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Il Sole 24 ORE
Marriage of the two asset management companies
Beni Stabili and Ream
page 46 Real estate.
Agreement between Del Vecchio's group and the company held by Foundations Marriage of Beni Stabili's Asset Management Company and Ream
Another marriage in view in the Italian real estate assets management company sector. According to
rumours, the spotlight is allegedly on talks regarding the combination of Beni Stabili Gestioni Sgr
(management company controlled by Leonardo Del Vecchio's Group) and Ream Sgr
, the company held by
the Foundations of Turin, Asti and Alessandria.
Nothing has allegedly been defined, but it seems that talks have occurred in the last few weeks and a
type of permanent partnership between Beni Stabili Sgr and Ream Sgr could be reached. A changing sector
Moreover, the world of real estate asset management is reorganising and rationalising, and the large
management companies are searching for growth opportunities. The first company to take this big step was
Idea Fimit, which changed its governance (with the exit of Massimo Caputi and Daniel Buaron) and is now
controlled by DeaCapital, the financial arm of the De Agostini Group.
Prelios, the real estate company whose majority shareholders include Marco Tronchetti Provera's Camfin is
also searching for opportunities to grow and boost business. This company is implementing a process of
simplification and refocus on the asset management company's core business. Prelios is conducting
negotiations to sell part of its Italian assets and all of its assets in Germany to the German group Bilfinger &
Together, they will manage about €3 billion: following the Idea-Fimit union and the Prelios-Bilfinger
negotiations, a new player could emerge
There are still large real estate groups which derive from finance, such as BNP Re, which maintains its
position as an institutional player also in Italy and, lastly, Generali Sgr, which is opening to the market,
acquiring management mandates even for non-owned funds: most recently, the mandate to manage the real
estate fund of the pension fund for personnel of companies in the Unicredit Group, though the contribution
of a real estate portfolio with a value of €450 million. Lastly, the most active parties also include Hines
Italia, the asset management company of Manfredi Catella, which is searching for partners for growth. Beni Stabili-Ream Negotiations
With the marriage between Beni Stabili Gestioni and Ream Sgr, one of the most important Italian companies
would be created: even though the initial agreement currently envisages a type of permanent partnership.
Together, the two companies will manage about €3 billion in assets. The asset management company of the
group headed by Aldo Mazzocco (majority shareholder with 75% of capital, followed by Banca Finnat with
15% and Iccrea Holding with 10%), currently administers twelve investment funds, including retail,
reserved, speculative, ethical and development funds, with a total portfolio of over €1.6 billion.
On the other hand, Ream is the only asset management company in Italy whose shareholding
structure includes major shareholders which are some of the most important banking foundations in the Piedmont region: including Fondazione Cassa di Risparmio di Torino, Fondazione Cassa di Risparmio di Asti, Fondazione Cassa di Risparmio di Alessandria and Fondazione Cassa di Risparmio di Fossano. Ream currently manages five closed-end funds, all reserved for qualified investors, with over €900 million in total assets managed. Topic:
BENI STABILI - CEO
[Letter to Investors]
Beni Stabili fights off the bubble
2012 EBIT at €150 million
Beni Stabili SIIQ
Keeping the cash flow generated from outstanding leases stable in the short term and increasing it in the medium term. This is the primary goal of Aldo Mazzocco, Chief Executive Officer of Beni Stabili, the highly successful real estate company. To defend rental revenues (now amounting to €220 million per year, but destined to grow from 2013 as a result of the full operation of the rental agreement for the Garibaldi Towers in Milan) it is first necessary to maintain considerable cash flow from the market and expand the asset management company's operations. All of this, according to the MD's strategy, to provide the group with investment vehicles capable of capturing upcoming opportunities on the market. All of this in a market scenario which continues to be objectively difficult.
Beni Stabili, rents pay the 2012
2012 EBIT near €150 million
THE REAL ESTATE GROUP SHOULD END THE CURRENT YEAR IN LINE WITH ITS 2011
RESULTS, BUT GROWTH IS EXPECTED EVEN FROM 2013 AS A RESULT OF THE FULL
EXECUTION OF THE LEASE AGREEMENTS FOR THE EXCELSIOR AND THE GARIBALDI
"Keeping the cash flow generated from outstanding leases stable in the short term but increasing it in the
medium term, to fund significant dividend flows from the market and expand the asset management
company's operations to provide the group with investment vehicles capable of capturing upcoming
opportunities on the market." These, explains Aldo Mazzocco, Chief Executive Officer of Beni Stabili, are
"the strategic priorities we are working on to counteract a market scenario which continues to be objectively
In pursuing this priority, "we can dedicate multiple levers, starting with the ability to defend those
rental revenues which currently amount to approximately €220 million per year. This amount," the head of the company specified, " should increase from 2013 as a result of the full operation of the rental agreement for the Garibaldi Towers in Milan which, in the meantime, have obtained authorisation to change their purpose, and Excelsior, the two new shops in Milan, where the redevelopment works have been completed."
Mazzocco continued, stating that the growth in rental revenues "can also be achieved through other
options, such as maintaining a high quality of tenants as a result of an offering that meets their need, unceasingly working on the quality of services offered." All of this, the CEO adds, "while safeguarding that high level of upkeep which allows us to achieve a dual goal: increasing both the appeal for tenants and the value of the properties."
More specifically, our contacts at the headquarters of the Milanese listed property management
company controlled by Fonciere des Regions, the French real estate company in which Leonardo Del Vecchio is the majority shareholder with 28.90% of the capital note that "we have property assets of €4.3 billion almost exclusively used as offices and represented by 296 highly prestigious properties, spread throughout the Centre-North of Italy, mainly in the central areas of the main cities, starting with Milan,
where 42% of our assets are located. This is followed by Rome with 10% and Turin with 6%, the same as Naples. Properties 100%-held by the listed property management company directly and leased to prestigious tenants, considering that almost 80% of annuals revenues of the "core" portfolio come from rents from Telecom, Intesa, the State Property Office and Fiat, in addition to Boscolo, La Stampa, Prada and Coin."
He continued, stating that these clients "guarantee a certain feeling of security over time in terms of
revenues, while the safeguarding of value can count on the improvement/restructuring works I mentioned previously, which are focused on 4-5 properties annually, and from the "market test" through a continuous rotation of assets which involves about 5% of the total per year."
The head of the company added that the priorities "thus include maintaining a good rate of rotation
which, through the real sale of assets, demonstrates the fairness of the appraisal of the properties, which have been sold to date, in almost all of the cases, at values higher than their carrying amounts. On the other hand, with the purchase of other high quality, high-performing assets, we achieve an implicit requalification of assets along with greater profitability. Normally, in fact, we sell properties which provide "low" yields to purchase others with greater yields and, if possible, of higher quality."
Beni Stabili SIIQ
Figure: COMPANY OFFICERS
TAX/FIN. STATEMENTS Giovanni Falna
Alexandre Astler Guido Gianetta Massimo Moretti Anna Pasquali
ITALIA PROPERTIES PROPERTIES Beni Stabili Gestioni SGR
Caption: Aldo Mazzocco
(1), Chief Executive Officer of Beni Stabili SIIQ since 2001; Stefano Vittori
with Beni Stabili SIIQ since 2001, holds the position of Chief Operating Officer (COO); Luca Lucaroni
Chief Financial Officer (CFO) since 2003
CORE PORTFOLIO BY GEOGRAPHIC
GROSS CARRYING AMOUNT OF RENTS
NORTHERN ITALY 73%
CENTRE ITALY 15%
212.80 212.90 218.30 220.10
SOUTHERN ITALY AND ISLANDS 12%
2008 2009 2010 2011
CORE PORTFOLIO INTENDED USE
DILUTED NNNAV PER SHARE
1.704 1.033 0.997 0.971
2008 2009 2010 2011
TOTAL PORTFOLIO BY CLUSTER
GROUP EPRA RESULTS
42.1 41.8 43.4 87.3 2008 2009 2010 2011
Caption: All the values shown in the pie charts are based on IAS values. All the values shown in the pie charts refer to the date of 31 December 2011
This choice was also confirmed by the difficulties in 2011 as, our contacts at Beni Stabili note, "we
sold €122 million in non-core assets with a contained yield of 4.4% and purchased properties for €138 million, with a yield of 6.8%, thus improving overall profitability of the leased assets." All of this, they added, "was achieved with profits, demonstrating the fairness of the estimates used to value our assets."
At the same time, they continued, "we are calmly working on refinancing our 2013 maturities, after
moving up all refinancing activities envisaged for the current year, concluding in April a package of €308 million with a term of three years, guaranteed by a pool of seven banks, including three non-Italian banks."
Meanwhile, our contacts also noted that "we have worked on streamlining and optimising operating
structures to adjust to a scenario which continues to be difficult and thus requires the utmost attention, also to all detailed aspects of management which generate movements in cash flow as well as costs and revenues." In this scenario of organisational adjustment, "the board of the subsidiary Beni Stabili Gestioni Sgr was also redesigned. Here, Mazzocco has taken on the role of Chairman to reaffirm the tactical/strategic value of this company in a phase where opportunities could require medium-term investment vehicles open to a plateau of investors and financers.
It is important to note that the asset management company is Beni Stabili's second pillar of
operations, with €1.7 billion in assets under management through 12 funds. A business "destined to grow, as it can organise or join club deals comprising both Italian and international players, to participate in tenders for the management of portfolios of properties being discontinued or set up, which are in need of profound restructuring." All of this, our contacts at the headquarters of the group concluded, "with advantages also for the other pillar, Beni Stabili SIIQ, which could offer its management's operations know-how, obtain economic returns in terms of management fees and margins on investments, with the goal of acquiring new properties."
Initiatives which will generate effects in the medium term, even though, as a result of its compliance
with the strategies set forth from 2011, the group has managed to defy the economic trend and end 2011 also with results considered more than satisfactory. A trend demonstrated once again, in the first quarter of 2012 "with results of operations exceeding the management's expectations, and slightly better than that recorded in the same period of 2011." This is also a reason why, if there are no surprises, 2012 should show the same results as the previous year, while gradual improvement is expected for 2013, as a result of the full execution of the lease agreements for the Excelsior and Garibaldi Towers properties.
2012 should thus close with rental revenues substantially in line with the €220 million of the
previous year, an EBIT equivalent to the €151 million in 2011 and net income near €20 million, while cash flow generation should slightly improve on last year's €87 million, protecting the debt/portfolio ratio, bringing it slightly above 50%, through a trend passing through 45%.
BENI STABILI GROUP
Amounts in millions of euro 2011 2010 2009
STATEMENT OF FINANCIAL POSITION
Total non-current assets
Total current assets
Assets held for sale
DEGREE OF COVERAGE
DATA PER SHARE AND MARKET
Values in euro
PROFIT FOR THE PERIOD NET OF
FINANCIAL STATEMENT RATIOS
Caption: Net invested capital: algebraic sum of assets and liabilities, excluding equity and net fin. debt. Group EPRA net income: net income adjusted for non-cash and extraordinary items
BENI STABILI - CEO
La Repubblica AFFARI&FINANZA
2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
1,825 165 185 192 192 0.05 0.06 0.03 0.03
2,119 186 201 193 199 0.06 0.06 0.04 0.04
2,281 196 227 196 210 0.06 0.07 0.05 0.05
Share Near Yearly Low,
Lost 70% Since the Start of the Crisis
FOLLOWING A SERIES OF BEAR SESSIONS ON TUESDAY 22 MAY AND MONDAY 28 MAY, A
TREND CONFIRMED ON TUESDAY AND WEDNESDAY WHEN PRICES DROPPED TO €0.324, THE
SHARE IS NOW NEAR THE €0.3 RECORDED ON 6 JANUARY. VOLATILITY REMAINS HIGH. Milan
Beni Stabili has recorded a negative start to the week, and backtracks by 2.15% to €0.326, again showing the
performance of Wednesday 23 and Thursday 24 May, after recording a slight recovery on Friday 25,
demonstrating the lack of a specific trendline. Share prices thus near the yearly low of €0.3 recorded on 6
January, before starting the recovery which brought prices up to €0.48 on 19 March. In 53 stock market days,
the share recovered 63% before starting to fall again, bringing prices to €0.32 on 16 May.
These ups and downs were shared by market prices and due to the crisis of July 2007, when the US
real estate bubble burst with the sub-prime mortgage crisis which set off a tsunami which has not yet been conquered. This is testified by the tension on the Spanish spread in the last few days and the risk of Greek leaving the Euro, as well as, more generally, the fear of the single currency being brought down, and Italy with it.
It is important to note that, in this regard, Beni Stabili now shows a share price 70% lower than its
high of €1.249 in July 2007, when the share started its decreasing trend which, in five months, halved its price to €0.61 on 21 January 2008, to then remain substantially "stable" to October, which it once again began to drop, falling to €0.38 on 24 November 2008. In these 16 months, the share lost approximately 70% of its value. All of this with the extremely high volatility which also marked the subsequent period of substantial "stability" as well as the recent past, which was marked by new fluctuations. In these years Beni Stabili underperformed, feeling the effects of a crisis which levelled the real estate sector like a hurricane. Nonetheless, it failed to harm the fundamentals, which continue to convince analysts: out of 13 analysts covering the company, eight suggest buying and none suggest selling. GROUP STRUCTURE
Foncière des Régions S.A. 50.86%
SERVICES SECTOR B.S. 7 S.p.A.
IMSER 60 SIINQ S.p.A.
BENI STABILI DEVELOPMENT
BENI STABILI BENI STABILI
BENI STABILI RETAIL S.r.l.
BENI STABILI DEVELOPMENT
PROPERTY GESTIONI Sp.A. S.G.R.
MILANO GREENWAY S.p.A.
SERVICE S.p.A. 75%
(*) Treasury shares held by Beni Stabili S.p.A. SIIQ as at 9 June 2011 are not calculated in addition to those
held directly by Foncière des Régions, as per the amendment to CONSOB Regulation 11971 Topic:
BENI STABILI - CEO
La Repubblica AFFARI&FINANZA
Financial soundness and a good
High interest rates and lack of credit
portfolio lead analysts to
weigh on the sector
repropose buy recommendations
Beni Stabili is considered by all operators
is reproposing its buy
to be one of the best Italian real estate
the tsunami which struck the real estate
unprecedented crisis, as demonstrated by
the high mortality rate of sector
keeps its neutral
The lack of access to credit
recommendation because "there are still
effectively decimated operations and thrust
significant uncertainties concerning the
the sector into great difficulties. However,
the sector limited the damages because the
specifically in the office rentals market,
credit system is highly exposed to it. Thus,
prices "held on", purely due to the complete
the area of loans, which has effectively
illiquidity of the sector, but this has not
frozen the real estate market in the last
changed the substance of things, as testified
is reproposing an
result. Beni Stabili's share prices thus
Beni Stabili in light of the high quality
of its portfolio, the sustainability of its
record NAV discount
much higher than its
historical average: over 65% compared to
is reproposing a buy
substance, the market does not believe that
the fairness of the value of properties in the
portfolio, because the macro scenario is
affecting spreads and, thus, interest rates.
However, increasing costs should balance
with a similar trend in revenues and rents
which, in any event, are affected by the
estate assets as a result of trading and
recession and thus following a downwards
redevelopment." Banca Akros
trend, with inevitable effects on the value of
said assets, as has occurred in the rest of the
"is showing an excessive NAV
discount, currently about 65%, while its
risks on refinancing debt for 2012 have
been zeroed." Centrobanca
its hold recommendation because "the
return on the real estate portfolio is
compressed by the increase in cost and
this reduces the creation of value for
shareholders. This is true even though
we appreciate the quality of the
portfolio and the strength of the NAV
as a result of trading operations." Topic:
BENI STABILI - CEO
la Repubblica AFFARI & FINANZA
Figure: Beni Stabili
Agreement with Ream Sgr signed
Bull session for Beni Stabili, which inaugurated the first session of the week yesterday with a jump of 4.54% to a price of €0.33. The Group signed a partnership agreement with Ream Sgr to promote and manage real estate funds on the Italian market, specifically in the sector of development of public property and social housing. "The amount of work in some segments of the Italian real estate segment," contacts from Beni Stabili explained, "is such that we have to work together, looking for partnerships between like companies."
Bloomberg FINANZA MERCATI
Beni Stabili Defies the Crisis and Confirms Dividends
MD Mazzocco, "Negotiations are underway with Fonsai to purchase the St. Federico Shopping Centre in
Even in crisis periods such as this one, Beni Stabili will regularly pay its dividends, because "our industrial
capacity," explained Aldo Mazzocco, "should allow us to disburse them also in difficult markets." On the
first investor day the manager presented the industrial operations of his real estate group to investors. In the
meantime, today the company should see new funds in its coffers, as a result of obtaining a mortgage loan of
€150 million, for the purpose of early repayment of the debt maturing in 2013. The new loan agreement will
have a term of five years. Through this transaction, the company can refinance up to approximately one-third
of the debt maturing in 2013. Taking a look at the business, the manager confirmed that, through the Cronob
fund (managed by Beni Stabili Gestioni), negotiations are underway to take over the San Federico shopping
centre, one of the historic properties of the Fonsai Group. The estimates for this year show that the accounts
should be in line with last year's results, while progress is expected for 2013, as a result of the full execution
of the lease agreements for the Excelsior and Garibaldi Tower properties. Thus, 2012 should close with
rental revenue substantially in line with the €220 million of last year, an EBIT equivalent to the €151 million
in 2011 and net income near €20 million, while cash flow generation should slightly improve on last year's
Figure: Beni Stabili
Stock prices in euro 0.363
Il Sole 24 ORE
Symbiosis Project, Beni Stabili Fashion Hub in South Milan
A mineral canal, like a path, will pass through the new management complex promoted by Beni
in Milan: Symbiosis will be located in the Ripamonti area, south of the historical centre,
redeveloping a disused industrial area of 74,000 square metres. "Japanese tourists will come to visit it," its
promoters state. The first renderings of the project were presented at EIRE, the real estate trade show in Rho
Pero which ended last Thursday. The plans include about 101,000 square metres of new offices, designed by
the architects Citterio & Partners,
with a large central square and a "sculpture" building to be used for
services and catering. About 20% of the new location will be dedicated to fashion and the project is also
interested in attracting other core aspects of the city.
The complex will be built near the new contemporary art museum of the Prada Foundation
should be built here by 2013. "Currently, multitenants have shown interest in 40,000 m2," stated Guido
Gianetta, Office Portfolio Manager of Beni Stabili SIIQ. "We have requests for spaces from about 5,000 up
to 10,000 each. Of these requests, about 10,000 m2 is requested by companies in the fusion segment." As a
result of the work of the Prada Foundation, the regenerated area will bring Milan to the international stage of
contemporary art. And Symbiosis intends to reinterpret this spirit from an architectural point of view. "We
are now in the design phase," said Raimondo Cogotti of CBRE Spa,
advisors to the Symbiosis project. "We
have moved some works to the south to create a new meeting place in Milan and emulate that of Millennium
Park in Chicago. Otherwise, the museum would be too isolated in itself." This location will host works by
"We don't want to a create a new city of fashion of Milan," Cogotti added. "That's already been done.
What we want to do is something on a larger scale, a homage to Milan and its DNA: fashion, specifically, but also design, modern art and entrepreneurial energy." It is no surprise that the first signs of interest have come from various sectors: high-tech, finance, consulting and fashion. Several biotech and fashion companies, including Gucci and Bottega Veneta have had their headquarters nearby for some time. The area also hosts the fun side of Milan - Magazzini Generali, the Salumeria della Musica and, recently, the famous Plastic nightclub has moved to this area.
square meters of management offices
will be built near the future museum of the Prada Foundation
In its first year, the Prada museum expects to attract 400,000 visitors, a figure expected to then gradually
rise. The Symbiosis worksite should open in 2013, once the reclamation work underway is completed, and
the handover of the first offices is planned for 2014. "We didn't want to present the project or start selling it
before we were sure," Guido Giannetta concluded. “Big names in the national and international market have
shown interest in it. We are meeting with the first large brands in a few days".
Casa24 High-tech and fashion citadel
Take a look at the photo gallery of the plans for the new management complex Topic:
EIRE 2012. Mazzocco to Foreign Investors: Italy is a Good Bet
The convention held during EIRE 2012 is entitled "Investing in Italian Real Estate. Yes!" With the exclamation point. And it's all in English. Italian and non-Italian top managers are attending. The specific issue is whether our country is a good bet or not. "Those that have been in this market for some time know that it is," said the President of Assoimmobilare, Aldo Mazzocco, member of the EIRE Scientific Committee. "All investors that are already in our market know what they are talking about, confirm their choices and even tell us that Italy has done better than other markets." One last word, on the side, on Article 27 of the Save Italy Decree. "I think it's very useful. It has been criticized too much without knowing exactly what it actually contains. I say, let's read it carefully. And let's make sure to follow it." An invitation to all players involved, both public and private. Caption: Aldo Mazzocco
51% of Beni Stabili Property Service to Benetton and Banca Finnat
Beni Stabili has signed a preliminary agreement with Benetton and Banca Finnat Euroamerica for the disposal of the majority stake in the subsidiary Beni Stabili Property Service. Signed in the last few days, the agreement is now awaiting final approval which, according to MF-Milano Finanza
's sources, should be given by the end of July. Specifically, Banca Finnat, headed by Arturo Nattino, which controls Investire Immobiliare sgr, will acquire a share of 36%, while Benetton, through its holding Regia (which is also the majority shareholder of Investire Immobiliare sgr), will take 15%. As a result of the operation, Beni Stabili will be able to lighten its investment in a non-strategic business while strengthening its real estate services business with the goal of becoming a leading group in the sector in Italy, where it currently has few competitors. To date, Beni Stabili Property Service, specialising in property management and advisory services, manages 760 buildings (also including properties in Nattino's portfolio) with a total value of €7.5 billion, which generate annual returns of €308 million. With €4.2 billion of assets under management, Investire Immobiliare sgr is the fourth largest asset management company in Italy in terms of assets managed. At the start of the year, it signed a partnership agreement with Henderson Global Investors to distribute European funds of the American group to Italian investors. (reproduction reserved)
la Repubblica AFFARI & FINANZA
Beni Stabili Joint Venture in Property Service
DISPOSAL OF A PORTION OF THE SHARES OF PROPERTY SERVICE IRRELEVANT
No dramatic developments for Beni Stabili on the stock market. In Friday's session, the share remained substantially immovable despite the rumours, subsequently confirmed by an official press release, of the agreement with Banca Finnat Euramerica and Regia to dispose of a portion of the shares of Beni Stabili Property Service, a subsidiary focused on managing real estate assets through property management advisory services. The disposal will take place based on the company's equity value, estimated at €6.3 million. With this transaction, Beni Stabili SIIQ and the new shareholders will achieve joint control of the company.
According to the analysts of Websim, as a result of the operation, Beni Stabili will be able to reduce
its exposure to a non-strategic business but will have no significant effects o the share, given the absolutely marginal size of the property service operations (revenues estimated at approximately €2 million, equal to 0.9% of the total). Thus, the "neutral" rating with target price of €0.48 is confirmed, with a potential increase of about 30% on present values.
On the eve of the operation, Exane BNP Paribas published a report on the European real estate
market, putting the spotlight on Beni Stabili, among others. According to the analysts of this French bank, the share is now in the condition to grow at a quicker pace than the market average, so that the rating has been raised from "neutral" to "outperform", while the target price stands at €0.42.
Recurring Result Increased
Beni Stabili closed the first half of the year with consolidated net profit of €16.9 million, down
compared to the €37.6 million recorded in the same period of 2011. Diluted earnings per share decreased from €0.01962 to €0.00883, -55%.
Group EPRA net recurring income came to €46.4 million (+4.3%), while net recurring cash result
per share rose from €0.0232 to €0.0242.
Gross rental revenues amounted to €113.2 million (€108.45 million). Net rental revenues amounted
to €100.7 million (€100.1 million) while net service revenues rose to €6.5 million (€6 million), an increase of 8.6%.
As at 30 June, Beni Stabili Gestioni Sgr managed 12 funds with a total asset value of approximately
€1.5 billion. The net sales margins stood at €0.5 million (€0.8 million). Other revenues and income and other costs and charges came to €-0.9 million, in line with the first half of 2011. The net change in the value of the real estate portfolio came to €-14.8 million (€+10.2 million).
Net financial income and charges grew by €4.6 million, growing from a negative balance of €58.5
million in the first half of 2011 to a negative balance of €63.1 million in the first half of 2012. Taxes for the period decreased from €-5.5 million to €+2.5 million.
As at 30 June, the total value of the real estate portfolio amounted to €4,354.5 million (€4,341
The market value of the real estate portfolio based on estimates as at 30 June made by CB Richard
Ellis and REAG amounted to €4,359.5 million. The diluted NAV came to €2,359.1 million (€1.083 per share), compared to €2,414.8 million as at 31 December 2011 (€1.109 per share).
The net financial position as at 30 June was a negative €2,235.6 million (€-2,232.8 million as at 31
The loan to value ratio was 51.3% compared to 51.4% as at 31 December 2011.
"The company's sharp focus on operating activities and the quality of our portfolio," commented the
Chief Executive Officer, Aldo Mazzocco, "are keeping the company's assets stable and improving its recurring income."
Delaying The Onset and Progression of Alzheimer’s Disease DELAYING THE ONSET AND PROGRESSION OF ALZHEIMER’S DISEASE INTRODUCTION Recently, the Quality Standards Subcommittee of the American Academy of Neurology reviewed the evidence-based medicine published data on the costs and benefits of detecting dementia early. Based on this review, they recommended that persons with mil
Many thanks to Julia Ross, the author of The Diet Cure , for her permission to place this questionnaire on the Total Fitness website. My goal in The Diet Cure is to stop your food cravings, address your eating and weight problems, and eliminate your mood swings and negative obsessions about your body. But first we have to determine what is causing these problems. Here is a mini-questionnai