Sharenet Sites 
Sharenet Sites
Unaudited condensed consolidated financial results for the three months ended 31 March 2014
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)
Registered office: 2nd Floor, Anglo International House, Lord Street, Douglas,
Isle of Man, IM1 4LNAIM 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 THREE MONTHS
ENDED 31 MARCH 2014
The Company is required to publish financial results for the three months ended 31 March 2014 in terms of the rules
of the Romanian Financial Supervisory Authority (‘RFSA’) and the Rule Book of the Bucharest Stock Exchange
(‘BVB’). Accordingly, this announcement presents the unaudited condensed consolidated financial results of the
Group in respect of the financial period from 1 January 2014 to 31 March 2014 in a form compliant with the
requirements of the RFSA and the BVB.
CONSOLIDATED STATEMENTS OF INCOME
Pro forma Pro forma Pro forma IFRS IFRS IFRS
Unaudited Unaudited Unaudited Unaudited Audited Unaudited
31 Mar 31 Dec 31 Mar 31 Mar 31 Dec 31 Mar
2014 2013 2013 2014 2013 2013
Net rental and related income 45 188 9 867 41 420 7 548
15 522 14 624
Contractual rental income and expense
recoveries 21 228 60 927 13 210 19 763 55 322 9 897
Property operating expenses (5 706) (15 739) (3 343) (5 139) (13 902) (2 349)
Administrative expenses (587) (2 452) (630) (536) (2 180) (561)
Acquisition fees (107) (4 986) (429) (107) (4 986) (426)
Fair value adjustments of investment property – 19 913 – – 19 787 –
Fair value gains of financial investments at
fair value through profit or loss (150) 970 3 205 (150) 970 3 205
Net result on sale of financial investments – 586 – – 586 –
Dividends received from financial
investments 803 2 906 887 803 2 906 887
Share-based payment expense (3) (955) (10) (3) (955) (10)
Foreign exchange (loss)/gain (833) (290) 35 (847) (238) 41
Gain on acquisition of subsidiaries 1 400 5 547 – 1 400 5 547 –
Gain on disposal of investment property held
for sale – 527 – – 527 –
Impairment of goodwill – (816) – – (816) –
Profit before net finance (expense)/income 66 138 12 925 62 568 10 684
16 045 15 184
Net finance (expense)/income (1 816) (826) 1 784 658
(2 707) (1 516)
Finance income 464 5 300 1 944 1 385 7 514 2 372
Finance expense (3 171) (7 116) (2 770) (2 901) (5 730) (1 714)
Share of (loss)/profit of joint ventures – – – (368) 1 241 120
Profit before tax 64 322 12 099 65 593 11 462
13 338 13 300
Deferred tax expense (573) (7 736) (388) (535) (9 007) (274)
Profit after tax 12 765 56 586 11 711 12 765 56 586 11 188
Non-controlling interest 515 878 – 515 878 –
Profit for the period attributable to equity
holders 57 464 11 711 57 464 11 188
13 280 13 280
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
All amounts in EUR ‘000 unless otherwise stated
Pro forma Pro forma Pro forma IFRS IFRS IFRS
Unaudited Unaudited Unaudited Unaudited Audited Unaudited
31 Mar 31 Dec 31 Mar 31 Mar 31 Dec 31 Mar
2014 2013 2013 2014 2013 2013
ASSETS
Non-current assets 920 924 523 571 898 040 439 578
933 624 910 017
Investment property 886 003 872 465 484 808 818 560 807 465 361 237
Investment property at fair value 760 789 758 623 457 318 705 920 703 811 339 895
Investment property under development 125 214 113 842 27 490 112 640 103 654 21 342
Goodwill 16 218 16 218 17 326 16 218 16 218 13 135
Investments in subsidiaries – – – – – 8 600
Investments in joint ventures – – – 5 124 5 055 3 644
Long term loans granted to joint ventures – – – 38 714 37 064 30 627
Other long-term assets 30 117 29 831 21 367 30 115 29 828 22 265
Financial assets at fair value through
profit or loss 1 286 2 410 70 1 286 2 410 70
Current assets 149 920 134 753 143 168 176 684
166 740 156 424
Trade and other receivables 34 672 31 443 22 771 33 047 28 036 15 597
Financial investments at fair value through
profit or loss 30 649 61 079 72 773 30 649 61 079 72 773
Cash and cash equivalents 99 858 55 837 10 544 91 167 52 492 59 649
Investment property held for sale
1 561 1 561 28 665 1 561 1 561 28 665
Total assets 1 070 844 658 324
1 100 364 1 066 441 1 041 208 616 262
EQUITY AND LIABILITIES
Equity attributable to equity holders 712 236 405 613 712 236 405 090
724 494 724 494
Share capital 1 947 1 947 1 354 1 947 1 947 1 354
Share premium 612 064 611 949 355 620 612 064 611 949 355 620
Share-based payment reserve 23 746 23 852 15 369 23 746 23 852 15 369
Currency translation reserve (1 229) (1 229) (1 229) (1 229) (1 229) (1 229)
Accumulated profit 89 360 76 595 34 499 89 360 76 595 33 976
Non-controlling interest (1 394) (878) – (1 394) (878) –
Total liabilities 358 608 252 711 328 972 211 172
375 870 341 947
Non-current liabilities 244 542 138 299 232 260 110 160
257 669 240 113
Loans and borrowings 195 235 185 624 104 874 178 080 173 568 83 060
Deferred tax liabilities 50 733 50 160 26 846 51 213 50 678 21 841
Other long-term liabilities 6 864 4 059 – 6 759 4 059 –
Financial liabilities at fair value through
profit or loss 4 837 4 699 6 579 4 061 3 955 5 259
Current liabilities 114 066 114 412 96 712 101 012
118 201 101 834
Trade and other payables 28 411 29 974 17 216 25 790 28 807 12 319
Loans and borrowings 88 513 80 512 94 143 74 773 64 466 86 049
Tenant deposits 1 277 3 580 3 053 1 271 3 439 2 644
Total equity and liabilities 1 070 844 658 324
1 100 364 1 066 441 1 041 208 616 262
RECONCILIATION OF PROFIT FOR THE PERIOD TO DISTRIBUTABLE EARNINGS
Pro
forma
Pro forma Pro forma Unaudite IFRS IFRS IFRS
Unaudited Unaudited d Unaudited Audited Unaudited
31 Mar 31 Dec 31 Mar 31 Mar 31 Dec 31 Mar
2014 2013 2013 2014 2013 2013
Profit for the period attributable to equity
holders 57 464 11 711 57 464 11 188
13 280 13 280
Unrealised foreign exchange (gain)/loss 868 256 (34) 868 256 (41)
Acquisition fees 107 4 986 429 107 4 986 426
Share-based payment expense 3 955 10 3 955 10
Accrued interest on share-based payments 141 563 141 141 563 141
Fair value adjustments of investment – (19 913) – – (19 787) –
property
Fair value gains of financial investments at
fair value through profit or loss 150 (970) (3 205) 150 (970) (3 205)
Financial assets at fair value 1 262 (2 040) (1 145) 1 230 (1 157) (837)
Amortisation of financial assets (184) (476) (99) (184) (476) (99)
Net result on sale of listed securities – (586) – – (586) –
Dividends received from listed securities
investments (803) (2 906) (887) (803) (2 906) (887)
Accrued income from financial investments
at fair value through profit or loss 1 016 4 364 1 127 1 016 4 364 1 127
Gain on disposal of investment property held
for sale – (527) – – (527) –
Gain on acquisition of subsidiaries (1 400) (5 547) – (1 400) (5 547) –
Deferred tax expense 573 7 736 388 535 9 007 274
Impairment of goodwill – 816 – – 816 –
Shares issued cum distribution – 3 577 – – 3 577 –
Adjustments related to The Lakeview
acquisition
Profit for the period – – – – – 523
Deferred tax expense – – – – – 77
Adjustments related to joint ventures
Fair value adjustments of investment
property – – – – (126) –
Unrealised foreign exhange loss – – – – – 6
Acquisition fees – – – – – 3
Financial assets at fair value – – – 32 (883) (308)
Deferred tax expense – – – 38 (1 271) 38
Adjustments related to non-controlling
interest
Fair value adjustments of investment
property
Deferred tax expense – (108) – – (108) –
Acquisition fees – (275) – – (275) –
Distributable earnings for the period 47 370 8 436 47 370 8 436
15 013 15 013
Distribution from reserves – 1 574 – – 1 574 –
Less: distribution declared – (48 944) – – (48 944) –
Interim distribution – (20 594) – – (20 594) –
Final distribution – (28 350) – – (28 350) –
Earnings not distributed – 8 436 – 8 436
15 013 15 013
204 544 144 362 204 544 204 544 144 362
Number of shares entitled to distribution
236 204 544 236 152 236 236 152
Distributable earnings per share (euro
cents) 7.34 25.79 5.84 7.34 25.79 5.84
Distribution from reserves per share (euro
cents)
– 1.00 – – 1.00 –
Less: distribution declared per share (euro
cents) – (26.79) – – (26.79) –
Interim distribution per share (euro cents) – (12.93) – – (12.93) –
Final distribution per share (euro cents) – (13.86) – – (13.86) –
Earnings per share not distributed (euro
cents) – 5.84 – 5.84
7.34 7.34
RECONCILIATION OF NET ASSET VALUE TO ADJUSTED NET ASSET VALUE
Pro forma Pro forma Pro forma IFRS IFRS IFRS
Unaudited Unaudited Unaudited Unaudited Audited Unaudited
31 Mar 31 Dec 31 Mar 31 Mar 31 Dec 31 Mar
2014 2013 2013 2014 2013 2013
Net asset value per the statement of financial
position 724 494 712 236 405 613 724 494 712 236 405 090
Loans in respect of the Initial Share Scheme 11 574 11 574 12 483 11 574 11 574 12 483
Deferred tax liabilities 50 733 50 160 26 846 51 213 50 678 21 841
Goodwill (16 218) (16 218) (17 326) (16 218) (16 218) (13 135)
Deferred tax liabilities for joint ventures – – – (480) (518) –
Adjusted net asset value
770 583 757 752 427 616 770 583 757 752 426 279
Net asset value per share (euro) 3.56 2.91 3.56 2.91
3.63 3.63
Adjusted net asset value per share (euro) 3.70 2.96 3.70 2.95
3.77 3.77
Number of shares for net asset value per share 199 836 199 836 139 258 199 836 199 836 139 258
purposes 882 882 914 882 882 914
Number of shares for adjusted net asset value 204 544 204 544 144 362 204 544 204 544 144 362
per share purposes 236 236 152 236 236 152
KEY PERFORMANCE INDICATORS
Pro forma Pro forma IFRS IFRS
Unaudited Unaudited Unaudited Unaudited
31 Mar 2014 31 Mar 2013 31 Mar 2014 31 Mar 2013
Current liquidity ratio 1.41 1.18 1.54 1.75
Gearing ratio (debt to equity) 27% 26% 25% 21%
Tenant’s receivable turnover 7.48 days 13.57 days 7.54 days 10.86 days
Return on investment property 8% per annum 8% per annum 8% per annum 8% per annum
BASIS OF PREPARATION
These unaudited condensed consolidated quarterly financial results (the ‘IFRS Statements’) for the three months
ended 31 March 2014 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 2013.
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 an
unaudited pro forma statement of financial position and an unaudited pro forma statement of income (the ‘pro forma
statements’). The main difference between the pro forma statements and the IFRS statements is that the pro forma
statements are prepared using the proportionate consolidation method for the investments in joint ventures, while the
IFRS statements use the equity method for accounting for these investments (as a result of the adoption of IFRS 11
‘Joint Arrangements’ effective 1 January 2013). The pro forma statements for the three months ended 31 March 2013
include the financial position and results of the Lakeview acquisition.
The unaudited pro forma statement of financial position and the unaudited pro forma statement of income have been
prepared by and are the responsibility of the directors of NEPI. Due to their nature, the unaudited pro forma statements
of financial position and income may not fairly reflect the financial position and results of the Group after the
differences set out above.
The condensed consolidated quarterly financial results prepared in accordance with IFRS, the pro forma statement of
financial position and the pro forma statement of income have not been reviewed or reported on by the Group’s
external auditors.
By order of the Board of Directors,
Martin Slabbert (Chief Executive Officer), Victor Semionov (Finance Director)
For further information please contact:
New Europe Property Investments plc
Martin Slabbert +40 74 432 8882
Nominated Adviser and Broker
Smith & Williamson Corporate Finance Limited
Azhic Basirov +44 20 7131 4000
JSE sponsor
Java Capital +27 11 283 0042
Romanian advisor
SSIF Intercapital Invest SA
Razvan Pasol +40 21 222 8731
15 May 2014
Date: 15/05/2014 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
