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;Â
- 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;
                        Â
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 | Â | 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 | Â | 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.
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;