Olav Thon Eiendomsselskap reported a good result in the fourth quarter, marked by high fair value adjustments in the Group's investment properties and interest rate derivatives, as well as significant growth in rental income.
The highlights of the interim report are as follows: 1)
Rental income amounted to NOK 673 (585) million for the fourth quarter and NOK 2,590 (2,274) million for the full year 2016.
Profit before tax was NOK 2,011 (1,099) million for the quarter and NOK 4,478 (4,407) millionfor the full year 2016.
Profit before tax and fair value adjustments was NOK 391 (353) million for the fourth quarterand NOK 1,526 (1,381) million for 2016.
Net cash flow from operations was NOK 378 (257) million for the quarter and NOK 1,265 (1,085) million for the full year 2016.
The Group’s equity ratio ended the year at 41% (40%), and equity per share increased to NOK 197 (165) in the fourth quarter.
The Group’s cash reserves amounted to NOK 4,951 (3,525) million.
Sales in the shopping centre portfolio owned by the Group were NOK 16.3 (14.8) billion for the fourth quarter and NOK 50.5 (47.7) billion for the full year 2016.
The Board proposes a dividend payment of NOK 2.00 (1.80) per share for 2016.
1. The figures in paranthesis concern the corresponding period/date last year.