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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| New Euro.Pty | LSE:NEPI | London | Ordinary Share | IM00B23XCH02 | ORD EUR0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 10.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMNEPI
RNS Number : 8084G
New Europe Property Investments PLC
10 August 2016
NEW EUROPE PROPERTY INVESTMENTS PLC
Incorporated and registered in the Isle of Man with registered number 001211V
Registered as an external company with limited liability under the laws of South Africa registration number 2009/000025/10Registered office: 2nd Floor, Anglo International House, Lord Street, Douglas, Isle of Man, IM1 4LN
AIM share code: NEPI JSE share code: NEP BVB share code: NEP ISIN: IM00B23XCH02
('NEPI', 'the Group' or 'the Company')
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHSED 30 JUNE 2016
DIRECTORS' COMMENTARY
DISTRIBUTABLE EARNINGS
The Group achieved 18.68 euro cents in recurring distributable earnings per share for the six-month period ended 30 June 2016. This represents a 6.2% increase compared to the 17.59 euro cents recurring distributable earnings reported for the first half of 2015, and an improvement compared to the 5% growth guidance issued on 9 February 2016. This is due to the strong performance of the Company's assets and the favourable impact of acquisitions and developments completed after June 2015.
HALF-YEAR DISTRIBUTION AND OPTION TO RECEIVE CAPITAL RETURN
The Company declares a distribution of 18.68 euro cents per share for the six months ended 30 June 2016. Shareholders can elect to receive their distribution either in cash or as an issue of fully paid shares at a ratio between the distribution declared and the reference price. The reference price will be determined using a 5% discount to the five-day volume weighted average traded price (less distribution) of NEPI shares on the Johannesburg Stock Exchange Limited (JSE), by no later than 5 September 2016.
A circular containing details of the election being offered to shareholders, accompanied by announcements on the Stock Exchange News Service (SENS) of the JSE, the Regulatory News Service (RNS) of the London Stock Exchange (LSE) and the Bucharest Stock Exchange (BVB), will be issued in due course.
HIGHLIGHTS
The Company continues to pursue investment opportunities in the Central and Eastern European (CEE) region, consolidating its position in the markets where it has established its presence and entering new markets. Despite increased competition, NEPI remains well positioned to leverage its platform and track record as a foundation for further expansion.
ACQUISITIONS AND DEVELOPMENTS
The Group acquired and developed a number of properties during the first half of 2016 (discussed below). The country and the effective or opening date are included in brackets. All figures related to populations are estimates.
RETAIL PROPERTY ACQUISITIONS AND COMPLETED DEVELOPMENTS AND EXTENSIONS
Forum Ústí nad Labem (Czech Republic, 29 February 2016)
NEPI has acquired a 27,800m(2) GLA shopping mall, the main shopping centre in Ústí nad Labem, a city with 93,000 inhabitants and 478,000 residents within a 45-minute drive. Anchored by a Billa supermarket, the centre houses numerous international and national brands such as Adidas, CCC, C&A, Cropp, Deichmann, dm, Gant, H&M, Humanic, KFC, Levi's, Manufaktura, Mohito,
New Yorker, Nike, Orsay, Promod, Takko, Tchibo and Tommy Hilfiger, as well as a five-screen Cinema City.
Shopping City Sibiu (Romania, 31 March 2016)
NEPI acquired Shopping City Sibiu, a 79,100m(2) GLA retail park, located in Sibiu, a city with 170,000 inhabitants and 286,000 residents within a 45-minute drive. It is the city's main shopping destination and it contains two hypermarkets, Auchan and Carrefour, and numerous international and national tenants, such as Adidas, Altex, Benvenuti, BSB, C&A, CCC, Coccodrillo, Decathlon, Deichmann, Diverta, dm, Douglas, Flanco, H&M, Hervis, Humanic, Kendra, Kenvelo, KFC, Lee Cooper,
New Yorker, Noriel, Orsay, Pepco, Salamander, Takko, Yves Rocher, and a wide selection of furniture and DIY stores, including Jysk, Lems, Leroy Merlin, Mobexpert, Nobila Casa and Rovere Mobili. NEPI will refurbish the centre in 2017, improving its offering with a cinema, entertainment and fashion extensions.
Shopping City Timisoara - fashion and entertainment section (Romania, 31 March 2016)
The Group has completed the second phase of Shopping City Timisoara, which consists of an additional 41,400m(2) of fashion and entertainment GLA. This complements the first phase, a 16,300m(2) GLA hypermarket and gallery, which opened at the end of 2015. The centre is located in Timisoara, the third largest city in Romania, with 334,000 inhabitants and 570,000 residents within a 45-minute drive. Anchored by a Carrefour hypermarket, the centre houses a large number of international brands such as Bershka, C&A, CCC, Collins, Cropp, Deichmann, dm, Douglas, H&M, Hervis, House, Intersport, Kendra, KFC, Koton, LC Waikiki,
Lee Cooper, Levi's, New Yorker, Noriel, Orsay, Otter, Pepco, Pimkie, Pizza Hut, Pull&Bear, Reserved, Sensiblu, Sephora, Sinsay,
Sport Vision, Stradivarius, Timeout, Tom Tailor, Yver Rocher and Zara, a gym, swimming pool and a thirteen-screen cinema (the largest outside of Bucharest), with IMAX and 4DX auditoriums. Shopping City Timisoara is adjacent to a Dedeman shop (a successful Romanian DIY) and has land available for further extension. The occupancy rate is currently 99.4%.
Mega Mall - acquisition of minority interest (Romania, 31 May 2016)
Following the purchase of a 30% interest, NEPI is the sole owner of Mega Mall. The property has been trading since May 2015, has 75,500m(2) of GLA and is the dominant mall in eastern Bucharest, with 910,000 residents within a 30-minute drive. The transaction was finalised in July, following receipt of Competition Council's approval, and will be recognised in the financial statements of the third quarter of 2016.
DEVELOPMENT PIPELINE
Consistent with its strategy, the Group continues to invest in developments that significantly contribute to the growth in distributable earnings per share. NEPI is pursuing a development pipeline which exceeds EUR750 million (including redevelopments and extensions, estimated at cost), of which EUR190 million was spent by 30 June 2016. This represents an increase of approximately EUR150 million compared with 31 December 2015.
RETAIL PROPERTY DEVELOPMENTS AND EXTENSIONS
Promenada Mall extension (Romania)
The Group is in process of obtaining new zoning and construction permits for a retail extension and integrated office building to its Promenada Mall, located in Bucharest's new business district. Subject to permitting, the extension will be completed in 2018.
City Park - fashion extension (Romania)
NEPI has commenced the phased opening of City Park's fashion extension, located in Constanta. The city has 319,000 inhabitants and there are 541,000 residents within a 45-minute drive. All tenants will be trading in the second half of 2016. Anchored by a Cora hypermarket, the centre has a ten-screen cinema with a 4DX auditorium operated by Cinema City, and, following the completion of the extension, will include internationally renowned tenants such as Adidas, Bata, BSB, Benvenuti, Bershka, C&A, Colin's, Columbia, Ecco, Guess, H&M, Koton, Lacoste, LC Waikiki, Mango, Marks & Spencer, Mothercare, Motivi, Musette, New Yorker, Nike, Oysho, Pandora, Pull&Bear, Sephora, Sport Vision, Stefanel, Stradivarius, Tom Tailor, US Polo Assn, World Class, Zara and Zara Home.
The centre will have approximately 50,000m(2) GLA.
Shopping City Piatra Neamt (Romania)
The Group has started construction of the 27,900m(2) GLA regional mall in Piatra Neamt. Tenants such as Cinema City, C&A, CCC, Intersport, New Yorker, Orsay and Pepco have been secured. Leasing is on-going and the centre is targeted to open by the end of 2016.
Novi Sad Mall (Serbia)
Following the acquisition of a 3.3ha land plot in Novi Sad (Serbia's second largest city), NEPI has initiated permitting for the development of a shopping mall with more than 50,000m(2) GLA. Novi Sad has 250,000 inhabitants, with 354,000 residents within a 30-minute drive. Given the prime location, excellent visibility and size, the scheme will become dominant in the city. The mall will house international fashion brands and diverse entertainment facilities. Subject to permitting, the opening is targeted for 2018.
OFFICE DEVELOPMENTS
The Office, Cluj-Napoca - third phase (Romania)
Construction on the third phase of The Office, Cluj-Napoca, comprising 18,500m(2) GLA, is on-going and will be completed
during 2017.
Victoriei Office (Romania)
The Group is developing a 8,400m(2) GLA landmark office, including a refurbished historical building, located in central Bucharest, adjacent to the Romanian Government building. The building has been largely completed and the fit-out is currently under permitting, to be finalised by the end of 2016.
CASH MANAGEMENT AND DEBT
The Company raised EUR195 million issuing new ordinary shares in 2016, of which EUR156 million was raised in the accelerated book build which closed on 13 July 2016. NEPI repaid the Floreasca Business Park loan (EUR46 million) and obtained additional bank financing for Aupark Kosice (EUR25 million), and for The Office, Cluj-Napoca (EUR8.5 million). During the first half of 2016, the average interest rate, including hedging costs, was 3.7%, down from 3.9% in 2015. As of 30 June 2016, 34% of the base interest rate (Euribor) was hedged with interest rate caps and 66% with interest rate swaps.
As at 30 June 2016, the Group had EUR54 million in cash, EUR20 million in listed property securities and an additional undrawn revolving facility of EUR80 million. NEPI's gearing ratio (interest bearing debt less cash divided by investment property and listed property securities) was 24.3%, compared to 14.6% at the end of the previous year.
OTHER HIGHLIGHTS
Non-recoverable tenant income for the first half of 2016 was equivalent to 0.3% of the contractual rental income and expense recoveries. The vacancy level is 1.9%, excepting non-core properties held for sale.
CHANGES TO THE BOARD OF DIRECTORS
Mr Tiberiu Smaranda will resign from his position of Executive Director, effective 1 September 2016, to pursue other opportunities.
On 13 June 2016, the Board appointed Mr Antoine Laurens Vincent Dijkstra as a Non-executive Director. Mr Dijkstra has extensive experience in investment management, with a focus on public sector related entities and financial institutions, and has advised numerous clients on financing.
PROSPECTS AND EARNINGS GUIDANCE
Recurring distributable earnings per share for the year 2016 are expected to be approximately 15% higher compared to 2015, in line with the guidance issued on 9 February 2016. This guidance is based on the assumptions that a stable macroeconomic environment prevails, no major corporate failures occur, planned developments remain on schedule, and is sensitive to the impact of acquisitions currently in the pipeline. This forecast has not been audited or reviewed by NEPI's auditors and is the responsibility of the Board.
By order of the Board of Directors,
Alexandru Morar Mirela Covasa Chief Executive Officer Finance Director
10 August 2016
All amounts in EUR '000 unless otherwise stated
Management Accounts
Hot Features
Premium
CONSOLIDATED STATEMENTS OF INCOME 30 Jun 31 Dec 30 Jun
2016 2015 2015
-------------------------------------- -------- -------- --------
Gross rental income 68 356 110 937 49 731
-------- -------- --------
Net service charge and operating
expenses (970) (2 526) (767)
-------- -------- --------
Service charge and other recoveries 29 017 44 074 19 110
-------- -------- --------
Property operating expenses (29 987) (46 600) (19 877)
-------- -------- --------
Net operating income 67 386 108 411 48 964
Corporate expenses (6 466) (9 618) (3 583)
-------- -------- --------
Property management net result 1 761 2 902 1 475
--------------------------------------- -------- -------- --------
EBITDA 62 681 101 695 46 856
Net finance (expense)/income (8 545) (5 759) 409
-------- -------- --------
(12
Finance expenses 196) (17 829) (7 220)
Finance income 765 3 822 2 354
Interest capitalised on development
costs 2 886 8 248 5 275
-------- -------- --------
Non-controlling interest 2 316 (7 427) 3 809
-------- -------- --------
Dividends received from financial
investments 393 - -
-------- -------- --------
Current income tax (351) - -
-------- -------- --------
Direct investment result 56 494 88 509 51 074
-------- -------- --------
Indirect investment result 10 402 69 889 64 575
-------- -------- --------
Profit for the year attributable
to equity holders 66 896 158 398 115 649
-------- -------- --------
(10
Reverse indirect result 402) (69 889) (64 575)
Company specific adjustments (282) 12 096 (158)
-------- -------- --------
Distributable earnings before issue
cum distribution 56 212 100 605 50 916
--------------------------------------- -------- -------- --------
Issue cum distribution adjustment 341 1 954 388
Distributable earnings 56 553 102 559 51 304
--------------------------------------- -------- -------- --------
Distributable earnings per share
(euro cents) 18.68 35.34 18.17
of which recurring distributable
earnings per share (euro cents) 18.68 34.76 17.59
Distribution per share (euro cents) 18.68 35.34 18.17
--------------------------------------- -------- -------- --------
CONSOLIDATED STATEMENTS OF FINANCIAL 30 Jun 31 Dec 30 Jun
POSITION 2016 2015 2015
------------------------------------------ ------- ------- -------
ASSETS
------- ------- -------
2 188 1 858 1 670
Non-current assets 017 740 075
------- ------- -------
2 130 1 814 1 611
Investment property 934 357 737
------- ------- -------
1 928 1 655 1 460
Investment property at fair value 089 219 938
Developments at cost 202 845 159 138 150 799
------- ------- -------
Goodwill 39 010 23 986 20 334
Other long-term assets 17 357 18 115 37 742
Financial assets at fair value through
profit or loss 716 2 282 262
Current assets 149 158 410 095 145 899
------- ------- -------
Investment property held for sale 21 479 25 255 27 135
------------------------------------------- ------- ------- -------
Trade and other receivables 53 940 55 229 55 276
Financial investments at fair value
through profit or loss 19 556 - -
Cash and cash equivalents 54 183 329 611 63 488
------- ------- -------
2 337 2 268 1 815
Total assets 175 835 974
------------------------------------------- ------- ------- -------
LIABILITIES 788 620 772 285 464 711
------- ------- -------
Bank borrowings 179 227 201 095 302 977
Bonds 397 518 393 414 -
Deferred tax liabilities 115 561 93 571 81 162
Other long-term liabilities 17 144 15 443 14 585
Financial liabilities at fair value
through profit or loss 3 188 3 417 3 749
------- ------- -------
Trade and other payables 75 982 65 345 62 238
------- ------- -------
1 548 1 496 1 351
Equity attributable to equity holders 555 550 263
------------------------------------------- ------- ------- -------
Total liabilities and equity attributable 2 337 2 268 1 815
to equity holders 175 835 974
------------------------------------------- ------- ------- -------
Adjusted NAV per share (euro) 5.37 5.25 5.00
------------------------------------------- ------- ------- -------
RECONCILIATION OF PROFIT FOR THE 30 Jun 31 Dec 30 Jun
PERIOD TO DISTRIBUTABLE EARNINGS 2016 2015 2015
----------------------------------------------- -------- -------- --------
Profit for the period attributable
to equity holders 66 896 158 398 115 649
-------- -------- --------
Reverse indirect result (10 402) (69 889) (64 575)
-------- -------- --------
Unrealised foreign exchange loss/(gain) 51 344 (30)
-------- -------- --------
Acquisition fees 1 542 933 580
-------- -------- --------
Share-based payment expense - 670 670
-------- -------- --------
Fair value adjustments of investment
property (20 208) (89 946) (78 419)
-------- -------- --------
Fair value adjustment of financial
assets and liabilities 1 338 (1 398) (1 442)
-------- -------- --------
Fair value of listed securities investments (484) - -
-------- -------- --------
Net result on sale of listed securities
investments 630 - -
-------- -------- --------
Loss on sale of investment property 235 - -
-------- -------- --------
Deferred tax expense 6 494 19 508 14 066
-------- -------- --------
Company specific adjustments (282) 12 096 (158)
-------- -------- --------
Amortisation of financial assets (2 873) (3 554) (332)
-------- -------- --------
Realised foreign exchange loss 41 4 72
-------- -------- --------
Accrued dividend for financial investments 487 - -
------------------------------------------------ -------- -------- --------
Accrued interest on share-based payments 1 89 102
------------------------------------------------ -------- -------- --------
Fair value adjustment of investment
property for non-controlling interest 2 514 18 598 -
------------------------------------------------ -------- -------- --------
Deferred tax expense for non-controlling
interest (452) (3 041) -
------------------------------------------------ -------- -------- --------
Antecedent dividend 341 1 954 388
------------------------------------------------ -------- -------- --------
Distributable earnings for the period 56 553 102 559 51 304
(102
Less: distribution declared (56 553) 559) (51 304)
-------- -------- --------
Interim distribution (56 553) (51 304) (51 304)
-------- -------- --------
Final distribution - (51 255) -
------------------------------------------------ -------- -------- --------
Earnings not distributed - - -
302 714 298 590 282 423
Number of shares entitled to distribution 153 564 985
------------------------------------------------ -------- -------- --------
Distributable earnings per share
for the period (euro cents) 18.68 35.34 18.17
Less: Distribution declared per share
(euro cents) (18.68) (35.34) (18.17)
-------- -------- --------
Interim distribution per share (euro
cents) (18.68) (18.17) (18.17)
-------- -------- --------
Final distribution per share (euro
cents) - (17.17) -
------------------------------------------------ -------- -------- --------
Earnings not distributed (euro cents) - - -
------------------------------------------------ -------- -------- --------
LEASE EXPIRY PROFILE 2016 2017 2018 2019 2020 2021 2022 2023 2024 >=2025 Total
--------------------- ---- ---- ----- ----- ----- ----- ---- ---- ---- ------ -----
Total based on
rental income 1.7% 8.6% 12.3% 14.5% 17.4% 15.5% 7.2% 2.9% 4.0% 15.9% 100%
--------------------- ---- ---- ----- ----- ----- ----- ---- ---- ---- ------ -----
Total based on
rented area 0.6% 5.2% 11.8% 14.4% 14.2% 14.3% 8.2% 5.0% 4.9% 21.4% 100%
--------------------- ---- ---- ----- ----- ----- ----- ---- ---- ---- ------ -----
BASIS OF PREPARATION
The management accounts presented constitute pro forma financial information in terms of the JSE Limited Listings Requirements and have not been prepared in accordance with IAS 34 Interim Financial reporting. As the Group is focusing on being consistent on those areas of reporting that are seen to be of most relevance to investors and on providing a meaningful basis of comparison for users of the financial information, it has prepared unaudited management accounts. The main difference between the management accounts and the condensed consolidated financial results prepared in accordance with IFRS is that the management accounts are prepared using the proportionate consolidation method for investments in joint ventures, which is not in accordance with IFRS (consistent with financial statements prepared in accordance with IFRS reported before 1 January 2013), while the IFRS statements use the equity method for accounting for these investments (following the adoption of IFRS 11 'Joint Arrangements' effective 1 January 2013). The management accounts have been prepared by and are the responsibility of the Directors of NEPI. Due to their nature, the management accounts may not fairly reflect the financial position and results of the Group after the differences set out above.
These unaudited condensed consolidated financial results for the six months ended 30 June 2016 have not been reviewed or reported on by the Group's external auditors.
IFRS Accounts
CONSOLIDATED STATEMENT OF COMPREHENSIVE Unaudited Audited Unaudited
INCOME 30 Jun 31 Dec 30 Jun
2016 2015 2015
-------------------------------------------- --------- -------- ---------
Net rental and related income 64 403 104 067 46 908
--------- -------- ---------
Contractual rental income and expense
recoveries 93 292 148 799 65 913
--------- -------- ---------
Property operating expenses (28 889) (44 732) (19 005)
--------- -------- ---------
Administrative expenses (4 676) (6 695) (2 112)
EBITDA 59 727 97 372 44 796
Acquisition fees (1 542) (933) (580)
--------- -------- ---------
Fair value adjustments of investment
property 15 839 81 742 77 167
--------- -------- ---------
Fair value gains on financial investments
at fair value through profit or loss 484 - -
Net result on sale of financial investments (630) - -
Dividends received from financial
investments 393 - -
Share-based payment expense - (670) (670)
Foreign exchange (loss)/gain (51) (339) 16
Loss on disposal of investment property
held for sale (235) - -
--------------------------------------------- --------- -------- ---------
Profit before net finance (expense)/income 73 985 177 172 120 729
Net finance (expense)/income (5 805) (916) 3 645
--------- -------- ---------
Finance income 2 802 7 613 5 606
--------------------------------------------- --------- -------- ---------
Finance expense (8 607) (8 529) (1 961)
--------------------------------------------- --------- -------- ---------
Changes in fair value of financial
instruments (724) 1 149 -
Share of profit of joint ventures 2 916 2 399 1 257
Profit before tax 70 372 179 804 125 631
Current tax expense (351) - -
Deferred tax expense (5 441) (13 979) (13 791)
Profit after tax 64 580 165 825 111 840
--------- -------- ---------
Total comprehensive income for the
year 64 580 165 825 111 840
Non-controlling interest 2 316 (7 427) 3 809
--------------------------------------------- --------- -------- ---------
Profit for the period attributable
to equity holders 66 896 158 398 115 649
--------------------------------------------- --------- -------- ---------
Weighted average number of shares 300 845 284 461 277 645
in issue 492 222 825
Diluted weighted average number of 300 868 285 813 280 328
shares in issue 790 260 732
Basic earnings per share (euro cents) 22.24 55.68 41.65
Diluted earnings per share (euro
cents) 22.23 55.42 41.25
--------------------------------------------- --------- -------- ---------
CONSOLIDATED STATEMENT OF FINANCIAL Unaudited Audited Unaudited
POSITION 30 Jun 31 Dec 2015 30 Jun
2016 2015
---------------------------------------- --------- ------------ ---------
ASSETS
--------- ------------ ---------
2 150 1 643
Non-current assets 727 1 829 440 184
--------- ------------ ---------
2 043 1 541
Investment property 175 1 732 760 456
--------- ------------ ---------
1 845 1 399
Investment property at fair value 324 1 576 019 338
Investment property under development 197 851 156 741 142 118
--------- ------------ ---------
Goodwill 39 010 23 986 20 334
Investments in joint ventures 18 556 15 640 10 451
Long-term loans granted to joint
ventures 31 955 36 674 32 942
Other long-term assets 17 315 18 098 37 739
Financial assets at fair value through
profit or loss 716 2 282 262
Current assets 123 358 381 097 114 819
--------- ------------ ---------
Trade and other receivables 53 039 54 487 54 308
Financial investments at fair value
through profit or loss 19 556 - -
Cash and cash equivalents 50 763 326 610 60 511
--------- ------------ ---------
Investment property held for sale 21 479 25 255 27 135
----------------------------------------- --------- ------------ ---------
2 295 1 785
Total assets 564 2 235 792 138
----------------------------------------- --------- ------------ ---------
EQUITY AND LIABILITIES
Total equity attributable to equity 1 548 1 351
holders 555 1 496 550 263
--------- ------------ ---------
Share capital 3 027 2 986 2 824
1 213 1 083
Share premium 293 1 213 325 664
Share-based payment reserve 4 797 4 797 4 797
Currency translation reserve (1 229) (1 229) (1 229)
Accumulated profit 329 354 275 042 270 814
Non-controlling interest (687) 1 629 (9 607)
----------------------------------------- --------- ------------ ---------
Total liabilities 747 009 739 242 433 875
----------------------------------------- --------- ------------ ---------
Non-current liabilities 661 667 661 717 193 156
--------- ------------ ---------
Bank borrowings 139 111 162 788 97 647
Bonds 394 042 392 140 -
Deferred tax liabilities 110 589 89 652 78 450
Other long-term liabilities 16 619 14 988 14 290
Financial liabilities at fair value
through profit or loss 1 306 2 149 2 769
--------- ------------ ---------
Current liabilities 85 342 77 525 240 719
--------- ------------ ---------
Bank borrowings 7 829 13 424 179 696
--------- ------------ ---------
Bonds 3 476 1 274 -
--------- ------------ ---------
Trade and other payables 74 037 62 827 61 023
--------- ------------ ---------
2 295 1 785
Total equity and liabilities 564 2 235 792 138
----------------------------------------- --------- ------------ ---------
BUSINESS COMBINATIONS Shopping City Forum Usti Nad Labem Total
Sibiu
------------------------- -------------- -------------------- --------
Investment property 100 000 82 600 182 600
------------------------- -------------- -------------------- --------
Current assets 3 293 4 546 7 839
------------------------- -------------- -------------------- --------
Current liabilities (5 970) (3 371) (9 341)
------------------------- -------------- -------------------- --------
Deferred tax liabilities (9 850) (5 646) (15 496)
------------------------- -------------- -------------------- --------
Total identifiable
net assets at fair
value 87 473 78 129 165 602
------------------------- -------------- -------------------- --------
Goodwill arising on
acquisition 9 850 5 646 15 496
------------------------- -------------- -------------------- --------
Total consideration
payable 97 323 83 775 181 098
------------------------- -------------- -------------------- --------
Amounts retained from
sellers (1 000) - (1 000)
------------------------- -------------- -------------------- --------
Total consideration
paid in cash 96 323 83 775 180 098
------------------------- -------------- -------------------- --------
CONSOLIDATED STATEMENT Share Share Share-based Currency Accumulated Non-controlling Total
OF CHANGES IN EQUITY capital premium payment translation profit interest
reserve reserve
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
Balance at 1 January 1 074 1 241
2015 2 746 310 4 127 (1 229) 167 133 (5 798) 289
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
Transactions with
owners 78 9 354 670 - (11 968) - (1 866)
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
- Issue of shares 43 189 - - - - 232
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
* Sale of shares issued under the Initial Share Scheme 35 9 165 - - - - 9 200
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
* Vesting of shares issued under the Initial Share
Scheme - - 670 - - - 670
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
(11
- Earnings distribution - - - - (11 968) - 968)
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
Total comprehensive 111
income - - - - 115 649 (3 809) 840
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
- Profit for the 111
period - - - - 115 649 (3 809) 840
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
Balance at 30 June 1 083 1 351
2015 2 824 664 4 797 (1 229) 270 814 (9 607) 263
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
Balance at 1 July 1 083 1 351
2015 2 824 664 4 797 (1 229) 270 814 (9 607) 263
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
Transactions with
owners 162 129 661 - - (38 521) - 91 302
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
129
- Issue of shares 162 129 578 - - - - 740
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
* Sale of shares issued under the Initial Share Scheme - 83 - - - - 83
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
(38
- Earnings distribution - - - - (38 521) - 521)
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
Total comprehensive
income - - - - 42 749 11 236 53 985
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
- Profit for the
year - - - - 42 749 11 236 53 985
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
Balance at 31 December 1 213 1 496
2015 2 986 325 4 797 (1 229) 275 042 1 629 550
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
Balance at 1 January 1 213 1 496
2016 2 986 325 4 797 (1 229) 275 042 1 629 550
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
Transactions with (12
owners 41 (32) - - (12 584) - 575)
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
- Issue of shares 41 (60) - - - - (19)
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
* Sale of shares issued under the Initial Share Scheme - 28 - - - - 28
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
(12
- Earnings distribution - - - - (12 584) - 584)
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
Total comprehensive
income 66 896 (2 316) 64 580
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
- Profit for the
period - - - - 66 896 (2 316) 64 580
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
Balance at 30 June 1 213 1 548
2016 3 027 293 4 797 (1 229) 329 354 (687) 555
----------------------------------------------------------- ------- ------- ----------- ----------- ----------- --------------- -------
SEGMENTAL ANALYSIS Retail Office Industrial Corporate Total
--------------------------- ------- -------- ---------- --------- -------
30 June 2016 (unaudited)
--------------------------- ------- -------- ---------- --------- -------
Contractual rental income
and expense recoveries 77 855 14 405 1 032 - 93 292
--------------------------- ------- -------- ---------- --------- -------
Profit before net finance
expense 70 315 4 622 808 (1 760) 73 985
--------------------------- ------- -------- ---------- --------- -------
1 841 2 295
Total Assets 129 371 960 16 683 65 792 564
--------------------------- ------- -------- ---------- --------- -------
Total Liabilities 284 694 60 834 2 435 399 046 747 009
--------------------------- ------- -------- ---------- --------- -------
31 December 2015 (audited)
--------------------------- ------- -------- ---------- --------- -------
Contractual rental income
and expense recoveries 120 046 26 728 2 025 - 148 799
--------------------------- ------- -------- ---------- --------- -------
Profit before net finance
expense 162 501 15 856 1 295 (2 480) 177 172
--------------------------- ------- -------- ---------- --------- -------
1 532 306 2 235
Total Assets 260 380 016 17 099 417 792
--------------------------- ------- -------- ---------- --------- -------
Total Liabilities 241 875 99 038 2 372 395 957 739 242
--------------------------- ------- -------- ---------- --------- -------
30 June 2015 (unaudited)
--------------------------- ------- -------- ---------- --------- -------
Contractual rental income
and expense recoveries 51 357 13 540 1 016 - 65 913
--------------------------- ------- -------- ---------- --------- -------
Profit before net finance
expense 114 836 8 124 584 (2 815) 120 729
--------------------------- ------- -------- ---------- --------- -------
1 400 1 785
Total Assets 044 301 816 17 114 66 164 138
--------------------------- ------- -------- ---------- --------- -------
433
Total Liabilities 280 862 121 548 2 457 29 008 875
--------------------------- ------- -------- ---------- --------- -------
CONDENSED CONSOLIDATED STATEMENT Unaudited Audited Unaudited
OF CASH FLOWS 30 Jun 31 Dec 2015 30 Jun
2016 2015
--------------------------------------------- --------- ------------ ---------
Profit after tax 64 580 165 825 111 840
--------------------------------------------- --------- ------------ ---------
Adjustments (3 479) (66 987) (66 367)
--------------------------------------------- --------- ------------ ---------
Changes in working capital (2 963) 1 378 9 772
--------------------------------------------- --------- ------------ ---------
Cash flows from operating activities 58 138 100 216 55 245
--------------------------------------------- --------- ------------ ---------
Proceeds from issue of shares 9 139 255 9 431
--------------------------------------------- --------- ------------ ---------
Earnings distribution (12 584) (50 489) (11 968)
--------------------------------------------- --------- ------------ ---------
Net movements in bank loans and bonds
borrowings (28 141) 297 522 1 122
--------------------------------------------- --------- ------------ ---------
Other proceeds/payments - (2 395) -
--------------------------------------------- --------- ------------ ---------
Cash flows from financing activities (40 716) 383 893 (1 415)
--------------------------------------------- --------- ------------ ---------
(273
Investments in acquisitions and developments 959) (265 735) (101 555)
--------------------------------------------- --------- ------------ ---------
Net cash flow used in investments
in financial assets (19 310) - -
--------------------------------------------- --------- ------------ ---------
(293
Cash flows used in investing activities 269) (265 735) (101 555)
--------------------------------------------- --------- ------------ ---------
Net (decrease)/ increase in cash (275
and cash equivalents 847) 218 374 (47 725)
--------------------------------------------- --------- ------------ ---------
Cash and cash equivalents brought
forward 326 610 108 236 108 236
--------------------------------------------- --------- ------------ ---------
Cash and cash equivalents carried
forward 50 763 326 610 60 511
--------------------------------------------- --------- ------------ ---------
RECONCILIATION OF NET ASSET VALUE Unaudited Audited Unaudited
TO ADJUSTED NET ASSET VALUE 30 Jun 31 Dec 30 Jun
2016 2015 2015
---------------------------------------- --------- -------- ---------
Net Asset Value per the Statement 1 548 1 496 1 351
of financial position 555 550 263
--------- -------- ---------
Loans in respect of the Initial Share
Scheme 36 64 145
--------- -------- ---------
Deferred tax liabilities for controlled
subsidiaries 110 589 89 652 78 450
--------- -------- ---------
Goodwill (39 010) (23 986) (20 334)
--------- -------- ---------
Deferred tax liabilities for joint
ventures 4 972 3 919 2 712
---------------------------------------- --------- -------- ---------
1 625 1 566 1 412
Adjusted Net Asset Value 142 199 236
---------------------------------------- --------- -------- ---------
Net Asset Value per share (euro) 5.12 5.01 4.79
--------- -------- ---------
Adjusted Net Asset Value per share
(euro) 5.37 5.25 5.00
--------- -------- ---------
Number of shares for Net Asset Value 302 700 298 565 282 367
per share purposes 153 564 737
--------- -------- ---------
Number of shares for Adjusted Net 302 714 298 590 282 423
Asset Value per share purposes 153 564 985
---------------------------------------- --------- -------- ---------
RECONCILIATION OF PROFIT FOR THE PERIOD Unaudited Audited Unaudited
TO HEADLINE EARNINGS 30 Jun 31 Dec 30 Jun
2016 2015 2015
------------------------------------------ --------- -------- ---------
Profit for the period attributable
to equity holders 66 896 158 398 115 649
--------- -------- ---------
Fair value adjustments of investment
property for controlled subsidiaries (15 839) (81 742) (77 167)
--------- -------- ---------
Loss on sale of investment property
held for sale 235 - -
--------- -------- ---------
Tax effects of adjustments for controlled
subsidiaries 2 965 14 333 12 578
--------- -------- ---------
Fair value adjustments of investment
property for joint ventures (4 369) (8 204) (1 252)
--------- -------- ---------
Tax effects of adjustments for joint
ventures 699 1 312 200
------------------------------------------ --------- -------- ---------
Headline earnings 50 587 84 097 50 008
------------------------------------------ --------- -------- ---------
Weighted average number of shares 300 845 284 461 277 645
in issue 492 222 825
Diluted weighted average number of 300 868 285 813 280 328
shares in issue 790 260 732
Headline earnings per share (euro
cents) 16.81 29.56 18.01
Diluted headline earnings per share
(euro cents) 16.81 29.42 17.84
------------------------------------------ --------- -------- ---------
LOANS AND Type Secured/ Ownership Outstanding Available 2016 2017 2018 2019 2020 2021
BORROWINGS Unsecured amount for and
REPAYMENT drawdown beyond
PROFILE
------------- ---------- ------------ --------- ----------- --------- ----- ----- ----- ----- ----- -------
Aupark
Kosice
Mall & 82
Tower Term loan Secured 100% 102 237 - 2 763 5 526 5 526 5 526 896 -
------------- ---------- ------------ --------- ----------- --------- ----- ----- ----- ----- ----- -------
Aupark
Zilina 43
Mall Term loan Secured 100% 44 896 - 1 038 858 - - - -
------------- ---------- ------------ --------- ----------- --------- ----- ----- ----- ----- ----- -------
Ploiesti
Shopping
City Term loan Secured 50% 15 786 - 548 1 095 1 095 1 095 1 094 10 859
------------- ---------- ------------ --------- ----------- --------- ----- ----- ----- ----- ----- -------
The Office Term loan Secured 50% 16 841 - 315 950 1 050 1 050 1 050 12 426
------------- ---------- ------------ --------- ----------- --------- ----- ----- ----- ----- ----- -------
City Business
Centre Term loan Secured 100% - 20 000 - - - - - -
------------- ---------- ------------ --------- ----------- --------- ----- ----- ----- ----- ----- -------
Fixed
NE Property coupon 400
Cooperatief bonds Unsecured 100% 400 000 - - - - - - 000
------------- ---------- ------------ --------- ----------- --------- ----- ----- ----- ----- ----- -------
NE Property Revolving
Cooperatief facility Unsecured 100% - 80 000 - - - - - -
------------- ---------- ------------ --------- ----------- --------- ----- ----- ----- ----- ----- -------
100 51 85 423
Total 579 760 000 4 664 429 7 671 7 671 040 285
--------------------------------------- --------- ----------- --------- ----- ----- ----- ----- ----- -------
The reference base rate (1 month EURIBOR, 3 months EURIBOR)
was hedged with a weighted average interest rate cap
of 0.3% for 34% of the outstanding notional amount and
a weighted average interest rate swap of 1.7% for 66%
of the outstanding notional amount.
----------------------------------------------------------------------------------------------------------------------
BASIS OF PREPARATION
These unaudited condensed consolidated financial results for the six months ended 30 June 2016 have been prepared in accordance with IFRS, IAS 34 Interim Financial Reporting and the JSE Listings Requirements. The accounting policies which have been applied are consistent with those used in the preparation of the financial statements for the year ended 31 December 2015. These unaudited condensed consolidated financial results have not been reviewed or reported on by the Group's external auditors.
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information please contact:
New Europe Property Investments Plc
Mirela Covasa
+40 21 232 1398
AIM Nominated Adviser and Broker:
Smith & Williamson Corporate Finance Limited
Azhic Basirov/Katy Birkin
+44 20 7131 4000
JSE sponsor
Java Capital
+27 11 277 3050
BVB advisor:
SSIF Intercapital Invest SA
Razvan Pasol: +40 21 222 8731
www.nepinvest.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BBLFFQVFZBBF
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