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NEP - New Europe Property Investments plc - Unaudited condensed consolidated financial results for the three months ended 31 March 2012 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", the "Group" or the "Company") UNAUDITED CONDENSED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2012 The Company is required to publish financial results for the three months ended 31 March 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 31 March 2012 in a form compliant with the requirements of the CNVM and the BVB. The Group continued to perform strongly and has achieved distributable earnings of 5.21 euro cents per share during the first quarter of 2012. Results for the same period in 2011 are not available, as the Group commenced quarterly reporting from September 2011. The Group will continue to consider and declare distributions on a semi-annual basis, as has been the practice to date. CONSOLIDATED STATEMENT OF FINANCIAL POSITION Unaudited Audited As at As at 31 Mar 2012 31 Dec 2011 EUR EUR
ASSETS Non-current assets 420 716 222 362 404 369 Investment property 396 877 528 341 802 837 Investment property at fair value 372 674 412 316 393 495 Investment property under development 24 203 116 25 409 342 Goodwill 15 906 114 13351 499 Financial assets at fair value through profit 1 673 251 1036 575 or loss Other long-term assets 6 259 329 6 213 458 Current assets 43 758 487 62 816 541 Trade and other receivables 9 321 411 7751 441 Cash and cash equivalents 34 437 076 55 065 100 Total assets 464 474 709 425 220 910 EQUITY AND LIABILITIES Total equity attributable to equity holders 243 723 452 235 258 940 Share capital 1 010 874 955 693 Share premium 243 760 927 227 844 770 Share-based payment reserve 7 716 757 7 456 257 Currency translation reserve (1 717 990) (2650 522) Accumulated profit/(loss) (7 047 116) 1 652 742 Total liabilities 220 751 257 189 961 970 Non-current liabilities 202 352 646 174 098 216 Loans and borrowings 179 487 731 156 629 879 Deferred tax liabilities 18 549 817 15086 152 Financial liabilities at fair valuethrough 4 315 098 2 382 185 profit or loss
Current liabilities 18 398 611 15 863 754 Trade and other payables 4 578 996 5 251 265 Loans and borrowings 11 052 981 8 235 659 Tenant deposits 2 766 634 2376 830 TOTAL EQUITY AND LIABILITIES 464 474 709 425 220 910 Net asset value per share 2.36 2.41 Adjusted net asset value per share 2.39 2.43 CONSOLIDATED STATEMENT OF INCOME Unaudited Audited
For the For the year three months ended ended 31 Dec 2011 31 Mar 2012
EUR EUR Net rental and related income 7 284 865 23 727 203 Contractual rental income and expense 9 770 486 32 069 075 recoveries Property operating expenses (2 485 621) (8 341 872) Share-based payment expense (260 500) (1 041 647)
Foreign exchange loss (677 835) (475 883) Administrative expenses (908 823) (2 023 349) Fair value adjustment on investment property - 3 010 852 and goodwill Profit before net finance expense 5 437 707 23 197 176 Net finance expense (3 758 237) (4 925 640) Finance income 310 490 6 253 858 Finance expense (4 068 727) (11 179 498) Profit before tax 1 679 470 18 271 536 Tax (753 353) 500 210 Profit for the period attributable to equity 926 117 18 771 746 holders Distributable earnings per share (euro cents) 5.21 24.67 RECONCILIATION OF PROFIT FOR THE PERIOD TO DISTRIBUTABLE EARNINGS Unaudited Audited For the For the year
three months ended ended 31 Dec 2011 31 Mar 2012 EUR EUR
Profit for the period attributable to equity 926 117 18 771 746 holders Unrealised foreign exchange loss 677 835 475 883 Acquisition fees 431 097 - Share-based payment expense 260 500 1 041 647 Accrued interest on share-based payment 152 277 685 186 Fair value adjustment in investment property - (3 010 852) and goodwill Financial assets at fair value 2 243 122 4 263 016 Amortisation of financial assets (102 483) (972 520) Deferred tax expense / (income) 753 353 (500 210) Share issue cum distribution 112 093 2323 347 Distributable earnings for the period 5 453 911 23 077 243 Number of shares entitled to distribution 104 714 602 99 196 545 Distributable earnings per share for the 5.21 24.67 period (euro cents) Less: dividends declared (euro cents) - (20.25) Interim dividend (euro cents) - (9.77) Final dividend (euro cents) - (10.48) Earnings per share not distributed (euro 5.21 4.42 cents) RECONCILIATION OF NET ASSET VALUE TO ADJUSTED NET ASSET VALUE Unaudited Audited As at As at
31 Mar 2012 31 Dec 2011 EUR EUR Adjusted net asset value 259 112 545 249 738 983 Net asset value per the statement of 243 723 452 235 258 940 financial position Loans in respect of the Initial Share Scheme 12 745 390 12 745 390 Deferred tax liabilities 18 549 817 15 086 152 Goodwill (15 906 114) (13 351 499) Net asset value per share 2.36 2.41 Adjusted net asset value per share 2.39 2.43 Number of shares for net asset value per 103 087 513 97 569 456 share purposes Numberof shares for adjusted net asset value 108 301 750 102 783 693 per share purposes Basis of preparation These quarterly 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 2011. These quarterly financial results have not been reviewed or reported on by the Company`s external auditors. KEY PERFORMANCE INDICATORS No. Indicator Name Unaudited 31 Mar 2012 1 Current Liquidity ratio 2.38
2 Gearing ratio (debt to equity) 7.4:10 3 Tenant`s receivable turnover 10.36 days
4 Return on investment property 8% per annum 15 May 2012 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 AzhicBasirov/Siobhan Sergeant JSE sponsor +27 11 283 0042 Java Capital Romanian advisor +40 21 222 8731 SSIF Intercapital Invest SA RazvanPasol Date: 15/05/2012 16:14:29 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.
