Key figures

Amounts in NOK million Q2 2019 Q2 2018 30.06.19 30.06.18 31.12.18
           
Net rental income 684 628 1 349 1 256 2 487
Fair value adjustments in investment properties and interest rate derivatives 1) -226 154 -368 535 1 022
Profit before taxes 274 628 628 1 476 2 880
Profit before tax and fair value adjustments 1) 500 474 996 941 1 857
           
Equity per share (NOK)     251 236 249
Equity ratio     45 % 45 % 46 %
Non-current net asset value per share (NOK) 2)     300 284 297
           
Net cash flow from operations 
466 432 922 861 1 665
Cash reserves 3)     6 490 7 720 7 168
Amortisation next 12 months     5 154 7 604 6 137
           
Interest-bearing debt 4)     22 001 21 500 21 597
Interest rate as at 30.06     3,05 % 3,04 % 3,04 %
Loan to value ratio 5)     41 % 41 % 40 %
           
Net investments 6) 270 246 531 656 1 287
Market value properties 7)     53 184 51 948 53 367
Annual rental income 8)     3 140 2 930 3 100
Yield     5,16 % 5,17 % 5,10 %
Sales, owned shopping centres 12 009 11 611 22 634 22 180 51 669
Sales, managed shopping centres 2 218 1 996 4 172 4 824 9 603
           
Share price as at 30.06 (NOK)     144,0 149,4 140,0

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 5,413 million (30.06.2019), NOK 6,380 million (30.06.2018) and 4.864 million (31.12.2018), respectively
5) (Interest bearing debt -Bank deposits etc) / Market value properties
6) Net supply of investment properties with addition for activated upgrades
7) Includes investment properties and owner-occupied properties
8) Includes market rent for vacant premises