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GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
Earnings Release • Aug 26, 2020
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Earnings Release
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National Storage Mechanism | Additional information 
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: +40 732 800 000
Deputy Chief Investment Officer
Jefferies (Joint Broker) Tel: +44 20 7029 8000
Stuart Klein
Panmure Gordon (Nominated Adviser and Joint 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 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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