Corporate Presentation Q SHH Bostad AB
|
|
- Peregrine Butler
- 5 years ago
- Views:
Transcription
1 Corporate Presentation Q SHH Bostad AB
2 SHH in brief
3 A residential developer offering affordable housing throughout Sweden 3
4 SHH in brief Introduction SHH Bostad AB (publ) (SHH), incorporated 2010, is a residential developer which rationally develops functional and affordable apartments and homes for a large customer base Tenant owned units Rental units Senior housing Sustainability Economic sustainability for your wallet Social sustainability for the society Sustainability for the environment 362 units in production as of 30 September 2018 SHH increases from 2019 the number of rental projects in its development program Customer base (tenant-owned units) High end SEK /kvm Medium SEK /kvm Low SEK /kvm Execution power and track record From 2010 SHH has completed more than 30 residential projects and 1,200 apartment units Proven and scalable business model Niche towards affordable homes decreases business risk Technical platforms and building systems create cost & time efficiency and decreases capex SHH flexible housing products fit both tenant-owned and rental schemes Experienced and competent management, organization and board Financially strong with 420 MSEK shareholders equity 4
5 Business Overview
6 SHH value adding business processes (1/2)d risk 1. Idea / Analysis 2. Land acquisition, site planning and design 3. Project development Description Structured search process through significant in-house competence, partnerships and a broad network of contractors, real estate companies, municipalities, architects and brokers. Project proposal evaluation process based on specific criteria and significant analysis of demand, prices, production costs, financing and risks. Close contact with municipalities ensures attractive land allocations. Land acquisition: Buy (i) options on unzoned land, (ii) ready to build land. Standardized process for site planning and design enabled by toolbox of building systems and reuse of building drawings. In-house project managers are appointed and follows through to completion. Quick delivery of complete solution of zoning plan and process planning enabled by repetitiveness. Development activities are often initiated together with municipalities. Drawings and data is drafted to get building permits from municipalities and procure building contractors. The project group collaborates closely with the municipality, construction partners, architects (in house and external) and brokers to develop attractive residential buildings for the identified target group. Partners Risk mitigation SHH has significant experience of analyzing ideas and determining which to pursue further. Joint ventures minimizes risk as an additional partner confirms the idea and shares the risk. Strict acquisition prerequisites. Land acquisitions conditional to zoning plan approval. SHH in charge of the zoning plan process. Experienced in-house project management with one project manager per project through the whole process. 6
7 SHH value adding business processes (2/2) profitability with limited risk 1 week - 6 months 10-12(24) months 3-12 months 4. Sales 5. Construction 6. Quality follow-up Description Fast sales process Identify core target group s key barriers, key triggers & key message. Local broker appointed with local market knowledge. SHH handles administration and purchase agreements. Target of 60-70% pre-sale prior to construction start (irrevocable purchase contracts). Standardized housing enables fast construction planning. Well established process for professional procurement of contractors focus on total contracting at fixed price. Collaboration with some of Sweden s most well established contractors leads to high quality, reduced costs and lower risk (NCC s largest customer of industrial housing construction). Sustainable approach and long-term view ensures quality follow-up. Turn-key contracts transfers responsibility to contractor and then handed over to the new tenantowner s association. After sales & customer evaluation programs. Best practice philosophy. Partners Risk mitigation Pre-sales of minimum 60% secures the majority of revenue before construction. Typically, 10% of purchase price paid by the buyer as down-payment. Rental projects fully financed and pre-sold to institutional investors prior to construction start reducing the financial exposure. Turn-key construction contracts with solid counterparties secures project costs. Standardized building provides visibility of construction costs. In-house highly competent and experienced project management enables cost-efficient construction. Turn-key construction limits post-sale risk with warranties provided by turn-key contractor. SHH reputational risk reduced by long history and close collaboration with contractors. Focus on new construction, limiting construction risk (entrepreneur responsibility). 7
8 Corporate Governance
9 Corporate Governance Board of Directors Johan Ericsson Chairman of the Board More than 30 years experience of Swedish and European real estate. Group CEO Catella CEO Logistea. Board member Brinova among other appointments. Misha Moeremans d Emaus CEO, Founder, Member of the Board More than 30 year experience of Swedish and European real estate. Head of Business Development Catella Deputy Group CEO Catella Thomas Eriksson Founder, Member of the Board Founder and CEO of architect company TEA. Marcus Hansson Member of the Board Head of Finance Balder, CEO and Member of the Board Trenum. Johan Hessius Member of the Board Lawyer and founding partner of lawyer firm Cirio, specialized on corporate and real estate. Ulrika Hallengren Member of the Board Group CEO Wihlborgs. 9
10 Corporate Governance Management Group Misha Moeremans d Emaus CEO, Founder, Member of the Board More than 30 year experience of Swedish and European real estate. Member of Group Management and Head of Business Development Catella Deputy Group CEO Catella Ann-Louise Gustafsson Head of Sales 15 years experience of production of apartments including market analysis and sales. Joined SHH Martin Hildebrandt Head of Residential development Construction engineer with 25 years experience from architectural firms. Previous experience include 13 years with Thomas Eriksson Arkitektkontor. Joined SHH Fredrik Johansson Head of Production and property management More than 15 years experience of real estate and construction industry. Previous positions include regional manager and business developer at Jernhusen. Joined SHH Ando Wikström CFO 30 years experience of real estate and finance industry. Previous positions include CFO and member of group management at Catella. Joined SHH
11 Shareholders Shareholders as of September 30, 2018 Nominal shares Number of shares Share Preference shares Capital Votes Ägare Serie A Serie B % % Misha Moeremans d'emaus direct and via company ,3% 36,1% Fastighets AB Balder ,2% 21,2% Johan Ericsson via company ,5% 15,6% Ando Wikström via company ,5% 15,6% Martin Hildebrandt via company ,5% 3,9% Thomas Eriksson Holding AB ,3% 3,4% von Euler & Partners AB fund ,7% 2,4% Total ,1% 98,2% Other shareholders ,9% 1,8% Grand Total ,0% 100,0% 11
12 Project Portfolio
13 Project Portfolio Q Project portfolio amounts to a total of (3 657) units Ø 362 (10 %) of portfolio in production, total sales value approx. 930 MSEK Ø 183 (5 %) of portfolio ongoing sale, not in production Ø 959 (28 %) of portfolio other building rights with residential zoning Ø (57 %) of portfolio without planning consent, ie ongoing rezoning SHH share of portfolio ownership: 67 % (66 %) 262 (314) units completed January-September 2018 Project Portfolio 10% 5% Share tenant owned / rental (in production) 0% Geographical diversification 8% 7% 57% 28% 26% 59% Ongoing Production For sale, not yet in production Zoned land Ongoing rezoning 100% Tenant Owned Rental Greater Stockholm Center Northern South 13
14 Joint ventures diversifies risk and increases dealflow Partner(s) SHH ownership Number of units Municipality SHH Landbolaget AB Stjernvalvet Bostad AB Fastighets AB Bodal 50 % 50 % Botkyrka Sigtuna Upplands Väsby Ekerö Kristianstad Ystad JV Balder 50 % 189 Huddinge JV Fabege 50 % 279 Kista JV NREP 20 % 152 Huddinge JV HSB 50 % 308 Enköping 14
15 Sustainable approach lowering costs over time Clear environmental focus ensuring environmentally efficient and affordable living As a residential developer, SHH strives to form and shape our future society. Sustainability and long-term thinking therefore pervade everything SHH does. Sustainability controls our choice of material and the design of homes and green areas. SHH aim for Nordic Eco labeling (Svanen or Miljöbyggnad Silver) in all our constructions and build on a sustainable life-cycle perspective. The ambition is always to ensure as long a lifespan as possible at the residence with minimal environmental impact. SHH conducts long-term and responsible environmental work in order to exceed the environmental requirements of all homes with good margin. SHH also builds with a high degree of variation to reduce the risk of category-living and segregation, thus contributing to sustainable social development. 15
16 Financial information
17 Quarterly report January September 2018 Period July September 2018 Period January September 2018 Net sales: 334,4 (387,4) MSEK Operating profit: 6,0 (15,7) MSEK Net income: 1,6 (9,9) MSEK Sold units during the period amounted to 26 (45) of which 11 (23) is in production Number of production started units amounted to 69 (0) Number of completed units amounted to 99 (30) Net sales: 577,0 (681,0) MSEK Operating profit: 21,8 (39,5) MSEK Net income: 8,0 (27,2) MSEK Sold units during the period amounted to 138 (370) of which 59 (325) is in production Number of production started units amounted to 69 (285) Number of completed units amounted to 262 (314) 17
18 Income statement SEKm Jul-sep Jul-sep Jan-sep Jan-sep Total revenue 334,4 387,4 577,0 681,2 Development costs -320,8-365,4-536,5-616,7 Gross profit 13,6 22,0 40,6 64,4 Other external expenses -4,2-4,2-9,3-9,8 Personnel costs -6,4-5,5-20,7-18,1 Depreciation of fixed assets -0,1-0,1-0,2-0,4 Other operating costs -10,6-9,8-30,2-28,2 Share of associated companies' profit after tax 3,0 3,5 11,4 3,3 EBIT 6,0 15,7 21,8 39,5 Financial net -4,4-5,8-13,8-12,3 Profit before tax 1,6 9,9 8,0 27,2 Tax 0,0 0,0 0,0 0,0 Net income 1,6 9,9 8,0 27,2 Employees, average
19 Balance sheet - Assets SEKm 30-sep. 30-sep. 31-dec. ASSETS Goodwill 19,9 19,9 19,9 Inventories 0,9 1,2 1,1 Participation in Group companies 275,2 240,9 254,1 Financial receivables 2,2 1,4 0,8 Total fixed assets 298,2 263,4 275,9 Current assets Housing projects 207,4 434,7 340,2 Receivables 20,6 6,2 6,6 Receivables from Group companies 172,8 104,2 157,3 Other receivables 55,9 120,2 100,0 Prepaid expenses and accrued income 9,8 10,6 9,9 Cash and bank balances 259,6 192,7 211,5 TOTAL ASSETS 1 024, , ,3 19
20 Balance sheet Equity and liabilities SEKm 30-sep. 30-sep. 31-dec. EQUITY AND LIABILITIES Share capital 11,3 11,2 11,2 Share premium 189,1 198,6 198,6 Retained earnings 213,3 185,0 185,0 Profit for the period for the parent company's shareholders 8,0 24,5 31,7 Shareholders' equity attributable to the shareholders of the parent company 421,7 419,3 426,5 Non-controlling interest 0,0 6,4 0,1 Shareholders equity 421,8 425,6 426,5 Bond 230,0 230,0 230,0 Other long-term liabilities 0,2 0,3 0,3 Borrowing for housing projects 191,6 280,8 242,8 Payables 13,4 45,4 34,8 Liabilities to Group companies 90,1 69,7 99,0 Deferred tax liabilities 0,3 0,6 0,9 Other short-term liabilities 55,3 58,5 44,9 Accrued expenses and deferred income 21,6 21,0 22,2 Total liabilities 602,6 706,3 674,8 TOTAL EQUITY AND LIABILITIES 1 024, , ,3 20
21 Appendix Selection of projects
22 Selected projects (1/2) Botkyrka (Stockholm) Huddinge (Stockholm) Kista (Stockholm) Type of ownership: Tenant-owned/Rental Number of units: 610 Total area: 40,856 sqm Time schedule zoning: H SHH share: 50% (LO and Bodal) Type of ownership: Tenant-owned Number of units: 152 Total area: 7,184 sqm Construction start: H SHH share: 20% + promote Type of ownership: Tenant-owned Number of units: 279 Total area: 12,862 sqm Construction start Q Completion Q Planned project Ongoing production Ongoing production [Picture] [Picture] [Picture] 22
23 Selected projects (2/2) Örebro Botkyrka (Stockholm) Strängnäs Type of ownership: Tenant-owned Number of units: 75 Total area: 4,837 sqm Construction start: Q Completion: Q Type of ownership: Tenant-owned Number of units: 46 Total area: 2,980 sqm Construction start: Q Completion: Q Type of ownership: Tenant-owned Number of units: 32 Total area: 2,358 sqm Construction start: Q Completion: Q Completed Completed Completed [Picture] [Picture] [Picture] 23
24 Case: Solhagaparken, Huddinge (Stockholm) Solhagaparken, Huddinge 24
25 Case: Solhagaparken, Huddinge (Stockholm) Solhagaparken, Huddinge Phase 2 Nursing home with 80 units sold on a forward sale bases to institutional investor with a 20 year lease Phase 1 86 tenant owned apartments 65 % presold to individual buyers before construction start 25
26 SHH Bostad AB Stockholm
Strong progress for Property Management
Strong progress for Property Management Interim report January-June 2016 Stockholm, 18 August 2016 Anders Nissen, CEO Liia Nõu, CFO Forward-looking statements PANDOX EXCELLENCE IN HOTEL OWNERSHIP & OPERATIONS
More informationHalf-year report January-June 2016
Half-year report January-June 2016 Summary, January-June 2016» Rental income amounted to SEK 1,070 million (SEK 989 million corresponding period preceding year).» Profit from property management amounted
More informationInterim report presentation
Interim report presentation 10 November, 2017 Anders Nissen, CEO Liia Nõu, CFO Forward-looking statements This presentation contains forwardlooking statements. Such statements are subject to risks and
More informationRental income, SEK million 1,016 1,040 3,051 3,095 4,109 Growth in rental income comparable properties, percent
Akelius Residential Property AB (publ) interim report January to September summary Jul Sep Jul Sep Jan Sep Jan Sep Jan Dec Rental income, SEK million 1,016 1,040 3,051 3,095 4,109 Growth in rental income
More informationMarket update Q3 2017
Market update Q3 2017 1 Rikshem in brief Total property value SEK 40.3 bn Portfolio comprising c. 600 properties with c. 28,000 apartments. Lettable area c. 2.2 million sqm Annual rental income 2016 was
More information2018 Q3: TENANTS FIRST Putting the needs of our tenants at the centre of everything we do. 26 October 2018
2018 Q3: TENANTS FIRST Putting the needs of our tenants at the centre of everything we do 26 October 2018 CONTENT 1 HIGHLIGHTS AND KEY FIGURES 2 NEW NAME 3 MARKET OVERVIEW 4 GENERAL COMPANY OVERVIEW 7
More informationEstancia Logistik AB (publ) Quarterly Report. April - June 2015
Estancia Logistik AB (publ) Quarterly Report April - June 2015 QUARTERLY REPORT Q2 2015 Optimizing Management April - June 2015 Quarter Rental income amounted to MSEK 40 (43). Operating profit totaled
More informationYear-end report January 1 December 31, 2015
Year-end report January 1 December 31, Peter Wågström President and CEO NCC Ann-Sofie Danielsson Skånegatan, Gothenburg 1 Q4 in brief Orders received SEK 20.4 BN (18.5) Order backlog SEK 56.6 BN (54.8)
More informationEstancia Logistik AB (publ) Quarterly Report. July - September 2015
Estancia Logistik AB (publ) Quarterly Report July - September 2015 QUARTERLY REPORT Q3 2015 Focus on Vacancies July - September 2015 Quarter Rental income amounted to MSEK 40 (40). Operating profit totaled
More informationInterim report presentation
Interim report presentation 13 July, 2017 Anders Nissen, CEO Liia Nõu, CFO Forward-looking statements This presentation contains forwardlooking statements. Such statements are subject to risks and uncertainties
More informationA REALLY GOOD QUARTER Presentation of the interim report for the third quarter of 2016 David Dahlgren, CEO Amasten
A REALLY GOOD QUARTER Presentation of the interim report for the third quarter of David Dahlgren, CEO Amasten AMASTEN SNAPSHOT BUSINESS CONCEPT: Residential in prime locations Mid-sized cities close by
More informationGood underlying growth
Good underlying growth Interim report January-March 2016 Stockholm, 3 May 2016 Anders Nissen, CEO Liia Nõu, CFO Agenda Introduction Financial review Market and business Q&A Anders Nissen Liia Nõu Anders
More informationTelefonplan Stockholm Property AB (publ) REPORT FOR THE PERIOD January 1 December 31, 2015
REPORT FOR THE PERIOD January 1 December 31, 2015 Image: View of Timotejen 19 Corp. Reg. No. 556708-3588 Telefonplan Stockholm Property AB (publ) REPORT FOR THE PERIOD January 1 December 31, 2015 JANUARY
More informationQuarterly report
Quarterly report 3 2017 2017-01-01 to 2017-09-30 Jefast Holding AB (publ), org nr 556721-2526 Third quarter Revenue inline with last year Portfolio value increase of 28.6% to 2,965 m (2,305) 2017 2016
More informationInterim presentation. 13 July, Anders Nissen, CEO Liia Nõu, CFO
Interim presentation 13 July, 2018 Anders Nissen, CEO Liia Nõu, CFO Profitable growth 20% R12M Return on equity 2 1 2 3 Profitable acquisitions in new large markets Continued strong development in Brussels
More informationRental income, SEK million 1,071 1,014 4,122 4,109 Growth in rental income comparable properties, percent
Akelius Residential Property AB (publ) year-end report January to December summary Oct Dec Oct Dec Jan Dec Jan Dec Rental income, SEK million 1,071 1,014 4,122 4,109 Growth in rental income comparable
More informationInterim presentation. 24 April, Anders Nissen, CEO Liia Nõu, CFO
Interim presentation 24 April, 2018 Anders Nissen, CEO Liia Nõu, CFO A stable earnings development 21% Return on equity 2 1 2 3 Profitable acquisitions Positive effects from product development A seasonally
More information26 February 2013 FIRST HALF RESULTS PRESENTATION
26 February 2013 FIRST HALF RESULTS PRESENTATION Investment highlights Proven track record of consistent earnings growth and meeting targets Strategically located and diverse residential portfolio Urban
More informationAUDIOCAST PRESENTATION H1/2018
AUDIOCAST PRESENTATION H1/2018 IRREPLACEABLE AND MULTI-FUNCTIONAL ASSETS IN GROWING CATCHMENTS 2 WE CONTINUE OUR TRANSFORMATION JOURNEY 2011 H1/2018 GOAL 2022 41 # OF SHOPPING # OF SHOPPING 78 30 CENTRES
More informationYear-end report January December 2017 rikshem.se
rikshem.se Year-end report January December The healthy profit after tax resulted from a favorable market, effective management, successful new builds and dedicated employees. Sophia Mattsson-Linnala,
More informationRental income, EUR million Like-for-like growth in rental income, percent
Akelius Residential Property AB (publ) year-end report January to December summary Oct Dec Oct Dec Jan Dec Jan Dec Rental income, EUR million 129 124 482 469 Like-for-like growth in rental income, percent
More informationRental income, EUR million Like-for-like growth in rental income, percent
Akelius Residential Property AB (publ) interim report January to September summary Jul Sep Jul Sep Jan Sep Jan Sep Jan Dec Rental income, EUR million 120 116 353 345 469 Like-for-like growth in rental
More informationInterim report January September 2018 rikshem.se
rikshem.se Interim report January September Interim report Events during the period () Rental income increased MSEK 75 or 3.8 percent to MSEK 2,071 (1,996). Net operating income declined to MSEK 1,183
More informationCOMPANY OVERVIEW MARCH 2012
COMPANY OVERVIEW MARCH 2012 PROMANAS REAL ESTATE INVESTMENT 2433 OAK VALLEY DR., SUITE 500 ANN ARBOR, MICHIGAN 48103 PROMANAS.COM 734.477.9400 March 2018 Founded in 2008 by John Bogdasarian, Promanas is
More informationYear-end report January December 2018 rikshem.se
rikshem.se Year-end report January December Year-end report Events during the year Profit for the year rose to MSEK 2,489 (2,430). Rental income increased MSEK 127 or 4.8 percent during the year to MSEK
More informationInterim Report January June 2018
Interim Report January June More housing units sold and good sales rate in ongoing production 1 APRIL 3 JUNE amounted to SEK 2,773 M (3,387) Operating profit was SEK 36 M (45), of which profit from land
More informationSponda Financial Results Q4 and FY February 2017
Sponda Financial Results Q4 and FY 2016 3 February 2017 1. 2. 3. 4. Highlights for the Period Kari Inkinen Portfolio Development Pia Arrhenius Financials Niklas Nylander Business Environment and Business
More informationRental income, EUR million Like-for-like growth in rental income, percent
Akelius Residential Property AB (publ) interim report January to June summary Apr Jun Apr Jun Jan Jun Jan Jun Jan Dec Rental income, EUR million 115 113 233 229 469 Like-for-like growth in rental income,
More informationSix-month report January June 2018 rikshem.se
rikshem.se Six-month report January June Six-month report Rental income increased 3 percent to MSEK 1,374 (1,335). Net operating income declined to MSEK 748 (758), mainly as a result of the harsh winter
More informationYear-end report Peter Wågström President and CEO Ann-Sofie Danielsson Chief Financial Officer NCC AB 1
Year-end report 2012 Peter Wågström President and CEO Ann-Sofie Danielsson Chief Financial Officer 2013-01-30 NCC AB 1 Q4 in brief Strong close resulted in successful year All business areas on par with
More informationFY2012 RESULTS PRESENTATION
FY2012 RESULTS PRESENTATION 21 August 2012 INVESTMENT HIGHLIGHTS Proven track record of consistent earnings growth and meeting targets Strategically located and diverse residential portfolio Urban and
More informationInvestor Presentation Shaw and Partners - Emerging Leaders Conference
Investor Presentation Shaw and Partners - Emerging Leaders Conference Your Community Developer 31 May 2017 1 AVJennings at a glance 2 ON AFFORDABLE HOUSING IN URBAN GROWTH CORRIDORS STRONG BALANCE SHEET
More informationOPTIBASE LTD. ANNOUNCES THIRD QUARTER RESULTS
Media Contacts: Amir Philips, CEO, Optibase Ltd. 011-972-73-7073-700 info@optibase-holdings.com Investor Relations Contact: Marybeth Csaby, for Optibase +1-917-664-3055 Marybeth.Csaby@gmail.com OPTIBASE
More informationAUDIOCAST PRESENTATION Q1/2018
19.4.2018 AUDIOCAST PRESENTATION Q1/2018 HIGHLIGHTS Q1/2018 EPRA EARNINGS PER SHARE EUR 0.041 -Divestments in 2017 and weaker currencies impacted EPRA EPS -Efficient cost management with administrative
More informationBusiness and Property Committee
Business and Property Committee Item No Report title: Direct Property Development Company Date of meeting: 20 June 2017 Responsible Chief Executive Director of Finance and Officer: Commercial Services
More informationFY18/12 Q2 PRESENTATION
FY18/12 Q2 PRESENTATION RENESAS ELECTRONICS CORPORATION JULY 31, 2018 2018 Renesas Electronics Corporation. All rights reserved. FINANCIAL TARGETS AND STRATEGY Long-term Financial Targets *1 (Starting
More informationRental income, EUR million** Like-for-like growth in rental income, percent Net operating income, EUR million
Akelius Residential Property AB (publ) interim report January to March summary* Jan Mar Jan Mar Jan Dec Rental income, EUR million** 119 116 469 Like-for-like growth in rental income, percent 3.7 5.4 5.1
More informationPeab forms Brinova Fastigheter AB
1 (5) Press release from Peab AB 13 February 2003 No. 3 Peab forms Brinova Fastigheter AB As previously announced, the board of Peab has decided to propose that the group s entire holding of managed properties
More informationActive property development requires investments
Active property development requires investments Castellum operates on a long-term basis and the strategy for growth includes constant improvement and development of the real estate portfolio through new
More informationPS Business Parks, Inc. Reports Results for the Quarter Ended March 31, 2017
News Release PS Business Parks, Inc. 701 Western Avenue Glendale, CA 91201-2349 psbusinessparks.com For Release: Immediately Date: April 25, 2017 Contact: Edward A. Stokx (818) 244-8080, Ext. 1649 PS Business
More informationFirst Quarter Fiscal Year Ending March 31, 2017 Consolidated Earnings Announcement (Japanese GAAP)
First Quarter Fiscal Year Ending March 31, 2017 Consolidated Earnings Announcement (Japanese GAAP) Company Name: Hoosiers Holdings Stock Code: 3284 Representative: (Title) CEO and President Contact: (Title)
More informationInvestments 44 CASTELLUM ANNUAL REPORT 2017 DIRECTORS REPORT
Investments Long-term and sustainable growth means that we continuously refine and develop the real estate portfolio by investing in new construction, extensions and reconstructions, as well as making
More informationReal estate development significant growth driver Company profile and business model High-quality Investment Portfolio
STRATEGY Over three decades of continual development, CA Immo has become distinctly competitive and secured an excellent market position in Central Europe. By letting, managing and developing high quality
More informationYear-end report January to December 2016
Akelius Residential Property AB (publ) Year-end report January to December Growth for comparable properties 4.1 percent rental income 8.0 percent net operating income Change in property value 17 percent
More informationThese notes will be appropriate both for both students who have chosen financial reporting as a depth area as well as those who have not.
When it comes to the Financial Reporting competency, the challenge that many students face is the tremendous amount of technical knowledge included in this competency, especially in light of the fact that
More informationBusiness Combinations IFRS 3
CA Sandesh Mundra Business Combinations IFRS 3 For many men, the acquisition of wealth does not end their troubles, it only changes them. - Lucius Annaeus Seneca Lets get some of the basics correct.. We
More informationBOSTADSFÖRMEDLINGEN THIS IS HOW IT WORKS
BOSTADSFÖRMEDLINGEN THIS IS HOW IT WORKS THE PATH TO A NEW HOME If you re looking for housing in the Stockholm region, you need to search and register your interest with Stockholm s Housing Agency Bostadsförmedlingen.
More informationINTERIM REPORT JANUARY MARCH 2016
INTERIM REPORT JANUARY MARCH 2016 1 Strong start to the year JANUARY MARCH 2016 QUARTER Rental income amounted to MSEK 650 (589) Profit from property management totaled MSEK 340 (265), corresponding to
More informationNational Real Estate Company. Earnings Presentation Q1 FY2014
National Real Estate Company (Kuwait KSE: NRE) Earnings Presentation Q1 FY2014 May 28, 2014 1 Agenda 1. NREC Overview 3 2. Q1 FY2014 Summary 4 3. Financial Performance 5 4. Key Financial Ratios 7 5. Quarterly
More informationInvestor Presentation December 2017
Investor Presentation December 2017 Cautionary Statement This presentation includes statements concerning our expectations, beliefs, plans, objectives, goals, strategies, future events or performance and
More informationRefer to the appendices to this release for more information on the Projects.
ASX Release 20 December 2007 BLP EXPANDS INTO WESTERN AUSTRALIA Babcock & Brown Residential Land Partners (ASX: BLP) today announced the formation of a strategic partnership with Western Australian developer
More informationInvestor presentation. Filago AS Januar 2018
Investor presentation Filago AS Januar 2018 Introduction Filago Group Established in 2012 Filago has projects that builds a new green society, through new technology and sustainable business driven by
More informationGREEN BRICK PARTNERS INVESTOR CONFERENCE PRESENTATION NOVEMBER 2017
GREEN BRICK PARTNERS INVESTOR CONFERENCE PRESENTATION NOVEMBER 2017 1 FORWARD LOOKING STATEMENTS This presentation and the oral statements made by representatives of the Company during the course of this
More informationThird Quarter Fiscal Year Ending March 31, 2016 Consolidated Earnings Announcement (Japanese GAAP)
Third Quarter Fiscal Year Ending March 31, 2016 Consolidated Earnings Announcement (Japanese GAAP) Company Name: Hoosiers Holdings Stock Code: 3284 Representative: (Title) CEO and President Contact: (Title)
More informationAchieved record annual revenues of $110.0 million for 2018, representing an increase of 5.8%
Clipper Realty Inc. Announces Fourth Quarter and Full-Year 2018 Results Reports Record Annual Revenues, Record Annual Income from Operations and Record Quarterly and Annual Adjusted Funds from Operations
More informationExtra Space Storage Inc. Reports 2017 Fourth Quarter and Year-End Results
Extra Space Storage Inc. Reports 2017 Fourth Quarter and Year-End Results February 20, 2018 SALT LAKE CITY, Feb. 20, 2018 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading
More informationIAG Conference Accounting Update Emerging issues in the public sector 20 November 2014 Michael Crowe Yannick Maurice
www.pwc.com.au IAG Conference Accounting Update Emerging issues in the public sector 20 November 2014 Michael Crowe Yannick Maurice Agenda Introduction Key topics o Fair value o PPP Projects Refinancing
More informationD. CARNEGIE & CO. Stockholm October 23, Owns, manages and develops residential property
D. CARNEGIE & CO Stockholm October 23, 2014 Owns, manages and develops residential property AGENDA AGENDA 1. D. Carnegie & Co in brief 2. Events since listing in April 2014 3. Key figures and earnings
More informationResults of Operations
JINUSHI REIT JINUSHI Business Results of Operations for the Fiscal Year Ended March 31, 2017 June 6, 2017 Securities code: 3252 (TSE/NSE, First Sections) 1. FY3/17 Financial Highlights 2. JINUSHI REIT
More informationCONSOLIDATED STATEMENT OF INCOME
CONSOLIDATED STATEMENT OF INCOME 1 st quarter (a) 2017 4 th quarter Sales 41,183 42,275 32,841 Excise taxes (5,090) (5,408) (5,319) Revenues from sales 36,093 36,867 27,522 Purchases, net of inventory
More informationFive Oaks Investment Corp.
Five Oaks Investment Corp. Investor Presentation May 2018 Disclaimer & Name Change This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,
More informationH RESULTS 10 AUGUST 2018 TLG IMMOBILIEN AG H RESULTS
TLG IMMOBILIEN AG H1 2018 RESULTS DISCLAIMER This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of TLG IMMOBILIEN ("Forward-Looking
More informationInvestor Presentation Second Quarter 2006
Investor Presentation Second Quarter 2006 2006 Highlights (Six months to June 30, 2006) Revenues up 10.2% from accretive acquisitions Net Operating Income up 10.9% NOI margin increases Stabilized portfolio
More informationInterim Report January March 2018
Interim Report January March Many units in production with high sales rate 1 JANUARY 31 MARCH Net sales amounted to SEK 1,639 M (2,93) Operating profit was SEK 43 M (53), of which profit from land sales
More informationAssets, Regeneration & Growth Committee 11 July Development of new affordable homes by Barnet Homes Registered Provider ( Opendoor Homes )
Assets, Regeneration & Growth Committee 11 July 2016 Title Report of Wards Status Urgent Key Enclosures Officer Contact Details Development of new affordable homes by Barnet Homes Registered Provider (
More informationNational Rental Affordability Scheme. NRAS and Mistakes to AVOID!
National Rental Affordability Scheme NRAS and Mistakes to AVOID! CONTENTS Contents...1 Introduction... 2 Brief Over view of NRAS...3 Key Facts About NRAS...5 NRAS Incentives... 7 NRAS and Mistakes To Avoid!......
More informationBorlänge, Municipal House. Q3 PRESENTATION October 2018
Borlänge, Municipal House Q3 PRESENTATION October 2018 COMPANY OVERVIEW Samhällsbyggnadsbolaget i Norden AB (SBB) in brief SBB was founded in March 2016 by Ilija Batljan who previously served as deputy
More informationReport on 2018 Second Quarter Operating and Financial Results
Report on 2018 Second Quarter Operating and Financial Results Forward-Looking Statements This press release includes "forward-looking statements." These statements are subject to a number of risks, uncertainties
More informationBOSTADSFÖRMEDLINGEN THIS IS HOW IT WORKS
BOSTADSFÖRMEDLINGEN THIS IS HOW IT WORKS THE PATH TO A NEW HOME If you re looking for housing in the Stockholm area, you need to search for and register your interest with the Stockholm Housing Agency
More informationPS Business Parks, Inc. Reports Results for the Quarter and Year Ended December 31, 2018
News Release PS Business Parks, Inc. 701 Western Avenue Glendale, CA 91201-2349 psbusinessparks.com For Release: Immediately Date: February 20, 2019 Contact: Jeff Hedges (818) 244-8080, Ext. 1649 PS Business
More informationClipper Realty Inc. Announces Third Quarter 2018 Results Reports Record Revenues, Income From Operations and Adjusted Funds From Operations
Clipper Realty Inc. Announces Third Quarter 2018 Results Reports Record Revenues, Income From Operations and Adjusted Funds From Operations NEW YORK, November 1, 2018 /Business Wire/ -- Clipper Realty
More informationQ RESULTS 15 MAY 2018 TLG IMMOBILIEN AG Q RESULTS
TLG IMMOBILIEN AG Q 208 RESULTS DISCLAIMER This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of TLG IMMOBILIEN ("Forward-Looking
More informationLessor Example Performance Obligation Approach
Lessor Example Performance Obligation Approach **Disclaimer The exposure draft received nearly 700 letters of comment through the comment period ended December 15, 2010. There is some expectation that
More informationFull Year Results Presentation for the year ended 31 December March 2015
Full Year Results Presentation for the year ended 31 December 2014 3 March 2015 Disclaimer This presentation is not intended to, and does not constitute or form part of, any offer, invitation or the solicitation
More informationGreat Elm Capital Group, Inc. An Introduction to the Fort Myers Transaction & GEC s Real Estate Strategy
Great Elm Capital Group, Inc. An Introduction to the Fort Myers Transaction & GEC s Real Estate Strategy March 6, 2018 2018 Great Elm Capital Group, Inc. Disclaimer Statements in this presentation that
More informationActive property development requires investments
Active property development requires investments Long-term and sustainable growth implies constant improvement and development of the real estate portfolio through new construction, reconstructions and
More informationBroadstone Asset Management, LLC
Broadstone Asset Management, LLC 800 Clinton Square Rochester, NY 14604 Phone: 585-287-6500 www.broadstone.com Firm CRD#: 281847 Date: March 29, 2018 This brochure provides information about the qualifications
More informationVUMELA PRODUCT. A Product for the Funding and Implementation of Municipal Bulk Infrastructure to Unlock Catalytic Property / Housing Developments
VUMELA PRODUCT A Product for the Funding and Implementation of Municipal Bulk Infrastructure to Unlock Catalytic Property / Housing Developments Background and introduction The provision of the bulk infrastructure
More informationJM Group. Sweden. Norway. Finland. Belgium 3 % 19 % 78 % 0 % 12-month period 2) SEK 301 per share
Interimreport 2017 JM Group Revenue: SEK 16.7 billion Total assets: SEK 13.5 billion No. of building rights: 34,600 No. of employees: 2,538 Market Cap: SEK 21.3 billion 2) 19 % Norway 78 % Sweden 3 % Finland
More informationSCHEDULE OF BUSINESSES AVAILABLE
SCHEDULE OF BUSINESSES AVAILABLE Presented By: THE FBB GROUP, LTD. Colorado s Premier M&A Advisory Firm Inspiring Business Relationships Since 1982! 303 S. Cascade Ave., Suite 200 Colorado Springs, CO
More informationInvestor Presentation 2007
Investor Presentation 2007 1 Forward Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. These statements reflect management s current
More informationATRIUM Q RESULTS ANALYST AND INVESTOR CALL. 18 May 2016
ATRIUM Q1 2016 RESULTS ANALYST AND INVESTOR CALL 18 May 2016 KEY EVENTS IN 2016 YTD OPERATIONAL PERFORMANCE Core Markets¹: NRI increased 1.2% to 36.3m; LFL NRI remained stable at 31.4m Russia continues
More informationCONSOLIDATED STATEMENT OF INCOME
CONSOLIDATED STATEMENT OF INCOME (unaudited, data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements)) 1 st quarter
More informationProperty Management through the eyes of an owner - A Better Solution for your Property Management Needs
PROPERTY MANAGEMENT Maximizing the value of your asset requires an understanding of every aspect of real estate. By utilizing a full-service developer and builder for your property management needs, you
More informationDAR AL ARKAN REAL ESTATE DEVELOPMENT COMPANY SAUDI JOINT STOCK COMPANY
DAR AL ARKAN REAL ESTATE DEVELOPMENT COMPANY INTERIM CONSOLIDATED FINANCIAL STATEMENTS AND AUDITORS LIMITED REVIEW REPORT FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER INTERIM CONSOLIDATED FINANCIAL STATEMENTS
More informationDream Global REIT 2018 Fourth Quarter 1
EPRA Metrics The annual EPRA BPR Awards aim to recognize and commend upon the efforts of property companies that have successfully adopted the EPRA BPR Guidelines. Based on the assessment performed by
More informationAMASTEN LARGER, MORE PROFITABLE AND MORE REFINED. Interim report Q David Dahlgren, CEO
AMASTEN LARGER, MORE PROFITABLE AND MORE REFINED Interim report Q1 2016 David Dahlgren, CEO AMASTEN SNAPSHOT Business concept: Residential in prime locations 22% Mid-sized cities close by regional capitals
More informationOPEN BIM Healthcare Design by LINK arkitektur
OPEN BIM Healthcare Design by LINK arkitektur LEARN HOW BIM helps clients to understand and follow the design process; Main image place an information database connected to BIM elements makes the requirement
More informationESTATE AND LETTING AGENTS
PROPERTY MANAGEMENT ESTATE AND LETTING AGENTS CONTENTS ABOUT US 3 WHY JACKSONS 4 PROPERTY MANAGEMENT 7 OUR MANAGEMENT 9 MAJOR WORKS 11 INSURANCE 12 A SELECTION FROM OUR PORTFOLIO 13 LANDLORDS 15 LETTINGS
More informationImplementing GASB s Lease Guidance
The effective date of the Governmental Accounting Standards Board s (GASB) new lease guidance is drawing nearer. Private sector companies also have recently adopted significantly revised lease guidance;
More informationFor personal use only
ASX Announcement / Media Release 10 March 2017 ASX Code: ORN Issued Capital: Ordinary Shares: 644M Options: Directors: Denis Waddell Chairman 85M Errol Smart Managing Director, CEO Bill Oliver Technical
More informationDetailed competency map: Knowledge requirements. (AAT examination)
Detailed competency map: Knowledge requirements (AAT examination) Fields of competency The items listed are shown with an indicator of the minimum acceptable level of competency, based on a three-point
More informationPreliminary Results Presentation
Preliminary Results Presentation Year to 30 June 2008 Tuesday 9 September 2008 Alan Bowkett Chairman Chairman s Introduction Early recognition, by management team of industry issues Adjustment in strategy
More informationBOSTADSFÖRMEDLINGEN THIS IS HOW IT WORKS
BOSTADSFÖRMEDLINGEN THIS IS HOW IT WORKS THE PATH TO A NEW HOME If you re looking for housing in the Stockholm region, you need to search and register your interest with Stockholm s Housing Agency Bostadsförmedlingen.
More informationBoston Properties Pete Otteni Senior Vice President Development
Boston Properties Pete Otteni Senior Vice President Development WBC Regional Developer Panel November 29, 2018 Who We Are: Quick Facts Preeminent Developer and Owner of Class A Office Properties in the
More informationOPERATIONAL EXCELLENCE. Susanne Blomberg, Chief Sales & Marketing Officer Johan Ellertson, Head of Project Department
OPERATIONAL EXCELLENCE Susanne Blomberg, Chief Sales & Marketing Officer Johan Ellertson, Head of Project Department OPERATIONAL EXCELLENCE Acquisition Sales Purchasing SSM Concept Affordable & space efficient
More informationSMARTCENTRES REIT ANNUAL GENERAL MEETING Smart Today Smart Tomorrow. May 16, 2018
REIT Smart Today Smart Tomorrow May 16, 2018 FORWARD LOOKING STATEMENTS SmartCentres wishes to remind all participants at this meeting that the presentations which follow contain certain forward-looking
More informationAssets, Regeneration & Growth Committee 17 March Development of new affordable homes by Barnet Homes Registered Provider ( Opendoor Homes )
Assets, Regeneration & Growth Committee 17 March 2016 Title Report of Wards Status Urgent Key Enclosures Officer Contact Details Development of new affordable homes by Barnet Homes Registered Provider
More informationSummary of Commercial Investment Opportunity Project Gripen, Karlstad City Centre
Assetbase Ltd, Ednagreena, Inniskeen, Dundalk, Co.Louth, Ireland. Tel: +353 42 (0) 93 788 77 Fax: +353 42 (0) 93 788 76 email: info@assetbase.com web: www.assetbase.com Summary of Commercial Investment
More informationSTANDARD FORM OF HOTEL PURCHASE AGREEMENT Annotated with Introduction. K.C. McDaniel K.C. McDaniel PLLC New York K.C.
STANDARD FORM OF HOTEL PURCHASE AGREEMENT -- 2007 Annotated with Introduction By K.C. McDaniel K.C. McDaniel PLLC New York K.C. McDaniel 2007 Current Issues in the Negotiation of Hotel Purchase Agreements
More information