Month: August 2023

NOI in Q2 is up 18% year-over-year, totaling some NIS 559 million Same Property NOI in Q2 is up around 8% FFO (excluding senior housing) in Q2 is up 11% totaling some NIS 342 million. Total FFO is up 8% totaling some NIS 357 million Towards the end of Q2, the Company reported the sale of its holdings in Compass for a gross consideration of approx. NIS 3.2 billion. Upon the closing of the transaction, the cash flow profit on the investment (before tax and transaction expenses) is expected to be approx. NIS 2 billion Financial Highlights for Q2/2023NOI in Q2 totaled some NIS 559 million, compared to approx. NIS 473 million year-over-year, up some 18%. The increase mainly derives from the acquisition of Mall Hayam together with rent increases in malls, offices and data centers. Same Property NOI was up around 8% in Q2. FFO excluding senior...

Company Announcement No. 6 – 2023 to Nasdaq Copenhagen 17 August 2023 Interim financial report for the first half of 2023 Second quarter sales and results were in line with expectations, and AO continued to gain market shares. As expected, market conditions were challenging in the second quarter of 2023. Building and construction activities softened in the period. The normalised price levels for conventional energy sources, in particular gas and oil, reduced the demand for heat pumps. The steep increase in interest rates dampened the activity in the building and construction industry. Margins were under pressure in April and May. In June, margins rebounded to the June 2022 level. B2B activities continued to grow, and the B2B sales index reached 106.5 in the first half of 2023. As expected, margins took a hit compared to last year due to...

Interim report for Q2 2023The insurance service result rose to a historically high profit of DKK 507 million, against DKK 378 million in Q2 2022, driven primarily by a very positive result in Commercial Lines. Alm. Brand Group’s insurance revenue grew to DKK 2,909 million from DKK 2,390 million in the same period of 2022, driven by organic growth of 3.1% in Alm. Brand and the recognition of insurance revenue in Codan for the full quarter, against only two months of the year-earlier period. Based on the results of the quarter, in early July Alm. Brand Group upgraded its guidance for the insurance service result to DKK 1.35-1.45 billion, against the previous guidance of DKK 1.2-1.4 billion.CEO Rasmus Werner Nielsen: ”We’ve had a good second quarter, reporting a historically strong insurance service result. Our performance was to a...

Continued strong demand and clear improvement in supply chain situation.   Sales rose by 27.6% to SEK 23,479 (18,405) million Profit after net financial items amounted to SEK 3,355 (2,453) millionProfit after net financial items in 2022 positively affected by SEK 118 million in respect of one-off events; SEK -114 million in the first quarter and SEK +232 million in the second quarter Earnings per share amounted to SEK 1.28 (0.93)  Acquisition of Miles Industries of Canada, Climate for Life of the Netherlands, Solzaima of Portugal and Ceramicx of Ireland (all after the reporting period)”Demand remained high. This was mainly due to the transition to a more sustainable society in both Europe and North America and to measures taken by end-consumers to mitigate expected continued volatility in energy prices in Europe,” said Gerteric...