H1 2019 Results
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”)
H1 2019 RESULTS
PROFIT BEFORE TAX
GROSS MARGIN FROM AND FAIR VALUE FFO I EPRA NAV
RENTAL ACITIVITY ADJUSTMENTS
€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
- 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
NATURE OF BUSINESS
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 https://senspdf.jse.co.za/documents/2019/jse/isse/GTCE/H1Results.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 .
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
Registered office of the Company Date: 22 August 2019
KOR 45A, Sponsor: Investec Bank Limited
02-146 Warsaw, Poland
Date: 22/08/2019 07:05:00
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