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GTC - an upward trend in revenues and stable operating results

Platinium Business Park IV, Warsaw.

Rental and service revenues increased by 3 percent to €32m in the first quarter of 2012 compared to the corresponding period of 2011, despite the sale of Galeria Mokotów.

The main contributors were newly completed assets, including Galleria Stara Zagora, Avenue Mall Osijek, Galeria Arad, Francuska Office Centre and Platinium IV. As of March 2012, some of GTC’s completed buildings were still not fully occupied or rents were not paid yet due to rent free periods, therefore, further rental revenue growth is possible. The margin on rental revenues was 72 percent in the first quarter of 2012, in line with past performance.

Gross profit from operations remained fairly stable at €23m in the first quarter of 2012 compared to €22m in the corresponding period of 2011.
Net gain on revaluations of investment property and impairments of residential projects was €2m in the first quarter of 2012. Minor revaluation gains in Poland offset non-material losses in the SEE region.

Net profit amounted to €3m in the first quarter of 2012 and resulted primarily from a profit on the revaluation of investment property and taxation benefit.
The value of the property portfolio was at the level of €2,038m as at 31 March 2012 (including €136m of assets held for sale). The next review of the value of properties and the land bank will be conducted as of 30 June 2012 by the external valuers. NAV per share stood at €3.4 as at 31 March 2012 compared to €3.2 as at 31 December 2011.

As a result of further renegotiations of the certain covenants, further €25m was reclassified to long term debt. As at 31 March 2012 close to 50 percent of GTC’s debt will mature in 2017 or later, which provides the Company with further comfort in executing its business plan. The average cost of debt financing remains attractive at 5 percent.

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