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NEP - New Europe Property Investments plc - Financial results for the 9 months ended 30 September 2011 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" or the "Company") FINANCIAL RESULTS FOR THE 9 MONTHS ENDED 30 SEPTEMBER 2011 The Company is required to publish financial results for the 9 months ended 30 September 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 financial results of the Company in respect of the financial period from 1 January 2011 to 30 September 2011 in a form compliant with the requirements of the CNVM and the BVB. These results reflect that the Company continued to perform strongly during this period. Distributable earnings per share continued to expand to 5.15 euro cents per share for the third quarter of 2011. Results for the same period in 2010 are not available, but the quarterly distributable earnings per share result compares favourably with the dividend of 9.26 euro cents per share declared in respect of the six months ended on 31 December 2010. The Company will continue to consider and declare dividends on a semi-annual basis, as has been the practice to date. CONSOLIDATED STATEMENT OF FINANCIAL POSITION Unaudited Audited
30 Sept 11 31 Dec 10 EUR EUR ASSETS Non-current assets 361 403 268 328 991 707 Investment property 337 432 252 313 755 281 Investment property at fair value 309 105 443 300 899 292 Investment property under development 28 326 809 12 855 989 Goodwill 13 849 887 13 849 887 Financial assets at fair value through profit or 1 597 361 1 386 539 loss Loans 8 523 768 - Current assets 22 695 469 31 185 529 Trade and other receivables 5 622 221 7 338 247 Cash and cash equivalents 17 073 248 23 847 282 Total assets 384 098 737 360 177 236 EQUITY AND LIABILITIES Total equity attributable to equity holders 185 436 029 155 087 026 Share capital 808 328 712 686 Share premium 188 005 846 159 308 324 Share based payment reserve 7 400 126 759 550 Currency translation reserve (2 377 806) (2 964 825) Accumulated loss (8 400 465) (2 728 709)
Total liabilities 198 662 708 205 090 210 Non-current liabilities 179 013 981 185 374 433 Interest bearing borrowings 162 476 369 168 564 379 Deferred tax liabilities 15 586 362 15 586 362 Financial liabilities at fair value through 951 250 1 223 692 profit or loss
Current liabilities 19 648 727 19 715 777 Trade and other payables 13 506 229 7 656 857 Loans and borrowings 3 939 707 9 847 153 Tenant deposits 2 202 791 2 211 767 Total equity and liabilities 384 098 737 360 177 236 Net asset value per share 2.24 2.18 Adjusted net asset value per share 2.27 2.22 CONSOLIDATED STATEMENT OF INCOME Unaudited Audited 30 Sept 2011 31 Dec 10
EUR EUR Net rental and related income 18 157 321 16 224 196 Contractual rental income and expense recoveries 24 384 578 21 269 338 Property operating expenses (6 227 257) (5 045 142) Share based payments (660 576) (524 650) Foreign exchange gain/ (loss) (557 127) 178 175 Investment advisory fees - (703 323) Administrative expenses (1 170 691) (1 991 478) Fair value adjustment on investment property - 1 111 927 Profit before net finance expense 15 768 927 14 294 847 Net finance expense (7 278 558) (5 906 809) Finance income 187 502 581 765 Finance expense (7 466 060) (6 488 574) Profit before tax 8 490 369 8 388 038 Tax - (1 476 694) Profit for the period attributable to equity 8 490 369 6 911 344 holders Distributable earnings per share (euro cents) 14.92 17.61 RECONCILIATION OF PROFIT FOR THE PERIOD TO DISTRIBUTABLE EARNINGS Unaudited Audited 30 Sept 11 31 Dec 10
EUR EUR Profit for the period attributable to equity 8 490 369 6 911 344 holders Unrealised foreign exchange loss/(gain) 557 127 (178 175) Acquisition fees - 831 369 Share based payment fair value 660 576 524 650 Accrued interest on share based payments 522 215 491 064 Fair value adjustment - (1 111 927) Financial assets at fair value 2 132 788 836 397 Amortisation of the financial assets (719 174) (426 032) Deferred tax expense - 1 460 883 Share issue cum distribution 1 022 551 2 325 443 Distributable earnings for the period 12 666 452 11 665 016 Number of shares entitled to distribution 84 910 831 73 346 586 Distributable earnings per share for the period 17.61 (euro cents) 14.92 First interim dividend (euro cents) 9.77 8.35 Distributable earnings per share for the quarter 5.15 - (euro cents) Second interim dividend (euro cents) - 9.26 RECONCILIATION OF NET ASSET VALUE TO ADJUSTED NET ASSET VALUE Unaudited Audited 30 Sept 11 31 Dec 10
EUR EUR Adjusted net asset value 200 920 940 170 571 937 Net asset value per the statement of financial 185 436 029 155 087 026 position Loans in respect of the share purchase scheme 13 748 436 13 748 436 Deferred tax 15 586 362 15 586 362 Goodwill (13 849 887) (13 849 887) Net asset value per share 2.24 2.18 Adjusted net asset value per share 2.27 2.22 Number of shares for net asset value per share 82 832 949 71 268 704 purposes Number of shares for adjusted net asset value per 88 497 979 76 933 734 share purposes Basis of preparation These 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 2010. These financial results have not been reviewed or reported on by the Company`s auditor. KEY PERFORMANCE INDICATORS No Indicator Name Result . Unaudited 1 Current Liquidity ratio 1.16 2 Gearing ratio (debt:equity) 8.8:10
3 Tenant`s receivable turnover 5.6 days 4 Return on investment property 8% per annum
11 November 2011 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 Azhic Basirov/Siobhan Sergeant South African sponsor +27 11 283 0042 Java Capital Romanian advisor +40 21 222 8731 SSIF Intercapital Invest SA Razvan Pasol Date: 11/11/2011 09:10:00 Supplied by www.sharenet.co.za 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.
