Go to main content

The Olav Thon Group: Annual Report 2023

The board of the Olav Thon Group presents the annual report for 2023.

Highlights 20023

Operating income

  • Total operating income amounted to NOK 13,625 (12,184) million.

Result for the year

  • Profit before income tax was NOK - 4,359 million (4,300 million).
  • Fair value adjustments of investment property and financial instruments
    amounted to NOK -8,337 (364) million.
  • Profit before income tax, fair value adjustments/depreciation and currency
    result amounted to NOK 4,332 (3,918) million.

Financial position

  • The Group’s equity at year end amounted to NOK 64,500 (67,758) million
    and its equity ratio was 56% (57%).
  • The Group’s loan-to-value ratio was 27% (27%).
  • Total liquidity reserves were NOK 10,731 (10,382) million.

Property portfolio

  • The rental income level in the property portfolio at the end of 2023 was
    NOK 6,900 (6,140) million and the vacancy rate was 4.4% (4.4%).

Shopping Centre Retail Sales

  • Retail sales in the shopping centre portfolio owned by the Group amounted
    to NOK 79.6 (74.6) billion. At year end, the Group owned 71 shopping
    centres and managed 17 for other owners.

Thon Hotels

  • At year end, Thon Hotels had 14,057 (13,386) rooms in 94 (89) hotels in
    Norway and abroad.