Olav Thon Group had sales of approx. NOK 8.8 billion and employed about 3,160 FTEs in 2014. The Group is divided into two divisions: Thon Property and Thon Hotels.
Thon Property is the market leader in property, with 104 shopping centres and about 500 commercial properties. The listed company Olav Thon Eiendomsselskap ASA is part of the Property division. Rental income at 1 January 2015 was NOK 4.6 billion. The property portfolio is divided into the following segments (based on rental value):
- Retail 65%
- Offices 14%
- Hotels 14%
- Other 7%
The geographical distribution of the property portfolio is as follows:
- Oslo region 53%
- Other towns in Norway 17%
- Other cities in Norway 17%
- Abroad 13%
At the end of the year, the shopping centre portfolio comprised 104 shopping centres, 35 of which are managed for external owners.
The Norwegian shopping centre portfolio owned by the Group consists of 61 shopping centres. Retail sales for this segment of the portfolio were NOK 47.7 billion in 2014.
The Group’s position in the Swedish shopping centre market was strengthened by the acquisition of five shopping centres in 2014. This increased the Swedish shopping centre portfolio to 8 shopping centre properties at the end of the year. Total retail sales for the portfolio were SEK 10.4 billion.
Thon Hotels is one of Norway’s leading hotel chains, with about 9,300 rooms in 65 hotels in Norway at the end of the year. In addition, the hotel chain has 1,750 rooms abroad, spread over five hotels and two apartment hotels in Belgium, one hotel in the Netherlands and one in Sweden. Thon Hotels is a dominant player in the metropolitan regions of Oslo and Bergen, focusing mainly on business travellers.
In addition to the hotel restaurants, the Group has several separate restaurants, including Scotsman, Tre Brødre and Tostrup Uteservering in Oslo.
Other operations account for a small proportion of the Group’s income and earnings. The largest entity is the industrial company Unger Fabrikk.
Olav Thon Foundation
The Olav Thon Foundation was established in December 2013, when all shares in Olav Thon Gruppen AS were transferred from Olav Thon. The purpose of the foundation is to own and develop Olav Thon Group’s business activities. The foundation may also contribute to charitable causes.