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LONDON (Alliance News) - Plaza Centers NV on Tuesday said its net asset value decreased in 2015, a result of the increase in the Israeli shekel against the euro, as well as the write-down of assets, mainly in the Czech Republic, Romania and Poland.
The property developer and investor's net asset value fell to EUR114 million from EUR153 million over the course of 2015, Plaza Centers said in a statement. On a per-share basis, net asset value fell to GBP0.12 from GBP0.17. The value of its portfolio fell to EUR392 million from EUR466 million in 2015, mainly due to asset disposals.
Pretax loss narrowed to EUR45.1 million from EUR121.0 million in 2014, as writedowns of trading properties fell to EUR20.3 million from EUR87.5 million.
Plaza Centers reported a consolidated cash position at the end of 2015, including restricted bank deposits, short-term deposits and held-for-trading financial assets, of EUR20.4 million, versus EUR41.7 million one year earlier.
Gearing, a measure of debt exposure, increased to 79% from 74% over the course of 2015, as a result of write-downs and finance costs.
"With the successful sale of non-core assets and subsequent delivery of proceeds to bondholders, together with a stronger operational performance across the shopping and entertainment centres portfolio and several development and asset management milestones achieved, in particular two new building permits in Belgrade and Timisoara, we are pleased with what we have accomplished during the year," Roy Linden, chief financial officer and acting chief executive officer, said in a statement.
"There is still plenty more progress to be made, but our portfolio and underlying business is now in a stronger position and the new management team has a clear mandate for further development in 2016 and beyond," Linden said.
Shares in Plaza Centers were up 8.0% at 1.35 pence at the close Tuesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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