Business
RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2020
RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2020.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n \n \n RNS Number : 2477W\n Plaza Centers N.V.\n 14 August 2020\n \n \n \n \n 14 August 2020\n \n \n PLAZA CENTERS N.V.\n \n \n \n \n \n RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2020\n \n \n \n \n \n Plaza Centers N.V. (\"Plaza\" / \"Company\" / \"Group\") today announces its results for the six months ended 30 June 2020. The financial information for the half year ended 30 June 2020 and 30 June 2019 has neither been audited nor reviewed by the auditors.\n \n \n \n \n \n Financial highlights:\n \n \n · \n Reduction in total assets by €3 million to €53 million mainly due to decrease in Trading properties as detailed below.\n \n \n · \n Book value of the Company's Trading properties decreased by €3 million to €37.4 million over the period, due to disposal (land plot in Romania) in line with the restructuring plan and decrease of the value of Casa Radio project, Romania by €2.4 million.\n \n \n · \n Consolidated cash position as of June 30, 2020 increased by circa €1.\n 5\n million to app. €\n 2.6\n 1 million\n (December 31, 2019: €1.1 million).\n \n \n · \n Revenue from disposal of Trading properties totalled €1.5 million (June 30, 2019: €0.9 million), which is in line with the Company's disposal program.\n \n \n · \n €1.8 million loss recorded at an operating level (June 30, 2019: €0.4 million loss) including write down of trading properties value by €2.4 million and decrease in administrative expenses.\n \n \n · \n General & Administrative Expenses reduced to €0.5 million in 2020 due to cost cutting of professional services and manpower (June 30, 2019: €0.7 million).\n \n \n · \n Recorded loss of €7.3 million (June 30, 201\n 9\n : €10.9 million), mainly due to finance expenses on bonds.\n \n \n · \n Basic and diluted loss per share of €1.07 (30 June 2019: loss per share of €1.59).\n \n \n Impact of the Covid-19\n \n \n During the first half of 2020, the Covid-19 global health and economic crisis was severely affecting business, leading to supply chain disruptions, cash flow problems and, more generally, a sharp drop in activity. Many countries are taking significant steps in trying to prevent the spread of the virus, such as restrictions on civilian movements, gatherings, border closures and the like. The Company monitors the consequences of the event and the actions taken on countries in which it o...