Interim report for Q1 2020
PARKEN Sport & Entertainment has released an interim report for the first quarter of 2020.
Management's Review - Summary January 1 - March 31, 2020
- Group revenue was DKK 129.6 million, compared to DKK 131.8 million in the same period last year, and the primary result was DKK -72.3 million compared to DKK -23.2 million during the same period last year. The development in primary profit is mainly attributable to value adjustment of Investment Properties of DKK -37.5 million. (Q1 2019: DKK 0.0 million).
- The result of transfer activities in the first quarter of 2020 amounted to DKK -16.5 million. (Q1 2019: DKK -0.5 million).
- Special items amounted to DKK +7.4 million. (Q1 2019: DKK 0.0 million) and includes compensation from public assistance packages in connection with COVID-19.
- Financial items amounted to DKK -9.2 million. (Q1 2019: DKK -14.4 million).
- Profit before tax amounted to DKK -93.2 million compared to DKK -39.5 million from continuing operations in the same period last year. Total profit for the period was DKK -72.7 million compared to DKK -30.8 million during the same period last year.
- The Group's net interest-bearing debt per share on March 31, 2020 amounted to DKK 1,075.1 million (as of December 31, 2019: DKK 991.2 million).
- The Group's capital resources were DKK 100.2 million as of March 31, 2020 compared to DKK 278.2 million as of December 31, 2019. In April 2020, the Group's cash resources were strengthened by a further DKK 440.0 million, of which DKK 240 million can be attributed to the initiated establishment of a Lalandia in Søndervig on the west coast of Jutland.
COVID-19
On March 12, 2020, Lalandia's activities shut down as a result of the COVID-19 pandemic, and the same day F.C. Copenhagen played their last match as the team at Turkish side Istanbul Basaksehir in the last-16 of the UEFA Europa League.
Due to the continued impact of the COVID-19 pandemic on the Group's activities in relation to the general economic uncertainty, PARKEN Sport & Entertainment A/S suspended its expectations for 2020 on 21 March 2020 (company announcement 06/2020). The previous expectations announced on 4 March, 2020 in connection with the publication of the 2019 annual report were revenue of DKK 900 to DKK 950 million and a profit before tax of DKK 0 to DKK 20 million.
Given the uncertainty that is associated with when the Group can resume its activities as usual, PARKEN Sport & Entertainment is not currently able to assess the impact of the current closure measures on the Group's profit for 2020.
PARKEN Sport & Entertainment A/S's expectations for 2020 will be updated as soon as it is possible to assess the impact of COVID-19.