Northern Logistic Property ASA - Fourth quarter 2009 results
(Thomson Reuters ONE) - Oslo, 16 February 2010Northern Logistic Property ASA reports stable property values and strongoperational cash flow in the fourth quarter of 2009. During the quarter, thecompany increased its financial flexibility with completion of an equity issue,sale of properties, and loan agreements amendments. In 2010, focus will be onoperations and development of existing properties."Northern Logistic Property saw property values remain relatively stable through2009, due to a portfolio of well located, advanced logistic properties and asolid lease profile. Following the restructuring completed in the fourthquarter, Northern Logistic Property moves into 2010 with increased financialflexibility and an ability to grow. Our ambitions are to reduce vacancy,increase contract lengths, and achieve at least one long term contract that willallow us to build a new property", says Per Gunnar Rymer, CEO of NorthernLogistic Property ASA.Highlights: * Revenue for the fourth quarter 2009 amounted to NOK 100.3m (NOK 105.4m) and net operating income was NOK 87.7m (NOK 92.8m). The decrease is mainly explained by sale of five properties in November 2009, partly offset by CPI adjustments of rents. * Annual contractual rent level was NOK 358m at the end of the fourth quarter, based on currency rates at December 31, 2009. * Earnings before fair value adjustments and taxes (EBVAT)were NOK 22.4m (NOK 29.0m). * Fair value adjustments of investment properties were a negative NOK 31.5m. The gross value of NLP's investment properties was NOK 4,678.5m at December 31, 2009. The value decrease of NOK 1,069.8m from year-end 2008 is explained by net disposal of properties of NOK 333.5m and foreign exchange translation effects of NOK 624.7m during the year. * Net debt, adjusted for cash and cash equivalents was NOK 3,524.8m at December 31, 2009. Net debt corresponded to 75.0% of the total value of the investment properties at the end of 2009, compared to 79.3% at the end of 2008. * Net cash generated from operating activities was NOK 32.9m in the fourth quarter of 2009 (NOK 14.1m), or NOK 1.16 per share (NOK 0.53). Cash and cash equivalents stood at NOK 327.0m at December 31, 2009. * NLP signed a contract late 2009 with Game Outlet AB for 4,300 sq. meters for one year in Bleket 2, Karlstad. The contract waseffective from January 1, 2010. * Total equity was NOK 984.3m at December 31, 2009. Hence the equity ratio improved quarter-on-quarter, from 16.6% to 19.0% at the end of the fourth quarter.Subsequent events: * On February 2, 2010, ICA issued a statement about its decision to end its operations in Ume? The contract between ICA and NLP for this facility expires September 30, 2013, hence no short term financial impact. The property has a lettable area of about 25,684 sq. meters, The facility is well situated and new contracts are expected to be closed before expiry of the existing contract.For further information, please see published report and presentation, orcontact:Per Gunnar Rymer, CEO: +47 907 77 627, email:per.gunnar.rymer(at)nlpasa.com
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Datum: 16.02.2010 - 08:17 Uhr
Sprache: Deutsch
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