Key figures

In NOK millions 31.03.20 31.03.19 31.12.19
       
Net rental income 625 667 2 684
Fair value adjustments in investment properties and interest rate derivatives 1) -3 132 -143 424
Profit before taxes -2 742 354 2 336
Profit before tax and fair value adjustments 2) 353 505 1 914
       
Equity per share (NOK) 244 252 264
Equity ratio 45 % 46 % 46 %
Non-current net asset value per share (NOK) 3) 291 300 315
       
Net cash flow from operations 
378 456 1 765
Cash reserves 4) 7 764 7 437 6 796
Amortisation next 12 months 7 418 5 436 4 913
       
Interest-bearing debt 5) 21 602 21 261 21 481
Interest rate as at 31.03 3,38 % 3,10 % 3,27 %
Loan to value ratio 6) 40 % 39 % 39 %
       
Net investments 7)
236 261 548
Market value properties 8) 52 668 53 348 54 257
Annual rental income 9) 3 215 3 130 3 215
Yield 5,34 % 5,14 % 5,13 %
Sales, owned shopping centres 10 404 10 733 50 211
Sales, managed shopping centres 1 668 1 954 8 058
       
Share price as at 31.03 (NOK) 113,0 151,6 167,8

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 associatedcompanies.
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 6,426million (31.03.20), 4.362 million (31.03.19) and 5,430 million(31.12.19), respectively.
6) (Interest bearing debt -Bank deposits etc) / Market value properties.
7) Propertypurchase/sale/upgrade costs+ purchase/saleof companies + assets + other investments (purchase/sale).
8) Includes market value of investment properties and owner-occupiedproperties. In addition, the Group ownsthrough jointly controlled companies/associated companies withmarket value (Group's share) NOK 4,335 million(31.03.20), 4,798 million (31.03.19) and 4,519 million (31.12.19).
9) Market rent for rented and vacant premises.