Wrap Text
Reviewed 9M 2021 Results - 9 months period ended 30 September 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 9M 2021 RESULTS (9 months period ended 30 September 2021)
GROSS MARGIN FROM
RENTAL ACITIVITY ADJUSTED EBITDA(1) FFO I(2) OCCUPANCY
EUR 93M EUR 83M EUR 51M 91%
9M 2021 FINANCIAL HIGHLIGHTS TRANSITIONING FROM SECURED TO PREDOMINANTLY
UNSECURED DEBT
- Gross margin from rental activity at EUR 93m in 9M 2021
(EUR 91m in 9M 2020) - Repayment of loans from EUR 500m green bonds
- Adjusted EBITDA at EUR 83m in 9M 2021 (EUR 82m in 9M completed (9 loans repaid with a total of EUR 452m)
2020) - Unsecured debt at 50% and unencumbered properties(4)
- FFO at EUR 52m in 9M 2021 (EUR 54m in 9M 2020), FFO up to 45% (9% as of 31 December 2020)
per share at €0.11 WAIR(5) at historical low of 2.14% (2.3% as of 31 December
- EPRA NAV(3) at EUR 1,149m as of 30 September 2021, 2020)
- EPRA NAV per share at EUR 2.37 (PLN 10.96) - We have been recognized for our ESG affords:
- Investment of EUR 339m into acquisition of income - 2021 EPRA Sustainability Best Practices
generating assets and landbank for future development Recommendations Silver Award
- Occupancy at 91% as of 30 September 2021 (91% as of 31 - Sustainable Development Competition: GTC’s
December 2020) ESG report received a distinction for the best
- Profit after tax of EUR 33.1m (EUR 16.5 loss in 9M debut
2020),profit per share of EUR 0.07 (EUR 0.03 loss in 9M
2020)
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 capital cities in the CEE and SEE region, including Budapest, 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 2021, the book value of the Group’s real estate portfolio was € EUR 2,521m. The breakdown of the Group's
property portfolio is as follows:
- 54 completed commercial buildings, including 48 office buildings and 6 retail properties with a total combined commercial
space of approximately 854 thousand sq m of GLA. An occupancy rate at 91% and a book value of EUR 2,222 (including 11
assets held for sale) which accounts for 88% of the Group's portfolio;
- three office buildings under construction with a total GLA of approximately 54 thousand sq m and a book value of EUR
110m, which accounts for 5% of the Group's portfolio
- investment landbank intended for future development with the book value of EUR159m which accounts for 6% of the
Group's portfolio; and
- residential landbank, including assets held for sale account for EUR 29m which accounts for 1% of the Group's 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/2021/jse/isse/GTCE/20219M.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 nine-month period ended 30 September 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
Balázs Figura
Registered office of the Company Date: 16 November 2021
KOR 45A, 02-146 Warsaw, Poland Sponsor: Investec Bank Limited
Footnotes:
(1) ADJUSTED EBITDA - consolidated profit/(loss) of the Group before taxes, depreciation,
amortisation and impairments, non-controlling interest and share of profit/(loss) of joint ventures, excluding
any fair value adjustments, the net result on sale of financial investments, financial income and/or expenses,
foreign exchange gains and/or losses, share-based payment expenses, acquisition fees, net result on
acquisitions and disposals and any other exceptional or non-recurring item, as determined by reference to
the most recent consolidated statement of comprehensive income set out in the audited annual or unaudited
semi-annual financial statements of the Group prepared in accordance with IFRS or IAS 34, as applicable;
(2) The 9M 2021 FFO calculation includes the accrued interest under bonds ( EUR 5.3m). FFO - profit before
tax less tax paid, after adjusting for non-cash transactions (such as fair value or real estate remeasurement,
depreciation and amortization share base payment provision and unpaid financial expenses) share of
profit/(loss) of associates and joint ventures and one-off items (such as FX differences and residential activity
and other non-recurring items);
(3) EPRA NAV - are to measure representing the IFRS net assets and calculated as total equity less non-controlling
interest, excluding the derivatives at fair value as well as deferred taxation on property;
(4) UNENCUMBERED PROPERTIES - such amount of the Consolidated Total Properties not pledged as Security Interest for
Indebtedness;
(5) WAIR - a weighted average interest rate of total debt, as adjusted to reflect the impact of contracted interest
rate swaps and cross-currency swaps by the Group; 9M 2021 excludes loans related to assets held for sale.
Date: 16-11-2021 08:00:00
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