Ruric: Interim Report for January - June 2012
(Thomson Reuters ONE) -
PRESS RELEASE / August 28, 2012
Ruric Publishes Interim Report for January - June 2012
The main items of the Interim Report are:
* Net turnover for the interim period amounted to SEK 20.4 m (20.3).
* The result after tax amounted to SEK -151.0 m (-10.0).
* Earnings per share amounted to SEK -1.45 (-0.10) mainly because of
revaluation of Moika Glinki and Apraksin Dvor in Q1 interim financial
statements.
* Book value of the properties amounts to SEK 811.4 m (911.8).
* Vacancy rate in the three business centres was reduced. As per 30 June it
amounted to 7.4 (12.6) per cent.
* The valuation of Moika Glinky was adjusted to SEK 258.5 m (325.4) in Q1 due
to new legal opinions confirming complete restrictions for new construction.
* The valuation of Apraksin Dvor was adjusted to SEK 41.8 m (78.2) in Q1 to
reflect the current estimation of the amount, recoverable from rescinding
the project.
* Ruric signed an additional agreement, which officially allows the sublease
of Fontanka 57 with the City.
* Several attempts were made to purchase 50% share of Fontanka 57 from Scorpio
Real Estate, but were blocked by bondholders. Ruric later had a first-right-
of-refusal after Scorpio received a bid of SEK 38.3 m (USD 5.5 m) in cash
from a third party. The agreement is to be approved by the bondholders of
Scorpio. The first-right-of-refusal was not exercised by Ruric due to lack
of funds to finish the Fontanka 57 project.
* Ruric made an official proposal to its bondholders to convert their bonds to
share at SEK 3.6 per share, which was not accepted by the bondholders.
Intensive work to find a long-term solution to Ruric's debt burden still in
progress. In August 2012 Ruric signed a contract with Alfa Bank to be the
exclusive financial advisor for restructuring.
Russian Real Estate Investment Company AB (publ)
For additional information
Ingvar Ljungqvist, CEO
Phone +46 8 509 001 01
Email iljungqvist(at)ruric.com
Denis Savinkin, CFO
Email dsavinkin(at)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.
Ruric Interim Report for January-June 2012:
http://hugin.info/141656/R/1636831/526116.pdf
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Source: Russian Real Estate Investment Company via Thomson Reuters ONE
[HUG#1636831]
Unternehmensinformation / Kurzprofil:
Datum: 28.08.2012 - 19:34 Uhr
Sprache: Deutsch
News-ID 178347
Anzahl Zeichen: 3748
contact information:
Town:
Stockholm
Kategorie:
Business News
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