Globe Trade Centre S.a. · GPW:GTC
Globe Trade Centre — Q2 2013 Earnings Presentation
23 slides from Globe Trade Centre's earnings presentation, Aug 20, 2013
Slide 1: Q2 & H1 2013 Results
Q2 & H1 2013 Results 20 August 2013
Slide 2: Agenda
AGENDA Sections 1. Q2 & H1’13 highlights 3 2. Portfolio overview 7 3. Key financial results 9 4. Update on ongoing projects 17 2
Slide 3: Q2 & H1'13 Highlights
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Slide 4: Q2 & H1'13 Financial Highlights
Q2 & H1’13 FINANCIAL HIGHLIGHTS Earnings, before taxes, share of loss of associates, share based provision and revaluations, up to €7m in H1’13 and €4m in Q2’13 (€3m in H1 ’12 and €3m in Q2’12 ) thanks to savings in administrative and financial expenses • Financial expenses decreased following the b
Slide 5: Q2 & H1'13 Key Achievements
Q2 & H1’13 KEY ACHIEVEMENTS 39,000 sq m of new leases and lease extensions New leases of 20,000 sq m: • New tenants in University Business Park in Łódź (81% occupancy vs. 32% in Q2’12 ): o Accenture leased 1,700 sq m o Mobica leased nearly 1,200 sq m o Samsung Electronics Poland leased 1,100 sq m o
Slide 6: Markets Update
MARKETS UPDATE Office Markets – GTC's office portfolio proved resilient across CEE and SEE • Warsaw’s modern office supply has reached 4 million s qm. The vacancy rate has gone up further, despite sound office demand • Total completion volume in Warsaw in 2013 is expected to be the highest since 200
Slide 7: Income Generating Portfolio
INCOME GENERATING PORTFOLIO
Slide 8: Portfolio Overview
PORTFOLIO OVERVIEW Total portfolio overview Income generating assets* - value by country Total: €1,714m Total: 1,276m Bulgaria Slovakia Residential €16m As of 30 June 2013 As of 30 June 2013 €80m; 9% 1% 6% Serbia €112m 9% Poland Hungary €540m € 167m 42% Office 13% Retail 52% Croatia 39% €168m 13% Ro
Slide 9: Financial Highlights
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Slide 10: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS Valuation of property portfolio conducted by the external valuers showed €70m loss in H1’13 (€44m in Q2’13) €m June 2013 Dec 2012 • 61% of devaluation comes from Romania Investment property and L.T. assets and Bulgaria (inc. IPUC) 1,566 1,614 Assets held for sale 1 42 • Aver
Slide 11: Devaluations Breakdown
DEVALUATIONS BREAKDOWN €70m devaluations in H1’13; 61% of which from Romania and Bulgaria Breakdown of H1’13 devaluations By country By assets Total: €70m Total: €70m Poland 15% Serbia 8% Romania Galleria 43% Bucharest Hungary €16m 8% Croatia 8% Others Bulgaria €34m 18% Galleria Burgas €6m By sector
Slide 12: Debt and LTV
DEBT AND LTV Loan to value breakdown as at 30 June 2013 (€ m) H1 ‘13 H1 ‘12 FY 2012 Long-term bank debt and financial liabilities 827 1,039 952 Short-term bank debt and financial liabilities 240 337 253 Total bank debt and financial liabilities 1,067 1,376 1,205 Cash & cash equivalents and deposits
Slide 13: Debt Maturity Schedule
DEBT MATURITY SCHEDULE As at 30 June 2013 €m 600 478 Almost half of debt 400 matures in more than 5 years 201 200 118 97 78 54 24 0 30 June'14 30 June'15 30 June'16 30 June'17 30 June'18 30 June'19 and beyond Hedges 13 13
Slide 14: Liquidity and Financial Strength
LIQUIDITY AND FINANCIAL STRENGTH 1yr 2yr Classification of debt €m 105 €m 109 110 110 Most refer to long term loans that are 24 waived till 2015 due to breach of 58 covenants 55 55 39 23 9 0 0 Loans to be reclassified Residential loans Bonds (incl. hedges) Projects finance Residential loans Projects
Slide 15: Income Statement Highlights
INCOME STATEMENT HIGHLIGHTS (€ m) H1'13 H1'12 Q2'13 Q2'12 Q1'13 Rental and service revenues decreased Rental and service revenue 60 64 30 33 30 due to sale of Platinium Business Park as Cost of rental operations (17) (17) (8) (8) (9) well as a decrease in rental rates 43 47 21 24 21 especially in th
Slide 16: Cash Flow Highlights
CASH FLOW HIGHLIGHTS (€ m) H1 2013 H1 2012 FY 2012 Cash flow from operating activities 33 35 77 Add / deduct: Residential revenue 6 8 16 Changes in "working capital" (1) (3) (11) Interest paid, net (28) (29) (64) Cash flow from operating activities 10 11 18 Investment in real estate and related (15)
Slide 17: Update on Ongoing Projects
1 ¢ UPDATE ON ONGOING ! PROJECTS
Slide 18: Update on Ongoing Projects
UPDATE ON ONGOING PROJECTS Galeria Wilanów: • Environmental opinion to be received by end of August • Application for building permit to be filed by end of September • Signed term sheet with Cinema City; other anchor tenants in advanced negotiations • Expected opening in 2016 Galeria Białołęka: • La
Slide 19: Additional Materials
ADDITIONAL MATERIALS
Slide 20: Portfolio of Income Generating Properties
PORTFOLIO OF INCOME GENERATING PROPERTIES As of 30 June 2013 Poland Hungary Serbia Croatia Romania* Bulgaria Slovakia Subtotal Czech*** Total Office properties Number of assets 12 5 3 - 1 1 22 2 24 GTC consolidated share of NLA, sq m 142,551 91,464 53,335 - 47,700 - 13,300 348,350 10,868 359,218 Tot
Slide 21: Useful Informations
USEFUL INFORMATIONS Corporate calendar 13 November 2013 Consolidated quarterly reports for the 3rd quarter of 2013 Contact details Małgorzata Czaplicka Director Investor Relations tel:. +48 22 60 60 710 [email protected] Useful links This presentation H1’13 interim report 21
Slide 22: 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 23: Thank you
Thank you Globe Trade Centre S.A. 5 Woloska street, Taurus Building, 02-675 Warsaw, Poland