IMPACT's net assets gain 93%
Bucharest, 20.08.2008
Starting with the year 2006, Impact Developer & Contractor SA (IMPACT) has accomplished the annual company evaluation using a specialized company.
Thus, on the 15th of August 2008, DTZ evaluated the company's assets at EUR 399.76 million, 93% higher than the assets value registered in 2007.
According to the consolidated financial situations registered on the 30th of June 2008, the company's net asset is of RON 1,629.93 million, that is EUR 460.17 million.
The financial analysts rely mostly on the P/NAV ratio, because this links directly the analyzed company and its economic environment. The company's stock exchange capitalization on the 18th of August 2008 was of RON 366 million, meaning EUR 103.15 million, which means that the company is traded at a price of 0.22*NAV (103.15=0.2242*460.17).
You can find below the performance analyses indicators for similar companies in Central and Eastern Europe.
| Real estate companies | Price/NAV | P/E | ||
|---|---|---|---|---|
| 2007 | 2008 (e) | 2007 |
2008 (e) |
|
| Impact Developer & Contractor (RO) | 1.51 | 0.22 | 4.48 | 1.87 |
| Orco Property Group (CZ) | 0.30 | 0.30 | 7.30 | 3.50 |
| Fotex (HU) | 0.40 | 0.40 |
67.50 |
32.30 |
| GTC (PL) | 1.80 | 1.50 | 11.70 | 11.60 |
| PIK (RU) | 1.00 | 0.80 | 16.00 | 20.40 |
| Immoeast (AU) | 0.44 | 0.40 | 19.60 | 6.60 |
| Average | 0.70 | 0.60 | 17.00 | 16.10 |
By analyzing IMPACT's P/NAV ration, which is of 0.22, one can notice that the value of this ratio is closer to zero than the average registered by the real estate companies in Central and Eastern European countries (0.6), which proves that the company is highly attractive on the capital market, compared to other similar companies.
The P/E (price to earnings) ratio is also more attractive for IMPACT compared to the other companies analyzed (1.87 compared to an average of 16.1).
Carmen Săndulescu
Executive Manager, Impact Developer&Contractor
