FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

More documents

Recommendations

Info

PARIS PROVINCES PROPERTIES Financial Statements Year ended 31 December 2004 Statutory Auditor’s Report (Translated from French into English) In compliance with the assignment entrusted to us by your shareholders’ annual general meeting, we hereby report to you, for the year ended 31 December 2004, on: • the audit of the accompanying financial statements of PARIS PROVINCES PROPERTIES drawn up in euros, • the justification of our assessments, • the specific verifications and information required by law. These financial statements have been approved by the statutory Manager. Our role is to express an opinion on these financial statements based on our audit. 1 Opinion on the financial statements We conducted our audit in accordance with the professional standards applicable in France. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of any material misstatement. An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements give a true and fair view of the company’s financial position and its assets and liabilities as of 31 December 2004, and of the results of its operations for the year then ended in accordance with accounting principles generally accepted in France. 2 Justification of assessments In accordance with the requirements of article L. 225-235 of Commercial Code relating to the justification of our assessments, we bring to your attention the following matters: The notes to the accounts explain the accounting principles and the methods of valuation concerning fixed assets. Relating to our assessment of the accounting principles used, we examined these methods and their correct application. The assessments on these matters were thus made in the context of the performance of our audit of the financial statements, taken as a whole, and therefore contributed to the development of our audit opinion expressed in the first part of this report. 3 Specific verifications and information We also performed the specific verifications required by law in accordance with the professional standards applied in France. We have no comment as to the fair presentation and the conformity with the financial statements of the information given in the management report of the statutory Manager, and in the documents addressed to the shareholders with respect to the financial position and the financial statements. La Défense, June 14 th , <strong>2005</strong> Statutory Auditor MAZARS & GUERARD Philippe Bouillet 155
1 – BALANCE SHEET – ASSETS Corporate name: PARIS PROVINCES PROPERTIES Address of the company: 36, avenue Hoche 75008 Paris SIRET number: 433 741 188 Uncalled subscribed capital 31 December 2004 31 December 2003 Gross amount Accumulated depreciation, amortisation and provisions Net amount Net Amount 1 2 3 4 INTANGIBLE Initial investment cost Research and development expenses Concessions, patents and similar rights Goodwill 6,370,691 6,370,691 3,827,569 Other intangible assets Advances and deposits on intangible assets Land 27,598,725 27,598,725 25,660,895 TANGIBLE Buildings 94,529,584 13,100,040 81,429,543 84,934,035 Industrial fixtures, equipment and tooling Other tangible assets In-progress fixed assets 997,359 997,359 331,164 Advances and deposits Consolidated shares FINANCIAL Investments 2,374,153 2,374,153 2,374,153 Receivables related to investments Capitalized securities 9,091 Loans Other financial assets 456,426 456,426 493,378 TOTAL (II) 132,326,938 13,100,040 119,226,898 117,630,285 Raw materials and supplies CURRENT ASSETS INVENTORIES Products and services undergoing processing Services undergoing processing Semi-finished and finished goods Goods held for resale Advances and deposits paid to suppliers 27,343 RECEIVABLES Accounts receivable and related accounts 2,105,192 279,825 1,825,366 2,858,313 Other receivables 9,669,901 9,669,901 13,078,319 Unpaid subscribed and called-up capital Investment securities (among which ......... treasury shares) 294,103 294,103 872,232 MISCELL. Quick assets 1,040,078 1,040,078 535,405 Prepaid expenses 1,941,113 1,941,113 821,621 TOTAL (III) 15,050,387 279,825 14,770,561 18,193,233 REGULARISATION ACCOUNTS Expenses amortised over more than one financial year (IV) 2,474,610 2,474,610 3,602,052 Premium on bond redemption (V) Translation differential (VI) GRAND TOTAL (I TO VI) 149,851,934 13,379,865 136,472,069 139,425,570 156
Page 1 and 2:
FCC Proudreed Properties 2005 a Fre
Page 3 and 4:
(having taken all reasonable care t
Page 5 and 6:
CONTENTS SECTION PAGE PRINCIPAL CHA
Page 7 and 8:
PRINCIPAL CHARACTERISTICS OF THE CO
Page 9 and 10:
LTV Ratio: Security: Insurance: Mor
Page 11 and 12:
DIAGRAMMATIC OVERVIEW OF PARTIES AN
Page 13 and 14:
is one Business Day following such
Page 15 and 16:
SARL Enoville is a French limited l
Page 17 and 18:
Hedging Agreements. For a descripti
Page 19 and 20:
For further details as to the risks
Page 21 and 22:
2. Tenant Concentration (Top 10 Ten
Page 23 and 24:
6. Sectoral Weightings: (Industrial
Page 25 and 26:
Paris Properties 1. Summary descrip
Page 27 and 28:
Property Name Property address Type
Page 29 and 30:
3. Lease type and length of lease S
Page 31 and 32:
7. Details of the Top Ten Propertie
Page 33 and 34:
Property Number 7 Property Name Cha
Page 35 and 36:
PRINCIPAL FEATURES OF THE NOTES Bel
Page 37 and 38:
‘‘AA’’ by Fitch and a ratin
Page 39 and 40:
Interest Rate Risks Interest on the
Page 41 and 42:
after among other things, payments
Page 43 and 44:
same criteria as apply to the Secur
Page 45 and 46:
Although any successor manager of a
Page 47 and 48:
within the Property Portfolio relat
Page 49 and 50:
this judicial procedure. The judgme
Page 51 and 52:
Risks relating to Planning - Right
Page 53 and 54:
(a) to obtain an order for, or paym
Page 55 and 56:
Secured Properties The Secured Prop
Page 57 and 58:
described under ‘‘Obligor Secur
Page 59 and 60:
(together with accrued interest). F
Page 61 and 62:
date on which sale proceeds are rec
Page 63 and 64:
Facility Fees Pursuant to the terms
Page 65 and 66:
• details of the Property Manager
Page 67 and 68:
taking into account any rent guaran
Page 69 and 70:
(d) any Obligor or the Borrowers’
Page 71 and 72:
(or u100,000 for Proudreed France S
Page 73 and 74:
Account and the related Disposal Ex
Page 75 and 76:
The ‘‘Due Diligence Criteria’
Page 77 and 78:
(e) a deposit (by way of gage-espè
Page 79 and 80:
Pursuant to the terms of the Proper
Page 81 and 82:
negatively affect the credit qualit
Page 83 and 84:
provided however that no such termi
Page 85 and 86:
RESOURCES AVAILABLE TO THE BORROWER
Page 87 and 88:
Reserve. Furthermore, in the event
Page 89 and 90:
Obligor Post-Enforcement Priorities
Page 91 and 92:
Account following the occurrence of
Page 93 and 94:
(e) fifth, in or towards satisfacti
Page 95 and 96:
On delivery of a Note Enforcement N
Page 97 and 98:
VALUATION REPORTS 22 septembre 2005
Page 99 and 100:
We attach schedule of values, divid
Page 101 and 102:
15 June 2005 Proudreed France Sarl
Page 103 and 104:
Finally, we would ask that neither
Page 105 and 106: We attach schedule of values, divid
Page 107 and 108: 15 June 2005 Proudreed France Sarl
Page 109 and 110: Finally, we would ask that neither
Page 111 and 112: We attach schedule of values, divid
Page 115 and 116: This valuation is provided for the
Page 117 and 118: We confirm that we are able to comp
Page 123 and 124: We confirm that we are able to comp
Page 129 and 130: For recently completed developments
Page 131 and 132: Schedule of Values - Appendix 1 130
Page 133 and 134: Appendix 2 - Schedule of Values 132
Page 135 and 136: Appendix 4 Net Market Fund Ref Prop
Page 137 and 138: We are in the opinion that the valu
Page 139 and 140: Assets of the Issuer Receivables an
Page 141 and 142: The Custodian will receive a fee, p
Page 143 and 144: et seq. of the French Monetary and
Page 145 and 146: THE BORROWERS The Paris Properties
Page 147 and 148: • borrowing or more generally rai
Page 149 and 150: Loan Capital: Commercial Mortgage L
Page 151 and 152: − and generally all transactions
Page 153 and 154: 7 rue d’Amiens S.C.I. Introductio
Page 155: • granting any security interest
Page 159 and 160: 3 - INCOME STATEMENT Corporate name
Page 161 and 162: NOTES TO THE ACCOUNTS Before repart
Page 163 and 164: FIXED ASSETS Corporate name: PARIS
Page 165 and 166: RESERVES IN THE BALANCE SHEET Corpo
Page 167 and 168: TABLE OF ACCRUED ASSETS AND ACCRUED
Page 169 and 170: LEASING Corporate name: PARIS PROVI
Page 171 and 172: AFFILIATED COMPANIES AND INVESTMENT
Page 173 and 174: P.P.M.P.P. Financial Statements Yea
Page 175 and 176: 2 - BALANCE SHEET - LIABILITIES AND
Page 177 and 178: 3 - INCOME STATEMENT (CONTINUED) Co
Page 179 and 180: Corporate name: P.P.M.P.P. FIXED AS
Page 181 and 182: RESERVES IN THE BALANCE SHEET Corpo
Page 183 and 184: TABLE OF ACCRUED ASSETS AND ACCRUED
Page 185 and 186: SECURITY INTEREST GUARANTEED DEBTS
Page 187 and 188: The Paris Properties Parent Obligor
Page 189 and 190: which it is or will be a party (inc
Page 191 and 192: Principal Activities The principal
Page 193 and 194: PROUDREED FRANCE Financial Statemen
Page 195 and 196: 2 - BALANCE SHEET - LIABILITIES AND
Page 197 and 198: 3 - INCOME STATEMENT (CONTINUED) Co
Page 199 and 200: The principal schedules of deprecia
Page 201 and 202: DEPRECIATION Corporate name: PROUDR
Page 203 and 204: TABLE OF RECEIVABLES AND LIABILITIE
Page 205 and 206: Corporate Name: PROUDREED France DE
Page 207 and 208:
Corporate name: PROUDREED France FI
Page 209 and 210:
AFFILIATED COMPANIES AND INVESTMENT
Page 211 and 212:
THE HEDGING PROVIDERS HSBC Bank plc
Page 213 and 214:
TERMS AND CONDITIONS OF THE NOTES T
Page 215 and 216:
above, on the basis of the offered
Page 217 and 218:
(k) the Master Definitions and Fram
Page 219 and 220:
and Paris Properties SARL and, in r
Page 221 and 222:
(vi) ‘‘repay’’, ‘‘redee
Page 223 and 224:
(ii) if there are no Class A Notes
Page 225 and 226:
Priority of Payments Following Enfo
Page 227 and 228:
Determination of Rates of Interest
Page 229 and 230:
(although the Issuer will not have
Page 231 and 232:
Currency of Payment (b) Payments in
Page 233 and 234:
(f) (i) (ii) agreed that until all
Page 235 and 236:
Management Company and the relevant
Page 237 and 238:
Notices by Delivery to Euroclear, E
Page 239 and 240:
TAXATION French Taxation Pursuant t
Page 241 and 242:
which it sells Notes during the dis
Page 243 and 244:
(c) the excerpts of the financial r
Page 245 and 246:
Borrowers Account Bank means (i) in
Page 247 and 248:
(b) (B) not confer a direct or indi
Page 249 and 250:
FCC Servicer means each entity appo
Page 251 and 252:
La Défense, France respectively (o
Page 253 and 254:
Interest Period means each period f
Page 255 and 256:
(i) (j) any dividend payment by tha
Page 257 and 258:
Mortgage means (i) the mortgages (h
Page 259 and 260:
(iv) any amounts payable by the Iss
Page 261 and 262:
Loan Agreement during such Forward-
Page 263 and 264:
Regulation S means Regulation S und
Page 265 and 266:
HSBC Bank plc 8 Canada Square Londo
show all

FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?