Eastern Property Holdings Limited (EPH): First Quarter 2016 Financial Update
May 30, 2016 at 01:31 pm EDT
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Eastern Property Holdings Limited (EPH) /
Eastern Property Holdings Limited (EPH): First Quarter 2016 Financial Update
. Processed and transmitted by NASDAQ OMX Corporate Solutions.
The issuer is solely responsible for the content of this announcement.
30 May 2016, Road Town, Tortola, BVI
FINANCIAL HIGHLIGHTS
· The performance of the Company's income-generating properties is almost not impacted by the overall decline in the Russian market and continues to demonstrate high profitability;
· The volatility of Rouble/US dollar exchange rate continues to be one of the main factors affecting the Company's operating results;
· Deferred part of the purchase price of Hermitage Plaza in the amount of US$ 100.9 million was paid in March 2016 resulting in tangible decrease in the Company's accounts payable;
· Strengthening of Rouble against US dollar during Q1 2016 led to increase of Arbat development property value which is carried at cost nominated in Roubles;
· NAV as of 31 March 2016 is slightly higher than as at 31 December 2015 (assuming that the real estate valuations done as of 31 December 2015 are unchanged).
Significant Q1 2016 Income and Expense Items
Net Rental Income
31.03.2016
31.03.2015
Change YoY
Berlin House
3,910,323
3,945,745
-35,422
Geneva House
3,639,876
3,978,745
-338,868
Polar Lights
3,326,352
3,771,171
-444,819
Hermitage Plaza
6,423,991
6,050,247
373,744
Magistral'naya
128,353
139,449
-11,096
Total
17,428,896
17,885,357
-456,461
YoY changes in Income/Expense Items
31.03.2016
31.03.2015
Change YoY
Net foreign exchange gain/ (loss)
-34,696,378
-5,901,067
-28,795,311
Finance costs
-8,540,327
-8,051,124
-489,203
Significant Q1 2016 changes in Financial Position
Assets
31.03.2016
31.12.2015
Change
Cash & cash equivalents
24,518,218
127,772,076
-103,253,858
Assets under development
64,442,137
57,656,429
6,785,708
Liabilities
31.03.2016
31.12.2015
Change
Accounts payable and accrued expenses
88,313,179
198,552,400
-110,239,221
Eastern Property Holdings Ltd. is an investment company listed on SIX Swiss Exchange which holds interest in office, residential and retail properties. EPH is managed by Valartis International Ltd. a wholly-owned subsidiary of Valartis Group AG.
Additional information on Eastern Property Holdings is available by contacting Anna Bernhart Tel: +41 44 503 5400.
EPH_Q1 Trading Update
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Eastern Property Holdings Limited (EPH) via Globenewswire
EPH European Property Holdings Plc is a Cyprus-based real estate investment company. The Company's has three operating segments: Rental properties, Rental property under construction and Residential properties for sale. The Rental properties segment consists of commercial properties in Russia, Germany and Austria. The Rental Property under Construction segment comprises commercial property under construction LASS 1 in Vienna. The Residential Properties for Sale segment consists of residential areas of two Arbat Multi-use Complexes in Moscow.