Plaza Centers N.v. · LSE:PLAZ
Plaza Centers — Debt Investor Presentation (August 2018)
18 slides from Plaza Centers's debt investor presentation, Aug 28, 2018
Slide 1: Presentation for Bondholders' Meeting
Presentation for Bondholders’ Meeting 28 August 2018 1
Slide 2: Disclaimer
DISCLAIMER The information detailed in this presentation is subject to the general reservations and the risk factors detailed herein. •This presentation does not constitute a proposal and/or an offer and/or invitation by or on behalf of Plaza Centers N.V. (the “Company”) and/or any of its affiliates
Slide 3: Company Overview: Portfolio Summary by Country
Company Overview Portfolio Summary by Country Portfolio Summary by Country as of June 30, 2018 Total of nine assets in five countries (4) 3 *** 2* 2 ** 1 1 Poland Serbia India Romania Greece * Lodz Residential – Expected to sign final agreement in September 2018. 3 ** Chennai – Term sheet signed in
Slide 4: Updates 2018: Material events during the reporting period
Updates 2018 Material events during the reporting period Settlement agreement with the Bondholders of ILS Bonds: In January 2018, a settlement agreement has been reached and approved (and all the conditions precedent in the agreement fulfilled) between the holders of two Series of Israeli Bonds and
Slide 5: Updates 2018: Material events during the reporting period (Cont.)
Updates 2018 Material events during the reporting period (Cont.) Sale agreement of a Plot in India: In January 2018, the Purchaser of the 100% interest in an SPV (in which Plaza holds a 50% stake with its joint venture partner, Elbit Imaging Ltd.), that holds property in Bangalore, India, (the "Agre
Slide 6: Updates 2018: Material events following the reporting period
Updates 2018 Material events following the reporting period Chennai, India: In July 2018, Elbit Plaza India Real Estate Holdings Limited ("EPI"), has signed a term sheet with its local partner ("Buyer"), relating to the sale of EPI's Indian subsidiary ("SPV") that holds 74.7 acre plot in Chennai, In
Slide 7: Debt: Capital Markets & Debt Restructuring
Debt Outstanding Capital Markets balance & DebtasRestructuring of August 27, 2018 (adjusted par value including accrued Plaza’s debt restructuring program was approved by the Dutch court in July 2014 and became final in November 2014 with the Rights interest) Issuance approval. Since then, Plaza has
Slide 8: Debt: History of corporate debt raisings and bond repayments
Debt Capital Markets & Debt Restructuring – History of capital raising and bond History of corporate repayments debt raisings and bond repayments by the Company by the Company Series A Series B Israeli Bonds Israeli Bonds NIS Bond raising 401,850,451 1,483,126,346 Interest accrued and capitalised 31
Slide 9: Projected Cash Flows: Group Flows (€ Millions)
Projected Cash Flows GroupFlows (€ Millions) NAV of theCash Projected Q3/2018 Q4/2018 Q1/2019 Q2/2019 H2/2019 H1/2020 Cash - Opening Balance - HQ 1.2 2.8 -5.4 -6.2 -39.6 -39.1 Proceeds from selling trading Source properties** 2.4 8.0 1.8 3.8 9.7 28.0 Total Sources 3.5 10.9 -3.5 -2.4 -29.8 -11.1 Debe
Slide 10: Projected Cash Flows – cont.
Projected Cash Flows GroupFlows (€ Millions) – cont. NAV of theCash Projected Proceeds from selling trading properties Q3/2018 Q4/2018 Q1/2019 Q2/2019 H2/2019 H1/2020 Final signed agreement 2.1 1.5 0.9 2.1 - 1.3 Preliminary agreement 0.3 6.5 0.9 1.4 9.2 - Not signed yet - - - 0.3 0.5 26.7 Total 2.4
Slide 11: Projected Cash Flows – cont.
Projected Cash Flows GroupFlows (€ Millions) – cont. NAV of theCash Projected * Price adjustment in Belgrade Plaza (EUR 1M) are expected in 2018; additional EUR 1.8M are estimated for Belgrade Plaza till H1-2020, and are depending on the operational results of the mall. ** Bangalore project • Restat
Slide 12: Financial Highlights Summary
Financial Highlights Summary Financial Highlights ◼ Reduction in total asset value to €89.7 million (31 December 2017: €141 million) mainly due to the decrease in cash (following payments to the Bondholders) and a write-down of Trading Properties (€3.4M). ◼ Book value of the Company’s trading proper
Slide 13: Financial Overview: Results (€ 000)
Financial Highlights Financial Overview Results Results (€ 000)cont. (€ 000) Six months ended June 30 2018 2017 Revenues and gains Revenue from disposal of trading properties 210 67,159 Total Revenues 210 67,159 Gains and other Rental income - 4,554 Other income 237 611 Total Gains 237 5,165 Total R
Slide 14: Financial Overview: Results (€ 000) cont.
Financial Highlights Financial Overview Results Results (€ 000)- (€ 000) cont. cont. Six months ended June 30 Expenses and Losses 2018 2017 Cost of trading properties disposed - (62,733) Cost of operations (128) (1,759) Share in results of equity accounted investees (397) (170) Write-down of Trading
Slide 15: Financial Overview: Notes to the results
Financial Highlights Financial Notes Overview to the (Cont.) results (1) Finance income decreased to €0.1 million from €0.4 in H1/2017 representing foreign exchange gains. (2) Finance costs decreased from €11 million in H1/2017 to €4.4 million in H1/2018. The main components of the costs were: • FOR
Slide 16: Assets Book Value 30.06.2018
Financial Highlights Assets Book Value 30.06.2018 Book Value Project Country Type June 30, 2018 (EUR M) Casa Radio* Romania Plot 63.3 Ciuc Romania Plot 1.0 Brasov Romania Plot 0.5 Lodz Poland Plot 2.5 Lodz Residential Poland Plot 0.3 Helios Greece Plot 2.2 Krusevac Serbia Plot 0.3 Total Trading Prop
Slide 17: Debt Structure of the Group
Financial Highlights Debt DebtStructure structure ofof thethe Group Group Debt Structure – June 30, 2018 € million Debentures (Adjusted Par Value) 81 Debt Total Debt 81 Liquid balances - Consolidated 1.2 Resources Total sources 1.2 Net Financial Debt 79.8 Shareholders’ equity (Non-revalued) (0.8) Ne
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