TMM Real Estate Development : 31.08.2021 - TMM Real Estate Development PLC publishes FY 2019 audited consolidated financial statements
August 31, 2021 at 03:12 pm
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PRESS RELEASE
TMM Real Estate Development Public Limited announces FY 2019 Financial Results
Kyiv, 31 August 2021 - TMM Real Estate Development Public Limited (ISIN: US87260H1041) ("TMM" or the "Company") announces publication of its consolidated financial statements as at 31st December 2019 and for the year then ended. The financial statements were prepared in accordance with IFRS and audited by SPL Audit (Cyprus) Ltd.
Key Financial Highlights:
USD THOUSANDS
FY 2019 FY 2018
Revenue
34,915
17,048
Gross profit
4,418
2,349
Operating profit / (loss)
1,809
-15,178
Profit / (loss) before tax
3,441
-17,705
Profit / (loss) for the period
3,418
-14,932
Total assets
35,285
59,338
In 2019, TMM signed a restructuring agreement with Oschadbank and the presented its respective UAH-denominated loan within liabilities associated with assets held-for-sale based on the restructuring agreement.
As of 31 December 2019 and 2018, the Company transferred the remaining balance of the EUR denominated loan due to Alfa-Bank Ukraine to payables after the appropriation of the Company's assets by the mentioned bank. The remaining balance of a payable due to this bank was calculated after deducting the value of the assets sold-out by the bank from the balance of the loan. The Company incurred a loss in the operation of the forced sale by the lender, which was reflected in the statements of profit or loss. TMM considers the bank's actions as illegal and brought the lender to trial. The Company won the case in the Supreme Court of Ukraine in 2020 and expects to recover some of its assets or receive compensation for their unduly completed appropriation by the lender.
The audited consolidated financial statements as at 31st December 2019 are published on the Company's website: www.tmm.ua/en/investors
About TMM:
TMM Real Estate Development Public Limited carries out its main activities through its wholly owned subsidiary, "T.M.M."-Ltd., Ukraine. "T.M.M."-Ltd. is a leading Ukrainian real estate development and construction company delivering residential, office and commercial real estate projects in Kyiv, Kharkiv, and other regions. During its history, the company has completed over 30 projects totalling to around 750 thousand sq m.
For further questions, please contact:
Galyna Posypailo
Larysa Chyvurina
Investor Relations Manager
Chief Financial Officer
galyna.posypailo@tmm.ua
larisa.chyvurina@tmm.ua
Tel: +380 044 593 07 11
Tel: +380 044 593 07 11
This news report is presented for general informational purposes only and should not be construed as an offer to sell or the solicitation of an offer to buy or acquire any securities of TMM Real Estate Development Public Limited or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. Certain statements in this news report are forward-looking statements and, as such, are based on the management's current expectations and are subject to uncertainty and changes in circumstances.
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TMM Real Estate Development Public Ltd. published this content on 31 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2021 14:11:04 UTC.
TMM Real Estate Development PLC is a Ukraine-based holding company operating in the real estate and construction industry. The principal activity of the Company and its subsidiaries are residential and business properties in Ukraine (mainly Kyiv, Kharkiv, Zhytomir and Crimea). It operates in two segments: Investment Property segment, which leases residential and commercial property owned by the Company, and Property development segment, which builds and sells residential and commercial property. It is a vertically integrated company engaged in the production and processing of building materials, such as concrete and metal ware, as well as construction and development of residential and commercial properties and provision of post-construction utility services. As of December 31, 2010, its subsidiaries included LLC Firma TMM, OJSC Ukrtsukorteploizoliatsia, LLC TMM Vikna, LLC TMM Budkomplekt and LLC Kirovograd Plant of Construction Ceramics.