FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

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NOTES TO THE ACCOUNTS Before repartition of the period ending 31 December 2004, the Balance Sheet (presented in list-form) total is u111,288,612, and the total of the Income Statement for the same period is u16,177,586, with total losses at u316,203.90. The period is 12 months long and covers 1 January 2004 to 31 December 2004. The notes that follow are part of Annual Financial Statements. The following accounts were closed on 18 March <strong>2005</strong>. ACCOUNTING RULES AND METHODS The general accounting rules have been applied according to the following underlying assumptions: − Continuity of the operation in progress, − Use for a succession of financial periods, − Independence of financial periods and conform to the general accounting rules as well as those of the presentation of annual accounts. The method used for the evaluation of the elements comprising the accounting records is that of historical costs. EVALUATION METHODS Tangible/Fixed Assets Fixed assets are valued at their acquisition price (buying price, accessory costs and cancellation fees outside of the cost of acquisition of the fixed asset) or, at their production cost. The book value of tangible assets is compared to their approximate market value, an independent and updated expert opinion is used as reference for all of the tangible assets. On this basis, a provision for depreciation of u134,000 has been constituted for the Trappes building. With regard to Property, land is valued on the basis of information provided by the company. Circulating or Current Assets The elements listed under circulating assets are receivables noted at their par value minus, when necessary, the provision in view of bringing them back to their market value. Amortisation Fixed assets are subject to a depreciation schedule determined according to the length and probable conditions of use of these goods. This schedule is, in general, the straight-line method. The net book worth obtained in this manner is considered to be economically sound. The principal schedules of depreciation used are as follows: − Buildings 20 to 25 years − Plant Assets 10 years − Fixtures 20 years Contingent Liability The provision for empty units is currently u277,840. Deferred Charges The following deferred charges include the acquisition cost of the following assets: − Registration duties − Notary fees and compensation − Tax Publicity Foncière The amortisation schedule retained in accounting is 5 years. The payment is calculated, au prorata temporis, from the acquisition date of the corresponding assets. 177
Corporate name: P.P.M.P.P. FIXED ASSETS Increases Gross value at the beginning of financial year Reevaluation Purchases 1 2 3 FIXED ASSETS INTANGIBLE Initial investment cost, research and development expenses TOTAL (I) Other intangible assets TOTAL (II) TANGIBLE Land 11,807,478 8,593,656 Buildings on land owned by the company 68,678,764 24,734,296 on land owned by a third party General installations, fixtures and fittings 247,985 27,905 Technical installations, indust. machinery & tooling Other tangible assets General installations, fixtures and fittings Transportation equipment Office equipment, computers & furniture Returnable packaging and miscellaneous In-progress tangible assets 24,257 Advances and deposits TOTAL (III) 80,758,483 33,355,857 FINANCIAL Consolidated shares Other investments Other capitalised securities Loans & other financial assets TOTAL (IV) OVERALL TOTAL (I+II+III+IV) 80,758,483 33,355,857 Decreases Reeval. By disposal to third Original value of By transfer from account to account parties, putting out of order Gross value of assets end of financial year assets end of financial year 1 2 3 4 FIXED ASSETS INTANGIBLE Initial investment cost, research and development expenses TOTAL I Other intangible assets TOTAL II TANGIBLE Land 20,401,134 Buildings on land owned by the company 93,413,060 on land owned by a third party general installations, fixtures and fittings 275,890 Technical installations, indust. machinery & tooling Other tangible assets general installations, fixtures and fittings Transportation equipment* Office equipment, computers & furniture Returnable packaging and miscellaneous * In-progress tangible assets 24,257 Advances TOTAL III 24,257 114,090,083 FINANCIAL Consolidated shares Other investments Other capitalised securities Loans & other financial assets TOTAL IV OVERALL TOTAL (I+II+III+IV) 24,257 114,090,083 178
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FCC Proudreed Properties 2005 a Fre
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(having taken all reasonable care t
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CONTENTS SECTION PAGE PRINCIPAL CHA
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PRINCIPAL CHARACTERISTICS OF THE CO
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LTV Ratio: Security: Insurance: Mor
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DIAGRAMMATIC OVERVIEW OF PARTIES AN
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is one Business Day following such
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SARL Enoville is a French limited l
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Hedging Agreements. For a descripti
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For further details as to the risks
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2. Tenant Concentration (Top 10 Ten
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6. Sectoral Weightings: (Industrial
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Paris Properties 1. Summary descrip
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Property Name Property address Type
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3. Lease type and length of lease S
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7. Details of the Top Ten Propertie
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Property Number 7 Property Name Cha
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PRINCIPAL FEATURES OF THE NOTES Bel
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‘‘AA’’ by Fitch and a ratin
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Interest Rate Risks Interest on the
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after among other things, payments
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same criteria as apply to the Secur
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Although any successor manager of a
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within the Property Portfolio relat
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this judicial procedure. The judgme
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Risks relating to Planning - Right
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(a) to obtain an order for, or paym
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Secured Properties The Secured Prop
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described under ‘‘Obligor Secur
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(together with accrued interest). F
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date on which sale proceeds are rec
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Facility Fees Pursuant to the terms
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• details of the Property Manager
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taking into account any rent guaran
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(d) any Obligor or the Borrowers’
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(or u100,000 for Proudreed France S
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Account and the related Disposal Ex
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The ‘‘Due Diligence Criteria’
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(e) a deposit (by way of gage-espè
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Pursuant to the terms of the Proper
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negatively affect the credit qualit
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provided however that no such termi
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RESOURCES AVAILABLE TO THE BORROWER
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Reserve. Furthermore, in the event
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Obligor Post-Enforcement Priorities
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Account following the occurrence of
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(e) fifth, in or towards satisfacti
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On delivery of a Note Enforcement N
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VALUATION REPORTS 22 septembre 2005
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We attach schedule of values, divid
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15 June 2005 Proudreed France Sarl
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Finally, we would ask that neither
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Finally, we would ask that neither
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This valuation is provided for the
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We confirm that we are able to comp
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This valuation is provided for the
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We confirm that we are able to comp
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Page 127 and 128: This valuation is provided for the
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 and 156: • granting any security interest
Page 157 and 158: 1 - BALANCE SHEET - ASSETS Corporat
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: 3 - INCOME STATEMENT (CONTINUED) Co
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
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(although the Issuer will not have
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Currency of Payment (b) Payments in
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(f) (i) (ii) agreed that until all
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Management Company and the relevant
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Notices by Delivery to Euroclear, E
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TAXATION French Taxation Pursuant t
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which it sells Notes during the dis
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(c) the excerpts of the financial r
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Borrowers Account Bank means (i) in
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(b) (B) not confer a direct or indi
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FCC Servicer means each entity appo
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La Défense, France respectively (o
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Interest Period means each period f
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(i) (j) any dividend payment by tha
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Mortgage means (i) the mortgages (h
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(iv) any amounts payable by the Iss
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Loan Agreement during such Forward-
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Regulation S means Regulation S und
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HSBC Bank plc 8 Canada Square Londo
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FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

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