Northern Logistic Property ASA - Second quarter and first half year
2009 results
(Thomson Reuters ONE) - Oslo, 11 August 2009Highlights: * Revenue for the second quarter 2009 amounted to NOK 103.7 mill, an increase of 13.9% from the second quarter 2008. The increase was mainly driven by property acquisitions in the fourth quarter of 2008, and CPI adjustments of rents. * The company had an annual contractual rent level of NOK 408 mill at the end of the first half year, based on currency rates at June 30, 2009 * Important extension of rental agreement for Haninge property confirms rental levels and creates value for both NLP and the customer * Net operating income was NOK 95.5 mill for the second quarter (NOK 85.3 mill) * Earnings before fair value adjustments and taxes (EBVAT) for the quarter were NOK 60.6 mill (NOK 20.3 mill). The quarterly year-over-year earnings increase was driven by improvements in underlying operations and positive impact of foreign exchange fluctuations. * Fair value adjustments of investment properties were a negative NOK 36.7 mill in the second quarter. The gross value of the NLP's investment properties was NOK 5,238.4 mill at June 30, 2009. * Net debt, adjusted for cash and cash equivalents was NOK 4,117 mill at the end of the quarter. Net debt corresponded to 78.9% of the total value of the investment properties at the end of second quarter 2009, compared to 79.3% at the end of 2008. * Net cash generated from operating activities was NOK 70.3 mill for the second quarter of 2009 (NOK 32.5 mill), or NOK 2.64 per share (NOK 1.22). * Cash and cash equivalents stood at NOK 176.2 mill at the end of the second quarter. * Total equity was NOK 930.0 mill at the end of the second quarter * Equity ratio increased to 16.6%. In a long term perspective, this level is not satisfactory and the Board of Directors is evaluating various options to strengthen NLP's balance sheet.For further information:See published report and presentation.Or contact Per Gunnar Rymer, CEO: +47 907 77 627, email:per.gunnar.rymer(at)nlpasa.comAbout Northern Logistic Property ASANorthern Logistic Property ASA is a leading pure-play logisticproperty company based in the Nordic region. The portfolio consistsof 24 advanced logistic properties located in larger and regionalcities in Sweden and Denmark, with a total lettable area ofapproximately 804,000 sq.m. See also www.nlpasa.com.http://hugin.info/137677/R/1333806/316306.pdfhttp://hugin.info/137677/R/1333806/316307.pdfhttp://hugin.info/137677/R/1333806/316308.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 11.08.2009 - 08:15 Uhr
Sprache: Deutsch
News-ID 4563
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2009 results"
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