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Reviewed Q1 2021 Results (3 months period ended 31 March 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 Q1 2021 RESULTS (3 months period ended 31 March 2021)
GROSS MARGIN FROM PROFIT BEFORE TAX AND
RENTAL ACITIVITY FAIR VALUE ADJUSTMENTS FFO(1)I EPRA NAV(2)
EUR 27M EUR 15M EUR 14M EUR 1,123M
2020 FINANCIAL HIGHLIGHTS PORTFOLIO HIGHLIGHTS
- Gross margin from rental activity at EUR 27m (EUR 30m
in Q1 2020), despite EUR 2.4m impact of COVID-19 in Q1 OFFICE: ACTIVITY STRONGER THAN IN 2020
2021 (EUR 4.5m impact to pre-COVID levels of Q1 2019) - Leasing activity focused mostly on prolongations reached
- Operating profit: profit before tax and fair value close to 40,000 sq m:
adjustments at EUR 15m (EUR 13m in Q1 2020) - Occupancy remained strong at 90%³ as of 31 March 2021
- Profit after tax of EUR 9m, profit per share of EUR 0.02 (90% in December 2020)
- FFO strong at EUR 14m (EUR 18m in Q1 2020), - EUR 212m invested in Q2 2020 into fully leased offices in
FFO per share at EUR 0.03 Budapest with long WAULT and blue chip tenants will
contribute EUR 11.8m p.a. to our in-place rent.
- EPRA NAV at EUR 1,123m as of 31 March 2021, EPRA
NAV per share at EUR 2.31 (PLN 10.77)
Solid financial metrics RETAIL: COVID-19 STILL VISIBLE IN Q1 2021 RESULTS
HOWEVER CURRENTLY 100% OF SPACE OPERATIONAL
- LTV at 45.5% (45% as of 31 December 2020)
- Lockdowns in Poland, Bulgaria and Serbia lead to an
- WAIR at historical low of 2.3% (2.3% as of 31 impact on gross margin of EUR 2.4m in Q1 2021
December 2020) - Currently, 100% of our retail GLA is allowed to trade
- Retailers continue to expand
- Occupancy improved to 96% as at 31 March 2021
- Strong liquidity position with cash and cash equivalents at
EUR 254m as of 31 March 2021
- Green bonds issued in the amount of EUR 54m in March
2021 (25% oversubscription)
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 March 2021 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 March 2021, 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 751 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/2021Q1.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 three-month period ended 31 March 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: 13 May 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.
(3) Office occupancy as of 31 March 2021 including leases signed and starting post 31 March 2021
Date: 13-05-2021 07:05:00
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