Globe Trade Centre S.A. is one of the largest real estate developers in the New Europe Region – CEE (Central and Eastern Europe) and SEE (South Eastern Europe). GTC’s financial results allow for continued dynamic growth. After achieving record financial results in 2006, a year later GTC posted record profits for the second time in its history. These excellent results proved the effectiveness of GTC’s long term strategy.

• GTC’s operating profits reached 73,6 mln EUR in 2007 compared to nearly 80,9 mln EUR in 2006. This was mainly a result of asset sales- 50% of the shares in Galeria Kazimierz in Cracow and the Mokotów Business Park office complex in Warsaw.
• The sale of selected assets in 2007 has led to further geographical and sector diversification of the company’s real estate portfolio. America House in Bucharest was sold at a yield of 5.55%, a record low rate for the Romanian market while the Lighthouse office building was sold at a yield of 5.65%
• The acquisition and realization of many new development investments resulted in book value growth of GTC’s assets from USD 29 million in 1996 to over EUR 1,8 billion at the end of 2007. High financial liquidity and low exposure to interest rate changes are additional strong suits of the company. The interest rates on 80% of loans are fixed or have been secured over the long term by hedging transactions.
• GTC’s financial strength allows for continued dynamic growth. At the end of 2007 GTC’s cash position was 345 mln EUR with equity of nearly 959 mln EUR, compared to 731 mln EUR in December 2006. As in previous years, investment expenditures in 2007 reached an impressive scale – in acquisitions and new real estate projects GTC invested a total of 356 mln EUR.
• In April 2007 GTC issued bonds worth 800mln PLN – the largest one-off transaction of this type on the Polish financial market. The proceeds from the bond issue together with cash from asset sales and bank financing will allow the company to continue its dynamic expansion in the New Europe region.
• In the next few years GTC is planning to complete 30 office buildings, 14 shopping centres and 24 residential properties. The total expenditure connected with these real estate projects is estimated to be 4 bln EUR. Almost 50% of all investment is planned to be realised within the next two years.

The table below presents the company’s financial highlights (in thousands of EURO) based on the consolidated financial statement prepared according to MSSF