Plaza Centers N.v. · LSE:PLAZ

Plaza Centers — H1 2013 Earnings Presentation

34 slides from Plaza Centers's earnings presentation, Aug 23, 2013

  1. Slide 1: Results for the six months period ended 30 June 2013

    Results for the six months period ended 30 June 2013 23 August 2013

  2. Slide 2: Disclaimer

    Disclaimer This presentation is proprietary to Plaza Centers N.V. and its affiliates (collectively, “PC” or the “Company”) and contains confidential information. This Document is intended only for use by the person (the “Recipient”) to whom it has been directly addressed and delivered for the sole p

  3. Slide 3: Key Highlights 2013 – Operational

    Key Highlights 2013 – Operational  Plaza has successfully completed its first exit in India with the sale of its 50% stake in a vehicle which primarily owns interests in an office complex project located in Pune, Maharashtra. The transaction valued the assets collectively at €33.4 million and, as a

  4. Slide 4: Key Highlights 2013 – Operational (cont.)

    Key Highlights 2013 – Operational (cont.)  As reported in 2012, Koregaon Park Plaza was substantially damaged by a fire caused by a tenant’s faulty electrical equipment. Although roughly two-thirds of the mall’s rentable area was reopened in August 2012, the remainder of the centre required extensi

  5. Slide 5: Key Highlights 2013 – Operational (cont.)

    Key Highlights 2013 – Operational (cont.) Key highlights since the period end:  Plaza has successfully completed the sale of 100% of its stake in a vehicle which owns the interest in the Prague 3 project (“Prague 3”), a logistics and commercial centre in the third district of Prague. Earlier this y

  6. Slide 6: Financial Highlights

    Financial Highlights  Reduction in total assets to €793 million (31 December 2012: €886 million), mainly as a result of non-cash, predominantly market-related impairment adjustments of €61 million booked in the period (decrease in the value of trading properties to €561 million (31 December 2012: €

  7. Slide 7: Financial Highlights (cont.)

    Financial Highlights (cont.)  Cash position at period end (including restricted bank deposits, short term deposits and available for sale financial assets) of €100 million (31 December 2012: €66 million) with working capital of €390 million (31 December 2012: €391 million); current cash position of

  8. Slide 8: Financial Overview

    Financial Overview Results H1/2013 H1/2012(*) (unaudited) (unaudited) € ‘000 € ‘000 Revenues (1) 14,298 14,148 Proceeds from disposal of equity accounted investee(2) 16,699 - Write-down of trading properties(3) (60,906) (1,688) Cost of equity accounted investee disposed(2) (21,842) - Cost of operati

  9. Slide 9: Financial Overview (Cont.)

    Financial Overview (Cont.) H1/2013 H1/2012(*) (unaudited) (unaudited) € ‘000 € ‘000 Administrative expenses(1) (6,212) (7,538) Other expenses (net)(2) (4,453) (309) Results from operating activities (67,906) (1,938) Net finance cost(3) (8,965) (9,091) Share in loss of equity accounted investees, net

  10. Slide 10: Financial Overview (Cont.)

    Financial Overview (Cont.) NOTES TO THE RESULTS (1) Administrative expenses amounted to €6.2 million (H1 2012: €7.5 million after restatement). General and administrative expenses, decreased from €5.8 million in H1 2012 to €5.1 million in H1 2013 as a result of further optimization of the Company’s

  11. Slide 11: Financial Overview (Cont.)

    Financial Overview (Cont.) Balance sheet and cash flow  The balance sheet as at 30 June 2013 showed total assets of €793 million compared to total assets of €886 million at the end of 2012, largely as a result of the decrease in the value of trading properties due to impairment adjustments  The va

  12. Slide 12: Active shopping and entertainment centres

    Active shopping and entertainment centres Liberec Plaza, Czech Republic Riga Plaza, Latvia  GLA – 17,000 sqm  GLA - 49,000 sqm  Occupancy –76%  Occupancy – 94% Zgorzelec Plaza, Poland Suwalki Plaza, Poland  GLA – 13,000 sqm  GLA - 20,000 sqm  Occupancy – 89%  Occupancy – 85% 12

  13. Slide 13: Active shopping and entertainment centres

    Active shopping and entertainment centres Torun Plaza, Poland  GLA - 40,000 sqm  Occupancy – 84% Kragujevac Plaza, Serbia Koregaon Park Plaza (Mall), India  GLA - 22,000 sqm  GBA - 48,000 sqm  Occupancy – 100%  Occupancy – 85% (signed leases) 13

  14. Slide 14: Building upon our successful business model

    Building upon our successful business model  Continue to build on our successful track record of developing, letting and selling shopping & entertainment centres in CEE over the last 17 years, while retaining the flexibility to adapt our strategy to evolving market conditions  Strong ability to id

  15. Slide 15: Strategic Focus

    Strategic Focus  The Group will continue to limit the commencement of new construction projects, and focus on the intensive management of its core active assets and the paying down of debt to ensure the Group remains conservatively geared and strongly positioned to resist any further macroeconomic

  16. Slide 16: Outlook

    Outlook  We remain convinced of the underlying fundamentals of the regions in which we operate and, despite ongoing challenges that are still present in our core markets, we will continue to meet a number of our key objectives during the period, illustrated by improvements in occupancy, footfall an

  17. Slide 17: Appendix A: Forecasted Cash Flow

    Appendix A: Forecasted Cash Flow

  18. Slide 18: Expected cash flow for the coming two years (€M)

    Expected cash flow for the coming two years (€M) H2/2013 2014 H1/2015 Cash - Opening Balance - Headquarter level(1) 94 26 55 Proceeds from selling trading and investment properties 24 122 51 Sources Cash flows from operating activities (2) 11 22 8 Refinancing 11 - - Total Sources 140 169 114 Debentu

  19. Slide 19: Expected NOI from properties (€M)

    Expected NOI from properties (€M) Period H2/2013 2014 H1/2015 Representing NOI Total related debt 30.6.2013 Operating Shopping and 9.8 16.0 3.1 28.0 215.2 entertainment centres Total 9.8 16.0 3.1 28.0 215.2 19

  20. Slide 20: Debt & Liquidity Structure as at 30 June 2013

    Debt & Liquidity Structure as at 30 June 2013 Debt Structure - 30.06.2013 (€M) Debentures(1) 206 CEE - Operating Malls(3) 153 Debt Bank Loans CEE – Other 6 India(4) 31 Total Debt 396 Liquid balances -Consolidated 87 Resources Financial Instruments and restricted bank deposits 13 Total sources 100 Ne

  21. Slide 21: Debentures Repayment Schedule

    Debentures Repayment Schedule Debentures Repayment Schedule (€ million) * 90.0 80.8 80.0 76.9 70.0 67.3 60.0 50.0 40.0 32.2 30.0 20.0 13.7 13.1 10.0 0.0 H1 2013 H2 2013 2014 2015 2016 2017 * Including repayment of principal and interest on Israeli and Polish debentures (net of bonds held by Plaza’s

  22. Slide 22: Appendix B: Current Projects

    Appendix B: Current Projects

  23. Slide 23: Portfolio Summary – by Country

    Portfolio Summary – by Country Total portfolio of 31 assets in nine countries Completed & Active (7) Offices (2) Under Development (10) Plots Pipeline (12) 6 3 1 2 3 2 2 3 1 1 1 1 1 1 1 1 1 Poland Serbia India Romania Hungary Czech Bulgaria Greece Latvia Republic 23

  24. Slide 24: Projects overview – Completed Projects

    Projects overview – Completed Projects Torun Plaza (Poland) Kragujevac Plaza (Serbia)  City: Torun, Poland  City: Kragujevac (Serbia)  Type: Shopping & entertainment centre  Type: Shopping & entertainment centre  Size: 40,000 (GLA)  Size: 22,000 (GLA)  Plaza Share: 100%  Plaza Share: 100% 

  25. Slide 25: 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:

  26. Slide 26: Projects overview - Poland

    Projects overview - Poland Lodz Plaza Lodz Residential (Poland) Plaza Centers  City: Lodz  City: Lodz, Poland  Type: Shopping & entertainment centre  Type: Residential  Size: 35,000 (GLA)  Size: 80,000 (GBA)  Plaza Share: 100%  Plaza Share: 100%  Expected Completion Date: 2015  Status: Pla

  27. Slide 27: Projects overview – Serbia

    Projects overview – Serbia Belgrade Plaza (MUP) Belgrade Plaza (Visnjicka)  City: Belgrade  City: Belgrade  Type: Mixed use (offices, Hotel & retail)  Type: Shopping & entertainment centre  Size: 70,000 (GBA)  Size: 32,000 (GLA)  Plaza Share: 100%  Plaza Share: 100%  Expected Completion Dat

  28. Slide 28: Projects overview – India

    Projects overview – India Bangalore Chennai  City: Bangalore  City: Chennai  Type: Residential  Type: Residential  Size: 310,000 (GBA)  Size: 230,000 (for sale)  Plaza Share: 23.75%  Plaza Share: 38%  Expected Completion Date: 2014-2020  Expected Completion Date: 2014-2018  Status: Planni

  29. 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) - including parking  Size: 36,000 (GLA)  Plaza Share: 75%  Plaza Share: 100%  Expected Completion Date: 2015-2018  Expected

  30. Slide 30: Projects overview - Romania

    Projects overview - Romania Csiki Plaza Targu Mures Plaza  City: Targu Mures  City: Miercurea Ciuc  Type: Shopping & entertainment centre  Type: Shopping & entertainment centre  Size: 30,000 (GLA)  Size: 14,000 (GLA)  Plaza Share: 100%  Plaza Share: 100%  Expected Completion Date: 2016  St

  31. Slide 31: Projects overview - Hungary

    Projects overview - Hungary Dream Island (Obuda) Arena Extension  City: Budapest  City: Budapest  Type: Business and leisure resort  Type: Office  Size: 350,000 (GBA) (for rent and sale)  Size: 40,000 (GLA)  Plaza Share: 43.5%  Plaza Share: 100%  Expected Completion Date: 2015-2017  Expect

  32. Slide 32: Projects overview – Bulgaria

    Projects overview – Bulgaria Shumen Plaza  City: Shumen  Type: Shopping & entertainment centre  Size: 20,000 (GLA)  Plaza Share: 100%  Expected Completion Date: 2016  Status: Planning and permits stage 32

  33. Slide 33: Projects overview – Greece

    Projects overview – Greece Pireas Plaza  City: Athens (Greece)  Type: Shopping & entertainment centre  Size: 26,000 (GLA)  Plaza Share: 100%  Expected Completion Date: 2015-2016 (subject to availability of external financing)  Status: Plannning stage 33

  34. Slide 34: 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 34

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