TRADE INDUSTRIAL & REPRESENTATION OF MACHINES & PARTS & SHIPPING LIMITED COMPANY
ELTRAK SA (the “Company”) is currently in the process of compiling its 30 June 2019 accounts.
Within the context of this process, it has redefined the use of its real estate assets and, as the Company intends to sell one of its real estate assets, it completed, in compliance with IFRS, the impairment testing of the aforementioned real estate asset.
Due to this intention, the management used the valuation of an independent real estate valuator in order to estimate the market value of the property and recognize any negative difference from book value as an impairment loss in its Interim financial statements.
In order to support the prompt and comprehensive information of its investors, the Company announces that the Company expects to recognize a €5.24 million before-tax impairment (€3.98m after tax) in its 2019 half-year results.
Kifissia, 8 August 2019