Landscape Analysis for Multi-Hazard Prevention in Orco and Soana Valleys, Northwest Italy
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ORCO Germany – 2013
___________________________________________________________________________ ORCO Germany – 2013 Annual Unaudited Management Report As of 31 December 2013 1 Annual unaudited Management Report 2013 - ORCO Germany ___________________________________________________________________________ 1. Group overview 3 1.1. Business and Group structure 3 1.1.1. Description of business model 3 1.1.2. Group structure 3 1.1.3. Group strategy 3 1.2. Business segments 4 2. Economic and Market environment 4 3. Group earnings performance 5 3.1. Key figures 5 3.2. Overview of major events 7 3.3. Revenue 8 3.3.1. Property Investments Segment 9 3.3.2. Development Segment 9 3.4. Other operating income 9 3.5. Net result from Fair value adjustments on Investment properties 9 3.6. Salaries and employee benefits 10 3.7. Amortisation, impairments and provisions 10 3.8. Net gain/loss on disposal of assets 10 3.9. Other operating expenses 10 4.0. Operating result 11 4.1. Adjusted EBITDA 11 4.2. Financial result 11 4.3. Income Taxes 12 4.4. Net result 12 4.5. Outlook 12 5. Group financial position 13 5.1. Net asset value 13 5.2. Assets and resources 13 5.3. Equity and debt 13 5.4. LTV 14 6. Other reporting requirements 14 6.1. Subsequent closing events 14 6.2 Financial Risks Exposure 14 6.3. Corporate Governance 14 6.4. Directors’ compensation 17 6.5. Other information 17 2 Annual unaudited Management Report 2013 - ORCO Germany ___________________________________________________________________________ 1. Group overview 1.1. Business and Group structure 1.1.1. Description of business model ORCO Germany S.A. -
Massive Delisting on the Prague Stock Exchange
CAN THE MARKET FIX A WRONG ADMINISTRATIVE DECISION? MASSIVE DELISTING ON THE PRAGUE STOCK EXCHANGE Zuzana Fungáčová CERGE-EI Charles University Center for Economic Research and Graduate Education Academy of Sciences of the Czech Republic Economics Institute WORKING PAPER SERIES (ISSN 1211-3298) Electronic Version 335 Working Paper Series 335 (ISSN 1211-3298) Can the Market Fix a Wrong Administrative Decision? Massive Delisting on the Prague Stock Exchange Zuzana Fungáčová CERGE-EI Prague, August 2007 ISBN 978-80-7343-134-1 (Univerzita Karlova. Centrum pro ekonomický výzkum a doktorské studium) ISBN 978-80-7344-123-4 (Národohospodářský ústav AV ČR, v.v.i.) Can the Market Fix a Wrong Administrative Decision? Massive Delisting on the Prague Stock Exchange Zuzana Fungáčová* CERGE-EI† Abstract This research contributes to the investigation of the emerging stock markets in transition economies, namely in the Czech Republic. We estimate the impact of the various determinants of shares delisting e.g. exclusion from public trading on the Prague Stock Exchange (PSE) during the period 1993 – 2004. Unlike its counterparts in Poland or Hungary, exceptionally large amounts of shares were delisted from the PSE. Using the data on listed and delisted companies we show that the pre-privatization and privatization characteristics of the companies were decisive for delisting. This further indicates that it would have been possible to prevent massive delisting if these factors had been taken into account when deciding which companies to place on the stock exchange for public trading. Moreover, therefore companies that were not suitable for public trading were also not suitable for voucher privatization. -
State of Play Analyses for Po River Basin, Italy
State of play analyses for Po River Basin, Italy Contents Socio-economic characterization of the region ............................................................... 2 General ...................................................................................................................................... 2 Hydrology .................................................................................................................................. 7 Regulatory and institutional framework .......................................................................... 8 Legal framework ........................................................................................................................ 8 Standards .................................................................................................................................. 9 Other institutional aspects ...................................................................................................... 10 Identification of key actors ............................................................................................. 10 Existing situation of wastewater treatment and agriculture ......................................... 15 Characterization of wastewater treatment sector: ................................................................ 15 Characterization of agricultural sector: .................................................................................. 15 Existing related initiatives .............................................................................................. -
Financial Information 2015
FINANCIAL INFORMATION 2015 Including the Consolidated financial statements and Report of the Réviseur d´Entreprises for the year ended as at 31 December 2015 ORCO PROPERTY GROUP S. A. * Société Anonyme * 40 rue de la Vallée, L2661 Luxembourg R. C. S. Luxembourg – B 44.996 Management report SUMMARY Part I. Management report Part II. Declaration letter Part III. Consolidated financial statements of the Group Part IV. Auditors’ Review Report Part V. Statutory financial statements Management report Management Report as at 31 December 2015 1 Message from the management .................................................................................................................................... 1 2 2015 and post-closing key events ................................................................................................................................. 2 3 Market environment ........................................................................................................................................................ 3 4 Portfolio: Gross Asset Value and operational performance ...................................................................................... 6 4.1 Total portfolio evolution ....................................................................................................................................... 6 4.2 Property Investments evolution .......................................................................................................................... 7 4.3 Development evolution ...................................................................................................................................... -
Orco Property Group S.A
ORCO PROPERTY GROUP S.A. Société Anonyme FINANCIAL INFORMATION for the year ended 31 December 2013 ORCO PROPERTY GROUP S.A. 40, rue de la vallée, L2661 Luxembourg R.C.S. Luxembourg – B 44.996 WorldReginfo - 1f6b8737-ffb9-4894-a809-5ce05654f9a3 Management report Management Report as at 31 December 2013 1 Message from the management .................................................................................................................................... 1 2 2013 and post-closing key events ................................................................................................................................. 1 2.1 Facility agreement termination on Zlota project ............................................................................................................................................... 1 2.2 ORCO GERMANY S.A. capital increases ............................................................................................................................................................ 1 2.3 New CEO and Management Team for Orco Property Group ............................................................................................................................ 2 2.4 Orco’s Hungarian subsidiaries open insolvency proceedings........................................................................................................................ 2 2.5 Orco resumes international arbitration proceedings against Croatian Centre for Restructuring and Sales regarding Suncani Hvar .. 2 2.6 Changes in the Board of -
06-Delle Piane 165-177
Geogr. Fis. Dinam. Quat. 33 (2010), 165-177, 9 figg., 5 tabb. LUCA DELLE PIANE (*), DARIO FONTAN (**) & GIUSEPPE MANCARI (**) THE ROSONE LANDSLIDE (ORCO RIVER VALLEY, WESTERN ITALIAN ALPS): AN UPDATED MODEL ABSTRACT: DELLE PIANE L., FONTAN D. & MANCARI G., The Rosone INTRODUCTION landslide (Orco river valley, Western Italian Alps): an updated model. (IT ISSN 0391-9838, 2010). The so-called Rosone landslide is located in the Orco The Rosone landslide (Western Italian Alps) is a major sliding phe- river valley (province of Turin, Italian Western Alps; fig. nomenon affecting a metamorphic basement and periodically damaging 1) and has been known since the beginning of the 20th cen- the structures (tunnels and penstocks) of a nearby hydro-power plant. This paper presents the results of a recent study including field geology, seismic tury as an active phenomenon characterized by a slow yet surveys and deep boreholes, investigating the poorly known deep structure constant evolution (Ramasco & alii, 1989; Forlati & alii, of the sliding mass, as well as the geometry of the sliding surfaces. A syn- 1993; Luino & alii, 1993), repeatedly damaging some thetic comparison is made with another large landslide at Mt. Castello, mountain villages and the Ceresole-Rosone hydro-power showing some analogies with the Rosone landslide. plant, presently owned by the City of Turin Electricity KEY WORDS: Rosone landslide, Gran Paradiso, Seismic surveys, Board, IRIDE S.p.A. The penstocks and the diversion tun- Boreholes, Structural geology, Sackung. nel coming from the hydroelectric basin of Ceresole Reale have been suffering continuous deformations since the RIASSUNTO: DELLE PIANE L., FONTAN D. -
Alpi Graie) (Coleoptera Carabidae)
Rivista piemontese di Storia naturale, 36, 2015: 89-144 ISSN 1121-1423 LUIGI BISIO* - PIER MAURO GIACHINO** - GIANNI ALLEGRO*** I Coleotteri Carabidi della Valle Orco (Alpi Graie) (Coleoptera Carabidae) ABSTRACT - Carabid beetles of the Orco Valley (Graian Alps, Piedmont, Turin, Italy) (Coleoptera Carabidae). After a short description of the main geological as well as climatic and vegeta- tional features of the Orco Valley (Soana Valley excluded), a synthesis of the cara- bidological researches carried out so far in this valley is reviewed. A topographic catalogue of the 220 Carabid species (Cicindelinae included) recorded from this territory is given, with notes regarding the ecology and the distribution of the most interesting ones. Furthermore, the main carabid beetles assemblages ob- served in the valley are described. KEY WORDS - Coleoptera Carabidae, Alpine fauna, Western Alps, Piedmont, Turin, Orco Valley. RIASSUNTO - Dopo avere brevemente illustrato i principali caratteri geologici, climatici e vegetazionali della Valle Orco (Val Soana esclusa), gli autori propon- gono una sintesi delle ricerche carabidologiche condotte sino a oggi in questa valle. Viene presentato un catalogo topografico delle 220 specie di Carabidi (Ci- cindelinae incluse) segnalate in questo territorio, con note riguardanti l’ecologia e la corologia di quelle più interessanti. Infine, sono descritte le principali carabido- cenosi osservate. * via Galilei 4, 10082 Cuorgnè (TO). [email protected] ** Settore Fitosanitario Regionale, Environment Park, Palazzina -
Lessons Learnt from the Snow Emergency Management of Winter Season 2008–2009 in Piemonte
Adv. Geosci., 26, 149–153, 2011 www.adv-geosci.net/26/149/2011/ Advances in doi:10.5194/adgeo-26-149-2011 Geosciences © Author(s) 2011. CC Attribution 3.0 License. Lessons learnt from the snow emergency management of winter season 2008–2009 in Piemonte R. Pelosini, S. Bovo, and M. Cordola Arpa Piemonte, Via Pio VII 9, 10135 Torino, Italy Received: 8 March 2010 – Revised: 7 May 2010 – Accepted: 28 June 2010 – Published: 16 February 2011 Abstract. The winter season 2008–2009 has been character- As shown in the Fig. 2, the gap of the mean daily new ized by heavy snowfalls over the western Alps. The snow- snow accumulation with respect to the climatology started falls have been exceptional because of their earliness, per- from November, increased in December significatively and sistence, intensity and territorial spread. The impact on the persisted throughout the spring season. regional environment and territory has been relevant, also As the snow in the mountain is concerned, see Fig. 3, the from the economical point of view, as well as the effort of 2008–2009 winter has been characterized by a large amount the people involved in the forecasting, prevention and fight- of new snow with respect to the climate, with snow amount ing actions. The environmental induced effects have been up to the 99% above the average. In three alpine sectors it shown until late spring. Several snowfall events affected also has been the snowiest season since 1966. the plains and the main towns, causing social impacts. The Several snowfall events affected also the plains and main purpose of this work is to describe the overall effects of the towns. -
Gran Paradiso National Park
Europarc Conference “We are concerned about climate change” Measurements of biodiversity in north‐western Italian Alps Biodiversity monitoring in mountain ecosystems: a multi - taxa approach Gran Paradiso National Park Parc Jura Vaudois–20 – 20th October 2016 Gran ParadisoNational Park Mountain ecosystems • Very sensitive to climate change • Bio diversit y h ot spot • Ecosystem services NW Italian Alps SfSurface: 70, 000 ha Altitudinal range: 700700--4,0004,000 m a.s.l.a.s.l. Main habitats: rock and glaciers , alpine pastures, woodlands, shrublands Orsiera-Rocciavré Natural Park , Veglia Devero Natural Park, Val Grande National Park Image from wwf.panda.org We are concerned about climate change... Adapted from IPCC 2012 LongLong--termterm monitoring to identify and (potentially) resolve scientific gaps…. ….converting the acquired knoweledge in concrete conservation actions Monitoring Projects “Single species approach” “Multi taxa approach” To analyse the effects of climate To describe alpha and beta parameters on the population dynamic of diversity variation along altitudinal species that can act as surrogate of gradients analysing the factors that biodiversity influence this distribution Storch (2007) Indicator of the health status of the entire ecosystem Because of the complexity of biodi versi ty, surrogates such as sub sets of species, species assemblages and habitat types have to be used as measures of biodiversity Margules and Pressey (2000) Systematic conservation planning. Nature 405 Single species approach – Alpine Ibex (Capra ibex) Ibex number and snow depth berber mmmm Since the middle of the 80s until 1993, ibex nunu Ibex Ibex number increased Clear decrease in mean (cm) (cm) snow depth hhhh Snow deptdept Snow Snow Single species approach – Alpine Ibex (Capra ibex) What i s h appeni ng? Real Trend Prediction Newborn survival rate decreased f rom 70% i n th e 80s to 25% in 2006 Phhlenology o f vegetation l RateRate l l aa aa SurvivSurviv Pettorelli et al. -
Episode, Gneisses. Glaucophane, Epidote-Group Metasedimentary Rocks
Deel 15-11-1978 LEIDSE GEOLOGISCHE MEDEDELINGEN, 51, Aflevering 2, pp. 313-329, Petrological outline of an area near Sparone (Orco Valley, Western Italian Alps) BY L.D. Minnigh Abstract Several rocktypes and their metamorphic mineral growth are described from an area on the western border of the Sesia-Lanzo Zone in the Orco Valley (NW Italy). It is argued that in some rocks (garnet-rich gneisses and micaceous gneisses) pre-Alpine metamorphic minerals are present, in other rocks (carbonate-bearing schists, albite-chlorite gneisses) such minerals are rare or absent. For the latter it is rocks therefore difficult to establish whether they are strongly retrograded Alpine basement rocks, or rocks belonging to the suite of ophiolitic schistes lustrés. The two possibilities are discussed. INTRODUCTION pically they can be recognized by the abundance of gar- net, blue-grey quartz, the presence of metapegmatoid The is situated the external investigated area on (wes- veins and the reddish alteration colours (Minnigh, 1977). tern) border of the Sesia-Lanzo Zone, and lies in the Near the contacts with the adjacent rocks, the gneisses Oreo Valley (NW Italy) (Fig. 1). The rocks of the area become more foliated, and mylonites, variable in thick- comprise several types of gneiss, carbonate-bearing ness, occur. schists, impure marbles and micaschists. The garnet-rich gneisses consist mainly of quartz, al- Previous work dealing with the area has been publish- bite, white-mica and garnet. Glaucophane, chloritoid, ed Stella Novarese and Franchi several minerals and chlorite by (1894). (1894) epidote-group are present (1911), and resulted in 1:25.000 geological maps (sheet 42, Foglio Ivrea of the Italian Geological Survey is ba- sed on their work). -
Press Release Vodafone Has Chosen Arena Corner
Press release 31st January, 2008 Vodafone has chosen Arena Corner for its Hungarian Shared Service Center ORCO Property Group, a leading investor, developer, fund and asset manager in the Central and Eastern European real estate and hospitality market is proud to announce that Vodafone has chosen Arena Corner for its Hungarian Shared Service Center (SSC), serving the European region. The Arena Corner office complex, owned by the Endurance Office and Retail Fund managed by Orco Property Group, gains significant credibility on international markets by securing the international telecommunications operator, Vodafone, as a key tenant. Vodafone agreed to rent more than 8 000 sqm of the high quality office space available at Arena Corner. The high quality of the building, ease of access, flexible rental conditions as well as high standards of property and facility management provided by Raiffeisen Ingatlan Zrt, were all favourable factors which helped Vodafone choose Arena Corner over other options available in the Hungarian capital, Budapest. Located in a fast-growing and dynamic district of Budapest, at the intersection of Hungária Road and Kerepesi Road, Arena Corner’s immediate locale offers numerous services and amenities which are a prerequisite for Vodafone’s shared service center, serving the whole European region. Vodafone‘s hundreds of employees based at Arena Corner will also be able to enjoy the complex’s in- house conveniences including: banking services, a restaurant, a drycleaners, and a three-level underground parking garage with 377 spaces. „We are delighted to announce that such a prominent tenant like Vodafone has chosen Arena Corner. This agreement could be one of the most significant deals on the office market this year.We have been recording high interest in the building thanks, in part, to the long-term prospects of Kerepesi Road which I believe will become one of Budapest’s most significant office and retail corridors of the future.“ – said András Kovács, Regional Leasing Director of ORCO Property Group. -
Gran Paradiso National Park Winter 2017
Gran Paradiso National Park Winter 2018 Excursions from Winter to Spring with "Park’ s Guides" technical management: Gianni Tamiozzo Guide PNGP Aigae & Agenva ______________________________________________________________________________________________ These days are "Weekend of Winter Season" to the discovery of Alpine nature, to spot the wildlife of the most important Alps Park, between Piemont and Aosta Valley. Difficult period for ungulates, but also of the great secrets of the natural cycle of the High Mountain. Reflection of the "Nature" and social organization groups of chamois and ibex in competition with each other; hierarchies and loves, after the great migration occurred in Autumn, from one side to 'the other of the Western Alps. The herds are now looking for "invergnò" those pastures to spend the 'winter sheltered from big avalanches and trying to better survive until next Spring; (by the book "History of the Alps Ibex" and "Among the Chamois" Ed. \ AV: Azzolini-Lovari-Tamiozzo at offer for € 8 each) **************** Where we are meeting **************** ******* PNGP - Aosta Valley: meeting place after the Aosta City - (Exit highway A5): Ayamville Village; in the Square center between the Town- Hall and Post Office. Placed at 9.30. ******* ________________________________________________________________________________________ ******* PNGP - Canavese Valleys: meeting to Turin City or point Ivrea (Exit highway A5): Orco Valley, Locana Tourist Office 9.30 and Pont C.se to Turin Canavese P.za Craveri, for the Soana Valley. ******* 2018 - Calendar of Excursions (The days following the daylight hours available in winter: from 9.30 to 17.30) 1-2th April – “Easter” to Ceresole Reale. and the high Orco Valley. 07 th April – Rhêmes Valley - NotreDame, the Entrelor Valley.