Statutory Net Asset Value (NAV)
Under IFRS the NAV was EUR 0.5 (NOK 4.4) per share at the end of Q4 2013, a decrease of 8.6% compared to the end of Q3 2013 and adjusted to the new number of 41,367,783 shares following the 2.5:1 reverse stock split in December 2013. The 8.6% decrease in NAV is due to a 5.3% adjustment of the value of the property portfolio and 3.3% due to the foreign exchange movement.
Valuation
The Company has commissioned an independent valuation by Knight Frank Romania, and reflected the results in the financial statements reported at the end of this quarter. This resulted in a 5.3% downwards adjustment of the value of its investment property, in line with the average market trend.
Financial Results
Pre-tax loss in Q4 2013 was EUR 2.25 million. Total assets at end of Q4 2013 were EUR 33.9 million compared to EUR 34.8 million at end of Q4 2012.
Reverse Share Split
The reverse share split had as a result that the total number of shares in the Company were reduced from 103,419,456 to 41,367,783 and the nominal value of each share changed from €0.001 to €0.0025. The reverse share split did not change the value of the Company's share capital, which remains at €103,419.
Plot division and sales
One of the plots in the Company's land bank has obtained its Urban Certificate in order to be divided into smaller plots. The Company has sold one of the divided plots that was fully paid.
Macro news
A flash estimate from the National Statistics Institute suggests Romania's GDP growth in 2013 reached 3.5% percent. The strong agricultural year together with high export demand, were the main growth drivers. Nevertheless, the aforementioned drivers keep the future growth prospects strongly linked to Europe's performance. While future performance is expected by most analysts to be more moderate, the recent appetite investors had for Romania's bond issue indicate a certain degree of optimism.
RomReal invites investors, analysts and media to the conference call, to be held on Friday, 07 March 2014, at 9.00 a.m. Oslo time.
Those who would like to attend the conference call are invited to dial:
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| For further information please contact: Harris Palaondas Investor Relations RomReal Ltd +0040731123037 investors@romreal.com info@romreal.com www.romreal.com | |||||||||||||||||