M |
Park Street A/S – Annual Report 2022
Copenhagen, 5 April 2023
In 2022, the Group achieved an EBVAT (profit excluding value adjustments and tax) of DKK 42.9 million (2021:DKK 56.8 million), as compared to expectations of DKK 50 million (published in the Park Street Interim Report Half Year 2022 results announcement in Aug 2022), primarily driven due to reduction in number of assets from sale of properties, leading to lower income, combined with an increase in financial expenses due to changes in interest rates. Furthermore there was an increase in new leasing adding to costs for marketing activity, and an increase in energy costs related to vacant units.
We expect the EBVAT for 2023 to be DKK 55m in view of our expectations to close new leases in pipeline, launch of Pulse N and expected optimisation of operating costs offsetting higher finance costs. This outlook assumes the portfolio to remain same and could change with any significant sales or additions to properties.
The evolution of the EBVAT is influenced by the following factors:
The decrease in the Net Profit for the period from DKK 145.4 million in 2021 to DKK 55 million in 2022 is due to the following effects:
The Group's equity as at 31 December 2022 was DKK 1,087 million, compared to DKK 1,217 million as at 31 December 2021. The decline in equity is due to the purchase of treasury shares.
Subsequent events after 31 December 2022
In January 2023, we have hedged the interest rate exposure on the floating rate non-mortgage debt through purchase of interest rate caps. These caps are now in the positive value.
Mortgage loans due for interest rate fixing in April 2023 have now been fixed as F3 loans.
From the balance sheet date until the date of presentation of this Annual Report no additional events have occurred other than the above mentioned which significantly affect the assessment of the annual report.
Management comments on the Annual report
In connection with Annual Report 2022, CEO Pradeep Pattem states the following:
“In 2022 at Park Street we made substantial progress in signing new leases, and disposal of assets noncore to our future operations. Our conversion of a floor of shopping center at Glostrup into an office with long-term lease showcases the prospects of creating long term value deploying capital and using the design, leasing, and development capacity of our team. We expect to continue to dispose assets in the regional centers of Denmark while deploying further capital in core Pulse Living strategy and large commercial assets in core locations (Spark strategy). Higher costs associated with financing and operations, primarily related to vacant units, combined with reduced top line from sale of assets reflects in the EBVAT of DKK 43 million which is below our expectations.
2023 is expected to be both a year of opportunities and challenges for us and the overall sector. Denmark as our base, is uniquely well positioned with its strong economy, governance to navigate the challenges of inflation and high interest rates. The real estate sector has relatively lower debt and direct participation of long-term capital which is expected to facilitate a smoother transition to a high rates environment. The changing landscape even more pushes us to retain the keen management focus on running a tightly managed operations, which building up liquid capital to deploy into core assets related to Pulse and Spark. We are exploring to accelerate the divestments of regional portfolio over the next 12 to 24 months while recycling the capital towards scaling up Pulse assets – both with the launch of Pulse Norrebro, development of Pulse Taastrup but also seek further selective acquisitions. Based on the current portfolio of assets, the company expects that the EBVAT for the year 2023 will be in the range of DKK 50 - 55 million."
Attached files
The Annual Report 2022 and the Statement of the mandatory review of Corporate Governance, cf. section 107b of the Danish Financial Statement Act, is attached to this announcement.
Copenhagen,
Anita Nassar Pradeep Pattem Chairman CEO
Further information
For further information please contact Pradeep Pattem, CEO at parkstreet@parkstreet.dk
Company Website: www.psnas.com
Telephone Number: +45 33 33 93 03
Attachments
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