5. Modos de operación de SPT de sales
5.1 Encendidos y apagados
Shares of the Company are common shares in the form of paper certificates, issued to the bearer. They are not listed securities; the nominal value is CZK 800 per share. The total nominal value of the issue is CZK 6,186,996,800. Income from the shares is taxed according to the Act No. 586/1992 Coll., on Income Tax, as amended. The tax is applied as a deduction on the dividend payment.
Shares of CPI are transferable without any restrictions. Changes in the owner of the paper shares are made by their handover and endorsement in accordance with the Securities Act.
The share owner does not have any exchange or first option right; the shares do not have limited voting rights or any other special rights. During the shareholder voting at the General Meeting, each share represents one vote.
Dividend payments are made by the Board of Directors of CPI in accordance with the decision of the General Meeting which determines the place and date of dividend payments. The latest date of dividend payment is the date designated as the reference date for the eligibility to participate in the General Meeting. The latest date of dividend payment is the date designated as the reference date for the dividend payment. Unless the General Meeting decides otherwise, the dividend is payable within one year from the date on which the General Meeting decided on profit distribution.
After dissolution of CPI through liquidation, each shareholder is entitled to a share in the liquidation balance. Shares of CPI are not traded on any public or regulated domestic or foreign market.
Data on share capital
The share capital of CPI is CZK 6,186,996,800 and it is divided into 7,733,746 shares with a nominal value of CZK 800 per share.
The share capital of CPI has been paid in full; it is not a subject to any option or exchange rights. CPI is not a direct holder of any of its own participating securities.
Shareholder structure of CPI as of 30 June 2015:
Shareholder Share in share
capital
CPI PROPERTY GROUP, Luxembourg 100.00%
Total 100.00%
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OUTLOOK
The Commercial real estate market in the Czech Republic is in good condition and has shown increased activity in the first half of this year. The Company has been monitoring individual transactions considering the overall context of its activities and the European markets. In the area of acquisitions, we are mainly focused on new opportunities outside of our current scope of markets. A reliable model of acquisitions which is focused on the purchase of completed and functional projects generating a large income will continue in the near future. The Company is ready to invest in cases offering an extremely attractive opportunity.
Czech Property Investments, a.s. still maintains its strategic priorities with three objectives: to deliver attractive long-term returns, to develop and co-ordinate an extensive property portfolio and which is appropriately diversified by geography, sector, and property activity. Capital is allocated between these, increasingly having regard to macro-economic and social trends. The Company also continues to maintain a strong, low-geared balance sheet enabling us to withstand any unexpected shocks. This is continuously reflected in our role as stewards via the asset management of existing buildings, and as developers of new buildings.
In the residential segment, we have finalised completion of a new building with flats for sale in Prague. In the segment of long-term rental housing, which is a traditional part of CPI´s portfolio, we are continuously utilising our investment financial resources and focusing on three main areas: revitalizing properties, reducing energy consumption and the cost of delivered energy and the development of services for existing tenants and support for new leases. The plan is a continuous growth of the retail portfolio – In the first half of 2015, we acquired the Futurum Shopping Center in Kolín and we are searching for other opportunities for similar acquisitions. Under construction is the CPI Retail Park Jeseníky in the Czech Republic, with other new retail parks in the process of being prepared in Poland. The Company also wants to continue with multifunctional complexes in the domestic regions, a potential for this kind of activity can currently be seen in Hradec Králové.
The long-term goal is to maintain our existing tenants and extend leases for shopping centres, stores in retail parks and separate units and offices. We will also improve the tenant mix in shopping centres and assure their adaptation to the local demand. With regard to the personnel and professional strength of the Company´s team, letting and property managers will fulfil this task and will continue to work on deepening the co-operation with tenants.
Our expectation is that the market will also show a slight increase in the second half of this year and generally with greater demand for higher quality. The priority of the Company remains focused on maintaining the property portfolio diversification into the different assets types, as well as their geographical diversification, and ensuring internal stability of the Company through a strong financial base.
Czech Property Investments, a.s. has been successfully developing its position as a key part of the International CPI Property Group, listed on the Frankfurt Stock Exchange, and all indicators show that from the perspective of economic performance the Group is heading towards an extremely prosperous year.
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