NPRO 4Q 2012: PROFIT FROM STABLE OPERATION AND SALE OF PROPERTY
Norwegian Property achieved a profit before tax of NOK 213.6 million in the fourth quarter of 2012 compared to a loss of NOK 140.1 million in the same period last year. Earnings per share (after tax) in the fourth quarter 2012 was NOK 0.31. A positive fair-value adjustment of the property portfolio and stable operation were the reasons for the profit.
Total rental income for Norwegian Property was NOK 222.7 million in the fourth quarter 2012. Operating profit before value adjustments was NOK 177.8 million. The positive fair-value adjustment of the property portfolio was NOK 156.0 (1.1 per cent), mainly as a consequence of the agreed sale of Drammensveien 149 to Orkla Eiendom AS.
In the most recent period several new and extended lease contracts were signed. Total E&P Norge AS has signed an expanded and lengthened lease contract in Finnestadveien 44. In Nydalen Norwegian Property has halved the vacancy in its own portfolio over the last year; vacancy is now 9.6 per cent.
Progress is according to plan on the conversion projects at Aker Brygge. Bryggegaten 7-9 will be completed during the summer 2013 and is close to fully let. In the first phase of Stranden 3 (Verkstedhallene) the first tenants are moving in early second quarter 2013.
CEO Olav Line says in a comment: “Our main focus is project execution and leasing. There is limited new build activity in the Oslo market and healthy demand for office space. With positive market prospects, a high level of rental activity and good operation, the work of developing the value potential in the portfolio is continuing.”
Please find attached the financial report for the fourth quarter 2012 as well as the presentation material used in today’s presentation.
Webcast link: http://webtv.hegnar.no/webcast.php?id=77673
This information is subject of the disclosure requirements according to §5-12 of the Norwegian Securities Trading Act (’Verdipapirhandelloven’).
For further information, please contact:
Olav Line, CEO
Telephone: +47 482 54 149
Svein Hov Skjelle, CFO
Telephone: +47 930 55 566
Norwegian Property is a focused and fully integrated office property company with 42 properties located in the Oslo area and Stavanger in Norway. The portfolio, which has a total fair value of NOK 14.5 billion, is characterized by central location and attractive premises with low vacancy and high quality tenants. The group’s properties consist largely of office premises, associated warehousing and car parking, as well as retail and catering space. The company has identified four value drivers for long-term value creation; Marketing & letting, Property management, Property development and Transactions & finance.
Norwegian Property is listed on Oslo Stock Exchange with the ticker NPRO.