Key figures

Amounts in NOK millions Q2 2020 Q2 2019 30.06.20 30.06.19 31.12.19
           
Net rental income 689 684 1 314 1 351 2 684
Fair value adjustments in investment properties and interest rate derivatives 1) -328 -228 -3 460 -371 424
Profit before taxes 180 273 -2 562 628 2 336
Profit before tax and fair value adjustments 2) 510 509 863 1 013 1 941
           
Equity per share (NOK)     246 251 264
Equity ratio     45 % 45 % 46 %
Non-current net asset value per share (NOK) 3)     292 300 315
           
Net cash flow from operations 
466 466 844 921 1 765
Cash reserves 4)     6 152 6 490 6 796
Amortisation next 12 months     6 314 5 154 4 913
           
Interest-bearing debt 5)     21 393 22 001 21 481
Interest rate as at 30.06     3,03 % 3,05 % 3,27 %
Loan to value ratio 6)     40 % 41 % 39 %
           
Net investments 7)
140 -49 376 212 548
Market value properties 8)     52 586 53 184 54 257
Annual rental income 9)     3 200 3 140 3 215
Yield     5,35 % 5,16 % 5,13 %
Sales, owned shopping centres 12 353 12 001 22 758 22 735 50 211
Sales, managed shopping centres 2 046 1 699 3 714 3 653 8 058
           
Share price as at 30.06 (NOK)     113,0 144,0 167,8

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) Including taxes in joint ventures and associated companies.
3) (Majority share of equity + deferred tax liabilities - fair value of debt (deferred tax 6%)) / Number of shares.
4) Bank deposits etc. + Undrawn borrowing facilities.
5) Unsecured part of interest-bearing debt NOK 5,301million (30.06.20), 5,413 million (30.06.19) and 5,430 million (31.12.19).
6) (Interest bearing debt - Bank deposits etc) / Market value properties.
7) Propertypurchase/sale/upgrade costs + purchase/sale of companies + assets + other investments (purchase/sale).
8) Includes market value of investment properties and owner-occupiedproperties. In addition, the Group owns through jointly controlled companies/associated companies withmarket value (Group's share) NOK 4,329 million (30.06.20), 4,431 million (30.06.19) and 4,519 million (31.12.19).
9) Market rent for rented and vacant premises.