NPRO 1Q 2011 - POSITIVE DEVELOPMENT AS FULLY INTEGRATED OFFICE PROPERTY COMPANY
(Thomson Reuters ONE) -
Norwegian Property ASA achieved a profit before income tax and value adjustments
of NOK 90.2 million in the first quarter 2011, an increase of 15.8 per cent
relative to the corresponding period last year. Gross income was NOK 253.7
million, compared with NOK 262.6 million in the first quarter of 2010. After
total value adjustments of investment properties of NOK 327.7 million, Norwegian
Property achieved profit before income tax of NOK 559.0 million in the first
quarter 2011, up from NOK 4.5 million in the corresponding period in 2010.
New rental contracts, increasing market rent levels combined with yield
compression especially for shorter term contracts resulted in positive value
adjustments of 2.4 per cent for the property portfolio in the first quarter of
2011. As a result, book value per share came in at NOK 10.99 per share, up from
NOK 10.01 per share at year-end 2010 (EPRA: NOK 11.62 at the end of the first
quarter 2011).
CEO Olav Line says in a comment:
"We are pleased with the positive development Norwegian Property demonstrates as
a fully integrated office property company. Operational performance in the first
quarter was solid, and the company secured several new lease contracts with
positive rent uplift.
Leverage ratio (loan to value, LTV) was further reduced during the quarter, and
with a net LTV for the group of 64.6 per cent (60.7 per cent including seller
credit of NOK 600 million) at the end of March 2011 the company operates within
the long term goal of having a loan to value between 55 per cent and 65 per
cent.
Norwegian Property has after the end of the first quarter accepted offer and
terms for new credit facilities enabling freedom of action and investment
capacity. New credit facilities of NOK 10 billion in total secure a solid
financial platform and a diversified maturity profile for the company's debt.
With the refinancing in place the transformation of Norwegian Property is
completed, and the company appears as well positioned for industrial value
creation."
For further information, please contact:
Olav Line, CEO
Telephone: +47 482 54 149
Email:ol(at)npro.no
Svein Hov Skjelle, CFO
Telephone: +47 930 55 566
Email: shs(at)npro.no
Elise Heidenreich-Andersen, IR director
Telephone: +47 951 41 147
Email: eha(at)npro.no
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
NPRO 1Q 2011Presentation:
http://hugin.info/136749/R/1512628/448219.pdf
NPRO 1Q 2011 Report:
http://hugin.info/136749/R/1512628/448216.pdf
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Norwegian Property ASA via Thomson Reuters ONE
[HUG#1512628]
Unternehmensinformation / Kurzprofil:
Datum: 05.05.2011 - 08:02 Uhr
Sprache: Deutsch
News-ID 54281
Anzahl Zeichen: 3504
contact information:
Town:
Oslo
Kategorie:
Business News
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"NPRO 1Q 2011 - POSITIVE DEVELOPMENT AS FULLY INTEGRATED OFFICE PROPERTY COMPANY"
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Norwegian Property ASA (Nachricht senden)
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