Globalworth’s adjusted normalised EBITDA decreased by 8.1% to €130.2 million in 2021, compared to €141.6 million in 2020, due to a lower net operating income. Net profit significantly improved to €47.5 million (2020: net loss of €46.8 million) due to marginal revaluation losses of €5.7 million in 2021 compared to the €116.2 million revaluation losses in 2020. The company published its unaudited financial results for 2021
Key highlights for the year 2021
- Total combined portfolio value up by 3.9% to €3.2 billion.
- Focused development program in select high-quality projects.
- Romania: delivered a Class A office comprising 29,200 sqm of GLA, with 5 logistics facilities under development which are expected to have a total GLA of 98,900 sqm
- Poland: two mixed-use properties under refurbishment/repositioning.
- Acquired two high-quality logistics facilities in Romania, with a total area of 27,000 sqm, for €17.9 million.
- Overall standing portfolio net increase of 2.4% to 1.3m sqm of GLA in 66 standing buildings.
- Leasing transactions of 285,500 sqm of commercial space at an average WALL of 4.6 years, registering our second-highest yearly volume to date.
- Average standing occupancy of 88.5% (88.7% including tenant options), lower by 2.3% compared to 31 December 2020.
- Total annualised contracted rent up by 0.2% to €183.7 million, of which 91.4% from office and industrial properties.
- Rate of collections invoiced and due remained high at 99.0% for 2021.
- Net Operating Income was lower by 8.3% compared to 2020 at €144.3 million.
- EPRA earnings decreased by 28.2% to €59.1 million (2020: €82.3 million), partially impacted by the exceptional one-off costs associated with the cash offer for Globalworth's shares initiated in May 2021.
- Adjusted normalised EBITDA decreased by 8.1% to €130.2 million (2020: €141.6 million), due to lower NOI, as offset by the positive impact of the €1.6 million (10.2% lower compared to 2020) savings in recurring administrative expenses1.
- Net profit significantly improved to €47.5 million (2020: net loss of €46.8 million) due to marginal revaluation losses of €5.7 million in 2021 compared to the €116.2 million revaluation losses in 2020.
- Cash dividend paid to shareholders of €0.30 per share in 2021.
- High liquidity of €418.7 million (vs €527.8 million at 2020 year-end) plus €215 million in undrawn RCF facility, and an LTV at 40.1% at 31 December 2021 (vs 37.8% at 2020 year-end).
The company intends to announce its audited financial results for 2021 towards the end of March 2022.
