(MENAFNEditorial) 30 November 2017, Road Town, Tortola, BVI
FINANCIAL HIGHLIGHTS
- The performance of the Company's income-generating properties continues to demonstrate stable profitability. During the first 9 months of 2017 EPH rental properties generated $52.13 million of net rental income (9 months of 2016: $53.68 million). The contribution of each property to net rental income is presented in the table below;
- Cash generated by the rental properties is sufficient to cover the Company's operating expenses, including payment of interest on the bonds issued by the Company;
- Although during 2017 Rouble/US dollar exchange rate is less volatile as compared to the period 2014-2016, the exchange rate fluctuation continues to be one of the main factors affecting the Company's operating results;
- Additional construction costs spent as well as the strengthening of Rouble against US dollar during first 9 months of 2017 led to increase of Arbat development property value which is carried at cost nominated in Roubles;
- The increased amount of borrowings as of 30 September 2017 is caused by the fact that bond interest payments due on 30 September were paid on 2 October 2017 (first business day after the due date - in line with the prospectus);
- $30 million contingent liability in respect to the acquisition of Hermitage Plaza was paid in October 2017.
Significant Q3 2017 Income and Expense Items
Net Rental Income, US$ 30.09.2017 30.09.2016 Change YoY
Berlin House 10,077,517 12,149,964 (2,072,448)
Geneva House 10,095,125 10,521,763 (426,637)
Polar Lights 9,024,639 10,338,847 (1,314,207)
Hermitage Plaza 19,389,554 20,289,404 (899,851)
City Gate 3,065,250 - 3,065,250
Magistral'naya 478,386 379,400 98,986
Total 52,130,471 53,679,378 (1,548,906)
YoY changes in Income/Expense Items, US$ 30.09.2017 30.09.2016 Change YoY
Net foreign exchange loss (5,283,173) (60,401,218) 55,118,045
Finance costs (22,539,286) (26,533,483) 3,994,197
Significant Q3 2017 changes in Financial Position
Assets, US$ 30.09.2017 31.12.2016 Change
Cash & cash equivalents 55,022,277 41,378,278 13,643,999
Assets under development 81,224,096 72,855,882 8,368,214
Liabilities, US$ 30.09.2017 31.12.2016 Change
Borrowings (LT & ST) 489,464,754 480,934,738 8,530,016
Accounts payable and accrued expenses 48,048,763 60,122,219 (12,073,456)
Attachments:
MENAFN3011201700703653ID1096166877
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