Eastern Property Holdings Limited (EPH) / Eastern Property Holdings Limited (EPH): First Quarter 2017 Financial Update . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement.

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.

EPH - Q1 2017 - Financial Update


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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

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Eastern Property Holdings Limited (EPH)
Valartis Asset Management SA Geneva Switzerland

WKN: 250817;ISIN: VGG290991014;


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