27 April 2017, Road Town, Tortola, BVI
Eastern Property Holdings Ltd (EPH), the real estate investment company, today announces audited 2016 year-end results:
- NAV of $36.35 per share - increased from $35.54 at YE2015
- Net loss for the period of $70.5 million is mainly a result of foreign exchange losses of US$85.1 million which are partially overlapped by the positive change in cumulative translation adjustment in the amount of $67.1 million (reflected directly in the equity)
- The Company's investment properties held at fair value are $761.6 million (31 December 2015: $661.8 million). The increase is mainly caused by acquisition of 94% of CityGate office and retail property in Stuttgart, Germany. The value of the remaining portfolio of the Group decreased by only less than 2% and was able to show a positive operating result before taxes of more than US$7 million if not considering the impact from currency fluctuations.
- In December 2016, the Company issued 4,635,890 ordinary shares and sold it on the market. As a result of this share issue and taking into account 2016 financial results, the Group's equity increased to $363.03 million
(31 December 2015: $189.01 million).
Our annual report, including full financial statements, is available on the company's website:
http://www.easternpropertyholdings.com/investors/reports.php
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CONFERENCE CALL WITH MANAGEMENT
Please join management for a conference call to discuss EPH's 2016 results today,
Friday, 12 May 2017 at 3:00 p.m. (CET)
Dial in: +41 58 262 07 22
Access Code: 714753
A presentation for the call will be posted on the company's website shortly before the call, www.easternpropertyholdings.com
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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.
