NPRO; Financial restructuring and satisfactory operational
development
(Thomson Reuters ONE) - Oslo, 10 August 2009: Norwegian Property ASA (OSE:NPRO, NPRO.OL)reports for the second quarter 2009 strengthened operational cashflow and good cost control. The financial position for NorwegianProperty will in addition be improved following the share emissionand financial restructuring planned to be executed in Agust/Septemberthis year. In June a private placement of NOK 1,200 million wasfully subscribed and the group has renegotiated terms, maturities andcovenants requirements for several bank facilities[1]. A repair issueof up to NOK 300 million will as previously announced take placelater in August.Highlights for the second quarter 2009: * Profits before value adjustments in second quarter 2009 were NOK 114.8 million (NOK 70.0 million in second quarter 2008). * Profits before income tax and after value adjustments in the quarter were NOK -439.5 million (NOK -1,071.8 million). * Fair value adjustments of properties were negative by 2.1 per cent in second quarter 2009, split on a value decrease of 1.3 per cent for office and a value decrease of 3.3 per cent for the hotel properties. * Revenues for the group were NOK 446.8 million in second quarter 2009. Adjusted for sale of properties, the level is unchanged compared to the same period in 2008 as the increase in revenues from offices properties offsets the decrease in revenues from hotel properties. * The vacancy rate in the office portfolio is 0.8 per cent at the end of second quarter 2009. * Capital expenditure both within office and hotels have been reduced following completion of several larger projects in 2008. * Financial costs are reduced from NOK 343 million in second quarter 2008 to NOK 260 million in second quarter 2009. * Equity per share is NOK 18.09. Net asset value by EPRA is NOK 23.26 per share. In a comment CEO Petter Jansen said:"Second quarter 2009 has operationally been a strong quarter for thecompany. Norwegian Property has in general a portfolio of unique andsolid tenants, which secure a good and predictable cash flow withlower maintenance costs than many of our competitors. We are inaddition pleased to have succeeded with the capital raising of NOK1.2 billion in the private placement in June. This will improve ourfinancial standing significantly and secure good results goingforward. In addition, Norwegian Property successfully completedrenegotiations of terms and conditions for several of the group'sloan facilities with our good and close bank relations, whichsufficiently provides headroom going forward also on the debt capitalside.The markets are still challenging but we do see that the financialsituation particularly in Norway is slightly different than in otherEuropean countries, entailing e.g. significantly lower unemploymentfigures and somewhat different recovery scenarios than in othercountries. With our predictable cash flow, improved financialstanding as well as our strong portfolios of properties and tenants,Norwegian Property is well positioned in the market for the time tocome."Please refer to the full Q2 report and presentation materialavailable at www.npro.no and www.newsweb.no.For further information, please contact:CEO Petter Jansen, +47 900 98 728CFO Mari Thjømøe, +47 90 77 78 24Acting IRO Sigmund Sletvold, +47 977 43 143[1] The private placement and the subsequent repair offering areconditional upon the completion of the par value write-down, wherethe creditor notice period expires on 25 august 2009, and the privateplacement are registered as completed in the Norwegian Register ofBusiness Enterprises on or before 30 September 20091 The private placement and the subsequent repair offering areconditional upon the completion of the par value write-down andshare capital increase to be registered in the Norwegian Register ofBusiness Enterprises on or before 30 September 2009http://hugin.info/136749/R/1333570/316159.pdfhttp://hugin.info/136749/R/1333570/316160.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 10.08.2009 - 08:15 Uhr
Sprache: Deutsch
News-ID 4513
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