Skip to main content

EPH European Property Holdings Limited (EPH) announces Third Quarter 2021 Financial Update

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

30 November 2021, Road Town, Tortola, BVI I Ad hoc announcement pursuant to Art. 53 LR

  • In Q3 2021, there were no significant changes in the Company’s financial position and/or structure of its balance sheet in comparison to the published semi-annual report, given that fair value of investment properties was not revaluated as of 30 September 2021.
  • In Q3 2021, the Company demonstrated stable performance compared to the last year. The rental properties continued generating sufficient cash to cover the Company’s operating expenses, service the debt and partially finance its investment program. The net rental income (NRI) increased from US$45.33 mln in the first 9 months of 2020 to US$ 49.38 mln for 9 months of 2021. Thereof, European properties acquired during 2020 generated a total NRI of US$ 7.48 mln (9 months of 2020: US$ 2.67 mln). The performance of the other European properties, as well as Russian properties remained almost unchanged as compared to the same period of 2020.
  • During Q3 2021 EPH sold a few more apartments and parking lots in Arbat mixed-use properties. The profit on such sales in the first 9 months 2021 amounted to US$ 4 mln (9 months of 2020: US$11.5 mln, including US$10.8 mln of one-off profit on sale of commercial area).
  • The Company continues refurbishment of LASS 1 property (office building) in Austria acquired in 2020. Additional investments into construction for 9 months of 2021 amounted to EUR 13.7 mln, including borrowing costs of EUR 2.4 mln. The completion of the refurbishment is expected for June 2022. The most part of the leasable area is already leased out to tenants and will be occupied after completion of the construction.
  • The volatility of RUB and EUR, the two major currencies of the Group’s operations, continues to influence the Company’s operating results and net asset value in its presentation currency (US$). The overall negative impact of exchange rate fluctuations for 9 months of 2021 amounts to US$ 26.07 mln: net loss from foreign exchange movements recognized in the income statement was partially overlapped by positive change in currency translation adjustment recognized directly in equity.

 _____________________________________________________________________________________

EPH European Property Holdings Ltd. is an investment company listed on SIX Swiss Stock Exchange which holds an extensive property portfolio with a total value of around EUR 1.5 billion. As part of its geographical diversification and strategic intentions to stablise values and cash flows, the company currently invests exclusively in Central Europe. EPH is managed by Valartis Group AG and its subsidiaries. Additional information on EPH European Property Holdings Ltd. is available by contacting Anna Bernhart Tel: +41 44 503 5400 or at contact@europeanpropertyholdings.com.

Attachment

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.