Business
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n \n \n RNS Number : 2972I\n Plaza Centers N.V.\n 31 March 2020\n \n \n \n \n 31 March 2020\n \n \n PLAZA CENTERS N.V.\n \n \n \n \n \n RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019\n \n \n \n \n \n \n \n \n \n \n \n Plaza Centers N.V. (\"Plaza\" / \"Company\" / \"Group\") today announces its results for the year ended 31 December 2019. \n \n \n \n \n \n Financial highlights:\n \n \n · \n Reduction in total assets by €\n 6\n million to €56 million mainly due to decrease in Trading properties as detailed below and decrease in the Equity - accounted investees mainly from decrease in trading properties in the Indian companies.\n \n \n · \n Book value of the Company's Trading properties decreased by €\n 2.2\n million to €40.4 million over the period, due to disposals (land plots in Poland and Romania) in line with the disposal program and reverse of an impairment of €1.2 million of Trading Properties in Romania.\n \n \n · \n Consolidated cash position as at December 31, 2019 decreased to €1.13 million (31 December 2018: €1.4 million) and current cash position is circa €2.5 million.\n \n \n · \n Revenue from disposal of trading properties totaled \n €3.7 million (2018: €2.3 million), which is in line with the Company's disposal program.\n \n \n · \n €4.4 million loss recorded at an operating level (December 31, 2018: €31.7 million) including partial reverse of write-downs of €1.2 million (recorded gain), which increase the trading properties value, write down of €1.7 million, relating the change of provision in respect of PAB and significant decrease in administrative expenses.\n \n \n · \n General & Administrative Expenses reduced to €1.6 million in 2019 mainly due to cost cutting of professional services and manpower (2018: €2.7 million).\n \n \n · \n Recorded loss of €21.\n 2\n million (December 31, 2019: €38.4 million), mainly due to finance expenses on bonds. \n \n \n · \n Basic and diluted loss per share of €3.09 (December 31, 2018: loss per share of €5.60).\n \n \n \n \n \n Coronavirus pandemic:\n \n \n During the first quarter of 2020 the Coronavirus pandemic that first surfaced in China is spreading all around the world. Many countries are taking significant steps in trying to prevent the spread of the virus, such as restrictions on civilian movements, gatherings, border closures ...