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Copenhagen, 25 March 2021
In 2020 Park Street Nordicom obtained a Profit after tax of DKK 145.3 million against DKK 115.1 million in 2019. Improvement is mainly driven by the revaluation on investment properties and sale of assets. EBVAT (earnings before value adjustments and tax) achieved in 2020 is DKK 69.8 million (2019: DKK 83.2 million).
The Group Equity at 31st December 2020 is DKK 1,071.9 million compared to DKK 931.1 million as at 31 December 2019; the increase is caused by the profit of the period.
The Board of Directors of Park Street Nordicom A/S today discussed and approved the Annual Report 2020, which contained the following:
The period in outline
Yearly result was a profit of DKK 145.3 million (2019: DKK 115.1 million).
For 2020 Park Street Nordicom achieved EBVAT (earnings before value adjustments and tax) of DKK 69.8 million (2019: DKK 83.2 million). Net Operating Income results are in line with management expectations for the period. The revenues were negatively impacted due to Covid-19 related slowdowns and shutdowns for hotels, an increase of intentional vacancy to initiate residential projects and a delays in concluding new leases for some of the vacancies. This effect has been partly compensated by a reduction of overhead costs (DKK 8.3 million), and a reduction of financial expenses (DKK 3.3 million).
During the period, Park Street Nordicom acquired the following assets:
Four residential units in Copenhagen
During the period, Park Street Nordicom sold:
Office building in Copenhagen
Residential unit in Ballerup, Greater Copenhagen area
Gas station in Søborg, Greater Copenhagen area
Retail building in Slagelse, Zealand
A total adjustment of DKK 86.5 million in the value of investment properties was included in the balance sheet statement (2019: DKK 69.3 million). A new evaluation has been made for 2020 adjusting the yield and the estimated profit and loss for the entire portfolio of Park Street Nordicom A/S and subsidiaries.
The sale of the non-core properties generated a profit of DKK 38.5 million.
The Group's equity was positive at DKK 1,071.9 million at 31 December 2020 (31 December 2019: DKK 931.1 million).
Park Street Nordicom's net cash flow in 2020 was DKK -38.5 million (2019: DKK 7.3 million). Positive cash flow from operating activities has been DKK 62.0 million (2019: DKK 92.9 million), while cash flow from investing activities has been positive by DKK 137.9 million (2019: DKK 125.5 million) mainly due to the disposal of assets. On the other hand, cash flow from financing activities is negative by DKK -238.3 million (2019: DKK 39.9 million) mainly driven by the repayment the only short term loan (DKK 105 million) existing in the portfolio and repayment of debt from disposal of assets (DKK 77.5 million).
Subsequent events after December 31, 2020
A residential unit has been sold in February 2021 in Ballerup. The share buy-back programme initiated on 19 October 2020 concluded on the 25 February 2021. In the period from 19 October 2020 to 25 February 2021, Park Street Nordicom has bought 918,313 shares for a total amount of DKK 10.0 million.
Management comments on the Annual report
In connection with Annual Report 2020, CEO Pradeep Pattem states the following:
“The year 2020 will be remembered by its unique impact on the world. I am quite glad and proud to have had the opportunity to navigate various operational and business challenges with the team at Park Street Nordicom. While the EBVAT of DKK 70 million may reflect a reasonable performance for the year, the work that has been undertaken across the leasing, asset management, operations, technology and design team should put us in a very good position to take on many opportunities that the year 2021 will provide. We are expecting make significant steps to streamline our portfolio by disposing several assets, increase the occupancy of assets and continue to hone our tech based operational platform to optimise costs. We already signed 2 significant leases in the new year, which required innovative design led solutions, working with our bank and project partners to get them done. The company expects that the EBVAT for the year 2021 will be in the range of DKK 85 to 90 million."
The Annual Report 2020 and the Statement of the mandatory review of Corporate Governance, cf. section 107b of the Danish Financial Statement Act, is attached to this announcement.
Andrew La Trobe Pradeep Pattem
For further information please contact Pradeep Pattem, CEO at email@example.com
Company Website: www.psnas.com
Telephone Number: +45 33 33 93 03