31 March 2016 period-end EPRA Net Asset Value

RNS Number : 6633E

Globalworth Real Estate Inv Ltd

20 July 2016

 

20 July 2016

Globalworth Real Estate Investments Limited

31 March 2016 period-end EPRA Net Asset Value

Globalworth Real Estate Investments Limited ("Globalworth" or the "Company") is pleased to announce its update for the three month period ended 31 March 2016 including its unaudited EPRA Net Asset Value.

The unaudited EPRA Net Asset Value as of 31 March 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 € 950.1 million (31 December 2015: €931.1 million) up 2.04% as compared to 31 December 2015, mainly as a result of further capital expenditure incurred in the first quarter of 2016 for the investment properties under development, including the capital expenditure for the completion of the development of our flagship property, Globalworth Tower

•          Loan to Value of 43.5 per cent (31 December 2015: 43.9 per cent) down 0.4 per cent as compared to 31 December 2015

•          NAV of €502.0 million (31 December 2015: €499.7 million) up 0.46% as compared to 31 December 2015

•          NAV per share of €7.97² (31 December 2015: €7.98) down 0.13% as compared to 31 December 2015

•          EPRA³ NAV of €572.1 million (31 December 2015: €568.3 million) up 0.67% as compared to 31 December 2015

•          EPRA³ NAV per share of €9.08 (30 June 2015: €9.08) unchanged compared to 31 December 2015

•          Net Operating Income of €6.5 million for the three months ended 31 March 2016 (31 March 2015: €4.7 million) up 38% as compared to the same period in 2015

•          Earnings before tax of €3.6 million for the three months ended 31 March 2016 (31 March 2015: €9.5 million) down 62% as compared to the same period in 2015, mainly due to the significant gain on acquisition of subsidiaries recorded in the three month period to 31 March 2015

•          EBITDA⁴ of €11.3 million for the three months ended 31 March 2016 (31 March 2015: €2.5 million) up 352% as compared to similar period in 2015

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

Panmure Gordon (Nominated Adviser)                           Tel: [phone]

Andrew Potts

Cantor Fitzgerald Europe (Joint Broker)                          Tel: [phone]

Rick Thompson

David Foreman

Milbourne (Public Relations)                                            Tel: [phone]

Tim Draper

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 benefiting from this gradual shift in investor sentiment.

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 appraised valuations performed by Coldwell Banker as of 31 December 2015, adjusted for value accretive capex invested during the 3 month period ended 31 March 2016. No revaluations were undertaken as at 31 March 2016.

² The number of ordinary shares used to calculate Net Assets Value "NAV" per share and EPRA Net Assets Value "EPRA NAV" per share as of 31 March 2016 were 63,023,987 (31 December 2015: 62,616,691).

³ "EPRA" The European Public Real Estate Association 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 bargain purchase gain on acquisition of subsidiaries.

Note all numbers in this announcement are unaudited.

 

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