Stock Exchange Announcement
27 February 2009
Rom Real 4Q 2008 Results
27 February 2009
RomReal is pleased to report the highlights in connection with the 4Q 2008 results:
- Net Asset Value (NAV) at the end of 4Q 08 was EUR 1.2 (NOK 11.9) per share, down 24% from 3Q 08, following the year end valuation report from Colliers
- The total write down of the land bank and development projects during the year 2008 has been 48%. Historic cost of the plot portfolio is about EUR 60 million
- Pre-tax loss in 4Q 08 was EUR 25.44 million, mainly due to the above asset write down. The cash position at end 4Q 08 was EUR 6.5 million
- Binding sales of apartments in the Corallia development have now reached 70%, and a minimum of 30% down payment has been made by all buyers. The construction completion is expected to be delivered according to plan by the end of June 2009
- Final settlement agreements have been reached with the construction companies on the Oasis and Central developments following the announced winding down process, this with a minimal cash expense
- Further cost reductions have been implemented. Staff numbers are reduced from 18 at the end 3Q 08 to 16 at the end 4Q 08. At the time of publishing this report, staff headcount is down to 8 people. There are no further cuts planned and remaining staff is key to the Company's future operations
RomReal invites investors, analysts and media to the results conference call, to be held at 9.00 a.m. CET on Friday 27 February 2009.
Those wishing to attend the call are invited to dial:
UK + 44 (0)1296 480180
Norway +47 23162814
Denmark +45 38487548
US +1 7183541176
Participant passcode: 769 359#
The call will be recorded and will be immediately 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