DOCSLIB.ORG

Quantitative Equity Research Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Quantitative Equity Research Report Quantitative Equity Research Report | Release: 25 May 2021, 23:01 UTC | Reporting Currency: EUR | Trading Currency: EUR | Exchange: DEUTSCHE BOERSE AG Page 1 of 4 Metrovacesa SA MS6N QQQ 25 May 2021, 22:43 UTC Economic Moat Uncertainty Price/Fair Value Trailing Dividend Yield % Market Cap Investment Style Sector Industry None Very High 0.7 5.69 1.0798 Bil Small Growth Consumer Residential Construction Cyclical 40 Fair ValueQoant 30 9.52 20 Last Close 10 7.03 Overvalued Fairly Valued 0.5 Undervalued 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD Performance — — — — — — — 0.91 0.76 0.95 0.74 Price/Fair Value — — — — — — — — -17.87 -30.54 24.16 Total Return % — — — — — — — — -33.13 -18.62 -17.43 +/- Index Total Return % as of 21 May 2021. Last Close as of 25 May 2021. Fair Value as of 25 May 2021, 22:43 UTC. Index: Morningstar Spain GR EUR. There is no one analyst in which a Quantitative Fair Value Estimate and Quantitative Star Rating are attributed to; however, Mr. Lee Davidson, Head of Quantitative Research for Morn- ingstar, Inc., is responsible for overseeing the methodology that supports the quantitative fair value. As an employee of Morningstar, Inc., Mr. Davidson is guided by Morningstar, Inc.’s Code of Ethics and Personal Securities Trading Policy in carrying out his responsibilities. For information regarding Conflicts of Interests, visit http://global.morningstar.com/equitydisclosures Valuation as of 25 May 2021 Financials as of 25 May 2021 (Fiscal Year End 31 Dec 2021) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD Fiscal MS6N is Under 248 208 — — 36 21 28 190 162 148 148 Revenue (Mil) 77.01 113.21 — — -27.50 -28.07 -74.66 -1.32 -8.27 -131.62 -131.62 Operating Income (Mil) Valued at a 26% 31.01 54.49 — — -76.31 -133 -264 -0.69 -5.12 -89.01 -89.01 Operating Margin (%) Qoant discount. Fair Value -144.67 -269.33 — — 64.14 -20.53 -38.91 -9.10 -4.49 -163.52 -163.52 Net Income (Mil) 9.52 Qoant -0.15 -0.27 — — 0.73 -0.01 -0.44 -0.03 -0.03 -1.08 -1.08 Diluted Earnings/Share Uncertainty : Economic Moat Very High None 201 111 — — -62 21 -27 35 -28 -78 -78 Operating Cash Flow (Mil) Financial Health -157.33 -19.55 — — — — -0.63 -0.58 -1.08 -0.37 -0.37 Capital Spending (Mil) Moderate 43 91 — — -62 21 -27 34 -29 -79 -79 Free Cash Flow (Mil) Last Close 988 88 — — 88 3,075 88 334 151 151 151 Avg Shares Outstand(Mil) 1-Star Price 7.03 — — — — — — — — — — 0.40 Dividend Per Share 19.11 5-Star Price 4.74 Valuation as of 25 May 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Current Calendar — — — — — — — 0.91 0.76 0.95 0.74 Price/Fair Value — — — — — — — 16.00 6.31 5.49 5.54 Price/Sales Contact — — — — — — — — 246.18 — 249.62 Price/Earnings Quintanavides street, 13, Parque vía Norte, Madrid, — — — — — — — 11.14 — — 144.73 Price/Cash Flow — 28050 — — — — — — — 0.69 0.55 0.40 0.49 Price/Book +34 913183700 — https://www.metrovacesa.com Operating Performance as of 25 May 2021 (Fiscal Year End 31 Dec 2021) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q3 Fiscal (%) -1.86 -3.54 — — 5.93 -1.9 -2.14 -0.35 -0.17 -5.83 -2.78 Return on Assets -11.27 -16.11 — — 6.29 -2.03 -2.29 -0.38 -0.19 -7.23 -3.66 Return on Equity 0.62 -0.85 — — -3.7 -2.05 -2.03 -0.17 -0.04 -6.22 -3.09 Rtn on Invested Capital Business Description Metrovacesa SA is a real estate company that fo- cuses on the development and sale of residential property. Geographically, it operates primarily in Spain. ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions ® presented herein do not constitute investment advice; are provided solely for informational purposes and therefore is not an offer to buy or sell a security; are not warranted to be correct, complete or accurate; and are ß subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information herein may not be reproduced, in any manner without the prior written consent of Morningstar. Please see important disclosures at the end of this report. Quantitative Equity Research Report | Release: 25 May 2021, 23:01 UTC | Reporting Currency: EUR | Trading Currency: EUR | Exchange: DEUTSCHE BOERSE AG Page 2 of 4 Uncertainty) Quantitative Equity Reports Overview Micro-Caps: Log (Quant FVE/Price) between (0.75*Quantitative Uncertainty, 1.5*Quantitative Uncertainty) QQQQQ – the stock is undervalued with a reasonable margin of safety. Log (Quant FVE/Price) > 1*Quantitative Uncertainty Micro-Caps: Log (Quant FVE/Price) > 1.5*Quantitative Uncertainty The quantitative report on equities consists of data, statistics and quantitative equity ratings on equity securities. Morningstar, Inc.’s quantitative equity After the initial calculation for the star rating, there is a final filtering step ratings are forward looking and are generated by a statistical model that is based on the momentum of the company. We rank the companies based on based on Morningstar Inc.’s analyst-driven equity ratings and quantitative their 12-1 month momentum, then restrict those below the 30th percentile to a statistics. Given the nature of the quantitative report and the quantitative maximum of 3 stars. ratings, there is no one analyst in which a given report is attributed to; however, Mr. Lee Davidson, Head of Quantitative Research for Morningstar, iv. Quantitative Uncertainty: Intended to represent Morningstar’s level of Inc., is responsible for overseeing the methodology that supports the uncertainty about the accuracy of the Quantitative Fair Value Estimate. quantitative equity ratings used in this report. As an employee of Morningstar, Generally, the lower the Quantitative Uncertainty, the narrower the potential Inc., Mr. Davidson is guided by Morningstar, Inc.’s Code of Ethics and Personal range of outcomes for that particular company. The rating is expressed as Low, Securities Trading Policy in carrying out his responsibilities. Medium, High, Very High, and Extreme. Low – the interquartile range for possible fair values is less than 10% Quantitative Equity Ratings Medium – the interquartile range for possible fair values is less than 15% Morningstar’s quantitative equity ratings consist of: (i) Quantitative Fair Value but greater than 10% Estimate, (ii) Quantitative Star Rating, (iii) Quantitative Uncertainty, (iv) High – the interquartile range for possible fair values is less than 35% but Quantitative Economic Moat, and (v) Quantitative Financial Health (collectively greater than 15% the “Quantitative Ratings). Very High – the interquartile range for possible fair values is less than 80% but greater than 35% The Quantitative Ratings are calculated daily and derived from the analyst- Extreme – the interquartile range for possible fair values is greater than driven ratings of a company’s peers as determined by statistical algorithms. 80% Morningstar, Inc. (“Morningstar”, “we”, “our”) calculates Quantitative Ratings for companies whether or not it already provides analyst ratings and qualitative v. Quantitative Financial Health: Intended to reflect the probability that a firm coverage. In some cases, the Quantitative Ratings may differ from the analyst will face financial distress in the near future. The calculation uses a predictive ratings because a company’s analyst-driven ratings can significantly differ from model designed to anticipate when a company may default on its financial other companies in its peer group. obligations. The rating is expressed as Weak, Moderate, and Strong. Weak – assigned when Quantitative Financial Health < 0.2 i. Quantitative Fair Value Estimate: Intended to represent Morningstar’s Moderate – assigned when Quantitative Financial Health is between 0.2 estimate of the per share dollar amount that a company’s equity is worth and 0.7 today. Morningstar calculates the Quantitative Fair Value Estimate using a Strong – assigned when Quantitative Financial Health > 0.7 statistical model derived from the Fair Value Estimate Morningstar’s equity analysts assign to companies. Please go to http://global.morningstar.com/ Other Definitions equitydisclosures for information about Fair Value Estimate Morningstar’s i. Last Close – Price of the stock as of the close of the market of the last equity analysts assign to companies. trading day before date of the report. ii. Quantitative Valuation– Using the below terms, intended to denote the ii. Quantitative Economic Moat: Intended to describe the strength of a firm’s relationship between the security’s Last Price and Morningstar’s quantitative competitive position. It is calculated using an algorithm designed to predict the fair value estimate for that security. Economic Moat rating a Morningstar analyst would assign to the stock. The Undervalued – Last Price is below Morningstar’s quantitative fair value rating is expressed as Narrow, Wide, or None. estimate. Narrow – assigned when the probability of a stock receiving a “Wide Moat” Farily Valued – Last Price is in line with Morningstar’s quantitative fair value rating by an analyst is greater than 70% but less than 99%. estimate. Wide – assigned when the probability of a stock receiving a “Wide Moat” Overvalued – Last Price is above Morningstar’s quantitative fair value rating by an analyst is greater than 99%. estimate. None – assigned when the probability of an analyst receiving a “Wide Moat” rating by an analyst is less than 70%. This Report has not been made available to the issuer of the security prior to publication.
Load more

Recommended publications
  • Annual Report 2016
    AR 16 ANNUAL REPORT 2016 ANNUAL AR16 REPORT 2016 MERLIN PROPERTIES IS THE LEADING SOCIMI IN THE SPANISH REAL ESTATE MARKET Letter from the Chairman 6 Letter from the CEO 8 01. Organization and structure 12 02. Key aspects 20 03. Business performance 26 04. Acquisitions, refurbishments and developments 34 05. Portfolio valuation 38 06. Financial statements 42 07. EPRA metrics 52 08. Events post-closing 56 09. Stock exchange evolution 58 10. Dividend policy 62 11. Main risks and uncertainties 64 12. Treasury shares 66 13. Corporate responsibility 68 14. Staff 78 APPENDIX EPRA metrics calculation 81 Alternative measures of performance 84 List of assets 86 Asset location maps 92 LETTER FROM THE CHAIRMAN Dear shareholders, 2016 was the most intense year in the short life of MERLIN Properties and marks a turning point with regard to its future. Following the acquisition of Testa in 2015, MERLIN became a benchmark company in Spain in the fledgling sector of real estate investment trusts (REITs) and became a leader in the offices and logistics markets. 2016 was no less significant and brought the integration of Metrovacesa’s commercial assets and the contribution of the rental portfolio to Testa Residencial, which makes our company a leader in all markets in which it operates. Mr. Javier García-Carranza Non-Executive Chairman The integration of Metrovacesa contributed significant value to MERLIN. First of all, we are now able to compete on the same level as the top-10 large European REITs in the sector, with all the advantages this entails for our shareholders regarding visibility, share liquidity and the ability to influence investors, tenants and authorities.
    [Show full text]
  • 8780B -2016-6-21.Pdf
    [Translation for information purposes only] TO THE SPANISH SECURITIES MARKET EXCHANGE COMMISSION Merlin Properties, SOCIMI, S.A. (“Merlin”), pursuant to article 228 of the consolidated text of the Spanish Securities Market, approved by means of Royal Legislative Decree 4/2015, of 23 October, hereby informs of the following RELEVANT FACT On the date hereof, Merlin, Testa Inmuebles en Renta, SOCIMI, S.A. (“Testa”) and Testa Residencial, S.L.U. (“Testa Residencial”) have entered into an integration agreement with Metrovacesa, S.A. (“Metrovacesa”) and its main shareholders, Banco Santander, S.A. (“BS”), Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”) and Banco Popular Español, S.A. (“BP”), with a view to create the largest Spanish property and residential real estate assets for lease (the “Integration Agreement”). Total spin-off of Metrovacesa and transfer of business units Pursuant to the provisions of the Integration Agreement, the proposed transaction will take place by means of a total spin-off (escisión total) of Metrovacesa, causing the winding-up of such company and the division of its assets into the following three business units: (a) Tertiary assets. Metrovacesa will split-off in favor of Merlin, as beneficiary company, its entire patrimonial business unit, consisting of the real estate non-residential assets devoted to leasing (including the staff of Metrovacesa, save for 20 employees, and the real estate assets, shares or quotas of its subsidiaries and participated entities, contracts and, in general, all the assets and liabilities of Metrovacesa linked to the tertiary assets, save for the debt amounting to 250 million of euros). The valuation attributed to the tertirary assets of Metrovacesa amounts to € 1,672,844,750, so that Merlin, as beneficiary of the spin-off, will increase its share capital in € 146,740,750, through the issuance of 146,740,750 new shares.
    [Show full text]
  • The Eurozone Profiteers / 1/ Table of Contents
    THE EUROZONE PROFITEERS / 1/ www.corpwatch.org TABLE OF CONTENTS INTRODUCTION ......................................................................................................................................................... 5 Welcome to the Casino 5 Who Owes Whom? 7 Research by Ester Arauzo Azofra, Pratap Chatterjee, GERMAN BANKING: PAROCHIAL AND OVERBANKED, OR SMALL IS BEAUTIFUL? ................................. 11 Christina Laskaridis, Puck Lo, Myriam Westdeutsche Landesbank: A Jumbo with Engines on Fire and Nowhere to Land 14 Vander Stichele, and Joris Tieleman Depfa and Hypo Real Estate: One-Eyed Man Becomes King in the Land of the Blind 16 Thanks also to Kenneth Haar, Steven Hill, Lily Smith, Commerzbank: Property Lending Can Be a Mug’s Game 19 and Martin Pigeon, who provided valuable input and support for this report. FRENCH BANKING: LESS STATE = LESS HAPPINESS ....................................................................................21 Société Générale: Arrived with a Swagger, Brought Down by a Gamble 23 Crédit Agricole: Ready to Forget Cautious Lessons About Banking 25 Edit & design: Terry J. Allen Dexia: Using Public Funds to Support a Casino 27 Cover design: Pratap Chatterjee Cover cartoon: Khalil Bendib LENDING FRENZY ..................................................................................................................................................31 Spain: An Airport Without Planes, and the Never-Ending Property Boom 33 Greece: Of Disappearing Debt and Illegal Loans 35 Cyprus 39 Ireland: From
    [Show full text]
  • (METROVACESA O La Sociedad), En Cumplimiento De Lo
    METROVACESA, S.A. (METROVACESA o la Sociedad), en cumplimiento de lo establecido en el artículo 82 de la Ley del Mercado de Valores, pone en conocimiento de la Comisión Nacional del Mercado de Valores (CNMV) la siguiente: INFORMACIÓN RELEVANTE 1. COMUNICACIÓN DEL COMPROMISO DE FORMULAR UNA OFERTA PÚBLICA DE ADQUISICIÓN DE LAS ACCIONES DE LA SOCIEDAD PARA SU EXCLUSIÓN DE NEGOCIACIÓN Con fecha de hoy, Banco Bilbao Vizcaya Argentaria, S.A. (“ BBVA ”), Banco de Sabadell, S.A. (“ Banco Sabadell ”), Banco Popular Español, S.A. (“ Banco Popular ”) y Banco Santander, S.A. (“ Banco Santander ”) (en adelante, conjuntamente, las “ Entidades Oferentes ”), Banco Español de Crédito, S.A. (“ Banesto ”) y Bankia, S.A. (“ Bankia ” y, conjuntamente con las Entidades Oferentes y Banesto, las “ Entidades ”) han comunicado a la Sociedad su compromiso de formular una oferta pública de adquisición de acciones por exclusión sobre la totalidad de las acciones representativas del capital social de METROVACESA conforme a lo dispuesto en el artículo 34.5 de la Ley del Mercado de Valores y en el artículo 10 del Real Decreto 1066/2007, de 27 de julio, sobre el régimen de las ofertas públicas de adquisición de valores (la “ Oferta ”), sujeto a la debida aprobación del acuerdo de exclusión de negociación de las acciones de METROVACESA por la Junta General Extraordinaria de accionistas de la Sociedad. En el contexto de dicho acuerdo, las Entidades han comunicado asimismo su compromiso de votar a favor de la exclusión de negociación de las acciones de la Sociedad en la Junta General de accionistas que al efecto se convoque y de inmovilizar las acciones de las que son titulares de forma directa en la Sociedad hasta la efectiva exclusión de cotización.
    [Show full text]
  • Presentacion Corporativa Nov 2018
    Construimos viviendas innovadoras y sostenibles ; hogares únicos y acogedores donde vivir PRESENTACIÓN CORPORATIVA. Noviembre de 2018 Disclaimer Esta Presentación no constituye ni forma parte de ninguna oferta de venta, o invitación a comprar o a suscribir, o solicitud de oferta de compra o suscripción, de las acciones de Metrovacesa, S.A. (“Metrovacesa”). Esta Presentación, así como la información incluida en ella, no constituye ni forma parte de (i) ningún contrato o compromiso de compra o suscripción de acciones de acuerdo con la Ley del Mercado de Valores ni (ii) una oferta de compra, venta o intercambio de acciones ni una solicitud de cualquier tipo de derechos de voto en la jurisdicción de España, Reino Unido, EEUU o cualquier otra. Por “Presentación” se entiende: este documento y cualquier parte o contenido de este documento; cualquier presentación oral, sesión de preguntas y respuestas y material escrito o en audio tratado o distribuido durante la reunión relativa a la Presentación o que guarde cualquier vínculo con la Presentación. La Presentación y la información contenida en la Presentación no podrán ser reproducidas, usadas, distribuidas o publicadas, en su totalidad o en parte, en ningún supuesto, salvo en lo que respecta a la información extraída de la Presentación y utilizada para la elaboración de informes de analistas de conformidad con la normativa aplicable. El incumplimiento de este deber puede suponer una infracción de la legislación aplicable en materia de mercado de valores y de su infracción se pueden derivar responsabilidades civiles, administrativas o penales. Además de información relativa a hechos históricos, esta Presentación puede incluir proyecciones futuras sobre las ventas y resultados de Metrovacesa y sobre otras materias como la industria, la estrategia de negocios, objetivos y expectativas relativas a su posición de mercado, operaciones futuras, márgenes, rentabilidad, inversiones de capital, recursos propios y otra información operativa y financiera.
    [Show full text]
  • European Residential Investment Market Update
    European Residential Investment Market Update EMEA Residential Research | Spring 2018 Residential investment overview Contents Market size by country €0.7 €1.0 Residential investment overview 3 €0.7 City investment volumes 4 €2.6 Denmark 8 France 10 €2.9 Germany 12 €17.0 Ireland 14 €2.9 Netherlands 16 Spain 18 Sweden 20 €4.2 United Kingdom 22 Final word 24 Contacts 25 €5.3 €5.6 ■ Germany ■ Sweden ■ Denmark ■ Netherlands ■ France ■ United Kingdom ■ Spain ■ Finland ■ Ireland ■ Other 3 European Residential Investment Report | Spring 2018 City investment volumes European market overview 2017 • Investment in European residential totalled €43 billion in 2017, including stabilised assets, development deals as well as corporate transactions. • This year, the market has continued to experience a growth in demand from a wider range of global investors attracted to the stable income profile, improved diversification and possibility of building a residential platform. This appetite is expected to grow unabated for the foreseeable future. • Peripheral markets such as Denmark, Spain and Ireland saw significant growth in investment volumes as investors targeted opportunities in emerging markets. Growing liquidity Yield compression Institutional investment in European residential continued Europe’s core cities have seen strongest example over the its trajectory of growth, with total investment rising by 13% past year, with Amsterdam seeing average yields move in by to €43 billion in 2017. A number of markets saw double- 45bps to 3.2%, over 2017. digit growth in investment volumes over the past year with Yield compression has been strongest in primary and Spain, Denmark, Ireland and the Netherlands observing the secondary markets across Europe although certain markets, strongest growth.
    [Show full text]
  • February 28, 2019 Disclaimer
    Torre del Río (Málaga) Results FY2018 February 28, 2019 Disclaimer This Presentation neither constitutes nor forms part of any offer for sale or invitation to purchase or subscribe for, or request for an offer of purchase or subscription, of the shares belonging to Metrovacesa, SA (“Metrovacesa”). This Presentation, as well as the information included therein, neither constitutes nor forms part of (i) any contract or commitment of purchase or subscription of shares in accordance with the Securities Market Law, or (ii) an offer of purchase, sale or exchange of shares, or a solicitation of any type of voting rights in the jurisdiction of Spain, UK, USA or any other. “Presentation” refers to this document and any part or content of this document; any oral presentation, brainstorming session and written or audio material processed or distributed during the meeting related to the Presentation or in any way associated with the Presentation. The Presentation and the information contained in the Presentation may not be reproduced, used, distributed or published, in whole or in part, in any case, except with regard to the information extracted from the Presentation and used for the preparation of analysts’ reports in accordance with the applicable regulations. The breach of this obligation may result in a violation of the legislation applying to the securities market and this may lead to civil, administrative or criminal liability. In addition to information related to historical facts, this Presentation may contain forward-looking statements relative to Metrovacesa’s sales and results and to other issues such as industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital investment, own resources and other operational and financial information.
    [Show full text]
  • Consolidated Financial Statements and Consolidated
    Criteria CaixaHolding, S.A.U. and Subsidiaries Consolidated financial statements and consolidated directors' report for the year ended 31 December 2013 (prepared in accordance with International Financial Reporting Standards) Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 2 and 27). In the event of a discrepancy, the Spanish-language version prevails. * * * * * - 2 - CONTENTS Consolidated balance sheets .................................................................................................. 3 Consolidated income statements ............................................................................................. 5 Consolidated statements of comprehensive income ...................................................................... 6 Consolidated statements of changes in equity ............................................................................. 7 Consolidated statements of cash flows ...................................................................................... 8 Notes to the financial statements 1. Group activities and general information ........................................................................... 9 2. Basis of presentation and basis of consolidation .................................................................. 10 3. Accounting policies .................................................................................................... 24 4. Goodwill
    [Show full text]
  • Metrovacesa, S.A
    Metrovacesa, S.A. y Sociedades Dependientes DECLARACIÓN DE RESPONSABILIDAD DE LOS ADMINISTRADORES A EFECTOS DE LO DISPUESTO EN EL ARTÍCULO 8.1.b DEL REAL DECRETO 1362/2007, DE 19 DE OCTUBRE, POR EL QUE SE DESARROLLA LA LEY 24/1988, DE 28 DE JULIO, DEL MERCADO DE VALORES. El Consejo de Administración de Metrovacesa, S.A., en su reunión celebrada el día 25 de febrero de 2011, declara que, hasta donde alcanza su conocimiento, las cuentas anuales consolidadas e individuales han sido elaboradas con arreglo a los principios de contabilidad aplicables, ofrecen la imagen fiel del patrimonio, de la situación financiera y de los resultados de Metrovacesa, S.A. y de las empresas comprendidas en la consolidación tomados en su conjunto, y que el informe de gestión incluye un análisis fiel de la evolución y los resultados empresariales y de la posición de Metrovacesa, S.A. y de las empresas comprendidas en la consolidación tomadas en su conjunto. DILIGENCIA que extiende el Secretario del Consejo de Administración, para hacer constar la firma de la Declaración de Responsabilidad anterior por parte del Consejo de Administración de forma unánime, en su reunión celebrada el día 25 de febrero de 2011, junto con las Cuentas Anuales Consolidadas e Informe de Gestión de METROVACESA, S.A., y de su Grupo Consolidado, así como la Propuesta de Aplicación del Resultado, correspondiente todo ello al ejercicio cerrado el 31 de diciembre de 2010, habiéndose procedido a suscribir todos los documentos por los señores Consejeros mediante la estampación de su firma, que junto a su respectivo nombre y apellidos, constan en la siguiente página a ésta diligencia.
    [Show full text]
  • Merlin Properties, Socimi, S.A
    MERLIN PROPERTIES, SOCIMI, S.A. Consolidated Financial Statements for the period ended 31 December 2017, prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union, and Directors' Report, together with Independent Auditor's Report Translation ofa report originally issued in Spanish based on our work peiformed in accordance with the audit regulations in force in Spain and offinancial statements originally issued in Spanish and prepared in accordance with the regulatory framework applicable to the Group (see Notes 2 and 27). In the event of a discrepancy, the Spanish-language version prevails. Deloitte, S.L. Plaza Pablo Ruiz Picasso, 1 Torre Picasso 28020 Madrid España Tel: +34 915 14 50 00 Fax: +34 915 14 51 80 www.deloitte.es Translation of a report originally issued in Spanish based on our work performed in accordance with the audit regulations in force in Spain. In the event of a discrepancy, the Spanish-language version prevails. INDEPENDENT AUDITOR'S REPORT ON CONSOLIDATED FINANCIAL STATEMENTS To the Shareholders of Merlin Properties SOCIMI, S.A., Report on the Consolidated Financial Statements Opinion We have audited the consolidated financial statements of Merlin Properties SOCIMI, S.A. (the Parent) and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December 2017, and the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement
    [Show full text]
  • HSBC Agrees Sales and Leaseback of Global Headquarters
    HSBC agrees sales and leaseback of Global Headquarters http://www.hsbc.com/1/2/newsroom/news/news-archive-2007/hsbc-a... The world's local bank HSBC agrees sales and leaseback of Global Headquarters 30 April 2007 HSBC has agreed the sale and leaseback of its head office building in Canary Wharf, London for £1.09 billion, the largest single property deal in UK history. A wholly-owned subsidiary of Metrovacesa, S.A., one of Europe's most respected property companies, and HSBC have exchanged contracts on the deal which sees the bank retain full control of occupancy while Metrovacesa takes a 998-year lease. HSBC has leased the building back for 20 years at an annual rent of £43.5 million with an option to extend for a further five years. HSBC's 1.1 million square foot, 210-metre high, tower at 8 Canada Square will remain the Group's global headquarters. HSBC has been headquartered in London since 1993 and announced plans for the new head office building in 1998. It moved in, in 2002, having incurred some £500 million in construction costs. The building houses 8,000 staff, and includes advanced facilities, such as a gym that occupies an entire floor, dining rooms, shops and a medical centre. HSBC, which became the first bank to go 'carbon neutral', in 2005, last year achieved an overall rating of 'Excellent' for the head office building from the Building Research Establishment (BRE), the UK's leading environmental standards authority. This was the first time that any building in the Canary Wharf development had received the highest possible rating for site management.
    [Show full text]
  • Annual Report 2019
    Annual Report 2019 lnvestment Company under Luxembourg Law (SICAV) R.C.S. Luxembourg N° B 199 553 Annual report and audited financial statements as of 31 December 2019 OGF International OGF International - lndar European Opportunities (fn process of liquidation) OGF International - Omega Global Equity Annual report and audited financial statements as of 31December2019 Table of contents Page !SIN Management and Administration 2 Features of the SICAV 3 lnvestment Manager Report 5 Report of the réviseur d'entreprises agréé 13 OGF International 16 OGF International - lndar European Opportunities (in process of liquidation) 18 D EUR LU1871092133 Founder Class LU1871091598 OGF International - Omega Global Equity 25 A EUR LU1271701770 Andbank LU1380634615 BEUR LU1271701937 Notes to the Financial Statements 30 Unaudited Information 38 Sales restrictions Shares of this Company may not be offered, sold or distributed within the Untted States of America. Management and Administration Annuat report and audited finandal statements as of 31 December 2019 OGF International Registered Office Administrative Agent and Registrar and Transfer Agent 4, rue Jean Monnet L-2180 Luxembourg Northern Trust Global Services SE 6, rue Lou Hemmer L-1748 Senningerberg Board of Directors lndependent Director: lnvestment Managers Mr Javier Valls lndar European Opportunities The Directors' Office (in process of liquidation): Directors; lndar Capit al LLP (UK) 25 North Row Mr Philippe Esser London Andbank Asset Management Luxembourg W1K 6DJ Mr David Stocks Omega Global Equity: Omega Gestion de lnversiones SGllC Omega Gestion de lnversiones SGllC Paseo de Eduardo Dato.18 Management Company 1" Planta ES-28010 Madrid Andbank Asset Management Luxembourg 4, rue Jean Monnet L-2180 Luxembourg Auditor of the Company Mazars Luxembourg Domiciliary and Corporate Agent 5, rue Guillaume J.
    [Show full text]