30 September 2016 period-end EPRA Net Asset Value

RNS Number : 6003P

Globalworth Real Estate Inv Ltd

21 November 2016

 

21 November 2016

Globalworth Real Estate Investments Limited

30 September 2016 period-end EPRA Net Asset Value

Globalworth Real Estate Investments Limited ("Globalworth" or the "Company") is pleased to announce its update for the nine month period ended 30 September 2016 including its unaudited EPRA Net Asset Value.

The unaudited EPRA Net Asset Value as of 30 September 2016 is presented in accordance with the stated intention of the Company to publish its estimated NAV on a quarterly basis.

Key highlights are as follows:

•          Portfolio Open Market Value ("OMV")¹ of €967.5m (30 June 2016: €962.4m) up 0.5% as compared to 30 June 2016, mainly as a result of further capital expenditure incurred in the third quarter of 2016 for the investment properties under development

•          Loan to Value of 43.7 per cent (30 June 2016: 43.7 per cent) unchanged as compared to 30 June 2016

•          NAV of €517.4m (30 June 2016: €512.1m) up 1.0% as compared to 30 June 2016

•          NAV per share of €8.08² (30 June 2016: €8.00) up 1.0% as compared to 30 June 2016

•          EPRA³ NAV of €585.8m (30 June 2016: €581.4m) up 0.8% as compared to 30 June 2016

•          EPRA³ NAV per share of €9.15 (30 June 2016: €9.08) up 0.8% as compared to 30 June 2016

•          Net Operating Income of €33.8m for 9 months ended 30 September 2016 (30 September 2015: €20.1m) up 68% as compared to the same period in 2015

•          Earnings before tax of €10.5m for 9 months ended 30 September 2016 (30 September 2015: €39.3m) down 73% as compared to the same period in 2015, mainly due to the significant gain on acquisition of subsidiaries in 2015 and the higher level of fair value gain on investment property under development during the 9 months ended 30 September 2015, as a result of the increased level of capital expenditure on properties under development (mainly related to Globalworth Tower, which was completed in Q1 2016).

•          EBITDA4 of €36.1m for 9 months ended 30 September 2016 (30 September 2015: €38.2m) down 6% as compared to the same period in 2015

•          Normalised EBITDA5 from ongoing operating activities of €28.5m for 9 months ended 30 September 2016 (30 September 2015: €15.7m) up 82% as compared to the same period in 2015

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

Globalworth Real Estate Investments Limited Dimitris Raptis	Tel: [phone]
Panmure Gordon (Nominated Adviser and Joint Broker) Andrew Potts	Tel: [phone]
Cantor Fitzgerald Europe (Joint Broker)       Rick Thompson David Foreman	Tel: [phone]
Milbourne (Public Relations) Tim Draper	Tel: [phone]

About Globalworth

Globalworth Real Estate Investments Limited is a real estate investment company founded by real estate investor and developer Ioannis Papalekas currently focused on taking advantage of investment opportunities in Romania. The Company's shares were admitted to trading on AIM in July 2013.

The Romanian market offers an attractive real estate investment proposition in the medium-to-long term. Globalworth believes that global investor capital flows will gradually move from markets considered as "safe havens" to more peripheral markets such as Romania in search of higher yielding investments. As a result, Romania should, in due course, become a more attractive destination for a wide investor audience. Globalworth anticipates holding an early mover advantage in and benefitting from this gradual shift in investor sentiment.

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¹ Portfolio OMV is based on an external valuation at 30 June 2016 plus subsequent capital expenditure which is mainly related to properties under development.

² The number of ordinary shares used to calculate Net Assets Value "NAV" per share as of 30 September 2016 were 64,023,987 (30 June 2016: 64,023,987).

³ "EPRA" The European Public Real Association Estate is a non-profit association representing Europe's publicly listed property companies.

⁴ Calculated as profit before finance cost, depreciation, amortisation of other non-current assets and gain on acquisition of subsidiaries.

⁵ Calculated as profit before finance cost, depreciation, amortisation of other non-current assets, gain on acquisition of subsidiaries, fair value gain on investment property, and other non-operational and / or non-recurring income and expense items.

Note all numbers in this announcement are unaudited.

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