Business
Interim Results
Interim Results.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n RNS Number : 0728C Plaza Centers N.V. 27 August 2008 \n \n\n27 August 2008 \n\nPLAZA CENTERS N.V. \n\nINTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2008\n\nPlaza reports strong growth, realization of investments and progress with its portfolio of 32 current development schemes \n\n\nPlaza Centers N.V. ('Plaza' / 'Company' / 'Group'), a leading emerging markets property developer, today announces interim results for the six months ended 30 June 2008. \n\n\nFinancial highlights:\n\n\n\nIncrease to €401 million in balance sheet of real estate trading properties being developed for future sale (31 December 2007: €298 million)\n\n\nTotal assets of €939 million (31 December 2007: €761 million)\n\n\nGross revenues and net gains from sale and operation of real estate assets of €80 million (30 June 2007: €97 million)\n\n\nProfit before tax of €44.5 million (30 June 2007: €22.6 million) owing mainly to the disposal of Plzen Plaza and financial gains\n\n\nBasic and diluted EPS of €0.15 (30 June 2007: €0.08)\n\n\nAs at 30 June, cash position of €309 million (31 December 2007: €93 million,) and working capital of €723 million (31 December 2007: €625 million); current cash position of €280 million.\n\n\n\nOperational highlights in the reporting period:\n\n\n\nSuccessful handover of Pilzen Plaza in the Czech Republic to Klepierre. The asset value was €61.4 million, an increase of 43% compared to expectation at IPO\n\n\nPurchase of two additional developments in Hunedoara and Targu Mures, Romania with an anticipated gross lettable area ('GLA') of 20,000 sqm and 30,000 sqm, respectively \n\n\nAcquisition of two new development projects in Poland in the city of Kielce (GLA 40,000 sqm) and in Leszno (GLA 16,000 sqm)\n\n\nConsortium formed by the shareholders of Dream Island, in which Plaza holds a 30% stake, has won, via a co...