RESTATEMENT OF 2016 FINANCIAL STATEMENTS

RNS Number : 8699U

Plaza Centers N.V.

27 October 2017

 

27 October 2017

PLAZA CENTERS N.V.

RESTATEMENT OF 2016 FINANCIAL STATEMENTS

Plaza Centers N.V. ("Plaza" or the "Company") announces that further to its announcement published on 29 September 2017, the Company has prepared Restated Consolidated Financial Statements relating to the 2016 financial year. The Restated Consolidated Statements are available for review on the Company's website at: http://www.plazacenters.com/index.php?p=financial_reports_2017.

The Restated Consolidated Financial Statements are not intended to replace the Company's Statutory Financial Statements, to which the former Dutch statutory auditor Grant Thornton Accountants en Adviseurs B.V. rendered its auditor's opinion with a disclaimer, and that were published on June 12, 2017 and adopted by the Company's general meeting of shareholders on July 31, 2017. The Statutory Financial Statements have not been amended or reissued.

The main changes between the Restated Consolidated Financial Statements and the Statutory Financial Statements are as follows:

·      The steps which have been taken by the Company following the Consolidated Financial Statements signed on May 15, 2017. Refer to Note 2(a).

·      The going concern and liquidity position of the Company - updated disclosure. Refer to Note 2(c).

·      The restatement of the 2016 financial statements. Refer to Note 2(f).

·      The reclassification and change in the presentation format of statements of profit or loss. Refer to Note 2(g).

·      An error with respect to Casa Radio project appraisal in the 2015 financial statements. Refer to Note 2(h).

·      Information on trading properties which have disclosed potential irregularities regarding the Casa Radio project in Romania and the potential implications. Refer to Note 8(5)(d).

·      Events after the reporting period. Refer to Note 32.

Ends

For further details, please contact:

Plaza

Dori Keren, CEO                                                                   [phone]

FTI Consulting

Dido Laurimore / Claire Turvey / Tom Gough                            [phone]

Notes to Editors

Plaza Centers N.V. (www.plazacenters.com) is an emerging markets developer of shopping and entertainment centres. The Company 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. Plaza Centers N.V. is an indirect subsidiary of Elbit Imaging Ltd. ("EI"), an Israeli public company whose shares are traded on both the Tel Aviv Stock Exchange in Israel and on the NASDAQ Global Market in the United States. Plaza Centers has been active in real estate development in emerging markets for over 21 years.

 

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