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Annual Report and Financial Statements 2020 Statements Financial and Report Annual — PEOPLE — PLACES — TECHNOLOGY — ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 STATEMENTS FINANCIAL AND REPORT ANNUAL SHAPING THE SHAPING BUSINESS FOR THE FUTURETHE GLObalWOrtH ANNUAL REPOrt AND FINANCIAL statEMENts 2020 OUR PURPOSE Globalworth’s mission is to create value for its shareholders, tenants, and the local communities by acting consistently in an ethical and socially responsible manner. Creating an environment in which people want to work and be associated with is a key objective for the Group, achieved through building a vibrant, modern and greener portfolio. OUR VA LUES Integral to our culture is adhering to the highest standards of ethical business practices and living by our values, which are: More on our values and behaviours on page 00 One Team Act with Integrity Respect, Diversity Build an and Inclusion Environmentally Friendly & Sustainable Future OUR CULTURE – We believe that having the right culture within Globalworth has been integral to the success of the Group over the past few years. – Elements of the culture are visible in the work of the Globalworth Foundation and other corporate social responsibility projects that we are engaged in. – We have a management team that is focused on ensuring that we have a strong work ethic whilst also trying to create a positive working environment. – Our Board of Directors places significant importance on the roles of business ethics, sustainable development and corporate social responsibility within the overall approach of the Group. Visit us online: WWW.GLOBALWORTH.COM OVERVIEW S TRATEGIC REPORT P ORTFOLIO REVIEW G OVERNANCE F INANCIAL STATEMENTS A DDITIONAL INFORMATION H IGHLIGHTS OUR PERFORMANCE 2020 has been a year of significant challenges, with a first quarter full of optimism coming to an abrupt halt in March due to the COVID-19 pandemic. Our proactive approach, combined with the quality of our portfolio, and the strength of our team have resulted in a very resilient 2020 operating performance. We are in the best possible position to emerge stronger in due course and as a relative winner from the current turbulent times. F INANCIAL HIGHLIGHTS1 OPRT E A IONAL HIGHLIGHTS — Total combined portfolio value remained effectively Portfolio Open Market Shareholders’ unchanged at €3.0 billion. Value Equity — €2.3 billion in environmentally certified properties. — Performed an extensive review of our cost base, passing €3.0bn €1.8bn on service charges savings to our tenants and reducing €3.0bn (2019) €1.9bn (2019) our administrative expenses by c.7.0% vs 2019. — Focused developments only on projects with significant I FRS Earnings Adjusted Normalised pre-lets or advanced level of construction, delivering two Before Tax EBITDA Class “A” offices and two high-quality industrial facilities in Romania and Poland with 95.8k sqm of GLA. -€30.5m €141.6m — Overall standing portfolio footprint increased by 4.7% +€207.7m (2019) €129.0m (2019)2 to 1,271.3k sqm of GLA. — Leasing transactions for a total of 303.5k sqm of commercial space at an average WALL of 3.9 years. I FRS Earnings per Share E PRA Earnings per Share — 74.3% related to lease renegotiations / extensions with our existing tenants. -21 cents 37 cents — Standing commercial occupancy remained high at 90.9% +93 cents (2019) 44 cents (2019) (91.7% including tenant options) as at year-end, impacted however by the delivery of properties under development still in lease-up stage and a 3.3% decrease in like-for-like EAPRA N V per Share Net Operating Income occupancy due to the very challenging market conditions. — Annualised contracted rent of €183.4 million, of which €8.68 €157.3m 91.3% from office and industrial properties. €9.30 (2019) €147.7m (2019) — Rate of collections for rents invoiced and due remained high at 99.0% for the year. Dividend per Share — Majority of portfolio now internally managed, by our team of over 220 professionals in Poland and Romania. 34 cents — Maintained our investment grade by all three major 60 cents (2019) rating agencies. — Issued our inaugural green bond, raising €400 million with 1. Please refer to the Glossary (pages 178-180) for the definitions used a 6-year term, which was more than 2x oversubscribed. and the Financial Review section (pages 46-50) for further details. 2. The 2019 comparative has been adjusted downwards by €5.8 million, — Further improved our debt maturity profile, through related to the apportionment of part of the NOIG/RGA settlement. the repurchase of c.41% of the notes maturing in 2022 at a 2.0% premium to their par value. — c.€2.0 million contributed to our communities towards 27 initiatives in Romania and Poland, with the majority targeted towards the fight against COVID-19. CONTS ENT Overview Financing and Liquidity Review 52 Financial Statements Stakeholder Engagement 54 Highlights 1 Viability Statement 58 Consolidated Financial Statements 110 At a Glance 2 Sustainable Development Update 60 Notes to the Financial Statements 114 Investment Case 3 The Globalworth Foundation 64 Independent Auditor’s Report to the COVID-19 Response 4 Members of Globalworth Real Estate Portfolio Review Investments Limited 163 Strategic Report Portfolio Snapshot 68 Additional Information Chief Executive’s Review 10 Present in 10 cities 70 Our Markets 14 Schedule of Properties 166 Business Model 16 Governance New EPRA NAV Metrics 176 Investing Policy 177 Strategy 18 Introduction to Governance 76 Glossary 178 Key Performance Indicators 20 Board of Directors 82 Company Directory 181 Standing Portfolio Review 24 Directors’ Report 84 Developments Review 28 Report of the Audit Committee 88 Asset Management Review 36 Report of the Risk Committee 94 Capital Markets Review 42 Report of the Nomination Committee 103 Financial Review 46 Report of the Remuneration Committee 104 GLOBALWORTH ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 1 OVERVIEW S TRATEGIC REPORT P ORTFOLIO REVIEW G OVERNANCE F INANCIAL STATEMENTS ADDITIONAL INFORMATION AT A GLANCE INVESTMENT CASE CREATING ENVIRONMENTS O ur established platform, clear strategy and financial strength provide firm foundations for future value creation. WHERE BUSINESS CAN FLOURISH FOCUS ON THE LARGEST REAL STRONG MANAGEMENT PLATFORM HIGH-QUALITY REAL ESTATE MARKETS IN THE CEE WITH LOCAL PRESENCE ESTATE PORTFOLIO Globalworth is a leading real estate – Poland and Romania, Globalworth’s – We are a multi-skilled platform, with – We own a sizeable and modern portfolio two focus markets, offer compelling substantial on-the-ground operations in in prime locations, principally of Class “A” company with a primary focus on macroeconomic and real estate our focus markets, with a team of over 220 offices, but also including a number of Poland and Romania, the two fundamentals with broad opportunities experienced professionals combining local landmark and strategic investments largest markets in Central and for value creation. insight with an international approach. mainly in mixed-use (office/commercial) Eastern Europe (“CEE”). and industrial properties. T he Company acquires, develops See more information on page 14 See more information on page 62 See more information on page 68 and manages commercial real estate assets, primarily in the office sector, with the objective of being the landlord of choice for the broad STRONG CASH FLOWS TRACK RECORD OF CAPITAL MULTIPLE GROWTH DRIVERS and growing variety of multinational DISCIPLINE AND ACCESS TO BOTH TO OUR BUSINESS corporations in the region. PUBLIC AND PRIVATE CAPITAL MARKETS Globalworth has a real estate – Our portfolio benefits from high – We take a conservative and sustainable – We continuously explore our markets portfolio valued at €3.0 billion, occupancy rates and is predominantly approach to financing, with diversified for value-added investment opportunities managed by an internal team of leased to a diverse and international sources of capital. in Poland and Romania. over 220 professionals mainly tenant base on triple-net, long-dated, – We proactively seek asset management located in Poland and Romania. Euro-denominated leases. initiatives for our portfolio and operations, – Our assets, liabilities and revenues are targeting enhanced revenue streams and principally Euro-denominated, minimising improved efficiency. local currency exposure. Globalworth Tower See more information on page 46 See more information on page 42 and 52 See more information on page 18 OUR PORTFOLIO Combined Portfolio Value (GAV) Standing Commercial Occupancy Standing GLA Locations (% GAV) Property type (% GAV) Properties by status (% GAV) €3.0bn 90.9% 1,271.3k sqm Poland 53.1% Ofce 81.8% Standing properties 92.5% €3.0bn (2019) 94.7% (2019) 1,213.7k sqm (2019) Romania 46.9% Mixed use 9.0% Developments (includes assets under refurbishment) 4.8% Logistics/Light- Standing Properties Contracted Rent GLA Under Development industrial 4.8% Land for future development 2.7% 64 €183.4m 69.9k sqm Other 4.4% 61 (2019) €191.0m (2019) 176.2k sqm (2019) See more information on page 68 2 GLOBALWORTH ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 GLOBALWORTH ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 3 OVERVIEW S TRATEGIC REPORT P ORTFOLIO REVIEW G OVERNANCE F INANCIAL STATEMENTS ADDITIONAL INFORMATION COI V D-19 RESPONSE OUR RESPONSE TO COVID-19 The COVID-19 global pandemic OU R RESPONSE TEAMS OU R RESPONSE ACTIONS has been unprecedented in terms of scale and pace of impact, creating BOARD OF DIRECTORS EXECUTIVE DIRECTORS & BUSINESS CONTINUITY & MINIMISING FINANCIAL EXPOSURE TO COVID-19 significant uncertainty for the SENIOR MANAGEMENT RESPONSE TEAM future, and changing the way we Utilised a risk-adjusted approach Team Committed to Sustainable Suspended Investment for the live and operate. aimed at preserving as much cash in Long-term Future to Business Acquisition of New Standing Properties T he Board has led the business’s – Dedicated teams at Group and country the business without jeopardising the and Stakeholders or Developments I n this period, organisations and authorities COVID-19 response and, together with levels (Poland and Romania) were safety and future growth of the Group.
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