Plaza Centers N.v. · LSE:PLAZ
Plaza Centers — Debt Investor Presentation (November 2016)
24 slides from Plaza Centers's debt investor presentation, Nov 17, 2016
Slide 1: Updated Company Presentation for Upcoming Bondholders Meeting
Updated Company Presentation for Upcoming Bondholders Meeting 17 November 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: Company Overview: 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: Company Overview: Historical Business Cycle (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: Company Overview: Historical Business Cycle (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% (10/2016) • 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: 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 13: Advantages to Bondholders of One Year Deferral
Capital Markets & Debt Restructuring Advantages to Bondholders Capital Markets in case of granting & Debt Restructuring oneof – History year deferral capital of principal raising and bondrepayment under the restructuring repayments by plan the Company (*) per the original restructuring plan the comp
Slide 14: Cash-Flow Forecast: One year deferral with 12% reduction
Capital Markets & Debt Restructuring Capital Markets Cash-Flow & Debt One Forecast: Restructuring year deferral with 12% reduction on the NIS 434M requirement The forecast below assumes: 1. 12% reduction on the requirement to pay NIS 434M to the bondholders in order to get the one year deferral (the
Slide 15: Debentures Repayment Predicted Schedule post restructuring
Capital Markets & Debt Restructuring Capital Markets Cash-Flow & Debt One Forecast: Restructuring year deferral with 12% reduction on the NIS 434M requirement (cont.) Debentures Repayment Predicted Schedule post restructuring* (for the three series) – Principal & Interest (€ M) Based on the Company’
Slide 16: Cash-Flow Forecast: EUR/NIS currency change
Capital Markets & Debt Restructuring Capital Markets Cash-Flow & Debt One Forecast: Restructuring year deferral with 12% reduction on the NIS 434M requirement (cont.) As the EUR currency has been devalued compared to the NIS currency with more than 14% the Company consider it appropriate to ask the
Slide 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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
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