Consolidated profit on investment properties: PLN 279.5 million, increase by 5% y / y;
Consolidated operating profit: PLN 242.0 million, decrease by 2% y / y;
Consolidated net profit: PLN 189.6 million, increase by 30% y / y.
Good results achieved in 2021 by the Cavatina Holding Group S.A. confirm the solid foundations on which our strategy is based. The complementary chain of competences within the Group brings measurable and expected financial results. In 2021, we completed the construction of four more investments, signed lease agreements for over 40,000 sq m. sqm (over 60,000 sqm by the date of publication of the report) and we obtained diversified financing enabling us to implement further projects. In addition to the successful public offering of PLN 187.5 million, we issued bonds for nearly PLN 100 million, and obtained financing in the form of credits and loans – including on the international banking market – for a total amount of over PLN 550 million,” says Daniel Draga, Vice President of the Management Board of Cavatina Holding S.A., which is the parent company of the Group.
Cavatina Holding S.A. Group had a net profit of PLN 189.6 million in 2021, which was higher by 30% y / y. The operating profit amounted to PLN 242.0 million, which means a slight decrease by 2% compared to 2020.The profit on the valuation of investment properties, which has a key impact on the results achieved by the Group, increased to PLN 257.2 million, i.e. by 10 % y / y The increase in profit on investment real estate is the result of the advancement of construction and commercialization. The projects Global Office Park A1 and A2, Palio Office Park A, Ocean Office Park A and Quorum D had the greatest impact.
In 2021, the Group completed the implementation of three projects: Palio Office Park building A in Gdańsk, Ocean Office Park building A and Equal Business Park building D in Kraków with a total area of almost 40,000 sq m. sq m After the balance sheet date, in the first quarter of 2022, two towers in the Global Office Park complex (A1 and A2) in Katowice with a total area of over 55,000 sq m were commissioned. sqm., and projects with a total area of approx. 170,000 sqm were under construction.
The developer signed lease and pre-let agreements for a total of over 60,000 sqm throughout 2021 and the first quarter of 2022. sq m The level of lease of completed projects and pre-let for investment properties under construction as at the date of approval of the report for 2021: Carbon Tower – 98%, Tischnera Office – 78%, Global Office Park C – 100%, Equal Business Park D – 56%, Ocean Office Park A – 91%, Ocean Office Park B – 31%, Global Office Park A – 63%, Palio Office Park A – 43%, Palio Office Park B – 21%, Quorum D – 26%, Cavatina Hall A – 82%, WIMA D – 100%.
The year 2021 was a period of very intensive work on the implementation of our business strategy and preparations for the debut of Cavatina Holding S.A. shares. on the Warsaw Stock Exchange. Our goal is to consistently develop and strengthen our position on the market, and through intensive activity on the capital market, we also want to increase recognition among institutional and individual investors. In the coming days, we will publish the first ESG report of the Cavatina Holding Group, which summarizes the activities so far in the areas related to the community, environment and corporate governance. ESG will be one of the main pillars of the group’s activities in the coming years,” says Daniel Draga, Vice President of the Management Board of Cavatina Holding S.A.
In July 2021, Cavatina Holding S.A. conducted an IPO and entered the Main Market of the Warsaw Stock Exchange. The value of the offering was PLN 187.5 million, and the funds obtained from the issue are allocated to the further development of the Group’s operations.
In line with the adopted strategy of diversifying sources of financing, the Group also carried out bond issues in 2021 with a total value of nearly PLN 100 million and 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 demand and market situation. Based on the prospectus approved by the Polish Financial Supervision Authority, in the first quarter of 2022 Cavatina Holding carried out the first issue as part of a bond program addressed to individual investors and placed P2022A series bonds with a value of over PLN 40 million, which debuted on Catalyst on March 11, 2022.
