1. Activity Report

Transcription

1. Activity Report

2006 Activity Report
Annual Report 2006
Importantfigures
(thousands ¤)
Development of Net Turnover
500,000
Income from Sale of Projects and Land
453,575
450,000
400,000
400,000
350,000
350,000
286,458
300,000
300,000
250,258
250,000
250,000
200,000
200,000
150,000
150,000
100,000
100,000
50,000
50,000
0
180,000
425,620
450,000
2005
2006
0
2005
Operating income
2006
Changes in Net Profit
187,495
160,000
100,000
95,925
94,644
90,000
140,000
80,000
120,000
100,000
70,000
98,556
60,000
50,000
80,000
40,000
60,000
30,000
40,000
20,000
20,000
0
10,000
2005
2006
0
Changes in Total Assets
10,000,000
9,403,852
1,000,000
936,346
900,000
800,000
8,000,000
7,000,000
700,000
6,000,000
600,000
5,000,000
500,000
4,000,000
400,000
3,000,000
300,000
1,967,472
307,894
200,000
100,000
1,000,000
0
2006
Development of Shareholders' Equity and Net Worth
9,000,000
2,000,000
2005
2005
2006
0
2005
2006
Table of Contents
Letter from the Chairman
Letter from Rafael Santamaría Trigo
Description of the Group 2
Introduction 12
Reyal Group's Mission, Vision and Values 19
Main Events in 2006 20
Report on Activities
Key Figures
Profit and Loss Account
Business Areas
Residential Property development
Land development
Rafaelhoteles
Headquarters and Branch Offices
3
25
14
28
32
34
40
59
Annexe 4
Identification Details 61
Annual Report 2006
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Annual Report 2006
This Report on Activities has been drawn up using information specifically on Construcciones Reyal,
S.A. and its subsidiaries, without including its listed subsidiary Inmobiliaria Urbis, S.A., which has been
covered in a separate Report.
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Dear Shareholders,
Once again I am pleased to be able to report on
another exceptional year for Reyal Group. The
takeover bid for Inmobiliaria Urbis launched at
the end of July last was unquestionably a giant
step in the growth of our company's business.
Gone are the days when Reyal Group
was a company dedicated to real estate
developments in and around Madrid, where it
made its first residential property promotions
in the 1970s. Over time, with more than 35
years of continuous hard work by its team
of professionals, Reyal has grown into a firm
capable of launching a takeover bid for a
company like Urbis, which has been listed on
the stock exchange for over 60 years. Indeed,
this operation has meant that Reyal has had to
tackle an unprecedented business challenge by
taking out a syndicated loan amounting to 4.04
billion euros to finance the offer.
Reyal announced a takeover bid for 100 per cent
of Inmobiliaria Urbis' capital on July 28, 2006.
The offer price of 26 euros per share meant
taking on a maximum acquisition price of 3.317
billion euros. After receiving clearance from the
fair trading authorities, the National Securities
Exchange Commission (CNMV) authorised the
bid on November 2, 2006. An acceptance period
subsequently commenced, lasting just over one
month and ending on December 13, 2006.The
end result of the bid once it was settled was a
success, as Reyal succeeded in acquiring 96.41
per cent of Urbis' capital.
During the course of the takeover bid, Reyal
carried out two capital increases together
amounting to more than 600 million euros,
in order to attract new partners and thereby
contribute toward reducing the debt generated
by the takeover bid. The company's debt was
significantly reduced, even beyond the targets
initially set.The entrance of these new partners
into the company is a clear sign of the trust
placed in Reyal Group's business project. It also
reinforces the financial solidity of our company
with a view to its integration project with Urbis
and, lastly, provides greater assurance as to the
suitability and complementary nature of both
companies in the future integration project.
Reyal Group has proved itself a reliable company
that has fully honoured the undertakings given
in the takeover prospectus, and this reliability
has been repaid through the trust placed in the
company by the new shareholders, who now
hold a 21.45 stake in Reyal's capital, exceeding
even the most optimistic initial expectations.
Notable amongst the new shareholders are
Inmobiliaria Lualca and Corporación Financiera
Issos, who have become the company's new
strategic partners, along with Unicaja, Ibercaja,
Porcelanosa, BQ Finanzas, EBN Banco de
Negocios, as well as other institutional investors
and the management team.
At present, Reyal Group and Inmobiliaria Urbis
are working together on the project that is set
to culminate in the merger of both companies
in mid-2007, thereby constituting one of the
leading quoted Spanish real estate companies
in residential development of medium-type
primary homes.
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The takeover bid was an
enormous business challenge for
Reyal, requiring it to take out a
syndicated loan amounting to 4.04
billion euros.
The logic of the operation, applauded right
from the start by sector analysts, was based on
integrating the two companies, thereby enabling
their management to be truly optimised, as well
as on achieving economies of scale, thanks to
the size of the new group, and synergies arising
mainly from the good business match between
the companies, the complementary nature of
their respective assets and geographic growth
areas and their resources and management
capabilities. The merger of Reyal and Urbis
will mean the creation of a large company
whose objective must be to reach a position of
leadership in the sector in terms of efficiency,
internal management and profit per employee.
However, Reyal Group's activities were by
no means limited to this 'deal of the year'.
The Company also embarked on significant
growth projects in all its areas of activity. The
company ended the fiscal year with a net profit
of 94.6 million euros, a figure similar to that
of the previous fiscal year despite the costs
incurred in the acquisition of Inmobiliaria Urbis,
S.A. Turnover reached 453.6 million euros.
These figures represent yet another record
high based on ongoing implementation of the
strategic business plan put in place several years
ago, which laid down a policy of diversification
by area (Madrid and the branch offices in
Catalonia, Castile-La Mancha, Andalusia,Valencia
and Murcia), by product (primary homes and
homes on the coast) and, as regards the land
bank, by time taken to mature (short, medium
and long-term).
As at December 31, 2006, Reyal's land and
promotions portfolio amounted to around 4
million buildable square metres. Reyal's land
is located in the Madrid Region (24.54%),
Castile-La Mancha (56.98%), Andalusia (7.04%),
Catalonia (5%), Murcia (5.34%) and Valencia
(1.10%).The number of homes delivered and in
progress during the fiscal year 2006 was 3,500.
Among last year's high-profile new projects,
'Castellana 200', in Madrid, stands out in
particular. Reyal Group will invest a total of 350
million euros in the complete reconstruction
of the buildings located between numbers
198 and 208 on the Paseo de la Castellana
and numbers 3 to 5, Calle Carlos Maurrás. This
involves constructing a complex of buildings
with a total of 41,757 built m2 above street
level, plus 28,609 built m2 for car parking on
four floors. This project, presented in a public
event in the presence of the mayor of Madrid,
Mr. Alberto Ruiz-Gallardón, consists of a
residential complex set amongst a number of
complementary facilities including a five-star
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hotel which aims to become one of the three
best hotels in Madrid, a fashion and accessories
shopping centre for designer labels, an office
building and a high-capacity car park.
Among the company's most exclusive
projects, I should like to highlight two in
particular: Corona de Somosaguas, and
Residencial Hoyo 10, the latter being located
next to the La Moraleja golf course. Both
projects have all the features associated
with 'high standing', and have been carefully
designed to blend in with their surroundings.
As such they epitomise the values embraced by
Reyal Group in its bid for excellence and care in
each and every detail.
In the context of Reyal Group's strategy of
controlling the whole process of residential
construction and promotion, through its own
architects' studio, its own construction firm and
sales force, and its highly regarded professionals,
another of the company's star projects is
In the last few months, Reyal has
carried out two capital increases
amounting to over 600 million
euros, in order to attract new
partners and reduce its debt.
Ciudad Valdeluz. Located very close to the
city of Guadalajara, next to the high-speed rail
link station, construction of Valdeluz started in
2003. Upon completion it will be the first city
in Spain to have been started from scratch and
designed to offer a new lifestyle. Valdeluz entails
putting into place an advanced urban centre
concept structured around parks and pathways,
having a large central lake and extensive
bicycle paths. The new city, which has already
become an important focal point for economic
development and employment in Guadalajara,
has therefore been carefully designed to cover
the needs of its future inhabitants, who will
number some 30,000.
Concerning our hotel and asset management
activities, Rafael Hoteles managed a total of
eight hotels at the end of 2006, all of which
were owned by the Group. Five of these are
in Madrid (Atocha, Pirámides, Ventas, Madrid
Norte and Orense), two in Barcelona (Diagonal
Port and Casanova) and one in Baqueira-Beret
(La Pleta). Rafael Hoteles' rapid growth pace
accelerated further from mid to late 2006, with
the addition of three new hotels to its portfolio.
Two of these were newly built: Rafaelhoteles
Madrid Norte, in Alcobendas, and Rafaelhoteles
Casanova, in the centre of Barcelona. Another,
Rafaelhoteles Orense, in one of the best
established central business areas of Madrid,
was acquired as a going concern. The chain
recently presented two new projects from its
medium-term strategic plan - the setting up of
new hotels in Alcalá de Henares and, by way of
headline news, an exclusive five-star hotel that
will operate under the ‘By Rafael Hotels’ brand,
located in the Castellana 200 project.
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In the field of corporate social responsibility,
Reyal has been very active. A milestone was the
co-operation agreement signed by Reyal Group
and the Pro CNIC Foundation. Through this
agreement our property development company
joins the Foundation as a Founder Patron. In
this way, Reyal Group will contribute towards
financing the Carlos III National Cardiovascular
Research Centre, a centre led by the renowned
Spanish researcher,Valentín Fuster.The company
thereby has the opportunity of channelling
its corporate responsibility towards the very
important social matter of citizens' health.
Reyal Group achieved a net
profit of 94.6 million euros and a
turnover of 453.6 million euros
Completing the takeover of such a company
as Urbis is without doubt one of the major
milestones achieved by Reyal in its long
history of success.I should therefore like to
take this opportunity to congratulate all of the
company's employees who, with their efforts
and constant dedication throughout these years
have contributed towards making Reyal one of
Spain's most important property developers.
Rafael Santamaría Trigo
Chairman and Chief Executive Officer
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Description of the Group
2
Introduction
Reyal Group's Mission, Vision and Values
Main Events in 2006
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Introduction
Reyal Group, established in 1970 and presided
over by Rafael Santamaría, is one of the most
active companies in the Spanish real estate
sector. The Group has delivered almost 10,000
homes over the last ten years and has diversified
its business by entering into the hotel sector,
where it already owns eight establishments.
Historical Background
In 2006, Reyal managed a total of 3,500 homes,
including homes started up and in the execution
phase, of which more than 1,500 were located
in metropolitan Madrid and the Central Region.
Reyal's sustained growth is based on specialising
in residential construction, primarily in the main
home market.
In 1985 the Group decided to move into the
city of Madrid, and started to build free-market
housing in the city centre and other urban
growth areas, leading to a significant growth in
its activities.
Reyal's land and property development portfolio
amounted to around 4 million buildable square
metres. The geographical distribution of future
homes is as follows: Madrid (26.32%), Castile-La
Mancha (52.49%), Andalusia (6.57%), Catalonia
(6.05%), Murcia (6.96%) and Valencia (1.60%).
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Reyal Group was set up in 1970. During its
first twelve years, the company carried out
major subsidised housing developments in the
southern zone of the Community of Madrid, in
places like Getafe, Pinto, Leganés and Parla.
The Group entered the hotel sector in 1992
with the Rafaelhoteles brand. Since then, it has
shown sustained growth in terms of the number
of hotels, sales, profits and quality of service, as
a result of which Rafaelhoteles is now one of
the recognised prestige groups in Spain.
Another important milestone in Reyal Group's
history was the start, in 2003, of the Company's
expansion down the Mediterranean coast.
Reyal opened branch offices in Barcelona, from
where different projects are carried out; in
Malaga with projects geared towards building
both main homes and holiday homes; in the
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Valencia Region with an office in the city of
Valencia; and in Murcia-Eastern Andalusia with
an office in the city of Murcia.
On 28 July 2006, after reaching an agreement
with Banesto, Reyal filed a takeover bid for
100% of the property developer Urbis's share
capital. The offer price of 26 euros per share
meant taking on a maximum acquisition price
of 3.317 billion euros.
After having received the approval of the fair
trading authorities, the National Securities
Exchange Commission authorised the bid on
November 2, 2006. The acceptance period for
Urbis' shareholders was one month and one
week, from November 6 to December 13,
2006.
The end result of the bid was a success, as Reyal
managed to acquire 96.41 per cent of Urbis'
capital. Once the takeover bid was finalised,
Reyal carried out two capital increases, together
amounting to more than 600 million euros, in
order to attract new partners and reduce the
debt incurred in carrying out the takeover bid.
The company's debt was significantly reduced,
even beyond the targets initially set.
At present, Reyal Group and Inmobiliaria Urbis
are working together on the project that is set
to culminate in the merger of both companies
in mid-2007, thereby constituting one of the
leading quoted Spanish real estate companies
in residential development of medium-type
primary homes.
Reyal Group Today
Reyal Group is dedicated to property
development, real estate asset management,
and hotel development and management
through the companies Construcciones Reyal
and Rafael Hoteles.
Reyal stands out due to its ability to exercise
control over the whole housing construction and
development process, which is done through its
own architecture practice, construction firm, an
integrated sales team and an excellent highly
qualified workforce of professionals in each of
the divisions and companies comprising the
Group.
Reyal has the capacity to manage the whole
property development process, ranging from
selecting land, urban development, designing the
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product and selling it right up to a meticulous
post-sales service geared towards future users.
In 2006, Reyal Group's turnover exceeded
450 million euros and it achieved consolidated
profits totalling 94.6 million euros. The Group's
workforce as at 31 December 2006 stood at
630 employees, including all divisions, of whom
135 worked in property development, 151 in
construction and 345 in Rafael hotels.
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The establishments in Madrid include:
Rafaelhotels Atocha, located in the centre of
Madrid just a few metres from Atocha railway
station and very close to the area known as
the "Mile of Culture" that includes the ThyssenBornemisza Museum, the Prado Museum and
the Reina Sofia Arts Centre.
Hotels
Rafaelhoteles Pirámides, located very close
to the Royal Palace, the Plaza Mayor and the
historic city centre (Madrid de los Austrias).
Reyal Group's hotel activities are carried out
under the Rafaelhoteles trade name and are
focused on eight hotels located in Madrid,
Barcelona and Lérida.
Rafaelhoteles Ventas, situated in Calle Alcalá,
with direct access to the M-30 ring road and
just a few minutes away from the Las Ventas
Bullring.
This business area is undergoing rapid expansion,
as two hotels in Madrid are currently in the design
phase, which would allow it to reach the objective
set by the Company of owning ten hotels by
2011.
Rafaelhoteles Madrid Norte, an innovative
hotel having 145 rooms and 1,300 square
metres of halls. It is located in the Omega
Business Park, which represents a new concept
in business centres.
Unlike other Spanish hotel companies,
Rafaelhoteles directly manages all its hotels.
Rafaelhoteles currently has a presence in Madrid
with five hotels, in Barcelona with two hotels, and
in Baquiera-Beret with one hotel. It has a total of
1,045 rooms, all of which are located in points of
commercial or business interest.
Rafaelhoteles Orense is located in the capital's
economic and financial centre in the very heart
of the Azca area and next to the Congress Hall.
In Barcelona, Rafaelhoteles is at:
Rafaelhoteles Diagonal Port, located by the
sea and 15 minutes from the airport in the
prestigious area of “Front Maritim”.
Annual Report 2006
Rafaelhoteles Casanova, located in the wellknown area of Ensanche de Barcelona, at the
corner of the Calle Gran Via de les Corts
Catalanes and Calle Casanova. It has 126
rooms, meeting rooms, restaurants and its own
car park.
In Baqueira-Beret, the chain has created a trade
name called "By Rafael Hotels”.
La Pleta Hotel & SPA is the only hotel in the
Vall d`Arán that has managed to obtain a seal
from the select Small Luxury Hotels of the
World collection.
Reyal Group's Branch Offices
Reyal Group has branch offices in Madrid,
Catalonia, Castile-La Mancha, Andalusia, the
Valencia Region and Murcia.
• Madrid Reyal Group is currently selling
more than 750 homes in the Madrid Region.
The company is very well positioned in
Madrid's new urban developments in PAU de
Vallecas, Los Berrocales, ARPO/Eje Pinar and
Móstoles. It also foresees future promotions in
Paseo de la Castellana, Mirasierra and Getafe,
as well as in the towns of El Molar and Alcalá
de Henares. All of these amount to more than
5,600 homes.
• Catalonia: The main office is located in
Barcelona. Two hundred and ninety-five
homes have already been sold and it has
more than 1,800 in the urban development
pipeline that will be promoted in the coming
years in the following local authorities:
Vilafranca del Penedés, Vilanova i la Geltrú,
Gavà, Figueres, Montcada i Reixac, Salt and
Barcelona (TMB).
• Castile-La Mancha: This branch office's
flagship project is Ciudad Valdeluz, which
involves the construction of 9,500 homes
for around 30,000 inhabitants. This new city,
Catalonia
Madrid
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Castile-La Mancha
Valenciana
Region
Murcia
Andalusia
located very close to Guadalajara, next to
the high-speed rail link station, was staretd in
2003 and will become the first city in Spain to
be started from scratch.
• Andalusia: With its main office in Malaga, this
branch office has almost 350 homes in the
sales phase. The group is developing projects
in Malaga, Vélez, Torremolinos and Manilva,
which will amount to a total of 2,000 homes
in the coming years.The “Nuevo Vera” coastal
residential complex in Vera, Almería is one of
the province's main projects.This project, being
promoted by a Joint Temporary Enterprise
with the company Nozar, is comprised of
1,350 homes, more than 1,050 of which have
already been sold. This year it won the "Sol
de Oro" award for its contribution to the
development of quality residential tourism.
• Valencia Region: The branch office was set
up in 2003 and its main office is located in
Valencia. A total of 325 homes have already
been delivered and 154 homes in Valencia
and Benidorm will be delivered during 2006.
Additionally, more than 400 homes are being
developed in the following local authorities:
San Juan, San Antonio Benageber, Sueca and
Valencia.
• Murcia: In the Murcia Region, more than
2,000 homes in the cities of Murcia and
Cartagena are in the urban development
pipeline .
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Consolidated Data, Reyal Grupo
(thousand euros)
2005
2006
Equity
307,894
936,346
Turnover
286,458
453,575
1,967,472
9,403,852
690,306
5,901,506
95,925
94,644
Total assets
Debt.Net financial debt (1)
Profit after tax
(1) Long-term and short-term debts with credit institutions minus short-term financial investments and cash and bank.
Source: Annual Accounts Consolidated Balance Sheet
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Annual Report 2006
REYAL GRUPO'S MISSION,VISION AND VALUES
Mission:
Values:
Reyal Grupo brings all its prestige and experience
built up throughout its 35-year history to the
business' value chain, applying excellence to all its
processes including selecting land, construction,
commercialisation and post-sales service in
order to adapt itself to customers' real needs.
It is a tailored service, capable of responding
to the current challenges involved in buying a
home, and aimed at achieving full satisfaction
for people who place their trust in us.
• To respond to all customer needs.
• To create added value throughout the
production process of our real estate
product.
• To build and maintain solid, trust-based
relationships with our customers.
• To demonstrate the commitment to quality
and service of our workforce and business
partners, which is particularly reflected in:
- Product design
- Technical solutions
- Materials used
- Pre-sales and post-sales service
- Value for money
Vision:
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The professionals who carry out their day-today work at Reyal Grupo managed a total of
4.1 million buildable square meters last year,
equivalent to more than 31,000 homes. Quite
a challenge, which will certainly continue into
the future.
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REYAL GROUP HIGHLIGHTS OF 2006
Participation in trade fairs and
exhibitions:
Corporate Social Responsibility
Commitments:
•Madrid Real Estate Trade Fair (April)
•Mediterranean Real EstateTrade Fair (SIMED),
in Malaga (June)
•Barcelona Meeting Point (November)
•UrbeDesarrollo Trade Fair, in Valencia
(November)
•Co-operation with the Vicente Ferrer
Foundation (February)
•Co-operation agreement entered into with
the Pro CNIC Foundation (November)
Launch of a Public Takeover Bid for
Inmobiliaria Urbis:
Start-up of Emblematic Projects:
•Commercial launch of the "Residencial Hoyo
10" development in La Moraleja, Madrid
•Debut of the "Castellana 200" project
Inauguration of Rafael Hoteles Chain
Establishments:
•RafaelHoteles Orense in Madrid (July)
•RafaelHoteles Madrid Norte, Alcobendas
(July)
•RafaelHoteles Casanova, Barcelona (August)
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•On July 28, 2006 Construcciones Reyal filed
a public takeover bid for 100% of the shares
in Inmobiliaria Urbis with the SEC at an offer
price of 26 euros per share, representing a
maximum acquisition price of 3.317 billion
euros.
•Reyal reached an agreement with Banesto to
buy all its stake in Urbis, amounting to 50.2%
of the company's capital stock.
•ACS stated its intention to sell its 24.79%
stake in Urbis to Reyal.
•On September 4, 2006, Reyal received
unconditional authorisation from the fair
trading authorities to proceed with the
takeover bid.
•The National Securities Exchange Commission
authorised the bid on November 2, 2006.
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•Throughout 2006 and at the beginning of 2007
the following have been added as partners:
Corporación Financiera Issos, Inmobiliaria
Lualca, BQ Finanzas, EBN Banco de Negocios,
Austral (Porcelanosa), Ibercaja, Unicaja, along
with other institutional investors and a part
of the management team.
1.9%
1.5%
1.3%
1.3%
BQ Finanzas
EBN
Austral
Ibercaja
1.3%
3.9%
Unicaja
5%
Other Institutional
Investors
Executive Team
78.6% 5.1%
Inmobiliaria
Lualca
Composition of Shareholders of Reyal Grupo
as at March 21st 2007
Corp.
Financiera Issos
(*) Subsequently, the General Shareholders' Meeting held on
February 8, 2007 resolved to increase Construcciones Reyal, S.A.'s
capital in the amount of 386.8 million euros, which is to be added
to the share capital increase of December 5 for 213.9 million euros.
Hence, the objective set in the explanatory Prospectus for the
takeover bid for Urbis was amply met. In the said Prospectus, the
company undertook to promote an increase in share capital of at
least 300 million euros before December 31, 2007, with an overall
target of 600 million euros.
Addition of New Partners to Reyal
Grupo's Share Capital:
Iveryal
•The acceptance period lasting until December
13 commenced on November 6, 2006, and
the deadline for competing bids ended on
November 16.
•On November 8, 2006, Urbis' Board of
Directors issued a report recommending
that shareholders accept Reyal's bid.
•On December 5, Reyal carried out an increase
of share capital amounting to 213.9 million
euros, to allow new partners to enter its capital.
(*)
•The takeover bid was settled on December
20.
•Reyal's takeover of Urbis ended successfully,
as Reyal managed to acquire 96.41 per cent
stake in Urbis' capital.
•The merger of Reyal and Urbis is expected
to be completed in the first quarter of 2007.
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Activity Report
3
Main Figures
Profit and Loss Account
Business Areas
Land development
Rafaelhoteles
Headquarters and Branch Offices
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Annual Report 2006
MAIN FIGURES
Construcciones Reyal has wide-ranging
experience and an ample presence in the
Spanish real estate market. In addition, it has
a profile and a real estate business model
based on the development and promotion of
assets (land, homes and assets) geared toward
generating real estate value in the medium and
long-term. It is therefore a management and
capital intensive model.
In addition to having a noteworthy presence in
the residential property development sector,
which is the main and best known activity of the
company, the Group also has a rental portfolio,
mainly in hotels, with a hotel management
business.
The model of Reyal's property development
business is based on the prior management of
land. It is generally acquired not as an end in
itself, and action is taken regarding the land's
urban development.
In addition to participating in land management,
the Group also takes part in the entire property
development process (technical and commercial
design, sales and post-sales). In order to do so,
it normally subcontracts the execution of many
3
of these activities, except in Madrid, where the
design, construction and commercialisation are
carried out by its own companies, which include::
Retiro Construcciones and Ayala 3, S.A.
As of December 31, Reyal had a land portfolio
amounting to around 4 million buildable square
metres above ground with more than 80 plots
valued at 3.5 billion euros. Additionally, the
promotions currently in progress numbered 25
with a total of 2,914 homes valued at 403.2
million euros.
To complement its residential property
development business, Reyal also carries out
asset management activities with a business
model based on creating intrinsic real estate
value.
The assets destined to asset management
were comprised of more than de 66,347 m2
in operation and their market value exceeded
288.7 million euros on December 31, 2006.
The company's asset portfolio in operation
and under development is mainly composed
of buildings destined for hotel operations, for
which management is performed by Rafael
Hoteles, S.A.
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Annual Report 2006
PROFIT AND LOSS ACCOUNT
Revenues from the Group's real estate activities
amounted to 428.2 million euros (including
income from rentals).
The residential property development business
line reached a turnover figure of 169.3 million
euros.
Sales of land and plots reached 256.4 million
euros and income from rental asset management
amounted to 10.2 million euros.
3
Profit before tax reached 114.4 million euros
and net profit attributable to Construcciones
Reyal S.A. in the 2006 fiscal year amounted to
94.6 million euros.
Over and above the accounting result, the
increase in the value of our real estate
assets is worthy of note. Taking the appraisal
made by Jones Lang LaSalle as a reference,
Construcciones Reyal, S.A.'s net assets reached
the figure of 4.254 billion euros at market price
in 2006.
Operating profit was 187.5 million euros.
Construcciones Reyal S.A, has opted for the
possibility of entering its assets into the books
at historical acquisition cost prices, hence not
all the latent capital gains are entered into our
accounts.
27
Annual Report 2006
3
BUSINESS AREAS
The Construcciones Reyal, S.A. group carries
out its activities in four main business lines.
3.- Asset Development and
Management
1.- Residential Property Development
and Sales
This is an activity the provides the necessary
diversification and on which Reyal intends to
place more emphasis in the future through the
development of its own land, as well as through
acquisitions from third parties.
This is the company's most characteristic
activity. On December 31, 2006, it accounted
for 37.32% of the company's total revenues.
Reyal has opted for a model based on land
development that generates real estate capital
gains prior to building and with a product aimed
at urban main residences.
2.- Acquisition, Management and Sale
of Land
This is another of the sources of income and
profits the company has and its appraisal on
December 31, 2006 accounted for 82.51%
of Reyal's total assets. In addition to its direct
contribution to the Group's revenues and
profits, the land development activity allows the
Company to access land aimed at specific ends
at historical acquisition costs, thereby mitigating
the effect of buying at the latest market price,
which is generally very high.
28
4.- Hotel Management
This is an ancillary and complementary activity
having a strong real estate component, as Rafael
Hoteles only operates establishments owned
by Reyal. The activity is performed through a
wholly owned subsidiary called Rafael Hoteles,
S.A., which owns eight establishments. Four of
these are located in Madrid, one in Alcobendas
in the province of Madrid, two in Barcelona
and another hotel is in Baqueira-Beret in the
province of Lerida. Together they have more
than 1,000 rooms that can be broken down
into the following categories: 204 rooms in
three-star hotels, 771 rooms in four-star hotels
and 70 rooms in five-star hotels.
Annual Report 2006
29
Annual Report 2006
30
Annual Report 2006
3
Concerning real estate property development,
which is the Group's most important activity,
the targets set for the 2006 fiscal year were
met.
an environment characterised by a moderate
slowdown in market and price rises more in
line with inflation.
Pre-Sale Trends: January 1 - December 31, 2006 (*)
Deeds of sale amounted to almost 600 units,
which translates into a total turnover figure of
169.3 million euros.
A fact that should be taken into account is that a
large part of this figure comes as a consequence
of our diversification strategy through the
culmination of many of the Group's projects
in its different branch offices, as well as from
the first units finished in our ambitious project
of more than 9,500 homes located in Ciudad
Valdeluz in Yebes, Guadalajara.
The trends for settled sales and management
are broken down in the following table in both
thousands of euros as well as in units. As can be
seen, a very notable piece of data is the average
price of commercial sales in 2006, which
exceeds the figure of 290,000 euros. This piece
of data, along with a pace of sales of 8.25 months
(construed as the average commercialisation
period for the promotions delivered in 2006)
turns us into a point of reference within the
sector, which is of even greater importance in
Units.
Thousand
Unit
€
Price €
Initial Pre-Sales (stock)
699
190,713.30 272,837
+ Commercial sales (flow)
670
195,440.70 291,703
- P and G sales on account
(deliveries)
596
169,259.00 283,992
Final Pre-Sales (stock)
773
216,895.00 280,589
(*) Note:Amounts include homes and outlets having annexes like
storage areas and garages.
31
Annual Report 2006
3
Sales rose by 14 per cent compared to the
previous year, to reach a final pre-sales figure
of 216.9 million euros on 31 December 2006.
From a commercial viewpoint, this amply covers
the profit and loss accounts for the next few
years, as investment and expenses parameters
are closed.
Likewise, concerning the production of homes,
we have more tahn achieved objectives. Basing
ourselves mainly on our continuous growth
strategy, as well as on our privileged diversified
portfolio of land, we began 2006 with a total
of 1,726 homes started. Adding this figure to
production in progress, this gave us a significant
figure of 3,500 homes in the execution phase
(39% more than in 2005).
32
Annual Report 2006
3
the project will amount to 350 million euros.
A complex of buildings will be constructed on
the plot acquired having a surface area of more
than 41,000 buildable square metres above
ground, plus another 28,600 under ground.
This project will have several uses: a residential
complex, a five-star hotel, an office building, a
shopping centre and a high-capacity car park.
Among the company's most exclusive projects
in the execution phase, in the residential area it is
worth highlighting the "Corona de Somosaguas"
and "Residencial Hoyo 10" projects, both of
which are located in high profile areas of
Madrid. Both are urban development projects
with features regarded as "high standing", as
well as being carefullly designed to blend in with
their surroundings. As such they epitomise the
values embraced by Reyal Grupo in its bid for
excellence and care in each and every detail.
In the context of Reyal Grupo's strategy of
controlling the whole process of residential
construction and promotion, through its own
architects' studio, its own construction firm and
sales force, and its highly regarded professionals,
another of the company's star projects is
Ciudad Valdeluz. Located very close to the city
of Guadalajara, next to the high-speed rail link
station, contsruction of Valdeluz started in 2003.
Upon completion it will be the first city in Spain
to have been started from scratch and designed
to offer a new lifestyle.
Lastly, it is worth highlighting the “Castellana,
200” project, one of the most emblematic of the
projects presented last year. Total investment in
Facilities complementary to residential uses will
serve to expand the Group's asset management
activity. This activity will also be boostyed by
projects foreseen for the medium-term, which
include a hotel facility in the former GAL factory
in Alcalá de Henares.
Lastly, the Company's property development
activity foresees future actions in the Madrid
Region, more specifically in the Mirasierra and
Vallecas neighbourhoods of Madrid, as well
as in Getafe, El Molar and Alcalá de Henares.
As regards Catalonia, we have upcoming
promotions in Vilafranca del Penedés, Vilanova
i la Geltrú, Gava, Figueres, Montcada i Reixac,
Salt and Barcelona. The Company's activities in
the Valencia Region will focus on the Sueca ,
Jávea and Valencia local authorities. Turning
to Andalusia, property developments will be
strated up in Malaga, Vélez and Torremolinos. In
the Murcia Region, developments in Murcia and
Cartagena will come onto the market.
Next year, 2007, will be the first year of the
new Grupo Reyal Urbis. It will doubtlessly be a
positive year of growth due to the competitive
advantages the companies had separately, in
addition to the strengths and synergies that will
result from their merger.
33
Annual Report 2006
3
LAND MANAGEMENT
Regarding investments, Reyal has continued its
normal management activity of acquiring land
and plots.
In 2006 we invested 285 million euros in
approximately 255,000 buildable square
metres above ground. The following tables
show the geographic distribution of buildable
area acquired and the geographic spread of the
investments:
28,983,416 ¤
10.17%
2,662,484 ¤
0.93%
Murcia
Valencia
Region
285,119,855 ¤
100%
15,180,083 ¤
5.32%
Andalusia
Total
1,345,134 ¤
0.47%
178,065,232 ¤
62.45%
Catalonia
Castile-La Mancha
58,883,506 ¤
20.65%
2,366 m2
0.93%
Valencia
Region
Madrid
52,244 m2
20.51%
Murcia
254,697 m2
100%
6,827 m2
2.68%
Andalusia
Total
13,625 m2
5.35%
135,992 m2
53.39%
Catalonia
Geographic spread of investments
2006
Castile-La Mancha
43,642 m2
17.13%
34
Madrid
Geographic spread of buildable land purchased
2006
Reyal's development business model is based on
buying land in different stages of development.
In the case of land for development not yet
designated for a particular use, Reyal adds
value through its management, thus achieving
revaluation of these assets.
Annual Report 2006
The Group's current land portfolio amounts
to 4.078 billion buildable square metres. A
breakdown of its distribution by product type
is shown below:
Such an extensive portfolio of land in which
residential buildability accounts for 86 per
cent of the total figure guarantees a significant
number of homes in the portfolio for the next
few years. The distribution by types of homes is
broken down below:
4,078,494 m2
100%
28,062 m2
1%
Public
Total
530,286 m2
13%
892,906 m2
22%
Subsidised housing
3
Tertiary
2,627,240 m2
64%
Reyal's land bank stands out due to its
competitive cost. Additionally, this high-quality
land is strategically located, destined primarily to
satisfy urban main home demand and perfectly
suited to each local market.
Free-market housing
Breakdown of buildable land by product
It is especially worth highlighting that the
Group's portfolio of land and homes is
distributed throughout most of Spain, having a
presence in the cities and regions that stand out
for their high levels of potential growth.
Breakdown by type of home
22,840 units
73%
8,582 units
27%
31,422 units
100%
It is therefore worth highlighting that the land
and home portfolio provides assurance for
several years of growth. This allows us to carry
on investing in a very selective way, which is a
significant competitive advantage.
Free-market housing
Subsidised housing
Total
35
Annual Report 2006
3
Reyal Grupo has a portfolio of land in strategic
locations like Madrid, Barcelona, Valencia,
Guadalajara, Toledo, Malaga and Murcia.
According to an appraisal made by Jones Lang
LaSalle, the market value of Reyal Grupo's real
estate assets amounted to 4.254 billion euros
as at 31 December 2006.
44,658 m2
1.09%
Valencia
Region
4,078,494 m2
100%
217,928 m2
5.34%
Murcia
Total
287,196 m2
7.04%
Andalusia
Castile-La Mancha
204,081 m2
5%
502 units
1.60%
Valencia
Region
Catalonia
2,188 units
6.96%
Murcia
1,000,738 m2
24.54%
2,065 units
6.57%
Andalusia
Madrid
16,494 units
52.49%
Castile-La Mancha
31,422 units
100%
1,901 units
6.05%
Catalonia
Total
8,271 units
26.32%
Madrid
2,323,892 m2
56.98%
Geographic distribution of buildable area
Geographic spread of homes
36
The significant weight of the value of land and
plots, which make up 82.51 per cent of the
company's valuation, is likewise worth noting.
This data confirms that land management is a
very important complement to Grupo Reyal's
property development activity, as it creates
value.
Annual Report 2006
3
4.253,875
100%
Total
455,292
11%
463,992
11%
Assets for rent(*)
and new investments
Latent capital gains on December 31, 2006
amounted to 1.809 billion euros, of which
it is worth highlighting the 1.487 billion that
correspond to Reyal Grupo's land portfolio
and property developments in progress.
Completed projects
and projects in progress
Land and
undeveloped plots
3,334,591
78%
Grupo Reyal asset valuation (thousands ¤)
Unrealised capital gains on Grupo Reyal assets (thousands ¤)
Gains
Appraisal
Thousands of euros
100%
80%
1,486,950
60%
(*) Includes own use, assets in operation and hotels
100%
Valor 4,253,875
Gains 1,809,959
Total
9.4%
8.5%
Appraisal 455,292
Gains 154,078
Appraisal 463,992
Gains 168,931
Assets for rent(*)
and new investments
Jones Lang LaSalle's appraisals have been taken
into account in order to calculate these capital
gains.However, another distribution on the basis
of the company's strategic areas was applied, as
appears in the following graph on the capital
gains by business area:
Completed projects
and projects in progress
Land and undeveloped plots 2006
82.1%
0%
Land and
undeveloped plots
3,334,591
20%
Appraisal 3,334,591
Gains 1,486,950
40%
37
Annual Report 2006
38
Annual Report 2006
39
Annual Report 2006
3
RAFAELHOTELES
The last fiscal year was a year of great activity
for Rafaelhoteles with the addition of three
new four-star establishments to the group. Two
of these were newly built and the third was the
acquisition of an operational hotel.
Description of the New Additions:
Rafaelhoteles Madrid Norte:
•Four-Star hotel, 145 rooms and 1,221m2 of
halls.
•Located in Alcobendas, one of the business
areas having the best prospects in the north
of Madrid.
Rafaelhoteles Casanova:
•Four-Star hotel, 126 rooms and 368m2 of halls.
•Located in the Gran Vía de las Cortes
Catalanas, 600 metres from the Plaza de
Catalunya.
40
Rafaelhoteles Orense
The acquisition of an operating hotel (now
Rafaelhoteles Orense) located in the very
heart of Madrid's financial centre occurred on
July 1. This establishment has been progressively
adapted to the chain's style and it is expected
to be totally adapted in a year and a half.
These additions have reinforced the chain's
positioning in Madrid and Barcelona in new
areas where it did not have a presence, thereby
greatly increasing its offering of hotel rooms.
The inauguration of the Rafaelhoteles Madrid
Norte and Rafaelhoteles Orense in Madrid
have increased the number of rooms by 63.47%
when compared to the previous year, totalling
743 hotel rooms in 2006.
The opening of the Rafaelhoteles Casanova in
Barcelona has doubled the number of hotel
rooms in the city, increasing from 115 rooms
in 2005 to 241 rooms in 2006, 109,57% more
than in the previous year.
2005
449
Hotel Rooms in Madrid
2006
Increase
734
63.47 %
Hotel Rooms in Barcelona
2005
2006
Increase
115
241
109.57 %
This increase in the number of rooms has
generated growth of 64.83 per cent in the
Group's rooms, which totalled 1,045 rooms
in 2006, of which 204 are rooms in three-
Annual Report 2006
3
2005
Hotels
Rafaelhoteles Atocha
Rafaelhoteles Pirámides
Rafaelhoteles Ventas
Rafaelhoteles Diagonal Port
La Pleta by Rafael Hotels
TOTAL
The Group's Hotel Rooms
2006
Rooms
Hotels
245
Rafaelhoteles Atocha
93
Rafaelhoteles Pirámides
111
Rafaelhoteles Ventas
Rafaelhoteles Madrid Norte
Rafaehoteles Orense
115
Rafaelhoteles Diagonal Port
Rafaelhoteles Casanova
70
La Pleta by Rafael Hotels
634
TOTAL
2005
Category
Rooms
204
360
70
Hotel Rooms by Category
2006
%
Rooms
32.18
204
56.78
771
11.04
70
star hotels, 771 rooms in four-star hotels (an
increase of 114.17 per cent compared to 2005)
and 70 rooms are in five-star hotels.
Other Actions of Note:
•Outsourcing of the apartment department in
new hotels, to the same level of requirements
as in the rest of the chain's establishments.
•Outsourcing of minibars, starting with
Rafaelhoteles Madrid Norte and Rafaelhoteles
Orense.
•La Pleta by Rafael Hotels won the best
European ski resort award from the most
prestigious British skiing magazine.
•Start-up of the new La Pleta by Rafael Hotels
website.
%
19.52
73.78
6.70
Rooms
245
93
111
145
140
115
126
70
1,045
Increase
%
64.83
Increase %
0
114.17
0
•Change in the corporate image of La Pleta by
Rafael Hotels, which intends to bring together
top-of-the-line establishments under the “By
Rafael Hotels” trade name.
•Presentation of the upcoming projects the
Group will carry out in the medium-term
located in Alcalá de Henares and Paseo de la
Castellana, 200.
•Change in Rafaelhoteles' corporate colours.
•Renewal of the chain's directory in a new
modern style that is in keeping with the
image to be projected.
41
Annual Report 2006
3
Madrid
The Hotel
Rafaelhoteles Atocha offers 245 rooms and
1,200 m2 of halls.It is located in the centre of
Madrid a few minutes from the Méndez Álvaro
railway, metro and bus stations, as well as from
the high-speed railway station in Atocha.
Its decoration includes a magnificent picture
collection that takes us on an artistic tour ending
in the nearby "Mile of Culture", containing the
Prado Museum, the Thyssen Bornemisza
Museum and the Reina Sofía Arts Centre.
Its excellent location and spacious facilities
make this an ideal hotel for holding events and
congresses, as well as for family and personal
enjoyment.
In the summer season, it offers the possibility of
enjoying cocktails, dinners and different kinds of
open-air events in its pleasant terrace garden.
Rooms
The 245 rooms are designed and equipped
with the latest technology to satisfy business
travellers and those who come to Madrid on a
42
tourist or cultural visit. Rooms offering most of
the services set out below are included in the
hotel's refurbishment plan:
•Large desk and chair.
•Satellite TV and pay TV.
•Thermal and acoustic insulation.
•Individual air-conditioning
•Digital safe.
•Minibar.
•High-speed wireless Internet access.
•Pillow menu in Suites.
•Rooms for the disabled.
•Rooms for smokers and non-smokers.
Bathrooms
• Complete marble bath.
• Hair dryer, ecological taps and amenities.
• Sound-proof stack piping.
Services
• “El Azafrán” a la carte Restaurant.
• Room service.
• High-speed wireless Internet access.
• Buffet breakfast service.
• Press.
• Laundry service.
Annual Report 2006
3
• Wellness centre.
• Special terrace garden for cocktails.
• Garage with capacity for 110 vehicles.
El Azafrán Restaurant
The recently renovated “El Azafrán” restaurant
offers the best Mediterranean dishes,in the
centre of Madrid. Its premises contain a
magnificent collection of art works, along
with sober modern decoration in order to
enjoy a healthy, light and delicious cuisine. It
is a select restaurant committed to stringent
quality standards and the freshness of seasonal
products.
Meeting rooms
1,200 m2 distributed in 7 large halls and 9
smaller rooms with capacity for 900 people.
They offer all the services needed to ensure
meetings are a success, including:
• Open-plan and soundproof rooms.
• Natural light and remote-controlled lighting.
Phased lighting in some of them.
• Independent air-conditioning.
• Public announcement service, audiovisual
media, wireless telephone, video-conferencing.
• Broadband wireless Internet access.
Location
Located very close to the area known as the
“Mile of Culture”, containing the Prado Museum,
the Thyssen Bornemizsa Museum and the Reina
Sofía Arts centre, along with other commercial
and recreational facilities like shopping centres,
the Planetarium and the Retiro Park.
Means of Transport
• RENFE suburban railway station, as well as the
Underground: Atocha and Méndez Álvaro
stations.
• Taxi rank at the door of the hotel.
• 8 and 102 urban bus routes.
• M-30, Méndez Álvaro exit (from Barajas
International Airport, M-30 South).
43
Annual Report 2006
3
Madrid
The Hotel
Rafaelhoteles Pirámides is a warm, bright
hotel situated in La Latina, a few metres away
from Madrid's Rastro flea market and very
close to the Royal Palace, the Plaza Mayor
and the historical centre of Madrid known as
the "Madrid de los Austrias", as well as to the
"Mile of Culture", where teh main museums are
concentrated.
It is easily accessible from the M-30 and M-40
ring roads and has the privilege of having an
Underground and railway station at the door of
the hotel (Pirámides Station with a connection
to Barajas international Airport), making it the
ideal meeting point.
Bathrooms
It offers facilities with natural light because of
its large windows.Rafaelhoteles Pirámides is a
pleasant hotel that meets the most demanding
standards, with a high level of satisfaction.
• “Acuarela” a la carte Restaurant.
• Room service.
• Newspapers.
• Barl.
Rooms
44
• Large desk and chair.
• Satellite TV, interactive TV and pay TV.
• Thermal and Acoustic insulation.
• Individual air-conditioning
• Digital safe.
• Minibar.
• Pillow menu.
• Rooms for smokers and non-smokers.
The hotel's 93 rooms are divided into Standard
Doubles and Suites, and are additionally
equipped with all the amenities to ensure a stay
in the hotel is pleasant and restful:
Services
Annual Report 2006
3
Acuarela Restaurant
Location
Rafaelhoteles Pirámides offers a light and
balanced cuisine in its Acuarela Restaurant,
comprising a wide variety of dishes cooked in
the most delicious and healthy ways to ensure
business meals are a success.
The hotel is situated just 20 minutes away
from Barajas International Airport and is easily
accessible from the M-30 and M-40 ring roads.
It is located a few metres from the Rastro,
Madrid's flea market, the Plaza Mayor and the
city's historic centre, known as "Madrid de los
Austrias", as well as from the "Mile of Culture",
where the Prado Museum, the Thyssen
Bornemisza Museum and the Reina Sofia Arts
Centre are located.
The premises are warm, intimate and painted in
natural tones, affording a relaxing atmosphere,
where one can close deals as well as enjoy
moments of leisure.
In order to provide complete service, the
hotel also has a cafeteria that is open from
10.30 AM to 11.00 PM.
Meeting rooms
Almost 400 m2 distributed in 5 halls.Rafaelhoteles
Pirámides is an ideal hotel to hold events and
conventions. It offers all the services needed to
ensure meetings are a success, including:
• Rooms with natural light, as well as phased
lighting with remote control.
• Soundproofing.
• Broadband wireless Internet acccess.
Means of Transport
• Access from the M-30, Glorieta de Pirámides
exit (from the airport M-30 South).
• "Pirámides" underground station (line 5) at
the main entrance of the hotel.
• “Pirámides” RENFE railway station at the
door of the hotel, with a direct 30-minute
connection to Barajas International Airport.
• Nearby urban bus lines: 3, 17, 18, 23, 34, 35,
36, 118 and 119.
45
Annual Report 2006
3
Madrid
The Hotel
Located in the busy commercial street, Calle
Alcalá, Rafaelhoteles Ventas is a warm bright
hotel designed to service the tourist area where
it is located. Its surprising decoration is made
up of a noteworthy collection of pictures, along
with a typical Spanish atmosphere in keeping
with the Las Ventas Bullring, which is just a few
minutes away.
The hotel's facilities make it ideal for holding
events and conventions. It has five open-plan
halls, one small meeting room, a spacious original
restaurant and 111 comfortable rooms.
Rooms
46
The hotel's 111 rooms are divided into Standard
Doubles, Singles and Suites and are equipped
with all the amenities to ensure a stay in the
hotel is pleasant and restful:
• Large desk and ergonomic chair.
• Thermal and Acoustic insulation.
• Individualised air-conditioning
• Digital safe.
• Minibar.
• Rooms for the disabled.
Bathrooms
Services
• “El Capote” a la Carte Restaurant.
• Room service (upon request).
• Newspapers.
• Bar.
El Capote Restaurant
Rafaelhoteles Ventas offers a restaurant built
around the bullfighting theme that characterises
theVentas neighbourhood.Its original decoration
and structure, mixing tradition and modernity,
make this a pleasant place to enjoy the best
Mediterranean and international cooking.
Annual Report 2006
3
Its varied menu offers many choices for
customers, whether they're at the hotel on
business or for leisure.
In order to provide complete service, the hotel
also has a cafeteria that is open from 10.30 AM
to 12.30 AM.
Location
Very close to Barajas International Airport, the
Juan Carlos I Exhibition Centre IFEMA and the
shopping areas of the Goya and Salamanca
neighbourhoods.
Means of Transport
Meeting rooms
400 m2 distributed in 5 halls and a small
meeting room. Rafaelhoteles Ventas is an ideal
hotel to hold events and conventions. It offers
all the services needed to ensure meetings are
a success, including:
• Access from the M-30 ring road, Calle Alcalá
exit.
• Underground station "El Carmen" (line 5), 50
metres away.
• Nearby urban bus lines: 21, 38, 143 and 146.
• Open-plan and soundproof rooms.
• Rooms with natural light, as well as phased
lighting with remote control.
47
Annual Report 2006
3
Madrid
The Hotel
This is an innovative hotel with 145 rooms
and 1,300 m2 of halls. Located in Arroyo de
la Vega in the town of Alcobendas and, more
specifically, in the Omega Business Park, which
represents a new concept in business centres.
The area is destined to become one of the
most developed business areas in the north
of Madrid, as an extension to the Paseo de la
Castellana.
Its excellent location makes this an ideal hotel
to hold events and congresses, as well as for
family and personal enjoyment. Direct access to
the M-30 ring road and to Barajas International
Airport, located just a few minutes away from
Terminal 4. Located between the “Plaza Norte”
shopping centre and the “Diversia” leisure
centre.
Rooms
48
The 145 rooms are designed and equipped with
the latest technology to satisfy business travellers
and those who come to Madrid on a tourist or
cultural visit.
• Large desk, ergonomic chair, reading
armchair.
• Satellite TV and Terrestrial Digital TV.
• LCD TV sets in all rooms.
• Thermal and acoustic insulation.
• Digital safe.
• Minibar.
• Broadband wireless access to the Internet
and ADSL line.
• Pillow menu.
• Rooms for non-smokers.
Bathrooms
•Complete bath with shower and bathtub.
•Hair dryer, ecological taps and amenities.
•Soundproof stack piping.
Services
• Rest & RESTAURANT.
• Room service.
• Newspapers.
• Specual area for the disabled.
Annual Report 2006
Nonetheless, Rest & RESTAURANT does
not forget about the quality of its products
and techniques for their preservation and
preparation, where priority is given to achieving
good tasty dishes that still taste of the best
original ingredients.
3
Meeting rooms
Facilities
• Large windows providing excellent light.
• Terrace.
• Access points for the disabled.
• Areas reserved for smokers equipped with
independent smoke extraction systems.
Rest & RESTAURANT.
Rest & RESTAURANT is a different option
in the new Omega business park located in
Alcobendas, to the north of Madrid. Possibilities
abound with this innovative concept that
combines the classic notion of restaurants and
good food with the new establishments that
dominate our current fast-paced lifestyle.
1,300 m2 distributed in 11 light modular halls
with capacity for 600 people. Offers all the
services needed to ensure meetings are a
success, including:
• Natural light and phased lighting.
• Remote control projection screens.
• ISDN lines
Location
• Located in Arroyo de la Vega in the town
of Alcobendas, in the Omega Business Park,
which represents a new concept in business
centres.
• Direct access can be gained from the M30 ring road and from Barajas International
Airport; it is located just a few minutes away
from Terminal 4.
• Located in the Omega Business Park on exit
17 of the A-1, between the "Plaza Norte"
shopping centre and the "Diversia" leisure
centre.
Means of Transport
Decorated in a sober yet modern style, the
restaurant differentiates the restaurant area
from the snack bar area, where one can try
dishes that are quick and attractive to today's
customers, and that conserve the quality of the
products, one of the premises upon which its
cooking is based.
Look, texture and temperature highlight the
ingredients, achieving excellent presentation.
• RENFE: Alcobendas, San Sebastián de los
Reyes and Valdelasfuentes railway stations.
• Nearby taxi rank.
• To get there by car, one must take exit 17 of
the A-1 (Parque Empresarial Omega, Arroyo
de la Vega, Alcobendas).
49
Annual Report 2006
3
Madrid
The Hotel
The excellent location of Rafaelhoteles Orense
makes it an ideal hotel for business engagements
without forgetting the leisure alternatives that
surround it.Situated close to the Paseo de la
Castellana next to the Azca financial centre,
the Santiago Bernabeu stadium and Madrid's
Congress Hall (Palacio de Congresos), as well
as to other areas of interest. The hotel lends
itself to the multiple opportunities the capital
has to offer, all of which are on hand because of
its location in the very centre of Madrid.
to make a stay in the hotel a pleasant and restful
experience:
• Large desk and chair.
• Satellite TV, Interactive TV, Terrestrial Digital
TV, pay TV and Canal +.
• Digital safe.
• Minibar.
• Digital telephone lines. Double output
telephone.
• Express check-out.
Bathrooms
Rafaelhoteles Orense perfectly captures the
flexible spirit of a cosmopolitan city that has
managed to adjust itself to changes while
maintaining its historical tradition and orienting
itself to its customers and the future.The hotel
has been recently refurbished to offer better
service to today's customers.
It has 140 rooms, all of which face the outside
to give its customers maximum comfort.
Rooms
50
Its 140 rooms are distributed into Doubles
and Singles equipped with all the amenities
• Hair dryer, amenities and enlarging mirror.
Services
• Restaurant and cafeteria.
• Room service.
• Newspapers.
• Hall with TV and reading areasClosed circuit
TV. Satellite TV.
Annual Report 2006
3
Restaurant-Cafeteria.
Location
Rafaelhoteles Orense offers a modern
restaurant-cafeteria with a fresh design and
extensive opening hours (from 7.00 AM to
12.00 PM), thereby adapting itself to the needs
of customers in the area.
Rafaelhoteles Orense is located in the centre of
Madrid in the very heart of AZCA, next to the
Congress Hall, the Paseo de la Castellana and
the Santiago Bernabéu stadium.
It possibilities range from a complete buffet
breakfast first thing in the morning to lunch
and dinner at night, when the different "plats du
jour" as well as menu options can be tasted.
It is very close to the Chamartín and Nuevos
Ministerios railway stations (with a direct line to
Barajas International Airport), as well as to the
Juan Carlos I Exhibition Centre IFEMA through
its access next to the M-40 ring road.
Meeting rooms
Means of Transport
100 m2 distributed in 3 halls for company
meetings and personal events. They offer all
the services needed to ensure meetings are a
success, including:
• Soundproof halls.
• Phased lighting with remote control.
• “Santiago Bernabéu” (line 10) and “Nuevos
Ministerios” (line 8) underground stations
with access to Barajas International Airport
in 12 minutes.
• “Chamartín” railway station (5 minutes by
bus) “Atocha” railway station (15 minutes by
bus).
• Nearby urban bus lines: 14 -27-40-43-120126-147-150.
• Direct access to the M-40 ring road, as well
as to the Exhibition centre.
51
Annual Report 2006
3
Barcelona
The Hotel
Rafaelhoteles Diagonal Port is a comfortable
hotel with bright, spacious, meticulously
decorated facilities. Its magnificent collection of
works by Catalan artists combines the city's avantgarde style with the harmony and practicality of
the facilities.
• Digital safe.
• Minibar.
• Pillow menu (in Suites).
• Music
Bathrooms
Standing opposite Mar Bella, and only 15
minutes from El Prat International Airport,
the hotel boasts an excellent location in the
prestigious “Front Maritim” zone, a focal point
that connects with Barcelona's Technology
Centre next to the Marina.
The hotel has 115 fully equipped rooms
designed for maximum comfort. Ten of them
are suites and five have balconies.
Rooms
52
The hotel's 115 modern innovative rooms offer
the services and amenities needed to make a
stay in the hotel a pleasant restful experience:
• Individualised air-conditioning
•Complete marble bath with shower and
bathtub.
•Hair dryer, ecological taps, amenities and
towel heater.
•Soundproofed drainage.
Services
• “Alacena” a la carte Restaurant.
• Room service.
• Newspapers.
• Bar Cafeteria.
• Garage.
Annual Report 2006
3
Alacena Restaurant
Rafaelhoteles Diagonal Port's Alacena
Restaurant brings together Barcelona's avantgarde vibrancy with the relaxing sea breeze
from Mar Bella opposite the restaurant. This
combination is also reflected in the menu,
comprised of delicious, light dishes from
Mediterranean cuisine, one of the best and
healthiest in the world, offering carefully cooked
dishes with fresh, top-quality ingredients.
Completing the range of food choice, the full
service cafeteria is open from 11.00 AM to 1.00
AM.
Meeting rooms
Four halls and two meeting rooms, together
totalling 600 m2. Rafaelhoteles Diagonal Port
is an ideal hotel in which to hold events and
conventions, due to its outstanding facilities
located right by the sea. It offers all the services
needed to ensure meetings are a success,
including:
• All rooms have natural light.
• Open-plan rooms.
• Soundproofing.
• Public address service, audiovisual media,
wireless telephone, video-conferencing.
Location
• Next to the FORUM,and 20 minutes from
El Prat International Airport, Rafaelhoteles
Diagonal Port is located in the area known as
the “Front Maritim”, between Diagonal Mar and
the Olympic Port, a leisure and restaurant area.
• Access from the Ronda Litoral (Exit 24
“Diagonal Mar y Faria” from France and Exit 23
“Poblenou” from Barcelona).
• The street on which it is located, Lope de Vega,
connects with the Diagonal.
Means of Transport
• Access from the Ronda Litoral (Exit 24
“Diagonal Mar y Faria” from France and Exit 23
“Poblenou” from Barcelona).
• "Poblenou" Underground station (line 4),
800 metres away.
• Buses (line 41), 200 metres.
53
Annual Report 2006
3
Barcelona
The Hotel
Rafaelhoteles Casanova is located in the centre
of Barcelona, just a few metres from Paseo
de Gracia and Plaza Catalunya, and with very
good connections. This is an innovative hotel,
inaugurated in 2006, that blends in perfectly
with the open, cosmopolitan atmosphere of
Barcelona.
Its 126 modern equipped rooms have all the
amenities to make a stay in the hotel a pleasant
experience.
The moment you walk in you, you sense
that you're going to be surprised by the new
ambience of every one of its eight convention
halls and three meeting rooms, and the allpurpose Tribeca restaurant-lounge bar.Its
modern facilities make this establishment an
essential place for any visit to Barcelona.
Rooms
54
The hotel's 126 modern and innovative rooms
are composed of Standard Doubles, Superior
Doubles and Suites, and are equipped with all
the amenities to ensure a stay in the hotel is
pleasant and restful:
• Satellite TV and Terrestrial Digital TV.
• Digital safe.
• Minibar.
• Pillow menu.
• Music
Bathrooms
•Complete marble bath with shower and
bathtub.
• Soundproof drainage.
Services
• “Tribeca" a la Carte Restaurant.
• Room service.
• Newspapers.
• Tribeca Bar and Lounge.
• Garage.
• Plunch Pool (opening soon).
Annual Report 2006
3
Meeting rooms
Tribeca Restaurant
Tribeca is a modern restaurant concept
centred on a light cuisine that is also healthy
and nutritiousThe quality of its food is based on
that of its ingredients, as well as on its careful
presentation.
The space has been designed for professional
or personal meals in a fresh contemporary
atmosphere with the best professional service.
The service is complemented with its original
Lounge, with access to the street, which remains
open from 10.30 AM to 1.00 AM (Thursdays
and Fridays) and to 3.00 AM on Saturdays.The
Bar offers light snacks and aperitifs as alternatives
to formal meals in the restaurant.
Eight convention halls and two meeting
rooms, together totalling 400 m2. Rafaelhoteles
Casanova is an ideal hotel in whcih to hold
events and conventions, in view of its excellent
facilities, located in the centre of the city. It offers
all the services needed to ensure meetings are
a success, including:
• Soundproofing.
• Public address service, audiovisual media,
wireless telephone, video-conferencing.
• Remote control projection screens.
Location
The hotel is located in the very heart of
Barcelona just a few metres from Paseo de
Gracia and Plaza Catalunya, making its connections with any part of the city unbeatable.
Nearby places of interest include the Universitat
Central, the Museum of Contemporary Art and
Casa Batlló, among others.
Means of Transport
•C-32 and C-246 highways (Castelldefels
Expressway)
•“Urgell” and "Uniiversitat” underground
stations 50 metres from the hotel entrance.
•Railway station 800 metres away.
•Tourist bus 400 metres away.
•El Prat International Airport 8 km away (Bus
to the airport, 100 metres from the door).
55
Annual Report 2006
3
Baqueira Beret
The Hotel
Bathrooms
La Pleta by Rafael Hotels is an exclusive hotel
ideal for a quiet holiday. It is located in the heart
of the Pyrenees in the picturesque ski resort of
Baquiera Beret.
•Spa amenities.
•Bathrobes and slippers.
•Hydromassage column in all the Occitania
Superior, Junior Suite and Suite rooms.
The hotel's 67 rooms have been designed for
total comfort. The details of its decoration as
well as all the technology elements it is equipped
with have been carefully designed to ensure a
relaxing and pleasant stay.
Services
The hotel is a member of ‘The Small Luxury
Hotels of the World’.
Rooms
56
67 rooms with views of the mountains, 15 of
which have balconies. All of them offer the
following services:
• TV with satellite channels.
• DVD.
• Telephone.
• Digital safe.
• Minibar.
• Underfloor central heating.
• Pillow menu.
• 29-inch plasma TV in all the suites.
• Rooms for non-smokers.
• Del Gel al Foc (From Ice to Fire) Restaurant.
• Petita Borda Restaurant.
• Cafe Bar & Veranda.
• 24-hour room service.
• Newspapers.
• Ski boot dryer.
• Concierge.
• Garage.
• Ski shop and rentals; Ski lockers; Ski guide;
Transport service to the pistes (300 metres
from hotel).
• Transport service to nearby towns.
• Children's game room (during school
holidays).
• Baby-sitter (upon request).
• Transport by helicopter (upon request).
• Transfers from Toulouse, Barcelona and
Lérida.
• Conference and meeting room for 30
people.
Annual Report 2006
• Occitania Land: Individual massage and sand
cabins.
• Occitania Lakes: Jacuzzi, snow bath, bi-thermal
tunnel
• Occitania Falls: Bi-thermal shower, Swedish
sauna.
• Occitania Dreams: Beds, musical therapy,
aromatherapy and herbal tea service.
3
It offers specially created treatments comprised
of a mix of forest fruits, herbs and ancient
traditions of the region, blending nature and the
human touch to relax and restore. Also includes
a beauty salon, gymnasium and swimming pool
Del Gel al Foc Restaurant
Activities
Del Gel al Foc serves breakfast (both buffet
and a la carte) and a la carte dinners.It offers
creative Catalan and international cooking, in
addition to an extensive wine list in an exclusive
intimate atmosphere. Open from 8.00 AM to
11.00 AM and from 8.00 PM to 11.00 PM.
Petita Borda Restaurant.
Petita Borda offers healthy menus that
complement the Spa experience. Open from
1.00 PM to 4.30 PM and from 8.00 PM to 11.00
PM.
Cafe Bar & Veranda.
The hotel is equipped with an exclusive terraced
area that runs around the building where a wide
selection of teas, coffee and aperitifs is offered.
The Cigar Bar
Offers a wide selection of cigars, whiskeys and
brandies of the most prestigious brands.
SPA
The Occitania Spa is comprised of the following
facilities:
• Occitania Steam Turkish bath, thermal bath
and mud bath.
Winter: Skiing, snowboarding, snowmobiles,
dogsleds, cross-country skiing, heli-skiing, ice
skating, four-wheel drive circuit, walks and
snowshoe excursions.
Summer: Fishing, hiking, rafting, mountain biking,
horse riding routes, golf, hydrospeed, kayak
surfing, canoeing, descending canyons, climbing,
archery, Canadian canoeing, horse riding and
guided tours of the Vall d'Aran's Romanic sites.
Location
Located in the heart of the Pyrenees at the
Baqueira Beret ski resort in Catalunya at an
elevation of 1,700 metres.
Means of Transport
• Car
• Air: Blagnac Airport (Toulouse, France) and El
Prat Airport (Barcelona).
• Train: From Lérida Railway Station, 160 km.
Possibility of booking transfer service to the
hotel from Lérida, Barcelona or Toulouse.
57
Annual Report 2006
Annexe
4
59
Annual Report 2006
4
60
Annual Report 2006
Identification Details
Construcciones Reyal, S.A.'s registered address
is Calle Ayala, 3, 28001, Madrid.
4
Merger with Inmobiliaria Urbis, S.A.
Construcciones Reyal, S.A. was incorporated
for an indefinite period of time by means of a
public instrument executed before the Madrid
Notary Public, Mr Alberto Ballarín Marcial,
on 7 March 1970 under number 2870 of his
protocol files. The company is duly registered
at the Madrid Companies Registry in Volume
3,488, Folio 151, Sheet number M-58,913.
Construcciones Reyal, S.A.'s Board of Directors
resolved at its meeting held on March 20, 2007
to submit before the General Shareholders'
Meeting set for April 23, 2007, among other
agreements, a resolution calling for a merger
with Inmobiliaria Urbis, S.A. by means of the
latter's absorption by Construcciones Reyal,
S.A., as well as a resolution requesting the
admission to trading of Construcciones Reyal,
S.A.'s shares on the stock exchange.
Construcciones Reyal, S.A.'s capital stock as at
December 31, 2006 amounted to 2,597,339.90
euros, represented by 432,161 shares with a
nominal value of 6.010121 euros each. These
shares are numbered 1 to 432,161 inclusive,
and form a single series, all of them having the
same corporate and economic rights. However
there have been a number of capital increases
since then, all of which were fully subscribed
and paid up. These increases have been duly
registered at the Companies Registry and, as
a result, Construcciones Reyal, S.A.'s capital
stock currently amounts to 3,013,576.84 euros,
represented by 501,417 shares with a nominal
value of 6.010121 euros each. These shares are
equal, indivisible and may be accumulated, and
are numbered from 1 to 501,417 inclusive.
After the aforementioned merger with
Inmobiliaria Urbis, S.A., its is foreseen that
Construcciones Reyal, S.A.'s share capital will
amount to two million, nine hundred and
twenty-two thousand sixty-seven euros and
four cents (2,922,067.04) represented by two
hundred and ninety-two million two hundred
and six thousand seven hundred and four
shares (292,206,704) with a par value of 0.01
euros each, comprising a single series and
having identical corporate and economic rights.
These shares will be fully paid up and numbered
consecutively from 1 to 292,206,704 inclusive.
It is likewise intended that the shares will be
represented in book-entry form.
61
Annual Report 2006
4
As a result of these agreements, Construcciones
Reyal, S.A.'s corporate purpose will be to
carry out all kinds of real estate business
and, consequently, the acquisition, disposal
and encumbrancing by any legitimate means
of real estate, whether rural or urban; the
construction of the same, either directly or
indirectly; the development and management
of its urban planning, in all stages, formalities
and forms; the operation and administration of
said assets by any legitimate means, including
activities in the tourism and hotel sector. All of
the above mentioned activities may be carried
out by the company on its own or as part of a
group, association or collaboration with other
individuals and entities, not only directly, but
also indirectly.
Without prejudice to the fact that the
Corporate Bylaws may be examined at the
Madrid Commercial Registry, these as well
as the Annual Accounts comprised of the
Balance Sheet, Profit and Loss Account and
Report corresponding to the fiscal year
ended December 31, 2006, along with the
Management Report, can be consulted at the
company's registered address at Calle Ayala, 3,
28001 Madrid.
62
HEADQUARTERS
Details corresponding to the new
geographical sales organisation of
Reyal Urbis in 2007
General Pardiñas, 73
28006 MADRID
Tel: 91 590 37 11
Fax: 91 411 32 52
Ayala, 3- 2ª planta
28001 MADRID
Tel: 902 901 400
Fax: 91 577 61 03
MADRID REGIONAL
OFFICE
CANARY ISLANDS REGIONAL
OFFICE
MADRID BRANCH OFFICE 1-2
Calle Goya, 5-7
28001 Madrid
Tel.: 91 781 88 40
Fax: 91 435 74 86
LAS PALMAS BRANCH OFFICE
León y Castillo, 431
MADRID BRANCH OFFICE 3
Avda. Polvoranca, 39
28921 Alcorcón (Madrid)
Tel.: 91 641 50 50
Fax: 91 643 23 37
ANDALUSIA REGIONAL
OFFICE
JEREZ BRANCH OFFICE
Avda. Alvaro Domecq, 4
11405 Jerez de la Frontera (Cádiz)
Tel.: 956 32 66 00
Fax: 956 34 55 16
ALMERÍA BRANCH OFFICE
Maestro Serrano, 9
04004 Almería
Tel.: 950 26 60 00
Fax: 950 26 60 82
GRANADA BRANCH OFFICE
Camino de Ronda, 179
18003 Granada
Tel.: 958 80.63.10
Fax: 958 29 57 94
CORDOBA BRANCH OFFICE
Ronda de los Tejares, 12
14001 Córdoba
Tel.: 957 47 68 56
Fax: 957 47 60 69
SEVILLE BRANCH OFFICE
Avda. Blas Infante, 6
41011 Sevilla
Tel.: 954 45 29 55
Fax: 954 45 48 54
MALAGA BRANCH OFFICE
Mesonero Romano, 18
29010 Málaga
Tel.: 952 07 06 45
Fax: 952 27 71 05
COSTA DEL SOL BRANCH OFFICE
Carretera N-340, Km. 165,5
29688 Estepona (Málaga)
Tel.: 952 88.28.48
Fax: 952 89 68 81
HUELVA BRANCH OFFICE
Plaza El Campillo, 3, local 10
21002 Huelva
Tel.: 959 54 07 31
Fax: 959 28 28 07
35007 Las Palmas de Gran
Canarias
Tel.: 928 27.04.84
Fax: 928 27 47 69
TENERIFE BRANCH OFFICE
Avda.
Bravo Murillo, 16
38003 Santa Cruz de Tenerife
Tel.: 922 22 22 41
Fax: 922 22 37 76
CATALONIA AND BALEARIC
ISLANDS REGIONAL OFFICE
BARCELONA BRANCH OFFICE
Pau Clarís 174 Ppal.2ª
08037 Barcelona
Tel.: 93 465 77 96
Fax: 93 487 53 87
BADALONA BRANCH OFFICE
Edificio Blurbis
Avda Els Vents 9-13
08917 Badalona (Barcelona)
Tel.: 93 395 48 84
Fax: 93 395 31 04
BALEARIC ISLANDS BRANCH
OFFICE
Unió, 2ª
07001 Palma de Mallorca
Tel.: 971 71 71 93
Fax: 971 71 97 10
LEVANTE REGIONAL OFFICE
VALENCIA BRANCH OFFICE
Sorní, 18
46004 Valencia
Tel.: 96 353 05 55
Fax: 96 352 42 05
ALICANTE BRANCH OFFICE
Teniente Coronel Chapuli, 2 Princ. Izqd
03001 Alicante
Tel.: 965 14 67 20
Fax: 965 20 09 65
CASTELLÓN BRANCH OFFICE
Avda. Vicente Sos Baynat, 13
12006 Castellón
Tel.: 964 73 01 78
MURCIA BRANCH OFFICE
Avda. Reino de Murcia, 74 Urb.
Altorreal
30500 Molina de Segura (Murcia)
Tel.: 968 64 81 11
Fax: 968 64 82 00
CASTILE LEÓN AND
CANTABRIA REGIONAL
OFFICE
LEÓN BRANCH OFFICE
Calle Burgo Nuevo, 12-1ª planta
24001 León
Tel.: 987 34 42 30
Fax: 987 20 55 47
SANTANDER BRANCH OFFICE
Avda. Calvo Sotelo, 19-6ª plt. Puerta 3
39002 Santander
Tel.: 942 31 87 50
Fax: 942 31 47 52
BURGOS BRANCH OFFICE
C/ Vitoria, 4 1ª Plt. Oficina. 101
09004 Burgos
Tel.: 947 20 81 37
Fax: 947 27 25 07
VALLADOLID BRANCH OFFICE
C/ Miguel Iscar, 12 1º Izda.
47001 Valladolid
Tel.: 983 21 85 98
Fax: 983 20 56 85
GALICIA AND ASTURIAS
REGIONAL OFFICE
A CORUÑA BRANCH OFFICE
Plaza de Galicia, 2-3, 1º B
15004 La Coruña
Tel.: 981 12 61 70
Fax: 981 25 75 03
VIGO BRANCH OFFICE
Gran Vía, 58
36203 Vigo (Pontevedra)
Tel.: 986.47.22.47
Fax: 986 48 26 91
ASTURIAS BRANCH OFFICE
Plaza Longoria Carvajal, 1-6º
33002 Oviedo
Tel.: 985 20 54 88
Fax: 985 21 28 12
ARAGON, NAVARRE AND
LA RIOJA REGIONAL OFFICE
ARAGÓN BRANCH OFFICE
Paseo de la Independencia , 22, 4ª
planta
50004 Zaragoza
Tel: 976 21 51 72
Fax: 976 22 56 41
NAVARRE BRANCH OFFICE
Plaza Conde de Rodezno, 8- 6ª planta
31004 Pamplona
Tel: 948 23 87 07
Fax: 948 23 87 96
LA RIOJA BRANCH OFFICE
Miguel Villanueva, 5 –1ª Ofic. 2
26001 Logroño
Tel: 941 24 40 66
Fax: 941 24 55 31
CASTILE-LA MANCHA AND
EXTREMADURA REGIONAL
OFFICE
EXTREMADURA BRANCH OFFICE
Calle San Pedro de Alcántara, 7 - 1º A
10001 Cáceres
Tel.: 927 24 67 50
Fax: 927 24 67 50
TOLEDO BRANCH OFFICE
C/ Atenas, 2 - Bajo
45003 Toledo
Tel.: 925 22 70 32
Fax: 925 22 94 32
CIUDAD REAL BRANCH OFFICE
Plaza Mayor, 9 - 1º B
13001 Ciudad Real
Tel.: 926 21 75 60
Fax: 926 21 75 61
PORTUGAL REGIONAL OFFICE
(EUROINMOBILIARIA S.A.)
LISBON BRANCH OFFICE
Duque de Saldanha, 1, 5ºC
1050-094 Lisboa
Tel.: 00 351 21 357 1044
Fax: 00 351 21 357 1034
OPORTO BRANCH OFFICE
Avda. De França, 20, Sala 507
4050-275 Porto
Tel.: 00 351 2260 73030/31
Fax: 00 351 2260 02151
www.reyal.es

1. Activity Report

Transcription

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