Plaza Centres plc - Full-Year Results

On 13 March, Plaza Centres plc published its preliminary results for the financial year ended 31 December 2012.

Performance Review

During 2012, Plaza generated €2.25 million in revenue representing a 2.4% increase over the previous year’s figure despite a dip in average occupancy to 84% compared to 92% in 2011. The lower occupancy is due to the vacation of certain office space in June 2012. Occupancy levels are expected to start recovering in the second quarter of 2013.

Administrative, maintenance and marketing costs amounted to €0.37 million in 2012, up by 3.3% over the previous year’s figures resulting in a slightly higher cost to income ratio of 33% compared to 32.7% in 2011.

Nonetheless, earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to €1.88 million representing a 2.2% increase over the previous year’s figure.

Similarly, operating profit improved by 1.8% to €1.5 million despite a 3.8% increase in depreciation to €0.37 million.

After accounting for an interest expense of €0.18 million (2011: €0.17 million), the Company’s profit before tax amounted to €1.33 million representing a 1.4% increase over the previous year’s comparable period.

The tax charge for 2012 is 6.8% higher than the comparable 2011 figure at €0.51 million leading to a net profit of €0.82 million which is 1.7% below the €0.84 million profit registered in 2011. This translates into an earnings of €0.0291 per share.

Dividend

The slight decline in profitability was reflected in a marginally lower net dividend of €0.0247 per share (2011: €0.0251) with the payout ratio remaining stable at the 85% level. Shareholders as at close of trading on Friday 26 April will be entitled to this dividend which will paid on 5 June subject to approval by shareholders at the upcoming Annual General Meeting scheduled to be held on 31 May.

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Plaza Centres plc – 2012 Preliminary Profit Statement

Plaza Centres plc – Errata Corrige on Preliminary Profit Statement