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 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 or contact:

 

Enquiries
Rashid Mukhtar Group CFO	Tel: +40 732 800 000
Panmure Liberum (Nominated Adviser and Broker) Atholl Tweedie	Tel: +44 20 7886 2500

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 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 Industrial Park I	Timisoara Industrial Park II	Industrial Park West Arad	Industrial Park West Oradea	Pitesti Industrial Park	Business Park Chitila	Business Park Stefanesti	Total
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 Logistics Hub	Total
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	Tryton	Quattro Business Park	Retro Office House	Silesia Star	Supersam	Renoma	Skylight & Lumen	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 (Phased)*	Luterana
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 Development Cost	8.1%	10.2%	13.3%	10.9%	14.3%

 

* 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 31 Dec. 2023	85.3	84.6	169.9
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 31 Dec. 2024	Poland	Romania	Group
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 (€m)	Active Leases	H1-2025	H2-2025	>2025	Total
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 (Katowice, Poland)	+26.7k sqm
+ 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, reclassifications	0.2		(0.8)		(0.6)
Standing Available GLA - 31 Dec. 24	530.4		473.3		1,003.7
Occupied Standing GLA - 31 Dec. 23	403.4	79.3%	803.5	93.5%	1,206.9	88.3%
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 Total Standing Properties	31 Dec. 2022	31 Dec. 2023	31 Dec. 2024
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 Total Standing Properties	31 Dec. 2022	31 Dec. 2023	31 Dec. 2024
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 & Safety	Operational Efficiency	Common & outdoor areas	CAPEX programme
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 treasury
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 €1,000 thereafter	€100,000 and €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 Share²

(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

 

NOI¹

€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 financial statements	2024 €'m	2023 €'m
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 €'m	2023 €'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 €'m	2023 €'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 €'m	2023 €'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 financial statements	2024 €'m	2023 €'m
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 €'m	Per Share 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  €'m	31 Dec. 2023 €'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 & Safety	Operational Efficiency	Common & outdoor areas	Tenant improvements
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 Standing1			34.4	23.1	57.5
CAPEX Under development1			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  €'m	31 Dec. 2023 €'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 held for sale)	11.1	118.2	139.3
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 €'m	2023 €'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 €'m	2023 €'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).

 

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 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.	129
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 the extent to which current dividend payments are supported by earnings.	113
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 at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with (estimated) purchasers' costs.	A comparable measure for portfolio valuations.	152
EPRA Topped-up NIY (%)	6.8%	6.4%	This measure incorporates an adjustment to the EPRA NIY in respect of the expiration of rent-free periods (or other unexpired lease incentives such as discounted rent periods and step rents).	A comparable measure for portfolio valuations.	152
EPRA Vacancy (%)	12.3%	12.4%	Estimated Market Rental Value (ERV) of vacant space divided by ERV of the whole portfolio.	A 'pure' (%) measure of investment property space that is vacant, based on ERV.	152
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 comparing to the appraised value of the properties.	154
EPRA Cost Ratio (including direct vacancy costs)	18.4%	18.0%	Administrative & operating costs (including & excluding costs of direct vacancy) divided by gross rental income.	Present a consistent baseline from which companies can provide further information around costs.	153
EPRA Cost Ratio (excluding direct vacancy costs)	13.1%	11.0%	Administrative & operating costs (including & excluding costs of direct vacancy) divided by gross rental income	Present a consistent baseline from which companies can provide further information around costs.	153

 

 

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^oC 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 intensity from building energy consumption (Scope 1 and Scope 2 location-based and Scope 3)	kg CO2e/ sqm/year	145.2	107.0	87.6		104.7
GHG emissions	Greenhouse gas (GHG) emissions intensity from building energy consumption (Scope 1 and Scope 2 market-based and Scope 3)	kg CO2e/ sqm/year	60.0	26.0	26.2		18.0

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 2024 €'000	31 December 2023 €'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 loss	16	(3,206)	(1,393)
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 comprehensive income		90	-
Total comprehensive income for the year		(81,484)	(53,840)

 

	Note	31 December 2024 €'000	31 December 2023 €'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 €'000	2023 €'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 €'000	2023 €'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 €'000	2023 €'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 €'000	2023 €'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 to joint ventures	27	61,578	-
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 capital €'000	Treasury shares €'000	Share-based payment reserve €'000	Retained earnings €'000	Fair value reserve of financial assets at FVOCI €'000	Total €'000	Non-controlling interests €'000	Total Equity €'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 cash		-	-	-	-	90	90	-	90
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