Plaza Centers N.v. · LSE:PLAZ
Plaza Centers — Debt Investor Presentation (April 2017)
25 slides from Plaza Centers's debt investor presentation, Apr 2, 2017
Slide 1: Presentation for Bondholders Meeting
Presentation for Bondholders Meeting 2 April 2017 1
Slide 2: Delay in Publication of Preliminary Results
DELAY IN PUBLICATION OF PRELIMINARY RESULTS On March 31, 2017 the Company announced that the audit process of its annual financial statements is still ongoing and therefore there will be a delay in the publication of its financial results for the year ended 31 December 2016. Work is being undertaken
Slide 3: Disclaimer
DISCLAIMER It is hereby stated that up to date the Annual Financial Statements of the Company for 2016 were not signed by the auditors and published to the public. Part of the data and information included in this presentation was taken from the existing paper work and drafts of the 2016 annual fina
Slide 4: Agenda
AGENDA Agenda Company Overview Capital Markets & Debt Restructuring Activities Following Approval of Restructuring Plan Operational Highlights 4
Slide 5: 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 • 21-year track record of developing shopping & N.V. entertainment centres in CEE - Plaza Centers has been ac
Slide 6: Company Overview: Historical Business Cycle (1996-2016)
Company Overview Historical 21-year Business track record Cycle (1996-2016) of developing shopping & 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
Slide 7: Company Overview: Historical Business Cycle (cont.)
Company Overview Company 21-year Overview track record - Historical of developing shoppingBusiness Cycle (1996-2016) & entertainment centers 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: Company Overview: Historical Business Cycle (cont.)
Company Overview Company 21-year Overview track record - Historical of developing shoppingBusiness Cycle (1996-2016) & entertainment centers 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 9: Portfolio Summary by Country
Company Overview Portfolio Summary by Country Portfolio Summary by Country as of March 31, 2017 Total portfolio of 15 assets in six countries 3 4 2 2 1 1 1 1 Poland Serbia India Romania Hungary Greece Completed & Active (1) For Development (2) Plots Pipeline (12) 9
Slide 10: Portfolio Summary by Assets (CEE)
Company Overview Portfolio Summary by Assets (CEE) as of March 31, 2017 Asset Value Asset Country Type December 31, 2016 (EUR M) Casa Radio Romania Development 60.1*,** Constanta Romania Plot 2.0** Ciuc Romania Plot 1.6** Timisoara Romania Plot 7.6** Brasov Romania Plot 1.1*** Arena Extension Hungar
Slide 11: 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 93.49% (03/2017) • Operating shopping and entertainment center • Located in Central Poland • Opened to the public in November 2011 11
Slide 12: 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 13: 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 wasMarch approved15 by , 2017)
Slide 14: 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 wasMarch approved15,by2016), P
Slide 15: 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 16: 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 17: 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. January 2016: Completed the sale of a 5,200 sqm residential plot in Lodz, Poland for €0.7 million March 2016: Completed the sale of Liberec Plaza Shopping and Entertainment Centre in
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. September 2016: Signed a preliminary sale agreement for the disposal of a 1.8 hectare plot in the centre of Leszno, Poland for €810,000. The sale is conditional on the purchaser secur
Slide 19: 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 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 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 21: New Developments
Activities Following Approval of Restructuring Plan New Developments Belgrade Plaza: In June 2016, Plaza 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 Plc
Slide 22: Plaza's Main Focus in 2017
Activities Following Approval of Restructuring Plan Plaza’s main focus in 2016 Plaza’s Main Focus in 2017 Developments: 1. Continuing construction of Belgrade Plaza (“Visnjicka”) in Belgrade until the opening in April. 2. Advancing related permits and approvals for the Casa Radio project in Buchares
Slide 23: Financial Highlights: Group Cash Flows
Financial Highlights GroupFlows (€ Millions) NAV of theCash Projected Cash Flows Q2/2017 H2/2017 H1/2018 H2/2018 Cash - Opening Balance* 7.5 5.9 15.9 18.2 Proceeds from selling trading properties 5.4 53.4 32.9 8.0 Cash flows from operating activities 1.6 3.5 0.0 0.0 Source Total Sources 14.5 62.8 48
Slide 24: Operational Highlights
Operational Highlights Operating Shopping Operational Highlightsand Entertainment Centres (cont.) In Torun Plaza, Poland, following expiry of 5 year lease agreements (which was the initial period for many tenants) in November 2016, occupancy remained stable at 93,5% (2015: 96%). Most of the tenant
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