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RomReal Ltd. Investor Presentation 2010
8160_rns_2010-11-12_c397a816-0b83-40a9-b11a-b0e5c22bbb42.pdf
Investor Presentation
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RomReal Ltd.
Investor presentationHighlights of Q3 2010 results
Kjetil Grønskag – Chairman Jonas Bjerg – Director Harris Palaondas– Investor Relations
12 November 2010
1This Presentation of the Q3 2010 results of RomReal Ltd (the "Company") has been prepared for discussion purposes only and should be read in conjunction with the Q3 2010 Report which is filed on Oslo Axess through www.newsweb.no, and which can be viewed on the Company's website www.romreal.com
Contents
| hlhhhHiiiiiQ3ttttggsnconneconwel2010tresus | 3 |
|---|---|
| lldbkRRQ32010omeaananper | 4 |
| Q3200NAVi1tmoemennv | 5 |
| lhhlhSFiiiiIFRtnancaggs– | 6 |
| lhhldRRomeasareoers | 7 |
| ffdMiianocsaeasgongoaurrwr | 8 |
| dAippenx | 912- |
Highlights in connection with the Q3 2010 results
• Statutory Net Asset Value (NAV) under IFRS was EUR 0.81 (NOK 6.6) per share at the end of Q3 2010, a decline of 2.4% compared to the end of Q2 2010.
•Pre-tax loss in Q3 2010 of EUR 173,000. Total assets at the end of Q3 2010 were EUR 55.59 million.
• The Company's cash position at the end of Q3 was EUR 2.57 million. Payroll expenses were 20% less compared to Q2 2010, following a further reduction in the number of employees, to five (5).
•On the Corallia apartment project, as of the date of this report, all of the 37 the apartments and commercial areas have been sold. There is however, an ongoing arbitration process with one of the buyers.
•After the end of Q3, the company successfully sold the 'Bus Station' plot in Constanta for EUR 2.3 million. As agreed during discussions with Alpha Bank regarding a two year extension of the loan, EUR 2.1 million of the proceeds have been used for a partial repayment of the loan.
RomReal Land Bank Q3 2010
| Pltoname | Litocaon | Si(2)emz |
|---|---|---|
| O1idiLkidvuaese | CONh/iditttonsanaorvu | 61,433 |
| Bdll2tauescupo | CNh/Oiditttonsanaorvu | 50,000 |
| TPil3taarennsua | CNh/Oiditttonsanaorvu | 9,965 |
| O4idiTonvuw | CONh/iditttonsanaorvu | 4,641 |
| 5Oidi(Oi)vuass | CNh/Oiditttonsanaorvu | 25,527 |
| Ci6ttenrepon | CNh/Oiditttonsanaorvu | 122,350 |
| Gdil7tnanpouy | CNh/Oiditttonsanaorvu | 15,000 |
| 8Miltamaapo | Miamaa | 0 |
| Bi9ttssaonu | ClCtttenraonsana | 5,437 |
| 10BldMktaaaare | CCltttenraonsana | 7,188 |
| Cfl11tarreourpo | Cttonsana | 15,000 |
| MiiLk12orae | BhS6ttucaresecor | 11,716 |
| 13Hillttospapo | SBh5ttcaresecoru | 13,263 |
| 14BPltrasovo | ClBtenrarasov | 4,127 |
| Udld15n-oneanz | Cttonsana | 865,062 |
| 16MiNhlttamaaorpo | Miamaa | 56,167 |
| SUM | 1,266,876 |
NAV movement in Q3 2010
| Q32010 | Q22010 | |||||
|---|---|---|---|---|---|---|
| Ab(EURilli)tsseasemon | EUR | /EURhsare | O/NKhsare | EUR | /EURhsare | O/NKhsare |
| Itttnvesmenpropery | 47,636 | 1.0 | 7.8 | 548,08 | 1.0 | 7.4 |
| Iitnenoresv | 4,437 | 0.1 | 0.7 | 4,628 | 0.1 | 0.7 |
| Chas | 2,517 | 0.1 | 0.4 | 2,237 | 0.1 | 0.4 |
| hibiliiOA/(L)ttterssesaes | 6(14,73) | (0.3) | (2.4) | 6(14,94) | (0.3) | (2.3) |
| SAIFRNVlttesseaue | 39,907 | 40,175 | ||||
| ANVhpersareNAVMiQttovemennuarer | 2.4%-%2.0- | 0.81 | 6.6 | %1.2- | 0.83 | 6.3 |
- Number of shares at end of period - 49,247,366
- NOK/share is calculated using closing quarter end exchange rates.
Financial highlights - IFRS
| EURhodtusan | Q32010 | Q32009 |
|---|---|---|
| OpingReteravenue | 241 | 120 |
| OpingExterapenses | (394) | (1,034) |
| Oheinginc/() ,tttr operaomeexpensene | ()1,735 | ()5,629 |
| Nefinaialstnc | 1,715 | 560 |
| Prltaxte-resu | (173) | (5,983) |
| Relforheiodttsuper | 55 | (5,615) |
| Tol atatssse | 55,592 | 70,181 |
| Tolliabiliiestat | 15,684 | 18,017 |
| Tol eitatyqu | 39,907 | 52,063 |
| Eqity%u | 72% | 74% |
| NAVha(EUR)persre | 0.81 | 1.06 |
| Cah piiontsos | 2,571 | 2,725 |
| Nubef plotsmr o | 16 | 16 |
| LadBak(Thod)ternnusansquaremes | 1,266 | 1,266 |
| Nubef eloymr ompees | 5 | 8 |
RomReal shareholders per end Q3 2010
| SHAREHOLDER | NoSHARES |
|---|---|
| MGLINVESTMENTSLTD | 8,866,666 |
| CARNEGIEBANKA/S | 2,864,000 |
| SHBSTOCKHOLMCLIENTSACCOUNT | 2,285,845 |
| ØGRNSKAG | 1,996,964 |
| ASEOAS | 1,976,666 |
| PERESTROIKAAS | 1,958,800 |
| CCOGOCSOSGITLBALUTDYNVREFUBA | 1,640,000 |
| OSGOGSSSTNENHAENFRRETNINENTRUMA | 1,570,000 |
| SGOSAAEIENDMA | 900,000 |
| CSGS.LEARTREAMBANKINA. | 821,479 |
| SPARINVESTORNORGE | 735,400 |
| STATESTREETBANKTRUSTCO.& | 705,500 |
| HOEN | 702,900 |
| POLESWORTHINVESTMENTSLIMITED | 700,000 |
| TVENGEEIENDOMAS | 600,000 |
| THORKILDSEN | 595,265 |
| PERSSON | 558,666 |
| SS.OGEBPRIVATEBANKA.LUXEMBUR | 551,800 |
| OGCSJPMRANHAEBANK | 528,000 |
| SSSGIXIA | 511,332 |
- The above list is the 20 largest shareholders according to the VPS print out, please note that shareholders might use different accounts and account names adding to their total holding. 2) Through individual accounts and controlling companies CEO, Kay Thorkildsen, has in total 1,405,265 shares in the Company amounting to 2.85% of the Company's shares. 3) 497 shareholders per 30.09.2010.
Main focus areas going forward
- •Conclude the extension of the Alpha Bank loan.
- • Divest further assets in the land bank to strengthen the cash position.
- • Collect the final outstanding payments for the sold apartments in Corallia.
AppendixQuarterly financial statements
Consolidated Income Statement (Unaudited)
Figures in thousand EUR
| Q32010 | Q32009 | Ye30toarSebetepmr2010 | Ye30toarSebetepmr2009 | |
|---|---|---|---|---|
| Rentrevenue | 105 | 120 | 312 | 44 |
| Refrolef atsvenuemsaosse | 136 | - | 53,23 | 7 |
| Ointperagrevenue | 241 | 120 | 3,835 | -447 |
| Pall eyroxpenses | 5(0) | (61) | (176) | (274) |
| Deiatiodizaiottprecnanamorn | (23) | (26) | (76) | (83) |
| feMtanagemenes | (25) | (25) | (5)7 | (5)7 |
| Gel addministivtneranarae expenses | (296) | (922) | (955) | (1,798) |
| Ointperagexpenses | (394) | (1,034) | (1,282) | (2,230) |
| - | ||||
| Prfi/(lo)befoheinitttteossreor operagms | (153) | (914) | 2,553 | (1,783) |
| Otheinin/(),attr opergcomeexpensene | (1,735) | (5,629) | (3,679) | (2,899) |
| Prfifriottoomoperans | -(1,888) | (6,543) | (1,126) | (4,682) |
| inialinFanccome | 2,929 | 167 | 6457, | 2,450 |
| Finial ctsancos | (1,214) | (156) | (9,188) | (6,967) |
| foRelbettasurex | -(13)7 | (983)5, | (2,669) | (9,199) |
| Tax expense | 228 | 818 | (125) | 317 |
| Relfheiodt otsuper | 55 | (5,165) | (2,794) | (8,882) |
The Q3 2010 results have been prepared in accordance with IAS 34 – Interim Financial Reporting. The quarterly result has been prepared in accordance with the current IFRS standards and interpretations. The accounting policies applied in the preparation of the quarterly result are consistent with the principles applied in the financial statements for the year ended 31 December 2009.
Consolidated balance sheet
| FiihdEURtguresnousan | |||
|---|---|---|---|
| ASSSET | S30,2010btepemer | D1, 2b3ecemer009 | S0, 2b3tepemer009 |
| Ntton-currenasses | |||
| iblfidIttnangexeasses | 1 | 5 | 7 |
| Iitttnvesmenproperes | 47,636 | 48,058 | 58,549 |
| ldiPtttropery,pananequpmen | 124 | 197 | 234 |
| fdDtteerreaxasse | 0 | 0 | 1,398 |
| Tltttoanoncurrenasses | 4627,7 | 48,260 | 60,098 |
| Cttrrenassesu | |||
| Iitnenoresv | 4,437 | 8,323 | 6,914 |
| Ohhibltttersorermrecevaes | 809 | 349 | 390 |
| Ptrepaymens | 13 | 57 | 54 |
| Chdhiltasancaseqaensuv | 52,71 | 1,862 | 52,72 |
| Tltttoacrrenassesu | 7,830 | 10,591 | 10,083 |
| OAASSSTTLET | 9255,5 | 8,8155 | 0,1817 |
Consolidated balance sheet (cont.)
| EQUITYANDLIABILITIES | Sebe30,2010tempr | 1, 23Debecemr009 | Se0, 23betempr009 |
|---|---|---|---|
| iEqtyu | |||
| Shaitalrecap | 5,8746 | 5,8746 | 5,8746 |
| heOtr reserves | 542 | 542 | 542 |
| ined eingRetaarns | (42,341) | (23,305) | (23,305) |
| lt of ciodRet psuurrener | (2,794) | (19,040) | (8,881) |
| FXreserve | (1,128) | (1,663) | (1,922) |
| Tol eitatyqu | 39,907 | 42,163 | 52,063 |
| Noliabiliiesttn curren | |||
| Nodebttn curren | - | - | 13,700 |
| Oheliabilitiestntr noncurre | 0 | 0 | 120 |
| Deferdinctaxreome | 974 | 878 | 2,317 |
| iaiiiesTol nlbltattoncurren | 947 | 887 | 16,137 |
| CuLiabiliiesttrren | |||
| Ohedebttr | 13,007 | 13,037 | 4 |
| Oheblestr paya | 827 | 948 | 873 |
| ferdincDereome | 187 | 1,135 | 1,099 |
| bleTax paya | 5 | 25 | 4 |
| Tol cliabiliiestatturren | 14,710 | 15,811 | 1,980 |
| TOTALEQUITYANDLIABILITIES | 55,592 | 58,851 | 70,180 |
