Business
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n \n \n \n RNS Number : 2038U\n Plaza Centers N.V.\n 31 March 2021\n \n \n \n \n \n \n \n \n \n \n 31 March, 2021\n \n \n PLAZA CENTERS N.V.\n \n \n \n \n \n RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020\n \n \n \n \n \n Plaza Centers N.V. (\"Plaza\" / \"Company\" / \"Group\") today announces its results for the year ended 31 December 2020.\n \n \n Financial highlights:\n \n \n · \n Reduction in total assets by €43.6 million to €12.5 million mainly due to decrease in Trading Properties as detailed below.\n \n \n · \n Reduction of app. €40.4 million in the book value of the Company's trading properties due to decrease of the full value of Casa Radio project, Romania (refer to Note 5(4) in the annual consolidated financial statements) and due to disposal of the land plot in Brasov, Romania.\n \n \n · \n Consolidated cash position as of December 31, 2020 increased by circa €0.\n 6\n million to app. €\n 1.7\n million\n (December 31, 2019: €1.1 million).\n \n \n · \n Revenue from disposal of Trading properties totaled €1.5 million (December 31, 2019: €3.7 million), which is in line with the Company's disposal program.\n \n \n · \n €25.4 million loss recorded at an operating level (December 31, 2019: €4.4 million loss) mainly due to write-down of Trading Property.\n \n \n · \n General & Administrative Expenses reduced to €1.1 million in 2020 mainly due to cost cutting of professional services and manpower (December 31, 2019: €1.6 million).\n \n \n · \n Recorded loss of €33.5 million (December 31, 2019: €21.2 million), mainly due to finance expenses on bonds and write-down of Trading Property.\n \n \n · \n Basic and diluted loss per share of €4.89 (31 December 2019: loss per share of €3.09).\n \n \n Impact of the Covid-19\n \n \n During 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 its 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 in countries in which it operates and assesses the risks and exposures arising from these consequences. At this stage, the impact of th...