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12/07-2017 07:00:13: (ENTRA) Entra ASA: Q2/H1 2017 - Strong value and earnings growth. Semi-annual dividend of NOK 2.00 per share

Entra ASA: Q2/H1 2017 - Strong value and earnings growth. Semi-annual dividend of NOK 2.00 per share












Oslo, 12 July 2017 - Rental income was up by 12 per cent to 517 (463) million in Q2 2017 and by 14 % to 1,042 (916) million for the first six months of 2017 compared to the same period last year. Net income from property management was up by 27 % to 328 million (258 million) in the quarter and by 19 % to 638 (536) million for the first six months. Net value changes came in at 1,114 million (526 million) in the quarter and 1,982 (546) million for the first six months. Profit before tax was 1,446 million (790 million) in the quarter and 2,748 (1,074) million for the first six months of 2017. Entra's board has decided to pay out a semi-annual dividend of NOK 2.00 per share for the first six months of 2017, compared to NOK 1.70 per share for the same period last year. The dividend will be paid on 12 October 2017 to all shareholders per 3 October 2017.

Entra has signed new and renegotiated leases with annual rent totalling 44 million (21,000 sqm) during Q2 2017, while net letting in the quarter came in at 10 million. As of 30.06.17 the management portfolio occupancy increased to 97.7 per cent, and the weighted average unexpired lease term of contracts was stable at 6.8 years.

During the quarter, Entra finalised one 4,200 sqm renovation project (Block 3) and started up a new 3,950 sqm renovation project (Block 2), both at Kjørbo in Sandvika. Norconsult has signed a new 10-year lease for 100 % of Block 2 and also increased the duration of the current lease contracts of 10 950 sqm in Block 1, 9 and 10 at Kjørbo until 31.12.2028.

Entra sold two smaller non-core properties for a total consideration for 254 million in the quarter which was 18 % above book values. On 5 July 2017, Entra announced the acquisition of Skanska's 50 % share of Sundtkvartalet based on a property valuation of NOK 1,590 million. The transactions are in line with Entra's strategy to focus the portfolio on large, flexible, environment friendly properties which are centrally located in the largest cities of Norway.

                                                                                                                

      Q2-17 Q2-16 H1-17 H1-16 2016
               
Rental income     517 463 1 042 916 1 899
Net operating income     476 421 965 850 1 740
Net income from property management   328 258 638 536 1 070
Profit before tax     1 446 790 2 748 1 074 3 306
               
Cash Earnings per share     1.76 1.40 3.45 2.92 5.80
EPRA NAV per share     117 91 117 91 101
EPRA NNNAV per share     108 83 108 83 93
               

Entra ASA will present its financial and operating results today at 08:30 CET in Biskop Gunnerus' gate 14 in Oslo. A live webcast of the presentation as well as the full quarterly report is available on the company website www.entra.no

Oslo, 12 July 2017

Entra ASA

For further queries please contact: Arve Regland, CEO, tel: +47 479 07700, email: ar@entra.no or Anders Olstad, CFO, tel + 47 900 22559, email:ao@entra.no

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

--- Entra is a leading owner, manager and developer of office properties in Norway. Entra owns and manages 85 buildings totalling approximately 1.2 million square meters, located in Oslo and the surrounding region, Bergen, Stavanger and Trondheim. The market value of the portfolio (incl.ownership in associates and JVs) is approximately NOK 41 billion.---

 





This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Entra ASA via Globenewswire


Nyheten er levert av GlobeNewswire.

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