Annual report 2010 - plazacenters

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Overview 01 Who we are 02 2010 highlights 05 Our strategy 06 Feature developments 08 Real estate division in the US 10 Competitive strengths 12 Our markets 13 Our portfolio at a glance 14 Current developments Business review 30 Chairman’s statement 34 Chief Executive’s review 42 Financial review 44 Valuation summary by King Sturge LLP Management and governance 45 Management structure 46 Board of Directors and Senior Management 48 Directors’ report 51 Corporate governance 57 Risk management 64 Remuneration report 66 Statement of the directors Financial statements 67 Independent auditors’ report 68 Consolidated statement of financial position 69 Consolidated income statement 70 Consolidated statement of comprehensive income 71 Consolidated statement of changes in equity 72 Consolidated statement of cash flows 74 Notes to the consolidated financial statements Additional information 136 Company’s offices 137 Advisors This annual report is not intended for Dutch statutory filing purposes. The Company is required to file an Annual report containing consolidated and Company financial statements prepared in accordance with the Netherlands Civil Code – such a report will be submitted in due course to the Dutch authorities and will be available for shareholders’ inspection at the Company’s offices in Amsterdam. Torun Plaza, Poland
Overview Who we are O Br Mg Fs Ai We are a leading Central and Eastern European property developer focusing on western-style shopping and entertainment centers, with a growing platform of operations in India and the USA. Arena Plaza Riga Plaza Suwałki Plaza The Plaza Centers Group is a leading emerging markets developer of shopping and entertainment centers, focusing on developing new centers and, where there is significant redevelopment potential, redeveloping existing centers, in both capital cities and important regional centers. The Group has been present in the Central and Eastern Europe region (“CEE”) since 1996 and was the first to develop western-style shopping and entertainment centers in Hungary. The Group has pioneered this concept throughout the CEE whilst building a strong track record of successfully developing, letting and selling shopping and entertainment centers. Since 2006, the Group has extended its area of operations beyond the CEE into India and, since 2010, into the USA and is considering development and investment opportunities in other countries, such as Croatia and Slovakia. In 2010 Plaza took advantage of real estate opportunities in the US and made, with its joint venture partners, its first acquisition of a strategic stake in EDT Retail Trust which owns 48 retail properties located in 20 states and will continue to source other acquisitions in the region. The Company is an indirect subsidiary of Elbit Imaging Ltd. (“EI “), an Israeli public company whose shares are traded on both the Tel Aviv Stock Exchange in Israel and the NASDAQ Global Market in the United States. Elbit Imaging Ltd. is a subsidiary of Europe Israel (M.M.S.) Ltd. EI’s activities are divided into the following principal fields: (i) Initiation, construction, and sale of shopping and entertainment centers and other mixed-use property projects, predominantly in the retail sector, located in Central and Eastern Europe (“CEE”), and in India. In certain conditions and depending on market conditions, EI operates and manages part of its commercial and entertainment centers prior to their disposal; (ii) Investment in commercial real property in the United States; (iii) Hotels operation and management, primarily in major European cities; (iv) (a) Investments in the research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment and (b) development of stem cell population expansion technologies and stem cell therapy products for transplantation and regenerative medicine; (v) Initiation, construction and sale of residential projects and other mixed-use property projects, located primarily in India and in Eastern Europe; (vi) Distribution and marketing of fashion apparel and accessories in Israel; and (vii) Other activities consisting of (a) venture capital investments and (b) investments in hospitals and farm and dairy plant in India. The Group has been present in real estate development in emerging markets for over 15 years, initially pursuing shopping and entertainment center development projects in Hungary and subsequently expanding into Poland, the Czech Republic, Romania, Latvia, Greece, Serbia, Bulgaria and India. To date, the Group has developed and let 30 shopping and entertainment centers in the CEE region, of which 26 were sold with an aggregate gross value of circa €1.16 billion. Twenty-one of these centers were acquired by Klépierre, a player of the top rank in the continental European shopping center property market, which owns more than 270 shopping centers in 13 countries in continental Europe. Four additional shopping and entertainment centers were sold to the Dawnay Day Group, one of the leading UK institutional property investors at that time. One shopping center was sold in 2007 to active Asset Investment Management (“aAIM”), a UK commercial property investment group. The transaction had a completion value totaling approximately €387 million, representing circa 20% of all real estate transactions completed in Hungary in 2007. Since November 1, 2006, Plaza Centers N.V.’s shares have been traded on the main board of the London Stock Exchange under the ticker “PLAZ”. From October 19, 2007, Plaza Centers N.V.’s shares are also traded on the main list of the Warsaw Stock Exchange under the ticker “PLZ”, making it the first property company to achieve this dual listing. Plaza Centers N.V. Annual report 201001
Page 1: Plaza Centers Annual report 2010 Su
Page 5 and 6: O Br Mg Fs Ai Operational highlight
Page 7 and 8: Overview Our s trategy O Br Mg Fs A
Page 9 and 10: O Br Mg Fs Ai Koregaon Park Plaza (
Page 11 and 12: O Br Mg Fs Ai • As a result of th
Page 13 and 14: O Br Mg Fs Ai Plaza expects to comp
Page 15 and 16: Overview Our portfolio at a glance
Page 17 and 18: O Br Mg Fs Ai Suwałki Plaza: opera
Page 19 and 20: O Br Mg Fs Ai Belgrade Plaza Serbia
Page 21 and 22: O Br Mg Fs Ai Koregaon Park Plaza:
Page 23 and 24: Overview Current devel opments cont
Page 25 and 26: O Br Mg Fs Ai Timisoara Plaza Roman
Page 27 and 28: Overview Current de velopments cont
Page 29 and 30: O Br Mg Fs Ai Liberec Plaza Czech R
Page 31 and 32: O Br Mg Fs Ai Bulgaria Sofia Plaza
Page 33 and 34: O Br Mg Fs Ai I am pleased to repor
Page 35 and 36: O Br Mg Fs Ai The combination of Pl
Page 37 and 38: O Br Mg Fs Ai Over the course of th
Page 39 and 40: O Br Mg Fs Ai Plaza’s effective o
Page 41 and 42: O Br Mg Fs Ai In addition, Plaza ha
Page 43 and 44: O Br Mg Fs Ai Among our first actio
Page 45 and 46: O Br Mg Fs Ai increased rental reve
Page 47 and 48: Management and governance Managemen
Page 49 and 50: O Br Mg Fs Ai Uzi Eli (35), LLB, At
Page 51 and 52: 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
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O Br Mg Fs Ai c) The Audit Committe
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O Br Mg Fs Ai Service arrangements
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Financial statements Independent au
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Financial statements Consolidated i
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Financial statements Consolidated s
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O Br Mg Fs Ai For the For the year
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O Br Mg Fs Ai Estimates and underly
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O Br Mg Fs Ai Note 3 - Summary of s
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O Br Mg Fs Ai Financial assets and
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O Br Mg Fs Ai f. Normal operating c
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O Br Mg Fs Ai i) Rental income The
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O Br Mg Fs Ai 2. Share-based paymen
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O Br Mg Fs Ai The current lack of c
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O Br Mg Fs Ai Note 7 - Available-fo
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O Br Mg Fs Ai Below is a summary ta
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O Br Mg Fs Ai Major additions/dispo
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O Br Mg Fs Ai Note 16 - Derivatives
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O Br Mg Fs Ai December 31, December
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O Br Mg Fs Ai Note 21 - Other liabi
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O Br Mg Fs Ai As of December 31, 20
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O Br Mg Fs Ai Contractual life Gran
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O Br Mg Fs Ai Note 28 - Revenues Fo
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O Br Mg Fs Ai Note 32 - Net finance
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O Br Mg Fs Ai b. Under the particip
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O Br Mg Fs Ai The Group limits its
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O Br Mg Fs Ai Liquidity risk The fo
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O Br Mg Fs Ai Interest rate risk Pr
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O Br Mg Fs Ai Note 36 - Contingent
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O Br Mg Fs Ai Certain loan agreeme
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O Br Mg Fs Ai The net proceeds of t
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O Br Mg Fs Ai Additional transactio
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O Br Mg Fs Ai Note 39 - Operating s
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O Br Mg Fs Ai Note 41 - Critical ac
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O Br Mg Fs Ai therefore fail to imp
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O Br Mg Fs Ai Cyprus - Russia Activ
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O Br Mg Fs Ai The Dutch Antilles Ac
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O Br Mg Fs Ai United States Activit
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Additional information Advisors O B
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Annual report 2010 - plazacenters

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