GTC posted a EUR 23m consolidated net loss attributable to shareholders of the parent company in Q2 2023, compared to a EUR 25m profit a year earlier, the company said.
The operating loss was EUR 21m vs. EUR 41m profit a year earlier.
Consolidated rental revenue reached €35m in Q2 2023 vs. €32m a year earlier, while property services revenue was: €12m vs. €10m a year earlier.
In 1H 2023, the company had a consolidated net loss attributable to equity holders of the parent of €12m compared to a profit of €40m a year earlier, with rental revenues of €66m compared to €64m a year earlier. Revenues from property services reached respectively: €24 million against €21 million a year earlier.
Total revenues saw an increase of 6% to €90 million in H1 2023.
The increase in rental income is mainly due to the indexation of rents in conjunction with the completion of Pillar in Budapest, GTC X in Belgrade and Rose Hill Business Campus in Budapest. The increase was partially offset by a decrease in rental income due to the sale of Forest Offices in Debrecen in Q1 2023 and Cascade and Matrix A and B in Q3 and Q4 2022, according to the companies results.
Adjusted EBITDA amounted to €52 million (€53 million in H1 2022). The net loss was €12 million in H1 2023 (€41 million in H1 2022). The decrease is mainly due to a revaluation loss, it further reports.
The loss on revaluation of investment properties amounted to €51 million against a gain of €16 million profit in H1 2022.
The loss in fair value of completed projects is mainly due to a slight increase in the equivalent capitalisation rate combined with higher vacancy rates for office space in Poland and Hungary, according to the report.
Funds from operations (FFO I) increased by 4% to €35 million, with FFO I per share of €0.06.
Total investments, including non-current financial assets, amounted to €2,377 million as at 30 June 2023 (€2,418 million as at 31 December 2022) and GAV to €2,245 million as at 30 June 2023 (€2,288 million as at 31 December 2022), largely as a result of the sale of the Forest Offices office building in Debrecen for €49 million, partially offset by investments: of €44 million, mainly in assets under construction and €13 million in the acquisition of new projects. The above increase was offset by a loss on revaluation of investment properties of €53 million, the company announced.
EPRA NTA amounted to €1,205 million compared to €1,273 million at 31 December 2022. EPRA NTA per share was €2.1 compared to €2.22 at 31 December 2022.
Debt amounted to €1,253 million compared to €1,238 million at 31 December 2022.
The increase is mainly related to long-term loans of €34 million combined with exchange rate differences on PLN- and HUF-denominated bonds of €13 million. It was offset by repayments during the period in the amount of €25 million, the company indicated.
The weighted average maturity of the debt was 3.8 years and the average interest rate was 2.38% per annum.
The net LTV ratio was 46.8% (44.5% at 31 December 2022). The interest coverage ratio (annualised consolidated coverage ratio) calculated based on EBITDA was 3.5x (no change from 31 December 2022), it was also stated.
GTC has available credit lines of EUR 94 million.
Source: GTC and ISBnews
