Park Street A/S – Interim Financial Report, 1st half of 2024
Copenhagen, 30 August 2024
in the first half of 2024 is DKK 6.5 million (1st half of 2023: DKK 21.8 million). Net sales were DKK 82.3 million as compared to DKK 83.4 million in the 1st half of 2023. The reduction in EBVAT was primarily driven by an increase in financial expenses (+DKK 15.0 million) offset by operating expenses (-DKK 2.6 million) and other external expenses (DKK 3.6 million). Finance cost have been increased as up to last year it was capitalized.
Group’s equity as of 30 June 2024 was positive at DKK 928 million. Net asset value decreased to 16.2 per share as compared to 19.1 per share in the 1st half of 2023. The decrease is primarily due to capital reduction of 135 million.
The Board of Directors of Park Street A/S discussed and today approved the company's Interim report 2024, which contained the following:
The period in outline
- Profit for the Period (after tax and valuation adjustments) is DKK 2.9 million for the 1st half of 2024 (1st half of 2023: DKK 1.2 million).
- Park Street achieved EBVAT in the first half of 2024 is DKK 6.5 million (1st half of 2023: DKK 21.8 million). Net sales were DKK 82.3 million as compared to DKK 83.4 million in the 1st half of 2023. The reduction in EBVAT was primarily driven by an increase in financial expenses (+DKK 15.0 million) offset by operating expenses (-DKK 2.6 million) and other external expenses (DKK 3.6 million). Finance cost has been increased as up to last year it was capitalized.
- Group’s equity as of 30 June 2024 was positive at DKK 928 million. Net asset value decreased to 16.2 per share as compared to 19.1 per share in the 1st half of 2023. The decrease is primarily due to capital reduction of 135 million.
- Cash flows from operating activities for the 1st half of 2024 were DKK 20.3 million (1st half of 2023: DKK 12.8 million). The Increase is due to higher operating capital (DKK 13.4 million as compared to -DKK 9.2 million in the same period last year) offset by higher financial expenses paid (DKK 37.2 million as compared to DKK 22.5 million in the same period last year). Cash flows from investing activities for the 1st half of 2024 were DKK 74.3 million (1st half of 2023: -DKK 36.1 million). They were significantly Higher as compared to last year due to DKK 282 million sale of investment properties in the Current year, offset of DKK 72.6 million spent on improvements to investment properties across the portfolio and purchase of treasury share of DKK 134.9 million in the 1st half of 2024. Cash flows from financing activities for the 1st half of 2024 were -DKK 101.5 million (1st half of 2023: DKK 28.2 million). The decrease in cash flows primarily driven by DKK 101.6m repayment of liabilities to credit institutions Current year.
Expectations for 2024
Park Street’s EBVAT expectations are in the range of DKK 30 million to DKK 35 million compared to the earlier guidance of DKK 30 million to DKK 40 million. The refined guidance is in view of the lower number of assets due to the sale of properties.
Park Street has made significant progress on its plans for leasing Pulse properties with now completed launch of Pulse Norrebro.
Management comments on the interim report
In connection with the interim report for H1 2024, CEO Pradeep Pattem states the following:
“Park Street group has signed over 180 new leases with yearly rent of DKK 33.7m in the H1 2024 marking it as one of the most active periods ever for leasing. The primary driver of this activity is Pulse N which is now fully launched and Pulse O where we have signed long term leases with a premier Danish educational institution.
We have made further progress with our strategic intent of reducing property portfolio in non-core regions and sectors with sale of 5 properties completed in H1 2024 reducing significantly our exposure to the Office segment. We expect to continue the process of asset disposals across Retail segment and assets in regional locations over the next 12 to 18 months.
Park Street has completed a significant buyback program in H1 2024 in line with its ambition to simplify the capital structure. We will continue to work on long term mortgage refinancing of Pulse properties, further simplification of company and capital structure to reduce non-operating overheads.
At Park Street we are committed to technology driven property management. Tech and design led approach to manage properties will be core to our commitment towards a sustainable and collaborative approach to property ownership.”
Attached files
Interim report 2024 is attached to this announcement.
Copenhagen,
Anita Nassar Pradeep Pattem
Chairman CEO
Further information
For further information please contact Pradeep Pattem, CEO at nordicom@nordicom.dk
Company Website: www.psnas.com
Telephone number: +45 33 33 93 03
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