Key figures

Amounts in NOK million Q4 2019 Q4 2018 31.12.19 31.12.18
         
Net rental income 680 632 2 685 2 487
Fair value adjustments in investment properties and interest rate derivatives 1) 518 173 425 1 022
Profit before taxes 968 657 2 337 2 880
Profit before tax and fair value adjustments 1) 450 483 1 912 1 857
         
Equity per share (NOK)     264 249
Equity ratio     46 % 46 %
Non-current net asset value per share (NOK) 2)     315 297
         
Net cash flow from operations 
422 405 1 766 1 665
Cash reserves 3)     6 796 7 168
Amortisation next 12 months     4 913 6 137
         
Interest-bearing debt 4)     21 481 21 597
Interest rate as at 31.12     3,26 % 3,04 %
Loan to value ratio 5)     39 % 40 %
         
Net investments 6)
192 380 548 1 287
Market value properties 7)     54 257 53 367
Annual rental income 8)     3 215 3 100
Yield     5,13 % 5,10 %
Sales, owned shopping centres 15 386 15 098 50 211 48 980
Sales, managed shopping centres 1 624 2 943 8 058 9 603
         
Share price as at 31.12 (NOK)     167,8 140,0

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 5,430 million (31.12.19) and 4,864 million (31.12.18), respectively.
5) (Interest bearing debt - Bank deposits etc) / Market value properties.
6) Net supply of investment properties with addition for activated upgrades.
7) Includes market value of investment properties and owner-occupied properties. In addition, the Group owns through jointly controlled companies/associated companies with market value (Group's share) MNOK 4,519 (31.12.19) and 4,729 (31.12.18).
8) Includes market rent for vacant premises.