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GTC with higher value

Eurobuild CEE 22 August 2017

EUROPE GTC’s net profit in H1 2017 incresed to EUR 60 mln from EUR 35 mln in H1 2016, which was mostly due to revaluations.

Revaluations of projects under construction and the company’s income generating portfolio came to EUR 51 mln. The value of the company’s assets increased to EUR 1,710 bln as of June 30th 2017 from EUR 1.624 bln as of December 31st 2016 due to investments in assets under construction, the acquisition of land and revaluations. EBITDA came to EUR 36 mln, up 2 pct from December 31st 2016. The gross margin from leasing activity increased to EUR 43 mln in H1 2017 from 42 mln in H1 2016. GTC is currently constructing five projects with over 174,000 sqm gla with 72,300 sqm to be completed in Q3 2017 (the Galeria Północna mall and the Artico office building, both in Warsaw) . Occupancy rates across the portfolio came to 94 pct, compared to 93 pct as of March 31st 2017, mainly due to improvements in the Galeria Jurajska mall and tenant expansions mainly in the FortyOne complex. Almost 240,000 sqm of retail and office space is at the planning stage in eight projects (Warsaw, Budapest, Bucharest, Sofia and Zagreb).

”The first half of 2017 was dedicated to planning and acquiring permits for our development pipeline as well as acquiring excellent new office locations in our fastest growing office markets: Budapest, Bucharest and Sofia. The opening of Galeria Północna in Q3 2017 will more than double the value of GTC's income producing retail portfolio. More completions in Budapest and Belgrade planned for 2018 will further strengthen our yielding retail and office portfolios and contribute significantly to our rental income and NAV growth. As a result today we have five projects under construction and eight projects at the planning stage, which will boost our income generating portfolio by 0.4 mln sqm gla from 2017 to 2020” said Thomas Kurzmann, the CEO of GTC.

“Thanks to the expansion of the company’s operations and development we have secured long-term financing through new bonds and refinancing loans. We are continuing to take advantage of the current low interest rates to significantly improve the costs of our debt, while optimising our leverage ratio” state Erez Boniel, the CFO of GTC. “Additionally, increased activity and improving results allowed us to pay out a dividend in Q2,” he added.


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