Eph European Property Holdings Plc · SIX:EPH.EUR
Eph European Property — FY2023 Earnings Presentation
21 slides from Eph European Property's earnings presentation, May 2024
Slide 1: Company's Results for the Year Ended 31 December 2023
COMPANY’S RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023
Slide 2: Business Highlights 2023
BUSINESS HIGHLIGHTS 2023 ► Despite the challenging market environment, EPH European Property Holdings PLC (“EPH” or the “Company”) maintained operational stability in 2023. This success can be attributed to its established portfolio of high-quality properties in prime locations in Europe, and profes
Slide 3: Financial Highlights 2023
FINANCIAL HIGHLIGHTS 2023 ► NAV is EUR 34.44 per share – decreased from EUR 36.08 at YE2022. ► Net assets (calculated as total equity) amounted to EUR 500.94 million, compared to EUR 526.56 million at the end of 2022. Despite the significant loss reported by the Company for 2023 (see below), the dec
Slide 4: Financial Highlights 2023
FINANCIAL HIGHLIGHTS 2023 ► A loss of EUR 103.27 million relates to discontinued operations and is caused by reclassification from equity statement to profit or loss statement of the negative balance of the currency translation adjustment reserve (“CTA”) for the amount EUR 163 million. Reclassificat
Slide 5: Key Performance Indicators
KEY PERFORMANCE INDICATORS in EUR 31.12.2023 31.12.2022 31.12.2021 Continuing operations Net rental income 32 596 511 25 933 809 19 354 371 Management fees (1 671 074) (1 579 975) (1 439 103) Administrative expenses (3 283 324) (2 703 935) (2 007 072) Net other operating income/(expense) 1 484 104 9
Slide 6: Investment Properties
INVESTMENT PROPERTIES in EUR 31.12.2023 31.12.2022 discount rate cap rate in kEUR 31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.2023 31.12.2022 Assets Non-current assets Investment properties 783 672 437 895 119 207 City Gate 119 700 132 300 5,25% 4,70% 4,60% 4,05% Goodwill 23 516 444 23 952 472
Slide 7: Accounts Receivable
ACCOUNTS RECEIVABLE in EUR 31.12.2023 31.12.2022 in EUR 31.12.2023 31.12.2022 Assets Non-current loans and accounts receivable Non-current assets Loans given to and receivables from the former 70 509 379 38 533 530 Investment properties 783 672 437 895 119 207 Russian segment Goodwill 23 516 444 23
Slide 8: Cash & Cash Equivalents
CASH & CASH EQUIVALENTS in EUR 31.12.2023 31.12.2022 in EUR 31.12.2023 31.12.2022 Assets Cash at banks 79 266 732 190 161 794 Non-current assets Cash in transit 100 000 - Investment properties 783 672 437 895 119 207 Cash deposits at banks (<3 months) 700 000 - Goodwill 23 516 444 23 952 472 Cash an
Slide 9: Equity
EQUITY in EUR 31.12.2023 31.12.2022 ► On disposal of the Russian segment of the Group in the Liabilities reporting period and in December 2022, the cumulative Non-current liabilities amount of the exchange differences relating to the Borrowings 269 574 287 343 885 954 segment in the amount of EUR 16
Slide 10: Borrowings
BORROWINGS in EUR 31.12.2023 31.12.2022 in EUR 31.12.2023 31.12.2022 Liabilities Non-current liabilities Borrow ings (non-current) Borrowings 269 574 287 343 885 954 Bonds issued 244 350 000 167 425 000 Deferred tax liabilities 26 414 181 36 117 580 Bank loans 14 888 750 166 279 021 Other non-curren
Slide 11: Borrowings
BORROWINGS in EUR 31.12.2023 31.12.2022 Borrow ings (non-current) Bonds issued 244 350 000 167 425 000 Bank loans 14 888 750 166 279 021 Other loans 10 335 537 10 181 933 Total 269 574 287 343 885 954 Borrow ings (current) Bonds issued 167 425 000 247 455 420 Notes payable - - Bank loans 1 040 000 9
Slide 12: Rental Income
RENTAL INCOME for the year ended in EUR 31.12.2023 31.12.2022 Net Rental Incom e, EUR 2023 2022 Continuing operations Rental income City Gate 4 762 523 4 813 047 Gross rental income 33 985 311 27 532 182 WLC 2 616 720 3 526 028 Service charge income 10 461 708 6 406 637 Property operating and mainte
Slide 13: Revaluation of Investment Properties
REVALUATION OF INVESTMENT PROPERTIES ► In the current period, all properties were devaluated primarily due to negative correction of market assumptions, as discussed earlier (Germany – by EUR 38.54 mln; Austria – by EUR 77.19 mln). May 24 Page 13
Slide 14: Impairment Loss on Loans and Receivables
IMPAIRMENT LOSS ON LOANS AND RECEIVABLES for the year ended in EUR 31.12.2023 31.12.2022 Continuing operations Rental income Gross rental income 33 985 311 27 532 182 Service charge income 10 461 708 6 406 637 Property operating and maintenance expenses (11 850 508) (8 005 010) Net rental income 32
Slide 15: Finance Income
FINANCE INCOME for the year ended for the year ended in EUR 31.12.2023 31.12.2022 in EUR 31.12.2023 31.12.2022 Continuing operations Gain on early termination of interest rate SWAP 18 211 782 - Net operating (loss)/profit (76 114 865) 29 614 603 Interest income on loans provided to the former Russia
Slide 16: Finance Costs
FINANCE COSTS for the year ended for the year ended in EUR 31.12.2023 31.12.2022 in EUR 31.12.2023 31.12.2022 Continuing operations Interests on bonds issued 10 181 321 13 203 554 Net operating (loss)/profit (76 114 865) 29 614 603 Interest on notes payable 1 501 913 9 696 387 Interest on loans paya
Slide 17: Income Tax
INCOME TAX for the year ended for the year ended in EUR 31.12.2023 31.12.2022 in EUR 31.12.2023 31.12.2022 Continuing operations Net operating (loss)/profit (76 114 865) 29 614 603 Attributable to continuing operations Finance income 20 762 235 148 400 Current income tax expense (1 349 406) (139 459
Slide 18: Disposal Group
DISPOSAL GROUP in EUR 31.12.2023 31.12.2022 in EUR 19.04.2023 31.12.2022 Assets Total non-current assets 888 692 311 962 094 340 Assets classified as held for sale Current assets Investment properties 448 140 334 486 996 302 Accounts receivable 5 316 023 4 634 134 Prepayments 812 735 304 655 Goodwil
Slide 19: Disposal Group
DISPOSAL GROUP in EUR 19.04.2023 12.12.2022 for the period for the 1 January 2023 year ended Disposal of Disposal of - 19 April 2023 31.12.2022 Lenbury Redhill in EUR Consideration received or receivable: Cash 13 775 1 Rental income Loans and receivables given to disposal group 75 745 441 61 270 804
Slide 20: Subsequent Events
SUBSEQUENT EVENTS ► On 16 January 2024, the Group acquired 100% ownership in Société de l'Hôtel des Trois Couronnes, à Vevey, SA. The entity owns the 5* Hotel Des Trois Couronnes. The acquisition is accounted for as business combination under IFRS 3, as the acquired set of assets and liabilities con
Slide 21: May 24 Page 21
May 24 Page 21
EPH European Property Holdings — FY2023 Earnings Presentation on 6ix