PFINVNasdaq CopenhagenReal Estate ServicesIFRS · DKK

PAPIRFABRIKKEN INVEST A/S

PAPIRFABRIKKEN INVEST A/S is a Danish holding and investment company centered on property ownership and development in Silkeborg. Its activities also include hotel- and conference-related operations and a minority interest in Silkeborg IF A/S.

Liikevaihto75,4milj. DKK
+0,9 %v/v
Liikevoitto (EBIT)29,2milj. DKK
+35,0 %v/v
EBIT-marginaali38,7%
+9,8 %-yks.v/v
Nettotulos22,4milj. DKK
−84,5 %v/v
Vapaa kassavirta16,8milj. DKK
+123,6 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

050100150200milj. DKK2020: 87 milj. DKK2020: EBIT 32 milj. DKK20202021: 95 milj. DKK2021: EBIT 15 milj. DKK20212022: 173 milj. DKK2022: EBIT 89 milj. DKK20222023: 140 milj. DKK2023: EBIT 53 milj. DKK20232024: 75 milj. DKK2024: EBIT 22 milj. DKK20242025: 75 milj. DKK2025: EBIT 29 milj. DKK20257529
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Investment properties55 %

Income-producing and development-stage real estate held within the group.

Property development15 %

Projects under construction, including owner-occupied apartments for sale.

Hotel and conference operations20 %

Hospitality-related operating activities tied to the Silkeborg property area.

Parking and ancillary assets5 %

Parking facilities and other supporting real estate assets.

Equity investments5 %

Strategic minority ownership interests, including Silkeborg IF A/S.

Asiakkaat

The company primarily serves tenants and occupiers of its commercial and mixed-use properties in Silkeborg, including offices, professional services, retail, and medical practices. It also sells residential units from its development projects and serves guests or event users through its hotel and conference activities.

Commercial tenants

Businesses leasing offices and mixed-use units for local operations and visible city-center locations.

Professional services

Banks, insurers, and medical practices that value central, well-maintained premises.

Retail and city businesses

Smaller local businesses leasing units in the Papirfabrikken area for customer-facing presence.

Residential buyers

Buyers of owner-occupied apartments developed for sale in the group’s project pipeline.

Hospitality and conference users

Guests and event organizers using the group’s hotel and conference-related facilities.

Strategia

The group’s strategy is to maintain a high standard of property upkeep and tenant service while improving the quality and utility of its real estate portfolio. It also seeks to create value through development projects, long lease structures, and ongoing optimization of property operations in the Silkeborg area.

Strengthen the property portfolioKeskipitkä aikaväli

A better-quality asset base supports tenant retention and long-term value creation.

Preserve stable tenant relationshipsLyhyt aikaväli

Longer leases and well-funded tenants reduce vacancy and income volatility.

Develop residential projects for saleKeskipitkä aikaväli

Project development creates embedded value beyond recurring rental income.

Maantiede

The business is centered in Silkeborg, Denmark, with the Papirfabrikken area as its core operating location. The group’s asset base and tenant relationships are therefore highly concentrated in one Danish market, which makes local demand, regulation, and property values especially important.

Riskit

The company is exposed to property valuation risk because a large part of the asset base is measured at fair value and depends on market assumptions. It also faces concentration risk in Silkeborg, financing and interest-rate sensitivity through mortgage and bank debt, and earnings volatility from its minority stake in Silkeborg IF A/S.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Fair value volatility in investment properties1Interest-rate and financing risk2Geographic concentration in Silkeborg3Volatile associate earnings4Development and sale execution risk5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Fair value volatility in investment propertiesVaikutus: KorkeaTodennäköisyys: Korkea

    Property values are based on management assumptions and market yields, which can change with conditions.

    Kohdistuu: Investment properties and projects under development

  2. Interest-rate and financing riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Mortgage and bank borrowing make returns sensitive to funding costs and refinancing conditions.

    Kohdistuu: Property investment financing

  3. Geographic concentration in SilkeborgVaikutus: KeskitasoTodennäköisyys: Korkea

    The portfolio and operations are centered in one local market, limiting diversification.

    Kohdistuu: All core property activities

  4. Volatile associate earningsVaikutus: KeskitasoTodennäköisyys: Korkea

    The stake in Silkeborg IF A/S contributes earnings that can vary significantly year to year.

    Kohdistuu: Equity-accounted investment

  5. Development and sale execution riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Projects under construction depend on timely completion, demand, and sale proceeds.

    Kohdistuu: Residential development projects

Kirjanpito

Harkinnanvaraiset erät
Investment property fair value

Valuation depends on discount rates, yields, rental assumptions, and renovation estimates.

Vaikutus: Can create non-cash profit volatility and change asset values materially

Development project capitalization

Project and build costs are accumulated while apartments are under construction.

Vaikutus: Affects carrying value and future profit on sale

Borrowing cost accounting

Loan fee amortization and interest expense are recognized over time and may spike on refinancing.

Vaikutus: Changes finance costs and net profit

Equity method for associate

Silkeborg IF A/S results flow through as share of profit or loss rather than revenue.

Vaikutus: Can cause earnings volatility despite limited cash flow control

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Päivitetty: 24.10.2026