REG - Globalworth Real Est - Notice of Results & Preliminary H1 Financials

Globalworth Real Estate InvestmentsAnnouncement

30/08/2019 07:05

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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