Business
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n \nRNS Number : 5551T Plaza Centers N.V. 21 March 2019 \n\n21 March 2019\nPLAZA CENTERS N.V.\n \nRESULTS FOR THE YEAR ENDED 31 DECEMBER 2018\n \nFURTHER PORTFOLIO REPOSITIONING & DELEVERAGING \n \nPlaza Centers N.V. (\"Plaza\" / \"Company\" / \"Group\") today announces its results for the year ended 31 December 2018. \n \nFinancial highlights:\n· Reduction in total assets to €62 million (31 December 2017: €141 million) as a result of the Company's deleveraging including principal repayments and the redemption in full of Series of bonds issued in Poland in total amount of €40.1 million \n· Book value of the Company's Trading properties decreased by €31 million to €42.6 million over the period, due to disposals (land plots in Poland and Serbia, and disposal of shares of SPV holding plot in Greece) in line with the restructuring plan and an impairment of €29.5 million of Trading Properties in Romania, Poland, Greece and Serbia\n· Consolidated cash position as at December 31, 2018 decreased to €1.4 million (31 December 2017: €44.8 million) and current cash position of circa €1.28 million\n· Revenue from disposal of trading properties totaled €2.3 million (2017: €193 million) in line with the Company's disposal program\n· €31.7 million loss recorded at an operating level (December 31, 2017: €15 million) where a loss from selling trading properties was increased by write-down of trading properties and decreased administrative expenses\n· Administrative Expenses reduced to €2.7 million in 2018 due to cost cutting of professional services and manpower (2017: €6.15 million)\n· Losses increased to €38.4 million in 2018 from €26.6 million in 2017 as the write down of trading properties increased by €18 million, while net finance expense were €7.7 and €10.6 million, respectively\n· Basic and diluted loss per share of €5.60 (December 31, 2017: loss per share of €3.87)\n \nProgress in portfolio rationalisation and financial highlights:\nDuring 2018 Plaza received gross proceeds of €2.3 million from sales transactions, price adjustments and other income. The disposals for...