She issued a clear rejection of the mere reminder of a tragic, unalterable fate. Because distressed people can only with active social involvement help, which is a customized, efficient support in the Centre of his activities. Poverty and lack of education are ultimately an expression of individual life stories and to fight only at the level of the person concerned. They studied the news these days so one gets the impression quickly, Germany is a country that would move by krisenhaftem events at economic and social level. The veracity of such negative mood can you classify probably only then realistically, you look out beyond the borders of the European Union. Billions of people around the world are bitter poor, starve and die every day of diseases that no longer exist in our latitudes.
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Log in Registration. Up Closer. Transcription Up Closer. These forward-looking statements are not a guarantee of future performance. External sources of information cited in this report are not verified by IVG. The German original is authoritative. Born , holds an economics degree and a doctorate. With the IVG Group since Member of the Board of Management and in charge of portfolio management since July Born , holds a business degree and a doctorate.
The Board of Management and Supervisory Board propose increasing the dividend from 35 to 38 cents a share.
Results well up on strong prior year We significantly increased our investment in Germany during Like many international investors, we consider Germany to be on the verge of recovery.
Positive business expectations and good export performance may have lent the economy the momentum needed in to give a long-awaited jump start to domestic demand. Germany geared for recovery We made an outstanding investment in Germany in with the purchase from the federal government of the Etzel-based storage caverns facility near Wilhelmshaven. The market for oil and gas storage is becoming increasingly important against the backdrop of global energy scarcity.
This highly profitable facility also has the scope for more than a doubling of its capacity. Energy storage is thus growing to become a major value driver for IVG. IVG has now completed a ten-year period and hence a full market cycle as a real estate company. A comparison with German open-end real estate investment funds produces similar results. On a ten-year average, such funds produced an annual return of 4. People have invested in real estate since time immemorial, but the large size of individual investments and the work involved in direct property ownership long prevented it from gaining widespread appeal alongside other types of investment.
Real estate now meets the diversification, liquidity and transparency needs of investors operating to portfolio theory precepts. IVG has entered the securitization market from the real estate side.
This gives us a unique selling point, because knowledge of securitization techniques is easier to acquire than the enduring, pan-European real estate expertise we have amassed through property ownership. The motto of this Annual Report highlights our market positioning.
Appraisals are an important information source, but final selling prices are what demonstrate portfolio management effectiveness. A shopping centre in Helsinki was exchanged for three office properties in Paris and Munich and a right of first refusal on an office development in Paris. Profitable project development Our profitable real estate business also includes project development, which allows us to win new tenants and take early occupation of locations with strong potential.
With high-quality property in short supply, now is a particularly good time to be bringing new and modernized properties to market via project development. Our funds business performed well in The strongest growth was achieved by our EuroSelect brand funds targeting private investors. In conjunction with our marketing partners, we have new EuroSelect funds in the pipeline for launch through and beyond.
EuroSelect funds have also achieved above-average scores with rating agencies. IVG has a long track record as a listed real estate company. As such, our natural calling is to acquire real estate portfolios, restructure them and enhance their value, and bring them to the stock market — including in the form of REITs.
This is a key success factor — especially on the capitalintensive property markets with their decentralized structure and long-term perspective. In recognition of this fact, we have enshrined the principles of good and fair practice at all levels of our company as part of our corporate governance.
To raise awareness of these issues, we have compiled all relevant rules in and require all employees to comply with our published value management and corporate governance guidelines. The Board of Management and managerial employees lead by example. The geographical focus of investment will remain in Europe, although we attentively follow the development of the dynamic growth regions North America and Asia. Transactions arranged and carried out so far suggest strong earnings in We forecast a further rise in consolidated net income and net asset value in Medium-term plan: Major gains in net asset value and earnings We would like to express our thanks and recognition to the workforce for their highly qualified and professional work.
Monitoring of business conduct and liaison with the Board of Management We regularly advised the Board of Management in directing the company and continuously monitored its conduct of the business. The activities of the Board of Management gave no cause for complaint. The Board of Management reported to us fully, regularly and on a timely basis both verbally and in writing on all relevant issues relating to corporate planning, strategic development, company profitability, business dealings, the situation of the Group, its subsidiaries and associates, their risk position and risk management.
On a number of issues, we requested reports from the Board of Management ourselves. These were duly provided without delay. I personally maintained permanent contact with the Board of Management and in particular the Chief Executive Officer to keep abreast of current business developments, about which I informed the Supervisory Board.
Where our approval was required by law or the Articles of Association, we examined and deliberated on all reports and motions submitted by the Board of Management before casting our vote. The Supervisory Board and its committees The Supervisory Board met eight times during the financial year. At its constituting meeting on To perform our duties to the optimum, we set up two committees — the Personnel Committee and the Audit Committee.
The Audit Committee comprises Dr. The committees prepare Supervisory Board resolutions and topics for Supervisory Board meetings. The Personnel Committee met three times in the financial year, on 4. The Audit Committee had four meetings, on 4. All eight Supervisory Board meetings in were fully attended except two, at which one member was absent.
One member was absent at a meeting of the Audit Committee. Aside from resolutions passed at meetings, the Supervisory Board adopted five resolutions by written vote and one resolution in a teleconference. The committee chairmen reported the substance of committee meetings that preceded meetings of the Supervisory Board. Key topics of discussion and resolutions in the financial year were as follows: Buying and selling We debated a total of 28 proposals regarding asset purchases.
At our meeting on To pave the way for expansion in this business activity, at our meetings on Sales of properties and stakes in companies came up for decision at Supervisory Board meetings sixteen times. Among other things, we approved the sale of the portfolio in Budapest, disposal of four properties in Brussels and three in Helsinki, as well as sales of individual properties in Geneva, Paris, Madrid and Stockholm.
Corporate strategy and planning At our meeting on 9. At the same meeting, we approved a Board of Management proposal to open a branch office in Madrid.
Changes to share capital and the Articles of Association At our meetings of We also voted to table motions at the Annual General Meeting proposing amendments to the Articles of Association relating to an increase in the size of the Supervisory Board, remuneration of its members, exercise of voting rights, and invitations to, the right to attend and chairmanship of the Annual General Meeting.
Appointments At their meetings on 6. Bernd Kottmann and Dr. Dirk Matthey as members of the Board of Management for a further five years commencing 1. Georg Reul was appointed initially as a deputy member of the Board of Management for five years commencing 1. We also adopted a schedule of responsibilities reflecting the changed Board of Management structure. On Eckart John von Freyend with effect from Wolfhard Leichnitz as a member of the Board of Management from 1.
Bernd Kottmann was appointed his deputy and Dr. Georg Reul as an ordinary member of the Board of Management, both with effect from 1. At its meeting on Real estate assets and liquid funds were transferred in this connection to the pension trust.
The Personnel Committee had already explored this topic at length on 6. In accordance with Section 3. No member of the Supervisory Board was involved in any conflict of interest within the meaning of Section 5. To avoid such conflict, Peter Rieck did not take part in discussions or voting on 9. We examined the efficiency of our activities at our meeting on 7.
In particular, we addressed Supervisory Board procedures, the provision of information by the Board of Management, the working relationship between the two boards and the work of the committees. The auditor has submitted a declaration of neutrality in accordance with Section 7. The requirements of Section 7. It is also reprinted in full in the Corporate Governance Report pursuant to Section 3. IVG has now complied with the first of these by publishing consolidated financial statements for within the day period.
The Supervisory Board also deems the number of independent members to be adequate. The Audit Committee also took note of the consolidated financial statements and the dependent parties report. At its meetings of The auditors were present for discussion of the annual financial statements and the consolidated financial statements at the They reported in detail on the course of the audit and remained on hand to provide additional information.
The auditors have issued a clean audit certificate for the submitted IFRS-compliant consolidated financial statements and for the Group management report.
ASTM C947 PDF
Activum to launch third German fund this summer. The Bonn-based IVG Immobilien AG, until recently one of the heavyweights in the German listed property sector, is rapidly sliding down the ranks to join the market cap minnows as shareholders dump the company's stock in droves. The company shocked investors yet again when it announced last week that it now needs to completely restructure its debt to find some solution to the refinancing of its colossal loan burden, most of which is maturing this year and next. That was bad, but there was worse to come. All the stakeholders in the company would be required to contribute to any solution, he said.
Columbia University in the City of New York
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