Eastern Property Holdings Limited (EPH): First Quarter 2018 Financial Update
May 31 2018 - 1:30PM
Eastern Property Holdings Limited (EPH) / Eastern Property
Holdings Limited (EPH): First Quarter 2018 Financial Update .
Processed and transmitted by Nasdaq Corporate Solutions. The issuer
is solely responsible for the content of this announcement.
31 May 2018, Road
Town, Tortola, BVI
FINANCIAL HIGHLIGHTS
- During the first quarter 2018 EPH rental
properties generated $18.17 million of net rental income (Q1 2017:
$18.32 million). The contribution to net rental income of each
property is presented in the table below. The decrease of income in
Berlin House and Polar Lights caused by the tenants' rotation is
almost fully compensated by the increase of income in other
properties as well as the additional income generated by newly
acquired property WLC;
- Cash generated by the rental properties is
sufficient to cover the Company's operating expenses, including
payment of interest on the bonds issued by the Company;
- Although during the first quarter 2018 the
Rouble/US dollar exchange rate was less volatile as compared to the
previous periods, the situation changed in April 2018 and the
exchange rate fluctuation continues to be one of the main factors
affecting the Company's operating results;
- The increase in borrowings as of 31 March 2018 is
mainly caused by the fact that two bond interest payments due on 31
March 2018 were paid on 3 April 2018 (first business day after the
due date - in line with the prospectus) as well as by accruing
additional interest on subordinated notes issued by EPH in December
2017;
- Decrease of accounts payable is a result of
reduction of trade payables in the ordinary cause of business.
Significant Q1 2018 Income and Expense Items
Net Rental Income, US$ |
31.03.2018 |
31.03.2017 |
Change YoY |
|
Berlin House |
3,052,153 |
4,081,620 |
(1,029,467) |
|
Geneva House |
3,565,110 |
3,404,942 |
160,168 |
|
Polar Lights |
2,843,451 |
3,378,898 |
(535,447) |
|
Hermitage Plaza |
7,164,411 |
6,485,583 |
678,828 |
|
City Gate |
1,250,567 |
811,047 |
439,520 |
|
Magistral'naya |
184,084 |
153,666 |
30,418 |
|
WLC |
107,877 |
|
107,877 |
|
Total |
18,167,652 |
18,315,756 |
(148,104) |
YoY changes in Income/Expense Items,
US$ |
31.03.18 |
31.03.17 |
Change YoY |
|
Net
foreign exchange gain/(loss) |
694,910 |
(28,936,745) |
29,631,655 |
|
Finance costs |
(7,837,927) |
(7,015,376) |
(822,551) |
|
|
|
|
|
Significant Q1 2018 changes in Financial Position
Assets, US$ |
|
31.03.18 |
31.12.17 |
Change |
|
Cash
& cash equivalents |
36,429,185 |
40,644,407 |
(4,215,222) |
|
|
|
|
|
Liabilities, US$ |
|
31.03.18 |
31.12.17 |
Change |
|
Borrowings (LT & ST) |
564,747,210 |
559,748,328 |
4,998,882 |
|
Accounts payable and accrued expenses |
33,780,316 |
46,249,766 |
(12,469,450) |
EPH - Trading Update Q1
2018
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
--- End of Message ---
Eastern Property Holdings Limited (EPH)
Valartis Asset Management SA Geneva Switzerland
WKN: 250817;ISIN: VGG290991014;
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