Wrap Text
Unaudited, Reviewed 9m 2024 Results
(9 months period ended 30 September 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" or the "Group")
UNAUDITED, REVIEWED 9M 2024 RESULTS (9 months period ended 30 September 2024)
RENTAL REVENUES FFO I ¹ NET LTV ² OCCUPANCY ³ CASH 4
EUR 139m EUR 55m 48.8% 87% EUR 49m
9M 2024 FINANCIAL HIGHLIGHTS 9M 2024 PORTFOLIO HIGHLIGHTS
- Revenues from rental activity up 3% to EUR 139m in - Occupancy at 87% as of 30 September 2024 (87% as
9M 2024 (EUR 135m in 9M 2023) of 31 December 2023)
- Gross margin from rental activity up 2% to EUR 97m - Leasing activity reached 90,000 sqm in 9M 2024
in 9M 2024 (EUR 95m in 9M 2023) (28,200 sqm in Q3 2024)
- FFO I at EUR 55m in 9M 2024 (EUR 52m in 9M 2023), - Average weighted lease term at 3.7 yrs.
- FFO per share at EUR 0.10 - Diversification of the portfolio towards the higher rated
markets and new sectors with
- EPRA NTA at EUR 1,248m as of 30 September 2024
(EUR 1,232m as of 31 December 2023) o Disposal of Lanchid revitalization project
(non-core) in Budapest (finalized in Q3 2024),
EPRA NTA per share at EUR 2.17 (PLN 9.37)
o Acquisition of Elibre, senior living for rent
- Net LTV at 48.8% (49.3% as of 31 December 2023);
project in Berlin (finalized in H1 2024)
- Net LTV adjusted for cash on escrow accounts at 48.0%
o Acquisition of a residential portfolio in
- Cash of EUR 49m; Germany, comprising 5,165 residential units,
Cash on the escrow accounts of EUR 21m 47 commercial spaces, and 2,108 parking
- Profit after tax of EUR 41.4m in 9M 2024, spots across Kaiserslautern, Helmstedt, and
Heidenheim (to be finalized in 2024).
Profit per share of EUR 0.07
- Consolidation of cash prior to the Eurobonds
maturity in 2026 through:
o Disposal of GTC X office building in Belgrade
(to be finalized in Q4 2024)
o Disposal of Matrix C in Zagreb (to be
finalized in Q4 2024.
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 September 2024, the book value of the Group's total property portfolio including non-current financial
assets was EUR2,545.0m.
As of 30 September 2024, the book value of the Group's property portfolio was EUR 2,398.2m. 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 87%
and a book value of EUR 2,015.0m (including 1 office held for sale in the amount of EUR 27.3m)
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 122.8m, which accounts for 5% of the Group's total property portfolio;
- investment landbank intended for future development (including 1 land plot in Poland held for sale in
the amount of EUR 3.5m) with the book value of EUR 167.5m which accounts for 7% of the Group's
total property portfolio;
- residential landbank with book value of EUR 28.4m, 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 64.5m
(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 146.8m 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
September 2024 amounted to EUR 119.4m, 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 15.6m, 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/9M2024.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 spó?ka z ograniczon? odpowiedzialno?ci? Audyt sp.k., has reviewed the
Q3&9M 2024 Results for the nine and three-month periods ended 30 September 2024 and has expressed an
unqualified review 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 Lóránt Dudás
Gyula Nagy (CEO) Magdalena Frackowiak
Zsolt Farkas László Gut
Balázs Gosztonyi Dominik Januszewski
György Stofa Artur Kozieja
Supervisory Board Marcin Murawski
János Péter Bartha (Chairman) Tamás Sándor
Csaba Cservenák Bálint Szécsényi
Registered office of the Company Date: 26 November 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).(4) Occupancy – data as of 30 Sep.2024 includes office building held for sale. (5) Cash - data as of 30
Sep.2024 includes cash related to assets held for sale.
Date: 26-11-2024 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.
Sharenet Sites 
