TMM reports USD 19 mln loss for 2011

TMM reports USD 19 mln loss for 2011



12 липня 2012 года
Конкорд Капитал

TMM Real Estate (TR61 GR) posted a net loss of USD 19.5 mln in 2011 (vs. net income of USD 17.0 mln in 2010), according to an IFRS report released yesterday. Revenues declined 8% yoy to USD 47.3 mln (75% came from the sale of completed property). Net cash flow from operating activities (before changes in working capital) stood at a negative USD 8.7 mln (flat yoy). TMM’s interest-bearing debt stood at USD 131 mln as of end-2011 (up 10% yoy), with USD 31 mln falling due in 2012. The auditor’s report says TMM was in negotiations with banks on the extension of USD 21 mln of that debt, but the outcome of the talks were uncertain as of the beginning of July. The company’s cash holdings were tiny at just USD 0.5 mln at end-2011. The auditor noted that TMM’s ability to continue its operations as a going concern depends on its ability to extend debt maturing in 2012 and generate sufficient cash flow from its operating activities. To sustain operations in 2012, the company plans to sell completed property that cost USD 55 mln to build and sell property under development with an expected cost of USD 79 mln on a pre-payment basis.

Источник: Конкорд Капитал

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