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Nordlys AB: Report Q4 2015 Nordlys AB (publ)

Report Q4 2015

Nordlys AB (publ)

Management Commentary

Adjustments in relation to 2015 annual accounting affect Q4 2015, i.e.
financial costs. Thus, the result of Q4 2015 is not comparable to the budget.

However, accounting adjustments do not affect the operating activities.
Revenues deviate positively from budget due to the sale of the Finnish
building rights. The new tenant in Finland who has a rent-free period
throughout Q4 2015 has partly offset this. Operating costs are at a higher
level than budget in both operating entities; Galliaden AB and Turku Ausade
Hotelli Oy. It regards i.e. property tax and the contribution to the
renovation in Finland.

Administrative costs are higher than budget due to extraordinary costs to
realtors, attorneys, and postponed costs regarding the IFRS conversion.

At the end of a financial year, tax is regulated and reflects IFRS. IFRS
likewise affects depreciations and valuation of the properties. DTZ Finland
Oy and Jones Lang LaSalle, Sweden have conducted new valuations of the
Finnish and Swedish portfolios In December 2015, respectively. The new
valuations have caused positive value adjustments.

Financial costs in Q4 2015 comprise interest costs on the Bond and interest
costs on the Shareholder's loan and reflect adjustments referring to 2015
annual accounting. Actual Q4 2015 interest costs on the Bond is SEK 10,8 m
and SEK 759t regarding the shareholder's loan which are being rolled up.

Moreover, exchange adjustments are not realized. Due to the development of the
EUR exchange rate throughout Q4 2015 exchange adjustments are a significant

The cash position has dropped compared to previous quarter, due to
amortization and no rental income from the new Finnish tenant. Throughout
2016 cash will accumulate as the Finnish hotel tenant starts to pay rent in
February 2016 and next amortization is not until Q3 2016.

All covenant tests are met.

Q4 2015 Report Nordlys AB (publ)


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nordlys AB via Globenewswire


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