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AUSTIN, Texas and LONDON, April 29, 2024 /PRNewswire/ — Synthetik has announced the successful demonstration of their “Flood Data Collection and Analysis” platform, Flowcore – an end-to-end tool for modeling of flood scenarios and prediction of resulting damage and financial/insurance losses. Flowcore incorporates Synthetik’s proprietary GPU-accelerated flood simulation code, and uniquely leverages artificial intelligence (AI) to deliver results in seconds on standard laptop systems – enabling measurement of cumulative events or high-volume probabilistic analysis.

Flowcore has undergone significant validation using real world events and was used to recreate a flash flooding event in Fort Lauderdale, FL from April 2023 with virtually perfect accuracy at unprecedented speeds.

Flowcore meets the Federal Emergency Management Agency (FEMA) and National Flood Insurance Program’s (NFIP) objectives of better understanding historical flood impact, real-time analysis and damage forecasting for future events across the country and represents a step-change in scalability for physics-based flood simulation. Flowcore is already being marketed and utilized by Synthetik’s partners in the insurance industry.

Josh Hatfield, Director of Research and Development for Synthetik said:

‘Climate change is rapidly and radically changing the landscape of risk in climate-related events, so we are delighted with the success of Flowcore and its potential to assist public and private sector partners in understanding and predicting flooding damage, and to help guide disaster mitigation efforts across impacted communities.’

Synthetik COO Tim Brewer commented:

‘Flowcore joins our successful products for insurance analytics based on the characterization of assets, perils and vulnerability that deliver industry leading intelligence to insurance companies and risk holders all over the world. We’re motivated to extend this framework to a wide-range of insurable assets and perils including human and climate-based threats to deliver on our mission of developing breakthrough technology for a safer world.’

For all inquiries: Contact Synthetik Applied Technologies PR [email protected] 

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AMSTERDAM, April 29, 2024 /PRNewswire/ — New Amsterdam Invest N.V. (the “Company”, or “New Amsterdam Invest”, or “NAI”), a commercial real estate company listed on Euronext Amsterdam, announces a slight delay in reporting its annual results 2023, today. 

Due to circumstances, the preparation and finalization of the audit of the annual report 2023 has been slightly delayed. As we consider delivering a high-quality completion of this process of the utmost importance, we decided to delay publication of the audited annual report 2023 to publication of the AGM agenda on DV. 8 May 2024.

Strategic Highlights 2023

• On 2 June 2023, all Company’s shareholders approved the proposed Somerset Group Business Combination, changing New Amsterdam Invest from a Special Purpose Acquisition Company (“SPAC”) into a commercial real estate company listed on Euronext Amsterdam.
• On 2 June 2023 NAI acquired four properties in the UK and one in the USA via different subsidiaries.
• In line with its strategy NAI acquired another investment property in the UK via one of its subsidiaries, on 26 September 2023.

Outline 2023 results

Net Rental Income for full year 2023 is consistent with outlook as provided at Half Year 2023 and the Net Result from Operations over 2023 is positive in accordance with written expectations. Given accounting requirements, one-off costs (in connection with the transition from SPAC to operational company) and (non-cash) revaluations of investment property were required, resulting in a 2023 net loss.

Outlook 2024

For 2024 NAI expects to be profitable and well on track to realize the financial objectives the Company has set out at listing. More specific NAI reiterates that its current portfolio should enable it to realize a 2024 net rental income of approximately € 6.6 million and a result before tax of € 2.6 million, excluding potential impact of revaluation of investment property and or the acquisition of new investment property.

Annual General Meeting scheduled for 21 June 2024 DV

The agenda for the 21 June 2024 DV AGM will be published on 8 May 2024 DV.

Financial Calendar

• 8 May 2024, Publication Agenda General Meeting of Shareholders 21 June 2024 and Annual Report 2023
• 21 June 2024, General Meeting of Shareholders
• 29 August 2024, half year 2024 results publication

About New Amsterdam Invest

New Amsterdam Invest N.V. is a commercial real estate company listed at Euronext Amsterdam with operating companies in the United States and the United Kingdom.

The main objective of New Amsterdam Invest is running commercial activities including the owning, (re-)developing, acquiring, divesting, maintaining, letting out and/or otherwise operating commercial real estate, all in the broadest possible meaning.

All information about New Amsterdam Invest, including its principles and objectives can be found in the Shareholder Circular dated April 21, 2023, and the prospectus dated June 21, 2021. This and all other relevant documentation can be found on the company website: www.newamsterdaminvest.com

Not for publication

Disclaimer
Elements of this press release contain or may contain information about New Amsterdam Invest N.V. within the meaning of Article 7(1) to (4) of the EU Market Abuse Regulation.

This press release may include statements, including NAI’s financial and operational medium-term objectives that are, or may be deemed to be, ”forward-looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ”believes”, ”estimates”, ”plans”, ”projects”, ”anticipates”, ”expects”, ”intends”, ”may”, ”will” or ”should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect NAI’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to NAI’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made.

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