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Eik fasteignafélag hf.

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Eik fasteignafélag hf.: Management results 2020 and financial budget 2021

According to management results EBITDA for the year amounted to ISK 5,038 million which is in line with management’s updated forecast which was announced on Nasdaq in June 2020.

Key results:

  • Income from operations amounted to ISK 8,345 million.
  • Rental income amounted to ISK 7,562 million and increased by 2% between years.
  • EBITDA amounted to ISK 5,038 million.
  • Changes in fair value of investment properties amounted to ISK 594 million.
  • Net cash from operating activities amounted to ISK 1,858 million.
  • Book value of the Company’s properties amounted to ISK 100,316 million.
  • Interest bearing debt amounted to ISK 62,001 million.
  • Weighted indexed interest rates were 3.15%
  • Weighted unindexed interest rates were 2.91%
  • Equity ratio was 31.3%.
  • The Company’s economic occupancy ratio was 92.0% at the end of the year.

Financial budget 2021:

Due to continuing uncertainty as to the effects of COVID-19 on the Company’s operations, the Company publishes forecasted EBITDA instead of forecasted income and expenses. The Company retains the 3% forecast range used when its updated forecast was published in June 2020.

The Company forecasts that its EBITDA will be in the range of ISK 5,050 to 5,350 million in the year 2021 based on 2.5% even inflation over the year, but in the range of ISK 4,975 to 5,275 million at fixed price levels.

The attached presentation contains more information on the management results and the assumptions on which the financial budget is based.

For further information contact:

Garðar Hannes Friðjónsson, CEO, gardar@eik.is, s. 590-2200
Lýður H. Gunnarsson, CFO, lydur@eik.is, s. 590-2200 / 820-8980

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