Key figures

Amounts in NOK million 31.03.19 31.03.18 31.12.18
       
Net rental income 666 627 2 487
Fair value adjustments in investment properties and interest rate derivatives 1) -142 381 1 022
Profit before taxes 354 848 2 880
Profit before tax and fair value adjustments 1) 496 467 1 857
       
Equity per share (NOK) 252 235 249
Equity ratio 46 % 45 % 46 %
Non-current net asset value per share (NOK) 2) 299 283 297
       
Net cash flow from operations 3) 456 429 1 665
Cash reserves 4) 7 437 8 077 7 168
Amortisation next 12 months 5 436 7 276 6 137
       
Interest-bearing debt 5) 21 261 21 295 21 597
Interest rate as at 31.12 3,10 % 3,00 % 3,04 %
Loan to value ratio 6) 39 % 41 % 40 %
       
Net investments 7) 261 410 1 316
Investment properties 8) 53 329 51 552 53 367
Annual rental income 9) 3 130 2 925 3 100
Yield 5,14 % 5,18 % 5,10 %
Sales, owned shopping centres 11 138 11 085 51 669
Sales, managed shopping centres 1 954 2 828 9 603
       
Share price as at 31.12 (NOK) 151,6 142,4 140,0

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 4,362 million (31.03.2019), NOK 6,668 million (31.03.2018) and 4.864 million (31.12.2018), respectively
5) (Interest bearing debt - Bank deposits etc) / Investment properties
6) Net supply of investment properties with addition for activated upgrades
7) Includes owner-occupied properties
8) Includes market rent for vacant premises