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Report for the Second Quarter and First Half-Year 2017 Key Figures

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Report for the Second Quarter and First Half-Year 2017 Key Figures REPORT FOR THE SECOND QUARTER AND FIRST HALF-YEAR 2017 KEY FIGURES Amounts in NOK million 30.06.17 30.06.16 31.12.16 Net rental income 1 223 1 110 2 243 Fair value adjustments in investment properties and interest rate derivatives 1) 1 215 604 2 984 Profit before taxes 2 076 1 308 4 472 Profit before tax and fair value adjustments 1) 861 704 1 488 Equity per share (NOK) 210 173 197 Equity ratio 42 % 39 % 41 % Non-current net asset value per share (NOK) 2) 256 214 241 Net cash flow from operations 739 590 1 234 Cash reserves 3) 5 412 5 092 4 950 Amortisation next 12 months 8 147 4 871 4 669 Interest-bearing debt 4) 21 678 19 924 21 252 Interest rate as at 30.06 / 31.12 3,08 % 3,31 % 3,24 % Loan to value ratio 5) 44 % 45 % 44 % Net investments 6) 946 1 766 4 239 Investment properties 49 388 43 795 47 695 Annual rental income 7) 2 880 2 675 2 850 Yield 5,22 % 5,44 % 5,32 % Sales, owned shopping centres 22 896 22 325 50 475 Sales, managed shopping centres 5 798 5 528 12 442 Share price as at 30.06 / 31.12 (NOK) 168,0 143,5 160,0 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 5,277 million (30.06.2017), NOK 3,754 million (30.06.2016) 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 Page 2 Olav Thon Eiendomsselskap - Report for the second quarter and first half-year 2017 OLAV THON EIENDOMSSELSKAP ASA Report for the second quarter and first half-year 2017 Olav Thon Eiendomsselskap posted good results for the first half-year with significant growth in earnings compared with the same period last year. Highlights of the half-year report:1) • Rental income was NOK 1,378 (1,268) million. Annual rental income at the end of the first half-year was NOK 2,880 (2,675) million and the vacancy rate 2.9% (3.1%). • Profit before tax amounted to NOK 2,076 (1,308) million. • Profit before tax and fair value adjustments increased by 22% to NOK 861 (714) million. • Net cash flow from operations was NOK 739 (590) million. • The Group’s equity ratio at the end of the second quarter was 42% (39%), and equity per share had risen to NOK 210 (173). • Liquidity reserves at the end of the first half-year were NOK 5,412 (5,092) million • Sales in the shopping centre portfolio owned by the Group were NOK 22.9 (22.3) billion. 1) The figures in brackets are for the corresponding period/date last year. Illustration: Amfi Moa, Ålesund Olav Thon Eiendomsselskap - Report for the second quarter and first half-year 2017 Page 3 Statement of financial position as at 30 properties and completed property projects. June 2017 Other property-related income amounted to NOK The Group’s total assets were NOK 54,446 (48,321) 196 (207) million and consisted mainly of payments million, with investment properties accounting for from the Group’s tenants to cover property service NOK 49,387 (43,795) million of that figure. charges and the operation of shopping centre associations. Equity amounted to NOK 22,668 (18,855) million and the equity ratio was 42% (39%). Property-related expenses amounted to NOK 283 (289) million, including the above-mentioned service Equity per share (majority share) was NOK 210 charges of NOK 185 (205) million. (173), while non-current net asset value per share was calculated at NOK 256 (214). Maintenance expenses for the property portfolio amounted to NOK 26 (23) million. Interest-bearing debt was NOK 21,678 (19,923) million, with the loan to value ratio2) 44% (45%). Net rental income was therefore NOK 610 (550) million. The Group’s share of the equity in joint ventures and associated companies was NOK 2,738 (2,443) million. ENGELSK VERSJON Fair value adjustments, investment properties Equity per share, 30th June The value of the Group’s investment properties NOK (shareholders' share ) increased by NOK 514 (510) million. 240 200 The increase in market value was due to both a 160 lower average yield and increased rental income in 120 the property portfolio. 80 40 Share of the results of joint ventures and 0 2013 2014 2015 2016 2017 associated companies Equity per share increased by 77 % during the period. The Group’s share of the results of joint ventures and associated companies amounted to NOK 56 (49) million. MNOKSummary Annual of the rental results income, for1st JulyQ2 3 000 A full overview of the income statements and Profit before tax amounted to NOK 1,052 (800) balance sheets for these companies can be found in 2million. 000 note 11 of this interim report. 1Fair 000 value adjustments in investment properties and interest rate derivatives amounted to NOK 602 (461) Other operating income and expenses million.0 2013 2014 2015 2016 2017 Other operating income amounted to NOK 52 Profit beforeShopping tax Centres and fairOther value commercial adjustments Properties (34) million and consisted mainly of income from therefore amounted to NOK 449 (339) million. property management for external owners and sales The rental income of the property portfolio increased by 54 % revenue from other activities. during the period. Rental income and property-related Other operating and administrative expenses amounted to NOK 72 (58) million, while scheduled expenses depreciation amounted to NOK 8 (7) million. Rental income was NOK 697 (633) million. The increase from the previous year is explained by new Financial income and expenses 2) See page 2 for definitions. Net financial expenses amounted to NOK 168 (184) Page 4 Olav Thon Eiendomsselskap - Report for the second quarter and first half-year 2017 Illustration: Amfi Kanebogen million. A drop in the Group’s average interest rate has contributed to lower financial expenses despite increased interest-bearing debt. The average interest rate for the second quarter was 3.15% (3.37%). Fair value adjustments, interest rate derivatives Long-term market interest rates in Norway and Cash flow and liquidity Sweden were relatively stable in the second quarter. Q2 In Norway, the 10-year swap rate rose by 0.04 percentage points to 1.95%, while the corresponding Net cash flow from operations was NOK 374 (280) rate in Sweden rose by 0.02 percentage points to million, while changes in working capital amounted 1.11%. to NOK -192 (9) million. As a consequence of the interest rate movements Net cash flow from operating activities was therefore and shorter terms for interest rate derivatives, the NOK 172 (289) million. fair value of the Group’s interest rate derivatives increased by NOK 67 (-95) million. Net cash flow from investing activities was NOK -378 (-687) million, while financing activities generated liquidity of NOK 90 (400) million. Summary of the results for H1 Consequently, the Group’s cash decreased by NOK 116 (2) million. Profit before tax amounted to NOK 2,076 (1,308) million. H1 2017 Fair value adjustments in investment properties and interest rate derivatives amounted to NOK 1,214 Net cash flow from operations was NOK 739 (590) (604) million. million for the first half-year as a whole. Profit before tax and fair value adjustments The change in working capital amounted to NOK amounted to NOK 862 (704) million. -378 (53) million, resulting in net cash flow from operating activities of NOK 351 (643) million. Illustration: Skovly, Jessheim Olav Thon Eiendomsselskap - Report for the second quarter and first half-year 2017 Page 5 Net cash flow from investing activities was NOK • Oasen Storsenter, Haugesund -592 (-1,111) million, while financing activities The centre is being refurbished and expanded increased cash by NOK 77 (461) million. by approx. 4,200 sq. m. of retail space and 3,000 sq. m. for parking. The project is Consequently, the Group’s cash decreased by scheduled for completion in the fourth quarter of NOK 163 (-7) million in the first half-year. 2018. Liquidity reserves were NOK 5,412 (5,092) million • Amfi Steinkjer, Steinkjer at the end of the first half-year and consisted of The centre is being refurbished and expanded short-term investments of NOK 193 (187) million with a new 5,200 sq. m. building. An older part and undrawn long-term credit facilities of NOK of the centre will be demolished and the retail 5,219 (4,905) million. space will then be increased by approximately 3,400 sq. m. The project is scheduled for completion in the fourth quarter of 2018. Investments The Group’s net investments for the first half-year Under construction in joint ventures and were NOK 949 (1,766) million. associated companies Investments for the second quarter were NOK 506 • Jessheim Storsenter, Ullensaker (468) million. A new, 18,000 sq. m. commercial property and a 32,000 sq. m. parking facility are being constructed in connection with the part of Jessheim Storsenter in which the Group has a Major property projects 34% stake.
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