We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 : 7040K
Globalworth Real Estate Inv Ltd
29 August 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
29 August 2023
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 2023 during the week commencing 18 September 2023. 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 2023.
Key Highlights for the period ended 30 June 2023
-- Total combined portfolio value decreased by 2.5% to EUR3.1 billion, mainly due to revaluations and disposals
o Like-for-like appraised value of standing commercial properties decreased to EUR2.8 billion (3.0% lower than 31 December 2022)
-- Developments focused on high-quality logistic / light-industrial facilities in Romania (13.3k 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 our first logistic / light-industrial project in Targu Mures adding 18.3k sqm of spaces to our portfolio
-- Overall, the standing-portfolio footprint increased by a net 17.3k sqm to 1.4m sqm of GLA in 72 standing properties
-- Leasing transactions for 181.0k sqm of commercial space taken-up or extended at an average WALL of 6.9 years were signed despite continued challenging market conditions
-- Average standing occupancy of our combined commercial portfolio of 85.5% (85.7% including tenant options), marginally lower vs. year-end 2022 of 85.6% (85.9% including tenant options)
o Average commercial standing occupancy, adjusted for Warta Tower, which was sold in July and was vacant as of 30 June 2023, was 87.7% (87.8% including tenant options)
o Like-for-like occupancy decreased marginally by 0.3% mostly reflecting excess supply conditions in our Regional Polish submarkets
-- Total annualised contracted rent increased by 6.8% to EUR202.2 million compared to year-end 2022, of which:
o 91.5% is contracted in office and industrial properties
o 94.1% is in active leases, with the remainder 5.9% of contracted annualised rent to commence in the future
-- Like-for-like annualised commercial contracted rents in our standing commercial portfolio increased by 5.4% to EUR191.0 million at the end of the first half of 2023 compared to 31 December 2022, mainly the effect of rent indexation
-- Fitch Ratings re-affirmed, in July 2023, Globalworth's investment grade rating and changed the outlook to negative following their 2023 annual review of Globalworth. S&P downgraded credit rating to BB+ with a stable outlook
-- Net debt reduction of EUR63.5m from the Company's cash resources:
o buyback of EUR100m nominal value of GWI Bond 18/25 with cash consideration of EUR83.2m
o repayment of EUR60m of the RCF facility and
o drawdown of EUR96.5m of asset-secured financing secured by the Company's Romanian logistics portfolio
-- Net Operating Income was higher by 5.6% compared to H1-2022 at EUR73.7 million
-- EPRA earnings decreased by 0.4% to EUR34.2 million (H1-2022: EUR34.3 million), partially impacted by the operating results due to higher administrative costs and higher income tax expense (excluding deferred tax expense on investment property) compared to the same period in 2022
-- Adjusted normalised EBITDA (including the share of minority interests) increased by 4.1% to EUR66.0 million (H1-2022: EUR63.4 million), due to an increase in NOI partially offset by higher administrative expenses
-- Loss attributable to equity holders of the Company of EUR25.1 million (H1-2022: profit of EUR32.6 million) mainly due to the fair value loss of EUR103 million on investment property, which were partially net of higher finance income and the decrease in the income tax expense
-- Scrip Dividend Shares issued for 98.1% of the total share capital in April 2023 and interim cash dividend paid to the rest of the shareholders of EUR0.15 per share (total of EUR0.6m) in H1-2023
-- Preliminary EPRA Net Reinstatement Value (NRV) of EUR1.8 billion, or EUR7.55 per share, an 8.9% per share decrease from EUR8.29 on 31 December 2022 mainly due to the revaluation losses on the property portfolio and the 14 million new scrip shares issued in H1 2023
-- IFRS Earnings per share of minus 11 cents in H1-2023 (H1-2022: 15 cents) as a result of the negative impact of the property revaluations recorded
-- Maintaining high levels of liquidity following the GWI 18/25 buyback at EUR130.5 million plus EUR265 million in undrawn RCF facilities
-- Maintained an LTV of 42.7 % same as that of 31 December 2022, despite the significant negative property revaluation during H1 2023
-- Sustainability: o EUR2.4bn in 52 green certified properties in our portfolio
o 15 properties were certified or recertified with BREEAM Very Good or higher certifications in the first 6 months
o Issued the fifth sustainable development report for the Group o Maintained our "low-risk" rating by Sustainalytics and "A" rating by MSCI
o Our environmental target to reduce GHG emissions intensity by 46% by 2030 versus our baseline 2019 levels (for Scope 1 and 2) was validated by the globally recognised Science Based Targets initiative (SBTi)
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHSED 30 JUNE 20 23 30 June 30 June 2023 2022 Unaudited Unaudited EUR'000 EUR'000 ============================================================================ =================== ================= Revenue 119,050 116,551 Operating expenses (45,306) (46,696) ============================================================================ =================== ================= Net operating income 73,744 69,855 ============================================================================ =================== ================= Administrative expenses (7,755) (6,484) Acquisition costs - (7) Fair value (loss)/gain on investment property (102,884) 7,019 Share-based payment expense (167) - Loss on disposal of subsidiary (164) - Depreciation and amortisation expense (289) (309) Other expenses (1,182) (720) Other income 2,215 295 Foreign exchange (loss)/gain (569) 307 (Loss)/Gain from fair value of financial instruments at fair value through profit or loss (121) 73 ============================================================================ =================== ================= (Loss)/Profit before net financing cost (37,172) 70,029 ---------------------------------------------------------------------------- ------------------- ----------------- Finance cost (27,945) (27,547) Finance income 18,224 1,179 Share of profit of equity-accounted investments in joint ventures 2,613 2,012 ---------------------------------------------------------------------------- ------------------- ----------------- (Loss)/Profit before tax (44,280) 45,673 ============================================================================ =================== ================= Income tax expense 19,701 (12,245) ============================================================================ =================== ================= (Loss)/Profit for the period (24,579) 33,428 ---------------------------------------------------------------------------- ------------------- ----------------- 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 (24,579) 33,464 ---------------------------------------------------------------------------- ------------------- ----------------- (Loss)/Profit attributable to: (24,579) 33,428 ---------------------------------------------------------------------------- ------------------- ----------------- * ordinary equity holders of the Company (25,078) 32,606 * non-controlling interests 499 822 ---------------------------------------------------------------------------- ------------------- ----------------- Total comprehensive income attributable to: (24,579) 33,464 ---------------------------------------------------------------------------- ------------------- ----------------- * ordinary equity holders of the Company (25,078) 32,642 * non-controlling interests 499 822 ---------------------------------------------------------------------------- ------------------- -----------------
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 20 23
30 June 2023 31 December 2022 Unaudited Audited EUR'000 EUR'000 ============================================================== ======================= ================== ASSETS Investment property 2,864,290 2,945,460 Goodwill 12,349 12,349 Advances for investment property 6,102 4,393 Investments in joint-ventures 72,645 67,967 Equity investments 7,629 7,521 Other long-term assets 1,724 1,784 Prepayments 210 226 Deferred tax asset 5,888 161 ============================================================== ======================= ================== Non-current assets 2,970,837 3,039,861 ============================================================== ======================= ================== Financial assets at fair value through profit or loss 3,433 3,554 Trade and other receivables 21,919 22,337 Contract assets 4,598 9,967 Guarantees retained by tenants 99 98 Income tax receivable 371 840 Prepayments 6,679 2,430 Cash and cash equivalents 130,545 163,767 ============================================================== ======================= ================== Current assets 167,644 202,993 ============================================================== ======================= ================== Investment property held for sale 121,138 126,009 ============================================================== ======================= ================== Total current assets 288,782 329,002 ============================================================== ======================= ================== Total assets 3,259,619 3,368,863 ============================================================== ======================= ================== EQUITY AND LIABILITIES Issued share capital 1,736,955 1,704,476 Treasury shares (4,827) (4,859) Fair value reserve of financial assets at FVOCI (5,469) (5,469) Share-based payment reserve 156 156 Retained earnings (96,123) (37,798) ============================================================== ======================= ================== Equity attributable to ordinary equity holders of the Company 1,630,692 1,656,506 Non-controlling interests 1,361 862 Total equity 1,632,053 1,657,368 Interest-bearing loans and borrowings 1,365,191 1,433,631 Deferred tax liability 138,958 154,866 Lease liabilities 19,426 19,861 Deposits from tenants 2,894 3,897 Guarantees retained from contractors 2,834 1,995 Trade and other payables 78 1,034 ============================================================== ======================= ================== Non-current liabilities 1,529,381 1,615,284 ============================================================== ======================= ================== Interest-bearing loans and borrowings 24,078 21,600 Guarantees retained from contractors 4,625 3,652 Trade and other payables 32,013 35,679 Contract liability 2,126 1,743 Other current financial liabilities 50 67 Current portion of lease liabilities 2,313 1,669 Deposits from tenants 20,221 17,477 Income tax payable 468 382 ============================================================== ======================= ================== Current liabilities 85,894 82,269 ============================================================== ======================= ================== Liabilities directly associated with the assets held for sale 12,291 13,942 ============================================================== ======================= ================== Total current liabilities 98,185 96,211 ============================================================== ======================= ================== Total equity and liabilities 3,259,619 3,368,863 ============================================================== ======================= ==================
COMBINED CONSOLIDATED PORTFOLIO SNAPSHOT
AS AT 30 JUNE 2023
Our real estate investments are in Poland and Romania, the two largest markets in the CEE. As at 30 June 2023, our portfolio was spread across 13 cities, with Poland accounting for 49.8% by value and Romania 50.2%.
Combined Portfolio Snapshot (as at 30 June 2023) ------------------------------------------------------------------------------------------------- Poland Romania Combined Portfolio ---------------------- ---------------------- ---------------------- Standing Investments(1) 19 23 42 ------------------------- ---------------------- ---------------------- ---------------------- GAV(2) / Standing GAV (EURm) EUR1,533m / EUR1,361m EUR1,547m / EUR1,459m EUR3,080m / EUR2,819m ------------------------- ---------------------- ---------------------- ---------------------- Occupancy 74.7% 92.4% 85.5% (92.6% incl. (85.7% incl. tenant options) tenant options) ------------------------- ---------------------- ---------------------- ---------------------- WALL(3) 4.0 years 5.8 years 4.9 years ------------------------- ---------------------- ---------------------- ---------------------- Standing GLA (k 542.1k sqm 880.8k sqm 1,422.9k sqm sqm)(4) ------------------------- ---------------------- ---------------------- ---------------------- Contracted Rent (EURm)(5) EUR95.9m EUR106.2m EUR202.2m ------------------------- ---------------------- ---------------------- ---------------------- GAV Split by Asset Usage ------------------------- ---------------------- ---------------------- ---------------------- Office 81.8% 74.2% 78.0% Mixed-Use 18.2% 0.0% 9.0% Industrial 0.0% 18.5% 9.3% Others 0.0% 7.2% 3.6% GAV Split by City ------------------------- ---------------------- ---------------------- ---------------------- Bucharest 0.0% 83.1% 41.7% Timisoara 0.0% 6.5% 3.3% Pitesti 0.0% 3.8% 1.9% Constanta 0.0% 4.2% 2.1% Arad 0.0% 1.1% 0.6% Oradea 0.0% 0.4% 0.2% Targu Mures 0.0% 0.9% 0.4% Warsaw 44.9% 0.0% 22.4% Krakow 19.8% 0.0% 9.8% Wroclaw 16.6% 0.0% 8.3% Katowice 11.0% 0.0% 5.5% Lodz 4.1% 0.0% 2.1% Gdansk 3.6% 0.0% 1.8% ------------------------- ---------------------- ---------------------- ---------------------- GAV as % of Total 49.8% 50.2% 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 2023. 3. Includes pre-let commercial standing and development/re-development assets. WALL of standing commercial properties in Romania, Poland and the Combined portfolio are 5.8 years, 4.0 years and 5.0 years, respectively. 4. Including 21.1k sqm of residential assets in Romania. 5. Total rent comprises commercial (EUR192.5 million) and residential (EUR0.6 million in Romania) standing properties, rent in assets under refurbishment (EUR8.8 million in Poland) and development pre-lets (EUR0.3 million in Romania).
For further information visit www.globalworth.com or contact:
Enquiries
Rashid Mukhtar
Group Head of Finance Tel: +40 732 800 000
Panmure Gordon (Nominated Adviser and Joint 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 250 professionals across Cyprus, Guernsey, Poland and Romania the combined value of its portfolio is EUR3.1 billion, as at 30 June 2023. Approximately 96.9% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of over 700 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.
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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR PLMITMTJTBLJ
(END) Dow Jones Newswires
August 29, 2023 10:43 ET (14:43 GMT)
1 Year Globalworth Real Estate ... Chart |
1 Month Globalworth Real Estate ... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions