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2019 audited results for the financial year ended 31 December 2019
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”)
2019 audited results for the financial year ended 31 December 2019
GROSS MARGIN FROM PROFIT BEFORE TAX AND FFO1 I EPRA NAV2
RENTAL ACITIVITY FAIR VALUE ADJUSTMENTS EUR 70M (post dividend of 4.3%)
EUR 128M EUR 73M +14% EUR 1,200M
+15% +13% +3%
2019 FINANCIAL HIGHLIGHTS 2019 PORTFOLIO HIGHLIGHTS
- In-place rent went up 12% to EUR 145m - High occupancy kept high at 95%
- Gross margin from rental activity up by 15% to EUR - 236,000 sq m of newly leased or released space
128m (188,700 sq m in 2018)
- FFO I increased 14% to EUR 70m, FFO per share at - Completion of high quality office and retail space:
EUR 0.14 o Green Heart (N1 and N2), Belgrade
- Operating profit: 13% increase in profit before tax and o Matrix A, Zagreb
fair value adjustments to EUR 73m o Advance Business Centre I, Sofia
- Profit after tax of EUR75m, earnings per share of o Ada Mall, Belgrade
EUR0.15 - Disposal of GTC White House and Neptun Office Center
- EPRA NAV up by 3% to EUR 1,200m (after dividend in - Commencement of construction and full lease up of
share at EUR 2.47 (PLN 10.52 at EUR/PLN 4.26) Pillar, a 29,000 sq m Class A office building in Budapest
- Solid financial metrics - 4 office buildings under construction to bring EUR 12.2m
o LTV at 44% (45% as of 31 December 2018) rent upon completion and stabilization.
o WAIR at historic low of 2.6% (2.7% as of 31
December 2018)
- Dividend subject to market dynamics and developing
worldwide situation.
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.
Since its establishment and as at 31 December 2019 the Group has: (i) developed over 1.2 million sq m of gross commercial space
and over 300 thousand sq m of residential space; (ii) sold over 570 thousand sq m of gross commercial space in completed
commercial properties and approximately 300 thousand sq m of residential space; and (iii) acquired over 151 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 Czech Republic.
As of 31 December 2019, the Group`s property portfolio comprised the following properties:
- 46 completed commercial buildings, including 41 office buildings and five retail properties with a total combined
commercial space of approximately 747 thousand sq m of GLA,
- four office buildings under construction with total GLA of approximately 63 thousand sq m,
- commercial landbank designated for future development; and
- residential landbank designated for sale.
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/2020/jse/isse/GTCE/2020YE.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 .
Management Board Supervisory Board
Thomas Kurzmann Alexander Hesse (Chairman) Patrick Haerle
(Chief Executive Officer) Olivier Brahin Marcin Murawski
Erez Boniel Jan-Christoph Düdden Katharina Schade
(Chief Financial Officer) Mariusz Grendowicz Ryszard Wawryniewicz
Registered office of the Company Date: 19 March 2020
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: 19-03-2020 08:00:00
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