Good morning, everyone, and welcome to Romreal's Third Quarter 2020 Results Webcast. My name is Haris Baloundes, and I'm the Investor Relations of Rom Real, and I will be guiding you through the highlights of the presentation today. The Q3 report and investor presentation can be found on our homepage at www.romreal.com or alternatively on www.newsweb. No. Chairman of Romreal, Kathy Grochberg and I will be available for questions by e mail or phone.
This webcast will be placed online on www.romrail.com. And if you can please turn to page 3 of the investors presentation that was distributed together with the Q3 2020 reports. Here are the highlights of the Q3 2020 results. The net asset value was €0.44 or NOK 4.73 per share, which is about 1% lower compared to the end of the Q2 of 2020. There were no further changes to the value of the investment properties during the quarter and an investment portfolio evaluation is expected to take place early next year.
The operational highlights now were the company continued investments in the infrastructure in order to add more value to the plots. By the end of the Q3, the amount invested was around €2,400,000 without VAT. The company has plans to continue investing some further amounts into the infrastructure. However, we are very close to the end of our investments. During the Q4 of this of 2020, the company entered into a sale agreement for 1 more lakeside plot.
It was for a total of €55,130,000 and we have received this money all in one installment. The great success that I'm going to share with you is that after 8 years in the courts, the company successfully obtained a final and irrevocable order from the Constanza Court of Appeal that decided that a full restitution of the 1453 square meter plot in Mamaea North. The piece of land is already agreed sold And when all from Maldives are finalized, which is this is expected to take place in the Q1 of 2021, the company will have a gross income of about €390,000 Now the pandemic, as with the rest of the world, is negatively affecting the company's ongoing permitting as well as its sales and marketing processes. The company is taking all efforts with the management being very hands on in this period to address the needs of the very few clients, which are requesting to discuss about land opportunities. Please turn to the next page.
Net result for the quarter was €13,000 loss compared to a €196,000 loss during the same quarter last year. The net change in the cash flow for the quarter was minus €254,000 compared to a minus €62,000 in the same period last year. The cash position of €2,500,000 plus a total of €739,000 in unsettled receivables related to binding sales agreements gives us a total of about 3.2 €1,000,000 or about €0.1 per share. After the end of the period, the company has paid the 1 point €5,000,000 tax claim, being therefore exempted from payment of penalties irrespective of the outcome of the final court decision to be issued in this case. We're still chasing this case and we feel that there is a high probability to take this amount back plus interest.
Now Romania's GDP has decreased during the 1st 9 months of 2020 by 5.1 percent compared to the same period in the previous year, according to the flash data released by the National Statistical Institute. This is mainly due to the COVID pandemic and the crisis affected all markets within the country. During the Q3, the average adjusted price of Romania declined by 2.2% at the end September and have gained a 2.4% increase at the end of October, thus remaining relatively flat. At the end of October, prices are still 3% higher compared with the same period last year, averaging at the euro of 13.35 euros per square meter. Please turn to the next page.
This is a table showing the net asset value movement during the Q3 of 2020 according to the International Financial Reporting Standards or IFRS. Investment property held is at €4,242,000 with assets held for sale plus inventories and cash and some other assets, giving us a total net asset value of EUR 18,380 1,000. This represents an NAV of EUR 0.44 per share. This is a small increase compared with the same quarter last year of about €0.02 per share with regards to the NAV. This difference also the change between the Q3 and the Q2 of 2020 is mainly due to the foreign exchange differences.
The average number of shares used in the NAV calculation has not changed since the last quarter. Please turn to the next page for the financial highlights. These are the financial highlights for this period. Operating revenue during the Q3 was €32,000 compared with a total of €43,000 reported in Q3 2019. This consists of the revenue resulting out of the rent earned by the company in respect of some of the plots.
Total operating expenses amounted to a negative €186,000 in Q3 compared to a total negative of €153,000 during the same quarter last year. The costs split almost evenly across the general administrative expenses of about €47,000 payroll cost of €39,000 and management fees of about €53,000 The other operating income or expense during the quarter was a gain of 135,000 euros reflecting mainly the movement in the euro on exchange rate. During the Q3, Ron Real generated an operating loss of €19,000 compared to a loss of €63,000 in the same period last year. Now, foreign exchange result for the 3rd quarter was a net gain of €9,000 compared to a net foreign exchange gain of €171,000 during the same quarter last year. During the quarter, Veron gained 0.57% to the euro.
The company's policies to hedge these effects as much as possible by retaining most of its cash in euro and also by denominating all receivables in euro. The result before tax in Q3 was a loss of €10,000 compared to a loss before tax of €235,000 during the same period of last year. Cash remained at €2,500,000 compared to almost about the same level in the same quarter last year. Please turn to the next page. It's a page showing the Romare properties land back during the end of Q3 2020.
As you can see, we mainly have property in Constanza and Ovidiu of a total of about 270,000 square meters. For further information, please visit our website at www.romreal.com. Please turn to the next page. These are the operational highlights. Our Lakeside plot and during the Q4, the company sold 1 more plot for a total amount of €55,000 received in full.
This totals of about 15 plots sold until now, with all values sold significantly higher than the cost or the most recent evaluation. Even during the present lockdown, there is some interest for Omeral Clots. However, prospective buyers are taking more time than usual in making a purchase decision. The management is following closely developments and is also preparing a number of marketing activities as well as a marketing booth on the plot to boost sales. The company is following the developments with the municipality authorizations on the Oasis plot, with the most important permit missing being the environmental approval.
This is required because of the proximity of the plot and the buildings to the lake. The company expects more specific sales to develop when the pending regulation and utility issues are granted. Industrial approach, the company is discussing a sale of about 50,000 to 20000 square meters to an international group. The discussions are still ongoing and we expect the results to take place somewhere next year. The company also has an ongoing dialogue with local authorities regarding the necessary permits.
Gaining the necessary permits will also speed up the discussions with the international group. Now with regards to the Ballata market, the entire market area is now open and the company has had no loss of income since May 2020. If you recall, during the 1st COVID wave, there were restrictions in opening any agricultural markets. The Batubesco plot, even during the present lockdown, there is some interest for the plots on this project. However, buyers are still skeptical due to the current crisis.
Please turn to the next page. With regards to the contestation, I get the tax authority claim, the company has made a payment of €1,050,000 following advice from our consultants Ernst and Young. So we made this during the Q4 of 2020. By doing this, we are being expected exempted from payment of penalties, irrespective of the outcome of the final court decision, which will be issued. By forwarding this tax claim, the company's worst case loss has been reduced by €65,000 compared to the previously reported €1,700,000 The company is continuing the legal process in the court and the next phase of the case will be in the Court of Appeal agenda on January 30, 2021.
Therefore, this is the next landmark date, which we are considering. Great news with regards to restitution claim of a plot on the Mamaea North plot. They co pay successfully obtained a final and irrevocable order from the Costanza Court of Appeal, which decided the restitution of the land in full. After pursuing this in court for almost 8 years, our management has managed to obtain this positive decision. And the piece of land is expected to be cashed from the already agreed buyer of the plots somewhere during the Q1 of 2021.
Please turn to the next page. Romanian macro developments. Romania recorded an economic decline of 6% in the Q3 of 2020 compared to a similar period of 2019. But compared to the previous quarter, we recorded actually an increase of 5.6% according to flash data from the National Institute of Statistics. According to the National Institute of Statistics, between the 1st January 30th September of this year, the GDP decreased compared with the similar period of 2019 by 5.1 percent of the gross series and by 4.6% of the seasonally adjusted series.
The GDP was higher in real terms by 5.6% in the 3rd quarter compared to the previous quarter. On a seasonally adjusted basis, in the Q3 of 2020 compared to the previous quarter, the GDP increased by 5.6%. Compared with the same quarter of 2019, the GDP decreased by 6%. There have been about 400,000 confirmed cases of coronavirus in Romania so far and the country is currently under a state of alert. As in most European countries, Romania is facing a second wave, which has resulted in closed schools from early November and the health care system is struggling with a number of cases.
From 20 November in most cities, including Costanza, opening hours of old shops are reduced as strict travel restrictions are implemented. Please turn to the next page. According to a flash report by CRB, the residential sector is fueling the demand followed by the retail and industrial ones. Significant land transactions have been registered also during the Q3 of 2020 despite the COVID-nineteen pandemic, both in Bucharest and in the rest of the country. Investors have focused almost exclusively on office projects that reflect about 93% of the transaction volume.
Have been active mainly in the Bucharest market, that being 85% of the total transaction volume. The residential market, during the Q3 of 2020, the apartment prices decreased by 2.2%. However, if we take the consideration of the end of October 2020, which is the most recent data we have from immobiliare. Ro, During this period, the average price of Romania apartments actually increased by 2.4% compared to the end of the third quarter. And these are 3% higher compared with the same period last year.
Average prices are at €13.35 per square meter. Now in Constanta average prices remained relatively flat during the Q3, current averaging at euro EUR12.44 per square meter. Now compared with October last year, prices are 6% higher. Total investment volume in the 1st 9 months of 2020 was around €731,000,000 a 31% increase compared with the same period of 2019. Investors have focused almost exclusively on office projects, as I mentioned, that reflect a very high percentage focus in Bucharest.
This is a table of the Ombreel shareholders as of November 2020. This is placed here for your convenience and is taken directly from the VPS. Please turn to the next page. Rombiel is focusing on land value enhancing activities in order to improve the shareholder value and exit. Romania has been badly affected by the coronavirus pandemic with many areas, including Constancia County being under a strict lockdown status.
The pandemic is slowing down the company's ongoing permitting as well as its sales and marketing process. Combined with the ongoing tax refuse case, it creates a short term uncertainty reducing our financial flexibility. Therefore, the company's management is focused in maintaining a solid cash position until an improvement of the business condition appears. Only then a return of capital may be considered. Thank you for participating to our webcast.
This webcast will be uploaded to our homepage, www.rombrel.com for your convenience. Chairman of Romel, Kete Groshkar and I will be available for questions by e mail or phone whenever this is required. Wish you a good day.