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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Globant SA | NYSE:GLOB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-2.38 | -1.21% | 194.35 | 198.48 | 192.84 | 193.18 | 602,339 | 01:00:00 |
Total Investments of NIS 5.7 Billion During 2012
FFO and FFO Per Share Grew by 32% and 23% Respectively, Same Property NOI Grew by 3.9%
Gazit-Globe (TASE:GLOB) (NYSE:GZT), one of the world's leading multi-national real estate companies focused on acquisition, development and redevelopment of supermarket-anchored shopping centers announced today its financial results for the year and the fourth quarter ended December 31, 2012.
References to the "Group" relate to Gazit-Globe's consolidated statements. References to the "Company" relate to Gazit-Globe's stand-alone financial statements. Unless otherwise stated, financial information included in this press release relates to the "Group".
Highlights:
"During the year our business continued to benefit from favorable trends in many of our key markets, including the U.S., Canada and Europe. Our focus on investing and developing properties in densely-populated urban areas that are supply-constrained and have appealing demographics drove our strong financial performance, including 32% year-over-year increase in FFO and 23% increase in FFO per share." said Roni Soffer, President of Gazit-Globe "We also strengthened and delevered our balance sheet, and continued to recycle capital within the group, while issuing significant amounts of equity and long term debt. The Group has a high quality portfolio and we are well positioned for growth over the long term as we continue to seize opportunities in the various territories in which we operate."
Financial Highlights for 2012:
Financial Highlights for the three months ended December 31, 2012:
Acquisition, Development and Redevelopment Activities:
During the year, the Group acquired 30 income-producing properties totaling 224 thousand square meters and adjacent land parcels for future development in a total amount of NIS 3,836 million. The Group also invested an amount of NIS 1,856 million in new development and redevelopment projects.
As of December 31, 2012, the Group had 10 properties under development with a gross leasable area of 217 thousand square meters and 24 properties under redevelopment with a gross leasable area of 189 thousand square meters with a total investment of NIS 3,856 million. The additional cost to complete the properties under development and redevelopment totals NIS 1,138 million.
In 2012 the Group completed the arrangement with Gazit America (GAA) and First Capital Realty (FCR). The Company acquired the outstanding common shares of Gazit America not already owned by it and First Capital Realty acquired Gazit America's medical office and retail properties.
In August 2012 the Company's privately held subsidiary Royal Senior Care (60%) completed a transaction to sell 12 of its senior housing properties in the U.S. The properties were sold for a total gross consideration of US$ 230 million.
Financing Activities:
ACCOUNTING AND OTHER DISCLOSURES
The Company believes that publication of FFO, which is computed according to EPRA guidance, more correctly reflects the operating results of the Company, since the Company's financial statements are prepared in line with IFRS. In addition, publication of FFO provides a better basis for the comparison of the Company's operating results in a particular period with those of previous periods and also provides a uniform financial measure for comparing the Company's operating results with those published by other European property companies.
In addition, pursuant to the investment property guideline issued by the Israel Securities Authority in January 2011, FFO is to be presented in the "Description of the Company's Business" section of the annual report of investment property companies on the basis of the EPRA criteria.
As clarified in the EPRA and NAREIT position papers, the EPRA Earnings and the FFO measures do not represent cash flows from operating activities according to accepted accounting principles, nor do they reflect the cash held by a company or its ability to distribute that cash, and they are not a substitute for the reported net income. Furthermore, it is clarified that these measures are not audited by the Company's independent auditors.
CONFERENCE CALL/WEB CAST INFORMATION
Gazit-Globe will host a conference call and webcast in English on Wednesday, March 20, 2013 at 17:00 Israel Time, 5:00 pm Israel Time/ 4:00 pm Central European Time/ 11:00 am Eastern Time, to review the fourth quarter and year-end 2012 financial results. Shareholders, analysts and other interested parties can access the conference call by dialing 1 866 966 9439 (U.S./Canada) or 0800 694 0257 (U.K.) or +44 (0) 1452 555 566 (International) or 1 809 216 057(Israel), conference ID 12830993, or on the Company's website www.gazit-globe.com.
For those unable to participate during the call, a replay will be available for future review on Gazit-Globe's website under Investor Relations.
About Gazit-Globe
Gazit-Globe is one of the largest owners and operators of supermarket-anchored shopping centers in the world. In addition, the Company is active in North America in the healthcare real estate sector. Gazit-Globe is listed on the New York Stock Exchange (NYSE:GZT) and the Tel Aviv Stock Exchange (TASE:GLOB) and is included in the TA-25 and Real-Estate 15 indices in Israel. Gazit Globe owns and operates over 600 properties in more than 20 countries, with a gross leasable area of approximately 6.8 million square meters and a total value of more than $20 billion.
FOR ADDITIONAL INFORMATION
A comprehensive copy of the Company's annual report is available on Gazit-Globe website at www.gazit-globe.com
Investors Contact: IR@gazitgroup.com, Media Contact: press@gazitgroup.com
Gazit-Globe Headquarters, Tel-Aviv, Israel, Tel: +972 3 6948000
FORWARD LOOKING STATEMENTS
This release may contain forward-looking statements within the meaning of the U.S. federal securities laws. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of known and unknown risks and uncertainties, many of which are outside our control, that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks detailed in our public filings with the SEC. Except as required by law, we undertake no obligation to update any forward-looking or other statements herein, whether as a result of new information, future events or otherwise.
Some historical numbers were retroactively adjusted due to new accounting standards
Exchange rate as of December 31, 2012 of 1 USD = 3.733 NIS
Below please find excerpts from our 2012 Annual Report. For our full 2012 Annual Report in English, please go to http://www.gazitglobe.com/financial-reports.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||
December 31, | January 1, | ||
2012 | *) 2011 | *) 2011 | |
NIS in millions | |||
ASSETS | |||
CURRENT ASSETS | |||
Cash and cash equivalents | 1,683 | 1,539 | 692 |
Short-term investments and loans | 538 | 770 | 150 |
Marketable securities at fair value through profit or loss | 87 | 97 | 50 |
Available-for-sale financial assets | 14 | 67 | 42 |
Financial derivatives | 81 | 84 | 110 |
Trade receivables | 744 | 656 | 126 |
Other accounts receivable | 216 | 291 | 202 |
Inventory of buildings and apartments for sale | 712 | 697 | -- |
Income taxes receivable | 15 | 14 | 68 |
4,090 | 4,215 | 1,440 | |
Assets classified as held for sale | 1,482 | 714 | 50 |
5,572 | 4,929 | 1,490 | |
NON-CURRENT ASSETS | |||
Equity-accounted investees | 4,713 | 4,390 | 3,694 |
Other investments, loans and receivables | 713 | 308 | 117 |
Available-for-sale financial assets | 339 | 314 | 218 |
Financial derivatives | 929 | 937 | 1,087 |
Investment property | 55,465 | 51,014 | 41,242 |
Investment property under development | 2,806 | 2,198 | 2,266 |
Non-current inventory | 23 | 23 | -- |
Fixed assets, net | 187 | 157 | 99 |
Goodwill | 100 | 101 | 110 |
Other intangible assets, net | 17 | 68 | 10 |
Deferred taxes | 198 | 160 | 75 |
65,490 | 59,670 | 48,918 | |
71,062 | 64,599 | 50,408 | |
*) Retroactively adjusted due to adoption of new IFRS standards. |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||
December 31, | January 1, | ||
2012 | *) 2011 | *) 2011 | |
NIS in millions | |||
LIABILITIES AND EQUITY | |||
CURRENT LIABILITIES | |||
Credit from banks and others | 351 | 453 | 91 |
Current maturities of non-current liabilities | 2,382 | 3,525 | 2,719 |
Financial derivatives | 12 | 25 | 37 |
Trade payables | 914 | 819 | 302 |
Other accounts payable | 1,256 | 1,218 | 842 |
Advances from customers and buyers of apartments | 257 | 277 | -- |
Income taxes payable | 52 | 53 | 33 |
5,224 | 6,370 | 4,024 | |
Liabilities attributed to assets held for sale | 168 | 103 | -- |
5,392 | 6,473 | 4,024 | |
NON-CURRENT LIABILITIES | |||
Debentures | 18,500 | 15,379 | 13,768 |
Convertible debentures | 1,197 | 1,121 | 739 |
Interest-bearing loans from financial institutions and others | 19,433 | 18,973 | 14,644 |
Financial derivatives | 472 | 339 | 128 |
Other financial liabilities | 346 | 277 | 161 |
Employee benefit liability, net | 7 | 8 | 2 |
Deferred taxes | 3,066 | 2,401 | 1,751 |
43,021 | 38,498 | 31,193 | |
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY | |||
Share capital | 219 | 218 | 208 |
Share premium | 3,805 | 3,787 | 3,474 |
Retained earnings | 4,699 | 3,904 | 3,422 |
Foreign currency translation reserve | (913) | (728) | (1,313) |
Other reserves | 60 | 150 | 220 |
Loans granted to purchase shares of the Company | **) -- | **) -- | (4) |
Treasury shares | (21) | (21) | (21) |
7,849 | 7,310 | 5,986 | |
Non-controlling interests | 14,800 | 12,318 | 9,205 |
Total equity | 22,649 | 19,628 | 15,191 |
71,062 | 64,599 | 50,408 | |
*) Retroactively adjusted due to adoption of new IFRS standards. | |||
**) Represents an amount of less than NIS 1 million. |
CONSOLIDATED STATEMENTS OF INCOME | |||
Year ended December 31, | |||
2012 | *) 2011 | *) 2010 | |
NIS in millions (except for per share data) | |||
Rental income | 5,249 | 4,718 | 4,147 |
Property operating expenses | 1,705 | 1,522 | 1,341 |
Net operating rental income | 3,544 | 3,196 | 2,806 |
Revenues from sale of buildings, land and construction works performed | 1,749 | 1,001 | -- |
Cost of buildings sold, land and construction works performed | 1,665 | 967 | -- |
Gross profit from sale of buildings, land and construction works performed | 84 | 34 | -- |
Gross profit | 3,628 | 3,230 | 2,806 |
Fair value gain from investment property and investment property under development, net | 1,913 | 1,670 | 935 |
General and administrative expenses | (648) | (733) | (569) |
Other income | 164 | 115 | 21 |
Other expenses | (47) | (110) | (46) |
Group's share in earnings of equity- accounted investees, net | 299 | 334 | 171 |
Operating income | 5,309 | 4,506 | 3,318 |
Finance expenses | (2,214) | (2,197) | (1,764) |
Finance income | 120 | 72 | 525 |
Income before taxes on income | 3,215 | 2,381 | 2,079 |
Taxes on income | 681 | 328 | 390 |
Net income | 2,534 | 2,053 | 1,689 |
Attributable to: | |||
Equity holders of the Company | 957 | 719 | 831 |
Non-controlling interests | 1,577 | 1,334 | 858 |
2,534 | 2,053 | 1,689 | |
Net earnings per share attributable to equity holders of the Company: | |||
Basic net earnings | 5.80 | 4.65 | 5.89 |
Diluted net earnings | 5.59 | 4.30 | 5.87 |
*) Retroactively adjusted due to adoption of new IFRS standards. |
FFO (EPRA Earnings) | |||||
The table below presents the calculation of the Company's FFO, computed according to the directives of EPRA and the guidelines of the Israel Securities Authority, and its FFO per share for the stated periods: | |||||
For the year ended December 31 | For the 3 months ended December 31 | ||||
2012 | *) 2011 | *) 2010 | 2012 | *) 2011 | |
NIS in millions (other than per share data) | |||||
Net income attributable to equity holders of the Company for the period | 957 | 719 | 831 | 224 | 269 |
Adjustments: | |||||
Fair value gain from investment property and investment property under development, net | (1,913) | (1,670) | (935) | (441) | (843) |
Capital loss (gain) on sale of investment property and investment property under development | 5 | 63 | (13) | 8 | 22 |
Impairment of goodwill | -- | 38 | 42 | -- | 38 |
Changes in the fair value of financial instruments, including derivatives, measured at fair value through profit and loss | (36) | 179 | (474) | (147) | 74 |
Adjustments with respect to equity-accounted investees | (43) | (131) | 6 | 77 | (7) |
Loss from decrease in interest in investees | 4 | 1 | 4 | 1 | -- |
Deferred taxes and current taxes with respect to disposal of properties | 668 | 324 | 382 | 228 | 149 |
Gain from bargain purchase | (134) | (102) | -- | -- | (18) |
Acquisition costs recognized in profit and loss | 26 | 21 | 21 | 6 | (3) |
Loss from early redemption of interest-bearing liabilities | 147 | 14 | 4 | 132 | 21 |
Non-controlling interests' share in above adjustments | 685 | 646 | 273 | 83 | 337 |
Nominal FFO | 366 | 102 | 141 | 171 | 39 |
Additional adjustments: | |||||
CPI and exchange rate linkage differences | 94 | 133 | 115 | (40) | (15) |
Depreciation and amortization | 16 | 15 | 14 | 4 | 4 |
Adjustments with respect to equity-accounted investees | 2 | 67 | (9) | (13) | 30 |
Other adjustments1 | 55 | 88 | 98 | 15 | 53 |
FFO according to the management approach | 533 | 405 | 359 | 137 | 111 |
FFO according to the management approach per share (in NIS) | 3.23 | 2.62 | 2.54 | 0.83 | 0.71 |
Number of shares used in the FFO calculation2 (in thousands) | 164,912 | 154,456 | 141,150 | 165,136 | 155,817 |
*) Retroactively adjusted due to the adoption of new IFRS standards. | |||||
1Income and expenses adjusted against the net income for the purpose of calculating FFO, which include the adjustment of expenses and income from extra ordinary legal proceedings not related to the reporting periods, expenses arising from one-time payments relating to the termination of engagements with senior Group officers and also income and expenses from operations not related to income-producing property, also, with regard to the periods that are presented in 2011 and 2010 above, the data include the adjustment of income from the waiver of the bonus and the compensation with respect to the expiration of the employment agreement of the Chairman of the Board of Directors. | |||||
2Number of issued shares (weighted average for the period). |
Exchange rate as of December 31, 2012 of 1 USD = 3.733 NIS
CONTACT: Gazit-Globe Ltd. 1 HaShalom Rd. Tel Aviv, Israel 67892 +972 3 694 8000 For additional information: Gil Kotler, Senior Executive VP and CFO
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