Key figures

Amounts in NOK million Q3 2018 Q3 2017 30.09.18 30.09.17 31.12.17
           
Net rental income 599 604 1 855 1 822 2 460
Fair value adjustments in investment properties and interest rate derivatives 1) 314 831 849 2 044 2 438
Profit before taxes 747 1 261 2 223 3 336 4 193
Profit before tax and fair value adjustments 1) 433 430 1 374 1 292 1 755
           
Equity per share (NOK)     241 219 228
Equity ratio     45 % 43 % 44 %
Non-current net asset value per share (NOK) 2)     291 266 276
           
Net cash flow from operations 398 447 1 259 1 202 1 640
Cash reserves 3)     6 450 6 973 8 137
Amortisation next 12 months     6 640 6 594 7 578
           
Interest-bearing debt 4)     21 394 21 557 21 713
Interest rate as at 31.03 / 31.12     3,06 % 3,04 % 2,98 %
Loan to value ratio 5)     40% 42 % 42 %
           
Net investments 6) 252 389 907 1 265 1 734
Investment properties     52 411 50 358 51 435
Annual rental income 7)     2 980 2 890 2 910
Yield     5,16 % 5,16 % 5,17 %
Sales, owned shopping centres 12 505 12 344 35 811 35 247 50 768
Sales, managed shopping centres 1 836 3 353 6 660 9 151 13 273
           
Share price as at 30.09 / 31.12 (NOK)     149,4 163,5 163,0

Please note that as a result of rounding differences and reclassifications, figures and percentages will not always match the total sum.

1) Including value adjustments in joint ventures and associated companies
2) (Majority share of equity + deferred tax liabilities - fair value of debt (deferred tax 6%)) / Number of shares
3) Bank deposits etc. + Undrawn borrowing facilities
4) Unsecured part of interest-bearing debt NOK 5,144 million (30.09.2018), NOK 6,008 million (30.09.2017) and NOK 6,399 million (31.12.2017), respectively
5) (Interest bearing debt - Bank deposits etc) / Investment properties
6) Net supply of investment properties with addition for activated upgrades and maintenance
7) Includes market rent for vacant premises