Plaza Centers N.v. · LSE:PLAZ

Plaza Centers — FY2011 Earnings Presentation

35 slides from Plaza Centers's earnings presentation, Mar 15, 2012

  1. Slide 1: Preliminary Results for the year ended 31 December 2011

    Preliminary Results for the year ended 31 December 2011 15 March 2012

  2. Slide 2: Agenda

    Agenda SECTION 1 Financial Highlights SECTION 2 Operational Highlights SECTION 3 Summary and Outlook APPENDIX A Projects overview 2

  3. Slide 3: Financial Highlights

    Financial Highlights  Total assets of €1.3 billion (31 December 2010: €1.4 billion)  Revenues increased 52% to €57 million (31 December 2010: €38 million) as a result of an increased number of active shopping centres operational for a full year in CEE, increased income derived from the US portfoli

  4. Slide 4: Financial Highlights (cont.)

    Financial Highlights (cont.)  Basic and diluted EPS of €0.03 (31 December 2010: €0.03)  Cash position at year end (including restricted bank deposits, short term deposits and available for sale financial assets) of €108 million (31 December 2010: €195 million) with working capital of €585 million

  5. Slide 5: Financial Overview

    Financial Overview Results 2011 2010 € ‘000 € ‘000 Revenues (1) 57,074 37,641 Impairment loss of trading properties(2) 47,987 6,710 Cost of operations (3) 25,798 20,853 Gross profit (loss) (16,711) 10,078 (1) 2011: Fantasy Park - €7.1m, CEE rent and management fee - €16.4m, US rent - €25.5m, fair va

  6. Slide 6: Financial Overview (Cont.)

    Financial Overview (Cont.) 2011 2010 € ‘000 € ‘000 Administrative expenses(1) 19,536 17,923 Other income, net(2) 104 42,343 Results from operating activities (36,143) 34,498 Net finance income (cost)(3) 65,346 (21,177) Share in loss of equity accounted investees (153) (381) Tax benefit (Tax expense)

  7. Slide 7: Financial Overview (Cont.) - Notes to the Results

    Financial Overview (Cont.) NOTES TO THE RESULTS (1) Administrative expenses remains stable overall, with slight increase in 2011 due to the rise in cost of non cash share-based payments to €3.7 million (2010: €2.5 million) (2) 2010 – Included accounting gain in respect of the purchase of US assets –

  8. Slide 8: Financial Overview: Balance sheet and cash flow

    Financial Overview (Cont.) Balance sheet and cash flow  Net assets of €550.2 million (31 December 2010: €624.4 million), with decrease primarily due to 2011 impairments amounting to €48 million, primarily to Romanian and Latvian assets  Cash and short term deposits (including restricted cash and a

  9. Slide 9: Company NAV

    Company NAV • Net Asset Value per share has decreased by 14% • The main factors behind the change in the company‟s NAV were: − Completion of Torun Plaza In Poland − Impairment of trading properties amounting to €48 million primarily relating to assets in Romania and Latvia USE € („000) Market value

  10. Slide 10: Key Highlights 2011 - Grand opening of Torun Plaza

    Key Highlights 2011 - Grand opening of Torun Plaza 10

  11. Slide 11: Key Highlights 2011 – Operational

    Key Highlights 2011 – Operational  Torun Plaza, Plaza‟s tenth retail scheme in Poland and its 31st shopping centre in the CEE, was completed and opened in November 2011. The 40,000 sqm GLA centre includes an eight screen cinema complex, a Fantasy Park entertainment centre and over 120 shops compris

  12. Slide 12: Key Highlights 2011 – Completion of US Takeover

    Key Highlights 2011 – Completion of US Takeover  Plaza delivered on its strategy to take advantage of weak market conditions and depressed values in the United States, with the completion of the acquisition by the Company‟s joint US subsidiary of all of the outstanding units of EDT Retail Trust and

  13. Slide 13: 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 – 78%  Occupancy – 90% Zgorzelec Plaza, Poland Suwalki Plaza, Poland  GLA – 13,000 sqm  GLA - 20,000 sqm  Occupancy – 79%  Occupancy – 89% 13

  14. Slide 14: Active shopping and entertainment centres

    Active shopping and entertainment centres Torun Plaza, Poland Kharadi Plaza (Matrix 1), India  GLA - 40,000 sqm  GLA - 28,000 sqm  Occupancy – 80%  Sold – 70% Kragujevac Plaza, Serbia Koregaon Park Plaza (Mall), India  GLA - 22,000 sqm Grand opening scheduled to  GBA - 48,000 sqm  Occupancy –

  15. Slide 15: Key Highlights 2012

    Key Highlights 2012  Plaza‟s US based joint venture, EPN Group, entered into an agreement to sell 47 of its 49 US based assets to BRE DDR Retail Holdings LLC, a joint venture between Blackstone Real Estate and DDR Corp. in a transaction valued at US$1.428 billion. Once completed in June 2012, the t

  16. Slide 16: U.S Operation – EDT Portfolio: Exit transaction

    U.S Operation – EDT Portfolio: Exit transaction  In January 2012, EPN reached an agreement to sell 47 of its 49 US based shopping centres in a deal totaling US$1.428 billion  The centres are to be acquired by BRE DDR Retail Holdings LLC, a joint venture between Blackstone and DDR  Transaction det

  17. Slide 17: 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 16 years  Geographic expansion beyond CEE is now well advanced through Indian projects and retained US assets  Strong

  18. Slide 18: Operational Outlook

    Operational Outlook  Continuing focus on three key strategic aims - progress on targeted development programme, the active management of the investment portfolio and ongoing search for opportunities in the US market to acquire high-yielding properties which can be repositioned to enhance value  Ut

  19. Slide 19: Market Outlook

    Market Outlook  Ongoing improvements in some of Plaza‟s key operational territories  Encouraged by resilience and strength of occupier demand in our major markets  Sentiment towards Indian real estate remains extremely positive. With five developments in India due to be delivered in the next five

  20. Slide 20: Outlook

    Outlook “Whilst we remain mindful of the challenging economic conditions in Europe, our cautious yet opportunistic approach will provide us with solid prospects to deliver value for our shareholders” 20

  21. Slide 21: Appendix A: Current Projects

    Appendix A: Current Projects

  22. Slide 22: 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 3 Completed & Active 1 8 7 1 4 6 5 3 1 3 2 2 1 1 Romania Poland India Hungary Czech Serbia Bulgaria Greece Latvia Republic 22

  23. Slide 23: 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% 

  24. 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:

  25. Slide 25: Projects overview - Poland

    Projects overview - Poland Lodz Plaza  City: Lodz  Type: Shopping & entertainment centre  Size: 45,000 (GLA)  Plaza Share: 100%  Completion Date: 2014  Status: Planning and permits stage Leszno Plaza Kielce Plaza  City: Leszno  City: Kielce  Type: Shopping & entertainment centre  Type: Sho

  26. 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: 2015  Completion Date

  27. Slide 27: Projects overview – India

    Projects overview – India Koregaon Park Plaza Kharadi Plaza  City: Pune  City: Pune  Type: Mixed use (Shopping, entertainment & office)  Type: Office  Size: 110,000 (GBA)  Size: 250,000 (GBA)  Plaza Share: 100%  Plaza Share: 50%  Completion Date: Q4 2011 (Mall)  Completion Date: 2012 - 201

  28. 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: 1,060,000 (GBA)  Plaza Share: 23.75%  Plaza Share: 38%  Completion Date: 2013-2018  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)  Size: 38,000 (GLA)  Plaza Share: 75%  Plaza Share: 100%  Completion Date: 2014-2016  Completion Date: 2014  Status: Under

  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%  Completion Date: 2015  Status: Awa

  31. 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: 2015  Status: Initial exc

  32. 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: 2014-2015  Status: Unde

  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%  Completion Date: 2014-2015 (subject to availability of external financing)  Status: Plannning stage 33

  34. 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: 2014-

  35. 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

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