Slide 1: Results for the 6 months ended 30 June 2016
Results for the 6 months ended 30 June 2016 15 August 2016 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: Agenda
AGENDA Agenda Company Overview Capital Markets & Debt Restructuring Financial Highlights Operational Highlights 3
Slide 4: Company Overview
Company Overview Plaza Centers is a leading emerging markets property developer, focused on western-style shopping and entertainment centres Business Description Real Estate Portfolio Plaza Centers • 20-year track record of developing shopping & N.V. entertainment centres in CEE - Plaza Centers has
Slide 5: Competitive Advantage
Company Overview Competitive Advantage • Proven track record and Geographical reach – Plaza has been • Strong brand name — Plaza Centers has become a widely active in the CEE for 20 years and together with its regional recognised brand name for successful property development in teams has developed
Slide 6: Historical Business Cycle (1996-2016)
Company Overview 20Historical Business year track record Cycle shopping of developing (1996-2016)& entertainment centres in CEE — Plaza Centers has been active in the region since 1996 and was the first to develop western-style shopping and entertainment centres in Hungary 1996 First investment in H
Slide 7: Historical Business Cycle (1996-2016) cont.
Company Overview 20Company Overview year track record - Historical of developing shoppingBusiness Cycle centers & entertainment (1996-2016) in CEE –—cont. Plaza Centers has been active in 20 year track record of developing shopping & entertainment centers in CEE — Plaza Centers has been active thein
Slide 8: Portfolio Summary by Country
Company Overview Portfolio Summary by Country Portfolio Summary by Country Total portfolio of 19 assets in eight countries 4 2 3 1 2 2 1 1 1 1 1 Poland Serbia India Romania Hungary Bulgaria Greece Latvia 8 Completed & Active (4) Offices (1) For Development (3) Plots Pipeline (11)
Slide 9: Operating Shopping and Entertainment Centers
Company Overview Operating Shopping and Entertainment Centers Location Torun, Poland Torun Plaza Concept Shopping and entertainment center GLA (sqm) 40,000 Occupancy 96.7% (06/2016) • Operating shopping and entertainment center • Located in Central Poland • Opened to the public in November 2011 • Ex
Slide 10: Operating Shopping and Entertainment Centers
Company Overview Operating Shopping and Entertainment Centers Location Zgorzelec, Poland Zgorzelec Plaza Concept Shopping and entertainment center GLA (sqm) 13,000 Occupancy 89% (06/2016) • Operating shopping and entertainment center • Located in South West Poland • Opened to the public in March 201
Slide 11: Capital Markets & Debt Restructuring
Capital Markets & Debt Restructuring Plaza’s shares are traded on the Main Board of the London Stock Exchange (LSE), listed on the Warsaw Stock Exchange (WSE) and on Tel-Aviv Stock Exchange (TASE) Capital Markets Shareholding Structure • On 1 November 2006, Plaza raised ₤166m (€247m) from its IPO an
Slide 12: Bonds Repayments Schedule
Capital Markets & Debt Restructuring Capital Markets & Debt Restructuring Bonds Repayments Schedule Bonds Series Plaza currently has two series of NIS Bonds traded on the Tel-Aviv Stock Exchange (“TASE”) and one series of PLN bonds (circa €12 Million) held by Polish institutional investors. Debentur
Slide 13: Bonds Repayments Schedule- cont.
Capital Markets & Debt Restructuring Capital Markets & Debt Restructuring Bonds Repayments Schedule- cont. Debentures Repayment Schedule post restructuring* (for the three series) – Principal & Interest (€ M) Based on the Company’s forecast of asset sales resulting early principal repayments * 100.0
Slide 14: Capital Markets & Debt Restructuring
Capital Markets & Debt Restructuring Capital Plaza’s Markets &plan debt restructuring Debtwas Restructuring approved by the Dutch court in July 2014 and became final in November 2014 with the Rights Issuance approval. Plaza’s debt Sinceprogram restructuring then (until wasJuly 1st , 2016), approved
Slide 15: Activities Following Approval of Restructuring Plan
Activities Following Approval of Restructuring Plan Sales of assets since approval of the Restructuring Plan In line with the Company’s stated restructuring plan, 75% of the net cash proceeds from Plaza’s asset sales are distributed to the Company’s bondholders as an early principal repayment. Impro
Slide 16: Activities Following Approval of Restructuring Plan
Activities Following Approval of Restructuring Plan Sales of assets since approval of the Restructuring Plan – Cont. March 2016: Completed the sale of Liberec Plaza Shopping and Entertainment Centre in Liberec, Czech Republic for €9.5 million. Following net asset value adjustments the company receiv
Slide 17: Bank Loans - Refinancing and Discounts
Activities Following Approval of Restructuring Plan Bank Loans- Refinancing and Discounts As part of the Company’s plan to reduce its leverage, the following actions were taken: February 2014: Following the sale of its airplane for US$1.9 million, the Company reached a settlement with the airplane f
Slide 18: Bank Loans - Refinancing and Discounts
Activities Following Approval of Restructuring Plan Bank Loans- Refinancing and Discounts As part of the Company’s plan to reduce its leverage, the following action was taken: June 2016:Plaza has signed a Debt Repayment Agreement (“DRA”) with the financing bank (the “Bank”) of Zgorzelec Plaza Shoppi
Slide 19: New Developments
Activities Following Approval of Restructuring Plan New Developments Belgrade Plaza: In June 2016, Plaza has signed a €42.5 million loan agreement to support the development of Belgrade Plaza (Visnjicka) in the Serbian capital, Belgrade, from a consortium of banks led by the Hungarian bank OTP Bank
Slide 20: Plaza's Main Focus in 2016
Activities Following Approval of Restructuring Plan Plaza’s main focus in 2016 Plaza’s Main Focus in 2016 Developments:1. Continuing construction of Belgrade Plaza (“Visnjicka”) in Belgrade, Serbia and Commencing construction of Timisoara Plaza in Timisoara, Romania 2. Advancing related permits and
Slide 21: Financial Highlights Summary
Financial Highlights Summary Financial Highlights Reduction in total asset value to €388 million (31 December 2015: €392 million) mainly due to repayment of interest and principal of bonds according to restructuring plan. Book value of the Company’s trading properties decreased by 4.5% (€14 mill
Slide 22: Financial Highlights Summary cont.
Financial Highlights Summary- cont. cont. Financial Highlights Loss in H1/2016 totaled €6.1 million (H1/2015: loss of €36.0 million), the 2016 loss stemming mainly from a €7 million non-cash finance costs (as a result of bonds discount amortisation). Basic and diluted loss per share reduced to €0.
Slide 23: Financial Overview Results (€000)
Financial Highlights Financial Overview Results Results (€ 000)cont. (€ 000) Six months ended June 30 2016 2015 Revenue from disposal of Shopping Centres 9,632 34,684 Rental income 8,409 9,785 Revenues from entertainment centres - 368 18,041 44,837 Cost of Shopping Centres disposed (9,632) (34,684)
Slide 24: Financial Overview Results (€000) cont.
Financial Highlights Financial Overview Results Results (€ 000)- (€ 000) cont. cont. Six months ended June 30 2016 2015 Write-down of Trading Property - (6,761) Share in results of equity-accounted investees (“EAI”), net of tax 1,144 171 Administrative expenses(1) (3,056) (3,943) Other income (2) 2,
Slide 25: Financial Overview Results (€000) cont.
Financial Highlights Financial Overview Results Results (€ 000)- (€ 000) cont. cont. Six months ended June 30 2016 2015 Finance income(1) 3,369 3,794 Finance costs(2) (13,297) (32,140) Net finance costs (9,928) (28,346) Loss before income tax (5,797) (35,740) Income tax expense (266) (253) Loss for
Slide 26: Notes to the Financial Overview results
Financial Highlights Financial Notes Overview to the (Cont.) results (1) Finance income slightly decreased to €3.4 million from €3.7 in H1/2015 mainly due to €2.7 million income as a result of Forex and Israeli CPI deccline incurred in 2016 (H1/2015 - €1.6 million income), and a one-time settlement
Slide 27: Company's Shopping Centres' Net Operating Income (NOI)
Financial Highlights Company’s ShoppingCenters Company’s Shopping Centres’ Net Operating Net Operating IncomeIncome (“NOI”) (“NOI”) The following table presents the NOI performance of shopping centres for the year ended 30 June 2016: Shopping Centre NOI 6 months 2016 NOI 6 months 2015 Remarks (€M) (
Slide 28: Debt Structure of the Group
Financial Highlights Debt DebtStructure structure ofof thethe Group Group Debt Structure – June 30, 2016 € million Debentures(1) 197 CEE - operating malls(3) 121 Debt Bank Loans CEE - others(4) 8 Total Debt 326 Liquid balances - Consolidated 20 Resources Restricted bank deposits 5 Total sources 25 N
Slide 29: Operating Shopping and Entertainment Centres
Operational Highlights Operating Shopping Operational Highlightsand Entertainment Centres (cont.) Stable performance at core CEE shopping centres during the Period: A stable occupancy level was recorded across the Company’s existing shopping and entertainment centres in the CEE, with an overall po
Slide 30: Developments, Finance and Asset Sales
Operational Highlights Developments, Finance and Asset sales Operational Highlights In the first six months of 2016 and to the date of this announcement, Plaza has received net proceeds of €21.5 million from sales transactions. The disposals form part of the Company’s ongoing strategy to dispose of
Slide 31: Developments, Finance and Asset Sales
Operational Highlights Operational Highlights Developments, Finance and Asset sales - Disposal of the Company’s wholly owned subsidiary which held the “MUP” plot and related real estate in Belgrade, Serbia, for €15.9 million (to be received in several tranches), well above the book value of circa €1
Slide 32: Key Highlights Since the Period End
Operational Highlights Operational Highlights Developments, Finance and Asset sales Key highlights since the period end: - The Company announced that it has signed a non-binding Letter of Intent (“LOI”) with a global investment fund (the “Purchaser”) regarding the sale of the Torun Plaza and Suwałki
Slide 33: Plaza Centers
PLAZA CENTERS