29 April 2019, Road Town, Tortola, BVI
Eastern Property Holdings Ltd (EPH), a real estate investment and development company with focus on Russia and Europe, today announces audited 2018 year-end results:
- NAV of $33.82 per share - decreased from $ 37.43 at YE2017
- Net profit attributable to the shareholders of $29.95 million ($3.02 per share) is fully overlapped by the negative cumulative translation adjustment (CTA) of $65.94 million (reflected as the other comprehensive loss in equity)
- The main factors influencing NAV are:
- Good stable performance of the rental properties - US$ 68.2 million of net rental income (vs US$ 70.9 million in 2017). Slight decrease is caused primarily by compression of USD equivalent of RUB-denominated rental revenues due to RUB depreciation in 2018
- US$ 35.67 million decrease in investment property valuations
- Negative effect of exchange rate fluctuations (taking into account the change in CTA) in the amount of US$ 7.5 million
- US$ 31.4 million finance costs which mainly include bond interest accrued
- The Company's investment properties held at fair value are $841.5 million (31 December 2017: $874.8 million). The decrease is mainly caused by negative changes in estimated market rent for the properties with US$-denominated rental cash flows (based on the current market situation) and due to depreciation of RUR against US$ - for the properties with RUR-denominated rental stream.
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 2018 results today,
Tuesday, 7 May 2019 at 10:00 a.m. (CET)
Dial in: +41 58 262 07 22
Access Code: 600038
A presentation for the call will be posted on the company's website shortly before the call, www.easternpropertyholdings.com
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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.
Attachments
- 190429 EPH Release Financials FY2018 (https://ml-eu.globenewswire.com/Resource/Download/34aa46cf-415d-4761-8967-c51ba2ef4a47)
- EPH_Annaul_Report 2018 (https://ml-eu.globenewswire.com/Resource/Download/6f6841e4-3242-4f9b-a5b0-05d4295c9d5b)
