GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED

Major Shareholding Notification • Aug 30, 2019

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RNS Number : 6298K

Globalworth Real Estate Inv Ltd

30 August 2019

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.

30 August 2019

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 2019 during the week commencing 16 September 2019.  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 2019.

In addition, the Company is pleased to report its preliminary EPRA Net Asset Value as at 30 June 2019 to be €1,754 million or €9.05 per share.

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

Enquiries 

Andrew Cox                                                                                                                 Tel: +44 20 3026 4027

Head of Investor Relations & Corporate Development  

Jefferies (Joint Broker)                                                                                               Tel: +44 20 7029 8000

Stuart Klein

Panmure Gordon (Nominated Adviser and Joint Broker)                                    Tel: +44 20 7886 2500

Alina Vaskina/Justin Gulston

Milbourne (Public Relations)                                                                                    Tel: +44 7903 802545

Tim Draper

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 Romania and in Poland, where the Company has a >99% shareholding in Globalworth Poland, a pure-play Polish real estate platform listed on the Warsaw Stock Exchange. Globalworth acquires, develops and directly manages high-quality office and logistics/light-industrial real estate assets in prime locations, generating rental income from high quality tenants from around the globe. Managed by over 200 professionals across Romania and Poland, the combined value of its portfolio is over €2.7 billion, as at 31 December 2018 and proforma for subsequent acquisitions. Over 90% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of some 650 national and multinational corporates. In Romania, Globalworth is present in Bucharest, Timisoara and Pitesti, while in Poland its assets span Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice. 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 2019

		30 June  2019		30 June 2018
		Unaudited €'000		Unaudited €'000
Revenue		103,792		78,097
Operating expenses		(35,790)		(26,398)
Net operating income		68,002		51,699
Administrative expenses		(6,984)		(6,456)
Acquisition costs		(15)		(952)
Fair value gain on investment property		49,049		38,558
Gain on acquisition of subsidiaries		-		251
Share-based payment expense		(390)		(97)
Depreciation on other long-term assets		(159)		(179)
Other expenses		(6,548)		(1,494)
Other income		615		215
Foreign exchange loss		(553)		(883)
Gain from fair value of financial instruments		1,569		1,653
		36,584		30,616
Profit before net financing cost		104,586		82,315
Net financing cost
Finance cost		(22,629)		(20,505)
Finance income		1,691		1,425
		(20,938)		(19,080)
Share of profit of equity-accounted investments in joint ventures		4,384		717
Profit before tax		88,032		63,952
Income tax expense		(12,150)		(7,573)
Profit for the period		75,882		56,379
Other comprehensive income		-		-
Profit attributable to:		75,882		56,379
- Equity holders of the Company		69,902		49,766
- Non-controlling interests		5,980		6,613

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2019

		30 June  2019	31 December 2018
		Unaudited	Audited
		€'000	€'000
ASSETS
Non-current assets
Investment property- freehold		2,639,345	2,390,994
Investment property - leasehold		31,079	-
Goodwill		12,349	12,349
Advances for investment property		5,396	4,209
Investments in joint-ventures		48,183	38,316
Equity investments		9,483	8,837
Other long-term assets		1,520	1,035
Prepayments		1,409	1,472
Financial assets at fair value through profit or loss		2,854	2,829
		2,751,618	2,460,041
Current assets
Financial assets at fair value through profit or loss		20,402	12,878
Trade and other receivables		22,595	25,281
Contract assets		4,622	3,937
Guarantees retained by tenants		12	11
Income tax receivable		422	395
Prepayments		2,890	4,929
Cash and cash equivalents		396,271	229,527
		447,214	276,958
Total assets		3,198,832	2,736,999
EQUITY AND LIABILITIES
Total equity
Issued share capital		1,414,464	897,314
Treasury shares		(3,581)	(842)
Share-based payment reserve		31,778	2,117
Retained earnings		171,341	186,326
Equity attributable to equity holders of the Company		1,614,002	1,084,915
Non-controlling interests		1,186	212,407
		1,615,188	1,297,322
Non-current liabilities
Interest-bearing loans and borrowings		1,260,710	1,235,106
Deferred tax liability		116,428	106,978
Lease liabilities		28,990	-
Guarantees retained from contractors		621	693
Deposits from tenants		12,133	13,754
Provision for tenant lease incentives		602	780
Trade and other payables		1,557	694
		1,421,041	1,358,005
Current liabilities
Interest-bearing loans and borrowings		82,048	23,965
Guarantees retained from contractors		3,611	3,353
Trade and other payables		64,110	32,956
Contract liability		1,501	1,401
Other current financial liabilities		1,906	2,084
Deposits from tenants		4,777	2,241
Provision for tenant lease incentives		1,538	1,211
Current portion of lease liabilities		2,089	-
Dividends payable		26	10,731
Income tax payable		997	3,730
		162,603	81,672
Total equity and liabilities		3,198,832	2,736,999

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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