129 Millions Euros of GTC Income

Platinium Business Park Complex in Warsaw
Platinium Business Park Complex in Warsaw
The Globe Trade Center published its financial report for 2012. The lease revenues remeined constant.

Globe Trade Center, Inc, in 2012 realized 35 per cent of asset sales plan, prepared for 2012-2014. In addition, the company has earned 100 million euro by issuing shares in June.

 

The lease and service revenues amounted to 129 million euro, with the amount same as in 2011. The negative reassessment of the net real estate value reached 115 euro, which was mainly related to a predicted decrease of rental rates. The LTV ratio decreased from 60 per cent in 2011 to 53 per cent.

 

2012 was challenging, nevertheless we were able to implement huge part of our strategy, improving, at the same time, operational and financial results. The level of cashed owned by GTC significantly increased thanks to issue of shares and Business Platinum Park sell. Our balance was positively influenced by extension of 73 million-euro-worth bond solvency by 3,5 years in 2017-2018. Improved operational results and the level of cash flow from the operational activity were also influenced by sales, administration and financial cost reductions. We were also able to lease more than 58 000 sqm of industrial and office spaces, and also extend and renew earlier lease agreements for 67 000 sqm. Taking into consideration current market situation, huge accomplishment should be discerned. In 2013 we appear stronger, and our purpose is further liquidity increase and debt reduction, which allow us to fulfill our financial liability; and we will be able to finance new investments. Among them, there are three trade centers – two in Warsaw and one in Belgrade, as well as an office building in Bucharest, said Alain Ickovics, the Board Director of GTC, Inc

 

The biggest transaction of GTC in 2012 was the sell of Platinium Business Park, for 173 million euro. Its purchaser was Allianz Real Estate. In addition, the company finished and began the commercialization of the Corius office building, which belonged to the Okęcie Business Park Complex.  


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