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EPH European Property Holdings PLC Profit Warning – EPH expects a Loss for the 1HY 2022 compared to a Profit in the previous year
12 September 2022, Nicosia, Cyprus I Ad hoc announcement pursuant to Art. 53 LR
EPH European Property Holdings PLC (“EPH”, the “Company”) would like to announce that the Company excepts a loss between 30 – 40 million for the first half year 2022, compared to a profit of 9 million for the same period a year earlier.
Consistent with our published outlook regarding the military conflict in the Ukraine published on 07 March 2022, market conditions have remained challenging. Sanctions imposed against and by Russia have changed the operating environment, particularly with regards to imports/exports, currency conversions, capital controls and operations of international companies. Although, EPH’s assets continue to operate independently as they did before, the Company expects a loss in the range of EUR 30-40 million compared to previous year. This result is driven by an impairment of the Russian portfolio - so far mainly due to the use of more conservative valuation assumptions to reflect the negative changes and uncertainty on the current market. However, the strong rouble appreciation against EUR offsets the losses from the fair value adjustment. The net asset value is therefore expected to increase from EUR 475 million to EUR 590-600 million.
The above stated figures in relation to the first half year 2022 are preliminary and are still subject to finalisation of the Company’s financials. The unaudited results for the period will be published by 30 September 2022. No further information on the Group’s business performance will be released until then.
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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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