Wrap Text
Reviewed 9M 2022 Results (9 months period ended 30 September 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 9M 2022 RESULTS (9 months period ended 30 September 2022)
RENTAL REVENUES FFO I(¹) NET LTV OCCUPANCY CASH
EUR 126M EUR 54M 44.3%(²) 89%(³) EUR 1284m
9M 2022 FINANCIAL HIGHLIGHTS 9M 2022 PORTFOLIO HIGHLIGHTS
Rental revenues up to EUR 126m in 9M 2022 (EUR 124m in 9M Occupancy at 89%(³) as of 30 September 2022 (90% as of 31
2021) December 2021)
Gross margin from rental activity at EUR 92m in 9M 2022 Leasing activity reached 106.300 sq m in 9M 2022 (101.900 in
(EUR 93m in 9M 2021) 9M 2021); however leasing peaked in Q3 2022 with 34,700 sq m
FFO I at EUR 54m in 9M 2022 (EUR 52m in 9M 2021), FFO per leased across the portfolio
share at EUR 0.09 Average weighted lease term at 3.6 yrs.
EPRA NTA5 at EUR 1,315m as of 30 September 2022, EPRA 88% of assets green certified, 11% under certification process
NTA per share at EUR 2.29 (PLN 11.15) Disposals:
Net LTV at 44.3%(²)(42.0%(6) as of 31 December 2021) - Cascade office building closed in July 2022
Cash position of EUR 128m(4) and available credit facilities in the - Forest Offices Debrecen: closing expected by the end of Q4
amount of EUR 94m 2022
2022 EPRA Sustainability Best Practices Recommendations - Matrix A and B, closing expected by the end of Q4 2022
Silver Award Commencement of Matrix C, Class A office building in
Profit after tax of EUR 49m, profit per share of EUR 0.08 Zagreb (10,500 sq m GLA)
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 September 2022, the book value of the Group’s total property portfolio was EUR 2,382m. The breakdown of the Group's
property portfolio was as follows:
- 44 completed commercial buildings (including 3 office buildings held for sale), including 38 office buildings and 6 retail
properties with a total combined commercial space of approximately 758 thousand sq m of GLA, an occupancy rate at 87%
and a book value of EUR 2,055m which accounts for 86% 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 84m,
which accounts for 4% of the Group's total property portfolio;
- investment landbank intended for future development with the book value of EUR 174m 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 EUR1m),
which accounts for 1% of the Group's total property portfolio; and
- right of use of land under perpetual usufruct with value of EUR 41m which accounts for 2% of the Group's total portfolio.
Additionally, GTC holds a minority stake of 25% through notes (debt instruments and booked as a non current financial assets) issued
by a Luxembourg securitisation vehicle in Kildare Innovation Campus, located outside of Dublin of the value of EUR115m. Also, GTC
holds 34% of units in Regional Multi Asset Fund Compartment 2 of Trigal Alternative Investment Fund GP S.á.r.l. of the value of EUR
13m (booked as a non current financial assets).
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/20229M.pdf, and can be found on the
Company’s website at www.gtcgroup.com. 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 9M 2022 Results for the nine-month period ended 30 September 2022 and has expressed an unqualified conclusion
thereon. The review report is available on the Company’s website at https://www.gtcgroup.com/en/investors/results-reports-and-
announcements
Management Board Supervisory Board Artur Kozieja
Zoltán Fekete (CEO) János Péter Bartha (Chairman) Marcin Murawski
Ariel Alejandro Ferstman Lóránt Dudás Gyula Nagy
János Gárdai Balázs Figura Bálint Szécsényi
Mariusz Grendowicz Bruno Vannini
Registered office of the Company Date: 16 November 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 transactions the assumption that the entities buy and sell assets, thereby crystallising certain levels of
(such as fair value or real estate remeasurement, depreciation and amortization share base deferred tax liability. It is computed as the total equity less non-controlling interest,
payment provision and unpaid financial expenses) share of profit/(loss) of associates and excluding the derivatives at fair value as well as deferred taxation on property (unless such
joint ventures and one-off items (such as FX differences and residential activity and other item is related to assets held for sale); (6) Adjusted for disposal of Serbian assets and
non-recurring items); (2) Includes non-current financial assets (3) Includes assets held for capital increase
sale, excludes Center Point I and II which is currently under re-development;(4) Includes
cash related to assets held for sale; (5) EPRA NTA - is a net asset value measure under
Date: 16-11-2022 07:05:00
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