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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

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
       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)

        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
                                                 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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