31 May 2017, Road Town, Tortola, BVI
FINANCIAL HIGHLIGHTS
- The performance of the Company's income-generating properties continues to demonstrate good profitability. During the first quarter 2017 EPH rental properties generated $19.24 million of net rental income (Q1 2016: $17.43 million). 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;
- The volatility of Rouble/US dollar exchange rate continues to be one of the main factors affecting the Company's operating results;
- Strengthening of Rouble against US dollar during Q1 2017 led to increase of Arbat development property value which is carried at cost nominated in Roubles;
Significant Q1 2017 Income and Expense Items
| Net Rental Income | 31.03.2017 | 31.03.2016 | Change YoY | |
| Berlin House | 4,081,620 | 3,910,323 | 171,297 | |
| Geneva House | 3,404,942 | 3,639,876 | -234,935 | |
| Polar Lights | 3,378,898 | 3,326,352 | 52,546 | |
| Hermitage Plaza | 6,485,583 | 6,423,991 | 61,592 | |
| City Gate | 811,047 | - | 811,047 | |
| Magistral'naya | 153,666 | 128,353 | 25,313 | |
| Total | 18,315,756 | 17,428,896 | 886,859 | |
| YoY changes in Income/Expense Items | 31.03.2017 | 31.03.2016 | Change YoY | |
| Net foreign exchange loss | -28,936,745 | -34,696,378 | 5,759,633 | |
| Finance costs | -7,015,376 | -8,540,327 | 1,524,951 | |
Significant Q1 2017 changes in Financial Position
| Assets | 31.03.2017 | 31.12.2016 | Change | |
| Cash & cash equivalents | 42,808,389 | 41,378,278 | 1,430,111 | |
| Assets under development | 79,402,860 | 72,855,882 | 6,546,978 | |
| Liabilities | 31.03.2017 | 31.12.2016 | Change | |
| Borrowings (LT & ST) | 480,878,856 | 480,934,738 | (55,882) | |
| Accounts payable and accrued expenses | 52,826,436 | 60,122,219 | (7,295,783) |
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.
