Sharenet Sites 
Sharenet Sites
Unaudited condensed consolidated financial results for the nine months ended 30 September 2012
NEW EUROPE PROPERTY INVESTMENTS PLC FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2012
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 4LN
(“NEPI”, “the Group” or “the Company”)
AIM share code: NEPI BVB share code: NEP JSE share code: NEP ISIN: IM00B23XCH02
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL RESULTS
The Company is required to publish financial results for the nine months ended 30 September 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 30 September 2012 in a form compliant with the requirements of the CNVM and the BVB.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONSOLIDATED STATEMENT OF INCOME
Unaudited Audited Unaudited Unaudited Audited Unaudited
As at 30 Sep 2012 As at 31 Dec 2011 As at 30 Sep 2011 For the nine For the year ended For the nine
€ € € months ended 31 Dec 2011 months ended
30 Sep 2012 30 Sep 2011
ASSETS
€ € €
Non-current assets 501 000 077 362 404 369 361 403 268
Net rental and related income 22 252 206 23 727 203 18 157 321
Investment property 418 385 813 341 802 837 337 432 252
Contractual rental income and
Investment property at fair value 387 672 978 316 393 495 309 105 443 28 813 628 32 069 075 24 384 578
expense recoveries
Investment property under development 30 712 835 25 409 342 28 326 809 Property operating expenses (6 561 422) (8 341 872) (6 227 257)
Goodwill 13 912 760 13 351 499 13 849 887 Share-based payment expense (877 193) (1 041 647) (660 576)
Other long term assets 13 703 706 6 213 458 8 523 768 Foreign exchange loss (4 736 641) (475 883) (557 127)
Financial assets at fair value Administrative expenses (2 376 579) (2 023 349) (1 170 691)
54 997 798 1 036 575 1 597 361
through profit or loss
Fair value adjustment on investment
Current assets 43 318 422 62 816 541 22 695 469 – 3 010 852 –
property and goodwill
Trade and other receivables 11 479 924 7 751 441 5 622 221 Fair value gains on investments 6 391 471 – –
Cash and cash equivalents 31 838 498 55 065 100 17 073 248 Distributable income from investments 334 942 – –
Profit before net finance expense 20 988 206 23 197 176 15 768 927
Total assets 544 318 499 425 220 910 384 098 737 Net finance expense 324 904 (4 925 640) (7 278 558)
EQUITY AND LIABILITIES Finance income 11 843 232 6 253 858 187 502
Total equity attributable (11 518 328)
318 322 499 235 258 940 185 436 029 Finance expense (11 179 498) (7 466 060)
to equity holders
Share capital 1 199 308 955 693 808 328
Profit before tax 21 313 110 18 271 536 8 490 369
Share premium 293 287 953 227 844 770 188 005 846
Tax (1 409 097) 500 210 –
Share-based payment reserve 13 946 514 7 456 257 7 400 126
Profit for the period attributable
Currency translation reserve 136 392 (2 650 522) (2 377 806) 19 904 013 18 771 746 8 490 369
to equity holders
Accumulated profit/(loss) 9 752 332 1 652 742 (8 400 465) Distributable earnings per 21.09 24.67 14.92
share (euro cents)
Total liabilities 225 996 000 189 961 970 198 662 708
Non-current liabilities 204 827 698 174 098 216 179 013 981
Loans and borrowings 178 712 888 156 629 879 162 476 369 RECONCILIATION OF PROFIT FOR THE PERIOD TO DISTRIBUTABLE EARNINGS
Deferred tax liabilities 19 205 561 15 086 152 15 586 362 Unaudited Audited Unaudited
Financial liabilities at fair value For the nine For the year ended For the nine
6 909 249 2 382 185 951 250
through profit or loss months ended 31 Dec 2011 months ended
Current liabilities 21 168 302 15 863 754 19 648 727 30 Sep 2012 30 Sep 2011
Trade and other payables 6 721 971 5 251 265 13 506 229 € € €
Loans and borrowings 11 709 194 8 235 659 3 939 707 Profit for the period attributable 19 904 013 18 771 746 8 490 369
to equity holders
Tenant deposits 2 737 137 2 376 830 2 202 791
Unrealised foreign exchange loss 4 736 641 475 883 557 127
Total equity and liabilities 544 318 499 425 220 910 384 098 737 Acquisition fees 963 436 – –
Net asset value per share 2.58 2.41 2.24 Share-based payment fair value adjustment 877 193 1 041 647 660 576
Adjusted net asset value per share 2.61 2.43 2.27 Accrued interest on share-based payment 434 156 685 186 522 215
Fair value adjustment on investment – (3 010 852) –
property and goodwill
Financial assets at fair value (938 264) 4 263 016 2 132 788
RECONCILIATION OF NET ASSET VALUE TO ADJUSTED NET ASSET VALUE Accrued income from investments 1 329 538 – –
Unaudited Audited Unaudited Amortisation of financial assets (572 063) (972 520) (719 174)
As at 30 Sep 2012 As at 31 Dec 2011 As at 30 Sep 2011
Deferred tax expense/(income) 1 409 097 (500 210) –
€ € €
Shares issued cum distribution 1 778 338 2 323 347 1 022 551
Adjusted net asset value 336 120 813 249 738 983 200 920 940
Non-distributable portion of the
Net asset value per the statement (3 144 561) – –
318 322 499 235 258 940 185 436 029 vendor settlement income
of financial position
Distributable earnings for the period 26 777 524 23 077 243 12 666 452
Loans in respect of the Initial 12 505 513 12 745 390 13 748 436 Less: dividends declared (14 101 923) (18 689 531) (8 293 733)
Share Scheme
Deferred tax liabilities 19 205 561 15 086 152 15 586 362 Earnings not distributed 12 675 601 4 387 712 4 372 719
Goodwill (13 912 760) (13 351 499) (13 849 887) Number of shares entitled to distribution 128 686 411 99 196 545 84 910 831
Net asset value per share 2.58 2.41 2.24 Distributable earnings per share 21.09 24.67 14.92
for the period (euro cents)
Adjusted net asset value per share 2.61 2.43 2.27
Less: dividends declared (euro cents) (11.24) (20.25) (9.77)
Number of shares for net asset 123 576 781 97 569 456 82 832 949 Earnings per share not
value per share purposes 9.85 4.42 5.15
distributed (euro cents)
Number of shares for adjusted net 128 686 411 102 783 693 88 497 979
asset value per share purposes
Basis of preparation
These condensed consolidated unaudited quarterly financial results have been prepared
KEY PERFORMANCE INDICATORS in accordance with the recognition and measurement criteria of the International Financial
Unaudited Unaudited Reporting Standards (“IFRS”) and its interpretations adopted by the International Accounting
30 Sep 2012 30 Sep 2011 Board (“IASB”). The accounting policies which have been applied are consistent with those
1. Current liquidity ratio 2.05 1.16 used in the preparation of the annual financial statements for the year ended 31 December
2. Gearing ratio (debt to equity) 5.6:10 8.8:10 2011. These condensed consolidated unaudited quarterly financial results have not been
3. Tenant’s receivable turnover 5.5 days 5.6 days reviewed or reported on by the Company’s external auditors.
4. Return on investment property 8% per annum 8% per annum 14 November 2012
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: +44 20 7131 4000 JSE sponsor: Java Capital: +27 11 283 0042 Romanian advisor: SSIF Intercapital Invest SA, Razvan Pasol: +40 21 222 8731
www.nepinvest.com
Date: 14/11/2012 09:00:00 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.
