For 2023, Olav Thon Holding received revenues of NOK 9.15 billion and a profit before tax of NOK -2.27 billion. The result decreased from 1.1 billion plus in 2022, while turnover increased from 8.18 billion the previous year.
It is particularly changes in value in investment property and financial instruments that weigh on the accounts. In total, values of NOK 3.47 billion disappeared throughout last year, against a decrease of NOK 218 million the year before.
The group, which primarily consists of the hotel chain Thon Hotels and the property company Thon Eiendom, has equity of NOK 33.8 billion, up from NOK 25.3 the previous year. The equity share in the group is 60 per cent.
Increase in hotels and property
The hotel portfolio counted 94 hotels in Norway, Belgium and the Netherlands through 2023, and just over 14,000 rooms.
“As a major player, Thon Hotels is influenced by developments in the Norwegian hotel market. Against the background of persistent economic uncertainty both in Norway and internationally, a stable or somewhat weakened hotel market is expected in the future,” the report states.
Thon Eiendom, which includes housing, commercial property and shopping centres, had rental income of NOK 3.1 billion, up from NOK 2.75 the previous year. This company is listed on the Oslo Stock Exchange, and rose 6 percent through 2023. In comparison, the share is up 23 percent so far this year.
“The market for commercial property developed weakly in 2023, and the sharp increase in financing costs resulted in significantly lower demand for commercial property,” the company writes.
“The group’s solid market position and financial position are expected to be able to contribute to continued good operational profit development in the future, despite significantly higher interest rates and persistent uncertainty about economic development,” it continues.
Olav Thon Holding is owned by the Olav Thon Foundation.
Tags: Billion blast Thon Finansavisen
