Globe Trade Centre S.a. · GPW:GTC
Globe Trade Centre — FY2022 Earnings Presentation
32 slides from Globe Trade Centre's earnings presentation, Apr 25, 2023
Slide 1: 2022 Results Investors' Presentation
GTC|® 2022 RESULTS Investors’ Presentation 25 April 2023
Slide 2: Contents
CONTENTS Key highlights 2022 Portfolio Development projects Operations and financials Additional materials 13 18 GTC|®S 2022 RESULTS 25 April 2023
Slide 3: Financial Results
FINANCIAL RESULTS + Rental revenues at €167m in 2022 (€172m in 2021) + Gross margin from rental activity at €119m in 2022 (€128m in 2021) + FFO I at €68m in 2022 (€74m in 2021), FFO per share at €0.12 + EPRA NTA at €1,273m as of 31 December 2022 (€1,272m as of 31 December 2021) EPRA NTA per share at
Slide 4: Office: New Projects in the Portfolio Combined with Strong Leasing Activity
OFFICE: NEW PROJECTS IN THE PORTFOLIO COMBINED WITH STRONG LEASING ACTIVITY Green office portfolio with 84% of assets certified + Leasing activity reached 110,600 sq m in 2022 (117,000 sq m in 2021): + Prolongation and expansion of KEF/Finance Ministry in CenterPoint 1&2, Budapest (c. 16,000 sq m) *
Slide 5: Significant Acquisitions Disposals
SIGNIFICANT ACQUISITIONS DISPOSALS
Slide 6: Retail: Back to Pre-Covid Levels
RETAIL: BACK TO PRE-COVID LEVELS Retailers continue to expand + Occupancy at 96% as of 31 December 2022 (95% as of 31 December 2021) + Positive trends in retail continue, footfall is growing, and turnover exceeded pre-Covid levels (109% in Q4 2022 vs 2019; 115% in Q4 2022 vs 2021 and 112% in Q1 2023
Slide 7: Contents
CONTENTS Key highlights 2022 Portfolio Development projects Operations and financials Additional materials 13 18 GTC|®S 2022 RESULTS 25 April 2023
Slide 8: High Quality Property Portfolio with Focus on Offices
HIGH QUALITY PROPERTY PORTFOLIO WITH FOCUS ON OFFICES + 90% of GAV base is recurring income-producing + 65% of recurring income-producing portfolio is office + Active development projects of 2% and land reserves account for almost 8% of total property portfolio + 93% in EU countries + 87% of assets
Slide 9: Contents
CONTENTS Key highlights 2022 Portfolio Development projects Operations and financials Additional materials 13 18 GTC|®S 2022 RESULTS 25 April 2023
Slide 10: Pipeline of Development Projects
PIPELINE OF DEVELOPMENT PROJECTS 2% of portfolio in development projects and 8% of land reserve UNDER CONSTRUCTION PROJECTS KEY PROJECTS UNDER CONSTRUCTION METRICS 31 Dec 2022 31Dec 2021 Zagreb 29% Budapest Gross asset value (€M) 51 132 7% Lettable area (ths. sq m) 61 54 Number of projects 3 3 Offic
Slide 11: Office Focused Development Pipeline
OFFICE FOCUSED DEVELOPMENT PIPELINE 61,200 sq m of class A offices under construction to be completed in 2023/25 with €14.1m expected rental income > 10,500 sq m new office space > Under LEED certification > Redevelopmentof 14,700 sq m office space » Expected rental income upon stabilization: €2.1m
Slide 12: Contents
CONTENTS Key highlights 2022 3 Portfolio 8 Development projects 10 Operations and financials 13 Additional materials 18 GTC|®S 2022 RESULTS 25 April 2023 12
Slide 13: Income Statement
INCOME STATEMENT (€m) 2022 2021 Revenue from rental activity Lez 72 2022 BREAK DOWN OF OPERATING MARGIN (BRIDGE) Cost of rental operations (47) (44) ve rt 7.9 27 08 119.2 Gross margin from operations c) 9 128 = = G&A expenses w/o share based provision (16) (4) Loss from revaluation of invest. proper
Slide 14: Balance Sheet
BALANCE SHEET 31 December 31 December cem) 2022 2021 Investment property (excl. right of use) 2,205 2,202 Residential landbank (excl. right of use) 26 26 Right of use 40 40 Assets held for sale (1) 52 292 Property, plant and equipment N 8 Loan granted to non-controlling interest partner 1 a Cash & c
Slide 15: FY 2022 - Strength of Debt Metrics
FY 2022 - STRENGHT OF DEBT METRICS Confirmed by investment grade ratings of BBB- by Scope, BBB- by Fitch and Bal by Moody’s KEY CREDIT METRICS DEBT MATURITY (€m) 760 @ Loans tobe recycled € ee @ Bonds @ Regularamortization dy 4.4y c. €1.24bn Weighted average debt maturity total debt (years) 299 123
Slide 16: Cash Flow
CASH FLOW (€ém) 2022 2021 Operating activities Operating cash before working capital changes 101 13 Add / deduct: Change in working capital (2) 2 Interest paid, net (28) (33) Tax qi) «) Cash flow from operating activities 60 73 Investing activities Investment in real estate 44) (69) Purchase of non-
Slide 17: Contents
CONTENTS Key highlights 2022 Portfolio Development projects Operations and financials Additional materials 13 18 GTC|®S 2022 RESULTS 25 April 2023 7
Slide 18: GTC vs WIG and EPRA Index
GTC vs WIG and EPRA Index 110 100 90 80 70 60 50 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 GTC PW Equity EPRA Index GTC Total Return WIG Index
Slide 19: Leading Commercial Real Estate Platform
LEADING COMMERCIAL REAL ESTATE PLATFORM annualized ASSETS LOCATION BY GAV book value 1 GLA GTC assets # % in-place rent (€m) (em) (ths. sqm) Irelanc? Income generating (a+b) 44 2,051 85% 140.4 762 5% a) Office incl. AHFS) 38 1,337 55% 91.0' 558 TOTAL ASSETS b) Retail 6 720 30% 49.47 204 ov ) 6 €2,41
Slide 20: Office Portfolio Overview
OFFICE PORTFOLIO OVERVIEW Sustainable high occupancy of prime office buildings provides solid recurring income OFFICE ASSETS OVERVIEW cll, B68 €91m 38 558,000 6.8% annualized in-place rent buildings sqm GLA Yield GREEN CERTIFICATION 85% assets with green certification or in recertification process L
Slide 21: Retail Portfolio Overview
RETAIL PORTFOLIO OVERVIEW Landmark shopping centers in local markets RETAIL ASSETS OVERVIEW 20 fe €49m annualized in-place rent buildings GREEN CERTIFICATION BREEAM LEED _ 29% 59% | 88% assets with green certification or in recertification process Under \ certification 12% OCCUPANCY RATE 96% 1% 96%
Slide 22: High Quality Portfolio and Diversified Tenant Base
HIGH QUALITY PORTFOLIO AND DIVERSIFIED TENANT BASE HELPS TO MITIGATE CHALLENGES TENANTS’ BASE BLUE CHIP TENANTS + Strong retention rate across the portfolio Total rent % annualized + GTC’s organic growth strategy and the ee «Mobil fem) in place rent corresponding high share of own 2Kon Mo} 5.9 4.4%
Slide 23: Green Certification
GREEN CERTIFICATION Sustainability is our goal INCOME PRODUCING ASSETS (BOOK VALUE) BREEAM 38% 85% assets with green certification or in recertification process Under ~~ certification 14% No certification 1% BREEAM 29% y, 9X 88% assets with green certification or in recertification process \ Under \
Slide 24: Portfolio: Income Generating Properties
PORTFOLIO: INCOME GENERATING PROPERTIES Poland Hungary’ Belgrade Zagreb Bucharest Sofia Total’ OFFICE PROJECTS’ Number of buildings 16 12 1 1 4 4 38 Total GLA (ths. sq m) 195 224 18 7 62 52 558 Book value (€m) 357 631 50 1S 164 4 1,331 Average rent (€/sq m) 14.7 16.4 18.0 15.5 18.8 16.0 16.2 Average
Slide 25: Property Overview
PROPERTY OVERVIEW High quality assets base in Poland, Hungary and capital cities of CEE Top properties Asset class Country City Book value GLA Rent€ Occupancy =M ths. sqm /Sam/ month % Galeria Pétnocna =) Poland Warsaw 252 65 19.6 92% Galeria Jurajska =) Poland Czestochowa 190. 49 23.8 98% City Gate
Slide 26: Funds from Operations (FFO I)
FUNDS FROM OPERATIONS (FFO 1) Robust acquisitions and developments drive FFO | FFOI 74 (€m) 70 68 66 > — FFO I per share of €0.12 61 » — Robust operational performance 47 38 42 > — Significant development pipeline to further boost FFO | 28 : > — Solid basis for sustainable and long term dividend pol
Slide 27: EPRA NTA
EPRA NTA EPRA NTA EPRA NTA per share (€m) 1,272 1,273 €2.21(PLN 10.18) €2.22 (PLN 10.40) 1,170 1,200 1,073 44112 897 779 614 | 31 Dec 2021 31 Dec 2022 31Dec'l4 31Dec'IS 31Dec'l6 31Dec'l7 31Dec'l8 31Dec19 31Dec'20 31Dec'21 31 Dec'22 EPRA NTA bridge EPRA NTA growth momentum (€m) 136 1,273 1,136 23} 44
Slide 28: Debt and LTV
DEBT AND LTV 31DECEMBER 31DECEMBER 31 DECEMBER posal 2021 d Loans and bonds 1,238 1,299 1,447 Loans from minorities (2) (9) (9) Deferred debt expenses 8 N 1 Bank loans and bonds 1,244 1,301 1,443 Cash & cash equivalents & deposits 189 362 128 Net debt 1,055 939 1,315 investment propery assets eldfor
Slide 29: Useful Information
USEFUL INFORMATION INVESTOR CONTACT ESG Matgorzata Czaplicka Investor Relations Director T: +48 22 16 60 710 EPRA [email protected] sBPR www.gtcgroup.com Corporate governance ESG Corporate section IR section GTC|®S 2022 RESULTS 25 April 2023 29
Slide 30: Definitions
DEFINITIONS AVERAGE YIELD calculated as in-place rent divided by fair value of asset 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 expens
Slide 31: Definitions
DEFINITIONS ADJUSTED EBITDA consolidated profit/(loss) of the Group before taxes, depreciation, amortisation and impairments, non-controlling interest and share of profit/(loss) of joint ventures, excluding any fair value adjustments, the net result on sale of financial investments, financial income
Slide 32: 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