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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 |
TIDMGWI
RNS Number : 6624X
Globalworth Real Estate Inv Ltd
31 August 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
31 August 2022
Globalworth Real Estate Investments Limited
("Globalworth" or the "Company")
Notice of Interim Results & Preliminary Interim Financial Information
Globalworth announces that it intends to publish its Interim Report and Financial Statements for the six-month period ended 30 June 2022 during the week commencing 19 September 2022. Ahead of this publication, the Company is today providing a preliminary release of its unaudited Consolidated Statement of Comprehensive Income and unaudited Consolidated Statement of Financial Position to 30 June 2022.
Key Highlights for the period ended 30 June 2022
-- Total combined portfolio value increased by 1.7% to EUR3.2 billion, mainly due to new acquisitions and net positive impact from our developments (delivered, in progress or under refurbishment).
o Like-for-like appraised value of standing commercial properties marginally increased to EUR2.8 billion (0.8% higher compared to 31 December 2021).
-- Developments focused on high-quality logistic / light-industrial facilities in Romania (56.0k sqm) and the refurbishment / repositioning of two mixed-use properties in Poland aiming at increasing their class "A" office space and improving their retail/commercial offering, in response to current market conditions.
-- Completed the development of four high-quality logistic facilities, adding 61.7k sqm of spaces to our portfolio.
-- Acquired our first small business units logistic facility in Bucharest Greater Area with an area of 7.1k sqm.
-- Overall standing portfolio footprint net increase of 64.2k sqm to 1.4m sqm of GLA in 71 standing properties.
-- Leasing transactions for 106.1k sqm of commercial space taken-up or extended at an average WALL of 5.0 years despite continued challenging market conditions.
-- Average standing occupancy of our combined commercial portfolio of 88.1% (88.4% including tenant options), marginally lower to year-end 2021 (88.5% or 88.7% including tenant options).
o Average occupancy impacted by the addition of four newly completed industrial properties assets (2 in lease up phase) with average occupancy of 61.8%, offsetting the higher occupancy observed in the smaller business units logistics facility acquired with occupancy of 98.0%.
o Like-for-like occupancy marginally increased by 0.9% despite the challenging market conditions and the WARTA Tower now effectively vacant.
-- Total annualised contracted rent increased by 2.5% to EUR188.4 million compared to year end 2021, of which:
o 92.3% is contracted in office and industrial properties
o 95.9% is in active leases, with the remainder 4.1% of contracted annualised rent to commence in the future.
-- Like-for-like annualised commercial contracted rents in our standing commercial portfolio increased by 2.1% to EUR178.1 million at the end of the first half of 2022, mainly as effect of rent indexation.
-- Challenging market conditions and war in the Ukraine impacting the economic and business environment negatively.
-- S&P and Fitch re-affirmed the investment grade rating following their 2021 year end review of Globalworth, with Moody's maintaining and stabilising their rating outlook of the Company in Q4 2021.
-- Repaid on its maturity date the outstanding principal amount of EUR323 million of the inaugural GWI 17/22 bond, resulting in the Company having no material debt maturing until March 2025.
-- Entered into a 6-year term loan agreement for EUR85 million with the International Finance Corporation ("IFC"), which is a member of the World Bank.
-- Net Operating Income was lower by 3.2% compared to H1-2021 at EUR69.9 million.
-- EPRA earnings increased by 18.2% to EUR34.3 million (H1-2021: EUR29.0 million), partially impacted by the better operating results due to lower administrative costs and lower income tax expenses (excluding deferred tax expense on investment property) compared to the same period in 2021.
-- Adjusted normalised EBITDA (including share of minority interests) decreased by 2.1% to EUR63.4 million (H1-2021: EUR64.8 million), due to a decline in NOI partially offset by lower administrative and other expenses .
-- Profit attributable to equity holders of the Company significantly improved to EUR32.6 million (H1-2021: EUR12.5 million) due to fair value gain on investment property, lower administrative expenses, increase in the share of profit of equity-accounted investments in joint ventures which were partially net off by higher operating expenses.
-- Interim cash dividend paid to shareholders of EUR0.13 per share in H1-2022.
-- Preliminary EPRA Net Reinstatement Value (NRV) of EUR1.9 billion, or EUR8.72 per share, a marginal increase (+0.6% per share) from EUR8.66 at 31 December 2021 mainly due to dividends paid and lower operating performance offsetting the positive impact from significantly lower non-recurring costs in H1-22, positive revaluation gains.
-- IFRS Earnings per share of 15 cents in H1-2022 (H1-2021: 6 cents).
-- Maintaining high levels of liquidity even after the GWI 17/22 bond repayment at EUR185 million plus EUR155 million in undrawn RCF facility, and an LTV at 41.0% at 30 June 2022 (vs 40.1% at 2021 year-end).
-- Sustainability:
o EUR2.8bn in 57 green certified properties in our portfolio;
o 23 properties were certified or recertified with BREEAM Very Good or higher certifications in the period;
o Issued the fourth sustainable development report for the Group, and our second Green Bond Report; and
o Maintained our "low-risk" rating by Sustainalytics and "A" rating by MSCI.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHSED 30 JUNE 20 22 30 June 30 June 2022 2021 Unaudited Unaudited EUR'000 EUR'000 ========================================================================================== ========== ========== Revenue 116,551 108,110 Operating expenses (46,696) (35,957) ========================================================================================== ========== ========== Net operating income 69,855 72,153 ========================================================================================== ========== ========== Administrative expenses (6,484) (9,323) Acquisition costs (7) - Fair value gain/(loss) on investment property 7,019 (14,703) Share-based payment expense - (432) Depreciation and amortisation expense (309) (259) Other expenses (720) (795) Other income 295 476 Foreign exchange gain/(loss) 307 (50) Gain/(loss) from fair value of financial instruments at fair value through profit or loss 73 (243) ========================================================================================== ========== ========== Profit before net financing cost 70,029 46,824 ------------------------------------------------------------------------------------------ ---------- ---------- Finance cost (27,547) (27,523) Finance income 1,179 839 Share of profit/(loss) of equity-accounted investments in joint ventures 2,012 (1,273) ------------------------------------------------------------------------------------------ ---------- ---------- Profit before tax 45,673 18,867 ========================================================================================== ========== ========== Income tax expense (12,245) (6,333) ========================================================================================== ========== ========== Profit for the period 33,428 12,534 ------------------------------------------------------------------------------------------ ---------- ---------- Items that will not be reclassified to profit or loss Gain on equity instruments designated at fair value through other comprehensive income 36 - ------------------------------------------------------------------------------------------ ---------- ----------
Other comprehensive income for the period, net of tax 36 - ------------------------------------------------------------------------------------------ ---------- ---------- Total comprehensive income for the period 33,464 12,534 ------------------------------------------------------------------------------------------ ---------- ---------- Profit attributable to: 33,428 12,534 ------------------------------------------------------------------------------------------ ---------- ---------- * ordinary equity holders of the Company 32,606 12,534 * non-controlling interests 822 - ------------------------------------------------------------------------------------------ ---------- ---------- Total comprehensive income attributable to: 33,464 12,534 ------------------------------------------------------------------------------------------ ---------- ---------- * ordinary equity holders of the Company 32,642 12,534 * non-controlling interests 822 - ------------------------------------------------------------------------------------------ ---------- ----------
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 20 22
30 June 2022 31 December 2021 Unaudited Audited EUR'000 EUR'000 ============================================================== =========== ================ ASSETS Investment property 3,005,689 2,966,080 Goodwill 12,349 12,349 Advances for investment property 3,483 3,436 Investments in joint-ventures 66,155 48,908 Equity investments 12,628 12,109 Other long-term assets 1,927 2,083 Prepayments 460 338 Deferred tax asset 17 151 ============================================================== =========== ================ Non-current assets 3,102,708 3,045,454 ============================================================== =========== ================ Financial assets at fair value through profit or loss 7,397 7,324 Trade and other receivables 17,951 16,208 Contract assets 6,138 6,106 Guarantees retained by tenants 47 885 Income tax receivable 1,769 117 Prepayments 4,591 2,104 Cash and cash equivalents 184,709 418,748 ============================================================== =========== ================ 222,602 451,492 ============================================================== =========== ================ Investment property held for sale 126,926 130,537 ============================================================== =========== ================ Total current assets 349,528 582,029 ============================================================== =========== ================ Total assets 3,452,236 3,627,483 ============================================================== =========== ================ EQUITY AND LIABILITIES Issued share capital 1,704,476 1,704,476 Treasury shares (4,889) (4,917) Share-based payment reserve 156 156 Retained earnings 42,749 38,914 ============================================================== =========== ================ Equity attributable to ordinary equity holders of the Company 1,742,492 1,738,629 Non-controlling interests 827 __-- Total equity 1,743,319 1,738,629 Interest-bearing loans and borrowings 1,431,659 1,285,641 Deferred tax liability 163,731 150,713 Lease liabilities 17,834 18,762 Deposits from tenants 4,050 3,844 Guarantees retained from contractors 1,628 2,661 Trade and other payables 956 956 ============================================================== =========== ================ Non-current liabilities 1,619,858 1,462,577 ============================================================== =========== ================ Interest-bearing loans and borrowings 18,623 348,279 Guarantees retained from contractors 3,737 3,361 Trade and other payables 32,306 39,788 Contract liability 1,729 1,940 Other current financial liabilities 47 261 Current portion of lease liabilities 1,426 1,303 Deposits from tenants 16,603 16,068 Income tax payable 702 550 ============================================================== =========== ================ 75,173 411,550 ============================================================== =========== ================ Liabilities directly associated with the assets held for sale 13,886 14,727 ============================================================== =========== ================ Total current liabilities 89,059 426,277 ============================================================== =========== ================ Total equity and liabilities 3,452,236 3,627,483 ============================================================== =========== ================
COMBINED CONSOLIDATED PORTFOLIO SNAPSHOT
AS AT 30 JUNE 2022
Our real estate investments are in Poland and Romania, the two largest markets in the CEE. As at 30 June 2022, our portfolio was spread across 12 cities, with Poland accounting for 50.8% by value and Romania 49.2%.
Combined Portfolio Snapshot (as at 30 June 2022) ------------------------------------------------------------------------------------------------- Poland Romania Combined Portfolio ---------------------- ---------------------- ---------------------- Standing Investments(1) 19 21 40 ------------------------- ---------------------- ---------------------- ---------------------- GAV(2) / Standing GAV (EURm) EUR1,628m / EUR1,459m EUR1,578m / EUR1,470m EUR3,206m / EUR2,929m ------------------------- ---------------------- ---------------------- ---------------------- Occupancy 84.0% 90.9% 88.1% (91.3% incl. (88.4% incl. tenant options) tenant options) ------------------------- ---------------------- ---------------------- ---------------------- WALL(3) 3.8 years 5.3 years 4.6 years ------------------------- ---------------------- ---------------------- ---------------------- Standing GLA (k 542.1k sqm 824.4k sqm 1,366.5k sqm sqm)(4) ------------------------- ---------------------- ---------------------- ---------------------- Contracted Rent (EURm)(5) EUR94.9m EUR93.5m EUR188.4m ------------------------- ---------------------- ---------------------- ---------------------- GAV Split by Asset Usage
------------------------- ---------------------- ---------------------- ---------------------- Office 82.7% 76.2% 79.5% Mixed-Use 17.3% 0.0% 8.8% Industrial 0.0% 15.7% 7.7% Others 0.0% 8.1% 4.0% GAV Split by City ------------------------- ---------------------- ---------------------- ---------------------- Bucharest 0.0% 84.7% 41.7% Timisoara 0.0% 6.2% 3.1% Pitesti 0.0% 3.8% 1.9% Constanta 0.0% 3.9% 1.9% Arad 0.0% 1.1% 0.5% Oradea 0.0% 0.4% 0.2% Warsaw 44.2% 0.0% 22.5% Krakow 21.1% 0.0% 10.7% Wroclaw 16.0% 0.0% 8.1% Katowice 10.9% 0.0% 5.5% Lodz 4.2% 0.0% 2.1% Gdansk 3.5% 0.0% 1.8% ------------------------- ---------------------- ---------------------- ---------------------- GAV as % of Total 50.8% 49.2% 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 30 June 2022. 3. Includes pre-let commercial standing and development/re-development assets. WALL of standing commercial properties in Romania, Poland and the Combined portfolio are 5.3 years, 3.8 years and 4.5 years, respectively. 4. Including 25.7k sqm of residential assets in Romania. 5. Total rent comprises commercial (EUR180.8 million) and residential (EUR0.9 million in Romania) standing properties, rent in assets under refurbishment (EUR6.5 million in Poland) and development pre-lets (EUR0.2 million in Romania).
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
Alina Vaskina
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 240 professionals across Cyprus, Guernsey, Poland and Romania, a combined value of its portfolio is EUR3.2 billion, as at 30 June 2022. Approximately 96.3% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of over 660 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 and Oradea.
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.
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August 31, 2022 02:01 ET (06:01 GMT)
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