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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Globalworth Real Estate Investments Limited | LSE:GWI | London | Ordinary Share | GG00B979FD04 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.02 | 0.77% | 2.63 | 2.60 | 2.66 | 2.60 | 2.54 | 2.54 | 1,960 | 16:35:10 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Agents & Mgrs | 242.49M | -54.15M | -0.2148 | -12.10 | 658.12M |
From Jul 2022 to Jul 2024
TIDMGWI
RNS Number : 7320R
Globalworth Real Estate Inv Ltd
03 March 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
3 March 2023
Globalworth Real Estate Investments Limited
("Globalworth" or the "Company")
Condensed Unaudited Financial Results for the year ended 31 December 2022
Globalworth, the leading office investor in Central and Eastern Europe, announces the release of its Unaudited Consolidated Statement of Comprehensive Income and Unaudited Consolidated Statement of Financial Position for the year ended 31 December 2022.
The Company intends to announce its audited Financial Results for the year ended 31 December 2022 and publish its 2022 Annual Report towards the end of March 2023.
Key Highlights for the year ended 31 December 2022
-- Total combined portfolio value remained effectively unchanged at EUR3.2 billion (0.2% higher compared to 31 December 2021).
o Combined standing commercial properties at year-end were appraised at EUR2.9 billion. Like-for-like properties marginally lower at EUR2.8 billion (1.3% decrease compared to 31 December 2021), with new facilities acquired or completed in 2022 adding EUR75.5 million in standing commercial portfolio value.
-- Focused development program in select high-quality projects.
o Romania; delivered 6 new logistics facilities offering 104.4k sqm of GLA, with 3 logistics facilities under development which are expected to have a total GLA of 30.0k sqm.
o Poland; two mixed-use properties under refurbishment/repositioning.
-- Acquired the first small business units logistic facility in Romania (Bucharest), with a total area of 7.1k sqm.
-- Overall standing portfolio footprint net increase of 103.3k sqm (+7.9% compared to 31 December 2021) to 1.4m sqm of GLA in 71 standing properties.
-- Leasing transactions of 206.9k sqm of commercial space at an average WALL of 4.4 years, despite continued challenging market conditions.
-- Average standing occupancy of 85.6% (85.9% including tenant options), 2.9% lower compared to 31 December 2021.
o Addition of 7 properties with an average occupancy of 54.2%, some of which are in the lease-up phase, negatively impacted the overall combined standing occupancy.
o Like-for-like standing occupancy adjusted for Warta Tower in Warsaw (property held for sale and now effectively vacant), of 90.5% (+0.2% compared to 31 December 2021).
-- Total annualised contracted rent up by 3.0% to EUR189.2m
o Like-for-like annualised commercial contracted rents in our standing commercial portfolio increased by 1.7% to EUR177.5 million at the end of 2022, mainly as effect of rent indexation.
Hot Features
Premium
-- Rate of collections invoiced and due remained high at 99.0% for 2022.
-- Net Operating Income ("NOI") was lower by 3.2% compared to 2021 at EUR139.7 million.
-- EPRA earnings increased by 21.2% to EUR71.6 million (2021: EUR59.1 million), as prior year EPRA earnings were impacted by the exceptional one-off costs associated with the cash offer for Globalworth's shares initiated in May 2021.
-- Adjusted normalised EBITDA decreased by 3.2% to EUR126.0 million (2021: EUR130.2 million), due to lower NOI, partially offset by the positive impact of the lower recurring administrative and other non-operating expenses.
-- Net loss of EUR16.1 million (2021: net profit of EUR47.5 million) due to revaluation losses of EUR89.5 million in 2022 compared to the EUR5.7 million revaluation losses in 2021.
-- Cash dividend paid to shareholders of EUR0.27 per share in 2022.
-- Preliminary EPRA Net Reinstatement Value (NRV) of EUR1.8 billion, or EUR8.29 per share, decreasing from EUR8.66 at 31 December 2021 mainly due to revaluation losses on the property portfolio.
-- High liquidity of EUR163.8 million (vs EUR418.7 million at 2021 year-end) plus available liquidity from committed undrawn facilities of EUR300 million; LTV 42.7% at 31 December 2022 (vs 40.1% at 2021 year-end).
-- Maintained investment grade rating by all three major rating agencies. -- Sustainability:
o EUR2.6 billion in 53 green certified properties.
o 45 properties were certified or recertified with BREEAM Very Good or higher certifications during the year.
o Committed to reduce our carbon footprint based on a science-based approach to align with a 1.5(o) C trajectory.
o Issued the third sustainable development report and our inaugural Green Bond Report.
o Maintained low-risk rating by Sustainalytics and our MSCI rating to "A".
o Contributed to over 15 social initiatives in Romania and Poland.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 DECEMBER 2022
31 December 31 December
2022 2021
EUR'000 EUR'000
================================================ =========== ===========
Revenue 239,251 219,350
Operating expenses (99,571) (75,098)
================================================= =========== ===========
Net operating income 139,680 144,252
================================================= =========== ===========
Administrative expenses (13,712) (25,622)
Acquisition costs (7) -
Fair value loss on investment property (89,471) (5,738)
Share-based payment expense - (532)
Depreciation and amortisation expense (673) (536)
Other expenses (2,013) (1,851)
Other income 524 1,051
Foreign exchange gain/(loss) 851 214
Loss from fair value of financial instruments
at fair value through profit or loss 222 (386)
================================================= =========== ===========
Profit before net financing cost 35,401 110,852
================================================= =========== ===========
Finance cost (52,532) (55,539)
Finance income 2,694 1,749
Share of profit of equity-accounted investments
in joint ventures 3,219 5,010
================================================= =========== ===========
(Loss)/profit before tax (11,218) 62,072
================================================= =========== ===========
Income tax expense (4,886) (14,583)
================================================= =========== ===========
(Loss)/profit for the year (16,104) 47,489
================================================= =========== ===========
Items that will not be reclassified to profit
or loss:
Loss on equity instruments designated at
fair value through other comprehensive income (5,391) -
================================================= =========== ===========
Other comprehensive income for the year,
net of tax (5,391)
================================================= =========== ===========
Total comprehensive income (21,495) 47,489
================================================= =========== ===========
(Loss)/profit attributable to: (16,104) 47,489
------------------------------------------------- ----------- -----------
- ordinary equity holders of the Company (16,961) 47,489
================================================= =========== ===========
- non-controlling interests 857 -
================================================= =========== ===========
Total comprehensive income attributable
to: (21,495) 47,489
------------------------------------------------- ----------- -----------
- ordinary equity holders of the Company (22,352) 47,489
================================================= =========== ===========
- non-controlling interests 857 -
================================================= =========== ===========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
2022 2021
EUR'000 EUR'000
======================================= ================== ==================
ASSETS
Investment property 2,945,460 2,966,080
Goodwill 12,349 12,349
Advances for investment property 4,393 3,436
Investments in joint ventures 67,967 48,908
Equity investments 7,521 12,109
Other long-term assets 1,784 2,083
Prepayments 226 338
Deferred tax asset 161 151
======================================== ================== ==================
Non-current assets 3,039,861 3,045,454
======================================== ================== ==================
Financial assets at fair value through
profit or loss 3,554 7,324
Trade and other receivables 22,337 16,208
Contract assets 9,967 6,106
Guarantees retained by tenants 98 885
Income tax receivable 840 117
Prepayments 2,430 2,104
Cash and cash equivalents 163,767 418,748
---------------------------------------- ------------------ ------------------
202,993 451,492
Investment property held for sale 126,009 130,537
======================================== ================== ==================
Total current assets 329,002 582,029
======================================== ================== ==================
Total assets 3,368,863 3,627,483
======================================== ================== ==================
EQUITY AND LIABILITIES
Equity
Issued share capital 1,704,476 1,704,476
Treasury shares (4,859) (4,917)
Fair value reserve of financial assets
at FVOCI (5,469) -
Share-based payment reserve 156 156
Retained earnings (37,798) 38,914
======================================== ================== ==================
Equity attributable to ordinary equity
holders of the Company 1,656,506 1,738,629
Non-controlling interests 862 -
Total equity 1,657,368 1,738,629
Interest-bearing loans and borrowings 1,433,631 1,285,641
Deferred tax liability 154,866 150,713
Lease liabilities 19,861 18,762
Guarantees retained from contractors 1,995 2,661
Deposits from tenants 3,897 3,844
Trade and other payables 1,034 956
======================================== ================== ==================
Non-current liabilities 1,615,284 1,462,577
======================================== ================== ==================
Interest-bearing loans and borrowings 21,600 348,279
Guarantees retained from contractors 3,652 3,361
Trade and other payables 35,679 39,788
Contract liability 1,743 1,940
Other current financial liabilities 67 261
Current portion of lease liabilities 1,669 1,303
Deposits from tenants 17,477 16,068
Income tax payable 382 550
======================================== ================== ==================
Current liabilities 82,269 411,550
======================================== ================== ==================
Liabilities directly associated with
the assets held for sale 13,942 14,727
======================================== ================== ==================
Total current liabilities 96,211 426,277
======================================== ================== ==================
Total equity and liabilities 3,368,863 3,627,483
======================================== ================== ==================
COMBINED CONSOLIDATED PORTFOLIO SNAPSHOT
AS AT 31 DECEMBER 2022
Our real estate investments are in Poland and Romania, the two largest markets in the CEE. As at 31 December 2022, our portfolio was spread across 13 cities, with Poland accounting for 50.2% by value and Romania 49.8%.
Combined Portfolio Snapshot
------------------------------------------------------------------------------------------------------------------
Poland Romania Combined Portfolio
---------------------- ---------------------- ----------------------
Standing Investments(1) 19 22 41
------------------------------------------ ---------------------- ---------------------- ----------------------
GAV(2) / Standing EUR1,584m /
GAV (EURm) EUR1,423m EUR1,574m / EUR1,471m EUR3,159m / EUR2,894m
------------------------------------------ ---------------------- ---------------------- ----------------------
Occupancy 81.3% 88.4% 85.6%
(89.0% incl. tenant (85.9% incl.
options) tenant options)
------------------------------------------ ---------------------- ---------------------- ----------------------
WALL(3) 3.8 years 5.0 years 4.4 years
------------------------------------------ ---------------------- ---------------------- ----------------------
Standing GLA 542.1k sqm 863.5k sqm
(k sqm)(4) 1,405.6k sqm
------------------------------------------ ---------------------- ---------------------- ----------------------
Contracted Rent
(EURm)(5) EUR93.3m EUR95.9m EUR189.2m
------------------------------------------ ---------------------- ---------------------- ----------------------
GAV Split by
Asset Usage
------------------------------------------ ---------------------- ---------------------- ----------------------
Office 83.0% 75.0% 79.0%
Mixed-Use 17.0% 0.0% 8.5%
Industrial 0.0% 17.2% 8.6%
Others 0.0% 7.9% 3.9%
GAV Split by
City
------------------------------------------ ---------------------- ---------------------- ----------------------
Bucharest 0.0% 84.0% 41.9%
Timisoara 0.0% 6.3% 3.1%
Pitesti 0.0% 3.7% 1.8%
Constanta 0.0% 4.0% 2.0%
Arad 0.0% 1.1% 0.5%
Oradea 0.0% 0.4% 0.2%
Tg. Mures 0.0% 0.5% 0.3%
Warsaw 44.6% 0.0% 22.3%
Krakow 20.7% 0.0% 10.4%
Wroclaw 16.0% 0.0% 8.0%
Katowice 10.8% 0.0% 5.4%
Lodz 4.3% 0.0% 2.1%
Gdansk 3.7% 0.0% 1.8%
------------------------------------------ ---------------------- ---------------------- ----------------------
GAV as % of Total 50.2% 49.8% 100.0%
1. Standing Investments representing income producing properties.
One investment can comprise multiple buildings. e.g. Green
Court Complex comprises three buildings or one investment.
2. Includes all property assets, land and development projects
valued at 31 December 2022.
3. Includes pre-let commercial standing and development assets.
WALL of standing commercial properties in Romania, Poland
and the Combined portfolio are 5.0 years, 3.7 years and 4.4
years, respectively.
4. Including 22.4k sqm of residential assets in Romania.
5. Total rent comprises commercial (EUR181.3 million) and
residential (EUR0.7 million in Romania) standing properties,
rent in assets under redevelopment (EUR6.7 million in Poland)
and development pre-lets (EUR0.5 million in Romania).
Annualised Commercial Portfolio Lease Expiration Profile
------------------------------------------------------------------------
Year 2023 2024 2025 2026 2027 >=2028 Total -------------- ------- ------ ------ ------ ------ ------- ------ EUR million 20.2 28.8 19.0 19.6 25.7 75.2 188.5 -------------- ------- ------ ------ ------ ------ ------- ------ % of total 10.7% 15.3% 10.1% 10.4% 13.6% 39.9% 100%
For further information visit www.globalworth.com or contact:
Enquiries
Stamatis Sapkas Tel: +40 732 800 000
Chief Financial Officer
Panmure Gordon (Nominated Adviser and Broker) Tel: +44 20 7886 2500
Dominic Morley
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 Poland and Romania. Globalworth acquires, develops and directly manages high-quality office and industrial real estate assets in prime locations, generating rental income from high quality tenants from around the globe. Managed by over 260 professionals across Cyprus, Guernsey, Poland and Romania, a combined value of its portfolio is EUR3.2 billion, as at 31 December 2022. Approximately 96.4% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of over 690 national and multinational corporates. In Poland Globalworth is present in Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice, while in Romania its assets span Bucharest, Timisoara, Constanta, Pitesti, Arad, Oradea and Targu Mures.
For more information, please visit www.globalworth.com and follow us on Facebook, Instagram and LinkedIn.
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END
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(END) Dow Jones Newswires
March 03, 2023 02:00 ET (07:00 GMT)
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