Danske Spil’s first quarter revenue tops DKK1.27 billion net revenue amounts to DKK 565.6 million against DKK 534.2 million record in 2023.

The year’s operating profit before tax, value adjustments on properties and realized capital gains on interest rate swap agreements amounts to DKK 181.1 million against DKK 185.6 million in 2023.
The total value of investment properties amounts to DKK 10,938.4 million against DKK 10,483.9 million in 2023.

Equity as of December 31, 2024 amounts to DKK 5,167.3 million. corresponding to a solvency ratio of 45.4%. A very stable rental and a very low vacancy rate have been realized throughout 2024.
Find selected key figures from the annual report at the end of this press release.

At Ejendomsselskabet Olav de Linde, we are satisfied with the year’s result, which once again lands strong and stable and in line with expectations. We are pleased that we continue to experience good stability among our customers, which results in a high and satisfactory rental level and very low vacancy rate. This applies to both the commercial and residential markets. It also testifies to loyal and long-term relationships with our customers and other stakeholders, explains Esben Kjeldsen, CEO of Ejendomsselskabet Olav de Linde.

The total value adjustments of investment properties for 2024 amount to a negative amount of -26.4 million. DKK. The amount partly covers positive adjustments to properties in operation due to annual ordinary rent indexations and renovations, which have subsequently raised rent levels. In addition, there are also some write-downs on major development projects due to increased construction costs.

No new properties have been acquired in 2024, and investments in addition to the major projects have been made through the development of existing properties in the company’s portfolio.

The property company Olav de Linde carries out many conversions and renovations over a year, and in addition, there have also been major new buildings under construction in 2024.

• With the high construction costs that continue to be seen in the market, we are aware that we are building relatively expensively right now. However, the core of our business is that we keep the properties that we buy and build. That is why we always choose materials of good, solid quality, because it provides the best end product for our customers and thus also for us. We believe that over time it will prove to be a good decision, says Esben Kjeldsen.

Despite the continued uncertainty in relation to the current geopolitical conditions and the still relatively high interest rates, Ejendomsselskabet Olav de Linde is optimistic about the future.

• We choose to maintain our expectations for the year’s profit before tax and value adjustments of investment properties at the same level as for 2024, so that for the current year we also expect a profit for the year of 175-200 million. DKK, says Esben Kjeldsen.
• Our expectations are based on the fact that in 2025 we are unlikely to increase the income-generating part of the portfolio significantly, but will still develop projects and selected properties. We are privileged in that we are to a sufficiently large extent in control of our future construction projects, as we have a good pipeline for a number of years ahead, he explains.

In the real estate company Olav de Linde, there is more than 50 years of experience as a basis for the efforts related to renovating, transforming, building and renting out commercial properties primarily in Aarhus and Odense and Copenhagen. In recent years, the real estate company has also built a number of newly built rental properties in Aarhus and Odense, so that the company now has approximately 800 residential properties. The company has a property portfolio under rental of almost 530,000 m2 and has approximately 150,000 m2 under development. Including a further approximately 1,000 homes.

The two large ongoing construction projects of KatrineTorvet and the high-rise building on Mindet will together add approximately 75,000 new m2 to the real estate company Olav de Linde’s portfolio during 2027.