Wrap Text
Audited 2020 Results -12 months period ended 31 December 2020
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 2020 RESULTS (12 months period ended 31 December 2020)
GROSS MARGIN FROM PROFIT BEFORE TAX AND
FFO(1)I EPRA NAV(2)
RENTAL ACITIVITY FAIR VALUE ADJUSTMENTS
EUR 119M EUR 66M EUR 66M EUR 1,112M
2020 FINANCIAL HIGHLIGHTS PORTFOLIO HIGHLIGHTS
- Gross margin from rental activity at EUR 119m in (EUR Office: slower activity due to covid-19
128m in 2019), despite EUR 15m impact of Covid-19 - Pandemic slows leasing activity, but it still reached
- Operating profit: profit before tax and fair value 64,000 sq m in 2020
adjustments at EUR 66m in (EUR 73m in 2019) - Occupancy remained strong at 90% as of 31 December 2020
- Loss after tax of EUR 71m, loss per share of EUR 0.14 - (95% in December 2019) despite new completions with lower than average occupancy
- FFO strong at EUR 66m (EUR 70m in 2019), FFO per - Completion of 3 office buildings: Green Heart N3 in
share at EUR 0.14 Belgrade (5,400 sq m), Matrix B in Zagreb (10,700 sq
- EPRA NAV at EUR 1,112m as of 31 December 2020, m), ABC 2 in Sofia (17,800 sq m);
EPRA NAV per share at EUR 2.29 (PLN 10.57) - Acquisition of a landplot in Budapest for future growth
- Solid financial metrics - Start of construction of Sofia Tower (8,300 sq m)
- LTV at 45% (44% as of 31 December 2019) - Strat of redevelopment of Center Point 1&2
- WAIR at historical low of 2.3% (2.6% as of 31 - Retail: prompt and effective measures to minimize negative effects
December 2019) - Renegotiation of contracts with retailers
- Strong liquidity position with cash and cash equivalents - Gross margin impacted by EUR 15m in 2020 due to
at EUR 272m as of 31 December 2020 Covid-19 lockdowns and related tenant’s support measures
- Investment grade rating of BBB- from Scope Rating - Temporary discounts in return for material extensions
- Green bonds issued in the amount of EUR 110m in allowed to keep the WALT at 3.6 years as of 31
December 2020 (33% oversubscription) followed by December (4.0 years at 31 December 2019)
bonds issue of EUR 54m in March 2021 (25% - Occupancy remained strong at 95%
oversubscription) - Strong rent collection: 97% of invoiced retail rent paid for
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 (iv) assets held for sale and (v) residential landbank.
Since its establishment and as a of 31 December 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 600 thousand sq m of gross
commercial space in completed commercial properties and approximately 300 thousand sq m of residential space; and (iii)
acquired approximately 160 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 the Czech Republic.
As of 31 December 2020, the Group`s property portfolio comprised the following properties:
• 48 completed commercial buildings, including 43 office buildings and five retail properties with a total combined commercial
space of approximately 753 thousand sq m of GLA;
• 2 office buildings under construction with total GLA of approximately 37 thousand sq m;
• commercial landbank designated for future development; and
• residential landbank.
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/FY20.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 audited the Annual Financial Statements of the
Company and has expressed an unqualified audit report 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: 23 March 2021
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: 23-03-2021 08:11:00
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