Eastern Property Holdings Limited (EPH): First Quarter 2016 Financial Update
(Thomson Reuters ONE) -
Eastern Property Holdings Limited (EPH) /
Eastern Property Holdings Limited (EPH): First Quarter 2016 Financial Update
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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 88,313,179 198,552,400 -110,239,221
expenses
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:
http://hugin.info/139905/R/2016439/747857.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eastern Property Holdings Limited (EPH) via GlobeNewswire
[HUG#2016439]
Unternehmensinformation / Kurzprofil:
Datum: 30.05.2016 - 19:30 Uhr
Sprache: Deutsch
News-ID 474351
Anzahl Zeichen: 4327
contact information:
Town:
Geneva
Kategorie:
Business News
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