Annual report 2010 - plazacenters

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Business review Chief Executive’s review continued Plaza’s effective ownership Asset/Project Location Nature of asset Size m 2 (GLA) % Status* Kielce Plaza Kielce, Poland Retail and 33,000 100 Construction scheduled to entertainment scheme commence in 2012; completion scheduled for 2014 Leszno Plaza Leszno, Poland Retail and 16,000 100 Construction scheduled to entertainment scheme commence in 2012; completion scheduled for 2014 Prague 3 Prague, Office, for future 61,600 100 Currently operational as an Czech Republic residential use (residential for sale) office building; re-zoning for future residential use is in progress, expected to be obtained in 2011 Liberec Plaza Liberec, Retail and 17,000 100 Operating, opened in Czech Republic entertainment scheme March 2009 Roztoky Prague, Residential units 14,000 (GBA) 100 Zoning is in place. Czech Republic Construction scheduled to commence in 2012; completion scheduled for 2013-2014 Casa Radio Bucharest, Mixed-use retail 600,000 75 Initial construction commenced Romania and leisure plus (GBA including in 2007, completion scheduled office scheme parking) for 2013-2015; approval from the Urban Technical Commission has been obtained Timisoara Plaza Timisoara, Retail and 40,000 100 Construction scheduled to Romania entertainment scheme commence in 2012; completion scheduled for 2014 Csiki Plaza Miercurea Ciuc, Retail and 14,000 100 Construction commenced in Romania entertainment scheme late 2008; awaiting external financing for completion Iasi Plaza Iasi, Romania Retail, entertainment 62,000 100 Construction scheduled to and office scheme commence in 2013; completion scheduled for 2014 Slatina Plaza Slatina, Romania Retail and 17,000 100 Construction scheduled to entertainment scheme commence in 2012; completion scheduled for 2013 Hunedoara Plaza Hunedoara, Retail and 13,000 100 Construction scheduled to Romania entertainment scheme commence in 2012; completion scheduled for 2013 Targu Mures Plaza Targu Mures, Retail and 30,000 100 Construction scheduled to Romania entertainment scheme commence in 2012; completion scheduled for 2013 Constanta Plaza Constanta, Retail and 18,000 100 Construction scheduled to Romania entertainment scheme commence in 2012; completion scheduled for 2013 Palazzo Ducale Bucharest, Office 700 100 Operational Romania * All completion dates of the projects are subject to securing external financing. 36 Plaza Centers N.V. Annual report 2010
O Br Mg Fs Ai Plaza’s effective ownership Asset/Project Location Nature of asset Size m 2 (GLA) % Status* Belgrade Plaza Belgrade, Serbia Apart-hotel and 70,000 (GBA) 100 Construction scheduled to business center with commence in 2012; completion a shopping gallery scheduled for 2014 Sport Star Plaza Belgrade, Serbia Retail and 45,000 100 Construction scheduled to entertainment scheme commence in 2012; completion scheduled for 2014 Kragujevac Plaza Kragujevac, Retail and 22,000 100 Construction commenced in Q4 Serbia entertainment scheme 2010; completion scheduled for H1 2012 Shumen Plaza Shumen, Retail and 20,000 100 Construction scheduled to Bulgaria entertainment scheme commence in 2012; completion scheduled for 2013-2014 Sofia Plaza Sofia, Bulgaria Retail, entertainment 44,000 51 Currently being let to Business Center and office scheme hypermarket operator. Under planning Riga Plaza Riga, Latvia Retail and 49,000 50 Operating; opened in entertainment scheme March 2009 Helios Plaza Athens, Greece Retail and 26,000 100 Construction scheduled to entertainment scheme commence in 2012; completion scheduled for 2014 Koregaon Park Pune, India Retail, entertainment 110,000 (GBA) 100 Construction commenced and office scheme in late 2007; expected mall completion in H2 2011 Kharadi Pune, India Office scheme 165,000 (GBA) 50 Construction commenced in late 2010; expected completion in 2011-2014 Trivandrum Trivandrum, Retail, entertainment, 195,000 (GBA) 50 Under planning India office and apart-hotel scheme Bangalore Bangalore, India Mixed-use multi-level 320,000 (GBA) 23.75 Under planning; construction residential units scheduled to commence in and villas late 2011; completion scheduled for 2012-2017 Chennai Chennai, India Mixed-use of high- 800,000 (GBA) 38 Under planning; construction quality villas and scheduled to commence in high-rise residential 2012; completion scheduled buildings with local for 2013-2015 retail facility Kochi Island Kochi, India High-end residential 575,000 (GBA) 23.75 Under planning apartment buildings, office complexes, a hotel and serviced apartments complex, retail area and a marina * All completion dates of the projects are subject to securing external financing. Plaza Centers N.V. Annual report 201037
Page 1 and 2: Plaza Centers Annual report 2010 Su
Page 3 and 4: Overview Who we are O Br Mg Fs Ai W
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: O Br Mg Fs Ai Over the course of th
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
Page 53 and 54: Management and governance Corporate
Page 55 and 56: O Br Mg Fs Ai • Best Practice Pro
Page 57 and 58: O Br Mg Fs Ai Among other matters,
Page 59 and 60: Management and governance Risk mana
Page 61 and 62: O Br Mg Fs Ai • Real estate valua
Page 63 and 64: 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 and 116:
O Br Mg Fs Ai Liquidity risk The fo
Page 117 and 118:
O Br Mg Fs Ai Interest rate risk Pr
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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