Eph European Property Holdings Plc · SIX:EPH.EUR

Eph European Property — Eastern Property Holdings — FY2016 Earnings Presentation

20 slides from Eph European Property's earnings presentation, May 12, 2017

  1. Slide 1: Audited Results for 2016

    AUDITED RESULTS FOR 2016 12 May 2017

  2. Slide 2: Agenda

    AGENDA Introduction 2016 Highlights 2016 Financial Results Q&A Eastern Property Holdings 2016 Results Page 2

  3. Slide 3: 2016 Highlights

    2016 HIGHLIGHTS Acquisition of CityGate in Germany On 2 November 2016 the Company announced the closing of the acquisition of 94% ownership interest in the newly constructed Class A office and retail complex CityGate, located in Stuttgart, Germany. CityGate is EPH’s first core commercial real estate

  4. Slide 4: 2016 Highlights

    2016 HIGHLIGHTS Successful allocation of 4,635,890 new ordinary shares On 6 December 2016, the Company announced the successful placement of 4,635,890 ordinary shares for a total consideration of close to US$ 180 million. The price per share was US$ 38.18 which corresponds to the net asset value of

  5. Slide 5: 2016 Financial Results

    2016 FINANCIAL RESULTS NAV of $36.35 per share – increased from $ 35.54 at YE2015 Net loss of $70.5 million ($12.73 per share) is mainly a result of FX losses of $85.1 million which is partially overlapped by the positive cumulative translation adjustment (CTA) of $67.1 million (reflected directly i

  6. Slide 6: Investment Properties

    INVESTMENT PROPERTIES in US$ 31.12.2016 31.12.2015 in US$ 31.12.2016 31.12.2015 Investment Properties Assets A. Berlin House 136,377,351 140,168,810 Non-current assets B. Geneva House 146,116,910 148,282,062 Investment properties 761,615,921 661,775,910 C. Polar Lights 111,128,167 115,960,877 Goodwi

  7. Slide 7: Goodwill

    GOODWILL in US$ 31.12.2016 31.12.2015 in US$ 31.12.2016 31.12.2015 Assets Goodwill Non-current assets A. Berlin House 8,837,903 8,837,903 Investment properties 761,615,921 661,775,910 B. Geneva House 3,655,945 3,655,945 Goodwill 58,366,480 45,621,368 C. Polar Lights 12,372,982 12,372,982 Loans and r

  8. Slide 8: Loans and Receivables

    LOANS AND RECEIVABLES in US$ 31.12.2016 31.12.2015 in US$ 31.12.2016 31.12.2015 Loans (long term) Assets Vakhtangov Place Limited 71,247,103 71,284,594 Non-current assets Bluestone Investments 56,877 618,107 Investment properties 761,615,921 661,775,910 Vestive - 7,236,826 Goodwill 58,366,480 45,621

  9. Slide 9: Cash & Cash Equivalents

    CASH & CASH EQUIVALENTS in US$ 31.12.2016 31.12.2015 WHAT CHANGED? Assets Non-current assets MAIN INFLOWS: Investment properties 761,615,921 661,775,910 Goodwill 58,366,480 45,621,368 Net rental income from Rental Properties Loans and receivables 71,303,980 79,139,527 Deferred tax assets 8,274,979 1

  10. Slide 10: Assets Under Development

    ASSETS UNDER DEVELOPMENT in US$ 31.12.2016 31.12.2015 in US$ 31.12.2016 31.12.2015 Assets under development Assets Beginning of the period 57,656,429 66,896,143 Non-current assets Additions from construction expenditure 2,995,295 4,999,537 Investment properties 761,615,921 661,775,910 Disposal - - G

  11. Slide 11: Advance Payment

    ADVANCE PAYMENT in US$ 31.12.2016 31.12.2015 Assets Non-current assets WHAT CHANGED? Investment properties 761,615,921 661,775,910 Goodwill 58,366,480 45,621,368 The Company has made $16.8 million down payment Loans and receivables 71,303,980 79,139,527 with respect to the acquisition of Work Life C

  12. Slide 12: Borrowings

    BORROWINGS in US$ 31.12.2016 31.12.2015 in US$ 31.12.2016 31.12.2015 Liabilities Borrowings (long term) Non-current liabilities Bonds issued 453,393,666 453,166,138 Borrowings 454,759,092 473,618,757 Meglior Holdings Limited 1,365,426 - Deferred tax liabilities 124,241,992 111,114,947 Jilford Invest

  13. Slide 13: Deferred Tax Liabilities

    DEFERRED TAX LIABILITIES in US$ 31.12.2016 31.12.2015 Liabilities Non-current liabilities WHAT CHANGED? Borrowings 454,759,092 473,618,757 Deferred tax liabilities 124,241,992 111,114,947 Increase in deferred tax liabilities is primarily caused Other non-current liabilities 14,863,499 13,195,294 by

  14. Slide 14: Accounts Payable

    ACCOUNTS PAYABLE in US$ 31.12.2016 31.12.2015 in US$ 31.12.2016 31.12.2015 Liabilities Accounts Payable (short term) Non-current liabilities Contingent consideration of the 30,000,000 27,649,769 Borrowings 454,759,092 473,618,757 purchase price of Hermitage Plaza Deferred tax liabilities 124,241,992

  15. Slide 15: Share Capital

    SHARE CAPITAL in US$ 31.12.2016 31.12.2015 Liabilities WHAT CHANGED? Non-current liabilities Borrowings 454,759,092 473,618,757 The Company sold 4,635,890 ordinary shares on the Deferred tax liabilities 124,241,992 111,114,947 market for a price of $ 38.18 per share Other non-current liabilities 14,

  16. Slide 16: Rental Income

    RENTAL INCOME in US$ 31.12.2016 31.12.2015 in US$ 31.12.2016 31.12.2015 Rental income Gross rental income Gross rental income 69,056,277 70,939,152 Berlin House 15,091,656 15,447,624 Ground rents paid (276,009) (314,551) Geneva House 13,603,274 15,058,253 Polar lights 14,536,884 16,181,909 Service c

  17. Slide 17: Net Foreign Exchange Gain/Loss

    NET FOREIGN EXCHANGE GAIN/ LOSS in US$ 31.12.2016 31.12.2015 Rental income Gross rental income Ground rents paid 69,056,277 (276,009) 70,939,152 (314,551) WHAT CHANGED? Service charge income on principal basis 11,069,305 11,300,597 EPH subsidiaries have RUB as their functional Service charge expense

  18. Slide 18: Loss from Fair Value Adjustment on IP

    LOSS FROM FAIR VALUE ADJUSTMENT ON IP in US$ 31.12.2016 30.06.2015 in US$ 31.12.2016 31.12.2015 Valuation movements Net gain/ (loss) from fair value Net gain/ (loss) from fair value adjustment on adjustment on investment properties 189,169 (1,791,873) financial instruments A. Berlin House -3,780,000

  19. Slide 19: Finance Costs

    FINANCE COSTS in US$ 31.12.2016 30.06.2015 in US$ 31.12.2016 31.12.2015 Valuation movements Interests on bonds issued 28,239,797 20,749,413 Net gain/ (loss) from fair value adjustment on Interest on deferred part of 189,169 (1,791,873) the purchase price and financial instruments 5,208,928 5,662,473

  20. Slide 20: Income Taxes

    INCOME TAXES in US$ 31.12.2016 30.06.2015 Valuation movements Net gain/ (loss) from fair value adjustment on 189,169 (1,791,873) financial instruments WHAT CHANGED? Net loss from fair value adjustment on investment (14,410,059) (91,504,189) Income tax expense consists of: properties Net valuation mo

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