UK Markets closed

VT Ursus Arctos Fund 1 Net GBP Income (0P0001AM2E.L)

LSE - LSE Delayed price. Currency in GBp
Add to watchlist
167.23+5.83 (+3.61%)
At close: 8:00PM GMT
Full screen
Previous close161.40
YTD return-0.77%
Expense ratio (net)0.00%
CategoryGlobal Flex-Cap Equity
Last cap gain0.00
Morningstar rating★★★★★
Morningstar risk ratingAbove average
Sustainability ratingN/A
Net assetsN/A
Beta (5Y monthly)1.16
5y average returnN/A
Holdings turnoverN/A
Last dividend0.00
Average for categoryN/A
Inception date31 Jul 2014
  • Globe Newswire

    Eik fasteignafélag hf.: Financial Statements of Eik fasteignafélag hf. 2020

    Income from operations for the year amounted to ISK 8,345 million.Rental income for the year amounted to ISK 7,562 million compared to ISK 7,393 million in the year 2019.Operating profit before changes in value and depreciation amounted to ISK 5,038 million.Total profit for the year amounted to ISK 693 million.Changes in value of investment properties amounted to ISK 594 million.Net cash provided by operating activities amounted to ISK 1,858 million in the year.The book value of investment properties amounted to ISK 98,404 million.Assets for own use amounted to ISK 3,789 million.Interest-bearing debt amounted to ISK 62,001 million at year end.Total assets amounted to ISK 106,050 million.Equity ratio was 31.3%.Profit per share was ISK 0.25.Economic occupancy rate was 92.0% at year end.Weighted indexed interest rates were 3.15% at year end.Weighted unindexed interest rates were 2.91% at year end.The Board of Directors proposes a dividend payment of ISK 650 million, ISK 0.19 per share. The financial statements of Eik fasteignafélags were approved by the Company’s Board of Directors on 2 March 2021. Garðar Hannes Friðjónsson, CEO: „The year 2020 was a demanding year. The pandemic affected the operations and business of the Company. The Company has from the pandemic’s beginning strived to assist its tenants who have been affected the most by the pandemic, first and foremost by being flexible regarding payments. A marketing campaign was undertaken in cooperation with the Company’s tenants in the restaurant business and Hótel 1919, in addition to that Deloitte was engaged to assist tenants and to advise the Company. Operating profit before changes in value and depreciation amounted to ISK 5,038 million and the Company’s total profit amounted to ISK 693 million. EBITDA for the year was in line with management’s updated forecast which was published in June 2020. The Company obtained new loans and issued bonds amounting to just over ISK 21 billion during the year. The Company’s interest terms have never been better, but at year end weighted indexed interest rates were 3.15% and weighted unindexed interest rates were 2.91%. Average indexed interest rates decreased by 0.5% during the year while unindexed variable interest rates decreased by 1.5%. The Company’s position in relation to main financial covenants in loan agreements continues to be strong at year end.” The Company has issued its Annual Report, which contains extensive information on the Company and its operations during the year 2020 along with financial statements. The Report accompanies this announcement and it can also be accessed at the Company’s website, Auditor’s assurance on the calculations by the issuer of the terms of bond class EIK 15 1 also accompanies this announcement. According to the auditor’s assurance all of the bond class terms of EIK 15 1 were met at 31 December 2020. In case of any discrepancy in the English and the Icelandic versions of this announcement or the Financial Statements, the Icelandic version shall prevail. The financial statements include the consolidated financial statements of Eik fasteignafélag hf. and subsidiaries and has been prepared in accordance with International Financial Reporting Standards (IFRS). The Company’s auditor, KPMG ehf., has audited the financial statements and provided an unqualified opinion. Proposal on dividend payment The Company’s policy is to pay the shareholders around 35% of net cash provided by operating activities of each year, either by dividend payment or by purchasing own shares. In accordance with the dividend policy, the Company’s Board of Directors proposes to the Annual General Meeting, which will be held on 25 March 2021, a dividend payment of ISK 650 million to shareholders for the operating year 2020. Effect of COVID-19 on the Company’s operations Economic effects of COVID-19 on the Company’s income statement can mainly be seen in impairment of receivables, operating loss of Hótel 1919 and decrease in economic occupancy rate. The Company estimates that the pandemic has had in excess of ISK 655 million reduction effect on EBITDA for the year 2020. Impairment of receivables amounted to ISK 375 million in excess of original forecast, results of Hótel 1919 were ISK 230 million worse than original forecast and reduction in rentals was around ISK 50 million. Outlook The Company has issued an extensive financial budget for the year 2021 which is accessible in the accompanying Annual Report for the Company and at its website, According to the issued financial budget for the year 2021, EBITDA for the year will be approximately ISK 5,050–5,350 million based on 2.5% even inflation but ISK 4,975–5,275 million at fixed price levels. The Company estimates that the effect of COVID-19 on the 2021 EBITDA will be approximately ISK 450–550 million. Repayment of EIK 15 1 The Company announced a repayment of the bond class EIK 15 1 on 23 February 2021. The repayment has been fully secured with an unindexed loan from a financial institution. Merger of subsidiaries Eik fasteignafélag’s subsidiary EF1 hf. has been merged with the Company. Furthermore, LF2 ehf., a subsidiary of Landfestar ehf., has been merged with another subsidiary of Landfestar ehf., LF1 ehf. The mergers had formal legal effect as of 1 January 2020. Company Portfolio Properties owned by the Group number 110 with a total of 312,000 sqm. of rental space in just over 600 units, and a total number of tenants is over 400. The Company's principal properties are Borgartún 21 and 26; Suðurlandsbraut 8 and 10; Mýrargata 2-16; Pósthússtræti 2; Álfheimar 74 (Nýi Glæsibær); Grjótháls 1-3 and Austurstræti 5, 6, 7 and 17 in Reykjavík, Smáratorg 1 and 3 in Kópavogur and Glerártorg in Akureyri. The largest share of the Company's real estate portfolio is office space, which is 46% of the portfolio’s worth. The second largest class is commercial premises or around 24% of the portfolio. The third largest class is warehouses or 13% of the portfolio. Hotels are 9% of the portfolio, health related operations 5% and bars and restaurants 3%. The Company acquired Skeifan 9, which is next to Skeifan 7, another property owned by the Company and both properties are within the same plot according to a recent detailed land-use plan by the City of Reykjavík. With this acquisition, the Company has the opportunity to start a detailed land-use plan for the premises and subsequently develop it. The Company has hopes for options relating to the use of this plot in the near future. The Company classifies Skeifan 9 as a development property. The Company sold its property at Járnháls 2. Electronic presentation An electronic presentation will be held on Wednesday 3 March 2021 at 8:30 am. Garðar Hannes Friðjónsson CEO and Lýður H. Gunnarsson CFO will present the results and respond to questions following the presentation. Registration to the meeting is here: Following registration, participants will receive an e-mail with further information. 2021 Financial Calendar Planned dates for interim and annual results are as follows: Annual General Meeting 25 March 2021 Quarterly results Q1 2021 29 April 2021 Quarterly results Q2 2021 25 August 2021 Quarterly results Q3 2021 28 October 2021 Management accounts 2021 and 2022 budget 11 February 2022 2021 Annual Results 3 March 2022 Announcements of financial information will be published after closing of markets. Accompanying is the 2020 Annual Report which contain the financial statements for the year 2020. The Company’s ESG Report is accessible at its website. For further information contact: Garðar Hannes Friðjónsson, CEO,, tel. 590-2200 Lýður H. Gunnarsson, CFO, s. 820 8980 Attachments Eik fasteignafélag - Consolidated financial statement 2020 Staðfesting á skilyrðum EIK 15 1 2020