Market Report

Transcription

Market Report

2141173 • Bolt Communication AS • www.boltcommunication.no
Market Report
December 2014
NRP Finans AS
Haakon VIIs gate 1
Postbox 1358 Vika
0113 Oslo
Telephone: +47 22 00 81 81
Telefax: +47 22 00 81 91
E-mail: [email protected]
Homepage: www.nrp.no
2141173 Markedsrapport-omslag.indd 1
27.11.14 12.52
The NRP Group of companies
Project &
Corporate Finance
Asset
Management
NRP Finans AS
NRP Asset
Management AS
NRP Business
Management AS
Aker
Eiendomsdrift AS
Asset
Management
Corporate management,
accounting, tax
and consulting
Real estate
management
Project arrangement & Syndication
Corporate finance and
M&A advisory
Corporate
Management Services
NRP Finans AS
Anne Elisabeth Næstvold
Christian Ness
Erlend Torsen
Fredrik Holter
Knut Ekjord
Markus Leandersson
Mats Olimb
Morten Berg
Nicolai Rosenberg
Ragnvald Risan
Thor Andreas Mjør
Tobias Gedde-Dahl
Tom Kjeldsberg
E-mail
[email protected]
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NRP Business Management AS
Alina Hategan
Anita Næsheim
Ann - Christin Hansen
Ann Helen Marthinussen
Anne Aspelin
Arild Kvalsvik
Birgitte Linge Dalen
Brita Randem
Elfrid Lislevatn
Grete Aasheim Anstice
Grethe Pedersen
Hege Korsmo Sæther
Heidi Hanson
Linda Cathrin Hansen
Maria Terese Olsen
Nina Ekhaugen
Oddny Skaug Stålesen
Ole Joachim Jonstang
Stine Haugen
Vibeke Vilhelmsen
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NRP Holding AS
Elin Bentsen
Hilde Knudsen
Wenche Solbakken Johansen
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27.11.14 12.52
Table of contents
Page
1.
Introduction ......................................................................................................................................
5
2.
Sold projects .....................................................................................................................................
8
3.
Real estate .......................................................................................................................................
3.1 Status real estate market in Norway and Sweden by Newsec AS (in Norwegian)............................
3.2 Key figures real estate portfolio ...................................................................................................
3.3 Real estate projects overview ......................................................................................................
3.4 Real estate projects
Berger Terminal DIS...............................................................................................................................
Brønnøysund Kontorbygg AS.................................................................................................................
Dagligvarelogistikk AS............................................................................................................................
E-Logistikk AS.........................................................................................................................................
Etterstad Utvikling DIS...........................................................................................................................
Gasolin Eiendom DIS .............................................................................................................................
Gasolin Handelseiendom DIS ................................................................................................................
Grenland House DIS...............................................................................................................................
Hoffsveien Kontorbygg AS .....................................................................................................................
Holmsbu Invest KS .................................................................................................................................
Hovfaret 4 DIS .......................................................................................................................................
Kongholm Invest KS ...............................................................................................................................
Kristiansund Handelseiendom AS .........................................................................................................
KS Torggata Bad AS................................................................................................................................
Logistikk og Lagershop AS .....................................................................................................................
Lørenskogveien 75 Holding AS ..............................................................................................................
Majorstuen Kontorbygg DIS ..................................................................................................................
Martodden Utbygging KS ......................................................................................................................
Maskinveien Kontorbygg AS ..................................................................................................................
Moa Handelseiendom Holding II AS ......................................................................................................
Nydalen Kontorbygg AS .........................................................................................................................
Nydalen Kontorbygg II AS ......................................................................................................................
Nye Alfasetveien DIS ............................................................................................................................
Nye Bergen Lagerbygg KS ......................................................................................................................
Nye Berghagan Næringseiendom AS ....................................................................................................
Nässjö Logistikkbygg AS.........................................................................................................................
Pottemakerveien Kombibygg AS ...........................................................................................................
Ringeriksveien 2012 DIS ........................................................................................................................
Stadion Utbygging KS ............................................................................................................................
Statens Hus Lillehammer KS ..................................................................................................................
Sydsvenskan Lager & Handel AS ...........................................................................................................
Sørenga Utvikling KS ..............................................................................................................................
Tangen Havnelager AS...........................................................................................................................
Teknikstaden Utvikling AS .....................................................................................................................
TFGS Kombi AS ......................................................................................................................................
Wilfast i Torslanda AB ...........................................................................................................................
Wilfast Mølndal AB ................................................................................................................................
10
11
25
27
Page 3
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
NRP Finans AS – Market Report December 2014
4.
5.
Shipping & offshore...........................................................................................................................
4.1 Shipping & offshore market comments ........................................................................................
4.2 Key figures shipping & offshore portfolio......................................................................................
4.3 Shipping & offshore projects overview ........................................................................................
4.4 Shipping & offshore projects
Arca Shipping DIS ...................................................................................................................................
BB Troll DIS.............................................................................................................................................
Beta DIS ..................................................................................................................................................
Bulk Avanti DIS .......................................................................................................................................
Bulk Transloading DIS ............................................................................................................................
Cresco Shipping DIS ...............................................................................................................................
Eastern Reefer II DIS ..............................................................................................................................
Gjende DIS..............................................................................................................................................
Feedermate DIS .....................................................................................................................................
Inter Carib II DIS .....................................................................................................................................
Jupiter Bulker DIS ...................................................................................................................................
Kuo DIS ...................................................................................................................................................
Mount Lyderhorn LLC ............................................................................................................................
Neptune Seismic DIS ..............................................................................................................................
Spero DIS ................................................................................................................................................
Stril Offshore DIS ....................................................................................................................................
TDSC Opportunity AS .............................................................................................................................
UACC Bergshav Tanker DIS ....................................................................................................................
UACC Ross Tanker DIS ...........................................................................................................................
65
66
74
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
Explanation of procedures and key figures ......................................................................................... 96
Ness, Risan & Partners AS and companies controlled by Ness, Risan & Partners AS (« NRP Group») have a restrictive
policy regarding owning financial instruments. The NRP Group can participate as a general partner in companystructures where NRP Finans is the arranger of the project. The NRP Group is also allowed to invest in open-ended
funds managed by NRP Asset Management, in bond funds, or in treasury bills as part of the liquidity management in
certain group companies. Companies in the NRP Group only own financial instruments linked to the business.
Employees in the NRP Group and their close relatives will from time to time own shares in projects arranged by NRP
Finans, or in funds and companies managed by NRP Asset Management. A list of shares owned by employees in the
NRP Group is available upon request to Ness, Risan & Partners’ Compliance Officer.
This market report has been prepared by NRP Finans AS, having endeavoured to present a consistent and correct
picture of our projects. The information contained herein has been obtained from sources believed to be reliable and
in good faith. NRP can however not guarantee or be held financially or legally responsible for the accuracy,
completeness or correctness of the information contained in this market report. We underline that investing in real
estate and shipping/offshore projects is associated with risk. All investors must be prepared that such investments
might result in monetary losses. Anyone who uses this report as a basis for purchasing shares at a later time, must
make sure that all relevant and updated information is obtained. The information in this market report is only valid
per date of preparation. Possible investors are encouraged to go through the projects thoroughly before investing.
All documentation and analyses can be explained by contacting our office.
NRP Finans AS - Market Report December 2014
Page 4
1. Introduction
It is a great pleasure to present a new market report
from NRP Finans. In this report, you will find valuations
for our projects, market information on both real
estate and shipping/offshore, and key figures for our
portfolio. Introducing this report, we wish to say a few
words about the activity in NRP, the market outlook,
and introduce new projects we have facilitated since
the last report.
We are experiencing increasing activity in
shipping/offshore, and have therefore strengthened
our team with three new employees this autumn. Mats
Olimb and Nicolai Rosenberg are new
shipping/offshore project brokers in NRP Finans. Mats
came from a position as offshore analyst in DNB
Markets, while Nicolai has worked as a consultant in
A.T Kearney. We are also delighted to have Markus
Leandersson back in the NRP Group, where he will now
join the corporate team in NRP Finans. Markus has
previously worked in NRP Securities, and continued in
Carnegie when the company was sold in 2013. We are
excited about the new competence added to our team,
and look forward to increase our deal-flow in shipping
and offshore going forward.
The activity is also good for the other companies in the
NRP Group. NRP Corporate Finance, which is part of
NRP Finans, is now in operation with a dedicated team
actively working on private equity advisory
transactions and private placements of equity and
bonds. NRP Business Management has increased their
workload in 2014, and has sent an application to FSA
(Finanstilsynet) to become a Depositary. Aker
Eiendomsdrift has around 100 properties under
management, and good growth in earnings. NRP Asset
Management is working to liquidate the fund NRP
Eiendom 2010, parallel to setting up new funds within
both real estate and shipping. NRP Eiendom 2012,
which is also under management by NRP Asset
Management, completed the final subscription period
this summer and is now in the final phase of investing
the capital.
Market outlook
According to the OECD Economic Outlook of November
2014, the global growth will remain modest but
positive the coming years. Estimated GDP for China in
2015 is 7.1%, which is somewhat lower than recent
years’ growth. Indian economy on the other hand is
picking up, and the estimated GDP for 2015 is up one
Page 5
percentage point from 2014 to 6.4%. The recent
economic figures from the USA show robust recovery
in the U.S. economy, while the euro area is facing an
increasing risk of stagnation. Expected GDP for USA in
2015 is 3.1%, while the euro area is facing a modest
growth of 1.1%. Estimated GDP in Norway the coming
year is 2.4%.
The economic hot topic this autumn has been the
significant drop in the oil price, mainly due to high
supply. Over the last couple of months, the oil-industry
has cut jobs and put projects on hold, as many oil fields
are unprofitable to develop at the current oil-price
levels. The falling oil-price has contributed to the
weakening of NOK the last months, and the reduced
activity in the Norwegian oil-industry will also
contribute to keeping the interest rates low going
forward.
The key interest rate in Norway has been 1.5% since
March 2012, while the key interest rate in Sweden was
cut to record low 0.0% in October. The Norwegian 10
year government bond is currently trading close to 2%,
and the Swedish 10 year government bond is trading at
around 1.1%. These historic low interest rates are good
news for borrowers of money.
Real estate projects
Over the last six months, NRP Finans has facilitated
four new real estate projects, Nydalen Kontorbygg II
AS, Vestby Logistikk AS, Kambo Næringseiendom AS
and Haukås Næringseiendom AS. The total gross
property value of the five projects is NOK 1.35 billion.
Nydalen Kontorbygg II has bought Maridalsveien 323 in
Nydalen, an office property fully leased to three
tenants; Get, Konica Minolta Business Solutions and
Boots Norge. The weighted average remaining lease
period is 10 years. Vestby Logistikk AS was established
to purchase a warehouse and logistics building located
at Vestby. The property is leased on a “bare-house”
lease agreement to DHL Supply Chain Norway. Kambo
Næringseiendom AS was established to buy a
production and warehouse property in Moss, leased to
Promens AS on a 12.5-year “bare-house” lease
contract. The project Haukås Næringseiendom AS,
outside of Bergen, consists of four new-buildings (two
warehouses, one gas station and a car dealership), with
a weighted average lease period of 15 years.
The real estate projects we have facilitated this
autumn have all been well received by our investors
and quickly subscribed.
Most banks are positive to lending money to real
estate projects, and we have received favorable
margins for our projects. The banks have also lowered
the margins for several of our already existing real
estate projects over the last months.
Eight of our real estate projects have been sold this
autumn, in addition to one NetOnNet store in the
project Logistikk og Lagershop AS. Seven of the
projects are bought by a foreign buyer, which
underlines the fact that real estate in the Nordic
countries is gaining increasing attention from foreign
investors.
For an analysis by Newsec of the real estate market in
Norway and Sweden, please see page 11.
Shipping & offshore
The interest for shipping projects is increasing. The
challenge is however to find good projects to present
to our investors. We have facilitated two new shipping
project since the last report, Jupiter Bulker DIS and
Gjende DIS. A vessel in the project KUO DIS, KUO FU,
has been sold this autumn with a profit of
approximately 23% for the investors.
Jupiter Bulker DIS has purchased one Handymax bulk
carrier, with 7-year bareboat charter back to the seller.
The Handymax (MV Free Jupiter) is a 47,777 dwt bulk
carrier built in 2002 in China, bought from FreeSeas
Inc.
Gjende DIS was established in November, and the
project is a 5-year sale lease back of MV Mabah, a
235,128 cbft Reefer vessel, built in 1995. The Charterer
of the vessel is the Boyang Group, a business partner
we have had a close relationship with for more than 10
years.
Getting financing for shipping and offshore projects
remains tough. The large banks prefer large deals to
solid counterparts, with long charter parties. Maritime
& Merchant is working to establish a shipping/offshore
bank as an alternative to existing banks, and we
welcome them.
Second hand market transactions
So far this year, we have sold shares in the second
hand market for approximately NOK 160 mill. This is
marginally lower than last year at the same time. The
second hand volumes are still largest for real estate
projects, and the low risk profile projects are preferred
among the investors.
NRP Finans is working actively to create more liquidity
in our projects, in order to attract a broader group of
investors. Please contact Thor Mjør or Erlend Torsen if
you have questions regarding second hand
transactions.
Return for the NRP Finans portfolio
In projects where there has been recent second hand
transactions, the transaction value will normally be of
guidance for setting the market value for the project.
In projects where there has not been any recent
transactions, other parameters such as predicted cash
flow and estimated asset values will largely dictate the
valuation. For more information regarding our
valuation procedures, please see the explanation of
procedures and key figures at the back of this market
report.
Return for our real estate portfolio over the last year, is
12.3% p.a. The real estate portfolio has given a return
of 22.4% p.a. from the end of 2000 and up to today.
Return of our shipping/offshore portfolio the last year,
is 4.8% p.a. The shipping/offshore portfolio has given a
return of 12.6% p.a. from the end of 2000 and up to
today.
The total portfolio return is up 10.3% p.a. the last year.
The return of the NRP Finans’ total portfolio of both
real estate and shipping/offshore projects is up 17.5%
p.a. since the establishment in 2000. This high return
shows that direct investments as an asset class should
be part of an investor’s portfolio.
Return:
2014*
Real estate portfolio
12.3%
Shipping portfolio
4.8%
Total portfolio
10.3%
*Return from 01.12.2013-01.12.2014
200101.12.2014
22.4%
12.6%
17.5%
For an analysis of the shipping & offshore market,
please see page 66 in our market report.
Page 6
Our focus is to achieve the highest risk-adjusted return
for all our projects, as well as securing a good return on
our overall portfolio. We are also constantly working to
identify and facilitate new good projects within real
estate, shipping and offshore.
1800
Compared to the Oslo Stock Exchange in the period
from 2001 – 01.12.2014, the NRP Finans portfolio has
evolved as follows:
Development NRP Finans portfolio vs Oslo Stock Exchange benchmark
1600
Weighted NRP Finans portfolio
(1 343)
1400
1200
1000
800
600
OSEBX
(295)
400
200
0
Jan 2001
Jan 2002
Jan 2003
Jan 2004
Jan 2005
Jan 2006
Jan 2007
On behalf of NRP, we would like to take this
opportunity to confirm to our investors and business
associates our commitment to deliver the best longterm risk adjusted return, combined with a positive
Jan 2008
Jan 2009
Jan 2010
Jan 2011
Jan 2012
Jan 2013
Jan 2014
Dec 2014
and personal follow-up of high quality. We would also
like to wish you all a Merry Christmas and a Happy
New Year.
Oslo 1. December 2014
Best regards,
NRP Finans AS
Christian Ness
Page 7
Ragnvald Risan
2. Sold projects
2002
2006 continues
Property:
Project
Established
IRR since project start
Shipping:
Project
Maud Reefer KS
Multipurpose 2000 KS
Established
2001
2000
30 % p.a.
28 % p.a.
Property:
Project
Skarvenesveien 3 KS
Established
2002
42 % p.a.
Shipping:
Project
Tofelino Shipping KS
Kapitan Rudnev Shipping Ltd
Northeast Chemical Carrier KS
Established
2000
2002
2001
23 % p.a.
14 % p.a.
34 % p.a.
Established
2003
2000
2003
123 % p.a.
36 % p.a.
84 % p.a.
2003
2004
Property:
Project
Fornebuveien 38-44 KS
Karihaugen Kombibygg KS
Nye Skarvenesveien 3 KS
Shipping:
Project
China Bulker KS
China Cape DIS
Containership Invest KS
European Container DIS
European Container II DIS
Finn RoRo KS
Indian Tanker KS
Kapitan Korotaev Shipping Ltd.
Mesa Invest DIS
Nye Northeast Chemical Carrier KS
Olympia DIS
Rem Balder DIS
Rem Fortress DIS
Rem Forza DIS
Rem Fosna
Rem Odin DIS
Rem Provider DIS
Rem Songa DIS
Ross Container DIS
Scandinavian RoRo KS
Sir Matt Reefer DIS
TDS Containership II KS
Established
2003
2004
2004
2004
2005
2003
2003
2003
2006
2003
2005
2005
2005
2006
2006
2006
2006
2006
2004
2002
2005
2005
75 % p.a.
27 % p.a.
76 % p.a.
47 % p.a.
25 % p.a.
99 % p.a.
115 % p.a.
35 % p.a.
11 % p.a.
35 % p.a.
58 % p.a.
77 % p.a.*
77 % p.a.*
68 % p.a.*
86 % p.a.*
70 % p.a.*
130 % p.a.*
69 % p.a.*
29 % p.a.
64 % p.a.
46 % p.a.
34 % p.a.
*Not taken into account paid in capital in tranches
2007
Shipping:
Project
North Reefer KS
Established
2002
60 % p.a.
Property:
Project
Alfasetveien 11 Eiendom KS
Datavegen 27 AS
Hotvedtveien 6 KS
Valløveien 3 KS
Selga Kombinasjonsbygg AS
Established
2003
2003
2002
2003
2004
59 % p.a.
42 % p.a.
44 % p.a.
106 % p.a.
65 % p.a.
Shipping:
Project
Eastern Chemical Carrier KS
Gram Chemical Carrier DIS
Korean Chemical Carrier KS
Lake Eva DIS
Lake Maya DIS
Sir Matt Reefer KS
Established
2000
2004
2001
2004
2004
2004
125 % p.a.
275 % p.a.
87 % p.a.
18 % p.a.
18 % p.a.
1001 % p.a.
2005
2006
Property:
Project
Akersgaten 16 Invest KS
Berghagan Næringseiendom KS
Entreprenørbygg Invest KS
Finnestadveien 44 ANS
Hvamveien 1 KS
Kyrre Grepps gt. 19 KS
Moss Holmestrand Nærsenter KS
Nye Alfasetveien 11 KS
Nygaard Brygge Invest KS
Scandigade 8 AS
Established
2001
2004
2004
2004
2004
2001
2003
2005
2003
2005
7 % p.a.
181 % p.a.
87 % p.a.
98 % p.a.
87 % p.a.
25 % p.a.
60 % p.a.
106 % p.a.
27 % p.a.
191 % p.a.
Property:
Project
Banebakken 38 AS
Helsingborg Kjøpesenter AS
Kombibygg Invest I AS
Lillsjøvegen Invest AS
Preståsen Park KS
Pueblo Amistad DIS
Established
2006
2002
2006
2005
2002
2005
128 % p.a.
34 % p.a.
38 % p.a.
60 % p.a.
25 % p.a.
22 % p.a.
Shipping:
Project
Asian Tanker DIS
BOP 15 DIS
Dynasty DIS
Eagle Shipping DIS
Ivory Ace DIS
Rem Norway DIS
Southern Chemical Tanker DIS
Established
2004
2005
2004
2005
2006
2006
2003
44 % p.a.
69 % p.a.
56 % p.a.
40 % p.a.
93 % p.a.
152 % p.a.
36 % p.a.
Property:
Project
Established
Shipping:
Project
Chem VI DIS
Inter Carib DIS
Med Cruise DIS
TDS III DIS
Established
2007
2006
2005
2006
-35 % p.a.
36 % p.a.
23 % p.a.
31 % p.a.
2008
Page 8
2009
2012
Property:
Project
Established
Shipping:
Project
American Bulker KS
Eastern Chemical Tankers III KS
Indian Chemical Tanker DIS
Peg Chemical Carrier DIS
Established
2001
2001
2007
2006
44 % p.a.
65 % p.a.
6 % p.a.
20 % p.a.
Property:
Project
Haugenstua Butikksenter AS
Established
2006
2 % p.a.
Shipping:
Default/bankruptcy project
Oceanlink Reefer DIS
TDS Containerships IV DIS
Established
2007
2007
-100 % p.a*
-100 % p.a*
Property:
Project
Buskerud Handelseiendom DIS
Established
2010
11 % p.a
Shipping:
Project
M-Tanker DIS
Atlantic Seismic DIS
Perrine DIS
Established
2005
2007
2007
-12 % p.a*
31 % p.a
-36 % p.a*
Oceanlink Reefer II DIS
TDS Containerships V DIS
Established
2007
2012
-68 % p.a*
-100 % p.a*
Property:
Project
Alingsås Lager og Handel DIS**
Berger Kombibygg AS**
Borås Logistikk AS**
El Logistikk DIS**
Finlogistikk DIS**
Gøteborg Logistikk DIS **
Halmstad Logistikk AS**
Prime Logistikk DIS**
Established
2008
2013
2012
2011
2011
2011
2013
2012
0 % p.a.
5 % p.a.
17 % p.a.
14 % p.a.
14 % p.a.
15 % p.a.
5 % p.a.
15 % p.a.
* Including paid in uncalled capital
Chem Lily DIS
Handy Container DIS
MPP Container DIS
Swetank DIS
Swetank III DIS
Swetank IV DIS
2007
2008
2007
2005
2006
2007
-100 %
-100 %
-99 %
-79 %
-98 %
-77 %
p.a.*
p.a.*
p.a.*
p.a.*
p.a.*
p.a.*
2010
2013
Property:
Project
Ringeriksveien KS
Vestfold Kombibygg DIS
Established
2001
2006
30 % p.a.
7 % p.a.
Shipping:
Project
China Ropax DIS
Indian Bulker DIS
Pacific Bulker DIS
Ross Container II DIS
Established
2004
2007
2008
2006
34 % p.a.
-37 % p.a.*
-50 % p.a.*
21 % p.a.
2008
-50 % p.a.*
Property:
Project
Alingsås Handel AS
Hallsberg Logistikk DIS
Nye Nordahl Brunsgate 10 KS
Established
2006
2008
2003
16 % p.a.
16 % p.a.
46 % p.a.
Shipping:
Project
BB Troll (before refinancing)
E-Tanker DIS**
Eastern Reefer II DIS
Established
2010
2006
2006
-100 % p.a
-2 % p.a
22 % p.a
Shipping:
Project
Arendal Offshore DIS
Longa DIS
Inter Carib III DIS
United Cape DIS
Established
2008
2007
2007
2007
24 % p.a.
21 % p.a.
-27 % p.a.*
-38 % p.a.*
Gram LPG DIS
Established
2007
-100 % p.a.*
Indian Chemical Tanker II DIS
2011
2014
**Waiting for final settlement
Page 9
NRP Finans AS - Markedsrapport juni 2014
3. Real estate
Page 10
3.1 Status eiendomsmarkedet i Norge og Sverige ved Newsec AS
(in Norwegian)
Kontor- og logistikkeiendom
1.0 Norge
I Norge har utviklingen så langt i 2014 vært nær
motsyklisk sammenliknet med utviklingen internasjonalt,
ikke minst sett i forhold til euroområdet. BNP-veksten i
Norge har tatt seg noe opp og det samme har
inflasjonstakten. BNP vokste med 1,2 % i 2. kvartal 2014,
den sterkeste kvartalsveksten siden 2012. Veksten i
norsk fastlandsøkonomi anslås dog å bli lav i Q3, men
vokse med om lag 0,5 % per kvartal de påfølgende
kvartalene.
Arbeidsledigheten i Norge har vært ganske stabil en
stund. I oktober var den registrerte arbeidsledigheten
2,7 % av arbeidsstyrken. Til tross for den relativt
beskjedne aktivitetsveksten fram til Q2–2014, har
arbeidsledigheten ikke vist tendenser til økning gjennom
fjoråret. Dette har dog mer vært drevet av lav vekst i
arbeidstilbudet enn høy vekst i sysselsettingen. Vi regner
med at arbeidsledigheten vil stige gjennom resten av
2014 og 2015.
Inflasjonstakten har vært noe høyere i 2014 enn i de
foregående årene. Så langt i år har 12-månedersveksten
i konsumprisindeksen (KPI-JAE) ligget rundt 2,5 %. Det
skyldes kronesvekkelsen som tok til vinteren 2013. I
senere tid har kronen styrket seg og vi forventer at en
ytterligere, dog moderat, styrking vil finne sted
framover. Dette vil etter hvert føre til noe lavere
inflasjon. Etter rentemøtet 18.09.2014 reagerte
valutamarkedet med å styrke kronen markant
umiddelbart etter Norges Banks offentliggjøring, der
Norges Bank langt på vei fjernet muligheten for
rentekutt.
En litt mer moderat inflasjonstakt kan gi litt høyere
reallønnsvekst til neste år og framover enn i
inneværende år. Lønnsveksten regner vi med vil ligge
Page 11
stabilt rundt 3,5 % i år og de neste årene, og vil medføre
en årlig vekst i reallønnen i området 1,5–2,0 %.
1.1 Kontormarkedet i Oslo
3. kvartal er nå over og aktiviteten i leiemarkedet ser
mye bedre ut enn ved starten av 2014. Vi registrerer at
prisene på kontrakter signert i kvartalet fortsetter å
stige, og er opp nye 3 % fra foregående kvartal, til 2050
kr/kvm. Volumene er svært lave, og det er kun én gang
tidligere målt tilsvarende lave volumer; i 3. kvartal 2009.
Totalt ble det signert 143 kontrakter på til sammen 109
750 kvadratmeter, mot 235 740 kvadratmeter i 2. kvartal
2014. Dette skyldes at det har vært en relativt stille
periode for de store leiekontraktene over 10.000 kvm
som henger sammen med få utløp av store kontrakter i
2014 og 2015.
Den største leiekontrakten i sentrum de siste to årene
blitt signert av Olav Thon i deres nybygg i Storgata 14–18
og Stenersgata 2 hvor Riksrevisjonen har kommet på
plass som leietaker. Årsaken til deres flytting fra
Frydenlund-komplekset til KLP er Høyskolens vekst i
studentmassen som utvider sitt areal med over 20.000
kvm. Utvidelsen til høyskolen sender også
Forskningsrådet på flyttefot. Andre registrerte
kontrakter i Oslo sentrum av en viss størrelse er
Sjøfartsbygningen (Kongens gate 6) hvor Centric Norway
leier ca. 1.800 kvm. Det har også den siste tiden vært
flere nye store søk i markedet hvor bl.a. Norgesgruppen
søker mellom 8.000–11.000 kvm og Securitas søker nytt
hovedkontor på ca. 4.000 kvm.
Vi opplever generelt et kresent leiemarked hvor
eiendomsbesitterene som har en helhetlig plan for
vedlikehold og oppgraderinger tilpasset dagens marked
er vinnerne og raskest løser sine ledige arealer. Et annet
viktig element som det har vært snakket om lenge, og
som vi nå ser et større fokus på hos leietakerne er gode
og fremtidsrettede miljøløsninger. Her ser vi at
utviklerne og leietakerne begynner å gå i takt og
betalingsviljen for miljøbygg er sterkere nå enn tidligere.
Den største gledelige nyheten i leiemarkedet vi kan
melde om etter sommerferien er at beslutningsprosessene er kortere og beslutningsevnen betraktelig
bedre.
NRP Finans AS - Markedsrapport juni 2014
Vi har derfor tro på at volumene vil bedres i tiden
fremover og at mange gårdeiere går en god høst i møte.
Leieprisene stiger jevnt over i alle områdene og prisene
er nå opp med 5 % i snitt for hele Oslo sammenliknet
med samme tid i fjor, altså over det dobbelte av KPI.
Det begynner å bli kort tid for å løfte nybygg i 2016 nå,
og det er dermed lite nye kontorarealer som blir tillagt
markedet i de kommende to år.
Den største stigningen gjelder Vika-Aker Brygge, der
leiene er opp med nesten 11 % siden samme tid i fjor.
CBD:
Leieprisene holder seg derimot tilnærmet uendret siden
forrige kvartal, og dette anses som en korreksjon etter
kraftig stigning i de fleste segmenter i løpet av årets
første halvår.
Vi definerer CBD som Vika, Aker Brygge, Tjuvholmen og
noen adresser rundt rådhuset.
1.1.1 Ledighet i Oslo
Dette er ledighetsstatistikken fra vår ferskeste telling,
som ble utført i midten av september.
Ledigheten i Oslo sentrum ligger stabilt på rundt 6 %.
Ledigheten for kontorbygg i Stor-Oslo er nå ca. 8,2 %,
ned 0,3 poeng fra forrige kvartal. Det er nå 820.000 kvm
tilgjengelig innen 12 måneder.
Stort sett alle områder i Oslo har stabil ledighet, Skøyen
opplever en svak vekst, dette skyldes tilskudd av flere
mindre arealer, ingenting dramatisk.
Lysaker og Nydalen sliter fortsatt med høy ledighet der
kun de beste byggene med nærhet til offentlig
kommunikasjon signerer kontrakter.
NPRO begynner å bli ferdig med oppussingen av Aker
Brygge og det skrives jevnlig kontrakter i de
nyrehabiliterte lokalene. Rica Eiendom Holding og
Peninsula Petroleum har nylig signert kontrakter i hhv.
Stranden 3 og 1.
Det er ca. 31.500 kvm ledig i CBD nå. Det største arealet
er en nykommer, 4.100 kvm i Olav V’s gate 4. Her
fraflytter DLA Piper lokalene til fordel for Stranden 5 og
NPRO i Q1 2015, hvor de skal leie 5 000 kvm.
Terminalbygget (2 750 kvm) og Bryggegaten 8 og 9
(7 600 kvm, tidligere Stranden 5) defineres nå som
ledige, med innflytting Q1 2015, dette etter at Google
tok 2.500 kvm. Det samme gjelder Verkstedhallen der
det er snaue 4.000 kvm ledig kontorareal.
Neste store ledige lokale som skal fylles opp er 20 000
kvm i Ruseløkkveien 26 til Storebrand, som blir ledige
etter Wiersholm og Norad, trolig klart for innflytting i
løpet av 2016.
Page 12
Videre har de nesten fylt opp Prinsens gate 21 og leid ut
til blant annet til Mainmanager, Hermés Headhunting og
Visit Denmark.
Vardia har tegnet en ny 10 års avtale i 4. etg. i Haakon
VIIs gate 2, med et leienivå på 3.900 NOK/kvm, inkl. en
MVA kompensasjon beregnet til ca. 200 kr/kvm.
Lokalene totaloppusses for ca. 10 000 kr/kvm.
Erich A. Selvaag med familie har fått inn AIG og Syncom i
Rosenkrantzgate 22 på nivåer opp mot 3.000/kvm.
Indre by sentrum:
Ledigheten i Indre by sentrum (innenfor ring 1) synker
dette kvartalet, ned ca. 13.000 kvm, dette kommer etter
et Q2 der ledigheten steg relativt kraftig.
Aller-gruppen flytter til sitt nybygg på Hasle Linje i Q1
2015 fra Stenersgata 2 til Olav Thon og etterlater ca. 9
200 kvm. Thon utvider og tar noe av dette arealet, mens
Riksrevisjonen har leid resten samt hele kontordelen i
nybygget ved siden av; Storgata 14-18, også dette til
Olav Thon.
I Kongens gate 6 som er eid av Eckbos Legater er det
utleid 1 800 kvm til Centric Norway på nivåer mellom 2
500–3 000/kvm.
Nettavisen flytter inn i Søylen Eiendoms Grensen 17 på
1.350 kvm, til 2 500/kvm.
Bortsett fra Riksrevisjonen er det mangel på de virkelig
store kontraktene i Q3, men vi har sett flere mindre
kontrakter på gode nivåer, spesielt i kvadraturen.
Indre by (mellom ring 1 og ring 2) er segmentet hvor
ledigheten faller mest også i dette kvartalet. Ledigheten
falt med nesten 20.000 kvm i Q1, primært fordi
Akersbakken 27 ble omregulert og 10.000 kvm ble tatt ut
av vår ledighetstelling. Newsec har bistått med salget av
eiendommen, som ble kjøpt av Olav Thon. Det er nesten
ingen nye lokaler over 1.000 kvm, som kommer inn i
ledighetslisten vår i tellingen dette kvartalet.
I høyblokken på Tøyen (Økernveien 11–13) er antagelig
den største leiekontrakten som er skrevet i 2014
sammen med Riksrevisjonen. Leiekontrakten ble inngått
i våres, Politiets Utlendingsenhet tar 12.000 kvm i bygget
som nylig ble fraflyttet av Skatteetaten. Denne
eiendommen er nå i markedet.
Det oppgraderte kontoret til Sporveiene og NIFU i
Økernveien 9, på andre siden av gaten, er kjøpt av et
syndikat tilrettelagt av NRP Finans.
I kontordelen på Eger har Søylen fått inn ny leietaker
etter Aspiro, Netlight har tatt 825 kvm til et svært
hyggelig nivå.
Page 13
Ipsos MMI tar 1.750 kvm på en 12-års kontrakt, med
oppstart i sommer.
Det har virkelig løsnet på Tøyen, og i forrige kvartal
kunne vi melde om en kontrakt på 5.500 kvm i
Kolstadgata 1 (Enata Eiendom). Leietaker er en stiftelse,
Frivillighetshuset, som består av 12 samarbeidende
organisasjoner som Operasjon Dagsverk, Attac,
Wikimedia Norge, Hyperion, Landsrådet for barne- og
ungdomsomsorg og Elevorganisasjonen.
Lysaker opplever nedgang i ledigheten, det ble skrevet
få nye kontrakter i Q3, samtidig er tilgangen til nye
ledige lokaler begrenset.
I Grønlandsleiret 25 til Jens Evensen har Newsec leid ut
ca. 1 500 kvm til Fresh Fitness, på en 10-års kontrakt fra
Q4 2014.
På Skøyen stiger ledigheten svakt også dette kvartalet.
Verkstedveien 1, tidligere Drammensveien 134 (NPRO)
defineres som ledig, med 16.000 kvm som ferdigstilles i
Q2 2015. Som kjent skal Statens Pensjonskasse inn i
bygget fra Q4 2014, de har skrevet kontrakt på 9.200
kvm på nivå 2.775 NOK/kvm. Det er nå ca. 64.000 kvm
ledig på Skøyen og ledigheten bikker 10 %. Det har vært
få nye signerte leieavtaler i området siste kvartal, men
også lite tilgang av nye lokaler. Det at Norgesgruppen og
Moteforum ser seg om etter nye kontrakter kan føre til
fristillelse av ytterligere 25.000 kvm på Skøyen dersom
de flytter til et annet område i byen.
Vi er likevel lite bekymret for ledigheten. Skøyen tikker
avgårde i god fart og det er god aktivitet i markedet.
Blant annet har Sparebank 1 fått på plass nye leietakere i
Karenslyst allé 20.
I Phillip Pedersensvei 7–9 la NCC ut 4.600 kvm til leie i
våres. Dette er nybygget under oppføring for Technip.
De hadde leid 13.500 kvm til 2.200 NOK/kvm og hadde
opsjon på de resterende arealene. At arealene ble lagt ut
i markedet kunne tyde på at opsjonen ikke ble benyttet,
evt. at NCC ønsket å fremprovosere en handling fra
Technip. Uansett så det ut til at taktikken til NCC
fungerte og Technip tok hele arealet.
Newsec har 4.200 kvm til leie i Fornebuveien 1–3 for
Fram Eiendom, som også kommer ut i markedet dette
kvartalet. Lokalene er ledige etter Kongsberg Gruppen
Page 14
(kjøpte Apply Nemo i 2012). De har nylig flyttet til
Kongsberg Gruppens nye hovedkvarter, Asker
Panorama.
Skal ledigheten på Lysaker vesentlig ned og være robust
også i årene som kommer må man få leietakere fra
andre områder. I dag underbyr gårdeierne hverandre for
å stjele leietakere fra hverandres bygg. Dette er ikke
bærekraftig på sikt. Som tidligere nevnt er det trolig
likevel slik at Lysaker med sitt moderate leienivå i
forhold til Skøyen/Sentrum, gode beliggenhet og store
ledige arealer kan tiltrekke seg mange nye leietakere
fremover.
Vi har ikke registrert vesentlige leiekontrakter dette
kvartalet.
Oslo ytre vest: Ledigheten i Oslo ytre vest steg vesentlig
i forrige kvartal da Slemdalsveien 37 til KLP kom ut i
markedet. Dette er lokalene som Statens Pensjonskasse
fraflytter ved årsslutt. Her er det ledig ca. 8.000 kvm
kontor og det må påregnes en vesentlig investering.
Oslo ytre øst: Ledigheten holder seg noenlunde stabil i
Oslo ytre øst dette kvartalet, blant annet siden vi har tatt
ut Frysjaveien 42. Her var det 3.000 kvm til leie
(kontordelen). Eiendommen skal nå trolig konverteres til
bolig og er således tatt ut av ledigheten.
Ledigheten er nå like under 15 %. Området bærer preg
av aktuelle kandidater for konvertering til bolig- og
næringsutvikling, vi forventer at ledigheten vil falle på
lang sikt. Av de største ledige objektene er Lørenfaret 3
(OPF) på 12.500 kvm kontorareal, Lørenveien 51 på
10.000 kvm (Ulven AS), Lørenvangen 22 på 10.000 kvm
og Ulvenveien 75B på 4.000 kvm, alle
konverteringscaser.
Page 15
Silurveien 2/Ullern Panorama, i nybygget til Selvaag
fortsettes det å skrive kontrakter, og det er nå «bare»
6.900 kvm ledig her. I Gaustadalléen 21 (fremleie
Oslotech) har man fått inn Meterologisk Institutt etter at
Texas Instruments fraflyttet eiendommen til fordel for
Hoffsveien 70 C. De leier 2.400 kvm. Leienivået mellom
1.800–1.950 NOK/kvm. Hoffsveien 70B/C er nylig
innflyttet, og blir følgende helt fullt med Lindorff, Texas
Instruments og Metier som hovedleietakere. Vi har ikke
registrert vesentlige leiekontrakter inngått dette
kvartalet.
1.2 Logistikkmarkedet
1.2.a Generelt
Leienivåene ovenfor er basert på informasjon fra
relevante leieeksempler som vi har kjennskap til i
markedet samt tilgjengelig i vår database.
Vi registrerer en økt interesse for logistikkeiendom i
Norden. Spesielt i Sverige har interessen vært særlig stor
og vi forventer å se det samme i Norge.
Hvis det viser seg at tollgrensen av varer fra utlandet
heves, kan dette potensielt ha en negativ effekt på
norske selskaper som driver med detaljhandel på nett og
følgelig logistikkeiendom her til lands, siden det er
billigere å plassere disse i utlandet, men vi mener at
denne bransjen er i så stor vekst at de vil merke lite til
dette.
Det globale investeringsselskapet Blackstone og
investeringsfondet Tritax kjøpte en større
logistikkportefølje i Europa. Kun en av eiendommene lå
riktignok i Norge. Den var på ca. 10.000 kvm og lå i
området Regnbuen på Langhus. I det samme området
utviklet og solgte senere Anthon B Nilsen sitt kjølelager
hvor Interfrukt var leietaker på en 20 års kontrakt.
I logistikkmarkedet har vi sett en yieldnedgang det siste
kvartalet. De siste transaksjonene som vi kjenner til fra
Höegh Eiendoms salg i Ski næringspark på yielder på ca.
6,25 % vitner om et marked i kraftig bedring. Gunstig
finansiering har utvilsomt bidratt til dette og vi tror dette
er en god markedsindikasjon på at logistikk er blitt mer
attraktivt. Vi må tilbake til BULK-transaksjonen på Berger
som Storebrand kjøpte for å se slike yieldnivåer.
Vi vet også at Loe Utvikling kjøpte et 11.000 kvm
kombinasjonsbygg på Sofiemyr med tilhørende tomt på
ca. 30 daa. Vi har ikke kjennskap til nivåene, men vil
anslå en salgssum på 60-70 millioner basert på løpende
leie og totalarealet.
På Gardermoen er det Bergmoen som søker om å utvikle
Gardermoen Business Park. Potensialet er på hele
150.000 kvm. Ett år tilbake kjøpte Fabritius et større
tomteområde av Nordea Liv hvor Newsec var megler.
Etter det vi kjenner til er eiendommen igjen i markedet.
På Lierstranda som skal utvikles til en helt ny bydel har
Asko Drammen vokst ut av sine lokaler. De forsøker nå å
etablere seg i Sande. Dette er svært gledelig for
logistikktomter i Vestfold som tradisjonelt har vært
vanskelige å utvikle. Det er sannsynlig at mer av
logistikken flytter etterhvert som også Drammens
boligbehov vil fortrenge logistikken ned langs E18.
I Stavanger-regionen har Måseide kjøpt et tomteområde
på 70 daa langs E39 mellom Stavanger og Flekkefjord.
Det er entreprenørkonsernet Bjørn Riisa som er selger. I
følge våre kilder er prisen 160 millioner. Med på kjøpet
følger Spenncon som leietaker i 13 år. Spenncon
produserer ferdige betongelementer så vi håper at
utviklingen i Stavangerregionen ikke blir like mørk som
Newsec spår. Den mest suksessrike logistikkutvikleren i
Norge, BULK Eiendom, har for alvor markert seg i
Sverige. XXL har latt seg sjarmere og har tegnet
leieavtale på 20 500 kvm i Ørebro. XXL har fortsatt
vekstambisjoner og planlegger 10–12 nye varehus neste
år i Norden.
1.3 Transaksjonsmarkedet
1.3.a Generelt
Etter en hektisk innspurt før sommerferien, var det en
relativt rolig start på høsten, men nå har markedet
virkelig tatt av og viser styrke. Mange DD-prosesser
avsluttes i disse dager og vi registrerer daglig nye
transaksjoner. Newsec hadde før sommeren bud/aksept
på 5–6 eiendommer, og slik det ser ut pr i dag forventer
vi å komme i mål med 4–5 av disse i løpet av høsten.
Tilgang på rimelig fremmedkapital og etterspørsel etter
avkastning driver markedet.
Så langt i år har vi registrert et transaksjonsvolum på
NOK 50 mrd. og vi har for 2014 en forventning om at vi
vil ende med et transaksjonsvolum på NOK 75 mrd.,
inkludert børsnoteringen av Entra, hvilket vil bli ny
transaksjonsrekord.
Page 16
Det snakkes fortsatt mye om utlendingenes inntreden i
det norske transaksjonsmarkedet, men som vi viste på
vår markedsoppdatering og oktoberfest så har
utlendingene kun stått for et volum tilsvarende 9 % i år,
mens en norsk aktør som Ragde Eiendom har stått for
ca. det tilsvarende. Men det var før Madison kjøpte
59,5 % av Statoil Fornebu og 50 % av Steen & Strøm
Magasin. S&SM-transaksjonen tilsier NOK 1,5 mrd. for
hele eiendommen, mens vi anslår at underliggende
eiendomsverdi er ca. NOK 3,3 mrd. for Statoil, ca. MNOK
100 over kjøpsprisen i 2012. Med det hopper
utlendingenes andel av volumet opp til ca. 15 %.
Andre utenlandskjøp i år er Bekkestua Senter som har
fått tyske eiere etter at investeringsselskapet DEKA
betalte MNOK 450 for første trinn av kjøpesenteret. De
betaler en yield på 6,2 % (med 8 % eierkost) for ca.
12.500 kvm. Videre har de first right of refusal på
næringsutbyggingen i byggetrinn 2 (ca. 3 500 kvm
handel), med strike 6,2 % i yield noe som tilsier ca. 130
MNOK og en fem års opsjon på et parkeringshus med
160 parkeringsplasser, ca. 60 MNOK i salgssum.
Blant de større transaksjonene det knyttes stor spenning
til denne høsten er Rom Eiendoms salg av Schweigaards
gate 21–23. Eiendommene er på ca. 30.000 kvm og har
brutto leieinntekter på ca. MNOK 84 i 2014. Leietaker i
Schweigaards gate 21 er Gjensidige, mens det er NSB
som fyller lokalene i Schweigaards gate 23.
Beliggenheten i Bjørvika fremstår som attraktiv i lys av
de siste års utvikling og dersom man regner på en yield
rundt 5 %, kan man forvente en salgspris i området 1,6
milliarder. Vi tror fort en utlending strekker seg langt i
denne transaksjonen, men kostnader knyttet til
valutahedging vil trolig gi begrensninger for hvor lavt
disse er villige til å gå. Anslagsvis vil en hedging av ca. 50
% av egenkapitalen slå ut ca. 50 bp. på yielden.
Page 17
Markedet for kjøp og salg av logistikkeiendommer har
virkelig blitt hjulpet av bedringen i finansieringsmarkedet. I 2013 talte vi ca. NOK 1,3 mrd. i
transaksjoner. Hittil i år har vi registrert NOK 1,8 mrd.,
samt et par store transaksjoner i prosess. I Ski
Næringspark ble det i midten av september ferdigstilt en
transaksjon av to eiendommer. Et rent logistikkbygg og
et kombi kontor/verkstedbygg med hovedvekt av
kontor. Vektet leietid var ca. 12,5 år for logistikkbygget
og leienivået helt normalt, ca. 950 NOK/kvm for det 14
000 kvm store bygget. Men vi er mest interessert i
yielden, som endte så lavt som 6,3 %. Salget ble
strukturert som en porteføljedeal, hvor den andre
eiendommen ble solgt for 6,75 %, ca. 6,5 år vektet leietid
og ca. 1 250 NOK/kvm i leie, som for seg selv ikke er så
spektakulært. Da er det mer interessant å høre at det
kom inn bud på logistikkeiendommen alene på en yield
så lavt som 6 %. Det er et markant skifte i dette
markedet, hvor vår tidligere referanse var fjorårets salg
av Regnbuen Syd på 6,75 %.
En eiendom som har vært ute i markedet en stund er
PST-hovedkvarteret i Nydalen, Nydalen allé 35. Etter det
vi kjenner til har en av utfordringene vært overkurs på
rentebindingene, som utgjør ca. 25 MNOK. Eiendommen
ble solgt til City Finansiering og Kim Erla, for en sum på
ca. 435 MNOK. Det tilsvarer en yield på ca. 6,1 %. Det
betales ca. 1.950 NOK/kvm i leie og vektet leietid er ca.
10 år. Til sammenligning utøvde Statnett i fjor sin opsjon
og kjøpte nabobygget Nydalen allé 33 for 6,4 % i yield.
Pris per kvm er nesten helt lik, ca. 32 500 NOK/kvm. City
Finansiering vekter seg opp i Nydalen, de kjøpte i fjor
Gullhaugveien 1-3 for ca. 360 MNOK og yield 7 %.
Munkedamsveien 62 er det nye hovedkontoret til R.S.
Platou på Filipstad. Foruten kontor inneholder
eiendommen som er på ca. 6.600 kvm også garasje og
barnehage. Ragde har kjøpt eiendommen til MNOK 435
eller 66.300 NOK/kvm. Det tilsvarer en yield på 5,3 %,
med 3,5 % eierkost. Vektet leietid er ca. 13 år ved
overtakelse når det står ferdig våren 2015. M62 ble først
solgt på en forward avtale fra Rom Eiendom til R.S.
Platou og Fabritius, hvor Platou fikk oppført et prosjekt
med seg selv som leietaker. Avtalen var på MNOK
352,84, KPI justert i perioden, noe som tilsa en yield på
ca. 5,75 %. Kjøpskostnaden per Q1 2015 blir ca. 370
MNOK for R.S. Platou og Fabritius. Nå har altså R.S. og
Fabritius solgt eiendommen videre for 435 MNOK, dvs.
en gevinst på 65 MNOK delt på de to partene.
Det er fortsatt stor etterspørsel etter sentralt beliggende
eiendom i Oslo. På grunn av trenden med stadig
skarpere yield for sentrumseiendom opplever vi at
mange aktører utvider sine parametere når de søker
etter nye investeringer. Vi opplever at investorene i
større grad tolererer eiendom med kortere gjenværende
leietid, og at det ofte ønskes et element av utvikling.
De beste referansene på denne trenden ser vi trolig i
kjøpene av Tollbugaten 32 og Pilestredet 33/Tullinsgate
2. Sistnevnte ble plukket opp av Oslo Areal og solgt fra
hhv. Aberdeen Fond 1 og DNB Liv. Vi har grunn til å tro
at salgsprisen ligger rundt 740 MNOK, som priser
eiendommen til ca. 5,6 % yield, ca. 34.000 NOK/kvm lyse
arealer eller ca. 26 000 NOK/ kvm for lyse og mørke
arealer. Dagens leienivå er på ca. 45,5 MNOK og 1.950
NOK/kvm, men faller med ca. 6 MNOK når
kreftforeningen flytter til våren. Da er vi plutselig på en
yield på 5 %. Vi tror fullt rehabiliterte lokaler her kan
oppnå nivåer rundt 2.400 NOK/kvm for kontorene i snitt,
de 180 p-plassene kan nok leies ut rundt 20 000 pr/plass
i snitt. Legger vi til grunn en markedsleie på ca. 53,5
MNOK får vi en yield på markedsleie på ca. 7 %.
Ved utløpet av kontraktene er det massive
rehabiliteringskostnader. Legger vi til grunn et anslag på
ca. 130 MNOK eller 6.000 kr/kvm tilsvarer det en
implisitt investering på ca. 850 MNOK eller 39.000
kr/kvm. Det tilsvarer en yield på ca. 6 %. Ved å kjøpe
begge byggene får man en mye mer rasjonell drift av
byggene og man vil trolig kunne redusere fellesarealene
betydelig, blant annet ved opprettelse av en ny sentral
kantine i glassgården i midten av de to byggene. Dette er
effekter som en god eiendomsutvikler legger til grunn.
Uansett ser vi nå klare eksempler på at markedet priser
risiko mye lavere enn kun for 6 mnd. siden, noe som i
større grad vil gjenspeiles i yielder fremover. Dette er en
transaksjon som også viser poenget av å ikke bare kjøpe
eiendom på yield, men se på pris/kvm og realistiske
scenarioer for utleie og oppgradering.
Tollbugata 32 er en annen av de transaksjonene det har
blitt snakket mye om etter sommeren. Med en pris på
170 MNOK og ca. 30.500 kr/kvm og en yield under 5 %
var det mange som synes denne gikk høyt. Vi anslår et
investeringsbehov på MNOK 30-50 i bygget for å få det
opp til en moderne og tidsriktig standard. Dvs. at
Linstow egentlig har kommitert seg for en investering på
40.000 kr/kvm for eiendommen. På kort sikt skal også
hele gateløpet i Nedre Vollgate graves opp for å gi ny
tilgang til Stortinget, noe som definitivt vil stresse enhver
gårdeier i dette området. Eiendommen er neppe verdt
mer enn 45 000 NOK/kvm ferdig basert på oppnåelige
markedsleier og yield. For å regne hjem eiendommen
må du legge til grunn et avkastningskrav på 6 % og
markedsleie på 2 500 NOK/kvm. Det er i seg selv
realistisk, men det betyr i praksis at Linstow betaler fullt
ut for den risiko tilknyttet faktisk oppussing og reutleie.
Vi ser tendenser på dette i markedet nå, kjøperne må
strekke seg svært langt for å kjøpe bygg med fremtidig
potensial.
Vi opplever generelt at det er god likviditet i
eiendomsmarkedet. Bankene bidrar på sin side med god
vilje til å låne ut penger til lave marginer. Fortsatt
opplever vi at bankene er mer fleksible på hvilke
prosjekter de ønsker å finansiere – både med tanke på
beliggenhet og kortere gjenværende kontraktsløpetid
enn tidligere. Yieldspreaden er fortsatt høy. Vi ser videre
en stadig større geografisk og størrelsesmessig
spredning. Bankene på «landet» lever i det samme
markedet de gjorde i fjor og har egentlig ikke endret
utlånsmarginene vesentlig, det er «business as usual».
Det betyr at alt som ligger utenfor allfarvei og som ikke
er stort nok for syndikat- og eiendomsaktørene fra Osloområdet ikke blir nevneverdig påvirket. Dersom det
derimot er av størrelse så ser vi at syndikatene er der
med en gang. Vi så blant annet at Norsk Maritimt
Kompetansesenter i Ålesund ble plukket opp av et
Arctic-syndikat i mars i fjor. Størrelsen var ca. MNOK
550, med en yield rundt 7,25 %.
Vi har forventninger om at vi går en aktiv høst i møte. De
fleste parametere ligger til rette for at det vil bli
gjennomført en rekke større og mindre transaksjoner.
Attraktive bankmarginer, god lånevillighet fra bankene
og mer tilgjengelig egenkapital oppfattes av et samlet
marked som svært positivt. Men vi retter samtidig
oppmerksomheten mot lavere aktivitet i
oljeservicenæringen og påfølgende oppsigelser, som vil
få en effekt, spesielt for markedet på Forus.
1.3.d Verdiutvikling
Grafen under er basert på virkelige verdivurderinger
utført av Newsec fra 2008. Grafen viser utviklingen i
verdi fra kvartal til kvartal og inneholder ikke løpende
avkastning. Vi ser at verdiutviklingen i Oslo har vært
solid og drevet av leieprisvekst samt yieldnedgang på
sentrale kontoreiendommer. Vi satt ned prime-yield i
Oslo til 5,0 % i høsten 2013 etter flere representative
transaksjoner. I den forbindelse har vi også skrevet opp
verdiene i CDB de tre siste kvartalene. Det ser ut som at
vi kommer til å sette ned yielden ytterligere i løpet av
slutten av 2014.
Page 18
stigende eksportordrer peker mot et oppsving i
eksporten.
1.3.d Veiledende yieldnivåer
Newsec Quality Board har gitt følgende veiledende
yieldnivåer for verdivurderingen for Q3 2014. Hver
eiendom vil imidlertid undergå individuelle vurderinger
med hensyn til beliggenhet, leiekontraktenes lengde og
kvalitet.
KPI har ikke steget på over to år, og i slutten av oktober
kuttet Sveriges Riksbank styringsrenten enda en gang
med 0,25 %-poeng til null. I tillegg til det kraftige kuttet
har Riksbanken også gjort betydelige endringer i
renteprognosen. Riksbanken mener at det vil bli
nødvendig å holde renten på null frem til midten av
2016. Tidligere var første renteøkning indikert mot
slutten av 2015. Sentralbanken viser til at inflasjonen i
Sverige forblir lavere enn ventet. Dette sammen med
svakere vekst internasjonalt gjør at sentralbanken mener
det vil ta lenger tid før inflasjonen når to prosent. I
september skuffet prisveksten stort med en årlig vekst
på 0,3 %. Dette er 0,4 %-poeng under hva sentralbanken
ventet. Det skjedde til tross for at sentralbanken i
starten av juli kuttet styringsrenten med 0,5 %-poeng,
fra 0,75 til 0,25 %.
Den svenske styringsrenten er med dette lavere enn
styringsrenten i eurosonen, USA og Storbritannia.
2.0 Sverige
I Sverige har utviklingen vært svak de to siste kvartalene,
etter en sterk avslutning på fjoråret. Veksten i BNP i Q22014 var lavere enn ventet, da eksporten utviklet seg
svakt. Vekstbidraget fra innenlandsk etterspørsel steg
derimot fra kvartalet før. Et lavt rentenivå, stigende
sysselsetting og kutt i inntektsskatten har bidratt til å
holde inntektsveksten oppe. De neste par årene ventes i
tillegg fallende sparerate å bidra til relativt god vekst i
privat konsum.
Videre har det svenske finanstilsynet lansert
retningslinjer som skal dempe gjeldsveksten. Tiltakene
vil kunne virke dempende også på privat konsum og
boliginvesteringer. Veksten i foretaksinvesteringene er
ventet å ta seg opp i kjølvannet av økt aktivitet i
eksportsektoren. Høyere internasjonal etterspørsel og
Page 19
Den sesongjusterte arbeidsledigheten i april var på
8,4 %. Det var på forhånd ventet at sesongjustert
ledighet skulle falle til 8,3 % etter at ledighetsraten
hoppet til 8,4 % i mars. Ledigheten ligger høyere en
Riksbankens anslag som er at ledigheten vil øke til 8,2 % i
løpet av inneværende år og ned til 8 % neste år.
Sesongjusterte data viser en fortsatt svakt økende trend
for såvel arbeidsstyrken som for antallet sysselsatte og
arbeidsledige. Blant de unge er imidlertid situasjonen
verre. Av samtlige ungdommer mellom 15 og 24 år er
14,6 % arbeidsledige. Det innebærer at det i denne
aldersgruppen nå er 178 000 som står uten jobb.
Det er en økning på 26 000 i løpet av de siste 12
månedene. Ledigheten blant unge øker mer enn i resten
av befolkningen.
2.1 Kontormarkedet i Stockholm
2.1.a Stockholms kontormarked
I tillegg til CBD og resterende områder i indre by består
Stockholms kommersielle kontormarked av en rekke
store kontorområder i de nærliggende forstedene. I
hovedsak er kontorporteføljene lokalisert i kommunene
Upplands Väsby, Jarfalla, Sollentuna, Sundbyberg, Solna,
Danderyd, Stockholm og Nacka.
Kista
Frösunda
Solna Station
Solna Business Park
Sundbybergs Centrum
Solna Strand
Alvik
Marievik
Globen
Hammarby Sjöstad
Nacka Strand
Innerstadens
kontorsmarknad
Newsec anslår det totale kontorarealet i Stor-Stockholm
til ca. 12,0 millioner m². Stockholm CBD er ansett å være
det mest attraktive kontorområdet med ca. 1,9 millioner
m². Stockholm indre by, unntatt CBD, utgjør ca. 4,3
millioner m². De viktigste kontorområdene i StorStockholm finner man i kommunene Stockholm, Solna,
Sundbyberg, Nacka, Sollentuna, Järfälla, Danderyd og
Upplands Väsby.
Et sterkt kontormarked i CBD med høye leienivåer og lav
ledighet, kombinert med lite nybygging, har vært positivt
for sentrumsnære områder og presset opp leieinntektene for kontor. Flere selskaper innfører også
«mobile kontorer» for å redusere kontorarealet.
Resultatet er større etterspørsel etter moderne
arealeffektive kontorer, noe som igjen tvinger eiere av
eldre kontorbygg å tenke alternativ bruk av sine
eiendommer.
2.1.c Ledighet
Mange større bedrifter relokerer og flytter til nye
kontorlokaler utenfor indre by. Ledigheten i CBD er ned
fra 4,5 % fra forrige rapport til 4 %. I Indre by fortsetter
ledigheten å falle og er nå på 5,5 %, ned 0,5 % fra i
sommer.
2.2 Kontormarkedet i Gøteborg
2.1.b Leiemarkedet
Leieprisene i moderne og
arealeffektive kontorbygg i
Stockholm CBD økte med 50
SEK/m² i tredje kvartal 2014 og
utgjorde 4 550 SEK/m². Dog har
det blitt notert leier opp mot 5
300 SEK/m².
2.2.a Gøteborgs kontormarked
Det kommersielle kontormarkedet i Göteborg-regionen
består av ca. 4,6 millioner m², dette inkluderer også
nærliggende kommuner som Mölndal og Partille.
Kontorområdene for Gøteborg er klassifisert i henhold til
kartet ovenfor. Områdene innenfor CBD huser totalt ca.
Page 20
840 000 m² med kontor og inkluderer Lilla Bommen,
Inom Vallgraven, en del av Gullbergsvass, Norstaden og
Avenyn. I dette området er etterspørselen etter lokaler
størst, men tilbudet også minst i form av effektive og
moderne lokaler.
I løpet av de neste to-tre årene anslår Newsec at ca.
120 000 m² nye kontorlokaler vil tilkomme markedet i
Göteborg, og det er i områdene Almedal/Krokslätt (ca
43 000 m²) sammen med Heden / Ullevi (ca 28 000 m²)
som de fleste arealene kommer. I CBD er det forventet
12 000 m². På Norra Älvstranden 8 500 m² kontorlokaler
i og med Semcons nye hovedkvarter.
2.2.b Leiemarkedet
Leieprisene i Göteborg CBD er
stabil i forhold til forrige kvartal,
der markedsleien er ca. 2 400
kr/m². Toppleien i CBD anslås nå
til 2 850 SEK/m², opp 50 SEK/m²
jamfør forrige rapport. Dog er
leier over 3 000 SEK/m²
observert.
I innerstaden har markedsleien
økt siden forrige rapport og er på
ca. 2 100 SEK/m², opp 50 SEK/m²
med toppnoteringer på 2 500
SEK/m².
For Norra Älvstranden er markedsleiene økt fra 1 675
SEK/m² til 1 725 SEK/m². Toppleiene observert er
fortsatt rundt 2 200 SEK/m².
Indre by opplever også fall i ledigheten fra 5,2 % til
5,0 %. For Norra Älvstranden faller ledigheten videre og
er nå på om lag 7 %, ned fra 8 %. Ledigheten i østlige
Gøteborg er uendret på 8,5 %. For Mölndal øker
ledigheten fra 7,5 % i juni til 8,25 %. For øvrige bydeler
er ledigheten relativt uforandret.
2.3 Logistikkmarkedet Sverige
Til forskjell fra kontormarkedet, som drives av den
kontorbundne tjenestesektoren, er utviklingen innenfor
logistikksektoren sterkt koblet til det private og
offentlige konsumet, samt den svenske
utenrikshandelen.
Eiendommens beliggenhet, nærheten til logistikkluster
og «transport-hubber», samt byggets funksjonalitet er
avgjørende faktorer for leienivåene. Leiene i
logistikksegmentet er veldig stabile og ligger i hovedsak i
intervallet 500-850 SEK/m².
I Sverige og i særdeleshet Stockholm har etterspørselen
vært sterk de seneste årene, hvilket har ført til en
leieoppgang på moderne og effektive lokaler.
Leieavtalene er oftest lange - nye bygg og 10-15-års
avtaler er ikke uvanlig. Ved omforhandling bruker
avtalen forlenges med 5-10 år.
Trender:
Den svenske detaljhandelens omsetning over internett
økte med 17 % i tredje kvartal 2014.ƒPrognosen for hele
året er at e-handelen kommer til å omsette for 42,5
milliarder kroner i 2014, hvilket motsvarer en vekst på
15 %.
For Mölndal og Västra Göteborg er også markedsleien
opp 50 SEK/m².
I løpet av de nærmeste årene ventes e-handelen å
fortsette vokse kraftig og ta andeler av den tradisjonelle
handelen. Men for en effektiv vekst kreves blant annet
mer effektiv logistikk, forbedret infrastruktur, mer
effektiv varedistribusjon, samt smidige og sikre
returløsninger tilpasset for e-handel. Logistikk vil m.a.o.
spille en viktig rolle framover som en del av den kraftig
voksende e-handelen, og kan således oppleve en liten
renessanse i kjølvannet av dette.
Fortsatt lavt tilbud og høy etterspørsel etter moderne og
arealeffektive kontorer vil trolig fortsette å presse
prisene oppover.
Et eksempel på en aktør som nå samlokaliserer sine
lagervirksomheter og bygger et mer effektivt lagerbygg
er CDON. PostNord-eide Strålfors har fått det
prestisjefulle oppdraget og bygger ett 25 000 kvm
e-handelslager som skal stå klart allerede i Q2 2015. Det
gir omkring 100 nye jobber i Ljungby.
2.2.c Ledighet
Ledigheten i Göteborg CBD har falt kraftig siden forrige
rapport i juni 2014 og er nå 3,8 % mot 4,5 %.
Page 21
CDON uttaler at ett hypermoderne og effektivt
sentrallager er en viktig konkurrensfaktor for en stor
e-handelsaktør som CDON.com. Det nye sentrallageret
øker kostnadseffektiviteten samtidig som
kundeopplevelsen forbedres med samordnede og
sikrere leveranser.
Noe som kan øke attraktiviteten etter logistikkeiendom i
Sverige er den norske regjeringens heving av grensen for
momsfri netthandel med utlandet fra 200 til 500 kroner.
Det er ingen tvil om at en heving av grensen vil føre til
mer netthandel og igjen øke behovet for lager og
logistikk i eksempelvis Sverige, samt kunne føre til at
norske aktører etablerer seg i Sverige fremfor Norge.
Tilbud og etterspørsel:
Mellom 100 000 m² og 400 000 m² logistikk har blitt
tilført markedet årlig siden begynnelsen av 2000-tallet.
Stor-Gøteborg er Sveriges største logistikkmarked med
1,5 mill. m². Deretter følger Stor-Malmø og StorStockholm. De kommuner med størst logistikkstokk finns
i det geografiske området mellom Öresund-GöteborgStockholm.
Lager- og logistikkeiendom sin andel av
transaksjonsvolumet (transaksjoner ≥ 100 MSEK) var
13 % i 2013.
Siden toppårene 2006 og 2007 har transaksjonsvolumet
for logistikkeiendom sunket markant for å bunne ut i
2009. Siden 2010 har transaksjonsvolumet for
logistikkeiendom sakte men sikkert økt t.o.m. september
2014 ser det dog ut som logistikkmarkedet vil falle litt
tilbake igjen etter år med økte transaksjonsvolumer.
I 2013 utgjorde utenlandske kjøpere 14 % av det totale
transaksjonsvolumet. For logistikksegmentet var tallet
23 %.
Blant større kommersielle eiere av logistikk i Sverige
finnes Catena, Castellum, Prologis, Kilenkrysset, Nordic
Real Estate Partners (NREP), Obligo, Hemfosa, Corem,
Sagax og Tribona.
I 10 år har Intelligent Logistik publisert listen over
Sveriges beste logistikkområder. Nedenfor følger
rankingen for 2014, med forrige års ranking i parentes.
1. Stor-Göteborg (1)
2. Örebroregionen (3)
3. Jönköpingsregionen (3)
3. Östgötaregionen (2)
5. Arlandaregionen (5)
6. Helsingborgsregionen (7)
7. Eskilstuna/Strängnäs (6)
8. Västerås/Köping (8)
9. Malmöregionen (9)
10. Halmstadsregionen (10)
11. Stockholm Syd (10)
12. Mellansvenska regionen (12)
13. Skaraborgsregionen (14)
14. Växjöregionen (18)
15. Nyköping/Oxelösund (15)
16. Katrineholm (13)
17. Hässleholm/Kristianstad/Åhus (16)
18. Värnamo/Gnosjö/Gislaved (17)
19. Karlshamn/Karlskrona (19)
20. Trelleborg/Ystad (20)
21. Trollhättan/Vänersborg/Uddevalla (20)
22. Karlstad (22)
23. Umeåregionen (23)
24. Sundsvallsregionen (24)
25. Kristinehamn (25)
Den geografiske og demografiske situasjonen, dvs.
nærhet til forbrukerne og markedet, er de mest
tungtveiende kriteriene sammen med infrastruktur.
Avstanden til det demografiske tyngdepunktet gir også
den korteste distribusjonskanalen til forbrukerne og
handel.
Sveriges befolkningsmessige midtpunkt ligger et sted
mellom byene Örebro og Norrköping. Herfra nås den
største andelen av befolkningen med den korteste
avstanden. Dette gjør at den 2/3 delen av Sverige som
ligger nord for Gävle, samt sørlige Sverige, blir langt fra
det demografiske tyngdepunkt for å få høyest poengsum
i form av nærhet til hele det svenske markedet. Derfor
dominerer midtre del av Sverige listen.
Page 22
Listen er basert på den faktiske etablering av
logistikkanlegg i form av sentrallager og anlegg av
tredjeparts logistikk for distribusjon av forbruksvarer
primært til Sverige, men også øvrige deler av Norden.
2.3.c Logistikkmarkedet i Stockholm
Stockholm har et stort befolkningsgrunnlag og en
demografisk god beliggenhet. Videre er det meget god
infrastruktur med containerhavn og kombiterminal i
Södertälje. Planene for havn i Norvik og for en
logistikkpark i Almvik mellom Södertälje og Nykvarn, har
ennå ikke fått gjennomslag. Generelt er det vanskelig å
finne tomter for nye logistikketableringer i kommunene
straks sør for sentrale Stockholm. Det gjør at
Arlandaområdet (Sigtuna) og Stockholm nordvest (Håbo,
Bro, Järfälla) framstår som Stor-Stockholms mest
logistikktunge deler.
Arlandaregionen har de siste årene hatt en rekke store
logistikketableringer i Rosersbergsvägen og Arlandastad.
En viktig faktor for regionen er nærhet til Sveriges
viktigste konsumentmarked og største fraktflylass.
Roserbergs kombiterminal og samarbeidet i Arlanda
Logistic Network styrker regionens posisjon som
nåtidens mest ekspansive i Mälardalen.
Newsec tror fortsatt på en tilnærmet flat utvikling for
logistikkmarkedet framover i regionen. Leien følger
historisk primært inflasjonen. I tillegg hemmes fortsatt
Stockholm som logistikklokasjon av dårlig framkommelighet og mangel på godt regionalt samarbeid.
Videre har Gøteborg nærhet til Oslo-området og et
utbredt samarbeid med Norge. Det er kort avstand fra
importhavn til lager, noe som gir lave logistikkostnader,
miljøfokus og velfungerende transportinfrastruktur.
Göteborg får toppkarakter innen infrastruktur, tilgang til
logistikkompetanse og teamarbeid.
Newsec tror på en fortsatt flat utvikling for
logistikkmarkedet framover i regionen hva angår
leieprisene, med noe bedre leienivå for B-beliggende
eiendom. Videre vurderes logistikk-yieldene marginalt
ned i 2014 relativt til 2013 både for A- og B-beliggenhet.
Ledigheten er fortsatt lav og vil holde seg lav framover.
I Intelligent Logistiks rangering av Sveriges fremste
logistikklokasjoner i 2014 er Gøteborg-området
(Business Region Göteborg + Borås) rangert som
nummer én på listen, som i 2012 og 2013.
2.3.c Logistikkmarkedet i Malmø
Øresundsregionen, hovedsakelig området fra Malmø til
Helsingborg er en av Sveriges fremste logistikklokasjoner
med stort befolkningsgrunnlag.
Det er svært god infrastruktur og god tilgang til
logistikkområder i Norra Hamnen. Videre er det et
ledende område for bilimport.
En styrke for logistikkmarkedet i Malmø og Helsingborg
er at begge har havn. Malmø har i tillegg et samarbeid
med havnen i København.
Yieldene forventes å gå fra 6,5 % til 6,45 % i løpet av
2014 for kategori A, mens kategori B er noe høyere med
7,5 % og forventes å falle til 7,40 %. Ledigheten for A- og
B-beliggende logistikk i Stockholm er hhv. 10 % og 15 %.
Helsingborgregionen har meget god infrastruktur, med
den nest største containerhavnen i Sverige og godt
plasserte kombiterminaler. Videre har regionen stort
befolkningsgrunnlag.
2.3.b Logistikkmarkedet i Gøteborg
Gøteborg regnes som Sveriges beste logistikkdestinasjon
også i 2014. Avgjørende for posisjonen er at Gøteborg
har den største import-/eksporthavnen med havgående
direktelinjer, og ca. 25 togspor for godstransport til
Sverige og Norge.
Malmös Tekniske komité vedtok i forrige uke et
fraktprogram for byen. Programmet er det første i sitt
slag i Sverige, og en av grunnene til at Malmø var en av
tre finalister til Årets Logistikk kommune for 2014.
Sammenlignes Malmø og Helsingborg, er Malmø et
større marked med mer diversifisert næringsliv. Byen
har gått fra å være en industriby til en by med mer fokus
på den private sektor. Malmø er derfor generelt mer
interessant for investorer i alle eiendomssegmentene,
mens Helsingborg er mest interessant hva angår
industri/logistikk- og handel segmentet.
Gøteborg havn er Skandinavias største og en naturlig
”hub” for skandinaviske varer. Havnen har større
containertrafikk alle svenske havner til sammen, med
60 % av Sveriges containertrafikk. Dessuten passerer
25 % av landets utenrikshandel gjennom havnen i
Gøteborg.
Page 23
Newsec antar leien blir værende uforandret ut året og
sammenlignet med 2013. Vedrørende yielden mener
Newsec den skal ned i 2014, dog marginalt – med et
yieldskift fra 7 % til 6,95 % for A-beliggenhet, mens Bbeliggenhet går fra 7,75 % til 7,70 %. Hva angår leien er
den henholdsvis 10 % og 15 % for A-beliggende og Bbeliggende lokasjoner.
2.4 Transaksjonsmarkedet
Det er stor aktivitet i det svenske eiendomsmarkedet.
Årets transaksjonsvolum til og med september ligger på
SEK 83 mrd., og for året havner volumet trolig rundt SEK
120-130 mrd. Dette er et godt stykke over de nivåer på
SEK 80-100 mrd. som har vi sett i den seneste
femårsperioden.
Kontorsegmentet utgjør ca. 30 % av transaksjonsvolumet. Handelssegmentet er relativt stabilt mellom
10-15 %, men har falt noe siden 2013.
Både Stockholms- og Göteborgregionen har økt sine
andeler av transaksjonsvolumet og regionene står nå for
rundt 50 % av markedet. Malmø har samtidig minsket
sin andel markant i løpet av de siste årene og ligger nå
på en markedsandel på bare 4 %.
Resten av Sverige utenfor de tre storbyregionene har i
løpet av de siste årene ligget stabilt på 35-40 % av
markedet.
Børsnoterte eiendomsselskap er de største kjøperne,
fulgt av private eiendomsselskap og på selgersiden er
eiendomsfondene den klart største aktøren.
Eiendomsmarkedet er dessuten veldig
Stockholmsorientert.
Page 24
3.2 Key figures real estate portfolio
1 600
NRP Finans real estate portfolio vs Oslo Stock Exchange benchmark
NRP Finans Real estate Index
(1 414)
1 400
1 200
1 000
800
600
OSEBX
(295)
400
200
0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Dec. 2014
Yearly return NRP Finans real estate portfolio vs Oslo Stock Exchange
80 %
70 %
60 %
72 %
48 %
41 %
39 %
40 %
73 %
65 %
33 %
30 %
24 %
20 %
19 %
13 %
12 %
11 %
23 %
18 %
11 %
15 %
9%
22 %
12 %
12 %
4%
0%
-20 %
-12 %
-14 %
-31 %
-40 %
-38 %
-60 %
-54 %
-80 %
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
NRP Finans Real estate portfolio
2011
2012
2013
2014
Return OSEBX
Development in number of real estate projects
15
15
50
10
10
10
9
8
5
4
5
4
7
4
7
6
40
30
4
20
2
10
0
-2
-2
-1
-2
-5
-1
0
-1
-3
-5
-10
-5
-20
-10
2001
2002
2003
2004
Projects established (left axis)
Page 25
2005
-9
2006
-10
2007
2008
Sold projects (left axis akse)
2009
2010
2011
2012
2013
-9
2014
-30
Projects in portfolio end of year (right axis)
Value NRP Finans real estate portfolio
NRP’s current real estate
portfolio has a cost price of
9.1 billion.
10 000
9 000
8 000
7 000
mNOK
6 000
5 000
4 000
3 000
2 000
1 000
0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Segment distribution NRP Finans real estate portfolio
11 %
1%
Logistics
36 %
12 %
2014
The diagram shows the
segment distribution of
today's NRP Finans real
estate portfolio measured in
% of NOK.
Office
Retail
Hotel
Housing
39 %
Arranged NRP real estate projects
304
527
Logistics
2 183
Office
Retail
1 644
9 121
122
2 089
Hotel
The diagram shows arranged
real estate projects in NOK
from 2000 and up to today.
In total, NRP has arranged
projects worth NOK 22.5
billion, including NLP and
fund.
Housing
Fund
Industry
6 515
NLP
Page 26
3.3 Real estate projects overview
Projects real estate
Estimated value
per 1% Established
Berger Terminal DIS
Brønnøysund Kontorbygg AS**
Dagligvarelogistikk AS
E-Logistikk AS
Etterstad Utvikling DIS
Gasolin Eiendom DIS
Gasolin Handelseiendom DIS
Grenland House DIS
Hoffsveien Kontorbygg AS*
Holmsbu Invest KS
Hovfaret 4 DIS
Kongholm Invest AS**
Kristiansund Handelseiendom AS
KS Torggata Bad AS
Logistikk og Lagershop AS
Lørenskogveien 75 Holding AS
Majorstuen Kontorbygg DIS
Martodden Utbygging KS
Maskinveien Kontorbygg AS*
Moa Handelseiendom Holding II AS
Nydalen Kontorbygg AS
Nydalen Kontorbygg II AS*
Nye Alfasetveien DIS
Nye Bergen Lagerbygg KS
Nye Berghagan Næringseiendom AS
Nässjö Logistikkbygg AS
Pottemakerveien Kombibygg AS
Ringeriksveien 2012 DIS
Stadion Utbygging KS
Statens Hus Lillehammer KS
Sydsvenskan Lager & Handel AS
Sørenga Utvikling KS
Tangen Havnelager AS
Teknikstaden Utvikling AS
TFGS Kombibygg AS
Wilfast i Torslanda AB
Wilfast Mølndal AB
NOK 815 000
N.A
NOK 1 092 000
SEK 2 382 000
NOK 363 000
NOK 160 000
NOK 2 624 000
NOK 922 000
NOK 1 552 000
NOK 204 000
NOK 271 000
N.A
NOK 545 000
NOK 371 000
SEK 997 000
NOK 202 000
NOK 1 234 000
NOK 440 000
NOK 345 000
NOK 192 000
NOK 2 247 000
NOK 1 136 000
EUR 94 000
NOK 319 000
NOK 314 000
SEK 496 000
NOK 108 000
NOK 150 000
NOK 490 000
NOK 73 000
SEK 335 000
NOK 5 250 000
EUR 15 000
SEK 1 222 000
SEK 325 000
SEK 368 000
SEK 220 000
2012
2005
2006
2013
2008
2009
2010
2011
2014
2005
2012
2005
2013
2011
2014
2007
2012
2006
2014
2011
2013
2014
2009
2006
2005
2005
2006
2012
2006
2006
2006
2007
2006
2007
2007
2009
2014
IRR since
established p.a.
Return
2014***
22 %
N.A
14 %
18 %
3%
17 %
14 %
18 %
N.A
-9 %
-5 %
N.A
21 %
9%
10 %
0%
11 %
3%
N.A
-3 %
31 %
N.A
22 %
11 %
-2 %
-2 %
-4 %
15 %
5%
-4 %
5%
13 %
7%
12 %
-10 %
22 %
12 %
35 %
N.A
14 %
22 %
-5 %
19 %
12 %
16 %
N.A
1%
11 %
N.A
21 %
4%
10 %
30 %
11 %
5%
N.A
-23 %
21 %
N.A
9%
30 %
-2 %
20 %
-27 %
3%
11 %
-5 %
-6 %
-6 %
22 %
35 %
N.A
28 %
12 %
* The project was established in 2014 and has thus not existed long enough to calculate IRR
** The project has been suspended
*** Return is equivalent to change in value from 01.12.2013 - 01.12.2014
Page 27
Berger Terminal DIS - financial real estate project
Contact: Knut Ekjord ([email protected])
Date of analysis:
01.12.2014
Share price
1%
Share price per 1%: **
814 503
Key figures
100 %
Paid in capital:
Accumulated dividends/repayments:
59 600 000
6 500 000
Average rent/sqm (after discount):
1 002
Sensitivity
Yield 2018
9,00 %
8,50 %
8,00 %
Property value
188 064 750
199 127 382
211 572 844
Property value after deferred tax
187 094 443
197 382 691
208 956 970
Price/sqm (average)
10 827
11 464
12 180
Tax-based value*
174 203 220
174 203 220
174 203 220
Share price per 1% **
711 621
814 503
930 246
IRR share price***
12,4 %
10,9 %
9,6 %
Yield at end of project (2017)****
4,5 %
4,5 %
4,5 %
* Including market value of plot
** Not included premium/discount of any fixed interest.
*** After tax. IRR based on a residual value of NOK 215 000 000
**** The yield is based on rent with discount, and residual value of NOK 215 000 000
Company information
Property information
Business management:
Initial cost of property after deferred tax:
Paid in capital:
Established:
Yearly rent without discount 2018:
175 000 000
59 600 000
November 2012
17 400 000
Estimated cash flow ( 2.5% CPI)
Rental income
Cost of ownership
Net operating income
Interest income
Interest expense
Net Finance
Net cash flow
Discount in rent
Dividend/capital repayment
NAV after dividend and tax
Terminal, Logistics and Office
Berger, Skedsmo
17 370
72 000
2001/2004/2006
100 %
DHL Express (Norway) AS
Owner responsible for own administration and insurance
24.10.2017
155
Financing (31.12.14)
2014
11 329 686
464 875
10 864 811
119 180
5 772 000
-5 652 820
5 211 991
0
5 000 000
2015
10 554 708
474 173
10 080 536
119 358
5 838 000
-5 718 642
4 361 893
250 000
4 100 000
2016
9 580 116
486 027
9 094 089
113 939
5 988 000
-5 874 061
3 220 028
2 719 828
4 100 000
Estimated balance (31.12)
Working capital
Property value
Total assets
Debt (tranche 1-2)
Total debt
Property type:
Location:
Lettable area (sqm):
Plot size:
Construction year:
Occupancy rate:
Tenant:
Lease agreement:
Lease period:
Number of gates:
Mortgage tranche 1
Mortgage tranche 2
Total
Principal
60 000 000
60 000 000
120 000 000
Inst. 14
0
0
Interest
5,03 % p.a.*
4,59 % p.a.**
Value of interest rate swap per 30.09.2014:
Balloon
60 000 000
60 000 000
120 000 000
-1 018 662
*No instalments first 5 years. Has entered into an interest rate swap agreement until
11.05.2017 with 5.03% p.a. interest including margin.
**No instalments first 5 years. The interest rate on the loan is adjusted with the forward
curve.
Additional information
2014
4 410 833
197 382 691
201 793 524
120 000 000
120 000 000
2015
4 672 727
197 382 691
202 055 418
120 000 000
120 000 000
2016
3 792 755
197 382 691
201 175 446
120 000 000
120 000 000
81 793 524
82 055 418
81 175 446
Lease runs until 24.10.2017, with an option to extend for 10 years.
The residual value of property at expiration of the existing rental agreements is
calculated based on market rate excluded discounts, and is NOK 215 000 000. The
property is assumed to have a market value of 200 million today. Due to rental hire
discounts i 2015-2017, the yield rent is equal to rent in 2018. The yield used is therefore
higher than assumed market yield today, in order to get a fair market value of 200 mill.
Page 28
Brønnøysund Kontorbygg AS - financial real estate project
Date of analysis:
01.12.2014
Share price
1%
Share price per 1%:**
Key figures
100 %
Paid in capital:
Originally paid in capital:
Outstanding participant loan:
Repaid principal and interest on participant loan:
30 300 000
12 120 556
14 000 000
14 000 000
3 146 555
Average rent/sqm:
1 232
Sensitivity
Yield 2015
Property value
Price/sqm (average)
Tax-based value*
IRR share price***
Yield at end of project (2020)
**Not included premium/discount of any fixed interest
*** After tax
Company information
Technical management:
Byggtech AS
Paid in capital:
Guarantee from investors:
Participant loan:
Established:
Yearly rent 2015:
Adjustment of rent:*
180 000 000
30 300 000
20 000 000
14 000 000
13. December 2005
17 114 199
55%-100%
Property type:
Location:
Construction year:
Occupancy rate:
Tenants:
Office
Brønnøysund City Center
13 890 sqm
1979, 1984, 1994 and 2000
100 %
Brønnøysundregistrene /
(The State / Department of Justice) (99%)
Brønnøy Blikk AS (0,6%)
Brønnøysundregisterne:
31.12.2020
Brønnøy Blikk AS:
Continuing
Lease period:
* The rent to Brønnøysundregistrene is adjusted every 2nd year with 55% and 80% of
the changes in CPI over the last 2 years. From 2015, the rent will be adjusted yearly with
80% of CPI.
Estimated cash flow (assumed 2.5% CPI)
Rental income
Cost of ownership
Interest income
Interest expense
Interest participant loan
Instalments mortgage
Net finance
Net cash flow
Tax payable
Project cost
2014
16 270 611
2 468 000
13 802 611
69 024
6 005 916
980 000
5 500 000
-12 416 892
1 385 719
1 036 000
1 500 000
2015
17 114 199
2 529 700
14 584 499
76 014
6 054 200
980 000
6 000 000
-12 958 186
1 626 313
1 543 566
0
2016
17 388 483
2 246 551
15 141 932
55 248
4 550 000
980 000
6 000 000
-11 474 752
3 667 181
2 115 451
0
Mortgage tranche 1
Mortgage tranche 2
Mortgage tranche 3
Participant loan
Total
Principal
25 125 000
65 000 000
11 250 000
14 000 000
115 375 000
Inst. 14 Interest
2 800 000 6,28 % p.a.
1 050 000 6,34 % p.a.
1 650 000 4,25 % p.a.
0 1,75 % p.a.
5 500 000
Balloon 2020
25 125 000
32 000 000
11 250 000
14 000 000
82 375 000
-4 052 086
NOK 65 mill. is fixed to interest of 5.47% p.a. including margin from 15.12.14 until
15.12.20 with yearly instalments of NOK 6 mill., the rest of the loan is floating.
When purchasing shares in the project, pro rata share of the participant loan is
transferred to new owner. When purchasing shares in the project, pro rata share of
the shareholder guarantee is transferred to new owner (NOK 20 000 000).
The rental agreement with Brønnøysundregistrene is expanded from 01.01.2015
until 31.12.2020, with a yearly rent of NOK 17 000 000. Brønnøysundregistrene has
decided on a newbuilding-alternative, where parts of the current property/land
will be used.
Page 29
Dagligvarelogistikk AS - financial real estate project
Contact: Christian Ness ([email protected])
Date of analysis:
01.12.2014
1%
Share price
1 092 154
Key figures
100 %
47 100 000
35 738 324
0
18 185 559
Paid in capital:
Repaid instalments and interest on participant loan:
683
1 687
Average rent/sqm. (combination building):
Average rent/sqm. (office):
Sensitivity
Yield 2015
7,50 %
272 991 560
Property value
257 639 176
Price/sqm (average)
11 377
Tax-based value*
119 467 715
1 007 433
10,0 %
IRR share price***
7,8 %
** Not included premium/discount of any fixed interest
*** After tax
7,25 %
282 405 062
266 111 327
11 769
119 467 715
1 092 154
9,3 %
7,6 %
7,00 %
292 490 957
275 188 633
12 190
119 467 715
1 182 927
8,6 %
7,3 %
Company information
Sales price Lagerveien:
Paid in capital:
Participant loan:
Established:
Yearly rent 2015:
Adjustment of rent:
321 500 000
75 000 000
47 100 000
15 000 000
31. March 2006
21 215 397
Fixed 2.35% (combi) and 100% of CPI (office)
Estimated cash flow (assumed 2.0 CPI)
Rental income
Cost of ownership
Interest income
Interest mortgage (tranche 1 - 4)
Sale property
Instalments mortgage (tranche 1 - 4)
Instalments participant loan
Net finance
Net cash flow
Tax payable
2014
24 666 918
769 000
23 897 918
34 882
12 531 742
177 590
75 000 000
54 711 250
9 379 521
-1 765 221
22 132 697
1 301 805
19 500 000
Property type:
Location:
Construction year:
Occupancy rate:
Tenants:
Lease agreement:
2 combination buildings and an office building
Sandnes and Lier
19 971 sqm warehouse and 3 667 sqm office
1972-2006
100 %
Asko Rogaland AS (27.08.2017), Asko Drammen AS (27.08.2022)
Kiwi Minidrift AS (31.12.2017)
Tenant is responsible for all internal and
external maintenance (barehouse)
2015
21 215 397
741 030
20 474 367
52 997
9 574 742
2016
21 689 723
759 556
20 930 167
70 187
8 738 882
6 545 000
6 545 000
-16 066 745
4 407 622
1 968 454
3 500 000
-15 213 695
5 716 472
1 544 167
4 000 000
Mortgage tranche 1
Mortgage tranche 2
Mortgage tranche 3
Mortgage tranche 4
Participant loan
Total
Principal
103 431 875
0
41 372 750
10 199 125
0
155 003 750
Inst. 14
3 855 625
810 000
1 542 250
48 503 375
9 379 521
64 090 771
Interest
6,48 % p.a.
4,35 % p.a.
5,98 % p.a.
3,90 % p.a.
2,00 % p.a.
Balloon 2017
93 614 375
0
0
41 754 375
0
135 368 750
-8 639 742
Mortgage tranche 1 has fixed interest of 6.48% p.a. until July 2016.
Mortgage tranche 3 has fixed interest of 5.98% p.a. until April 2016. Tranche 3 and 4
are merged in 2016.
Mortgage tranche 4 has floating interest rate. Extraordinary repayment of NOK 47 mill.
in 2014 due to sale of Lagerveien in Stavanger. Outstanding participant loan is repaid
in 2014.
Working capital
Properties
Total assets
Mortgage (tranche 1 - 4)
Total debt
2014
-145 871
266 111 327
265 965 457
155 003 750
155 003 750
2015
761 751
266 111 327
266 873 079
148 458 750
148 458 750
2016
2 478 224
266 111 327
268 589 551
141 913 750
141 913 750
110 961 707
118 414 329
126 675 801
The two combination buildings are located in Lier and Sandnes. Norgesgruppen is
guarantor of the leases with Asko. The office building is located in Lier, where Kiwi
Minidrift AS is tenant. Pett Kjede and Servicekontor AS are guarantors for the lease
contract. The tenants have options to extend the tenancy 10 years at a time. Rent for
Asko Drammen will increase by 15% from August 2017, and their first 10 year option
has been changed to a 2*5 year option. Lagerveien in Stavanger is sold in 2014 for NOK
75 mill. Due to the sale, NOK 19.5 mill was paid out to the participants in October 2014.
Page 30
E-Logistikk AS - financial real estate project
Date of analysis:
01.12.2014
Share price
1%
Share price per 1% (SEK)**:
2 382 245
Key figures (SEK)
100 %
Paid in capital:
Accumulated dividends:
207 000 000
15 057 788
Average rent/sqm:
526
Sensitivity
Yield 2015
8,00 %
7,70 %
Property value*
601 684 849 625 127 115
Property value after deferred tax* 564 551 038 586 352 346
Price/sqm (average)
6 429
6 680
Tax-based value*
71 201 836
71 201 836
2 164 232
2 382 245
IRR share price***
11,2 %
10,4 %
11,0 %
10,6 %
* Including investments (SEK 40 Mill)
*** After tax
7,40 %
650 470 106
609 921 328
6 951
71 201 836
2 617 935
9,7 %
10,1 %
Company information
Wilfast Forvaltning AB
Initial gross property value:
Paid in capital:
Mortgage:
Established:
Yield rent after investment:
Adjustment of rent:
SEK 560 000 000
SEK 207 000 000
SEK 330 000 000
01.11.2013
49 264 750
100% of CPI
Estimated cash flow (assumed 2.0% CPI)
Logistics (75%), Office (25%)
Viared, south of Borås, Sweden
93 585
Varies, approx. 1990
100 %
Ellos AB
Owner responsible for insurance and own administration
2031
Rental income
Cost of ownership
Interest income
Interest expense
Net finance
Net cash flow
Tax payable
Upgrading cost
2014
45 364 750
1 107 806
44 256 944
353 540
11 817 500
6 000 000
-17 463 960
26 792 984
713 680
0
2015
48 289 750
1 129 962
47 159 788
395 553
11 872 500
-7 650 000
-3 826 947
43 332 841
6 956 428
40 000 000
2016
50 250 045
1 155 097
49 094 948
324 173
12 194 025
12 700 000
-24 569 852
24 525 095
7 657 813
0
15 057 788
10 400 000
16 600 000
Mortgage tranche 1
Mortgage tranche 2
Mortgage tranche 3
Total
Principal
270 000 000
54 000 000
0
324 000 000
Inst. 14
0
6 000 000
0
6 000 000
Interest
3,78 % p.a.*
2,83 % p.a.**
3,15 % p.a.***
Balloon 2031
132 000 000
16 850 000
132 000 000
-14 535 243
* The loan runs for 5.5 years from drawdown. Tranche 1 has fixed interest of 3.78% p.a.
including margin from 01.07.2014 until 01.11.2018.
** Tranche 2 has floating interest adjusted with the forward curve. First instalment in
July 2014. Yearly instalments of SEK 12 000 000. The loan runs until 2Q 2019.
*** Investment in 2015 will be financed partly by a mortgage loan of SEK 20 000 000.
Working capital
Property value
Total assets
Debt (tranche 1-3)
Total debt
2014
15 692 770
586 352 346
602 045 116
324 000 000
324 000 000
2015
1 669 183
586 352 346
588 021 529
331 650 000
331 650 000
2016
1 936 465
586 352 346
588 288 811
318 950 000
318 950 000
238 045 116
256 371 529
269 338 811
Page 31
Property type:
Location:
Lettable (sqm.):
Construction year:
Occupancy rate:
Tenant:
Lease agreement:
Lease period:
Owner will invest SEK 40 mill. in the property. The investment will increase the rent with
8.5% p.a. and 11.0% p.a. depending on investment type (assumed 50/50 split).
Weighted remaining rental period is 16.5 years, 16 years remaining on the warehouse
and 18 years remaining on the office space. The tenant has options to extend for 5+5
years at the same terms as todays rent. The options must be declared 36 months before
expiry of contract. The tenant has given a bank guarantee equal to 2 years rent. Then
tenant has an option to buy back the property with certain conditions.
Etterstad Utvikling DIS
Contact: Morten Berg ([email protected])
Date of analysis:
01.12.2014
Share price
1%
363 211
Key figures
100 %
Paid in capital:
29 500 000
0
Average rent/sqm (rented space):
1 080
Sensitivity
Yield 2015
8,25 %
8,00 %
7,75 %
Property value
100 510 158
103 338 600
106 349 523
Property value afte deferred tax
96 171 004
98 801 456
101 601 614
Price/sqm (average)
11 164
11 478
11 813
Tax-based value*
38 522 253
38 522 253
38 522 253
336 906
363 211
391 213
IRR share price***
25,2 %
23,5 %
22,0 %
Yield at end of project(2016)****
8,0 %
8,0 %
8,0 %
*** After tax
***/**** Assuming a residual value of NOK 110 mill. in all the three sensitivities and
IRR, where the development potential is valued to NOK 10 mill. Yield at end of project
is based on a property value of NOK 100 mill.
Company information
Aker Eiendomsdrift AS
Paid in capital:
Established:
Yearly rent 2015:
Adjustment of rent:
98 500 000
29 500 000
28. February 2008
8 750 000
100% of CPI
Property type:
Location:
Lettable area (sqm.):
Construction year:
Occupancy rate:
Tenant:
Retail/Office/Warehouse/Development
Etterstad, Oslo
9 003
1960 and 1997
Approx. 90%
Rema 1000 AS, Lighthouse Company, Varoma
and approx. 15 smaller tenants
Owner responsible for exterior maintenance,
insurance and own administration
Varies, mainly 2 and 3 year contracts
Lease agreement:
Lease period:
Estimated cash flow (assuming 2.5% CPI)
Rental income
Cost of ownership
Interest income
Interest expense (tranche 1-2)
Net finance
Sale of property
Net cash flow
Tax payable
Upgrading costs/ Feasibility study
2014
8 894 615
1 354 778
7 539 837
81 657
4 119 000
0
-4 037 343
2015
8 750 000
1 282 912
7 467 088
150 184
4 159 000
0
-4 008 816
3 502 493
328 842
2 250 000
3 458 272
459 516
250 000
2016
9 300 000
1 314 985
7 985 015
207 039
4 178 250
66 000 000
-69 971 211
110 000 000
48 013 804
0
250 000
Working capital
Property value
Total assets
Debt (tranche 1-2)
Total debt
Mortgage tranche 1
Mortgage tranche 2
Total
Principal
16 000 000
50 000 000
66 000 000
Inst. 14
0
0
0
Interest
3,65 % p.a.
7,07 % p.a.
Balloon 2016
14 000 000
50 000 000
64 000 000
-6 075 927
Interest on tranche 1 is floating.
Tranche 2 has fixed interest of 7.07% p.a. including margin until 05.03.18.
2014
5 405 849
98 801 456
104 207 305
66 000 000
66 000 000
2015
8 404 605
98 801 456
107 206 061
66 000 000
66 000 000
2016
11 053 914
98 801 456
109 855 369
64 000 000
64 000 000
38 207 305
41 206 061
45 855 369
Development potential of approx. 2 500 - 5 000 sqm. The residual value in the project
is adjusted for a development potential of 2 500 sqm. The plan is to build apartments.
Dialogue with the Planning and Building Services is initiated.
New leases with Canon og Rema 1000 are signed in 2014. Owner has contributed with a
loan of NOK 1.5 mill to Rema 1000 in conjunction with rehabilitation. The loan will be
paid back over a 15 year period, with yearly rent of 7.0%. Efforts are being made to
attract new tenants.
Page 32
Gasolin Eiendom DIS - financial real estate project
Date of analysis:
01.12.2014
Share price
1%
160 379
Key figures
100 %
Paid in capital:
9 100 000
3 000 000
Average rent/sqm:
4 180
Sensitivity
Yield 2015
7,00 %
Property value
43 174 667
42 844 343
Price/sqm (average)
53 968
Tax-based value*
39 871 427
145 987
IRR share price***
9,7 %
10,2 %
*** After tax
6,75 %
44 773 729
44 283 499
55 967
39 871 427
160 379
9,1 %
9,9 %
6,50 %
46 495 796
45 833 359
58 120
39 871 427
175 877
8,5 %
9,5 %
Company information
Paid in capital:
Established:
Yearly rent 2015:
Adjustment of rent:
39 417 500
9 100 000
9. December 2009
3 344 372
100% of CPI
Estimated payment (assuming 2.5% CPI)
Property type:
Location:
Construction year:
Occupancy rate:
Tenant:
2 gas stations
Lillesand & Vinterbro, Norway
800
2009
100 %
Reitan Convenience Norway AS (69%)
Scandinavian Fuel Infrastructre Norway AS (31%)
Owner responsible for own administration
December 2029
Lease agreement:
Lease period:
Rental income
Cost of ownership
Interest income
Net finance
Net cash flow
2014
3 278 796
314 288
2 964 508
19 960
1 669 830
1 000 000
-2 649 870
314 638
2015
3 344 372
322 145
3 022 227
17 484
1 653 955
1 000 000
-2 636 471
385 756
2016
3 427 981
330 199
3 097 782
19 685
1 633 080
1 000 000
-2 613 395
484 387
Dividend/ capital repayment
600 000
200 000
400 000
Mortgage tranche 1
Mortgage tranche 2
Total
Principal
9 500 000
18 900 000
28 400 000
Inst. 14
1 000 000
0
1 000 000
Interest
3,90 % p.a.*
6,72 % p.a.**
Balloon
0
11 800 000
11 800 000
-2 544 147
*The mortgage has the following yearly remaining instalments:
Years 2014-2021:
Years 2022-2025:
Years 2026-2027:
Years 2028-2029:
NOK 1 000 000
NOK 1 100 000
NOK 1 200 000
NOK 1 400 000
**NOK 18 900 000 of the loan is fixed until 15.01.2020 with interest of 6.72% p.a.
including margin.
Working capital
Property value
Total assets
Debt (tranche 1-2)
Total debt
2014
179 476
44 283 499
44 462 975
28 400 000
28 400 000
2015
365 232
44 283 499
44 648 731
27 400 000
27 400 000
2016
449 619
44 283 499
44 733 118
26 400 000
26 400 000
16 062 975
17 248 731
18 333 118
Page 33
Tenant has rolling options to extend for 5 years upon expiry of the contract in 2029, at
almost equal terms as current lease agreement. However, the contract will not be a
"bare house" contract after 2029, and the owner will be responsible for maintenance.
Gasolin Handelseiendom DIS - financial real estate project
Date of analysis:
01.12.2014
Share price
1%
2 623 678
Key figures
100 %
Paid in capital:
173 000 000
32 500 000
Average rent/sqm:
4 675
Sensitivity
Yield 2015
8,00 %
7,85 %
Property value
774 061 104
788 852 081
735 994 766
749 750 374
Price/sqm (average)
47 349
48 254
Tax-based value*
230 256 275
230 256 275
2 486 122
2 623 678
IRR share price***
11,7 %
11,2 %
9,6 %
9,4 %
*** After tax
7,70 %
804 219 329
764 041 915
49 194
230 256 275
2 766 593
10,7 %
9,3 %
Company information
Paid in capital:
Established:
Yearly rent 2015:
Adjustment of rent:
800 000 000
173 000 000
6. September 2010
76 420 204
100% of CPI
Property type:
Retail
Location:
59 gas stations primarily located south in Norway
16 348
Occupancy rate:
100 %
Tenant:
Reitan Convenience Norway AS,
Scandinavian Fuel Infrastructure, Uno-X Automatic, YX Service station.
Lease agreement:
Lease period:
31. December 2022
Rental income
Cost of ownership
Net operating finance
Interest income
Interest expense
Net finance
Net cash flow
Tax payable
2014
74 921 769
14 290 266
60 631 503
194 195
25 662 114
15 000 000
-40 467 919
20 163 584
5 989 108
2015
76 420 204
14 495 316
61 924 888
230 062
25 242 715
15 000 000
-40 012 653
21 912 235
7 182 083
2016
78 330 709
14 851 324
63 479 386
249 700
24 793 366
17 000 000
-41 543 666
21 935 719
7 839 298
12 500 000
13 500 000
13 000 000
Mortgage tranche 1
Mortgage tranche 2
Mortgage tranche 3
Mortgage tranche 4
Total
Principal
200 000 000
65 000 000
100 000 000
130 020 454
495 020 454
Inst. 14
0
13 000 000
0
2 000 000
15 000 000
Interest
Balloon
5,79 % p.a.*
200 000 000
5,18 % p.a.**
0
5,62 % p.a.*** 100 000 000
3,49 % p.a.**** 69 520 454
369 520 454
-43 809 269
*Tranche 1 has fixed interest for 10.5 years from March 2011 , at 5.79% p.a. interest
incl. margin.
** Tranche 2 has fixed interest for 8 years from November 2011, at 5.18% p.a. interest
incl. margin.
*** Tranche 3 has fixed interest for 10 years from November 2010, at 5.62% p.a.
interest incl. margin.
**** Tranche 4 has floating interest adjusted according to the forward rate.
Loan maturity is 2017, and the loan is assumed refinanced at equal terms until 2022.
Working capital
Property value
Total assets
Debt (tranche 1-5)
Total debt
2014
2 508 435
749 750 374
752 258 809
495 020 454
495 020 454
2015
3 738 587
749 750 374
753 488 961
480 020 454
480 020 454
2016
4 835 008
749 750 374
754 585 383
463 020 454
463 020 454
257 238 355
273 468 507
291 564 929
The lease agreement with Reitan Convenience Norway AS , Scandinavian Fuel
Infrastructure, Uno-X Automatic and YX-Service stations run until 31. December 2022.
Other tenants stand for 4% of the rent. The expiry of the lease agreements to the
other tenants vary from 2014-2032.
Of a total of 59 stations, 49 are 7-Eleven stores combined with Shell gas stations, 2
stations are YX-gas stations/stores, the remaining 8 are Uno-X gas stations. 16 of the
gas stations are located on leasehold properties. The plots have an average size of
0.82 acres (3,3 mål) per property. The buildings are owned by Gasolin
Handelseiendom DIS, while the gas infrastructure is owned by the tenants.
Page 34
Grenland House DIS - financial real estate project
Date of analysis
01.12.2014
Share price
1%
922 119
Key figures
100 %
Paid in capital:
66 800 000
13 900 000
Average rent/sqm:
1 188
Sensitivity
Yield 2015
7,50 %
Property value
228 318 712
223 510 018
Price/sqm (average)
15 015
Tax-based value*
159 623 080
848 900
IRR share price***
10,9 %
9,3 %
*** After tax
7,25 %
236 191 771
230 831 963
15 533
159 623 080
922 119
10,2 %
9,0 %
7,00 %
244 627 192
238 676 904
16 088
159 623 080
1 000 568
9,5 %
8,7 %
Company information
Hjertnes Eiendom AS
Paid in capital:
Established:
Yearly rent 2015:
Adjustment of rent:
220 000 000
66 800 000
22. December 2011
18 061 003
100% of CPI
Property type:
Location:
Area including parking (sqm):
Construction year:
Occupancy rate:
Tenant:
Lease agreement:
Lease period:
Rental income
Cost of ownership
Interest income
Net finance
Net cash flow
Tax payable
2014
17 636 172
914 243
16 721 929
132 756
6 352 413
4 500 000
-10 719 656
6 002 273
795 608
2015
18 061 003
937 099
17 123 903
162 096
5 694 888
4 500 000
-10 032 791
7 091 112
1 344 932
2016
18 496 454
960 527
17 535 927
199 939
5 687 788
4 500 000
-9 987 849
7 548 079
1 552 987
6 000 000
4 200 000
4 800 000
Estimated payment (31.12)
Working capital
Property value
Debt (tranche 1-2)
Total debt
Page 35
Office
Sandefjord, Norway
15 206
2009
100 %
Agility Projects AS
technical installations, insurance and own administration
1. December 2024
Mortgage tranche 1
Mortgage tranche 2
Total
Principal
77 450 000
60 000 000
137 450 000
Inst. 14
4 500 000
0
4 500 000
Interest
3,35 % p.a.
5,23 % p.a.*
Balloon
31 325 000
60 000 000
91 325 000
-5 947 312
* Tranche 2 runs without instalments, and has fixed interest rate of 5.23%.
2014
1 146 120
230 831 963
231 978 083
137 450 000
137 450 000
2015
2 692 300
230 831 963
233 524 263
132 950 000
132 950 000
2016
3 887 392
230 831 963
234 719 355
128 450 000
128 450 000
94 528 083
100 574 263
106 269 355
The property is located at Fokserød, close to Torp airport in Sandefjord. There are 3
integrated buildings on the property, and with small adjustments the buildings can
serve more than one tenant.
Hoffsveien Kontorbygg AS - financial real estate project
Contact: Erlend Torsen ([email protected])
Date of analysis:
01.12.2014
Share price
1%
1 551 689
Key figures
100 %
Paid in capital:
119 300 000
-
Average rent/sqm office:
Average rent per parking lot:
1 770
11 800
Sensitivity
Yield 2015
6,75 %
6,50 %
Property value
411 579 630
427 409 615
408 922 956
423 644 843
Price/sqm excl. parking
25 762
26 753
Tax-based value*
373 627 150
373 627 150
1 404 470
1 551 689
IRR share price***
10,8 %
9,9 %
8,5 %
8,2 %
*** After tax
6,25 %
444 506 000
439 544 481
27 823
373 627 150
1 710 686
9,0 %
7,9 %
Company information
Aker Eiendomsdrift
Paid in capital:
Established
Yearly rent 2015:
Adjustment rent:
394 000 000
119 300 000
01.03.14
29 150 000
100% of CPI
Property type:
Location:
Parking spaces:
Construction year:
Occupancy rate:
Tenant:
Lease agreement:
Lease period:
Office
Hoffsveien 70 B & C, Smestad, Oslo
14 698
194
2001
100 %
Lindorff, Metier, Texas Instruments, Gas Secure, Gemalto
Owner responsible for maintenance of technical installations,
part of Smestaddammen, insurance and own administration
Weighted, 8 years
Rental income
Cost of ownership
Interest income
Net finance
Net cash flow
2014
23 590 411
1 112 500
22 477 911
157 260
10 079 083
2 750 000
-12 671 823
9 806 087
2015
29 150 000
1 368 375
27 781 625
268 356
10 897 063
6 000 000
-16 628 706
11 152 919
2016
29 878 750
1 402 584
28 476 166
203 572
11 717 250
7 000 000
-18 513 678
9 962 488
0
17 500 000
12 000 000
Mortgage tranche 1
Mortgage tranche 2
Total
Principal
149 000 000
131 000 000
280 000 000
Inst. 15
6 000 000
0
6 000 000
Interest
3,95 % p.a.*
3,95 % p.a.**
Balloon 2024
76 500 000
131 000 000
207 500 000
-7 581 000
* The mortgage has a maturity date 5 years from drawdown. Tranche 1 is repaid with
increasing instalments the first 5 years:
Year 1: NOK 5 500 000
Year 2: NOK 6 500 000
Year 3: NOK 7 250 000
Yearr 4 and 5: NOK 8 500 000
Year 6 and onwards (assumed): NOK 7 200 000
** Tranche 2 runs without instalments. The interest rate is fixed from 18.04.2017 until
15.04.2022 with interest rate of 3.375% p.a. excluding margin.
Working capital
Property value
Total assets
Debt (tranche 1)
Debt (tranche 2)
Total debt
2014
9 806 087
423 644 843
433 450 930
146 250 000
131 000 000
277 250 000
2015
3 459 006
423 644 843
427 103 849
140 250 000
131 000 000
271 250 000
2016
1 421 494
423 644 843
425 066 336
133 250 000
131 000 000
264 250 000
156 200 930
155 853 849
160 816 336
The project owns two properties, Hoffsveien 70 B and C. Hoffsveien 70 B is 100% leased
to Lindorff until 31.03.24. However, Lindorff can move out after 5 years if they pay a
compensation of one years rent and notifies 12 months in advance.
Metier can terminate their lease agreement from 31.12.19 against 6 months penalty.
Metier has first priority on vacant space in Hoffsveien 70 C.
The property is recently upgraded.
There was initially a rental guarantee from the seller (Nordea Liv), however the
property has been fully let.
Page 36
Holmsbu Invest KS
Date of analysis:
01.12.2014
Share price
1%
Share price per 1%:*
203 523
Key figures
100 %
Paid in capital:
49 100 000
8 600 000
Average rent/sqm:
407
Sensitivity
Yield 2015
9,00 %
8,00 %
7,00 %
Property value (after deferred tax)
65 856 133
74 088 150
84 233 042
Property value 2017**
71 374 561
71 374 561
71 374 561
Price/sqm.
5 354
6 023
6 848
Share price per 1% *
121 203
203 523
300 580
IRR share price**
15,0 %
9,4 %
7,0 %
Yield at end of project (2017)***
10,0 %
8,9 %
7,8 %
* Not included premium/discount of any fixed interest.
** The residual value is calculated based on 8.0% yield on expected net operating income
in 2017, and adjusted for profit split to the operations manager.
Company information
Paid in capital:
Uncalled capital:
122 000 000
49 100 000
0
Established:
Yield-rent:
Adjustment of rent:
19. October 2005
6 350 000
Fixed adjustment until 2015
Rental income
Cost of ownership
Interest income
Instalments mortgage (tranche 1-4)
Net finance
Net cash flow
2014
5 000 000
530 808
4 469 192
31 593
3 255 650
2 250 000
-5 474 057
-1 004 865
Property type:
Location:
Lettable area (sqm):*
Construction year:
Occupancy rate:
Tenant:
Lease agreement:
Hotel
Holmsbu, Hurum
12 300
2002/2003
100 %
Holmsbu Spa & Resort AS
Owner responsible for insurance and own administration
* 4 300 sqm: 42 cabins and boathouses which are not owned, but leased for eternity with a userright 9 months per year.
2015
5 000 000
422 948
4 577 052
25 522
3 090 431
2 000 000
-5 064 909
-487 857
2016
6 000 000
431 407
5 568 593
54 184
2 538 125
2 000 000
-4 483 941
1 084 652
Mortgage tranche 1
Mortgage tranche 2
Mortgage tranche 3
Mortgage tranche 4
Total
Principal
25 000 000
15 825 000
12 500 000
1 100 000
54 425 000
Inst. 14 Interest
1 500 000 7,04 % p.a.
-412 500 4,60 % p.a.
750 000 4,60 % p.a.
412 500 7,05 % p.a.
2 250 000
Balloon 2016
21 000 000
18 925 000
10 500 000
0
50 425 000
-728 555
Tranche 1 has fixed interest of 7.04% p.a. including margin until October 2015.
Tranche 2 and 3 have floating interest rate.
Tranche 4 has fixed interest of 7.05% p.a. including margin until October 2015.
Working capital
Property
Total assets
Debt (tranche 1-4)
Total debt
2014
1 791 473
74 088 150
75 879 623
54 425 000
54 425 000
2015
1 303 616
74 088 150
75 391 766
51 425 000
51 425 000
2016
2 388 268
74 088 150
76 476 418
50 425 000
50 425 000
21 454 623
23 966 766
26 051 418
Page 37
If the operating company generates profit, an additional rent equal to 50% of the profit before
tax shall be paid.
It is tough competition between hotels offering spa-services, and this is affecting the income for
Holmsbu SPA Hotel. Holmsbu Invest KS owns 50% of the operating company that leases the
hotel.
Hovfaret 4 DIS
Date of analysis:
01.12.2014
Share price
1%
270 779
Key figures
100 %
Paid in capital:
30 000 000
0
Average rent/sqm:
1 974
Sensitivity
Yield 2015
8,00 %
7,75 %
Property value
89 743 847
92 638 810
86 850 670
89 542 985
Price/sqm (average)
16 787
17 329
Tax-based value*
48 412 744
48 412 744
243 856
270 779
IRR share price***
10,9 %
10,0 %
Yield at end of project (2017)****
8,3 %
8,3 %
** Not included premium/discount of any interest
*** After tax
**** Estimated residual value of 100 mill. due to investments.
7,50 %
95 726 770
92 414 788
17 906
48 412 744
299 497
9,1 %
8,3 %
Company information
Paid in capital:
Established:
Yield-rent 2015:
Adjustment of rent:
85 000 000
30 000 000
4. December 2012
8 443 391
100% of CPI
Property type:
Location:
Construction year:
Occupancy rate:
Tenant:
Lease agreement:
Lease period:
Rental income
Cost of ownership
Interest income
Net finance
Net cash flow
Upgrade costs
2014
6 191 405
1 128 250
5 063 155
67 898
2 900 000
-2 832 102
2 231 053
8 534 000
Office
Skøyen, Oslo
5 346
1925/1944
80 %
Zalaris AS, Norco Interiør, Agria Dyreforsikring, 2Clean AS,
Dibs AS, Sitma AS, Panorama Design AS et al.
Owner responsible for maintenance, caretaker,
Varies
2015
8 443 391
1 263 883
7 179 508
0
3 607 500
-3 607 500
3 572 008
4 264 300
2016
9 045 682
1 294 138
7 751 544
14 191
3 745 000
-3 730 809
4 020 735
1 600 000
Mortgage tranche 1
Mortgage tranche 2
Mortgage tranche 3
Total
Principal
55 000 000
5 000 000
7 000 000
67 000 000
Inst. 14
0
0
0
0
Interest
5,00 % p.a.
6,00 % p.a.
6,00 % p.a.
Balloon
55 000 000
5 000 000
7 000 000
67 000 000
Mortgage tranche 1 runs with no instalments, and the interest rate is floating.
Mortgage tranche 2 runs with no instalments and the interest rate is floating.
Working capital
Property value
Total assets
Debt (tranche 1-3)
Total debt
2014
-2 140 095
89 542 985
87 402 890
67 000 000
67 000 000
2015
-2 832 388
89 542 985
86 710 597
67 000 000
67 000 000
2016
-411 652
89 542 985
89 131 333
67 000 000
67 000 000
20 402 890
19 710 597
22 131 333
The property is located at Skøyen in Oslo. Rehabilitation of the property is initiated. Fully
leased after rehabilitation, the rent is assumed to be approx. NOK 10.3 mill per
01.01.2018.
Page 38
Kongholm Invest KS
Date of analysis:
01.12.2014
Share price
1%
Key figures
100 %
Paid in capital:
Initial paid in participant loan:
Paid back instalments and interest on participant loan:
15 650 000
4 200 000
4 000 000
0
4 570 410
Average rent/sqm apartments:
1 269
2 763
Sensitivity
Yield 2015
Property value
Price/sqm (average)
Tax-based value*
IRR share price***
*** After tax
Company information
Paid in capital:
Uncalled capital:
Established:
Yearly rent 2015:
Adjustment of rent:
83 500 000
15 550 000
2 500 000
15. September 2005
6 591 160
100 %
Rental income
Cost of ownership
Interest income
Net finance
Sale of property
Net cash flow
Property type:
Location:
Construction year:
Occupancy rate:
Tenant:
Lease agreement:
1 commercial property and 1 residential block/
apartment hotels (42 apartments)
Holmestrand / Kongsberg
2 595 sqm. and 1 134 sqm. (GFA)
2005 and 1999
90 %
Regional tax office, Police/Bailiff, et al.
Short-time rental on the apartments
Regional tax office: 2015, Police/Bailiff: 2020
Operational responsibility for the apartments,
limited responsibility for the commercial properties
2014
2015
2016
6 513 004
2 157 810
4 355 194
52 161
3 727 006
2 222 000
-5 896 845
6 591 160
2 163 117
4 428 043
12 485
2 816 759
2 222 000
-5 026 274
-1 541 651
-598 231
6 670 254
2 161 853
4 508 401
9 378
1 883 616
57 279 250
-59 153 488
0
-54 645 087
Mortgage tranche 1
Mortgage tranche 2
Mortgage tranche 3
Mortgage tranche 4
Total
Principal
Inst. 14
26 632 500
17 211 875
11 656 875
4 000 000
59 501 250
956 000
633 000
633 000
0
2 222 000
Interest
Ballon 2016
7,15 % p.a.*
4,60 % p.a.**
6,33 % p.a.***
4,75 % p.a.****
24 720 500
15 945 875
10 390 875
4 000 000
55 057 250
-1 163 035
* Quarterly instalments of NOK 239 000. Tranche 1 is secured with an interest rate
swap of 6.4% p.a. including margin until 2015.
** Quarterly instalments of NOK 158 250. Tranche 2 has floating interest.
*** Quarterly instalments of NOK 158 250. Tranche 3 is secured with a 10 year swap at
6.08% p.a. including margin.
**** Tranche 4 has no instalments, and has floating interest rate.
The project consists of apartments in Kongsberg and office/commercial property in
Holmestrand.
Approximately 550 sqm of vacant space in Holmestrand.
Page 39
Kristiansund Handelseiendom AS - financial real estate project
Date of analysis:
01.12.2014
Share price
Bildet skal være 22,56cm bredt og være ankret i dette oppe til høyre hjørnet
1%
544 973
Key figures
100 %
Paid in capital:
45 000 000
-
Average rent/sqm:
1 122
Sensitivity
Yield 2015
7,85 %
Property value
178 984 497
174 648 246
Price/sqm (average)
13 233
Tax-based value*
117 038 054
490 218
IRR share price***
12,9 %
9,6 %
*** After tax
7,60 %
184 872 145
180 123 758
13 668
117 038 054
544 973
11,9 %
9,3 %
7,35 %
191 160 313
185 971 755
14 133
117 038 054
603 453
10,9 %
9,0 %
Company information
LL Holding AS
Paid in capital:
Established:
Yearly rent 2015:
Adjustment of rent:
NOK 183 000 000
NOK 45 000 000
06.12.2013
15 175 291
100% of CPI
Property type:
Location:
Lettable are (sqm.):
Construction year:
Occupancy rate:
Tenant:
Rental agreement:
Retail
Løkkemyra, Kristiansund
13 526
2012
100 %
COOP Orkla Møre AS, Jula Norge, G-Sport, Ekstra Leker
Owner responsible for exterior maintenance, caretaker,
lawn mowing, insurance and own administration
Weighted approx. 01.03.2023
Lease period:
Rental income
Cost of ownership
Interest income
Net finance
Net cash flow
Tax payable
2014
14 281 112
1 102 752
13 178 360
61 319
4 987 870
1 000 000
-5 926 552
7 251 808
0
2015
15 175 291
1 125 008
14 050 283
121 633
5 835 228
2 500 000
-8 213 595
5 836 688
1 454 350
2016
15 554 673
1 153 133
14 401 540
134 600
5 887 947
2 500 000
-8 253 346
6 148 193
1 454 873
0
3 500 000
2 900 000
Working capital
Property value
Total assets
Debt (tranche 1-4)
Total debt
Mortgage tranche 1
Mortgage tranche 2
Mortgage tranche 3
Mortgage tranche 4
Total
Principal
66 375 000
33 812 500
16 906 250
16 906 250
134 000 000
Inst. 14
625 000
187 500
93 750
93 750
1 000 000
Interest
4,10 % p.a.
5,19 % p.a.
4,32 % p.a.
3,88 % p.a.
Balloon
38 250 000
23 687 500
15 281 250
16 281 250
93 500 000
-2 824 062
All tranches have quarterly instalments.
Tranche 1 has floating interest rate adjusted with the forward curve.
Tranche 2-4 has fixed interest for 10, 5 and 3 years respectively.
2014
8 924 867
180 123 758
189 048 626
134 000 000
134 000 000
2015
9 807 205
180 123 758
189 930 964
131 500 000
131 500 000
2016
11 600 526
180 123 758
191 724 284
129 000 000
129 000 000
55 048 626
58 430 964
62 724 284
The property is located at Løkkemyra Handelspark right next to the main highway to
Kristiansund, close to the airport. The store composition in Løkkemyra has been well
received by the market, and the expected yearly revenue is around NOK 300 mill.
Page 40
KS Torggata Bad AS - financial real estate project
Date of analysis:
01.12.2014
Share price
1%
371 118
Key figures
100 %
Paid in capital:
Uncalled capital:
Average rent/sqm:
32 850 000
2 400 000
6 500 000
1 074
Sensitivity
Yield 2015
Property value
Price/sqm (average)
Tax-based value*
IRR share price***
Yield at the end of project (2021)
7,50 %
131 082 000
129 637 699
11 351
116 638 989
330 437
11,1 %
8,9 %
7,25 %
135 602 069
133 705 761
11 742
116 638 989
371 118
10,2 %
8,6 %
7,00 %
140 445 000
138 064 399
12 162
116 638 989
414 704
9,3 %
8,3 %
*** Before tax (tax is paid by the participants of the project)
Company information
Techincal management:
Paid in capital:
Uncalled capital:
Established:
Yield rent:
Adjustment of rent:
137 000 000
32 850 000
2 400 000
25. March 2011
12 400 000
100% of CPI
Rental income
Cost of ownership
Interest income
Interest mortgage (tranche 1-2)
Net finance
Net cash flow
Project costs
2014
11 906 276
2 510 000
9 396 276
86 748
5 518 936
2 650 000
-8 082 189
1 314 087
2 160 000
Property type:
Serving, health, retail, office, entertainment and training
Location:
Oslo, Norway
11 548
Construction year:
1925
Occupancy rate:
Approx. 93%
Tenant:
Auditorium AS, Torggata Bad & Treningssenter AS,
Oslo Bowling AS, Hans & Olaf Fysioterapi AS, and several smaller tenants
Rental agreement:
Lease period:
Varies
2015
12 144 402
2 568 850
9 575 552
112 105
5 481 006
2 650 000
-8 018 901
1 556 651
0
2016
12 930 356
2 633 071
10 297 285
170 580
5 406 469
2 650 000
-7 885 888
2 411 396
0
Mortgage tranche 1
Mortgage tranche 2
Total
Principal
57 700 000
40 675 000
98 375 000
Inst. 14
2 650 000
0
2 650 000
Interest
6,65 % p.a.
3,81 % p.a.
Balloon 2020
43 787 500
40 675 000
84 462 500
-7 604 656
60% of the loan is fixed to interest rate of 6.65% p.a. incl. margin until 15.07.2021
(tranche 1). The loan has the following instalments:
2014: NOK 2 650 000
2015: NOK 2 640 000
2016: NOK 2 650 000
2017-2020: Sum NOK 8 612 500
Working capital
Property value
Total assets
Debt (tranche 1-2)
Total debt
Page 41
2014
967 612
133 705 761
134 673 373
98 375 000
98 375 000
2015
2 524 263
133 705 761
136 230 024
95 725 000
95 725 000
2016
4 935 659
133 705 761
138 641 420
93 075 000
93 075 000
36 298 373
40 505 024
45 566 420
The property has 6 large tenants, and several smaller tenants.
The building is being upgraded. A reconstruction of the trade areas is planned to start in
2015, and the rent is temporarily adjusted down. The valuation of the project is made
based on the market rent without discount, and before reconstruction.
Logistikk og Lagershop AS - financial real estate project
Date of analysis:
01.12.2014
Share price
1%
Share price of 1%: (SEK)**
997 047
Key figures (SEK)
100 %
Paid in capital:
114 000 000
24 800 000
Average rent/sqm:
525
Sensitivity
Yield 2015
7,00 %
Property value
237 858 300
236 116 148
Price/sqm (average)
6 929
Tax-based value*
206 182 802
964 471
IRR share price***
10,0 %
8,2 %
*** After tax
6,90 %
241 305 522
239 373 772
7 029
206 182 802
997 047
9,7 %
8,1 %
6,80 %
244 854 132
242 727 209
7 133
206 182 802
1 030 582
9,4 %
8,0 %
Company information
Paid in capital:
Established:
Yearly rent 2015:
Adjustment of rent:
SEK 286 500 000
SEK 114 000 000
27.11.2013
18 020 081
100% of CPI
Property type:
Location:
Construction year:
Occupancy rate:
Tenant:
Lease agreement:
Lease period:
Rental income
Cost of ownership
Interest income
Net finance
Net cash flow
Tax payable
Start-up costs
* from 01.03.2014
2014*
16 807 818
1 391 667
15 416 151
32 685
4 184 397
30 764 007
-34 915 719
-19 499 568
0
3 985 000
24 800 000
Logistics
Helsingborg and Linkøping
34 328
2012, 2009
100 %
PostNord Logistics TPL AB, NetOnNet AB
PostNord Logistics TPL AB: 31.08.2023,
NetOnNet: 31.10.2024
2015
18 020 081
1 370 000
16 650 081
53 975
5 890 305
2 264 008
-8 100 338
8 549 743
391 377
0
6 300 000
2016
18 380 483
1 397 400
16 983 083
54 531
5 947 011
2 264 008
-8 156 488
8 826 595
394 962
0
7 600 000
Mortgage tranche 1
Mortgage tranche 2
Total
Principal
119 388 794
29 847 199
149 235 993
Inst. 14
24 611 206
6 152 801
30 764 007
Interest
4,14 % p.a.
3,00 % p.a.
Balloon
103 087 922
25 771 999
128 859 921
-961 780
Tranche 1 has fixed interest of 4.14% p.a. including margin until 02.08.2019. Yearly instalments
of SEK 1 811 208.
Tranche 2 has floating interest rate adjusted according to the forward rate. Yearly instalments of
SEK 452 800.
Due to sale of NetOnNet ware store, the mortgage is reduced by SEK 28 848 004.
Working capital
Property value
Total assets
Debt (tranche 1-2)
Total debt
Additional Information
2014
4 698 796
239 373 772
244 072 568
149 235 993
149 235 993
2015
6 557 162
239 373 772
245 930 935
146 971 985
146 971 985
2016
7 388 795
239 373 772
246 762 567
144 707 977
144 707 977
The project now consists of two buildings, a PostNord warehouse in Helsingborg and a
NetOnNet shop in Linkøping, after having sold a NetOnNet shop in Umeå September 2014.
Distribution to investors from sale of the property in Umeå is SEK 24.8 mill.
94 836 575
98 958 950
102 054 590
The property in Linkøping is 4 628 sqm. The lease contract can be terminated 5 years before
expiry of the contract.
The property in Helsingborg is 29 700 sqm, located right by E4/E6 and E20, approx. 10 km
northeast of Helsingborg.
Page 42
Lørenskogveien 75 Holding AS - financial real estate project (formerly called Lørenskog Kombibygg DIS)
Date of analysis:
01.12.2014
1%
Share price
201 814
Key figures
100 %
Paid in capital:
19 800 000
0
Average rent/sqm:
828
Sensitivity
8,25 %
Yield 2015
Property value
57 421 936
53 980 008
Price/sqm (average):
6 463
23 002 655
Tax-based value*
185 664
IRR share price***
9,7 %
8,7 %
*** After tax
8,00 %
59 216 372
55 595 000
6 665
23 002 655
201 814
9,0 %
8,4 %
7,75 %
61 126 577
57 314 185
6 880
23 002 655
219 006
8,3 %
8,1 %
Company information
Paid in capital:
Establishment:
Yearly rent 2015:
Adjustment of rent:
NOK 57 447 510
NOK 19 800 000
21. September 2007
7 352 830
100% of CPI
Property type:
Location:
Construction year:
Occupancy rate:
Tenant:
Lease agreement:
Lease period:
Rental income
Cost of ownership
Interest income
Net finance
Net cash flow
Tax payable
Other costs
2014
7 193 653
2 551 727
4 641 926
6 936
2 602 410
1 606 668
-4 202 141
439 785
74 213
120 000
Logistics/office
Lørenskog
8 885
1987/1993/1997
100 %
Gummiservice Produksjon AS, Schiedel Skorsteiner AS,
Anticimex AS, Heidenreich AS et al.
Owner responsible for exterior maintenance, ground rent,
Varies
2015
7 352 830
2 615 520
4 737 310
8 638
2 554 745
1 606 668
-4 152 775
584 535
490 000
0
2016
7 536 651
2 680 908
4 855 742
9 308
2 499 046
1 606 668
-4 096 406
759 336
270 000
0
Mortgage tranche 1
Mortgage tranche 2
Mortgage tranche 3
Total
Principal
6 559 992
28 400 000
1 125 000
36 084 992
Inst. 14
1 456 668
0
150 000
1 606 668
Interest
4,10 % p.a.
7,88 % p.a.
4,10 % p.a.
Balloon 2017
2 189 988
28 400 000
675 000
31 264 988
-3 407 994
Tranche 1 has floating interest. Tranche 1 has quarterly instalments of NOK 364 167.
Tranche 2 has fixed interest of 7.88% p.a. including margin until 16.10.2017, and no
instalments.
Tranche 3 has quarterly instalments of NOK 37 500, and floating interest rate.
Additonal information
Working capital
Property value
Total asset
Debt (tranche 1-3)
Total debt
2014
833 491
55 595 000
56 428 491
36 084 992
36 084 992
2015
928 026
55 595 000
56 523 026
34 478 324
34 478 324
2016
1 417 363
55 595 000
57 012 362
32 871 656
32 871 656
20 343 499
22 044 702
24 140 706
Page 43
A rezoning proposal from Lørenskog Municipality, regarding an area including Lørenskog 75
Holding AS, is under negotiation. The area is proposed for retail and commercial buildings,
which is positive for the project.
Majorstuen Kontorbygg DIS
Date of analysis:
01.12.2014
Share price
1%
1 234 445
Key figures
100 %
104 800 000
20 000 000
6 000 000
Paid in capital:
Uncalled capital:
2 158
Average rent/sqm:
Sensitivity
Yield 2015
6,75 %
Property value
321 925 926
313 811 111
206 000 000
Tax-based value*
28 987
Price/sqm (average):
1 119 295
19,1 %
IRR share price***
7,5 %
Yield at end of project period (2018)
*** After tax
6,50 %
334 307 692
325 326 154
206 000 000
30 102
1 234 445
16,5 %
7,3 %
6,25 %
347 680 000
337 762 400
206 000 000
31 306
1 358 808
14,2 %
7,0 %
Company information
Furuholmen Eiendom AS
Paid in capital:
Uncalled capital:
Established:
Yearly rent 2015:
Net operating income for yield (see additional information):
Adjustment for rent:
309 000 000
104 800 000
20 000 000
01.01.13
23 970 000
21 730 000
100% of CPI
Office
Majorstuen, Oslo
11 106
1996
98 %
Nordea, NHO, Atferdssenteret, Capus
Average length is 2.5 years
Lease period:
Rental income
Cost of ownership
Interest income
Interest expense
Net finance
Net cash flow
Tax payable
Property type:
Location:
Construction year:
Occupancy rate:
Tenant:
Lease agreement:
2014
23 098 000
5 869 000
17 229 000
158 197
7 528 500
3 500 000
-10 870 303
6 358 697
0
2015
23 970 000
2 240 000
21 730 000
247 850
7 916 563
3 500 000
-11 168 712
10 561 288
0
2016
16 336 000
2 080 000
14 256 000
242 492
9 297 750
3 500 000
-12 555 258
1 700 742
1 900 000
6 000 000
6 000 000
6 000 000
Mortgage tranche 1
Total
Principal
206 500 000
206 500 000
Inst. 15
3 500 000
3 500 000
Interest
3,60 % p.a.*
Balloon
196 000 000
196 000 000
Tranche 1 runs for 5 years, with quarterly instalments of NOK 875 000. The interest rate
is floating.
Working capital
Property value
Total asset
Debt
Total debt
2014
2 456 069
330 375 000
332 831 069
206 500 000
206 500 000
2015
7 017 357
344 625 000
351 642 357
203 000 000
203 000 000
2016
818 099
358 875 000
359 693 099
199 500 000
199 500 000
126 331 069
148 642 357
160 193 099
The residual value of the property is estimated to be NOK 366 mill. in 2018.
The project is yielded on a yearly rent from February/March 2014 and with NOK 1.7
mill. in yearly cost of ownership.
The canteen and common area was upgraded in 2013/2014. Approximately NOK 4.5
mill was covered by the owner.
Page 44
Martodden Utbygging KS - construction/sale of apartments in Hamar
Date of analysis
01.12.2014
Share price
1%
Share price per 1%:
440 000
Key figures
100 %
Paid in capital:
Uncalled capital:
Accumulative dividends:
35 000 000
0
0
Sensitivity
BASE CASE
Selling price per sqm (housing)*
41 400
Estimated share price 1%
440 000
IRR estimated share price**
25,2 %
IRR estimated share price after tax ***
18 %
* Incl. garage for the block of flats
** Project completion estimated to 2019
*** After tax is based on purchase at estimated share price, or that received
potential tax losses are fully used by owner.
Company information
Project leader:
Backe Prosjekt AS
Sum budgeted revenue:
Sum budgeted project cost:
Budgeted builder margin:
Paid in capital:
Uncalled capital:
Established:
539 400 000
486 300 000
10,9 %
35 000 000
0
10. November 2006
Estimated cash flow (assuming 2,5% CPI)
Budgeted homes completed
Budgeted revenue
Budgeted expenses
Cash flow before loan property
Estimated payments
Property type:
Location:
Projected built sqm:
Residential development
Hamar
Approx. 17 000 sqm
Projected number of apartments:
Ca.180
Lot size (sqm):
Projected completion (estimate):
63 000
2011-2019
2014
34
2015
0
2016
40
91 539 179
73 557 102
17 982 077
17 910 552
5 687 500
12 223 052
111 975 377
89 797 832
22 177 545
0
10 000 000
15 000 000
All townhouses in the project are sold and completed (23). Regarding the apartments,
phase 1 is completed and all 22 are sold. Phase 2 was completed in June 2014, and
also all of these 22 apartments are unsold. When the project is completed, a total of
67 homes have been built. The excisting commercial property with related plot, is for
sale. Loan for the project is secured.
Additonal information
The real estate market was weak fall 2013, few newbuldings were sold and housing
prices in general fell. The activity has however picked up in 2014. For more
information regarding the project, visit: www.nordviken.com.
Page 45
Maskinveien Kontorbygg AS - financial real estate project
Date of analysis:
01.12.2014
Share price
1%
345 383
Key figures
100 %
Paid in capital:
30 000 000
-
Average rent/sqm:
1 524
Sensitivity
Yield 2015
7,80 %
7,65 %
Property value
100 710 067
102 684 775
Propert value after deferred tax
98 944 430
100 780 907
Price/sqm (average)
17 869
18 219
Tax-based value*
75 486 673
75 486 673
327 018
345 383
IRR share price***
12,0 %
11,5 %
9,0 %
8,9 %
*** After tax
7,50 %
104 738 470
102 690 844
18 584
75 486 673
364 482
11,0 %
8,7 %
Company information
Ferrum AS
Paid in capital:
Established:
Yearly rent 2015:
Adjustment of rent:
NOK 97 700 800
NOK 30 000 000
11.04.2014
8 591 038
100% of CPI
Property type:
Location:
Construction year:
Occupancy rate:
Tenant:
Lease agreement:
Office(70%), Warehouse/simulator (30%)
Forus, Stavanger
5 636
2009
100 %
MHWIRTH AS
01.04.2021
Lease period:
Rental income
Cost of ownership
Interest income
Net finance
Net cash flow
2014*
6 286 125
717 710
5 568 415
63 699
1 538 250
1 960 000
-3 434 551
2 133 864
2015
8 591 038
735 653
7 855 385
111 303
3 031 039
3 500 000
-6 419 735
1 435 650
2016
8 805 813
754 044
8 051 769
115 603
2 954 389
3 500 000
-6 338 786
1 712 983
0
1 000 000
1 800 000
Mortgage tranche 1
Mortgage tranche 2
Total
Principal
33 040 000
35 000 000
68 040 000
Inst. 14
1 960 000
0
1 960 000
Interest
4,69 % p.a.*
4,10 % p.a.**
Balloon
12 040 000
35 000 000
47 040 000
-586 000
* Tranche 1 has fixed interest rate of 4.69% p.a. including margin until 11.04.2019.
** Tranche 2 has floating interest rate.
* Start project, 11.04.2014
Working capital
Property value
Total assets
Debt (tranche 1-2)
Total debt
2014
2 233 864
100 780 907
103 014 772
68 040 000
68 040 000
2015
2 669 514
100 780 907
103 450 422
64 540 000
64 540 000
2016
2 582 497
100 780 907
103 363 405
61 040 000
61 040 000
34 974 772
38 910 422
42 323 405
MHWIRTH AS has an option to extend the lease agreement for 5 years at Fair Market
Rent.
Page 46
Moa Handelseiendom Holding II AS - financial real estate project (formerly called Moa Handelseiendom DIS)
Date of analysis:
01.12.2014
Share price
1%
191 745
100 %
Key figures
26 700 000
4 850 000
Paid in capital:
Accumulated dividends/repayments
1 193
Average rent/sqm:
Sensitivity
Yield 2015
8,00 %
7,75 %
99 317 005
102 520 780
Property value
98 886 715
101 866 225
14 528
14 074
Price/sqm (average)
Tax-based value*
93 170 005
93 170 005
191 745
161 950
15,1 %
IRR share price***
17,2 %
9,7 %
9,4 %
*** After tax
7,50 %
105 938 139
105 044 370
15 012
93 170 005
223 527
13,4 %
9,1 %
Company information
114 000 000
26 700 000
23. Feb 2011
8 420 000
100% of CPI
Initial gross property property:
Paid in capital:
Established:
Yearly rent 2015:
Adjustment of rent:
Retail
Moa Handelsområde, Ålesund
7 057
2008
100 %
Jula Norge AS, Lefdal Elektromarked AS,
Modena Ålesund AS and Kvik Norge AS
Jula and Lefdal September 2023, Modena June 2018,
Kvik June 2015
Property type:
Location:
Construction year:
Occupancy rate:
Tenant:
Lease agreement:
Lease period:
Rental income
Cost of ownership
Interest income
Interest expense
Net finance
Net cash flow
2014
8 507 451
463 063
8 044 388
30 886
4 864 185
1 800 000
-6 633 299
1 411 089
2015
8 420 000
474 640
7 945 360
37 396
4 742 535
1 800 000
-6 505 139
1 440 221
2016
8 630 500
486 506
8 143 994
28 165
4 937 035
2 600 000
-7 508 870
635 124
400 000
2 200 000
1 700 000
Estimated balance(31.12)
Working capital
Property value
Total assets
Debt
Total debt
Page 47
Mortgage tranche 1
Mortgage tranche 2
Total
Principal
30 000 000
53 400 000
83 400 000
Inst. 14
1 800 000
0
1 800 000
Interest
3,95 % p.a.
6,79 % p.a.
Balloon
2 600 000
53 400 000
56 000 000
-8 410 711
Mortgage tranche 1 has the following yearly instalments:
2014:
1 800 000
2015:
1 800 000
2016:
2 600 000
2017-2023: 23 000 000
Tranche 2 has fixed interest rate of 6.79% p.a. including margin until 15. April
2021.
2014
849 911
101 866 225
102 716 136
83 400 000
83 400 000
2015
90 132
101 866 225
101 956 357
81 600 000
81 600 000
2016
-974 744
101 866 225
100 891 481
79 000 000
79 000 000
19 316 136
20 356 357
21 891 481
The tenants have options to extend the lease agreements as follows:
Jula Norge AS - 5 years at unchanged terms. Modena Ålesund AS - 5 years at
unchanged terms. Lefdal Elektromarked AS - 5 years at unchanged terms.
Due to strong revenue growth, Modena moved out in December 2013. The
contract runs until June 2018, and Modena has subleased parts of their space to
a plumbing company called Uri. Uri is associated with the company Bademiljø.
The subleasing process is closely watched by the board of the project, to secure
the most optimal long-term solution for the project. Kvik will not extend their
lease agreement beyond 01.06.2015. Dividend payments may vary due to the
lease situation.
Nydalen Kontorbygg AS - financial real estate project
Date of analysis:
01.12.2014
Share price
1%
Share price per 1%: *
2 246 620
Key figures
100 %
Paid in capital:
171 775 000
15 000 000
Average rent/sqm:
1 775
Sensitivity:
Yield 2015
6,50 %
6,25 %
Property value
634 305 186
659 677 393
Estimated total value**
874 678 100
896 371 337
24 516
25 497
Share price per 1% *
2 029 688
2 246 620
IRR share price***
10,2 %
9,4 %
8,5 %
8,2 %
* Not included premium/discount of any fixed interest
** After deduction of deferred tax of 14.5%
*** After tax
6,00 %
687 163 951
919 872 344
26 559
2 481 630
8,6 %
7,9 %
Company information
Avantor Drift AS
Paid in capital:
Established:
Yearly rent 2015:
Net operating income for yield:
Adjustment of rent:
Valuation of capital element (per 1.12.14):
930 000 000
171 775 000
1. September 2013
78 558 467
41 229 837
100% of CPI
287 600 000
Property type:
Location:
Parking spaces:
Construction year:
Occupancy rate:
Tenant:
Lease agreement:
Office
Nydalen, Oslo
25 873
219
2000
100 %
Ministry of Justice and Public Security
technical installations, insurance and administration
21. August 2024
Lease period:
Rental income
Cost of ownership
Interest income
Net finance
Net cash flow
Tax payable
2014
78 887 327
2 025 000
76 862 327
678 624
33 749 658
30 375 000
-63 446 034
13 416 293
1 648 662
2015
78 558 467
2 075 625
76 482 842
713 347
30 328 668
44 875 000
-74 490 321
1 992 522
5 647 328
2016
80 522 429
2 127 516
78 394 914
418 217
29 149 505
31 000 000
-59 731 288
18 663 625
7 062 285
15 000 000
17 000 000
13 000 000
Mortgage tranche 1
Mortgage tranche 2
Total
Principal
484 487 500
207 637 500
692 125 000
Inst. 15
21 612 500
23 262 500
44 875 000
Interest
4,84 % p.a.*
3,60 % p.a.*
Balloon
234 675 000
86 575 000
321 250 000
-39 230 000
*Tranche 1 has fixed interest of 3.24% p.a.excl. margin until 04.09.2023. Tranche 2
has floating interest.
The loan is structured so that 70% of the loan is fixed at all times. The margin was
reduced by 50 basis points from summer 2014.
The loans have increasing quarterly instalments, starting with NOK 30 mill yearly
and increasing to NOK 41 mill yearly.
Working capital
Property value and capital lease
Total assets
Debt (fixed)
Debt (floating)
Total debt
2014
31.12.2014
23 879 462
871 371 337
895 250 800
484 487 500
207 637 500
692 125 000
2015
31.12.2015
3 224 657
846 371 337
849 595 994
462 875 000
184 375 000
647 250 000
2016
31.12.2016
1 825 997
821 371 337
823 197 334
441 175 000
175 075 000
616 250 000
Part of the rent is considered capital lease in conjunction with investments in the
building. No assumed residual value on the investments. The lease will be reduced
with approx. 14.2 mill due to reduced final costs on refurbishments.
Th capital lease is valued to approx. 6.00% yield before tax.
203 125 800
202 345 994
206 947 334
Deferred tax for the property and capital lease is 14.5%. This high deductible is due
to unfavourable tax-rate on the capital lease. The deferred tax rate will be reduced
towards market rate as the duration of the capital lease shortens.
The tenant has an option to extend the lease period for 7 years at equal terms (only
the ground rent), where the contract in the option-period runs with 24 months
termination option for tenant.
Page 48
Nydalen Kontorbygg II AS - financial real estate project
Date of analysis:
01.12.2014
Share price
1%
1 136 235
Key figures
100 %
Paid in capital:
96 212 000
-
Average rent per parking lot:
1 611
18 993
Sensitivity
Yield 2015
Property value
Tax-based value*
IRR share price***
7,00 %
343 114 908
338 066 216
23 670
270 990 736
1 018 051
12,5 %
8,9 %
6,75 %
355 822 867
349 884 618
24 546
270 990 736
1 136 235
11,3 %
8,6 %
6,50 %
369 508 362
362 612 128
25 490
270 990 736
1 263 511
10,2 %
8,3 %
*** After tax
Company information
Paid in capital:
Established
Yearly rent 2015:
Adjustment rent:
337 000 000
96 212 000
01.09.14
25 179 544
100% of CPI
Rental income
Cost of ownership
Interest income
Net finance
Net cash flow
Tax
2014
8 228 609
383 333
7 845 276
39 226
2 588 273
0
-2 549 047
5 296 229
0
2015
25 179 544
1 161 500
24 018 044
178 411
7 705 569
6 000 000
-13 527 158
10 490 886
0
2016
25 809 032
1 190 538
24 618 495
146 993
8 052 624
6 000 000
-13 905 631
10 712 864
1 701 769
0
15 500 000
8 500 000
Mortgage tranche 1
Realkredit
Total
Principal
88 122 000
153 000 000
241 122 000
Inst. 14
0
0
0
Interest
3,95 % *
2,80 % **
Balloon 2024
31 122 000
153 000 000
184 122 000
-2 560 000
* The mortgage has a maturity date 5 years from drawdown, with annual instalments
of NOK 6 mill.
** The mortgage has a maturity date 20 years from drawdown, but the instalmentfree period is only 5 years, and must be renewed thereafter.
A swap agreement runs from 05.10.16-05.10.21 at The interest rate is fixed from
18.04.2017 until 15.04.2022 with interest rate of 3.375% excluding margin.
Working capital
Property value
Total assets
Debt (tranche 1)
Debt (tranche 2)
Total debt
2014
5 296 229
349 884 618
355 180 847
88 122 000
153 000 000
241 122 000
2015
287 115
349 884 618
350 171 733
82 122 000
153 000 000
235 122 000
2016
798 210
349 884 618
350 682 828
76 122 000
153 000 000
229 122 000
114 058 847
115 049 733
121 560 828
Page 49
Property type:
Office
Location:
Maridalsveien 323, Oslo
Lettable area (sqm.) / Office:
19 800 / 11 559
178
Parking spaces:
Construction year:
2001
Occupancy rate:
100 %
Tenant:
Get AS, Boots Norge AS, Konica Minolta AS
Lease agreement:
Owner responsible for maintenance of technical installations,
part of Nydalen Gårdeierforening, insurance and own administration
Lease period:
Weighted, 11 years
Get AS has a contract until 07.06.26, but can exit fully, or floor by floor, in 07.06.21.
Boots Norge AS has a contract until 31.10.16.
Konica Minolta Business Solutions AS has a contract until 01.06.25.
A cost of NOK 4500 per sqm has been calculated for refurbishment of the Boots areas
(1 445 sqm).
Nye Alfasetveien DIS - financial real estate project
Date of analysis:
01.12.2014
Share price
1%
Share price per 1%(EUR): **
94 198
Key figures
100 %
Paid in capital (EUR):
Accumulated dividends/repayments (EUR):
4 858 000
3 100 000
Average rent/sqm:
EUR 122
Sensitivity
Yield 2015
7,75 %
7,50 %
Property value
20 781 491
21 474 207
20 315 593
20 939 038
Price/sqm
1 501
1 551
Tax-based value*
16 122 516
16 122 516
87 963
94 198
IRR share price***
14,9 %
14,0 %
8,1 %
7,9 %
*** Before tax (tax is paid by the participants of the project)
7,25 %
22 214 697
21 605 479
1 605
16 122 516
100 862
13,2 %
7,6 %
Company information
Paid in capital:
Established:
Yearly rent 2015 (EUR):
Adjustment of rent:
EUR 18 187 158
EUR 4 858 000
31. March 2009
1 720 849
100% of CPI
Warehouse and office
Alnabru, Oslo
13 841
1980
100 %
Elektroskandia AS
31. December 2017
Property type:
Location:
Construction year:
Occupancy rate:
Tenant
Lease agreement:
Lease period:
Rental income
Cost of ownership
Interest income
Net finance
Net cash flow
Est. tax for participants*
*tax will be paid in NOK
2014
1 687 107
107 500
1 579 607
873
423 807
625 000
-1 047 934
531 673
2015
1 720 849
110 284
1 610 566
2 710
399 848
675 000
-1 072 138
538 427
2016
1 763 870
113 240
1 650 630
3 119
385 537
700 000
-1 082 418
568 212
500 000
180 484
450 000
200 763
500 000
220 373
Mortgage tranche 1
Mortgage tranche 2
Mortgage trance 3
Total
Principal
5 462 500
4 894 719
567 781
10 925 000
Inst. 14
312 500
280 018
32 482
625 000
Interest
5,51 % p.a.*
2,40 % p.a.**
2,85 % p.a.**
Ballong 2017
4 425 000
3 928 656
496 344
8 850 000
-542 181
Tranche 1 og 2 have the following combined quarterly instalments:
Instalments 1-4: EUR 87 500
*Tranche 1 has fixed interest of 5.06% p.a. including margin from 15.01.15 until
31.12.2017.
**Tranche 2 & 3 has floating interest rate.
Working capital
Property value
Total assets
Debt (tranche 1-3)
Total debt
2014
129 413
20 939 038
21 068 451
10 925 000
10 925 000
2015
200 239
20 939 038
21 139 277
10 250 000
10 250 000
2016
250 606
20 939 038
21 189 644
9 550 000
9 550 000
NAV after dividend
10 143 451
10 889 277
11 639 644
A process is initiated to get permission to build additional 4 000 sqm on the plot, to
meet the tenant's need for more space. The lease agreement runs until 31.12.2017,
with option to extend for 5+5 years at equal terms.
The lease agreement is guaranteed by the parent company Hagemeyer N.V.
Page 50
Nye Bergen Lagerbygg KS - financial real estate project
Date of analysis:
01.12.2014
1%
Share price
318 572
Key figures
100 %
Paid in capital:
Uncalled capital:
14 062 500
5 000 000
0
Average rent/sqm:
611
Sensitivity
Yield 2015
8,25 %
Property value
92 013 797
89 771 071
Price/sqm (average)
6 527
Tax-based value*
69 586 535
292 693
IRR share price***
12,9 %
8,7 %
** Not included premium/discount for any fixed interest
*** After tax
8,00 %
94 889 229
92 358 959
6 731
69 586 535
318 572
12,0 %
8,4 %
7,75 %
97 950 171
95 113 808
6 948
69 586 535
346 120
11,1 %
8,1 %
Company information
Falcon AS
Paid in capital:
Uncalled capital:
Established:
Yield rent 2015:
Adjustment of rent
87 500 000
14 062 500
5 000 000
13. December 2006
8 608 147
100% of CPI
Property type:
Location:
Construction year:
Occupancy rate:
Tenant:
Lease agreement:
Lease period:
Estimated cash flow(assuming 2.5% CPI)
Rental income
Cost of ownership
Interest income
Net finance
Net cash flow
Upgrading costs
2014
8 163 163
1 216 191
6 946 972
25 257
4 185 912
3 111 112
-7 271 767
-324 795
490 000
Warehouse/office
Midtun, Bergen
14 098
1978/1989/1991/1993
100 %
Hole Glass AS, Selvbetjeningslageret AS
Autoglass AS and two smaller tenants
municipal expenses, insurance and own administration
Weighted length approximately 9 years
2015
8 608 147
1 017 009
7 591 138
23 757
4 073 602
4 536 112
-8 585 957
-994 819
0
2016
8 823 351
1 042 434
7 780 917
18 565
3 904 673
2 611 112
-6 497 220
1 283 696
0
Mortgage tranche 1
Mortgage tranche 2
Mortgage tranche 3
Total
Principal
50 000 000
8 861 106
1 925 000
60 786 106
Inst. 14
0
1 611 112
1 500 000
3 111 112
Interest
7,30 % p.a.*
4,05 % p.a.**
4,20 % p.a.
Balloon
50 000 000
3 638 882
0
53 638 882
-3 975 335
* Tranche 1 has no instalments, and the interest rate is fixed to 7.30% p.a. including
margin until 21.12.16.
** Tranche 2 and 3 have floating interest rate.
Working capital
Property value
Total assets
Debt (tranche 1-3)
Total debt
2014
593 359
92 358 959
92 952 319
60 786 106
60 786 106
2015
-401 459
92 358 959
91 957 500
56 249 994
56 249 994
2016
882 237
92 358 959
93 241 196
53 638 882
53 638 882
NAV after dividend
32 166 213
35 707 506
39 602 314
Page 51
The property is in good condition, age taken into account. Upgrading of the roof on hall
A has been performed in 2014.
Nye Berghagan Næringseiendom AS
Date of analysis:
01.12.2014
Share price
1%
313 519
Key figures
100 %
Paid in capital:
44 325 000
7 000 400
Average rent/sqm:
904
Sensitivity
Yield 2015
8,25 %
8,00 %
Property value
133 915 515 138 100 375
128 906 417 132 672 791
Price/sqm (average)
7 048
7 268
Tax-based value*
83 824 531
83 824 531
275 856
313 519
IRR share price***
14,4 %
13,1 %
9,5 %
9,2 %
*** After tax
7,75 %
142 555 226
136 682 156
7 503
83 824 531
353 613
12,0 %
8,9 %
Company information
Paid in capital:
Uncalled capital:
Established:
Yearly rent 2015:
140 000 000
44 325 000
0
4. July 2006
14 600 000
Rental income
Cost of ownership
Interest income
Net finance
Net cash flow
Upgrading costs
2014
14 500 000
3 523 500
10 976 500
123 763
5 997 050
2 900 000
-8 773 287
2 203 213
300 000
2 000 400
Property type:
Location:
Construction year:
Occupancy rate:
Tenant / lease agreement
Office and warehouse/workshop
Langhus / Ski
19 000
1978
85 %
Atlas Copco stand for approx. 60% of the rent,
and the contract runs until 31.12.2020
The project has approximately 30 tenants
2015
14 600 000
3 551 970
11 048 030
143 102
5 603 325
3 528 000
-8 988 223
2 059 807
2 300 000
0
2016
15 000 000
3 640 769
11 359 231
69 802
5 218 352
4 056 000
-9 204 550
2 154 681
1 400 000
0
Mortgage tranche 1
Mortgage tranche 2
Mortgage tranche 3
Mortgage tranche 4
Mortgage tranche 5
Mortgage tranche 6
Total
Principal
20 000 000
0
12 000 000
25 000 000
25 000 000
25 000 000
107 000 000
Inst. 14
0
2 900 000
0
0
0
0
2 900 000
Interest
3,90 % p.a.
3,90 % p.a.
7,36 % p.a.
7,28 % p.a.
3,90 % p.a.
5,82 % p.a.
Balloon 2021
0
0
10 848 000
22 568 000
22 568 000
22 568 000
78 552 000
-4 523 234
Tranche 1 has floating interest rate.
Tranche 3 has fixed interest rate of 7.36% p.a. including margin until 15.04.2017.
Tranche 4 has fixed interest of 7.28% p.a. including margin until 15.04.15.
Tranche 6 has fixed interest rate of 5.82% p.a. including margin until 17.01.22.
Working capital
Property value
Total assets
Debt (tranche 1-6)
Total debt
2014
3 854 414
132 672 791
136 527 205
107 000 000
107 000 000
2015
3 614 221
132 672 791
136 287 012
103 472 000
103 472 000
2016
4 368 902
132 672 791
137 041 693
99 416 000
99 416 000
NAV after dividend
29 527 205
32 815 012
37 625 693
Approximately NOK 4.8 mill. will be used from 2014-2017 to upgrade the property.
The property has development- potential, approximately 7 000 m2 high ceiling
warehouse. Furnace, roof and several of the ventilation systems are getting old, and
it is assumed that costs related to upgrading will be incurred the coming years.
Page 52
Nässjö Logistikkbygg AS - financial real estate project
Date of analysis:
01.12.2014
Share price SEK
1%
Share price per 1% (SEK): **
495 564
Key figures (SEK)
100 %
Paid in capital including converted participant loan:
62 693 314
8 422 924
Average rent/sqm:
290
Sensitivity
Yield 2015
8,25 %
8,00 %
Property value
141 497 420
145 919 214
136 536 164
140 714 760
Price/sqm (average)
2 112
2 178
Tax-based value*
51 292 775
51 292 775
453 778
495 564
IRR share price***
10,8 %
10,0 %
8,5 %
8,3 %
*** After tax
7,75 %
150 626 286
145 162 943
2 248
51 292 775
540 046
9,2 %
8,0 %
Company information
Paid in capital (including converted participant loan):
Participant loan:
Established:
Yearly rent 2015:
Weighted adjustment of rent:
190 000 000
62 693 314
0
26. May 2006
17 463 458
Approx. 90% of CPI
Rental income
Cost of ownership
Interest income
Interest expense
Net finance
Net cash flow
Tax payable
Upgrade costs
2014
17 835 844
5 676 393
12 159 451
63 611
3 398 466
10 305 025
-13 639 881
-1 480 430
0
3 300 000
Page 53
Lease period:
Warehouse/Logistics
Nässjö in Sweden
67 000
1941-2001
Approx. 90%
Schenker AB, Hultafors AB, Jysk AB, Rusta AB
Owner responsible for exterior maintenance, caretaker services,
showeling, technical maintenance, insurance and own administration
Weighted approx. Q4 2016
2015
17 463 458
5 789 921
11 673 537
26 581
2 964 594
4 750 000
-7 688 012
3 985 525
1 207 753
0
2016
17 725 410
5 905 719
11 819 691
53 684
3 337 469
4 750 000
-8 033 785
3 785 906
1 228 662
0
Working capital
Property value
Total assets
Mortgage debt
Total debt
Property type:
Location:
Construction year:
Occupancy rate:
Tenant:
Lease agreement:
Mortgage debt
Total
Inst. 14
10 305 025
10 305 025
Principal
95 000 000
95 000 000
Interest
2,80 % p.a.
Balloon
80 750 000
80 750 000
The mortgage has floating interest rate.
The loan agreement runs until 30.09.2015. Due to large cash reserves, an extraordinary
instalment was made in 2014.
2014
-2 383 070
140 714 760
138 331 690
95 000 000
95 000 000
2015
842 513
140 714 760
141 557 273
90 250 000
90 250 000
2016
3 316 563
140 714 760
144 031 323
85 500 000
85 500 000
43 331 690
51 307 273
58 531 323
Work is being done to attract new tenants, and extend lease agreements with the existing
tenants. Nässjö municipality (Kommune) rents 1 420 sqm as of today.
Pottemakerveien Kombibygg AS - financial real estate project
Date of analysis:
01.12.2014
Share price
1%
108 005
Key figures
100 %
Paid in capital:
Initial participant loan:
Repaid instalments and interest participant loan:
15 685 000
5 000 000
5 963 436
Average rent/sqm:
980
Sensitivity
Yield 2015
9,25 %
Property value
101 851 557
93 587 894
Price/sqm (average)
9 839
Tax-based value*
19 214 920
82 542
IRR share price***
29,7 %
9,5 %
*** After tax
9,00 %
104 680 767
96 134 183
10 112
19 214 920
108 005
23,4 %
9,2 %
8,75 %
107 671 646
98 825 974
10 401
19 214 920
134 923
19,1 %
9,0 %
Company information
Paid in capital:
Participant loan:
Established:
Yearly rent 2015:
Adjustment of rent:
119 000 000
15 685 000
0
13.12.2006
10 145 197
100% of CPI
Rental income
Cost of ownership
Interest income
Net finance
Sale of property
Net cash flow
Tax payable
Property type:
Location:
Construction year:
Occupancy rate:
Tenant:
Lease agreement:
Warehouse/Office
Groruddalen, Oslo
10 352
1973-1992
100 %
WJ Business Partner AS
Owner responsible for exterior maintenance and
technical installations
21.12.2016
Lease period:
2014
9 946 660
706 271
9 240 389
33 125
5 830 150
3 000 000
-8 797 025
2015
10 145 197
723 928
9 421 269
31 870
5 735 075
3 800 000
-9 503 205
443 363
692 789
-81 935
780 759
Estimated balance(31.12)
2016
10 398 827
742 026
9 656 801
20 836
5 587 200
81 600 000
-87 166 364
96 134 183
18 624 620
1 856 678
Mortgage tranche 1
Mortgage tranche 2
Total
Principal
70 000 000
15 400 000
85 400 000
Inst. 14
0
3 000 000
3 000 000
Interest
7,30 % *p.a.
4,10 % **p.a.
Balloon
70 000 000
7 000 000
77 000 000
-5 703 639
* Tranche 1 has fixed interest of 7.30% p.a. including margin until 2016, no instalments.
** Tranche 2 has floating interest rate. The loan has yearly instalments as follows:
2014: 3 000 000
2015: 3 800 000
2016: 4 600 000
Working capital
Property value
Total assets
Debt (tranche 1-2)
Total debt
2014
836 017
96 134 183
96 970 200
85 400 000
85 400 000
2015
-26 677
96 134 183
96 107 505
81 600 000
81 600 000
11 570 200
14 507 505
The property is leased to WJ Business Partner AS until 21.12.2016. The tenant has
subleased 1 805 m2 warehouse to Environpac AS, and 2523 m2 to Accelerator AS. The
sublease agreements run until 20.12.2016.
The tenant has an option to extend for 5 years at the same terms as today. The option
must be declared 12 months before expiration of current lease contract. Negoitiations to
extend the lease agreements are initiated.
Page 54
Ringeriksveien 2012 DIS - financial real estate project
Date of analysis:
01.12.2014
Share price
1%
149 574
Key figures
100 %
Paid in capital:
14 500 000
5 200 000
Average rent/sqm:
1 028
Sensitivity
Yield 2015
8,00 %
Property value
76 937 286
73 777 416
Price/sqm (average)
11 912
Tax-based value*
45 338 589
127 237
IRR share price***
20,8 %
10,5 %
*** Before tax
7,75 %
79 419 134
76 011 079
12 296
45 338 589
149 574
18,6 %
10,1 %
7,50 %
82 066 438
78 393 653
12 706
45 338 589
173 399
16,7 %
9,8 %
Company information
Technical Management:
Paid in capital:
Established:
Yearly rent 2015:
Adjustment of rent:
79 074 697
14 500 000
16. March 2012
6 640 756
100% of CPI
Property type:
Location:
Plot size:
Occupancy rate:
Tenant:
Rental agreement:
Lease period:
Rental income
Cost of ownership
Interest income
Interest seller's credit
Net finance
Net cash flow
2014
6 612 790
523 925
6 088 865
50 927
3 089 890
440 000
1 760 000
-5 238 963
849 902
2015
6 640 756
485 773
6 154 983
44 862
2 549 022
440 000
1 760 000
-4 704 160
1 450 823
2016
6 788 221
497 917
6 290 304
47 652
2 464 630
440 000
1 760 000
-4 616 978
1 673 325
2 000 000
1 500 000
1 200 000
Mortgage tranche 1
Mortgage tranche 2
Seller's credit
Total
Principal
26 800 000
26 800 000
8 000 000
61 600 000
Inst. 14
880 000
880 000
0
1 760 000
Interest
5,59 % p.a.*
4,06 % p.a.**
5,50 % p.a.***
Balloon
0
32 920 000
8 000 000
40 920 000
-2 139 304
* Tranche 1 has entered into an interest rate swap of 5.59% p.a.including margin until
15.04 2020.
*** The seller's credit from Veidekke Entreprenør AS has no instalments and runs for 10
years with fixed interest rate of 5.5% p.a.
Working capital
Property value
Total assets
Debt (tranche 1-2)
Seller's credit
Total debt
2014
696 952
76 011 079
76 708 031
53 600 000
8 000 000
61 600 000
2015
647 775
76 011 079
76 658 854
51 840 000
8 000 000
59 840 000
2016
1 121 100
76 011 079
77 132 180
50 080 000
8 000 000
58 080 000
15 108 031
16 818 854
19 052 180
Page 55
Warehouse, office and industry
Vøyenenga, Bærum
6 459
43 000 sqm
100 %
Veidekke Entreprenør AS (barehouse), Ramirent
Mølla Kompetansesenter AS et al.
Owner responsible for exterior maintenance, caretaker,
lawn mowing, insurance and own administration
Veidekke Entreprenør AS 31.12.2026,
Mølla Kompetansesenter AS 31.03.2017
The property consists of offices, warehouse and industrial premises. Veidekke
Entreprenør AS and Ramirent stands for 50% of the rent until 2026, and Mølla
Kompetansesenter AS stands for the remaining 40% until 2017. Mølla
Kompetansesenter AS has terminated their lease agreement for 330 sqm office-space in
Ringeriksveien 193B, and moved out in March. A compensation of NOK 500 000 + VAT
was paid.
Veidekke has an option to buy parts of the plot from Ringeriksveien 2012 AS in 5 years
(from April 2012) for NOK 9 000 000, and Ringeriksveien 2012 AS has an option to sell
the plot to Veidekke in 5 years for the same price.
Stadion Utbygging KS - construction/sale of apartments in Fredrikstad
Date of analysis:
01.12.2014
Share price
1%
Share price per 1%:
490 000
Key figures
100 %
Paid in capital:
Uncalled capital:
37 000 000
0
0
Sensitivity
BASE CASE
Sales price per sqm (apartments)
44 000
Estimated share price 1%
490 000
IRR estimated share price before tax**
24,6 %
IRR estimated share price after tax***
14,1 %
** Project completion estimated to 2019.
*** After tax is based on new buyer, or that received potential tax losses are fully
used by owner.
Company information
Business Management:
Project leader:
Backe Prosjekt AS
Sum budgeted revenue:
Sum budgeted project cost:
Budgeted builder margin:
Paid in capital:
Uncalled capital:
Established:
Approx. NOK 603 million
Approx. NOK 532 million
13,0 %
37 000 000
0
23. November 2006
Estimated cash flow (assuming 2,5% CPI)
Budgeted homes completed
Budgeted revenue
Budgeted expenses
Cash flow before loan property
Estimated payments
Property type:
Location:
Projected built sqm:
Projected number of apartments
Plot size (sqm):
Projected completion (estimated):
Housing under construction
Fredrikstad
Approx. 13 500 sqm residential
Approx. 1 500 sqm commercial
Approx. 160
19 000
2011-2019
Sales rate and financing
2014
29
2015
0
2016
36
106 900 000
78 500 000
28 400 000
0
0
0
132 700 000
97 500 000
35 200 000
0
8 000 000
10 000 000
Phase 1 and 2 have been completed, and 3 out of the 53 apartments remain unsold.
Phase 3 has just been announced and 3 out of 36 apartments have been sold. The
apartments are financed with 100% loan, and the plot-area is financed 50% by loan.
In 2013, the real estate market was relatively weak. In 2014 the housing prices have
increased, and the interest for newbuildings is rising.The estimated payments assume
that all finished apartments are sold.
Page 56
Statens Hus Lillehammer KS - financial real estate project
Date of analysis:
01.12.2014
Share price
1%
72 791
Key figures
100 %
Paid in capital:
Uncalled capital:
Initial participant loan:
Repaid instalments and interest on participant loan:
16 200 000
4 400 000
5 300 000
8 000 000
3 331 453
6 010 069
Average rent/sqm:
925
Sensitivity
Price per sqm
7 500
8 500
Lettable area (sqm)
10 657
10 657
Property value*
79 927 500
84 000 000
76 572 530
80 359 955
Tax-based value***
31 999 356
31 999 356
34 917
72 791
* Price per sqm*lettable area
*** Including market value of plot
9 500
10 657
101 241 500
96 394 550
31 999 356
233 137
Company information
Paid in capital:
Uncalled capital:
Established:
Yearly rent 2015:
Adjustment of rent:
116 000 000
16 200 000
4 400 000
25. April 2006
8 867 774
75-100% of CPI
Estimated cash flow (cash flow 2.5% CPI)
Rental income
Cost of ownership
Interest income
Instalments participant loan
Net finance
Net cash flow
Est. Tax for participants
2014
10 759 737
1 290 990
9 468 747
74 652
3 874 638
50 638
3 000 000
0
-6 850 624
2 618 123
966 567
Nav after dividend and tax
Page 57
Office/ retail
Lillehammer
10 657
1966 and 1978, upgraded in 1997/98
approx. 90%
Statsbygg (approx. 70%), Rema 1000 Norge AS, GK Norge AS
Telenor ASA, Torshov Bilrekvisita AS
Rental agreement:
Lease period (Statsbygg):
1. October 2015
2015
8 867 774
1 323 265
7 544 509
88 821
3 162 163
50 638
3 000 000
3 331 453
-6 123 980
1 420 529
704 010
Working capital
Property value
Total assets
Debt (tranche 1-3)
Participant loan
Total debt
Property type:
Location:
Construction year:
Occupancy rate:
Tenant:
Mortgage tranche 1
Mortgage tranche 2
Mortgage tranche 3
Participant loan
Total
Principal
49 980 000
7 420 000
14 000 000
3 331 453
74 731 453
Inst. 14
2 100 000
900 000
0
0
3 000 000
Interest
6,75 % p.a.*
4,25 % p.a.**
7,29 % p.a.***
1,52 % p.a.
Balloon
49 980 000
4 420 000
14 000 000
3 331 453
71 731 453
-1 477 972
* Tranche 1 has fixed interest of 6.75% p.a. including margin until 02.06.2015.
*** Tranche 3 has no instalments and has fixed interest of 7.29% p.a. including
margin until 02.06.2015.
2014
1 702 857
80 359 955
82 062 812
71 400 000
3 331 453
74 731 453
2015
2 419 376
80 359 955
82 779 331
68 400 000
3 331 453
71 731 453
7 331 359
11 047 878
The property is located in Storgata in Lillehammer. When purchasing shares in the
project, pro rata share of the participant loan will be transferred to new owner.
Statsbygg has not extended the contract, and are going to move out of the building.
The lease agreement runs until 01.10.2015. We are working to attract new tenants,
and at the same time investigating the posibilities for alternative use of the property.
Sydsvenskan Lager & Handel AS - financial real estate project
Date of analysis:
01.12.2014
Share price
1%
Share price per 1% (SEK)**:
335 469
Key figures (SEK)
100 %
Paid in capital (SEK):
Accumulated dividends/repayments (SEK):
36 007 234
19 336 845
Average rent/sqm (SEK):
777
Sensitivity
Yield 2015
8,25 %
8,00 %
Property value
115 117 706
118 715 134
113 058 355
116 457 925
Price/sqm (average)
8 279
8 538
Tax-based value*
77 674 964
77 674 964
Share price per 1% (SEK) **
301 473
335 469
IRR share price***
18,0 %
16,7 %
8,8 %
8,5 %
*** After tax
7,75 %
122 544 654
120 076 821
8 813
77 674 964
371 657
15,6 %
8,2 %
Company information
Business management
Technical management
Initial cost of property after deferred tax (SEK):
Paid in capital (SEK), including converted participant loan:
Established:
Yearly rent 2015 excluded hire rent discount:
Adjustment of rent:
128 400 000
36 100 000
13. November 2006
10 806 803
100% of CPI
Rental income
Cost of ownership
Interest income
Net finance
Net cash flow
Tax payable
Upgrading cost and hire discount
NAV after dividends and tax
Rental agreement:
Lease period:
Logistics and retail
Höganäs and Borås in Sverige
13 905
1929,1970,2003,2004
100 %
Iittala AB ( 23%), Auto 7H AB (43%),
Goodbrand Scand. AB (25%) and 3 smaller tenants
Owner responsible for exterior maintenance at Höganäs,
and own administration
Iittalla AB: 31.12.2017
Bilia Group 1 AB: 28.02.2018
Goodbrand Scandinavia AB: 31.12.2017
2014
10 143 853
1 283 914
8 859 939
18 358
3 344 014
2 751 288
-6 076 944
2 782 995
0
1 100 000
2015
10 363 853
1 309 592
9 054 261
34 267
2 607 194
2 751 288
-5 324 214
3 730 046
510 325
442 950
2016
10 875 955
1 335 784
9 540 171
43 813
2 680 562
2 751 288
-5 388 037
4 152 134
893 853
92 950
1 000 000
2 400 000
2 050 000
Working capital
Property value
Total assets
Debt (tranche 1-2)
Total debt
Property type:
Location:
Construction year:
Occupancy rate:
Tenant:
Mortgage tranche 1
Mortgage tranche 2
Total
Principal
42 017 688
41 438 192
83 455 880
Inst. 14
1 385 196
1 366 092
2 751 288
Interest
4,66 % p.a.
3,15 % p.a.
Balloon 2017
37 862 100
37 339 916
75 202 016
Tranche 1 has fixed interest until 07.12.2014.
2014
991 678
116 457 925
117 449 603
83 455 880
83 455 880
2015
1 811 400
116 457 925
118 269 324
80 704 592
80 704 592
2016
3 019 681
116 457 925
119 477 606
77 953 304
77 953 304
33 993 723
37 564 732
41 524 302
Goodbrand Scandinavia AB leases the warehouse for 5 years, with discount the 3 first
years as follows:
2013: SEK 750 000
2014: SEK 550 000
2015: SEK 350 000
The lease agreement with Iittalla is extended until April 2017. Bilia Group 1 AB will
upgrade their premises in 2015.
Page 58
Sørenga Utvikling KS - residential development project Oslo
Contact: Erlend Torsen ([email protected]) Morten Berg ([email protected])
Date of analysis:
01.12.2014
Share price
1%
Share price per 1%:
5 250 000
Key figures
100 %
Paid in capital:
Uncalled capital:
Accumulated dividends including tax paid in the general partner:
330 000 000
300 000 000
107 000 000
Sensitivity
Share price per 1 %
IRR share price
IRR estimated share price after tax*
* Including taxes incurred from date of analysis.
BASE CASE
5 250 000
19,6 %
14,0 %
Company Information
Project leader:
Sørenga Utvikling AS
Sum budgeted sales revenue (index adjusted):
Paid in capital:
Expected remaining equity payments:
Uncalled capital:
Estabilshed:
4.9 billion
330 000 000
0
300 000 000
8. November 2007
Estimated progress
Budgeted sqm completed
Property type:
Location:
Planned built sqm:
Residential and commercial under construction
Sørenga, Oslo
Approx. 62 000 sqm
Approx. 5 000 sqm commercial
Number of apartments:
746
Plot (sqm):
Projected completion:
35 000
2011-2016
Financing
2014
0
2015
14 035
2016
11 250
The plot is financed through 50% loan and 50% equity. Working capital is financed
through equity and overdraft. Construction is financed by construction loan. Total
amount of building stages is 8.
Estimated payments*
57 000 000
70 000 000
273 000 000
* Estimated dividends in 2014 shall cover tax for 2013. There is uncertainty as to when
dividends in the project will be paid.
Balance ( NOK 1 000)
Total assets
Total debt
Sum equity
31.12.2011
1 373 659
923 880
449 778
31.12.2012
1 314 674
748 582
566 091
31.12.2013
1 143 000
576 000
567 000
All 8 building stages are put up for sale, where approx. 68% of the value is sold, and
579 out of 746 apartments.
Commercial space to be finished 2017. The parking has been completed.
See the homepage for the project for more info: www.sorenga.no
Page 59
Tangen Havnelager AS - financial real estate project
Date of analysis:
01.12.2014
1%
Share price
Share price per 1% (EUR):**
15 133
Key figures
100 %
Paid in capital (EUR):
Accumulated dividends/repayments (EUR):
1 875 307
1 268 082
Average rent/sqm. (NOK/EUR):
960 / 120
Sensitivity
Yield 2015
8,50 %
Property value
8 977 296
8 267 047
Price/sqm (EUR)
1 316
Tax-based value*
1 874 808
Share price per 1%**
12 685
IRR share price***
14,2 %
Yield at the end of project (2021)****
11,2 %
*** After tax
**** Residual value is reduced to EUR 7 500 000
8,25 %
9 249 335
8 511 883
1 356
1 874 808
15 133
10,2 %
11,2 %
8,00 %
9 538 377
8 772 020
1 399
1 874 808
17 734
6,7 %
11,2 %
Company information
Technical mangement:
Initial cost of shares after deferred tax: (NOK/EUR)
Paid in capital: (NOK/EUR)
Established:
Yearly rent 2015: (EUR)
Adjustment of rent:
80 550 030/10 072 150
15 200 000/1 875 307
12. December 2006
826 750
80% of CPI
Property type:
Location:
Construction year:
Occupancy rate:
Tenant:
Rental agreement:
Lease period:
Estimated cash flow (assuming 2.0% CPI) (EUR)
Industry/ warehouse
Drammen
6 820
1986/1991/2001/2003
100 %
Midsona Norge AS, guaranteed by FMC Biopolymer AS
Owner responsible for exterior maintenance, government taxes,
30. June 2021
Financing (31.12.14) (EUR)
Rental income
Cost of ownership
Interest income
Net finance
Net cash flow
Tax payable
2014
810 539
62 431
748 108
2 923
413 321
144 780
-555 177
192 931
0
2015
826 750
63 680
763 070
3 155
413 174
144 780
-554 798
208 272
101 679
2016
843 285
64 953
778 332
2 973
409 586
144 780
-551 393
226 938
118 227
120 000
150 000
100 000
Mortgage tranche 1
Mortgage tranche 2
Mortgage tranche 3
Mortgage tranche 4
Total
Principal
1 820 135
1 820 135
2 056 476
1 455 428
7 152 174
Inst. 14
36 832
36 832
0
71 116
144 780
Interest
6,46 % p.a.
6,57 % p.a.
6,30 % p.a.
2,85 % p.a.
Balloon
1 580 727
1 580 727
2 056 476
993 174
6 211 104
-804 285
Tranche 1: Fixed interest rate of 6.46% p.a. including margin until 2017.
Tranche 2: Fixed interest rate of 6.57% p.a. including margin until 2017.
Tranche 3: Fixed interest of 6.30% p.a. including margin until 2015, and then 6.45% p.a.
fixed interest including margin until 2020.
Tranche 4: Floating interest rate.
Total quarterly instalments for tranche 1-4 combined is EUR 36 195
Estimated balance (31.12) (EUR)
Working capital
Property value
Total assets
Debt (tranche 1-4)
Total debt
2014
198 799
8 511 883
8 710 682
7 152 174
7 152 174
2015
155 392
8 511 883
8 667 275
7 007 394
7 007 394
2016
164 103
8 511 883
8 675 986
6 862 614
6 862 614
1 558 508
1 659 881
1 813 372
The property is leased to Midsona Norge AS, guaranteed by FMC Biopolymer AS. The
property is in good condition.
Page 60
Teknikstaden Utvikling AS - financial real estate project
Date of analysis:
01.12.2014
1%
Share price
1 221 506
Share price per 1%: (SEK)**
Key figures (SEK)
100 %
98 500 000
76 937 059
Paid in capital:
374
Average rent/sqm:
Sensitivity
9,00 %
10,00 %
9,50 %
Yield 2015
197 558 978
208 534 476
187 681 029
Property value
203 317 063
183 923 357
193 109 849
1 441
1 365
Price/sqm (average)
1 297
134 000 000
134 000 000
134 000 000
Tax-based value*
1 323 578
1 221 506
1 129 641
15,8 %
14,6 %
17,1 %
IRR share price***
10,5 %
9,9 %
11,0 %
** Not including premium/discount of any fixed interest. Not included Kontorsbolaget
Karlskoga AB which is added to the share value with SEK 30 000 000 on 100% basis.
*** After tax
Company information
Techincal management:
Paid in capital:
Established:
Yearly rent 2015:
Adjustment of rent:
SEK 293 400 000
SEK 98 500 000
2. April 2007
44 938 000
Approx. 90% of CPI
Rental income
Cost of ownership
Interest income
Interest expense
Net finance
Net cash flow
Tax payable
Page 61
Industry, logistics and office
Karlskoga, Sverige
144 718
83 %
Approx. 70 tenants, where the three largest are:
BAE Systems AB, Partnertech AB and VWR International AB
Rental agreement:
Varies, but on a general basis owner is responsible for
maintenance, administration costs, overhead costs that can not be invoiced,
property tax, insurance, management and own administration.
2014
42 189 250
26 104 056
16 085 194
3 541 987
4 337 135
-5 050 000
4 254 852
20 340 046
0
2015
44 938 000
26 169 897
18 768 103
3 421 402
2 935 260
4 120 000
-3 633 858
15 134 244
1 088 427
2016
45 836 760
26 693 295
19 143 465
3 299 607
2 971 180
4 120 000
-3 791 573
15 351 892
1 442 765
5 294 118
7 588 235
12 970 213
Working capital
Property value
Total assets
Debt
Total debt
Property type:
Location:
Occupancy rate:
Tenant:
Mortgage tranche 1
Mortgage tranche 2
Total
Principal
59 070 000
58 200 000
117 270 000
Inst. 14 Interest
Balloon 2020
34 350 000
2 350 000 2,20 % p.a.*
0 2,65 % p.a.**
58 200 000
92 550 000
2 350 000
* Tranche 1 has floating interest rate adjusted with the forward curve. New loan of
7.4 mill. in 2014.
** Tranche 2 has fixed interest of 2.65% until June 2019.
2014
17 043 311
193 109 849
210 153 161
117 270 000
117 270 000
2015
23 500 893
193 109 849
216 610 743
113 150 000
113 150 000
2016
24 439 808
193 109 849
217 549 657
109 030 000
109 030 000
The company owns 50% of Kontorsbolaget Karlsskoga AB, which owns offices in
Karlsskoga together with companies in the Saab Group. The value of the properties
in the company is estimated to be SEK 229 mill., where Saab has a receivable of SEK
40 mill. The company has a receivable of approx. SEK 23 mill, while the equity is
split 50/50. The ownership and debt in Kontorsbolaget Karlsskoga AB is valued to
SEK 30 mill. in the analysis. Additional expected cash flow exceeding interest
income and instalments for Kontorsbolaget Karlsskoga AB is not included in the
analysis. This is assumed to be a conservative estimate of the values in this
company.
TFGS Kombi AS - financial real estate project
Date of analysis:
01.12.2014
Share price
1%
Share price per 1% (SEK):**
325 001
Key figures (SEK)
100 %
Paid in capital:
91 058 789
16 396 000
Average rent/sqm:
522
Sensitivity
Yield 2015
8,25 %
Property value
255 192 582
241 947 221
Price/sqm (average)
5 686
Tax-based value*
180 258 860
250 836
IRR Share price****
20,1 %
10,1 %
**Not included premium/discount of any fixed interest
****After tax
8,00 %
263 167 350
249 363 756
5 864
180 258 860
325 001
17,6 %
9,8 %
7,75 %
271 656 619
257 258 776
6 053
180 258 860
403 951
15,6 %
9,5 %
Company information
Paid in capital:
Established:
Yearly rent 2015 excl. guarantees and discounts:
Adjustment of rent:
SEK 337 400 000
SEK 91 058 789
11. May 2007
23 441 208
100% of CPI
Rental income
Cost of ownership
Interest income
Interest mortgage
Net finance
Net cashf flow
Tax payable
2014
17 942 961
2 341 000
15 601 961
0
10 080 213
0
-10 080 213
5 521 749
3 801 000
Property type:
Location:
Construction year:
Occupancy rate:
Tenant:
Lease period:
Storage/industry
Trelleborg, Falköping, Göteborg, Stenungsund in Sweden
44 882
Varies
Approx. 85%
LEAX, Daros Piston Rings AB, Prestando AB
LEAX AB until 31.12.2020
Daros Piston Rings AB until 2022
Prestando AB until 2025
2015
20 421 157
2 387 820
18 033 337
0
11 265 150
4 975 000
-16 240 150
1 793 187
1 833 333
2016
22 456 674
2 435 576
20 021 098
15 505
9 363 938
3 950 000
-13 298 433
6 722 665
833 333
Mortgage tranche 1
Mortgage tranche 2
Mortgage tranche 3
Mortgage tranche 4
Total
Principal
119 000 000
37 350 000
43 000 000
14 700 000
214 050 000
Inst. 14
0
0
0
0
0
Interest
5,30 % p.a.
5,30 % p.a.
5,30 % p.a.
5,30 % p.a.
Balloon 2021
116 036 000
31 350 000
27 263 000
10 726 000
185 375 000
All loans have floating interest rate. The loans are extended until 15.04.2015, and the
interest rate incl. margin is 5.30% p.a.
A more long-term debt situation is expected clarified next year.
Working capital
Property value
Total assets
Debt
Total debt
2014
-4 872 229
249 363 756
244 491 527
214 050 000
214 050 000
2015
-4 912 375
249 363 756
244 451 381
209 075 000
209 075 000
2016
976 957
249 363 756
250 340 713
205 125 000
205 125 000
Page 62
Wilfast i Torslanda AB - financial real estate project (formerly called Gøteborg Kombi DIS)
Date of analysis:
01.12.2014
Share price
1%
368 308
Key figures (SEK)
100 %
Paid in capital:
24 800 000
18 550 000
Average rent/sqm:
845
Sensitivity
Yield 2015
7,00 %
Property value
97 916 300
96 513 180
Price/sqm (average)
11 403
Tax-based value*
72 405 019
354 898
IRR share price***
11,6 %
9,5 %
*** After tax
6,90 %
99 335 377
97 854 207
11 568
72 405 019
368 308
11,3 %
9,3 %
6,80 %
100 796 191
99 234 677
11 738
72 405 019
382 113
11,0 %
9,2 %
Company information
Paid in capital:
Established:
Yearly rent 2015:
Adjustment of rent:
SEK 70 000 000
SEK 24 800 000
10. September 2009
7 254 141
100% of CPI
Property type:
Location:
Construction year
Occupancy rate:
Tenant
Lease agreement:
Lease period:
Warehouse, food production
Torslanda, Gothenburg, Sweden
8 587
2006
100 %
Almondy AB
"Triple net", owner only responsible for own administration
30. September 2030
Rental income
Cost of ownership
Interest income
Interest expense
Net finance
Net cash flow
Tax payable
2014
7 254 141
400 000
6 854 141
8 848
2 248 519
1 825 000
-4 064 671
2 789 470
0
2015
7 254 141
400 000
6 854 141
9 063
2 268 591
1 825 000
-4 084 528
2 769 613
123 656
2016
7 399 224
409 025
6 990 199
8 757
2 347 272
1 825 000
-4 163 515
2 826 684
233 534
2 600 000
2 700 000
2 700 000
Mortgage tranche 1
Mortgage tranche 2
Mortgage tranche 3
Total
Principal
26 625 000
31 500 000
2 750 000
60 875 000
Inst. 14
1 625 000
0
200 000
1 825 000
Interest
2,90 % p.a.
4,34 % p.a.
2,55 % p.a.
Balloon 2028
3 875 000
31 500 000
0
35 375 000
-1 014 611
Tranche 1 has yearly instalments of SEK 1 625 000, and the interest is floating.
Tranche 2 has no instalments, and the interest rate is fixed with interest rate of 4.34% p.a.
including margin until 10.11.2016.
Tranche 3 has yearly instalments of SEK 200 000, and the interest is floating.
Working capital
Property value
Total assets
Debt (tranche 1)
Debt (tranche 2)
Total debt
2014
72 007
97 854 207
97 926 214
29 375 000
31 500 000
60 875 000
2015
17 964
97 854 207
97 872 171
27 550 000
31 500 000
59 050 000
2016
-88 887
97 854 207
97 765 320
25 725 000
31 500 000
57 225 000
37 051 214
38 822 171
40 540 320
Page 63
Wilfast Torslanda AB was formerly called Gøteborg Kombi DIS.
Wilfast Mølndal AB - financial real estate project
Date of analysis:
01.12.2014
Share price
1%
219 679
Key figures (SEK)
100 %
Paid in capital:
19 700 000
-
Average rent/sqm:
1 296
Sensitivity
Yield 2015
7,00 %
Property value
54 209 143
54 142 640
Price/sqm (average)
16 557
Tax-based value*
53 000 000
200 706
IRR share price***
13,9 %
7,7 %
*** After tax
6,75 %
56 216 889
56 039 960
17 171
53 000 000
219 679
12,7 %
7,5 %
6,50 %
58 379 077
58 083 228
17 831
53 000 000
240 112
11,7 %
7,2 %
Company information
Property Information
Wilfast Holding AB
Paid in capital:
Established:
Yearly rent 2015:
Adjustment of rent:
55 000 000
19 700 000
15.01.2014
4 244 640
100% of CPI
Property type:
Location:
Construction year:
Occupancy rate:
Tenant:
Rental agreement:
Lease period:
Rental income
Cost of ownership
Interest income
Interest expense
Net finance
Net cash flow
Office and warehouse
Gothenburg
3 274
2012
100 %
Bravida Sverige AB
Owner responsible fo exterior maintenance, technical
installations, insurance and own administration
01.12.2020
2014
4 244 640
450 000
3 794 640
57 628
1 533 750
3 398 000
-4 874 122
-1 079 482
2015
4 244 640
450 000
3 794 640
74 573
1 089 000
1 000 000
-2 014 427
1 780 213
2016
4 329 533
454 500
3 875 033
42 812
1 133 500
1 000 000
-2 090 688
1 784 345
0
3 500 000
1 800 000
Mortgage tranche 1
Mortgage tranche 2
Mortgage tranche 3
Total
Principal
10 000 000
16 250 000
10 000 000
36 250 000
Inst. 14
0
3 398 000
0
3 398 000
Interest
3,75 % p.a.*
2,75 % p.a.**
2,74 % p.a.***
Balloon
10 000 000
10 250 000
10 000 000
30 250 000
-344 538
* Tranche 1 has fixed interest of 3.75% p.a. incl. margin until 28.12.2018.
** Tranche 2 has floating interest adjusted according to the forward curve.
*** Tranche 3 has fixed interest of 2.74% p.a. until 08.09.2019.
Working capital
Property value
Total assets
Debt (tranche 1-3)
Total debt
2014
2 315 959
56 039 960
58 355 919
36 250 000
36 250 000
2015
596 172
56 039 960
56 636 132
35 250 000
35 250 000
2016
576 017
56 039 960
56 615 977
34 250 000
34 250 000
22 105 919
21 386 132
22 365 977
The property consists of 2 buildings, one office-building of 2 142 sqm and a warehouse
of 1 132 sqm.
Page 64
4. Shipping & offshore
Page 65
4.1 Shipping & offshore market comments
General introduction
The shipping market has again shown signs of
improvement this fall after the short-lived upturn that
started in the end of 2013. The world economy is
growing reasonably well, although slightly below
forecasted levels 12 months ago. Seaborne trade has
continued to increase and is expected to grow around
4% in 2014, which is in line with trend growth in recent
years. Tonne-mile demand is expected to rise
somewhat faster due to long-haul crude oil trades and
the recent drop in oil prices is expected to be
supportive for future demand and world economic
growth.
In the freight market rates have picked up again this
autumn after a slow summer. The ClarkSea Index has
averaged around USD14,000/day so far in Q4, which is
up 30-40% from the low levels seen this summer.
Average 2014 levels have also shown a positive
development and are 10% above average 2013 levels.
The picture is however mixed between the segments
and asset classes; crude tankers and large dry bulk
carriers (Capes) have seen healthy earnings in the first
half of the fourth quarter, while smaller size dry bulk
vessels and containerships are yet to catch up. In a
historical perspective, earnings are about 25% and 15%
below average levels seen the past 10 and 20 years,
respectively, which means that the freight markets still
has a lot of upside before normalizing.
Clarksea Index
fleet in dwt) were placed, the activity has slowed down
in 2014 and a reported 1,498 contracts of 95 million
dwt have been placed so far. Supply is now growing
more in line with demand indicators, which could
mean that we are close to a turning point. In addition,
scrapping remains at high levels in a historical
perspective; expected to reach 39 million dwt in 2014,
although somewhat lower than in 2012 and 2013 at 58
million and 47 million dwt, respectively.
Ship ordering levels
Source: Clarkson
Over the past years, it has been harder for vessel
owners to obtain conventional bank loans and ship
finance has shifted gears towards private equity and
the capital markets (both equity and bonds). Most of
this funding, however, has been allocated to larger
owners and operators with a proven track record for
timing of shipping investments with focus on
newbuildings. In the US, the shale oil revolution has
reawakened investor interest for shipping, and the
inflow into the sector from investors in the past 12
months has been remarkable. Another positive for
project finance is the current low interest rate
environment, forcing many investors to review their
asset allocation strategies. Low interest rates are also
positive for the financing of new projects and the cash
flow within these.
Source: Clarkson
A positive effect of a low freight rate environment is
that ordering activity has slowed down considerably
and surplus capacity has stopped growing. After a
strong level of ordering last year, when 2,834 contracts
of 177 million dwt (around 11% of the world’s cargo
Page 66
Demand drivers
GDP growth
The world economy is slowly improving, although at a
slower pace than what was expected 12 months ago.
Despite the slower than expected pace, the world
seems to be in better shape than what was the case a
couple of years ago when Europe slipped into
recession again only 3 years after the financial crisis.
The IMF forecasts world GDP growth of 3.3% in 2014
and 3.9% in 2015. The primary driver is of course
China, which is expected to expand its economy by
7.4% in 2014 and 7.1% in 2015.
Despite a lot of focus on the slowdown in the Chinese
economic growth story, the Production Manufacturing
Index is still in positive terrain. Also looking at imports,
which is the most important element for shipping, it is
also holding up quite well – predominantly driven by
iron ore, crude oil, aluminum and soybeans.
China PMI
Annual GDP growth
Source: Clarkson
Chinese seaborne Iron Ore import
Source: IMF
Industrial production
China continues to carry the weight in terms of growth
in industrial production, but the US have also been in
positive territory and accelerating their growth during
most of 2014. Chinese industrial production has been
growing around 8.5% so far this year, while the US has
been growing close to 4% and offsetting the slow
growth in Europe.
Industrial Production, yearly change
Oil prices
Oil prices have fallen more than 30% since June, mainly
due to too much supply coming to the market.
Increased production in North America, more supply
coming to the market from Lybia, after its temporary
shutdown, and increased volumes out of Saudi, have
all done their part. In addition, demand has fallen
below the historical trend.
Source: Clarkson
Page 67
Brent crude oil prices
Shipping
The tanker market has been through a volatile year;
after a solid start to 2014 with VLCC spot earnings
around USD50,000/day the market cooled down
during the spring and summer, before improving again
this fall. Spot rates in November have been at very
healthy levels and the T/C market has improved
throughout the year. Improved demand from
increased OPEC production, crude storage on tankers
due to contango in the oil market and continued
reduced speeds have all improved the market.
Source: Clarkson
2014 is set to mark the third year in a row where the
yearly average price for crude oil declines. One of the
major drivers behind the last years’ decline in oil prices
has been the sharp increase in US shale oil production.
Peak oil production in the US was reached in the early
70’s and has been declining steadily since the late 80’s
until the development of onshore shale formations
started. In the past three years, the US oil production
has grown by more than 1 million barrels per day every
year, and the growth is expected to continue into 2015
as well. This means that USA will most likely will reach
all-time high production levels in late 2015 or in 2016,
which was far from the consensus view four years ago.
One key question going forward is whether Saudi (and
OPEC) will continue to export high volumes into the
market and continue to discount crude to Asia in order
to secure market shares. For tankers, high volumes
from Saudi will likely mean lower prices and increased
demand, which is positive both for volume and tonnemile demand. The continued growth in production
from the US shale plays is also increasing the
probability for US exports of crude oil as the
alternative will likely be to restrain production growth
(which will also be a tough political call). US crude
exports are likely to result in increased sailing distance
for the tanker fleet.
US Crude oil production
1-year Time charter rates tankers
Source: EIA
Source: Clarkson
Since the end of 2012, the growth in the crude tanker
fleet has slowed significantly as a result of charter rates
being well below profitable levels. Fleet growth going
forward is also marginal at 2-3% per annum, when
assuming vessels are scrapped (or not competitive) at
age 25. The current order book comprises mostly of
product tankers, which should line up well with
expected expansion in seaborne products trade shortterm. Demand growth in emerging economies and
potential further growth in exports from the US,
Middle East and India will likely support this.
Page 68
Crude tanker fleet development
Average T/C rates (Baltic Index)
Source: Joachim Grieg & Co
Source: Clarkson
Secondhand prices for VLCCs are up 40% since the
bottom in 2013 and increased 18% in 2014, while
newbuild prices have been quite stable. We have also
seen similar trends in the Suez- and Aframax segments:
Average secondhand values are now around 20%
below the 10-year historical average and 50% below
the peak.
Seaborne iron ore trade is forecasted to grow 10% in
2014 versus 2013 and expected to reach 1,300 million
tons. Chinese imports is the most important driver and
year to date up almost 17% YoY. The growth in trade
has been driven by expansions of iron ore production
and export capacities in Australia. This has driven down
prices for iron ore, leading to a shift away from
domestic Chinese iron ore, which is of a lower grade
and lies in the high end of the cost curve. Hence, iron
imports are expected to continue to grow despite
lower steel production growth. Incremental growth in
iron ore cargos is expected to be the most important
growth driver for dry bulk shipping in the coming years
with an annual expected average growth rate of 8%
from 2014 to 2017.
Secondhand prices 5 year-old vessels
Source: Clarkson
Dry Bulk
Earnings in the dry bulk market have remained
relatively low in 2014 and are on average 5-20% below
average 2013 levels. However, in November we saw
decent rate improvements; especially for Capesize
vessels and partly also for Supramaxes. Average
Capesize T/C rates have moved from trough levels
around USD8-9,000/day this summer to average
USD24,000/day for the first three weeks in November.
Panamax rates will at some point follow if this trend
continues as split bulks are more profitable in this
territory.
Page 69
Chinese coal import has been strong over the past
years, however 2014 has been disappointing as heavy
rainfall have lead to greater hydro-power generation at
the expense of coal fired power plants. However,
seaborne coal trade is about more than just China; the
expansion of coal fired power plants in India has
triggered large increases in Indian coal imports which is
expected to total 155 million tons in 2014, a growth of
11% YoY. Overall the incremental growth in coal cargos
is expected to increase by close to 5% in the period
from 2014 to 2017.
Grains and Soybeans trade is expected to show decent
growth driven by low prices and strong production,
particularly in Brazil. Soybean trade is strong due to
robust Chinese demand, and is expected to grow 7%
YoY to 111 million tons in 2014. In the period from
2014 to 2017 incremental growth in Grains and
Soybeans is expected to reach 6% annually.
Incremental change in demand
Secondhand prices for 5-year old vessels
Source: Joachim Grieg & Co
The dry bulk fleet continues to grow at a quite high
rate, but the growth rate in the coming years is
significantly reduced compared to recent history. Since
2011 the dry bulk fleet has grown by 38% or about 10%
annually. Fleet growth in the period 2014-2017 is
expected to be 5-6% p.a. and is more in line with trade
demand described above. Newbuild ordering over the
past 12-18 months have also been partly speculative
driven by financial money and is not likely to be
repeated in a similar manner in the coming years.
Hence, the supply/demand balance for the overall bulk
market is likely to improve in the coming years.
Dry Bulk fleet development
Source: Clarkson
Container
Container trade volume is growing at a good pace;
however, the containership sector continues to face
challenges with oversupply, which has been present
since the contraction in trade volumes in 2009. Charter
market earnings remain sluggish at levels where most
liners struggle to make a significant profit. Ships in the
sub-3,000 TEU segment face increased competition
from larger vessels struggling to compete in their
original markets due to cost disadvantages. Freight
rates are volatile, as a result of the situation, and are
close to trough levels in a historical perspective.
Charter rates for a 2,750 TEU container vessel have
averaged USD7,350/day so far this year, which is 55%
below the 10-year historical average.
6-12 months Time charter rates
Source: Clarkson, Joachim Grieg & Co
Second-hand prices for Capesize vessels are up 24%
since the bottom in 2013, but have declined lately due
to the drop in freight rates. Newbuild prices are up
17% from the low levels in 2013. In a historical
perspective, current second-hand values are 35%
below the 10-year historical average and 73% below
the peak. Newbuild prices are 15% below historical
average levels and 45% below the peak. Values for
Panamax and Handymax vessels have not followed the
same uptick as Capesize vessels and remain close to alltime low levels.
Source: Clarkson
Global container trade is expected to increase by 6.0%
in 2014, reaching 171m TEU, up from the 4.9% growth
in 2013. In 2015 container trade is expected to
accelerate further and post a growth of 6.7%,
according to Clarkson. For the smaller segments (less
than 3,000 TEU) the intra-Asia trade is the most
important and the volume growth in this market is
expected to be even stronger than the global trend;
growing 7.7% in 2014 and a further 8% in 2015.
Page 70
Second-hand prices
World Seaborne Container Trade
Source: Clarkson
Nearly all of the supply growth within containers is set
to come from large ships (8,000+ TEU) where the
current order book represents 14% of the total
container fleet. In the smaller segments (<3,000 TEU)
the order book is much more limited and ordering
activity is set to be slightly lower in 2014 compared to
last year. As mentioned earlier the supply overhang
from 2009 is still very visible in the handy-size
container market and there are still some 100 vessels
idle in the sub-3,000 TEU segment. However, scrapping
is forecasted to run at historically high levels for the
coming 12-15 months and supply growth is likely to be
significantly reduced in 2016 and 2017, which will lead
to some inflection point going forward as the fleet of
handy-size container vessels continues to decrease.
Fleet overview 1,000-2,999 TEU
Source: Clarkson
Offshore
The Offshore market has been through a period of
extraordinary growth over the past 10 years; oil
companies have been increasing their investments in
exploration, development and production of oil fields
about four times. The main drivers behind the
increased investments have been increased oil prices,
higher costs along the value chain and increased
complexity as new fields have been found and
developed in more remote locations and in deeper
waters.
In the past 12-18 months, however the market has
been fairly subdued as oil companies have shifted
gears and started focusing on cost reductions in order
to improve their operational cash flow. In addition, the
oil price has recently fallen by more than 30%, which
has put an additional layer of uncertainty around the
activity levels going forward.
In the North Sea, Statoil has been paving the way with
their recent strong focus on reducing costs and has
hence lowered the activity level. Investments in
exploration and production activity on the Norwegian
Continental Shelf are up around 4% in 2014, but are
expected to decline 10-20% in 2015.
Source: Clarkson
Second-hand prices for smaller sized container vessels
are currently at all-time low levels and prices for a 10year old 2,750 TEU vessel is 10% lower than end of
2013 at USD9.25m. The current values are 80% below
peak levels in 2008 and 60% below the 10-year average
Geared containerships are holding up better in a
historical context, due to their optionality in terms of
ports and freight routes, but all-in-all the prices for
container vessel continue to be at all-time low levels.
Page 71
Investments on the Norwegian Continental Shelf
Average PSV rates in the North Sea, year to date, are
down about 20% YoY with large PSVs earning
£12,600/day and medium/smaller PSVs at
£10,000/day.
North Sea PSV spot rates (quarterly average)
Source: SSB
Internationally, activity and investment levels are
expected to hold up somewhat better; as these
markets are less mature, national oil companies are in
some areas heavily involved and long-term
development projects cannot be stopped overnight.
However, the global investment level are expected to
be lower in 2015 versus 2014.
OSV market
In the North Sea OSV market a lot of optimism was
hinged on the summer season as a large portion of the
fleet left the North Sea for a drilling campaign in the
Russian Arctic. However, rates have been somewhat
disappointing, especially for the PSVs. The AHTS
market has however seen a better autumn and rates
have climbed well above £100,000/day for short
periods. Average day rates in the North Sea year to
date for large AHTS have been £43,700/day and for
medium sized vessels (13k-18k BHP) have averaged
£28,200/day. The rate levels are up 12% and 17%,
respectively, compared to 2013.
North Sea AHTS spot rates (quarterly average)
Source: Clarkson
Source: Clarkson
Desepite a somewhat disappointing North Sea market,
day rates in various other markets have improved.
Petrobras tenders for 18,000 BHP AHTS and 3,0004,500 DWT PSVs have shown slight firming in rates,
and similar positive signs have been evident in West
Africa.
Demand
The number of working offshore rigs is widely used to
monitor the supply and demand balance in the OSV
market. In addition, anchor handlers serve floating
production units when they are being installed and
PSVs during production. This has been a source of
growth over the past few years and should remain so
as new deepwater fields are being developed. In
addition to this underlying growth, larger rigs require
more supplies, sailing distances have increased as
discoveries have been made in more remote areas and
operations in deeper and harsher environments have
boosted the number of OSVs needed per rig/platform
as they require more support (safety, regulations,
harsher environment etc.).
Despite declining utilization and falling day rates for all
segments within offshore drilling, the overall activity
level is set to increase in the coming years as a lot of
new rigs are being delivered from the yard. In addition,
drilling campaigns in Arctic areas such as the Chukchi
Sea, Greenland and the Kara Sea consumes 2-3 times
as many OSVs as normal North Sea campaigns. Hence,
demand for OSVs should be positive even when
adjusting lower utilization rates for the rigs.
Page 72
PSV fleet
The PSV fleet consists of around 1,700 vessels and the
total order book accounts for about 20% of the existing
fleet. The fleet growth over the past years has been at
7-8% p.a. However, so far, the market has been able to
absorb most of the new capacity, which to some
probably is a surprise. Of the current fleet 25% are
older than 20 years and will eventually have to leave
the market. In addition, we are likely to see delays at
some of the newly established yards and potentially
postponements of deliveries if the ship-owner has the
flexibility to do so.
Fleet overview PSVs
Page 73
AHTS fleet
The AHTS fleet consists of around 1,950 vessels, and
the current order book accounts for 7% of the existing
fleet. Annual supply growth from 2013 to 2016 is
expected to be 4%, significant lower than the PSV fleet
of 10%. The average age of the AHTS fleet is 14 years
and 30% of the fleet is more than 20 years old. Anchor
Handlers are more complex and expensive to build and
this limits the number of ship owners and yards able to
build new tonnage. Operations are also more complex
and require more experienced crew etc.
Fleet overview AHTSs
4.2. Key figures shipping & offshore portfolio
NRP Finans Shipping/offshore portfolio vs Oslo Stock Exchange benchmark
1 800
1 600
1 400
1 200
1 000
800
NRP Finans Shipping Index
(541)
600
OSEBX
(295)
400
200
0
2001
80 %
2002
2003
2004
2005
2006
2007
2008
2010
2009
2011
2012
2013
2014
Dec. 2014
Yearly return NRP Finans Shipping/offshore portfolio vs OSEBX
60 %
47 %
65 %
63 %
54 %
52 %
52 %
48 %
41 %
39 %
40 %
47 %
32 % 34 %
20 %
28 %
18 %
11 %
24 %
15 %
5 %4 %
4%
0%
-20 %
-31 %
-40 %
-36 %
-60 %
-55 %
-54 %
-80 %
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
NRP Finans Shipping/Offshore portfolio
25
-4 %
-12 % -16 %
-14 %
2011
2012
2013
2014
OSEBX
Development number of shipping/offshore projects
40
21
20
30
15
10
13
8
5
14
13
20
8
4
3
4
5
3
2
10
0
0
-2
-5
-2
-2
-4
-5
-7
-10
-15
-4
-3
-5
-4
-11
-13
-20
-17
-20
2001
2002
2003
2004
Projects established (left axis)
2005
2006
2007
Projects sold (left axis)
-10
-30
2008
2009
2010
2011
2012
2013
2014
Projects in portfolio (right
end ofaxis)
year (right axis)
Page 74
900
Accumulated equity raised to
NRP Finans shipping and
offshore projects from 2000 up
to today.
Accumulated equity raised to NRP shipping & offshore projects
800
700
mUSD
600
500
400
300
200
100
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
The diagram shows the
distribution of the different
segments in NRP Finans’ current
portfolio.
Current segment distribution
NRP Finans Shipping & Offshore portfolio
4,2 %
1,7 %
16,7 %
Bulk
14,9 %
Chemical
Container
15,4 %
Offshore
Product
Reefer
RoRo
47,1 %
The diagram shows a segment
breakdown of arranged NRP
shipping and offshore projects
from 2000 up to today.
Arranged NRP Shipping & Offshore projects - segments
Total paid in capital of USD 794 mill
41
Bulk
20 18
Chemical
183
36
Container
Cruise
Ferry
Gas
Offshore
197
90
Product
Reefer
RoRo
28
Page 75
2
12
Tank
167
4.3 Shipping & offshore projects overview
Projects Shipping
Arca Shipping DIS
BB Troll DIS*
Beta DIS
Bulk Avanti DIS
Bulk Transloading DIS**
Cresco Shipping DIS*
Eastern Reefer II DIS
Feedermate DIS
Gjende DIS*
Inter Carib II DIS
Jupiter Bulker DIS*
KUO DIS
Mount Lyderhorn LLC
Neptune Seismic DIS**
Spero DIS
Stril Offshore DIS
TDSC Opportunity AS
UACC Bergshav Tanker DIS
UACC Ross Tanker DIS
Estimated value
per 1%
USD 37 500
NOK 1 450 000
NOK 330 000
USD 115 000
N.A
USD 43 000
JPY 4 200 000
EUR 25 000
USD 33 000
USD 23 000
USD 87 500
USD 99 000
USD 49 750
N.A
USD 63 000
NOK 2 750 000
USD 57 100
USD 160 150
USD 130 000
Established
2013
2014
2006
2013
2007
2014
2007
2004
2014
2006
2014
2012
2014
2007
2013
2007
2010
2010
2010
IRR since
established p.a.
11 %
N.A
26 %
20 %
N.A
N.A
16 %
41 %
N.A
10 %
N.A
28 %
14 %
N.A
18 %
1%
-24 %
13 %
16 %
Return
2014***
4%
N.A
9%
5%
N.A
N.A
26 %
19 %
N.A
8%
N.A
9%
14 %
N.A
8%
0%
0%
29 %
48 %
*The project was established in 2014 and has thus not existed long enough to calculate IRR
**The project has been suspended
***Return is equivalent to change in value from 01.12.2013 - 01.12.2014
Page 76
Arca Shipping DIS - container asset play project
Contact: Ragnvald Risan ([email protected])/
Mats Olimb ([email protected])
Date of analysis:
01.12.2014
Estimated share price (USD):
1%
37 500
Key figures:
100 %
Paid in equity (USD):
Accumulated dividend (USD):
3 650 000
400 000
Residual value sensitivity on IRR :
LOW CASE
BASE CASE
HIGH CASE
Gross residual value end C/P:
3 490 000
4 850 000
6 280 000
Net residual value end C/P:*
3 490 000
4 490 000
5 490 000
IRR estimated share price:
15,6 %
20,4 %
24,5 %
IRR total capital:
19,3 %
23,9 %
27,9 %
* The net residual value is after profit split - 70% to the owning company and 30% to
the BB-charterer.
Corporate details
The Vessel
Corporate management:
Commercial management:
Purchase price vessel:
Paid in capital:
Uncalled capital:
Delivery:
Commencement of C/P
Expiry of C/P:
Charterer:
Atlantica Shipping AS
USD 2 800 000
USD 3 650 000
USD 0
01.11.2013
01.11.2013
01.11.2018
SPC, Timber Shipping Inc.
guaranteed by Conbulk Shipping S.A, Greece
Base case assumptions:
Average net BB-rate year 1-3:
Est. net TC-rate 2014
Est. net TC-rate 2015
Est. net TC-rate year 2016
Profit split hurdle rate year 1: (net BB-rate + opex)
USD 1 063 / day
USD 7 959 / day
USD 8 075 / day
USD 10 450 / day
USD 6 585 / day
Estimated Cashflow
Vessel's name:
Type:
Class:
Dwt/Ldwt:
LOA/ Beam/Draught:
Speed & Cons:
Yard:
Built:
Flag:
Main engine:
Reefer plugs:
Next DD/SS:
Other information:
MV Arca
1,641 TEU geared container vessel (Hanjin 1600)
Bureau Veritas
21,480 dwt/7,007 mt
167.98 m/27.25 m/9.22 m
19 knots on 49 TS Fuel (laden)
Hanjin HI Co. Ltd, South Korea
1994
Liberia
B&W 6S60MC 16,681 BHP @ 105 RPM
108
Nov 2017/Nov 2019
1,199 TEU homogeneous, 7holds, 8 hatches,
2 cranes with safe working load of 40 tonnes, Ice class equipped
Operating revenue
Profit split**
Dry docking
Administration expenses
Net operating cashflow
Net project cashflow
2014*
558 739
0
217 727
121 294
219 718
219 718
2015
396 025
0
0
136 333
259 692
259 692
2016
356 967
347 848
0
139 439
565 376
565 376
Estimated dividend
400 000
300 000
600 000
Mortgage debt
Total
Balance Annual Inst. 14
0
0
0
0
Interest
0,00 % p.a.
Balloon
0
0
Currently no debt on the vessel.
*Incl. hire for Nov/Dec. 2013
**Profit split initially used to pay docking-cost of USD 500 000
Estimated Balance (31.12)
Working capital
Vessel
Total assets
Outstanding debt 1. Prior
Total outstanding debt
Page 77
2014
10 163
3 551 881
3 562 044
2015
-30 145
3 721 183
3 691 037
2016
-64 769
3 928 091
3 863 323
0
0
0
0
0
0
The Vessel is fixed on a 5 year BB-charterparty with a profit sharing agreement to an
SPC, Timber Shipping Inc., guaranteed by Conbulk S.A of Greece. DD/SS in November
2013. The DD/SS cost was capped at, and estimated to be, USD 1 000 000, to be split
50/50 between Arca Shipping DIS and Conbulk. The actual cost was USD 1 700 000. The
extra DD/SS expense of USD 700 000 to be fully redeemed before any profit splits from
trading and sale will occur.
When the DD/SS cost of USD 1 700 000 is paid, all earnings exceeding a pre-agreed
hurdle rate consisting of the BB-rate and operational expenses to be split 60/40
between the owning company and the charterer. Sales proceeds exceeding investors
initial equity of USD 3 650 000 to be split 70/30 between the owning company and
Conbulk.
BB-Troll DIS - offshore asset play project
Date of analysis:
01.12.2014
Estimated share price (NOK):
1%
Estimated share price (NOK):
1 450 000
Key figures:
100 %
Paid in equity (NOK):
Accumulated dividend (NOK):
116 700 000
0
Residual value 2017:
LOW CASE
70 000 000
17,4 %
BASE CASE
80 000 000
20,0 %
HIGH CASE
90 000 000
22,6 %
Corporate details
The Vessel
Buksèr og Berging AS
Purchase price vessel*:
Paid in capital:
*including working capital
NOK 120 000 000
NOK 116 700 000
Opex 2014 per day**:
Current Employment:
Delivery:
** (ex DD/SS, including admin. expenses)
NOK 80 313
The Vessel trades in the spot market
01.05.2014
Estimated TC-rate May 2014 - Dec. 2014:
Estimated TC-rate 2015 - June 2016:
Estimated TC-rate July 2016 - June 2017:
NOK 200 000 / day
NOK 200 000 / day
NOK 175 000 / day
Estimated Cashflow
Operating revenue*
Operating expenses
Dry docking
Interest earned
Net financial items
M/V BB Troll
AHTS 15 000 bhp DPSII - VS 473 design
DNV
73.8 m
16.0 m
Ferguson Shipbuilders, Glasgow, UK
Apr 2000
2,881 t
Wartsila 12V32 Diesel, 2 x 7 500 BHP
165 t
2 x 430 kVA V 3ph 60 hz
Vessel name:
Type/design:
Class:
LOA:
Breadth:
Yard:
Delivery:
Dwt:
Main engine:
Bollard pull:
Aux. engines:
Main generator:
Flag:
Next Special Survey:
2 x 2125 kVA 440V 3ph 60hz
NOR
Nov-19
2014
46 013 261
11 614 944
5 450 000
637 790
28 310 527
83 206
83 206
28 393 733
2015
64 650 000
28 699 686
0
1 307 470
34 642 845
87 394
87 394
34 730 239
2016
64 650 000
28 986 683
0
1 340 156
34 323 161
74 325
74 325
34 397 486
0
44 000 000
34 500 000
Mortgage debt 1
Total
0
0
0
Interest
0,00 % p.a.
Balloon
0
0
0
* two month lag on hire
Estimated dividend
Working capital
Vessel
Total assets
2014
47 293 733
109 721 131
157 014 864
2015
38 023 972
98 560 705
136 584 676
2016
37 921 457
86 443 116
124 364 573
0
0
0
0
0
0
The vessel is operating in the spot market in the North Sea. The vessel will also be
tendered for long term contracts.
Page 78
Beta DIS - offshore asset play project
Mats Olimb ([email protected]
Date of analysis:
01.12.2014
Estimated share price (NOK)
1%
Estimated share price (NOK):*
330 000
Key figures:
100 %
19 500 000
41 000 000
Residual value end 2015:
LOW CASE
10 000 000
-11,9 %
BASE CASE
20 000 000
20,1 %
HIGH CASE
30 000 000
51,1 %
Corporate details
The Vessel
Paid in capital:
Uncalled capital:
Delivery:
Expiry of C/P:
NOK 47 000 000
NOK 19 500 000
NOK 0
29.09.2006
31.12.2015
Gross TC-rate 2015:
Assumed operating expenses 2014:
NOK 93 796 /day
Approx. NOK 60 000 / day
Vessel name:
Type:
Dwt:
LOA:
Breadth:
Yard/Built:
Class:
Flag:
Deck cargo
Speed:
Main engine:
Next SS:
Next intermediate survey:
The vessel is fixed on timecharter to 31.12.2015 from Buksèr og Berging AS to
Kystverket. Beta Shipping AS has fixed the vessel on timecharter to Buksèr &
Berging AS on back to back basis on similar terms as the TC to Kystverket.
Estimated Cashflow
Operating revenue*
Operating expenses
Dry docking & other
Interest earned
Net financial items
Sale of vessel
M/V Beta
Anchor Handling Tug/Supply vessel (AHTS)
1 217 mt
67.8m
14.5m
H.Surken West Germany/ 1982
DNV
NOR
720 sqm
15.5 knots
4 x Wichmann 6AXAG, 10 560 BHP
February 2016
May 2019
2014
32 066 649
21 942 240
2 500 000
1 338 402
6 286 007
95 247
95 247
0
6 381 254
2015
38 918 459
22 505 257
0
1 365 170
15 048 032
113 125
113 125
20 000 000
35 161 157
Mortgage debt 1
Total
0
0
0
0
Interest
0 % p.a.
Balloon
0
0
The mortgage loan as well as the investor loan has been repaid in full.
Estimated dividend
7 800 000
37 038 024
* Off-hire due to docking May 2014 reduces income in 2014. Hire for 2 months,
equal to NOK 5 721 567, received in 2016 is added to the hire in 2015.
Working capital
Vessel
Total assets
Outstanding debt
Page 79
2014
9 876 867
25 262 624
35 139 490
2015
15 788 707
20 000 000
35 788 707
0
0
0
0
The TC-hire is invoiced in arrears with 30 days credit. The Vessel is being utilized as a
stand-by emergency vessel by Kystverket.
Kystverket has declared their option to extend the charter for 2015.
Bulk Avanti DIS - dry bulk asset play
Contact: Ragnvald Risan ([email protected])
Nicolai Rosenberg ([email protected])
Date of analysis:
01.12.2014
1%
115 000
Key figures:
100 %
9 250 000
1 100 000
Residual value 2016:
IRR total capital:
LOW CASE
15 000 000
8,5 %
4,4 %
BASE CASE
19 000 000
23,3 %
14,1 %
HIGH CASE
23 000 000
36,4 %
22,9 %
Corporate details
The Vessel
Paid in capital:
Uncalled capital:
Eastern Bulk Carrier
Fleet Ship Management Inc.
USD 17 000 000
USD 9 250 000
USD 0
Timecharter to Grieg Star Bulk AS
Current employment:
Delivery:
11.04.2013
Commencement of CP:
11.04.2013
Expiry of CP:
01.04.2015
Net timecharter rate 01.04.2014-01.04.2015*:
USD 11 400
Expected net TC 01.04.2015-31.12.2016*:
USD 12 350
Operational expenses 2014**:
USD 4 600
** ex DD/SS, including technical management
Vessel name:
Type:
Class
Dwt:
Ldwt:
LOA/ Beam:
Speed/cons:
Yard:
Built:
Flag:
Main engine:
Holds / hatches:
Grain capacity:
Cranes:
Next SS:
Estimated Cashflow
Operating revenue
Operating expenses
Interest expenses
Repayment long term debt
Net financial items
Sale of vessel
Estimated dividend
2014
4 047 781
1 820 700
86 700
2 140 381
495 000
562 500
-1 057 500
2015
4 593 699
1 857 114
88 434
2 648 151
448 594
1 125 000
-1 573 594
1 082 881
1 074 557
2016
4 686 904
1 894 256
67 652
2 724 996
298 017
7 312 500
-7 610 517
19 000 000
14 114 479
1 100 000
800 000
400 000
Working capital
Vessel
Total assets
MV Bulk Avanti
Supramax Bulk Carrier
NKK
56,042 mt
8,500
189.99 m / 32.26 m / 12.55 m
14.5 kts / 31.0 ts
Mitsui S.B. Japan, Tamano Shipyard
2006
Panama
MAN B&W, 12,880 KM @ 127 rpm
Fore & aft hatches, hydr. Operated, 5 holds / 5 hatches
70,810 cubic m.
4 cranes with safe working load of 30,5 tonnes
Fitted with grabs
July 2016
Mortgage debt*
Total
8 437 500
562 500
8 437 500
562 500
Interest
5,50 % p.a.
Balloon 2016
6 187 500
6 187 500
* The mortgage loan has quarterly instalments of USD 281 250. First instalment to be
paid 15 months from drawdown (July 2014).
The mortgage has the following terms/covenants:
Minimum Value Clause - 140% of outstanding mortgage at all times.
Minimum free liquidity of USD 600,000.
The mortgage has floating interest.
2014
1 329 799
20 751 990
22 081 789
2015
1 604 356
19 950 103
21 554 458
2016
1 909 580
19 000 000
20 909 580
8 437 500
8 437 500
7 312 500
7 312 500
0
0
The project is considered an asset play project. The charterer has declared their option
to renew the charter party for 12 months from April 2014 to April 2015.
Page 80
Bulk Transloading DIS - financial shipping project
Date of analysis:
01.12.2014
1%
Key figures:
100 %
23 200 000
4 300 000
BASE CASE
Residual value en-bloc end C/P 2022:
IRR total capital:
Corporate details
The Vessels
Purchase price vessels:
Paid in capital:
Uncalled capital:
Commencement of C/P:
Expiry of C/P:
USD 115 000 000
USD 23 200 000
USD 0
Sept.2007
Sept.2022
Base case assumptions BB hire En-bloc:
01.01.2013-31.12.2014
01.01.15-sept 2022
USD 25 300/ day
USD 19 300/ day
Charterer:
M/V Trans Bay/Trans Emirates
Bulk Transloader
68,857/68,857
Daewoo
1996 / 1993
1996 / 1999
DnV
Marshall Islands
Vessel name:
Type:
Dwt:
Yard:
Built:
Converted:
Class:
Flag:
Next intermediate:
Next DD/SS:
February 2017
August 2019
Star Transloaders Ltd, guaranteed by
Star Universal Marine Ltd., Cyprus, and ETA Star Holdings Ltd., Dubai
Estimated Cashflow
Operating revenue
Interest earned
Interest expenses
Net financial items
sale of vessels
2014
2 936 035
225 232
2 710 803
25 818
1 404 449
2 906 250
-4 284 881
2015
7 044 500
229 737
6 814 763
49 877
828 644
2 400 000
-3 178 767
2016
7 063 800
168 000
6 895 800
87 112
696 644
2 400 000
-3 009 532
-1 574 078
3 635 996
3 886 268
0
0
0
Mortgage debt
Charter Credit
Total
15 666 250
1 040 625
11 530 000
0
27 196 250
1 040 625 0
Interest
5,50 % p.a.*
0,00 % p.a.**
Balloon
0
11 530 000
11 530 000
* Annual instalment going forward is USD 600 000 per quarter.
The mortgage lender currently has a cash sweep on the project
** The Charters credit runs as a bullet until 2022 and is none interest bearing.
Estimated Dividend
Working capital
Vessels
Total assets
Outstanding debt fixed
Outstanding debt floating
Sellers credit
Page 81
2014
2015
2016
The charterer has financial difficulties, and is paying reduced BB hire. A process to sell
Trans Emirates is initiated.
The Charterer has options to purchase the vessels as follows:
M/V Trans Bay: USD 5 000 000 after year 15 (2022).
M/V Trans Emirates: USD 5 000 000 after year 15 (2022).
If the charter free value is above USD 5 000 000 when the option is decleared, the amount
above USD 5 000 000 will be split 75/25 between charterer and owner of Trans Bay and
Trans Emirates.
Cresco Shipping DIS - container asset play project
Date of analysis:
01.12.2014
1%
Estimated share price (USD):*
43 000
Key figures:
100 %
4 150 000
0
LOW CASE
BASE CASE
HIGH CASE
4 371 000
5 800 000
7 229 000
Net residual value end C/P*:
4 305 000
5 305 000
6 305 000
15,7 %
18,9 %
21,8 %
IRR total capital:
16,9 %
20,2 %
23,1 %
*The net residual value is after profit split, 70% to the owning company and 30% to
the BB-charterer.
Corporate details
The Vessel
Paid in capital:
Uncalled capital:
Delivery:
Commencement of C/P
Expiry of C/P:
Charterer:
USD 3 500 000
USD 4 150 000
USD 0
20.06.2014
20.06.2014
20.06.2019
SPC guaranteed by
Conbulk Shipping S.A., Greece
BB hire (5 years):
Opex:
Profit split hurdle rate year 1 (net BB-rate + opex):*
Estimated average net daily TC hire (5 years):
* excluding USD 500 in repositioning deficit cover
USD 1 266/day
USD 5 500/day
USD 6 766/day
USD 9 555/day
Estimated Cashflow
Operating revenue
Profit split
Dry docking*
Net financial items
Estimated dividend
Vessel name:
Type:
Class:
Dwt/Ldwt:
LOA/ Beam/Draught:
Speed:
Yard:
Built:
Flag:
Main engine:
Next DD/SS:
Other information:
MV Cresco
1,730 TEU geared container vessel
GL
22,996 dwt/7,771 mt
184.10 m/25.30 m/9.89 m
19.6 knots
Stocz, Szczecin, Poland
1996
Liberia
Sulzer, 6RTA&"U; 17,848 BHP @ 113 RPM
March 2016
1,120 TEU homogeneous and 400 Reefer plugs; 4 holds,
9 hatches, 3 cranes with safe working load of 40 tonnes
2014
359 544
0
0
62 500
297 044
0
297 044
2015
463 989
0
0
127 500
336 489
0
336 489
2016
462 090
245 455
700 000
130 050
-122 505
0
-122 505
0
100 000
250 000
Mortgage debt
Total
0
0
0
0
Interest
0,00 % p.a.
Balloon
0
0
* DD/SS in 2016 shall be splitt 70/30 between Owner and Charterer.
Capped DD/SS cost for Owner in 2016 is USD 700 000.
The BB hire is 12% p.a. of the vessel cost for the duration of the BB contract.
Working capital
Vessel
Total assets
2014
453 871
4 157 972
4 611 843
2015
690 360
4 364 976
5 055 336
2016
317 855
4 617 961
4 935 816
0
0
0
0
0
0
Cresco and Conbulk will split all vessel trading surplus 60/40. The vessel trading surplus is
calculated as the net revenue of the time-charter less (i) the BB hire payments, (ii) the
operation expense rate of USD 5 500/day and (iii) the repositioning of USD 500/day.
Sales profit on all net sales proceeds exceeding the Project Price of USD 4 150 000 will be
split 70/30 between Cresco Shipping and Conbulk.
Page 82
Eastern Reefer II DIS - financial shipping project
(All figures in 1000 JPY)
Date of analysis:
01.12.2014
Estimated share price (JPY):
1%
Estimated share price (JPY):
4 200
Key figures:
100 %
Paid in equity (JPY):
Accumulated dividend (JPY):
438 000
552 209
BASE CASE
582 700
13,7 %
7,3 %
Residual value end C/P 2017:
IRR total capital:
Assumed exchange rate of USD/JPY = 100
Corporate details
The Vessels
Lorentzens Skibs Management AS
Paid in capital:
Uncalled capital:
Established:
Commencement of C/P M/V Pohah No.2:
Expiry of C/P M/V Pohah No.2:
Commencement of C/P M/V Jochoh:
Expiry of C/P M/V Jochoh:
Commencement of C/P M/V Dinok:
Expiry of C/P M/V Dinok:
JPY 1 805 000
JPY 438 000
JPY 240 000
27.03.2007
27.03.2007
27.03.2017
27.10.2008
27.03.2017
15.10.2013
15.04.2017
BB rate net per day year M/V Pohah No 2.:
BB rate net per day year M/V Jochoh:
BB rate net per day year M/V Dinok:
03.09.2015
22.05.2015
23.10.2016
2014
2015
2016
Operating revenue
Interest expenses
Net financial items
340 910
15 400
325 510
44 262
183 492
227 754
553 264
281 743
15 708
266 035
31 472
145 032
176 504
442 538
254 953
16 022
238 930
23 297
106 572
129 869
368 799
Estimated dividend
111 500
106 500
97 000
Page 83
DD/SS:
M/V No. 2 Pohah
M/V Dinok
Reefer
Reefer
235,039 cbft
238,964 cbft
5,134
5,163
113.4m /16.6m
120.7m/16.6m
2000
1989
N.K.
KR
Akasaka, 8UEC37LA
Akasaka, 6UEC37LA
Kyokuyo Shipyard Corp, Japan
NOK Co. Ltd., Panama
Khana Enterprises Co. Ltd., Japan
and Boyang Ltd., South Korea
Estimated Cashflow
Sellers credit
Participant loan
M/V Jochoh
Reefer
235,050 cbft
5.537
113.3m/16.6m
1996
N.K
Kobe, 8UEC37LA
JPY 401,5
JPY 355
USD 1 775
Charterer:
Guarantor:
Working capital
Vessels
Total assets
Vessel name:
Type:
Cargo Cap:
Dwt:
LOA/ Beam:
Built:
Class/flag:
Main engine:
Yard (all vessels):
Mortgage debt 1
Sellers Credit
Participant loan
Total
Balance Annual Inst. 14 Interest
396 959
154 920 4,00 % p.a*
92 700
0 0,00 % p.a.
121 428
28 572 15,00 % p.a.**
611 087
183 492
Balloon
202 499
92 700
49 999
345 198
*Mortgage debt 1 has floating interest rate.
** The participant loan was established to finance the purchase of M/V Dinok. It has
an annual interest of 15% p.a., and is repaid quarterly with USD 71 429.
2014
56 235
1 099 635
1 155 870
2015
39 266
940 971
980 237
2016
51 328
769 029
820 357
396 959
92 700
121 428
611 087
280 499
92 700
92 857
466 056
202 499
92 700
64 285
359 484
All JPY figuers in 1,000 JPY. An assumed exchange rate of USD/JPY = 100, has been
used for all calculations.
The charterer has an obligation to purchase the M/V Pohah No. 2 for JPY 500 million
at the end of the Bareboat Charter (2017).
The charterer has an obligation to purchase the M/V Jochoh for JPY 32,7 million at the
end of the Bareboat Charter (2017).
The chartere has an obligation to purchase the M/V Dinok for USD 500 000 at the end
of the Bareboat Charter (2017).
Feedermate DIS - financial shipping project
Date of analysis:
01.12.2014
Estimated share price (EUR):
1%
Estimated share price (EUR):*
25 000
Key figures:
100 %
Paid in equity (EUR):
Accumulated dividend (EUR):
2 000 000
4 700 000
IRR total capital:
LOW CASE
4 000 000
1,7 %
1,6 %
BASE CASE
5 500 000
23,4 %
10,2 %
HIGH CASE
7 000 000
40,0 %
17,7 %
* The Share price includes a 5% deduction on the the tax position of the company.
Corporate details
The Vessel
P.D. Gram AS
Paid in capital:
Uncalled capital:
Delivery:
Expiry of C/P:
EUR 16 275 000
EUR 2 000 000
EUR 3 000 000
27.02.2005
27.02.2005
27.02.2017
BB rate net per day (27.02.2010-27.02.2017):
EUR 5 346
12 year B/B
Carfeeder Maritime Ltd.,
with guarantee from K-Line
Charter:
Charterer:
Estimated Cashflow
2014
1 951 290
91 425
1 859 865
7 697
233 843
1 350 000
-1 576 146
2015
1 951 290
93 253
1 858 037
7 063
193 969
1 350 000
-1 536 906
2016
1 951 290
95 118
1 856 172
6 725
143 344
1 350 000
-1 486 619
283 719
321 131
369 553
Estimated dividend
550 000
375 000
175 000
Operating revenue
Interest earned
Interest expenses
Net financial items
M/V Main Highway
Car Carrier, 950 Cars
3 374 tons
1998
Detlef Hegemann Rolandwerft Gmbh, Germany
Lloyds Register
950 cars, 8 decks and about 4 300 lane meters
Cyprus
August-15
Vessel name:
Type:
Dwt:
Built:
Yard:
Class/flag:
Cargo Capacity:
Flag:
SS:
Mortgage debt 1
Mortgage debt 2
Total
Balance
3 010 000
2 500 000
5 510 000
Annual Inst. 14
1 350 000
0
1 350 000
Interest
3,75 % p.a.
3,75 % p.a.
Balloon 2017
0
2 500 000
2 500 000
Assumed interest rate from 2014 and onwards is 3.75% p.a. incl.margin. The interest rate
is not fixed. Mortgage debt 2 runs as a bullet.
Working capital
Vessel
Total assets
2014
469 017
9 370 064
9 839 081
2015
415 149
8 333 586
8 748 735
2016
609 701
7 212 532
7 822 234
Outstanding mortgage debt
5 510 000
5 510 000
4 160 000
4 160 000
2 810 000
2 810 000
Page 84
Gjende DIS - financial shipping project
Date of analysis:
01.12.2014
1%
33 000
Key figures:
100 %
USD 3 180 000
0
BASE CASE
2 000 000
13,7 %
7,9 %
Residual value end C/P:
IRR total capital:
Corporate details
The Vessel
Seller's credit
Paid in capital:
Uncalled capital:
Delivery:
Commencement of C/P
Expiry of C/P:
USD 5 000 000
USD 2 000 000
USD 3 180 000
USD 0
10.11.2014
10.11.2014
10.11.2019
BB hire (5 years):
USD 2 805/day
Charterer:
Guarantor:
Estimated dividend
M/V Mabah
Reefer
Panama
1995
5 249
235 128
Kyokuyo Shipyard Corp., Japan
120.75 m / 16.60 m / 7.1 m
AKASAKA 6UEC37LA, 3,090 kW @ 210 rpm
October 2019
April 2017
NOK Co. Ltd., Panama
Khana Enterprise CO. Ltd., Japan
and Boyang Ltd., South Korea
Estimated Cashflow
Operating revenue
Vessel name:
Type:
Flag:
Built:
Dwt
Cargo cap (cbft):
Yard:
LOA/Beam/Draught:
Main engine:
Next DD/SS
Next intermediate:
2014
171 105
16 712
154 393
154 393
2015
1 023 825
101 000
922 825
922 825
2016
1 023 825
103 020
920 805
920 805
0
950 000
925 000
Seller's credit
Total
2 000 000
0
2 000 000
0
Interest
0,00 % p.a.
Balloon
2 000 000
2 000 000
No debt on the vessel.
Seller's credit of USD 2 000 000, as a bullet over 5 years. None interest bearing.
The Charterer has a purchase obligation at the end of the charterparty at USD 2 000 000.
Working capital
Vessel
Total assets
Page 85
2014
154 393
4 517 988
4 672 381
2015
127 218
4 194 004
4 321 222
2016
123 023
3 798 054
3 921 077
0
0
0
0
0
0
Inter Carib II DIS - financial shipping project
Date of analysis:
01.12.2014
1%
Estimated share price USD:*
23 000
Key figures:
100 %
3 065 000
3 115 000
LOW CASE
BASE CASE
HIGH CASE
1 250 000
1 800 000
2 200 000
12,2 %
19,3 %
23,8 %
IRR total capital:
12,8 %
17,5 %
20,6 %
* The Share price includes a 5% deduction on the the tax position of the
company.
Corporate details
The Vessel
Arne Blystad AS
USD 13 828 000
USD 3 065 000
USD 1 395 625
17.11.2006
17.11.2006
31.04.2018
Paid in capital:
Uncalled capital:
Delivery:
Expiry of C/P:
BB rate MV Mostein 01.01.13-30.09.14*
BB rate MV Mostein 01.10.14-30.03.18*
*Less 1% broker commission
Charterer M/V Mostein:
USD 2 600/day
USD 3 000/day
M/V Mostein
Self Discharging Bulk Carrier
4 775 mt
89.9 m /13.0 m
Damean Shipyard, Holland
1996
LR
4SA 6 cyl MAK 1800 kw
11 knots
Antigua & Bermuda
February-17
August-19
Vessel name:
Type:
Dwt:
LOA/ Beam:
Yard:
Built:
Class/flag:
Main engine:
Speed:
Flag:
Intermediate:
Next DD/SS:
Thompson Shipping Inc., Cayman Islands
Estimated Cashflow
2014
2015
2016
Operating revenue
Interest earned
Loan to chartere
Instalment loan to charterer
Interest expenses
Net financial items
949 104
90 994
858 110
6 684
200 000
33 333
79 373
324 375
-563 731
294 379
955 351
93 733
861 618
7 954
1 064 334
95 607
968 727
332
133 332
59 505
540 625
-458 844
402 774
33 333
33 961
432 500
-432 796
535 931
Estimated dividend
375 000
700 000
700 000
Working capital
Loan to charterer
Vessel
Total assets
2014
89 197
166 667
3 906 437
4 162 301
2015
-341 361
33 333
3 376 754
3 068 726
2016
-538 764
0
2 792 223
2 253 459
1 295 625
1 295 625
755 000
755 000
322 500
322 500
Mortgage debt 1
Total
1 295 625
324 375
1 295 625
324 375
Interest
5,25 % p.a.
Balloon
0
0
The mortgage has floating interest rate.
Loan to Charterer of USD 200 000, due to docking fall 2014. 6% interest p.a., and 18
equal instalments from 31.10.14 - 31.03.16.
Thompson Inc. has an option to purchase MV Mostein at the end of the charter for
USD 2 200 000. Inter Carib II DIS has an option to sell MV Mostein to Thompson Inc. at
the end of the charter for USD 1 250 000.
Page 86
Jupiter Bulker DIS - financial shipping project
Date of analysis:
01.12.2014
1%
87 500
Key figures:
100 %
Paid in capital (USD):
8 550 000
0
LOW CASE
Residual value 2021*:
1 250 000
14,1 %
IRR total capital:
9,1 %
* The high case is the call option in 2021.
BASE CASE
2 250 000
15,5 %
10,2 %
HIGH CASE
7 500 000
17,3 %
11,6 %
Corporate details
The Vessel
Net purchase price:
Paid in capital:
Option premium from Charterers:
Uncalled capital:
Delivery;
Commencement of C/P
Expiry of C/P:
Charterer:
USD 12 250 000
USD 8 250 000
USD 8 550 000
USD 3 750 000
USD 0
11.09.2014
11.09.2014
11.09.2021
OpenSeas Maritime S.A,
guaranteed by FreeSeas Inc.
BB hire (7 years):
USD 5,325 / day
Estimated Cashflow
Operating revenue
Net financial items
Estimated dividend
*Project-start Sept. 2014
Vessel name:
Type:
Class:
Dwt:
Ldwt:
LOA/ Beam/Draught:
Speed/consumption:
Yard:
Built:
Flag:
Main engine:
Next SS:
Next intermediate:
Other information:
MV Nemorino
Handymax bulk carrier
Bureau Veritas
47 777
8 485
187.5 m/ 31.00 m/ 11.75 m
14.1 knots
Nantong Cosco, China
2002
Liberia
MAN B. W, 6S50MC6.1
2nd half 2015
1st half 2018
5 holds, 5 hatches, 4 cranes
with safe working load of 30.0 tonnes
2014*
647 875
50 000
597 875
1 121
598 996
2015
1 943 625
101 000
1 842 625
6 544
1 849 169
2016
1 946 288
103 020
1 843 268
5 415
1 848 682
0
2 000 000
1 800 000
Mortgage debt
Total
0
0
Interest
0,00 % p.a.
Balloon
0
Working capital
Vessel
Total assets
The charterer has a purchase option end of year 4-7 at USD 10 750 000, USD 9 750 000,
USD 9 000 000 and USD 7 500 000 respectively. The Charterer has paid an option
premium (will be deducted from the purchase price of the option price if same is
declared), of USD 3 750 000. The option premium will only be refunded to the Charterer
if they exercise one of their call options.
Page 87
2014
598 996
10 927 095
11 526 091
2015
198 165
10 037 906
10 236 071
2016
246 847
8 951 200
9 198 048
0
0
0
0
0
0
KUO DIS - container asset play project
Date of analysis:
01.12.2014
1%
Estimated share price (USD):**
99 000
Key figures:
100 %
8 800 000
4 700 000
LOW CASE
BASE CASE
HIGH CASE
15 000 000
20 000 000
25 000 000
8 750 000
11 250 000
13 750 000
11,5 %
18,7 %
25,1 %
IRR total capital:
9,1 %
14,8 %
20,0 %
*The net residual en-bloc (2017) value is net after profit split 50/50 between the owning company
and the BB-Charterer.
** The project is priced based on net asset value, as both owner and charterer at the moment can
trigger a sale.
Corporate details
The Vessels
Purchase price vessels en-bloc:
Paid in capital:
Delivery:
Expiry of C/P:
Charterer:
USD 14 000 000
USD 8 800 000
28.09.2012
28.09.2012
28.09.2017
SPCs guaranteed by Conbulk S.A Greece
and Auster Finance Inc., Marshall Islands
BB - Hire en-bloc (excl. BB instalments):
Net BB-rate 17.11.14 - 28.03.15:
Net BB-rate 28.03.15 - 28.09.15:
Net BB-rate 28.09.15 - 28.03.16:
Net BB-rate 28.03.16 - 28.09.16:
Net BB-rate 28.09.16 - 28.03.17:
Net BB-rate 28.03.17 - 28.09.2017
Profit split hurdle rate avg. per vessel 2015:
Estimated net TC-rate per vessel:
USD 3 575 / day
USD 3 329 / day
USD 3 082 / day
USD 2 836 / day
USD 2 589 / day
USD 2 342 / day
USD 8 230 / day
2014
7 517
2015
8 926
KUO Tai / KUO Hung / KUO Lung
Gearless Container Vessles
1 367 TEU (1 120 TEU at 14 tons homogeneous)
200
18 595
5 955
168.8m / 27.3 m / 8.42 m
17.0 / 18.2 / 18.2 knots
CSBC Shipyard, Kaohsiung, Taiwan
1995, 1997, 1998
Panama
Bureau Veritas
Man B&W, 13 580 kW a 127 rpm
4 holds, 8 hatches, 4 tiers on deck
Vessel names:
Type:
TEU:
Reefer capacity:
Dwt:
Ldwt:
LOA/ Beam/Draft:
Speed:
Yard:
Built:
Flag:
Class:
Main engine:
Other:
KUO Tai
Next SS
Next DD
mar.15
mar.15
KUO Hung
sep.17
sep.15
KUO Lung
feb.18
feb.16
2016
9 371
Estimated Cashflow
Operating revenue
Profit Split
BB Instalment
Interest expenses
Net financial items
2014
1 514 565
697 133
0
210 125
2 001 573
360 000
1 500 000
-1 860 000
141 573
2015
1 171 104
236 757
1 500 000
215 378
2 692 483
255 000
1 000 000
-1 255 000
1 437 483
2016
989 364
615 527
1 500 000
220 763
2 884 128
195 000
1 000 000
-1 195 000
1 689 128
Estimated dividend
3 600 000
1 500 000
1 700 000
Mortgage debt
Total
4 500 000
1 500 000
4 500 000
1 500 000
Interest
Balloon 2017
6,00 % p.a.
2 000 000
2 000 000
The interest rate on the mortgage is floating. Extraordinary instalment of USD 1.5 mill.
in 2014, due to sale of KUO FU.
Semiannual instalments of USD 500 000 from 2015. The mortgage has final maturity 3
years from drawdown. We have assumed the debt will be refinanced at equal terms
at maturity in 2015.
- Minimum Value Clause of 125% of the outstanding facility.
- 3 year financing despite 5 year BBCP.
KUO FU was sold 17. November 2014.
Working capital
Vessel
Total assets
Outstanding debt
2014
1 184 702
20 000 000
21 184 702
2015
1 122 185
20 000 000
21 122 185
2016
1 111 314
20 000 000
21 111 314
4 500 000
4 500 000
3 500 000
3 500 000
2 500 000
2 500 000
All earnings exceeding the pre-agreed operating expenses and BB hire (incl.BB
instalments) to be split 50/50 between the partnership, KUO DIS, and the Charterer
(Conbulk). Kuo DIS to receive BB instalments of USD 250 000 per vessel semi-annually,
commencing two and a half years from delivery. Such BB instalments will be deducted
before any trading profit split. The profit sharing agreement also applies in the event
of a sale. Adjusted with BB instalments received, any sale revenue shall be split 50/50
between KUO DIS and Conbulk. Should the value of the Vessels fall below USD 10 875
000, KUO DIS has the right to, but no obligation, to sell the Vessels.
Page 88
Mount Lyderhorn LLC - financial shipping project
Date of analysis:
01.12.2014
1%
49 750
Key figures:
100 %
4 384 020
0
LOW/BASE CASE
HIGH CASE
Residual value end C/P*:
12 200 000
14 200 000
12,0 %
31,2 %
IRR total capital:
5,1 %
11,4 %
*Base case residual value is the put value. High case residual value is the call value.
(August 2016)
Corporate details
The Vessel
Paid in capital:
Uncalled capital:
Purchase of shares:
Commencement of CP:
Expiry of CP:
Bareboat rate 01.01.2014-27.08.2016:
Current employment:
USD 17 300 000
USD 4 360 000
01.01.2014
01.01.2014
27.08.2016
USD 9 300/day
Golden Ocean Group Ltd
Estimated Cashflow
Operating revenue
Interest expenses
Repayment Seller's credit
Net financial items
Sale of vessel
Estimated dividend
Vessel name:
Type:
Class:
Dwt/Ldwt:
LOA/ Beam/Draught:
Speed & Cons:
Yard:
Built:
Flag:
Main engine:
Other information:
Next SS:
MV Golden Lyderhorn
Panamax drybulk carrier
DNV
74,242 dwt
225.00 m/ 32.20 m/ 13.82 m
14.0 knots on 32 TS Fuel (laden)
Sasebo H.I. - Japan
1 999
Hong Kong
MAN B&W 6S60MC6, 12,000 BHP @ 94 RPM
Grain Capacity of 87,500 cu.m., 7 Holds, 7 Hatches
2019
2014
3 394 500
65 278
3 329 222
756 313
1 800 000
0
-2 556 313
2015
3 394 500
76 500
3 318 000
639 296
1 800 000
0
-2 439 296
772 909
878 704
2016
2 222 700
78 030
2 144 670
396 659
6 950 000
2 700 000
-10 046 659
12 200 000
4 298 011
0
1 500 000
500 000
Mortgage debt 1
Seller's Credit
Total
8 750 000
1 800 000
2 700 000
0
11 450 000
1 800 000
Interest
6,78 % p.a.
0,00 % p.a.
Balloon
5 600 000
2 700 000
8 300 000
The Owner has a put option in August 2016 at USD 12.2 million.
Working capital
Vessel
Total assets
2014
852 036
14 954 878
15 806 914
2015
230 740
13 634 078
13 864 818
2016
617 766
12 200 000
12 817 766
Outstanding mortgage debt 1
Seller's credit
8 750 000
2 700 000
11 450 000
6 950 000
2 700 000
9 650 000
0
0
0
Page 89
Golden Ocean has call options for the vessel:
- August 2015 at USD 16 200 000
- August 2016 at USD 14 200 000
In the event Golden Ocean exercises any of its call options, any interest rate swap
exposure and termination of such, will be for Golden Ocean's account.
Neptune Seismic DIS - financial shipping project
Date of analysis:
01.12.2014
Estimated share price (USD)
1%
Key figures:
100 %
19 400 000
2 000 000
Residual value sensitivity :
LOW CASE
BASE CASE
HIGH CASE
Vessel value
Net debt
Working capital
Net Asset value
Corporate details
The Vessel
Delivery:
Initial paid in capital:
Outstanding uncalled capital:
Neptune Offshore AS
Neptune Offshore AS
2007
USD 32 800 000
USD 15 400 000
USD 1 150 000
Charterer:
None
M/V Neptune Naiad
High end 2D/Low end 3D Seismic vessel
NIS
Lloyds Register
2002
2008
Huang Pu Shipbuilding
Irving Shipbuilding, Canada
61.0m
14.2m
1 x Man B&W Alpha L6-27/38-2040 Kw at 800 rpm
with 1,300 Kw shaft generator at 1,500 rpm
43 persons
September 2012
Vessel name:
Type:
Flag:
Class:
Built:
Rebuilt:
Yard:
Rebuilt:
Length:
Breadth:
Main engine:
Accomodation:
Last DD:
Estimated Cashflow
Operating revenue
Operating expenses
Dry docking and other
Interest earned
Interest expenses
Repayment Participant loan
Net financial items
Sale of vessel
Estimated dividend
2014
2015
15 439 500
6 535 143
0
70 000
8 834 358
10 025
189 800
3 400 000
1 000 000
-4 579 775
13 007 250
6 616 832
0
71 750
6 318 668
17 166
113 100
3 400 000
0
-3 495 934
4 254 583
0
0
2 822 734
12 000 000
17 472 734
Working capital
Vessel
Total assets
Outstanding mortgage debt
2016
Mortgage debt 1
Participant Loan
Total
0
1 700 000
0
0
0
1 700 000
Interest
2,60 % p.a.*
0,00 % p.a.
Balloon
3 050 000
0
3 050 000
* The mortgage was due 30.06.14
2013
4 000 000
25 000 000
29 000 000
2014
8 522 734
25 000 000
33 522 734
4 750 000
4 750 000
3 050 000
3 050 000
All seismic equipment onboard is owned by the company.
The Vessel is currently charter free.
Investments in seismic equipment has been made in 2014.
Page 90
Spero DIS - container asset play project
Contact: Ragnvald Risan ([email protected])
Date of analysis:
01.12.2014
1%
63 000
Key figures:
100 %
4 900 000
390 000
HIGH CASE
LOW CASE
BASE CASE
11 000 000
13 900 000
8 100 000
12 070 000
8 070 000
10 070 000
9,6 %
20,3 %
29,6 %
IRR total capital:
6,3 %
14,1 %
21,1 %
*The net residual value (2017) is net after profit split - 70% to the owning company
and 30% to Conbulk.
Corporate details
The Vessel
Paid in capital:
Uncalled capital:
Delivery:
Expiry of C/P:
Charterer:
USD 7 145 000
USD 4 900 000
nil
24.05.2013
24.05.2013
24.05.2017
SPC, Marquess Marine Ltd.,
guaranteed by Conbulk Shipping S.A Greece
USD 1 958/day
Net BB rate year 1-3:
Estimated net TC-rate 2014:
USD 6 978/day
Estimated net TC-rate 2015:
USD 7 931/day
Estimated net TC-rate 2016-2017:
USD 10 588/day
Profit split hurdle rate 2014: (net BB-rate + opex)
USD 7 313/day
Up to USD 500/day of trading profit is retained for future docking in case the vessel is
not sold before next docking (in 2017).
Estimated Cashflow
Operating revenue
Proft Split
Interest expenses
Net financial items
Vessel name:
Type:
Class:
Dwt:
Ldwt:
LOA/ Beam /Draught:
Speed:
Yard:
Built:
Flag:
Main engine:
Homogeneous intake:
Reefer plugs:
Next intermediate: (no DD required)
Next SS:
Other information:
MV Spero
B-170, 1 730 TEU geared container vessel
Bureau Veritas
22 968
7 852
184.7 m / 25.3 m / 9.85 m
19.5 knots @ 54.5 t of fuel per day
Stocz. Szczecin, Poland
2002
Marshall Islands
Sulzer, 18 110 kW @ 113 rpm
1 110 TEU
200
Feb. 2015
2017
4 holds, 9 hatches, DWT to TEU ratio of 13.28
3 cranes with working load of 45 tonnes
2014
714 670
0
117 300
597 370
168 900
-168 900
428 470
2015
714 670
0
119 646
595 024
168 900
-168 900
426 124
2016
714 670
342 502
122 039
935 133
168 900
-168 900
766 233
Mortgage debt 1
Total
3 000 000
0
3 000 000
0
Interest
5,63 % p.a.
Bullet
3 000 000
3 000 000
The mortgage has final maturity 3 years from drawdown. Assumed refinanced at equal
terms in 2016.
Minimum Value Clause - 140% of outstanding mortgage.
Minimum free liquidity of USD 450,000. Bullet structure.
Estimated dividend*
240 000
550 000
750 000
* Estimated dividend can be higher than net project cash flow due to the estimated
DD/SS retention amount which will serve as minimum cash balance in the company.
Working capital
Vessel
Total assets
2014
853 921
8 003 864
8 857 785
2015
730 045
8 569 101
9 299 147
2016
746 278
9 249 933
9 996 212
All earnings exceeding a pre-agreed hurdle rate consisting of the BB-rate and
operational expenses, to be split 60/40 between the owning company and the
charterer. Up to $500/day of the trading profit may be retained in a DD/SS-retention
account, which if not used will be paid out according to the trading profit split.
3 000 000
3 000 000
3 000 000
3 000 000
3 000 000
3 000 000
70/30 profit split between the owning company and the charterer of sales proceeds
exceeding USD 7 900 000.
Page 91
Stril Offshore DIS - asset play offshore project
Date of analysis:
01.12.2014
Estimated share price (NOK)
1%
Estimated share price (NOK):*
2 750 000
Key figures:
100 %
250 000 000
0
Net asset value sensitivity
Vessel Value
Working capital
Debt
Net asset value
LOW CASE
600 000 000
15 615 755
361 746 577
253 869 178
BASE CASE
700 000 000
15 615 755
361 746 577
353 869 178
HIGH CASE
750 000 000
15 615 755
361 746 577
403 869 178
* The share price includes a deduction from det estimated net asset value based on broker
values for the vessels, due to volatile market.
Corporate details
The Vessels
Established:
Simon Møkster Shipping AS
Simon Møkster Shipping AS
16.05.2007
NOK 700 000 000
NOK 200 000 000
NOK 125 000 000
Assumed avg. TC equiv, income per vessel 2014-2015:
Assumed operating expenses per vessel:**
NOK 200 000/day
NOK 88 000/day
Both vessels are currently in the spot market.
**Including technical/commercial management fee of NOK 3 650 000/year.
Stril Commander / Stril Challenger
Havyard 842
DNV
74.5m
17.2m
Havyard AS
Jan 09 and June 09
Approx. 3 000 ton
30 persons in 15 cabins
BHP 16,320 - 2 MAK 6,00 kW at 750rpm
200 tons
2 x Morelli shaft generator (3 000 kW)
2 x Caterpillar C-18 (601 kW)
DP2 (Kongsberg)
NOR
Challenger: 3Q 2016, Commander: 3Q 2015
Vessel name:
Type:
Class:
LOA:
Breadth:
Yard:
Delivery:
Dwt:
Accommodation:
Main engine:
Bollard pull:
Main generator:
Aux. engines:
Dynamic position:
Flag:
DD/SS:
Estimated Cashflow
Operating revenue
Operating expenses
Dry docking
Interest earned
Interest expenses
Net financial items
Sale of vessel
Estimated dividend
2014
131 250 000
64 068 678
5 500 000
746 579
60 934 743
884 964
17 920 413
24 259 356
-41 294 805
19 639 938
2015
131 250 000
64 068 678
10 000 000
761 511
56 419 811
1 057 593
16 166 816
353 941 887
-369 051 110
700 000 000
387 368 701
0
421 020 785
Estimated Balance (01.12.2014)
Mortgage debt 1
Debt to Møkster
Revolving facility
Total
332 104 297
24 259 356
10 812 590
10 000 000
352 916 887
24 259 356
Interest
5,00 % p.a.
5,00 % p.a.
5,00 % p.a.
Balloon 2015
297 155 764
0
11 025 000
297 155 764
The interest rate is floating, and assumed interest rate is 5.00% incl. margin and
guarantee fee.
Entered into a revolving credit facility of NOK 10 000 000 in January 2014.
Repayment together with accrued interest.
Outstanding loan to Møkster will be repaid once the company has sufficient funds
to serve its commitments.
Working capital
Vessels
Total assets
2014
15 615 755
700 000 000
715 615 755
Loan to Møkster
Revolving credit facility
340 933 987
10 812 590
10 000 000
361 746 577
A residual value of NOK 700 000 000 en bloc has been assumed end of 2015.
Page 92
TDSC Opportunity AS - container asset play project
Date of analysis:
01.12.2014
1%
57 100
Key figures:
100 %
15 580 000
0
Net asset value sensitivity :
Vessel Value
Working capital
Debt
Net asset value
LOW CASE
4 500 000
710 000
1 000 000
4 210 000
BASE CASE
6 000 000
710 000
1 000 000
5 710 000
HIGH CASE
7 500 000
710 000
1 000 000
7 210 000
Corporate details
The Vessel
Thor Dahl Management AS
Jahre Wallem AS
Uncalled capital:
Established:
USD 14 250 000
USD 15 580 000
USD 0
10.06.2010
Assumed net TC-rate 15.09.2014-31.03.2015:
Assumed net TC-rate 01.03.2015-31.12.2015:
Operational expenses 2014*
Cash break even:
*Estimated operational expenses including management fee.
Estimated Cashflow
Operating revenue
Operating expenses
Interest expenses
Net financial items
MV Thorstream
Selfsustained Cellular Container Vessel, Type B-170
1 730 TEU (1 120 TEU at 14 tons homogenous)
200
23 000
Germanischer Lloyd
7 852
184.7 m
25.3 m
20 knots/ 54 mt
Stoczina Szczecinska, Poland
1 998
Cyprus
Sulzer - 6RTA62U - Cegielski 13 320 kw
4 x 30 tons single cranes
Apr. 2018
2014
2015
2 362 886
2 303 030
62 020
-2 164
150 000
-150 000
2 833 557
2 252 981
63 571
517 005
150 000
-150 000
-152 164
367 005
Estimated Balance (01.12.2014)
Participant loan
Total
Balance Annual Inst. 14 Annual interest
0
15,00 % p.a.
1 000 000
0
1 000 000
Balloon
0
0
A participant loan was provided in Q3 2012 to finance the advanced Dry Docking of
the Vessel. As the loan was not fully subscribed by all participants, a rate of 15% p.a.
will be paid. The interest will be paid quarterly in arrears. The Vessel serves as
security for the loan.
The participant loan will be repaid once the company has sufficient funds to serve its
commitments. No dividends will be paid prior to the participant loan being repaid in
full.
Working capital
Vessel
Total assets
2014
710 000
6 000 000
6 710 000
Outstanding debt
1 000 000
1 000 000
Page 93
USD 7 020 / day
USD 8 288/ day
USD 6 022 / day
USD 6 602 / day
Vessel name:
Type:
TEU:
Reefer capacity:
Dwt:
Class:
Ldwt:
LOA:
Beam:
Speed/Cons:
Yard:
Built:
Class/flag:
Main engine:
Cranes:
Next SS:
Thorstream is on a charterparty to Pacific International Lines Pte., Singapore until mid
March - mid June.
UACC Bergshav Tanker DIS - financial shipping project
Date of analysis:
01.12.2014
1%
160 150
Key figures:
100 %
14 540 000
5 910 000
IRR total capital:
LOW CASE
25 500 000
1,8 %
3,7 %
BASE CASE
30 000 000
11,0 %
7,9 %
HIGH CASE
34 000 000
17,9 %
11,3 %
* The Share price includes a 5% deduction on the the tax position of the
company.
Corporate details
The Vessel
Bergshav Tankers AS
Delivery:
Expiry of C/P:
BB rate net per day year 1-7:
USD 42 750 000
USD 11 540 000
USD 1 000 000
10.01.2011
10.01.2011
10.01.2018
Vessel name:
Type:
Class:
Dwt:
LOA/ Beam:
Speed:
Yard:
Built:
Flag:
Main engine:
USD 13 500
Next SS:
Charterer:
MT UACC Eagle
LR 1 Product Tanker
Lloyd's Register
73 427t
228.6m /32.3m
14.9 knots
New Times Shipyard, China
2 009
Marshall Island
MAN B&W, 2S.A. 6-cyl, Engine Model 5S60MC-C,
11,300kW @ 105 rpm
2019
United Arab Chemical Carriers Ltd., U.A.E.
Estimated Cashflow
Operating revenue
Interest expenses
Net financial items
2014
4 927 500
106 121
4 821 379
1 148 977
2 000 000
-851 023
3 970 356
2015
4 927 500
108 243
4 819 257
1 155 049
2 000 000
-844 951
3 974 306
2016
4 927 500
110 408
4 817 092
781 000
2 000 000
-1 219 000
3 598 092
Estimated dividend
1 850 000
1 650 000
2 100 000
Mortgage debt 1
Mortgage debt 2
Charterer's Credit
Total
15 318 750
1 500 000
1 381 250
500 000
4 275 000
0
20 975 000
2 000 000
Interest
Balloon 2018
6,48 % p.a.*
10 700 000
4,75 % p.a.**
0
0,00 %
4 275 000
14 975 000
The mortgage loan has total annual instalments of USD 2.0 million.
*Mortgage debt 1 is fixed until January 2016.
** Mortgage debt 2 has floating interest rate.
Working capital
Vessel
Total assets
2014
309 323
36 253 149
36 562 472
2015
323 531
34 316 304
34 639 834
2016
259 623
32 235 488
32 495 110
Charterer's credit
16 700 000
4 275 000
20 975 000
14 700 000
4 275 000
18 975 000
12 700 000
4 275 000
16 975 000
The charterer has a purchase option in January 2016 at USD 37 750 000 and in January
2018 at USD 34 000 000. The owning company has a put option towards the seller in
January 2018 at USD 25 500 000.
UACC Bergshav Tanker DIS has the following convenants towards the charterer: Ratio of
stockholders equity to at all times exceed 30% of total assets. Minimum tangible Net
Worth USD 100 million. USD 3 000 000 of the uncalled capital was called upon in Q3
2012 due to breach of the MVC covenant in the loan agreement, the amount was used
to repay the mortgage.
Page 94
UACC Ross Tanker DIS - financial shipping project
Date of analysis:
01.12.2014
1%
130 000
Key figures:
100 %
11 540 000
6 200 000
IRR total capital:
LOW CASE
25 500 000
-0,1 %
3,3 %
BASE CASE
30 000 000
11,6 %
7,5 %
HIGH CASE
34 000 000
20,1 %
10,9 %
* The Share price includes a 5% deduction on the tax position of the company.
Corporate details
The Vessel
Paid in capital:
Uncalled capital:
Delivery:
Expiry of C/P:
USD 42 750 000
USD 11 540 000
USD 4 000 000
30.12.2010
30.12.2010
30.12.2017
BB rate net per day year 1-7:
Charterer:
Vessel name:
Type:
Class:
Dwt:
LOA/ Beam:
Yard:
Built:
Flag:
Main engine:
MT UACC Falcon
LR 1 Product Tanker
Lloyd's Register
73 427t
228.6m /32.3m
New Times Shipyard, China
2009
Marshall Island
MAN B&W, 2S.A. 6-cyl, Engine Model 5S60MC-C,
11,300kW @ 105 rpm
apr.19
Next SS
USD 13 500
United Arab Chemical Carriers Ltd., U.A.E.
Estimated Cashflow
1 500 000
14 943 750
500 000
4 981 250
0
4 275 000
2 000 000
24 200 000
Operating revenue
Interest expenses
Net financial items
2014
4 927 500
106 121
4 821 379
1 331 028
2 000 000
-668 972
2015
4 927 500
108 243
4 819 257
1 288 363
2 000 000
-711 637
2016
4 927 500
110 408
4 817 092
914 813
2 000 000
-1 085 188
4 152 407
4 107 620
3 731 904
* Mortgage debt 1 is fixed until December 2015
Estimated dividend
3 900 000
1 600 000
1 900 000
** Mortgage debt 2 has floating interest rate.
Interest
Balloon 2017
6,70 % p.a.*
10 443 750
4,75 % p.a.**
3 481 250
0,00 %
4 275 000
18 200 000
The mortgage loan has total annual instalments of USD 2.0 million.
Working capital
Vessel
Total assets
2014
217 331
36 327 413
36 544 744
2015
148 225
34 381 390
34 529 615
2016
150 504
32 276 572
32 427 076
Charterer's credit
19 925 000
4 275 000
24 200 000
17 925 000
4 275 000
22 200 000
15 925 000
4 275 000
20 200 000
Page 95
Mortgage debt 1
Mortgage debt 2
Charterer's Credit
Total
The charterer has a purchase option December 2015 at USD 37 750 000 and a purchase
option December 2017 at USD 34 000 000.
The owning company has a put option towards the seller December 2017 at
USD 25 500 000.
UACC Ross Tanker DIS has the following convenants towards the charterer:
Ratio of stockholders equity to at all times exceed 30% of total assets.
Minimum tangible Net Worth USD 100 million.
5. Explanation of procedures and key figures:
Explanation of procedures and key figures in
real estate projects:
Common area maintenance charges
Costs such as maintenance, heating, electricity, janitorial
costs, service/maintenance of technical installations,
Pricing of projects:
shoveling snow and renovation, are typical common area
maintenance costs.
guidance for setting the market value for the project. In
Yield
projects where there has not been any recent
Within real estate, yield is a measure of the first year’s
transactions, other parameters, explained under, will
direct return. Yield is calculated by dividing net rental
largely dictate the valuation.
income (gross rental income – owners cost) with the
purchase price of the property.
Pricing of real estate projects:
The pricing of real estate projects is often based on yield-
Market value of property
assumptions, and market rent. The internal rate of return
Estimated property value is determined by dividing net
on equity is another important parameter. Positive and
rental income by the yield. The required yield level in a
negative values of fixed interest rates are not directly
project depends on the assumed risk in the project. For
included in the valuation, as this only becomes a
calculating the share price in the project, property value
cost/benefit if the project is sold. The effect of the fixed
after deferred tax is used. This is to compensate that you
rate is however taken into account in the cash flow
will not receive tax depreciation equal to the purchase
budget, and thereby reflected in the interest rate
price of the property when buying a company owning a
calculations. The value of any fixed interest rate is shown
property. The discount on the property price due to
in the valuations.
deferred tax liability is calculated by multiplying a
percentage by the difference between property value and
Key words:
tax-based value of the property including market value of
plot. The percentage varies based on the type of property.
Internal rate of return (IRR)
For property in Sweden, we use 5.5%. For property in
Measure for the internal rate of return on equity for both
Norway, with 2% depreciation rate, we use 7%, while
our shipping and real estate projects. IRR shows the
property with 4% depreciation rate we use 10%. The
annualized return of the project. Investors need to
depreciation rate used for projects in Denmark and
consider if the expected IRR of a project is satisfactory to
Finland is 10%.
them, when adjusted for risks in the project.
Net asset value
Cost of ownership
Net asset value:
Cost of ownership varies with different types of lease
Working capital + property value – outstanding debt.
agreements. In typical «bareboat» contracts, the owners
in most cases are only responsible for own administration
expenses and own insurance. In more standard contracts,
owner costs include insurance, real estate tax, fit-out
costs, and exterior maintenance of roof, facade and
windows. Replacement costs are also owners cost.
Owners cost will here also include common area
maintenance charges on vacancy space.
Page 96
Explanation of procedures and key figures in
shipping/offshore projects:
Key words:
IRR
Pricing of projects:
guidance for setting the market value for the project. In
projects where there has not been any recent
transactions, other parameters, explained under, will
largely dictate the valuation.
Pricing of shipping/offshore projects:
Pricing of shipping/offshore projects is often based on
cash-flow assumptions. Based on the risk level in the
project, we find an internal rate of return that we feel
matches the risk in the project. Risk factors can be
residual value of the ship, solidity of the charterer, charter
parties, spot market, the underlying market and loan
agreements. The uncertainty in these factors make
valuation of shipping/offshore projects challenging. For
See definition above.
Bareboat charter
An agreement for chartering a ship without crew, and
where the charterer has the technical and operational
risk. Owner is only responsible for own administration.
Charterer
Lessee of the ship.
Time Charter
Charter for a fixed period of time. The owner manages the
vessel, but the charterer decides where the vessel shall
go. The Owner pays the operational costs such as repairs,
crew costs, and insurance, while the charterer pays all
travel-related costs such as fuel costs, port charges,
commissions and loading and unloading costs.
projects without charter parties and projects with great
uncertainties, valuation is based on net asset value
calculations.
Page 97
The NRP Group of companies
Project &
Corporate Finance
Asset
Management
NRP Finans AS
NRP Asset
Management AS
NRP Business
Management AS
Aker
Eiendomsdrift AS
Asset
Management
Corporate management,
accounting, tax
and consulting
Real estate
management
Project arrangement & Syndication
Corporate finance and
M&A advisory
Corporate
Management Services
NRP Finans AS
Anne Elisabeth Næstvold
Christian Ness
Erlend Torsen
Fredrik Holter
Knut Ekjord
Markus Leandersson
Mats Olimb
Morten Berg
Nicolai Rosenberg
Ragnvald Risan
Thor Andreas Mjør
Tobias Gedde-Dahl
Tom Kjeldsberg
E-mail
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Office phone
22 04 81 67
22 00 81 80
22 01 79 61
22 04 81 53
23 11 78 39
23 11 39 76
23 11 78 38
23 11 78 37
23 11 39 75
22 00 81 82
22 04 81 68
22 04 81 66
23 11 78 36
Mobile
99 27 99 28
92 26 68 42
91 72 33 83
92 29 34 14
92 65 90 01
45 45 05 18
93 40 87 94
41 42 01 01
95 10 30 77
90 16 11 17
93 48 01 04
93 05 19 38
91 84 36 67
Alina Hategan
Anita Næsheim
Ann - Christin Hansen
Ann Helen Marthinussen
Anne Aspelin
Arild Kvalsvik
Birgitte Linge Dalen
Brita Randem
Elfrid Lislevatn
Grete Aasheim Anstice
Grethe Pedersen
Hege Korsmo Sæther
Heidi Hanson
Linda Cathrin Hansen
Maria Terese Olsen
Nina Ekhaugen
Oddny Skaug Stålesen
Ole Joachim Jonstang
Stine Haugen
Vibeke Vilhelmsen
E-mail
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Office phone
23 11 71 03
22 00 81 83
23 11 71 02
23 11 71 04
23 11 78 49
23 11 78 35
23 11 78 44
23 11 71 07
23 11 78 45
22 04 81 52
22 04 81 54
22 01 79 63
23 11 78 46
23 11 71 08
23 11 38 37
22 04 81 62
23 23 85 46
23 11 71 06
22 01 79 65
22 01 79 64
Mobile
93 00 80 50
97 50 07 20
48 03 18 66
97 70 15 70
93 05 23 52
92 46 99 80
99 62 90 52
99 22 72 01
99 01 91 83
94 01 98 04
95 70 25 84
90 60 73 49
95 76 72 53
98 80 45 35
41 66 69 66
90 58 57 55
41 43 64 67
92 05 75 45
91 13 90 18
91 68 45 00
NRP Holding AS
Elin Bentsen
Hilde Knudsen
Wenche Solbakken Johansen
E-mail
[email protected]
[email protected]
[email protected]
Office phone
23 11 78 34
22 01 79 60
23 11 78 42
Mobile
92 61 84 58
93 41 06 10
93 25 53 19
27.11.14 12.52
2141173 • Bolt Communication AS • www.boltcommunication.no
Market Report
December 2014
NRP Finans AS
Haakon VIIs gate 1
Postbox 1358 Vika
0113 Oslo
Telephone: +47 22 00 81 81
Telefax: +47 22 00 81 91
E-mail: [email protected]
Homepage: www.nrp.no
27.11.14 12.52

Market Report

Transcription

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