Good morning, everyone, and welcome to the Romeriel 4th Quarter 2019 Results Presentation. The Q4 reported investor presentation can be found on our homepage, www.romereal.com or alternatively on www. Newsweb. Noi. I, Haris Paloundas and Chairman of Ron Real, Kent Hill Boschberg, will be available for questions by e mail or phone shortly after the call has ended.
This conference call will also be recorded and placed online on www.gramrail.com. Please turn to Slide 3 of the presentation distributed today. These are the 4th quarter result highlights. Net asset value as per net tax was €0.44 or 4.42 per share, that being 3.2% lower compared to the end of the 3rd quarter 2019, and this is mainly affected by the €1,200,000 unrealized foreign exchange losses due to the wrong depreciation against the euro affecting the intra group euro denominated loans. We had a valuation made by Night Track at the year end of 2019 that resulted in a 4% like for like increase in the portfolio value compared to the end of 2018.
A correction here, the valuation resulted at a 5.4% like for like increase in the portfolio value compared to the end of 2018. After the operational highlights, during November 2019, Bromriel signed the sale of 4 plots of land from the Lakeside plot for a total consideration of €565,500 This amount was fully cashed at the beginning of 2020. During the Q1 of 2020, the company entered a sales agreement for 4 more plots for a total consideration of €565,500. By the year end 2019, €2,100,000 was invested in infrastructure to improve attractiveness of the land bank. At the Pavada, euros 2,500,000 is number 6 on the list.
The sale was agreed with the latest payment of the 15th December and did not materialize. In this sense, the company maintained a nonrefundable down payment of €150,000 The project is again marketed for sale. Since the Q3 2019 report, the legal processes have progressed in both the ongoing €1,700,000 tax dispute and the expropriation claim of land on the Maya North plot by the Nabodar City Hall and important legal events are scheduled to take place during February March 2020. The company will keep investors updated with regards to these events. Please turn to the next slide.
With regards to the financial results highlights, the net result for the quarter was a loss of €840,000 compared to a loss of €779,000 during the same quarter last year. The operating cash flow for the quarter a positive €154,000 compared to a negative €310,000 in the same period last year. At the end of the quarter, the company has a strong and solid cash position of €2,400,000 plus a total of €1,700,000 in conditional installments payments related to binding sales agreement. That totals to €4,100,000 or about €0.1 per share. The Romanian GDP expanded again with 4.3% year on year in the Q4 of 2019, following a 3% growth in the periods.
Considering the 2019 full year, the economy expanded 4.1% compared with 4.4% growth in 2018. This maintains Romania as one of the strongest markets, strongest economies within the European zone. Residential price of Romania witnessed 9.5% increase and Constanza a 10.7% increase compared with the same month last year. This is according to the largest online real estate platform, www.imobilare.ro. Please turn to the next page.
This table shows us the net asset value movement according to IFRS standards during the Q4 of 2019. The net asset value pre ending tax decreased to €18,501,000 at the end of the Q4 compared to €19117,000 at the end of Q3 2019. The main decrease was due to the investment property with plots being sold. The average number of shares used in the NAV calculation is 41,367,783 shares There was a change from the previous quarter. Please turn over to the next page for the financial highlights.
Operating revenue during the Q4 2019 was €427,000 compared to €37,000 reported last year in the same quarter. This consists of the rent earned by the company in respect of some of the plots as well as disposal of some further assets in Islamic Bank. Total operating expenses amounted to minus €127,000 in the 4th quarter compared to amounts €368,000 in the same quarter last year. Main cost element relates to general and administrative expenses of €91,000 On the remaining operating expenses, the payroll costs were €57,000 while the management fees were €24,000 The other operating income or expense in the quarter was a loss of €792,000 reflecting the cost of disposing the sold assets as well as movement in the euro on exchange rate. During the Q4, an operating loss of €492,000 was generated compared to a loss of €798,000 in the same quarter last year.
Now the foreign exchange result for the Q4 was a net loss of €298,000 compared to a new net foreign exchange loss in the Q4 of 2018. During the quarter, the Romanian ronde lost 0.59 percent to the euro. The cash position remains at a good level at €2,371,000 Please turn over to the next page. This is the table with the Romeo properties at the end of the Q4 2019. It consists of 275,835 square meters of land and this consists of 6 plots.
For further information, please visit our website, www.romereal.com. On the operational highlights, the next slide is number 1 on the table. The Q1 entered a sales agreement of 4 more plots for total consolidation of €565,500. The Oasis, where we have some unfinished buildings, the company is still negotiating with Enel, which is the energy company, the cost conditions for the grid connection. The company is going to utilize the works of finalizing the blocks erected on-site in order to give more value to the whole plot.
Now the industrial park, as you recall, the company has agreed a conditional sale of 1.5 hectares to a foreign investor for a total amount of €630,000 to be paid in stages. The company is presently following the new division prioritization procedures of the roads and utilities. Following provision for roads and utilities on this plot and with the Eincourt tenant, the companies expect to sell more plots in the industrial park. On the Blana Market plot, the deal for €2,500,000 will materialize. However, the company kept the nonrefundable down payment of €150,000 and currently looking for a new buyer.
But lesser plot, the new ballistic plan has been finalized within 2019 and the company has already established promising leads with interesting investors in the area. Please turn to the next slide. Now with regards to the contestation, we get the tax authority decision. The latest highlights is that during June 2019, the company managed to obtain a 2nd quarter appeal decision confirming the fact that no attachments to the bank accounts or lands belonging to the West Coast Group will take place. On the 5th November 2019, the High Court of Justice decided to admit the appeal of the tax authority against the suspension decision issued by the Costanza Court of Appeal during 2018 court proceedings.
The High Court of Justice and Bucharest will hear the appeal pursued by Constanza tax authority on the 24th March, 2020. In case the appeal pursued by the tax authority will be admitted by High Court of Justice, the decision will be final and execution of the company will need to pay the amount of around €1,700,000 The management team and the advisers will be present in this court meeting. Now with regards to the institutional claim of the land plot in Maimai North, the company has already served the necessary notifications to Navotaire City Hall. And since the request of the company has been rejected, we have commenced legal steps to recover the plot. The case is presently in process by the Constanza court, Subject to a final solution with municipality and subject to solving the litigation case, a piece of land is already agreed to be sold to the buyer of the company's previous Romaine North plot.
Please turn to the next page. Romania macro development. Romania again recorded a 4.3% year on year in the 4th quarter increase of GDP, following 3% growth in the previous period, BT market expectations. On a seasonally adjusted quarter basis, the economy advanced 1.5%, the most since the Q3 of 2019. Considering the full year, the economy expanded 4.1%, below the 4.4% the year before.
Nevertheless, Romania is one of the strong EU economies, which is growing per year. Most economies expect Comenius' economic growth to slow down in 2020, while the local currency is expected to continue to weaken against the euro. Parliament outs the 3 month old minority government of Prime Minister, Ludovic Orban, in a non confidence motion passed on 5th February. This company is still an interim company. Please turn to the next page.
Romania real estate update. The volume of real estate investments in Romania exceeded the €1,000,000,000 threshold in 2019, reaching about €1,060,000,000 after a 7% annual advance compared to 2018. This is according to CBRE Romanian Real Estate Consulting Company. The performance reached in 2019 a record of the last 5 years in terms of investment transactions in the Romanian real estate market. The construction of homes and offices recorded a good year with 62,000 new apartments delivered to the market.
There was also a record level of transactions in the office sector with over 450,000 square meters changing owners. According to Cushman and Wakefield, the cumulative area of the purchase amount amounts to 36 hectares and the value transaction is estimated to about €170,000,000 which is equivalent to an average price of €470 per square meter. This is related to transactions within 2019. Our wholly industrial space is leased nationwide over the last year more than 150,000 square meters, approximately 32%, represent transactions concluded directly between owners and tenants. In 2019, the stock of modern industrial spaces exceeded 4,300,000 square meters, which was double the volume a quarter in 2015.
Please turn to the following slide. Development seems to be picking up both in Romania and Constanza. Our virgin farmland prices recorded a 9.5% increase compared to January 2019. In Constanza, our vegia polymer prices reached €12.52 per square meter. This is a growth of 10.7% compared to January 2019.
Please turn to the next page. Top 20 Ronel shareholders as per 19 February 2020. This list is published here for your convenience only. The main focus areas going forward for the company is on land enhancing activities in order to improve the shareholding value and potentially exit. This includes, among others, investments to improve the saleability of certain plots and to commence and to some extent the concluded regulation processes.
The company is involved in several ongoing conditional sales processes. Since the Q3 of 2019 report, the legal progress has moved in both the ongoing €1,700,000 tax dispute and the exportation of claim of land in a minor plot by the Nabothari City Hall. Important legal events are scheduled to take place during March February 2020. This presentation will shortly be uploaded to our homepage, www.romereal.com, for your convenience. Myself and Chairman of Ronereal, Ketu Grozger, will be available for questions by mail or phone shortly after this WebEx.
We wish you a good day.