Wrap Text
Summarised consolidated financial statements for the year ended 31 December 2017
Echo Polska Properties N.V.
(Incorporated in the Netherlands)
(Company number 64965945)
JSE share code: EPP
ISIN: NL0011983374
("EPP" or "the company" or "the group")
SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2017
FINANCIAL HIGHLIGHTS
Distributable earnings of EUR76.60 million
Distributable income per share 10.87 EUR cents for full FY
NAV EUR1.32 per share up 16%
NOI up to EUR103 million (2016: EUR67 million)
Successfully executed acquisitions of EUR334 million
Disposed of EUR160 million office assets
LTV improved to 47.4%(2016: 52.7%)
Cost of debt 2.14% - weighted maturity 3.9 years
OPERATIONAL HIGHLIGHTS
Retail
Total retail GLA up to 444 350m2 (2016: 307 840 m2)
Vacancy improved to 1.41% (2016: 1.63%)
Footfall up 4.6% (2016: 3.0%)
Tenants turnover (like-for-like) up 7.0% (2016: 3.0%)
WAULT by GLA increased to 5.3 years (2016: 4.7 years)
Successfully completed extensions at Outlet Park (3 300 m2 GLA) and Galaxy (15 150 m2 GLA)
in Szczecin
Commentary
"Our strategy is focused on acquiring dominant retail assets in strategic locations, allowing
us to further leverage our portfolio and platform with retail tenants. In line with our strategy
to become one of the leading retail landlords in Poland, we will continue to dispose of our
office assets to fund our retail programme. As the quality of our portfolio grows we will also
assess our retail portfolio for possible recycling to align with strategy of owning high quality
assets that can continue to deliver growing income streams," says Hadley Dean, chief executive
officer.
Introduction
EPP is a Dutch-based real estate company that follows the REIT formula and is one of the leading
owners of retail space in Poland. Its portfolio is complemented by high quality offices located
in regional cities across Poland. The company currently operates a portfolio of 14 retail centres,
six offices and two development sites located across the majority of the regional cities across
Poland and by the end of 2020 expects to own 27 shopping centres post the conclusion of the M1
transaction. EPP shopping centres are dominant in their locations and attract both local and
international brands.
EPP owns and operates 444 000 m2 retail gross lettable area ("GLA") and 137 000 m2 office GLA,
excluding joint ventures. During 2017, 124 000 m2 retail GLA was added via completed acquisitions.
The company's team has grown significantly during this period to adequately support the growth of
its operations, and currently comprises 153 professionals with expertise in accounting,
architecture, asset management, administration, development, finance, investments, law, leasing,
marketing, property management and tax.
EPP's shares are listed on the official list and admitted to trading on the Euro MTF market of
the Luxembourg Stock Exchange ("LuxSE") and on the Main Board of the JSE ("JSE") in the Real
Estate Holdings and Development Sector. The company has primary listings on both the LuxSE and
the JSE.
Financial results
Net asset value ("NAV") excluding deferred tax for the period totalled EUR927.6 million with
NAV per share at EUR1.32.
Property portfolio
The segmental breakdown of the EPP portfolio at 31 December 2017 is set out below:
Portfolio structure by fair value
Retail 81.4%
Office 18.6%
Portfolio structure by GLA (m2)
Retail 79.3%
Office 20.7%
Vacancies
Retail vacancies reduced from 1.6% to 1.4% and office vacancies reduced from 4.2% to 4.0%.
Lease expiry profile
Lease expiry profile (Retail) in EUR million and as % of total expiries
% of
Rental income (EUR m) total expiries
2018 7.7
2019 9.1
2020 12.9
2021 17.4
2022 18.3
2023 11.0
2024 7.8
2025 4.3
2026 2.5
<2026 9.0
Lease expiry profile (Office) in EUR million and as % of total expiries
% of
Rental income (EUR m) total expiries
2018 4.7
2019 10.9
2020 11.3
2021 26.7
2022 10.8
2023 14.8
2024 2.5
2025 16.2
2026
<2026 2.0
Valuations
Retail Office Total
Year ended 31 December 2017
Number of projects 14 6 20
Value/consideration (EUR million) 1 347 309 1 656
Vacancy (%) 1.41 4.0
Market value (% split) 81.4% 18.6% 100%
GLA (m2) 444 350 137 359 582 709
WAULT (rent) 4.8 years 4.2 years
Period ended 31 December 2016
Number of projects 9 9 18
Value/consideration (EUR million) 977 387 1 364
Vacancy (%) 1.6 4.2
Market value (% split) 72% 28% 100%
GLA (m2) 322 633 175 941 498 575
WAULT (rent) 5.9 years 3.7 years
Acquisitions and disposals
As announced on 14 June 2017, EPP acquired the Blackstone portfolio which comprised Galeria
Twierdza in Klodzo, Galeria Twierdza in Zamosc and Galeria Wzorcownia in Wloclawek, for an
aggregate asset value of EUR142 million.
This was followed by acquisitions of the 24 000 m2 Galeria Solna in Inowroclaw as announced on
13 July 2017 with an asset value of EUR55 million and Zakopianka Shopping Centre with a GLA of
27 000 m2 situated in Krakow, Poland for EUR53 million. In line with strategy, these shopping
centres are located in regionally growing Polish cities, with large catchment areas and a proven
trading history. The acquired assets have performed exceptionally well during the year, reporting
strong footfall and growth in tenant sales.
In 2017, upon fulfilment of all outstanding conditions, EPP also purchased the A4 Business Park
Phase III and O3 Business Campus Phase II.
Related to the significant volume of acquisitions during the year, EPP also implemented its
capital recycling strategy and disposed of certain office assets. As announced on
22 December 2017 three office properties, namely Tryton Business House in Gdansk, A4 Business
Park in Katowice and West Gate in Wroclaw, were sold for EUR160 million. The proceeds were used
to fund further retail acquisitions including the M1 transaction announced in December 2017.
Developments and extensions
EPP's strategy also entails proactive asset management to enhance and refurbish our existing
shopping centres.
During the year this included the 15 150 m2 expansion of Galaxy in Szczecin with an NOI uplift
of EUR3.1 million.
The third phase of Outlet Park Szczecin ("OPS") was completed in September 2017 and now boasts
120 stores, 1 200 parking lots and 3 000 m2 of additional retail space. The NOI uplift on this
development was EUR1 million and the extended offering will strengthen OPS' position as a
leader amongst outlets in Poland.
With the growth within the food and beverage market EPP has been actively redeveloping,
redesigning and rethinking its food courts. A new food court design was launched in Wroclaw,
Galeria Echo and Galaxy and these have proven very successful. The current Warsaw development
Galeria Mlociny will boast a unique food court area featuring a roof garden, street food on
specially designed gastronomic streets; restaurants in wooden capsules and greenery. The next
step for EPP will be food halls, an exciting and growing trend.
Borrowings
Sources of debt (%)
31 December 31 December
2017 2016
BZ WBK SA/Erste Bank 32 38
Helaba 19 23
Helaba/Erste 8 -
HSBC Bank plc 26 21
Berlin HYP/ING 7 15
BGZ BNP Paribas 1 2
PKO BP SA 1 1
Raiffeisen Bank Polska SA 1 -
Pekao SA 3 -
As at 31 December 2017, the loan-to-value (net of cash) ratio was 47.4% compared to 52.7% at
31 December 2016.
The average maturity of debt is 3.9 years at an average cost of debt of 2.14% and with 83% of
debt fixed.
Debt maturity profile (EUR m)
31 December 31 December
2017 2016
2018 102 11
2019 151 159
2020 11 -
2021 81 132
2022 434 313
>2022 179 162
Regulatory tax
On 27 November 2017, further amendments to Poland's corporate income tax law were introduced,
effective from 1 January 2018. One of the changes refers to the implementation of a so-called
"minimum levy" on the owners of shopping malls, large shops, office buildings (worth more than
PLN 10 million), at the level of 0.035% per month (ca. 0.42% per year) of the excess of the
initial tax value of the building over PLN 10 million. The abovementioned change is new and has
no precedence in the Polish taxation regime.
Subsequent events
On 4 December 2017, the group announced the acquisition of 12 major shopping centres and retail
parks (M1 portfolio) from Chariot Top Group B.V., a consortium in which Redefine Properties
Limited owns 25%. The assets' aggregated value is EUR692 million and has been divided into
three tranches. The first tranche was successfully concluded in January 2018.
Proposed dividend payment
EPP's dividend policy states that the company intends to declare 100% of its distributable
income to shareholders. The company intends declaring half-yearly dividends, for the periods
ended 30 June and 31 December of the relevant year. No assurance can be made that dividends
will be proposed or declared in any given year.
The board intends declaring a dividend of EUR5.678 cents per share for the six months to
31 December 2017. A further announcement advising shareholders of the actual declaration of a
dividend for the six months to 31 December 2017 will be released on SENS and the LuxSE website
on or about 12 March 2018, after the extraordinary general meeting of EPP shareholders scheduled
for 9 March 2018 has been held.
Prospects
EPP's dividend for the 12-month period to 31 December 2018 is forecast to be between 11.6 and
11.8 euro cents per share. This dividend growth is based on the following assumptions: that a
stable global and Polish macro-economic environment will prevail; no major tenant failures
will occur; and that no new acquisitions or disposals (beyond those already publicly announced)
are implemented during the reporting period.
This prospect has not been reviewed or reported on by the company's auditors.
Basis of preparation
The summarised condensed consolidated financial statements for the year from 1 January 2017 to
31 December 2017 have been prepared by the management of the company on 7 March 2018 in
accordance with the measurement and recognition requirements of International Financial
Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"),
the requirements of IAS 34: Interim Financial Reporting, the JSE Listings Requirements and in
accordance with Dutch law and the LuxSE rules and regulations.
The group's financial statements were prepared on a historical cost basis, except for investment
properties measured at fair value and bank loans measured at amortised cost. The consolidated
financial statements are presented in euro (EUR) and all values are rounded to the nearest
thousand (EUR000), except where otherwise indicated.
These summarised consolidated financial statements are extracted from the audited consolidated
financial statements, but are not themselves audited. The directors take full
responsibility for the preparation of the summarised consolidated financial statements and for
ensuring that the financial information has been correctly extracted from the underlying audited
consolidated financial statements. The auditors, Ernst & Young have issued their unmodified
opinion on the audited consolidated financial statements for the year from 1 January 2017 to
31 December 2017 and a copy of the audit opinion, together with the underlying audited
consolidated financial statements are available for inspection at the company's registered
office.
Restatement
EPP was incorporated with Echo Investment S.A. ("Echo") as its sole shareholder. Effective
1 June 2016, Echo sold 75% of EPP shares to Redefine Properties Limited. At the time two of the
assets (out of 16 assets owned by Echo which were transferred) were undergoing an
extension - these were Galaxy and Outlet Park shopping malls.
A term of the sale was that EPP contracted Echo to render development services in respect of
extensions to the Galaxy Shopping Centre, Outlet Park Phase III and Outlet Park Phase IV. Echo's
appointment commenced on 1 June 2016. In addition, Echo was issued a preference share which
entitled Echo to receive a distribution with priority over any other distributions to be made
by EPP ("preferred distribution").
The preferred distribution was payable to Echo, if:
1. an occupancy permit in relation to a given extension was granted by the relevant
authority irrespective of whether such permit contains any conditions or post-issuance
obligations;
2. at least sixty percent (60%) of the extended space of a given extension was leased or
pre-leased to third parties on arm's length terms pursuant to the applicable development
agreement; and
3. Echo had executed the master lease for a period of three (3) years in relation to the space
which had not been leased or pre-leased (at a rate per square meter no less than the average
rate concluded with third parties in (2) above).
All conditions for the payment of the preferred distribution to Echo in relation to each
extension were met during 2017. In 2017, EPP paid out the Preferred Distribution to Echo of
EUR1 527 000 in relation to the completion of Outlet IV extension and EUR3 424 000 and
EUR11 897 000 were paid in relation to Outlet III and Galaxy extensions accordingly.
The total preferred distribution paid during 2017 was EUR16 848 000. There is no further
preference share dividend due under these extensions as at 31 December 2017 and hence no
financial liability as at 31 December 2017.
The group accounted for the transaction in its 31 December 2016 consolidated financial
statements as an equity instrument and did not record a liability of EUR11 920 000 at the
moment when the preference share had been issued to Echo to reflect Echo's right to
distribution with priority over any other distributions. The group has also not recognised
share in investment properties revaluation accreting to Echo in the amount of EUR4 436 000
in 2016. Accordingly no liability was recognised in the 2016 consolidated financial statements.
As a result of the matter the following have been restated in the 31 December 2016 consolidated
financial statements:
Impact on consolidated statement of financial position
As at
As at 31 December
31 December 2016
2016 Restated Change
EUR'000 EUR'000 EUR'000
ASSETS
Total assets 1 509 398 1 509 398 -
EQUITY AND LIABILITIES
Equity 623 794 607 438 (16 356)
Share capital 474 702 474 702 -
Share premium 95 095 95 095 -
Accumulated profit 54 431 38 075 (16 356)
Foreign currency translation reserve (434) (434) -
Non-current liabilities 818 458 818 458 -
Current liabilities 67 146 83 502 16 356
Bank borrowings 52 845 52 845 -
Related-party financial liabilities 221 16 577 16 356
Tax payables 175 175 -
Trade payables 13 819 13 819 -
Provisions 86 86 -
Total equity and liabilities 1 509 398 1 509 398 -
Impact on consolidated statement of profit or loss
Period from Period from
4 January 4 January
2016 until 2016 until
31 December 31 December
2016 2016 Restated Change
EUR'000 EUR'000 EUR'000
Net operating profit 54 269 54 269 -
Profit from investment properties 44 325 39 889 (4 436)
Profit from operations 98 594 94 158 (4 436)
Finance income 7 339 7 339 -
Finance costs (18 582) (18 582) -
Cost of refinancing (5 881) (5 881) -
Foreign exchange gains/(losses) 2 192 2 192 -
Participation in profits of joint ventures 12 526 12 526 -
Profit before taxation 96 188 91 752 (4 436)
Taxation
Current income tax (878) (878) -
Deferred tax (18 546) (18 546) -
Profit for the period 76 764 72 328 (4 436)
Attributable to EPP shareholders 76 764 72 328 (4 436)
Impact on basic and diluted earnings per share ("EPS")
Period from
Period from 4 January
4 January 2016 until
2016 until 31 December
31 December 2016
2016 Restated
Earnings per share
Basic and diluted earnings, on profit for the period (EUR cents) 20.9 19.7
The change did not have an impact on other comprehensive income for the period or on the
consolidated statement of cash flow.
On behalf of the board
Hadley Dean Jacek Baginski
Chief executive officer Chief financial officer
8 March 2018
Consolidated statement of profit or loss
Period from
Year from 4 January
1 January 2016 until
2017 until 31 December
31 December 2016
2017 Restated
EUR'000 EUR'000
Rental income and recoveries 151 706 95 278
Straight-line rental income 504 1 233
Property operating expenses (48 955) (29 209)
Net property income 103 255 67 302
Other income 713 2 109
Other expenses (1 348) (2 610)
Administrative expenses (15 586) (12 532)
Net operating profit 87 034 54 269
Profit from investment properties 75 305 39 889
Profit from operations 162 339 94 158
Finance income 7 419 7 339
Finance costs (23 085) (18 582)
Cost of refinancing - (5 881)
Foreign exchange gains/(losses) (1 827) 2 192
Participation in profits of joint ventures 16 059 12 526
Profit before taxation 160 905 91 752
Taxation
Current income tax (4 873) (878)
Deferred tax (27 684) (18 546)
Profit for the period 128 348 72 328
Attributable to EPP shareholders 128 348 72 328
Earnings per share:
Basic and diluted earnings, on profit for the period (EUR cents) 19.1 19.7
Consolidated statement of other comprehensive income
Period from
Year from 4 January
1 January 2016 until
2017 until 31 December
31 December 2016
2017 Restated
EUR'000 EUR'000
Profit for the period 128 348 72 328
Foreign currency translation reserve joint ventures 3 553 -
Foreign currency translation reserve (3 403) (434)
Other comprehensive income, net of tax, to be
reclassified to profit or loss in subsequent periods 150 (434)
Other comprehensive income, net of tax, not to be reclassified
to profit or loss in subsequent periods - -
Total comprehensive income for the period, net of tax 128 498 71 894
Total comprehensive income attributable to the parent
for the period, net of tax 128 498 71 894
Consolidated statement of financial position
As at
As at 31 December
31 December 2016
2017 Restated
EUR'000 EUR'000
ASSETS
Non-current assets 1 797 545 1 423 834
Investment in joint ventures 116 009 54 285
Tangible assets 47 85
Investment property 1 655 572 1 359 432
Financial assets 25 917 10 032
Current assets 154 569 85 564
Inventory 525 74
Tax receivable 209 9
Trade and other receivables 26 723 32 658
Financial assets 3 955 9 057
Restricted cash 23 613 21 845
Cash and cash equivalents 99 544 21 921
Total assets 1 952 114 1 509 398
EQUITY AND LIABILITIES
Equity 833 821 607 438
Share capital 571 026 474 702
Share premium 147 534 95 095
Treasury shares (783) -
Accumulated profit 111 419 38 075
Share-based payment reserve 4 909 -
Foreign currency translation reserve (284) (434)
Non-current liabilities 941 710 818 458
Bank borrowings 831 183 741 776
Related-party financial liabilities 1 741 5 885
Other liabilities 15 033 11 881
Deferred tax liability 93 753 58 916
Current liabilities 176 583 83 502
Bank borrowings 117 155 52 845
Related-party financial liabilities 18 019 16 577
Tax payables 879 175
Trade payables 40 353 13 819
Provisions 177 86
Total equity and liabilities 1 952 114 1 509 398
Consolidated statement of changes in equity
Share Accumu-
premium/ lated
Share capital Treasury profit/
capital reserves shares (loss)
EUR'000 EUR'000 EUR'000 EUR'000
Balance as at 4 January 2016 20 - - -
Profit for the period - - - 72 328
Other comprehensive income - - - -
Total comprehensive income - - - 72 328
Issue of ordinary shares 474 682 110 157 - -
Acquisition of subsidiaryand transaction costs - (15 062) - -
Accrual for preference dividend on date
of issuance - - - (11 920)
Dividend paid - - - (22 333)
Balance as at 31 December 2016 after restatement 474 702 95 095 - 38 075
Profit for the year - - - 128 348
Other comprehensive income - - - -
Other comprehensive income from joint ventures - - - -
Total comprehensive income - - - 128 348
Issue of ordinary shares 96 324 56 650 - -
Transaction cost related to issuance of shares - (4 211) - -
Acquisition of own shares - - (1 810) -
Recognition of share-based payments - - - -
Transfer of shares 1 027
Dividend paid - - - (55 004)
Balance as at 31 December 2017 571 026 147 534 (783) 111 419
Foreign Share-
currency based
translation payment Total
reserve reserve equity
EUR'000 EUR'000 EUR'000
Balance as at 4 January 2016 - - 20
Profit for the period - - 72 328
Other comprehensive income (434) - (434)
Total comprehensive income (434) - 71 894
Issue of ordinary shares - - 584 839
Acquisition of subsidiary and transaction costs - - (15 062)
Accrual for preference dividend on date of issuance - - (11 920)
Dividend paid - - (22 333)
Balance as at 31 December 2016 after restatement (434) - 607 438
Profit for the year - - 128 348
Other comprehensive income (3 403) - (3 403)
Other comprehensive income from joint ventures 3 553 - 3 553
Total comprehensive income 150 - 128 498
Issue of ordinary shares - - 152 974
Transaction cost related to issuance of shares - - (4 211)
Acquisition of own shares - - (1 810)
Recognition of share-based payments - 5 936 5 936
Transfer of shares (1 027) -
Dividend paid - - (55 004)
Balance as at 31 December 2017 (284) 4 909 833 821
Consolidated statement of cash flow
Year from Period from
1 January 4 January
2017 until 2016 until
31 December 31 December
2017 2016
EUR'000 EUR'000
Operating activities
Cash generated from operations 118 649 26 363
Tax paid (4 167) (707)
Net cash generated from operating activities 114 482 25 656
Investing activities
Acquisition of business net of cash acquired - (164 154)
Investments in joint ventures (19 317) (41 609)
Disposition of investment property 155 551 -
Purchase of investment property (321 849) (118 747)
Capital expenditure on completed investment property (44 724) (14 768)
Loans granted (46 174) (23 412)
Loans repaid 7 596 -
Interest received 188 (131)
Purchase of fixed and intangible assets - (85)
Profit share 5 795 -
Net cash utilised in investing activities (262 934) (362 906)
Financing activities
Proceeds from borrowings 311 562 832 687
Repayment of borrowings (144 778) (791 284)
Proceeds from issue of share capital 152 975 372 888
Transaction costs on issue of shares (4 211) (14 967)
Treasury shares (783) -
Dividends paid (66 923) (22 333)
Interest paid (18 571) (17 386)
Interest received 198 -
Net cash generated from financing activities 229 469 359 605
Net increase in cash and cash equivalents 81 017 22 355
Cash and cash equivalents at the beginning of the period 21 921 -
Effect of foreign exchange fluctuations (3 394) (434)
Cash and cash equivalents at end of period 99 544 21 921
Headline earnings and distributable income reconciliation
Period from
Year from 4 January
1 January 2016 until
2017 until 31 December
31 December 2016
2017 Restated
EUR'000 EUR'000
Profit for the period attributable to EPP shareholders 128 348 72 328
Change in fair value of investment properties including
joint ventures (net of tax) (82 295) (40 283)
Headline and diluted earnings attributable to EPP shareholders 46 053 32 045
Amortised cost valuation of long-term financial liabilities 2 621 (1 502)
Straight-line rental income accrual (504) (1 233)
Share-based payments 4 127 -
Deferred tax charge 14 057 7 937
Cost of refinancing - 5 881
Foreign exchange gains 1 827 (2 192)
(Profits)/losses from joint ventures 5 380 (1 917)
Non-distributable capital gains (3 971) (5 255)
Other non-distributable items 3 328 243
Antecedent dividend 3 678 -
Distributable income 76 596 34 007
Actual number of shares in issue 704 970 211 586 051 293
Shares issued on 4 January 2018 88 582 677 -
Shares for which dividend right has been waived* (88 582 677) -
Shares in issue for distributable earnings 704 970 211 -
Weighted number of shares in issue 671 412 270 366 544 911
Basic and diluted earnings per share (EUR cents)** 19.1 19.7
Headline earnings and diluted headline earnings per share
(EUR cents)*** 6.9 8.7
Distributable income per share (EUR cents)**** 10.87 5.8
* Shareholders that acquired newly issued shares in January 2018 waived the right to dividend
for 2017.
** There are no dilutionary instruments in issue and therefore basic and diluted earnings are
the same.
*** There are no dilutionary instruments in issue and therefore headline earnings and diluted
headline earnings are the same.
**** Calculated based on actual number of shares in issue as at 31 December 2017 and
31 December 2016, respectively.
Segment information
The group is considered to have two reportable segments, as follows:
- Retail: Acquires, develops and leases shopping malls; and
- Office: Acquires, develops and leases offices.
The group's administrative costs, finance revenue, finance costs and income taxes are not reported
to the members of the executive management team on a segmental basis. The operations between
segments are eliminated for consolidation purposes.
Segment assets represent investment property and the investment in the joint ventures.
Segment liabilities represent loans and borrowing, as these are the only liabilities reported to
the board on a segmental basis.
Retail Office Unallocated Total
EUR'000 EUR'000 EUR'000 EUR'000
Year ended 31 December 2017
Segment profit
Rent and recoveries income 105 733 44 278 1 695 151 706
Straight-line rental income 180 324 - 504
Property operating expenses 34 116 14 287 552 48 955
31 December 2017
Segment assets
Investment in joint ventures 116 009 - - 116 009
Investment property 1 347 072 308 500 - 1 655 572
Total segment assets 1 463 081 308 500 - 1 771 581
Bank borrowings 686 982 161 699 99 657 948 338
Total segment liabilities 686 982 161 699 99 657 948 338
Retail Office Total
EUR'000 EUR'000 EUR'000
Period ended 31 December 2016
Segment profit
Rent and recoveries income 71 638 23 640 95 278
Straight-line rental income 196 1 037 1 233
Property operating expenses (22 643) (6 566) (29 209)
Year ended 31 December 2016
Segment assets
Investment in joint ventures 54 285 - 54 285
Investment property 972 392 387 040 1 359 432
Total segment assets 1 026 677 387 040 1 413 717
Bank borrowings 564 241 230 380 794 621
Total segment liabilities 564 241 230 380 794 621
All revenues were generated from external customers based in Poland.
All investment properties are located in Poland.
Company information
Directors
Hadley Dean (Chief executive officer)
Jacek Baginski (Chief financial officer)
Robert Weisz* (Chairman)
Marek Belka*
Peter Driessen*
Maciej Dyjas**
Dionne Ellerine*
Andrew Konig**
Nebil Senman**
Andrea Steer*
Marc Wainer**
* Independent non-executive
** Non-executive
Maciej Drozd retired from the board on 19 May 2017.
Przemyslaw Krych resigned from the board on 20 December 2017.
Registered office
Gustav Mahlerplein, 28
1082 Amsterdam
The Netherlands
Company secretary
Rafal Kwiatkowski (Master of Laws)
al. Solidarnosci 36
25-323 Kielce
Poland
Transfer secretaries
Computershare Investor Services (Pty) Ltd
Rosebank Towers
15 Biermann Avenue
Rosebank
2195
(PO Box 61051 Marshalltown 2107)
LuxSE listing agent
M Partners
56, rue Charles Martel, L-2134 Luxembourg
JSE sponsor
Java Capital Trustees and Sponsors Pty Ltd
6A Sandown Valley Crescent
Sandton
2196
Investor relations
Curwin Rittles
curwin.rittles@echo-pp.com
Singular Systems IR
Michele Mackey
michele@singular.co.za
Jacques de Bie
jdbie@singular.co.za
Website
www.echo-pp.com
Date: 08/03/2018 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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