Plaza Centers N.v. · LSE:PLAZ
Plaza Centers — Debt Investor Presentation (April 2018)
21 slides from Plaza Centers's debt investor presentation, Apr 18, 2018
Slide 1: Presentation for bondholders meeting
Presentation for bondholders meeting 18 April 2018 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: Company Overview: Portfolio Summary by Country
Company Overview Portfolio Summary by Country Portfolio Summary by Country as of December 31, 2017 Total of nine assets in five countries (4) 3 2 2 1 1 Poland Serbia India Romania Greece 3
Slide 4: Company's Activities in 2017: Sale of assets
Company’s Activities in 2017 Sale of assets January 2017: Completed the of Suwalki Plaza shopping and entertainment center in Poland for EUR 16.7 million and recorded a gain of EUR 0.8 million. The received consideration is after the deduction of the bank loan (circa EUR 26.4 million). January 2017:
Slide 5: Company's Activities in 2017: Sale of assets (cont.)
Company’s Activities in 2017 Sale of assets – Cont. August 2017: Completed the sale of a 30,000 sqm plot in Constanta, Romania, for EUR 1.3 million. September 2017: Following the sale of “MUP” plot in Belgrade, Serbia in 2016, the Company was entitled to an additional contingent consideration of EUR
Slide 6: Company's Activities in 2017: India, Bangalore
Company’s Activities in 2017 India Bangalore: New payment structure for sale of Project in Bangalore, India: In June 2017, EPI signed a revised sale agreement with the former partner (the "Purchaser"). The Purchaser and EPI have agreed that the purchase price will be amended to INR 338 Crores (appro
Slide 7: Company's Activities in 2017: Bangalore environmental update
Company’s Activities in 2017 India Bangalore – cont.: Environmental update on Bangalore project - India: On May 4, 2016, the National Green Tribunal ("NGT"), an Indian governmental tribunal established for dealing with cases relating to the environment, passed general directions with respect to area
Slide 8: Company's Activities in 2017: India, Chennai
Company’s Activities in 2017 India Chennai: On July 21, 2016, Chennai Project SPV has signed a Joint Development Agreement with a local developer ("Developer" and "JDA", respectively) with respect to the Property. Under the terms of the JDA, the Chennai Project SPV granted the property development r
Slide 9: Debt: Capital Markets & Debt Restructuring
Debt Capital Markets & Debt Restructuring Outstanding balance Plaza’s debt restructuring asapproved program was of April by the18, 2018 Dutch court in (adjusted parfinal July 2014 and became value including in November interest) 2014 with the Rights Issuance approval. Since then, Plaza has paid to i
Slide 10: History of corporate debt raisings and bond repayments
Debt 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 issuance Series A Series B Polish Bon
Slide 11: Debt compliance
Debt Debt NAV restructuring of the Group compliance • As of December 31, 2017 the Company is not in compliance with Coverage Ratio Covenant ("CRC") as defined in the restructuring plan. This may entitle the bondholders to declare that all or a part of their respective (remaining) claims become immed
Slide 12: Projected Cash Flows: Group Flows (€ Millions)
Projected Cash Flows GroupFlows (€ Millions) NAV of theCash Projected Q1/2018 Q2/2018 Q3/2018 Q4/2018 Q1/2019 Q2/2019 H2/2019 H1/2020 Cash - Opening Balance - HQ 44.8 5.2 2.1 2.2 -8.6 -9.4 -43.4 -33.7 Proceeds from selling trading Source properties** 0.4 2.8 0.9 5.6 2.4 3.9 43.5 1.3 Total Sources 45
Slide 13: Projected Cash Flows: Group Flows (cont.)
Projected Cash Flows GroupFlows (€ Millions) – cont. NAV of theCash Projected Proceeds from selling trading properties Q1/2018 Q2/2018 Q3/2018 Q4/2018 Q1/2019 Q2/2019 H2/2019 H1/2020 Final signed agreement 0.4 2.8 0.6 1.5 0.9 2.2 0.0 1.3 Preliminary agreement - 0.0 - 4.1 1.5 0.0 8.6 0.0 Not signed y
Slide 14: Financial Highlights Summary
Financial Highlights Summary Financial Highlights Reduction in total asset value to €141 million (31 December 2016: €322 million) mainly due to the sale of Suwalki Plaza and Torun Plaza shopping centers in Poland, Belgrade Plaza shopping center in Serbia and sale of plots: Timisoara and Constanta
Slide 15: Financial Highlights Summary (cont.)
Financial Highlights Summary- cont. cont. Financial Highlights Loss in 2017 totalled €26.5 million (in 2016: loss of €46.5 million), mainly due to interest expense on bonds and foreign exchange rate losses on bonds as well as impairment of trading properties in an amount of €11.5 million. Basic an
Slide 16: Financial Overview: Results (€ 000)
Financial Highlights Financial Overview Results Results (€ 000)cont. (€ 000) Year ended December 31 2017 2016 Revenues and gains Revenue from disposal of trading properties 192,958 29,395 Total Revenues 192,958 26,908 Gains and other Rental income 7,908 15,611 Share in results of equity accounted in
Slide 17: Financial Overview: Results (€ 000) cont.
Financial Highlights Financial Overview Results Results (€ 000)- (€ 000) cont. cont. Year ended December 31 Expenses and Losses 2017 2016 Cost of trading properties disposed (188,868) (25,883) Cost of operations (2,231) (4,886) Share in results of equity accounted investees, net of tax (7,177) - Wri
Slide 18: Notes to the Financial Overview results
Financial Highlights Financial Notes Overview to the (Cont.) results (1) Finance income decreased to €0.6 million from €18.6 in 2016 - in 2016 a gain of €17.6 million was recorded due to the loans connected to a plot in Brasov, Romania and Zgorzelec Plaza, while in 2017 there were no such gains. (2)
Slide 19: Assets Book Value 31.12.2017
Financial Highlights Assets Book Value 31.12.2017 Book Value Project Country Type December 31, 2017 (EUR M) Casa Radio* Romania Plot 63.2 Ciuc Romania Plot 1.0 Brasov Romania Plot 1.1 Lodz Poland Plot 3.9 Lodz Residential Poland Plot 0.4 Helios Greece Plot 3.3 Krusevac Serbia Plot 0.6 Total Trading
Slide 20: Debt Structure of the Group
Financial Highlights Debt DebtStructure structure ofof thethe Group Group Debt Structure – December 31, 2017 € million Debentures (Adjusted Par Value) 123 Debt Total Debt 123 Liquid balances - Consolidated 45 Resources Total sources 45 Net Financial Debt 78 Shareholders’ equity (Non-revalued) 8.3 Ne
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