RomReal : Second Quarter (Q2) 2017 Financial Results and Investor Presentation
24 August 2017 - 10:45PM
RomReal hereby presents the
Q2 2017 highlights:
Net Asset Value
(NAV)
-
Net Asset value was EUR 0.44 (NOK 4.08) per
share, 4% down compared to the end of Q1 2017. The decrease in NAV
is mostly due to transaction costs during the second quarter
related to the finalisation of previously announced plots
disposals.
-
More correctly, the NAV would have been EUR 0.48
(NOK 4.45) if the value from all Q1 2017 plot sales transactions
has been permitted according to IFRS applied to all sold
properties.
Operational
highlights
-
After the end of the quarter, the Company
managed to close further two sales of assets at prices commanding
an average premium of about 22% over the carrying value in the end
2016 IFRS accounts, totalling proceeds about EUR 0.61 million after
sales commissions.
-
Carrefour plot (No. 8 on the
list): presale agreement signed in July 2017 for a total price
of EUR 65,000 of which EUR 5,000 received. The transaction for this
farmland plot is expected to be concluded immediately after
the pre-emption right legal period is over. Such is expected to be
finalised and the difference in price collected by October
2017.
-
Ovidiu Town (No.3 on the
list) was also sold and paid early August.
-
Hospital plot (No.9 on the
list): The Urbanization Certificates referring to the main
building characteristics of the plot as well as that for the
demolition of the old buildings, currently on the plot, have been
obtained from the City Hall. The plot is offered for sale on the
market at present.
-
Ovidiu Lakeside (No. 1 on the
list): the new planning permission (PUZ) was obtained on 2
August 2017.
Financial
Results
-
Net Result for the quarter was EUR 802,000 loss
compared to a EUR 848,000 loss in 2Q 2016. Operating cash flow for
the quarter was a negative EUR 2,182,000 compared to minus EUR
219,000 in the same period last year. The operational cash outflows
include the income tax payment related to the sales closed in H1
2017.
-
By the end of the quarter, the Company has a
cash position of EUR 2.5 million plus the remainder of the seller's
credit of about EUR 1.2 million and EUR 0.61 million from the
recent, after quarter plot sales, totalling at about EUR 4.3
million or about EUR 0.10 per share.
Macro and real
estate market highlights
-
Romania recorded the biggest economic growth in
the European Union of 5.7% in the second quarter compared to the
same period of last year, according to Eurostat, the statistics
office of the EU, published on the 17 August.
-
According to the online real estate platform
immobiliare.ro, asking prices in Romania registered an increase of
10.6% year on year. Still these prices are about 45% below peak
prices in 2008. Prices in Constanta have reached to EUR 1,044 /sqm,
a 9.2% increase year on year.
A recorded investor presentation will be made
available tomorrow Friday 25 August at 10:00am CET at
www.romreal.com
For further information
please contact:
Harris Palaondas
IR
investors@romreal.com
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
RomReal Q2 2017 Report
RomReal Q2 2017_Presentation
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: RomReal via Globenewswire
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