Loss for Plaza Centers
Investment & financeschedule 23 August 2013
CEE REGION Plaza Centers recorded a loss in H1 2013 of EUR 81 mln, having made a loss of EUR 10 mln in H1 2012.
The deficit is mainly due to a non-cash EUR 61 mln impairment of its trading properties (down to EUR 561 mln), of which 42 pct relates to assets in Serbia, 21 pct to the Czech Republic, 26 pct to India and 11 pct to Greece. Total revenues more than doubled following the EUR 16.7 mln disposal of an Indian project, and an increase in revenue from operating shopping centres to EUR 14.3 mln (H1 2012: EUR 14.1 mln). The company has reported a cash position EUR 100 mln (December 31st 2012: EUR 66 mln) with working capital of EUR 390 mln (December 31st 2012: EUR 391 mln) and a current cash position of app. EUR 32 mln following a EUR 67 mln bond principal and interest repayment on July 1st 2013. Over the period the company saw improved occupancy levels across its existing shopping and entertainment centres, with an overall portfolio occupancy rate of 89 pct (December 31st 2012: 88 pct). At Zgorzelec Plaza, Poland, three contracted anchor tenants opened stores in the second quarter, increasing the turnover by 65 pct and footfall by 42 pct compared to June 2012. At Kragujevac Plaza in Serbia, occupancy reached 100 pct a year after the opening, with turnover up by 23 pct compared to June 2012. H&M was signed as a new anchor tenant for Riga Plaza, bringing the mall up to almost full occupancy. Turnover and footfall at the centre has increased by 14 pct compared to June 2012 At Toruń Plaza, Poland, turnover increased by 24 pct and footfall rose by 20 pct compared to the corresponding period last year. In H2 the company has Already completed the sale of its 100 pct stake in the vehicle that owns the “Prague 3” project, a logistics and commercial centre in the third district of Prague. Earlier this year, Plaza completed a successful application to change the zoning use of “Prague 3” to a residential scheme. The transaction valued the asset at app. EUR 11 mln, and as a result Plaza Centers received net proceeds of app. EUR 7.5 mln in cash. Plaza has also sold its interest in the SPV company that owns a residential development site in Roztoky just north of Prague. The site was sold for app. EUR 2 mln, resulting in net cash proceeds of EUR 1.3 mln after debt-related deductions.
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