Steen & Strøm saw growth in retail sales at its shopping centers in 2009, in addition to growth in rental income. However, negative value adjustments of shopping centres and projects decrease profits. Lower interest rates have a positive impact on the profit. The group had a negative pretax profit in 2009 of NOK -304,0 million (NOK 207.6 million).

It was invested NOK 1 821.9 million in 2009, mainly on projects at existing shopping centres. Recorded assets amounted to NOK 26.6 billion as of 31.12.2009, while group net interest-bearing debts amounted to NOK 15.6 billion. The book equity-to-assets ratio amounted to 27.3 %.

Steen & Strøm has a solid financial foundation based on attractive shopping centers with longterm rental contracts mainly with large retail trade operators as tenants.

Other highlights:
• Retail sales rose by 1.6 % at shopping centers managed by Steen & Strøm. For comparable floor space, there was a decline of 0.4 %. Comparable figures on a national basis were 1.5 % in Norway, 0.6 % in Sweden and -4.1 % in Denmark, respectively.
• The shopping centers saw an increase in rental income of 6.7 % in 2009 compared with 2008.
• Operating profits for the shopping center business increased from NOK 1 077.8 million in 2008 to NOK 1 155.5 million in 2009.
• Value adjustments of the shopping centers and projects amounted to NOK -735.7 million in 2009 compared with NOK -568.0 million in 2008. The valuation of the shopping centers is based on an average yield of 6.3 %.
• The average loan interest rate was 3.9 % in 2009 compared to 6.0 % in 2008.

Download Annual Report 2009 (pdf).