Wrap Text
Reviewed H1 2021 results - 6 months period ended 30 June 2021
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 H1 2021 RESULTS (6 Months Period Ended 30 June 2021)
GROSS MARGIN FROM CASH AND CASH
RENTAL ACITIVITY ADJUSTED EBITDA(1) FFO I(2) EQIVALENTS(³)
EUR 59M EUR 52M EUR 31M EUR 246M
H1 2021 FINANCIAL HIGHLIGHTS TRANSITIONING FROM SECURED TO PREDOMINANTLY UNSECURED DEBT
- Gross margin from rental activity at EUR 59m in H1 2021 - Two rating agencies assigned a corporate family rating
(EUR 59m in H1 2020) (“CFR”) to GTC:
- Adjusted EBITDA at EUR 52m in H1 2021 (EUR 52m in H1 - Fitch Ratings (“Fitch”) – BBB- with stable outlook
2020) - Moody's Investors Service ("Moody's") – Ba1 with
- FFO at EUR 31m (EUR 33m in H1 2020), FFO per share at positive outlook
EUR 0.06 - Issue of EUR 500m of green Eurobonds in June 2021 (2.8x
- EPRA NAV at EUR 1,126m as of 30 June 2021, EPRA NAV oversubscribed with a peak order book in excess of €1.4bn.)
per share at EUR 2.32 (PLN 10.49) - EUR 369.1m of secured project loans refinanced
- Strong liquidity position with cash and cash - EUR 82m of secured project loans under the refinancing
equivalents at EUR 246m as of 30 June 2021 process
- Investment of EUR 268m into acquisition of income - Unsecured debt at 48%
generating assets and landbank for future development - Unencumbered properties(4) up to 35% (9% as of 31 Dec.
- Occupancy at 91% (91% as of 31 December 2020) 2020)
- Profit after tax of EUR 21.5m (EUR 33.8m loss in H1 - WAIR(5) at historical low of 2.18%(6) (2.3% as of 31 Dec. 2020)
2020),profit per share of EUR 0.04 (EUR 0.07 loss in H1
2020)
NATURE OF BUSINESS
The GTC Group an experienced, established and fully integrated, real estate company operating in the CEE and SEE region with
a primary focus on Poland and capital cities in the CEE and SEE region including Budapest, 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 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 30 June 2021, the book value of the Group’s real estate portfolio was EUR 2,435m. The breakdown of the Group's property
portfolio is as follows:
- 53 completed commercial buildings, including 47 office buildings and six retail properties with a total combined commercial
space of approximately 829 thousand sq m of GLA. occupancy rate at 91% and book value of EUR 2,174m (including
assets held for sale) (of which 1% comprised of rights of use) which accounts for 89% of the Group's portfolio;
- 3 office buildings under construction with a total GLA of approximately 54 thousand sq m and book value of EUR 93m
which accounts for 4% of the Group's portfolio
- investment landbank intended for future development with the book value of EUR 157m which accounts for 6% of the
Group's portfolio; and
- residential landbank, including assets held for sale account for EUR 11m which accounts for less than 1%. of the Group's
portfolio.
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/2021/jse/isse/GTCE/2021H1.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. The Company's independent auditor, BDO sp. z o. o. sp. k., has reviewed the Unaudited Interim Condensed
Consolidated Financial Statements for the six-month period ended 30 June 2021 and has expressed an unqualified conclusion
thereon.
Management Board Supervisory Board Mariusz Grendowicz
Yovav Carmi (CEO) Zoltán Fekete (Chairman) Marcin Murawski
Ariel Alejandro Ferstman János Péter Bartha Bálint Szécsényi
Gyula Nagy Lóránt Dudás Ryszard Wawryniewicz
Robert Snow Balázs Figura
Registered office of the Company Date: 24 August 2021
KOR 45A, 02-146 Warsaw, Poland Sponsor: Investec Bank Limited
Footnotes:
(1) ADJUSTED EBITDA - consolidated profit/(loss) of the Group before taxes, depreciation,
amortisation and impairments, non-controlling interest and share of profit/(loss) of joint ventures, excluding
any fair value adjustments, the net result on sale of financial investments, financial income and/or expenses,
foreign exchange gains and/or losses, share-based payment expenses, acquisition fees, net result on
acquisitions and disposals and any other exceptional or non-recurring item, as determined by reference to
the most recent consolidated statement of comprehensive income set out in the audited annual or unaudited
semi-annual financial statements of the Group prepared in accordance with IFRS or IAS 34, as applicable;
(2) FFO - profit before tax less tax paid, after adjusting for non-cash transactions (such as fair value or real
estate remeasurement, depreciation and amortization share base payment provision and unpaid financial
expenses) share of profit/(loss) of associates and joint ventures and one-off items (such as FX differences
and residential activity and other non-recurring items);
(3) EPRA NAV - are to measure representing the IFRS net assets and calculated as total equity less non-controlling
interest, excluding the derivatives at fair value as well as deferred taxation on property;
(4) UNENCUMBERED PROPERTIES - such amount of the Consolidated Total Properties not pledged as Security Interest for
Indebtedness;
(5) WAIR - a weighted average interest rate of total debt, as adjusted to reflect the impact of contracted interest
rate swaps and cross-currency swaps by the Group;
(6) Excludes loans related to assets held for sale;
Date: 24-08-2021 07:05:00
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