Echo Polska Properties

EPP continues to deliver its strategic objectives. The company made significant progress in creating and implementing the environmental, social and governance (ESG) strategy and aims to publish its first ESG report in early 2022. As a socially engaged business, EPP strives to be a leader in this field. Its activities related to environmental and social issues have always been a strong focus. At the same time, aligned with its strategic business objectives and investor expectations, EPP aims to reduce leverage in the business by disposing of a selected group of assets - by sales to new long-term-oriented partners in joint ventures or outright sales of non-core projects. EPP can meet all its financial obligations and has adequate liquidity for the period ahead. The company's net loan-to-value (LTV) ratio of 55.8% is well within debt covenant levels set by credit providers of 67%. "There is liquidity in the Polish real estate market, but stability without disruptions to trading is expected to further support EPP in advancing this strategy. Given the significant operational improvements and our established track record, we believe that we can deliver our initiatives to reduce LTV in the next 6 to 12 months. We are focused on progressing with our strategic objectives and remain confident that we will be able to deliver full-year results in line with our guidance," added Tomasz Trzóso.