Plaza Centers N.v. · LSE:PLAZ
Plaza Centers — Investor Presentation (January 2016)
33 slides from Plaza Centers's investor presentation, January 2016
Slide 1: Company Presentation
Company Presentation January 2016 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: Agenda
AGENDA Agenda Company Overview Capital Markets & Debt Restructuring Activities Following Approval of the Restructuring Plan Financial Highlights 3
Slide 4: Company Overview
Company Overview Plaza Centers is a leading emerging markets property developer, focused on western-style shopping and entertainment centers Business Description Real Estate Portfolio Plaza Centers • 20-year track record of developing shopping & N.V. entertainment centers in CEE - Plaza Centers has
Slide 5: Company Overview: Competitive Advantage
Company Overview Competitive Advantage • Proven track record and Geographical layout – Plaza has • Strong brand name — Plaza Centers has become a widely been active in the CEE for 20 years and together with its regional recognised brand name for successful property development in CEE teams has devel
Slide 6: Historical Business Cycle (1996-2016)
Company Overview 20Historical Business year track record Cycle shopping of developing (1996-2016)& entertainment centers in CEE — Plaza Centers has been active in the region since 1996 and was the first to develop western-style shopping and entertainment centers in Hungary 1996 First investment in H
Slide 7: Historical Business Cycle (1996-2016) - cont.
Company Overview 20Company Overview year track record - Historical of developing shoppingBusiness Cycle centers & entertainment (1996-2016) 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 thei
Slide 8: Portfolio Summary by Country
Company Overview Portfolio Summary by Country Portfolio Summary by Country Total portfolio of 22 assets in nine countries 3 1 3 3 1 2 2 2 1 1 1 1 1 Poland Serbia India Romania Hungary Czech Bulgaria Greece Latvia Republic 8 Completed & Active (5) Offices (1) For Development (5) Plots Pipeline (11)
Slide 9: Operating Shopping and Entertainment Centers
Company Overview Operating Shopping and Entertainment Centers Poland Location Torun, Poland • Operating shopping and entertainment center Shopping and entertainment • Located in Central Poland Concept center • Opened to the public in November 2011 GLA (sqm) 40,000 • External Valuation 12/2014: €96.3
Slide 10: Operating Shopping and Entertainment Centers
Company Overview Company Overview Operating Shopping- Operating Assets and Entertainment Centers Latvia Location Riga, Latvia • Operating shopping and entertainment center Shopping and entertainment • Located in the capital of Latvia Concept • Opened to the public in March 2009 center GLA (sqm) 49,0
Slide 11: Shopping Centers Net Operating Income (NOI)
Company Overview Company Overview Shopping Centers- Shopping Centers NetIncome - Net Operating Operating Income (―NOI‖) (―NOI‖) The following table presents the NOI performance of shopping centers for the first nine months of 2015: Shopping NOI 9M 2015 Center (€M) Torun 5.6 Suwalki 2.6 Zgorzelec 0.8
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: History of 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 14: Bonds Repayments Schedule
Capital Markets & Debt Restructuring Capital Markets & Debt Restructuring Bonds Repayments Schedule Bonds Series Plaza currently has two series of NIS Bonds traded on the Tel-Aviv Stock Exchange (―TASE‖) and one series of PLN bonds (circa €13 Million) held by Polish institutional investors. Debentur
Slide 15: Debt Restructuring Plan
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, Plaza has paidby was approved tothe
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. Septe
Slide 17: 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 actions below were taken: February 2014: Following the sale of its airplane for US$1.9 million, the Company reached a settlement with the airplane financ
Slide 18: Plaza's Main Focus in 2016
Activities Following Approval of Restructuring Plan Plaza’s main focus in 2016 Plaza’s Main Focus in 2016 Developments:1. Continuing construction of Belgrade Plaza (―Sport Star‖) in Belgrade, Serbia – The building permit was received in July 2015 and bank financing is expected to be agreed shortly.
Slide 19: Timisoara Plaza, Romania
Activities Following Approval of Restructuring Plan Developments: Plaza’s main focusTimisoara Plaza -Plaza, in 2016 – Timisoara Romania Romania Situated close to the Hungarian border, Timisoara is the primary social, economic and cultural centre in the western part of Romania, with a population of 3
Slide 20: Timisoara Plaza, Romania (cont.)
Activities Following Approval of Restructuring Plan Developments: Plaza’s main focusTimisoara Plaza –Plaza, in 2016 – Timisoara Romania (cont.) Romania 20
Slide 21: Timisoara Plaza, Romania (cont.)
Activities Following Approval of Restructuring Plan Developments: Plaza’s main focusTimisoara Plaza –Plaza, in 2016 – Timisoara Romania (cont.) Romania 21
Slide 22: Belgrade Plaza (Sport Star), Serbia
Activities Following Approval of Restructuring Plan Developments: Plaza’s main focusBelgrade Plaza (―Sport in 2016 – Belgrade Star‖) Plaza (―Sport – Serbia Star‖), Serbia As both the capital and the largest city in Serbia, Belgrade has a population of nearly two million people and accounts for aroun
Slide 23: Belgrade Plaza (Sport Star), Serbia (cont.)
Activities Following Approval of Restructuring Plan Developments: Plaza’s main focusBelgrade Plaza (―Sport in 2016 – Belgrade Star‖) Plaza (―Sport – Serbia Star‖), Serbia (cont.) 23
Slide 24: Casa Radio Project in Bucharest, Romania
Activities Following Approval of Restructuring Plan Developments: Plaza’s main focusCasa Radio in 2016 - Casa–Radio Romania project in Bucharest, Romania Casa Radio: a rewarding project for community & stakeholders Romania including Bucharest, is still undersupplied in terms of modern retail develop
Slide 25: Casa Radio Project in Bucharest (cont.)
Activities Following Approval of Restructuring Plan Developments: Plaza’s main focusCasa Radio in 2016 - Casa–Radio Romania project(cont.) in Bucharest, Romania- cont. In February 2007, Plaza completed a transaction for the acquisition of a 75% interest in a company (the ―Project Company‖) which, un
Slide 26: Casa Radio Project in Bucharest (cont.)
Activities Following Approval of Restructuring Plan Developments: Plaza’s main focusCasa Radio in 2016 - Casa–Radio Romania project(cont.) in Bucharest, Romania- cont. Casa Radio is located in arguably the best location in Bucharest, in the very heart of the city. Bordered by four main roads, the si
Slide 27: Casa Radio Project in Bucharest (cont.)
Activities Following Approval of Restructuring Plan Developments: Plaza’s main focusCasa Radio in 2016 - Casa–Radio Romania project(cont.) in Bucharest, Romania- cont. 27
Slide 28: Belgrade MUP Project, Serbia
Activities Following Approval of Restructuring Plan Developments: Plaza’s main focusBelgrade ―MUP‖ in 2016 - Casa Radio–project Serbiain Bucharest, Romania Plaza won a competitive tender announced by the Government of Serbia for a site located in the center of Belgrade, which it intends to develop i
Slide 29: Debt Structure of the Group
Financial Highlights Debt DebtStructure structure ofof thethe Group Group Debt Structure – September 30, 2015 € million Debentures(1) 197 CEE - operating malls(3) 125 Debt Bank Loans CEE - others(4) 8 Total Debt 330 Liquid balances - Consolidated 16 Resources Financial Instruments and restricted ban
Slide 30: Estimated NAV of the Group
Financial Highlights Estimated NAV of theNAV Groupof the Group NAV Summary (€ M)- 30.09.2015 Net Financial Debt 309 Asset Values* Operating Assets 207 Development Assets** 165 Plots Pipeline 52 Office Building 3 427 NAV 118 * Valuation by Cushman as of December 2014, except Liberec Plaza which was v
Slide 31: Trading Property Breakdown
Financial Highlights Trading Property Company Breakdown Trading Property breakdown Asset name Book Value September 30, 2015 (€M) Remarks Casa Radio (Romania) 116.3 Torun (Poland) 68.7 Value as of December 2014: €96.3M Suwalki (Poland) 39.5 Value as of December 2014: €43.1M Belgrade Plaza - Sport Sta
Slide 32: Summary
SUMMARY Total repayments (principal and interest) - 76% to bond A series holders and over 100% to bond B series holders of the total raising of these bonds over the years; Since the approval of its Debt Restructuring plan, Plaza has paid to its bondholders an amount of NIS 215 Million (€47 Milli
Slide 33: Plaza Centers
PLAZA CENTERS