Notice of Interim Results & Prelim Interim Info

RNS Number : 1407X

Globalworth Real Estate Inv Ltd

26 August 2020

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this information is considered to be in the public domain.

26 August 2020

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 2020 during the week commencing 21 September 2020. 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 2020.

In addition, the Company is pleased to report its preliminary EPRA Net Asset Value as at 30 June 2020 to be €1,957 million or €8.80 per share.

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

Enquiries 

Stamatis Sapkas                                                                                                                   Tel: [phone]

Deputy Chief Investment Officer

Jefferies (Joint Broker)                                                                                                       Tel: [phone]

Stuart Klein

Panmure Gordon (Nominated Adviser and Joint Broker)                                             Tel: [phone]

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 200 professionals across Cyprus, Guernsey, Poland and Romania, a combined value of its portfolio is €3.0 billion, as at 30 June 2020. Approximately 94.4% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of c.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 and Pitesti. For more information, please visit www.globalworth.com and follow us on Facebook, Instagram and LinkedIn.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2020
	30 June 2020 Unaudited	30 June 2019 Unaudited
	€'000	€'000
Revenue	114,039	103,792
Operating expenses	(34,392)	(35,790)
Net operating income	79,647	68,002
Administrative expenses	(8,824)	(6,984)
Acquisition costs	(2,302)	(15)
Fair value (loss)/gain on investment property	(91,977)	49,049
Share-based payment expense	(194)	(390)
Depreciation on other long-term assets	(203)	(159)
Other expenses	(1,444)	(6,548)
Other income	285	615
Foreign exchange loss	(167)	(553)
Gain from fair value of financial instruments at fair value through profit or loss	151	1,569
	(104,675)	36,584
(Loss)/profit before net financing cost	(25,028)	104,586
Net financing cost
Finance cost	(23,528)	(22,629)
Finance income	1,203	1,691
	(22,325)	(20,938)
Share of profit of equity-accounted investments in joint ventures	1,258	4,384
(Loss)/profit before tax	(46,095)	88,032
Income tax expense	(2,487)	(12,150)
(Loss)/profit for the period	(48,582)	75,882
Other comprehensive income	-	-
Total comprehensive income	(48,582)	75,882
(Loss)/profit attributable to:	(48,582)	75,882
- Equity holders of the Company	(48,582)	69,902
- Non-controlling interests	-	5,980

 

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2020

	30 June 2020 Unaudited	31 December 2019 Audited
	€'000	€'000
ASSETS
Non-current assets
Investment property	2,997,779	3,048,955
Goodwill	12,349	12,349
Advances for investment property	6,177	32,440
Investments in joint ventures	33,034	17,857
Equity investments	10,017	9,840
Other long-term assets	1,520	1,493
Prepayments	531	619
Financial assets at fair value through profit or loss	-	3,098
Deferred tax asset	1,149	2,869
	3,062,556	3,129,520
Current assets
Financial assets at fair value through profit or loss	8,553	20,487
Trade and other receivables	41,855	28,963
Contract assets	881	5,257
Guarantees retained by tenants	853	858
Income tax receivable	1,533	255
Prepayments	7,530	4,653
Cash and cash equivalents	567,052	291,694
	628,257	352,167
Total assets	3,690,813	3,481,687
EQUITY AND LIABILITIES
Issued share capital	1,704,374	1,704,374
Treasury shares	(9,989)	(8,379)
Share-based payment reserve	6,905	5,571
Retained earnings	97,947	213,101
Total equity	1,799,237	1,914,667
Non-current liabilities
Interest-bearing loans and borrowings	1,644,340	1,299,616
Deferred tax liability	132,878	134,302
Lease liabilities	27,587	30,190
Guarantees retained from contractors	1,611	1,074
Deposits from tenants	3,209	3,460
Trade and other payables	1,264	1,316
	1,810,889	1,469,958
Current liabilities
Interest-bearing loans and borrowings	8,674	24,304
Guarantees retained from contractors	3,363	4,754
Trade and other payables	45,722	44,633
Contract liability	1,790	1,824
Other current financial liabilities	1,221	1,498
Current portion of lease liabilities	2,084	1,887
Deposits from tenants	16,548	15,988
Provision for tenant lease incentives	634	1,353
Income tax payable	651	821
	80,687	97,062
Total equity and liabilities	3,690,813	3,481,687

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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