Cavatina Holding S.A. Group – one of the largest Polish office developers listed on the Warsaw Stock Exchange – achieved the following financial results in the first quarter of 2022:
Consolidated profit on investment properties: PLN 64.1 million,
Consolidated operating profit: PLN 55.0 million,
Consolidated net profit: PLN 30.3 million.
“In the first months of this year, as in the whole of 2021, we intensively developed our development activity, and the occupancy permit was granted to two more projects – the Global Office Park towers in Katowice in March and building B of the Palio Office Park complex in Gdańsk in April. It is also worth paying attention to the active activity in the field of signing subsequent lease agreements. In total, from the beginning of the year, we contracted over 35,000 sqm,” says Daniel Draga, Vice President of the Management Board of Cavatina Holding S.A.
The most important consolidated financial data:
Cumulatively [data in PLN million] in Q1 2022
Profit / loss on investment real estate 64.1
Profit / loss on the valuation and sale of investment real estate 57.4
Operating profit 55.0
Net profit 30.3
As at [data in PLN million] March 31, 2022
Equity 1 084.2
Total assets 2 699.3
Cavatina Holding S.A. Group in the first quarter of 2022, it had a profit of PLN 64.1 million on the valuation of investment properties and PLN 55.0 million of operating profit. In the first quarter of 2022, the Group completed the construction and commissioned two office towers in the Global Office Park complex (A1 and A2 buildings) in Katowice, which will provide 55.2 thousand sqm of space to the dynamically developing Katowice market. sq m modern office space. In April, the occupancy permit was also granted to the second office building of the Palio Office Park project in Gdańsk (building B) with an area of 7.7 thousand square meters. Projects with a total area of approximately 164,000 sqm were under construction.
Cavatina Holding, after successful 2021, also in the first quarter of 2022, proves that it knows how to use the potential of regional markets well. In the first quarter of 2022 alone, the developer signed lease and pre-let agreements for a total of over 24,500 sqm (by the date of publication of the report, already over 35,000 sqm) in investments carried out in Kraków, Katowice, Wrocław, Gdańsk and Bielsko-Biała.
The level of lease of completed projects and pre-let in the case of investment properties under construction as at the date of approval of the report for the 1st quarter of 2022: Carbon Tower – 98%, Tischnera Office – 78%, Global Office Park C – 100%, Equal Business Park D – 60 %, Ocean Office Park A – 91%, Ocean Office Park B – 31%, Global Office Park A – 65%, Palio Office Park A – 52%, Palio Office Park B – 21%, Quorum D – 45%, Cavatina Hall A –82%, WIMA D – 100%.
Cavatina Holding S.A. consistently implements the strategy of diversifying sources of financing. In 2021, the Group established two parallel bond issue programs for a total amount of PLN 400 million, addressed separately to individual and institutional investors, which will be used depending on the demand and market situation. In the first quarter of 2022, Cavatina Holding carried out the first issue as part of the bond program addressed to individual investors and placed series P2022A bonds worth over PLN 40 million, which debuted on Catalyst on March 11, 2022.
In May 2022, it once again received funding from an international consortium consisting of Austrian banks: Erste Group Bank AG and Raiffeisenlandesbank Niederösterreich-Wien AG. Funds in the amount of up to EUR 70 million and PLN 10 million will be used to finance and refinance expenditure related to the construction and finishing of office buildings A and B of the multifunctional Ocean Office Park investment in Krakow.
