Globe Trade Centre S.a. · GPW:GTC
Globe Trade Centre — Q1 2014 Earnings Presentation
24 slides from Globe Trade Centre's earnings presentation, May 14, 2014
Slide 1: Q1 2014 Results Investors Presentation
Q1 2014 RESULTS INVESTORS PRESENTATION 14 May 2014
Slide 2: Agenda
AGENDA 1. Q1 2014 highlights 3 2. Market overview 5 3. Key financial results 8 4. Additional materials 17 2
Slide 3: Q1 2014 Highlights & Achievements
Q1 2014 HIGHLIGHTS I Q1 2014 HIGHLIGHTS & ACHIEVEMENTS Significant improvement in liquidity situation: • Capital increase of €52m • Bonds issue of €48m Repayment of €105m bonds in April Operating results sustained from Q4 2013 • Rental margin at 72% • Cash generated from operation at €12m Progress i
Slide 4: Agenda
AGENDA 1. Q1 2014 highlights 3 2. Market overview 5 3. Key financial results 8 4. Additional materials 17 4
Slide 5: Market Overview: Office Market
MARKET OVERVIEW I OFFICE MARKET Prime rent (€/sq m/mth) and vacancy rate (%)* 25 24 20% 19% 21 20 16% 19 19 15% 15% 15 16 15 15 15% 14% 12% 10% 10 10% 5% 5 0 0% Zagreb Prague Warsaw Bucharest Belgrade Bratislava Budapest Prime rent (EUR/sq m/mth) Vacancy rate (%) Completions, gross take-up and futur
Slide 6: Market Overview: Retail Market
MARKET OVERVIEW I RETAIL MARKET Prime rent (€/sq m/mth)* 120 100 100 95 80 70 70 60 65 60 45 40 20 0 Zagreb Prague Warsaw Bucharest Belgrade Bratislava Budapest Prime rent (EUR/sq m/mth) *Based on Jones Lang LaSalle martket reports 6 6
Slide 7: Agenda
AGENDA 1. Q1 2014 highlights 3 2. Marekt overview 5 3. Key financial results 8 4. Additional materials 17 7
Slide 8: Portfolio Overview
PORTFOLIO OVERVIEW Total portfolio by sector Income generating assets** - value by country Slovakia Total: €1,501m* Total: 1,127m Bulgaria €16m €65m As of 31 March 2014 As of 31 March 2014 6% 1% Residential 8% Serbia €106m 9% Poland €443m Hungary 39% € 162m 14% Croatia €143m Retail Romania 35% 13% O
Slide 9: Key Financial Results: Introduction of IFRS
KEY FINANCIAL RESULTS I INTRODUCTION OF IFRS 11 IFRS 11 was introduced as of 1 January 2014 with restatement of 2013 financials: • Investment in 50% JVs is no longer proportionally consolidated but presented as investment in associates and joint ventures • The main impact on 2013 financials: (€ m) I
Slide 10: Key Financial Results: Financial Highlights
KEY FINANCIAL RESULTS I FINANCIAL HIGHLIGHTS Q1 2014 Q1 2013 FY 2013 (€ m) (€ m) (€ m) Underlying PBT* 7 6 19 Cash flow from operating activities 12 10 26 Total property 1,501 1,639 1,497 Net debt (783) (899) (881) NAV 666 738 622 NAV per share 1.9 2.3 1.9 Underlying PBT/share 0.02 0.02 0.06 EPRA NA
Slide 11: Key Financial Results: Balance Sheet
KEY FINANCIAL RESULTS I BALANCE SHEET Investment property increased due to: • Progress of Pascal construction (€ m) 31 March 2014 December 2013 • Acquisition of land for Galeria Północna Investment property and L.T. assets (inc. IPUC) 1,386 1,376 Average occupancy: 91% (91% on 31 Dec 2013) Investmen
Slide 12: Key Financial Results: Debt and LTV
KEY FINANCIAL RESULTS I DEBT AND LTV As at 31 March 2014 31 December 2013 (€ m) (€ m) Long-term bank debt and financial liabilities 885 784 Short-term bank debt and financial 184 197 liabilities Total bank debt and financial liabilities 1,070 981 Cash & cash equivalents and deposits 226 88 Loans fro
Slide 13: Key Financial Results: Debt and Maturity Schedule
KEY FINANCIAL RESULTS I DEBT AND MATURITY SCHEDULE Debt split Interest rate split As of 31 March 2014 As of 31 March 2014 Other currencies 21% Corporate bonds and Unsecured debt loans from minorities in 30% subsidiaries Fixed/hedged Floating 45% Project loans 55% Secured debt 70% EUR 79% * Other cur
Slide 14: Key Financial Results: Income Statement
KEY FINANCIAL RESULTS I INCOME STATEMENT Q1 2014 Q1 2013 FY 2013 (€ m ) (€ m ) (€ m ) Rental and service revenue 27 28 110 Cost of rental operations (8) (8) (31) Rental margin 72% 70% 71% Residential sale result 1 - 1 Gross margin from operations 20 20 78 Selling expenses (1) (1) (3) G&A expenses w/
Slide 15: Key Financial Results: Cash Flow Highlights
KEY FINANCIAL RESULTS I CASH FLOW HIGHLIGHTS Q1 2014 Q1 2013 FY 2013 (€ m) (€ m) (€ m) Cash from operating activities at €12m Operating cash before w. capital changes 16 15 61 Add / deduct: Net cash at 31 March 2014 at €192m Decrease in residential inventory 3 3 12 (€34m deposits) Interest paid, net
Slide 16: Agenda
AGENDA 1. Q1 2014 highlights 3 2. Marek overview 5 3. Key financial results 8 4. Additional materials 17 16
Slide 17: Additional Materials: Net Debt
ADDITIONAL MATERIALS I NET DEBT 31 March 2014 31 March 2013 31 December 2013 As at (€ m) (€ m) (€ m) Gross debt 1,038 1,067 949 Market value of derivatives 32 67 33 1,070 1,134 981 Cash and deposits (226) (223) (88) Loan from Galeria Kazimierz 61 12 12 EPRA adjustments - - - Net debt (EPRA basis) 78
Slide 18: Additional Materials: Reconciliation of Underlying PBT
ADDITIONAL MATERIALS I RECONCILIATION OF UNDERLYING PBT 31 March 2014 31 March 2013 31 December 2013 As at (€ m) (€ m) (€ m) IFRS Profit/ (Loss) before tax 3 (21) (162) Valuation movement (includes 2 25 185 disposals) Foreign exchange differences, net 1 2 1 Amortisation of intangible asset - - 2 Los
Slide 19: Additional Materials: EPRA Balance Sheet
ADDITIONAL MATERIALS I EPRA BALANCE SHEET 31 March 31 March 31 December 2014 2013 2013 As at (€ m) (€ m) (€ m) Total property 1,501 1,639 1,497 Net debt (783) (899) (881) Other net liabilities (91) (22) (40) Non-controlling interest 39 20 46 EPRA NNNAV 666 738 622 EPRA NNNAV per share (Euro) 1.9 2.3
Slide 20: Additional Materials: Portfolio of Income Generating Properties
ADDITIONAL MATERIALS I PORTFOLIO OF INCOME GENERATING PROPERTIES As of 31 March 2014 Poland Hungary Serbia Croatia Romania Bulgaria Slovakia Subtotal Czech* Total Office properties Number of assets 11 3 3 - 1 - 1 19 2 21 GTC consolidated share of NLA, 144 91 53 - 48 - 13 350 11 360 ths. sq m Total,
Slide 21: Additional Materials: New Developments
ADDITIONAL MATERIALS I NEW DEVELOPMENTS Galeria Wilanów (Warsaw) Galeria Północna (Warsaw) Type Retail Type Retail Leasable area 61,000 sq m Leasable area 64,000 sq m Total costs (1st phase) €170m Total costs €178m LTC ratio (1st phase) 65% LTC ratio 65% Loan value (1st phase) €110m Loan value €115m
Slide 22: Additional Materials: Useful Information
ADDITIONAL MATERIALS I USEFUL INFORMATION Investors` calendar 2014-08-21 Consolidated semi-annual report for the 1st half 2014 2014-11-13 Consolidated quarterly reports for Q3 2014 Contact details Małgorzata Czaplicka Director Investor Relations tel:. +48 22 60 60 710 mczaplicka@gtc.com.pl Useful li
Slide 23: 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 24: Thank you
Thank you Globe Trade Centre S.A. 5 Woloska street, Taurus Building, 02-675 Warsaw, Poland