EPH European Property Holdings PLC announces Unaudited Interim Results for the Six Months to 30 June 2023 and appointment of Management Committee Members - Seite 2

• As of 30 June 2023, the balance sheet total (total assets) amounted to EUR 1,162.35 million, compared to EUR 1,706.31 million as of the end of the previous year. However, as of 31 December 2022, the total assets still included the Russian portfolio, which has since been sold, with a value of EUR 546.55 million.
• Net assets (calculated as total equity) amounted to EUR 531.22 million, compared to EUR 526.56 million at the end of 2022.
• For the six months ended 30 September 2023, the Company reports a net loss of EUR 132.14 million, compared to a loss of EUR 37.14 million for the first half of 2022.  This result is mainly due to the negative CTA balance of EUR 163 million reclassified to the profit or loss statement upon the sale of the Russian portfolio and revaluation losses of the properties in Austria and Germany amounting to EUR 45.77 million.
• The loss from continuing operation for the first half of 2023 is recognized in the amount of EUR 35.15 million.  The main factors influencing the financial result of continuing operations are:
  • Increase in rental income from EUR 11.53 million for the six months 2022 to EUR 15.63 million for the six months 2023 – mainly due to the fact that the properties QBC 1, 2 have started to generate full income after the expiry of the rent-free periods, first income has been received by newly refurbished LASS1 property as well as higher rental income due to indexation is being generating by other properties in Vienna and Germany.
  • Loss on revaluation of investment properties of EUR 45.77 million in the first half of 2023, mainly due to the mac-roeconomic development in Europe.
  • Financing costs decreased from EUR 9.43 million in HY 2022 to EUR 6.04 million in the first six months of 2023. This decrease was caused mainly by a reduction of interest rates on the bonds from 1 April 2022 from 5.5-7.25% down to 2-2.25%.

MAJOR SUBSEQUENT EVENTS

• On 8th September 2023, the holders of the Company’s bonds with ISIN CH1177844367 and ISIN CH1177348278 and with a total nominal value of EUR 244. 35 million consented to amend certain terms of these bonds:
  • Replacement of the current interest rate of 2.00 % p.a. with an interest rate of 4.5% p.a.; and
  • A term extension of 5 years of the Bonds until 30 September 2028.

The amendments to the terms of the bonds will become effective on 1st October 2023.