Ruric Interim report January - March 2012
(Thomson Reuters ONE) -
Ruric Publishes Interim Report for January - March 2012, announces loss due to
write-downs in two assets and invites to investor conference call
Press release 28-05-2012
The main items of the Interim Report are:
* Net turnover for the interim period amounted to SEK 10.3 m (10.6).
* The result after tax amounted to SEK -134.3 m (-0.5).
* Earnings per share amounted to SEK -1.29 (0.00) mainly because of
revaluation of Moika Glinki and Apraksin Dvor.
* Book value of the properties amounts to SEK 771.5 m (911.8).
* The valuation of Moika Glinky has been adjusted to SEK 245.8 m (325.4) due
to receipt of legal opinions confirming that there are prohibitions in place
preventing the development of any new buildings on the site. The Company has
been unable to establish that any exception to this prohibition would be
enforceable to the project.
* The valuation of Apraksin Dvor has been adjusted to SEK 39.7 m (78.2) to
reflect the current estimation of the amount, recoverable from rescinding
the project.
* Agreement reached with the partners for Fontanka 57, Scorpio Real Estate, to
buy out their shares. The agreement is to be approved by the bondholders of
both Ruric and Scorpio.
* Intensive work to find a long-term solution to Ruric's debt burden.
Mr Adam Fischer, CEO of Ruric in a comment:
"Since inauguration in January Ruric's management has used the first quarter of
2012 to scrutinize the Company's standing. Unfortunately this work has revealed
a number of inconsistencies, both regarding the assets and the internal control.
One of these inconsistencies concerns payments to Mr Nilsson. These
inconsistencies need to be clearly communicated. The management is committed to
transparency and close communication with the market in general and all
stakeholders in particular. In the long run the company is certainly better off
presenting facts even when they are difficult to accept."
In order to elaborate on the Interim Report and provide opportunity for
investors and media to ask questions Ruric hereby invites to a telephone meeting
today at 13:00. Please dial in on +46 (0)77 410 10 40 for Swedish instruction or
+46 (0)77 410 10 45 for English instruction and use the pin-code 1425.
Russian Real Estate Investment Company AB (publ)
For additional information
Adam Fischer, CEO
Phone +46 8 509 00 101
email afischer(at)ruric.com
web www.ruric.com
ABOUT RURIC
Ruric's business strategy is to manage real estate in the centre of St
Petersburg. In addition Ruric shall also acquire real estate and implement value
creating additional investments at attractive conditions. Through professional
management and good tenant relations spaces of high class are offered to tenants
looking for possible spaces in central locations willing to pay for it. Ruric
offers primarily office- and retail premises.
Ruric's Certified Advisor at First North is Erik Penser Bankaktiebolag.
Interim report:
http://hugin.info/141656/R/1615259/514905.pdf
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Source: Russian Real Estate Investment Company via Thomson Reuters ONE
[HUG#1615259]
Unternehmensinformation / Kurzprofil:
Datum: 28.05.2012 - 11:21 Uhr
Sprache: Deutsch
News-ID 150379
Anzahl Zeichen: 4067
contact information:
Town:
Stockholm
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"Ruric Interim report January - March 2012"
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Russian Real Estate Investment Company (Nachricht senden)
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