Plaza Centers N.v. · LSE:PLAZ
Plaza Centers — H1 2014 Earnings Presentation
16 slides from Plaza Centers's earnings presentation, Aug 28, 2014
Slide 1: Half Year Results for the six months ended 30 June 2014
Half Year Results for the six months ended 30 June 2014 28 August 2014
Slide 2: Agenda
Agenda SECTION 1 Financial Highlights SECTION 2 Operational Highlights SECTION 3 Summary 2
Slide 3: Financial Highlights
Financial Highlights Reduction in total assets to €519 million (31 December 2013: €586 million) primarily due to impairments of trading property. Book value of the Company’s trading property reduced by 13% (€65 million) over the period, primarily due to impairments recorded. For breakdown of imp
Slide 4: Financial Highlights cont.
Financial Highlights cont. Loss for the first six months of 2014 of €98.5 million (first six months of 2013: loss of €81 million), stemming from a non-cash €70 million impairment of trading property and equity accounted investees (first six months of 2013: €65 million of impairments(*)), and an ov
Slide 5: Financial Overview Results (€ 000)
Financial Overview Results (€ 000) Six months ended June 30 2014 2013 Continuing operations Rental income 11,693 12,005 Revenues from entertainment centres(1) 870 2,293 12,563 14,298 Cost of operations -4,033 -4,368 Cost of operations – entertainment centers -1,198 -2,297 Gross profit (2) 7,332 7,63
Slide 6: Financial Overview Results (€ 000) cont.
Financial Overview Results (€ 000) cont. Six months ended June 30 2014 2013 Write-down of Trading Properties(1) -69,716 -60,906 Write-down of equity-accounted investees - -4,277 Loss from disposal of equity accounted investees (holding undeveloped Trading Property)(2) -4,048 -5,143 Share in results
Slide 7: Breakdown of impairments (€M)
Financial Overview Results (€ 000) cont. Breakdown of impairments (€M) Six months ended June 30 2014 2013 Casa Radio Plaza (Romania) 31.0 - Koregaon Park (India) 10.1 15.6 Helios Plaza (Greece) 10.9 6.4 Belgrade Plaza MUP (Serbia) - 25.7 Liberec Plaza (Czech Republic) - 9.0 Constanta (Romania) 3.8
Slide 8: Financial Overview Results (€ 000) cont
Financial Overview Results (€ 000) cont Six months ended June 30 2014 2013 Finance income(1) 211 6,671 Finance costs(2) -27,486 -15,636 Net finance costs -27,275 -8,965 Loss before income tax -98,673 -81,343 Tax benefit 113 754 Loss from continuing operations -98,560 -80,589 Discontinued operation P
Slide 9: Financial Overview (Cont.) Notes to the Results
Financial Overview (Cont.) NOTES TO THE RESULTS (1) Finance income decreased to €0.2 million from €6.7 million in 2013 mainly as no income was recorded in connection to value of issued bonds, measured at Fair Value Through Profit or Loss (“FVTPL”) (2013: €4.3 million income), as well as no significa
Slide 10: Company Net Operating Income (NOI)
Company Net Operating Income (“NOI”) The following table presents the first six months NOI performance of shopping centres: Shopping centre NOI H1 2014 (€M) NOI H1 2013 (€M) Remarks name Torun 3.2 3.0 TK Maxx major tenant opening in late March 2014. Kragujevac 2.0 2.2 Both 2014 and 2013 includes a o
Slide 11: Company Trading property breakdown
Company Trading property breakdown Asset name Value June 30, 2014 (€M) Remarks Casa Radio (Romania) 119.0 Torun (Poland) 67.1 Kragujevac (Serbia) 38.5 Suwalki (Poland) 39.0 Koregaon Park (India) 31.7 Viznjicka (Serbia) 19.1 Liberec (Czech Republic) 17.8 Zgorzelec (Poland) 17.3 Belgrade MUP (Serbia)
Slide 12: Debt structure of the Group
Debt structure of the Group Debt Structure – June 30, 2014 € million Debentures(1) 211 CEE - operating malls(3) 179 Debt Bank Loans CEE - projects under development and others(4) 10 India(5) 22 Total Debt 422 Liquid balances - Consolidated 27 Resources Financial Instruments and restricted bank depos
Slide 13: Operational Highlights
Operational Highlights As previously announced the Company filed for reorganisation proceedings (surseance van betaling) with the District Court of Amsterdam in the Netherlands (the “Court”) and submitted a restructuring plan to the Court in November 2013. The restructuring plan was approved on Ju
Slide 14: Operational Highlights (cont.)
Operational Highlights (cont.) Significant improvements in turnover and occupancy levels across Plaza’s existing shopping and entertainment centres, with increases in turnover reaching a peak of 20%, compared to the second quarter of 2013, and overall average occupancy now reaching circa 94%. This
Slide 15: Operational Highlights (cont.)
Operational Highlights (cont.) Footfall increased in the majority of centres during the period. Significant improvements include: an 8.2% increase in footfall at Kragujevac Plaza; a 7.8% increase at Zgorzelec Plaza; a 6.9% increase at Riga Plaza; and a 6.4% increase at Torun Plaza. Across the po
Slide 16: Summary
Summary Swift and successful conclusion of restructuring process, securing strong majority support from creditors. Upcoming rights issuance will provide improved liquidity, broadening of investor base and more diversified sources of financing. Solid platform for future growth underpinned by po