Eastern Property Holdings Limited: First Quarter 2017 Financial Update

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
Â	Berlin House	  4,081,620	  3,910,323	  171,297
Â	Geneva House	  3,404,942	  3,639,876	  -234,935
Â	Polar Lights	  3,378,898	  3,326,352	  52,546
Â	Hermitage Plaza	  6,485,583	  6,423,991	  61,592
Â	City Gate	  811,047	  -Â	  811,047
Â	Magistral'naya	153,666	  128,353	25,313
Â	Total	18,315,756	17,428,896	886,859

YoY changes in Income/Expense Items		31.03.2017	31.03.2016	Change YoY
Â	Net foreign exchange  loss	-28,936,745	-34,696,378	5,759,633
Â	Finance costs	-7,015,376	-8,540,327	1,524,951
Â	Â	Â	Â	Â

Significant Q1 2017 changes in Financial Position

Assets	Â	31.03.2017	31.12.2016	Change
Â	Cash & cash equivalents	42,808,389	41,378,278	1,430,111
Â	Assets under development	79,402,860	72,855,882	6,546,978
Â	Â	Â	Â	Â
Liabilities	Â	31.03.2017	31.12.2016	Change
Â	Borrowings (LT & ST)	480,878,856	480,934,738	(55,882)
Â	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: [phone].

EPH - Q1 2017 - Financial Update (http://hugin.info/139905/R/2109561/801588.pdf)

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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;