9M 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”)
9M 2019 RESULTS
GROSS MARGIN FROM PROFIT BEFORE TAX AND FFO(1) I EPRA NAV(2)
RENTAL ACITIVITY FAIR VALUE ADJUSTMENTS (post dividend of 4.3%)
EUR 94M EUR 53M EUR 52M EUR 1,191M
+13% +10% +11% +2%
9M 2019 FINANCIAL HIGHLIGHTS
- EUR 38m distributed in the form of cash dividend
- In-place rent increased 14% to EUR 144m; like-for-like - Issue of 2,018,126 Series N shares
in-place rent increased by EUR 4.1m and new assets
contributed EUR 16.5m Q3 2019 PORTFOLIO HIGHLIGHTS
- Gross margin from rental activity up by 13% to EUR 94m - High occupancy was maintained at 94% (94% as of 31
(EUR 83 in 9M 2018) December 2018)
o 123,600 sq m leased or released space in Q3 2019
- FFO(1) I increased 11% to EUR 52m (EUR 46m in 9M and 204,700 sq m in 9M 2019
2018), FFO per share at EUR 0.11
- Operating profit: 10% increase in profit before tax and - Completion of two properties:
fair value adjustments to EUR 53m (EUR 48m in 9M o Green Heart N1, a 13,100 sq m Class A office
2018) building in Belgrade
o Matrix A, a 10,800 sq m Class A office building in
- Profit after tax of EUR 63m in 9M 2019 (EUR 69m in 9M Sofia
- Disposal of GTC White House, a 21,600 sq m Class A
- Earnings per share of EUR 0.13 m in 9M 2019 office building in Budapest
- Solid financial metrics - Commencement of construction and full lease up of
o LTV at 44% (45% as of 31 December 2018) Pillar, a 29,000 sq m Class A office building in Budapest
o WAIR at historic low of 2.6% (2.7% as of 31
December 2018) 4 office buildings under construction to bring EUR 12.2m
rent upon completion and stabilization.
- Dividend of PLN 0.37/share paid; dividend yield of 4.3%
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 30 September 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 550 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 September 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 746 thousand sq m of GLA,
• 1 completed office buildings presented as asset held for sale, with a total combined commercial space of
approximately 16 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/2019/jse/isse/GTCE/Q3Results.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: 14 November 2019
KOR 45A, 02-146 Warsaw, Poland Sponsor: Investec Bank Limited
(1) FFO - profit before tax less tax paid, after adjusting for non-cash transactions(such as fair (2) EPRA NAV - total equity less non-controlling interest, less: deferred tax liability related to real
value or real estate re-measurement, share base payment provision and unpaid financial estate assets and derivatives at fair value.
expenses) and one off items (such as FX differences and residential activity);
Date: 14/11/2019 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Email this JSE Sens Item to a Friend.