Steen & Strøm 1st half year results 2018

Steen & Strøm’s shopping center portfolio has seen a positive development throughout 1H 2018. Like-for-like increase in net rental income was 2.5 %.

The group’s net loan to value ratio improved from 33.0% in 1H 2017 to 30.4 % in 1H 2018. The group generated operating income of MNOK 1 137 (MNOK 1.580) and pre-tax profits of MNOK 992 (MNOK 1 552) in the first half of the year. The reduction in operating income and profits from last year is mainly due to a lower positive value adjustment of investment properties and projects, from MNOK 720 in 1H 2017 to MNOK 377 in 1H 2018.

Investment properties and projects were valued at MNOK 37 395 as of 30.06.2018 (MNOK 37 180). The property portfolio valuation is performed by independent external appraisers and is based on an average yield of 4.8% (4.8%). Net interest bearing debt amounted to MNOK 11 539 as of 30.06.2018 (MNOK 12 200).

Book value of equity amounted to MNOK 21 206 as of 30.06.2018 (MNOK 21 669) corresponding to an equity ratio of 54.7 % (54.5%). The average interest cost for the group was 1.9% in 1H 2018 (2.4%).

3. september 2018

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