DOCSLIB.ORG

Financial and Legal Report 

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Financial and Legal Report  2018 Financial and Legal Report 2 SFL 2018 Financial and Legal Report 2018 FINANCIAL AND LEGAL REPORT The French version of this Registration Document was filed with the Autorité des Marchés Financiers (AMF) on 15 March 2019, in accordance with Article 212-13 of the AMF’s General Regulations. It may be used for a financial transaction provided that it is accompanied by an Information Memorandum approved by the AMF. This document was prepared by the issuer and is the responsibility of the persons who signed it. SFL 2018 Financial and Legal Report 1 Management Report p. 4 Consolidated Financial Statements p.128 Company Financial Statements p. 156 Statutory Auditors’ Reports p.174 Additional Information p. 184 Cross-Reference Tables p. 192 Table of the Main Items p. 195 2 SFL 2018 Financial and Legal Report p.4 Management Report for the Year Ended 31 December 2018 1. Business Review and Significant Events of the Year 2. Results p.174 3. Outlook 4. Risk Factors Statutory Auditors’ Reports 5. Insurance for the Year Ended 31 December 2018 6. Appointment of the Statutory Auditors – Statutory Auditors’ Report 7. Internal Control and Risk Management Procedures on the Consolidated Financial Statements Implemented by the Company for the Preparation – Statutory Auditors’ Report and Processing of Accounting and Financial on the Company Financial Statements Information (Article L.225-100-1 5° of the French – Statutory Auditors’ Special Report on Related Party Commercial Code) Agreements and Commitments 8. SFL and its Shareholders 9. Partnerships 10. Shareholders’ Pacts 11. Share Performance p.184 12. 2018 Non-Financial Information Additional Information 13. Appendices – Persons Responsible for the Registration Document and the Audit of the Accounts – Additional Legal Information p.128 – Additional Information about the Company’s Capital and Share Ownership Consolidated Financial Statements – Additional Information about the Group’s Operations for the Year Ended 31 December 2018 and Organisational Structure A. Consolidated Statement of Financial Position B. Consolidated Statement of Comprehensive Income C. Consolidated Statement of Changes in Equity p.192 D. Consolidated Statement of Cash Flows E. Notes to the Consolidated Financial Statements Cross-Reference Tables p.156 p.195 Company Financial Statements Table of the Main Items for the Year Ended 31 December 2018 of the Annual Financial Report Balance Sheet Profit and Loss Account I. Accounting Policies II. Significant Events of the Year III. Notes to the Financial Statements SFL 2018 Financial and Legal Report 3 SFL 2018 Management Report 4 SFL 2018 Financial and Legal Report SFL 2018 Management Report p.7 1. Business Review and Significant Events of the Year p.29 9. Partnerships p.7 2. Results p.29 10. Shareholders’ Pacts p.11 3. Outlook p.30 11. Share Performance p.11 4. Risk Factors p.31 12. 2018 Non-Financial Information p.16 5. Insurance p.64 13. Appendices p.17 13.1 - Board of Directors’ Special Report to the Annual General Meeting of 5 April 2019 on Stock Options 6. Appointment of the Statutory (drawn up in accordance with Article L.225-184 Auditors of the French Commercial Code) ������������������p. 64 13.2 - Board of Directors’ Special Report to the Annual General Meeting of 5 April 2019 on Performance Share Plans (prepared in accordance with p.18 Article L.225-197-4 of the French Commercial Code) ...........................................................p. 64 7. Internal Control and Risk 13.3 - Five-year financial summary (Company financial Management Procedures Implemented statements) (in euros) (prepared in accordance by the Company for the Preparation with Article R.225-102 of the French Commercial and Processing of Accounting Code) ..........................................................p. 66 and Financial Information 13.4 - Board of Directors’ Corporate Governance (Article L.225-100-1.5° of Report (prepared in accordance with Article the French Commercial Code) L.225-37, paragraph 6, of the French Commercial Code) .......................................p. 67 13.5 - Agenda for the Annual General Meeting p.23 of 5 April 2019 ...........................................p. 104 13.6 - Report of the Board of Directors to the Extraordinary General Meeting ...................p. 120 8. SFL and its Shareholders 13.7 - Property portfolio at 31 December 2018 ... p. 127 The consolidated financial statements were approved for publication by the Board of Directors on 15 February 2019. SFL 2018 Financial and Legal Report 5 6 SFL 2018 Financial and Legal Report Annual General Meeting of 5 April 2019 Management Report for the Year Ended 31 December 2018 To the shareholders, We have called the Annual General Meeting in accordance with the Company’s Articles of Association and the French Commercial Code (Code de commerce) to report to shareholders on Société Foncière Lyonnaise’s operations and results for the year ended 31 December 2018 as well as its future outlook, and to submit for shareholder approval the financial statements of the parent company and the Group and the other resolutions presented in this report. The notice of meeting and all proxy documents required by law were sent or made available to shareholders within the applicable periods. 1. Business Review and Significant Events of to the new needs expressed by tenants and users on the back the Year of emerging office use practices. 1.1. Rental activity 1.3. Portfolio operations The rental market remained buoyant in 2018, although volumes There were no material real estate acquisitions or disposals declined slightly due to the shortage of available properties, during 2018. especially prime properties in Paris itself. In this environment, SFL 1.4. Property portfolio value signed leases on approximately 21,000 sq.m. on good terms. The main leases concerned units in the following properties: The consolidated market value of the portfolio at 31 December – Washington Plaza, with leases on a total of 8,700 sq.m. signed 2018 was €6,570 million excluding transfer costs, an increase with six tenants, some of whom already had offices in the of 5.5% from €6,229 million at 31 December 2017. The further building and wanted to expand or move to new floors. growth in appraisal values mainly reflected the value added to – Cézanne Saint-Honoré, with leases signed on 5,800 sq.m., properties in the process of being redeveloped as the work pro- including 3,800 sq.m. of renovated space taken up by Wells gressed and the higher rents obtained across the portfolio. Fargo and Luxottica France. – Louvre Saint-Honoré, with leases signed on around The average EPRA topped-up net initial yield (NIY) stood at 3.2% 3,600 sq.m. at 31 December 2018, stable year on year. Nominal office rents for lease agreements signed in 2018 aver- Substantially all of the portfolio consists of prime office properties aged €704/sq.m. with effective rents of €610/sq.m. (78.1% of the total), retail units and a hotel (21%). Residential units represent just 0.9% of the total and are located in a mixed- The physical occupancy rate for revenue-generating properties use building primarily made over to retail space. at 31 December 2018 was 97.3%, compared with 96.4% at the previous year end, and the EPRA vacancy rate stood at a 2. Results record low of 1.6%. 2.1. Consolidated results 1.2. Development operations 2.1.1 Consolidated profit for the year The development pipeline at 31 December 2018 represented roughly 16% of the total portfolio. The three main projects Strong operating profit and higher EPRA earnings concern: – The core of the Louvre Saint-Honoré building, where approx- Consolidated rental income in 2018 amounted to €193.5 million, imately 16,000 sq.m. of outstanding retail space are being compared with €195.8 million in 2017. The modest €2.3 million developed over three floors. decline (-1.2%) was due to a change in portfolio. Like-for-like – The office complex on avenue Emile Zola (Biome) acquired in growth offset most of the impact of selling the IN/OUT property 2017, representing some 24,000 sq.m. The building permit in September 2017. was obtained in May 2018 and the property is currently being – On a like-for-like basis (excluding all changes in the portfo- prepared for redevelopment. lio affecting year-on-year comparisons), rental income was – The 83 Marceau building (96 avenue d’Iéna), representing €8.7 million higher, representing a 5.0% increase attributable approximately 9,000 sq.m. The planning appeal process has to new leases signed in 2017 and 2018, mainly for units in the now ended and renovation work is due to begin shortly. Washington Plaza, Cézanne Saint-Honoré, 103 Grenelle and Capitalised work carried out in 2018 totalled €43.0 million and Galerie des Champs Elysées properties. concerned the above three redevelopment projects, floor-by- – Rental income from spaces being redeveloped declined floor renovations, as well as work to improve common areas by €1.4 million over the year, mainly reflecting the departure of tenants from the 83 Marceau building which is undergoing and the services offered by the Group’s properties in response renovation. SFL 2018 Financial and Legal Report 7 SFL 2018 Management Report – The sale of the In/Out building on 29 September 2017 led to offer closed on 26 September 2018. Bonds representing a total a €9.7 million decrease in rental income compared with 2017. nominal amount of €300 million were tendered to the offer, spread – Lastly, lease termination penalties received from tenants added equally between the two issues. a net €0.7 million to rental income in 2018 compared with €0.5 million in 2017. At 31 December 2018, SFL had €920 million in undrawn back-up lines of credit that are available to finance investment opportuni- Operating profit before disposal gains and losses and fair value ties and cover the Group’s liquidity risk.
Load more

Recommended publications
  • Copyright © 2014 by Ronald C. Rosbottom All Rights Reserved. in Accordance with the U.S
    Copyright © 2014 by Ronald C. Rosbottom All rights reserved. In accordance with the U.S. Copyright Act of 1976, the scanning, uploading, and electronic sharing of any part of this book without the permission of the publisher constitute unlawful piracy and theft of the author’s intellectual property. If you would like to use material from the book (other than for review purposes), prior written permission must be obtained by contacting the publisher at [email protected]. Thank you for your support of the author’s rights. Little, Brown and Company Hachette Book Group 237 Park Avenue New York, NY 10017 littlebrown.com First Edition: August 2014 Maps by Lu Yi Little, Brown and Company is a division of Hachette Book Group, Inc. The Little, Brown name and logo are trademarks of Hachette Book Group, Inc. The publisher is not responsible for websites (or their content) that are not owned by the publisher. The Hachette Speakers Bureau provides a wide range of authors for speaking events. To find out more, go to hachettespeakersbureau.com or call (866) 376-6591. ISBN 978-0-316-21744-6 LCCN 2014938425 10 9 8 7 6 5 4 3 2 1 rrd-c Printed in the United States of America Preface Almost everything we know we know incompletely at best. And almost nothing we are told remains the same when retold. 1 —Janet Malcolm My affection for and personal experience of Paris led me to wonder what it would have been like to live there under German Occupation during the Second World War. I remember being an especially green and curious twenty-year-old Alabaman walking along the Boulevard Saint-Germain on the Left Bank in the early 1960s.
    [Show full text]
  • The Development of the Tourism Industry in Paris, France
    Connecticut College Digital Commons @ Connecticut College Toor Cummings Center for International Studies CISLA Senior Integrative Projects and the Liberal Arts (CISLA) 2020 The Development of the Tourism Industry in Paris, France Christian Carr-Locke Connecticut College, [email protected] Follow this and additional works at: https://digitalcommons.conncoll.edu/sip Recommended Citation Carr-Locke, Christian, "The Development of the Tourism Industry in Paris, France" (2020). CISLA Senior Integrative Projects. 5. https://digitalcommons.conncoll.edu/sip/5 This Honors Paper is brought to you for free and open access by the Toor Cummings Center for International Studies and the Liberal Arts (CISLA) at Digital Commons @ Connecticut College. It has been accepted for inclusion in CISLA Senior Integrative Projects by an authorized administrator of Digital Commons @ Connecticut College. For more information, please contact [email protected]. The views expressed in this paper are solely those of the author. Carr-Locke 1 Explanations for the Development of the Tourism Industry in Paris, France Christian Carr-Locke Gov 491: Independent Study Professor Tian Fall 2019 Carr-Locke 2 Introduction Travel and tourism activity dates back thousands of years. Travel for recreational and educational purposes was a phenomenon highlighted in the writings of ancient Egyptian culture; the Greeks traveled to Delphi in consideration of the Oracle and to attend the Olympic Games; classical Rome sparked travel in light of certain holidays – as well-off Romans went to seaside resorts in the South or lavished on the beaches of Egypt and Greece.1 Both occurrences of travel and tourism have maintained themselves throughout the course of history; however, as it concerns a more contemporary dialogue, it is important to distinguish the qualities that particularly define tourism from travel.
    [Show full text]
  • Base Prospectus Dated 7 November 2017 CITY of PARIS Debt-Notes
    Base Prospectus dated 7 November 2017 CITY OF PARIS Debt-notes issue programme (Euro Medium Term Note Programme) of 6,000,000,000 euros The City of Paris (the “Issuer”) may, under the Euro Medium Term Note Programme (the “Programme”), which is the subject of this base prospectus (the “Base Prospectus”) and with respect for applicable laws, regulations and directives, issue debt notes (the “Notes”) at any time. The total nominal amount of Notes in circulation cannot exceed 6,000,000,000 euros at any time (or the exchange value of this amount in other currencies calculated at the relevant issue date). In some circumstances, a request for admission into trading on Euronext Paris (“Euronext Paris”) may be made. Euronext Paris is a market regulated under Directive 2004/39/EC of 21 April 2004 (a “Regulated Market”). The Notes may also be granted admission into trading on another regulated market of the European Economic Area (EEA) or on a non-regulated market or not be granted admission into trading. The relevant Final Terms (as defined in the chapter “Terms and Conditions of the Notes” and of which the model features in this document), prepared in the framework of any issue of Notes, shall stipulate if these Notes are granted admission or not into trading and will indicate, if necessary, the Regulated Market concerned. This Base Prospectus has been submitted to the AMF (L’Autorité des marchés financiers, France’s financial-markets regulator), who marked it with their stamp of approval under no. 17-577 on 7 November 2017. The Notes can be issued in a dematerialised form (“Dematerialised Notes”) or a materialised form (“Materialised Notes”), as described in this Base Prospectus.
    [Show full text]
  • Paris Change D'ère, Vers La Neutralité Carbone En 2050
    PARIS CHANGE D'ÈRE Vers la neutralité carbone en 2050 Étude commandée par la Ville de Paris dans le cadre de ses réflexions pour la construction d'une ville neutre en carbone. PRÉAMBULE Ce document est une contribution du groupement Elioth scénarios, estimer davantage la sensibilité de différents (mandataire associant Quattrolibri, Mana et Egis Conseil) à paramètres et de fournir aussi un modèle de simulation au l’élaboration de la stratégie de la Ville de Paris pour atteindre long cours dans les prochaines années. la neutralité carbone en 2050. Cette étude est une contri- bution au débat : les mesures indiquées sont proposées à titre purement indicatif et n’engagent que les membres du groupement. Les actions et stratégies décrites corres- Le document décline le récit sous plusieurs formes thé- pondent à un corpus, un bouquet d’actions permettant matiques, sociologique, chronologique et politique puis de décrire « une » stratégie de neutralité carbone : l’action experte dans la note méthodologique : politique et des citoyens en promettent assurément bien d’autres. • La section 1 (le défi) et la section 2 (la vision de Paris en 2050) s’adressent en particulier aux spécialistes de l’action Avec humilité, nous livrons ici non pas une bible mais territoriale, élus, techniciens, prospectivistes, spécialistes une caverne d’ali-baba: une source foisonnante d’oppor- de la politique climatique ou principaux délégataires de tunités, de défis, de questionnements, d’innovations, de services publics (eau, électricité, transports...) ; trajectoires,
    [Show full text]
  • Download the Pdf Version of Catella
    Property FRANCE Market Trends MARCH - 2021 TABLE OF CONTENTS INTRODUCTION 4 Main trends 5 Summary data THE ÎLE-DE-FRANCE OFFICE RENTAL MARKET 8 Submarkets 10 Take-up strongly impacted by the health crisis and a cautious attitude among prospective users 19 An overall rise in vacancy rates 22 An increase in large-surface supply under construction 23 Rental values are difficult to analyse, due to the low number of transactions THE FRENCH INVESTMENT MARKET 28 Following 2019 record performances, there has been a decline in all value ranges, especially for deals of over € 300 million 32 New properties: increased investment volumes in vacant buildings and speculative acquisitions 33 Sharper sales slump for portfolios than for single assets 34 Decrease in investment in all asset categories 37 Investment funds remain the main players in the market 39 No location was spared by the downturn but Paris Center West and the Inner Suburbs have shown better resilience 42 Prime yields lower in several markets CONCLUSION This report has been written by Catella based on information from MBE Conseil and Catella Property. The assessment was concluded on March 2021. This report is based on information that we believe is reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any guarantee that it contains no factual errors and accept no responsibility for any liabilities that may arise as a result of such errors. Photo credits: Shoootin / Mateya Lux / Elise Robaglia / Laurent de Broca / Luc Boegly / Maurine Tric / Unsplach / Pexels Legally responsible publishers: Isabelle Ramond and Jérôme Kaplan Design by: www.thalamus-ic.fr To subscribe to Catella’s research, please email your request to: [email protected] INTRODUCTION MAIN TRENDS ECONOMY: UNCERTAINTIES REMAIN Drop in employment in France: 29.3% en 2020 Drop in corporate margins in 2020 vs - 1.8% 8% en 2020 + 2.1% in 2019 Unemployment rate: vs 7.9% en 2019 vs 8.5% en 2018 Limited impact on employment levels in 2020.
    [Show full text]
  • The Electoral Effects of Social Divisions in French Cities a Comparative Analysis of the 2008 Municipal Elections Jean Rivière
    The electoral effects of social divisions in French cities A comparative analysis of the 2008 municipal elections Jean Rivière Series: Local elections as seen by the social sciences According to many commentators, France’s major cities are bastions of support for the parliamentary left when it comes to election time. However, Jean Rivière’s analysis of the situation – far from confirming these kinds of simplifications that contrast city-dwelling “bobos” on the one hand with “suburbanites” on the other – invites us to reconsider the electoral geography of French cities by examining them at polling-district level, revealing their socially composite nature. During this year’s election season in France, media attention was focused on the results of the municipal elections in the major cities, which were viewed as potential electoral flashpoints. With the exception of Paris, Lyon and Marseille, where coverage sometimes considers the social divisions between these cities’ arrondissements (administrative districts),1 large cities are usually treated in an all-encompassing, uniform manner, as if they were homogeneous units. The social contrasts that in fact structure these cities at intra-urban level are completely lost. Furthermore, in the dominant representations, these cities are considered to be uniformly populated by “bobos” (bourgeois bohemians) whose political persuasions – close to the Socialist Party (Parti socialiste) and the Greens (Europe Écologie – Les Verts) – would appear to explain the success of the municipal coalitions that govern them. In reality, though, these representations are erroneous and dangerous, both socially and politically. First, the “bobo” category conveys a “pernicious vision of the social world and its divisions” (Tissot 2013), and it is no coincidence that this journalistic term – typically used to designate gentrifiers – first made its appearance after Paris and Lyon city councils swung to the left in 2001, and then spread as other cities, such as Toulouse or Strasbourg, also voted in socialist mayors in 2008.
    [Show full text]
  • They Eat Horses, Dont They?: the Truth About the French Pdf, Epub, Ebook
    THEY EAT HORSES, DONT THEY?: THE TRUTH ABOUT THE FRENCH PDF, EPUB, EBOOK Piu Marie Eatwell | 352 pages | 13 Mar 2014 | Head of Zeus | 9781781854464 | English | London, United Kingdom They Eat Horses, Dont They?: The Truth About the French PDF Book Argos AO. The beret is a local hat, not a national one. The croissants were sometimes stale, the women not always glamorous, there were supermarkets alongside the street markets and fast-food joints next door to the traditional bistros. The writing style was easily accessible and I came away feeling that I'd had an educational read as well as getting some pleasure from it. Refresh and try again. Really interesting for anyone interested in the culture and myths of culture of France. Until, that is, an event of seminal significance in French hippophagous history: the Siege of Paris during the Franco-Prussian War of — Mar 29, Mary rated it really liked it Shelves: humor , france. What were the challenges and joys of researching these topics? I was expecting this to be a travel memoir but it turned out to be a collection of essays about French myths. Showing Horsemeat was food to be resorted to only by those in the direst straits —- such as the French peasantry during the food shortages of the Revolution, or the armies of Napoleon on campaign in the depths of the Russian winter. Average rating 3. The French do eat horses, but so do other countries and most of the meat is imported. Nov 16, Katherine rated it really liked it Shelves: nonfiction-other , france.
    [Show full text]
  • Paris 2015 Paris 2015
    PARIS 2015 EVOLUTION IN LABORATORY MEDICINE EUROMEDLAB PARISPARIS 2015 - LogoLogo B PARIS 201155 EVOLUTION ININ LABORATORYLABORATORY MEDICINE MEDICINE 21st IFCC - EFLM European Congress of Clinical Chemistry and Laboratory Medicine EuroMedLab JIB – 2015 exhibition 22 -24 June 2015 PARIS, FRANCE – Le Palais des Congrès PARIS21-25 June 20 201515 FIRST ANNOUNCEMENT EVOLUTION IN LABORATORY MEDICINE 20th IFCC - EFCC European Congress of Clinical Chemistry and Laboratory Medicine 45th Congress of the Italian Society of Clinical Biochemistry and Clinical Molecular Biology (SIBioC) Milan, Italy Milano Convention Centre - MICplus 19-23 May 2013 First Announcement DATES TO FOCUS ON 1 February 2015 POSTER ABSTRACT DEADLINE 30 April 2015 DEADLINE FOR REDUCED FEES REGISTRATION Organising Secretariat: MZ Congressi s.r.l. - Via C. Farini, 81 - 20159 Milano, Italy Phone: +39 02 66802323 - Fax: +39 02 6686699 - e.mail: [email protected] WELCOME EVOLUTION IN LABORATORY MEDICINE, Paris 2015! Dear Colleagues, dear Friends, On behalf of the French Society of Clinical Biology (SFBC) and of the Congress Organising Com- mittee, it is a great pleasure to invite both academics and specialists in laboratory medicine and partners to attend the 21st IFCC – EFLM European Congress of Clinical Chemistry and Labora- tory Medicine (EuroMedLab Paris 2015). This unique event, including the Journées Internatio- nales de Biologie (JIB) 2015, will be held in Paris, France, on June 21-25 2015 in the Palais des Congrès de Paris, one of the capital’s legendary venues. EuroMedlab Paris 2015 will be an innovative and invigorating EU and International congress reflecting the direction of Laboratory Medicine in the 21st century with an intellectually stimula- ting combination of presentations, symposia, discussions, sessions and exhibitions.
    [Show full text]
  • Reflecting the Sun: Mirrors, Masculinity, and Monarchy Under Louis Xiv
    REFLECTING THE SUN: MIRRORS, MASCULINITY, AND MONARCHY UNDER LOUIS XIV By ALEC MOORE A THESIS PRESENTED TO THE GRADUATE SCHOOL OF THE UNIVERSITY OF FLORIDA IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF THE ARTS UNIVERSITY OF FLORIDA 2018 1 © 2018 Alec Moore 2 To my dear sweet Lou-Lou Bae 3 ACKNOWLEDGMENTS I would like to thank my committee members Melissa Hyde, Elizabeth Ross, and Rori Bloom for their time, attention and patience in the completion of this thesis. I owe Melissa Hyde a particular debt of gratitude for advising me over the course of my time here at the University of Florida. Additionally, I would like to thank all those who supported me during my time here in Gainesville: Jennaca Taipulus, Sarah Sloan, Ivy Margosian, Mark Hodge, Chase Machado — and few I know I am forgetting — your comradery meant the world to me. Jennifer Jurgens is due a special “thank you” for her eternal commitment to keeping me sane. As always I would not have made it this far without the support of my family whose continued investment in my success made all the difference. 4 TABLE OF CONTENTS page ACKNOWLEDGMENTS .................................................................................................. 4 LIST OF FIGURES .......................................................................................................... 6 ABSTRACT ..................................................................................................................... 8 CHAPTER 1 INTRODUCTION .........................................................................................................
    [Show full text]
  • The Animation Industry: Technological Changes, Production Challenges, and Global Shifts
    THE ANIMATION INDUSTRY: TECHNOLOGICAL CHANGES, PRODUCTION CHALLENGES, AND GLOBAL SHIFTS DISSERTATION Presented in Partial Fulfillment of the Requirements for the Degree Doctor of Philosophy in the Graduate School of The Ohio State University By Hyejin Yoon, M.A. ***** The Ohio State University 2008 Dissertation Committee: Approved by Professor Edward J. Malecki, Adviser Professor Nancy Ettlinger Adviser Graduate Program in Geography Professor Darla K. Munroe ABSTRACT Animated films have grown in popularity as expanding markets (such as TV and video) and new technologies (notably computer graphics imagery) have broadened both the production and consumption of cartoons. As a consequence, more animated films are produced and watched in more places, as new “worlds of production” have emerged. The animation production system, specialized and distinct from film production, relies on different technologies and labor skills. Therefore, its globalization has taken place differently from live-action film production, although both are structured to a large degree by the global production networks (GPNs) of the media conglomerates. This research examines the structure and evolution of the animation industry at the global scale. In order to investigate these, 4,242 animation studios from the Animation Industry Database are used. The spatial patterns of animation production can be summarized as, 1) dispersion of the animation industry, 2) concentration in world cities, such as Los Angeles and New York, 3) emergence of specialized animation cities, such as Annecy and Angoulême in France, and 4) significant concentrations of animation studios in some Asian countries, such as India, South Korea and the Philippines. In order to understand global production networks (GPNs), networks of studios in 20 cities are analyzed.
    [Show full text]
  • A Study of Beijing's Competitive Advantage As An
    A Study of Beijing‘s Competitive Advantage as an Emergent Media Capital Angela Lin Huang Bachelor of Law / Master of Law A dissertation presented in fulfilment of the requirements for the degree of Doctor of Philosophy Creative Industries Faculty, Queensland University of Technology 2012 1 Keywords Media capital Media industries Media market Media cluster Media policy China Beijing Institution i Abstract The development of creative industries has been connected to urban development since the end of the 20th century. However, the causality of why creative industries always cluster and develop in certain cities hasn‘t been adequately demonstrated, especially as to how various resources grow, interact and nurture the creative capacity of the locality. Therefore it is vital to observe how the local institutional environment nurtures creative industries and how creative industries consequently change the environment in order to better address the connection between creative industries and localities. In Beijing, the relocation of CCTV, BTV and Phoenix to Chaoyang District raises the possibility of a new era for Chinese media, one in which the stodginess of propaganda content will give way to exciting new forms and genres. The mixing of media companies in an open commercial environment (away from the political power district of Xicheng) holds the promise of more freedom of expression and, ultimately, to a ‗media capital‘ (Curtin, 2003). These are the dreams of many media practitioners in Beijing. But just how realistic are their expectations? This study adopts the concept of ‗media capital‘ to demonstrate how participants, including state-media organisations, private media companies and international media conglomerates, are seeking out space and networks to survive in Beijing.
    [Show full text]
  • Investing in Paris 2017
    BNP PARIBAS REAL ESTATE GUIDE TO INVESTING IN PARIS 2017 INTERNATIONAL INVESTMENT Real Estate for a changing world ABOUT BNP PARIBAS REAL ESTATE... BNP Paribas Real Estate is the market leader in commercial real estate services across Europe with €704 million of revenue, €155 million of net profit before tax and 3,900 employees. 2016 KEY FIGURES Developing Valuing 154,000 m² of office space delivered in Europe €289 billion worth of assets valued 178,500 m² under construction in Europe (as of January 1st 2017) 130 million m² valued Buying, Selling, Renting Managing, Optimising Close to 3,850 transactions in commercial real estate 38 million m² managed in commercial real estate One transaction every 18 minutes across Europe €19 billion investment volume transacted in commercial real estate Investing, Valuing €24.1 billion of assets under management across Europe 6.2 million m² of commercial real estate leasing + €2.1 billion in one year transactions in 2016 CONTENTS INTRODUCTION Main Paris business districts p.04 Foreword by Larry Young p.05 PARIS OVERVIEW Top 10 reasons to invest in Paris p.06 Main office markets p.08 Retail markets p.18 Logistics markets p.22 Hotel markets p.24 INVESTOR TOOLKIT Need to know: Key legal and technical terms p.26 Need to know: Acquisition p.30 Need to know: Letting p.32 Tax clinic p.34 THE GREATER PARIS PROJECT AND "INVENTING THE GREATER PARIS METROPOLIS" p.38 OUR INVESTMENT TEAMS p.42 Investing in Paris was edited by BNP Paribas Real Estate with the contribution of Baker McKenzie BNP Paribas Real Estate Simplifed
    [Show full text]