EPH European Property Holdings PLC announces 2023 Year-End Result

26 April 2024, Limassol, Cyprus / Ad hoc announcement pursuant to Art. 53 LRBUSINESS HIGHLIGHTS 2023Despite the challenging market environment, EPH European Property Holdings PLC (“EPH” or the “Company”) maintained operational stability in 2023. This success can be attributed to its established portfolio of high-quality properties in prime locations in Europe, and professional asset management. As a result, EPH once again achieved almost full occupancy throughout its European...

Zürich, 26/04/2024 (informazione.it - comunicati stampa - servizi)

26 April 2024, Limassol, Cyprus / Ad hoc announcement pursuant to Art. 53 LR

BUSINESS HIGHLIGHTS 2023

FINANCIAL HIGHLIGHTS 2023

• A loss of EUR 103 million relates to discontinued operations and is caused by reclassification from equity statement to profit or loss statement of the negative balance of the currency translation adjustment reserve (“CTA”) for the amount EUR 163 million. Reclassification resulted in a corresponding positive change in the CTA reserve balance, thus, having zero effect on equity of the Group.
• As a result of changes in the macroeconomic environment in Europe leading to corresponding changes in valuation assumptions used by independent valuers, the Company recorded a loss on revaluation of fair values of the Group's properties in the amount of EUR 115.73 million (of which EUR 46 million was recognised in the first half of 2023). In the previous year, the Group recognised a gain on fair value adjustment of its Western European properties in the amount of EUR 29.68 million, reflecting the positive expectations of the post-pandemic markets at the time.

• Replacement of the current interest rate of 2.00% p.a. with an interest rate of 4.5% p.a.; and
• A term extension of 5 years of the Bonds until 30 September 2028. 

OUTLOOK

The annual report, including full financial statements, is available on the company's website.

CONFERENCE CALL WITH THE MANAGEMENT

Please join management for a conference call to discuss EPH's 2023 results on
Tuesday, 7 May 2024 at 1:00 p.m. (CET)
Dial in: +41 43 216 12 79
Phone Conference ID: 542 244 935#

A presentation for the call will be posted on the company's website shortly before the call. 

EPH European Property Holdings PLC is an investment company listed on SIX Swiss Exchange. Additional information on EPH European Property Holdings PLC is available by contacting Anna Bernhart Tel: +41 44 503 5400 or at 
contact@europeanpropertyholdings.com

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