Wrap Text
Audited, 2024 Results (12 months period ended 31 December 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")
AUDITED, 2024 RESULTS (12 months period ended 31 December 2024)
RENTAL REVENUES FFO I(1) NET LTV(2) OCCUPANCY(4) CASH(5)
EUR 188m EUR 71m 52.7% 86% EUR 55m
FY 2024 FINANCIAL HIGHLIGHTS FY 2024 PORTFOLIO HIGHLIGHTS
- Revenues from rental activity up 2% to EUR 188m in - Occupancy at 86% as of 31 December 2024 (87% as of
FY 2024 (EUR 183m in FY 2023) 31 December 2023)
- Gross margin from rental activity up 2% to EUR 131m - Leasing activity reached 159,350 sqm in FY 2024
in FY 2024 (EUR 128m in FY 2023) - Average weighted lease term at 3.8 yrs
- FFO I at EUR 71m in FY 2024 (EUR 71m in FY 2023), - Diversification of the portfolio through a successful
FFO per share at EUR 0.12 entry into the German market by acquiring a portfolio
- EPRA NTA(3) at EUR 1.284m as of 31 December 2024 of nearly 5,200 existing rental apartments in
(EUR 1,232m as of 31 December 2023) Kaiserslautern, Helmstedt, and Heidenheim, as well as
EPRA NTA per share at EUR 2.24 (PLN 9.55) purchasing a development project in the senior living
- Net LTV at 52.7% (49.3% as of 31 December 2023); segment in Berlin
Net LTV adjusted for cash on escrow accounts at 52.4% - Strengthening the cash position through the
- Cash of EUR 55m; completion of disposals of non-core assets or those
Cash on the escrow accounts of EUR 10m that have reached their peak value:
- Profit after tax of EUR 53m in FY 2024 - Lanchid revitalization project (non-core) in
Budapest (finalized in Q3 2024),
Basic earnings per share of EUR 0.09 - Matrix C in Zagreb (finalized in Q4 2024),
Diluted basic earnings per share of EUR 0.08 - GTC X office building in Belgrade (finalized in
Headline Earnings per share of EUR 0.09 Q1 2025),
Diluted Headline Earnings per share of EUR 0.09 - Land in Wilanów, Warsaw, Poland (finalized in
Q1 2025).
NATURE OF BUSINESS
GTC Group is an experienced, established, and fully integrated real estate group of companies operating its
commercial real estate 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.
Additionally, in 2024, GTC Group entered a German residential for rent sector in Germany where currently
its owns a residential portfolio of nearly 5,200 residential units. 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 31 December 2024, the book value of the Group's total property portfolio including non-current financial
assets was EUR 3,018.9m.
As of 31 December 2024, the book value of the Group's property portfolio was EUR 2,864.0m. The
breakdown of the Group's property portfolio was as follows:
- 45 completed commercial buildings, including 39 office buildings and 6 retail properties with a total
combined commercial space of approximately 745 thousand sqm of GLA, an occupancy rate at 86%
and a book value of EUR 1,987.9m (including 1 office held for sale in the amount of EUR 52.2m) which
accounts for 69% of the Group's total property portfolio;
- 5,169 flats with a total combined residential space of approximately 325 thousand sqm, an occupancy
rate at 83% and a book value of EUR 452.1m, which accounts for 16% of the Group's total property
portfolio;
- 5 projects under construction with a total GLA of approximately 66 thousand sqm and a book value of
EUR 141.6m, which accounts for 5% of the Group's total property portfolio;
- investment landbank intended for future development (including 2 land plots in Poland held for sale in
the value of EUR 61.8m) with the book value of EUR 173.2m which accounts for 6% of the Group's total
property portfolio;
- residential landbank with book value of EUR 34.8m, 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 74.4m
(including EUR 1.0m from residential landbank and EUR 39.6m from assets held for sale) which
accounts for 3% of the Group's total property portfolio.
Additionally, GTC holds non-current financial assets in the amount of EUR 154.7m mainly including:
- 25% of notes issued to finance Kildare Innovation Campus (technology campus) project, which currently
comprises 9 completed buildings with the total GLA of approximately 102 thousand sqm. Fair value of
these notes as of 31 December 2024 amounted to EUR 120.4m;
- 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 16.5m;
- 15% shares in the Hungarian public company - NAP Nyrt a producer of solar panel energy with a total
capacity of 57.6 MW (AC). The fair value of these shares amounted to EUR 4.4m;
- other non-current financial assets amounted to EUR 13.4m, including Grid Parity Bond, MBH bank
Bonds (ISIN HU0000362207) and ACP Fund.
HEADLINE EARNINGS PER SHARE
EUR million 31 Dec 2024 31 Dec 2023
Profits attributable to equity holders of the Parent Company 50.9 10.5
Adjusted for:
IFRS 5 gains on the remeasurement of assets held for sale (7.7) (0.2)
IAS 40 result on the investment property remeasurement
10.0 58.3
(including right of use)
Total tax effects of adjustments (0.3) (8.0)
Total non-controlling interest effects of adjustments 0.1 (0.1)
Headline Earnings 53.0 60.5
Diluted Headline Earnings 53.0 60.5
Weighted average number of shares for calculating the
574 255 122 574 255 122
headline earnings per share denominator
Weighted average number of shares for calculating the
619 243 626 -
diluted headline earnings per share denominator(1)
Headline Earnings per share (in EUR) 0.09 0.11
Diluted Headline Earnings per share (in EUR)(1) 0.09 0.11
(1) There have been no potentially dilutive and dilutive instruments as at 31 December 2023.
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/2025/jse/isse/GTCE/2024.pdf , and
can be found on the Company's website at www.gtcgroup.com.
Any investment decisions should be based on the full announcement published as the information in the
announcement does not provide all of the details. The Company's independent auditor, PricewaterhouseCoopers
Polska spólka z ograniczona odpowiedzialnoscia Audyt sp.k., has audited the FY 2024 Results for the twelve-
month periods ended 31 December 2024 and has expressed an unqualified audit opinion thereon.
The audit opinion 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 Ferenc Daróczi
Balázs Gosztonyi Magdalena Frackowiak
László Gut
István Hegedüs
Dominik Januszewski
Artur Kozieja
Ferenc Minárik
Marcin Murawski
Registered office of the Company Date: 29 April 2025
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
once-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 31 Dec. 2024 includes office building held for sale. (5) Cash - data as of 31 Dec.
2024 includes cash related to assets held for sale. (6) the Company or GTC- are to Globe Trade Centre S.A. (7) the Group or GTC Group - are jointly
to Globe Trade Centre S.A. and its consolidated subsidiaries.
Date: 29-04-2025 03:24:00
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