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NEP
NEP
NEP - New Europe Property Investments plc - Unaudited condensed consolidated
financial results for the three months ended 31 March 2012
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 2009/000025/10)
AIM share code: NEPI
BVB share code: NEP
JSE share code: NEP
ISIN: IM00B23XCH02
("NEPI", the "Group" or the "Company")
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE MONTHS
ENDED 31 MARCH 2012
The Company is required to publish financial results for the three months
ended 31 March 2012 in terms of the rules of the Romanian National
Securities Commission ("CNVM") and the Rule Book of the Bucharest Stock
Exchange ("the BVB"). Accordingly, this announcement presents the unaudited
condensed consolidated financial results of the Group in respect of the
financial period from 1 January 2012 to 31 March 2012 in a form compliant
with the requirements of the CNVM and the BVB.
The Group continued to perform strongly and has achieved distributable
earnings of 5.21 euro cents per share during the first quarter of 2012.
Results for the same period in 2011 are not available, as the Group
commenced quarterly reporting from September 2011. The Group will continue
to consider and declare distributions on a semi-annual basis, as has been
the practice to date.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Audited
As at As at
31 Mar 2012 31 Dec 2011
EUR EUR
ASSETS
Non-current assets 420 716 222 362 404 369
Investment property 396 877 528 341 802 837
Investment property at fair value 372 674 412 316 393 495
Investment property under development 24 203 116 25 409 342
Goodwill 15 906 114 13351 499
Financial assets at fair value through profit 1 673 251 1036 575
or loss
Other long-term assets 6 259 329 6 213 458
Current assets 43 758 487 62 816 541
Trade and other receivables 9 321 411 7751 441
Cash and cash equivalents 34 437 076 55 065 100
Total assets 464 474 709 425 220 910
EQUITY AND LIABILITIES
Total equity attributable to equity holders 243 723 452 235 258 940
Share capital 1 010 874 955 693
Share premium 243 760 927 227 844 770
Share-based payment reserve 7 716 757 7 456 257
Currency translation reserve (1 717 990) (2650 522)
Accumulated profit/(loss) (7 047 116) 1 652 742
Total liabilities 220 751 257 189 961 970
Non-current liabilities 202 352 646 174 098 216
Loans and borrowings 179 487 731 156 629 879
Deferred tax liabilities 18 549 817 15086 152
Financial liabilities at fair valuethrough 4 315 098 2 382 185
profit or loss
Current liabilities 18 398 611 15 863 754
Trade and other payables 4 578 996 5 251 265
Loans and borrowings 11 052 981 8 235 659
Tenant deposits 2 766 634 2376 830
TOTAL EQUITY AND LIABILITIES 464 474 709 425 220 910
Net asset value per share 2.36 2.41
Adjusted net asset value per share 2.39 2.43
CONSOLIDATED STATEMENT OF INCOME
Unaudited Audited
For the For the year
three months ended
ended 31 Dec 2011
31 Mar 2012
EUR EUR
Net rental and related income 7 284 865 23 727 203
Contractual rental income and expense 9 770 486 32 069 075
recoveries
Property operating expenses (2 485 621) (8 341 872)
Share-based payment expense (260 500) (1 041 647)
Foreign exchange loss (677 835) (475 883)
Administrative expenses (908 823) (2 023 349)
Fair value adjustment on investment property - 3 010 852
and goodwill
Profit before net finance expense 5 437 707 23 197 176
Net finance expense (3 758 237) (4 925 640)
Finance income 310 490 6 253 858
Finance expense (4 068 727) (11 179 498)
Profit before tax 1 679 470 18 271 536
Tax (753 353) 500 210
Profit for the period attributable to equity 926 117 18 771 746
holders
Distributable earnings per share (euro cents) 5.21 24.67
RECONCILIATION OF PROFIT FOR THE PERIOD TO DISTRIBUTABLE EARNINGS
Unaudited Audited
For the For the year
three months ended
ended 31 Dec 2011
31 Mar 2012 EUR
EUR
Profit for the period attributable to equity 926 117 18 771 746
holders
Unrealised foreign exchange loss 677 835 475 883
Acquisition fees 431 097 -
Share-based payment expense 260 500 1 041 647
Accrued interest on share-based payment 152 277 685 186
Fair value adjustment in investment property - (3 010 852)
and goodwill
Financial assets at fair value 2 243 122 4 263 016
Amortisation of financial assets (102 483) (972 520)
Deferred tax expense / (income) 753 353 (500 210)
Share issue cum distribution 112 093 2323 347
Distributable earnings for the period 5 453 911 23 077 243
Number of shares entitled to distribution 104 714 602 99 196 545
Distributable earnings per share for the 5.21 24.67
period (euro cents)
Less: dividends declared (euro cents) - (20.25)
Interim dividend (euro cents) - (9.77)
Final dividend (euro cents) - (10.48)
Earnings per share not distributed (euro 5.21 4.42
cents)
RECONCILIATION OF NET ASSET VALUE TO ADJUSTED NET ASSET VALUE
Unaudited Audited
As at As at
31 Mar 2012 31 Dec 2011
EUR EUR
Adjusted net asset value 259 112 545 249 738 983
Net asset value per the statement of 243 723 452 235 258 940
financial position
Loans in respect of the Initial Share Scheme 12 745 390 12 745 390
Deferred tax liabilities 18 549 817 15 086 152
Goodwill (15 906 114) (13 351 499)
Net asset value per share 2.36 2.41
Adjusted net asset value per share 2.39 2.43
Number of shares for net asset value per 103 087 513 97 569 456
share purposes
Numberof shares for adjusted net asset value 108 301 750 102 783 693
per share purposes
Basis of preparation
These quarterly financial results have been prepared in accordance with the
recognition and measurement criteria of the International Financial
Reporting Standards ("IFRS") and its interpretations adopted by the
International Accounting Board ("IASB"). The accounting policies which have
been applied are consistent with those used in the preparation of the annual
financial statements for the year ended 31 December 2011. These quarterly
financial results have not been reviewed or reported on by the Company`s
external auditors.
KEY PERFORMANCE INDICATORS
No. Indicator Name Unaudited
31 Mar 2012
1 Current Liquidity ratio 2.38
2 Gearing ratio (debt to equity) 7.4:10
3 Tenant`s receivable turnover 10.36 days
4 Return on investment property 8% per annum
15 May 2012
Registered office
2nd Floor, Anglo International House, Lord Street, Douglas, Isle of Man, IM1
4LN
For further information please contact:
New Europe Property Investments plc +40 74 432 8882
Martin Slabbert
Nominated Adviser and Broker +44 20 7131 4000
Smith & Williamson Corporate Finance Limited
AzhicBasirov/Siobhan Sergeant
JSE sponsor +27 11 283 0042
Java Capital
Romanian advisor +40 21 222 8731
SSIF Intercapital Invest SA
RazvanPasol
Date: 15/05/2012 16:14:29 Produced by the JSE SENS Department.
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