RomReal Q3 2009 Results

 

Statutory Net Asset Value (NAV) under IFRS was EUR 1.06 (NOK 9.4) per share at the end of Q3 2009, a decline of 9.4% compared to the end of Q2 2009.

 

Due to the general uncertainty in the Romanian real estate market and a very low number of transactions, the Board have taken the decision to write down the land bank with 8%. This has been done on an asset by asset basis.

 

Pre-tax loss in Q3 2009 was EUR 5.98 million. Total assets at the end of Q3 2009 were EUR 70.18 million.

 

Ongoing operational expenses (adjusted for extraordinary items) were about 60% lower in Q3 2009 than in Q3 2008, reflecting the reduced number of employees and very firm cost control.

 

The construction work on the Corallia apartment project is formally completed as the official hand-over document ("Proces Verbal la Terminarea Lucrarilor") has been signed by representatives of RomReal, Constanta City Hall and the construction company Baumeister.

 

Following the hand-over, some small works are being conducted to clean the site and correct minor snags. Going forward, RomReal will proceed to complete all formal administrative filings and then initiate the handover of the flats/commercial areas to the buyers.

 

 

RomReal invites investors, analysts and media to the results conference call, to be held at 9.00 a.m. Oslo time on Friday 13 November 2009.
 
Those wishing to attend the call are invited to dial:

International Dial-in number: +44 1296 311 600
UK Direct dial-in number: 01296 311 600
Other Global Access Numbers:
http://www.btconferencing.com/globalaccess/?bid=50_attended&v=2
 
Participant passcode: 920 198#
 
  

The call will be recorded and made available to download from www.romreal.com.
 
For further information, please contact:
 

Ulf Lund, Investor Relations

 

Tel:   +44 20 7802 1928

Mob: +44 7920 501 090

E-mail: investors@romreal.com