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H1 2020 Results (6-months period ended 30 June 2020 unaudited)
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”)
H1 2020 RESULTS (6-months period ended 30 June 2020 unaudited)
GROSS MARGIN FROM PROFIT BEFORE TAX AND
RENTAL ACITIVITY FAIR VALUE ADJUSTMENTS FFO(1) I EPRA NAV(2)
EUR 59M EUR 32M EUR 33M EUR 1,161M
H1 2020 FINANCIAL HIGHLIGHTS H1 2020 PORTFOLIO HIGHLIGHTS
- Gross margin from rental activity at EUR 59m (EUR 61m - OFFICE: SHOWS RESILIENT
in H1 2019) o Occupancy remained strong at 95%
- Occupancy at 94% (95% December 2019) o No collection problem
- FFO I decreased 11% to EUR33m (EUR 37m in H1 o 57,500 sq m under construction on time and budget
2019), FFO per share at EUR 0.07 o Spiral office building under sale negotiations with
- Operating profit: profit before tax and fair value the value uplift of EUR10m
adjustments of EUR 32m in H1 2020 (EUR 37m in H1 - RETAIL: MOMENTUM CONTINUES TOWARDS PRE-
2019) COVID-19 LEVELS
- Loss after tax of EUR 34m, loss per share of EUR 0.07 o Occupancy remained strong on 92%
EPRA NAV decreased by 3% to EUR 1,161m as at 30 o Consumers gain confidence in the public health
June 2020, EPRA NAV per share at EUR 2.39 (PLN measures that have been taken
10.67 at EUR/PLN 4.466) o Footfall at 72% in the last week of July vs the same
- Solid financial metrics week in 2019
o LTV at 46% (44% as of 31 December 2019) o July sales on average at 86% vs last year
o WAIR at 2.6% (2.6% as of 31 December 2019) o Sales are down less than footfall: Higher conversion
- Cash and cash equivalents amounted to EUR 142m as and average basket
of 30 June 2020 o Collection rate at 91% in H1 2020
NATURE OF BUSINESS
The GTC Group is a leading real estate investor and developer focusing on Poland and capital cities in Eastern and
Southern Europe: Belgrade, Budapest, Bucharest, Zagreb and Sofia. The Group was established in 1994.
Group’s portfolio comprises: (i) completed commercial properties; (ii) commercial properties under construction; (iii) a
commercial landbank intended for future development or sale (iv) assets held for sale and (v) residential landbank.
Since its establishment and as at 30 June 2020 the Group has: (i) developed approximately 1.2 million sq m of gross
commercial space and approximately 300 thousand sq m of residential space; (ii) sold approximately 570 thousand sq m
of gross commercial space in completed commercial properties and approximately 300 thousand sq m of residential space;
and (iii) acquired approximately 150 thousand sq m of commercial space in completed commercial properties. Additionally
GTC Group developed and sold over 100 thousand sq m of commercial space and approximately 76 thousand sq m of
residential space through its associates in Czech Republic.
As of 30 June 2020, the Group`s property portfolio comprised the following properties:
- 45 completed commercial buildings, including 40 office buildings and five retail properties with a total combined
commercial space of approximately 715 thousand sq m of GLA;
- assets held for sale, including one completed office building with a total commercial space of approximately 31
thousand sq m of GLA;
- three office buildings under construction with total GLA of approximately 58 thousand sq m;
- commercial landbank designated for future development; and
- residential landbank designated for sale.
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/2020/jse/isse/GTCE/2020H1.pdf, and can be found on
the Company’s website at www.ir.gtc.com.pl. Any investment decision should be based on the full announcement published .
Management Board Supervisory Board Mariusz Grendowicz
Yovav Carmi Zoltán Fekete (Chairman) Marcin Murawski
Ariel Alejandro Ferstman János Péter Bartha Bálint Szécsényi
Gyula Nagy Péter Bozó Ryszard Wawryniewicz
Robert Snow Balázs Figura
Registered office of the Company Date: 19 August 2020
KOR 45A, 02-146 Warsaw, Poland Sponsor: Investec Bank Limited
Footnotes:
(1) FFO - profit before tax less tax paid, after adjusting for non-cash transactions (such as fair
value or real estate re-measurement, share base payment provision and unpaid financial
expenses) and one off items (such as FX differences and residential activity);
(2) EPRA NAV - total equity less non-controlling interest, less: deferred tax liability related to real
estate assets and derivatives at fair value.
Date: 19-08-2020 07:05:00
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