Eastern Property Holdings Limited: Third Quarter 2016 Trading Update
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Eastern Property Holdings Limited (EPH) /
Eastern Property Holdings Limited: Third Quarter 2016 Trading Update
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The issuer is solely responsible for the content of this announcement.
30 November 2016, Road Town, Tortola, BVI
FINANCIAL HIGHLIGHTS
· The performance of the Company's income-generating properties continues to
demonstrate good profitability. During the first 9 months of 2016 EPH rental
properties generated $53.68 million of net rental income (9 months of 2015:
$52.81). The contribution of each property to net rental income is presented in
the table below.
· Cash generated by the rental properties is sufficient to cover the
Company's operating expenses, including payment of interest on the bonds issued
by the Company.
· RUB/US$ exchange rate continues to be volatile. At the year-end
gains/losses arising from changed ruble values of US$ -denominated assets are
likely again to be one of the main factors affecting the Company's operating
results.
· The Company recognized $26.53 million of finance costs during nine months
of 2016 in comparison with $24.20 million for the same period in 2015. Finance
costs mainly represent interest on bonds issued in 2014-2015.
· The value of the Company's Assets under Development increased up to $69.21
million (31 December 2015: $57.66 million). Assets under Development represent
apartments constructed as a part of Arbat development and are carried at cost
nominated in RUB. The increase in US$ value is caused by additional
construction costs spent as well as by strengthening of RUB against US$ during
the first nine months of 2016.
· In the 3(rd) quarter of 2016 the Company made down payments with respect to
the acquisition of two properties in Stuttgart and Hamburg, Germany. This
resulted in the increase of Advance payment in the Company's balance sheet up to
US$ 40.90 million (31 December 2015: $1.44 million). The transaction on the
acquisition of CityGate located in Stuttgart was closed in November 2016 and the
closing for the acquisition of Work Life Center in Hamburg is expected by the
end of 2017.
· The deferred part of the purchase price for Polar Lights was fully paid in
August 2016. The second part of the deferred purchase price for Hermitage Plaza
was paid in March 2016 and the contingent liability in respect to that
acquisition is still payable at the end of the current year.
· The Company issued subordinated registered notes to its majority
shareholder for the total amount of US$ 170.0 million maturing on 31 December
2016.
· Assuming unchanged values of investment properties, NAV as of 30 September
2016 would be approximately at the same level as at 30 June 2016.
Significant Income and Expense Items for 9 months of 2016
Net Rental Income 30.09.2016 30.09.2015 Change YoY
----------------------------------------------------------------
Berlin House 12,149,964 11,989,129 160,835
Geneva House 10,521,763 11,542,374 (1,020,611)
Polar Lights 10,338,847 10,405,425 (66,578)
Hermitage Plaza 20,289,404 18,421,671 1,867,733
Magistral'naya 379,400 456,382 (76,982)
------------------------------------------
Total 53,679,378 52,814,981 864,397
------------------------------------------
Material YoY changes in Income/Expense 30.09.2016 30.09.2015 Change YoY
Items
-------------------------------------------------------------------------------
Net foreign exchange (loss)/ gain -60,401,218 38,093,135 -98,494,353
Finance costs -26,533,483 -24,199,902 -2,333,581
Significant Q3 2016 changes in Financial Position
Assets 30.09.2016 31.12.2015 Change
-------------------------------------------------------------------------------
Cash & cash equivalents 114,990,054 127,772,076 -12,782,022
Assets under development 69,214,866 57,656,429 11,558,437
Advance payment 40,903,941 1,442,672 39,461,269
Liabilities 30.09.2016 31.12.2015 Change
-------------------------------------------------------------------------------
Borrowings (LT & ST) 478,541,404 477,556,323 985,081
Accounts payable and accrued
expenses 214,001,872 198,552,400 15,449,472
EPH - Third Quarter 2016 - Trading Update:
http://hugin.info/139905/R/2060172/772253.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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
Unternehmensinformation / Kurzprofil:
Datum: 30.11.2016 - 07:00 Uhr
Sprache: Deutsch
News-ID 509868
Anzahl Zeichen: 5924
contact information:
Town:
Geneva
Kategorie:
Business News
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