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GLOBE TRADE CENTRE S.A. - 9M 2019 Results

Release Date: 14/11/2019 08:00
Code(s): GTC     PDF:  
Wrap Text
9M 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”)


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%

                                                                                                            - 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%                                                                                                     


  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, 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: 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
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