RomReal hereby presents the main highlights of the 4th quarter 2011 results:
- Statutory Net Asset Value (NAV) under IFRS was EUR 0.55 (NOK 4.3) per share at the end of Q4 2011, a decline of 11% compared to the end of Q3 2011. This is mainly the result of a writedown of the value of the Group's Investment property as a result of the annual independent valuation that has been carried out.
- The Group performed the yearly independent land bank portfolio valuation which resulted in a writedown of 8% compared to the end of 2010.
- Pre-tax loss in Q4 2011 of EUR 3.4 million. Total assets at the end of Q4 2011 were EUR 39.42 million.
- The Company is further focusing its resources to divest some of its land bank in order to release cash and strengthen its financial position.
- The Company has ongoing communication with Alpha Bank regarding the outstanding secured loan of EUR 11.6 million.
RomReal invites investors, analysts and media to the conference call, to be held at 9.00 a.m. Oslo time.
Those who would like to attend the conference call are invited to dial:
Those who would like to attend the conference call are invited to dial:
| Participant joining details | |
| UK Freefone: | 0800 389 7473 |
| UK Direct: | 01296 480 180 |
| International direct: | +44 1296 480 180 |
| Global Access Numbers: | http://www.btconferencing.com/globalaccess/?bid=54_automated |
| Passcode: | 615 068# |
The conference call will be recorded and made available to download from www.romreal.com <http://www.romreal.com/> shortly after the call has ended.
For further information, please contact:
Harris Palaondas, Investor Relations
Mob: +40 731123037
E-mail: investors@romreal.com
For further information, please contact:
Harris Palaondas, Investor Relations
Mob: +40 731123037
E-mail: investors@romreal.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
