NPRO - FOCUS ON LONG TERM VALUE CREATION
(Thomson Reuters ONE) -
Norwegian Property ASA achieved a profit for continuing operations before tax
and fair value adjustment of NOK 86.5 million in the fourth quarter 2010,
compared with NOK 41.2 million in the corresponding period the year before.
Gross rental income totalled NOK 250.4 million, compared with NOK 261.9 million
in the fourth quarter 2009. After fair value adjustment, profit before tax for
continuing operations came to NOK 149.6 million in the fourth quarter 2010,
compared with NOK 63.0 million in the corresponding period in 2009. Profit
including discontinued operations and tax totalled NOK 348.8 million in the
fourth quarter 2010, compared with a loss of NOK 168.2 million in the same
quarter in 2009.
CEO Olav Line comments:
"2010 was a year of change for Norwegian Property. We have focussed the company
around offices after the sale of Norgani Hotels. We have transformed the company
from a financial to an industrial player, and have established in-house
organisations for property management and development. We have also strengthened
our marketing organisation and finance function. All our efforts are now
focussed on our long term goals of becoming the most customer oriented office
company in Norway and to deliver a return on equity of at least 12%.
The office business continues to deliver positive results in the fourth quarter.
The operational result reflects a stable and good business; and the operational
cash flow is solid. The improving market conditions continued in the fourth
quarter.
The financial position of the company is also improving. During 2010 we have
reduced our leverage (Loan To Value) with 13 percentage points from 75.7 per
cent to 62.7 per cent ( the vendor financing related to Norgani Hotels is
included).
Some may have expected a positive fair value adjustment of our properties in the
fourth quarter. We currently have an average remaining duration on our leases of
around 5.2 years. However, the external valuers still factor in uncertainty
relating to the properties with shorter leases. We have started to see a trend
in the Norwegian property market whereby the investors gradually are taking on
more risk. At the same time, most of our operational focus is directed towards
properties with leases maturing in the period before 2015. We are fortunate to
be in a position where expiry of these lease contracts coincides with an
improving rental market."
Contact IR and media
CEO Olav Line
Phone: +47 48 25 41 49
E-mail: olav.line(at)norwegianproperty.no
CFO Svein Hov Skjelle
Phone: +47 93 05 55 66
E-mail: svein.hov.skjelle(at)norwegianproperty.no
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
NPRO 2010 Q4 Presentation:
http://hugin.info/136749/R/1490320/425892.pdf
NPRO 2010 Q4 Report:
http://hugin.info/136749/R/1490320/425891.pdf
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Source: Norwegian Property ASA via Thomson Reuters ONE
[HUG#1490320]
Unternehmensinformation / Kurzprofil:
Datum: 18.02.2011 - 08:02 Uhr
Sprache: Deutsch
News-ID 51669
Anzahl Zeichen: 3877
contact information:
Town:
Oslo
Kategorie:
Business News
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"NPRO - FOCUS ON LONG TERM VALUE CREATION"
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Norwegian Property ASA (Nachricht senden)
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