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ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
ICME Profile Apr09
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ICME Profile Apr09

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Service Portfolio of ICME Management Consultants

Service Portfolio of ICME Management Consultants

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  • 1. ICME your Partner in Business excellence
  • 2. 2
  • 3. ! quot;! # ! ! ! $ % &! quot;# ' () * + quot; , !- . / ! $0 $ ! 12 $ !quot; ! quot; % $ ! 3 ! !% quot;! ! ! !4 5 3
  • 4. 0 $ 6 7 # $ 8 6 ! & • • • • Investment Management ! ! quot;! 9 $ : quot; # - , ! ! ! $% 9 % : 0 $ 4
  • 5. & ;quot; ! . ! 7 0 - ! 9 ! ! $ : 0 quot; - 7 quot; !! < quot; quot;! , 5 quot; , ! 9 : , ! $55 0 ! - % $ 0 ! , ! 5
  • 6. ) & ! quot; # quot;! ! $ 6 ' ( ! ! ! ! &! % quot; ! 4 ! ! *quot; 7 ! % !! = 5 $ >quot; - $! ! 6
  • 7. - #! . ! % ! % quot; quot; + quot; , * ( 7 # $ 7@$ 5= ? ? = ! 9- : 7 # 9 ! - + : + - = quot; = $ ! ! * ! ! ? + =% 94 = &! + ? $@: + - - *0 quot; + ( . ( $ quot; * .+ / . ' quot; , % ! - %# . # 7 # 7 # # ! 4 7 # .+ 9 7 4 / 4 !! : 7
  • 8. . quot; , # , 1 ! quot; !- + ! ! $ 4 A ! B !% -+ quot; , 7quot; C + * 2! 2! , 3quot; 3 $ 9= = - , 0 ( 3quot; + 7@ $ : - $ & % ! A, B 7 # ,! % = quot; ! D ! $ 3 4 = + 8 quot; =quot; 5 !4 , , = % ! = % - quot;= 0 = ! quot; = % ? @ 7 = E 2 quot;!5$ 0$ 0 ! &quot; &! A quot;B 8quot; 7 !# & & 0 7 . 2 8
  • 9. 6 -@ % < , 5 0 # /, , ' 3 3 0 quot; - 8 4 ! quot; % quot;! ! 0 0 ! ! 9 9 $ : : 5 ! 966 ! , 5 F 9 $ !: : F $ 9 quot;! $ : - , F F , 5 ! . , ( ' %3 ' 3 ! !, ! ! , / ! 3 % 9
  • 10. 7 , 4 quot;! G quot; + 10
  • 11. 8 >quot; ; 5 5 + 0 $ 9 *: 9 ( < + quot;* - ! + ! quot; -< ! quot; > 9D! E : 2$ = 2 %2 ! + &! &5 ! ;quot; ! 11
  • 12. quot; , 68 6 <- quot; ( :? @ , ' (' < H G 0 65 6, ED9 : < < ') $ 'I % <? !+ / J+ # / E ?# quot; @ & , -@ < -! 8# + = $ ! < $ - !- < !. - < KG !- < @ < + < -$ quot; < < < * :2 @ < < < < 7 @ < -@ < $ ! < 12
  • 13. quot; < - quot; ( :? @ , 'IK < * , E < ) $ 'I 3% < + $ 5 9 :5, % < + 9 ! : !* + ! ! < quot; @ 0 !, 0 L + +% < &; *$ 0 8 L 9 : < ! * ? - 9 - : < <* 0 9& 7 # , . & : L - $ ! 7 < @ + 9, - - ? - & : < 9 : < -$ < * :2 @ 0 quot;! $ < # < ! < , < 13
  • 14. %4 14
  • 15. %4 &! ( ! quot;! ! N 'I$ $ $ 9/ * M 6NO ' ' P I ) ? >! G& , ! =- + ! 15
  • 16. %4 &! quot;! ! R !quot; ! quot;! $! !% ! A / BB7 ( >* !quot; Q '') ' $6 N ! - Q IP M $6 NO quot;! !! $ .* $ Q ( $6 N + - Q ' P 7 $ quot;! 1 - $ + I !! ( ? &! E, ) quot; ! , ! ? K 4 &! ! ? * #, * quot;! ! ! &! $ E ' $ ! ( ' '( ( K K( ) $ G& , ! =- + ! 6 Excellence by Experience
  • 17. %4 & 0 # * , quot; /, !, /, &! ! ! ! ING Both RREEF Cohen&Steers ! ! # LaSalle AXA Product scope SIM Curzon (AEW) C Invesco Non-Focus # UBS PRUPIM !! % Standard Life Tishman Speyer Commerz Real Aberdeen Schroder Fccus national european global Geographic orientation = sized by Assets under Management 17
  • 18. %4 ) - 9 : & - '( 7 ! ! quot; A / ! &R &! @ 8 RREEF & Invesco 6 Curzon (AEW) &! $! UBS ) LaSalle $5 $ &! ! -$8 5 6 ) B B B &B )B ! S # $ Commerz Real1 D! !! ) Schroders !quot; ! ! Tishman Speyer ! 6 Union Investments ! ! 8 ! S ' # ! 'I 5 ! quot; G ! S ! G> $ $quot; ! 5 18 Excellence by Experience
  • 19. Excellence by Experience
  • 20. 4 quot; $ 4 quot; , & * & ,! ) - - & 6 7 *$ 8 * C . 4quot; 7 )*-- B - 7 # - 6 & & 7 20
  • 21. 4 21
  • 22. 2 , 0 quot;! $! G quot;! % % A % & 5 India Geringe strukturelle Attraktivität / Hohe strukturelle Attraktivität / T1 * @ Hohe Dynamik Hohe Dynamik & T1 83 $ 7 * @ Vietnam Estonia -3 $ C Lativa * -@ 73 T 9 CD Brazil Fadenkreuz zeigt Mittelwert Turkey South Africa * -@ -3 T 9 )D Greece des Struktur- bzw. Dynamik- 4 Thailand Scores für die jeweilige Spain Slovakia Länderrisikoklasse an Argentina Score Dynamik ) * quot; Sweden Canada China USA Poland Norway Ireland France Australia Lithuania Hong Kong Portugal Chile 3 Philippines Russia Malaysia E Romania Hungary ) T1 * @ Länderrisikoklassen: % Bulgaria Korea, South Taiwan New Zealand Core Peru 3$ Germany Colombia Core-Plus Austria Luxembourg T1 * @ Emerging Italy - T Czech Republic *9 @ 83 8D Denmark 2 Prognosebasis: B3 $ - United A. Emirates Indonesia externer Dienstleister Singapore * -@ &)3 T 9 )D E Finland Expertenschätzung UIR Belgium % UK Japan Geringe strukturelle Attraktivität / Hohe strukturelle Attraktivität / Mexico T1 Switzerland * @ Geringe Dynamik Geringe Dynamik 1 - 1 2 3 4 5 Score Struktur * -@ & 3 T 9 )D B B *5 2 % ! ! % , , ! ! ' 9 : quot; ! ! B , % #>2 9 , 5 ': ! ! ' quot; 22 ' G ! G E 5 -+
  • 23. 2 , $ ( , * , !( ! : ! 9 B U: ( / , 0 quot;! 9- % 6: 0 : # 9 ! quot; !! $ : $ 9 : / ,: $ ! 6 6& @E , Excellence by Experience
  • 24. $ ! % $ #! quot; $ 6 Definition of peer group ! G % ! Definition of contents ; $@ $55 G $55 5 $55 ! 50 Research and analysis ! $55 4 5D! &! 66 1st contact with interview # quot;! ! partners quot; % ! 2nd contact with interview partners Evaluation and presentation of results E @ ) Excellence by Experience
  • 25. $ ! % 0 ! quot; '' $55 quot; % ! ! ! /, D9 V : V UK 55 bn. € # * Europe 130 bn. € Asia 50 bn. € >* USA 32 bn. € + + , &D &! E - Excellence by Experience
  • 26. $ ! %& , <- % 4 B ! ! Sales/KAM , ! ! B Business Development , 8! 5 B 5! Financial Engineering , ! ! B Research , >quot; 4 quot; B Fund Management ! $ # , B Asset Management , B Property Management , B 966 : Facility Management , B $# Controlling & Reporting , 4 quot;! 90 ! ! 0 10 20 30 40 50 60 70 80 Bedeutung G66 66 ! 1 6 6 6 6<, 5 5 L 5 19 Q''Lquot; ! 4 = G Q 'L Q (L Q: 6 Excellence by Experience
  • 27. $ & &! quot; ! ( ! quot; / , quot; ! ,* @quot; ! = F/ , ! ! ' ! $ 2# * quot; quot; A .! 9 5 : + 5 = F/ * ! 9 6 6 ++ &5 ## quot; # 6: % > &= F/ , 1! A - 9&+ : 1! 2! * @quot; ! * ! 4 > $% # & !3 quot; ! @E $ ;* - - quot; - 27 67> Excellence by Experience
  • 28. $ - < 4 & $ 2 ! quot; ! : :, 1! : :, $ ## W 6? $$ W W $$ 6 6 # # % quot; $$ W 6 quot;/ 0 2 Tquot; H! / T T 0 0, G $ ## W 6? $$ W W $$ 6 6 # # % $$ W 6 quot;quot;quot; 9# .# $% quot; $ ## W 6? $$ W W $$ 6 6 # # % $$ W 6 .# $% A / @E 6, 28 Excellence by Experience
  • 29. ) $ ! G, / ' quot; !!5 ! G, * ! 0- 5 5- G 9 : ! 2 9 #: +%$ quot; 5 9 : K 0 quot;! quot; ! % A % ! ! ! - 5 5 $ ! ! ) 4 0 quot;quot; 5! ! ! $@ $ ! % ( ' ! ? 5 ! ! , - 5 $50 @E 29 Excellence by Experience
  • 30. quot; , - 4 Calculation of Basis Calculation of Derivation of Chronological Portfolio (Maintaining Status Optimisation Potential for Value Sequence Segmentation Quo) Options Increase XXXXXXXXX 2 XXXXXXXX 40 35 O2XXXXXXX 30 X 2 XXXXXX 25 2 2 XXXXX 20 15 O XO X X X X 10 O 1XXX 5 Y 0 O 2 2 XX XO X 2 OX Adjusting risk/ Examples: Calculating Assignment of Gathering existing return model chronological segments to data regarding - Maintaining (forecast regarding development of different „graph portfolio and Status Quo value drivers) return types“ reference objects - Renting Calculating actual Chronological Recommendations Segmentation - Conversion capital value comparison of for segment Classification of - Sale different options strategies Evaluation AS-IS portfolio - New construction analysis Determining Requirements for - Value increasing potential for an gathering data in equipment increase in value more detail at a later date G *E 8 > *7 E 5 -- quot; - ,* , ; . 30 Excellence by Experience
  • 31. quot; , - ! C% quot;! ! I ? , / 7@ = $ @ 5! ! . : & 8JD ( 9 @ : ? 8D 1 * & - ! C D - ! & 6 CD > KX6 9 6 : % $4 9 > % 5! : 2 0 94 : 31 Excellence by Experience
  • 32. 2 $% ! !! 6 # 9 $@ : ( & ) - # % 4 4 % * ( , ( / & ) - 6 7 9 0 8! > 4 ! % , , /+ , / , / Include macro and micro economic aspects Include hard and soft factors Grouping same real estate types into “packages” Identification of the target group in order to adapt offer accordingly & Retail ) Sale of packages Structuring by object structure, value classes, marketability and different marketing channels - Formulation of criteria for optimized decisions 6 Take advantage of the range of services offered by PREM units 7 ?quot; 0 # /, @ *E 8 > *7 *$ , 8 ! $ > ! D -- quot; - ,! ! 8 $ 32 Excellence by Experience
  • 33. * 4 # ! $ 7 % * 8 7quot; $ ! 8! 0 8! $ - 4 quot; + quot; > # quot;! C 4 $ % $ ! 7 # !5 ? 4 E &5& @ - && Excellence by Experience
  • 34. * 7 ( # % = ! ! 0 ! $- ;quot; quot; ! 58 # $% $ & # = # 4 & E 5 & 4 ! ! $ ! - # ; 7 # 4 quot; % ) 4 C $ $ ! ! ! - - &) Excellence by Experience
  • 35. 9/ quot; 8 0 ! ?C 5 >* quot; quot; , 0 . H # , ;- 2! * 2! H , - - 9 - 0 % : -@ ! L - 7quot; C , &5 &- Excellence by Experience
  • 36. 9/ quot; 8 !$ - 3 quot; * ! &quot; + & ) 1 1 # ' !( 0 #quot; , T T0 ? T C T- ! quot; + Aderenza ai requisiti di abitabilità, capacità di * innovazione, originalità della soluzione, Aderenza alle specifiche %Y T. @ T0 T- T quot;! generazione di ulteriori iniziative a catena, utilizzo del bando - ! ! progetti già presentati nel I bando, etc T. T0 4 T- 0 T+ # - 0 T ! T0 T T + quot; & T0 4 T- ! Y T 7 # T ! T7 Relazioni sia in senso verticale (soggetti operanti * Rinforzo relazioni T0 + a diversi livelli) che in senso orizzontale # tra gli attori T0 $ (emanazione privata, pubblica), etc T - Valore T-@ +- T! T T finale + 1.00 T& ? T> ! T& T ( / T. + quot; T> Investimenti richiesti, Piano di rientro, Criteri di T T Ritorno economico #Y 4 ! economicità (NPV, IRR, etc), etc ! T T dall’investmento totale B U T $ T T? T +- ! T Y Team di progetto, curricula, piano temporale, Sistemi, Processi, * rischiosità, etc Esperienze pregresse #$ Z # quot; G = ' 22 4 . -@ 5 # & $ ! !! 5 @ < & 5 < < ; quot;5 ! quot; <0 @ @ <& @0 E * 98. : ? ! , &6 Excellence by Experience
  • 37. > * , 9 , C !$ ! &? ! !quot; ! # ! $ quot; ( / I$ $ ! quot; ! $ ! !$ ! -@- &7 Excellence by Experience
  • 38. > * , 9 , C + $ Flusso di cassa utile &! quot; € 5,000,000.00 ! $! € 4,000,000.00 Progressivo Rientro € 3,000,000.00 ! € 2,000,000.00 € 1,000,000.00 €- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 -€ 1,000,000.00 -€ 2,000,000.00 -€ 3,000,000.00 ( / -€ 4,000,000.00 -€ 5,000,000.00 $ anno $ ENTRATE @ ! attualizazio Produzione attualizazione Vendita Energia - N. rata Data rata ne vend. Impianto Tariffa Incentivante Risparmio bolletta Tot. Entrate Progressivo Entrate acqu. energia UTF energia kwh anno 0 1 Jun-07 € 0.12 € 0.0980 1,421,000 € 501,328.80 € - € 139,258.00 € 640,586.80 € 640,586.80 2 Jul-07 € 0.1224 € 0.1000 1,413,895 € 498,822.16 € - € 141,332.94 € 640,155.10 € 1,280,741.90 3 Aug-07 € 0.1248 € 0.1020 1,406,826 € 496,328.05 € - € 143,438.81 € 639,766.85 € 1,920,508.75 4 Sep-07 € 0.1273 € 0.1040 1,399,791 € 493,846.40 € - € 145,576.04 € 639,422.45 € 2,559,931.20 5 Oct-07 € 0.1299 € 0.1061 1,392,792 € 491,377.17 € - € 147,745.13 € 639,122.30 € 3,199,053.50 6 Nov-07 € 0.1325 € 0.1082 1,385,828 € 488,920.29 € - € 149,946.53 € 638,866.82 € 3,837,920.31 7 Dec-07 € 0.1351 € 0.1104 1,378,899 € 486,475.69 € - € 152,180.73 € 638,656.42 € 4,476,576.73 I$ 8 Jan-08 € 0.1378 € 0.1126 1,372,005 € 484,043.31 € - € 154,448.22 € 638,491.53 € 5,115,068.26 9 Feb-08 € 0.1406 € 0.1148 1,365,145 € 481,623.09 € - € 156,749.50 € 638,372.59 € 5,753,440.86 10 Mar-08 € 0.1434 € 0.1171 1,358,319 € 479,214.98 € - € 159,085.07 € 638,300.05 € 6,391,740.90 11 Apr-08 € 0.1463 € 0.1195 1,351,527 € 476,818.90 € - € 161,455.44 € 638,274.34 € 7,030,015.24 12 May-08 € 0.1492 € 0.1219 1,344,770 € 474,434.81 € - € 163,861.12 € 638,295.93 € 7,668,311.17 13 Jun-08 € 0.1522 € 0.1243 1,338,046 € 472,062.63 € - € 166,302.66 € 638,365.29 € 8,306,676.46 14 Jul-08 € 0.1552 € 0.1268 1,331,356 € 469,702.32 € - € 168,780.56 € 638,482.88 € 8,945,159.34 15 Aug-08 € 0.1583 € 0.1293 1,324,699 € 467,353.81 € - € 171,295.40 € 638,649.20 € 9,583,808.55 16 Sep-08 € 0.1615 € 0.1319 1,318,076 € 465,017.04 € - € 173,847.70 € 638,864.73 € 10,222,673.28 17 Oct-08 € 0.1647 € 0.1345 1,311,485 € 462,691.95 € - € 176,438.03 € 639,129.98 € 10,861,803.26 18 Nov-08 € 0.1680 € 0.1372 1,304,928 € 460,378.49 € - € 179,066.95 € 639,445.45 € 11,501,248.71 19 Dec-08 € 0.1714 € 0.1400 1,298,403 € 458,076.60 € - € 181,735.05 € 639,811.65 € 12,141,060.36 20 Jan-09 € 0.1748 € 0.1428 1,291,911 € 455,786.22 € - € 184,442.90 € 640,229.12 € 12,781,289.48 21 Feb-09 € 0.1783 € 0.1456 1,285,451 € - € - € 187,191.10 € 187,191.10 € 12,968,480.59 22 Mar-09 € 0.1819 € 0.1485 1,279,024 € - € - € 189,980.25 € 189,980.25 € 13,158,460.84 23 Apr-09 € 0.1855 € 0.1515 1,272,629 € - € - € 192,810.96 € 192,810.96 € 13,351,271.79 24 May-09 € 0.1892 € 0.1545 1,266,266 € - € - € 195,683.84 € 195,683.84 € 13,546,955.63 25 Jun-09 € 0.1930 € 0.1576 1,259,935 € - € - € 198,599.53 € 198,599.53 € 13,745,555.16 26 Jul-09 € 0.1969 € 0.1608 1,253,635 € - € - € 201,558.66 € 201,558.66 € 13,947,113.82 ! ! ! 27 Aug-09 € 0.2008 € 0.1640 1,247,367 € - € - € 204,561.89 € 204,561.89 € 14,151,675.71 28 Sep-09 € 0.2048 € 0.1673 1,241,130 € - € - € 207,609.86 € 207,609.86 € 14,359,285.57 29 Oct-09 € 0.2089 € 0.1706 1,234,924 € - € - € 210,703.24 € 210,703.24 € 14,569,988.81 30 Nov-09 € 0.2131 € 0.1740 1,228,750 € - € - € 213,842.72 € 213,842.72 € 14,783,831.54 @* &8 Excellence by Experience
  • 39. . - 5 # 4 ! < B 4 $ # ' ( , % ! % quot; 4 . 4 # A ! ! 9 ( / 4 * # 24 . */ / /, * # 4 quot; ! * $ ( / quot; , 42 ! ( quot; quot; quot; + 2 , ( / 5 ! > 0 ! $ # # W 6? $$ W W $$ 6 6 # # % $$ W 6 Research for Risk-M. Investment Financial Engineering Standard, Regulation Reporting to Investment- Investor Level. Strategy Investors Control, Portfolio-M. (Finances, ?quot; & % Level : * , Sales, Placement Product-Development Market Transparency Financing $ # # W 6? $$ W W $$ 6 6 # # % $$ W 6 1 , quot; 0 ,!% Portfolio Development quot; Portfolio Research for Regrouping Risk Management Reporting to Analysis and Real Estate Portfolio (Buy/Sell) Portfolio-Level Investment-Level Strateg Portfolio-level J Assessment Strategy , y Maintenance Assessment Leasing Reporting * Regulation Aggr. Object Object Strategy/ Strategy Budget / (Object) Strategy Controlling of Services Accounting Development Planning/Control , ! / $ # # W 6? $$ W W $$ 6 6 # # % $$ W 6 ! Maturation Regulation Conception quot; + Market/Location Marketing (Technical and Analysis ( Construction Authorization Execution Pl. Economical Usage) = K L + Commercial Enhanced Commercial Infrastr. quot; , FMG Technical BM BM/Object Service Building Management (BM) BM. . ' % 3 / ,3 , @ *E 8 > *7 E 5 *$ , 8 -- quot; - , 0 39 Excellence by Experience
  • 40. quot; ' - & <+ = $ % quot; ! 0 quot;! ! . quot; !+= 9 A ! ! ! ! quot; B: ! ' ! / , quot; ! % ! ! / ( ! ! ! ! !% 40 Excellence by Experience
  • 41. quot; ' 0 $ 5 5 ! quot; quot; ! / ' ' / / / 7 # 7 # 6 0 $ ( , / 7 # # 9 $ : = 7 # ! K quot; * . ' ' 0 # % 5$ quot; ( M % $quot; ) # quot;! quot; $ # % . ' ! / 7 # G4 %$ # ( quot; ! 7 # 7 # = quot; = *E 8 > *7 *$ , 8 ! $ @ -- quot; - 41 Excellence by Experience
  • 42. , & $ Performance target Performance target Performance target Financing & G property purchase / sale participation management , !$@ Purchasing Budget, Risk-return volume return $ Performance profile country / strategy of each city Object/ - % Object A Sales subsidiary Revenue ! quot;! volume Expectation $ 6 Fund Partici- Budget of Liquidity Fund Budget of quot;! pation performance fund for fund for performance Currency $ purchase / purchase / properties „properties“ sale sale + 2 @E 42 Excellence by Experience
  • 43. 2 ! & ! $$ ! & # : *# *quot; 8 *# , quot; 7! 66 !, & 0 , 0 7@ $ - 0$ $ - + 0 ! -@ ! quot; 7! G 7! = 0 0 666 66666 9 = *! 666: 0 E 7 02 - & ! 7 0, + 7 0, 7 0, @ * , ; ,* . Excellence by Experience
  • 44. 2 ! & & quot;! quot; quot; , $ ? , % ! /, $ * , - >0 , * ! # 2 , ( 2 , % / 2 ! M ,./ * ( ! quot; , quot; 2! # 0 44 Excellence by Experience
  • 45. 9/quot; ,quot; ) % $,quot; * ,quot; * ! Market data Object data *-- quot;! ! % Analysis of Analysis of *-- Rent modelling, Analysis of rents, macro and micro cluster risks, DCF- vacancies, return $ $ location quality fungibility calculations, 6 Monte Carlo simulation 1 Location score 2 Market score 4 Structure score *-- /+ 3 Object score Object risk/ return $ quot;! $4 @ ! ! 6 portfolio risk/ 5 Current market positioning quot; return 6 45 Excellence by Experience
  • 46. 9/quot; ,quot; ) % $,quot; * Typical % $@ $ return- $ oriented ! portfolio - % positioning of objects Typical Current market cash flow- % oriented portfolio $ R quot;9 6 6 ! : quot; R quot;9 6 6 $G @ : 9 . 5 : Future cash flow potential „return at risk“ @ 0; D ,; . 46 Excellence by Experience
  • 47. . % quot; 0 quot;! ! # ! - quot; ! 5 . % ! ! ' N 5 % quot; 4 4 ; # . ; # 0 0 # 9 ( / 4 * 24 . G '5: , quot;O :( AA ,! 5 / = - * 4 # quot; * - -[ ; #8 ; $ quot; , ( / 42 ( quot; quot; 8 8 $ 0 % 9> 6: 6> - quot; + quot; 4 0 ! 2 , ( > -! >6 6> ,! P % Pquot; % P. % @, 67> 47 Excellence by Experience
  • 48. . % quot; - < % % 7 5 $ quot;5 ! $ ! ! * $ 5 quot;! ! $ ! ! 97 : ! 9$5: 5 9 $ : 5! 5 ! ! % 9 : . 4 5 $ 5 ! # quot;! ! $ 2! % / ! % / ' % ! % % , ! ! ! : % ( ' % 48 Excellence by Experience
  • 49. 6 # % ( ( : 7 - 5 % + $ 5 5 !5 5 + # $ A 8 #$ [ J - 5 # - , ! A2 $ + quot; $ >$ $! 9 5 * 5 !: 5= quot; ! ! +%$ ! A > .9 - : ! ,5 . ] Q2 , <0 . + 7@ $ quot; ! ! *< ? - 0 0 ! ! &! % ! 4 % $! 4 9> . ! - : G 4 $ %$ @E , , ,* , ; , . 49 Excellence by Experience
  • 50. 5 # 7 4 2quot; : 0 2 5 . ' , @ 2, 5 , = 0 $ ? ! 6 !5 5 , # 5 ; 5 H = @ ! , : ! ! 3 % 30 , /! % 5 ?R - $A * /, !B %! ,55 5 !$ ! quot;! =4 ! ! 0 , ! , @8 ! $ ,* , ; E . 50 Excellence by Experience
  • 51. 7 ! = ! +5 8! $ # !! ! = !! ! quot; quot; # 7 $ $ $ $ $ # % ! ! = $ +5 , 666 $ $ +5 $ # % = $ % $ - $ @ # $ @quot; $ =% + # 0 % 6$ = $ +% !! $ 51 Excellence by Experience
  • 52. R quot; /, J ! T $ 0 $T , ! T T- TD T/J ! quot;quot; quot;6 6 Excellence by Experience

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