Plaza Centers N.v. · LSE:PLAZ
Plaza Centers — Debt Investor Presentation (October 2019)
24 slides from Plaza Centers's debt investor presentation, Oct 4, 2019
Slide 1: Presentation for Bondholders' Meeting
Presentation for Bondholders’ Meeting October 4, 2019 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 October 4, 2019 Total of five assets in three countries 2 *** (4) 1* 2 ** ** Poland India Romania * Lodz Mall – On September 3, 2019, conditional sale agreement has been signed for the sale of remaining part of the plot
Slide 4: Company's Activities in 2019: Sale of assets and material events
Company’s Activities in 2019 Sale of assets and material events during the reporting period January 2019: Motion to reveal and review internal documents In March 2018, a Shareholder of the Company has filed a motion with the Financial Department of the District Court in Tel-Aviv to reveal and review
Slide 5: Company's Activities in 2019: Principal and interest payments
Company’s Activities in 2019 Sale of assets and material events during the reporting period (Cont.) February 2019: Principal and interest payments Following Note 8(c) to the annual consolidated financial statements the company announced it will not meet its principal repayment due on December 31, 20
Slide 6: Sale of assets following the reporting period
Company’s Activities in 2019 Sale of assets and material events following the reporting period July 2019: Update on disposal of land plot in Miercurea Ciuc, Romania Further to the Company's announcement dated October 17, 2018 regarding signing the pre-agreement for the sale of land plot in Mercuria
Slide 7: Interest payment and Dutch statutory auditor
Company’s Activities in 2019 Sale of assets and material events following the reporting period (Cont.) July 2019: Interest Payment On July 11, 2019, Company announced that its Romanian subsidiary had signed a binding agreement to sell land in Romania and that the Company would use part of the procee
Slide 8: Status of sale of assets in India: Chennai
Company’s Activities in 2019 Status of sale of assets in India Chennai, India: In July 2018, Elbit Plaza India Real Estate Holdings Limited ("EPI"), has signed a term sheet with its local partner („Purchaser"), relating to the sale of EPI's Indian subsidiary ("SPV") that holds 74.7 acre plot in Chen
Slide 9: Status of sale of assets in India: Bangalore
Company’s Activities in 2019 Status of sale of assets in India (Cont.) Bangalore, India In March, 2008 Elbit Plaza India Real Estate Holdings Limited (a subsidiary held by the Company (50%) and Elbit Imaging ltd.(50%)) ("EPI") entered into a share subscription and framework agreement (the "Agreement
Slide 10: Status of sale of assets in India: Bangalore (cont.)
Company’s Activities in 2019 Status of sale of assets in India (Cont.) Bangalore, India On July 25, 2019, the Company announced that the Partner paid Eur 0.127 million (INR 1 crore) (Company part approximately EUR 0.063 million) and thereby having paid Euro 0.76 million (INR 6 crores) out of the app
Slide 11: Status of Casa Radio project
Company’s Activities in 2019 Status of CASA RADIO project Casa Radio: On February 11, 2019 the Company signed a non-binding Letter of Intent ("LOI") with AFI Europe N.V. (the "Purchaser", and together with the Company, the "Parties"), for the sale of its entire indirect shareholdings (75%) in the Ca
Slide 12: Status of Casa Radio project (cont.)
Company’s Activities in 2019 Status of CASA RADIO project (Cont.) Casa Radio (Cont.): Below are the principal changes made in the Agreement compared to the LOI: • The Purchaser's due diligence review period was extended to no later than September 5, 2019, following which, subject to the satisfaction
Slide 13: Status of Casa Radio project (cont.)
Company’s Activities in 2019 Status of CASA RADIO project (Cont.) Casa Radio (Cont.): On July 30, 2019 at the bondholders’ meeting of Bonds series A and Bonds Series B it was decided to authorize the company to enter into an agreement and execute the transaction contained therein, despite the Compan
Slide 14: Financial Highlights (unreviewed)
Financial Highlights (unreviewed) Financial Highlights Summary ◼ Reduction in total asset value to EUR 60 million (31 December 2018: EUR 62 million) mainly due to payment of principal and interests for bonds in total amount of circa EUR 1.6 million in H1/2019, disposal of land plot in Poland resulti
Slide 15: Financial Overview: Results
Financial Highlights (unreviewed) Financial Overview Results Results (EUR (€ 000) 000) cont. Six months ended June 30 2019 2018 Revenues and gains Revenue from disposal of trading properties 930 210 Total Revenues 930 210 Gains and other Other income 48 237 Total Gains 48 237 Total Revenues and Gain
Slide 16: Financial Overview: Results (cont.)
Financial Highlights (unreviewed) Financial Overview Results Results (EUR (€ 000) 000)- cont. cont. Six months ended June 30 Expenses and Losses 2019 2018 Cost of trading properties disposed (955) - Cost of operations (160) (128) Share in results of equity accounted investees, net of tax (107) (397)
Slide 17: Notes to the results
Financial Highlights (unreviewed) Financial Notes Overview to the (Cont.) results (1) Finance income is nil the first 6 months of 2019 comparing to EUR 0.1 million for 6 monts ended June 30, 2018. (2) Finance costs increased considerably from EUR 4.4 million to EUR 10.4 million (30 June, 2018 and 30
Slide 18: Assets Book Value 30.06.2019
Financial Highlights (unreviewed) Assets Book Value 30.06.2019 Book Value Project Country Type June 30, 2019 (EUR M) Casa Radio* Romania Plot 39.09 Ciuc** Romania Plot 1.50 Brasov Romania Plot 0.55 Lodz Poland Plot 1.01 Total Trading Property 42.15 Bangalore*** India Plot 15.00 Chennai*** India Plot
Slide 19: Debt Structure of the Group
Financial Highlights (unreviewed) Debt DebtStructure structure ofof thethe Group Group Debt Structure – June 30, 2019 EUR million Debentures (Adjusted Par Value) 85.9 Debt Total Debt 85.9 Liquid balances - Consolidated 0.6 Resources Total sources 0.6 Net Financial Debt 85.3 Shareholders’ equity (Non
Slide 20: Capital Markets & Debt Restructuring
Debt Capital Markets & Debt Restructuring Outstanding balance Plaza’s debt restructuring asapproved program was of October by the Dutch2, 2019 court in July (adjusted 2014 and became par final invalue Novemberincluding interest) 2014 with the Rights Issuance approval. Since then, Plaza has paid to i
Slide 21: 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 Series A Series B Israeli Bonds Israeli Bonds NIS Bond raising (2007-2011) 401,850,451 1,483,126,346 Interest accrued and ca
Slide 22: Projected Cash Flows
Projected Cash Flows NAV of the Projected Group Cash Flows (€ Millions) H2/2019 H1/2020 H2/2020 Cash - Opening Balance – HQ 0.75 1.17 0.82 Proceeds from selling trading properties* 2.67 0.85 6.50 Source Total Sources 3.42 2.02 7.32 Debentures – principal (**) - - - Debentures - interest (**) 1.35 0.
Slide 23: Projected Cash Flows: Proceeds from selling trading properties
Projected Cash Flows NAV of the Projected Group Cash Flows (€ Millions) - cont. Proceeds from selling trading properties H2/2019 H1/2020 H2/2020 Sum (*) Final signed agreement 1.37 0.30 6.50 8.17 Preliminary agreement 1.30 0.55 - 1.65 Not signed yet - - - - Total 2.67 0.85 6.50 10.02 Projects H2 201
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