Wrap Text
Reviewed Q1 2022 Results (3 months period ended 31 March 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 Q1 2022 RESULTS (3 months period ended 31 March 2022)
GROSS MARGIN FROM
ADJUSTMENTED EBITDA FFO(1) I OCCUPANCY NET LTV
RENTAL ACITIVITY
EUR 30M EUR 26M EUR 16M 91% 43.1%
+10% +5% +14% +1 pp. +1.1 pp.
Q1 2022 FINANCIAL HIGHLIGHTS
Rental revenues up to EUR 42m in Q1 2022 Strong cash position of EUR 278m and available credit
(EUR 37m in Q1 2021) facilities in the amount of EUR 94m
Gross margin from rental activity up to EUR 30m in Q1
2022 (EUR 27m in Q1 2021) Q1 2022 PORTFOLIO HIGHLIGHTS
Adjusted EBITDA up to EUR 26m in Q1 2022 Occupancy at 91% as of 31 March 2022
(EUR 24m in Q1 2021) (90% as of 31 December 2021)
FFO I at EUR 16m in Q1 2022 (EUR 14m in Q1 2021), Disposal of Serbian office buildings for EUR 268m
FFO per share at EUR 0.03 (above the book value) completed in January 2022
EPRA NTA(²) at EUR 1,288m as of 31 March 2022, EPRA Completion of Pillar, Class A office building in Budapest
NTA per share at EUR 2.24 (PLN 10.43) (29,100 sq m GLA)
Net LTV at 43% Commencement of Matrix C, Class A office building
Proposed dividend from 2021 profits of PLN 0.28/share in Zagreb (10,500 sq m GLA)
Profit after tax of EUR 15m, profit per share of EUR 0.03 88% of assets green certified, 11% under certification 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 Hungary 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 31 March 2022, the book value of the Group’s total property portfolio was EUR 2,351m. The breakdown of the Group's property
portfolio was as follows:
- 45 completed commercial buildings, including 39 office buildings and 6 retail properties with a total combined commercial space
of approximately 763 thousand sq m of GLA, an occupancy rate at 91% and a book value of EUR 2,051m, which accounts for
88% 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 57m,
which accounts for 2% of the Group's total property portfolio;
- investment landbank intended for future development with the book value of EUR 173m (including land in Croatia and Poland
held for sale in the amount EUR 4m), which accounts for 7% of the Group's total property portfolio;
- residential landbank account for EUR 27m (including land in Romania held for sale in the amount EUR 1m), which accounts for
1% of the Group's total property portfolio; and
- right of use of lands under perpetual usufruct with value of EUR 42m 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/2022Q1.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 spó?ka z ograniczon? odpowiedzialno?ci? Audyt sp.k., has
reviewed the Unaudited Interim Condensed Consolidated Financial Statements for the three-month period ended 31 March 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
Pedja Petronijevic Mariusz Grendowicz Bruno Vannini
Registered office of the Company Date: 19 May 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 (such as fair (2) EPRA NTA - is a net asset value measure under the assumption that the entities buy and sell assets,
value or real estate remeasurement, depreciation and amortization share base payment provision and thereby crystallising certain levels of deferred tax liability. It is computed as the total equity less non-
unpaid financial expenses) share of profit/(loss) of associates and joint ventures and one-off items (such controlling interest, excluding the derivatives at fair value as well as deferred taxation on property (unless
as FX differences and residential activity and other non-recurring items); such item is related to assets held for sale);
Date: 19-05-2022 07:10:00
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