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Texaf S.A. — Earnings Release 2018
May 8, 2018
4011_10-q_2018-05-08_d4b94360-2465-4546-8975-c9ce1b131175.pdf
Earnings Release
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S O C I E T E A N O N Y M E - N A A M L O Z E V E N N O O T S C H A P
PRESS RELEASE May 8th
, 2018
REGULATED INFORMATION INSIDE INFORMATION
DRC RESPECTS ITS COMMITMENT TOWARDS TEXAF IN AN EXPROPRIATION CASE
In consultation with UTEXAFRICA, the DRC has expropriated for public use 10,637 m2 (partly unsuitable for building) on the border of its center of town compoud. The DRC has started the process of paying the rightful compensation of 5.4 m USD. The first 1 m USD installment has just bee wired to UTEXAFRICA, and the State has commited to pay the balance in installments by the end of the year.
TEXAF is pleased to notice that, despite a difficult macro-economic environment, the DRC is respecting this commitment towards a long-standing economic actor, who faithfully continues investing in the DRC.
1 et QUARTER CONSISTENT WITH EXPECTATIONS
In the real estate activity, rental income has increased by 6% to 4.2 m EUR, compared with 1 st quarter 2017, as the occupancy rate is again close to 100%.
Concerning the santstone quarry, CARRIGRES, the recurring operating loss (i.e excluding the restructuring costs and the exceptional depreciation of the deposit that were recognized in the 2017 accounts) has been cut by more than half, thanks to the cost reduction program that was implemented end 2017. Revenues decreased by 43% to 0.32 m EUR compared to the 1st quarter 2017 but are of the same magnitude as in the 2nd half 2017, sales have indeed stabilized.
This press release replaces the quarterly press release scheduled for Friday, May 11 th .
TEXAF, established in 1925, is the only Euronext-listed industrial, real estate and agricultural investment company having all its activities and subsidiaries to date based in the Democratic Republic of Congo. The listing of Congolese activities on the stock exchange and the resulting obligations in terms of good governance and transparency constitute a major asset of the group in the promotion of the formal sector in the DRC.
Contact: Jean-Philippe Waterschoot, CEO: +32 476 25 26 26 - +243 81 891 0525, [email protected] Christophe Evers, CFO: + 32 495 24 32 60, [email protected] Philippe Croonenberghs, Chairman: + 32 495 24 32 64, [email protected]