Earnings Release • Aug 19, 2016
Earnings Release
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"Qrf's real estate portfolio continued to expand in the first half of 2016 and reached a Fair Value of 245 MEUR. More than 70% of the portfolio is located in 10 major cities in Belgium. Supported by the expansion of the portfolio, the net current result increased by 5.3% in the first half of 2016 to 0.81 EUR per share. On this basis, Qrf expects a gross dividend of 1.32 EUR – 1.34 EUR per share for 2016."
– Anneleen Desmyter, Qrf CEO
Overview of H1 2016 results:
1 On the basis of Contractual rents on annual basis.
| Net current result | Net rental income | Fair Value of the real estate portfolio |
Occupancy rate 98.37 % |
|---|---|---|---|
| 3.62 MEUR 0.81 EUR per share |
6.51 MEUR | 245.01 MEUR | Occupancy rate (excl. rental guarantees on vacant property) 97.23 % |
| Portfolio spread | Expected gross dividend |
NAV per share | ) Debt ratio |
| 84 % (inner-city) 16 % (periphery) |
1.32 – 1.34 EUR per share |
23.03 EUR (IFRS) 23.70 EUR (EPRA) |
51.05 % |
In the course of the first half of 2016, Qrf acquired RIGS SA, a company owning two retail units in Hasselt entirely let to H&M and The Sting. The property is located in the Demerstraat, part of Hasselt's "Golden Mile" and thus acquiring it is a logical execution of Qrf's investment strategy.
The acquisition was realised by the take-over and partial contribution in kind of the shares of the company RIGS SA. The purchase price of the shares was based on an investment value for the property of 27.8 MEUR. The property generates an annual rental income of 1,374 KEUR.
| Date of transaction |
City | Address | Tenant(s) | Total gross surface | Annual rental income |
|---|---|---|---|---|---|
| 30 June 2016 | Hasselt | Demerstraat 21-25 | H&M, The Sting | 3,903 m² | 1,374 KEUR |
In the same period, Qrf sold two smaller non-strategic properties located in Geraardsbergen (Oudenaardsestraat 17) and Maasmechelen (Pauwengraaf 69-71). The net sale price totalled 1.83 MEUR and was above the latest Fair Value set at 30 December 2015.
As a result of these transactions, the total Fair Value of Qrf's real estate portfolio rose to 245.01 MEUR at 30 June 2016. More than 70% of Qrf's portfolio is located in 10 major cities in Belgium (Antwerp, Brussels, Liège, Gent, Hasselt, Bruges, Aalst, Namur and Mechelen). The share of inner-city properties reaches 84% of the portfolio.
In its portfolio of 142 units on 41 sites, Qrf succeeded in maintaining a high Occupancy rate over the first half of 2016. On 30 June 2016, the portfolio's Occupancy rate was 98.37% (vs. 98.44% on 30 December 2015). The Occupancy rate (excluding rental guarantees on vacant property) was 97.23% (vs. 97.18% at 30 December 2015).
The majority of rental guarantees on vacant property granted to Qrf by former sellers and to which Qrf called upon as of 30 June 2016 expire mostly at the end of December 2016. The amount involved here is around 166 KEUR.
In the first half of 2016, Qrf welcomed "The Sting" to its portfolio as a new tenant. The Sting - Network of Brands - is a Dutch clothing chain with outlets in major Belgian, German, English and Dutch cities. Furthermore, the share of H&M in Qrf's portfolio increased to 17.7%2 , spread over 5 sites, which makes H&M the most important tenant of Qrf.
As the result of the partial contribution in kind, within the limits of Qrf's authorised capital, the company strengthened its shareholders' equity by 7.94 MEUR over the first half of 2016. As a result, 325,466 new Qrf shares were issued and the Qrf's capital increased to 111.79 MEUR (as of 30 June 2016).
| Date | Contribution in kind of | Located in | Value of the contribution |
Increase under "Capital" heading |
Increase under "Share premiums" heading |
|---|---|---|---|---|---|
| 30 June 2016 | A part of the shares of RIGS SA, owner of a commercial property |
Hasselt (Demerstraat 21-25) |
7.94 MEUR | 7.57 MEUR | 0.37 MEUR |
In May 2016, Qrf embarked on a search for the "Retailer of the Year Belgium 2016-2017". This prize has been awarded since 2006 on the basis of an independent consumer survey. This year, Qrf decided to lend its name to the event as a sponsor.
The search for the successor to 2015 winner Bel&Bo began in May 2016. The winners of each category will be announced on 22 September 2016 at RetailDetailDay. This will be followed by the announcement of the overall winner, the "Retailer of the Year 2016".
The "Retailer of the Year" prize is awarded in nine European countries and Russia. ABN-AMRO is the main sponsor of the Dutch edition.
The survey is conducted in conjunction with Q&A, the organiser of the contest.
In becoming the main sponsor, Qrf hopes to increase its insight in the latest European and international trends in retailing, price levels, innovation, staff skills, product assortment, etc., enabling it to integrate the latest insights into its investment strategy.
2 On the basis of Contractual rents on annual basis.
Qrf launched a new website in the first half of 2016, designed specifically to provide Qrf's various business partners (retailers, investors, suppliers, public authorities, etc.) with optimal information. The Qrf homepage www.qrf.be is mainly focused on Qrf's main business activity, i.e. the letting of inner-city retail premises to retailers, and gives access to investor.qrf.be, a section specifically for investors.
| Consolidated real estate portfolio | 30/06/2016 | 30/12/2015 | |
|---|---|---|---|
| Fair Value the real estate portfolio3 | (KEUR) | 245,014 | 218,844 |
| Total gross surface | (m²) | 89,720 | 86,957 |
| Contractual rents on an annual basis (including rental guarantees on vacant property) |
(KEUR) | 14,293 | 12,910 |
| Contractual rents on an annual basis (including rental guarantees on vacant property) + estimated rental value of vacant property that is not covered by a rental guarantee |
(KEUR) | 14,530 | 13,115 |
| Gross portfolio yield4 | 5.83 % | 5.90 % | |
| Occupancy rate5 | 98.37 % | 98.44 % | |
| 6 Occupancy rate (excl. rental guarantees on vacant property) |
97.23 % | 97.18 % |
| Consolidated balance sheet | 30/06/2016 | 30/12/2015 | |
|---|---|---|---|
| Shareholders' equity (excl. minority interests) | (KEUR) | 110,742 | 104,541 |
| Debt ratio (in accordance with the RREC Act)7 | 51.05 % | 49.27 % |
| Consolidated profit-and-loss account | 30/06/2016 | 30/06/2015 | |
|---|---|---|---|
| Net rental income | (KEUR) | 6,514 | 4,320 |
| Operating result before result on the portfolio | (KEUR) | 5,055 | 3,379 |
| Operating margin | 77.6 % | 78.2 % | |
| Portfolio result | (KEUR) | 268 | 33 |
| Financial result | (KEUR) | -1,292 | -861 |
| Net result (group share) | (KEUR) | 3,888 | 2,550 |
| Adjustment for Portfolio result | (KEUR) | -268 | -33 |
| Adjustment for Variations in the fair value of the financial assets and | (KEUR) | 0 | 0 |
| liabilities (non-effective interest rate hedging - IAS 39) | |||
| Net current result (group share)8 | (KEUR) | 3,623 | 2,517 |
| Key figures per share | 30/06/2016 | 30/06/2015 | |
|---|---|---|---|
| Total number of shares outstanding at the end of the period | 4,808,517 | 3,466,008 | |
| Weighted average number of shares9 | 4,483,051 | 3,279,277 | |
| Net result per share | (EUR) | 0.87 | 0.78 |
| Net current result per share10 | (EUR) | 0.81 | 0.77 |
| Closing price of the share at the end of the period | (EUR) | 27.14 | 25.04 |
| Net asset value per share (IFRS) | (EUR) | 23.03 | 22.71 |
| Premium/discount on the IFRS net asset value (end of period) | 17.8 % | 10.3 % | |
| Net asset value per share (EPRA) | (EUR) | 23.70 | 23.2111 |
| Premium/discount on the EPRA net asset value (end of period) | 14.5 % | 6.2 % |
11 In the H1 2015 Report a Net Asset Value per share (EPRA) of 23.58 EUR was recorded at 30 June 2015. This figure was adjusted to 23.21 EUR. This adjustment is the result of not taking up exit tax provisions in the EPRA Net Asset Value per share.
3 The 'Fair Value' of the real estate portfolio is the investment value as defined by an independent chartered surveyor, from which the transfer costs are deducted. The Fair Value is equivalent to the book value under IFRS.
4 Gross portfolio yield = (Contractual rents on an annual basis including rental guarantees on vacant property) / (Fair value of the real estate portfolio).
5 Occupancy rate = (Contractual rents on an annual basis including rental guarantees on vacant property) / (Contractual rents on an annual basis including rental guarantees on vacant property plus the estimated rental value of vacant property that is not covered by a rental guarantee).
6 Occupancy rate (excluding rental guarantees on vacant property) = (Contractual rents on an annual basis) / (Contractual rents on an annual basis including rental guarantees on vacant property plus the estimated rental value of vacant property that is not covered by a rental guarantee).
7 Calculated in accordance with the Royal Decree of 13 July 2014 pursuant to the Regulated Real Estate Companies Act of 12 May 2014.
8 The net current result (group share) is the net result (group share) excluding the portfolio result and the variations in the fair value of the non-effective interest rate hedges.
9 Shares are counted pro-rata temporis from the time of issue. The time of issue differs in this case from the time of profit-sharing.
10 Calculated on the basis of the weighted average of total shares
The Net rental income rose by 50.8% from 4.32 MEUR (30 June 2015) to 6.51 MEUR (30 June 2016). This is attributable mainly to the acquisition of additional properties since 30 June 2015 and the full contribution in the first half of 2016 of properties that Qrf purchased in the first half of 2015.
The operating result before the result on the portfolio rose to 5.06 MEUR in the first half of 2016, up 49.6% over that of the first half of 2015 (3.38 MEUR). The operating margin was 77.6%.
The portfolio result for the first half of 2016 is 0.27 MEUR.
The financial result dropped from -0.86 MEUR in the first half of 2015 to -1.29 MEUR in the first half of 2016. This decrease is attributable to an increase in drawn credit lines. Qrf's average financing cost was 2.33% in the first half of 2016. Qrf has not recorded any negative variation in the fair value of financial assets and liabilities in the profit-and-loss account because all hedging instruments qualified as effective hedges for IFRS purposes.
The net result (group share) (IFRS) amounts to 3.89 MEUR, or 0.87 EUR per share.
After adjustment for the portfolio result and the variation in the fair value of financial assets and liabilities, Qrf recorded a net current result of 3.62 MEUR for first half of 2016, a rise of 44.0% against the first half of 2015 (2.52 MEUR). The net current result per share rose by 5.3% from 0.77 EUR to 0.81 EUR.
At 30 June 2016, the Fair Value of the real estate portfolio, calculated by independent surveyor Cushman & Wakefield, was 245.01 MEUR, an increase of 12.0% compared with 30 December 2015 (218.84 MEUR). This rise of 26.17 MEUR is due mainly to the acquisition of the site located in Hasselt (Demerstraat 21-25) and the disposal of two non-strategic properties in Geraardsbergen (Oudenaardsestraat 17) and Maasmechelen (Pauwengraaf 69-71). Overall, the portfolio was valued by the chartered surveyor at a gross rental yield of 5.83% (vs. 5.90% at 30 December 2015).
Shareholders' equity (group share), i.e. excluding minority interests, grew by 5.9% from 104.54 MEUR at 30 December 2015 to 110.74 MEUR at 30 June 2016.
The debt ratio increased from 49.27% at 30 December 2015 to 51.05% at 30 June 2016.
The IFRS net asset value per share increased by 1.4% from 22.71 EUR at 30 June 2015 to 23.03 EUR at 30 June 2016. The EPRA net asset value per share rose by 2.1% from 23.21 EUR to 23.70 EUR over the same period. Compared to 30 December 2015, net asset value per share (IFRS) fell 0.29 EUR, mainly as a result of the dividend payment in May 2016.
Despite a challenging retail market, Qrf recorded solid results in the first half of 2016. Recently a number of retailers in the market filed for bankruptcy. However, these recent events had no significant impact on Qrf's results.
Taking these developments into account, Qrf intends to continue the strategic path taken in the previous financial year. This means that Qrf aims to continue growing through the acquisition of retail properties in "Golden Mile" shopping areas, i.e. inner-city streets with major catchment areas. In doing so, Qrf is targeting cities with a catchment area of at least 50,000 consumers and specific streets with high numbers of footfall.
Qrf believes in retailers with strong business concepts that offer their customers a unique shopping experience. Closely combining online and offline shopping is crucial.
Maintaining close contacts with retailers and cities they are located in remains an important barometer for Qrf. Notwithstanding its long-term view of retail, Qrf continues to be cautious with regard to the uncertain economic and geopolitical climate in the short to medium term.
Based on the existing portfolio and currently known information, the company expects to pay a gross dividend of 1.32 EUR - 1.34 EUR per share for 2016 (compared to 1.32 EUR for 2015).
| Date | |
|---|---|
| Publication of the Q3 2016 update | 10/11/2016 |
| Press release on the 2016 annual results | 22/02/2017 |
| Publication of the annual report for the 2016 financial year | 14/04/2017 |
| Publication of the Q1 2017 update | 10/05/2017 |
| Annual General Meeting of Shareholders | 16/05/2017 |
| Dividend 2015 – Ex date (*) | 18/05/2017 |
| Dividend 2015 – Record date (*) | 19/05/2017 |
| Dividend 2015 – Payment date (*) | 22/05/2017 |
| Publication of H1 2017 results | 23/08/2017 |
| Publication of the Q3 2017 update | 15/11/2017 |
* Should the decision be taken to pay an optional dividend, this will be announced in a separate press release; where necessary with a revised financial calendar.
The Company Auditor has confirmed that the accounting data included in this press release does not raise any reservations on his part and correspond to the half-yearly accounts prepared by the Board of Directors.
This press release contains forward-looking statements involving risks and uncertainties, including statements regarding Qrf's plans, targets, expectations and intentions. Readers are reminded that such forward-looking statements involve known and unknown risks and are subject to major corporate, economic and competitive uncertainties to a large extent outside the control of Qrf. Should one or more of these risks or uncertainties materialise, or should assumptions used prove incorrect, the final results could substantially vary from those anticipated, expected, estimated or projected. Qrf consequently assumes no responsibility for the accuracy of these forecasts.
Anneleen Desmyter (CEO) [email protected] +32 3 233 52 46 +32 476 98 21 94
Preben Bruggeman (CFO) [email protected] +32 496 15 80 44
Bert Weemaes (COO) [email protected] +32 477 47 79 11
Click here for high-resolution photos of our portfolio (or part thereof) and management.
Qrf is a listed Belgian REIT (GVV or SIR) specialising in the niche market of retail properties. More specifically, the company focuses on the acquisition, development and leasing of centrally located city premises, within areas known as the "Golden Mile" – inner-city streets with major catchment areas. In doing so, Qrf targets cities with a catchment area of at least 50,000 consumers and specific streets with high numbers of footfall. At 30 June 2016, the real estate portfolio consisted of 41 retail properties with a total fair value of 245 MEUR.
Qrf has been listed on Euronext Brussels (QRF:BB) since December 2013. At 30 June 2016, the company's market capitalisation was 130 MEUR.
For more information and the latest press releases, please visit our website: www.qrf.be or our LinkedIn page:
| Figures in thousands of EUR | 30/06/2016 | 30/06/2015 | |
|---|---|---|---|
| (+) | I. Rental income | 6,520 | 4,374 |
| (+) | II. Writebacks carried forward and discounted rents | 0 | 0 |
| (+/-) | III. Rental-related expenses | -6 | -54 |
| NET RENTAL INCOME | 6,514 | 4,320 | |
| (+) | IV. Recovery of property charges | 0 | 0 |
| (+) (-) |
V. Recovery of rent charges and taxes normally borne by the tenant on the leased buildings VI. Costs payable by tenants and borne by the landlord for rental damage and refurbishment at end |
17 0 |
214 0 |
| of lease | |||
| (-) | VII. Charges and taxes normally payable by tenants on let properties | 28 | -180 |
| (+/-) | VIII. Other rental-related income and expenditure | 0 | 0 |
| PROPERTY RESULT | 6,559 | 4,354 | |
| (-) | IX. Technical costs | -112 | -29 |
| (-) | X. Commercial costs | -51 | -40 |
| (-) | XI. Charges and taxes on un-let properties | -44 | -35 |
| (-) | XII. Real estate management costs | -230 | -157 |
| (-) | XIII. Other real estate charges | 0 | 0 |
| PROPERTY CHARGES | -437 | -261 | |
| OPERATING PROPERTY RESULT | 6,122 | 4,093 | |
| (-) | XIV. Corporate operating charges | -1,067 | -714 |
| (+/-) | XV. Other operating charges and income | 0 | 0 |
| OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO | 5,055 | 3,379 | |
| (+/-) | XVI. Result on disposal of investment properties | 59 | 0 |
| (+/-) | XVII. Result on disposal of other non-financial assets | 0 | 0 |
| (+/-) | XVIII. Variations in the fair value of investment properties | 209 | -230 |
| (+/-) | XIX. Other result on the portfolio | 0 | 263 |
| PORTFOLIO RESULT | 268 | 33 | |
| OPERATING RESULT | 5,323 | 3,412 | |
| (+) | XX. Financial income | 9 | 2 |
| (-) | XXI. Net interest charges | -1,238 | -800 |
| (-) | XXII. Other financial charges | -63 | -63 |
| (+/-) | XXIII. Variations in the fair value of financial assets and liabilities | 0 | 0 |
| FINANCIAL RESULT | -1,292 | -861 |
12Basic assumptions the figures at 30 June 2016: The financial statements concerning the period ending 30 June 2016 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as approved and adopted by the European Commission. This financial report should be read in connection with the financial statements for the financial year ending 30 December 2015. In the first half of 2016, Qrf SCA did not use any other IFRS standard or different interpretation, and the assessment rules used to prepare the financial statements are the same as those used for the financial year ending 30 December 2015. The figures published in this annual report are consolidated figures; holdings and subsidiaries have been consolidated under the relevant legislation.
| Figures in thousands of EUR PRE-TAX RESULT |
30/06/2016 4,031 |
30/06/2015 2,551 |
|
|---|---|---|---|
| (+/-) | XXV. Corporation tax | -142 | -2 |
| (+/-) | XXVI. Exit tax | 0 | 0 |
| TAXES | -142 | -2 | |
| NET RESULT | 3,888 | 2,549 |
| Attributable to: | ||
|---|---|---|
| Group shareholders | 3,892 | 2,550 |
| Minority interests | -3 | -1 |
| Explanation: | ||
|---|---|---|
| NET CURRENT RESULT (GROUP SHARE) * | 3,623 | 2,517 |
| RESULT ON THE PORTFOLIO | 268 | 33 |
* The net current result (group share) is the net result (group share) excluding the portfolio result and the changes in the fair value of noneffective hedges.
| Figures in thousands of EUR | 30/06/2016 | 30/06/2015 |
|---|---|---|
| I NET RESULT Note |
3,888 | 2,549 |
| II OTHER ELEMENTS OF THE OVERALL RESULT |
- 1,005 | -19 |
| (+/-) B. Variations in the fair value of financial assets and liabilities (effective hedges) in a cash flow hedge as defined under IFRS |
-1,005 | -19 |
| OVERALL RESULT | 2,883 | 2,530 |
| Attributable to: | ||
| Group shareholders | 2,886 | 2,531 |
| Minority interests | -3 | -1 |
| 30/06/2016 | 30/06/2015 | |
|---|---|---|
| Number of ordinary shares outstanding at the end of the period | 4,808,517 | 3,466,008 |
| Weighted average number of shares during the period | 4,483,051 | 3,279,277 |
| Net current result– group share (in EUR) | 0.81 | 0.77 |
| Portfolio result per share – group share (in EUR) | 0.06 | 0.01 |
| NET RESULT PER ORDINARY SHARE – GROUP SHARE (in EUR) | 0.87 | 0.78 |
| DILUTED NET RESULT – GROUP SHARE (in EUR) | 0.87 | 0.78 |
| Figures in thousands of EUR | 30/06/2016 | 30/12/2015 |
|---|---|---|
| ASSETS | ||
| I . FIXED ASSETS | 245,040 | 218,874 |
| A Goodwill | 0 | 0 |
| B Intangible fixed assets | 0 | 0 |
| C Investment properties | 245,014 | 218,844 |
| D Other tangible fixed assets | 27 | 31 |
| E Financial fixed assets |
0 | 0 |
| F Financial leasing receivables |
0 | 0 |
| G Trade receivables and other fixed assets | 0 | 0 |
| H Deferred taxes – assets | 0 | 0 |
| I Participations in the result of associates and joint ventures, equity method | 0 | 0 |
| II. CURRENT ASSETS |
5,785 | 4,521 |
| A Assets intended for sale | 0 | 0 |
| B Current financial assets | 0 | 0 |
| C Finance leasing receivables | 0 | 0 |
| D Trade receivables | 183 | 583 |
| E Tax receivables and other current assets | 278 | 227 |
| F Cash and cash equivalents | 5,205 | 3,600 |
| G Accruals – assets | 119 | 110 |
| TOTAL ASSETS | 250,825 | 223,395 |
| EQUITY | 111,028 | 104,831 |
|---|---|---|
| I. Equity attributable to the shareholders of the parent company | 110,742 | 104,541 |
| A Capital | 111,711 | 104,192 |
| B Issue premiums | 1,253 | 883 |
| C Reserves | -6,113 | -5,115 |
| D Net result for the financial year | 3,892 | 4,582 |
| II. Minority interests | 287 | 290 |
| LIABILITIES | 139,797 | 118,564 |
| I. Non-current liabilities | 131,274 | 112,997 |
| A Provisions | 0 | 0 |
| B Non-current financial debts | 119,868 | 104,853 |
| a. Credit institutions | 119,868 | 104,853 |
| b. Financial leasing | 0 | 0 |
| C. Other | 0 | 0 |
| C Other non-current financial liabilities | 3,068 | 2,063 |
| D Trade debts and other non-current debts | 0 | 0 |
| E Other non-current liabilities | 80 | 80 |
| F Deferred taxes - liabilities | 8,258 | 6,001 |
| II. Current liabilities | 8,523 | 5,567 |
| A Provisions | 0 | 0 |
| B Short-term financial debts | 3,000 | 1,000 |
| a. Credit institutions | 3,000 | 1,000 |
| b. Financial leasing | 0 | 0 |
| c. Other | 0 | 0 |
| C Other short-term financial liabilities | 0 | 0 |
| D Trade debts and other short-term debts | 3,394 | 2,701 |
| E Other short-term liabilities | 1,699 | 1,422 |
| F Accruals – liabilities | 430 | 444 |
| TOTAL EQUITY AND LIABILITIES | 250,825 | 223,395 |
Regulated information Embargo: 19/08/2016 - 18:00h
| Figures in thousands of EUR | 30/06/2016 | 30/06/2015 |
|---|---|---|
| CASH AND CASH EQUIVALENTS AT START OF PERIOD | 3,600 | 2,835 |
| 1. Cashflow from business activities | 2,592 | 2,951 |
| Net result | 3,888 | 2,542 |
| Interests paid and bank charges | -114 | 0 |
| Adjustment of the result for non cash-flow transactions | 425 | -24 |
| - Depreciation on intangible and other material fixed assets | 9 | 9 |
| - Result on the disposal of investment properties | -59 | 0 |
| - Increase/decrease in provisions (+/-) | 743 | 0 |
| - Variation in the fair value of real estate investments and project developments | -268 | 580 |
| - Other result on the portfolio | 0 | -613 |
| Variations in the working capital requirement: | -1,608 | 433 |
| Movement of assets: | 501 | 816 |
| - Trade receivables | 509 | 408 |
| - Tax receivables and other current assets | 0 | 327 |
| - Accruals | -8 | 81 |
| Movement of liabilities: | -2,108 | -383 |
| - Other non-current liabilities | 0 | -6 |
| - Deferred taxes – liabilities | -1,523 | 1 |
| - Trade debts and other short-term debts | -647 | -299 |
| - Other short-term liabilities (incl. tax debts) | -9 | -94 |
| - Accruals | 72 | 15 |
| 2. Cashflow from investment activities | 4,236 | -9,854 |
| Acquisitions of intangible and other tangible non-current assets | -5 | -5 |
| Acquisitions of shares in real estate companies | 2,412 | -2,671 |
| Acquisitions of real estate | 0 | -7.,180 |
| Revenues from the disposal of investment properties | 1,829 | 0 |
| Bank interest received | 0 | 2 |
| 3. Cashflow from financing activities | -5,223 | 7,936 |
| Repayment (-) Drawdown (+) of straight loans and other loans | -18,663 | -498 |
| Income from the issue of shares | 0 | 4,727 |
| Taking out of new loans | 18,000 | 8,000 |
| Payment of dividends | -4,575 | -4,255 |
| Payment of transaction costs | 15 | -38 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 5,205 | 3,867 |
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