| Wed 6 Apr 2022, 7:05 | | GLOBE TRADE CENTRE S.A. - Audited 2021 Results (12 months period ended 31 December 2021) |
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Audited 2021 Results (12 months period ended 31 December 2021)
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”)
AUDITED 2021 RESULTS (12 months period ended 31 December 2021)
GROSS MARGIN FROM
ADJUSTMENTED EBITDA FFO1 I OCCUPANCY ADJUSTED LTV2
RENTAL ACITIVITY
EUR 128M EUR 113M EUR 74M 90% 42%
2021 FINANCIAL HIGHLIGHTS Unsecured debt at 50% and unencumbered properties up to
Gross margin from rental activity at EUR 128m in 2021 (EUR 45% (9% as of 31 Dec’20)
119m in 2020) Net profit amounted to EUR 43m in 2021(EUR 71m net loss
Adjusted EBITDA at EUR 113m in 2021 (EUR 105m in 2020) in 2020); earnings per share at EUR 0.09
FFO at EUR 74m in 2021 (EUR 66m in 2020), FFO per share 2021 PORTFOLIO HIGHLIGHTS
at EUR 0.15 Investment of EUR 339m into acquisition of income
EPRA NTA³ at EUR 1,272m as of 31 Dec’21, EPRA NTA per generating assets and landbank for future development
share at EUR 2.21 (PLN 10.18) Investment in assets under development of EUR 51.5m in
LTV adjusted for capital increase and disposal of assets in 2021 (EUR 39.4m in 2020)
Serbia at 42.0% (45.2% as of 31 Dec’20) Long standing relationships combined with high quality of
WAIR at historical low of 2.16?% (2.3% as of 31 Dec’20) assets allowed us to leased and prolong 180,000 sq m of
Capital increase completed in Dec’21 office and retail space
- 88,700,00 issued at PLN 6.40 Occupancy at 90% as of 31 Dec’21 (91% as of 31 Dec’20)
We achieved ratings during 2021 Retail assets: footfall still below pre-Covid 19 levels (74% in Q4’21
- Scope Ratings: investment grade at BBB- / stable v Q4’19), but turnovers picking up quickly (95% in Q4’21 v Q4’19)
- Fitch Ratings: investment grade at BBB- / stable Commencement of construction of GTC X in April 2021
- Moody’s Investors Service: at Ba1 / positive Disposal of Serbian office portfolio completed in Jan. 2022
Green bonds issued in 2021: Today, 88% of assets with green certificates
- EUR 54m of unsecured bonds issued on the Hungarian We have been recognized for our ESG affords:
market in Mar’21 - 2021 EPRA Sustainability Best Practices
- EUR 500m of unsecured Eurobonds issued in Jun’21 Recommendations Silver Award
Repayment of 9 loans from EUR 500m green bonds - Sustainable Development Competition: GTC’s ESG report
completed (9 loans repaid with a total of EUR 452m) received a distinction for the best debut
NATURE OF BUSINESS
The GTC Group is an experienced, established, and fully integrated real estate company operating in the CEE and SEE region with
a primary focus on Poland and Hungary and capital cities in the CEE and SEE region, including Bucharest, Belgrade, Zagreb, and
Sofia, where it directly manages, acquires and develops primarily high-quality office and retail real estate assets in prime locations.
The Company is listed on the Warsaw Stock Exchange and listed on the Johannesburg Stock Exchange. The Group operates a fully-
integrated asset management platform and is represented by local teams in each of its core markets.
As of 31 December 2021, the book value of the Group’s total property portfolio was EUR 2,542m. The breakdown of the Group's
property portfolio is as follows:
- 54 completed commercial buildings, including 48 office buildings and 6 retail properties with a total combined commercial
space of approximately 854 thousand sq m of GLA, an occupancy rate at 90% and a book value of EUR 2,197m (including 11
assets held for sale) which accounts for 86% of the Group's total property portfolio;
- three office buildings under construction with a total GLA of approximately 54 thousand sq m and a book value of EUR 132m,
which accounts for 5% of the Group's total property portfolio;
- investment landbank intended for future development (including part of land in Croatia held for sale in amount EUR 1.4m) with
the book value of EUR 141m, which accounts for 6% of the Group's total property portfolio;
- residential landbank, including assets held for sale account for EUR 29m which accounts for 1% of the Group's total property
portfolio; and
- right of use of lands under perpetual usufruct, including assets hale for sale with value of EUR 43m which accounts for 2% of
the Group's total property portfolio.
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/2022/jse/isse/GTCE/FY21.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. The
Company's independent auditor, BDO sp. z. o. o. sp. k., has audited the Annual Financial Statements of the Company and Group,
and has expressed an unqualified audit opinion thereon. The audit report including the key audit matters is available on the Company’s
website at http://ir.gtc.com.pl/en/reports/financial-reports
Management Board Supervisory Board Mariusz Grendowicz
Zoltán Fekete (CEO) János Péter Bartha (Chairman) Marcin Murawski
Ariel Alejandro Ferstman Lóránt Dudás Gyula Nagy
János Gárdai Balázs Figura Daniel Obajtek
Pedja Petronijevic Bálint Szécsényi
Registered office of the Company Date: 6 April 2022
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 and disposal of assets in Serbia; (3) EPRA NTA - is a net asset value measure under the assumption that
value or real estate remeasurement, depreciation and amortization share base payment provision and the entities buy and sell assets, thereby crystallising certain levels of deferred tax liability. It is computed
unpaid financial expenses) share of profit/(loss) of associates and joint ventures and one-off items (such as the total equity less non-controlling interest, excluding the derivatives at fair value as well as deferred
as FX differences and residential activity and other non-recurring items); (2) Adjusted for capital increase taxation on property (unless such item is related to assets held for sale);
Date: 06-04-2022 07:05:00
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