RomReal : Fourth quarter (Q4) 2016 results and Investor Presentation
16 Février 2017 - 9:55PM
RomReal hereby presents the main highlights of the
fourth quarter 2016:
Net Asset Value
(NAV)
-
Net Asset value was EUR 0.44 (NOK 3.97) per
share, 4.0% up compared to the end of Q3 2016. The increase in NAV
is mainly explained by the new year end valuation by Knight Frank
Romania. The new valuation gave a 9.3% increase in the property
value on a comparable plot basis compared to the end of 2015.
-
Net Asset Value was EUR 0.5 (NOK 4.59) if the
values from 2nd January 2017
conditional sales agreements had been applied to the sold
properties.
Operational
highlights
-
On 2nd January, the
Company entered into two conditional sales transactions
representing 51% of its investment portfolio. The transactions
include the Mamaia North plots and the Morii Lake plot in
Bucharest. The transactions amount to an estimated EUR 17.75 -
18.25 million.
-
The Company has exercised its option to extend
the Alpha Bank loan until 28th April 2017.
If the pending sales proceeds are not received as expected, the
loan will be automatically extended until 29 November 2017. The
Company plans to use the sales proceeds to repay in whole the loan
before the end of March.
Financial
Results
-
Net Result for the quarter was EUR 14,000
compared to an EUR 1,880,000 loss in 4Q 2015. Operating cash flow
for the quarter was a minus EUR 115,000 compared to minus EUR
64,000 in the same period last year.
Macro and real
estate market highlights
-
2016 marked another strong macroeconomic year
for Romania. In the second quarter, Romania recorded the highest
GDP growth of all EU's member states. The strong trend continues.
In the fourth quarter, the preliminary GDP growth came in at 4.8%.
Analysts expect growth to continue in 2017 on a high note. The real
estate market developed favourably. The turnaround from the falling
years following the 2008 boom, is now final. New buildings came in
strong in all major real estate segments. Total new buildings
coming on market in 2016 increased 88% compared to 2015 and the new
lettable space was the highest since the boom ended in 2008.
-
With a record number of finished residential
buildings and a 9% increase in the number of transactions during
the first 9 months, 2016 is expected to be one of the best years
for the residential market. Apartment price in Romania have seen
for the entire 2016 an increase of 10.4% to EUR 1,050 per m2, while
in Bucharest the increase was 6.7% to EUR 1,141 per m2 and in
Constanta an increase of 6.1% to EUR 973 per m2, compared with year
end 2015.
A recorded investor presentation by RomReal
Director, Arne Reinemo will be made available tomorrow Friday
17 February at 10:00am CET at www.romreal.com.
For further information
please contact:
Harris Palaondas
RomReal Ltd - Investor Relations
investors@romreal.com
RomReal Q4 2016 Report
RomReal Q4 2016 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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