RomReal Q4 2010 Results
(Thomson Reuters ONE) -
RomReal hereby announces the highlights in connection with the Q4 2010 results:
* Statutory Net Asset Value (NAV) under IFRS was EUR 0.63 (NOK 4.9) per share
at the end of Q4 2010, a decline of 21.8% compared to the end of Q3 2010.
This was mainly a result of a decrease in the value of investment
properties as determined by the independent valuator. The significant lack
of transactions in the current Romanian real estate market makes it very
difficult for the valuators to find meaningful transactions that can serve
as benchmarks for valuations.
* With the latest asset writedown, the book value of RomReal's land bank is
now roughly 70% lower than it was at the peak of the market in early 2008.
* Pre-tax loss in Q4 2010 of EUR 9.82 million due to the asset writedown that
has absolutely no cash effect on the Company. Total assets at the end of Q4
2010 were EUR 44.37 million.
* The company has sold one of its plots, the Bus Station plot located in
central Constanta, with a size of 5,437 sqm for EUR 2.3 million.
* During Q4 2010, the company has signed an extension to the loan agreement
with Alpha Bank to prolong the maturity of the loan for another 2 years
until 30 November 2012. As part of the process the company made a partial
repayment of the loan principal amounting to EUR 2.1 million.
RomReal invites investors, analysts and media to the results conference call, to
be held at 9.00 a.m. Oslo time on Friday 25th February 2011.
Those who would like to attend the conference call should dial:
Participant joining details:
UK Freefone dial-in number: 0800 169 0968
UK Direct dial-in number: 0208 996 3943
International direct dial-in number: +44 208 996 3943
Passcode: 293 387#
The conference call
will be recorded and made available to download from www.romreal.com shortly
after the call has ended.
For further information, please contact:
Harris Palaondas,
Investor Relations
Mob: +40 73 11 23 037
E-mail: investors(at)romreal.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
RomReal Q4 2010 Investor Report:
http://hugin.info/138565/R/1492346/428086.pdf
RomReal Q4 2010 Investor Presentation:
http://hugin.info/138565/R/1492346/428085.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: RomReal via Thomson Reuters ONE
[HUG#1492346]
Unternehmensinformation / Kurzprofil:
Datum: 25.02.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 51895
Anzahl Zeichen: 3410
contact information:
Town:
Hamilton
Kategorie:
Business News
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"RomReal Q4 2010 Results"
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