Annual report 2010 - plazacenters

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Financial statements Notes to the consolidated financial statements continued Note 5 – Cash and cash equivalents Interest rate as of December 31, December 31, December 31, 2010 2009 Bank deposits and cash denominated in 2010 €’000 €’000 Mix of fixed and floating interest rates between 0-4.3% EURO (“EUR”) – see (1) below 111,789 101,165 Hungarian Forints (HUF) 0%-5.5% 422 2,112 Polish Zlotys (PLN) 0%-3.7% 6,171 8,744 Czech Crowns (CZK) 0%-0.8% 458 2,322 Indian Rupee (INR) 0%-6.5% 3,282 2,105 Latvian Lats (LVL) Mainly 0.6% 226 541 United States Dollar (USD) 0.25%-0.75% 14,587 2,377 Romanian Lei (RON) Mainly 0% 285 2,972 Serbian Dinar (RSD) Mainly 0% 23 253 New Israeli Shekel (NIS) 0% 541 5 In other currencies 0% 17 – Total 137,801 122,596 1 As at December 31, 2010, cash in banks is deposited for periods between overnight deposits and three months deposits. The Group has deposits in several commercial banks. Fixed deposits bear interest rates varying between 0.2% and 4.3%, while floating deposits bear overnight interest rates, as determined by the EONIA overnight interest benchmark. The Group’s exposure to interest rate risk and a sensitivity analysis for financial assets and liabilities are disclosed in note 35. Note 6 – Restricted bank deposits Interest rate as of December 31, December 31, December 31, 2010 2009 2010 €’000 €’000 Short-term restricted bank deposits In EUR See 1 and 4 below 23,635 37,456 In USD 0% 1,333 – In PLN See 2 below 3,273 1,490 In HUF MNB-0.5%* 1,713 – In other currencies 0% – 256 Total short term 29,954 39,202 Long-term restricted bank deposits In EUR see 3 below 13,469 14,336 In other currencies 0% 2,282 401 Total long term 15,751 14,737 * Hungarian National Bank base rate As of December 31, 2010, the Group pledged the above restricted bank deposits to secure banking facilities received, to secure acquisition and construction activities to be performed by the Group, or as guarantees for non-qualified hedging instruments. 1 As of December 31, 2010, EUR 10.6 million are restricted in respect of bank facilities agreements signed to finance Projects in Serbia, Poland, Romania, Hungary, Latvia and the Czech Republic. This amount carries an annual interest rate ranging between 0% and 4.3%. An additional amount of EUR 2.9 million is cash in restricted deposit in respect of the swap transactions (see note 16). This amount bears an interest of between 0.2% and 1.2%. Another EUR 1 million are restricted in respect of Interest Rate Swap (“IRS”) performed in connection with bank facility agreement in Serbia (refer to note 16). 2 As of December 31, 2010 an amount of PLN 9.2 million (EUR 2.3 million) is cash in a restricted account in respect to the purchase of one of the Company’s projects in Poland. This amount bears an interest between 80% of the Warsaw Interbank bid rate (WIBID) and 3.5%. Other restricted cash is in respect of restriction due to bank facilities requirements in a total amount of PLN 4 million (EUR 1 million), which bears interest of 3.3% per annum. 3 As of December 31, 2010 an amount of EUR 11.5 million is restricted in respect of the EUR/NIS cross currency IRS transactions (see note 16). The deposits are carrying fixed interest rates ranging between 0.2%-1.2%. An additional EUR 2 million is restricted in respect of the EUR/PLN cross currency IRS transaction (see note 16). 4 An amount of EUR 9.1 million is restricted in respect of investment in long-term financial instruments (see note 11). This amount is carrying an interest rate of one month EUR Libor. The Group’s exposure to interest rate risk and a sensitivity analysis for financial assets and liabilities are disclosed in note 35. 88 Plaza Centers N.V. Annual report 2010
O Br Mg Fs Ai Note 7 – Available-for-sale financial assets Available-for-sale financial assets (“AFS”) consist of mainly perpetual securities, notes and corporate bonds securities. AFS have stated fixed or no fixed redemption or maturity date. Information on performance of AFS: December 31, December 31, 2010 2009 €’000 €’000 Interest income from AFS 1,379 586 Gain (loss) from selling AFS 724 (71) Premium amortization 497 224 2,600 739 Note 8 – Trade receivables December 31, December 31, 2010 2009 €’000 €’000 Trade receivables1 6,247 3,034 Less – Allowance for doubtful debts2 (2,183) (1,114) 4,064 1,920 1 As of December 31, 2010 includes an amount of EUR 2.4 million relating to US operations. 2 Increase in allowances created during 2010 in the amount of EUR 1.7 million, mainly due to operations in the US (approximately EUR 1 million), Latvia, Czech Republic, and Poland. An allowance of EUR 0.6 million was written off (mainly due to US operations). Note 9 – Other receivables and prepayments December 31, December 31, 2010 2009 €’000 €’000 Advances for plot purchase1 33,090 27,339 Advances to suppliers2 3,028 7,882 Prepaid expenses 711 603 VAT receivables3 3,323 10,744 Related parties 1,185 513 Loans to partners in jointly controlled entities 3,379 5,013 Accrued interest receivable 2,027 1,560 Others 1,085 464 47,828 54,118 1 As of December 31, 2010, including mainly advance payments in the amount of EUR 31.8 million for the purchase of plots in India, as part of the Joint Venture with EI (refer also to notes 37). Out of this amount, an amount of EUR 4.7 million is guaranteed by EI. 2 As of December 31, 2010 including mainly advance payments to general contractors in India. 3 As of December 31, 2010, VAT receivable is mainly due to projects in Romania (EUR 1 million) and Poland (EUR 1 million). Plaza Centers N.V. Annual report 201089
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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
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
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: O Br Mg Fs Ai The current lack of c
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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