Key figures

Amounts in NOK million 31.12.17 31.12.16
     
Net rental income 2 460 2 243
Fair value adjustments in investment properties and interest rate derivatives 1) 2 438 2 984
Profit before taxes 4 193 4 465
Profit before tax and fair value adjustments 1) 1 755 1 481
     
Equity per share (NOK) 228 197
Equity ratio 44 % 41 %
Non-current net asset value per share (NOK) 2) 277 240
     
Net cash flow from operations 1 635 1 350
Cash reserves 3) 8 137 4 950
Amortisation next 12 months 7 578 4 669
     
Interest-bearing debt 4) 21 713 21 252
Interest rate as at 31.12 2,98 % 3,24 %
Loan to value ratio 5) 42 % 44 %
     
Net investments 6) 1 875 4 239
Investment properties 51 435 47 695
Annual rental income 7) 2 910 2 850
Yield 5,17 % 5,32 %
Sales, owned shopping centres 50 768 50 380
Sales, managed shopping centres 13 273 12 551
     
Share price as at 31.12 (NOK) 163,0 160,0

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 7%)) / Number of shares

3) Bank deposits etc. + Undrawn borrowing facilities

4) Unsecured part of interest-bearing debt NOK 6,399 million (31.12.2017) and NOK 3,460 million (31.12.2016), 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