Reklama

PLAZACNTR (PLZ): RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2020

UNI - EN REPORT No

Reklama

16

/

2020

UNI - EN REPORT No16/2020

Plaza Centers N.V. (“Plaza” / “Company” / “Group”) today announces its results for the six months ended 30 June 2020. The financial information for the half year ended 30 June 2020 and 30 June 2019 has neither been audited nor reviewed by the auditors.

Financial highlights:

• Reduction in total assets by €3 million to €53 million mainly due to decrease in Trading properties as detailed below.

• Book value of the Company’s Trading properties decreased by €3 million to €37.4 million over the period, due to disposal (land plot in Romania) in line with the restructuring plan and decrease of the value of Casa Radio project, Romania by €2.4 million.

• Consolidated cash position as of June 30, 2020 increased by circa €1.5 million to app. €2.61 million (December 31, 2019: €1.1 million).

• Revenue from disposal of Trading properties totalled €1.5 million (June 30, 2019: €0.9 million), which is in line with the Company’s disposal program.

• €1.8 million loss recorded at an operating level (June 30, 2019: €0.4 million loss) including write down of trading properties value by €2.4 million and decrease in administrative expenses.

• General & Administrative Expenses reduced to €0.5 million in 2020 due to cost cutting of professional services and manpower (June 30, 2019: €0.7 million).

• Recorded loss of €7.3 million (June 30, 2019: €10.9 million), mainly due to finance expenses on bonds.

• Basic and diluted loss per share of €1.07 (30 June 2019: loss per share of €1.59).

Impact of the Covid-19

During the first half of 2020, the Covid-19 global health and economic crisis was severely affecting business, leading to supply chain disruptions, cash flow problems and, more generally, a sharp drop in activity. Many countries are taking significant steps in trying to prevent the spread of the virus, such as restrictions on civilian movements, gatherings, border closures and the like. The Company monitors the consequences of the event and the actions taken on countries in which it operates and assesses the risks and exposures arising from these consequences. At this stage, the impact of the effect of the COVID 19 included a write off of its assets (refer to Note 5(3) and Notes 6(1) and 6(2) in the interim condensed consolidated financial statements as of June 30, 2020). In addition, the COVID 19 effect caused Elbit Plaza India Real Estate Holdings Limited (a subsidiary held by the Company (50%) and Elbit Imaging Ltd. (50%)) ("EPI") to postpone the closing of the sale of 100% stake in the SPV which owns 74.7 acre plot in Chennai (subsidiary of EPI) (refer to Note 6(2) in the interim condensed consolidated financial statements as of June 30, 2020). The COVID 19 also partly delayed the legal procedures against the purchaser of the SPV which owns the plot in Bangalore India (refer to Note 6(1) in the interim condensed consolidated financial statements as of June 30, 2020). Other than the above mentioned, at this stage, the Company is not able to estimate the full future impact of COVID 19. However, the Company assumes the demand of interested buyers is expected to be smaller, which can have a material impact on the ability of the Company to complete the sale of the plots it owns.

Material events during the period:

Update on disposal of a plot of land in Brasov, Romania:

On February 14, 2020 an indirect subsidiary completed the sale of the plot in Brasov, Romania and signed the definitive agreement for a total consideration of EUR 620,000 following which it received the last instalment of EUR 570,000 (the Company already received a down payment of EUR 50,000 in 2019).

Appointment of the Chairman of the Board of Directors:

On March 23, 2020 Mr. David Dekel was appointed as the non-executive Chairman of the Board of Directors following a meeting of the board held on that date.

Sale agreement of plot in Bangalore, India:

Regarding the criminal cases filed for dishonour of the cheques which were given as security for payment of certain instalments refer to Note 6 (1) in the interim condensed consolidated financial statements as of June 30, 2020.

Until the approval of the financial statements the Purchaser paid to EPI approximately EUR 10.3 million (INR 87.00 crores) (Plaza part INR 43.5 crores (approximately EUR 5.1 million) out of a total consideration of INR 356 crores (approximately EUR 42 million) (Plaza part INR 178 crores (approximately EUR 21 million) the SPV should have been received as of the said date as per the Agreement.

At this stage, there is no clarity on payment of the remaining amount based on the Agreement. Accordingly, the Company is taking necessary steps to protect its interest, including, notice letters that were sent to the Partner, and filing a motion with court in order to collect checks given by the Partner to secure payments under the transaction, but were dishonoured.

Environmental update on Bangalore project - India:

Regarding Environmental update on Bangalore project and the implications on the net realisable value refer to Note 6 (1) in the interim condensed consolidated financial statements as of June 30, 2020.

Sale agreement of plot in Chennai, India:

On February 18, 2020, the Company announced that Elbit Plaza India Real Estate Holdings Limited (a subsidiary held by the Company (50%) and Elbit Imaging Ltd. (50%)) (“EPI”) has received approximately EUR 2.1 million (Plaza part EUR 1.05 million) from the SPV (subsidiary of EPI) which owns the 74.7 acre plot in Chennai, India.

On March 8, 2020 the Company announced that EPI and the Purchaser have reached a revised understanding regarding the amendment of the agreement according to which:

a. The Purchaser paid further INR 5 crores (approximately EUR 0.625 million) and get additional three months to complete the closing before June 3, 2020, which may be extended by another three months upon payment by the Purchaser of an additional deposit of INR 7.5 crores (approximately EUR 0.92 million).

b. If the Purchaser is unable to complete the closing within the aforesaid time periods, then the parties will mutually appoint an international real estate consulting firm for the purpose of identifying a third-party buyer within a period of six months.

On June 2, 2020 the Company announced that in light of the ongoing lockdown due to COVID-19, the Purchaser has sought additional time for closing (currently set for June 2, 2020) and the parties have reached to a revised understanding as follows:

a. The Purchaser requests and gets an extension of 3 months to complete the closing (i.e. up to September 2, 2020) without an additional payment of INR 7.5 crores. The Purchaser will have an option to extend this period of time by another 3 months (i.e., up to December 2, 2020) upon paying additional deposit of INR 7.50 crores (Plaza part INR 3.75 crores (approximately EUR 0.9 million)).

b. As of this date, the Purchaser has deposited in the SPV a total of INR 25 crores (approximately EUR 3.1 million) (the "Deposits"), out of which EPI has already received approximately EUR 2.1 million (Plaza part EUR 1.05 million), as detailed in the press release dated February 18, 2020.

c. If the Purchaser is unable to complete the closing within the aforesaid time periods, then the parties will mutually appoint an international real estate consulting firm for the purpose of identifying a third-party buyer within a period of six months.

At this stage, there is no certainty that the SPA closing will occur.

Motion to reveal and review internal documents:

In March 2018, a Shareholder of the Company has filed a motion with the Financial Department of the District Court in Tel-Aviv to reveal and review internal documents of the Company and of Elbit Imaging Ltd., with respect to events surrounding that certain agreements that were signed by the company (the "Motion"). On February 16, 2020, a Court verdict was received according to which the Motion was erased without any order for the payment of expenses. The Judge stated that the Motion had resulted in the plaintiff, had received certain of the requested documents and that he would not be receiving any more documents as part of the present proceedings, and therefore there is no longer dispute between the parties in connection with the Motion. The Judge further noted that the plaintiff and the Company are free to act as they deem fit with respect to the possibility of filing a future lawsuit based on some or all the grounds specified in the Motion.

As of today, the parties are considering filing a lawsuit as mentioned above.

The Final Price adjustment of Belgrade Plaza:

Further to Note 17(10) of the annual consolidated financial statements as of December 31, 2019, the Company announced on June 8, 2020 that it signed together with a fully owned subsidiary a final settlement and waiver agreement with the purchaser of the SPV holding the shopping and entertainment centre in Belgrade (the "Purchaser", the "Settlement" and the "Project", accordingly) according to which the Purchaser will pay a final amount (including the last payment for the stands and signage) of EUR 830,000 (the “Settlement Amount”) which will be the final amount that should be paid to the Company under the share purchase agreement between the parties for the sale of the Project, dated January 26, 2017 (the "SPA").

As previously disclosed, in November 2019, the Company received technical review prepared by a consultancy firm which detailed the proposed investments to be performed in the Project (the "Technical Review Report"). Following the execution of the Settlement, all rights and/or claims and/or demands that the Purchaser may have towards the Company and/or any of its Affiliates with respect to the addendum to the SPA (which the parties entered into on September 11, 2017) and to the Technical Review Report shall automatically, irrevocably and unconditionally be waived without any further action or notice.

The Settlement amount was paid to the Company on June 15, 2020.

Deferral of payment of Debentures and partial interests’ payment:

Refer to the below in Liquidity & Financing.

Dutch statutory auditor:

Refer to Note 7(g) in the interim condensed consolidated financial statements as of June 30, 2020.

Key highlights since the period end:

Annual General Meeting and the Meeting of Independent Shareholders:

Annual general meeting of the Shareholders of the Company was held on July 29, 2020, all the proposed resolutions were passed.

Meeting of Independent Shareholders of the Company was held on July 29, 2020, all the proposed resolutions were passed.

Sale agreement of plot in Bangalore, India:

Refer to the above section regarding the SPA signed and steps taken by the Company.

Commenting on the results, executive director Ron Hadassi said:

“Our active focus has continued to centre on asset disposals, continuing efforts in connection with Casa Radio Project in order to receive a Government Decision confirming to transfer the shares to AFI Europe N.V. as well as amendment of the PPP Agreement in line with the agreement signed with AFI Europe N.V. and realize the projects in India, generating cash flows, material cost cutting, tight budget control and the optimisation of the business with the aim of satisfying our obligations to our bondholders. In addition, we intend to request the bondholders’ approval to postpone the repayment of the bonds from January 1, 2021 (the final redemption date) in order to allow us to continue with the realization of the Company’ objectives. This remains our absolute priority for the next half of the year”.

For further details, please contact:

Plaza

Ron Hadassi, Executive Director 972-526-076-236

Notes to Editors

Plaza Centers N.V. (www.plazacenters.com) is listed on the Main Board of the London Stock Exchange, as of 19 October 2007, on the Warsaw Stock Exchange (LSE: “PLAZ”, WSE: “PLZ/PLAZACNTR”) and, on the Tel Aviv Stock Exchange.

Forward-looking statements

This press release may contain forward-looking statements with respect to Plaza Centers N.V. future (financial) performance and position. Such statements are based on current expectations, estimates and projections of Plaza Centers N.V. and information currently available to the company. Plaza Centers N.V. cautions readers that such statements involve certain risks and uncertainties that are difficult to predict and therefore it should be understood that many factors can cause actual performance and position to differ materially from these statements.

MANAGEMENT STATEMENT

During first half of 2020 the management’s focus has been on executing of cash proceeds on signed SPA for the sale of Chennai project in India. In the Bangalore project the Company together with Elbit continued to protect its interest in the project, including, by sending notice letters to the Partner, and filing a motion with court in order to collect checks received by the partner (refer also to Note 6(1) in the interim condensed consolidated financial statements as of June 30, 2020). The Company also continued the disposals of plots of land in CEE and cost reductions and partial repayments to its bondholders.

In addition, following a pre-sale agreement signed with AFI Europe N.V. (the “Purchaser”) in July 2019 for the sale of Company’s entire indirect shareholdings (75%) in the Casa Radio project (the “Project”), the Company together with the Purchaser (together “Parties”) made material efforts to receive the authority's approval in order to be able to execute a share purchase agreement (“SPA”). Despite of the Parties attempts there have been no progress since the pre-sale agreement has been signed. In light of the above the Company is exploring all its options in order to obtain progress, including among others her legal options. Due to the above, there can be no certainty that the SPA will eventually be executed and/or that the transaction will be completed.

Over the coming months, the Company will maintain its focus on executing the agreement signed and to take necessary steps to protect its interest in the project in Bangalore India. And to also continue to take all the necessary steps to execute the agreement with AFI Europe N.V.

Due to the board and management estimation that the Company is unable to serve its entire debt according to the current redemption date (January 1, 2021) in its current liquidity position, the Company intends to request from the bondholders of both series (Series A and Series B) postponement of the repayment of the remaining balance of the bonds.

Results

During the first half of the year, Plaza recorded a €7.3 million loss attributable to the shareholders of the Company. This is a 33% decrease compared to the losses reported in the first half of 2019 (€10.9 million). The losses were mainly from the Finance costs which were decreased to €6.1 million in 2020, from €10.3 million in 2019 mainly due to interests’ expenses accrued on the debentures (partly due to penalty interest calculated on the deferred principal).

Total result of operations excluding finance income and finance cost was loss of €1.8 million in 2020 compared to reported loss of €0.4 million in the first half of 2019, mainly due to increase in the write down of trading property to €2.4 million in the first half of 2020.

The consolidated cash position (cash on standalone basis as well as fully owned subsidiaries) as of 30 June 2020 was €2.6 million (31 December 2019: €1.1 million).

Liquidity & Financing

Plaza ended the period with a consolidated cash position of circa €2.6 million, compared to €1.1 million at the end of 2019.

As of June 30, 2020, the Group's outstanding obligation to bondholders (including accrued interests) are app. €95.4 million.

As previously disclosed by the Company in Note 8(c) to its annual consolidated financial statements as of December 31, 2019, the Company was not able to meet its final redemption obligation to its (Series A and Series B) bondholders, due on July 1, 2020, and on May 4, 2020, the bondholders approved: (i) to postpone the final redemption date to January 1, 2021; (ii) that on July 1, 2020 the Company will pay to its bondholders a partial interest payment in the total amount of EUR 250,000.

Following receiving the Settlement Amount (see Note 7(f) in the interim condensed consolidated financial statements as of June 30, 2020), and in light of the potential negative impact of the Covid-19 on the possibility to receive future proceeds from the Company's plots in India, the Company decided to increase the amount to be paid to the bondholders on July 1, 2020, from EUR 250,000 to EUR 500,000.

Due to the board and management estimation that the Company is unable to serve its entire debt according to the current bond's repayment schedule in its current liquidity position, the Company intends to request the bondholders of both series to postponement of the repayment of the remaining balance of the bonds. However, there is an uncertainty if the bondholders will approve the request. In the case that the bondholders would declare their remaining claims to become immediately due and payable, the Company would not be in a position to settle those claims and would need to enter to an additional debt restructuring or might cease to be a going concern.

Strategy and Outlook

The Company’s priorities are focused on efforts to sign definitive sale agreement of Casa Radio project, getting further proceeds for Bangalore and Chennai projects. The Company also intends to seek for bondholders’ approval for postponement of the repayment of the bonds. In addition, the Company intends to continue the cost-cutting of its operational cost.

OPERATIONAL REVIEW

Over the course of the year to date, Plaza has continued to make progress against its operational and strategic objectives. The Company’s current assets are summarised in the table below (as of balance sheet date):

Asset/ Project Location Nature of asset Size

sqm (GLA) Plaza’s effective ownership

% Status

Casa Radio Bucharest, Romania Mixed-use retail, hotel and leisure plus office scheme 467,000 (GBA including parking spaces) 75 Pre-sale agreement signed

Bangalore Bangalore, India Residential Scheme 218,500 25 Amended revised agreement in place

Chennai Chennai, India Residential Scheme 302,400 50 JDA and term sheet terminated;

SPA signed

FINANCIAL REVIEW

Results

In 2020, the Revenue for the period derived from the disposal of trading properties amounted to €1.5 million, compared to €0.9 million in the first half of 2019. The proceeds received in 2020 were related to the sale of land plot in Brasov, Romania and income for the final settlement amount in Belgrade Plaza. The proceeds received in 2019 were related to the sale of land plot in Lodz, Poland.

In 2020, the general & administrative expenses amounted to €0.5 million, a decrease compare to €0.7 million in the first half of 2019. The decrease was a result of a material scale down of the Company’s activities, mainly in respect of salaries and related expenses and professional services.

The write down of trading properties increased from €0.5 million gain in 2019 to €2.4 million loss in 2020. The 2019 gain is a partial reversal of write downs of plots in Romania. The 2020 loss relates to write down of Casa Radio property value.

Finance income of €0.6 million in the first 6 months of 2020 was mainly due to foreign exchange movements on the debentures, which did not occur in the period of 6 months ended June 30, 2019.

Finance costs decreased considerably from €10.4 million to €6.1 million (30 June 2019 and 30 June 2020, respectively). The main components were:

• Foreign exchange movements (NIS-EUR) – there were no expenses on the debentures for 6 months of 2020 (30 June 2019 – €5.5 million expense).

• Interest expenses booked on all series of bonds totalled €3.6 million (30 June 2019 - €2.9 million expenses recorded).

• Expenses recorded associated with amortization of discount on debentures in amount of €2.5 million for 6 months of 2020 (30 June 2019 - €2 million expenses recorded).

In 2020 there were no tax benefit or expenses. As of June 30, 2019, the Company recognized €0.11 million tax cost due to withholding tax.

As a result, the loss for the period amounted to circa €7.3 million in 6 months of 2020, representing a basic and diluted loss per share for the period of €1.07 (H1 2019: €1.59 loss).

Balance sheet and cash flow

The balance sheet as at 30 June 2020 showed total assets of €53 million compared to total assets of €56 million at the end of 2019, write down of trading properties value in amount of EUR 2.4 million, disposal of land plot in Romania resulting payment of circa EUR 0.6 million in February 2020.

The consolidated cash position (cash on standalone basis as well as fully owned subsidiaries) as of 30 June 2020 increased to €2.6 million (31 December 2019: €1.1 million).

The value of the Company’s trading properties decreased from €40.4 million as at 31 December 2019 to €37.4 million at the end of 30 June 2020 following the disposal of land plot in Brasov, in Romania and write down of the value of the Casa Radio project, Romania.

Investments in equity accounted investee companies has decreased by €1.8 million to circa €12.6 million (31 December 2019: €14.4 million) mainly as a result of cash distribution of €1.1 million (31 December 2019: €0.8 million).

As at 30 June 2020, Plaza has a balance sheet liability of €88.4 million from issuing bonds on the Tel Aviv Stock Exchange. Additionally, Plaza recorded provision for interests on bonds as of June 30, 2020, in amount of €6.9 million (31 December 2019: €3.8 million).

Provision was created with respect to the obligation connected to Casa Radio project (Bucharest Romania) in the amount of €15.8 million (2019: €15.8 million) for the construction of the Public Authority Building.

Disclosure in accordance with Regulation 10(B)14 of the Israeli Securities Regulations (periodic and immediate reports), 5730-1970

1. General Background

According to the abovementioned regulation, upon existence of warning signs as defined in the regulation, the Company is obliged to attach its report’s projected cash flow for a period of two years, commencing with the date of approval of the reports ("Projected Cash Flow").

The Material uncertainty related to going concern was included in Note 1(b) in the interim condensed consolidated financial statements as of June 30, 2020 and in view of the management’s plans for asset disposals in respect of material uncertainty related to Casa Radio project, as described in Note 5 in the interim condensed consolidated financial statements as of June 30, 2020 and the recent default of purchaser of Bangalore project to meet payments schedule according to the signed amendment agreement (refer to Note 6(1) in the interim condensed consolidated financial statements as of June 30, 2020). The board and management estimates that the Company is unable to serve its entire debt according to the due date the bond holders approved to postpone the final redemption date. Accordingly, it is expected that the Company will not be able to meet its entire contractual obligations in the following 12 months.

With such warning signs, the Company is providing projected cash flow for the period of 24 months.

2. Projected cash flow

The Company has implemented the restructuring plan that was approved by the Dutch court on July 9, 2014 (the “Restructuring Plan”). Under the Restructuring Plan, principal payments under the bonds issued by the Company and originally due in the years 2013 to 2015 were deferred for a period of four and a half years, and principal payments originally due in 2016 and 2017 were deferred for a period of one year. During first three months 2017, the Company paid to its bondholders a total amount of NIS 191.7 million (EUR 49.2 million) as an early redemption. Upon such payments, the Company complied with the Early Prepayment Term (early redemption at the total sum of at least NIS 382 million) and thus obtained a deferral of one year for the remaining contractual obligations of the bonds.

In January 2018, a settlement agreement was signed by and among the Company and the two Israeli Series of Bonds (refer to section “Liquidity and financing”).

On November 22, 2018 the Company announced based on its current forecasts, the Company expected to pay the accrued interest on Series A and Series B Bonds on December 31, 2018, in accordance with the repayment schedule determined in the Company's Restructuring Plan and Settlement Agreement with Series A and Series B Bondholders from 11 January 2018 (the “Settlement Agreement”). The Company noted that it will not meet its principal repayment due on December 31, 2018 as provided for in the Settlement Agreement. On February 18, 2019 the Company paid principal of circa EUR 250,000 and Penalty interest on arrears of EUR 150,000 following the bondholder’s approval to defer principal repayment to July 1, 2019.

In addition, during June 2019 the bondholders approved the deferral of the full payment of principal due on July 1, 2019 and of 58% ("deferred interest amount") of the sum of interest (consisting of the total interest accrued for the outstanding balance of the principal, including interest for part of the principal payment which was deferred as of February 18, 2019, plus interest arrears for part of the principal which was fixed on February 18, 2019 and was not paid by the Company and all in accordance with the provisions of the trust deed; "the full amount of interest"), the effective date of which is June 19, 2019, and the payment date was fixed as of July 1, 2019. The company paid on the said date a total amount of circa EUR 1.17 million, which is only 42% of the full amount of interest.

On July 11, 2019, the Company announced that its Romanian subsidiary had signed a binding agreement to sell land in Romania (refer to Note 5(2)(c) of the consolidated financial statements as of December 31, 2019), and that the Company would use part of the proceeds now received by it EUR 0.75 million (hereinafter: "the amount payable"), in order to make a partial interest payment to the bondholders (Series A) and (Series B) issued by the Company. The payment required changes in the repayment schedule and amendments of the trust deeds which was approved unanimously by the Bondholders. The amount payable was paid on August 14, 2019 and reflects 30% of accrued interest as of that date.

On November 17, 2019, the bondholders of Series A and Series B approved a deferral of all the scheduled Principal payment and app. 87% of deferral of the scheduled Interest payment, both, as of December 31, 2019 to July 1, 2020.

On May 4, 2020, the bondholders of Series A and Series B approved: (i) to postpone the final redemption date to January 1, 2021 of all the scheduled Principal; (ii) that on July 1, 2020 the Company will pay to its bondholders a partial interest payment in the total amount of EUR 250,000 and to deferral all other unpaid scheduled Interest payment.

Following receiving the Settlement Amount (refer to Note 7(f) in the interim Consolidated Financial Statements as of June 30, 2020), and in light of the potential negative impact of the Covid-19 on the possibility to receive future proceeds from the Company's plots in India, the Company decided to increase the amount to be paid to the bondholders on July 1, 2020, from EUR 250,000 to EUR 500,000. The amount reflected 6.74% of accrued interest as of that date.

The materialisation, occurrence consummation and execution of the events and transactions and of the Assumptions on which the projected cash flow is based, including with respect to the proceeds and timing thereof, although probable, are not certain and are subject to factors beyond the Company's control as well as to the consents and approvals of third parties and certain risks factors. Therefore, delays in the realisation of the Company's assets and investments or realisation at a lower price than expected by the Company, as well as any other deviation from the Company's Assumptions (such as additional expenses due to suspension of trading, delay in submitting the statutory reports etc.), could have an adverse effect on the Company's cash flow and the Company's ability to service its indebtedness in a timely manner.

In € millions 2020 2021

Cash - Opening Balance (2) 1.13 1.30

Proceeds from sales transactions, price adjustments (3) 1.40 -

Cashflow from equity companies in India (4) 1.18 0.30

Total Sources 3.71 1.60

Debentures - principal - -

Debentures - interest (5) 0.50 -

Other operational costs (6) 0.40

0.40

Operating costs (7) 0.15 0.15

G&A expenses (8) 1.36 1.05

Total Uses 2.41 1.60

Cash - Closing Balance (2) 1.30 -

1. The above cash flow is subject to the approval of the bondholders of both series to postponement of the repayment of the remaining balance of the bonds which are due on January 1, 2020.

2. Total cash on standalone basis as well as fully owned subsidiaries.

3. Proceeds in the amount of EUR 0.57 million (last instalment) from disposal of land plot of an indirect subsidiary in Brasov, Romania which the Company received during February 2020.

And an amount of EUR 0.83 million the Company received from BIG Shopping Centres Ltd on June 15, 2020 as a final amount (including the last payment for the stands and signage) based on the agreement signed between the parties BIG Shopping Centres Ltd on January 26, 2017 (refer to Note 7(f) in the interim Consolidated Financial Statements as of June 30, 2020) .

4. The proceeds detailed in 2020 includes, a proceed of EUR 1.18 million the Company received on February 18, from the Chennai Project SPV (refer to Note 6(2) of these interim Consolidated Financial Statements in this press release).

In 2021, the Company assumed a reception of EUR 0.3 million which is part on the cash balances of the Chennai Project SPV as of today.

The Company didn't include any future proceeds from the sale of the plot in Chennai, India (which held by indirect subsidiary owned 50% by the Company), mainly due to the material influence of the Coronavirus pandemic on the real estate market in India, as well as the increasing uncertainty regarding the completion of the closing based on the share purchase agreement ("SPA") between Elbit Plaza India Real Estate Holdings Limited (a subsidiary held by the Company (50%) and Elbit Imaging Ltd. (50%)) ("EPI") and the purchaser and all the additional addendums signed between the parties. (refer to Note 6(2) of these interim Consolidated Financial Statements as of June 30, 2020).

5. The amount includes the payment the Company paid the bondholders on July 1, 2020. Any additional payment will be paid to the bondholders subject to future additional proceeds the Company will receive.

6. Includes provision for legal costs/Arbitrations.

7. Includes property maintenance (taxes, security, energy and other).

8. Total general and administrative includes both cost of the Company and of all the subsidiaries.

9. In addition, the Company didn’t include any proceeds from pre-sale agreement signed with AFI, due to the uncertainty as to the fulfilment of the conditions set out in the preliminary agreement as mentioned in Note 5(3)(f) of the consolidated financial statements as of 31.12.2019, thus there can be no certainty an SPA will eventually be executed and/or that the Transaction will

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