DOCSLIB.ORG

Financial Statements

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Financial Statements PERFORMANCE AND OPERATIONS Company profile 4 CEO's statement 6 Chairman's statement 8 Director's report 10 Strong strategic positioning oriented towards long-term growth 28 Strong operational and financial performance 30 EPRA performance measures 32 Portfolio at a glance 38 Development and extensions pipeline 76 CORPORATE INSIGHTS Executive Board of Directors 84 Corporate governance 86 Risk management 114 Remuneration review 124 EXCELLENCE. INNOVATION. EXPERIENCE. Sustainability report 140 Analysis of shareholders and share trading 176 Beneficial shareholding of Directors 177 FINANCIAL STATEMENTS Statement of Directors' responsibilities 181 Independent Auditor's report 182 Financial Statements 188 APPENDIX Visit our website Schedule of properties 236 www.nepirockcastle.com Glossary 238 for more information about us and our business The terms ‘NEPI Rockcastle’, the ‘Group’, the ‘Company’, ‘we’, ‘our’ and ‘us’ refer to NEPI Rockcastle plc and, as applicable, its subsidiaries and/or interests in joint ventures and associates. 2 NEPI Rockcastle plc Annual Report 2019 1 Performance and operations PHOTO: MAMMUT SHOPPING CENTRE, HUNGARY 1 2 NEPI Rockcastle plc Annual Report 2019 3 PERFORMANCE AND OPERATIONS €6.3 billion* investment property portfolio PROPERTY PORTFOLIO BY COUNTRY Company profile (by market value) 325 million visits in 2019 Lithuania 2% NEPI Rockcastle is the premier owner and operator of The Group’s financial strategy includes maintaining a shopping centres in Central and Eastern Europe (CEE), profile of adequate liquidity, conservative gearing, and with presence in nine countries and an investment a diverse debt structure, which combines secured and 2.1 million portfolio of €6.3 billion (including Romanian office unsecured bank debt with unsecured bonds listed on m2 GLA of income-producing portfolio held for sale). the Irish Stock Exchange. NEPI Rockcastle is investment- Poland properties grade rated by Standard & Poor’s (BBB, stable outlook) The Group benefits from a highly-skilled internal and Fitch (BBB, stable outlook). management team which combines asset management, 23% development, investment, leasing and financial NEPI Rockcastle’s shares are listed on the expertise. Geographically diverse management Johannesburg Stock Exchange (“JSE”), Euronext skills allow NEPI Rockcastle to pursue CEE property Amsterdam (“Euronext”) and A2X. The Group opportunities efficiently, benefiting from a strategic distributes at least 90% of its distributable earnings on advantage in the acquisition, development and a semi-annual basis. Given the nature of its business, 280,000 2 management of properties. and as it is considered a more relevant performance Czech Republic m GLA of measure than earnings or headline earnings per share, ongoing developments NEPI Rockcastle owns and operates 53 retail properties and extensions NEPI Rockcastle uses distribution per share as its key 3% (excluding joint venture) which attracted 325 million performance measure for trading statement purposes in Slovakia visits in 2019. With group-level management of tenant accordance with the JSE Listings Requirements. relationships and a focus on cross-country collaboration, 9% the Group is the leading strategic partner for major retailers targeting CEE countries. Hungary 10% Croatia Romania 4% 38% Serbia 3% Bulgaria 99.9% 8% collection rate AA ESG rating Silver Prize awarded over 97.9% after the first year of ESG Risk rated as Low "leader" EPRA occupancy rate EPRA membership among 86 companies in the real estate management 440 & services industry professionals * Includes Romanian office portfolio held for sale 4 NEPI Rockcastle plc Annual Report 2019 5 PERFORMANCE AND OPERATIONS CEO's statement The Group achieved a solid growth in earnings per share Our robust business enabled the strong access to funding Building on its strengths, the Group envisages to focus on of 6.6% in 2019, in line with guidance, reflecting the high of NEPI Rockcastle, having issued €1 billion in unsecured retail in 2020, while also pursuing complementary mixed- quality of the underlying asset base. NEPI Rockcastle’s bonds and €161 million in new equity. The Group had a use developments and working on further consolidating its talented team played a key role in achieving these results €861 million liquidity at year-end, out of which €575 million business model to maximise long-term sustainability and through their efforts to enhance and maintain our assets' in undrawn revolving facilities, which provides a strong performance. NEPI Rockcastle’s position, in the medium- attractiveness to tenants and visitors. base for pursuing new opportunities and long-term, is unrivalled due to an exceptional team, in 2020. high-quality asset base and strong markets fundamentals. Twelve years since inception and three since the successful merger, NEPI Rockcastle’s assets continue to As part of the focus to streamline the asset base, the Further to the market events which have unfolded since outperform. Capitalising on its dominance in the Central Group proceeded with the announced divestment of the publication of the 2019 financial statements, the and Eastern European real estate markets, the Company its Romanian office portfolio in December 2019. The management team is currently focused on driving the intensified its focus on expanding, re-designing and re- transaction is expected to complete in April 2020. The business smoothly through the turmoil generated by tenanting its shopping centres during 2019. Shopping disposal proceeds will be used for financing the significant COVID-19. The strategic positioning of the Group as lowly environments were improved with differentiating retailers development pipeline, a key source for future growth, and geared, with adequate liquidity, and the geographically and new leisure and entertainment activities, which new investments aimed to maintain or increase the overall diversified and high-quality asset base, are advantages resulted in the overall growth of retail sales and footfall. quality of our portfolio. which will contribute significantly to the Group’s ability to weather this storm well. Priorities include focusing on our In the current market context, the Group’s strong The Company increased its focus on Environmental, staff, business continuity and stability of the communities presence in capital and primary cities of CEE provides Social and Corporate Governance (ESG) initiatives, and where NEPI Rockcastle is present, while ensuring the an appealing platform for international retailers, and the was assigned a low ESG risk by Sustainalytics, while also most suitable allocation of capital in the coming period. unique partnerships with top brands ensure the long-term entering FTSE4Good index. NEPI Rockcastle is committed Management is coordinating the numerous on-the- sustainability of the Group’s centres. The team is focused to further improve its environmental performance, ground teams in the nine countries of our operations, to on understanding the consumption and technological social impact and strong adherence to best Corporate ensure relevant and adequate measures in each one of trends, as well as new demographical dynamics, and adapt Governance practices. our locations for preserving the safety of our staff and the feel of the centres and range of services on offer to customers. We remain confident that we are best placed customers’ needs. among our peers to continue with a strong performance in 2020 and the years to come. 17 March 2020 ALEX MORAR Chief Executive Officer 6 NEPI Rockcastle plc Annual Report 2019 7 PERFORMANCE AND OPERATIONS Chairman's statement NEPI Rockcastle continued to thrive in 2019, reaffirming The Board together with the management team are findings to date. Considering the above, the completion itself as the leading retail property investor in Central constantly assessing new strategic options. The ultimate of all investigations regarding NEPI Rockcastle by South and Eastern Europe ('CEE'). The Group delivered focus is on creating sustainable value for stakeholders and Africa’s Financial Sector Conduct Authority and finding all robust growth, in line with guidance, in a competitive there is a great degree of flexibility as to the means of allegations made against the Company as ungrounded was environment. The CEE as a region once again achieving that goal. the expected outcome. outperformed the rest of the European Union and looks set to continue showing superior growth rates in both The business has a strong management team in place, Looking forward, NEPI Rockcastle will continue to build retail and the wider economy. All nine markets where capably led by Alex Morar. The competence and skill of on a strong foundation. New challenges are emerging at NEPI Rockcastle is present have strong potential for the management team has been constantly proven by all times, as we are currently witnessing during this period, sustainable growth. The convergence to Western Europe the Group’s increasingly established position as CEE’s and businesses must be able to adapt and thrive in the levels of consumption and GDP per capita is a structural largest and most successful retail property investor, most unexpected circumstances. phenomenon and will continue to play out in the economic as well as a track record of outperforming peers in environment, ensuring long-term increase in both delivering shareholder value. At Board level, we aim to The Board is in close communication with the traditional and online retail. further strengthen
Load more

Recommended publications
  • Product Recalls the Sgs Publication Gathering Consumer Product Recalls in the Eu, in the Usa and in Australia
    PRODUCT RECALLS THE SGS PUBLICATION GATHERING CONSUMER PRODUCT RECALLS IN THE EU, IN THE USA AND IN AUSTRALIA CONSUMER TESTING SERVICES (CTS) 01– 15 JULY 2011 CONTENTS ELECTRICAL & ELECTRONICS Pages 2 to 13 Electrical Appliances (15) Lighting Equipments (4) Cord Sets, Plugs & Sockets (2) HARDLINES Pages 14 to 43 Toys (17) Juvenile Items (2) Children articles (2) - See ‘Personal & Home Care Items’ Children articles (1) - See ‘Sports & Leisure Goods’ Children articles (5) - See ‘SOFTLINES’ Home Furnishing & Houseware (13) Home Improvement & DIY (5) Personal & Home Care Items (14) Sport & Leisure Goods (5) PPE (2) SOFTLINES Pages 44 to 50 Wearing Apparels (9) Home Textiles (0) Footwear, Bags and Accessories (4) E&E: ELECTRICAL APPLIANCES NOTIFYING PRODUCT DANGER MEASURES COUNTRY ADOPTED EU/MALTA CATEGORY: Electrical appliances FIRE Voluntary recall PRODUCT The product poses a risk of fire from consumers. Hairdryer "Salon Essential Hairdryer" and "Salon Dry because in rare cases it can Travel Hairdryer" overheat when left plugged into the mains electrical supply, BRAND: Philips even when the appliance is TYPE/NUMBER OF MODEL switched off and not in use. models HP4931 & HP4940. Produced between June The product does not comply 2006 and April 2011. with the Low Voltage Directive DESCRIPTION: Foldable hairdryer. (LVD). COUNTRY OF ORIGIN: China EU/SPAIN CATEGORY: Electrical appliances FIRE Voluntary recall PRODUCT The product poses a risk of fire from consumers. Power Inverter "Soladin 600, Soladin Wind 500 and as a component in the inverter Windmaster 500" may fail. BRAND: Mastervolt The product does not comply with the Low Voltage Directive TYPE/NUMBER OF MODEL (LVD). Models: Soladin 600, Soladin Wind 500 and Windmaster 500, manufactured between May 2006 and September 2008.
    [Show full text]
  • Mapic Insight
    mapic insight THE 23RD EDITION OF MAPIC WILL TAKE PLACE ACROSS THREE DAYS DURING 15-17 NOVEMBER AT THE PALAIS DES FESTIVALS IN CANNES, ONCE AGAIN OFFERING THE INTERNATIONAL Courses RETAIL REAL ESTATE INDUSTRY AN OPPORTUNITYTO LEARN ABOUT THE LATEST TRENDS IN THE INDUSTRY, SPARK of Retail DEALS AND EXPAND BUSINESS OPPORTUNITIES. m DREAM ISLAND, MOSCOW, RUSSIA DEVELOPER: REGIONS GROUP ince 1995, MAPIC has been the premier event Food services are largely transforming shopping centres MAPIC 2017 Set to Entertain for industry professionals. Organised by Reed into convivial lifestyle venues. Media companies, film and video game specialists are MIDEM.this edition will feature more than 8,500 The point of sale experience is a vital element in disrupting leisure offerings in shopping centres through participants from across the international retail persuading consumers to go out rather than buy online. partnerships with various commercial real estate Sreal estate sector. For ultra-connected clients, the shopping experience players.The entertainment leader and top international With an extensive exhibition zone set to be on and its associated human encounters are more video game publisher Ubisoft will be taking part in a site, and with two days featuring more than 100 important than the product itself. As a result, traditional panel session during the event to discuss the growing retail conferences, keynote addresses and networking shopping centres are transforming into social sites for concept of the "Family Entertainment Centre". events featuring more than 200 industry experts, meeting others and leisure activities where people This concept is now offering a leisure attraction and MAPIC gives its attendees a chance like no other to come to spend the day.
    [Show full text]
  • Eastern Europe Industrial Footwear in Hungary
    . Market Research – Eastern Europe Industrial footwear in Hungary .......... Proexport – Colombia Equipo de Trabajo Dirección de Información Comercial Jorge Luis Gutiérrez – Director Fernando Piñeros – Subdirector Proyectos Especiales Bibiana Gutiérrez – Analista de Inteligencia de Mercados [email protected] www.proexport.gov.co www.proexport.com.co Calle 28 No. 13ª – 15, Piso 35 Tel: (571) 5600100 Fax: (571) 5600118 Bogotá, Colombia GRUPO CONSULTOR EUNITE, Nederland Todos los derechos reservados. Ni la totalidad ni parte de este documento puede reproducirse o transmitirse por ningún procedimiento electrónico o mecánico, incluyendo fotocopias, impresión o grabación. Estimado Empresario: La búsqueda de acuerdos comerciales que nos permitan como país ampliar los escenarios y mercados de exportación, nos reta como PROEXPORT a apoyar en forma directa a los empresarios en sus iniciativas exportadoras, ofreciendo servicios dentro de un modelo del gestión comercial y compartiendo un conocimiento más detallado sobre los mercados y sus oportunidades. Para lograr lo anterior, PROEXPORT, con inversión de recursos propios y de cooperación técnica no-reembolsables del BID-FOMIN, emprendió una labor de recolección y análisis de información de primera mano en los principales mercados de interés a través de la contratación de consultorías internacionales especializadas en investigaciones de mercados. Los resultados de estos trabajos permitieron analizar y conocer la dinámica comercial de los sectores en los cuales existe un potencial para nuestras
    [Show full text]
  • VIENNA Cushman & Wakefield Global Cities Retail Guide
    VIENNA Cushman & Wakefield Global Cities Retail Guide Cushman & Wakefield | 2019 0 Vienna’s historic role as the centre of the Austro-Hungarian Empire has left the nation with an overly large capital city, where a fifth of the population of the country resides. As a consequence of its proximity to Bratislava (Slovakia) and Brno (Czech Republic) Vienna benefits from shopping tourism. On Christmas season weekends, up to 200,000 shopping tourists from neighbouring countries come to Vienna. In 2018, as in the past 8 years, Vienna ranks at the top of a leading international comparative study on the quality of living in different cities, and scores highly in many other rankings. Tourism is extremely strong in Vienna and is relatively unaffected by seasonal fluctuations. In 2018 the number of overnight stays hit a new record high of 16.48 million, and the number of tourists with high purchasing power, in particular from Asia, is increasing. The principal tourist attractions in the city are within the central ring road and surround the prime retail area. Living costs are relatively high in Vienna and this is reflected in the above-average wage levels among those employed there. It is not a place for cheap shopping but does offer numerous elegant shops and quality products. There is an increasing concentration of new luxury brands and flagship stores in the city centre. Some shopping VIENNA streets have risen in attractiveness. City shopping centres have been developed at railway stations, although the city centre is facing more competition from retail parks and OVERVIEW shopping centres on the periphery.
    [Show full text]
  • Šablona Pro Skripta
    MASARYKOVA UNIVERZITA EKONOMICKO-SPRÁVNÍ FAKULTA Business Management in the Czech Republic Petr Suchánek, Radoslav Škapa a kol. Brno 2008 Autorský kolektiv: Doc. Ing. Petr Suchánek, Ph.D. (kap. 1) Ing. Radoslav Škapa, Ph.D. (kap. 4, 5) vedoucí autorského kolektivu Ing. Ondřej Částek (kap. 6) Ing. Michael Doleţal (kap. 12) Ing. Lenka Jaterková (kap. 11) Ing. Eva Karpissová (kap. 7) Ing. Eva Kubátová (kap. 9, 10) Ing. Alena Klapalová, Ph.D. (kap. 2, 3) Ing. Petr Valouch (kap. 8) Recenzoval: Doc. Ing. Martin Svoboda, Ph.D. © Petr Suchánek, Radoslav Škapa a kol., 2006, 2008 ISBN 978-80-210-4662-7 CONTENT INTRODUCTION ..................................................................................... 6 1 ECONOMIC TRANSITION OF CORPORATE SECTOR: FROM CENTRAL PLANNED TO MARKET ECONOMY..................................... 7 1.1 The Methods of privatisation .................................................................... 7 1.1.1 Theoretical elements of privatisation ........................................................... 7 1.1.2 Speed of privatisation and restructuring ...................................................... 8 1.1.3 Ownership change and restructuring progress ............................................ 8 1.1.4 Restructuring and the role of the state ........................................................ 9 1.2 Transformation in the Czech Republic ................................................... 10 1.3 Appendix 1 - Situation in the Industry of the Czech Republic after 1997 .....................................................................................................................
    [Show full text]
  • SERBIAN REAL ESTATE MARKET OVERVIEW H2 2013 Macroeconomic Indicators
    SERBIAN REAL ESTATE MARKET OVERVIEW H2 2013 Macroeconomic indicators Economy key facts Macroeconomic Indicators 2008 2009 2010 2011 2012 2013 GDP (EUR bn) 33.2 31.5 33.0 31.1 28.7 31.6 The most significant news for 2013 is that the GDP growth (y-o-y %) 3.8 -3.5 1 1.6 -1.5 2.6 European Union plans to start negotiations with CPI (y-o-y %) 8.6 6.6 10.3 7.0 12.2 2.2 Serbia. Serbian EU accession talks are expected to be Central Bank reference rate 17.8 17.0 8 11.42 9.5 9.5 launched in January 2014. This step will represent a Exports of goods (in mil. EUR) 10,157 8,478 10,070 11,472 11,913 14,375 strong positive signal for all foreign investors to Imports of goods (in mil. EUR) -18,843 -13,404 -14,643 -16,627 -17,211 -18,024 come and invest in Serbia. Public debt (ext.+int. in % of GDP) 29.2 34.7 44.5 48.2 60.0 64.4 External debt to GDP (in %) 64.6 77.7 85.0 76.7 86.9 81.7 Serbia has been able to sustain its economic progress Current account (as % of GDP) -21.6 -6.6 -6.7 -9.1 -10.5 -6.3 as a result of its macroeconomic stability fueled by Population (in mil) 7.5 7.3 7.3 7.1 7.4 7.2 the Serbian government. Increasing private sector Unemployment rate (%) 13.3 16.1 20 23.7 26.5 24.4 participation in Serbia economic structure is another Exchange rate to EUR 89.8 94.2 103.5 102.0 115.0 113,09 key factor that helped the nation to sustain an rising Inflation rate (%) 10.6 9.0 7.2 7 12 4 Average net salary (in EUR) 369.6 330.9 324 363 364 383 real GDP growth.
    [Show full text]
  • AUPO Geographica 41
    Acta Universitatis Palackianae Olomucensis – Geographica, Vol. 41, No. 2, 2010, pp. 5-20 5 DEVELOPMENT OF RETAIL GEOGRAPHICAL STRUCTURE IN THE CZECH REPUBLIC: A CONTRIBUTION TO THE STUDY OF URBAN ENVIRONMENT CHANGES 1 Zdeněk Szczyrba 1 Department of Geography, Faculty of Science, Palacký University Olomouc, 17. listopadu 12, 771 46 Olomouc, [email protected] Abstract In the last 20 years of transformation, the Czech retail business underwent fundamental changes in its ter- ritorial and organisational structure and in numerous cases refl ects the model of retail trade transformation within the Central European region. After a long period of time of the development of the so-called socialist trading, the countries in the region were affected, with unprecedented intensity, by new, hitherto unknown forms of retailing within the expansion of foreign retail chains to their markets. Such changes took very marked effect in the urban structure of the landscape in these countries, for example in the Czech Republic. The following paper captures the basic extent of transformation of the Czech retail business and its refl ection in the urban environment. Key words: Czech Republic, internationalisation of retail, urban environment INTRODUCTION joint-ventures and strategic alliances. As a matter of course, they establish their own logistic and distri- Retail trade belongs to the sectors of economy bution centres for supplying the network of their characterised by heavy internationalisation trad- stores. This alone is an interesting geographical ing activities. The essential feature of the current problem allowing the monitoring of complicated retail trade is constant penetration of multina- and ever-changing relations between the manufac- tional retail chains to foreign markets and related turers and the vendors (Birkin et al.
    [Show full text]
  • 2006 Annual Report Document De Référence
    2006 Annual Report Document de Référence Nagoya TABLE OF CONTENTS COMPANY OVERVIEW 3 Financial highlights 4 The year 2006 6 The outdoor advertising industry 8 One business, three segments 16 Our advertisers 31 Sustainable developement 34 Research and development 43 FINANCIAL STATEMENTS 45 Management discussion and analysis of group consolidated financial statements 46 Consolidated financial statements and notes 56 Management discussion and analysis of corporate financial statements 114 Corporate financial statements and notes 116 LEGAL INFORMATION 139 Corporate governance and internal control 140 Shareholders and trading information 164 Share capital 169 Other legal information 178 COMBINED ANNUAL MEETING OF SHAREHOLDERS, 10 MAY 2007 188 Agenda 189 Summary of proposed resolutions 190 Proposed resolutions 192 OTHER INFORMATION 206 Statutory auditors’ reports 207 Person responsible for the Annual Report and persons responsible for the audit of the financial statements 211 Incorporation by reference In accordance with Article 28 of EU Regulation n°809/2004 dated 29 April 2004, the reader is referred to previous “Documents de référence” containing certain information: 1. Relating to fiscal year 2005: - The Management Discussion and Analysis and consolidated financial statements, including the statutory auditors’ report, set forth in the “Document de référence” filed on 7 April 2006 under number D.06-218 (pages 42 to 113 and 191, respectively). - The corporate financial statements of JCDecaux SA, their analysis, including the statutory auditors’ report, set forth in the “Document de référence” filed on 7 April 2006 under number D.06-218 (pages 114 to 134 and 192, respectively). - The statutory auditors’ special report on regulated agreements with certain related parties, set forth in the “Document de référence” filed on 7 April 2006 under number D.06-218 (pages 193 and 194).
    [Show full text]
  • From the Very Beginning, SES Has Successfully Built Upon Its Roots in the Retail Sector and Has Relied on Competitive Grocery Stores to Serve As Anchor Companies
    Company 12 Our Company Profile 14 Milestones in the History of SES 16 Competencies and Services Locations 22 20 Property Portfolio 22 New Openings 30 Refurbishments 31 Joint Ventures Variety 36 Future Talk with Matthias Horx und Marcus Wild 40 Regional Focus 42 Local Supply 44 Retail & Gastronomy 46 Services 50 Event Highlights 52 Sustainability 54 Imprint YEARBOOK 2019/2020 Dear Business Partners, 2019 was a very successful year for SES. Our retail partners across our 29 shopping centers ge- nerated gross sales of EUR 2.83 billion – an increase of 2.5% over the previous year. 2020 has already presented us with a host of new challenges. Our company, along with many others, has been severely impacted by the coronavirus pandemic since March of this year. In cooperation with our retail partners, we are working on fair solutions that will enable our shopping centers to, once again, become thriving business places as soon as possible. Nevertheless, we are extremely pleased with everything that we managed to achieve last year. Let us look back on our joint suc- cesses together. As the market leader for large-scale retail properties in Austria and Slovenia, we intend to remain one of the most successful shopping center operators. To that end, we will continue to make con- sistent investments in the quality of our locations and to expand. In 2019, the refurbishment of existing shopping centers in Slovenia and Croatia was a key area of focus. Another main activity was the construction of the new ALEJA shopping center in the north of Ljubljana, which was com- pleted in March 2020.
    [Show full text]
  • Business Management in the Czech Republic Ing.PetrSuchánek,Ph.D.,Ing.RadoslavŠkapa,Ph.D.,AKolektiv
    MASARYKOVA UNIVERZITA EKONOMICKO-SPRÁVNÍ FAKULTA Business Management in the CzechRepublic Petr Suchánek, Radoslav Škapa a kol. Brno 2006 Autorský kolektiv: Ing. Petr Suchánek, Ph.D. (kap. 1) Ing. Radoslav Škapa, Ph.D. (kap. 8, 9, 10) vedoucí autorského kolektivu Ing. Ondřej Částek (kap. 8, 9, 10) Ing. Michael Doležal (kap. 2) Ing. Eva Kubátová (kap. 5) Ing. Alena Klapalová (kap. 6, 7) Ing. Martin Krištof (kap. 3) Ing. Petr Valouch (kap. 4) Recenzoval: Doc. Ing. Martin Svoboda, Ph.D. © Petr Suchánek, Radoslav Škapa a kol., 2006 ISBN 80-210-4147-1 CONTENT INTRODUCTION ..................................................................................... 6 1 ECONOMIC TRANSITION OF CORPORATE SECTOR: FROM CENTRAL PLANNED TO MARKET ECONOMY ..................................... 7 1.1 The Methods of privatisation ....................................................................7 1.1.1 Theoretical elements of privatisation ............................................................7 1.1.2 Speed of privatisation and restructuring .......................................................8 1.1.3 Ownership change and restructuring progress .............................................8 1.1.4 Restructuring and the role of the state ..........................................................9 1.2 Transformation in the Czech Republic ...................................................10 1.3 Appendix 1 - Situation in the Industry of the Czech Republic after 1997 ......................................................................................................................13
    [Show full text]
  • Directors' Commentary
    INTERIM CONDENSED CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2019 NEPI Rockcastle plc is incorporated and registered in the Isle of Man with registered number 014178V Registered office: 2nd Floor, 30 Athol Street Douglas, Isle of Man, IM1 1JB Share code: NRP ISIN: IM00BDD7WV31 (‘NEPI Rockcastle’, ‘the Group’ or ‘the Company’) DIRECTORS’ COMMENTARY All information below excludes joint ventures, unless otherwise stated DIRECTORS’ REPORT with ongoing work on a significant development pipeline, including extensions and refurbishments: “NEPI Rockcastle continues to leverage on its strengths and consolidate its position as the dominant, high-quality shopping centre owner with the most • Strong leasing activity during H1 2019, with 319 new lease agreements robust management platform in Europe’s highest growth region. We constantly signed, out of which 246 were renewals and new leases in existing assets, enhance our properties via extension, reconfiguration and modernising capital and the rest are related to developments; expenditure, active asset management and marketing activities. We focus on the implementation of technological solutions that would further enhance our CEE leadership and stakeholder value. We continue to pursue a development • Five extensions and refurbishments finalised in Croatia, Romania and and acquisition pipeline that improves the overall quality of the portfolio and Poland; adds to the business’s long-term sustainability. Our approach balances between pursuing commercial opportunities and maintaining a prudent balance sheet, • Notable brands entering markets where the Group is present include: and we are confident that our dominant position in the CEE will allow us to Body Shop, Lacoste and Ted Baker in Arena Zagreb, Miniso (a Japanese further grow our business.” Alex Morar, CEO.
    [Show full text]
  • Accessguide Template Document
    CBI MARKET SURVEY: THE OUTERWEAR MARKET IN THE CZECH REPUBLIC CBI MARKET SURVEY THE OUTERWEAR MARKET IN THE CZECH REPUBLIC Publication date: April 2006 Introduction This CBI market survey gives exporters in developing countries information on some main developments on the outerwear market in The Czech Republic. The information is complementary to the information provided in the CBI market survey ‘The outerwear market in the EU’ which covers the EU in general. That survey also contains an overview and explanation of the selected products deal with, some general remarks on the statistics used as well as information on other available documents for this sector. It can be downloaded from http://www.cbi.nl/marketinfo 1. Market description: consumption and production Consumption • Total consumer spending on clothing rose by 18.7% during 2002-2005 to reach € 1.9 billion including sales tax 2005. Around 90 percent of clothing expenditure concerned outerwear which is € 1.7 billion. • The Czech Republic ranked 16th in EU consumption of outerwear, accounting for 0.8% of total EU consumption. • The population size in the Czech Republic has been in decline since 1998, due in part to a high level of migration out of the country. The period 1998-2004 saw the population remaining at 10.2 million. Like other EU countries, the Republic also has an ageing population. Table 1 Consumer expenditure on outerwear in the Czech Republic in value, 2002-2007 in € million 2002 2003 2004 2005 e) 2006 f) 2007 f) Women’s outerwear 893 955 1,000 1,051 1,113 1,180 Men’s outerwear 362 389 408 428 451 480 Knitwear 176 188 195 206 216 230 Clothing accessories 51 59 61 62 65 65 Total outerwear 1,482 1,591 1,664 1,747 1,845 1,955 Total clothing 1,633 1,756 1,842 1,939 2,054 2,175 Yearly change in % + 7.5% + 5.7% + 4.9% + 5.3% + 5.9% + 6.1% e) estimated f) forecasted Source: Euromonitor and national statistics (CZSO) Production • Total sales by the Czech clothing manufacturers fell to € 376 million in 2004.
    [Show full text]