G City (GZTGF) 2019年年度报告「OTC」.pdf

1、When drafting this letter slightly over a month ago,our liveswere in the routine we grew accustomed to for over a decade,with the typical“ups and downs”.Covid-19 sounded more likea new car model than a virus capable of changing our way oflifeovernight,makinglifeasweknewitunrecognizable,rendering cer

2、tainty unattainable and the obvious subject toproof(if there is any such proof).However,I have no doubtthat with jointeffort,disciplineandcohesion,we can allovercome this cursed virus,and if history is a guide,ourprevious daily routine that we all miss so much will be restored.2019GAZITRESULTSAt Gaz

3、it,our strategy has always been to be ready for any crisis,whenever or wherever it emerges,anticipating a temporary dislocation of the capitalmarkets in Israel and worldwide.Even with calls for why“it is different this time”,wealways,without exception,maintain a high liquidity level.Such liquidity e

4、nables us tocontinue to operate regularly even when the capital markets close for an extended periodof time,for instance,with ample runway for three years.Thanks to the strategic measuresthat we recently completed we entered the current crisis well prepared to meet ourfinancial obligations.These mea

5、sures include a drastic reduction in leverage,a dramaticimprovement in the quality of our assets,the spreading out and extending of our liabilitymaturity schedules and maintaining an extremely high-level of liquidity.The letter I intended to write a month ago has clearly lost much of its relevance i

6、n-lightof the current circumstances.Nevertheless,I will review the Groups results in 2019,which I admit seem like an eternity ago.Please read my summary as if the current date isJanuary 1,2020,for context.We concluded 2019 with impressive results.In 2019,same property NOI in NIS increasedby 4.5%,led