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Condensed Unaudited Results to 31 Dec 2019

6 Mar 2020 12:00

RNS Number : 2938F
Globalworth Real Estate Inv Ltd
06 March 2020
 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this information is considered to be in the public domain.

 

6 March 2020

 

Globalworth Real Estate Investments Limited

("Globalworth" or the "Company")

Condensed Unaudited Financial Results for the year ended 31 December 2019

 

Globalworth, the leading office investor in Central and Eastern Europe, is pleased to publish its Unaudited Consolidated Statement of Comprehensive Income and Unaudited Consolidated Statement of Financial Position for the year ended 31 December 2019.

The Company intends to announce its audited Financial Results for the year ended 31 December 2019 and the Posting of its 2019 Annual Report at the end of March 2020.

 

Key Highlights for the year ended 31 December 2019

- Combined portfolio value rose by 23.7% to over €3.0bn

- Completed or announced 11 new real estate investments for a total of €613.8m

- Took full ownership of and delisted our subsidiary Globalworth Poland from the Warsaw Stock Exchange

- Delivered a 17.8k sqm industrial facility and, with seven office and industrial properties under construction in Romania and Poland, expect to add 176.2k sqm of GLA in 2020 / 2021

- Standing portfolio footprint increased by over 170k sqm to 1.2m sqm of GLA. Commercial occupancy of 95.0% including tenant options, with 0.4% increase in like-for-like occupancy

- Record year in leasing, with 179.5k sqm of commercial space taken-up or extended at an average WALL of 5.5 years

- Standing contracted rent increased by 15.6% to €184.4m, increasing to €191.0m when including pre-lets on properties under construction

- Revenue and Net Operating Income increased by 15.3% to €222.2m and 10.7% to €147.7m respectively

- Increased the number of green-certified properties by 13 to 43, now 81.3% of our standing commercial portfolio by value with the remainder under certification

- Eurobonds recognised as investment grade by all three major rating agencies following upgrades from Moody's and S&P to Baa3 and BBB- respectively

- Loan to Value was 34.7% at 31 December 2019, down from 43.9% at 31 December 2018, consistent with the Group's strategy to manage its long-term LTV target at below 40% while still pursuing strong growth

- EPRA NAV per share increased by 2.9% to €9.30 per share at 31 December 2019 (31 December 2018: €9.04)

- IFRS earnings per share increased to 93 cents in 2019, an increase of 52.5% compared to the previous year (2018: 61 cents)

- Further strengthened our in-house asset management footprint, with 76.9% of our standing commercial portfolio by value now internally managed by our team of c.240 professionals

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2019

 

 

2019

2018

 

Unaudited

Audited

 

€'000

€'000

Revenue

222,246

192,801

Operating expenses

(74,534)

(59,360)

Net operating income

147,712

133,441

Administrative expenses

(19,302)

(15,253)

Acquisition costs

(240)

(1,182)

Fair value gain on investment property

117,718

34,088

Bargain purchase gain on acquisition of subsidiaries

-

251

Share-based payment expense

(496)

(509)

Depreciation on other long-term assets

(406)

(398)

Other expenses

(7,192)

(4,332)

Other income

932

330

Gain resulting from acquisition of joint venture as subsidiary

2,864

-

Foreign exchange loss

(888)

(1,214)

Gain from fair value of financial instruments

1,898

5,463

 

94,888

17,244

Profit before net financing cost

242,600

150,685

Net financing cost

(45,050)

 

Finance cost

(41,727)

Finance income

2,416

3,289

 

(42,634)

(38,438)

Share of profit of equity-accounted investments in joint ventures

7,750

3,095

Profit before tax

207,716

115,342

Income tax expense

(31,535)

(15,425)

Profit for the year

176,181

99,917

Other comprehensive income

-

-

Profit attributable to:

176,181

99,917

 

- Equity holders of the Company

170,177

80,263

- Non-controlling interests

6,004

19,654

 

 

 

    

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2019

 

 

 

2019

Unaudited

€'000

2018

Audited

€'000

ASSETS

 

 

Non-current assets

 

 

Investment property

3,048,955

 2,390,994

Goodwill

12,349

 12,349

Advances for investment property

32,440

 4,209

Investments in joint ventures

17,857

 38,316

Equity investments

9,840

 8,837

Other long-term assets

1,493

 1,035

Prepayments

619

 1,472

Financial assets at fair value through profit or loss

3,098

2,829

Deferred tax asset

2,869

-

 

3,129,520

2,460,041

Current assets

 

 

Financial assets at fair value through profit or loss

20,487

12,878

Trade and other receivables

28,963

25,281

Contract assets

5,257

3,937

Guarantees retained by tenants

858

11

Income tax receivable

255

395

Prepayments

4,653

4,929

Cash and cash equivalents

291,694

229,527

 

352,167

276,958

Total assets

3,481,687

2,736,999

 

 

 

EQUITY AND LIABILITIES

 

 

Total equity

 

 

Issued share capital

1,704,374

897,314

Treasury shares

(8,379)

(842)

Share-based payment reserve

5,571

2,117

Retained earnings

213,101

186,326

Equity attributable to ordinary equity holders of the Company

1,914,667

1,084,915

Non-controlling interests

-

212,407

 

1,914,667

1,297,322

Non-current liabilities

1,299,616

 

Interest-bearing loans and borrowings

1,235,106

Deferred tax liability

134,302

106,978

Lease liabilities

30,190

-

Guarantees retained from contractors

1,074

693

Deposits from tenants

3,460

13,754

Provision for tenant lease incentives

-

780

Trade and other payables

1,316

694

 

1,469,958

1,358,005

Current liabilities

24,304

 

Interest-bearing loans and borrowings

23,965

Guarantees retained from contractors

4,754

3,353

Trade and other payables

44,633

32,956

Contract liability

1,824

1,401

Other current financial liabilities

1,498

2,084

Current portion of lease liabilities

1,887

-

Deposits from tenants

15,988

2,241

Provision for tenant lease incentives

1,353

1,211

Dividends payable

-

10,731

Income tax payable

821

3,730

 

97,062

81,672

Total equity and liabilities

3,481,687

2,736,999

 

 

For further information visit www.globalworth.com or contact:

Enquiries

Stamatis Sapkas Tel: +40 372 800 000

Deputy Chief Investment Officer

 

Jefferies (Joint Broker) Tel: +44 20 7029 8000

Stuart Klein

 

Panmure Gordon (Nominated Adviser and Joint Broker) Tel: +44 20 7886 2500

Alina Vaskina

 

Milbourne (Public Relations) Tel: +44 7903 802545

Tim Draper

 

 

About Globalworth / Note to Editors:

Globalworth is a listed real estate company active in Central and Eastern Europe, quoted on the AIM-segment of the London Stock Exchange. It has become the pre-eminent office investor in the CEE real estate market through its market-leading positions both in Romania and in Poland. Globalworth acquires, develops and directly manages high-quality office and logistics/light-industrial real estate assets in prime locations, generating rental income from high quality tenants from around the globe. Managed by c.240 professionals across Poland and Romania, the combined value of its portfolio is €3.04 billion, as at 31 December 2019. Approximately 93.4% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of over 715 national and multinational corporates. In Poland Globalworth is present in Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice, while in Romania its assets span in Bucharest, Timisoara, Constanta and Pitesti. For more information, please visit www.globalworth.com and follow us on Facebook, Instagram and LinkedIn.

 

IMPORTANT NOTICE: This announcement has been prepared for the purposes of complying with the applicable laws and regulations of the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the United Kingdom. This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "targets", "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward looking statements include all matters that are not historical facts and involve predictions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, results of operations, financial position, liquidity, prospects, growth or strategies and the industry in which it operates. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. Save as required by law or regulation, the Company disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements in this announcement that may occur due to any change in its expectations or to reflect events or circumstances after the date of this announcement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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