Eastnine AB publishes Interim report for the second quarter 2018
Key events during the quarter:
- Net Asset Value (NAV) per share was SEK 109.5, or EUR 10.48, a decrease of 1.5% during the quarter¹.
- Core segment Real Estate Direct increased in value by 2.2% and Real Estate Funds by 2.1%, while Other decreased by 3.0% due to currency translation of MFG as a result of weaker RUB.
- Divestment of the remaining holding in EC Global Frontier Markets Fund for EUR 3.7m.
- The AGM approved an ordinary dividend of SEK 2.10 per share with semi-annual payments of SEK 1.05 each, and a long-term share-based incentive plan for staff.
- Johan Ljungberg and Peter Wågström elected as new board members, replacing Lars O Grönstedt and Göran Bronner. Liselotte Hjorth was elected new Chairman.
- After 2,445,772 treasury shares were cancelled in May, buybacks continued with 206,300 shares repurchased at an average price of SEK 93.84/share, totalling EUR 1.9m.
1 Adjusted for share buybacks
Key events after the quarter:
- The construction of the third tower in 3Burės ”3Burės Development”, with 12,900 sqm fully leased office space, was commissioned in August. Tenants will gradually move in during September-December.
- Renewed buyback mandate until 30 September 2018, under which 237.660 shares were repurchased between 1 July and 27 August, at an average price of SEK 95.77.
- Given that Eastnine is today mainly an operational real estate company, it will as of Q3 2018 consolidate its financial reporting to include the directly owned real estate subsidiaries in the consolidated financial statements.
For more information contact:
Kestutis Sasnauskas, CEO, +46 8 505 97 700
Lena Krauss, CFO, +46 73 988 44 66
Visit www.eastnine.com
Eastnine AB (publ) is a Swedish investment company with a net asset value of EUR 232.3m. The company is currently transitioning into a focused Baltic real estate company, with an aim to generate predictable cash flows by being a long-term provider of sustainable prime office space in the Baltic capitals. Eastnine is listed on Nasdaq Stockholm, Mid Cap.
This information is information that Eastnine AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 a.m. CET on 29 August 2018.