Key figures

Amounts in NOK million Q4 2018 Q4 2017 32.12.18 31.12.17
         
Net rental income 636 642 2 492 2 460
Fair value adjustments in investment properties and interest rate derivatives 1) 166 394 1 015 2 438
Profit before taxes 654 861 2 877 4 193
Profit before tax and fair value adjustments 1) 489 466 1 863 1 755
         
Equity per share (NOK)     249 228
Equity ratio     46 % 44 %
Non-current net asset value per share (NOK) 2)     298 276
         
Net cash flow from operations 409 438 1 668 1 640
Cash reserves 3)     7 168 8 137
Amortisation next 12 months     6 137 7 578
         
Interest-bearing debt 4)     21 597 21 713
Interest rate as at 31.12     3,04 % 2,98 %
Loan to value ratio 5)     40 % 42 %
         
Net investments 6) 398 469 1 305 1 734
Investment properties     53 371 51 435
Annual rental income 7)     3 100 2 910
Yield     5,10 % 5,17 %
Sales, owned shopping centres 15 858 15 738 51 669 50 768
Sales, managed shopping centres 2 943 4 122 9 603 13 273
         
Share price as at 31.12 (NOK)     140,0 163,0

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 4,864 million (31.12.2018) and NOK 6,399 million (31.12.2017), respectively
5) (Interest bearing debt - Bank deposits etc) / Investment properties
6) Net supply of investment properties with addition for activated upgrades and maintenance
7) Includes market rent for vacant premises