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OFFON

EASTERN PROPERTY HOLDINGS LIMITED

(EPH)
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Press Release: EPH European Property Holdings Limited (EPH): First quarter 2021 Financial Update

06/01/2021 | 01:00pm EDT
 
   -- The Company's rental properties continue generating sufficient cash to 
      cover the Company's operating expenses, service the debt and partially 
      finance its investment program.  The investment properties in Austria 
      (newly constructed office buildings and parking QBC 127) and Germany (two 
      hotels), acquired in 2020, are in operation and generate rental income. 
      Rental stream of QBC 127 in Q1 2021 is not at full potential yet since 
      the properties have just been put into operation and many tenants are in 
      process of fit-out works and/or enjoy rent-free period.  Rental income of 
      the hotels suffered slightly from temporary rental concessions provided 
      to tenants due to COVID-19 impact on the hotel industry. 
 
 
   -- All in all, net rental income of the Company increased from US$ 14.06 
      million in Q1 2020 to US$ 15.44 million in Q1 2021. European properties, 
      acquired in 2020, contributed US$ 1.92 million in Q1 2021 (in Q1 2020: 
      nil). 
 
 
   -- The Company successfully continued sales of Arbat premises in Moscow. 
      During 1st quarter 2021 a few more apartments and parking lots have been 
      sold.  Accordingly, the Company recognized gain from the sale of these 
      properties in the amount of US$ 1.63 million (in Q1 2020: 0.55 million) 
 
 
   -- The Company continues refurbishment of LASS 1 property (office building) 
      in Austria, acquired in 2020. Additional investments into construction 
      during Q1 2021 amounted to EUR 3.7 million.  Completion of works is 
      expected in June 2022. The most part of the leasable area is already 
      leased out and will be occupied after completion of construction. 
 
 
   -- On March 2021, the Group refinanced Raiffeisen Bank loan at QBC 1 and 2 
      by two new secured loan facilities for the total amount of EUR 100 
      million from UniCredit bank Austria repayable at the end of 2030. 
 
 
   -- RUB and EUR, major currencies of the Group's operations, continue to be 
      volatile and have an effect on the Company's operating results and net 
      asset value. For Q1 2021, foreign exchange loss recognised in the 
      Company's income statement is primarily explained by the structure of the 
      Group's EUR-denominated internal and external debt instruments. Loss was 
      slightly compensated by positive change in currency translation 
      adjustment recognized directly in equity; so the overall loss from 
      exchange rate fluctuations in the reporting period is US$ 10.07 million. 
 
 
   -- Overall, there are no significant changes in the total amounts of Group's 
      assets and liabilities as compared to the last publicly available 
      financial statements at YE 2020, given that fair value of investment 
      properties was not revaluated as at 31 March 2021. 
 
 
   -- COVID-19 has only slight direct impact on Q1 2021 financial performance. 
 
 
   EPH is managed by Valartis International Ltd. a wholly owned subsidiary 
of Valartis Group AG. Additional information on EPH European Property 
Holdings is available by contacting Anna Bernhart Tel: +41 44 503 5400 
or at contact@europeanpropertyholdings.com. 
 
   Attachment 
 
 
   -- 210601 EPH Press Release_Q1 2021 Highlights_final 
      https://ml-eu.globenewswire.com/Resource/Download/353e64dc-82e8-4356-8bfe-8ec139df5a85 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

June 01, 2021 13:00 ET (17:00 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.28% 34838.16 Delayed Quote.14.14%
EASTERN PROPERTY HOLDINGS LIMITED 0.00% 30.8 Delayed Quote.7.69%
RAIFFEISEN BANK INTERNATIONAL AG -0.60% 19.84 Delayed Quote.19.66%
VALARTIS GROUP AG 1.10% 9.2 Delayed Quote.2.22%
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Financials (USD)
Sales 2020 116 M - -
Net income 2020 27,0 M - -
Net Debt 2020 971 M - -
P/E ratio 2020 10,6x
Yield 2020 -
Capitalization 441 M 441 M -
EV / Sales 2019 9,70x
EV / Sales 2020 11,9x
Nbr of Employees 2
Free-Float 34,5%
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Managers and Directors
Olga Melnikova Chairman
Oeivind Gustav Stenbolt Executive Director
Hans Messmer Non-Executive Director
Michael William Cuthbert Non-Executive Director
Tomasz Dukala Non-Executive Director