Annual report 2010 - plazacenters

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Business review Valuation summary by King Sturge LLP as at December 31, 2010 Market value Market value Market value of Market value of upon completion upon completion the land and project the land and project December 31, 2010 December 31, 2009 December 31, 2010 December 31, 2009 Country Project name € € € € Hungary Arena Plaza extension 64,270,000 64,270,000 9,100,000 9,500,000 Dream Island 467,225,000 410,400,000 62,865,000 71,900,000 David House 4,180,000 4,180,000 4,180,000 4,180,000 Uj Udvar 3,045,000 3,220,000 3,045,000 3,220,000 Poland Kielce Plaza 89,300,000 88,100,000 6,500,000 6,600,000 Torun Plaza 100,000,000 100,600,000 25,000,000 15,100,000 Suwałki Plaza 48,000,000 53,800,000 48,000,000 24,200,000 Lodz (Resi) 252,600,000 252,600,000 12,600,000 10,800,000 Lodz Plaza 114,500,000 110,200,000 8,500,000 7,300,000 Zgorzelec Plaza 24,000,000 30,400,000 24,000,000 16,600,000 Leszno Plaza 5,800,000 4,500,000 2,000,000 1,500,000 Czech Republic Prague 3 156,700,000 154,720,000 16,180,000 16,490,000 Liberec Plaza 33,710,000 37,010,000 33,710,000 37,010,000 Roztoky 19,260,000 23,800,000 3,100,000 3,100,000 Romania Csiki Plaza 26,800,000 26,800,000 14,580,000 14,800,000 Timisoara Plaza 95,100,000 95,600,000 16,400,000 16,910,000 Casa Radio Plaza 772,535,000 693,100,000 182,400,000 181,600,000 Iasi Plaza 113,800,000 113,800,000 17,500,000 17,400,000 Slatina Plaza 32,500,000 32,500,000 2,020,000 2,030,000 Palazzo Ducale 1,900,000 1,900,000 1,900,000 1,900,000 Targu Mures Plaza 55,900,000 55,900,000 6,070,000 6,100,000 Constanta Plaza 19,900,000 19,900,000 11,250,000 11,060,000 Hunedoa ra Plaza 26,000,000 26,000,000 2,990,000 2,990,000 Latvia Riga Plaza 50,500,000 51,000,000 50,500,000 51,000,000 Greece Helios Plaza 125,900,000 138,600,000 34,300,000 38,400,000 India Koregaon Park 89,990,000 78,860,000 59,425,000 36,190,000 Kharadi Plaza 66,675,000 55,070,000 19,000,000 12,600,000 Trivandrum Plaza 50,010,000 51,590,000 10,100,000 10,210,000 Bangalore 153,200,000 143,500,000 49,090,000 49,070,000 Chennai 219,145,000 203,010,000 20,965,000 20,150,600 Kochi Island 155,013,000 135,230,000 3,335,000 2,460,000 Bulgaria Shumen Plaza 37,568,000 40,650,000 6,070,000 6,430,000 Sofia Plaza business center 44,480,000 45,900,000 7,466,000 7,790,000 Serbia Belgrade Plaza 162,400,000 162,400,000 24,800,000 24,300,000 Sport Star Plaza 117,000,000 165,800,000 20,400,000 19,600,000 Kragujevac Plaza 54,300,000 61,700,000 21,400,000 17,600,000 Total 3,853,208,000 3,737,000,000 840,741,000 778,000,000 Notes All values of land and project assume full planning consent for the proposed use. Plaza Centers has a 50% interest in the Riga Plaza shopping center development. Plaza Centers has a 35% interest in the Uj Udvar shopping center development. Plaza Centers has a 50% interest in Kharadi Plaza and Trivandrum Plaza. Plaza Centers has a 43.5% interest in Dream Island. Plaza Centers has a 75% share of Casa Radio Plaza. Plaza Centers has a 23.75% share of Bangalore. Plaza Centers has a 38% share of Chennai. Plaza Centers has a 23.75% share of Kochi Island. Plaza Centers has a 51% interest in Sofia Plaza business centre. All the figures reflect Plaza’s share. 44 Plaza Centers N.V. Annual report 2010
Management and governance Management structure O Br Mg Fs Ai Plaza Centers’ Board Mordechay (Motti) Zisser Chairman Ran Shtarkman President & CEO Executive directors • Oversight of Company strategy and all project development decisions • Wide-ranging property development expertise Shimon Yitzhaki Director Marco Wichers Director Edward Paap Director Marius van Eibergen Santhagens Director • Review and approval of business plan and budgets • Active management and monitoring of development risks Senior management Uzi Eli General Counsel Ran Shtarkman President & CEO Roy Linden CFO Functional Management Support Ami Hayut Chief Engineer • Experienced property development professionals with global property development expertise • Responsible for sourcing development projects • Development of business plans • Overseeing the management of development projects Local country management Eli Mazor Country Director (Poland & Latvia) Regional Marketing Director (Europe) Yossi Ofir Country Director (India) Sagiv Meger Country Director (Czech Republic & Serbia) Daniel Belhassen Country Director (Bulgaria & Greece) Head of shopping centers management Luc Ronsmans Country Director (The Netherlands & Romania) Alexander L. Berman Country Director (USA) • Extensive local experience • Cultivating connections within market to source opportunities • Day-to-day management of local operations and developments Plaza Centers N.V. Annual report 201045
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 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: O Br Mg Fs Ai increased rental reve
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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