Q3
RomReal Limited
Third Quarter 2021 Report
26 November 2021
Highlights Third Quarter 2021
Net Asset Value (NAV)
- Net Asset value was EUR 0.39 (NOK 4.10, before any tax) per share, about 6.1% higher compared to the end of the second quarter 2023.
- The year-end 2020 valuation was concluded by Knight Frank in February 2023 and therefore no further adjustments were made to the value of the investment properties during the quarter.
Operational highlights
- During the third quarter of 2023, the Company sold a further 24 plots from the Ovidiu Lake side project for a total consideration of EUR 2m. Additionally, the Company entered several other pre-sale transactions for a total consideration of EUR 4m. Total infrastructure investments by end of 3rd quarter 2023was EUR 3.0m.
- Following the end of Q3 2023, the Company entered 8 other sale transactions for a consideration of EUR 0.6m for sales for which binding sales agreements have been signed.
Financial Results
- Net Result for the quarter was EUR 903,000, compared to a EUR 13,000 loss in 3Q 2020. Net change in cash flow for the quarter was a positive EUR 2,374,000 compared to surplus of EUR 183,000 in the same period last year. This was mainly due to the ongoing sales realised during the quarter.
- At the end of the quarter, the Company had a cash position of EUR 3.58 million plus a total of EUR 4.2 million in unsettled receivables related to binding sales agreements, totalling EUR 7.78 million, or about EUR 0.16 per share.
Responsibility Statement We confirm that, to the best of our knowledge, the condensed consolidated interim financial statements for the third quarter of 2023, which have been prepared in accordance with IFRS as adopted by EU and IAS 34 Interim Financial Reporting, give a true and fair view of the Company’s consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the interim report for the third quarter of 2023 includes a fair review of important events that have occurred during the period and their impact on the condensed financial statements, the principal risks and uncertainties for the remaining period of 2023, and major related party transactions.
November 25, 2023
The Board of Directors RomReal Limited Hamilton, Bermuda:
Kjetil Grønskag (Chairman & CEO), Bendt Thorkildsen (Director), Heidi Sørensen Austbø (Director)and Lacramioara Isarescu (Director)
Questions should be directed to: Kjetil Grønskag: Chairman & CEO, +44 776 775 4119
CONTACT INFORMATION
RomReal Limited
Postal address: Burnaby Building, 16 Burnaby street, Hamilton HM11, Bermuda Telephone: Tel- +1-441-293-6268 Fax +1-441-296-3048 | www.RomReal.com
Visiting address: 54 Cuza Voda street, Constanța, Romania
Tel: +40-241-551488 Fax: +40-241-551322
IR
Kjetil Gronskag
+44 776 775 4119| [email protected]
For further information on RomReal, including presentation material relating to this interim report and financial information, please visit www.RomReal.com.
DISCLAIMER
The information included in this Report contains certain forward-looking statements that address activities, events or developments that RomReal Limited (“the Company”) expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to economic and market conditions in the geographic areas and markets in which RomReal is or will be operating, counterparty risk, interest rates, access to financing, fluctuations in currency exchange rates, and changes in governmental regulations. For a further description of other relevant risk factors, we refer to RomReal’s Annual Report for 2020. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and RomReal disclaims any and all liability in this respect.
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