New Amsterdam Invest N.V. annual results and annual report 2024
AMSTERDAM, April 25, 2025 /PRNewswire/ -- New Amsterdam Invest N.V. (the "Company", or "New Amsterdam Invest", or "NAI"), a Dutch commercial real estate company listed on Euronext Amsterdam, announces its annual results and annual report for the financial year 2024, today.
Aren van Dam, ceo New Amsterdam Invest commented:
"With modest pride we report on New Amsterdam Invest 2024 results. An operational result of € 9.4 million in our first full year of operation. The operational results for 2024 is significantly positive impacted by valuation differences. These valuation differences amount to € 3.5 million mainly related to Interra Remington, an investment property acquired on 1 November 2024. The result for 2024 amounts to a profit of € 5.2 million.
The Company operates in a challenging environment with risks of significant currency exchange differences, partly due to the present turbulent economic conditions. However we do currently not encounter significant impact on our tenants.
New Amsterdam Invest wants to position itself as a dividend stock. As a consequence we aim to meet our financial and quantitative parameters as set out at listing, which among others includes a yearly dividend pay-out between 4.5% and 6.5% of the Company's equity value.
As management we are confident to build NAI further and to be well on track to realize the articulated financial objectives of the Company."
Financial Highlights
- Rental Income 2024: € 11.1 million
- Net Rental Income 2024: € 7.6 million
- Result for 2024 after non-controlling interest: € 2.7 million
- Earnings per ordinary share: € 0.51
- Total investment property 2024YE: € 128.7 million
- Total Equity 2024YE: € 54.7 million
- Cash generated from operation 2024: € 3.1 million
- Solvency 2024YE: 40.2%
Strategic Highlights
In line with its strategy, NAI acquired a second investment property in the USA on 1 November 2024. This property with an expected rental income 2025 of € 6 million and an annual profit before tax of € 3 million, will contribute significantly to the Company's result, although approximately 41% of the result will be allocated to the minority interest held by our local business partner.
Outlook 2025
For 2025 NAI expects to be profitable and well on track to realize the financial objectives the Company as previously articulated. More specific, NAI reiterates that its current portfolio should enable it to realise a net rental income in the financial year 2025 of approximately 11.6 million and an annual result before tax of € 5 million, excluding potential impact of revaluation of investment property, exchange rate differences, minority share(s), and the results from the acquisition of new investment property.
Business overview 2024
The results from group companies have been included and consolidated within the Company's results. The net rental income including service expenses charged amounts to € 7.6 million. The result before taxation for the financial year 2024 amounts to a profit of € 6.8 million. Included in this profit are the positive valuation differences 2024 in the amount of € 3.5 million.
Further we note that the expected loss on the VAT receivable to the amount of € 330k, as included in the general and other expenses, has been charged to the result in the financial year 2023 and has been fully released in 2024, which results in a comparable difference of € 660k.
Property portfolio
On 1 November 2024, the company acquired the property Interra Remington, Houston USA, via one of its subsidiaries, bringing the total investment properties in the Company's portfolio to seven; five properties in the UK and two properties in the USA, all held by local group companies.
The breakdown of the investments per property at Year-End is as follows: | |||
In €1.000 | 2024 | 2023 | |
Somerset House, Birmingham | 18.490 | 16.841 | |
Interra One Park Ten, Houston | 17.641 | 17.948 | |
Travelodge, Edinburgh | 13.907 | 11.569 | |
Sutherland House, Glasgow | 9.190 | 10.475 | |
Blythswood Square, Glasgow | 10.557 | 10.360 | |
Forthstone, Edinburgh | 10,738 | 10.222 | |
Interra Remington, Houston | 48.141 | 0 | |
Total investments at fair value | 128.664 | 77.416 | |
Of the total 2024 rental and service charge income of € 11.1 million, 57% was generated in the UK and 43% in the USA.
Cash flow, and cash position
The cash flow from operating activities 2024 increased and amounts to €3.1 million (previous year €1.0 million). This cash was used for the payment of the interim dividend, distribution of share premium to shareholders and further investments in existing owned properties.
Cash and cash equivalents decreased by approximately €0.4 million to €5.0 million (rounded) as at 31 December 2024. This decrease is largely driven by available cash at Interra Remington.
Share Capital and Share Price | |||
Number of shares | |||
Type of shares | % | 31 December 2024 | |
Ordinary shares issued to investors, admitted listing and trading | 74.6 | 3.910.250 | |
Ordinary shares issued to the Promoters (Cornerstone Investment), admitted to listing and trading | 24.0 | 1.257.789 | |
Promoter shares | 1.4 | 73.653 | |
Priority shares issued to Sichting Prioriteit New Amsterdam Invest | 0.0 | 5 | |
100.0 | 5.241.697 | ||
Ordinary shares owned by the Company (Treasury Shares) | 943.558 | ||
Shares in total | 6.185.255 | ||
Share capital at €0.04 per share (€ * 1,000) | 247 | ||
The ordinary share price closed at € 9.00 on 31 December 2024 (31 December 2023: € 9.10)
Tax position
The current tax is based on the taxable result per entity for the reporting period. Up to 31 December 2023, the Company recognized losses. As a result of the profit realized during 2024 the net deferred tax asset, as recognised in 2023, decreased with € 333k, which is charged to the result 2024.
The unused tax losses in the amount of € 1.3 million pertain to the Netherlands and the United Kingdom and, as tax laws currently stand, can be carried forward indefinitely.
Events after balance sheet date
No relevant events after the balance sheet date.
Annual General Meeting scheduled for 6 June 2025 DV
The convocation, explanatory notes, written proxy and further documentation for the AGM will be available in Dutch and English. All relevant documents are available in the download section of NAI's website https://www.newamsterdaminvest.nl/#downloads.
The agenda for the AGM includes various items, amongst others, the adoption of the annual accounts as published today, and the reappointment of BDO Audit & Assurance B.V. as external independent auditor of NAI for the fiscal year ending 31 December 2025. Full details of all voting items are published on NAI's website. The annual report of NAI relating to the financial year ending on 31 December 2024 published 16 April 2025, including the financial statements, the reports of the management board and supervisory board and the remuneration report, have also been published on the Company's website.
Financial Calendar
- 25 April 2025, publication Annual Report 2024.
- 25 April 2025, publication Agenda General Meeting of Shareholders 6 June 2025 DV.
- 6 June 2025 DV, General Meeting of Shareholders.
- 29 August 2025, DV half year 2025 results publication.
P&L and Balance Sheet New Amsterdam Invest 2024
An overview of the main financial statements of New Amsterdam Invest in 2024 is provided in the following tables attached to this press release, for more detailed information we refer to the annual report 2024 as published on the NAI website.
1. Statement of Consolidated Financial Position as at 31 December 2024 (2023)
2. Statement of Consolidated Profit and Loss for the Year 2024 (2023)
3. Statement of Consolidated Comprehensive Income for the year 2024 (2023)
4. Consolidated Cash Flow Statement for the year ended 31 December 2024 (2023)
5. Statement of Changes in Equity for the year ended 31 December 2024 (2023)
About New Amsterdam Invest
New Amsterdam Invest N.V. is a Dutch commercial real estate company listed at Euronext Amsterdam with operating companies in the United States and the United Kingdom.
The main objective of New Amsterdam Invest is running commercial activities including the owning, (re-)developing, acquiring, divesting, maintaining, letting out and/or otherwise operating commercial real estate, all in the broadest possible meaning.
All information about New Amsterdam Invest can be found on the company website: www.newamsterdaminvest.com
Disclaimer
Elements of this press release contain or may contain information about New Amsterdam Invest N.V. within the meaning of Article 7(1) to (4) of the EU Market Abuse Regulation.
This press release may include statements, including NAI's financial and operational medium-term objectives that are, or may be deemed to be, ''forward-looking statements''. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ''believes'', ''estimates'', ''plans'', ''projects'', ''anticipates'', ''expects'', ''intends'', ''may'', ''will'' or ''should'' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions.
Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect NAI's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to NAI's business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made.
1. Statement of Consolidated Financial Position | |||
as at 31 December 2024 | |||
(*€1,000) | 31 December 2024 | 31 December 2023 | |
Assets | |||
Non-current assets | |||
Investment property | 128,664 | 77,416 | |
Property, plant and equipment | 3 | 7 | |
Deferred tax assets | 402 | 735 | |
Total non-current assets | 129,069 | 78,158 | |
Current assets | |||
Accounts receivable | 769 | 516 | |
Value added tax receivable | 360 | 10 | |
Current account investors | - | 130 | |
Other assets and prepaid expenses | 1,027 | 146 | |
Cash and cash equivalents | 5,097 | 5,490 | |
Total current assets | 7,253 | 6,292 | |
Total assets | 136,322 | 84,450 | |
1. Statement of Consolidated Financial Position
| ||||
as at 31 December 2024 | ||||
(*€ 1,000) | 31 December | 31 December | ||
Equity and Liabilities | ||||
Equity | ||||
Share capital | 247 | 247 | ||
Share premium | 49,172 | 49,762 | ||
Currency translation reserve | 1,676 | -610 | ||
Legal reserves | 868 | - | ||
General reserves | -5,989 | -5,970 | ||
Attributable to owners of the parent | 45,974 | 43,430 | ||
Non-controlling interest | 8,773 | 840 | ||
Total equity | 54,747 | 44,270 | ||
Non-current liabilities | ||||
Loans bank | 63,720 | 35,393 | ||
Loans related party USA | 5,072 | - | ||
Deferred tax liability | 1,252 | 116 | ||
Total non-current liabilities | 70,044 | 35,509 | ||
Current liabilities | ||||
Trade payables | 425 | 136 | ||
Tax liabilities | 2,049 | 105 | ||
Current account related party | 337 | - | ||
Deferred rental income | 1,179 | 760 | ||
Loans bank | 408 | - | ||
Loans related party USA | 2,340 | 2,201 | ||
Other short-term liabilities | 4,793 | 1,469 | ||
Total current liabilities | 11,531 | 4,671 | ||
Total liabilities | 81,575 | 40,180 | ||
Total equity and liabilities | 136,322 | 84,450 | ||
2. Statement of Consolidated Profit or Loss | |||
for the year ended 31 December 2024 | |||
(*€1,000) | 2024 | 2023 | |
Rental income | 11,112 | 4,586 | |
Direct related costs | -3,560 | -861 | |
Net Rental income | 7,552 | 3,725 | |
Revaluation of investment property | 3,517 | -4,929 | |
Legal and professional fees | 322 | 1,137 | |
Personnel expenses | 826 | 665 | |
Administrative and overhead expenses | 488 | 708 | |
General expenses | 298 | 256 | |
Other expenses | -276 | 852 | |
Total expenses | 1,658 | 3,618 | |
Operating result | 9,411 | -4,823 | |
Financial income and expense | -2,633 | -578 | |
Result before tax | 6,778 | -5,401 | |
Income tax | -1,622 | 605 | |
Result for the period | 5,156 | -4,796 | |
Result attributable to: | |||
Shareholders | 2,647 | -4,907 | |
Non-controlling interest | 2,509 | 111 | |
Result for the period | 5,156 | -4,796 | |
Basic earnings per share (*€1) | 0.51 | -0.97 | |
Diluted earnings per share (*€1) | 0.51 | -0.97 | |
3. Statement of Consolidated Comprehensive Income | |||
for the year ended 31 December 2024
| |||
(*€1,000) | 2024 | 2023 | |
Result for the period | 5,156 | -4,796 | |
Items which may be recycled to profit or loss (net of tax) | |||
Exchange differences | 2,674 | -693 | |
Total comprehensive income | 7,830 | -5,489 | |
Attributable to: | |||
Shareholders | 4,933 | -5,517 | |
Non-controlling interest | 2,897 | 28 | |
Total comprehensive income | 7,830 | -5,489 | |
4. Statement of Consolidated Cash Flows | |||
for the year ended 31 December 2024 | |||
(*€1,000) | 2024 | 2023 | |
Operating activities | |||
Result before tax | 6,778 | -5,401 | |
Adjustments | |||
Depreciation | 5 | 7 | |
Share-based payment expense | - | 84 | |
Reversal of impairment on VAT receivable | -330 | - | |
Revaluation of investment property | -3,517 | 4,929 | |
Interest income and expense | 2,795 | 537 | |
Total adjustments | -1,047 | 5,557 | |
Changes in working capital | |||
Increase in current liabilities | 44 | 1,123 | |
Decrease/(increase) in current assets excluding cash and cash equivalents | -610 | 152 | |
Increase/(decrease) in trade payables | 518 | -61 | |
Total changes in working capital | -48 | 1,214 | |
Cash generated from/(used in) operations | 5,683 | 1,370 | |
Interest paid | -2,637 | -816 | |
Interest received | 78 | 514 | |
Income taxes paid | - | - | |
Cash flow from operating activities | 3,124 | 1,068 | |
Investing activities | |||
Investments in investment property, net of cash acquired | -1,338 | -54,093 | |
Investments in property, plant and equipment | -1 | -1 | |
Release from escrow account | - | 48,437 | |
Cash flow from investing activities | -1,339 | -5,657 | |
Financing activities | |||
Proceeds from additional promoter contribution | - | 335 | |
Repayment of current account related party | - | -104 | |
Proceeds from loans | 530 | 33,827 | |
Repayment of loans | -261 | -23,956 | |
Dividends paid | -2,019 | - | |
Distribution to non-controlling interest | -415 | - | |
Cash flow from financing activities | -2,166 | 10,102 | |
Movement Cash and cash equivalents | -381 | 5,513 | |
Cash and cash equivalents as at 1 January | 5,490 | 16 | |
Exchange differences | -12 | -39 | |
Cash and cash equivalents as at 31 December | 5,097 | 5,490 | |
5. Statement of Consolidated Changes in Equity | ||||||||
for the year ended 31 December 2024 | ||||||||
(*€1,000) | Share | Share | Currency | Legal | General | Total | Non-controlling | Total |
247 | 49,762 | -610 | -5,970 | 43,430 | 840 | 44,270 | ||
Balance at 31 December 2023 | - | |||||||
Result for the year | - | - | - | - | 2,647 | 2,647 | 2,509 | 5,156 |
Other comprehensive income | - | - | 2,286 | - | - | 2,286 | 388 | 2,674 |
Total comprehensive income | - | - | 2,286 | - | 2,647 | 4,933 | 2,897 | 7,830 |
Non-controlling interest acquired | - | - | - | - | - | - | 4,015 | 4,015 |
Transfer to legal reserves | - | - | - | 868 | -868 | - | - | - |
Dividend | - | -590 | - | - | -1,769 | -2,359 | - | -2,359 |
Share-based payment | - | - | - | - | - | - | 1,436 | 1,436 |
Distribution to non-controlling interest | - | - | - | - | - | - | -415 | -415 |
Other | - | - | - | - | -30 | -30 | - | -30 |
Balance at 31 December 2024 | 247 | 49,172 | 1,676 | 868 | -5,989 | 45,974 | 8,773 | 54,747 |
5 Statement of Consolidated Changes in Equity | |||||||
for the year ended 31 December 2023 | |||||||
(*€1,000) | Share | Share | Currency | General | Total | Non-controlling | Total |
247 | 49,419 | - | -1,146 | 48,520 | - | 48,520 | |
Balance at 31 December 2022 | |||||||
Result for the year | - | - | - | -4,907 | -4,907 | 111 | -4,796 |
Other comprehensive income | - | - | -610 | - | -610 | -83 | -693 |
Total comprehensive income | - | - | -610 | -4,907 | -5,517 | 28 | -5,489 |
Non-controlling interest acquired | - | - | - | - | - | 812 | 812 |
Additional promoter contribution | - | 343 | - | - | 343 | - | 343 |
Equity settled share-based payments | - | - | - | 84 | 84 | - | 84 |
Balance at 31 December 2023 | 247 | 49,762 | -610 | -5,970 | 43,430 | 840 | 44,270 |
View original content:https://www.prnewswire.co.uk/news-releases/new-amsterdam-invest-nv-annual-results-and-annual-report-2024-302438558.html