(Oslo, 16 Feb 2012)
Today Northern Logistic Property reports their fourth quarter and preliminary full year results for 2011.
Quarterly highlights:
- Net operating income of SEK 104.5 million (91.2)
- Strengthened EBVAT of SEK 49.0 million (27.6)
- Strong cash flow from operations of SEK 38.3 milllion (28.3)
- Long interest rate decline led to negative fair value adjustment of swaps (non-cash)
- Negative effect of new deferred tax application for property value adjustments (non-cash)
- Regulatory permits obtained for new construction projects for Green Cargo
Full year highlights:
- Net operating income of SEK 415.3 million (380.9)
- Strengthened EBVAT of SEK 170.2 million (135.2)
- Strong cash flow from operations of SEK 160.4 million (80.4)
- Stable value of investment properties, SEK 6 170.4 million (6 069.5)
- Proposed dividend of NOK 0.65 per share
CEO Peter Strand says in a comment: "We have continued the positive operational development by reducing the vacancy ratio, and strengthened our financial position and reduced our gearing level. This means we are moving in the direction we want to. On the operational side we proved the strategic importance of offering modern cost effective and flexible logistic properties. One example is our new-building at Västerås, where we managed to turn around and replace a bankrupt tenant with m4 gruppen AB with the same move-in date, same terms, and an even longer contract."
Interim reporting material
The interim report and presentation material will be available at www.newsweb.no and www.nlpfastigheter.se before the presentation.
Presentation
Northern Logistic Property ASA will release its fourth quarter and preliminary full year results for 2011 today, 16 February 2012. In connection with this, the company will give a presentation at Felix Conference Centre, Aker Brygge, Oslo 08:30 CET.
Peter Strand, CEO and Tommy Åstrand, CFO will represent the company.
Webcast
The presentation will also be broadcasted live on the company's investor website: www.nlpfastigheter.se. Questions to the management can be sent online from the webcast during the presentation. A recorded version of the presentation will also be available on www.nlpfastigheter.se after the broadcast has concluded. The presentation will be held in Swedish.
For further information
Peter Strand, CEO: +46 705 88 1661, email: peter.strand@nlpfastigheter.se
Tommy Åstrand, CFO: +46 705 45 5997, email: tommy.astrand@nlpfastigheter.se
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
About Northern Logistic Property ASA
Northern Logistic Property ASA (NLP) is a leading pure-play logistic property company based in the Nordic region. The portfolio consists of 20 advanced logistic properties located in strategic locations relative to major logistics flows, with a total lettable area of 711 365 square meters. It is the only listed company of its sort in the Nordic countries.
NLP delivers stable and increasing revenue and cash flow from rental income, driven by an attractive lease structure with solid tenants.