Park Street A/S – Park Street Interim Report Half Year 2024
30 Agosto 2024 - 5:45PM
UK Regulatory
Park Street A/S – Park Street Interim Report Half Year 2024
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
- Park Street - Interim Report Half Year 2024
Grafico Azioni Park Street Nordicom A/s (LSE:0FFW)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni Park Street Nordicom A/s (LSE:0FFW)
Storico
Da Nov 2023 a Nov 2024