Waalre, 14 July 2021 - NAVSTONE SE, listed on the m:access of the Munich Stock Exchange (ISIN NL0009538008 / WKN A1CUJD), reports on its current business performance in the first half of 2021.
In March 2021, the company's Annual General Meeting resolved to change the company's name to NAVSTONE SE and to focus on the real estate sector. At the same time, two additional properties in Dublin were acquired and integrated into the portfolio in the first half of 2021. Irish residential property prices, which were resilient during the Covid 19 pandemic last year, are set to rise by an average of 4 per cent in 2021, according to a survey of chartered surveyors, as supply constraints continue to support valuations. NAVSTONE SE's goal is to build a property portfolio with a total value of approximately EUR 30 million and to achieve stable cash flows and attractive value appreciation for shareholders based on a buy-to-let strategy. Several other real estate projects are currently under review.
Annual Report 2020
Based on a successful 2020 financial year, which closed with a profit of EUR 2.6 million, the NAV per share increased to around EUR 3.30 per share as pf 31 December 2020, based on the 4,579,341 shares outstanding. As of the balance sheet date, this is mainly secured by cash or cash-like positions (EUR 13.4 million).
At the Annual General Meeting in March 2021, the Executive Board was authorized to acquire the company's own shares for a period of 18 months. In particular shareholders who did not want to support the strategic realignment of the company were to be given the opportunity to sell their shares to the company.
The company bought back a total of 95,906 of its own shares in the first half of 2021. This reduces the number of shares issued to 4,483,435 as of 30 June 2021. The management has set itself the goal of closing the difference between NAV and share price in the long term and plans to buy back further shares on the stock exchange.
The Board of Management and Supervisory Board of NAVSTONE SE on July 12, 2021 resolved to propose a dividend of Euros 0.10 per share for the 2020 financial year at the Annual General Meeting. The invitation of Annual General Meeting will be announced in due course and is expected to take place at the beginning of August 2021.
By paying out a dividend for the first time, the Board of Management and the Supervisory Board want to set an example and let the shareholders participate in the company's success. The stable and sustainable business model of the company will also allow an attractive dividend policy in the future. From 2021 onwards it is planned to distribute the dividend in two tranches as an interim dividend in Q4 of the respective financial year and a final dividend, which will be resolved at the Annual General Meeting. Depending on the course of business in the fourth quarter of the 2021 financial year, the Executive Board and the Supervisory Board plan to distribute an interim dividend of probably 0.05 euros per share. The total dividend for the 2021 financial year, taking into account the interim dividend, will be resolved at the Annual General Meeting in 2022.
In the first half of 2021 a significant positive result was achieved. The Executive Board expects equity to amount to around EUR 16.6 million as of 30 June 2021. The NAV per share based on the 4,483,435 outstanding shares will increase to around EUR 3.70 per share as of 30 June 2021.
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