Globe Trade Centre S.a. · GPW:GTC
Globe Trade Centre — Q2 2015 Earnings Presentation
22 slides from Globe Trade Centre's earnings presentation, Aug 20, 2015
Slide 1: Q2&H1 2015 Results
Q2&H1 2015 RESULTS 20 August 2015 1
Slide 2: Table of Content
TABLE OF CONTENT Section 1 Highlights 3 Section 2 Portfolio overview 6 Section 3 Key financial results 11 2 | Q2&H1 2015 RESULTS |
Slide 3: Highlights: Achievements
HIGHLIGHTS I ACHIEVEMENTS • Loans restructuring o Five loans restructured in the total amount of €90m in Q2 2015 o No breach of covenants • Disposal of non-core assets: o Galleria Buzau, Avenue Mall Osijek, Galleria Varna project sold at book value o Preliminary sale agreements for commercial land i
Slide 4: Highlights: Financial Highlights
HIGHLIGHTS I FINANCIAL HIGHLIGHTS • Rental margin improved to 77% in Q2 2015 (75% in Q2 2014) and 75% in H1 2015 (74% in H1 2014) • Underlying profit before tax* at €10m in Q2 2015 (€8m in Q2 2014) and €19m in H1 2015 (€14m in H1 2014) • In aggregate, no change in value of commercial assets and mino
Slide 5: Table of Content
TABLE OF CONTENT Section 1 Highlights 3 Section 2 Portfolio overview 6 Section 3 Key financial results 11 5 | Q2&H1 2015 RESULTS |
Slide 6: Portfolio Overview
PORTFOLIO OVERVIEW Total portfolio by sector Income generating assets** - GAV by country Total: €1,231m* Total: €988m Slovakia As of 30 June 2015 As of 30 June 2015 Bulgaria €8m Residential Assets held €55m 1% 3% for sale 6% 1% Serbia €101m 10% Hungary Poland €155m €412m 16% 42% Retail Retail (compl
Slide 7: Portfolio Overview: Portfolio Valuation and Lease Length by Sector
PORTFOLIO OVERVIEW I PORTFOLIO VALUATION AND LEASE LENGTH BY SECTOR Book value Income generating Change in book value Lease length As at 30 June 2015 portfolio versus 31 Dec 2014 €m % % yrs OFFICE Poland* 262 26% 1% 2.8 Romania 148 15% 0% 2.8 Hungary 155 16% 0% 3.8 Serbia 101 10% 1% 2.3 Slovakia 8 1
Slide 8: Portfolio Overview: Occupancy and Contribution Margin by Sector
PORTFOLIO OVERVIEW I OCCUPANCY AND CONTRIBIUTION MARGIN BY SECTOR Contribution to Occupancy Change in occupancy gross margin on As at 30 June 2015 versus 31 Dec 2014 rental activities % % % OFFICE Poland* 92% 1% 29% Romania 91% -2% 12% Hungary 100% 7% 15% Serbia 96% 1% 12% Slovakia 67% 4% 1% OFFICE
Slide 9: Portfolio Overview: Top Properties
PORTFOLIO OVERVIEW I TOP PROPERTIES Book value Sq m Rent Occupancy As at 30 June 2015 €m `000 €/sq m/mht % Galeria Jurajska Poland 150 49 19.6 85% City Gate Romania 148 48 19.1 91% Avenue Mall Zagreb Croatia 102 36 20.3 96% Centerpoint I&II Hungary 79 37 11.4 99% Spiral Hungary 49 32 10.7 100% Galer
Slide 10: Table of Content
TABLE OF CONTENT Section 1 Highlights 3 Section 2 Portfolio overview 6 Section 3 Key financial results 11 10 | Q2&H1 2015 RESULTS |
Slide 11: Key Financial Results: Financial Highlights
KEY FINANCIAL RESULTS I FINANCIAL HIGHLIGHTS H1 2015 H1 2014 FY 2014 (€ m) Underlying PBT* 19 14 29 Cash flow from operating activities 24 21 40 Total property 1,231 1,426 1,293 Net debt 616 717 698 NAV (without minorities, IFRS) 462 606 489 NAV (without minorities, IFRS) per share 1.3 1.7 1.4 NAV (
Slide 12: Key Financial Results: Balance Sheet
KEY FINANCIAL RESULTS I BALANCE SHEET 30 June 2015 30 June 2014 31 December 2014 (€ m) (€ m) (€ m) Investment property and L.T. assets 1,190 1,326 1,221 (inc. IPUC) Residential inventory 35 93 65 Asset held for sale 7 6 7 Investment in shares and associates 28 110 96 Cash & cash equivalents 81 90 81
Slide 13: Key Financial Results: Debt and Maturity Schedule
KEY FINANCIAL RESULTS I DEBT AND MATURITY SCHEDULE Debt split Interest rate split As of 30 June 2015 As of 30 June 2015 Other currencies Unsecured 18% debt 16% Corporate bonds and loans from minorities in Fixed/hedged subsidiaries 39% Project loans Floating 61% Secured debt 84% EUR 82% * Other curre
Slide 14: Key Financial Results: Debt and LTV
KEY FINANCIAL RESULTS I DEBT AND LTV As at 30 June 2015 30 June 2014 31 December 2014 (€ m) (€ m) (€ m) Long-term bank debt and financial liabilities 699 848 802 Short-term bank debt and financial liabilities 68 101 120 Loans from minorities (47) (116) (118) Deferred issuance debt expense 6 8 7 Tota
Slide 15: Key Financial Results: Income Statement
KEY FINANCIAL RESULTS I INCOME STATEMENT Q2 2015 Q2 2014 H1 2015 H1 2014 FY 2014 (€ m) (€ m) (€ m) (€ m) (€ m) Rental and service revenue 26 27 53 55 110 Cost of rental operations (6) (7) (13) (14) (29) Rental margin 77% 75% 75% 74% 74% Residential sale result - - - 1 - Gross margin from operations
Slide 16: Key Financial Results: Cash Flow Highlights
KEY FINANCIAL RESULTS I CASH FLOW HIGHLIGHTS H1 2015 H1 2014 FY 2014 (€ m) (€ m) (€ m) Operating cash before w. capital changes 34 33 67 Add / deduct: Decrease in residential inventory 6 7 13 Interest paid, net (15) (18) (36) Effect of currency translation 1 (1) (2) Tax (1) (1) (2) Cash flow from op
Slide 17: Additional Materials
ADDITIONAL MATERIALS 17 | Q2&H1 2015 RESULTS |
Slide 18: Additional Materials: Reconciliation of Underlying PBT
ADDITIONAL MATERIALS I RECONCILIATION OF UNDERLYING PBT H1 2015 H1 2014 FY 2014 (€ m) (€ m) (€ m) IFRS Profit/ (Loss) before tax 11 (68) (195) Valuation movement (includes disposals) 2 67 194 Foreign exchange differences, net 2 2 Amortization of intangible asset 1 1 2 Loss/(profit) from associates 4
Slide 19: Additional Materials: Portfolio of Income Generating Properties
ADDITIONAL MATERIALS I PORTFOLIO OF INCOME GENERATING PROPERTIES As of 30 June 2015 Poland Hungary Serbia Croatia Romania Bulgaria Slovakia Subtotal Czech* Total Office projects Number of assets 11 3 3 - 1 - 1 19 2 21 GTC consolidated share of 135 86 53 - 48 - 13 335 11 346 NLA, ths. sq m Total NLA,
Slide 20: Additional Materials: Useful Information
ADDITIONAL MATERIALS I USEFUL INFORMATION Contact ils Małgorzata Czaplicka Director Investor Relations tel:. +48 22 60 60 710 mczaplicka@gtc.com.pl Useful links H1 2015 presentation H1 2015 interim report 20 | Q2&H1 2015 RESULTS |
Slide 21: 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 22: Globe Trade Centre SA
GLOBE TRADE CENTRE SA Woloska 5 02-675 Warsaw T (22) 60 60 700 F (22) 60 60 410 www.gtc.com.pl