Stock Exchange Announcement
21 August 2009
RomReal Q2 2009 results
21 August 2009 (Release date)
RomReal is pleased to report the highlights in connection with the Q2 2009 results:
- Statutory Net Asset Value (NAV) under IFRS was EUR 1.17 (NOK 10.4) per share at the end of Q2 2009, a slight decline of 2.2% compared to the end of Q1 2009.
- Pre-tax loss in Q2 2009 was EUR 1.42 million. Total assets at the end of Q2 2009 were EUR 75.93 million. No write-downs were made of the asset value of the land portfolio and development projects.
- The Company's cost cutting program has had significant effect with operational expenses down 57% from Q2 2008. This is mainly due to a reduced number of employees and very firm cost control.
- On the Corallia apartment development project the construction completion has been somewhat delayed due to some disagreements with the construction company which are now in the process of being resolved. The time to complete the construction work, provided no further delays are encountered, is now estimated to be 2-3 weeks.
- Two additional flats have been sold on Corallia in Q2 and the number of unsold flats is currently down to 9 flats, with 28 of the total 37 flats now sold. The outstanding contractual amount payable to RomReal by the buyers on handover of the 28 flats is approximately EUR 2 million.
RomReal invites investors, analysts and media to the results conference call, to be held at 9.00 a.m. Oslo time on Friday 21 August 2009.
Those wishing to attend the conference call are invited to dial:
UK Freefone dial-in number: 0800 387 772
International Dial-in number: +44 1296 480 180
UK Direct dial-in number: 01296 480 180
Participant passcode: 901 724#
The call will be recorded and immediately available to download from www.romreal.com.
For further information, please contact:
Those wishing to attend the conference call are invited to dial:
UK Freefone dial-in number: 0800 387 772
International Dial-in number: +44 1296 480 180
UK Direct dial-in number: 01296 480 180
Participant passcode: 901 724#
The call will be recorded and 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