FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

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PROUDREED FRANCE NOTES TO THE ACCOUNTS Before repartition of the period ending 31 December 2004, the Balance Sheet (presented in list-form) total is u86,772,518, and the total of the Income Statement for the same period is u15,023,098, with total gains at u806,407.39. 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 Intangible Assets − Purchase of Leasing Contracts In-Progress: Intangible Assets represent the difference between the remaining part of the leasing contract and the fair value of the contract, before executing the option. The part of the intangible asset related to building/construction is amortised (derogatory amortisation) at a rate of 4% or 5%. 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 which grounds no depreciation has been brought to our attention. With regard to Property, land is valued on the basis of information provided by the company. Financial Assets: Investment Financial Investments are transcribed in the balance sheet at their acquisition price or at their original cost. A provision for depreciation is constituted when the utility of the investment, determined in function of its profitability, its future prospects or its adjusted book value, is inferior to its original book value. 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. 197
The principal schedules of depreciation used are as follows: − Software 1 year − Buildings 20 to 25 years − Fixtures and Layout 20 years Contingent Liability The provision for empty units is currently u246,800. Deferred Charges The following deferred charges include the acquisition cost of the following assets: − − − − − Registration duties Notary fees and compensation Registrar of Mortgages Salary Tax Publicity Foncière Mortgage Tax The amortisation schedule retained in accounting is 5 years. The allotment is calculated, au prorata temporis, from the acquisition date of the corresponding assets. 198
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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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We confirm that we are able to comp
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For recently completed developments
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Schedule of Values - Appendix 1 130
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Appendix 2 - Schedule of Values 132
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Appendix 4 Net Market Fund Ref Prop
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We are in the opinion that the valu
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Assets of the Issuer Receivables an
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The Custodian will receive a fee, p
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et seq. of the French Monetary and
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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 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: 3 - INCOME STATEMENT (CONTINUED) Co
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
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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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