DOCSLIB.ORG

2018 FIRST-HALF FINANCIAL REPORT Contents

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2018 FIRST-HALF FINANCIAL REPORT Contents 2018 FIRST-HALF FINANCIAL REPORT Contents 1 4 2018 FIRST-HALF CERTIFICATION MANAGEMENT REPORT OF THE PREPARER P 01 P 125 2 DEFINITIONS, ACRONYMS CONDENSED CONSOLIDATED AND ABBREVIATIONS USED FINANCIAL STATEMENTS P 127 OF COVIVIO AS AT 30 JUNE 2018 P 63 3 STATUTORY AUDITORS’ REPORT P 123 1 2018 FIRST-HALF MANAGEMENT REPORT 1.1. BUSINESS ANALYSIS 02 1.4. FINANCIAL RESOURCES 50 1.1.1. Recognised rental income: +3.0% 1.4.1. Main debt characteristics 50 on a like-for-like scope 02 1.4.2. Debt by type 50 1.1.2. Lease expirations and occupancy 1.4.3. Debt maturity 51 rates 03 1.4.4. Main changes during the period 51 1.1.3. Breakdown of rental income – 1.4.5. Hedging profile 52 Group share 05 1.4.6. Average interest rate 1.1.4. Cost to revenue, by business 06 on the debt and sensitivity 52 1.1.5. Realised disposals: €492 million 1.4.7. Reconciliation with consolidated in Group share 06 accounts 53 1.1.6. Acquisitions: €682 million realised in Group share 07 1.5. EPRA REPORTING 55 1.1.7. Development projects: €5.1 billion (€3.7 billion Group share) 07 1.5.1. Change in net rental income 1.1.8. Portfolio 11 (Group share) 55 1.1.9. List of major assets 12 1.5.2. Investment assets – Lease data 55 1.5.3. Investment assets – Asset values 56 1.2. BUSINESS ANALYSIS BY 1.5.4. Information on leases 57 SEGMENT 13 1.5.5. EPRA topped-up yield rate 57 1.2.1. France Offices 13 1.5.6. EPRA cost ratio 58 1.2.2. Italy Offices 21 1.5.7. EPRA Earnings 58 1.2.3. German residential 27 1.5.8. EPRA NAV and EPRA NNNAV 59 1.2.4. Hotels Europe 33 1.5.9. EPRA performance indicator reference table 61 1.3. FINANCIAL INFORMATION AND 1.6. FINANCIAL INDICATORS COMMENTS 41 OF THE MAIN ACTIVITIES 62 1.3.1. Scope of consolidation 41 1.3.2. Accounting principles 41 1.3.3. Simplified income statements - Group share 42 1.3.4. Simplified consolidated income statement (at 100%) 46 1.3.5. Simplified consolidated balance sheet (Group share) 47 1.3.6. Simplified consolidated balance sheet (at 100%) 48 2018 First-half financial report — 01 2018 First-half management report 1 Business analysis 1.1. BUSINESS ANALYSIS Changes in scope Two major transactions were completed this half year, with an impact on Covivio’s percentage ownership of its subsidiaries: • as part of the potential business combination with Beni Stabili, Covivio increased its investment in its subsidiary by 7.5%, owning 59.9% at end June 2018 compared with 52.4% at the end of 2017 • the merger of Covivio Hotels and FDMM reduced Covivio’s investment in Covivio Hotels from 50% at 31 December 2017 to 42% at 30 June 2018. 1.1.1. Recognised rental income: +3.0% on a like-for-like scope 100% Group share Change Change Change (%) (€M) H1 2017 H1 2018 (%) H1 2017 H1 2018 (%) LfL(1) % of rent France Offices 135.7 137.6 1.4% 123.0 123.3 0.2% 2.4% 41% Paris 41.0 45.4 11% 38.7 43.6 13% 1.9% 14% Greater Paris 67. 3 67. 2 0% 5 7.0 55.6 -2% 2.5% 18% Other French regions 2 7. 4 24.9 -9% 2 7. 4 24.2 -12% 3.0% 8% Italy Offices 92.3 96.5 4.6% 4 7. 7 41.9 -12.2% 1.5% 14% Offices – excl. Telecom Italia 43.2 4 7. 3 10% 22.6 26.6 18% 1.7% 9% Offices – Telecom Italia 49. 1 49. 2 0% 25.1 15.3 -39% 1.1% 5% Germany Residential 112.9 118.7 5.2% 69.9 75.3 7.7% 4.6% 25% Berlin 48.8 56.6 16% 30.5 36.3 19% 5.7% 12% Dresden & Leipzig 10.2 11.1 9% 6.3 7.0 10% 2.8% 2% Hamburg 7. 2 7. 8 8% 4.6 5.2 11% 3.4% 2% North Rhine-Westphalia 46.6 43.2 -7% 28.5 26.9 -6% 4.2% 9% Hotels Europe 116.2 128.3 10.4% 42.8 48.0 12.2% 3.6% 16% Hotels – Lease properties 84.5 94.6 12% 36.5 34.4 -5.8% 3.3% 11% France 44.8 49. 5 11% 17.5 15.5 -11% 3.4% 5% Germany 10.6 13.5 28% 5.1 5.5 9% 1.6% 2% Belgium 10.6 10.6 0% 5.3 4.5 -16% 5.6% 1% Spain 14.9 17.4 N/A 6.8 7. 3 7% 3.3% 2% Others 3.7 3.7 N/A 1.8 1.6 -15% 1.6% 1% Hotels – Operating properties 31.7 33.7 6% 6.3 13.6 117.7% 4.2% 4% TOTAL STRATEGIC ACTIVITIES 4 5 7.0 481.1 5.3% 283.5 288.5 1.8% 3.0% 95% Non-strategic 34.0 25.4 -25% 1 7.9 14.2 -20.6% N/A 5% Retail Italy 9. 5 8.0 -16% 5.0 4.5 -10% -7. 8 % 1% Retail France 18.4 13.2 -28% 9. 2 5.5 -40% 1.2% 2% Other (France Residential) 6.1 4.2 -31% 3.7 4.2 12% N/A 1% Total 491.0 506.5 3.2% 301.4 302.8 0.4% 2.8% 100% (1) LfL: Like-for-Like. 02 — 2018 First-half financial report 2018 First-half management report Business analysis 1 Group share revenues increased by 0.4% year-on-year. • acquisitions (€13.9 million) in particular in German This €1.4 million increase is due primarily to the following Residential (+€7.4 million), with the acquisition of over effects: 2,000 apartments, primarily in Berlin • acceleration of like for like growth of 3.0% (+€6.0 million) • deliveries of new assets (+€7.7 million), mainly in France with: Offices, particularly Edo in Issy-les-Moulineaux, Art&Co in Paris and O’Rigin in Nancy • +2.4% in France Offices, thanks to the indexation (0.8 pt) and good rental performance (1.7 pt including • asset disposals (-€30.0 million), especially: 1.1 pt related to successful renewals) • in France Offices (-€10.8 million), including two • +1.5% in Italy Offices (excluding Retail) mainly due to mature assets (Winchester in St Germain and Victor indexation Hugo in Issy-les-Moulineaux) • +4.6% in Germany Residential, including 2.4 pts due • in Italy Offices, the syndication of 49% of the Telecom to indexation and 2.2 pts due to renewals Italy portfolio, of which 40% at end-June 2017 and 9% early 2018 • +3.3% in Hotels, of which a 5.0% growth in AccorHotels variable rents thanks to the recovery of the hotel • in German Residential (-€5.2 million) with the sale market of over 5,000 apartments, including over 60% of non-core assets in North Rhine-Westphalia • +4.2% change in EBITDA for Hotel Operating properties as a result of sound performances at the • in Hotels (-€2.9 million) with the impact of the start of the year, particularly due to a post-terrorist non-strategic asset disposals of Quick restaurants attack recovery and Jardiland stores • increase in Covivio’s interest in Beni Stabili to 59.9% (+€2.3 million). 1.1.2. Lease expirations and occupancy rates 1.1.2.1. Annualised lease expirations: 6.0 years of average lease term By lease end date (1st break) By lease end date (Years) – Group share 2017 H1 2018 2017 H1 2018 France Offices 5.0 4.5 6.0 5.4 Italy Offices 7. 6 6.8 8.1 7. 3 Hotels Europe 11.2 11.2 13.3 13.3 TOTAL STRATEGIC ACTIVITIES 6.6 6.0 7. 7 7.0 Non-strategic 6.4 5.4 7.0 6.3 Total 6.6 6.0 7. 7 7.0 The average firm residual duration of leases remained high at 6.0 years at end June, having fallen as a result of the syndication in Italy Offices of an additional 9% of the Telecom Italia portfolio. In France, the firm lease duration fell 0.5 point due to approaching maturities on assets earmarked for redevelopment in 2018. 2018 First-half financial report — 03 2018 First-half management report 1 Business analysis By lease end date By lease (€M) – Group share (1st break) % of total end date % of total 2018 33.3 6% 14.3 2% 2019 53.8 9% 30.5 5% 2020 32.5 6% 2 7. 5 5% 2021 37.4 6% 40.9 7% 2022 41.8 7% 37.8 6% 2023 41.7 7% 45.5 8% 2024 13.4 2% 22.4 4% 2025 40.6 7% 43.0 7% 2026 36.6 6% 36.7 6% 2027 19.4 3% 31.3 5% Beyond 81.0 14% 101.8 17% Germany Residential 152.7 26% 152.7 26% TOTAL 584.2 100% 584.2 100% Hotel operating properties 2 9. 1 - 2 9. 1 - Non-strategic 22.7 - 22.7 - The percentage of lease terms under three years remained stable at 7% of average annualised rental income, giving the Group excellent visibility over its cash flows, which are thus secured on the medium term. Of the €87 million in leases due to end in 2018, more than 50% are related to French Offices assets included in the managed pipeline.
Load more

Recommended publications
  • DXE Liquidity Provider Registered Firms
    DXE Liquidity Provider Program Registered Securities European Equities TheCboe following Europe Limited list of symbols specifies which firms are registered to supply liquidity for each symbol in 2021-09-28: 1COVd - Covestro AG Citadel Securities GCS (Ireland) Limited (Program Three) DRW Europe B.V. (Program Three) HRTEU Limited (Program Two) Jane Street Financial Limited (Program Three) Jump Trading Europe B.V. (Program Three) Qube Master Fund Limited (Program One) Societe Generale SA (Program Three) 1U1d - 1&1 AG Citadel Securities GCS (Ireland) Limited (Program Three) HRTEU Limited (Program Two) Jane Street Financial Limited (Program Three) 2GBd - 2G Energy AG Citadel Securities GCS (Ireland) Limited (Program Three) Jane Street Financial Limited (Program Three) 3BALm - WisdomTree EURO STOXX Banks 3x Daily Leveraged HRTEU Limited (Program One) 3DELm - WisdomTree DAX 30 3x Daily Leveraged HRTEU Limited (Program One) 3ITLm - WisdomTree FTSE MIB 3x Daily Leveraged HRTEU Limited (Program One) 3ITSm - WisdomTree FTSE MIB 3x Daily Short HRTEU Limited (Program One) 8TRAd - Traton SE Jane Street Financial Limited (Program Three) 8TRAs - Traton SE Jane Street Financial Limited (Program Three) Cboe Europe Limited is a Recognised Investment Exchange regulated by the Financial Conduct Authority. Cboe Europe Limited is an indirect wholly-owned subsidiary of Cboe Global Markets, Inc. and is a company registered in England and Wales with Company Number 6547680 and registered office at 11 Monument Street, London EC3R 8AF. This document has been established for information purposes only. The data contained herein is believed to be reliable but is not guaranteed. None of the information concerning the services or products described in this document constitutes advice or a recommendation of any product or service.
    [Show full text]
  • Liste Des Actions Concernées Par L'interdiction De Positions Courtes Nettes
    Liste des actions concernées par l'interdiction de positions courtes nettes L’interdiction s’applique aux actions listées sur une plate-forme française et relevant de la compétence de l’AMF au titre du règlement 236/2012 (information disponible dans les registres ESMA). Cette liste est fournie à titre informatif. L'AMF n'est pas en mesure de garantir que le contenu disponible est complet, exact ou à jour. Compte tenu des diverses sources de données sous- jacentes, des modifications pourraient être apportées régulièrement. Isin Nom FR0010285965 1000MERCIS FR0013341781 2CRSI FR0010050773 A TOUTE VITESSE FR0000076887 A.S.T. GROUPE FR0010557264 AB SCIENCE FR0004040608 ABC ARBITRAGE FR0013185857 ABEO FR0012616852 ABIONYX PHARMA FR0012333284 ABIVAX FR0000064602 ACANTHE DEV. FR0000120404 ACCOR FR0010493510 ACHETER-LOUER.FR FR0000076861 ACTEOS FR0000076655 ACTIA GROUP FR0011038348 ACTIPLAY (GROUPE) FR0010979377 ACTIVIUM GROUP FR0000053076 ADA BE0974269012 ADC SIIC FR0013284627 ADEUNIS FR0000062978 ADL PARTNER FR0011184241 ADOCIA FR0013247244 ADOMOS FR0010340141 ADP FR0010457531 ADTHINK FR0012821890 ADUX FR0004152874 ADVENIS FR0013296746 ADVICENNE FR0000053043 ADVINI US00774B2088 AERKOMM INC FR0011908045 AG3I ES0105422002 AGARTHA REAL EST FR0013452281 AGRIPOWER FR0010641449 AGROGENERATION CH0008853209 AGTA RECORD FR0000031122 AIR FRANCE -KLM FR0000120073 AIR LIQUIDE FR0013285103 AIR MARINE NL0000235190 AIRBUS FR0004180537 AKKA TECHNOLOGIES FR0000053027 AKWEL FR0000060402 ALBIOMA FR0013258662 ALD FR0000054652 ALES GROUPE FR0000053324 ALPES (COMPAGNIE)
    [Show full text]
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
    [Show full text]
  • Covivio Completes the Acquisition of 8 Hotels Leased to NH Hotels
    PRESS RELEASE Paris, 8 September 2020 Covivio completes the acquisition of 8 hotels leased to NH Hotels in the city-center of major European touristic destinations Covivio, through its subsidiary Covivio Hotels held at 43.3%, has completed the acquisition of the portfolio of eight hotels located in Rome, Florence, Venice (x2), as well as in Nice, Prague and Budapest (x2) for €573 million (€248 million in Group share), including €86 million of capex. This portfolio of high- end establishments in prime locations includes several emblematic hotels such as the Palazzo Naiadi in Rome, the Carlo IV in Prague, the Plaza in Nice and the NY Palace in Budapest. A strengthened partnership with NH Hotel Group Totalling 1,115 rooms, the hotels will be operated by NH Hotel Group through long term triple net lease contracts1 with minimum guaranteed variable rent, generating a minimum yield of 4.7%. The agreement has an initial duration of 15 years, extendible at NH Hotel Group’s option to 30 years. Besides, Covivio is pursuing a capex program of €86 million for the entire portfolio, that shows great potential for growth: - 6 hotels are currently open and will undergo rebranding works (around €30 million) - The hotels in Florence and Nice, under renovation (around €56 million of capex expected), will reopen respectively by end-2020 and in the second semester of 2021. Thanks to their strong long-term partnership, Covivio and NH Hotel Group have completed this acquisition, which was announced last January and postponed to September due to the health environment. Initiated in 2014, the collaboration with NH Hotel Group began with the acquisition of a hotel in the centre of Amsterdam and then continued between 2016 and 2018 with the purchase of ten hotels in Germany, the Netherlands and Spain.
    [Show full text]
  • 2018 FIRST-HALF FINANCIAL REPORT Worldreginfo - 9C4dd27f-0A1d-4554-9Eaa-804D6415abcf Contents
    2018 FIRST-HALF FINANCIAL REPORT WorldReginfo - 9c4dd27f-0a1d-4554-9eaa-804d6415abcf Contents 1 4 2018 FIRST-HALF CERTIFICATION MANAGEMENT REPORT OF THE PREPARER P 01 P 125 2 DEFINITIONS, ACRONYMS CONDENSED CONSOLIDATED AND ABBREVIATIONS USED FINANCIAL STATEMENTS P 127 OF COVIVIO AS AT 30 JUNE 2018 P 63 3 STATUTORY AUDITORS’ REPORT P 123 WorldReginfo - 9c4dd27f-0a1d-4554-9eaa-804d6415abcf 1 2018 FIRST-HALF MANAGEMENT REPORT 1.1. BUSINESS ANALYSIS 02 1.4. FINANCIAL RESOURCES 50 1.1.1. Recognised rental income: +3.0% 1.4.1. Main debt characteristics 50 on a like-for-like scope 02 1.4.2. Debt by type 50 1.1.2. Lease expirations and occupancy 1.4.3. Debt maturity 51 rates 03 1.4.4. Main changes during the period 51 1.1.3. Breakdown of rental income – 1.4.5. Hedging profile 52 Group share 05 1.4.6. Average interest rate 1.1.4. Cost to revenue, by business 06 on the debt and sensitivity 52 1.1.5. Realised disposals: €492 million 1.4.7. Reconciliation with consolidated in Group share 06 accounts 53 1.1.6. Acquisitions: €682 million realised in Group share 07 1.5. EPRA REPORTING 55 1.1.7. Development projects: €5.1 billion (€3.7 billion Group share) 07 1.5.1. Change in net rental income 1.1.8. Portfolio 11 (Group share) 55 1.1.9. List of major assets 12 1.5.2. Investment assets – Lease data 55 1.5.3. Investment assets – Asset values 56 1.2. BUSINESS ANALYSIS BY 1.5.4.
    [Show full text]
  • Corporate Review N° 1 La Revue Corporate 2020
    LA REVUE CORPORATE 2020 CORPORATE REVIEW N° 1 Nous concevons un immobilier vivant Nous bâtissons des métropoles d’avenir Nous plaçons l’humain au cœur de nos projets 05 Édito Editorial Nous nous engageons pour préserver l’environnement 06 Covivio en 2019 Nous construisons du bien-être et des liens durables Covivio in 2019 08 Comité Exécutif Executive Committee We design living real estate 10 L’Europe des métropoles We draw the major cities of the future Europe metropolises We make people the main focus of our projects 14 Partenaire de la ville de 2030 The partner of the city of 2030 We are committed to preserve the environment 18 Le design du bien-être We build sustainable relationships and well-being Well-being’s design 22 L’expérience utilisateur augmentée Enhanced user experience 26 Liens et carrières Links and careers 2 Covivio Covivio 3 L’histoire et le développement de Covivio démontrent la solidité de notre modèle diversifié, qui conjugue les usages : Europe, Développement et Culture client : travailler, voyager, les trois piliers de notre stratégie. habiter. Ils valident également nos piliers stratégiques : ÉDITO les Métropoles européennes comme terrain Covivio’s history Europe, Development and client Culture: EDITORIAL d’expression ; le Développement comme outil and development the three pillars of our strategy. pour concevoir la ville de demain ; la Culture demonstrate the client comme priorité pour concilier bien-être et performance. strength of our CHRISTOPHE KULLMANN diversified model, Directeur Général / CEO, Covivio Nous sommes un acteur which combines immobilier responsable. working, travelling Notre Raison d’être place l’humain au centre and living uses.
    [Show full text]
  • GRESB 2020 Ranking: Covivio Achieves Global “Sector Leader” Status in the Category “Diversified Office/Residential – Listed Companies”
    Paris, 24 November 2020 GRESB 2020 ranking: Covivio achieves global “Sector Leader” status in the category “Diversified Office/Residential – Listed Companies” Covivio continues its progression in the GRESB 2020 ranking (Global ESG Real Estate Benchmark) rankings, and obtains the status of global “Sector Leader” in the “Diversified Office/Residential – Listed Companies” category. A score that once again confirms the performance and relevance of the group’s CSR policy. Each year, the GRESB evaluates and ranks the ESG (Environmental, Social and Governance) performance of real estate companies around the world. An analysis guided by a questionnaire that rates companies on their sustainability performance. With a score of 85/100, 5 points up on 2019, Covivio obtains the “5 star” and the status of global “Sector Leader” in its category. A particularly remarkable performance while the average score fell by two points overall this year. At the same time, Covivio obtained the maximum score of 100/100 in the “Public Disclosure” category for the high quality and transparency of its reporting. Covivio: improving scores in an ever more demanding environment Covivio also retains its “Sector Leader” status in the Vigeo-Eiris classifications in 2020, obtaining the maximum score of A1+ for the second consecutive year. Covivio ranks 5th worldwide (vs. 7th in 2019) out of all companies rated by Vigeo-Eiris across all sectors. Covivio is also making progress with ISS-ESG score this year, with a B- (C+ in 2019), putting it in the global top 5% of the 358 real estate companies rated by the agency. In October 2020, Covivio was also awarded an excellent ESG Risk Rating by Sustainalytics, the results are available on its website.
    [Show full text]
  • Report of the Board of Directors to The
    FONCIERE DES RÉGIONS Société anonyme with a share capital of 225 835 737 euros Registered office: 18 avenue François Mitterrand – 57000 Metz RCS Metz 364 800 060 REPORT OF THE BOARD OF DIRECTORS TO THE EXTRAORDINARY GENERAL MEETING DATED 6 SEPTEMBER 2018 Ladies and Gentlemen, Dear Shareholders, We have called this extraordinary general meeting of Foncière des Régions (the “Company” or “Foncière des Régions”) to submit to you the following resolutions: 1. Review and approval of the merger by incorporation of Beni Stabili by the Company – Approval of the terms and conditions of the Merger Plan; 2. Withdrawal right of Beni Stabili shareholders; 3. Delegation of power granted to the Board of directors to acknowledge the definitive completion of the merger and the share capital increase resulting from the merger; 4. Transfer to the Company of the commitments of Beni Stabili relating to the convertible bonds of Beni Stabili and waiver of the preferential subscription right of the shareholders to the benefit of holders of convertible bonds of Beni Stabili; 5. Change of corporate name and subsequent amendment of article 2 of the articles of association; 6. Amendment of the articles 8.2, 25.3 and 25.4 of the articles of association; 7. Power for formalities. The purpose of this report is to set out the draft resolutions approved by the Board of directors of the Company on 19 July 2018 and which approval is recommended by the board of directors. The presentation of the financial situation, the operations and the results of the Company since the beginning of the ongoing fiscal year, as well as the various information required by applicable laws and regulations, are provided in the half-year financial report of the Company as of 30 June 2018, which will be published on the website of the Company and which you are invited to refer to.
    [Show full text]
  • Beni Stabili S.P.A
    REPORT ON CORPORATE GOVERNANCE AND OWNERSHIP ARRANGEMENT pursuant to art. 123-bis of the Consolidated Financial Act (TUF) (traditional management and control model) Issuer: Beni Stabili S.p.A. SIIQ Website: www.benistabili.it Financial Year to which the Report refers: 2013 Board of Directors’ Meeting of 14 February 2014 INDEX GLOSSARY 1. Profile of the Issuer 2. Information on the ownership arrangement a) Share capital b) Limitations to the transfer of securities c) Major shareholdings d) Securities conferring special rights e) Equity investment of employees: mechanism of exercising the voting right f) Limitations in exercising the voting right g) Shareholders’ Agreements h) “Change of control” clause and regulatory provisions with respect to take-over bids i) Powers to increase the share capital and authority for the purchase of own shares j) Management and Coordination 3. Compliance 4. Board of Directors 4.1. Appointment and replacement 4.2. Members 4.3. Role of the Board of Directors 4.4. Other corporate bodies - Chief Executive Officer - Chairman of the Board of Directors 4.5. Independent Directors 4.6. Lead Independent Director 5. Processing of corporate information 6. Internal Committees of the Board of Directors a) Executive and Investment Committee 1 b) Nomination Committee c) Remuneration Committee d) Control and Risks Committee 7. Directors’ Remuneration 8. Internal Control and Risk Management System 8.1 Director responsible for the internal control and risk management system 8.2 Head of Internal Audit 8.3 Organisational model pursuant to Legislative Decree 231/2001 8.4 Independent Auditors 8.5 Executive responsible for preparing the company’s accounting documents and other corporate roles and functions 8.6 Coordination between persons involved in the internal control and risk management system 9.
    [Show full text]
  • IMMOBILIÈRES Réflexionsla REVUE N°88 - 2E TRIMESTRE 2019 DE L’IEIF IMMOBILIÈRES N°88 - 2E TRIMESTRE 2019
    ISSN 1244-0442 Au numéro 55 € TTC IEIF Abonnement (4 nos) 190 € TTC réflexionsLA REVUE DE L’IEIF IMMOBILIÈRES réflexionsLA REVUE N°88 - 2e TRIMESTRE 2019 DE L’IEIF IMMOBILIÈRES N°88 - 2e TRIMESTRE 2019 À PROPOS DE L’IEIF L’IEIF, centre de recherche indépendant, est le lieu privilégié d’échanges et de réflexions pour les professionnels de l’immobilier et de l’investissement. Sa mission est de fournir de l’information, des analyses et des prévisions, et d’être un incubateur d’idées. RÉFLEXIONS IMMOBILIÈRES Dossier Cybersécurité : un sujet à prendre www.ieif.fr L’IMMOBILIER COTÉ, « hackeur » UNE INDUSTRIE INNOVANTE par Philippe Boyer avec Maryse Aulagnon L’immobilier face au risque Delphine Charles-Péronne climatique : dynamique des Sébastien Chemouny marchés et outils d’évaluation Bruno Duclos Benoît Faure-Jarrosson par Chayma Oueslati Jean-Éric Fournier Vladimir Minot Dominique Moerenhout Myf Ryan TRIMESTRE 2019 TRIMESTRE Usufruit locatif social : e Geoffroy Schmitt 2 Pierre Schoeffler une réponse à la pénurie 23, bd Poissonnière - 75002 Paris de logements sociaux ? Tél. : 01 44 82 63 63 88 Fax : 01 44 82 63 64 par Laurence Trochon [email protected] et Franck Petel Auteurs, vous souhaitez contribuer à la rédaction de Réflexions Immobilières et faire part de votre point de vue à un public de professionnels et de chercheurs ? Contactez-nous pour nous soumettre un article DEVENIR MEMBRE et, s’il est accepté par le comité de rédaction, nous le publierons pour vous permettre de le diffuser auprès de la communauté immobilière et financière. DE L’IEIF C’EST : u Positionner l’immobilier dans votre allocation réflexionsLA REVUE d’actifs DE L’IEIFIMMOBILIÈRES Revue trimestrielle éditée Comité de rédaction : u Analyser les déterminants par l’Institut de l’Épargne Alain BÉCHADE, Guy BERNFELD, Immobilière et Foncière Joëlle CHAUVIN, Gilbert EMONT, des marchés immobiliers 23, boulevard Poissonnière Denis FRANÇOIS, Serge GRZYBOWSKI, 75002 Paris Martin HOESLI, Guy MARTY, Tél.
    [Show full text]
  • Immobiliere Batibail
    Assemblée Générale Extraordinaire du 6 septembre 2018 LISTE DES MANDATS ET FONCTIONS DES MANDATAIRES SOCIAUX Monsieur Christophe Kullmann Autres mandats exercés au sein du groupe Covivio : Président du Conseil de Surveillance : Foncière des Murs SCA (société cotée) Membre du Conseil de Surveillance : Immeo SE (société européenne) Administrateur délégué et membre du Comité Exécutif et d’Investissement : Beni Stabili S.p.A. SIIQ (société cotée italienne) Administrateur : Foncière Développement Logements – FDL SA Représentant légal de Foncière des Régions, Président : Technical SAS Représentant légal de Foncière des Régions, Gérant : SCI Esplanade Belvédère II, SCI Le Ponant 1986, SCI Omega A, SCI Omega C, SCI Ruhl Côte d’Azur, SCI Latécoère, SCI Latécoère 2, SCI Lenovilla, SCI Meudon Saulnier, SCI 11 Place de l’Europe, SCI du 15 rue des Cuirassiers, SCI du 288 rue Duguesclin, SCI du 9 rue des Cuirassiers, SCI N2 Batignolles, SNC Cœur d’Orly Promotion Mandats extérieurs au groupe Covivio : Président du Conseil d’Administration : FSIF (Syndicat professionnel) Administrateur : IEIF (Association) Directeur Général Administrateur Monsieur Olivier Estève Autres mandats exercés au sein du groupe Covivio : Président : FDR 2 SAS Président-Directeur Général : République SA Représentant permanent de Foncière des Régions, Administrateur : Foncière Développement Logements SA Membre du Conseil de Surveillance : Foncière des Murs SCA (société cotée), Immeo SE (société européenne) Gérant : Covivio Développement SNC (anciennement dénommée Foncière des Régions
    [Show full text]
  • France Alpha 7.1% Beta 0.6 Download
    CIM algo Draft version R30 France Calculation Date: 2020-01-20 The CIMalgo R30 France is Cimalgo's Robust investment model applied to France. The Robust model is an algorithmic portfolio construction procedure which seeks to provide strong risk-adjusted performance and low beta in any market worldwide by aiming at high-liquidity stocks and combining high diversification with propriatary portfolio optimization techniques. The performance is achieved through optimization for low volatility and limited drawdowns. Combined with a simple equal-weighting rule ex- ploiting long-term mean reversal properties of equity prices results in stable long-term risk-adjusted performance independent of both domestic and global market business cycles. All performance below is based on total return. Backtest Performance Model Characteristics Backtested performance is compared to MSCI France Gross Total Return USD Index. Region France 2000−01−10 / 2020−01−20 Universe All Trading Constituents 30 600 R30 MSCI Weighting Equal 500 Rebalancing Quarterly 400 Currency USD Liquidity Requirement Min 0.2M USD ADTV 300 Annual Performance (%) 200 Year Return % Volatility % Sharpe Ratio 100 R30 MSCI R30 MSCI R30 MSCI 2000 21.1 0.4 21.6 24.5 1.0 0.0 Jan 10 Jan 01 Jan 01 Jan 02 Jan 01 Jan 01 Jan 02 Jan 01 Jan 01 Jan 01 Jan 01 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2001 -15.6 -22.1 17.2 25.0 -0.9 -0.9 2002 5.1 -20.8 13.9 32.0 0.4 -0.7 2003 41.6 41.0 10.2 22.2 4.1 1.9 Drawdown Comparison (%) 2004 36.8 19.2 12.0 15.0 3.1 1.3 2005 13.7 10.6 10.9 12.4 1.3 0.9 Drawdown is compared to MSCI France Gross Total Return USD Index.
    [Show full text]