REG - Globalworth Real Est - Publication of Annual Report and Date of AGM
25/03/2025 07:15
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RNS Number : 9732B Globalworth Real Estate Inv Ltd 25 March 2025
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
25 March 2025
Globalworth Real Estate Investments Limited
("Globalworth" or the "Company")
Audited Results for the year ended 31 December 2024,
Publication of Annual Report and
Notice of AGM
Globalworth, the leading office investor in Central and Eastern Europe,
announces that further to the publication on 11 March 2025 of its Preliminary
Financial Results for the year ended 31 December 2024 ("FY24"), it today
releases its Annual Report and Audited Consolidated Financial Results for FY24
("2024 Annual Report"), extracts from which are set out in the Appendix below.
The 2024 Annual Report is available on Globalworth's website,
www.globalworth.com (http://www.globalworth.com) under the Financial Reports
and Presentations section.
The Annual General Meeting of the Company ("AGM") will be held on 23 June 2025
at 9.00 a.m. British summer time at Fourth Floor, Plaza House, Admiral Park,
St Peter Port, Guernsey, GY1 2HU. The notice of this year's AGM will be
included in a separate circular to shareholders, will be issued to
shareholders and notified via RNS at least 10 clear days before the meeting,
and will also in due course be available on the Company's website in
accordance with AIM Rule 20.
For further information visit www.globalworth.com
(https://www.globalworth.com/) or contact:
Enquiries
Rashid Mukhtar Tel: +40 732 800 000
Group CFO
Panmure Liberum (Nominated Adviser and Broker) Tel: +44 20 7886 2500
Atholl Tweedie
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 properties in prime
locations, generating rental income from reputed tenants from around the
globe. Managed by over 250 professionals across Cyprus, Guernsey, Poland and
Romania the combined value of its portfolio is €2.6 billion, as of 31
December 2024. Approximately 98.5% of the portfolio is in income-producing
assets, predominately in the office sector, and leased to a diversified array
of over 650 national and multinational corporates. In Poland Globalworth is
present in Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice, while in
Romania its assets span Bucharest, Constanta and Craiova.
For more information, please visit www.globalworth.com
(http://www.globalworth.com/) and follow us on Facebook, Instagram and
LinkedIn.
Appendix
Our performance
Throughout 2024, Globalworth has successfully achieved key milestones aimed at
financial and portfolio optimisation. Our performance remained robust as we
have continued to focus on core- business resilience by implementing our
"local landlord" approach.
Operational Highlights
· The total combined portfolio value stood at €2.6 billion, 13.2% lower
compared to the end of previous year, mainly impacted by the disposal of
non-core assets.
- Like-for-like appraised value of standing commercial properties
slightly decreased to €2.4 billion, down 1.6% from 31 December 2023.
· We have successfully divested our interests in non-core assets with the
aim of deleveraging and liquidity enhancement:
- During the first quarter, we have sold Bliski Centrum in Warsaw, a
4.9k sqm office property, which we deemed a non-core asset due to its smaller
size;
- In May, we have sold our fully owned Romanian logistics portfolio
comprising facilities located in Timisoara, Arad, Oradea and Pitesti as well
as a majority stake in two small business units' projects in Bucharest;
- Furthermore, in July, we have disposed of our 50% share in
logistic assets in Romania which were owned via joint venture companies.
· Standing portfolio footprint registered a net reduction of 372.0k sqm,
bringing our standing- portfolio footprint down to 1.0 million sqm across 56
properties.
· During 2024 162.9k sqm of commercial space were leased or extended,
with an average WALL of 5.4 years, despite continued challenging market
conditions.
· The average occupancy of our combined standing portfolio was 86.7% as
of 31 December 2024, down 1.5% from 2023 year-end, mainly driven by the sale
of non-core assets having average occupancy higher than portfolio average.
- Like-for-like occupancy slightly increased with 0.8%, thanks to
positive evolutions for the assets that we own in Bucharest and Warsaw
· Annualised contracted rents decreased by 6.8% to €187.5 million,
driven by asset disposals
- Like-for-like annualised commercial contracted rents in our
portfolio increased by 4.5% to €177.6 million, mainly as effect of rent
indexation
- 99.3% of the rent comes from office and mixed- use properties
- 96.9% of contracted rent is active, with the remainder to commence
in the future
· Sustainability:
- 51 green-certified properties with a total value of €2.4 billion
in our portfolio
- We have certified or recertified 36 properties during the year
with BREEAM Excellent, LEED Gold or higher certifications
- Issued the Group's sixth sustainable development report
- Maintained our "low-risk" rating by Sustainalytics and "A" rating
by MSCI
Financial Highlights
Portfolio Open Market Value
€2.6bn
(13.2)% in 31 Dec. 2023
IFRS Earnings Before Tax
€(84.6)m
€(61.5)m in 2023
IFRS Earnings per Share
(31) cents
(22) cents in 2023
Shareholders' Equity
€1.5bn
(5.1)% on 31 Dec. 2023
Adjusted Normalised EBITDA
€126.2m
(3.9)% on 2023
EPRA Earnings per Share
21 cents
(16.0)% on 2023
EPRA NRV per Share
€5.89
(15.1)% on 31 Dec. 2023
Net Operating Income
€143.7m
(2.2)% on 2023
Revenues
€238m
(0.9)% on 2023
CEO Statement
Focused on core business resilience among signs of a recovering market
Dear Stakeholders,
For Globalworth, 2024 has been a transformative year. We have successfully
accomplished important milestones in strengthening our business and improving
our financial profile while remaining dedicated to our mission of providing
best-in- class spaces and services for our partners to grow.
Our unwavering focus on cutting-edge building technologies, towards enhancing
human connections, creativity and experiences, combined with a genuine care
for community wellbeing continued to make us a proud ally for the successful
development and prosperity of all our partners.
Throughout the year, Globalworth has maintained a robust performance while
implementing key initiatives aimed at liquidity enhancing and financial
management. Our predominantly office portfolio continued to be proactively
managed by applying our "local landlord" strategy with a keen eye towards
sustainability.
Shaping Our Business Amid a Gradual Market Recovery
In the preceding year, we have seen fading away the memory of a pandemic while
its legacy has, by now, been embedded into our lives. Trends like flexible
work, digital transformation, supply chain resilience and sustainability are
now common sense in most industries. Geopolitical tensions that sparked two
years after the pandemic have brought us inflation, high interest rates and an
overall uncertainty which translated into tightening credit conditions, but
now even those tensions have somehow cooled off.
Albeit trade frictions and geopolitical tensions will continue to weigh on the
world's economy, we have noticed, during the last 12 months, positive
macroeconomic policy changes, with inflation returning closer to long-term
targets and central banks reversing some of the interest rate hikes effected
in 2022 and 2023.
The European Union economy is set for a modest recovery in the year ahead,
with manufacturing and services still relatively weak in the face of strong
competition and high energy prices. Nevertheless, the economies of Poland and
Romania are, once again, poised to outperform the European average.
During these challenging times, Globalworth's performance remained resilient,
with our "hands-on" approach now focusing on both our core business and
financial discipline. This was the result of carefully considered initiatives,
including:
• The successful disposal of non-core assets which streamlined our
portfolio while safeguarding our liquidity
• Promoting our deleveraging strategy while proactively addressing our
debt maturities resulting in an improved debt maturity profile
• Ongoing investments and enhancement programmes aiming at value
preservation for our standing portfolio
• Maintaining a versatile capital structure, adaptable to evolving market
conditions
We are convinced that through our actions throughout 2024 we have improved our
business position in front of future challenges and opportunities, while
remaining the leading office landlord and a recognisable brand in our home
markets of Poland and Romania.
I would therefore like to extend my deepest appreciation to all our team
members for their unwavering commitment, enthusiasm, and dedication, without
whom our transformation would not have been possible. Furthermore, I wish to
express our sincere gratitude to our shareholders, partners, and communities
for their steadfast support and enduring confidence in the resilience of our
business and its inherent potential.
Evolving Property Portfolio
As of 31 December 2024, Globalworth's combined portfolio of standing
properties amounted to 1.0 million sqm of GLA, with the forthcoming completion
of refurbishment works at Renoma (Wroclaw, Poland) anticipated to contribute
an additional 48,300 sqm of high-quality GLA.
Globalworth's investment initiatives have also included enhancements to
existing properties, aiming to preserve and augment their value, generate
sustainable long-term income, and provide top-quality real estate spaces for
our business partners.
Globalworth's standing portfolio has an aggregate asset value of €2.6
billion as at the end of December 2024, having contracted by 13.2% compared to
the end of 2023, following the disposal of non-core assets during the year.
Resilient Leasing Activity and Occupancy
Our sustained and prospective achievements depend on our ability to lease
spaces within our portfolio. In 2024, amid continuing challenging market
conditions, we successfully negotiated the take-up or extension of 162,900 sqm
of commercial space, with an average Weighted Average Lease Length (WALL) of
5.4 years.
Letting activities were nearly evenly divided between renewals (accounting for
51.3% by GLA) and new contracts, including expansions by existing tenants
(48.7% by GLA). Notably, about 65% of our renewals were related to leases
maturing in 2025 or later, pointing to our ability to address, in advance,
lease maturities across our portfolio.
As of 31 December 2024, the occupancy rate of our combined commercial
portfolio was at 86.7%, marking a 1.5% decrease compared to 2023. However,
this decrease was mostly due to the sale of non-core assets having an average
occupancy of 93.1% as of the beginning of the year, better than the portfolio
average at that moment.
It is worth highlighting that the like-for-like standing occupancy of our
combined commercial portfolio was at 87.1%, a 0.8% increase compared to 31
December 2023.
Headline market rental rates across our portfolio started displaying an upward
pressure over the year, predominantly due to indexation, which is linked to
inflation, the stagnating supply of new office spaces, but also reinforced by
the prime quality of our properties, our proactive asset management
initiatives, and our dedication to sustainable development.
Total annualised contracted rent for our combined portfolio decreased by 6.8%
to €187.5 million, relative to year-end 2023, impacted by the contracted
rent in sold standing assets of €21.7m. Like-for- like annualised commercial
contracted rents in our combined standing commercial portfolio climbed by
4.5% to €177.6 million (€169.9m as of 31 December 2023) mainly as an
effect of rent indexation.
It is important to acknowledge that most of our tenants are large
multinational or national enterprises, and
the Group's rental income is well-diversified, with no excessive reliance on
any particular group or industry sector.
In both the Polish and Romanian markets, a general slowdown in office supply
contrasts with a sustained demand for such spaces, alongside other
contributing factors, including increasing office attendance, improving
investor sentiment, and the gradual easing of credit conditions. These
developments have the potential to drive genuine rental growth in the coming
period.
The divergence between A-grade properties with strong Environmental, Social,
and Governance (ESG) credentials and B-grade properties shall continue to be a
key theme from both investment and leasing perspectives, with such trends
benefiting our portfolio of high-quality properties.
As vacancy rates seem to have stabilised across Europe it is necessary to
recognise that various geographies pose different challenges as the
competition for securing reputed, blue-chip tenants remains strong, especially
in Poland's regional cities. This competitive landscape is likely to further
influence the level of effective rents achievable within the market and within
our portfolio.
Our Financial Results
Our rental income increased in standing properties and in properties under
refurbishment, on a like-for-like basis, with €1.5 million compared to last
year as an effect of indexation that partially offset by the reduced rates at
which existing leases were renewed for extended period or new leases were
signed. Also, net service charge result is €3.6 million lower than in prior
period of last year, compensated by increase in other income by €0.7 million
thus Net Operating Income is €137.6 million, €5.1 million higher when
compared to 2023. The positive results on standing properties are triggered by
increased occupancies, especially in our properties in Romania.
However, overall portfolio consolidated rental income decreased to €152.8
million, €7.6 million lower than 2023 due to sale of industrial portfolio in
July 2024. Consolidated net operating income reaching 143.7 million or €3.3
million lower than 2023.
Our adjusted normalised EBITDA reached €126.2 million, after deducting
recurring administrative and other expenditure categories. On a like-for-like
basis the adjusted normalised EBITDA is a healthy €120.0 million, €2.2
million higher than in 2023.
Undesirably, our net result for 2024 amounted to a net loss of €81.6
million. This result is triggered primarily by fair value loss recorded on
investment property, loss on sale of assets and share of loss on joint
ventures investments.
Dividend
During March 2024, we announced the second interim dividend of €0.11 per
share in respect of the twelve-month financial period ended 31 December 2023
with a scrip dividend alternative at a reference price of €1.96 per scrip
aimed at preserving liquidity. Approximately 98.7% of the shareholders elected
to receive scrip dividend shares thus resulting in only €0.4 million cash
dividend outflow.
Also, in August 2024, we announced the payment of an interim dividend in
respect of the six-month ended 30 June 2024 of €0.10 per ordinary share and
offers a scrip dividend alternative to the Interim Dividend.
Approximately 98.2% of the shareholders elected to receive scrip dividend
shares thus resulting in only
€0.4 million cash dividend outflow.
Balance Sheet
We are also executing our liability management strategy by extending near-term
facilities and progressively arranging new secured facilities with local and
regional banks in our markets. Our strong presence in the two capital cities,
Bucharest and Warsaw, with commercial buildings having an average occupancy
above 95% and high ESG credentials, provides us with a unique strength in
sourcing additional secured facilities in the short term.
For 2024 we had several notable events in terms of financing, that lead to a
decrease in total debt, as:
• We exchanged our existing €850 million Notes with New €640 million
Notes through an exchange exercise, we repaid €142.9 million from 18/25
Notes and €66.6 million from 20/26 Notes.
• Subsequently to the exchange, we redeemed additional €65 million
unsecured debt (24/29 New Notes €45 million and 24/30 New Notes €20
million) and we bought back additional €83.2 million unsecured debt (24/29
New Notes €38.2 million and 24/30 New Notes €45 million).
• Derecognised €97.5 million secured loans consequently to the disposal
of subsidiaries holding industrial properties
Following above corporate actions, the average debt maturity period improved
to 4.9 years (3.7 years as of 31 December 2023) This brought down our leverage
ratio to 38.1% (42.2% as of 31 December 2023) despite a 1% decline in the
value of our like-for-like standing commercial portfolio. This is consistent
with the Group's strategy to manage its long-term target LTV of around or
below 40%.
It is important to note that Globalworth has no material debt maturing until
2027, the extention of Helaba €100 million loan is under negotiation.
Additionally, as of 31 December 2024, we have €334 million in cash and cash
equivalents. We also have a further €115 million in undrawn debt facilities,
out of which €50 million is available until December, 2025.
The EPRA Net Reinstatement Value (NRV) as of 31 December 2024 was €1.64
billion, or €5.89 per share. This represents an 15.3% decrease from €6.94
per share on December 31, 2023. The decrease was primarily due to the issuance
of a €26.5 million scrip dividend shares during 2024, which diluted the NRV
per share as well as a valuation loss on the property portfolio in 2024. This
was partially mitigated by rental growth from indexation.
Fitch Ratings re-affirmed, in July 2024, Globalworth's investment grade rating
and improved the outlook
to stable following the annual review of our ratings. S&P Global Ratings
changed Globalworth's rating to BB stable following their recent annual review
in March 2025.
Sustainable Development
Our strategy for sustainable development revolves around the fundamental
tenets of "People, Places and Technology". We are committed to delivering
environmentally sound, safe buildings that cater to our occupiers'
requirements while ensuring that we continue to make positive contributions to
the communities we serve.
With this in mind, we have accepted the challenge of proactively managing the
consumption and associated carbon emissions produced during the construction
and operation of our properties. Our goal is to further minimise our carbon
footprint across the entire value chain, from areas directly within our
control to those managed by our tenants.
Our environmental target is to reduce GHG emissions intensity by 46% by 2030
compared to our 2019 baseline levels (for Scope 1 and 2) and to commit to
measuring and reducing Scope 3 emissions. As evidenced in our annual
Sustainable Development Reports we are taking several measures to ensure the
fulfilment of such targets.
With this in mind, we have accepted the challenge of proactively managing the
consumption and associated carbon emissions produced during the construction
and operation of our properties. Our goal is to further minimise our carbon
footprint across the entire value chain, from areas directly within our
control to those managed by our tenants.
We also certified or recertified 36 of our properties during the year, with
our green portfolio comprising 51 environmentally friendly properties valued
at €2.4 billion. I am delighted that 93.7% of our standing commercial
portfolio has been awarded high-level green certifications. Moreover, all our
standing office properties in Romania have been recertified with the WELL
Health-Safety Rating during the year, with several other properties receiving
additional certifications.
However, sustainable development is not merely restricted to green buildings.
Our comprehensive approach to ESG was further acknowledged by Sustainalytics
where we maintained our "Low Risk" rating and by MSCI, where we maintained our
"A" rating
Furthermore, we maintained our commitment to community support, endorsing more
than 29 initiatives in Romania and Poland.
Outlook
As we enter 2025, we are witnessing the first signs of improved investor
sentiment towards the office sector. While macroeconomic evolutions are
converging towards long-term targets, we expect an improved access to capital
markets for all the segments of the real estate market.
With vacancy rates stabilising, even improving in capital cities, and
considering a subdued office development activity for the foreseeable future,
real rental growth seems to be the logical consequence at least for class A,
prime office properties.
It is not yet clear what will drive interest towards office back to
pre-pandemic levels, whether it will be the overall occupational resilience of
the sector or the increased business confidence in a period of more stable
inflation and sustainable growth, maybe even the hopes of finding a solution
to the geopolitical tensions of the last few years.
Overall, both our markets of focus are poised to adapt to changing work
cultures and tenant expectations, with a notable emphasis on sustainability
and modern amenities. We have been witnessing the performance gap between
A-grade and B-grade properties increasing and we are cautiously optimistic for
the year ahead.
In this evolving environment, Globalworth will continue to keep its ESG
commitments, while following
the principles of resilient financial and operational policies and a capital
strategy that will drive us towards realising our full potential and
capitalising on future opportunities.
Dennis Selinas
CEO
24 March 2025
Portfolio Development and Evolution
Real estate activity focused on capital recycling and selective,
value-protecting investments
For Globalworth, 2024 was a transformative year. At the beginning of the year,
our Group's strategy was steered towards liquidity enhancing and proactive
financial management initiatives. As a result, we have embarked on a
deleveraging path sustained by our cash generation and by selective disposal
of non-core assets.
In parallel, we continued with our active investment and upgrade programme
focused on value preservation while progressing with the
refurbishment/repositioning of our two mixed-use properties in Poland,
investing over €52 million during the year.
Disposal of non-core assets
Over the past few years, we have strategically developed our high-quality
logistics portfolio designed to meet the evolving demands of modern supply
chains. These assets, strategically located, have attracted leading global
tenants, ensuring strong occupancy rates and resilient cash flows.
The sale of this portfolio marks the successful realisation of our investment
strategy. This transaction not only unlocked significant value for our
stakeholders but also reinforced the growing demand for high-quality logistics
assets in a rapidly evolving market.
Therefore, during May, we sold to CTP, one of the largest European owners of
logistics and industrial real estate, our fully owned logistics portfolio
comprising five logistics / light-industrial parks with ten facilities in
Timisoara, Arad, Oradea and Pitesti as well as a majority stake in two small
business unit projects in Bucharest. The disposal was in line with our focus
on enhancing liquidity, and reflective of the fact that logistics properties
are considered non-core assets of the Group's portfolio.
Fully owned logistics portfolio Timisoara Timisoara Industrial Industrial Pitesti Business Business Total
Industrial Industrial Park Park Industrial Park Park
Park I Park II West Arad West Oradea Park Chitila Stefanesti
Location Timisoara Timisoara Arad Oradea Pitesti Bucharest Bucharest Romania
No. of facilities 4 2 1 1 2 1 3 14
Globalworth share 100% 100% 100% 100% 100% 75% 75% > 50%
GLA (k sqm) 103.7 37.0 20.1 6.9 75.2 7.1 17.7 267.7
GAV (€ m; incl. lands) 68.6 31.2 17.7 6.7 59.2 7.3 15.9 206.6
Occupancy (%) 100.0 54.4 100 100 100 98.1 51.0 90.4
100% Rent (€ m) 5.0 1.8 1.3 0.5 4.6 0.6 1.3 15.0
Data as of 31 December 2023
Furthermore, in July, we disposed of our 50% interest in logistic assets in
Romania which were owned via joint venture companies (the "JV Portfolio") for
a total net consideration estimated at €57.0 million. The buyer was WDP, a
leading logistics real estate player based in Belgium.
JV portfolio Chitila Logistics Park Constanta Business Park Targu Mures Total
Logistics Hub
Location Bucharest Constanta Targu Mures Romania
No. of facilities 1 2 1 4
Globalworth share 50% 50% 50% 50%
GLA (k sqm) 77.0 41.1 18.3 136.4
GAV (€ m; incl. lands) 47.6 55.1 17.2 119.9
Occupancy (%) 90.9 99.8 100 94.8
100% Rent (€ m) 4.1 2.7 1.5 8.4
Data as of 30 June 2024, figures shown on 100% basis
Also, in the first months of the year, pursuing our liquidity enhancement
objectives, we have sold Bliski Centrum, an office building located in Warsaw,
with a total GLA of 4.9k sqm, which, due to its relatively small size was not
considered a core asset by the Group.
Ace of Space - Launching of Globalworth-Operated Flex Office Concept
During the first part of 2024, having in mind the widespread acceptance of the
hybrid work model across our markets of interest, especially in Poland, we
decided to meet the requests of our current and potential tenants by launching
our own version of a flexible office concept in Poland, which will be operated
through a special group entity, GW Flex Sp. Z.o.o., which will be leasing
spaces in our properties. This concept addresses tenants looking for smaller
but high-quality spaces, usually for the short and medium term, spaces that
offer all the amenities they seek to attract and retain talents and that
relate to their corporate identity.
As of 31 December, we had 13.0k sqm of GLA of flex office spaces across seven
properties in our Polish portfolio.
Out of the total flex office, only 8.9k sqm of spaces were operating and
available as of 31 December 2024, the rest being in the course of being fitted
out. The average occupancy of these operating flex office spaces operating at
the end of the year was 69.4%.
Globalworth Flex Office Portfolio Quattro Business Park Retro Office House Skylight & Lumen
Tryton Silesia Star Supersam Renoma Total
Location Gdansk Krakow Wroclaw Katowice Katowice Wroclaw Warsaw Poland
GLA (k sqm) 0.5 1.5 1.2 1.2 3.2 2.5 3.0 13.0
O/w Operating GLA (k sqm) 0.5 1.5 1.2 1.2 1.5 - 3.0 8.9
Occupancy (%) 71.0% 5.0% 59.0% 80.0% 45.7% 0.0% 87.0% 47.1%*
* Occupancy of the operating flex office spaces was 69.4% as of 31 December
2024
Review of Deliveries and Developments
At the beginning of the year, we had two logistic projects under construction,
of which Stefanesti Business Park was delivered and sold to CTP in the first
semester while Craiova Logistic Park was subsequently delivered in August.
From the two mixed-use properties under refurbishment at the start of the
year, we have completed the works in Supersam, with Renoma remaining to be
delivered.
Delivery Craiova Logistics Park
Location Craiova
GLA (k sqm) 5.9
Occupancy (%) 100
Development Cost (€ m) 4.5
GAV (€ m) 4.9
Contracted Rent (€ m) 0.4
100% Rent (€ m) 0.4
Yield on Development Cost 8.2%
In Poland the refurbishment of our iconic Renoma mixed-use asset is expected
to be finalised in the next few months with the repositioning of the property
now offering a more attractive food court and an increase in office GLA
compared to pre-refurbishment status.
Delivery Renoma
Location Wroclaw
Status Refurbishment/Repositioning
Expected Delivery H1-2025
GLA - on Completion (k sqm) 48.3
CAPEX to 31 December (€ m) 23.8
GAV (€ m) 110.9
Estimated CAPEX to Go (€ m)* 6.0
ERV (€ m) 9.7
Estimated Yield on Completion of Project** 8.9%
* Estimated CAPEX to Go partially excludes tenant contributions which are
subject to negotiation and may impact the final yield on Completion of the
Project.
** Estimated Rental Value increase versus current Contracted rent + ERV on
vacant spaces divided by total Development CAPEX.
Standing Properties Operation
Offering best-in-class real estate space to our business partners is a key
component of our strategy at Globalworth.
We believe that through a "hands-on" approach with continuous active
management and investment in our portfolio, we can preserve and enhance the
value of our properties, generate long-term income, and offer best- in-class
real estate space to our business partners.
To be able to provide spaces for our current and future business partners'
requirements, we keep (re)investing in our properties, maintaining and, where
required, improving the quality of our buildings and our services.
We manage all our properties in Poland internally, and in Romania, we manage
all but one of our offices in- house. This translates to 955.6k sqm of
high-quality commercial spaces with an appraised value of €2.3 billion
internally managed by our team.
Internally Managed Commercial Portfolio as at 31 Dec. 2024 Poland Romania Group
GLA (k sqm) 530.4 425.2 955.6
% of Commercial GLA 100% 90% 95%
% of Office and Mixed-Use GLA 100% 91% 96%
GAV (€ m) 1,286.8 1,053,4 2,340.2
% of Commercial GAV 100% 92% 96%
% of Office and Mixed-Use GAV 100% 93% 97%
In 2024, we invested €46.0 million in select improvement initiatives in our
standing commercial portfolio. As a result of our continuous investments, we
hold a modern portfolio with 36 of our standing commercial properties,
accounting for c. 70% by value, having been delivered or significantly
refurbished in the last 10 years.
Future Developments
We own, directly or through JV partnerships, other land plots in prime
locations in Bucharest, regional cities in Romania and Poland, covering a
total land surface of 0.3 million sqm (comprising 1.5% of the Group's combined
portfolio value), for future developments of office, industrial or mixed-use
properties. When fully developed, these land plots have the potential to add a
total of a further 224.5k sqm of high-quality GLA to our standing portfolio
footprint.
These projects, which are classified as "Future Development", continue to be
reviewed by the Group, albeit periodically, with the pace at which they will
be developed subject to tenant demand and general market conditions.
Future Developments Podium Park III Green Court D Globalworth West Constanta Business Park Luterana
(Phased)*
Location Krakow Bucharest Bucharest Constanta Bucharest
Status Constr. Postponed Constr. Postponed Constr. Postponed Planned Planned
GLA (k sqm) 17.7 17.2 33.4 129.8 26.4
CAPEX to 31 Dec 24 (€ m) 8.5 3.3 5.2 3.3 7.4
GAV (€m) 6.3 7.1 6.0 7.9 12.3
Estimated CAPEX to Go (€m) 29.7 38.9 38.5 60.2 39.7
ERV (€m) 3.1 4.3 5.2 6.9 6.7
Estimated Yield on 8.1% 10.2% 13.3% 10.9% 14.3%
Development Cost
* 50:50 Joint Venture; figures shown on 100% basis.
** Preliminary development budgets on future projects, to be revised prior to
permitting or construction start.
Asset Management Review
Proactively managing our real estate portfolio
Leasing Review
We are present in six of the seven largest office markets in Poland, and in
Bucharest, the largest office market of Romania. These office markets provide
corporations with the necessary infrastructure for them to operate and offer
people interesting opportunities for them to grow professionally and
personally.
We remain strong believers that offices are an integral part of the economic
life of a region, growing together
with the communities they serve while providing spaces for creativity to
flourish and for genuine human
connections to be nurtured. By fostering collaboration, innovation, and a
sense of belonging, offices become
more than just workplaces - they evolve into hubs of inspiration where ideas
take shape, relationships
deepen, and collective progress thrives.
Since the start of the decade the world has been shaped by a pandemic which
triggered a change in the way we work, and how businesses are conducted,
highlighting the importance of the long-forgotten worklife balance. Just when
the markets were recovering from this, geopolitical tensions erupted in our
vicinity as the Ukraine war pushed prices, rates and overall volatility to
historic heights.
We are now seeing a reshaping of the traditional office into friendlier
workspaces focused on wellbeing, innovation and human connection. Most of our
large multinational and national tenants have adopted a hybrid work model best
suited to their organisational values and are increasingly using the
state-of-the-art spaces we, at Globalworth, provide.
Affected by uncertainty and a reshaping role for the office industry, we have
witnessed, in recent years, a decrease of development activity limiting new
supply in our markets. This has put pressure on rents as demand is returning
to previous levels. All this has led to a visible and still widening gap
between A-grade properties with strong ESG credentials and B-grade properties.
New leases
Our principal focus is to ensure high usage of our spaces by proactively
renewing our leases with existing tenants and the take-up of available spaces
in our standing properties and developments.
In the 12 months of 2024, the Group successfully negotiated the take-up
(including expansions) or extension of 162.9k sqm of commercial spaces in
Poland (61.8% of transacted GLA) and Romania (38.2% of transacted GLA), with
an average WALL of 5.4 years. Our leasing activity in 2024 was almost equally
split between new take-up of available spaces, with such leases accounting for
48.7% of our total leasing activity being signed at a WALL of 6.3 years and
renewals accounting for 51.3% signed at a WALL of 4.8 years.
In total, we signed new take-up (incl. expansions) in our portfolio for 79.3k
sqm of GLA, with the majority involving spaces (56.3%) leased to new tenants,
and the remaining areas being taken up by existing tenants
which were expanding their operations.
• New leases were signed with 55 new tenants for 44.6k sqm of GLA at a
WALL of 6.6 years. The majority were for office spaces, accounting for 93.6%
and the remainder involving retail/other commercial spaces.
• In addition, 47 existing tenants choose to expand their spaces by 34.7k
sqm at an average WALL of 5.9 years.
Selected Take-up Leases Signed in 2024 City Property GLA
Deutsche Bank Technology Bucharest (RO) BOB Tower 6.9k
Banca Transilvania Bucharest (RO) Green Court Complex 4.9k
Jaral Poland Katowice (PL) Silesia Star 3.9k
Noble Drilling Gdansk (PL) Tryton Business Tower 2.8k
Clever Media Network Bucharest (RO) BOC Tower 2.0k
We also renewed leases for a total of 83.6k sqm of GLA with 76 of our tenants
at a WALL of 4.8 years. It is important to note that c.65% (by GLA) of these
renewals were for leases that were expiring in 2025 or later.
Selected Leases Extensions Signed in 2024 City Property GLA
Vodafone Romania Bucharest (RO) Globalworth Tower 12.1k
FMC Technologies Krakow (PL) Podium Park 6.9k
Infor Plska Wroclaw (PL) Retro Office House 4.9k
Garret Motion International Services Bucharest (RO) Globalworth Campus 4.5k
Solid Group Warsaw (PL) Batory Building 3.3k
Summary Leasing Activity for Combined Portfolio in 2024 GLA (k sqm) No. of Tenants* WALL (yrs)
New Leases (incl. expansions) 79.3 97 6.3
Renewals/Extensions 83.6 76 4.8
Total 162.9 157 5.4
* Number of individual tenants
Rental Levels
Starting in the last 12 to 18 months, headline rental levels have been
displaying an upward pressure mostly influenced by indexation, but also by the
limited new supply of high-quality spaces coming into the market. We expect
this trend to continue, despite challenges in the market, but with different
impact depending on the location, ESG credentials and office asset class.
Most of our leases typically adjust to inflation annually, in the first
quarter of the year, with eligible leases indexed at an average of 5.1% in
2024. This positive impact is also combining with the rates at which leases
were renewed, or new leases signed, and is reflected in the evolution of our
average rents. The evolution of retail average headline rent was further
impacted by the delivery of our mixed-use asset Supersam (Katowice, PL) which
has undergone refurbishment works in previous years.
At the end of December 2024, our average headline rents in our standing
properties for office and retail spaces were €15.9/sqm/month (€15.0 at
YE-2023) and €16.2/sqm/month (€16.7 at YE-2023) respectively.
Average Portfolio Headline Rents in Standing Portfolio (€/sqm/m) 31 Dec. 2024 31 Dec. 2023 Change (%)
Office 15.9 15.0 5.5%
Retail/Commercial 16.2 16.7 -2.8%
Rental levels can vary significantly between types of spaces, buildings and
submarkets. Leases signed in 2024 were at €15.7/sqm/m, 6.2% higher than the
previous year Group averages.
Average Headline Rents of New Leases Signed (€/sqm/m) 31 Dec. 2024 31 Dec. 2023 Change (%)
Office 15.9 14.8 7.5%
Retail/Commercial 14.3 16.2 -12.1%
Average 15.7 14.8* 6.2%
* Adjusted to exclude influence of leases signed for industrial spaces in 2023
Contracted Rents (on annualised basis)
Total annualised contracted rent across our portfolio in Poland and Romania
decreased by 6.8% to €187.5 million compared to year-end 2023, driven mainly
by the disposal of non-core assets during the year and, to a lesser extent, by
positive indexation impact and leasing activity in our projects.
Total annualised contracted rents in our standing commercial portfolio were
€181.2 million at 31 December 2024, down 5.4% compared to 31 December 2023,
increasing to €187.3 million when including rental income contracted in
Renoma, our mixed-use property in Wroclaw, currently under refurbishment.
Like-for-like annualised commercial contracted rents in our standing
commercial portfolio increased by 4.5% to €177.6 million at the end of
December 2024 compared to the same period in 2023 (€169.9 million), mainly
as an effect of rent indexation.
Annualised Contracted Rent Evolution 2024 (€m) Poland Romania Group
Rent from Standing Commercial Properties ("SCP") 31 Dec. 2023 86.6 105.1 191.5
Less: Assets Sold (1.1) (20.5) (21.7)
Rent from SCP Adj. for Properties Sold 85.3 84.6 169.9
31 Dec. 2023
Less: Space Returned (8.0) (3.8) (11.9)
Plus: Rent Indexation 3.3 3.2 6.5
Plus/Less: Lease Renewals (net impact) & Other (0.0) (0.3) (0.3)
Plus: New Take-Up 7.5 5.9 13.4
Total L-f-L Rent from SCP 31 Dec. 2024 88.1 89.5 177.6
Plus: Developments Completed During the Period 3.3 0.4 3.6
Total Rent from Standing Commercial Properties 91.3 89.9 181.2
Plus: Residential Rent - 0.3 0.3
Total Rent from Standing Properties 91.3 90.1 181.5
Plus: Active and Pre-lets of Space on Projects Under Development/Refurbishment 6.1 - 6.1
Total Contracted Rent as at 31 Dec. 2024 97.4 90.1 187.5
Combined Annualised Commercial Portfolio Contracted Rent Profile as at Poland Romania Group
31 Dec. 2024
Contracted Rent (€ m) 97.4 89.9 187.3
Tenant origin - %
Multinational 65.5% 80.8% 72.8%
National 33.2% 17.4% 25.6%
State Owned 1.3% 1.8% 1.6%
Note: Commercial Contracted Rent excludes c.€0.3 million from residential
spaces as at 31 December 2024
Annualised Contracted Rent by Period of Commencement Date as at 31 Dec. 2024 Active Leases H1-2025 H2-2025 >2025 Total
(€m)
Standing Properties 176.1 5.4 - - 181.5
Developments 5.6 0.5 - - 6.1
Total 181.7 5.9 - - 187.5
Annualised Commercial Portfolio Lease Expiration Profile as at 31 Dec. 2024
(€m)
Year 2025 2026 2027 2028 2029 2030 2031 2032 2033 >2033
Rent 14.2 17.9 23.6 24.5 30.8 31.2 16.0 8.9 3.6 16.7
% of total 7.6% 9.5% 12.6% 13.1% 16.4% 16.7% 8.5% 4.8% 1.9% 8.9%
The Group's rent roll across its combined portfolio is well diversified, with
the largest tenant accounting for 3.8% of contracted rents, while the top
three tenants account for 9.7% and the top 10 account for 23.4%.
Cost of Renting Spaces
Renting spaces typically involves certain costs, such as rent-free periods,
fit-outs for the space leased, and brokerage fees, which the landlord incurs.
These incentives can vary significantly between leases and depend on market
conditions, type of lease signed (new take-up or lease extension), space
leased (office, industrial, other), contract duration and other factors.
While headline (base) rents present the reference point typically communicated
in the real estate market when referring to the level at which lease contracts
are expected to be signed or are signed, the effective rent is a more useful
indicator of a rental agreement's profitability.
In calculating our effective rent, we account for the costs incurred over the
lease's lifetime, which we deduct from the headline (base) rent, thus allowing
us to assess the profitability of a rental agreement. To analyse the effective
rent more accurately in this period we excluded short-term leases, leases
signed with Group entities for flexible office spaces and leases signed or
renewed as part of our ESG commitments.
Overall, in 2024, we successfully negotiated the take-up (including
expansions) or extension of 147.2k sqm of commercial spaces in our portfolio
(excluding the above-mentioned specific leases). The weighted average
effective rent for these new leases was €11.5/sqm/month with a WALL of 5.3
years.
The difference between headline (base) and effective rents in 2024 was, on
average, 27.1%, slightly higher compared to the level recorded in FY2023
(average of 26.2%), continuing to reflect a challenging market. However,
considering the sale of our industrial portfolio, when excluding discounts
related to the 2023 industrial leasing activity, our 2023 adjusted average
discount ends up at 28.6%, which compared to the 2024 level is highlighting a
decrease of such incentives during the last 12 months for our office and
mixed-use portfolio.
In total, new leases signed during the year will generate a future rental
income of €177.5 million (including auxiliary spaces and revenues from flex
offices), with leases from office properties accounting for 87.2% of future
rental income.
Weighted Average Effective Rent (€ / sqm / m) - Leases signed in 2024 Poland Romania Group
Headline Commercial Rent 16.1 15.2 15.7
Less: Rent Free Concessions (2.3) (1.2) (1.8)
Less: Tenant Fitouts (2.4) (1.4) (1.9)
Less: Broker Fees (0.6) (0.5) (0.5)
Effective Commercial Rent 10.8 12.0 11.5
WALL (in years) 4.6 6.3 5.3
Portfolio Valuation
In line with our practice of biannual valuations, we valued our entire
portfolio in Poland and Romania as of 30 June and 31 December 2024.
The valuations were performed by Knight Frank for our properties in Poland,
with Colliers and Cushman &
Wakefield valuing our properties in Romania (more information is available
under note 3 of the audited annual
condensed consolidated financial statements as of and for the period ended 31
December 2024).
Assigning the appraisal of our portfolio to three independent and experienced
service providers makes the process of determining the value of our properties
transparent and impartial. Through our oversight, we ensure
that a consistent methodology, reporting, and timeframe are respected.
The main drivers in the evolution of our portfolio value since the inception
of the Group have been:
• Acquisition or development of high-quality properties in our markets;
• Selective disposal of non-core assets aimed at maintaining an excellent
financial and operational performance;
• Active asset management of the properties; and
• The performance of the real estate markets in which we operate.
Our portfolio, since the inception of the Group, had grown to reach €3.2
billion as of 31 December 2022,
following a series of acquisitions and development of high-quality office and
logistics / light industrial assets in
Poland and Romania.
Starting with the early 2020s (affected by the pandemic and geopolitical
tensions), the office market began a
visible transformation characterised by the spread of hybrid work while
differentiation between class A and class B properties became more obvious.
Therefore, our focus has switched to preserving the value of our core assets
through selective investments and
disposals of non-core assets. Consequently, during the first seven months of
2024, we have successfully sold to
reputed logistic investors our interests in the logistics / light industrial
portfolio that we owned at the end of 2023.
As such, the portfolio's third-party appraised value at 31 December 2024 was
estimated at €2.6 billion, which
was 13.2% lower compared to the end of 2023, being mainly impacted by the sale
of assets. During the year we
have sold assets worth €353.4 million, out of which €234.2 million were
fully owned assets and €119.2 million
were assets owned through joint ventures. The like-for-like decrease of
standing commercial assets owned
throughout the year was €38.9 million meaning 1.6% compared to the values at
the end of 2023.
In valuing our properties, key market indicators used by our independent
appraisers, although they vary, consider factors such as the commercial
profile of the property, its location and the country in which it is situated.
As at 31 December 2024 and throughout the year, third-party appraisals
continued to be impacted by high
inflation and interest rates, albeit with a smaller influence compared to the
year before. We have started to notice a slight positive trend of rental
prices and we are anticipating more positive changes linked to discount rates
and exit yields, conditioned by positive capital market evolutions.
Combined Portfolio Value Evolution 31 Dec. 2024 (€m) Poland Romania Group
Total Portfolio Value at 31 Dec 2023 1,474.8 1,520.0 2,994.8
Less: Properties Held in Joint Venture* (129.0) (129.0)
Total Fully Owned Portfolio at 31 Dec 2023 1,474.8 1,391.0 2,865.8
Plus/Less: Transactions (12.4) (221.8) (234.2)
o/w New Acquisitions - - -
o/w Disposals (12.4) (221.8) (234.2)
Plus: Capital Expenditure 18.7 33.4 52.2
o/w Developments 3.5 2.7 6.2
o/w Standing Properties 15.3 30.7 46.0
o/w Future Developments - - -
Plus/Less: Net Revaluations Adjustments (77.1) (14.8) (91.9)
o/w Developments/Re-developments (5.8) (0.6) (6.4)
o/w Standing Properties (71.3) (14.0) (85.3)
o/w Lands, Future Developments & Acquisitions - (0.2) (0.2)
Total Fully Owned Portfolio at 31 Dec. 2024 1,404.0 1,187.8 2,591.8
Plus: Properties Held in Joint Venture* - 7.9 7.9
After Disposals in the Period - (119.2) (119.2)
After Net Revaluation Adjustments - (1.9) (1.9)
Total Portfolio Value at 31 Dec. 2024 1,404.0 1,195.7 2,599.7
Total Fully Owned Portfolio at 31 Dec. 2024 1,404.0 1,187.8 2,591.8
* Properties held through joint ventures are shown at 100%, Globalworth owns a
50% stake in the respective joint ventures
Note: Certain casting differences in subtotals / totals are due to figures
presented in 1 decimal place
Standing Portfolio Review
We operate best-in-class real estate spaces in Poland and Romania
We provide our business partners with high-quality spaces in major real estate
markets in Poland and Romania that are sustainable, technologically advanced,
and custom fitted to their requirements, offering premium services to allow
businesses to succeed.
Following disposal of non-core assets during the year, our high-quality
standing portfolio GLA decreased
to 1.0m sqm, being valued at €2.4 billion as of 31 December 2024.
By effectively managing our real estate portfolio, we aim to offer our
investors an efficient gateway to the two largest markets in Central and
Eastern Europe.
Standing Portfolio Evolution
The footprint of our standing commercial portfolio decreased during 2024
mainly due to successful disposal of our industrial/light logistics portfolio.
We considered these assets, together with a small office building located in
Warsaw, which was sold in the first months of the year, as non-core assets,
therefore the divestment decision was made having in mind our deleveraging and
liquidity enhancement strategy.
During the first half of the year, we completed the refurbishment works in
Supersam, our mixed-use property in Katowice, Poland and, later, in August, we
delivered our first logistics/light industrial facility in Craiova, Romania,
this being the only such logistic property still owned by the Group as of 31
December 2024.
Overall, our standing portfolio predominantly comprises 28 Class "A" offices
(48 properties in total) and two mixed-use investments (with six properties in
total) in central locations in Bucharest (Romania),
Warsaw (Poland) and five of the largest office markets/ cities in Poland
(Krakow, Wroclaw, Katowice, Gdansk and Lodz), which in total account for 98.5%
of our standing portfolio by value.
During the year, our standing commercial portfolio's total GLA decreased by
363.7k sqm or 26.6% to reach 1,003.7k sqm at the end of December 2024 as the
sale of our industrial portfolio has driven down our total GLA with 390.7k sqm
of GLA
Globalworth Combined Standing Portfolio: 2024 Evolution
Total Standing YE 2023 1,386.0k sqm
of which Standing Commercial YE 2023 1,367.4k sqm
+ Supersam / Completion of refurbishment works in mixed-use property +26.7k sqm
(Katowice, Poland)
+ Craiova Logistic Park / Delivery of logistic facility (Craiova, Romania) +5.9k sqm
− Sale of fully owned Romanian Industrial Portfolio −254.3k sqm
− Sale of JV-owned Romanian Industrial Portfolio −136.4k sqm
− Sale of Bliski Centrum / small non-core office property (Warsaw, Poland) −4.9k sqm
+/− Net remeasurement adjustments & other (RO & PL) −0.6k sqm
Standing Commercial YE 2024 1,003.7k sqm
Upground residential in Bucharest (RO)* 10.2k sqm
Total Standing YE 2024 1,014.0k sqm
* In 2024, units with 8.4k GLA were sold in our Upground residential complex.
Standing Portfolio Value at €2.4bn
The appraised value of our combined standing portfolio as of 31 December 2024
was €2.4 billion (more than 99% in commercial properties) which was 10.5%
lower compared to 31 December 2023. This overall decrease is mainly
attributable to the sale of our standing industrial portfolio (valued at
€275.7 million as of 31 December 2023), while other sales and deliveries in
the period and negative revaluation differences had a much lower impact in the
overall evolution of our standing portfolio value.
The value of like-for-like standing commercial properties decreased by 1.6% as
of 31 December 2024 compared to the prior year, with our assets showing a
mixed evolution depending on location, leasing performance and other real
estate factors.
Globalworth Combined Standing Portfolio: 2024
Evolution
GAV - 31 December 2023 €2,736.4m
Like for Like Change* −€39.4
Acquisitions of Properties -
Delivery/Refurbishment of Properties +€55.5m
Sales −€303.3
GAV - 31 December 2024 €2,449.2m
* Like-for-Like change represents the changes in value of standing properties
owned by the Group both at the beginning and at the end of the reporting
period.
Like-for-Like Occupancy Slightly Improving
Our standing commercial portfolio's average occupancy as of 31 December 2024
was 86.7%, representing a 1.5% decrease over the previous 12 months (88.3% as
of 31 December 2023).
This decrease is mainly attributable to the sale of non-core assets during the
year which had an average occupancy of 93.1% as at the beginning of the year
and their disposal had a negative impact of 2.0% on our standing commercial
occupancy. The addition of our Supersam mixed-use asset (Katowice, Poland) and
Craiova Logistic Park (Craiova, Romania) to our standing commercial portfolio
further negatively impacted occupancy with another 0.4%, the average occupancy
of the two properties being 75.7% as of 31 December 2024.
On a like-for-like basis, occupancy increased with 0.8% to 87.1% at the end of
the year, due to positive net take- up in our capital cities office properties
amid signs of recovering demand for prime office spaces.
Across our standing portfolio, at 31 December 2024, we had 870.7k sqm of
commercial GLA leased to more than 600 tenants at an average WALL of 4.6
years, the majority of which is let to national and multinational corporates
that are well-known within their respective markets.
Occupancy Evolution 2024 (GLA 'k sqm) - Commercial Portfolio
Poland Occupancy Rate (%) Poland Occupancy Rate (%) Group Occupancy Rate (%)
Standing Available GLA - 31 Dec. 23 508.5 859.0 1,367.4
Sold GLA (4.9) (390.7) (395.7)
New Built / Redeveloped GLA 26.7 5.9 32.6
Remeasurements, 0.2 (0.8) (0.6)
reclassifications
Standing Available GLA - 31 Dec. 24 530.4 473.3 1,003.7
Occupied Standing GLA 403.4 79.3% 803.5 93.5% 1,206.9 88.3%
- 31 Dec. 23
Sale of Occupied GLA (4.8) (363.7) (368.5)
Acquired/Developed Occupied GLA 18.8 5.9 24.7
Expiries & Breaks (43.1) (22.5) (65.6)
Renewals 49.0 27.5 76.4
New Take-Up 37.7 34.7 72.4
Other Adj. (relocations, remeasurements, etc.) 0.4 0.3 0.7
Occupied Standing GLA - 31 Dec. 24 412.5 77.8% 458.3 96.8% 870.7 86.7%
Not included in our standing portfolio metrics are the 30.5k sqm leased in
Renoma, our mixed-use property which is currently under
refurbishment/repositioning.
Standing Portfolio Snapshot
As of 31 December 2024, our combined standing portfolio comprised 32
investments (41 on 31 December 2023) with 56 buildings (71 on 31 December
2023) in Poland and Romania. The appraised value of our standing portfolio was
€2,449.2 million, of which 92.9% was green-certified.
Globalworth Combined Portfolio: Key Metrics 31 Dec. 2022 31 Dec. 2023 31 Dec. 2024
Total Standing Properties
Number of Investments 41 41 32
Number of Assets 71 71 56
GLA (k sqm) 1,405.6 1,386.0 1,014.0
GAV (€ m) 2,893.6 2,736.4 2,449.2
Contracted Rent (€ m) 182.0 192.0 181.5
Of which Commercial Properties 31 Dec. 2022 31 Dec. 2023 31 Dec. 2024
Total Standing Properties
Number of Investments 40 40 31
Number of Assets 70 70 55
GLA (k sqm) 1,383.2 1,367.4 1,003.7
GAV (€ m) 2,850.6 2,700.0 2,428.5
Occupancy (%) 85.6% 88.3% 86.7%
Contracted Rent (€ m) 181.3 191.5 181.2
Potential rent at 100% occupancy (€ m) 211.4 217.7 205.5
WALL (years) 4.4 4.9 4.6
GW Green CAPEX Programme
HVAC
Upgrade HVAC systems in all buildings at the same level of energy efficiency,
technology and comfort
Automations
A fully integrated Building Management System is implemented for all the
sub-systems installed into the building
Electrical & Green Energy
LED lighting systems for underground parking and for all buildings' common
areas, solar photovoltaic panels and electric charging stations
Operation Efficiency
Metering for large equipment, façade repairs, roof hydro insulation
refurbishment
Common & Outdoor Areas
Landscaping & exterior green areas refurbishment, renovation of common
areas, restrooms and cyclist changing rooms
CAPEX programme
GW Green CAPEX Programme
HVAC Automations Electrical & Green Energy Health & Operational Efficiency Common & outdoor areas CAPEX programme
Safety
Romania total spent 2024 €m 2.7 3.6 0.5 3.4 2.6 1.0 13.8
Poland total spent 2024 €m 0.9 0.8 0.3 0.1 0.9 5.3 8.5
Total 3.6 4.6 0.8 3.5 3.5 6.3 22.3
Capital Markets Review
Focusing on financial discipline and proactive capital strategy
Equity Capital Markets Review
After a period of tightening credit conditions that impacted real estate
capital flows, we are now witnessing the first signs of a gradual
normalisation in both global and European economies. Despite economic
uncertainty and high interest rates, the CEE real estate market remained
attractive due to its solid fundamentals, resilient demand in key sectors, and
competitive yield profiles compared to Western Europe.
Real estate valuations, especially for the office sector, continued to be
approached with a slight conservative view, however, positive signs such as
the upward trend of headline rents started to show up during the last 12
months, sustained by inflation and limited supply. Therefore, investor
sentiment towards the sector is expected to change for the better and we are
hopeful that valuation variables will incorporate these evolutions in the
following period.
Since 2021, Globalworth has been controlled by Zakiono Enterprises Ltd, which
is jointly and equally owned by CPI Property Group S.A. ("CPI") and Aroundtown
SA ("Aroundtown"), currently holding 60.9% of the share capital of the Group.
In addition, Growthpoint Properties Ltd has 29.6% and Oak Hill Advisors 4.7%;
thus, the effective trading free float by the end of 2024 and the years before
was kept to limited levels.
As of 31 December 2024, it is essential to place Globalworth's share price
performance in the context of the prevailing macroeconomic landscape.
Throughout the year, the FTSE EPRA Developed Europe and the FTSE EPRA Global
indices demonstrated mixed evolutions of −6.5% and +9.9%, respectively, for
the 12 months starting on 1 January 2024. Globalworth's share price displayed
an increase of +3.5% but we acknowledge the fact that our share evolutions are
also impacted by the limited free float of the Group's share.
During the year our share price has been trading consistently below its
reported 31 December 2023 and 30 June 2024 EPRA NRV levels of €6.94 and
€6.24 / share, respectively, reaching its lowest closing price on 14 October
at €2.31 per share and its highest price on 16 January at €3.07 per share.
Considering our strategy of deleveraging and cash enhancement, as a measure of
safeguarding cash resources of the Company, the Group has offered, during the
year, scrip dividend alternatives to the shareholders, meaning that they could
elect to receive newly issued shares at a pre-determined price instead of
cash. As a result, for each of the two dividend payments during 2024,
shareholders representing more than 98% of the total issued share capital have
elected to receive the scrip dividend alternative, emphasising the strong
shareholder support for the Company.
Globalworth shareholding 31 Dec. 2024 31 Dec. 2023
CPI Together: Zakiono Enterprises
Aroundtown 60.9% 60.8%
Growthpoint Properties 29.6% 29.5%
Oak Hill Advisors 4.7% 5.3%
Other 4.8% 4.4%
Basic data on Globalworth Shares
(Information as at 31 Dec 2024)
Number of Shares 278.7m
plus
0.8m
shares
held in
treasur
y
Share of Capital €1.8bn
WKN / ISIN GG 00B979FD04
Symbol GWI
Free float 7.2%
Exchange London AIM
Globalworth Share Performance 2024 2023
Market Capitalisation (€ million) - 31 Dec 747 653
31-Dec Closing Price (€) 2.68 2.59
52-week high (€) 3.07 3.73
52-week low (€) 2.31 2.05
Dividend paid per share (€) 0.21 0.29
Globalworth FY-2024 Share Price Performance
Bonds Update
We finance ourselves through a combination of equity and debt, and we compete
with many other real estate companies for investor trust to support our
initiatives.
To issue Eurobonds efficiently and benefit from market opportunities, we have
established a Euro Medium Term Notes (EMTN) programme in 2018, allowing the
Group to issue up to €1.5 billion of bonds. From this
programme, €950 million was raised through bonds issued in March 2018 and
July 2020 (inaugural green bond), with maturities in 2025 and 2026.
At the beginning of 2024, our two Eurobonds outstanding totalled of €850
million, and together with the €85 million unsecured facility granted by IFC
in June 2022 made most of our debt structure. Faced with high interest
rates, investor risk aversion and the two significant bond maturities, we had
embarked on a complex refinancing and deleveraging process.
The successful negotiation and implementation of the bond exchanges, completed
in the first part of the year, were crucial in resolving near-term debt
maturities and enhancing the Company's financial position.
As a result, we have exchanged our outstanding €450 million Notes due in
2025 and €400 million Notes due in 2026 with €307 million green Notes due
in 2029 and €333 million green Notes due in 2030 at a coupon of
6.25%, therefore repaying €210 million to our bondholders from our own cash
sources. Furthermore, following the completion of the sale of our fully owned
industrial portfolio, we have redeemed at par an additional
€65 million in accordance with the terms and conditions of our new
outstanding bonds.
Post-June 2024, continuing this deleveraging path, the Group launched an offer
to buy back up to €60 million of the outstanding bonds, which was further
increased and successfully settled in July by accepting €83 million,
resulting in the aggregate value of our two outstanding bonds decreasing to
€492 million. This proactive approach to managing debt and liquidity
underscores GWI's commitment to maintaining financial health and strategic
flexibility in an evolving market landscape.
Globalworth is rated by two of the three major agencies, with Fitch
maintaining their investment credit rating following their review of the Group
and improving the outlook to stable while S&P changed Globalworth's rating
to BB stable in March 2025 following their annual review.
Since issuance in April, our bonds' performance has been stable as the bond
exchange milestone has brought stability and predictability while positioning
our company well to capitalise on future emerging opportunities. On average,
our 24/29 and 24/30 bonds traded at 97.9% and 95.9% respectively, during the
period. By the end of the year our yield to maturity has moved closer to our
nominal coupon, closing at 6.4% and 6.5% on 31 December 2024.
S&P Rating
Rating: BB
Outlook: Stable
Fitch rating
Rating: BBB−
Outlook: Stable (from Negative)
Basic Data on Globalworth Bonds GWI bond 24/29 GWI bond 24/30
ISIN XS2809858561 XS2809868446
Segment Euronext Dublin Euronext Dublin
Minimum investment amount €100,000 and €100,000 and
€1,000 thereafter €1,000 thereafter
Coupon 6.250% 6.250%
Issuance Volume €307.1 million €333.4 million
Outstanding €223.9 million €268.4 million
Maturity 31 March 2029 31 March 2030
Performance of the Globalworth Bonds 2024
GWI bond 24/29
31 December closing price 100.9
Yield to maturity at 31 December 6.418%
GWI bond 24/30
31 Decem3ber closing price 100.49
Yield to maturity at 31 December 6.463%
Globalworth FY-2024 Eurobond Yield Performance
Mihai Zaharia
Group Head of Capital Markets & Head of Investments Romania
Financial Review
Strategic Progress in Debt Reduction, Asset Quality, and Operational
Efficiency
1. Introduction and Highlights
Proactive Debt Management, Diversified Funding Sources, Extended Debt
Maturities, Enhanced Asset Quality, Improved Occupancy and Yields, Robust
Internal Controls and Risk Management Practices Positioning the Company for
Sustainable Growth Amid Ongoing Market Uncertainties and Preparing for Future
Opportunities in the Real Estate Sector.
Revenues
€238m
(0.9)% in 2023
IFRS Earnings per Share(2)
(31) cents
(22) cents in 2023
EPRA NRV(1,3)
€1,639m
(6.4)% on 31 Dec. 2023
Adjusted Normalised EBITDA(1,4)
€126.2m
(3.9)% on 2023
LTV(1,5)
38.1%
42.2% at 31 Dec. 2023
NOI(1)
€143.7m
(2.2)% on 2023
Portfolio Open Market Value (OMV)(1)
€2.6bn
(13.2)% on 31 Dec. 2023
EPRA NRV per Share(1,3)
€5.89
(15.1)% on 31 Dec. 2023
EPRA Earnings per Share(1,2)
21 cents
(16.0)% on 2023*
Dividends Paid in 2024 per Share
21 cents
(27.6)% on 2023
1. See Glossary (pages 156-158) for definitions.
2. See note 12 of the consolidated financial statements for calculation.
3. See note 23 of the consolidated financial statements for calculation.
4. See page 49 for further details.
5. See note 20 of the consolidated financial statements for calculation.
2. Revenues and Profitability
Our main source of income is the rent paid by our partners who lease space in
our properties. Additionally, we earn revenue from service charges, which help
cover the expenses of maintaining common areas and offering shared services
within our properties. However, the income generated from service charges is
balanced out by the actual costs we incur in delivering these services.
Total consolidated revenue generated by Globalworth in 2024 is €238.3
million, a slight decrease of €2.1 million over 2023 revenue of €240.4
million.
During the year 2024, we disposed of our fully owned industrial properties in
July, hence the drop of €8 million revenue from this segment as compared to
consolidated 2023 revenue. This move enabled the company to streamline its
portfolio, enhance focus on office, income-generating properties, and improve
financial flexibility.
Our core revenue stream, gross rental income from office and mixed-used
properties, grew by €0.6 million in 2024, compared to the previous year,
with extra revenue generated in Romania compensating the loss in Poland
properties from the drop in vacancies. The increase in revenue generated by
Romania is due
to rental yearly indexation and higher occupancies in Bucharest properties.
Total Revenue & Net Operating Income
Year ended 31 Dec. Note to the 2024 2023
financial €'m €'m
statements
Contracted rent 188.9 191.9
Adjustment for lease incentives (36.1) (31.5)
Rental income 7 152.8 160.4
Service charge income 7 78.6 75.0
Other income 7 6.9 5.0
Operating Expenses 8 (94.6) (93.4)
Net Operating Expenses (9.1) (13.4)
Net Operating Income 143.7 147.0
Rental income from our standing properties (including properties under
refurbishment, Renoma and Supersam) on like-for-like basis grew by 1.0% in
2024, reaching €146.9 million. This represents an increase of €1.5 million
year-over-year. Romania led the growth with rental income up 7.2%, to €73.8
million, while Poland saw a decrease of €2.9 million, bringing rental income
to €73.2 million.
The revenue from properties, fully owned Romanian industrial assets and the
Bliski office building in Poland, sold during the year is €5.9 million, as
compared to €15 million revenue generated in 2023.
The service charge income for 2024 was €78.5 million, 5% higher compared to
€75 million in 2023. After operating expenses like-for-like net costs in
Romania improved by €1.9 million from better occupancies, €2.8
million decrease in net costs in Poland regional properties and €1 million
increase in costs in Warsaw properties. We also benefit from decrease in net
costs from properties disposed during the year.
In addition, we received €6.9 million, €1.9 million higher than €5.0
million in 2023 from other services provided to tenants and partners which
included fit-out services, marketing fees and other.
Year ended 31 Dec. 2024 2023
€'m €'m
Office 132.5 132.7
Bucharest 72.4 67.5
Regional 35.4 39.0
Warsaw 24.7 26.2
Mixed-Use 13.2 12.4
Industrial 5.9 13.9
Other 1.2 1.3
Rental Income by Segment 152.8 160.4
Overall operating expenses in our portfolio increased by €1 million to
€94.6 million with 87.2% reinvoiced to tenants.
In Romania total operational costs were 92.9% recovered, the increase in
vacancy spaces in Poland led to only 83.2% of costs to be reinvoiced. The
remaining portion of operational expenses not recovered typically relates to
vacant spaces that are currently available for lease.
Our Net Operating Income ("NOI") for the full year 2024 reached €143.7
million, this reflects a €3.3 million
decrease compared to €147 million in 2023. Excluding the impact from the
properties sold during 2024 like-for-
like properties recorded a €3.6 million increase, with €6.8 million more
NOI generated in Romania, or 10.6% higher and €3.2 million drop in NOI
generated in Poland, or 5.1% decrease.
Revenue Share per Country
Year ended 31 Dec. 2024 (€'m)
Poland Romania
2024 50.2% 49.8%
Revenue Share per Country
Year ended 31 Dec. 2023 (€'m)
Poland Romania
2023 47.9% 52.1%
Net Operating Income Build Up
Year ended 31 Dec. (€'m)
NOI - 2023 NOI Change - Poland NOI Change - Romania NOI - 2024
147.0 (2.3) (1) 143.7
Net Operating Income Share per Country
Year ended 31 Dec. 2024 (€'m)
Poland Romania
2024 46.0% 54.0%
Net Operating Income Share per Country
Year ended 31 Dec. 2023 (€'m)
Poland Romania
2023 47.0% 53.0%
Adjusted Normalised EBITDA
When we assess the ongoing performance of our core operations, we focus on
Adjusted Normalized EBITDA as a key metric. This measure excludes
non-recurring or non-cash items that wouldn't reflect our typical
business activity, as revaluations, gains or losses from asset sales and
unusual expenses.
Our adjusted normalised EBITDA for 2024 was €126.2 million, 3.9% lower
compared to the 131.4 million in 2023, the decrease was driven primarily by
loss in NOI from disposed properties during the year.
Adjusted Normalised EBITDA
Year ended 31 Dec. 2024 2023
€'m €'m
Net Operating Income 143.7 147.0
Administrative Expenses - Recurring (17.5) (15.6)
Adjusted Normalised EBITDA 126.2 131.4
Property Valuation
We revalue 100% of the portfolio every six months period. On 31 December 2024,
on like-for-like basis our portfolio decreased by 1.6%: with 1.3% (€14.3
million) increase in properties in Romania compensated by 4.0% (€58.4
million) decrease in properties from Poland, with a 2.6% decrease (€38.4
million) in Regional properties and 3.0% (€23.6 million) in Warsaw. Total
investment in our portfolio during 2024 was €60 million (capex, tenant
fitouts and improvements). These movements largely account for the €99.8
million loss in the income statement during 2024.
Year ended 31 Dec. 2024 2023
€'m €'m
Fair value (loss) on investment property 99.8 164.9
Finance Costs and Income
Our major financing includes bonds and secured loans and other under unsecured
financing sources. In 2024, the total finance cost increased by €11.4
million to €68.4 million compared to the prior year. The rise is due to new
secured facilities drawn down in late 2023 and in 2024 and high levels of
applicable Euribor base rates, thus we recorded €10.0 million more interest
expense. We recorded an increase of €4.2 million in interest expense for
unsecured facilities as compared to 2023 due to new applicable coupon rate on
the New Notes, following the exchange exercise in April 2024, offset by a
decrease in debt cost amortisation of €2.9 million.
Following the Notes exchange in 2024 we recorded one off costs of €12.1
million, further €2.5 million amortised costs on buybacks offsetting €2.9
million gain on discounted buybacks, while in 2023 we recorded €15.8 million
net gain from buyback.
Finance Cost & Income
Year ended 31 Dec. Note to the 2024 2023
financial €'m €'m
statements
Finance Cost 10 68.5 57.1
Debt close-out costs 10.2 12.1 -
Gain from bond buy-back 10.3 (0.4) (15.8)
Income from bank deposits 10.3 (7.7) (3.8)
Other finance Income 10.3 (4.0) (3.6)
Net Finance Cost 68.5 33.9
We also received income from other sources:
• Joint Venture Loans: Interest earned on loans provided to our joint
ventures of €1.2 million, until the disposal from July 2024.
• Cash Deposits: Higher cash balances throughout the year led to €7.7
million interest income on deposits, €3.9 million higher than 2023.
• Other Financial Income: This category saw a rise from €1.3 million in
2023 to €2.6 million in 2024 mainly from charge on consideration receivable
on the Warta sale that carries interest of 13%.
Share in Joint Venture
During 2024 we disposed of our share in joint venture investments in Romania
for a total consideration of €61.6 million. Total share of joint ventures
results for 2024 was €8.4 million, primarily due to the effect from a
property revaluation.
Income tax expense
During 2024, our current income tax expense on a like-for-like basis decreased
by €0.5 million, with €7.4 million less capital gain tax and withholding
tax paid in 2024, while deferred tax income recorded was
€8.0 million, €12.6 million lower than in 2023.
IFRS and EPRA Earnings
IFRS Earnings is a standard accounting measure that reflects our overall
profit or loss. However, it can be impacted by non-cash or one-off costs like
property revaluations, gain on bond buy-backs and gain/loss on property
disposals. EPRA Earnings adjust for such non-recurring and non-cash items and
reflect a relevant measure for real estate companies like ours, providing a
clearer picture of our ongoing operational performance.
Our 2024 IFRS Earnings were negative €81.6 million (or −31 cents per
share), reflecting a significant drop from 2023's negative €54.1 million
(−22 cents per share). This decline is primarily due to loss from sale of
investment properties, decrease in share of joint venture earnings and lower
revaluation loss recorded.
Our EPRA Earnings for 2024 was €56.1 million (21 cents per share), down 8.5%
or €5.2 million, from the previous year. This decrease is due to €3.3
million lower Net Operating Income and increased administrative costs of
€2.0 million.
IFRS Earnings Vs EPRA Earnings
Total Per Share
€'m cents
IFRS Earnings (81.6) (31)*
FV loss on properties 99.8 37
Losses on disposal of investment properties, subsidiaries and related tax 26.7 10
FV loss on financial instrument and debt close out costs 14.7 5
Deferred Tax on Investment Property (12.9) (5)
JVs & Others 9.4 5
EPRA Earnings 56.1 21
* Restated after issue of scrip dividend
3. Assets
Assets Note to the financial statements 31 Dec. 2024 31 Dec. 2023
€'m €'m
NCA - Investment property 3 2,585.3 2,843.1
CA - Investment property held for sale 35.8 50.4
Total Investment Property 2,621.1 2,893.5
NCA - Investments in joint ventures 21 4.0 70.1
Cash and cash equivalents 14 333.6 396.3
Other Assets 91.0 85.3
Total Assets 3,049.7 3,445.2
Our Assets: Primarily Real Estate
Real estate constitutes the majority of our assets, with investment properties
and cash equivalents accounting for over 96.9% of our total value.
Investment Property Breakdown (as of 31 December): In 2024 €2.6 billion
(2023: €3.0 billion). This total includes both freehold properties (land and
buildings fully owned) and properties held for sale. We proactively manage our
portfolio by executing sales and reinvesting in development projects.
2024 Property Transactions: We successfully sold a portion of our logistics
portfolio for a total cash consideration of €72.4 million, after adjusting
for secured loans, having an overall portfolio value of €207
million. The portfolio included five logistics/light-industrial parks with ten
facilities in Timisoara, Arad, Oradea, Pitesti and Bucharest. Out of which
€1.2 million was received as an advance in 2023 and the remaining
€1.0 million was recorded as receivables as of 31 December 2024 and
subsequently collected in February 2025.
Investing in the Future: Throughout 2024, we invested a significant amount
(€63.7 million) in capital expenditures ("CAPEX") for properties under
development, refurbishment and improvements to existing
properties, in Poland €26.6 million and €37.1 million in Romania
(including €3.5 million in Craiova, property under development in 2024).
CAPEX HVAC Automations Electrical & green energy Health & Operational Efficiency Common & outdoor areas Tenant improvements
Safety
Total €63.7m €4.3m €4.1m €0.7m €3.5m €3.2m €3.9m €43.9m
Poland Mixed-use (incl. refurbishment) Regional Warsaw
Total €26.6m €4.9m €9.5m €10.2m
Romania Office Residential Industrial development
Total €37.1m €33.0m €0.5m €3.5m
Market Impact
As a result of market conditions and higher yields, we incurred a net fair
value loss on our freehold properties of €99.8 million. Furthermore, a
slight loss of €0.8 million was recorded on leasehold properties.
At year end we still show a strong cash and cash equivalents balance of
€333.6 million, compared to €396.3 million at the end of 2023,
demonstrating the financial strength of our balance sheet and our ability to
take diverse strategic path.
Our investment in joint ventures as of 31 December 2024 is €4.1 million, in
a newly incorporated company, Black Sea Business Park SRL, that owns a plot of
land in Romania, Constanta area, following the disposal of the entire
investments held at the end of 2023.
Other assets mainly include trade and other receivables of €27.6 million,
equity investments of €8.0 million and consideration receivables from the
sale of Warta Tower of €23.8 million with maturity date Q4 2025.
IP Movement Freehold €'m
Romania Poland Total
OMV Dec 23 1,520.0 1,474.8 2,994.7
JV properties - Dec 23 129.0 - 129.0
Investment Property - Dec 23 1,390.9 1,474.8 2,865.7
CAPEX Standing(1) 34.4 23.1 57.5
CAPEX Under development(1) 2.8 3.5 6.3
Agency and cash incentive 9.4 3.6 13.0
Non-cash amortisation (5.3) (11.5) (16.8)
Apartment Disposals (15.2) - (15.2)
Investment Property disposal (207.3) (12.4) (219.7)
Fair value adjustment (22.0) (77.1) (99.1)
Investment Property - Dec 24 1,187.8 1,404.0 2,591.8
JV properties - Dec 24 7.9 - 7.9
OMV Dec 24 1,195.7 1,404.0 2,599.7
4. Liabilities
Liabilities Note to the financial statements 31 Dec. 2024 31 Dec. 2023
€'m €'m
NCL - Interest-bearing loans and borrowings 14 1,178.2 1,574.8
CL - Interest-bearing loans and borrowings 14 132.6 28.6
Total Interest-bearing loans and borrowings 1,310.8 1,603.4
Deferred Tax Liabilities (including liabilities associated with the assets 11.1 118.2 139.3
held for sale)
Other Current Liabilities 68.6 72.7
Other Non-Current Liabilities 33.2 27.2
Total Liabilities 1,530.8 1,842.6
At the end of 2024, the Group's total liabilities decreased by 16.9%, reaching
€1,530.8 million, compared to €1,842.6 million at the end of 2023. This
reduction is primarily attributed to a decline in interest bearing loans and
borrowings, which now represent 85.6% of the Group's liabilities, down from
87% in 2023. Furthermore, deferred tax liabilities fell by €21.1 million,
mainly due to a loss from the revaluation of investment properties.
Other current and non-current liabilities, including tenant deposits, lease
obligations, and various debts, account for a smaller portion (5.5%) of the
total liabilities with a slight increase of €1.8 million during the year.
5. Interest-bearing Loans and Borrowings
Overview and Select Initiatives
The total consolidated debt for the Group on 31 December 2024 was €1,301.8
million (31 December 2023: €1,603.4 million) comprising mainly medium to
long-term debt, denominated entirely in Euro, comprising
€85.0 million unsecured loans, €509.2 million New unsecured Notes and
€716.7 million secured loans.
During 2024 we had several notable events in terms of financing, that led to a
decrease in total debt, as:
• We exchanged our 2025 and 2026 Notes with an early repayment of €210
million (€142.9 million from 18/25 Notes and €66.6 million from 20/26
Notes) with five and six-year Notes maturing in 2029 and 2030 respectively at
6.25% coupon under new terms and conditions of the new issued Notes;
• Subsequently to the exchange, we redeemed additional €65 million
unsecured debt (New 24/29 Notes €45 million and 24/30 New Notes €20
million);
• We derecognised €97.5 million secured loans following the disposal of
subsidiaries holding industrial properties;
• In July 2024, we launched a tender offer addressed to the holders of our
outstanding Notes under which they were invited to tender their Notes for
purchase by the Company for cash. Thus, we purchased €38.2 million of the
Notes due 2029 and €45 million of the Notes due 2030 by paying a total price
of €80.3 million plus the accrued interest under the purchased Notes.
In addition, in order to increase liquidity, during 2024:
• In February 2024, we entered a €25 million twelve-year term secured
debt facility which was signed with Libra Bank. The facility was drawn in full
on 21 February 2024.
• We entered into two new seven-year term loans for €42 million in May
and €95 million in June with Erste Group secured with office buildings of
the Group. The loans were drawn in full on 18 November and 18 December 2024.
• In November 2024, we entered into two new ten-year term loans for €30
million and €35 million with Banca Transilvania secured with office
buildings of the Group. Both loans are available to use for a period of nine
months.
It is important to note that, Globalworth has no material debt maturing
until 2027, the extension of Helaba €100 million loan is under negotiation.
Interest-bearing Loans and Borrowings Profile
Our debt comprises unsecured facilities, which accounted for 44.4% (31
December 2023: 58.4%) of the total debt outstanding. Unsecured facilities
included the two Eurobonds maturing in 2029 and 2030 accounting for
€509.2 million and the €85.0 million facility from the IFC. The remainder
debt (55.6%) is secured with real estate mortgages, pledges on shares,
receivables, and loan subordination agreements in favour of the
financing banks.
The weighted average interest rate cost for the Group increased for 2024 to
4.87% (3.70% in 2023) as a consequence of the bond exchange exercise that led
to the New Notes being issued under the current market
conditions. As of 31 December 2024, the majority of our debt (66.0%) carries
fixed interest rates and 20.5% of debt facilities are hedged through interest
rate swaps. In the beginning of 2025, the Group continued its
focus to decrease the cost of debt by hedging through interest rates swaps
additional c.9% of its debt facilities, weighted average interest rate as of
February 2025 decreased to 4.75%.
The high level of fixed interest rate debt ensures natural hedging to the
Euro, the currency in which the most significant part of our liquid assets
(cash and cash equivalents and rental receivables) is originally
denominated and the currency for the fair market value of our investment
property. Therefore, an increase of 100 basis points in the Euribor would
result in a higher interest expense of €0.6 million per annum.
The New Notes issued and the new secured financing entered triggered increase
in the average maturity period of our debt up to 4.9 years (2023: 3.7 years).
Interest charges for secured loans are based either on three months or six
months Euribor plus a margin. As of 31 December 2024, 13.4% of the outstanding
balance is exposed to changes in Euribor (compared to 18.3% at 31 December
2023).
Weighted average interest rate versus debt duration to maturity
Maturity Profile (by year) of the Principal Loan Outstanding at 31 December
2024 (€ million)
During 2024, we repaid:
• €5.8 million in bank debt principal amounts;
• €142.9 million from 18/25 Notes and €66.6 million from 20/26 Notes
through the Bond exchange exercise;
• an additional €65 million unsecured debt (New 24/29 Notes €45
million and 24/30 New Notes €20 million);
• through the bond buyback exercise, €38.2 million of the Notes due 2029
and €45 million of the Notes due 2030 by paying a total price of €80.3
million plus the accrued interest under the purchased Notes;
• €58.4 million of accrued interest on the Group's outstanding debt
facilities, including €28.1 million in relation to the coupon for the
Eurobonds of the Company (full annual coupon or accrued interest up to the
moment the various events were conducted.
Debt Covenants
As of 31 December 2024, the Group was in compliance with all of its debt
covenants.
The Group's financial indebtedness is arranged with standard terms and
financial covenants, the most notable as at 31 December 2024 being the
following:
Unsecured Eurobonds, Revolving Credit Facility and IFC loan
• the Consolidated Coverage Ratio, with minimum value of 150% covenant value
was aligned for all
• debt facilities;
• the Consolidated Leverage Ratio, with maximum value of 60%;
• the Consolidated Secured Leverage Ratio with a maximum value of 30%; and
• the Total Unencumbered Assets Ratio, with minimum value of 125%
(additional covenant applicable for the Revolving Credit Facility and IFC
loan).
Secured Bank Loans
• the debt service cover ratio ("DSCR") / interest cover ratio ("ICR"),
with values ranging from 120% to 350% (be it either historic or projected);
and
• the LTV ratio, with contractual values ranging from 45% to 83%.
There have been no breaches of the aforementioned covenants occurring during
the period ended 31 December 2024.
6. Liquidity & Loan-to-Value Ratio (LTV)
Managing our liquidity has been a key area of focus for the Group. This
careful management has carried on
throughout this period of higher volatility.
As of 31 December 2024, the Group had cash and cash equivalents of €333.6
million (31 December 2023: €396.3 million), of which €21 million was
restricted due to various conditions imposed by the financing banks.
In addition, the Group had undrawn borrowing facilities of €115 million, out
of which €50 million is available until December 2025 and €65 million
until August 2025.
The Group's loan-to-value ratio on 31 December 2024 was 38.1%, compared to
42.2% on 31 December 2023, mainly due to significant repayment of our debt.
It is important to note that EPRA LTV for 31 December 2024 reached 38.0%
(2023: 41.6%).
7. EPRA NRV
The EPRA Net Reinstatement Value ("NRV") is a metric that reflects the
estimated long-term value of a company's net assets, assuming the company
keeps its properties and doesn't sell them.
EPRA NRV reached €1,639.03 million at year ended 2024. This represents a
6.4% decrease from €1,750.6 million at the end of 2023. EPRA NRV per share
also reflects this decline, going down to €5.89 per share at the
end of 2024 (compared to €6.94 per share at the end of 2023). The main
factor behind the decrease in EPRA NRV was negative revaluations that occurred
throughout 2024 of €99.8 million, loss on sale of investment
properties of €26.3 million, debt close-out costs in the amount of €11.7
million, joint venture and other costs of €29.8 million and offset by EPRA
Earnings.
EPRA NRV
€m €
EPRA NRV Dec-23 1,750.6 6.94
EPRA Earnings 56.1 0.21
Debt close-out costs (12.1) (0.04)
FV loss on Property portfolio (99.8) (0.36)
Loss on sale of Property (26.3) (0.09)
Scrip shares - (0.66)
Others* (29.5) (0.11)
EPRA NRV Dec-24 1,639.0 5.89
* Others include movement in deferred tax liability and change in value of
financial instruments.
8. Cash Flows
Year ended 31 Dec. 2024 2023
€'m €'m
Operating Profit before Changes in Working Capital 126.5 132.7
Changes in Working Capital (67.2) (45.4)
Cash Flows from Operating Activities 59.3 87.3
Cash Flows used in Investing Activities 102.8 (11.0)
Cash Flows from/(used) in Financing Activities (225.2) 153.8
Net Increase in Cash and Cash Equivalents (63.1) 230.0
Effect of foreign exchange fluctuations 0.3 2.5
Cash and Cash Equivalents at Year End 333.6 396.3
Note: The totals in the table do not add up due to rounding
Our cash flow from operations before working capital changes decreased by
4.7%, totalling €126.5 million in 2024, reflecting the decline in Net
Operating Income ("NOI") for the year.
This decline is primarily due to higher interest paid in the amount of €10.5
million, €0.5 million improving collection of outstanding receivables,
€1.3 million decrease in advances received for rent and service charges,
€4.0 million interest received on cash deposits, decrease in NOI of €3.3
million and €1.3 million from other working capital movements.
In 2024, our net cash outflow in investments was €108.5 million. This
includes €53.1 million spent on capital expenditures for our properties,
netted off by the €100.8 million proceeds from selling investment properties
and €58.4 million from net investment in joint ventures and €2.3 million
from proceeds from sale of financial assets and other net investments.
Cash outflow generated from financing activities reached €225.2 million in
2024. The proceeds from interest-bearing loans and borrowings were €163
million due to drawdown of €25 million from Libra Bank, further
€1 million from other secured facility and €137 million from new secured
facilities. Also, we repaid part of existing debts, including €350.2 million
fixed rate bond (€204.9 million during exchange, further €65 million in
June and discounted price of €80.3 million in July) and €13.4 million for
the current amortisation bank loans. We paid €13 million costs for the bond
exchange exercise, €2.5 million for other secured and unsecured
facilities and €1.2 million for other recurring bank charges. Other
financing activities in 2024, such as interim dividend payments and lease
liabilities, were €7.8 million.
9. Dividends
Year ended 31 Dec. 2024 2023
€'m €'m
Dividends declared 54.4 66.3
Share capital increase - scrip shares (53.5) (65.2)
Dividends paid 0.9 1.1
Dividends Paid per Share - Cents 21 29
Globalworth distributes at least 90% of its EPRA Earnings to its shareholders
on a bi-annual basis. In 2023, the distributions included the option for a
scrip dividend alternative so that qualifying shareholders can elect to
receive new ordinary shares in the Company instead of cash in respect of all
or part of their entitlement to the dividend. Qualifying shareholders who
validly elect to receive the scrip dividend alternative become entitled to a
number of scrip dividend shares in respect of their entitlement to the
dividend that is based on a price per scrip dividend share calculated on the
basis of a discount of 20% to the average of the middle market quotations for
the Company's shares on the five consecutive dealing days from and including
the ex-dividend date, the
"reference price".
The dividend declared for the six-month period ended 31 December 2023 was 11
cents per share while for six-month period ended 30 June 2024, it was 10 cents
per share.
Following the election of the scrip dividend, 14.0 million new shares were
issued in April and 12.6 million shares were issued in October 2024.
Meanwhile, the Group paid a total of €0.9 million as cash dividends,
resulting in 98.6% shareholders opting to reinvest in the Company.
Rashid Mukhtar
Group Chief Financial Officer
EPRA Performance Measures Snapshot
Our performance under the EPRA guidelines
The European Public Real Estate Association ("EPRA"), is a widely recognised
market standard guidance and benchmark provider for the European real estate
industry.
The following performance indicators have been prepared in accordance with
best practices as defined by EPRA in its Best Practices Recommendations guide,
available on EPRA's website (www.epra.com (http://www.epra.com) ).
Figures in € million, unless otherwise indicated 2024 2023 Definition Purpose Pages
EPRA NRV 1,639.0 1,750.6 EPRA Net Reinstatement Value. Metric making adjustments to the NAV per the IFRS financial 129
statements to provide stakeholders with the most relevant information on the
fair value of the assets and liabilities of a real estate investment company,
assuming that entities never sell assets and aims to represent the value
required to rebuild
the entity.
EPRA NRV per share (€) 5.89 6.94 EPRA Net Reinstatement Value per share. 129
EPRA Earnings (€m) 56.1 61.3 Earnings from operational activities pwer share. Metric measuring a company's underlying operating results and an indication of 113
the extent to which current dividend payments are supported by earnings.
EPRA Earning per share (€) 0.21 0.25 Earnings from operational activities per share. 113
EPRA Net Initial Yield ("NIY") (%) 6.0% 5.7% Annualised rental income based on the cash rents passing A comparable measure for portfolio valuations. 152
at the balance sheet date, less non-recoverable property
operating expenses, divided by the market value of the
property, increased with (estimated) purchasers' costs.
EPRA Topped-up NIY (%) 6.8% 6.4% This measure incorporates an adjustment to the EPRA NIY in respect of the A comparable measure for portfolio valuations. 152
expiration of rent-free periods (or other unexpired lease incentives such as
discounted rent periods and step rents).
EPRA Vacancy (%) 12.3% 12.4% Estimated Market Rental Value (ERV) of vacant space divided by ERV of the A 'pure' (%) measure of investment property space that is vacant, based on 152
whole portfolio. ERV.
EPRA LTV (%) 38.0% 41.6% Debt divided by market value of the property. A key (shareholder-gearing) metric to determine the percentage of debt 154
comparing to the appraised value of the properties.
EPRA Cost Ratio (including direct vacancy costs) 18.4% 18.0% Administrative & operating costs (including & excluding costs of Present a consistent baseline from which companies can 153
direct vacancy) divided by gross rental income.
provide further information around costs.
EPRA Cost Ratio (excluding direct vacancy costs) 13.1% 11.0% Administrative & operating costs (including & excluding costs of Present a consistent baseline from which companies can 153
direct vacancy) divided by gross rental income
provide further information around costs.
Sustainable Development Review
Maintaining our long-term ESG commitments
Our "Places"
Consistent with our commitment to energy-efficient properties, during 2024 we
certified or recertified 36 of the properties in our portfolio with BREEAM
Excellent, LEED Gold or higher certifications.
In Romania, we went through an ample process of recertifying with LEED Gold
and LEED Platinum 5 of our properties while in Poland we recertified with
BREEAM Excellent 28 properties and with BREEAM Outstanding 3 properties.
Warsaw Trade Tower, the iconic skyscraper located in Warsaw, has become the
third building in our portfolio to achieve a BREEAM certificate at the
"Outstanding" level - the highest possible.
Overall, as of 31 December 2024, our combined standing portfolio comprised 50
green-certified properties, accounting for 93.7% of our standing commercial
portfolio by value. BREEAM accredited properties account for 69.8% of our
green-certified standing portfolio by value, with the remainder of properties
being holders of other certifications (LEED Platinum or LEED Gold). In
addition, our mixed-use property Renoma, which is currently under
redevelopment have been recertified with BREEAM Excellent during 2024.
We remain committed to our green goals, aiming for 100% of our commercial
portfolio to be green accredited. We are currently in the process of
certifying or recertifying 5 other properties in our commercial portfolio,
principally targeting LEED certifications.
In addition, in 2024, we maintained our policy of securing 100% of the energy
used in our office and mixed-use portfolio from renewable sources. The switch
to green energy is part of our broader preparatory actions for nZEB, which
also involves other steps, including introducing intelligent metering and
implementing FORGE for monitoring.
During the year, we successfully recertified all our office buildings in
Romania with WELL Health-Safety Rating, which is an evidence-based,
third-party verified rating, focusing on the health and comfort of the
building users. All of our Romanian office assets have been awarded, since
2022, with the European certification mark "access4you" which is focusing on
accessibility for people with special needs.
As part of our ambitious ESG strategy, we are committed to contribute towards
the global efforts to limit global temperature rise by reducing our direct and
indirect greenhouse emissions in our operations and value chain. As such, in
2022, we performed a detailed review of how we can improve our footprint, and
we set our environmental target to reduce GHG emissions intensity by +40% by
2030 versus our baseline 2019 levels (for Scope 1 and 2) and we committed to
measuring and reducing Scope 3 too. In setting this target, we used a
science-based approach to align with a 1.5(o)C trajectory.
These targets were approved and validated by the globally recognised Science
Based Targets initiative (SBTi), and will form key stepping blocks to enable
Globalworth to deliver on its long-term strategy and ambition to become the
first choice in sustainable real estate.
Our Performance
Impact area Sustainability Performance Measures Unit 2021 2022 2023 2024
Energy Building energy intensity kWh/sqm /year 261.9 236.6 218.5 238.9
GHG emissions Greenhouse gas (GHG) emissions kg CO(2)e/ sqm/year 145.2 107.0 87.6 104.7
intensity from building energy
consumption (Scope 1 and Scope 2
location-based and Scope 3)
GHG emissions Greenhouse gas (GHG) emissions kg CO(2)e/ sqm/year 60.0 26.0 26.2 18.0
intensity from building energy
consumption (Scope 1 and Scope 2
market-based and Scope 3)
2024 Sustainability Performance Measures are calculated for the Portfolio
owned by the Group as of 31 December
"People": Our Team
Our greatest asset is our team of dedicated professionals, chosen based on
merit to ensure the best candidate fills each role, regardless of gender or
ethnicity. This exceptional team delivers premium services to our partners,
efficiently manages our high-quality portfolio, drives growth, and creates
value for our shareholders and stakeholders
One of our key objectives is for our team to meet the highest standards, and
to achieve this (through our Human Resources teams in Romania and Poland), we
organise a series of in-house and third-party led training programs, designed
to improve our team's skillset, knowledge, operational experience, and
interaction with our stakeholders.
Our approach starts with transparent recruiting, an orientation program for
new employees, continuous staff support and consulting, training, regular
feedback sessions and annual performance appraisals.
All our team members also receive a wide array of benefits that include, inter
alia, private health insurance, and experience and sport activities vouchers.
We have dedicated teams dealing with matters related to compliance with health
and safety, and other regulations in Poland and Romania where our portfolio is
located. We conduct health and safety training for our employees and our
tenants, we have developed a tenant manual and undertake regular scenario
exercises, including fire drills, to secure the safety of employees and
visitors in the event of an emergency.
At the end of 2024, our team comprised 274 professionals, most of which sit in
our two main offices in Warsaw and Bucharest. Team members are also located in
regional cities in Poland and Romania, Cyprus and the UK.
"People": Our Communities
We view our role as increasingly responsible towards the people who work at
and visit our properties and the broader community of which we consider
ourselves to be an integral part.
Our significant footprint in Poland and Romania creates this responsibility
for us. Our communities include more than 200k daily workers in / visitors to
our properties under normal conditions, with the lives of many more people in
the broader community also being touched.
In 2024, we maintained our strong focus of giving back to our community and,
together with the Globalworth Foundation, we contributed over €400k in more
than 29 initiatives in Romania and Poland, having over 44.500 beneficiaries.
Financial statements
Consolidated statement of comprehensive income
For the year ended 31 December 2024
Note 31 December 31 December
2024 2023
€'000 €'000
Revenue 7 238,268 240,429
Operating expenses 8 (94,610) (93,471)
Net operating income 143,658 146,958
Administrative expenses 9 (17,962) (15,948)
Fair value loss on investment property 3 (99,839) (164,908)
Share-based payment expense (352) (502)
Loss on disposal of subsidiary 29 (24,623) (474)
(Loss)/Profit on disposal of investment property (321) 9,579
Depreciation and amortisation expense (876) (588)
Other expenses (4,693) (2,916)
Other income 1,386 2,056
Foreign exchange loss (828) (1,533)
Loss from fair value of financial instruments at fair value through profit or 16 (3,206) (1,393)
loss
Profit before net financing cost (7,656) (29,669)
Finance cost 10 (80,589) (57,146)
Finance income 12,123 23,220
Share of profit of equity-accounted investments in joint ventures 27 (8,443) 2,063
Loss before tax (84,565) (61,532)
Income tax 11 2,991 7,692
Loss for the year (81,574) (53,840)
Items that will not be reclassified to profit or loss
Gain on equity instruments designated at fair value through other 90 -
comprehensive income
Total comprehensive income for the year (81,484) (53,840)
Note 31 December 31 December
2024 2023
€'000 €'000
Loss attributable to: (81,574) (53,840)
- ordinary equity holders of the Company (81,619) (54,152)
- non-controlling interests 45 312
Total comprehensive income attributable to: (81,484) (53,840)
- ordinary equity holders of the Company (81,529) (54,152)
- non-controlling interests 45 312
Earnings per share (€ cents) Restated*
- Basic 12 (31) (22)
- Diluted 12 (31) (22)
* The IFRS Earnings per share for the year 2023 have been restated following
the IAS 33 "Earnings per Share" requirements regarding accounting for scrip
dividend shares issued in 2024.
Financial statements
Consolidated statement of financial position
As at 31 December 2024
Note 2024 2023
€'000 €'000
ASSETS
Investment property 3 2,585,345 2,843,085
Goodwill 26 12,039 12,039
Advances for investment property 5 3,625 7,175
Investments in joint ventures 27 3,960 70,098
Equity investments 16 8,010 7,844
Other long-term assets 13 1,765 1,780
Other receivables - 21,182
Prepayments 259 448
Non-current financial assets 19.2 3,067 -
Deferred tax asset 11.1 2,629 1,423
Non-current assets 2,620,699 2,965,074
Trade and other receivables 17 51,351 23,122
Contract assets 19.2 5,702 6,985
Guarantees retained by tenants 97 99
Income tax receivable 118 1,084
Prepayments 2,447 2,002
Current financial assets - 197
Cash and cash equivalents 18 333,560 396,259
393,275 429,748
Investment property held for sale 3.3 35,763 50,352
Total current assets 429,038 480,100
Total assets 3,049,737 3,445,174
Note 2024 2023
€'000 €'000
EQUITY AND LIABILITIES
Issued share capital 21 1,822,934 1,769,456
Treasury shares 25 (4,752) (4,797)
Share-based payment reserve 185 -
Retained earnings (294,036) (158,066)
Fair value reserve of financial assets at FVOCI (5,379) (5,469)
Equity attributable to ordinary equity holders of the Company 1,518,952 1,601,124
Non-controlling interests - 1,411
Total equity 1,518,952 1,602,535
Interest-bearing loans and borrowings 14 1,178,250 1,574,771
Deferred tax liability 11.1 118,184 139,299
Lease liabilities 3.2 24,414 20,482
Deposits from tenants 3,517 3,774
Guarantees retained from contractors 2,977 2,902
Other financial liabilities 1,882 -
Trade and other payables 15 399 78
Non-current liabilities 1,329,623 1,741,306
Interest-bearing loans and borrowings 14 132,581 28,609
Guarantees retained from contractors 4,774 5,594
Trade and other payables 15 38,048 36,051
Contract liability 320 3,289
Other current financial liabilities - 1,311
Current portion of lease liabilities 3.2 1,946 1,956
Deposits from tenants 19,536 18,018
Income tax payable 816 807
Current liabilities 198,021 95,635
Liabilities directly associated with the assets held for sale 3.3 3,141 5,698
Total current liabilities 201,162 101,333
Total equity and liabilities 3,049,737 3,445,174
The financial statements were approved by the Board of Directors on 24 March
2025 and were signed on its behalf by:
Andreas Tautscher
Director
Financial statements
Consolidated statement of cash flows
For the year ended 31 December 2024
Note 2024 2023
€'000 €'000
Operating activities
Loss before tax (84,565) (61,532)
Adjustments to reconcile profit/(loss) before tax to net cash flows from
operating activities
Fair value loss on investment property 3.4 99,839 164,908
Loss on sale of residential properties 1,194 269
Share-based payment expense 24 352 502
Depreciation and amortisation expense 876 588
Net movement in allowance for expected credit losses 19.2 2,872 2,283
Net foreign exchange differences 828 1,533
Loss from fair valuation of financial instrument
at fair value through profit or loss 3,206 1,393
Loss on disposal of subsidiary 24,623 474
Profit on disposal of investment property 321 (9,579)
Share of loss/(profit) of equity-accounted joint ventures 27 8,443 (2,063)
Finance income 10.3 (12,123) (23,220)
Financing cost 10 80,589 57,146
Operating profit before changes in working capital 126,455 132,702
(Increase) /Decrease in contract assets, trade and other receivables (11,091) 5,418
(Decrease)/Increase in contract liabilities, trade and other payables (1,467) 5,305
Interest paid (58,380) (47,836)
Interest received 7,749 3,801
Income tax paid (4,473) (12,734)
Interest received from joint ventures 517 614
Net cash flows from operating activities 59,310 87,270
Note 2024 2023
€'000 €'000
Investing activities
Expenditure on investment property completed
and under development or refurbishment (58,723) (62,463)
Payment for land acquisitions - (435)
Advances received for sale of investment property - 1,200
Proceeds from sale of investment property 100,831 50,440
Proceeds from sale of financial assets through profit and loss 3,322 -
Payments for investment in equity investments 16 (199) (323)
Investment in and loans given to joint ventures 27 (6,997) (12,500)
Repayment of loan from joint ventures 27 3,788 13,893
Proceeds from sale of joint venture investments and settlement of loans given 27 61,578 -
to joint ventures
Receipt from equity investments held at fair value through OCI 123 -
Net cash flows used in investing activities 102,813 (11,035)
Financing activities
Transaction costs on issuance of scrip dividend shares (11) (154)
Proceeds from interest-bearing loans and borrowings 14 162,975 344,794
Repayment of interest-bearing loans and borrowings 14 (363,615) (182,727)
Interim dividend paid (net of scrip) 22 (817) (1,076)
Payment for lease liability obligations (2,191) (1,986)
Payment for financial instruments 13 (4,762) -
Payment of bank loan arrangement fees and other financing costs 14 (16,747) (5,081)
Net cash flows (used in)/from financing activities (225,168) 153,770
Net (decrease) /increase in cash and cash equivalents (63,045) 230,005
Net foreign exchange difference 346 2,487
Cash and cash equivalents at 1 January 18 396,259 163,767
Cash and cash equivalents at 31 December 18 333,560 396,259
Financial statements
Consolidated statement of changes in equity
For the year ended 31 December 2024
Note Issued Treasury Share-based Retained earnings €'000 Fair value Total Non-controlling interests Total
capital shares payment reserve of €'000 €'000 Equity
€'000 €'000 reserve financial assets €'000
€'000 at FVOCI
€'000
As at 1 January 2023 1,704,476 (4,859) 156 (37,798) (5,469) 1,656,506 862 1,657,368
Interim dividends paid in cash and scrip dividend 22 65,134 62 - (66,272) - (1,076) - (1,076)
Transaction costs on issuance of shares for cash (154) - - - - (154) - (154)
Transfer from reserve to retained earnings - - (156) 156 - - - -
Shares issued in subsidiary with NCI - - - - - - 237 237
Loss for the period - - - (54,152) - (54,152) 237 (53,840)
Total comprehensive income for the period - - - (54,152) - (54,152) 312 (53,840)
As at 31 December 2023 1,769,456 (4,797) - (158,066) (5,469) 1,601,124 1,411 1,602,535
Interim dividends paid in cash and scrip dividend 22 53,489 45 - (54,351) - (817) - (817)
Transaction costs on issuance of shares for cash (11) - - - - (11) - (11)
Share-based payment expense - - 185 - - 185 - 185
Non-controlling interest component of subsidiaries disposed 29 - - - - - - (1,456) (1,456)
Settlement of fair value reserve of equity instruments designated at FVOCI in - - - - 90 90 - 90
cash
Loss for the period - - - (81,619) - (81,619) 45 (81,574)
Total comprehensive income for the period - - - (81,619) 90 (81,529) 45 (81,484)
At 31 December 2024 1,822,934 (4,752) 185 (294,036) (5,379) 1,518,952 - 1,518,952
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