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The crisis reached the developer from Warsaw

A company founded in 1994 in Warsaw, listed on the Warsaw Stock Exchange and world markets, has released its financial results for 2011.

GLOBE TRADE CENTRE SA (GTC), one of the leading developers in Central and South-Eastern Europe, announced operating results for 2011 GTC's shares are listed on the Stock Exchange in Warsaw and part of the index of 20 largest companies (WIG20). Qualities of the company are also a part of such indices as MSCI, Dow Jones STOXX Eastern Europe 300 Index and GPR250. 

Report for 2011 
 
The net asset value (NAV) per share fell to 3.2 EUR 31 in December 2011, compared to 4.8 EUR in December 31, 2010 Despite the sale of Galeria Mokotów, company suffered loss of 296 million EUR from the revaluation of investment properties and impairment losses on housing investments and 338 million EUR net loss. Company estimates the value of investment properties at 2.020 billion. 
 
Gross profit from operations amounted to 95 million EUR. The company's revenue from rental and services increased in 2011 by 4 percent, to 129 million. Revenues from the sale amounted to 25 million EUR. 
 
The company refinanced loan agreements for a total of 127 million EUR and renegotiated covenants in loan agreements worth 97 million EUR. 
 
Since the beginning of the crisis in 2008, the Board of GTC constantly monitors all projects undertaken by the company and adjusts plans for development to market conditions.  Our active and vigilant approach has resulted in a stable level of its cash, as well as prevented failing the financial obligations to the banks that we work with for many years. However, avoiding the adverse impact of external conditions was impossible - said Eli Alroy, Chairman of the Supervisory Board of GTC. 
 
The company has completed commercial properties with a total area of ​​580.000 square meters, worth 1.3 billion EUR. 
 
Finished office projects by GTC 
 
Within 13 months from the receipt of a building permit, the company has not only completed the fourth building of Platinium Business Park in Warsaw, but also rented it to Aviva group.The insurance company moved into a newly built property in the summer of 2011 and took 13,000 sq m of office space. 
 
At the end of 2011, the construction of a third class A building in Warsaw's Okęcie Business Park, Corius office building was finished. Office building with 8,840 square meters of office space is already leased in 80 percent. It is located in the immediate vicinity of Chopin Airport. Two previous objects included in the team, Nothus and Zephirus, were built in 2008. They are fully leased. 
 
GTC completed retail projects 
 
In April, an investment in Croatia created by the GTC and the European Bank for Reconstruction and Development (EBRD) was finished. It is a shopping and entertainment center Avenue Mall Osijek. 
GTC portfolio was also enriched by the Arad Galleria in Romania, which is 11th investment of this type on the developer account in Central and South-Eastern Europe. 
 
GTC office projects in progress 
 
In June 2012, an office building in Warsaw, by the Domaniewska street - Platinium Business Park V, which is leased in 70%, will be completed. There will be 11,000 sq m of leasable area there.  Among the tenants we can find K2 Internet, Starcom, VeriFone Poland and Schrack-Seconet. 
 
GTC commercial investments in progress 
 
Construction of the Galleria Burgas in Bulgaria is in progress, shopping centers in Wilanów and Białołęka are being planned. 
 
Lease agreement signed in 2011 
 
In 2011, GTC leased a total of over 50,000 square meters of commercial space. Of particular note are office spaces leased in Platinium Business Park and Business Park Okecie in Warsaw, University Business Park in Łódź and the Office Centre "Francuska" in Katowice.

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