Annual report 2010 - plazacenters

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Financial statements Notes to the consolidated financial statements continued Note 35 – Financial instruments continued The following significant exchange rates applied during the year: Reporting date Reporting date Average rate Average rate spot rate spot rate 2010 2009 2010 2009 EUR €’000 €’000 €’000 €’000 RSD 10 0.097 0.107 0.095 0.105 USD 1 0.754 0.718 0.748 0.694 PLN 1 0.250 0.231 0.253 0.243 HUF 100 0.362 0.357 0.359 0.369 RON 1 0.237 0.236 0.233 0.237 CZK 10 0.393 0.378 0.399 0.378 INR 10 0.165 0.148 0.167 0.149 NIS 1 0.202 0.183 0.211 0.184 Sensitivity analysis The following table demonstrates the pre-tax impact of devaluation of various currencies against the EUR in the below quoted rates with all other variables held constant (the impact on the Group’s equity is the same): Effect on pre-tax profit/(loss) For the year ended For the year ended December 31, December 31, Increase in 2010 2009 currency rate €’000 €’000 EUR vs. HUF 16% (416) (288) EUR vs. USD 1 13% 17,213 63 EUR vs. RSD 8% 28 (61) EUR vs. PLN 18% (1,378) (705) EUR vs. INR 1 12% 2,034 580 EUR vs. CZK 11% (2) 335 EUR vs. LVL 2% 5 (15) EUR vs. RON 7% 1,039 (548) EUR vs. NIS 13% 21,993 – 1 Effect on equity A similar weakening of the Euro against all currencies at December 31 would have had the equal but adverse effect on the pre-tax profit (loss) and equity to the amount shown above provided that all other variables remain constant. Derivatives and debentures Sensitivity analysis – changes in exchange rates EUR-NIS Fair value change Fair value Fair value change 10% 4.7379 -10% €’000 €’000 €’000 Derivative B (15,586) 52,676 15,586 Debentures A 6,554 (65,538) (6,554) Debentures B 30,516 (305,162) (30,516) Total net 21,484 318,024 (21,484) 114 Plaza Centers N.V. Annual report 2010
O Br Mg Fs Ai Interest rate risk Profile As of the reporting date the interest rate profile of the Group’s interest-bearing financial instruments was: Carrying amount 2010 2009 €’000 €’000 Fixed rate instruments Financial assets 210,604 210,939 Financial liabilities (177,667) (5,055) 32,937 205,884 Variable rate instruments Financial assets 52,559 36,482 Financial liabilities (567,805) (429,406) (515,246) (392,924) Cash flow sensitivity analysis for variable rate instruments A change of 30 basis points in EURIBOR interest rates at the reporting date would have increased/(decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The analysis is performed on the same basis for 2009. Variable interest rate effect (excluding debentures and structure A) Profit or Loss 30 bp 30 bp increase decrease €’000 €’000 December 31, 2010 (566) 566 December 31, 2009 (226) 226 Fair value sensitivity analysis for structure B The Group accounts for one structure at fair value through profit or loss, and the Group does not designate derivatives (interest rate swaps) as hedging instruments under a fair value hedge accounting model. The change in interest rates at the reporting date would result in the following affect on the structure value: Sensitivity analysis – changes in interest on structure Fair value change Fair value change – increase 5 bp Fair value – decrease 5 bp €’000 €’000 €’000 Structure B (refer to note 11) 13,975 14,017 14,059 Derivatives and debentures Sensitivity analysis – Changes in Israeli CPI Fair value change Fair value Fair value change 3% 107.6 -3% €’000 €’000 €’000 Derivative B 6,256 52,676 (6,256) Debenture A (1,966) (65,538) 1,966 Debenture B (9,156) (305,162) 9,156 Total net (4,866) 318,024 4,866 Plaza Centers N.V. Annual report 2010115
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Plaza Centers Annual report 2010 Su
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Overview Who we are O Br Mg Fs Ai W
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O Br Mg Fs Ai Operational highlight
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Overview Our s trategy O Br Mg Fs A
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O Br Mg Fs Ai Koregaon Park Plaza (
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O Br Mg Fs Ai • As a result of th
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O Br Mg Fs Ai Plaza expects to comp
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Overview Our portfolio at a glance
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O Br Mg Fs Ai Suwałki Plaza: opera
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O Br Mg Fs Ai Belgrade Plaza Serbia
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O Br Mg Fs Ai Koregaon Park Plaza:
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Overview Current devel opments cont
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O Br Mg Fs Ai Timisoara Plaza Roman
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Overview Current de velopments cont
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O Br Mg Fs Ai Liberec Plaza Czech R
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O Br Mg Fs Ai Bulgaria Sofia Plaza
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O Br Mg Fs Ai I am pleased to repor
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O Br Mg Fs Ai The combination of Pl
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O Br Mg Fs Ai Over the course of th
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O Br Mg Fs Ai Plaza’s effective o
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O Br Mg Fs Ai In addition, Plaza ha
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O Br Mg Fs Ai Among our first actio
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O Br Mg Fs Ai increased rental reve
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Management and governance Managemen
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O Br Mg Fs Ai Uzi Eli (35), LLB, At
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O Br Mg Fs Ai Substantial sharehold
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Management and governance Corporate
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O Br Mg Fs Ai • Best Practice Pro
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O Br Mg Fs Ai Among other matters,
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Management and governance Risk mana
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O Br Mg Fs Ai • Real estate valua
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O Br Mg Fs Ai II) Four components o
Page 65 and 66: O Br Mg Fs Ai c) The Audit Committe
Page 67 and 68: O Br Mg Fs Ai Service arrangements
Page 69 and 70: Financial statements Independent au
Page 71 and 72: Financial statements Consolidated i
Page 73 and 74: Financial statements Consolidated s
Page 75 and 76: O Br Mg Fs Ai For the For the year
Page 77 and 78: O Br Mg Fs Ai Estimates and underly
Page 79 and 80: O Br Mg Fs Ai Note 3 - Summary of s
Page 81 and 82: O Br Mg Fs Ai Financial assets and
Page 83 and 84: O Br Mg Fs Ai f. Normal operating c
Page 85 and 86: O Br Mg Fs Ai i) Rental income The
Page 87 and 88: O Br Mg Fs Ai 2. Share-based paymen
Page 89 and 90: O Br Mg Fs Ai The current lack of c
Page 91 and 92: O Br Mg Fs Ai Note 7 - Available-fo
Page 93 and 94: O Br Mg Fs Ai Below is a summary ta
Page 95 and 96: O Br Mg Fs Ai Major additions/dispo
Page 97 and 98: O Br Mg Fs Ai Note 16 - Derivatives
Page 99 and 100: O Br Mg Fs Ai December 31, December
Page 101 and 102: O Br Mg Fs Ai Note 21 - Other liabi
Page 103 and 104: O Br Mg Fs Ai As of December 31, 20
Page 105 and 106: O Br Mg Fs Ai Contractual life Gran
Page 107 and 108: O Br Mg Fs Ai Note 28 - Revenues Fo
Page 109 and 110: O Br Mg Fs Ai Note 32 - Net finance
Page 111 and 112: O Br Mg Fs Ai b. Under the particip
Page 113 and 114: O Br Mg Fs Ai The Group limits its
Page 115: O Br Mg Fs Ai Liquidity risk The fo
Page 119 and 120: O Br Mg Fs Ai Note 36 - Contingent
Page 121 and 122: O Br Mg Fs Ai Certain loan agreeme
Page 123 and 124: O Br Mg Fs Ai The net proceeds of t
Page 125 and 126: O Br Mg Fs Ai Additional transactio
Page 127 and 128: O Br Mg Fs Ai Note 39 - Operating s
Page 129 and 130: O Br Mg Fs Ai Note 41 - Critical ac
Page 131 and 132: O Br Mg Fs Ai therefore fail to imp
Page 133 and 134: O Br Mg Fs Ai Cyprus - Russia Activ
Page 135 and 136: O Br Mg Fs Ai The Dutch Antilles Ac
Page 137 and 138: O Br Mg Fs Ai United States Activit
Page 139 and 140: Additional information Advisors O B
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