The Annual Report 2014 for Olav Thon Eiendomsselskap


Download and read the annual report (.pdf, 4 MB)

Olav Thon Eiendomsselskap was able toreport another year of solid results in 2014, with growth in rental income andstable financial expenses.

2014 Highlights

  • Profit before tax was NOK 1,562 million.
  • Profit before tax and value adjustments increased by 14% to NOK 1,280 million.
  • The company's shares were split into 10 and listed at a new nominal value from 11 June 2014.
  • The share price rose by 17% to a closing price of NOK 125.5, which meant that the shares gave a total return (including dividend) of 19%.
  • Equity per share increased by 8% to NOK 131. The triple net asset value per share (EPRA NNNAV) increased by 8% to NOK 164.
  • Olav Thon Eiendomsselskap positioned itself as a major player in the Swedish market shopping centre market by purchasing a property portfolio of five shopping centres in Sweden.
  • The Group's net investments in 2014 amounted to NOK 3,934 million.
  • The value of the Group's property portfolio increased by 18% to NOK 34,661 million, while the annual rental value for the property rose by 15% to NOK 2,320 million.The vacancy rate in the property portfolio was 2.7% at the end of the year.
  • Sales for shopping centres owned by the Group increased by 13% to NOK 44.7 billion. At the end of the year, the Group had 66 shopping centres and managed 26 shopping centres for external owners.
  • Interest-bearing debt increased by 21% to NOK 16.7 billion and the loan to value ratio increased by 1 percentage point to 47%. The Group`s average interest rate fell by 0.67 percentage points to 3.95%.