Eph European Property Holdings Plc · SIX:EPH.EUR
Eph European Property — Eastern Property Holdings — Q3 2011 Earnings Presentation
13 slides from Eph European Property's earnings presentation, Nov 29, 2011
Slide 1: Q3 2011 Trading Update
Q3 2011 TRADING UPDATE 29 NOVEMBER, 2011 Eastern Property Holdings Q3 2011 Page 1
Slide 2: Agenda and Speakers
AGENDA AND SPEAKERS Introduction Market Outlook Terry Olin Corporate Finance and Operations Key Q3 Events Key Q3 Financial Changes Alexander Nikolaev Arbat Update CIS operations Turgenevskaya Parking Update Rental Income Outlook Q&A Conclusion Eastern Property Holdings October 2011 Page 2
Slide 3: Market Outlook
MARKET OUTLOOK Within an uncertain global environment, Moscow supply/demand favorable, while St. Petersburg recovery started, but unlikely to accelerate Russian macroeconomic outlook and RUB dynamics Inflation and unemployment are falling – prospects for GDP growth in 2012 look solid The major ris
Slide 4: EPH: Key Events in Q3 2011
EPH: KEY EVENTS IN Q3 2011 REALISING SHAREHOLDER VALUE. CREATING SHAREHOLDER VALUE Realised Shareholder Value in Berlin House and Geneva House Completed final stage of 90% sale of Berlin House and Geneva House Cash proceeds from sale employed as foreseen $21 million used to pay $5/share dividend
Slide 5: Q3 Key Financial Changes: Income and Expense Items
Q3 KEY FINANCIAL CHANGES INCOME AND EXPENSE ITEMS Rental income Q3 Only 30.09.2011 30.06.2011 Gross rental income $1'786'628 $12'010'105 $10'223'477 Ground rents paid -$96'763 -$322'782 -$226'019 Service charge income on principal basis $360'193 $2'752'665 $2'392'472 Service charge expenses on princ
Slide 6: Q3 Key Financial Changes: Financial Position
Q3 KEY FINANCIAL CHANGES FINANCIAL POSITION Assets Change Q3 30.09.2011 30.06.2011 Loans and receivables (long term) $6'251'204 $42'681'001 $36'429'797 Investment in associates held for sale -$8'951'727 $0 $8'951'727 Accounts receivable -$23'111'795 $6'075'182 $29'186'977 Loans and receivables (shor
Slide 7: Q3 Key Financial Changes: Financial Position (cont.)
Q3 KEY FINANCIAL CHANGES FINANCIAL POSITION (CONT…) Cash and Cash Equivalents - At 30 September we had $79mln of cash. While this is just $4.1 million less than the $83.3 million held at mid-year, actual cash inflows and outflows were much more significant. Key movements were: $37 million, net of
Slide 8: Arbat Development Projects
ARBAT DEVELOPMENT PROJECTS PROGRESSING ON TIME AND ON BUDGET All below-ground concrete work complete (5,606m3) Nearly 35% of above-ground concrete work complete by end-October, aim to be half way by end 2012 and complete in 2Q12 Pace of investment is picking up: spent $1.3m on construction in
Slide 9: Turgenevskaya Parking Project
TURGENEVSKAYA PARKING PROJECT ON TARGET FOR Q4 OPENING Complete and ready for opening immediately upon receipt of exploitation permit Analysts visit Turgenevskaya Parking Eastern Property Holdings October 2011 Page 9
Slide 10: Rental Income Outlook
RENTAL INCOME OUTLOOK REDUCED STAKE IN KEY RENTAL ASSETS CHANGES INCOME STREAM Sale of 90% stakes in Geneva and Berlin Houses reduce the net rental income line of our income statement from an annualized amount of approximately $13.6 million – based on 1H 2011 results – to approximately $4.7 millio
Slide 11: Asset Overview
ASSET OVERVIEW FOCUS ON LOCATION Rental Income Properties Development Properties Petrovsky Fort Arbat I •Total Rentable Area: 21, 100 sqm •Valuation*: US$101.3m •Valuation*: US$ 60.3m •EPH stake: 50% •EPH stake: 100% •Gross Build Area: 27,000 sqm Magistralnaya Arbat II •Total Rentable Area: 3,100 sq
Slide 12: Eastern Property Holdings: The Right Assets and Skills to Deliver Value
EASTERN PROPERTY HOLDINGS THE RIGHT ASSETS AND SKILLS TO DELIVER VALUE Hands-on management keeps Strong pipeline of projects to project on time and on budget complete by 2014 Turgenevskaya Project ready Track record of complex, for sale and rental in Q4 2011 prime development projects Eastern Proper
Slide 13: Q3 2011 Trading Update
Q3 2011 TRADING UPDATE 29 NOVEMBER, 2011 Eastern Property Holdings Q3 2011 Page 13
Eastern Property Holdings — Q3 2011 Earnings Presentation on 6ix