Inside information, profit warning: Toivo Group Plc updates its guidance for 2022 due to updated information on market yield requirements and property sales
Company release, inside information, 13 January 2023 at 2:35 p.m.
Toivo Group Plc (hereinafter referred to as “Toivo” or “the Company”) updates its guidance for 2022.
The Company has received information on the market yield requirements for the turn of the year 2022–2023 from an external valuator as part of a fair value review of its properties. Additionally, the Company has completed property sales at the end of 2022.
As a result, the Company is raising the lower end of its operating profit forecast range to EUR 13 million. The Company expects the operating profit of the financial year of 1 January–31 December 2022 to be EUR 13–18 million. The Company is also updating the fair value of its investment properties and expects the fair value of the investment properties to be EUR 150–165 million at the end of 2022 due to the completed property sales and verification of the fair values of its investment properties.
Previous guidance for the year 2022
• The company expects the operating profit of the financial year of 1 January–31 December 2022 to be EUR 10–18 million.
• The company expects the fair value of investment properties to be EUR 160–170 million (12/2021: 97.6) at the end of 2022.
New guidance for the year 2022
• The company expects the operating profit of the financial year of 1 January–31 December 2022 to be EUR 13–18 million.
• The Company expects the fair value of investment properties to be EUR 150–165 million (12/2021: 97.6) at the end of 2022.
Toivo Group Plc
Board of Directors
Further information
Markus Myllymäki
CEO
Toivo Group Plc
Tel. +358 (0)40 847 6206
[email protected]
Certified Adviser: Danske Bank A/S, Finland branch, tel. +358 (0)50 575 4422
About Toivo
Toivo is a Finnish real estate company that was founded in 2015. Its business consists of project development and long-term ownership of apartments. The Company’s business model is unique as Toivo’s business combines the value chain of real estate business from development and construction to ownership, management and rental of a completed property. Toivo manages the entire life cycle of properties with its own team, from raw land development to tenancy agreement negotiations and property maintenance. This way Toivo is able to generate additional value to its customers, shareholders and stakeholders.
Toivo’s strategy is to develop properties in accordance with the Toivo concept. The properties aim for a strong development margin and a stable and attractive return, and in this way enable long-term ownership and the generation of higher additional value to Toivo’s customers. Toivo has a knowledgeable and experienced team of experts with strong merits in the real estate business. The members of Toivo’s team have been involved in the development and construction of over 17,000 apartments, and they have an average of ten years of experience in the real estate business.
Toivo’s revenue in 2021 was EUR 13.6 million and its operating profit was EUR 15.8 million.
