Wrap Text
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
2018)
- 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
Patrick Haerle
Registered office of the Company Date: 14 November 2019
KOR 45A, 02-146 Warsaw, Poland Sponsor: Investec Bank Limited
Footnotes:
(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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