Stock Exchange Announcement
26 February 2010
RomReal Q4 2009 Results
RomReal hereby announces the highlights in connection with the Q4 2009 results:
- Statutory Net Asset Value (NAV) under IFRS was EUR 0.86 (NOK 7.4) per share at the end of Q4 2009, a reduction of 19% compared to the end of Q3 2009. This was a result of a further downward adjustment in the value of investment properties following the independent valuation carried out by Colliers International at the 2009 year-end.
- Pre-tax loss in Q4 2009 of EUR 10.16 million. Total assets at the end of Q4 2009 were EUR 58.85 million.
- Development cost for Q4 2009 amounted to EUR 473,003. Apart from a small item expected in Q1 2010, the completion of the Corallia project will put an end to cash expenditure for development.
- The hand-over of flats and cash collection from the Corallia apartment buyers have started. Whereas no payments were received in Q4 2009, during Q1 2010 up until the date of reporting, EUR 562,000 out of about EUR 2 million in outstanding contract payments has been collected in cash.
RomReal invites investors, analysts and media to the results conference call, to be held at 9.00 a.m. Oslo time on Friday 26 February 2010.
Those who would like to attend the conference call are invited to dial:
| UK Freefone dial-in number: | 0800 169 0968 |
| UK Direct dial-in number: | 0208 996 3943 |
| International direct dial-in number: | +44 208 996 3943 |
| Global Access Numbers: | http://www.btconferencing.com/globalaccess/?bid=49_automated |
| Passcode: | 866 336# |
The conference call will be recorded and made available to download from www.romreal.com shortly after the call has ended.
For further information, please contact: