Plaza Centres Plc

Earnings Release • Aug 1, 2019

Company Announcement

Plaza Centres plc (the "Company")

Announces approval of the Interim Financial Statements

Date of announcement	1 August 2019
Reference	PZC 169/2019
In Terms of Chapter 5 of Listing Rules

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

QUOTE

During the meeting of the Board of Directors of the Company held on Wednesday 31 July 2019, the Company's interim financial statements for the six months ended 30 June 2019 were approved.

The interim financial statements are attached herewith and are also available for viewing at the registered office of the Company.

UNQUOTE

Signed:

Louis de Gabriele Company Secretary

Plaza Centres p.l.c.

Level 6 - 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 2019

The following Half-Yearly Report is being published pursuant to the Matte Financial Services Authority Listing Rules. The condensed interim financial information has been extracted financial statements for the six months ended 30 June 2019. The I'nancial information has been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the European in the preparation of the Half-Yearly Report are consistent with the annual financial statements for the year ended 31 December 2018, with the exception of the adoption of IFRS 16 'Leases' which the Group adopted on the Group's Half-Yearly financial information was not material for disclosure purposes. Further details on this newly adopted accounting policy have been alreancel statements for the year ended 31 December 2018. 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 ending 30 June 2019.

Principal activities

The Group's principal activity, which is unchanged since last year, is to lease, manage and market the Plaza Shopping and Commercial Centre (owned by the Parent Company) and the Tigne Place Commercial Property (owned by the subsidiary, Tigne Place Limited).

Group Financial results

The Group generaled revenue for the period of €1,716,479 (2018) an increase of 9.98%, whilst EBIDTA increased by 13.43% to €1,404.200 (2018: €1,238,009). Profit before tax increased by 27,5% to €740,823). The Group ocupancy at 30 June 2019 was 91% (30 June 2018, 87%).

Now that the refurbishment works at Tigne Place been completed, the subsitiating more towards the group's revenues. The -Directors do not anticipate a significant change in the next six months, although they remain alset to external market factors.

The Board of Directors does not recommend the payment of an interim dividend (2018: Nil).

Condensed Statements of Financial Positio

	As at 30 June 2019	December 2018	As at 31 As at 30 June 20119	As at 31 December 2018
	Group		Company
ASSETS	e	€	0	€
Non current assets - property, plant and equipment Other non-current assets	44,960,177 25,636	45,044,982	34,183,642 5,378,508	34,244,982 5,303,059
Current assets	837,268	991,632	1,088,438	1,319,684
Total assets	45,823,081	46,036,614	40,650,588	40,867,725
EQUITY AND LIABILITIES Capital and reserves	27,904,726	28,034,949	27,593,614	21,775,982
Non-current liabilities	16,296,016	16.027.917	12,041,117	12,023,473
Current liabilities	1,622,339	1,973,748	1,015,857	1,068,270
Total liabilities	17,918,355	18,001,665	13,056,974	13,091,743
Total equity and liabilities	45,823,081	46,036,614	40,650,588	40,867,725

ondensed Income Statements

	Six months ended 30 June
	2019	2018	2019	2018
	Group			Company
	C	€	每	€
Revenue and other operating income	1,716,479	1,560,698	1,369,788	1,251,670
Marketing, maintenance and administrative costs	(312,189)	(322,689)	(302,488)	(302,572)
Operating profit before depreciation	1,404,290	1,238,009	1,067,300	949,098
Depreciation	(266,978)	(262,540)	(190,731)	(188,249)
Operating profit	1,137,312	975,469	876,569	760,849
Investment and other related income	34,951	(2,800)	34,951	(2,800)
Net finance costs	(227,741)	(231,846)	(65,208)	(64,980)
Profit before tax	944,522	740,823	846,312	693,069
Tax expense	(243,631)	(196,509)	(197,564)	(179,795)
Profit for the year - total comprehensive income	700,891	544,314	648,747	513,274
Earnings per share (cents)	2c5	1c9

Share
capital	Share premium	Revaluation reserve	Retained earnings	Total equity
€	e	€	C	€
5,648,400	3,094,868	16.050.702	2,830,884	27,624,854
		(21,619)	565,933	544,314
			(831,112)	(831,112)
5,648,400	3,094,868	16,029,083	2,565,705	27,338,056
	3.094.868	16,169,315	3,122,366	28,034,950
			700,891	700,891
			(831,115)	(831,115)
5,648,400	3,094,868	16,169,315	2,992,142	27,904,726
	5,648,400

Condensed Statements of Changes in Equity

Company Balance at 1 January 2018 Total comprehensive income for the interim period Dividends relating to 2017 Balance at 30 June 2018	Share capital C 5,648,400 5,648,400	Share premium (3) 3,094,868 3,094,868	Revaluation reserve 16,050,702 (21,619) 16,029,083	Retained earnings e 2,855,641 534,893 (831,112) 2,559,422	Total equity e 27,649,611 513 274 (831,112) 27,331,773
Balance at 1 January 2019 Total comprehensive income for the interim period Dividends relating to 2018 Balance at 30 June 2019	5,648.400 5,648,400	3,094,868 3,094,868	16,022,391 16,022,391	3.010,322 648,747 (831.115) 2,827,954	27,775,981 648,747 (831.115) 27,593,614

Condensed Statements of Cash Flows

	Six months ended 30 June
	2019	2018	2019	2018
		Group		Company
	23	€	C	€
Net cash generated from operating activities	750.161	1.348.505	513,692	985,277
Net cash generated from/(used in) investing activities	82.520	(306.455)	74,630	(256,627)
Net cash used in financing activities	(911,435)	(1.164.350)	(831,115)	(831,115)
Net movement in cash and cash equivalents	(78,754)	(122.300)	(242,793)	(102.465)
Cash and cash equivalents at beginning of interim period	218.565	503.400	46.601	256.817
Cash and cash equivalents at end of interim period	139.811	381,100	(196.192)	154.352

Statement Pursuant to Listing Rule 5.75.3 issued by the Listing Authority

We confirm that to the best of our knowledge:

1. The contensed intern financial nice a tue and fair view di the company as at 30 lune 2019, and di financial pendorinene
   'Interim Financial Reporting' (IAS 34);

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

Etienne Sciberras Chairman of the Audit Committee

Charles J.Farrugia Chairman of the Board of Directors 31 July 2019