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GLOBE TRADE CENTRE S.A. - H1 2019 Results

Release Date: 22/08/2019 07:05
Code(s): GTC     PDF:  
Wrap Text
H1 2019 Results

(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”)


                              PROFIT BEFORE TAX
GROSS MARGIN FROM              AND FAIR VALUE                           FFO I                              EPRA NAV
        €61M                           €37M                             €37M                                 €1,179M

        +13%                           +17%                            +28%                                    +1%

H1 2019 FINANCIAL HIGHLIGHTS                                            - Dividend of PLN 0.37/share paid; dividend yield of 4.3%
                                                                           o €38m distributed in the form of cash dividend
     - In-place rent increased 14% to €142m (€125m as of 30                o Issue of 2,018,126 Series N shares
       June 2018)
     - Gross margin from rental activity up by 13% to €61m
       (€54 in H1 2018)                                                      H1 2019 PORTFOLIO HIGHLIGHTS

     - FFO I increased 28% to €37m (€29m in H1 2018),                      - High occupancy at 94% (93% as of 30 June 2018)
       FFO per share at €0.08                                              - 81,100 sq m of newly leased or released space
     - Operating profit: 17% increase in profit before tax and fair        - Completion of three properties:
       value adjustments to €37m (€32m in H1 2018)                         - Ada Mall, a 34,200 sq m shopping mall in Belgrade
     - Profit after tax of €43m (€46m in H1 2018), earnings per            - Green Heart N2, a 6,100 sq m office building
       share of €0.09                                                        in Belgrade
     - EPRA NAV up by 1% to €1,179m (after dividend) as of                 - ABC I, a 15,800 sq m office building in Sofia
       30 June 2019 (€1,170 as of 31 December 2018),                       - Commencement of construction of Pillar, a 29,000 sq m
       EPRA NAV per share at €2.44 (PLN 10.37)                               office building in Budapest
     - Solid financial metrics                                             - 6 office properties under construction. Upon completion
     o LTV at 46% (45% as of 31 December 2018)                               and stabilization they shall increase the in-place rent by
     o WAIR at historic low of 2.6% (2.7% as of 31                           almost €16.7m
         December 2018)

 The GTC Group is a leading real estate investor and developer focusing on Poland and four 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 30 June 2019 the Group has: (i) developed over 1.1 million sq m of gross commercial space and
 over 300 thousand sq m of residential space; (ii) sold over 500 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 30 June 2019, the Group`s property portfolio comprised the following properties:
        •   44 completed commercial buildings, including 39 office buildings and five retail properties with a total combined
            commercial space of approximately 722 thousand sq m of GLA,
        •   2 completed office buildings presented as asset held for sale, with a total combined commercial space of
            approximately 38 thousand sq m of GLA,
        •   six office buildings under construction with total GLA of approximately 87 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, and can be found
 on the Company’s website at Any investment decision should be based on the full announcement published .

        Board Management                         Supervisory Board
        Thomas Kurzmann                          Alexander Hesse (Chairman)              Ryszard Koper
         (Chief Executive Officer)               Olivier Brahin                          Marcin Murawski
        Erez Boniel                              Jan-Christoph Düdden                    Katharina Schade
        (Chief Financial Officer)                Mariusz Grendowicz                      Ryszard Wawryniewicz
                                                 Patrick Haerle

        Registered office of the Company                             Date: 22 August 2019
        KOR 45A,                                                     Sponsor: Investec Bank Limited
        02-146 Warsaw, Poland
        Warsaw, Poland

Date: 22/08/2019 07:05:00
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