Fleming Properties (FLMNG) Q3 2024 earnings summary

Executive summary

• Revenue for Jan–Sep 2024 increased to €5,745k from €5,520k year-over-year, with Q3 revenue at €1,929k versus €1,902k last year.

• Operating net for Jan–Sep was €4,559k (up from €4,384k), but management result fell to €2,423k from €3,038k due to higher financing costs.

• Net result for Jan–Sep improved to -€1,729k from -€2,199k; Q3 net result was €329k, down from €831k in Q3 2023.

• Loan-to-value ratio decreased to 47% (from 63%) after refinancing and debt reduction in Q3; total debt now €52m with 2.5 years maturity.

• New 5-year lease for 438 sqm signed post-period, with occupancy at 92% and 97% of rental value tied to SOK leases.

Financial highlights

• Jan–Sep 2024: Revenue €5,745k (+4%), operating net €4,559k (+4%), management result €2,423k (-20%), net result -€1,729k (+21%).

• Q3 2024: Revenue €1,929k (+1%), operating net €1,583k (+2%), management result €391k (-64%), net result €329k (-60%).

• Property market value at period end: €110.6m (down from €123.6m year-over-year).

• Cash flow from operations Jan–Sep: €2,942k (up from €2,383k); cash at period end €10,979k.

• Equity increased to €63.3m after new share issue.

Outlook and guidance

• Management expects continued stable operations, with positive but cautious outlook amid a challenging rental market.

• Ongoing tenant adaptations for OleFit's 15-year lease expected to complete around year-end.