Annual Accounts of Félagsbústaðir 2021
March 17 2022: The Board of Directors of Félagsbústaðir hf. approved the company’s annual accounts for the year 2021 at its meeting today, 17 March.
Profit due to increase in portfolio
The company’s profit for the year amounted to ISK 18,491 million. and it is all due to an increase in the value of the real estate valuation of the company’s assets. (Profits will not be redeemed except through the sale of assets.)
Félagsbústaðir’s cash flow shows that cash from operations was ISK 1,210 million. compared to 889 m.kr. the year before. Repayments of long-term loans amounted to ISK 1,192 million. The main ID numbers of the account are:
Operating income for the year amounted to ISK 5,123 million.
Profit before financial items (EBIT) amounted to ISK 2,267 million. or 44.3% of operating income
The increase in the value of investment assets during the year amounted to ISK 19,633 million.
The value of investment assets at the end of the year is ISK 123,808 million.
Equity at the end of the period is ISK 67,311 million.
The equity ratio at the end of the year is 53.2%
Interest-bearing debt at the end of the period amounts to ISK 52,460 million.
Operations and results
Félagsbústaðir’s operating income in 2021 amounted to ISK 5,123 million, an increase of 9.9% between years, which is explained by the increase in rental prices due to price level changes and the expansion of the portfolio. Property operations and maintenance increase by 279 m.kr. or about 13.6% between years. Operating profit ratio (EBIT%) is 44.3% compared to 46.4% for the year 2020.
Portfolio and balance sheet
The company’s total assets amounted to ISK 126,447 million. at the end of the year, but they increased by 25.9% from the beginning of the year. Investment assets increased by 24.9% or ISK 24,705 million, investing ISK 4,037 million. and the change in valuation amounted to ISK 20,668 million. Total liabilities amount to ISK 53,180 million. and increased by 4,498 m.kr. during the year. Equity increased by 37.9% during the period. The equity ratio at the end of the year was 53.2% and 48.6% at the end of 2020.
Bond offering
Félagsbústaðir has bonds listed on the Iceland Stock Exchange and follows the rules that apply to listed companies. The company’s articles of association also stipulate the organization of various aspects of its operations and are accessible on its website as well as the laws that apply to the company.
The company expanded the social bond series FB100366 SB twice during the year. In March, 1,950 m.kr. were given out. nominal value in the bond series at a yield of 1.69% and in December the series was again increased by 5,200 m.kr. nominal value at a yield of 1.45%. The bond series is indexed with quarterly equal payments until the end date on March 10, 2066 and it bears the simple responsibility of the City of Reykjavík. A total of ISK 18,800 million nominal value has been issued in the bond series. The series is listed on the Nasdaq Iceland Sustainable Bond market.
Portfolio development
Félagsbústaðir bought 117 properties and sold 9 properties in 2021, but there were plans to increase the number of rental units by 125 during the period.
For further information, please contact:
Sigrún Árnadóttir, managing director, [email protected], phone 520 1500
This article was translated from Icelandic to English using Google Translate. The original press release can be found at GlobeNewswire.com.
