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14 February 2012
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22 February 2012
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03-04 May 2012
Vienna, Austria
Norwegian Property posts large net loss, focuses on cash-flow, balance sheet
Listed commercial property investor Norwegian Property reported strong operations yields and improved cash-flow in 2008 but a significant impact on results from fair value adjustments and financial derivatives. It posted a net loss of NOK4.2bn (e478m) over the year, some NOK2.3bn (e262m) of this in the fourth quarter. The losses compared with a net profit of NOK1.2bn (e136m) in 2007 and NOK82m (e9.3m) in 4Q07. The group saw the market value of its portfolio cut to NOK27.3bn (e3.1bn) from NOK31.1bn (e3.5bn) at end-2007, implying a net yield for the office portfolio of 6.4% and 7.0% for the hotel portfolio. It is struggling with a debt load equivalent to e2.5bn.