DOCSLIB.ORG

Financial Report 2006

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Financial Report 2006 Financial Report 2006 21, avenue Kléber – 75116 Paris – Tel.: 33 (0)1 40 67 57 40 – Fax: 33 (0)1 40 67 55 62 A French corporation (société anonyme) with an Executive Board and a Supervisory Board Register capital stock of €184 656 916 – Paris Trade and Companies Register (RCS) No. 780 152 914 2006 Financial Report Klépierre – Financial Report 2006 This document, along with the 68-page 2006 Activity Report, constitues the shelf registration document. « This shelf registration document (document de référence) was filed with the French Autorité des Marchés Financiers (AMF) on March 8, 2007, in compliance with article 212-13 of AMF regulations. It may be used in connection with a financial transaction only if acccompanied by a transaction memorandum registered with Photo credits : Ambroise Tézenas. the Autorité des Marchés Financiers.» Design and production : - 6720. Contents 3 Management report 78 Consolidated financial statements and independent auditor’s report 141 Draft resolutions 156 Independent auditor’s report on share capital reduction, stock issues and free allotment of shares 162 Other information 168 AMF reconciliation table 1 Financial report _management report Contents of management report 3 A -Business activity and earnings by segment 3 I - Shopping center segment 12 II - Office segment 15 B – Consolidated earnings and cash-flows 15 I - Consolidated earnings and cash-flows 16 II - Change in cash-flow 16 III - Parent company earnings 18 IV - Subsidiaries and equity interests on December 31st, 2006 20 C – Revalued net assets (RNA) 26 D – Financing policy 29 E – Human resources 30 F – Recent developments, outlook and risk factors 30 I - Recent developments 30 II - Outlook 31 III - Risk factors 35 G – Corporate governance 35 I - List of offices and positions 38 II - Summary of major agreements 39 III - List of common conventions and regulated conventions 43 IV - Compensation and benefits paid to members of management bodies – Composition of the Supervisory Board and the Executive Board – Judgment for fraud 47 H – Capital and shareholding structure 47 I - History 48 II - General information 50 III - General information regarding equity capital 53 IV - Equity capital and stock market 55 I - Sustainable development 66 Special management report to the shareholders on transactions related to the free allotment of shares 67 Special management report to the shareholders on stock buy-back programs 69 Special management report to the shareholders on transactions carried out by virtue of the provisions of Articles L. 225-177 through L. 225-186 of the French Commercial Code0 70 Report of the Supervisory Board 71 Report of the Chairman of the Supervisory Board 77 Statutory auditor’s report prepared pursuant to Article L. 225-235 of the French Commercial Code 2 Klépierre_Financial report 2006 Executive Board’s REPORT MANAGEMENT management report SUPERVISORY BOARD MEETING OF FEBRUARY 9, 2007 RELATIVE TO FISCAL YEAR 2006 A - BUSINESS ACTIVITY AND EARNINGS BY SEGMENT EI - SHOPPING CENTER SEGMENT 1 – Consumption ECONOMIC ENVIRONMENT(1) Despite some signs of a slowdown, account for 93% of total revenues brought in): particularly in the United States, global GDP Spain (+4.9%), Italy (+3.7%) and France growth was sustained in 2006. Against (+3.5%). In Italy and, to a lesser extent, this backdrop, GDP growth for the Euro area in France, revenue growth far exceeded as a whole reached 2.6%, the best growth in domestic consumption. In the performance seen since 2000. Czech Republic and Greece2, sales showed It was even higher across Central Europe no change versus the previous year, while (Slovakia: +8.2%, the Czech Republic: revenues declined for shopping centers +6.2%, Poland: +5.1%, Hungary: +4.0%), in Slovakia and Portugal (which together in Spain (+3.7%) and in Greece (+4.0%). account for 3% of total revenues), by 1.8% In France, where the third quarter was and 2.0%, respectively – despite a good disappointing, the total for the year was second half of the year in the case 2.1%, with household spending showing of Portugal. resilience. In 2006, all retail segments showed The numbers were less positive significant growth, particularly personal in Portugal (+1.3%) and Italy (+1.8%), products (+4.8%). It was followed two countries that are undergoing economic by the Beauty/Health segment (+3.7%), recovery. For Italy, this subdued performance Culture/Gifts/Entertainment (+3.4%) nonetheless comes as welcome news after and Restaurants (+2.6%). For the household four and a half years of virtual stagnation. goods segment, revenue growth was slightly Forecasts for 2007 indicate a slight decline higher than last year. in growth versus 2006, with the exception of Portugal. However, the outlook for private France consumption in 2007 remains satisfactory, After posting a 1.6% increase in December on a par with the 2006 level. 2006, compared with a particularly strong showing in December 2005 (+5.4%), REVENUE TRENDS revenues in France rose by a total of 3% Year-over-year for the 12 months through for the year, driven by the performance November 2006, revenues from shopping of non-downtown centers (inter-communal mall business rose by 3.4% versus the same centers up 4.4%, regional centers up 2.9%). (1) Source: OECD economic outlook, no. 80 (28.11.2006). period in 2005, with satisfactory growth For downtown centers, the increase was (2) The mobile aggregate over 12 months is reconstructed observed in the top three countries as a less robust 1.5%. Broken down by Ségécé from Eurostat monthly indicators (latest figures available are through September). measured by revenues (which together by retail segment, personal product 3 Financial report _management report sales rose by 5.8% in 2006, followed 2 – Rental business The sharp rise in rents on a current portfolio by Beauty/Health (+3.4%), Restaurants Rental business in Europe trended upward basis versus a comparable basis is primarily (+2.6%), and Culture/Gifts/Entertainment in 2006, with lease income from Klépierre’s due to the following factors: (+1.8%). Household equipment shopping center properties reaching • the fourth quarter 2005 acquisition of the sales fell by 1.8% over the period. 458.1 million euros, an increase of 17.3% Colombia mall in Rennes and an additional compared with the previous year co-owned parcel containing 40 retail outlets Spain (390.6 million euros). Additional variable in the Sevran center; The major centers reported positive trends rents represented 10.8 million euros • beginning in the first quarter 2006, (+7.4% over twelve months). Hypermarket of the total. On a constant portfolio basis, collection of rents from the new downtown malls reported a 2% increase in revenues, rents rose by 4.1%. mall in Valenciennes (Place d’Armes) and the with mid-sized retail units reporting BHV Déco department store in the retail park Portugal 2.5% particularly high growth (nearly 10%). of the Bègles Rives d’Arcins center; Czech Republic 2.5% • completion of the Cesson Boissénart, Greece 1.3% Italy Blagnac and Quétigny extensions Belgium 2.7% Slovakia 0.3% The significant revenue growth (+3.7%) and the commercial restructuring Poland 4.3% seen in 2006 was driven by all sectors. of the Montesson mall; Italy’s victory in the World Cup boosted • the December 2006 acquisition summer sales. of 128 Buffalo Grill restaurant properties located in various suburban retail parks. Portugal The average decline in shopping center Uncollected past due rent represented 0.3% revenues was 2%, attributable to a sluggish of total invoicing, versus 0.4% at year-end economic backdrop and stepped-up competition. 2005. The financial occupancy rate in 2006 Nonetheless, mid-sized retail units once again was 99.3% (99.2% at year-end 2005). Hungary 6.4% posted higher sales (+3%). Spain 13.1% The average occupancy cost ratio (rents Italy 16.1% France 50.7% Greece + utilities over revenues excluding tax) was Revenues were stable over the period 9.1%, versus 8.8% at year-end 2005. (+0.1%). The Makedonia center was France This is a reasonable rate, suggesting adversely affected by the opening Rents totaled 232.3 million euros (including that further rental reversion is possible of Cosmos, a rival center, with a particularly 7.5 million euros in additional variable rent), when leases expire and are renewed visible impact in Beauty/Health. Conversely, an increase of 11% over 2005. On a constant or taken up by new tenants. Patras reported a significant rise in revenues portfolio basis, growth was 4%, driven by The distribution of rents among tenants (+22.1%). rental reversion and index-linked adjustments, remains highly diversified, a factor which had an impact of +1.8%. As a reminder, that reduces the rental risk for the portfolio The Czech Republic and Slovakia the ICC index for the second quarter of 2005, as a whole. Based on leases in force on Novy Smichov saw modest revenue growth which applies to 78% of guaranteed rents December 31, 2006, the Buffalo Grill group (+0.3%). Sales were adversely affected in the portfolio, increased by a mere 0.7%. is now Klépierre’s number one partner by contracting sales in Beauty/Health (-2.1%) In addition, most of the other leases (19% in France, with 7.4% of total retail rents, and household goods (-5.6%). Danubia of the portfolio) are pegged to the index for followed by Auchan (3.5%), the PPR group reported a 1.8% decline in revenues, the first quarter 2006 (+7.24%). Negotiations (3.9%, of which Fnac for 3%), the Etam, attributable to a rise in the vacancy rate. conducted in 2006 led to the following Inditex (includes Zara), Celio and Go Sport comparable scope changes: groups (2.2% each), Camaïeu (2.1%), Belgium Vivarte (1.5%), and Armand Thiéry (1.4%).
Load more

Recommended publications
  • Workers and Unions on the Move : Organising and Defending Migrant
    WORKERS AND UNIONS ON THE MOVE Organising and defending migrant workers in agriculture and allied sectors International Union of Food, Agricultural, Hotel, Restaurant, Catering, Tobacco and Allied Workers’ Associations (IUF) Rampe du Pont Rouge 8 CH-1213 Geneva Switzerland Tel : +41 22 793 22 33 Fax : +41 22 793 22 38 Email : [email protected] Website: www.iuf.org International Union of Food, Agricultural, Hotel, Restaurant, Catering, Tobacco and Allied Workers’ Associations (IUF) WORKERS AND UNIONS ON THE MOVE: Organising and defending migrant workers Acknowledgements in agriculture and allied sectors This booklet was developed through fieldwork and seminars with representatives of IUF affiliated unions, whom we very warmly thank along with the trade union solidarity organisations who supported them. Thanks and appreciation are offered to the colleagues from Kommunal,T&G section of Unite, IGBAU, Federacion Agroalimentaria de CC.OO., FAI-CISL, and Agricultural Workers’ Unions from Almaty and Shymkent regions of Kazakhstan, who assisted the IUF EECA migration coordinator to collect information during field visits. CONTENTS This publication was financially supported by the ILO. Introduction 2 Written by Svetlana Boincean, who also took the photographs, with additional writing and editing by Celia Mather. Who this handbook is for and how it can be used 3 Design and layout: Ina Iakovlev 1. Agricultural and food workers on the move 4 1.1 Migrants – key to the production of food 5 1.2 The problems that migrant workers face 10 2. Unions on the move
    [Show full text]
  • CALAIS €9 M in Annual Rents Annual in M €9
    Northern France Investor’s Days 2007 Klépierre in the Nord-Pas-de-Calais region •In the Nord (59): ¾Shopping centers: •AULNOY-LES-VALENCIENNES La Briquette •DENAIN Jean Bart •DOUAI Flers en Escribieux •FOURMIES •HAZEBROUCK •LOMME •VALENCIENNES Place d'Armes •In the Pas-de-Calais (62) •Shopping centers: •AIRE-LA-LYS Nord-Pas-de-Calais: •AUCHY-LES-MINES •CALAIS €9 M in annual rents •SAINT-MARTIN-AU-LAERT 3.9% of rents collected in France in 2006 Klépierre, au cœur de la grande consommation “ 2 “ Auchy-les-Mines Porte de Flandres Center Auchy-les-Mines: location and catchment area • Greater Béthune: 260 000 inhabitants, borders RN 41, which links La Bassée to Béthune, in a geographic area that is predominantly agricultural. • Carrefour roundabout serves a retail zone that is in the immediate environment of the Center • The catchment area includes: • 147 000 inhabitants live less than 15 minutes away • An additional + 75 000 inhabitants live within 15 minutes or more Klépierre, au cœur de la grande consommation “ 4 “ Auchy-les-Mines: competition Principal poles of attraction within the area are 15 minutes away 1. Cora, Bruay La Buissière: hypermarket 9 500 sq.m., 20 shops, 18 500 sq.m. GLA 2. Auchan La Rotonde, Béthune: hypermarket 9 400 sq.m., 39 shops, 15 800 sq.m. GLA 3. Carrefour, Liévin: 2 AUCHY les hypermarket 10 300 sq.m. , MINES 42 shops, 22 600 sq.m. GLA 1 4. Cora Lens 2, Vendin Le Viel: 4 hypermarket 13 900 sq.m. , 31 3 shops, 56 000 sq.m. GLA Klépierre, au cœur de la grande consommation “ 5 “ Auchy-les-Mines: current composition • Date of opening: 1993 • Carrefour: 3 850 sq.m.
    [Show full text]
  • FRENCH MARKET PRESENTATION for : FEVIA from : Sophie Delcroix – Elise Deroo – Green Seed France Date : 19Th June, 2014
    FRENCH MARKET PRESENTATION For : FEVIA From : Sophie Delcroix – Elise Deroo – Green Seed France Date : 19th June, 2014 FEVIA 1 I. GREEN SEED GROUP : WHO WE ARE II. MARKET BACKGROUND AND CONSUMER TRENDS III. THE FRENCH RETAIL SECTOR IV. KEY RETAILERS PROFILES V. FOODSERVICE VI. KEY LEARNINGS VII. CASE STUDIES FEVIA 2 Green Seed Group Having 25 years of experience, the Green Seed Group is a unique international network of 11 offices in Europe, North America and Australia, specializing in the food & beverage sector OUR MISSION Advise both French and foreign food and beverage companies or marketing boards, on how to develop a sustainable and profitable position abroad Green Seed France help you to develop your activity in France using our in-depth knowledge of the local food and beverage market and our established contacts within the trade FEVIA 3 A growing and unique international network Germany (+ A, CH) The Netherlands Scandinavia U.S.A./Canada Great Britain Belgium France Portugal Spain Italy 11 offices covering 18 countries Australasia FEVIA 4 The Green Seed model Over the last decade, one of the most important trends in the French food & drink trade has been for retailers to deal with their suppliers on a direct line. Green Seed France has developed its business model around this trend. We act as business facilitators ensuring that every step of the process is managed with maximum efficiency. From first market visit, to launch as well as the ongoing relationship that follows. We offer a highly cost-effective solution of “flexible local sales and marketing management support” aimed at adding value.
    [Show full text]
  • Global Foodservice Markets Database 2004-2009
    A Datamonitor report Global Foodservice Markets Database 2004-2009 Sales Estimates of 25 Foodservice Channels and 100+ Product Categories in 40 Countries Published: Dec-04 Product Code: IMCM0137 Use this report to... Understand the current and future product and channel opportunities presented by one of the fastest growing sectors of the food industry Global Foodservice Markets Database 2004-2009 IMCM0137 Introduction This database provides estimates of the size of the foodservice market – segmented by major channel and by food and drink product category – for 40 countries around the world. Together with Datamonitor’s Interactive Consumer Database, it provides the complete view of product category sales that is so often missing from marketers' perspectives. There are two ways of looking at the foodservice, by channel sales, and by product sales. This database gives you both. The channel sales data is based on a detailed reveiw of secondary research sources such as national statistics offices and the trade press. The product sales data is based on our own in-house benchmarks and estimates. Country coverage The database provides information on 40 countries. • Argentina • Columbia • Hungary • New Zealand • Spain • Australia • Czech Republic • India • Norway • Sweden • Austria • Denmark • Indonesia • Philippines • Switzerland • Belgium • Finland • Ireland • Poland • Taiwan • Brazil • France • Italy • Portugal • Thailand • Canada • Germany • Japan • Russia •UK • Chile • Greece • Mexico • Singapore •US • China • Hong Kong • Netherlands • South
    [Show full text]
  • Saving the Right to Asylum
    institut montaigne Saving the Right to Asylum REPORT NOVEMBER 2018 There is no desire more natural than the desire for knowledge Saving the Right to Asylum NOVEMBER 2018 www.institutmontaigne.org SUMMARY PRELIMINARY REMARKS 3 INTRODUCTION 5 I - THE UPHEAVALS OF ASYLUM 9 1.1. The significant increase in asylum applications in Europe 9 1.2. Transferring the burden onto asylum 23 1.3. The Dublin system is both unfair and ineffective 30 1.4. Its concrete objectives have not been met 35 II - THE PROPOSED SOLUTIONS ARE INEFFECTIVE AND NOT IN KEEPING WITH EUROPEAN VALUES 39 2.1. Mechanisms for improved monitoring of the flow of migrants 39 1 2.2. The attempts for an equitable burden sharing among European States have failed 50 III - RESHAPING THE EUROPEAN POLICY ON THE RIGHT TO ASYLUM TO RESTORE ITS MEANING AND EFFECTIVENESS 57 3.1. A European policy on the right to asylum that combines humanism, effectiveness and solidarity 58 3.2. Possible responses to a deadlock in European negotiations: the issue of differentiated enforcement 78 APPENDICES Appendix 1: Glossary 95 Appendix 2: Estimation of the cost of the proposals set out in this report 98 www.institutmontaigne.org Preliminary Remarks Saving Soldier Asylum.1 Although it was codified in its modern form during the early 1950s,2 the right to asylum has existed, in various forms, since ancient times. It is a centuries-old tradition, especially in Western Europe. However, it is clearly in danger in the European Union today. This peril is not only the result of the emergence of populist movements that challenge its legitimacy.
    [Show full text]
  • WORKERS and UNIONS on the MOVE Organising and Defending Migrant Workers in Agriculture and Allied Sectors
    WORKERS AND UNIONS ON THE MOVE Organising and defending migrant workers in agriculture and allied sectors International Union of Food, Agricultural, Hotel, Restaurant, Catering, Tobacco and Allied Workers’ Associations (IUF) Rampe du Pont Rouge 8 CH-1213 Geneva Switzerland Tel : +41 22 793 22 33 Fax : +41 22 793 22 38 Email : [email protected] Website: www.iuf.org International Union of Food, Agricultural, Hotel, Restaurant, Catering, Tobacco and Allied Workers’ Associations (IUF) WORKERS AND UNIONS ON THE MOVE: Organising and defending migrant workers Acknowledgements in agriculture and allied sectors This booklet was developed through fieldwork and seminars with representatives of IUF affiliated unions, whom we very warmly thank along with the trade union solidarity organisations who supported them. Thanks and appreciation are offered to the colleagues from Kommunal,T&G section of Unite, IGBAU, Federacion Agroalimentaria de CC.OO., FAI-CISL, and Agricultural Workers’ Unions from Almaty and Shymkent regions of Kazakhstan, who assisted the IUF EECA migration coordinator to collect information during field visits. CONTENTS This publication was financially supported by the ILO. Introduction 2 Written by Svetlana Boincean, who also took the photographs, with additional writing and editing by Celia Mather. Who this handbook is for and how it can be used 3 Design and layout: Ina Iakovlev 1. Agricultural and food workers on the move 4 1.1 Migrants – key to the production of food 5 1.2 The problems that migrant workers face 10 2. Unions on the move
    [Show full text]
  • High Pressure Cooking European Foodservice Market Matures, While Value Chain Dynamics Just Start
    SPECIMEN High Pressure Cooking European foodservice market matures, while value chain dynamics just start Utrecht, January 2004 Enrique Figee Maud Oortwijn SPECIMEN The Cap Gemini Ernst & Young Group is one of the world’s largest providers of Consulting, Technology and Outsourcing services. The company helps businesses implement growth strategies and leverage technology. The organisation employs approximately 50,000 people worldwide and reported 2002 global revenues of A 7,047 billion. The Group offers its local and international clients, in more than 30 countries, services in management and technology consulting, systems transformation, and systems management (outsourcing). Food and foodservice is one of the industries Cap Gemini Ernst & Young is active in. For more information on the foodservice industry, please contact Enrique Figee. E-mail: [email protected] This report can be ordered through: Cap Gemini Ernst & Young Nederland B.V. Marischka Lankrijer at [email protected] ISBN 90-75498-68-3 Price: A 250,- © Copyright 2004 Cap Gemini Ernst & Young Nederland B.V., Utrecht Despite the care and attention that has gone into ensuring that High Pressure Cooking is accurate, the publisher does not accept any liability arising from any inaccuracy it may contain. No part of this document may be reproduced or copied for any purpose without the prior written permission of Cap Gemini Ernst & Young who reserve all rights. 2 SPECIMEN Enrique Figee Enrique Figee is principal consultant at Cap Gemini Ernst & Young. He works for leading players in the fast moving consumer goods market and has specialised on foodservice. His activities concern strategic issues and organisational change.
    [Show full text]
  • Market Performer Looking to the Future
    Initiation of Coverage Market Performer Price: ¤1.65 27 agosto 2001 Sector Market Cap Free Float Reuters Code 12-Mth Range Food ¤233.9m 43% CRMI.MI ¤1.38-2.89 ¤m 2000A 2001E 2002E 2003E Sales 1388.7 1416.6 1537.5 1660.3 Looking to the Future EBITDA 66.1 91.1 111.2 128.8 EBITDA margin 4.8% 6.4% 7.2% 7.8% We initiate our coverage on Cremonini with a ’Market EBIT 20.6 43.0 62.8 77.5 Performer’ recommendation. While individual divisions EBIT margin 1.5% 3.0% 4.1% 4.7% offer solid growth prospects, the low visibility on Net Profit -10.0 2.0 12.8 20.3 earnings and the company’s sizeable indebtedness Adj Net Profit -9.2 2.0 12.8 20.3 dictates a cautious approach to the stock in the near- Cash Earnings 35.8 50.4 61.5 71.9 term. EPS (Eur) 0.00 0.00 0.00 0.00 CEPS (Eur) 0.00 0.00 0.00 0.00 ¤ Cremonini is a leading food manufacturer. Its core DPS (Eur) 0.02 n.a. n.a. n.a. business is beef production, but it is also active in P/E (x) -23.5 114.8 18.3 11.5 distribution and catering. Distribution has considerable P/CF (x) 6.5 4.6 3.8 3.3 growth potential, and catering is the most profitable P/BV (x) 1.2 1.3 1.2 1.1 EV/Sales (x) 0.53 0.52 0.48 0.43 area, despite the high level of competition.
    [Show full text]
  • O/594/16 256Kb
    O-594-16 TRADE MARKS ACT 1994 IN THE MATTER OF APPLICATION NO. 3123770 BY BWR INTERNATIONAL, LLC TO REGISTER THE FOLLOWING TRADE MARK IN CLASS 43: AND IN THE MATTER OF OPPOSITION THERETO UNDER NO. 405613 BY BUFFALO GRILL Background and pleadings 1. On 24 August 2015, BWR International, LLC (“the applicant”) applied to register the trade mark for the following services: Class 43 Restaurant services; café, bar and other establishments for providing food and drink; restaurant, bar, catering, food and drink preparation and service. 2. The application was published for opposition purposes on 9 October 2015. It is opposed by Buffalo Grill (“the opponent”). The opposition, which is based upon sections 5(2)(b) and 5(3) of the Trade Marks Act 1994 (“the Act”), is directed against all of the services in the application. 3. Under both sections of the Act, the opponent relies upon its European Union trade mark (“EUTM”) registration no. 11602075 for the following trade mark: The mark was applied for on 25 February 2013 and its registration procedure was completed on 4 July 2013. The colour red is claimed. 4. Given its date of filing, the opponent’s mark qualifies as an earlier mark in accordance with section 6 of the Act. The mark is registered for a range of goods and services in classes 29, 30 and 43 (reproduced in full as an annex to this decision). The Page 2 of 31 opponent relies upon all of the goods and services for which the earlier mark is registered. 5. The opponent claims that there is a likelihood of confusion because the marks are visually, aurally and conceptually similar and because the goods and services are identical or similar.
    [Show full text]
  • Trade Mark Inter Partes Decision O/374/10
    O-374-10 TRADE MARKS ACT 1994 IN THE MATTER OF INTERNATIONAL REGISTRATION NO. 956717 IN THE NAME OF EMME SEI S.P.A. AND IN THE MATTER OF OPPOSITION THERETO UNDER NO. 71797 BY BUFFALO GRILL BACKGROUND 1.On 29 January 2008, EMME SEI S.P.A. (“Emme”) requested protection in the United Kingdom of the international registration (IR) of the following trade mark: “The trademark is made up by a stylized rectangular head of cow with typical horns and the fancy words "Fratelli la Bufala" and "Pizzaioli emigranti" placed between two stylized suns.” 2. The United Kingdom Trade Marks Registry (“TMR”) considered that the request satisfied the requirements for protection and particulars of the IR were published in Trade Marks Journal No. 6738 on 6 June 2008 for the following services in class 43: Catering services and all services in connection with the management and operation of restaurants, pizzerias, fast-food restaurants, snack bars. 3. On 5 September 2008, Buffalo Grill (“Buffalo”) filed a notice of opposition. This consisted of a single ground based upon section 5(2)(b) of the Trade Marks Act 1994 (as amended) (the Act). Buffalo indicate that their opposition is based upon the following trade mark: Trade Mark No. Application Registration Services in Date Date class 42 CTM 01.04.1996 19.05.1999 Restaurants 190082 2 4. In the Statement of Grounds accompanying their opposition Buffalo said: “The opponent’s trade mark is a stylised mark BUFFALO GRILL and contains horns and the words “buffalo grill”. The mark opposed is a stylised mark also featuring a set of horns and the words FRATELLI LA BUFALA PIZZAIOLI EMIGRANTI.
    [Show full text]
  • Food Service, Restaurant Management and Culinary Arts
    FOOD SERVICE, RESTAURANT MANAGEMENT AND CULINARY ARTS May 2010 It was in the 16th century that François ORGANIZATION OF HIGHER EDUCATION Rabelais created Gargantua, an earthy, Many of the degrees used to gain entry to the food service business are earned in vocational gluttonous giant famous for his idleness schools (lycées professionnels), such as the Lycée Auffray de Versailles (10% international and for his love of “eating well,” an students), the Lycée Hôtelier de Marseille, and the Lycée Paul Augier de Nice. Also popular expression that encompasses the art of are cooking schools and specialized institutes, such as the schools affiliated with the Paris chamber of commerce and industry (TECOMAH and the École Supérieure de Cuisine receiving guests and preparing a meal for Française–Ferrandi, for example), the Cordon Bleu, the École Supérieure Internationale them. de Savignac, the Institut Paul Bocuse, the Institut National de la Boulangerie Pâtisserie Thus began the expansion of the now (national institute of baking and pastry making), and the Institut Univeria de Grenoble. flourishing field of gastronomy and Vocational secondary education restaurant management, with its vast France’s vocational secondary schools offer programs that train students for work in every aspect of the restaurant and food service business. Based in France, historically a center range of skills, services, and activities of excellence in culinary matters, they train students for careers that can be pursued related to the creation and transformation anywhere in the world. of food products. France is a center of The Certificat d’Aptitude Professionnelle (CAP) is a national diploma that marks the excellence in this dynamic economic first step on the professional ladder.
    [Show full text]
  • For Immediate Release – January 15, 2008 (€62.3M) Opened Its Doors in Early September
    KLÉPIERRE COMPLETED AN INVESTMENT PROGRAM TARGETING HIGH-QUALITY ASSETS IN 2007 The financial crisis of the summer of 2007, and the dimmer economic outlook for the United States and Europe, had only a minor impact on the investment market, where competition was intense throughout the year ended December 31, 2007. However, the compression in cap rates, which had buoyed the investment market over the last two years, slowed considerably in the course of the second half of the year. Against this backdrop, Klépierre pursued its growth policy selectively, giving preference to investments with the highest property value creation, primarily by enhancing the value of its existing real estate portfolio, but also by pursuing or initiating upstream large-scale projects in major European metropolitan areas. In 2007, Klépierre invested nearly 1.1 billion euros, including 1 billion euros in shopping centers, 64.3 million euros in retail properties and 14.6 million euros in office space. Commitments signed during the period totaled 1.7 billion euros, including 988 million euros that will be paid out at a later date. More than 590 million euros invested in shopping centers that offer an immediately attractive return Investment outlay in shopping centers in operation reached 591.4 million euros in 2007, primarily concentrated in six countries. These acquisitions will generate an additional 85.6 million euros in net rents full-year. In light of their dates of acquisition, the contribution to net lease income for 2007 comes to 20.8 million euros. These acquisitions were completed for an average yield of slightly above 7%, a level that leaves a comfortable margin for appreciation, which should be reflected in appraisals over the coming months.
    [Show full text]