Profit to fuel accelerated growth
Q3 & 9M 2017 HIGHLIGHTS
- Revaluation gain on Galeria Północna of €57m in Q3 2017 and €155m to date
- Profit before tax at €66m in Q3 and €134m in 9M 2017 (€71m in 9M 2016 )
- Earnings per share up to €0.13 in Q3 and €0.24 in 9M 2017 (€0.23 in 9M 2016)
- EPRA NAV increased 7% in the Q3 and 14% in 9M to €1,019m (€897m as of 31 December 2016)
- EPRA NAV / share increased 7% in the Q3 and 11% in 9M to €2.17 as of 30 September 2017 (€1.95 as of 31 December 2016)
- Gross margin from rental activity at €22m in Q3 and €65m in 9M 2017 (€64m in 9M 2016)
- FFO I up to €12m in Q3 2017 and €34m in 9M (€32m in 9M 2016) before the impact of Galeria Północna
- FFO I / share at €0.03 in Q3 2017 and €0.07 in 9M 2017 (€0.07 in 9M 2016)
- €105m of construction loans under negotiations & €240m of refinancing loans, including €200m loan related to Galeria Północna, under negotiations to improve conditions
PORTFOLIO UPDATE
- Completion of Galeria Północna on budget and on time
- Acquisition of Belgrade Business Center of 17,700 sq. m in Belgrade
- Acquisition of Cascade office building of 4,200 sq. m in Bucharest
- Strong leasing performance:84,000 sq. m of office and retail space newly leased and renewed in 9M 2017
- Occupancy at 93% (94% as at 30 June 2017)
- We obtained building permits for Advance Business Centre I in Sofia (14,100 sq. m) and Matrix in Zagreb (21,000 sq. m)
- 6 projects under construction with over 145,000 sq. m
- 6 projects in the planning stage with 143,000 sq. m of office space and 61,000 sq. m and 2 extensions of existing projects for 5,100 sq m
“The completion of Galeria Północna is a masterpiece of development resulting in a strong uplift in profit and equity. Refinancing of the completed mall will provide substantial cash to accelerate further growth with no need to raise new equity. The acquisition of two office buildings in Belgrade and Bucharest and completion of Galeria Północna increased our annualized rent by 20% to EUR 105 million.”said Thomas Kurzmann, GTC’s CEO. “With the start of Matrix office in Zagreb and ABC I office in Sofia we have more than 350k sq. m under construction and in planning phase.” – he added.
