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NPRO: 1Q 2023 - Increased operating profit, extended lease and first dividend from Nordr

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  • Revenues for the first quarter were MNOK 266, increasing from MNOK 243 in the same quarter last year.
  • Operating profit before value adjustments was MNOK 222 for the first quarter, increasing from MNOK 204 in the same quarter last year.
  • Profit before income tax and value adjustments was MNOK 120 for the first quarter, corresponding to NOK 0.19 per share for the quarter.
  • Negative fair-value adjustments of the properties and derivatives were NOK 156 million and NOK 12 million respectively for the quarter.
  • The net loss was NOK 58 million for the first quarter which corresponds to an earnings per share (EPS) of NOK -0.09.
  • Positive letting activity of MNOK 76.
  • EPRA NRV (Long-term net reinstatement value) is NOK 23.89 per share.

Bent Oustad, CEO, says about the quarter:

"It is very satisfying to see that the company’s underlying operations are good. Renewed confidence from our large tenants in renegotiations confirms that our work is valued and that our properties are attractive and competitive.

Until today, the profit resulting from Nordr’s good operational performance has been used to repay existing debts in the group. Therefore, we are very pleased that Nordr now has a capital structure that allows the payment of dividends to the owners. Our share in the company is 42.5%, resulting in MNOK 106 in dividends which will be paid during the 2nd quarter."

For further information, please contact:

Bent Oustad, CEO, mob: +47 4801 6082, e-mail: bo@npro.no

Haavard Rønning, CFO, mob. +47 400 200 19, e-mail: hr@npro.no

This information is subject of the disclosure requirements according to §5-12 of the Norwegian Securities Trading Act (’Verdipapirhandelloven’).

Norwegian Property is a focused and fully integrated office property company with properties located mainly in the Oslo area in Norway. The portfolio is characterized by central location and attractive premises with 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.

www.npro.no

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