Acquisition driven growth

2021 FINANCIAL HIGHLIGHTS

  • Gross margin from rental activity at €128m in 2021 (€119m in 2020)
  • Adjusted EBITDA at €113m in 2021 (€105m in 2020)
  • FFO at €74m in 2021 (€66m in 2020), FFO per share at €0.15
  • EPRA NTA at €1,272m as of 31 December 2021, EPRA NTA per share at €2.21 (PLN 10.18)
  • LTV adjusted for capital increase and disposal of assets in Serbia at 42.0% (45.2% as of 31 December 2020)
  • WAIR at historical low of 2.16²% (2.3% as of 31 December 2020)
  • Capital increase completed in December 2021
    • 88,700,00 issued at PLN 6.40

TRANSITIONING FROM SECURED TO PREDOMINANTLY UNSECURED DEBT

  • We achieved ratings during 2021
    • Scope Ratings: investment grade at BBB- with a stable outlook
    • Fitch Ratings: investment grade at BBB- with a stable outlook
    • Moody’s Investors Service: at Ba1 with a positive outlook
  • Green bonds issued in 2021:
    • €54m of unsecured bonds issued on the Hungarian market in March 2021
    • €500m of unsecured Eurobonds issued in June 2021
  • Repayment of 9 loans from €500m green bonds completed (9 loans repaid with a total of €452m)
  • Unsecured debt at 50% and unencumbered properties up to 45% (9% as of 31 December 2020)

“2021 was an extremely important year for GTC. It was the one of the most dynamic years in the Group’s history. We traded assets on a big scale shifting our portfolio to higher rated countries, developed new assets, leased both retail and office space, issued debut Eurobonds and increased capital. And all of that still in Covid-19 impacted environment. On the top of that we achieved very good financial results with FFO reaching 74 million euro and EPRA NTA increasing to 1.3 billion euro. We started new investments and acquired land plots to secure further dynamic growth of the Company.” – commented Zoltán Fekete, GTC’s President of the Management Board.

“The decision to change our financing structure which was taken in late 2020 resulted in a very thorough analysis of our Group by the world’s most reputable rating agencies Fitch and Moody’s which rated us at BBB- (Fitch) with a stable outlook and Ba1 with a positive outlook (Moody’s). This allowed us to tap the international bonds market and approach the largest investors in the unsecured debt universe. We debuted with the issuance of 500 million euro bond which allowed us to repay roughly 50% of our secured debt. Very fast growth of 2021 resulted in the short term LTV hike, which was brought down to 42% with the disposal of Serbian assets and very successful capital increase conducted in late 2021.  In addition, we have secured our first revolving credit facility in the amount of 75 million euro to support our liquidity. We achieved very low average interest rate of 2.16% and extended debt maturity profile to over 5 years creating a much safer investment for our shareholders”. – commented Ariel Ferstman, GTC’s CFO and Member of the Management Board.