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Q4 .06 QUARTERLY REPORT

Q4 .06 QUARTERLY REPORT. Agenda. Highlights Hotel property market Financial performance Q4 2006 Outlook for 2007. Highlights. NORGANI HOTELS ASA. Q3.06 – 14 Nov 06 P. 3. Continued strong performance. Pre tax return on paid in equity 51%, ahead of goal of 15%

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Q4 .06 QUARTERLY REPORT

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  1. Q4.06 QUARTERLY REPORT

  2. Agenda • Highlights • Hotel property market • Financial performance Q4 2006 • Outlook for 2007

  3. Highlights NORGANI HOTELS ASA Q3.06 – 14 Nov 06 P. 3

  4. Continued strong performance • Pre tax return on paid in equity 51%, ahead of goal of 15% • Operating net NOK 515 mill (120) • Net profit NOK 710 mill (225) • Incl. fair value adj on properties of NOK 613 mill (200) • Cash flow from sale of 7 hotels NOK 103 (0) mill • Proposed dividend NOK 4.00 per share (0.00)

  5. Six hotels sold in Q4 • Four Danish hotels - Clarion Hotel Copenhagen and the Scandic Hotels in Hvidovre, Kolding and Glostrup • Sale price NOK 686 mill • Cash-flow NOK 91 mill • Hotel Linné in Uppsala, Sweden • Sale price NOK 68 mill • Cash-flow NOK 3 mill • Lappinporti in Rovaniemi, Finland • Sale price NOK 6 mill • Cash-flow NOK 2 mill

  6. Events after 2006-12-31 • Gunghästen, Malmö sold in Feb 2007 • Sales price SEK 81 mill • Cash-flow SEK 10 mill

  7. Hotel property market NORGANI HOTELS ASA

  8. Strong fundamentals for hotel property • RevPAR increased in all Nordic countries – expected to continue • Strong demand for business and leisure travel • Operators are divesting properties and more investment activities leads to increased liquidity and transparency • Norgani maintains its strong competitive position • Risk in hotel investments overestimated

  9. 195 180 165 150 Index 135 120 105 90 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Source: SEB Enskilds RevPAR up in all Nordic countries

  10. High growth in global travel and tourism consumption 7,000 21% 6,000 18% 5,000 15% 4,000 12% 3,000 9% 2,000 6% 1,000 3% 0 0% 2001 2002 2003 2004 2005E 2006E 2016P Personal Travel & Tourism Business Travel & Tourism Total annual change (RHS) USDbn Source: WTTC

  11. Increasing European hotel transactions volume

  12. Norgani – Europe’s 5th largest hotel investor Source: Jones Lang LaSalle 2006

  13. Norgani’s size and specialization –a competitive advantage • Good knowledge and insight in hotel industry • A unique opportunity to a long term cooperation with operators • Mutual, further development of hotel properties and business • Discuss and negotiate groups of hotels, not just individual properties • Financial capacity and flexibility

  14. The market’s view on risk and return Return hotel office Risk

  15. Office revenue* and RevPAR, Oslo 1,60 1,40 1,20 1,00 0,80 0,60 0,40 0,20 0,00 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Office revenues RevPar * Adjusted for vacancy Source: ABG Sundal Collier #REF!

  16. Office revenue* and RevPAR, Stockholm Net Rent SEK/sqm RevPAR 5 000 1 000 4 500 900 4 000 800 3 500 700 3 000 600 2 500 500 SEK/sqm 2 000 400 RevPAR 1 500 300 1 000 200 500 100 0 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 * Adjusted for vacancy Source : Nutek och SCB, Newsec

  17. Financial performance NORGANI HOTELS ASA

  18. Q4 key figures

  19. Q4 key figures

  20. Property value adjustments • Based on a discounted cash flow method • Total increase in value of property portfolio in 2006 of 7.4% • External valuation of all properties over 2 years • Total market value of the portfolio NOK 9 452 mill • Fair value adjustments 2006 NOK 613 mill (200)

  21. Outlook NORGANI HOTELS ASA

  22. Outlook for 2007 • The hotel property market remains attractive and offer opportunities • Norgani will continue to expand and adjust the hotel-portfolio with focus on diversification among operators and markets

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