Wrap Text
Audited 2023 Results (12 months period ended 31 December 2023)
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")
AUDITED 2023 RESULTS (12 months period ended 31 December 2023)
RENTAL REVENUES FFO I NET LTV OCCUPANCY CASH
EUR 183m EUR 71m 49.3% 87% EUR 60m
12M 2023 FINANCIAL HIGHLIGHTS 12M 2023 PORTFOLIO HIGHLIGHTS
- Revenues from rental activity up 10% to EUR 183m in - Occupancy at 87% as of 31 December 2023 (87%
2023 (EUR 167m in 2022); as of 31 December 2022)
- Gross margin from rental activity up 8% to EUR 128m - Leasing activity reached 144,200 sq m in 2023
in 2023 (EUR 119m in 2022) (154,500 sq m in 2022) and 45,800 sq m in Q4 2023
- FFO I at EUR 71m in 2023 (EUR 68m in 2022), FFO (39,300 sq m in Q4 2022)
per share at EUR 0.12; FFO is adjusted for one-off - Average weighted lease term at 3.5 yrs.
tax and other expenses of EUR 6m - 88% of real estate portfolio is recurring income-
- EPRA NTA at EUR 1,232m as of 31 December 2023 producing
(EUR 1,273m as of 31 December 2022) - 65% of recurring income-producing portfolio is
EPRA NTA per share at EUR 2.15 (PLN 9.33) office
- Net LTV at 49.3% (44.5% as of 31 December 2022); - 92% of assets green certified
- Cash of EUR60m; cash on the escrow account - Proceeds from successful disposal of Forest
designated for acquisition of the GTC bonds of Offices Debrecen reinvested into development of
EUR29.5m and cash on the escrow accounts real estate assets
designated for construction activity of EUR19.4m.
- Profit after tax of EUR 12.4m, profit per share of
EUR 0.02
NATURE OF BUSINESS
GTC Group is an experienced, established, and fully integrated real estate group of companies operating in the CEE
and SEE region with a primary focus on Poland and Budapest and capital cities in the SEE region, including
Bucharest, Belgrade, Zagreb, and Sofia, where it directly acquires, develops and manages primarily high-quality
office and retail real estate assets in prime locations. The Company is listed on the Warsaw Stock Exchange and the
Johannesburg Stock Exchange. The Group operates an asset management platform and is represented by local
teams in each of its core markets.
As of 31 December 2023, the book value of the Group's total property portfolio including non-current financial assets
(related to investment property) was EUR 2,449.2m.
As of 31 December 2023, the book value of the Group's property portfolio was EUR 2,314.1m. The breakdown of the
Group's property portfolio was as follows:
- 46 completed commercial buildings, including 40 office buildings and 6 retail properties with a total combined
commercial space of approximately 753 thousand sq m of GLA, an occupancy rate at 87% and a book value
of EUR 2,007.4m which accounts for 87% of the Group's total property portfolio;
- three office projects under construction with a total GLA of approximately 51 thousand sq m and a book value
of EUR 67.5m, which accounts for 3% of the Group's total property portfolio;
- investment landbank intended for future development (including 1 land plot in Poland and 1 plot in Budapest
held for sale in the amount of EUR 13.6m) with the book value of EUR 172.0m which accounts for 7% of the
Group's total property portfolio;
- residential landbank with book value of EUR 26.2m, which accounts for 1% of the Group's total property
portfolio; and
- right of use of land under perpetual usufruct, including assets held for sale with value of EUR 41.0m (including
EUR 1m from residential landbank) which accounts for 2% of the Group's total property portfolio.
Additionally, GTC holds non-current financial assets in the amount of EUR 135.1m mainly including:
- 25% of notes issued to finance Kildare Innovation Campus (technology campus) project, which currently
comprises nine completed buildings with the total GLA of approximately 102 thousand sq m (the project extends
over 72 ha of which 34 ha are undeveloped). Fair value of these notes as 31 December 2023 amounted to EUR
119.1m, which accounts for 5% of the Group's total property portfolio including non-current financial assets;
- 34% of units in Regional Multi Asset Fund Compartment 2 of Trigal Alternative Investment Fund GP S.á.r.l.,
which holds 4 completed commercial buildings including 3 office buildings and 1 retail property with a total
combined commercial space of approximately 41 thousand sq m of GLA. Fair value of these units amounted to
EUR 13.9m, which accounts for 1% of the Group's total property portfolio including 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/2024/jse/isse/GTCE/2023.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 audited the 2023
Results for the year ended 31 December 2023 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
Gyula Nagy (CEO) János Péter Bartha (Chairman)
Zsolt Farkas Csaba Cservenák
Lóránt Dudás
László Gut
Dominik Januszewski
Artur Kozieja
Leonz Meyer
Marcin Murawski
Slawomir Niemierka
Tamás Sándor
Bálint Szécsényi
Registered office of the Company Date: 24 April 2024
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 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); (2) LTV - Includes non-current financial assets; 2022:
Includes non-current financial assets and adjusted for disposal of Forest Offices Debrecen, concluded on 30 January 2023; (3) EPRA NTA - is a net
asset value measure under the assumption that the entities buy and sell assets, thereby crystallising certain levels of deferred tax liability. It is computed
as the total equity less non-controlling interest, excluding the derivatives at fair value as well as deferred taxation on property (unless such item is related
to assets held for sale); (4) Occupancy in 2022 adjusted for disposal of Forest Offices Debrecen, concluded on 30 January 2023.
Date: 24-04-2024 07:05:00
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