Wrap Text
Reviewed H1 2022 Results (6 months period ended 30 June 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”)
REVIEWED H1 2022 RESULTS (6 months period ended 30 June 2022)
GROSS MARGIN FROM
ADJUSTMENTED EBITDA FFO(1) I OCCUPANCY(²) NET LTV
RENTAL ACITIVITY
EUR 62M EUR 53M EUR 34M
89.4% 42%
+5% +2% +7%
H1 2022 FINANCIAL HIGHLIGHTS H1 2022 PORTFOLIO HIGHLIGHTS
Rental revenues up to EUR 84m in H1 2022 (EUR 79m in H1 Disposal of Cascade office building in July 2022
2021)
SPA signed for sale of Forest Offices Debrecen at book value
Gross margin from rental activity up to EUR 62m in H1 2022 SPA signed for sale of Matrix A and B, 7% above book value
(EUR 59m in H1 2021)
Disposal of Serbian office buildings for €268m (above the
Adjusted EBITDA up to €53m in H1 2022 (€52m in H1 2021) book value) completed in January 2022
FFO I at €34m in H1 2022 (€31m in H1 2021), FFO per share at
€0.06 Completion of Pillar, Class A office building in Budapest
(29,100 sq m GLA)
EPRA NTA³ at €1,326m as of 30 June 2022, EPRA NTA per Commencement of Matrix C, Class A office building in Zagreb
share at €2.31 (PLN 10.81) (10,500 sq m GLA)
Net LTV at 42% Occupancy at 89.4% as of 30 June 2022 (90% as of 31
Strong cash position of €250m? and available credit December 2021)
facilities in the amount of €94m 88% of assets green certified, 11% under certification
Profit after tax of EUR 41m, profit per share of EUR 0.07 process
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 CEE and 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 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 2022, the book value of the Group’s total property portfolio was EUR2,381m. The breakdown of the Group's property
portfolio was as follows:
- 45 completed commercial buildings (including 4 office buildings held for sale), including 39 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 2,063m which accounts for 87% of the Group's total property portfolio;
- four office buildings under construction with a total GLA of approximately 51 thousand sq m and a book value of EUR 76m,
which accounts for 3% of the Group's total property portfolio;
- investment landbank intended for future development with the book value of EUR 172m (including part of land in Poland held
for sale in the amount EUR 6.5m), which accounts for 7% of the Group's total property portfolio;
- residential landbank which accounts for EUR 27m (including part of land in Romania held for sale in the amount of EUR 0.7m),
which accounts for 1% of the Group's total property portfolio; and
- right of use of land under perpetual usufruct with value of EUR 43m (including right of use of land held for sale) which accounts
for 2% of the Group's total property 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/2022/jse/isse/GTCE/2022H1.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, PricewaterhouseCoopers Polska spólka z ograniczona odpowiedzialnoscia Audyt sp.k., has
reviewed the H1 2022 Results for the six-month period ended 30 June 2022 and has expressed an unqualified conclusion thereon.
The review report is available on the Company’s website at http://ir.gtc.com.pl/en/reports/financial-reports
Management Board Supervisory Board Marcin Murawski
Zoltán Fekete (CEO) János Péter Bartha (Chairman) Gyula Nagy
Ariel Alejandro Ferstman Lóránt Dudás Daniel Obajtek
János Gárdai Balázs Figura Bálint Szécsényi
Artur Kozieja Bruno Vannini
Registered office of the Company Date: 24 August 2022
KOR 45A, 02-146 Warsaw, Poland
Sponsor: Investec Bank Limited
Footnotes:(1) FFO - profit before tax less tax paid, after adjusting for non-cash tax liability. It is computed as the total equity less non-controlling interest, excluding
transactions (such as fair value or real estate remeasurement, depreciation and the derivatives at fair value as well as deferred taxation on property (unless such
amortization share base payment provision and unpaid financial expenses) share item is related to assets held for sale); (4) Includes cash related to assets held for
of profit/(loss) of associates and joint ventures and one-off items (such as FX sale
differences and residential activity and other non-recurring items); (2) Includes
assets held for sale, excludes Center Point I and II which is currently under re-
development;(3) EPRA NTA - is a net asset value measure under the assumption
that the entities buy and sell assets, thereby crystallising certain levels of deferred
Date: 24-08-2022 07:05:00
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