Plaza Centers N.v. · LSE:PLAZ
Plaza Centers — FY2018 Earnings Presentation
21 slides from Plaza Centers's earnings presentation, Mar 21, 2019
Slide 1: Results for the year ended 31 December 2018
Results for the year ended 31 December 2018 21 March 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 December 31, 2018 Total of six assets in three countries 3 *** (4) 1* 2 ** ** Poland India Romania * Lodz Mall – Expected to sign final agreement in March 2019 for the sale of 22% of the plot. ** Chennai – Initiated an
Slide 4: Company's Activities in 2018
Company’s Activities in 2018 Sale of assets and material events during the reporting period January 2018: Settlement agreement with the Bondholders of ILS Bonds In January 2018, a settlement agreement has been reached and approved (and all the conditions precedent in the agreement fulfilled) between
Slide 5: Company's Activities in 2018
Company’s Activities in 2018 Sale of assets and material events during the reporting period – cont. June 2018: Earn-out payment for the sale of Torun In June 2018 the Company received the earn-out payment for the sale of Torun Plaza in amount of EUR 0.35 million, reduced by NAV adjustment of EUR 0.1
Slide 6: Company's Activities in 2018
Company’s Activities in 2018 Sale of assets and material events during the reporting period – cont. December 2018: Definitive Agreement for the sale of Plot in Greece On December 24, 2018 the Company signed a definitive agreement for the sale of its (indirectly) 100% stake in a Greek subsidiary (on
Slide 7: Company's Activities in 2018: Status of sale of assets in India
Company’s Activities in 2018 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 ("Buyer"), relating to the sale of EPI's Indian subsidiary ("SPV") that holds 74.7 acre plot in Chennai,
Slide 8: Company's Activities in 2018: Status of sale of assets in India (Cont.)
Company’s Activities in 2018 Status of sale of assets in India (Cont.) Bangalore, India (Cont.): If the Purchaser defaults before the Final Closing, EPI is entitled to forfeit all amounts paid by now by the Purchaser as stipulated in the revised agreement. All other existing securities granted to EP
Slide 9: Company's Activities in 2018: Status of Casa Radio project
Company’s Activities in 2018 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 10: Company's Activities in 2018: Status of Casa Radio project (Cont.)
Company’s Activities in 2018 Status of CASA RADIO project (Cont.) Casa Radio: The payment schedule according to the LOI is expected to be set as follows: Non-refundable down payment EUR 200,000 Execution of Sale Agreement (following EUR 20,000,000 fulfillment of the conditions precedent) Issuance of
Slide 11: Financial Highlights
Financial Highlights Financial Highlights Summary ◼ Reduction in total asset value to €62 million (31 December 2017: €141 million) mainly due to payment of principals and interests for bonds in total amount of circa EUR 38.5 million in January 2018 from the cash which was at the closing balance as o
Slide 12: Financial Overview: Results
Financial Highlights Financial Overview Results Results (€ 000)cont. (€ 000) Year ended December 31 2018 2017 Revenues and gains Revenue from disposal of trading properties 2,333 192,958 Total Revenues 2,333 192,958 Gains and other Rental income - 7,908 Other income 254 757 Total Gains 254 8,665 Tot
Slide 13: Financial Overview: Results (cont.)
Financial Highlights Financial Overview Results Results (€ 000)- (€ 000) cont. cont. Year ended December 31 Expenses and Losses 2018 2017 Cost of trading properties disposed (2,891) (188,868) Cost of operations (357) (2,231) Share in results of equity accounted investees, net of tax 1,443 (7,177) Wr
Slide 14: Notes to the results
Financial Highlights Financial Notes Overview to the (Cont.) results (1) Finance income increased to €3.6 million from €0.6 in 2017 - in 2018 a gain of €3.4 million was recorded due foreign currency gain on bonds, while in 2017 there were no such gain. (2) Finance costs increased from EUR 11.2 milli
Slide 15: Casa Radio Project: Write down
Casa Radio Project Write down of CASA RADIO • Following several years of efforts to promote the development of the project either by bringing a partner or through the sale of the Company's holdings, a number of serious proposals were received during the course of 2018 from serious and experienced re
Slide 16: Assets Book Value 31.12.2018
Financial Highlights Assets Book Value 31.12.2018 Book Value Project Country Type December 31, 2018 (EUR M) Casa Radio* Romania Plot 39.1 Ciuc Romania Plot 1.0 Brasov Romania Plot 0.55 Lodz Poland Plot 1.95 Total Trading Property 42.60 Bangalore** India Plot 14.73 Chennai** India Plot 8.47 65.80 * 1
Slide 17: Debt Structure of the Group
Financial Highlights Debt DebtStructure structure ofof thethe Group Group Debt Structure – December 31, 2018 € million Debentures (Adjusted Par Value) 80.5 Debt Total Debt 80.5 Liquid balances - Consolidated 1.4 Resources Total sources 1.4 Net Financial Debt 79.1 Shareholders’ equity (Non-revalued)
Slide 18: Capital Markets & Debt Restructuring
Debt Capital Markets & Debt Restructuring Outstanding balance Plaza’s debt restructuring asapproved program was of March 20,court by the Dutch 2019 (adjusted in July par 2014 and became finalvalue including in November interest) 2014 with the Rights Issuance approval. Since then, Plaza has paid to i
Slide 19: Projected Cash Flows Group (€ Millions)
Projected Cash Flows GroupFlows (€ Millions) NAV of theCash Projected Q1/2019 Q2/2019 H2/2019 H1/2020 H2/2020 Cash - Opening Balance - HQ 1.48 1.89 1.35 0.15 3.73 Source Proceeds from selling trading properties** 1.36 2.79 2.41 7.01 26.16 Total Sources 2.84 4.68 3.76 7.16 29.89 Debentures - principa
Slide 20: Projected Cash Flows: Proceeds from selling trading properties
Projected Cash Flows GroupFlows (€ Millions) – cont. NAV of theCash Projected Proceeds from selling trading properties Q1/2019 Q2/2019 H2/2019 H1/2020 H2/2020 Final signed agreement 0.61 2.45 1.22 6.46 5.16 Preliminary agreement 0.75 0.34 1.19 0.55 - Not signed yet - - - - 21 Total 1.36 2.79 2.41 7.
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