Plaza Centres Plc

Earnings Release • Jul 31, 2012

Company Announcement

Approval of the Interim Financial Statements

Date of announcement	31 July 2012
Reference	PZC88/2012

The following is a company announcement issued by Plaza Centres plc ("The Company") pursuant to the Malta Financial Services Authority Listing Rules.

QUOTE

The Board of Directors of Plaza Centres p.l.c. met on Tuesday 31 July 2012 and approved the Company's Interim Financial Statements for the six months ended 30 June 2012. A Preliminary Statement of Interim Results is attached in terms of the Listing Rules.

The Interim Financial Statements are available for viewing on the Company's website at www.plaza-shopping.com.

The Board of Directors does not recommend the payment of an interim dividend (2011: Nil).

UNQUOTE

Lionel A.Lapira Company Secretary

Half-Yearly Report for the period ended 30 June 2012

The following Half-Yearly Report is being published pursuant to the terms of Chapter 5 of the Malta Financial Services Authority Listing Rules. The condensed interim financial information has been extracted from the company's unaudited financial statements for the six months ended 30 June 2012. The financial information has been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the European Union. The accounting policies used in the preparation of the Half-Yearly Report are consistent with those used in the annual financial statements for the year ended 31 December 2011. This Half Yearly Report has not been audited nor reviewed by the company's independent auditors.

Interim Directors' Report

The Directors have the pleasure of reporting the company's financial results for the six months ended 30 June 2012.

Revenue for the period was €1,122,374 (2011: €1,069,598) an increase of 4.93%, whilst profit before tax amounted to €685,013 (2011: €625,275) representing an increase of 9.55% when compared to 2011. Profit after tax increased by 7.24% to €423,969 (2011: €395,359). Occupancy for the period remained high at 91% (2011: 91%) in spite of an increase of 1,700 s.m. in rentable area following the completion of Extension III in March 2011. As announced in the Interim Directors' Statement in May 2012, occupancy levels may reduce at the end of August 2012 following the termination of a lease of an office tenant occupying a large area. The company is negotiating new lease contracts for this area. The company's costs were maintained at satisfactory levels and the 2012 cost to income ratio decreased marginally to 32.3% (2011: 34.9%). In line with its growth plans, the company will continue to look at new opportunities for expansion.

During the period the company re-denominated its share capital through the capitalisation of €1,262,662 from retained earnings, as announced in May 2012, thus increasing the issued share capital from €4,385,738 to €5,648,400. The disclosure of the earnings per share for the comparative period has been restated accordingly.

The Directors do not anticipate a significant change in the company's performance in the next six months, although they remain attentive to external market factors.

The Board of Directors does not recommend the payment of an interim dividend (2011: Nil).

Condensed Statement of Financial Position
	As at 30 June 2012	As at 31 December 2011
Assets	€	€
Non-current assets - Property, plant and equipment	27,918,598	27,988,855
Current assets	297,376	317,854
Total assets	28,3215,974	28,306,709
EQUITY AND LIABILITIES
Capital and reserves	20,077,614	20,363,787
Non-current liabilities	6,069,382	6,264,252
Current liabilities	2,068,978	1,678,670
Total liabilities	8,138,360	7,942,922
Total equity and liabilities	28,215,974	28,306,709

Condensed Income Statement

		Six months ended
	30 June 2012	30 June 2011
	€	€
Revenue	1,122,374	1,069,598
Marketing, maintenance and administrative costs	(175,738)	(196,429)
Operating prot before depreciation	946,636	873,169
Depreciation	(186,524)	(176,888)
Operating prot	760,112	696,281
Net nance costs	(75,099)	(71,006)
Prot before tax	685,013	625,275
Tax expense	(261,044)	(229,916)
Prot for the period	423,969	395,359
Earnings per share (cents)	1c5	1c4

Condensed Statement of Comprehensive Income

		Six months ended
	30 June 2012	30 June 2011
	€	€
Total comprehensive income for the period	423,969	395,359

Condensed Statement of Changes In Equity
	Share capital Share premium account		Revaluation reserve	Retained earnings	Total
	€	€	€	€	€
Balance at 1 January 2011	4,385,738	3,094,868	10,498,075	2,257,440	20,236,121
Total comprehensive income for the interim period	-	-	(5,625)	400,984	395,359
Dividends relating to 2010	-	-	0	(707,795)	(707,795)
Balance at 30 June 2011	4,385,738	3,094,868	10,492,450	1,950,629	19,923,685
Balance at 1 January 2012	4,385,738	3,094,868	10,486,827	2,396,354	20,363,787
Total comprehensive income for the interim period	-	-	(5,625)	429,594	423,969
Re-denomination of share capital through capitalisation of reserves	1,262,662	-	-	(1,262,662)	-
Dividends relating to 2011	-	-	-	(710,142)	(710,142)
Balance at 30 June 2012	5,648,400	3,094,868	10,481,202	853,144	20,077,614

Condensed Statement of Cash Flows

		Six months ended
	30 June 2012	30 June 2011
	€	€
Net cash ows generated from operating activities	468,167	447,104
Net cash ows used in investing activities	(104,635)	(188,898)
Net cash ows used in nancing activities	(849,287)	(397,585)
Net movement in cash and cash equivalents	(485,755)	(139,379)
Cash and cash equivalents at beginning of interim period	(610,934)	(1,080,156)
Cash and cash equivalents at end of interim period	(1,096,689)	(1,219,535)
Statement Pursuant to Listing Rule 5.75.3 issued by the Listing Authority

We confirm that to the best of our knowledge:

1. The condensed interim financial information gives a true and fair view of the financial position of the company as at 30 June 2012, and of its financial performance and its cash flows for the period then ended in accordance with International Financial Reporting Standards as adopted by the EU applicable to 'Interim Financial Reporting' (IAS 34);

2. The Interim Directors' Report includes a fair review of the information required in terms of Listing Rules 5.81 to 5.84.