Plaza Centres Plc

Earnings Release • Jul 22, 2022

Company Announcement

Plaza Centres plc (the "Company")

Announces approval of the Interim Financial Statements and dividend recommendation

Date of announcement	22 July 2022
Reference	PZC 232/2022
In Terms of Chapter 5 of Capital Markets Rules

The following is a Company Announcement issued by Plaza Centres plc ('The Company') pursuant to the Malta Financial Services Authority Capital Markets Rules:

QUOTE

Following a meeting of the board of directors held earlier today, Plaza Centres plc approved its interim financial statements for the six months ended 30 June 2022.

A copy of the said interim financial statements can be viewed either on the Company's web portal: https://plaza-shopping.com/investors-info, or as per the attached copy.

The Directors have also resolved to declare an interim net dividend to shareholders of €250,000 equivalent to €0.0098 per share.

The cut-off date for eligibility to dividends shall be the 5 August 2022 and that accordingly only shareholders on the register of members on that date shall be eligible to receive the dividend which will be paid on the 19 August 2022.

UNQUOTE

Signed:

Louis de Gabriele Company Secretary

Plaza Centres p.l.c.

Level 3 - The Plaza Commercial Centre Bisazza Street, Sliema SLM 1640, Tel: 21343832/3/4 Fax: 21343830 E-mail: info@plazamalta.com; www.plaza-shopping.com

Half-Yearly Report for the period ended 30 June 2022

The following Half-Yearly Report is being published pursuant to the terms of Chapter 5 of the Malta Financial Services Authority Capital Markets Rules. The condensed interim financial information has been extracted from the group's unaudited financial statements for the six months ended 30 June 2022. The interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2021, which have been prepared in accordance with IFRSs 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 2021. This Half-Yearly Report has not been audited nor reviewed by the company's independent auditors.

Interim Directors' report

The Directors hereby present the company's financial results for the six months ending 30 June 2022.

Principal activities

The Group's principal activity, is to lease, manage and market the Plaza Shopping and Commercial Centre (owned by the Parent Company).

During the month of June, a 51% owned subsidiary company, named Esports Avenue Limited, was incorporated. Over the next 12 months, the Group does not expect that this new venture will contribute significantly to the Group's results. Esports Avenue Limited will be leasing150sqm of retail space within The Plaza Shopping Centre which area features an Esports lounge and a fully fledged cutting edge studio attached to it, which combination is a first in the local Esports industry. The company started operating mid-July and the aim of this company is to combine the family fun aspect with the professional side of Esports, meaning that families and friends can enjoy popular Esport games and have fun together. The facility is also equipped to host professional teams who can rent the whole area for private bootcamps, training, tournaments and more. The space is also intended to bea hub for Esports education for adults and children alike.

Group Financial results

During the first six months of the year, the Group generated revenue of €1,434,877 (2021: €1,152,621) an increase of 24.49%, whilst EBIDTA increased by 33.93% to €1,070,553 (2021: €799,323). Profit before tax increased by 55.7% to €679,011 (2021: €436,116). During the previous financial period the parent company, Plaza Centres plc, received an extraordinary dividend of €3,350,000 from the subsidiary company, Tigne Place Limited. During the current period, the Group continued with the bond redemption exercise and redeemed a further €1,670,000 of its unsecured bonds (2021: €100,000)

The Group's occupancy at 30 June 2022 was 90% (30 June 2021: 83%). As from last December the office levels have been fully occupied. During the first few months of this year, there was further enchancement of the tenant mix within the Plaza Commercial Centre, mainly on level 0. These additions mainly refer to F45, a global fitness community with more than 3,000 gyms around the world, specializing in innovative, high-intensity group workouts that are fast, fun and result-driven and Esports Plaza, referred to above.

The Directors do not anticipate a significant change in the Group's performance in the next six months. Although the Board remains cautious due to the prevailing economic challenges and the potential risk of a more COVID-19 virus strain emerging.

Condensed Statements of Financial Position

30 20 10 At Ju ne	As at 30 Ju 202 2 ne	As 31 at De ber 20 21 cem	As at 30 Ju 202 2 ne	As 31 at De ber 20 21 cem
	Gr ou	p	Co mp an y
AS SE TS	€	€	€	€
No lan nd uip ent set ty, t a nt n c urr as s - pro per p eq me Oth nt a ts er non -cu rre sse Cu nt a ts rre sse	32, 157 ,19 9 1,6 35, 046 2,9 28 ,43 1	32 ,31 9,1 71 2,9 52 ,07 7 3,3 48 ,70 4	32, 157 ,19 9 1,7 86, 046 2,8 28 ,26 1	32 ,31 9,1 71 3,0 52 ,07 7 3,3 48 ,53 4
To tal set as s	36, 720 ,67 6	38 ,61 9,9 52	36, 77 1,5 06	38 ,71 9,7 82
EQ UIT Y A ND LI AB ILIT IES Ca ital d r p an ese rve s	26 ,63 7,1 57	26 ,83 0,0 04	26 ,55 7,8 16	26 ,79 9,6 64
No lia bili ties ent n-c urr	8,9 06, 00 1	10, 562 ,73 5	8,9 06, 00 1	10, 562 ,73 5
Cu nt l iab ilitie rre s	1,1 77, 518	1,2 27 ,21 3	1,3 07, 689	1,3 57 ,38 3
To tal liab ilitie s	10, 083 ,51 9	11, 789 ,94 8	10, 213 ,69 0	11, 920 ,11 8
To tal uit nd lia bil itie eq y a s	36, 720 ,67 6	38 ,61 9,9 52	36, 1,5 06 77	38 ,71 9,7 82

Condensed Income Statements and Statements of Other Comprehensive Income

	Six ths de d 3 0 J m on en un e
	202 1	202 0	202 1	202 0
	Gr ou p		Co mp	an y
	€	€	€	€
Re ve nu e	1,4 34, 877	1,1 52 ,62 1	1,4 34, 877	1,1 52 ,62 1
Ma rke ting ain ten nd ad min istr ativ ost , m anc e a e c s	( 4) 364 ,32	( 8) 353 ,29	( 4) 364 ,32	( 7) 348 ,47
Op rof efo tin it b de cia tio era g p re pre n	1,0 70, 553	799 ,32 3	1,0 70, 553	804 ,14 4
De cia tion pre	( 244 ,73 9)	( 245 ,09 7)	( 244 ,73 9)	( 245 ,09 7)
Op tin rof it era g p	825 ,81 4	554 ,22 6	825 ,81 4	559 ,04 7
Inv est nt a nd oth rela ted inc me er om e	6,7 09	46 ,63 3	6,7 09	3,3 96 ,63 3
Ne t fin ost anc e c s	( 153 ,51 1)	( 164 ,74 3)	( 153 ,51 1)	( 164 ,76 3)
Pro fit bef ta ore x	679 ,01 1	436 ,11 6	679 ,01 1	3,7 90 ,91 7
Ta x e xpe nse	( 218 ,04 0)	( 170 ,09 9)	( 218 ,04 0)	( 170 ,09 9)
Pro fit for th eri od e p	460 ,97 1	266 ,01 7	460 ,97 1	3,6 20 ,81 8
Ea rni sh (c ts) ng s p er are en	1c8	1c0
Pro fit for th eri od e p Ot he he ive in	460 ,97 1	266 ,01 7	460 ,97 1	3,6 20 ,81 8
r c om pre ns co me : Item s th at m be las sifi ed to p rof it o r lo ay rec ss Los fro han in fair of d eb it in str ent t F VO CI ses m c ges va ue um s a	( 102 ,81 9)	245	( 102 ,81 9)	245
To tal reh siv e i fo r th eri od co mp en nco me e p	358 ,15 2	266 ,26 2	358 ,15 2	3,6 21 ,06 3

Co nd d S tat ts of Ch s i n E ity en se em en an ge qu
Gr ou p	Sh are ita l ca p	Tre as ury sh are s r ese rve	Sh are mi pre um	Re lua tio va n res erv e	Re tai ned rni ea ng s	To tal	No tro llin n-c on g int st ere	To tal uit eq y
	€	€	€	€	€	€	€	€
Ba lan 1 J 202 1 at ce an uar y	5,6 48 ,40 0	( 550 ,00 0)	3,0 94 ,86 8	14, 58 1,5 22	3,9 03 ,19 2	26 ,67 7,9 82	-	26 ,67 7,9 82
To tal hen siv e in e fo r th erio d com pre com e p	-	-	-	245	266 ,01 7	266 ,26 2	-	266 ,26 2
Div ide nds lati to 2 020 re ng	-	-	-	-	( 40 0,0 00)	( 40 0,0 00)	-	( 40 0,0 00)
Ba lan at 30 Ju 202 1 ce ne	5,6 48 ,40 0	( 550 ,00 0)	3,0 94, 868	14, 58 1,7 67	3,7 69, 209	26 ,54 4,2 44	-	26 ,54 4,2 44
Ba lan 1 J 202 2 at ce an uar y	5,0 98 ,40 0	-	3,0 94 ,86 8	14, 60 1,3 60	4,0 35 ,37 6	26 ,83 0,0 04	-	26 ,83 0,0 04
To tal hen siv e in e fo r th erio d com pre com e p	-	-	-	( 81 ,17 6)	43 9,3 28	358 ,15 3	-	358 ,15 3
Div ide nds lati to 2 02 1 re ng	-	-	-	-	( 600 ,00 0)	( 600 ,00 0)	-	( 600 ,00 0)
No roll ing int st i ubs idia ( No 1) ont te n c ere n s ry	-	-	-	-	-	-	49 ,00 0	49 ,00 0
Ba lan at 30 Ju 202 2 ce ne	5,0 98, 400	-	3,0 94, 868	14, 520 ,18 4	3,8 74, 704	26 ,58 8,1 57	49 ,00 0	26 ,63 7,1 57
Co
mp an y	Sh are ita l ca p	Tre as ury sh are s r ese rve	Sh are mi pre um	Re lua tio va n res erv e	Re tai ned rni ea ng s	To tal	No tro llin n-c on g int st ere	To tal uit eq y
	€	€	€	€	€	€	€	€
Ba lan at 1 J 202 1 ce an uar y	5,6 48 ,40 0	( 550 ,00 0)	3,0 94 ,86 8	14, 58 1,5 22	515 ,70 8	23 ,29 0,4 98	-	23 ,29 0,4 98
To tal hen siv e in e fo r th erio d com pre com e p	-	-	-	245	3,6 20 ,81 8	3,6 21 ,06 3	-	3,6 21 ,06 3
Div ide nds lati to 2 020 re ng	-	-	-	-	( 40 0,0 00)	( 40 0,0 00)	-	( 40 0,0 00)
Ba lan at 30 Ju 202 1 ce ne	5,6 48 ,40 0	( 550 ,00 0)	3,0 94, 868	14, 58 1,7 67	3,7 36, 526	26 ,51 1,5 61	-	26 ,51 1,5 61
Ba lan at 1 J 202 2 ce an uar y	5,0 98 ,40 0	-	3,0 94 ,86 8	14, 60 1,3 60	4,0 05 ,03 6	26 ,79 9,6 64	-	26 ,79 9,6 64
To tal hen siv e in e fo r th iod com pre com e per	-	-	-	( 81 ,17 6)	43 9,3 28	358 ,15 1	-	358 ,15 1
to 2 02 1 Div ide nds lati re ng	-	-	-	-	( 600 ,00 0)	( 600 ,00 0)	-	( 600 ,00 0)
Ba lan at 30 Ju 202 2 ce ne	5,0 98, 400	-	3,0 94, 868	14, 520 ,18 4	3,8 44 ,36 4	26 ,55 7,8 16	-	26 ,55 7,8 16

Condensed Statements of Cash Flows

	Six ths de d 3 0 J m on en un e
	202 2	202 1	202 2	202 1
	Gr ou p	Co mp an y
	€	€		€
Ne t ca sh ate d f ting tivi ties ge ner rom op era ac	436 ,81 2	452 ,42 0	436 ,81 2	41 7,4 56
Ne sh d/ (us ed in) fro m i stin ctiv itie t ca ate ge ner nve g a s	987 ,92 0	( 3,1 70 ,62 2)	987 ,92 0	34 1,1 31
Ne t ca sh d in fin ing tivi ties use anc ac	( 2,2 72, 983 )	( 512 ,04 0)	( 2,2 72, 983 )	( 512 ,03 9)
Ne t m t in sh d c h e iva len ts ov em en ca an as qu	( 848 ,25 1)	( 3,2 30 ,24 2)	( 848 ,25 1)	246 ,54 8
Ca sh and sh uiv ale beg inn ing of iod nts at ca eq per	2,6 30, 864	4,5 50 ,58 3	2,6 30, 864	1,0 73 ,79 3
Ca sh d c h e iva len ts at d o f p eri od an as qu en	1,7 82, 613	1,3 20 ,34 1	1,7 82, 613	1,3 20 ,34 1

Notes to the Consolidated Condensed Financial Statements

1. Non-controlling interest (NCI)

During the current financial period, Esports Avenue Limited was incorporated and the Group holds 51% of the issued share capital of this company, which in aggregiate amounts to €100,000, and of its voting rights. As at 30 June 2022, since this company had not yet commenced its operations, the NCI of the Group is equivalent to 49% of the company's issued share capital; that is €49,000.

Statement Pursuant to Capital Markets Rule 5.75.3 issued by the Malta Financial Services 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 group and company as at 30 June 2022, and of their financial performance and cash flows for the period then ended in accordance with International Financial Reporting Standards as adopted by the European Union applicable to 'Interim Financial Reporting' (IAS 34);

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

Charles J.Farrugia Chairman of the Board of Directors 22 July 2022

Etienne Sciberras Chairman of the Audit Committee