Animals clean blow for Stordalen – OBI Online

(Finansavisen): Home Invest company Petter Stordalen has gathered all its hotel and real estate investments. In addition, the company invests surplus liquidity in an attempt to beat the bank interest rates, Finance writes newspaper.

Thanks to seven more hotels in its portfolio and the sale of 11 properties, increased Group revenues by 863 million last year. Property gains accounted for 290 million of revenue.

The operating costs are also under control and thus the result was NOK 512 million, an improvement of 73 percent in one year.

It can certainly complain about, Finance writes newspaper. But operating profit could have been even better had it not been for an impairment loss of nearly 150 million.

In the financial statements disappeared even more money out. Accounting department to Stordalen had to post an unrealized loss related to interest rate hedges at around 410 million.

– Tied at a higher level than market rates

The group has nearly five billion in debt. To what conditions the company would not disclose, but does something revisorisk dry in an e-mail.

“We have bound at a higher level than market rates. That is why we take a loss. “

When the ordinary expenses of the debt was paid, the financial result ended sharply at minus side. The entire operating disappeared and profit before tax was NOK 59 million. It stands in stark contrast to the handsome profit in 2013 was NOK 420 million.

– The results show that the underlying operations have been in progress, but that the result burdened by interest rate hedges and even expenses, says Stordalen to Financial newspaper.

Good rigged for growth

Glad as he always is, and his eternal focus on the positive and not the negative, as he says himself delighted with 12 percent top line growth.

– Now we are well equipped to continue its growth and 2015 looks to be a good year, says Stordalen.

Although the group achieved a net income of NOK 11 million, as showed the company accounts in Home Invest a minus profit of 208 million.

The hotel business to Stordalen started in Norway, but now Sweden bigger than the country in turnover. Last year the revenue was from Sweden 3.74 billion, NOK 27 million higher than in Norway.

– We believe the hotel market. We will be number 1, says Stordalen said.