Slide 1: Q3 2013 Results
Q3 2013 Results Investor Presentation 13 November 2013
Slide 2: Agenda
AGENDA Sections 1. Q3’13 highlights 3 2. Portfolio overview 7 3. Key financial results 9 2
Slide 3: Q3'13 Highlights
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Slide 4: Q3'13 Financial Highlights
Q3’13 FINANCIAL HIGHLIGHTS Earnings, before taxes, share of loss of associates, share based provision and revaluations at €7m in Q3’13 and €14m in 9M’13 (€7m in Q3’12 and €10m in 9M’12) due to cuts in: • Financial expenses following the bonds and loans repayment • Administrative expenses due to chan
Slide 5: Q3'13 Key Achievements
Q3’13 KEY ACHIEVEMENTS Sale of Galeria Kazimierz • Preliminary sale agreement with Invesco Group signed on 4 October 2013 values asset at €180m Commencement of construction of Pascal • 5,500 sq m office building in Korona Office Complex to be completed in April 2014 Letters of intent with the LPP S.
Slide 6: Markets Update
MARKETS UPDATE Office Markets – GTC's office portfolio proved resilient across CEE and SEE • Warsaw: tenants' activity remains strong with over 500,000 sq m leased in Warsaw during the first three quarters of 2013. However, high construction level pushed vacancy up and rent down despite record take-
Slide 7: Income Generating Portfolio
INCOME GENERATING PORTFOLIO
Slide 8: Portfolio Overview
PORTFOLIO OVERVIEW Total portfolio overview Income generating assets* - value by country Total: €1,709m Total: 1,183m Bulgaria Slovakia €16m As of 30 September 2013 As of 30 September 2013 €80m; Residential 1% 7% 9% Serbia €112m 9% Poland €451m Hungary 38% Office € 165m 47% 14% Retail Croatia 39% €1
Slide 9: Financial Highlights
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Slide 10: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS Valuation of property portfolio conducted €m Sep ‘13 Sep ‘12 Dec ‘12 by the management showed €10m loss in Investment property and L.T. Q3’13 (€80m in 9M’13) assets (inc. IPUC) 1 476 1 675 1 614 • 56% of Q3’13 devaluation comes from Assets held for sale 89 185 42 Poland Inve
Slide 11: Devaluations Breakdown
DEVALUATIONS BREAKDOWN Breakdown of 9M’13 devaluations By country By assets Slovakia 2% Total: €91m Total: €91m Galleria Bucharest; €16.6m Poland Others 24% Romania €35.0m 35% City Gate; €9.6m Galleria Serbia Burgas 6% €6.2m Galleria Hungary Osijek 10% Bulgaria Croatia 14% €5.0m 8% Okęcie Business G
Slide 12: Debt and LTV
DEBT AND LTV Loan to value breakdown as at 30 September 2013 (€ m) 30 September 2013 30 September 2012 FY 2012 Long-term bank debt and financial liabilities 806 1 016 952 Short-term bank debt and financial liabilities 244 359 253 Total bank debt and financial liabilities 1 050 1 375 1 205 Cash & cas
Slide 13: Debt Maturity Schedule
DEBT MATURITY SCHEDULE As at 30 September 2013 €m 600 511 400 210 200 105 82 55 54 20 0 30 September'14 30 September'15 30 September'16 30 September'17 30 September'18 30 September'19 and beyond Hedges 13 13
Slide 14: Liquidity and Financial Strength
LIQUIDITY AND FINANCIAL STRENGTH 1yr 2yr Classification of debt €m 106 110 €m 20 50 46 40 55 30 45 41 38 20 10 9 0 0 Loans to be repaid Residential loans Bonds (incl. intrest Projects finance Residential loans Projects finance upon sale of assets and hedges) amortization amortization Long term natur
Slide 15: Income Statement Highlights
INCOME STATEMENT HIGHLIGHTS (€ m) 9M'13 9M'12 Q3'13 Q3'12 2012 Rental and service revenue 89 98 30 34 129 Cost of rental operations (25) (27) (8) (10) (38) 65 71 22 24 90 Rental margin 72% 73% 74% 71% 70% Rental and service revenues decreased Residential sales revenue 9 16 3 6 19 due to sale of Plat
Slide 16: Cash Flow Highlights
CASH FLOW HIGHLIGHTS (€ m) 9M'13 9M'12 FY 2012 Cash flow from operating activities 54 56 77 Add / deduct: Residential revenue 8 13 16 Changes in "working capital" (5) (4) (11) Interest paid, net (34) (38) (64) Cash flow from operating activities 23 28 18 Investment in real estate and related (21) (5
Slide 17: Additional Materials
ADDITIONAL MATERIALS
Slide 18: Portfolio of Income Generating Properties
PORTFOLIO OF INCOME GENERATING PROPERTIES As of 30 September 2013 Poland* Hungary Serbia Croatia Romania Bulgaria Slovakia Subtotal Czech** Total Office properties Number of assets 11 5 3 - 1 1 19 2 21 GTC consolidated share of 144 91 53 - 48 - 13 349 11 360 NLA, ths. sq m Total, NLA, ths. sq m 144
Slide 19: Useful Informations
USEFUL INFORMATIONS Contact details Małgorzata Czaplicka Director Investor Relations tel:. +48 22 60 60 710 mczaplicka@gtc.com.pl Useful links Q3’13 presentation Q3’13 interim report 19
Slide 20: Disclaimer
DISCLAIMER THIS PRESENTATION IS NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN. THIS PRESENTATION IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. BY ATTENDING OR VIEWING THIS PRESENTATION, YOU ACKNOWLEDGE AN
Slide 21: Thank you
Thank you Globe Trade Centre S.A. 5 Woloska street, Taurus Building, 02-675 Warsaw, Poland