Oslo, April 30, 2009: Norwegian Property (OSE:NPRO, NPRO.OL) reports steady operational performance and solid cash flow. Operating profit before fair value adjustments was NOK 105.1  million for the quarter, compared with NOK 70.3 million for Q1-2008. Profit before tax including fair value adjustments was NOK -933.9 million (NOK -166.9 million).

Revenue from office properties adjusted for the disposal of property increased by 5.5 per cent compared with the same period last year, and was NOK 265 million for the quarter. Revenue from hotel properties decreased by 4.3 per cent compared with the same period last year, to NOK 181 million for the quarter.

Fair value adjustments to properties were negative by 2.4 per cent for the quarter, and group accounts have been charged with additional unrealised value adjustments related to goodwill and to interest rate derivatives.

In the first quarter, debt amounting to NOK 975 million was repaid, and the group is in compliance with all debt-related financial covenants.

Equity per share is NOK 19.84. Net asset value by EPRA standard is NOK 25.60 per share.

 

In a comment, CEO Petter Jansen said "We are pleased to report strong operational results and further profit before value adjustments. Our results show low vacancy and positive net leasing in the office segment. Combined with good cost control and reduced financial costs this will ensure good cash flow in 2009"

 

 

Please refer to the full Q1 report and presentation material available at www.npro.no and www.newsweb.no.

 

 

For further information, please contact:
CEO Petter Jansen, +47 900 98 728
CFO Mari Thjømøe, +47 90 77 78 24

IRO Truls Birkeland, +47 410 46 209