Norwegian Property third quarter 2009: Positive results and
strengthened financial platform
(Thomson Reuters ONE) - Norwegian Property ASA achieved a profit before tax of NOK 251million for the third quarter 2009, compared with NOK -1 372 millionin the corresponding period last year. Gross rental income amountedto NOK 445 million, which adjusted for sale of properties,corresponds to an increase of 1.4 percent from third quarter 2008.Operating profit before fair value adjustments was NOK 363 million,compared with NOK 388 million in the same period last year. Totalvalue adjustments for the property portfolio came to minus 0.1percent in the quarter, of which commercial properties had a positivevalue adjustment of 0.1 percent and the hotel portfolio was adjusteddownwards by 0.5 percent.In the third quarter Norwegian Property strengthened its financialplatform through a private placement of NOK 1 200 million and asubsequent repair offering of NOK 300 million. The aggregate proceedswere used for debt repayment.Acting CEO Mari Thjømøe says in a comment:"We are pleased to present a result representing a considerableimprovement compared with the same period last year. Stable income,good operations and reduced financial costs gives increased financialflexibility. Total unrealized value changes for the third quarter arepositive. The property values were to a great extent confirmed thisquarter, whereas market interest rate development resulted in a gainrelated to the group portfolio of financial derivatives.Through restructuring and repayment of debt in the quarter, thecompany has obtained a more solid financial position. During theperiod, we have repaid a total of NOK 1.5 billion in debt, and equityis strengthened by NOK 1.6 billion.The turnover in the NPRO share has reach record levels during thequarter, and we see a positive increase in the number ofshareholders. The proportion of non-Norwegian investors is increasingand reached 34.4 per cent at the end of third quarter.Norwegian Property has a strong position in the Scandinavian office-and hotel market. The portfolio of attractive properties ischaracterized by low vacancy levels, long contracts and an underlyingpotential for rent uplift. This, combined with a strengthenedfinancial platform and improved economic prospects make the companywell positioned for a positive future development."IR & PRESS CONTACTActing CEO and CFO Mari ThjømøeTelephone: +47 90 77 78 24Email: mari.thjomoe(at)norwegianproperty.noInvestor relations Director Elise HeidenreichTelephone: +47 95 14 11 47Email: elise.heidenreich(at)norwegianproperty.nohttp://hugin.info/136749/R/1352112/327001.pdfhttp://hugin.info/136749/R/1352112/327002.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 03.11.2009 - 08:20 Uhr
Sprache: Deutsch
News-ID 7814
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"Norwegian Property third quarter 2009: Positive results and
strengthened financial platform"
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