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 EUR 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 EUR 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 EUR 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: EUR 11.1 million -- Net Rental Income 2024: EUR 7.6 million -- Result for 2024 after non-controlling interest: EUR 2.7 million -- Earnings per ordinary share: EUR 0.51 -- Total investment property 2024YE: EUR 128.7 million -- Total Equity 2024YE: EUR 54.7 million -- Cash generated from operation 2024: EUR 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 EUR 6 million and an annual profit before tax of EUR 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 EUR 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 EUR 7.6 million. The result before taxation for the financial year 2024 amounts to a profit of EUR 6.8 million. Included in this profit are the positive valuation differences 2024 in the amount of EUR 3.5 million.

Further we note that the expected loss on the VAT receivable to the amount of EUR 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 EUR 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 EUR1.000 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 EUR 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 EUR3.1 million (previous year EUR1.0 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 EUR0.4 million to EUR5.0 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 EUR0.04 per share (EUR * 1,000) 247

The ordinary share price closed at EUR 9.00 on 31 December 2024 (31 December 2023: EUR 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 EUR 333k, which is charged to the result 2024.

The unused tax losses in the amount of EUR 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

(*EUR1,000) 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

(*EUR 1,000) 31 December 31 December 2024 2023

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

(*EUR1,000) 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 (*EUR1) 0.51 -0.97

Diluted earnings per share (*EUR1) 0.51 -0.97

3. Statement of Consolidated Comprehensive Income

for the year ended 31 December 2024

(*EUR1,000) 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

(*EUR1,000) 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

(*EUR1,000) Share Share Currency Legal General Total Non- controlling Total capital premium Translation reserves reserve attributable to interest Equity Reserve shareholders

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

(*EUR1,000) Share Share Currency General Total Non- controlling Total capital premium Translation reserve attributable to interest Equity Reserve shareholders

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

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CONTACT: New Amsterdam Invest, Cor Verkade, + 31 (0)20 854 6168, or + 31 (0)6 1118 3252/ Info@newamsterdaminvest.com;