Wrap Text
Reviewed Q1 2023 Results -3 months period ended 31 March 2023
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”)
REVIEWED Q1 2023 RESULTS (3 months period ended 31 March 2023)
RENTAL REVENUES FFO I¹ NET LTV² OCCUPANCY CASH
EUR 43M EUR 16M 45.2% 87% EUR 147m
Q1 2023 FINANCIAL HIGHLIGHTS - Q1 2023 PORTFOLIO HIGHLIGHTS
- Occupancy at 87% as of 31 March 2023 (88%5 as of 31
- Revenues from rental activity at EUR 43m in Q1 2023
December 2022)
(EUR 42m in Q1 2022)
- Office leasing activity reached 20,700 sq m in Q1 2023
-Gross margin from rental activity at EUR 30m in Q1
(25,600 sq m in Q1 2022)
2023 (EUR 30m in Q1 2022)
- Retail leasing activity reached 3,500 sq m in Q1 2023
- FFO I at EUR 16m in Q1 2023 (EUR 16m in Q1 2022),
(8,800 sq m in Q1 2022)
FFO per share at EUR 0.03
- Average weighted lease term at 3.6 yrs.
- EPRA NTA³ at EUR 1,276m as of 31 March 2023 (EUR
1,273m as of 31 December 2022) - 86% of assets green certified, 13% under certification
EPRA NTA per share at EUR 2.22 (PLN 10.39) process
- Net LTV at 45.2%² (44.5%4 as of 31 December 2022) - Disposal of Forest Offices Debrecen: closing in January
2023
- Strong cash position of EUR 147m and available undrawn
credit facilities in the amount of EUR 94m
- Profit after tax of EUR 12m, profit per share of EUR 0.02
Corporate news
GTC recommends to the AGM to keep the profit for 2023 in the Company to finance capital
expenditures and investments that may provide measurable benefits to the shareholders
GTC management will seek authorization for a shares buy back:
- for up to 15% of the share capital, i.e. 86,138,268 shares
- price range between PLN 5 to PLN 7
- valid until 30 June 2024
NATURE OF BUSINESS
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 acquires, develops and manages 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 market.
As of 31 March 2023, the book value of the Group’s total property portfolio was EUR 2,283m. The breakdown of the
Group's property portfolio was as follows:
- 43 completed commercial buildings, including 37 office buildings and 6 retail properties with a total combined
commercial space of approximately 737 thousand sq m of GLA, an occupancy rate at 87% and a book value of
EUR 2,004m which accounts for 88% of the Group's total property portfolio;
- three office buildings under construction with a total GLA of approximately 62 thousand sq m and a book value of
EUR 59m, 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 155m 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 39m which accounts
for 2% of the Group's total property portfolio.
Additionally, GTC holds non-current financial assets in the amount of EUR 132,380, mainly including:
- 25% in Kildare Innovation Campus (technology campus) 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 fair
value amounted to EUR 119m, which accounts for 5% of the Group's total property portfolio including non-current
financial assets;
- 34% in Regional Multi Asset Fund Compartment 2 of Trigal Alternative Investment Fund GP S.á.r.l. which holds 4
completed commercial buildings 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 fair 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 March 2023, the book value of the Group’s total property portfolio including non-current financial assets was
EUR 2,415m.
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/Q12023.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 reviewed the Q1 2023 Results for the three-month period ended 31 March 2023 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)
Barbara Sikora Lóránt Dudás
János Gárdai Balázs Figura
Mariusz Grendowicz
Dominik Januszewski
Artur Kozieja
Marcin Murawski
Gyula Nagy
Slawomir Niemierka
Bálint Szécsényi
Bruno Vannini
Registered office of the Company Date: 26 May 2023
KOR 45A, 02-146 Warsaw, Poland Sponsor: Investec Bank Limited
Footnotes:(1) FFO - profit before tax less tax paid, after adjusting for non- entities buy and sell assets, thereby crystallising certain levels of deferred
cash transactions (such as fair value or real estate remeasurement, tax liability. It is computed as the total equity less non-controlling interest,
depreciation and amortization share base payment provision and unpaid excluding the derivatives at fair value as well as deferred taxation on
financial expenses) share of profit/(loss) of associates and joint ventures property (unless such item is related to assets held for sale); (4) Includes
and one-off items (such as FX differences and residential activity and non-current financial assets and adjusted for disposal of Forest Offices
other non-recurring items); (2) Includes non-current financial assets; (3) Debrecen, concluded on 30 January 2023; (5) Includes asset held for
EPRA NTA - is a net asset value measure under the assumption that the sale.
Date: 26-05-2023 07:05:00
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