Wrap Text
Unaudited condensed consolidated financial results for the six months ended 30 June 2015
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 JSE share code: NEP BVB share code: NEP
ISIN: IM00B23XCH02
(‘NEPI’, ‘the Group’ or ‘the Company’)
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2015
DIRECTORS’ COMMENTARY
DISTRIBUTABLE EARNINGS
The Group achieved 17.59 euro cents in recurring distributable earnings per share for the period ended 30 June 2015, in
line with the guidance issued on 11 February 2015. 0.53 euro cents per share included in this amount result from
favourable funding arrangements with the minority shareholder of Mega Mall. Non-recurring distributable earnings of
0.58 euro cents per share was the result of a financial discount derived from the early repayment of a term loan.
This result represents a 24% increase in recurring distributable earnings per share compared to the first half of 2014, and
is due to the continuing strong performance of Group assets and favourable impact of acquisitions and developments
completed since June 2014.
HALF-YEAR DISTRIBUTION AND OPTION TO RECEIVE CAPITAL RETURN
The Board of Directors (Board) has declared a distribution of 18.17 euro cents per share for the six months ended 30
June 2015. Shareholders have the option to receive their distribution as cash or an issue of fully-paid shares at a ratio of
1.92 new shares for each 100 held.
A circular detailing this resolution, accompanied by announcements on the Stock Exchange News Service (SENS) of the
Johannesburg Stock Exchange Limited (JSE Limited), the Regulatory News Service (RNS) of the London Stock Exchange
(LSE) and the Bucharest Stock Exchange (BVB), will be issued in due course.
HIGHLIGHTS
Please note that further information is available in previous announcements.
Opening of Mega Mall
The Group reached a significant milestone with the completion of Mega Mall, during the first half of 2015, its largest and
most ambitious development project to date. The 75,000m2 Gross Leasable Area (GLA) mall opened for trade on 14 May
2015, 15 months after the start of construction works. It has a built area of approximately 230,000m2 over five levels in
the densely populated eastern Bucharest, Romania. Mega Mall has a significant impact on retail in the city and
dominates retail in eastern Bucharest since opening. Footfall averages have been very strong and trading levels have
exceeded expectations.
The mall was 98% let at opening. The balanced tenant mix represents a unique blend of offerings including various
international and national brands such as Adidas, Bata, Benvenuti, Bershka, Brioche Dorée, Buzz, C&A, Carrefour, CCC,
Cinema City (with the country's first 4DX cinema auditorium), Colin’s, Cropp, Deichmann, dm, Douglas, Ecco, Flanco,
Frankie Garage, Geox, H&M, Hervis Sports, Hilfiger Denim (Romanian flagship store), House, Intersport, Kenvelo, KFC,
Koton, LC Waikiki, Lego, Lem’s, Levi’s, Marks & Spencer (Romanian flagship store and the country's first Marks & Spencer
Food concept store), Mango (Romanian flagship store), Manufaktura by Doncafé, Media Galaxy, Mohito, Musette, New
Yorker, Nike, Noriel, Orsay, Otter, Pandora, Paul, Peek&Cloppenburg, Pepco, Pizza Hut, Pull&Bear, Reserved (Romanian
flagship store), Sabon, Samsung, Sephora, Sinsay, Sport Vision, Stefanel, Steilmann, Stradivarius, Subway, Swarovski,
Takko, Teilor, Tom Tailor, Triumph, Yves Rocher, World Class, Wu Xing and Zara.
DEVELOPMENT PIPELINE
The Group has steadily been increasing its investment in developments over the past few years. Developments and
redevelopments completed in the last four years have significantly contributed to the growth in recurring distributable
earnings per share. NEPI’s development pipeline, including redevelopments and extensions, has increased to €565
million (estimated at cost), of which €139 million was spent by 30 June 2015.
RETAIL PROPERTY DEVELOPMENTS AND EXTENSIONS
City Park extension
NEPI has made significant progress with its 20,500m2 GLA extension to the existing 29,284m2 GLA at City Park,
Constanta, Romania. The first phase of the extension is complete and Cinema City's ten-screen cinema, including
Romania’s second 4DX auditorium, opened to the public on 31 July 2015.
The second phase is scheduled for opening in March 2016.
Shopping City Deva extension
Construction and leasing for the 10,600m2 GLA extension and redevelopment of Shopping City Deva, Deva, Romania,
have progressed significantly. New tenants include C&A, CCC, Cinema City (with six screens), Deichmann, H&M, KFC and
Orsay. The opening of the extension is planned for September 2015.
Promenada Mall extension
Following the acquisition of 1.2ha adjacent to Promenada Mall, Bucharest, the Group has initiated the permitting
process to develop a retail extension and integrated office building.
The extension is expected to add 34,000m2 of retail GLA to the current 40,300m2 GLA, and integrates an 17,000m2 GLA
office component. The retail extension will include new fashion tenants, a cinema and additional leisure and
entertainment offerings.
Promenada Mall, opened in 2013, is situated in Bucharest's emerging Floreasca-Barbu Vacarescu business district, and
benefits from its affluent residents, the development of infrastructure and A-grade office buildings. The extension will
further strengthen and diversify the centre’s offering.
Severin Shopping Center extension
Construction and leasing for the extension and redevelopment of Severin Shopping Center, Drobeta-Turnu Severin,
Romania, are progressing well. Phase I, consisting of 4,500m2 GLA of the 9,700m2 GLA extension, will include tenants
such as Benvenuti, Cinema City (with six screens) and KFC, and is planned to open in October 2015.
The second phase of the extension is scheduled for completion in 2016.
Shopping City Timisoara
The development of the 55,900m2 GLA Phase I of the 80,000m2 GLA regional mall located in Timisoara, Romania, is
ongoing. The centre will have substantial modern entertainment and leisure facilities including a thirteen-screen cinema
with an IMAX and 4DX auditoriums. The Carrefour hypermarket and adjacent line stores are planned to open in
November 2015, while the fashion, entertainment and leisure facilities will open in 2016.
Shopping City Piatra Neamt
Permitting for a 25,000m2 GLA regional mall in Piatra Neamt, Romania, is progressing as planned. Carrefour has been
secured as the operator of a 10,000m2 hypermarket and Cinema City will operate a six-screen cinema.
This development is expected to be completed during 2016.
OFFICE DEVELOPMENTS
The Office, Cluj-Napoca, Phase II
Construction of Phase II of The Office, Cluj-Napoca, Romania, will include 19,400m2 of A-grade office GLA, is progressing
as scheduled, and is expected to be ready for tenant fit out by November 2015. Based on the strong tenant demand, the
building is planned to be substantially leased by year-end.
Furthermore, the structural design works for Phase III of the development, consisting of 17,200m2 of A-grade office GLA
have been contracted.
Victoriei Office
The construction on the Victoriei Office and the refurbishment of the historical Oromolu villa in Bucharest are ongoing.
As planned, this 8,400m2 GLA landmark office development will be substantially completed by year-end.
OTHER HIGHLIGHTS
The high collection rate of tenant receivables reflects the quality of the tenant mix. Non-recoverable tenant income for
the first half of 2015 amounted to €285,823, 0.4% of annual contractual rental income and expense recoveries. The
vacancy level, including Mega Mall, is 1.7% compared to 1.8% recorded in the second half of 2014.
CASH MANAGEMENT AND DEBT
NEPI extended €20 million of secured debt facilities during the first six months of the year, and, in July 2015, extended
the availability of its unsecured revolving facility of €80 million by one more year, to December 2016. An unsecured,
two-year term loan agreement of up to €250 million was set up via syndication with Raiffeisen Bank International. Out of
this amount, €143.8 million is available for drawdown by December 2015, whilst the balance remains subject to
syndication.
NEPI prepaid the €17.6 million loan to Volksbank at a discount to face value.
As of 30 June 2015, the Group had €63.5 million in cash and additional undrawn revolving facilities of €62.5 million (this
does not include the unsecured two-year term loan contracted in June 2015).
On 30 June 2015, the Group’s gearing ratio (interest bearing debt less cash divided by investment property and listed
property shares) reached 14.9% compared to 8% at the end of the previous year. The average interest rate, including
hedging costs, was approximately 4.5% in 2015, down from 5% in 2014 due to contracting new loans at better margins,
while 32% of the base interest rate (Euribor) was hedged with interest rate caps and 39% with interest rate swaps.
MANAGEMENT CHANGE
As announced on August 7th, 2015, Alex Morar has been appointed as CEO to continue the Company's strategy, as Martin
Slabbert and Victor Semionov have resigned from their positions of CEO and COO. Mr Morar has been with NEPI since its
founding in 2007, being involved in all aspects of the business since.
PROSPECTS AND EARNINGS GUIDANCE
The Board is confident that distributable earnings per share for 2015 will be approximately 20% higher compared to
2014. The earnings guidance is based on the assumption that a stable macroeconomic environment prevails, no major
corporate failures occur, planned developments remain on track, and is also sensitive to the impact of the acquisitions
currently in the pipeline. This forecast has not been audited or reviewed by NEPI’s auditors and is the responsibility of
the Board.
Alex Morar Mirela Covasa
Chief Executive Officer Finance Director
12 August 2015
Management Accounts All amounts in € ‘000 unless otherwise stated
CONSOLIDATED STATEMENTS OF INCOME 30 Jun 2015 31 Dec 2014 30 Jun 2014
Gross rental income 49 731 67 459 30 928
Net service charge and operating expenses (767) (1 733) (665)
Service charge and other recoveries 19 110 25 619 11 630
Property operating expenses (19 877) (27 352) (12 295)
Net operating income 48 964 65 726 30 263
Corporate expenses (3 583) (4 538) (2 032)
Property management net result 1 475 1 498 693
EBITDA 46 856 62 686 28 924
Net finance income/(expense) 409 (1 677) (2 157)
Finance expenses (7 220) (15 676) (9 722)
Finance income 2 354 6 374 3 975
Interest capitalised on development costs 5 275 7 625 3 590
Non-controlling interest 3 809 4 920 1 733
Direct investment result 51 074 65 929 28 500
Indirect investment result 64 575 33 266 1 855
Profit for the year attributable to equity holders 115 649 99 195 30 355
Reverse indirect result (64 575) (33 266) (1 855)
Company specific adjustments (158) 2 273 1 474
Distributable earnings before issue cum distribution 50 916 68 202 29 974
Issue cum distribution adjustment 388 6 870 1 908
Distributable earnings 51 304 75 072 31 882
Distributable earnings per share (euro cents) 18.17 29.69 14.16
of which recurring distributable earnings per share (euro cents) 17.59 29.69 14.16
Distribution earnings per share (euro cents) 18.17 32.22 14.87
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 30 Jun 2015 31 Dec 2014 30 Jun 2014
ASSETS
Non-current assets 1 670 075 1 389 772 969 882
Investment property 1 611 737 1 334 512 911 817
Investment property at fair value 1 460 938 1 038 545 729 158
Developments at cost 150 799 213 894 182 659
Advances paid for investment property – 82 073 –
Goodwill 20 334 17 639 16 218
Other long-term assets 37 742 37 446 41 252
Financial assets at fair value through profit or loss 262 175 595
Current assets 145 899 180 526 240 531
Investment property held for sale 27 135 27 360 35 020
Trade and other receivables 55 276 41 199 40 999
Financial investments at fair value through profit or loss – – 33 838
Cash and cash equivalents 63 488 111 967 130 674
Total assets 1 815 974 1 570 298 1 210 413
LIABILITIES 464 711 329 009 381 872
Loans and borrowings 302 977 218 399 283 627
Deferred tax liabilities 81 162 55 907 51 447
Other long-term liabilities 14 585 9 446 6 858
Financial liabilities at fair value through profit or loss 3 749 5 104 5 501
Trade and other payables 62 238 40 153 34 439
Equity attributable to equity holders 1 351 263 1 241 289 828 541
Total liabilities and equity attributable to equity holders 1 815 974 1 570 298 1 210 413
Adjusted NAV per share (euro) 5.00 4.63 3.76
RECONCILIATION OF PROFIT FOR THE PERIOD TO DISTRIBUTABLE EARNINGS 30 Jun 2015 31 Dec 2014 30 Jun 2014
Profit for the period attributable to equity holders 115 649 99 195 30 355
Unrealised foreign exchange loss 42 350 1
Acquisition fees 580 2 357 272
Share-based payment expense 670 675 861
Accrued interest on share-based payments 102 542 286
Fair value adjustments of investment property (78 419) (35 227) –
Fair value gains of financial investments at fair value through
profit or loss – (1 299) (3 039)
Fair value adjustment of financial assets and liabilities (1 442) 2 882 2 617
Amortisation of financial assets (332) (708) (375)
Dividends received from financial investments – (2 417) (2 417)
Accrued dividend for financial investments – 2 304 1 527
Gain on disposal of investment property held for sale – (619) –
Gain on acquisition of subsidiaries – (1 400) (1 400)
Deferred tax expense 14 066 1 567 1 286
Shares issued cum distribution 388 6 870 1 908
Distributable earnings for the period 51 304 75 072 31 882
Distribution from reserves – 6 659 1 593
Less: distribution declared (51 304) (81 731) (33 475)
Interim distribution (51 304) (33 475) (33 475)
Final distribution – (48 256) –
Earnings not distributed – – –
Number of shares entitled to distribution 282 423 985 278 138 240 225 119 658
Distributable earnings per share for the period (euro cents) 18.17 29.69 14.16
Distribution from reserves per share (euro cents) – 2.53 0.71
Less: Distribution declared per share (euro cents) (18.17) (32.22) (14.87)
Interim distribution per share (euro cents) (18.17) (14.87) (14.87)
Final distribution per share (euro cents) – (17.35) –
Earnings not distributed (euro cents) – – –
LEASE EXPIRY PROFILE 2015 2016 2017 2018 2019 2020 2021 2022 2023 >2024 Total
Total based on rental income 2.0% 7.2% 13.0% 15.5% 11.8% 17.5% 8.8% 4.2% 3.2% 16.8% 100%
Total based on rented area 0.0% 1.1% 4.8% 11.2% 13.5% 11.7% 14.4% 7.2% 5.2% 30.9% 100%
BASIS OF PREPARATION
These unaudited condensed consolidated financial results for the six months ended 30 June 2015 have been prepared in
accordance with the recognition and measurement criteria of the International Financial Reporting Standards (“IFRS”),
its interpretations adopted by the International Accounting Standards Board (“IASB”), the presentation and the
disclosure requirements of IAS 34 Interim Financial Reporting and the JSE Listings Requirements. 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 2014.
As the Group is focusing on being consistent in 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
unaudited management accounts. The main difference between the management accounts and the financial statements
is that the management accounts statements are prepared using the proportionate consolidation method for
investments in joint-ventures, which is not in accordance with IFRS (but consistent with financial statements prepared in
accordance with IFRS reported before 1 January 2013), while the IFRS financial statements use the equity method for
accounting for these investments (following the adoption of IFRS 11 ‘Joint Arrangements’ effective 1 January 2013). The
management accounts have been prepared by and are the responsibility of the above mentioned Directors of NEPI. Due
to its nature, the management accounts may not fairly reflect the financial position and results of the Group after the
differences set out above.
These unaudited condensed consolidated financial results for the six months ended 30 June 2015 have not been
reviewed or reported on by the Group’s external auditors.
IFRS Accounts
Unaudited Audited Unaudited
CONSOLIDATED STATEMENTS OF INCOME 30 Jun 2015 31 Dec 2014 30 Jun 2014
Net rental and related income 46 908 61 749 28 462
Contractual rental income and expense recoveries 65 913 87 017 39 697
Property operating expenses (19 005) (25 268) (11 235)
Administrative expenses (2 112) (2 839) (1 295)
Acquisition fees (580) (2 357) (272)
Fair value adjustments of investment property 77 167 27 980 –
Fair value gains on financial investments at fair value through profit or
loss – 1 299 3 039
Dividends received from financial investments – 2 417 2 417
Share-based payment expense (670) (675) (861)
Foreign exchange gain/(loss) 16 (241) 17
Gain on acquisition of subsidiaries – 1 400 1 400
Gain on disposal of investment property held for sale – 619 –
Profit before net finance income/(expense) 120 729 89 352 32 907
Net finance income/(expense) 3 645 1 412 (1 938)
Finance income 5 606 7 315 3 176
Finance expense (1 961) (5 903) (5 114)
Share of profit/(loss) of joint ventures 1 257 4 148 (1 136)
Profit before tax 125 631 94 912 29 833
Deferred tax expense (13 791) (637) (1 211)
Profit after tax 111 840 94 275 28 622
Non-controlling interest 3 809 4 920 1 733
Profit for the period attributable to equity holders 115 649 99 195 30 355
Weighted average number of shares in issue 277 645 825 225 426 685 207 579 778
Diluted weighted average number of shares in issue 280 328 732 229 775 959 212 287 132
Basic earnings per share (euro cents) 41.65 44.00 14.62
Diluted earnings per share (euro cents) 41.25 43.17 14.30
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Unaudited Audited Unaudited
30 Jun 2015 31 Dec 2014 30 Jun 2014
ASSETS
Non-current assets 1 643 184 1 368 193 942 330
Investment property 1 541 456 1 269 299 841 970
Investment property at fair value 1 399 338 978 980 674 269
Investment property under development 142 118 208 246 167 701
Advances paid for investment property – 82 073 –
Goodwill 20 334 17 639 16 218
Investments in joint ventures 10 451 13 241 4 356
Long-term loans granted to joint ventures 32 942 30 395 37 966
Other long-term assets 37 739 37 444 41 225
Financial assets at fair value through profit or loss 262 175 595
Current assets 114 819 148 705 199 605
Trade and other receivables 54 308 40 469 39 341
Financial investments at fair value through profit or loss – – 33 838
Cash and cash equivalents 60 511 108 236 126 426
Investment property held for sale 27 135 27 360 35 020
Total assets 1 785 138 1 544 258 1 176 955
EQUITY AND LIABILITIES
Total equity attributable to equity holders 1 351 263 1 241 289 828 541
Share capital 2 824 2 746 2 191
Share premium 1 083 664 1 074 310 714 154
Share-based payment reserve 4 797 4 127 13 833
Currency translation reserve (1 229) (1 229) (1 229)
Accumulated profit 270 814 167 133 102 203
Non-controlling interest (9 607) (5 798) (2 611)
Total liabilities 433 875 302 969 348 414
Non-current liabilities 193 156 241 345 242 328
Loans and borrowings 97 647 171 071 179 550
Deferred tax liabilities 78 450 57 517 51 889
Other long-term liabilities 14 290 9 171 6 650
Financial liabilities at fair value through profit or loss 2 769 3 586 4 239
Current liabilities 240 719 61 624 106 086
Trade and other payables 61 023 38 365 32 920
Loans and borrowings 179 696 23 259 73 166
Total equity and liabilities 1 785 138 1 544 258 1 176 955
LOANS AND BORROWINGS Outstanding Available for 2015 2016 2017 2018 2019 and
REPAYMENT PROFILE amount drawdown beyond
Aupark Kosice Mall 81 525 – 18 382 63 143 – – –
Floreasca Business Park 49 747 – 1 960 3 920 3 920 39 947 –
Aupark Zilina 48 407 – 991 47 416 – – –
NE Property Cooperatief 30 000 50 000 30 000 – – – –
The Lakeview 26 658 – 1 055 2 110 2 110 21 383 –
Shopping City Galati 18 195 – 677 1 355 1 355 1 355 13 453
Ploiesti Shopping City (joint
venture) 16 882 – 548 1 095 1 095 1 095 13 049
Pitesti Retail Park 10 498 – 634 9 864 – – –
The Office, Cluj-Napoca (joint
venture) 9 053 – 225 697 450 450 7 231
City Business Center 6 945 – 144 299 313 328 5 861
Regional offices portfolio 5 098 – 186 373 373 373 3 793
Street Segment Retail Portfolio
and Brasov Strip Mall 2 763 3 000 125 2 638 – – –
Rasnov Industrial Facility
and Otopeni Warehouse – 9 500 – – – – –
Total 305 771 62 500 54 927 132 910 9 616 64 931 43 387
The reference base rate (1 month EURIBOR, 3 month EURIBOR) was hedged with a weighted average interest rate
cap of 2.0% for 32% of the outstanding notional amount and a weighted average interest rate swap of 1.7% for
39% of the notional amount.
CONSOLIDATED STATEMENT OF Share Share Share- Currency Accumulated Non- Total
CHANGES IN EQUITY capital premium based translation profit controlling
payment reserve interest
reserve
Balance at 1 January 2014 1 999 632 296 3 453 (1 229) 76 595 (878) 712 236
Transactions with owners 192 81 858 10 380 – (4 747) – 87 683
– Issue of shares 185 79 502 – – – – 79 687
– Share-based payment reserve – – 11 882 – – – 11 882
– Sale of shares issued under the
Current Share Scheme – 41 (41) – – – –
– Vesting of shares issued under
the Initial Share Scheme – – 861 – – – 861
– Vesting of shares issued under
Current Share Scheme 7 2 315 (2 322) – – – –
– Earnings distribution – – – – (4 747) – (4 747)
Total comprehensive income – – – – 30 355 (1 733) 28 622
– Profit for the period – – – – 30 355 (1 733) 28 622
Balance at 30 June 2014 2 191 714 154 13 833 (1 229) 102 203 (2 611) 828 541
Balance at 1 July 2014 2 191 714 154 13 833 (1 229) 102 203 (2 611) 828 541
Transactions with owners 555 360 156 (9 706) – (3 910) – 347 095
– Issue of shares 530 347 787 – – – – 348 317
– Sale of shares issued under the
Current Share Scheme 12 3 252 (390) – – – 2 874
– Vesting of shares issued under
the Initial Share Scheme – – (186) – – – (186)
– Vesting of shares issued under
the Current Share Scheme 6 2 476 (2 482) – – – –
– Earnings distribution – – – – (3 910) – (3 910)
– Reclassification of the Current
Share Scheme 7 6 641 (6 648) – – – –
Total comprehensive income – – – – 68 840 (3 187) 65 653
– Profit for the period – – – – 68 840 (3 187) 65 653
Balance at 31 December 2014 2 746 1 074 310 4 127 (1 229) 167 133 (5 798) 1 241 289
Balance at 1 January 2015 2 746 1 074 310 4 127 (1 229) 167 133 (5 798) 1 241 289
Transactions with owners 78 9 354 670 – (11 968) – (1 866)
– Issue of shares 43 189 – – – – 232
– Sale of shares issued under the
Initial Share Scheme 35 9 165 – – – – 9 200
– Vesting of shares issued under
the Initial Share Scheme – – 670 – – – 670
– Earnings distribution – – – – (11 968) – (11 968)
Total comprehensive income – – – – 115 649 (3 809) 111 840
– Profit for the period – – – – 115 649 (3 809) 111 840
Balance at 30 June 2015 2 824 1 083 664 4 797 (1 229) 270 814 (9 607) 1 351 263
SEGMENTAL ANALYSIS Unaudited Audited Unaudited
30 Jun 2015 31 Dec 2014 30 Jun 2014
Contractual rental income and expense recoveries
Retail 51 357 59 496 24 812
Office 13 540 25 541 13 895
Industrial 1 016 1 980 990
Total 65 913 87 017 39 697
Profit before net finance income
Retail 114 836 67 431 16 778
Office 8 124 18 719 11 691
Industrial 584 1 728 824
Corporate (2 815) 1 474 3 614
Total 120 729 89 352 32 907
ABRIDGED CONSOLIDATED Unaudited Audited Unaudited
STATEMENT OF CASH FLOWS 30 Jun 2015 31 Dec 2014 30 Jun 2014
Cash flows from operating activities 55 245 50 295 15 830
Cash flows from financing activities (1 415) 378 517 89 622
Cash flows used in investing activities (101 555) (373 068) (31 518)
Net increase/(decrease) in cash and cash equivalents (47 725) 55 744 73 934
Cash and cash equivalents brought forward 108 236 52 492 52 492
Cash and cash equivalents carried forward 60 511 108 236 126 426
RECONCILIATION OF NET ASSET VALUE TO ADJUSTED NET ASSET VALUE Unaudited Audited Unaudited
30 Jun 2015 31 Dec 2014 30 Jun 2014
Net Asset Value per the Statement of financial position 1 351 263 1 241 289 828 541
Loans in respect of the Initial Share Scheme 145 9 132 11 574
Deferred tax liabilities 78 450 57 517 51 889
Goodwill (20 334) (17 639) (16 218)
Deferred tax liabilities/(assets) for joint ventures 2 712 (1 610) (442)
Adjusted net asset value 1 412 236 1 288 689 875 344
Net asset value per share 4.79 4.52 3.76
Adjusted net asset value per share 5.00 4.63 3.89
Number of shares for Net Asset Value per share purposes 282 367 737 274 526 188 220 412 304
Number of shares for adjusted Net Asset Value per share purposes 282 423 985 278 138 240 225 119 658
RECONCILIATION OF PROFIT FOR THE PERIOD TO HEADLINE EARNINGS Unaudited Audited Unaudited
30 Jun 2015 31 Dec 2014 30 Jun 2014
Profit for the period attributable to equity holders 115 649 99 195 30 355
Fair value adjustments of investment property (77 167) (27 980) –
Gain on sale of investment property held for sale – (619) –
Gain on acquisition of subsidiaries – (1 400) (1 400)
Total tax effects of adjustments 12 578 4 952 –
Fair value adjustment of investment property for joint ventures (1 252) (7 247) –
Total tax effects of adjustments for joint ventures 200 1 160 –
Headline earnings 50 008 68 061 28 955
Weighted average number of shares in issue 277 645 825 225 426 685 207 579 778
Diluted weighted average number of shares in issue 280 328 732 229 775 959 212 287 132
Headline earnings per share (euro cents) 18.01 30.19 13.95
Diluted headline earnings per share (euro cents) 17.84 29.62 13.64
For further information please contact:
New Europe Property Investments Plc
Mirela Covasa: +40 72 137 1100
Nominated Adviser and Broker:
Smith & Williamson Corporate Finance Limited
Azhic Basirov: +44 20 7131 4000
JSE sponsor:
Java Capital: +27 11 277 3050
Romanian advisor:
SSIF Intercapital Invest SA
Razvan Pasol: +40 21 222 8731
www.nepinvest.com
Date: 12/08/2015 02:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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