CONSOLIDATED
ANNUAL REPORT
OF
GTC HUNGARY REAL ESTATE
DEVELOPMENT PLTD. GROUP
FOR THE FINANCIAL YEAR
ENDED 31 DECEMBER
2022
LIST OF CONTENTS:
01. Management board's report on the activities of GTC Hungary Real Estate Development Pltd. in the financial year ended 31 December 2022
02. Consolidated financial statements for the year ended 31 December 2022
03. Statement of responsibility
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MANAGEMENT BOARD'S REPORT
ON THE ACTIVITIES OF
GTC HUNGARY REAL ESTATE DEVELOPMENT PLTD. GROUP
IN THE FINANCIAL YEAR ENDED 31 DECEMBER
2022
3
TABLE OF CONTENT | ||
2. Selected financial data | 9 | |
3. Key risk factors | 10 | |
4. Presentation of the Group | 35 | |
4.1 | General information about the Group | 35 |
4.2 | Main events of 2022 | 36 |
4.3 | Structure of the Group | 37 |
4.4 | The Group's Strategy | 38 |
4.5 | Business overview | 46 |
4.5.1 Overview of the investment portfolio | 47 | |
4.5.1.1 Overview of income generating portfolio | 47 | |
4.5.1.2 Overview of properties under construction | 48 | |
4.5.1.3 Overview of investment property landbank | 49 | |
4.6 Overview of the markets on which the Group operates | 49 | |
4.6.1 Office market | 50 | |
4.6.2 Investment market | 53 | |
4.7 | Information on the Company's policy on sponsorship, charity, and other similar | |
activities | 54 | |
5. Operating and financial review | 55 | |
5.1 | General factors affecting operating and financial results | 55 |
5.2 | Specific factors affecting financial and operating results | 59 |
5.3 | Presentation of differences between achieved financial results and published | |
forecasts | 59 | |
5.4 | Statement of financial position | 59 |
5.4.1 Key items of the statement of financial position | 59 | |
5.4.2 Financial position as of 31 December 2022 compared to 31 December 2021 | 61 | |
5.5 | Consolidated income statement | 61 |
5.5.1 Key items of the consolidated income statement | 62 | |
5.5.2 Comparison of financial results for the year ended 31 December 2022 with the result | ||
for the corresponding period of 2021 | 64 | |
5.6 | Consolidated cash flow statement | 66 |
5.6.1 Key items from consolidated cash flow statement | 66 | |
5.6.2 Cash flow analysis | 67 | |
5.7 | Future liquidity and capital resources | 68 |
6. Information on risk management | 69 |
4
1. Introduction
The GTC Hungary Real Estate Development Pltd. Was registered in Budapest in September 1998. The company is part of the GTC Group, a leading real estate investor and developer focusing on Poland and Hungary and capital cities in Eastern and Southern Europe: Belgrade, Bucharest, Zagreb, and Sofia. The GTC Group was established in 1994.
Company's portfolio comprises: (i) completed commercial properties; (ii) commercial properties under construction; (iii) a commercial landbank intended for future development.
GTC GROUP:
Poland,
Hungary,
Belgrade,
Bucharest,
Sofia
and Zagreb
As of 31 December 2022, the Company`s property portfolio comprised the following properties:
- 10 office buildings with a total combined commercial space of approximately 199 thousand sq m of GLA, an occupancy rate at 87% and a book value of EUR 594,838 which accounts for 91% of the Group's total property portfolio;
-
1 office project under construction with a total GLA of approximately 36 thousand
sq m and a book value of EUR 19,500, which accounts for 3% of the Group's total property portfolio; - investment landbank intended for future development with the book value of EUR 36,483, which accounts for 6% of the Group's total property portfolio.
10 | 158,000¹ | 1 | landbank for |
completed | sq m of | buildings | future |
buildings | GLA | under | development |
construction |
As of 31 December 2022, the book value of the Company's portfolio amounts to EUR 650.821 with: (i) the Group's completed investment properties account for 91% thereof; (ii) investment properties under
construction for 3%; and (iii) an investment landbank intended for future development for 6%.
The GTC's headquarters are located in Budapest, at 22 Népfürdő street.
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GTC - Globe Trade Centre SA published this content on 04 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2023 10:40:10 UTC.