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Jefast Holding AB (publ) publishes its quarterly report For the Period January- March 2020

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Please see a summary of the highlights from the quarterly report below as well as the full report attached to this pressrelease, which is also available on our website: www.jefast.se 
 

Period Jan-March 2020 

  • Revenue amounted to 80.5 MSEK (88.7)
  • Operating profit amounted to 4.1 MSEK (20.2)
  • Net loan to value amounted to 59.7 % (66.6)
  • The interest coverage ratio amounted to 1.4 x (1.6)
  • Property value amounted to 2,670 MSEK (3,161)
 

Events in the reporting period Jan-March 2020

  • The loan for the hotel business in Florida was refinanced during the first quarter
  • Three condominium units were acquired during the first quarter at the hotel business
  • The COVID-19 pandemic spread around the world which will have an impact on the company’s revenue and result
    • The hotel business was temporarily closed on April 6th and most of the employees were furloughed
    • Financial aid packages from the American Government has been received
    • Several initiatives and discussions with tenants in the Swedish business is taking place
    • The ongoing development of the pandemic and its impact on our operations are continuously evaluated
 

Events after the reporting period

  • Reopening of Pelican Grand took place on May 28th
  • Five new commercial lease agreements were signed with an annual revenue of approximately 3 MSEK and average lease term of 4.6 years

For further information, please contact:

 

Cassandra Jertshagen, CEO

Tel. +46 42 36 12 01

E-mail: cassandra@jefast.se

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This information is information that Jefast Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (596/2014/EU). The information was submitted for publication, through the agency of the contact person set out above CEO Cassandra Jertshagen, at 17:00 CET on 29 May 2020.

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Jefast was founded in 1977 and has since then had its headquarter in Höganäs, Skåne. Jefast owns and develops properties in Höganäs and Helsingborg and its close surroundings, as well as a hotel in Fort Lauderdale, Florida USA. The company owns a total of 74,825 square meters including both commercial and residential properties in Sweden as well as a hotel in Florida.

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