The Olav Thon Group is a collective term for businesses indirectly owned by the Olav Thon Foundation, and primarily operates within the property and hotel sector.

In 2013, the Olav Thon Group recorded a turnover of NOK 8.3 billion and employed 3,147 full-time equivalents at the year-end. The Group is divided into two divisions: Thon Eiendom and Thon Hotels.

Thon Eiendom
The Group owns around 480 properties in Norway and 25 abroad. The Group also has around 40 properties at its disposal on long-term leases. As at 1 January 2014, the rental value was NOK 4,200 million.

Based on rental value, the property portfolio is divided as follows:

  • Retail 64 %
  • Hotels 15 %
  • Offices 14 %
  • Other 7 %

The portfolio is distributed geographically as follows:

  • Oslo region 56 %
  • Rest of Norway 18 %
  • Other Norwegian cities 17 %
  • Abroad 9 %

In 2013, the total turnover in the Group’s 98 shopping centres (owned/managed) was NOK 61.5 billion, which represents an increase of 2 % over the previous year.

Thon Hotels
Thon Hotels is one of Norway’s leading hotel chains and at the turn of the year had around 9,000 rooms split between 63 hotels, in addition to1,750 rooms split between five hotels and two apartment hotels in Belgium, along with one hotel in the Netherlands and one in Sweden.

Thon Hotels is a dominant player in the Oslo and Bergen city regions, with business travel as its main focus area.

In addition to the hotels’ catering services, the Group operates several catering establishments, including the Scotsman, Tre Brødre and Tostrup Utesevering in Oslo.

Other businesses
Other businesses account for a minor part of the Group’s revenue and profits. The largest entity is Unger Fabrikker, an industrial company.

Establishment of the Olav Thon Foundation
The Olav Thon Foundation was established in December 2013, and Olav Thon gave all the shares in the Olav Thon Group to the Foundation.

Olav Thon Gruppen AS is the parent company of the Olav Thon Group (the Group), which encompasses the businesses owned through the two sub-groups: Thon Holding and Olav Thon Eiendomsselskap.

Up to and including 2012, the Olav Thon Group was not a legal group, but a collective term for the businesses owned by Olav Thon, including the single proprietor enterprise Olav Thon. These are no longer part of the Olav Thon Group and the figures in the annual report have been reworked so that they are comparable.