Page 124 - Profile's Stock Exchange Handbook 2020 Issue 4

JSE – EPP Profile’s Stock Exchange Handbook: 2020 – Issue 4
EPP N.V. CAPITAL STRUCTURE AUTHORISED ISSUED
EPP Ords of EUR 0.81 ea 2 572 645 659 907 946 792
EPP
DISTRIBUTIONS [EURc]
Ords of EUR 0.81 ea Ldt Pay Amt
Interim No 6 1 Oct 19 7 Oct 19 5.80
Final No 5 2 Apr 19 8 Apr 19 5.78
Interim No 4 2 Oct 18 8 Oct 18 5.82
Final No 3 10 Apr 18 16 Apr 18 5.68
LIQUIDITY: Sep20 Ave 3m shares p.w., R35.3m(15.7% p.a.)
ISIN: NL0011983374 SHORT: EPP CODE: EPP J863 40 Week MA EPP
REG NO: 64965945 FOUNDED: 2016 LISTED: 2016
2822
NATURE OF BUSINESS: 2353
EPP is a real estate investment company on the JSE and
LuxSE and is one of the leading owners of retail space in 1884
Poland. Its quality retail portfolio is complemented by high
quality offices located in regional across Poland. The 1415
company currently operates a portfolio of 26 retail shopping 946
centres and 6 offices located across the majority of the
regional and major cities in Poland. EPP’s goal is to deliver 2017 | 2018 | 2019 | 2020 477
consistent returns to its shareholders.
Recent Announcements
SECTOR: Fins—Financial Srvcs—Real Estate—Hldgs&Development EPP interim results June 2020 - Tuesday, 29 September 2020: Net
MAJOR ORDINARY SHAREHOLDERS as at 27 Dec 2019
Redefine Properties Ltd. 45.44% property income for the interim period decreased to EUR52.7
Tensai Investments Pty) Ltd. 7.68% million (2019: EUR71.8 million), net operating profit lowered
Government Employees Pension Fund 6.00% to EUR42.8 million (2019: EUR64.2 million), loss for the
FINANCIAL STATISTICS period amounted to EUR24.3 million (2019: profit of EUR34.4
(Amts in EUR’000) Jun 20 Dec 19 Dec 18 Dec 17 Dec 16 million), while headline earnings per share strengthened to
Interim Final Final Final Final(rst) EUR6.9 cents per share (2019: EUR3 cents per share).
NetRent/InvInc 52 647 148 100 142 674 103 255 67 302 Dividend
Int Recd 623 6 229 4 865 7 419 7 339 As part of this process, EPP’s board of directors has elected not
Profit/Loss before tax -25 404 87 780 137 592 160 905 91 752 to distribute a dividend for the first half of the year to June 2020
Tax - 1 093 21 615 13 427 32 557 19 424 and will assess the payment of the second half dividend to
Attrib Inc - 24 311 65 181 124 165 128 348 72 328 December 2020 when finalising its full year results which is
TotCompIncLoss - 82 512 76 047 118 356 128 498 71 894 expected in March 2021.
Hline Erngs-CO 62 677 61 120 87 454 46 053 32 045 Prospects and outlook
Ord UntHs Int 1 003 575 1 087 372 1 022 688 833 821 607 438 The board remains confidentthat EPP will deliver on its full year
TotStockHldInt 1 003 575 1 087 372 1 022 688 833 821 607 438 earnings guidance of between EUR4 and EUR5 cents per share
Investments 2 395 140 2 492 501 2 340 435 1 771 581 1 413 717
Tot Curr Ass 213 165 105 661 111 355 154 569 85 564 forthe yearended31December2020, asannouncedonSENSon
Total Ass 2 615 867 2 606 715 2 471 715 1 952 114 1 509 398 29 June 2020. Given the recovery in its operations and the
progress it has made in the last couple of months with renegoti-
Tot Curr Liab 76 134 75 506 61 815 176 583 83 502
ated leases, the board feels that it is in a position to revise its full
PER SHARE STATISTICS (cents per share) year earningsguidancetobetween EUR4.75 and EUR5.25 cents
EPLU (ZARc) - 49.60 121.33 240.39 301.02 320.72
HEPLU-C (ZARc) 126.75 111.94 168.90 108.74 141.64 per share for the year ended 31 December 2020.
Pct chng p.a. 126.5 - 33.7 55.3 - 23.2 - This is based on the following assumptions:
*the Polish economy continues its projected recovery in the
DPLU (ZARc) - 94.36 194.51 163.20 42.71
Pct chng p.a. - - 51.5 19.2 282.1 - second half of the year;
NAV (ZARc) 2 355.87 2 067.20 2 223.45 1 961.52 1 675.04 *no significant tenant failures occur;
Price Prd End 939 1 715 1 875 1 700 1 950 *successful conclusion of remaining tenant discussions; and
Price High 1 775 2 100 2 183 2 199 2 450 *no second wave of COVID-19 occurs that will have a detrimen-
Price Low 434 1 631 1 382 1 315 1 900 tal impact on shopping centres such as closures in the second
RATIOS half of the year.
RetOnSH Funds - 4.84 5.99 12.14 15.39 11.91 To date 2020 has been a very challenging year for the global
RetOnTotAss 3.48 6.05 6.93 5.68 5.00 economy and also the overall real estate markets globally. Also
Oper Pft Mgn 69.84 96.39 108.76 73.09 79.26 EPP’s business in Poland has been impacted very materially, es-
Debt:Equity 1.45 1.26 1.29 1.16 1.34 pecially given that tenants were released from paying rent to
OperRetOnInv 4.40 5.94 6.10 6.21 4.86 retail landlords for the period of the lockdown, and significant
OpInc:Turnover 68.54 90.51 90.58 67.73 69.34 rental discounts had to be provided to tenants thereafter in
NUMBER OF EMPLOYEES: 220 order to provide them with the necessary support to survive.
DIRECTORS: Trzóslo T (CEO),
Baginski J (CFO), Weisz R (Chair, ind ne), However EPP believes all the steps taken by the Polish Govern-
Belka M (ind ne), Dyjas M (ne), ment, and especially the decision to open shopping centres
Ellerine D (ind ne), Steer A (ind ne), earlier than in most European countries, have put the Polish
Templeton J W A (ne), Prinsloo P (ne), economy on a path of smooth recovery from the
de Groot T (ind ne)
EMAIL: HQoffice@epp-poland.com COVID-19-related shock. This has allowed shopping centres to
WEBSITE: www.epp-poland.com start their recovery sooner than most other countries. It will un-
TELEPHONE: 004822-221-7110 doubtedly still take time to fully recover, but we have seen en-
FAX: 004822-430-0301 Scan the QR code to couragingandstablegrowth in both footfallandtenantturnover
visit our website
COMPANY SECRETARY: Rafal Kwiatkowski every month from reopening of the shopping centres at the
TRANSFER SECRETARY: Computershare beginning of May 2020 until today. We expect this trend to
Investor Services (Pty) Ltd.
SPONSOR: Java Capital continue further.
AUDITORS: Ernst & Young Inc., Ernst & Young LLP
BANKERS: Cooperative RaboBank U.A.
CALENDAR Expected Status
Next Final Results Mar 2021 Unconfirmed
Annual General Meeting Jun 2021 Unconfirmed
Next Interim Results Sep 2021 Unconfirmed
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