REG - Globalworth Real Est - Notice of Interim Results & Prelim Interim Info

Globalworth Real Estate InvestmentsAnnouncement

26/08/2020 07:00

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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