Wrap Text
Reviewed H1 2024 Results (6 months period ended 30 June 2024)
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")
REVIEWED H1 2024 RESULTS (6 months period ended 30 June 2024)
RENTAL REVENUES FFO I NET LTV OCCUPANCY CASH
EUR 93m EUR 36m 48.2% 86% EUR 89m
FINANCIAL HIGHLIGHTS PORTFOLIO HIGHLIGHTS
- Revenues from rental activity up 3% to EUR 93m in - Occupancy at 86% as of 30 June 2024
H1 2024 (EUR 90m in H1 2023) (87% as of 31 December 2023)
- Gross margin from rental activity up 4% to EUR 65m - Leasing activity reached 62,800 sqm in H1 2024
in H1 2024 (EUR 63m in H1 2023) (43,400 sqm in Q2 2024)
- FFO I at EUR 36m in H1 2024 (EUR 35m in H1 2023), - Average weighted lease term at 3.4 yrs.
FFO per share at EUR 0.06
- Disposal of Lanchid revitalization project (non
- EPRA NTA at EUR 1,237m as of 30 June 2024 (EUR core) in Budapest and acquisition of Elibre, senior
1,232m as of 31 December 2023) living for rent project in Berlin, following the
EPRA NTA per share at EUR 2.15 (PLN 9.29) strategy announced in November 2023.
- Net LTV at 48.2% (49.3% as of 31 December 2023);
Net LTV adjusted for cash on escrow accounts at 46.9%
- Cash of EUR 89m; cash on the escrow accounts of EUR
31m
- Profit after tax of EUR 31.5m in H1 2024, profit per
share of EUR 0.05
NATURE OF BUSINESS
GTC Group is an experienced, established, and fully integrated real estate group of companies operating in the
CEE and SEE region with a primary focus on Poland and Budapest and capital cities in the SEE region, including
Bucharest, Belgrade, Zagreb, and Sofia, where it directly acquires, develops and manages primarily high-quality
office and retail real estate assets in prime locations. The Company is listed on the Warsaw Stock Exchange and
the Johannesburg Stock Exchange. The Group operates an asset management platform and is represented by
local teams in each of its core markets.
As of 30 June 2024, the book value of the Group's total property portfolio including non-current financial assets
was EUR 2,534.8m.
As of 30 June 2024, the book value of the Group's property portfolio was EUR 2,393.3m. The breakdown of the
Group's property portfolio was as follows:
- 46 completed commercial buildings, including 40 office buildings and 6 retail properties with a total
combined commercial space of approximately 755 thousand sqm of GLA, an occupancy rate at 86%
and a book value of EUR 2,014.7m which accounts for 84% of the Group's total property portfolio;
- four projects under construction with a total GLA of approximately 55 thousand sqm and a book value
of EUR 108.4m, which accounts for 5% of the Group's total property portfolio;
- investment landbank intended for future development (including 1 land plot in Poland and 1 plot in
Budapest held for sale in the amount of EUR 16.2m) with the book value of EUR 180.0m which
accounts for 7% of the Group's total property portfolio;
- residential landbank with book value of EUR 26.5m, which accounts for 1% of the Group's total
property portfolio; and
- right of use of land under perpetual usufruct, including assets held for sale with value of EUR 63.7m
(including EUR 1m from residential landbank) which accounts for 3% of the Group's total property
portfolio.
Additionally, GTC holds non-current financial assets in the amount of EUR 141.5m mainly including:
- 25% of notes issued to finance Kildare Innovation Campus (technology campus) project, which
currently comprises nine completed buildings with the total GLA of approximately 102 thousand sqm
(the project extends over 72 ha of which 34 ha are undeveloped). Fair value of these notes as of 30
June 2024 amounted to EUR 119.2m, which accounts for 5% of the Group's total property portfolio
including non-current financial assets;
- 34% of units in Regional Multi Asset Fund Compartment 2 of Trigal Alternative Investment Fund GP
S.á.r.l., which holds 4 completed commercial buildings including 3 office buildings and 1 retail
property with a total combined commercial space of approximately 41 thousand sqm of GLA. The
fair value of these units amounted to EUR 15.3m, which accounts for 1% of the Group's total property
portfolio including non-current financial assets;
- 15% shares in the Hungarian public company - NAP Nyrt a producer of solar panel energy with a
total capacity of 42.6 MW (AC). The fair value of these shares amounted to EUR 4.9m, which
accounts for less than 1% of the Group's total property portfolio including non-current financial
assets.
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/2024/jse/isse/GTCE/H12024.pdf , and
can be found on the Company's website at www.gtcgroup.com.
Any investment decision should be based on the full announcement published. The Company's independent
auditor, PricewaterhouseCoopers Polska spólka z ograniczona odpowiedzialnoscia Audyt sp.k., has reviewed the
H1 2024 Results for the six and three-month periods ended 30 June 2023 and has expressed an unqualified
conclusion thereon.
The review report is available on the Company's website at https://www.gtcgroup.com/en/investors/results-
reports-and-announcements
Management Board Supervisory Board
Gyula Nagy (CEO) János Péter Bartha (Chairman)
Zsolt Farkas Csaba Cservenák
Balázs Gosztonyi Lóránt Dudás
László Gut
Dominik Januszewski
Artur Kozieja
Marcin Murawski
Slawomir Niemierka
Tamás Sándor
Bálint Szécsényi
Registered office of the Company Date: 22 August 2024
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 value or real estate remeasurement,
depreciation and amortization share base payment provision and unpaid financial expenses) share of profit/(loss) of associates and joint ventures and
one-off items (such as FX differences and residential activity and other non-recurring items); (2) LTV - Includes non-current financial assets; (3) EPRA
NTA - is a net asset value measure under the assumption that the entities buy and sell assets, thereby crystallising certain levels of deferred tax liability.
It is computed as the total equity less non-controlling interest, excluding the derivatives at fair value as well as deferred taxation on property (unless
such item is related to assets held for sale).
Date: 22-08-2024 07:05:00
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