Northern Logistic Property ASA - Third quarter 2010 results

Wednesday, 10. November 2010 08:02
(Oslo, 10 November 2010) Northern Logistic Property ASA reports continued
positive development in fair value of properties, up NOK 34 million in the
quarter. Net earnings came in at NOK 61 million and operational cash flow at NOK
35 million before change in working capital. Equity per share increased to NOK
37.10. Securing a long term contract and start a new building project remains a
high priority.

"During the last quarters, NLP has improved its financial flexibility and
operational effectiveness substantially. At the same time growth and prosperity
have returned to the Swedish market. I know that the organisation and the new
CEO Peter Strand are eager to capitalise on the established portfolio and any
opportunities arising, and I look forward to follow the company's progress" says
Per Gunnar Rymer, retiring CEO.

Third quarter highlights:
* Revenue for the third quarter 2010 amounted to NOK 98.8m (NOK 106.5m). The
year-over-year decrease of 7.2% was mainly driven by the sale of five
properties in November 2009 and negative CPI rent adjustments for 2010. Net
operating income was NOK 88.6m (NOK 95.5m).

* Annual contractual rent level was NOK 385m at the end of the third quarter,
based on currency rates at 30 September 2010.

* Third quarter maintenance and other property expenses amounted to 10% of
revenue (10%).

* Earnings before fair value adjustments (EBVAT) was NOK 39.2 million (34.1

* Positive fair value adjustments of investment properties amounted to NOK
34.3 million (negative 31.1 million) in the quarter, continuing the trend
from the first two quarters of the year. The gross value of NLP's investment
properties was NOK 5,244m at 30 September 2010.

* Operating cash flow was strong in the quarter and before changes in working
capital it was NOK 35.4 million (35.3 million). Net cash flow from operating
activities was NOK 43.9 (24.2 million) or NOK 1.3 per share (0.9).

* Cash and cash equivalents stood at NOK 284.4 million at the end of the
quarter, up from NOK 267.3 million at the end of the second quarter.

* Net interest bearing debt, adjusted for cash and cash equivalents, was NOK
3,667.5 million (3,509.9 million). Net debt corresponded to 69.9% of the
total value of the investment properties at 30 September 2010, compared to
71.1% at the end of the second quarter.

* Total equity was NOK 1,294.2 million (984.3 million) at the end of the
quarter, and the equity ratio increased from 22.1% at the end of the second
quarter 2010 to 23.1% at the end of the third quarter of 2010.

* Equity per share was NOK 37.1 (28.2) at the end of the quarter.

Subsequent events:
* Exercised option to extend long term debt of originally SEK 3,625 million
with Deutsche Pfandbriefbank AG for two years, maturing September 2013.

* Appointment of new CEO; Peter Strand.

Presentation at Felix Conference Centre 08:00 CET today 10 November 2010

The company will give a presentation today at 08:30 CET at Felix Conference
Centre, Aker Brygge, Oslo.

Webcast and conference call

The presentation will also be broadcasted live on

To listen in to the conference from a telephone, please dial one of the
following numbers:

Norway Free Call: 800 19640

International Dial In: +44 (0)20 7806 1950

UK Free Call: 0800 028 1243

USA Free Call: 1888 935 4575

The conference ID is 6745706

For further information

Please see published report and presentation, or contact:

Per Gunnar Rymer, CEO: +47 907 77 627, email:

Merete Myhrstad, acting CFO and temporary CEO from 12 November:
+47 95 23 88 99, email:

About Northern Logistic Property ASA

Northern Logistic Property ASA is a leading pure-play logistic property company
based in the Nordic region. The portfolio consists of 19 advanced logistic
properties located in larger and regional cities in Sweden and Denmark, with a
total lettable area of approximately 704,000 sq. meters. See also

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


Interim Report Third Quarter 2010:

Presentation Third Quarter Results 2010 :

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Source: Northern Logistic Property ASA via Thomson Reuters ONE
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