Slide 1: Results for the six months ended 30 June 2011
Results for the six months ended 30 June 2011 23 August 2011
Slide 2: Agenda
Agenda SECTION 1 Financial Highlights SECTION 2 Operational Highlights SECTION 3 Summary and Outlook APPENDIX A U.S Operations APPENDIX B Projects overview 2
Slide 3: Financial Highlights
Financial Highlights Total assets of €1.48 billion (31 December 2010: €1.43billion) Strong increase in gross revenues (from operation of real estate assets and revaluation of investment property) of €28.6 million (30 June 2010: €9.5 million). No disposals were made during the reporting period
Slide 4: Financial Highlights (cont.)
Financial Highlights (cont.) Short term cash position (including restricted deposits and marketable securities) of €230 million (31 December 2010: €195 million) and working capital of €750 million (31 December 2010: €713 million) Current cash position of circa €140 million Issuance of addition
Slide 5: Financial Overview
Financial Overview Results H1 2011 H1 2010 € ‘000 € ‘000 Revenues (1) 28,623 9,547 Cost of operations (2) 15,621 7,543 Gross profit (loss) 13,002 2,004 (1) 2011: Fantasy Park - €3.6m, CEE rent - €7.6m, US rent - €12.4m, US revaluation of investment property – €5m; 2010: Fantasy Park - €3.4m, CEE ren
Slide 6: Financial Overview (Cont.)
Financial Overview (Cont.) H1 2011 H1 2010 € ‘000 € ‘000 Administrative expenses (1) (8,628) (8,608) Other income (expenses), net (2) (1,487) 38,542 Results from operating activities 2,887 31,938 Finance income (expenses), net (3) 29,684 (4,995) Share in loss of associate (137) (253) Tax benefit (ta
Slide 7: Financial Overview (Cont.) – Notes to the results
Financial Overview (Cont.) NOTES TO THE RESULTS (1) Administrative expenses remains stable overall, despite in the first six months of 2011 having four fully operating shopping and entertainment centers compared to two operating centers in the first six months of 2010 (2) H1 2010 – Including account
Slide 8: Current cash balances - €140 million
Financial Overview (Cont.) Balance sheet and cash flow Net assets of €630.8 million (31 December 2010: €624.4 million), with increase primarily due to Plaza’s H1 2011 profit, offset by the movement in translation reserve capital funds Cash and short term deposits (including restricted cash and a
Slide 9: Key Highlights 2011 – Offer For EDT
Key Highlights 2011 – Offer For EDT On 10 March 2011, EPN GP, LLC (“EPN”), Plaza’s joint US subsidiary made an off-market takeover bid to acquire all of the outstanding units of EDT Retail Trust (“EDT”), an Australian listed trust which owns a US$1.4 billion retail property portfolio. EPN's uncond
Slide 10: Active shopping and entertainment centers
Active shopping and entertainment centers Liberec Plaza, Czech Republic Riga Plaza, Latvia GLA – 17,000 sqm GLA - 49,000 sqm Occupancy – 74% Occupancy – 88% Zgorzelec Plaza, Poland Suwalki Plaza, Poland GLA – 13,000 sqm GLA - 20,000 sqm Occupancy – 75% Occupancy – 85% 10
Slide 11: Key Operational Highlights 2011
Key Operational Highlights 2011 Development finance secured for Plaza's 10th retail scheme in Poland, the 40,000 sqm gross lettable area (“GLA”) Torun Plaza. Construction remains on schedule for completion in Q4 2011. The centre is 78% pre-let Completion of Plaza’s first retail scheme in Serbia
Slide 12: Developments under construction
Developments under construction Torun Plaza, Poland Kragujevac Plaza, Serbia GLA - 40,000 sqm GLA - 22,000 sqm Target NOI - € 8 million Target NOI - € 5.2 million Expected completion – Q4 2011 Expected completion – Q1 2012 Kharadi Plaza (Matrix 1), India Koregaon Park Plaza (Mall), India
Slide 13: Building upon our successful business model
Building upon our successful business model Continue to build on successful track record of developing, letting and selling shopping & entertainment centres in CEE over the last 15 years Geographic expansion beyond CEE is now well advanced through US acquisition and Indian projects Strong abil
Slide 14: Operational Outlook
Operational Outlook Continuing focus on three key strategic aims - expansion plans in the US, progress on targeted development programme and the active management of the investment portfolio Through our US JV partnership, which comprises experienced retail and local experts, maximise the value o
Slide 15: Market Outlook
Market Outlook Ongoing improvements in some of Plaza’s key operational territories In particular, transactional activity in Poland over the last twelve months has increased significantly, with deals reflecting a strong improvement in capitalisation rates Renewed investment interest in some of
Slide 16: Outlook
Outlook “We therefore believe that our cautious, yet entrepreneurial approach, leaves us well placed for the future to deliver value for our shareholders” 16
Slide 17: Appendix A: U.S Operation
PLAZA CENTERS Appendix A: U.S Operation
Slide 18: U.S Operation – EDT Portfolio
U.S Operation – EDT Portfolio • Total Square Feet (Thousands): 10,942 • Rentable area: over 1.02 million sqm; highly diversified tenant base • Average Occupancy: 89.3% (% leased today) • Average Yearly Rent Per Square Foot : $12.33 (current rents) • Net operational income of over USD 100 million • T
Slide 19: U.S Operation – EDT Portfolio
U.S Operation – EDT Portfolio EDT – Top Ten Tenants TJX Companies 5.9% PetSmart 4.7% Kohl’s 4.7% Best Buy 3.3% Dick’s Sporting Goods 2.6% Bed Bath & Beyond 2.5% Wal-Mart 2.2% Jo-Ann Stores 2.1% Home Depot 2.0% Schottenstein Stores 2.0% Top Ten Tenants 32.1% Top ten states by Annual Base Rent Massach
Slide 20: U.S Operation – EDT Portfolio
U.S Operation – EDT Portfolio • Since acquiring EDT, we have implemented a programme of improvements, which included the extension of long term credit related to the assets, the reorganization of the management structure and we have signed a number of new tenants • Among our first actions in EDT: o
Slide 21: U.S Operation – EDT Portfolio: sample properties
U.S Operation – EDT Portfolio: sample properties 21
Slide 22: Appendix B: Current Projects
Appendix B: Current Projects
Slide 23: Portfolio Summary – by Country (excluding U.S)
Portfolio Summary – by Country (excluding U.S) Total portfolio of 36 assets in 9 countries 1 Offices Under Development 2 Completed & Active 8 7 1 5 6 6 3 1 3 2 2 1 1 Romania Poland India Hungary Czech Serbia Bulgaria Greece Latvia Republic 23
Slide 24: Projects overview – Completed Projects
Projects overview – Completed Projects Liberec Plaza (Czech Republic) Riga Plaza (Latvia) City: Liberec, Czech Republic City: Riga, Latvia Type: Shopping & entertainment centre Type: Shopping & entertainment centre Size: 17,000 (GLA) Size: 49,000 (GLA) Plaza Share: 100% Plaza Share:
Slide 25: Projects overview - Poland
Projects overview - Poland Torun Plaza Lodz Plaza City: Torun City: Lodz Type: Shopping & entertainment centre Type: Shopping & entertainment centre Size: 40,000 (GLA) Size: 45,000 (GLA) Plaza Share: 100% Plaza Share: 100% Completion Date: Q4 2011 Completion Date: 2014 Status:
Slide 26: Projects overview – Serbia
Projects overview – Serbia Belgrade Plaza Sport Star Plaza City: Belgrade City: Belgrade Type: Mixed use (offices, Hotel & retail) Type: Shopping & entertainment centre Size: 70,000 (GBA) Size: 40,000 (GLA) Plaza Share: 100% Plaza Share: 100% Completion Date: 2014 Completion Date
Slide 27: Projects overview – India
Projects overview – India Koregaon Park Kharadi City: Pune City: Pune Type: Mixed use (Shopping, entertainment & office) Type: Office Size: 110,000 (GBA) Size: 165,000 (GBA) Plaza Share: 100% Plaza Share: 50% Completion Date: Q4 2011 (Mall) Completion Date: 2011 - 2014 Status:
Slide 28: Projects overview – India
Projects overview – India Bangalore Chennai City: Bangalore City: Chennai Type: Residential Type: Mixed use (residential & retail) Size: 320,000 (GBA) Size: 800,000 (GBA) Plaza Share: 23.75% Plaza Share: 38% Completion Date: 2013-2017 Completion Date: 2012-2017 Status: Planning
Slide 29: Projects overview - Romania
Projects overview - Romania Casa Radio Timisoara Plaza City: Bucharest City: Timisoara Type: Mixed use Type: Shopping & entertainment centre Size: 600,000 (GBA) Size: 38,000 (GLA) Plaza Share: 75% Plaza Share: 100% Completion Date: 2013-2015 Completion Date: 2013-2014 Status: I
Slide 30: Projects overview - Romania
Projects overview - Romania Csiki Plaza Targu Mures Plaza City: Miercurea Ciuc City: Targu Mures Type: Shopping & entertainment centre Type: Shopping & entertainment centre Size: 14,000 (GLA) Size: 30,000 (GLA) Plaza Share: 100% Plaza Share: 100% Status: Awaiting external finance
Slide 31: Projects overview - Hungary
Projects overview - Hungary Dream Island Arena Extension City: Budapest City: Budapest Type: Business and leisure resort Type: Office Size: 350,000 (GBA) Size: 40,000 (GLA) Plaza Share: 43.5% Plaza Share: 100% Completion Date: 2014-2016 Completion Date: 2013-2014 Status: Initia
Slide 32: Projects overview – Bulgaria
Projects overview – Bulgaria Shumen Plaza Sofia Plaza Business center City: Shumen City: Sofia Type: Shopping & entertainment centre Type: Mixed use (Retail & offices) Size: 20,000 (GLA) Size: 44,000 (GLA) Plaza Share: 100% Plaza Share: 51% Completion Date: 2014 Status: Under Pla
Slide 33: Projects overview – Greece
Projects overview – Greece Pireas Plaza City: Athens (Greece) Type: Shopping & entertainment centre Size: 26,000 (GLA) Plaza Share: 100% Completion Date: 2014 Status: Plannning stage 33
Slide 34: Projects overview – Residential Projects
Projects overview – Residential Projects Roztoky (Czech Republic) Prague 3 (Czech Republic) City: Prague, Czech Republic City: Prague, Czech Republic Type: Residential Type: Residential Size: 14,000 (GBA) Size: 61,600 (GBA) Plaza Share: 100% Plaza Share: 100% Completion Date: 2013-
Slide 35: Projects overview – Office buildings
Projects overview – Office buildings David House (Hungary) Palazzo Ducale (Romania) City: Budapest, Hungary City: Bucharest, Romania Type: Office Type: Office Size: 2,000 (GLA) Size: 700 (GLA) Plaza Share: 100% Plaza Share: 100% Status: Operating Status: Operating Prague 3 (Czech