Wrap Text
Audited 2022 Results (12 months period ended 31 December 2022)
GLOBE TRADE CENTRE S.A.
(Incorporated and registered in Poland with KRS No. 61500)
(Share code on the WSE: GTC.S.A)
(Share code on the JSE: GTC ISIN: PLGTC0000037)
(“GTC” or “the Company”)
AUDITED 2022 RESULTS (12 months period ended 31 December 2022)
RENTAL REVENUES FFO I¹ NET LTV² OCCUPANCY CASH
€167M €68M 44.5% 88% €115m
2022 FINANCIAL HIGHLIGHTS 2022 PORTFOLIO HIGHLIGHTS
Rental revenues at EUR 167m in 2022 (€172m in 2021) Occupancy at 88% as of 31 December 2022 (90%
as of 31 December 2021)
Gross margin from rental activity at EUR 119m in 2022
(€128m in 2021) Leasing activity reached 124,900 sq m in 2022
(163,600 sq m in 2021)
FFO I at EUR 68m in 2022 (€74m in 2021), FFO per
share at EUR 0.12 Average weighted lease term at 3.7 yrs.
EPRA NTA³ at EUR 1,273m as of 31 December 2022 87% of assets green certified, 13% under
(€1,272m as of 31 December 2021) certification process
EPRA NTA per share at EUR 2.22 (PLN 10.40) Completion of 3 office buildings offering 54,600 sq m
Net LTV at 44.5% (42.0%4 as of 31 December 2021) with EUR 10.8m p.a. of stabilised in-place rent
Strong cash position of EUR 115m and available Disposals of Serbian office building portfolio in
undrawn credit facilities in the amount of EUR 94m January 2022, Cascade office building in July 2022,
Matrix A and B: in November 2022 and Forest Offices
Profit after tax of EUR 25m, profit per share of EUR Debrecen: closing in January 2023
0.04
Commencement of construction of Matrix C, Class
We have been recognized for our ESG affords and A office building in Zagreb (10,500 sq m GLA) and
received 2022 EPRA Sustainability Best Practices Center Point 3, Class A office building in Budapest
Recommendations Silver Award (36,000 sq m GLA)
NATURE OF BUSINESS
The GTC Group is an experienced, established, and fully integrated, real estate company operating in the CEE and SEE
region with a primary focus on Poland and Budapest and capital cities in the SEE region including Bucharest, Belgrade,
Zagreb and Sofia, where it directly manages, acquires and develops primarily high-quality office and retail real estate
assets in prime locations. The Company is listed on the Warsaw Stock Exchange and inward listed on the Johannesburg
Stock Exchange. The Group operates a fully-integrated asset management platform and is represented by local teams
in each of its core markets.
As of 31 December 2022, the book value of the Group’s total property portfolio was EUR 2,321,908. The breakdown of
the Group's property portfolio was as follows:
• 44 completed commercial buildings (including 1 office building held for sale), including 38 office buildings and 6
retail properties with a total combined commercial space of approximately 762 thousand sq m of GLA, an occupancy
rate at 88% and a book value of EUR 2,050m which accounts for 88% of the Group's total property portfolio;
• three office buildings under construction with a total GLA of approximately 61 thousand sq m and a book value of
EUR 51m, which accounts for 2% of the Group's total property portfolio;
• investment landbank intended for future development (including 1 land plot in Poland held for sale in the amount of
EUR 3m) with the book value of EUR 154m which accounts for 7% of the Group's total property portfolio;
• residential landbank which accounts for EUR 26m (including part of land in Romania held for sale in the amount of
EUR 1m), which accounts for 1% of the Group's total property portfolio; and
• right of use of lands under perpetual usufruct, including assets hale for sale with value of EUR 40m which accounts
for 2% of the Group's total property portfolio.
Additionally, GTC holds:
• 25% of technology campus (booked as a non-current financial assets) with nine completed buildings with a total
GLA of approximately 102 thousand sq m (extends over 72 ha of which 34 ha is undeveloped) and GTC’s share of
book value amounted to EUR 118m, which accounts for 5% of the Group's total property portfolio including non-
current financial assets;
• 34% of 4 completed commercial buildings (booked as a non-current financial assets) including 3 office buildings
and 1 retail property with a total combined commercial space of approximately 41 thousand sq m of GLA, and
GTC’s share of book value amounted to EUR 13m which accounts for less than 1% of the Group's total property
portfolio including non-current financial assets.
As of 31 December 2022, the book value of the Group’s total property portfolio including non-current financial assets
was EUR 2,452m.
This short form announcement is the responsibility of the directors and is only a summary of the information in the
full announcement. The full announcement is available at
https://senspdf.jse.co.za/documents/2023/jse/isse/GTCE/2023.pdf , and can be found on the Company’s website at
www.gtcgroup.com. Any investment decision should be based on the full announcement published. The Company's
independent auditor, PricewaterhouseCoopers Polska spólka z ograniczona odpowiedzialnoscia Audyt sp.k., has
audited the 2022 Results for the year ended 31 December 2022 and has expressed an unqualified conclusion
thereon. The review report is available on the Company’s website at https://www.gtcgroup.com/en/investors/results-
reports-and-announcements
Management Board Supervisory Board
Zoltán Fekete (CEO) János Péter Bartha (Chairman)
Ariel Alejandro Ferstman Lóránt Dudás
János Gárdai Balázs Figura
Mariusz Grendowicz
Artur Kozieja
Marcin Murawski
Slawomir Niemierka
Gyula Nagy
Bálint Szécsényi
Bruno Vannini
Registered office of the Company Date: 25 April 2023
KOR 45A, 02-146 Warsaw, Poland Sponsor: Investec Bank Limited
Footnotes:(1) FFO - profit before tax less tax paid, after adjusting for non- (3) EPRA NTA - is a net asset value measure under the assumption that
cash transactions (such as fair value or real estate remeasurement, the entities buy and sell assets, thereby crystallising certain levels of
depreciation and amortization share base payment provision and unpaid deferred tax liability. It is computed as the total equity less non-controlling
financial expenses) share of profit/(loss) of associates and joint ventures interest, excluding the derivatives at fair value as well as deferred taxation
and one-off items (such as FX differences and residential activity and on property (unless such item is related to assets held for sale); (4)
other non-recurring items); (2) Includes non-current financial assets and Adjusted for disposal of Serbian assets and capital increase
adjusted for disposal of Forest Offices Debrecen, concluded on 30
January 2023
Date: 25-04-2023 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
