Globalworth Real Estate Investments Limited
31 March 2017 period-end EPRA Net Asset Value
Globalworth Real Estate Investments Limited ("Globalworth" or the "Company") is pleased to announce its update for the three month period ended 31 March 2017 including its unaudited EPRA Net Asset Value.
The unaudited EPRA Net Asset Value as of 31 March 2017 is presented in accordance with the stated intention of the Company to publish its estimated NAV on a quarterly basis.
Key highlights are as follows:
• Portfolio Open Market Value ("OMV")1 of €983.3 million (31 December 2016: €977.5 million) up 0.59% as compared to 31 December 2016, mainly as a result of further capital expenditure incurred in the first quarter of 2017 for the investment properties under development (Globalworth Campus and TAP)
• Gross Loan to Value of 42.5 per cent (31 December 2016: 43.4 per cent) down 0.9 per cent as compared to 31 December 2016
• Net Loan to Value of 21.7 per cent (31 December 2016: 20.7 per cent) down 1 per cent as compared to 31 December 2016
• NAV of €715.7 million (31 December 2016: €715.4 million) and NAV per share of €7.922 (31 December 2016: €7.91) both up marginally as compared to 31 December 2016
• EPRA3 NAV of €784.4 million (31 December 2016: €783.8 million) and EPRA4 NAV per share of €8.58 (31 December 2016: €8.57) both up marginally as compared to 31 December 2016
• Net Operating Income of €10.7 million for the three months ended 31 March 2017 (31 March 2016: €6.5 million) up 65% as compared to the same period in 2016
• Normalised EBITDA5 from ongoing operating activities of €9.0 million for the three months ended 31 March 2017 (31 March 2016: €7.3 million) up 23% as compared to the same period in 2016
For further information visit www.globalworth.com or contact:
Globalworth Real Estate Investments Limited
Dimitris Raptis
Tel: +40 372 800 000
Panmure Gordon (Nominated Adviser and Joint Broker)
Andrew Potts
Tel: +44 20 7886 2500
Cantor Fitzgerald Europe (Joint Broker)
Rick Thompson
David Foreman
Tel: +44 7894 7000
Milbourne (Public Relations)
Tim Draper Tel: +44 7903 802545
About Globalworth
Globalworth is a real estate investment company active in the SEE and CEE regions with a prime focus on Romania. The Company is internally managed by c.70 professionals and its portfolio comprises high quality real estate investments valued at c.Euro 983 million at 31 March 2017, all located in Romania.
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1 Portfolio OMV is based on appraised valuations performed by Coldwell Banker as of 31 December 2016, adjusted for value accretive capex invested during the 3 month period ended 31 March 2017, less disposals during the 3 month period ended 31 March 2017. No revaluations were undertaken as at 31 March 2017.
2 The number of ordinary shares used to calculate Net Assets Value "NAV" per share as of 31 March 2017 were 90,396,948 (31 December 2016: 90,396,948). If the 1,072,962 shares that will be issued during 2017 is taken into account, the diluted NAV per share at 31 March 2017 would amount to €7.82 per share (31 December 2016: €7.82 per share).
3 "EPRA" The European Public Real Association Estate is a non-profit association representing Europe's publicly listed property companies.
4 The number of ordinary shares used to calculate the EPRA Net Assets Value "EPRA NAV" per share as of 31 March 2017 were 91,469,910 (31 December 2016: 91,469,910).
5 Calculated as profit before finance cost, depreciation, amortisation of other non-current assets, gain on acquisition of subsidiaries, fair value gain on investment property, and other non-operational and / or non-recurring income and expense items.
Note all numbers in this announcement are unaudited.
