Plaza Centers N.v. · LSE:PLAZ
Plaza Centers — 9M 2016 Earnings Presentation
30 slides from Plaza Centers's earnings presentation, Dec 2, 2016
Slide 1: Results for the 9 months ended 30 September 2016
Results for the 9 months ended 30 September 2016 2 December 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 Activities Following Approval of Restructuring Plan 3
Slide 4: Company Overview
Company Overview Plaza Centers is an 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 been ac
Slide 5: 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 6: 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 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 18 assets in seven countries 4 2 1 1 2 2 2 1 1 1 1 Poland Serbia India Romania Hungary Bulgaria Greece 8 Completed & Active (2) Offices (1) For Development (3) Plots Pipeline (12)
Slide 9: Operating Shopping and Entertainment Centers
Company Overview Operating Shopping and Entertainment Centers Location Torun, Poland Torun Plaza Shopping and entertainment Concept center GLA (sqm) 40,000 Occupancy 96% (09/2016) • Operating shopping and entertainment center • Located in Central Poland • Opened to the public in November 2011 Suwalk
Slide 10: 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 11: 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 wasOctober approved1by ,the st
Slide 12: Approval of Proposed Amendments Under the Restructuring Plan
Capital Markets & Debt Restructuring Approval of Proposed Amendments Under the Restructuring Plan • The Company announced on December 1, 2016 that the holders of the Company's Series A Notes, Series B Notes and Polish Notes (collectively, the "Notes") have approved certain proposed amendments to an
Slide 13: History of corporate debt raisings and bond repayments
Capital Markets & Debt Restructuring 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 The Company raised debt in Israel by issuing marketable bonds and in Poland by private issua
Slide 14: Sales of assets since approval of the 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 15: Sales of assets since approval of the Restructuring Plan – Cont.
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 16: Sales of assets since approval of the Restructuring Plan – Cont.
Activities Following Approval of Restructuring Plan Sales of assets since approval of the Restructuring Plan – Cont. October 2016: Signed a preliminary sale agreement for the disposal of a 2.47 hectare plot in the centre of Kielce, Poland, for €2.28 million. As part of the sale process, Plaza has re
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: September 2016: Completed the sale of the shares in Zgorzelec Plaza. A Share Purchase Agreement has been signed with an Appo
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; 2. Advancing related permits and approvals for the Casa Radio project in Bucharest, Romania and exploring opp
Slide 21: Financial Highlights Summary
Financial Highlights Summary Financial Highlights Reduction in total asset value to €380 million (31 December 2015: €392 million) mainly due to Zgorzelec transaction and repayment of interest and principal of bonds according to restructuring plan. Book value of the Company’s trading properties d
Slide 22: Financial Highlights Summary - cont.
Financial Highlights Summary- cont. cont. Financial Highlights Loss in the first nine months of 2016 totaled €10.2 million (same period in 2015: loss of €26.6 million), the 2016 loss stemming mainly from a €10.8 million non-cash finance costs (as a result of bonds discount amortization). Basic and
Slide 23: Financial Overview Results (€000)
Financial Highlights Financial Overview Results Results (€ 000)cont. (€ 000) Nine months ended September 30 2016 2015 Revenue from disposal of Shopping Centres 9,632 34,684 Rental income 12,251 14,202 Revenues from entertainment centres - 504 21,883 49,390 Cost of Shopping Centres disposed (9,632) (
Slide 24: Financial Overview Results (€000) - cont.
Financial Highlights Financial Overview Results Results (€ 000)- (€ 000) cont. cont. Nine months ended September 30 2016 2015 Write-down of Trading Property (3,641) (8,495) Share in results of equity-accounted investees (“EAI”), net of tax 214 669 Administrative expenses(1) (4,485) (5,271) Other inc
Slide 25: Financial Overview Results (€000) - cont.
Financial Highlights Financial Overview Results Results (€ 000)- (€ 000) cont. cont. Nine months ended September 30 2016 2015 Finance income(1) 3,459 20,423 Finance costs(2) (24,408) (39,920) Net finance costs (20,949) (19,497) Loss before income tax (9,777) (26,227) Income tax expense (467) (352) L
Slide 26: Notes to the Financial Overview Results
Financial Highlights Financial Notes Overview to the (Cont.) results (1) Finance income decreased to €3.5 million from €20.4 in 2015 mainly due to decrease to €2.7 million 2016 Forex income from NIS based debentures (2015 - €6.4 million income), and one-time settlements with a banks in Romania and t
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 9 months period ended 30 September 2016: Shopping Centre NOI 9 months 2016 NOI 9 months 201
Slide 28: Debt Structure of the Group
Financial Highlights Debt DebtStructure structure ofof thethe Group Group Debt Structure – September 30, 2016 € million Debentures(1) 192 CEE - operating malls(3) 77 Debt Bank Loans CEE - others(4) 8 Total Debt 277 Liquid balances - Consolidated 23 Resources Restricted bank deposits 6 Total sources
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: Stable occupancy was recorded across the Company’s existing shopping and entertainment centres in the CEE, with an overall portfolio
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