Papirfabrikken Invest (PFINV) H2 2024 earnings summary

Executive summary

• Achieved a record net profit of 144.0 million DKK for 2024, up from 32.8 million DKK in 2023, driven by the sale of 80% of Silkeborg IF A/S and strong property earnings.

• Revenue from continuing operations reached 74.7 million DKK, with stable property income and a challenging year for the hotel segment.

• The company transitioned to a pure holding structure, focusing on real estate and hotel operations, with a 20% stake in Silkeborg IF A/S as an associate.

• Board proposes a dividend of 99 million DKK (10 DKK per share) following the major asset sale.

Financial highlights

• Net profit: 144.0 million DKK (2023: 32.8 million DKK); includes 139.3 million DKK from discontinued football operations.

• EBIT from continuing operations: 21.6 million DKK (2023: 27.6 million DKK); EBIT margin 29%.

• Revenue: 74.7 million DKK (2023: 73.6 million DKK); property segment stable, hotel segment down.

• Cash flow from operations: -63.5 million DKK, mainly due to receivables from the asset sale; investing cash flow +145.6 million DKK.

• Equity: 492.6 million DKK (2023: 348.6 million DKK); total assets: 857.9 million DKK.

Outlook and guidance

• 2025 pre-tax profit expected in the range of 15–25 million DKK before property fair value adjustments, on revenue of 75–80 million DKK.

• Hotel segment expected to improve after major renovation completes in April 2025.

• Property segment to maintain high occupancy and stable earnings.

• 20% stake in Silkeborg IF A/S expected to contribute between -2 and +2 million DKK to 2025 results.