Thon Holding Thon Holding

THON HOLDING | ANNUAL REPORT 2016 Key figures 2016 2015 2014 6 462 5 949 5 657 1 231 1 039 1 180 311 323 355 888 836 837 8 856 8 096 7 390 41 % 41 % 39 % 21 765 19 881 19 073 1 299 1 022 1 166 Liquidity reserve 2) 2 099 3 239 3 714 Amortisation next 12 months 2 627 2 460 3 038 7,1 8,5 7,0 5,4 4,3 4,6 10 292 9 331 9 236 39 % 31 % 26 % 2,2 2,8 2,2 3,22 % 3,61 % 3,85 % 50 % 59 % 58 % Net investment 2 622 1 245 1 489 Annual rental income 4) 2 200 2 100 1 975 1 % 1 % 1 % 18 284 16 926 15 912 11 610 11 482 11 054 RevPAR (Revernus per available room) (NOK) 477 476 461 Room rates (NOK) 837 835 811 57 % 57 % 57 % NOK million PROFIT Operating income Operating profit Net interest expenses Profit before tax FINANCIAL STRENGTH Book value of equity Book equity ratio Total assets LIQUIDITY Net cash flow from operations 1) Net interest-bearing debt / Net cash flow from operations Interest coverage ratio 3) FINANCING Interest-bearing debt Share of foreign currency loans Average duration debt (years) Interest rate at 31 Dec Interest rate hedging (over 1 year) PROPERTY Vacancy rate Book value property portfolio HOTELS 5) Hotel rooms Occupancy rates 1) 2) 3) 4) 5) 44 Net cash flow from operating activities - Change in working capital Bank deposits etc. + Undrawn borrowing facilities (Operating profit + Depreciation/write downs) / Net interest expenses Includes market rent for vacant premises Thon Hotels

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