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Management Report 2012
- Domenic Barton
- 1 years ago
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1 1 Management Report 22
2 Table of Contents EVOLUTION Relevant Facts Private pension system reform Other relevant events Commercial Results Investment Results Financial Results Income Administration and sales expenses Other income and expenses Balance sheet Legal and Corporate Issues Balance sheet Profit and loss statement DIRECTORS AND 2
3 366 thousand members joined the system The national economy s good performance in 22 led to significant growth in the volume of new affiliations to the Private Pension System (SPP), which totaled 366 thousand new members. This represented an increase of 16.6% compared to 21. 3
4 THE EVOLUTION OF THE PRIVATE The strengthening observed in the national economy in 22 led to significant growth in the volume of new affiliations to the Private Pension System (SPP). In this context, an additional 366 thousand members joined the system, which represents 16.6% growth with regard to 21. The number of active affiliates in the SPP increased 6.9% YoY, to total 5.3 million. Growth in the Peruvian economy in 22 amounted over than 6%. This good result and dynamism contributed to an increase in the number of contributing clients. As such, at year-end, there were 2.4 million contributors to the SPP (which represents 17.4% growth YoY). The number of active contributors in 22 was equivalent to 47% of the total number of affiliates, which represents a 45% increase with regard to the previous year. The volume of contributions of pension fund affiliates reached US$ 2,536 million in 22, which constituted an increase of 21.0% YoY. At the end of 22, funds under management in the Peruvian SPP totaled US$ 37,967 million, which represented an increase of 25.1% YoY. Although the international markets were highly volatile in 22, the good evolution of emerging countries sustained growth in the region and Peru was once again a significant contributor to this performance. Our economy s indicators have remained solid this year due to good investment flows and growth in internal demand. In terms of the profitability of investments in the SPP, over the last year (December 22/December 21) the system reported a nominal yield of 12.44% for fund 1, 11.78% for fund 2, and 10.63% for fund 3. With regard to financial results, in 22 the SPP reported revenue of US$ million, which represents growth of 19.2% with regard to the previous year. This was attributable to the new affiliates that have joined the system; continuous growth in the national economy; positive employment indicators; and a revaluation in the Nuevo Sol. Operating expenses increased 11.4% to total US$ million due to higher expenses for administrative personnel and the sales force, which has increased to capture new clients. The SPP s operating income totaled US$ million, which represents a 29.4% increase with regard to 21 s figure. It is important to note that these results, which are expressed in dollars, incorporate the effect of an appreciation in the local currency, which hovered around 5% in 22. Finally, net income was US$ million, which represents a 27.5% increase with regard to 21. 4
5 Private Pension System: Main indicators End of period Affiliates (thousands) 5,268 4,928 4,642 % variación (1) 6.9% 6.2% 4.1% New affiliations (thousands) % variation (1) 16.6% 42.5% 11.8% Contributors (thousands) (2) 2,426 2,067 1,936 % variation (1) 17.4% 6.8% 9.6% Sales Force 1,008 1,142 1,149 % variation (1) -11.7% -0.6% 1.9% Funds under management (US$ millions) 37,967 30,360 31,077 % variation (1) 25.1% -2.3% 29.7% Voluntary Contributions (US$ millions) % variation (1) 13.0% -23.8% 34.4% Collections (US$ millions) (3) 2,536 2,094 1,822 % variation (1) 21.1% 14.9% 14.1% Income (US$ millions) Operating Expenses (US$ millions) Operating Income (US$ millions) Net Income (US$ millions) Source: SMV and information from the Superintendencia de Banca, Seguros y AFP. (1) Variation with regard to the previous year. (2) Annual average number of contributors. In 22, information available as of September. (3) Collections: Corresponds to total deposits in the period for obligatory and voluntary contributions. 5
6 63% tops the previous year s figure Prima AFP s commercial actions in 22 continued to focus on capturing new affiliates. These efforts allowed us to incorporate 140 thousand new members, which tops the previous year s figure by 63%. 6
7 1. Relevant Events In 22, the company s commercial activities focused on capturing new clients; strengthening relations with our affiliates; and adapting to the changes generated by the Law to Reform the SPP. In July 22, the Peruvian Government passed the Law to Reform the Private Pension System (Law 299) to contribute to the development and strengthening of the pension area of the social security system by increasing the competitiveness and efficiency of the SPP and reducing administrative costs, among other aspects. SPP Reform: The most relevant changes brought about by the aforementioned law include: The Affiliate Tender: A tender process will be held every two years to choose the AFP that will be in charge of affiliating new workers to the SPP. Under this system, the new affiliates who enter the SSP will be obligatorily assigned to the AFP that has won the 1 tender and must remain with this company for 24 months. In the period prior to the first tender, and with the objective of creating price competition among the AFP, an assignment process was created to grant the exclusive right to affiliate new workers during the period running from October 22 to January 23 to the AFP that offered the lowest commission scheme. As such, on September 13, 22, Prima AFP won the Assignment Tender, which made it the only AFP in the system that was authorized to capture new affiliates during the months of October, November, and December of the same year and January 23. On December 20, 22, the first tender of new affiliates to the SSP was held and was won by a new participant in the system. According to the norm, the workers who join the Private Pension System between February, 23 and January 31, 25 will affiliate to this new AFP in the Peruvian market. Nevertheless, the winning AFP is new to the system and needs time to implement its operations over the next few months. As such, the law stipulates that Prima AFP will continue to affiliate new contributors to the system until the new AFP is ready to begin operations. This will allow Prima AFP to temporarily continue to capture new affiliates, which will subsequently increase its client base. 2. Change in the scheme to charge management fees: The period to move from a scheme that calculates commissions based on flows to one based on balances has been set at 10 years to gradually align the interests of the AFP with those of their affiliates. At the end of December 22, Prima AFP presented its new commission scheme: Commission based on flow: 1.60% rate applied to the affiliates monthly remuneration. This commission is currently in effect. Mixed commission: composed of a flow-based commission of 1.51%, which is applied to the affiliates monthly remuneration, plus a commission of 1.90% a year, which is applied to the new balance generated after February 23 for new affiliates and April 23 for current clients. Current affiliates must choose between the flow-based commission and the mixed-commission scheme by March 31, (1)Unless: (i) this AFP's profitability is below the benchmark defined by SBS; (ii) the company declares insolvency, is dissolved, bankrupt or in the process of being liquidated; or (iii) another AFP offers a lower management fee.
8 Joint tender across the SPP for insurance for survivors, disability and burial costs. This collective policy will be awarded to the insurance company that presents the best economic proposal. A Zero Fund, or a Capital Protection Fund, will be created to ensure stable growth and low volatility. This fund will aim to maintain the value of the affiliates assets after the age of 65. Regulation for this initiative is still pending. Measures were established to expand coverage (pending regulation), such as: The obligatory affiliation to the pension system of self-employed workers under the age of 40. A Social Pension System will be created for workers and managers of micro businesses who are under the age of 40 and perceive monthly incomes up to 1.5 times the Minimum Wage. Under this system, workers will receive a 2 contribution from the State up to a set rate or for an amount equivalent to the affiliate s contributions. Change relative to employers, service management, changes to accounting rules (income deferral), and operating 3 processes at the AFP, among others. The aspects of the Reform that aim to expand coverage and ensure operating efficiencies are noteworthy and will transfer benefits to the company s different interest groups and help preserve the integrity of the Private Pension System. Other relevant events: In terms of investments of funds under management, the year 22 was marked by an improvement in the financial markets. The world s stock exchanges, and primarily those located in emerging countries, posted positive returns, which in turn improved the yields of funds under management. Peru, which boasts solid macroeconomic fundamentals as well as monetary and fiscal stability, was one of the region s top performers with regard to growth this year. This has generated an increase in investment flows; growth in consumer and business confidence; and a encouraging outlook for the years to come. Prima AFP strives to manage the risks that may affect the company s ability to meet its objectives. In 22, improvements were made in loan risk processes to control the counterparty risk to which funds under management may be exposed. We also implemented improvements in processes and methodologies for market risk, which ensures we have the necessary tools to take effective investment decisions. Finally, we continued our efforts to evaluate operating risks relative to critical processes in an environment marked by change and a need to adapt to new rules. In 22, Prima AFP was recertified by ISO 90:2008 for all of it processes (we achieved recertification for the ISO obtained in 2009, which expired in November 2009). This year, the System for Quality Management focused on analyzing our processes to clearly identify the scope, purpose and inter-relation between the same to draw up a process map that accurately represents internal operating. The progress that was made in terms of process knowledge and ordering helped guide the analysis of necessary changes in internal operations and provided important data for the ISO recertification process. This recertification is evidence of our on-going effort to continuously improve our System for Quality Management and satisfy our clients. 8 (2) The State will gradually contribute until it reaches the equivalent of 4% of the micro business employee s salary. The graduality of this rate, and the maximum period that set rate will reach the 4% top, has yet to be established. (3) The efficiency of operating processes refers to the centralization and possibility of outsourcing advisory and sales force services.
9 In 22, Prima AFP continued to lead the market in terms of SPP s main indicators, including: total funds under management, volume of contributions of new contributors and total value of the affiliates RAM (monthly remuneration base). Next, we present the results of the systems main indicators. The contribution level of Prima AFP s affiliates remained solid with an average adjusted contribution rate of 57.5% in January-October 22, which tops the 53.3% reported by the system, according to the information provided by the Superintendencia de Banca, Seguros y AFP (this indicator excludes affiliates that have not made contributions during their time in the SPP). In terms of obligatory collections amounts, Prima AFP once again took the lead in the SPP with a 32.8% share of total collections. This year, the collections volume increased 21.0% (measured in US Dollars). Fee income from funds under management depends on our affiliates remuneration levels. According to estimates based on our revenues and management fee, Prima AFP s remuneration base grew in 22. If we extend the analysis to include the SPP, we estimate that our market share for this indicator was around 32.4% at the end of 22. The funds under management at Prima AFP at the end of 22 totaled US$ 11,964 million, which represents 31.5% of the total amount managed by the SPP. In this context, Prima AFP currently boasts the highest level of funds under management in the system. The volume of voluntary contributions under management increased in 22 to close the year at US$ 98 million with a market share of 44.1% Prima AFP: Main indicators and market share Prima AFP 22 System 22 Share % 22 Prima AFP 21 System 21 Share % 21 Affiliates - Thousands (1) New Affliations - Thousands (2) Sales Force (1) Funds under Management - US$ millions (1) Collections - US$ millions (2) Voluntary Contributions - US$ millions RAM - US$ millions (3) 1,339 5, % 1,2 4, % % % 447 1, % 275 1, % 11,964 37, % 9,486 30, % 833 2, % 688 2, % % % 663 2,4 32.4% 535 1, % Source: Superintendencia de Banca, Seguros y AFP; SMV (1) At the end of the period (2) Accumulated to period (3) Monthly affiliate remuneration, income calculation base. Prima AFP estimates, based on average income over the past 4 months. 9
10 Commercial Results In 22, Prima AFP s commercial actions continued to focus on capturing new affiliates. This has led to more than 140 thousand new affiliations, which represents an increase of 63% YoY. It is important to note that Prima AFP, as the winner of the tender to assign affiliates, was the only AFP in the system that was authorized to capture new affiliates in the last quarter of the year. Sustained growth was evident in the total of the monthly insurable remuneration of our affiliates (RAM) in 22 and by year-end this indicator had increased 24.0% YoY. This growth was attributable to our solid client base, which continues to consolidate following the incorporation of new affiliates. All of this is unfolding in a framework of sustained economic growth, which generates jobs and improves salary levels. In terms of services in 22, Prima AFP offered its affiliates online conferences to provide them with timely information to resolve their doubts about the economic juncture, Prima AFP s investment strategy, and the profitability of its funds. Along the same lines, and with the objective of providing better service, Prima AFP installed modules for rapid customer service in its main agencies nationwide. This gives our affiliates and pensioners the opportunity to quickly and easily access their information in a completely safe and confidential manner. Our agency network includes 17 locations nationwide. At each of these locations, our team is prepared to provide our affiliates with the service they have come to expect. To develop a closer relationship with our affiliates, we have strengthened our presence in the social networks, and Facebook in particular, through Prima AFP and AFPconversa. The latter portal was created by Prima AFP to inform and educate affiliates and non-affiliates about the Private Pension System. This tool has become an additional channel for customer service, information and interaction with affiliates and non-affiliates. In this way, we are able to answer questions about Prima AFPand the SPP on a daily basis. Currently, we have 160,000 fans in our social network. Our objective is to provide better customer service and increase the population s knowledge and understanding of the SPP. Additionally, we provide our affiliates and their employers an online chat service to provide immediate answers to their questions. It is important to mention that Prima AFP schedules annual conferences for the employers of its affiliates to keep them abreast of changes relative to the SPP and provide information on the main issues that affect the system and human resource management. The objective is to ensure client fidelity and keep them informed and up-to-date. Additionally, the prestigious British publication World Finance, which specializes in economics, finance and business in the global ambit gave Prima AFP, for the third time consecutive, the World Finance Pension Funds Award 22 as the best AFP in Peru. Prima AFP obtained this prize due to its outstanding management of risks and investments, its dedication to customer service and its permanent efforts to keep its affiliates informed. Additionally, according to the results of the Annual Survey of Business Leadership conducted by Ipsos Apoyo Opinión y 4 Mercado, 45% of the executives surveyed believe that Prima AFP is the best AFP in the system, well above the average system. 10 (4) The universe considered is composed of the TOP 1,500 private companies that work in Peru. The sample is composed of 235 managers: 162 in Lima and 73 in the aforementioned cities. The study was conducted through personal interviews. The study s fieldwork was conducted between August 20th and October 12th of 22.
11 Investment Results As previously mentioned, the year 22 was marked by an improvement in the financial markets. 5 According to the MSCI indexes, the global stock exchanges grew 13.44% YoY. This growth was driven by the emerging markets, which reported profitability of 15.15%. The Peruvian stock market posted 5.94% profitability during 22, which is slightly higher than the figure of 5.43% posted by the Latin American stock exchanges. Considerable volatility was evident on the local scene due to the sovereign risk in Europe, weak economic recovery in the USA and a possible deceleration in Chinese production. The trajectory of the local stock market followed the evolution of the country s main metals including gold, copper, silver and zinc; all of these commodities posted positive returns in 22. The value of Prima AFP s funds under management increased 26.1% in 22 to total US$ 11,964 million at the end of the year. The profitability indicators for Prima AFP funds under management were positive. In the last 12 months (December 22 / December 21), the results were 12.0%, 12.4% and 11.5% for funds 1, 2 and 3, respectively. If we extend the period of evaluation to 6 years (December 22 / December 2006), Prima AFP s fund 2, which currently represents 66.0% of its total funds under management, reported an annualized nominal yield of 8.8% while SPP s average was 8.2%. It is important to note that Prima AFP s fund 2 was once again the system s top performer. 11 (5) MSCI: Morgan Stanley Capital International
12 Investment Results Prima AFP: Annualized nominal returns indicators Annualized results from investments Prima AFP System Fund 1 Profitability (1 year) Profitability (6 years) Fund 2 Profitability (1 year) Profitability (6 years) Fund 3 Profitability (1 year) Profitability (6 years) Dec % 12.4% 7.4% 7.5% 12.4% 11.8% 8.8% 8.2% 11.5% 10.6% 8.7% 9.0% Source: Superintendencia de Banca, Seguros y AFP. Due to market volatility, there were variations in 22 in the relative weight of each fund in the total portfolio managed by Prima AFP. In this context, fund 3 s share fell from 24.2% to situate at 23.4% at the end of 22; the majority of the affiliates who changed funds migrated to fund 1. Prima AFP: Managed portfolio to December 22 and 21 (US$ million) Dec-12 Share % Dec-11 Share % Fund 1 1, % 9 9.5% Fund 2 7, % 6, % Fund 3 2, % 2, % Total US$ millon 11, % 9, % Source: Superintendencia de Banca, Seguros y AFP. 12
13 Investment Results The investments that Prima AFP makes with its funds under management contribute significantly to national development. Our funds under management are invested in the country s main companies and are used for important development projects in the sectors of energy (electricity distribution, hydroenergy, and hyrdocarbons), transporation (road networks), telecommunications and the agriculture sector. At the end of December 22, more than US$ 1,000 million was invested in companies and infrastructure projects throughout the country. Below, we present the structure of each fund at the end of December 22 according to asset class: Prima AFP Found 1 structure by asset class, as of December 22 (%) 3.5% 6.3% 6.6% Long term fixed income Local equity revenues Short term fixed income Foreign equity income Operations in transit + Current account 18.6% 65% Prima AFP Found 2 structure by asset class, as of December 22 (%) 7.1% 1.7% Long term fixed income Local equity revenues Short term fixed income Foreign equity income Operations in transit + Current account 24% 50.3% 16.9% Prima AFP Found 3 structure by asset class, as of December 22 (%) Long term fixed income Local equity revenues Short term fixed income Foreign equity income Operations in transit + Current account 48.8% 2.1% 17.3% 3.3% 28.5% Source: Superintendencia de Banca, Seguros y AFP. 13
14 Financial Results In 22, Prima AFP reported fee income for US$ million and earnings of US$ 38.2 million. These figures were possible due to growth in our income base and strict control of operating expenses. Income Fee income was US$ million in 22, which represents a 12.2% increase with regard to 21. This growth was possible given our solid income base, which is composed of the total of all of our affiliates remunerations. Prima AFP s management fee is applied to remuneration base. New affiliates also boosted income this year. The income generated by these new captures, which were assigned to the company through the tender process, posted an increase that will be progressively evident in the months to come. Additionally, the 5% appreciation (approx.) in the local currency had an impact on income denominated in US Dollars. Administrative and sales expenses Expenses for personnel totaled US$ 35.1 million, which represents a 25.4% increase with regard to 21. This growth was primarily attributable to commercial efforts to capture new affiliates and changes in accounting to reflect the requirements of the Law to Reform the SPP. Administrative expenses, excluding personnel, totaled US$ 26.6 million, which represents a 2.5% decrease YoY. This figure included US$ 8.5 million for depreciation and amortization. This decrease is attributable to a decrease in amortization charges for intangibles linked to the acquisition of Unión Vida in In 22, this amortization was US$ 4.4 million. Other income and expenses At the end of 22, other income and expenses posted a result of -US$ 0.6 million, which represents a 64% increase with regard to the figure reported in 21 (-US$ 1.5 million). This result is due to the US$ 3.6 million in earnings that was generated by the sale of its main office site to Pacifico Vida in 22. General Balance Prima AFP reported a cash position of US$ 51.6 million at year-end. This level is associated with Prima AFP S move to sell real estate to Pacifico Vida for US$ 13.6 million as well as earnings generated by its business. A portion of these financial resources will be used to reduce the company s share capital, in accordance with measures that were approved at the General Shareholders Meeting in November 22. The temporary cash surpluses reported during the year were held in bank deposits. 14
15 Financial Results Legal reserves, which correspond to shares held in funds as a guarantee in the case of fluctuations in profitability with regard to the competition, increased in 22. At the end of the year, the asset level was situated at US$ 1.6 million whereas shareholders equity reported net unrealized gains for US$ 37.1 million. Prima AFP S financial debt matures in 26. In this regard, the company s payment schedule is in keeping with its objective to optimize the company s debt/capital structure. In the month of December 22, debt was assumed for US$ 2.1million to finance mid-term investments in software and fixed assets. At the end of December 22, Prima s bank debt totaled US$ 28.5 million, which is similar to the balance reported at the end of December 21. At year-end, Prima AFP reported an asset level of US$ million, liabilities for US$ million, and net shareholders equity of US$ million. Prima AFP: Main Financial Indicators (US$ thousands) 1/ Revenues General expenses Net earnings 117,157 1,380 (78,971) (71,984) 38,186 32,396 Total Assets Total Liabilities Net Equity 310, , ,713 92, , ,931 1/ IFRS 15
16 Legal and Shareholders Issues At the General Shareholders Meeting held on March 30, 22, a new Board was appointed. The delegates to the Board are: 1. Walter Bayly Llona, who was elected to serve as President on the Board Session held on March 30, Ruben Loaiza Negreiros 3. Alvaro Correa Malachowski 4. Gianfranco Ferrari de las Casas 5. Fernando Dasso Montero 6. Pedro Rubio Feijoo 7. Rodolfo Javier Otero Nosiglia In the Board Session on March 22, 22, Julissa Echecopar Yllanes was appointed to serve as Manager of Finance and Administration, replacing Sandra Holme Bowdin, who is moving on to new projects in Credicorp. On May, 22, Renzo Ricci Cocchella became General Manager of Prima AFP, replacing Ruben Loaiza Negreiros, who now sits on the Board as Vice President. Additionally, as of May, 22, Jaime Vargas Galdos was named Manager of the Commercial Division, replacing Renzo Ricci Cocchella. On November, 22, Claudia Noriega Pacora was appointed Manager of the Division of Risks, replacing Gonzalo Podestá Haustein, who will be working on new projects in Credicorp. At the General Shareholders Meeting held on November 05, 22, an agreement was reached to increase the number of board members from seven (7) to (8) and named Alfredo Thorne Vetter as an Independent Director. Additionally, at the General Shareholders Meeting held on November 05, 22, an agreement was reached to partially modify Prima AFP s statutes to reduce share capital by S/. 67,340,000 (which is equivalent to US$ 26.3 million) by returning the contributions of the shareholder Grupo Crédito S.A. through the amortization of 67,340 shares with a nominal value of S/. 1,000 each. Subsequently, the company s share capital fell from US$ 97.7 million to US$ 71.4 million. At the Board Meeting held on November 19, 22, Eduardo De la Piedra Higueras was named an independent director, replacing Rodolfo Javier Otero Nosiglia, who presented his resignation. 16
17 US$ millon In 22, Prima AFP reported fee income of US$ million and earnings of US$ 38.2 million (IFRS results), both result of growth in our income base and prudent expense controls. 17
18 Balance Sheet Assets Cash Legal reserves Fixed Assets Intangibles Goodwill Other assets Income tax differed (US$ thousands) (US$ thousands) 51,642 15,708 1,550 88,319 3,5 13,893 64,525 70,265 44,594 44,594 43,867 34, ,076 Total assets 310, ,242 Liabilities Deposits and obligations Bank debt Income tax differed 6 Other liabilities ,468 28,295 27,878 27,690 84,600 35,511 Total liabilities 141,713 92,311 Net equity Capital Legal reserves and others Unrealized earnings Cummulative results Annual results 71,433 97,707 8,517 5,7 37,108 25,970 13,863 16,842 38,186 32,396 Total net equity 169, ,931 Total liabilities and net equity 310, , (6) At the end of December 22, Prima's liabilities include a reduction in capital for US$ 26.3 million through a reimbursement of contributions to Grupo Credito, S.A. This payment was made in February 23.
19 Profit and Loss Statement Financial revenues Interests on bank deposits (US$ thousands) (US$ thousands) Financial expenses Interests on bank and correspondents' loans Net interest income Other income Fees Other income (1,714) (1,548) (1,714) (1,548) (746) (998) 118, , ,157 1, ,114 Operative expenses Personnel expenses Administrative expenses Depreciation and Amortization Other expenses (60,798) (56,799) (35,109) (28,008) (18,079) (18,152) (8,542) (9,147) 932 (1,492) Exchange rate translation result 153 (176) Income before income tax 56,733 47,521 Income tax (18,547) (15,125) Net Income 38,186 32,396 19
21 Board of Directors President Vice President Director Director Director Director Director Director Walter Bayly Llona Ruben Loaiza Negreiros Alvaro Correa Malachowski Fernando Dasso Montero Gianfranco Ferrari De Las Casas Pedro Rubio Feijoo Alfredo Thorne Vetter Eduardo De la Piedra Higueras Management General Manager Commercial Manager Investment Manager Risk Manager Finance and Administration Manager Operations Manager IT Manager Legal Manager Human Resources Manager Renzo Ricci Cocchella Jaime Vargas Galdos José Antonio Roca Voto-Bernales Claudia Noriega Pacora Julissa Echecopar Yllanes Julio Bravo Torrontegui Guillermo Beingolea Vingerhoets Claudia Subauste Uribe Carla Barrionuevo Gómez-Morón 21
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text:
Compact Homes Service Apartments Fortaleza
Call us 1800-300-2400-1 (Toll Free) and Get additional Discount upto 50% for this Hotel.
Rio Grande , flat no. 702, Fortaleza Complex, Opp. Gold Adlabs Big Cinema, Kalyaninagar , Kalyani Nagar, PUNE, MAHARASHTRA, India, Pin-411004
Per Room Per Night
Lowest Price Guarantee
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- About Hotel
- Reviews
Select Room
About Compact Homes Service Apartments Fortaleza
Within walk able distance of the mall and hospital, Compact home service apartment at Fortaleza in Pune has a prime location offering contemporary residences. The rooms are pleasantly furnished and equipped with modern facility for the convenience of its guests. The hotel provides airport transportation on a chargeable basis.
Checkin Time: 1200 pm
Checkout Time: 1200 pm
Hotel Information and Amenities
Read More....
Hotel Amenities
- Breakfast Services
- Travel Counter
- Parking
- Room Service
- Smoking Rooms
- Medical Services
- Suitable For Children
- Newspaper
- Internet Access
- Laundry Facilities
- Airport Transportation
- Microwave
- Telephone-Room
- "Bottle Opener
- Turndown Service
- Refrigerator-Room
- Rollaway Beds
- Temperature Control
- Wakeup-calls
- Attached Bathroom
- Internet Access-wireless
- Cookware/dishes
- Television-Room
- Premium TV Channels
- Separate Sitting Area
- Window Opens
- Kitchenette
- Microwave
- Smoking Rooms
Hotel Location

subset: commoncrawl


text:
Thank You for visiting us at EGX Rezzed London!
It was very exciting to watch you playing Hidden Deep. We gather a lot of important notices and conclusions from your feedback which are now processed. Also beacuse of that there is still no trailer - I will make trailer after adding another portion of polishing including your remarks.
About Hidden Deep
Hidden Deep is 2D action & exploration sci-fi thriller game (for PC) where you command group of explorers deep under the ocean floor to find out what happened to previous expedition to which contact has been lost. As they go deeper and deeper, they discover strange structures and deadly unknown organisms.
Immersive sci-fi story
which pays tribute to many 80's and 90's classic movies and games
(like Aliens, The Thing, Another World, Flashback etc)
Uniquely (among 2d games) rich and realistic characters movement
(motion capture based but still pure 2d) including rag-doll
Physics simulation and destructible terrain
(your men are equipped with heavy machinery like tunnel-boring machines, bridge builders and many more)
Coordinate your men tasks.
You will have to give orders to make things simultaneusly.
You can control character directly or give him orders.
Run, jump, climb, crawl, swim, dive...
advanced personal winch
to go up and down vertical tunnels.
Use various machines
to bore tunnels, build bridges, lift things, etc.
encounters with unknown alien organisms.
Use flying
to scan unexplored and unreachable areas.
to search for hidden chambers and tunnels.
Once found you can bore tunnel to reach the area.
Do many other things...
Planned release date is Q4 2017 / Q1 2018 for PC
Next platforms will be Mac and Linux
© 2017
Cogwheel Software
| contact:


text: NEW YORK ( TheStreet) -- U.S. stocks were weak again Wednesday as investors digested the minutes of the Federal Reserve's most recent policy meeting. The Dow Jones Industrial Average lost 49 points, or 0.39%, to 12,604.54. The blue-chip index has now fallen in five straight sessions, surrendering 2.6% over that stretch. Breadth within the Dow, which is still up 3.2% so far in 2012 as of Wednesday's close, was negative with 21 of the 30 components posting losses. The biggest percentage decliners were Boeing ( BA) and United Technologies ( UTX). Shares of Boeing declined 2.32% to $71.52. The stock has fallen 2.49% year-to-date. United Technologies shares lost 2.21% to $72.51. The stock has ticked down 58 cents, or 0.79%, year to date. -- Written by Alexandra Zendrian in New York. >To contact the writer of this article, click here: Alexandra Zendrian >To submit a news tip, send an email to: email@example.com. >To follow the writer on Twitter, go to Alexandra Zendrian.


text:
San Marcos Chest
Available After September 30, 2017
107 cm W x 51 cm D x 148 cm H
Measurements42" W x 20" D x 58" H
107 cm W x 51 cm D x 148 cm H
200 lbs
90.7 kg
- 5 storage drawers
- Reeded moldings
- Traditional/classic style
- Felt-lined drawer(s)
- Bun feet
- Full extension drawers
- Cedar-lined bottom drawer
- Decorative carvings
- Metal and crystal drawer pulls
- Antique
- Cream
- Cedar lined
- Ash burl veneers
- Rubberwood solids
- Primavera veneers
There is something romantic about the classic San Marcos Chest. Antique silver finish with primavera and ash burl veneers for an overall distinctive look. Reeded moldings and decorative carvings bring out five full extension drawers with gorgeous interiors and beautiful crystal/metal knobs. The top drawer is felt-lined, and the bottom drawer features cedar to protect your treasures from humidity.
On Display at Your Local Store
Coconut Creek Boulevard5855 Lyons Rd
Coconut Creek, FL 33073(954) 428-7177
Cutler Bay Boulevard19250 S Dixie Hwy
Cutler Bay, FL 33157(305) 474-5319
Fort Myers Boulevard4429 Cleveland Avenue
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Hialeah Boulevard1940 W. 49th Street (103rd St.)
Hialeah, FL 33012(305) 827-2233
Kendall Boulevard13755 North Kendall Drive
Miami, FL 33186(305) 752-3720
Miami Airport Boulevard1260 N.W. 72nd Avenue
Miami, FL 33126(305) 592-1121
Pembroke Pines Boulevard12201 Pines Blvd
Pembroke Pines, FL 33026(954) 436-7900
Wellington Boulevard160 South State Road 7
Wellington, FL 33414(561) 422-1922
Plantation Store400 S. University Drive
Plantation, FL 33324(954) 472-3200
West Palm Beach Boulevard1901 Okeechobee Blvd
West Palm Beach, FL 33409(561) 478-7807
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text:
Charlotte Hornets 3M Reflective Logo Snapback Cap by MITCHELL & NESS x NBA
Posted by Chip, June 24th, 2015 11:06 am under Mitchell & Ness, NBA, Snapback
Posted by Chip, June 24th, 2015 11:06 am under Mitchell & Ness, NBA, Snapback
The first year as the Charlotte Hornets didn't really go as planned after a great run towards the Playoffs in their last year as the Charlotte Bobcats. The Hornets made moves in the offseason a year ago which saw them bring in some good talent, but didn't really result into positive outputs throughout the season. They have also traded Lance Stephenson to the Los Angeles Clippers after a disappointing season and in exchange picked up Matt Barnes and Spencer Hawes – who were also both not enough in the Clippers run in the postseason. MITCHELL & NESS presents this Charlotte Hornets 3M Reflective Logo in a Purple colored crown and Teal brim. The Hornets logo is embroidered with a Black outline and is filled in with a 3M Reflective material finish. This cap is already up and ready for purchase over here www.store.amazingstore.jp.


text:
|Reviews for Alternate Blood Drive Episode 5
| CarvieCamfia chapter 2 . 5/28/2013
update plz
| Bonnie chapter 2 . 10/11/2012
The blood bank nurses are vampires-brilliant! Savannah has special blood-intriguing. Will Sarah conquer her junk food habit? Will Rory and Izzy find love? Waiting for more!
| Codex chapter 2 . 10/7/2012
Awesomeness, post new stories soon
| Lord12145 chapter 2 . 10/6/2012
I fill your pain come on we need a season 3 and amazing stories I love all of them from the begging to this one keep it up ethanxerica all the way.
| Guest chapter 2 . 10/6/2012
| TeamEthanMorgan chapter 2 . 10/6/2012
I can't wait for the next alternate story. :)
| Codex chapter 1 . 9/18/2012
Thank you, love your stories
| Bonnie chapter 1 . 9/18/2012
I like the humorous dialogue in this episode. The joke about the Biggest Loser was funny. Very creative having vampires volunteer at a blood drive. Sarah trying to overcome the craving for blood with potato chips is clever.
| ddk chapter 1 . 9/17/2012
awesome story
please update
| TeamEthanMorgan chapter 1 . 9/15/2012
Update soon! I loved this chapter... as usual. :)
| fiftyshadesofanimetrash chapter 1 . 9/15/2012
Ah, loved it!
I love how you switched the characters around, but I notice you're very exact with the lines and stuff and plot of the show. That's my opinion though. Maybe change what's going on a little bit?
I love it though! :) Just a suggestion that will make this Alternative Version of Blood Drive even better!
| emalmighty chapter 1 . 9/15/2012
where's Savannah? She's not in this chapter that much.


text: We stayed her for 2 nights, the room were very clean with comfy beds and a big pull out bed for my 4 year old. Breakfast was lovely something for everyone and was not rushed out when closing! The pool was nice and didn't close until 11pm week day and 8pm weekends all lighting was dimmed so really relaxing. The... More


text:
Saturday, March 31, 2007
Going Home, the Black and White Version
Going Home, Back through Jefferson, I-5 North
This beautiful thistle-pink shrub was in bloom everywhere, especially in the late morning light (I'd love to know what it is?) Every pine needle shone in the sunlight.
Mount Shasta, with fresh snow. And I caught an I-5 sign(inadvertantly!)
My favorite shot of Mount Shasta...there were some low clouds that ruffled around the base. I enjoyed watching the mountain and clouds change in their balance of light and shadows as my perspective traveled north.
Roadside metal art, a bull--oops it has an udder, so I mean a cow, and a dragon. In my hometown(McMinnville) we have an artist that makes enormous sculptures just like this, amazing horses in all poses, cowboys on horses, mammoths, giant roosters...
Thursday, March 29, 2007
Escape From LA
Wyldthang's LALA Experience
Silly Oregonians, thinking it would be smooth sailing on the 405 on a Saturday afternoon!
I found some chainsaw art! Wished I could have taken them all home to stash in my woods.
Here's what a 60$ tent site looks like in Huntington Beach. Notice we are the only ones in a tent site, with an actual 30$ walmart tent. Notice our van is the oldest vehicle in the park, by at least 10 years. At least there wasn't any gum on the ground. And no bedbugs.
Sunset on the pier at Huntington Beach. Wild fractious paintball going on to the left.
Wednesday, March 28, 2007
Spring Break, Jefferson State, I-5 south
Had fun testing the camera(NikonD40) at 65(well sometimes 75)mph. I used the "little running man" setting. Found I had to roll down the window--the camera sometimes had trouble focusing between the distant landscape and the smudged or glare-y windows. These three shots are of the west side of I-5. Cattle country, No-Man's Land. Just the way I like it. The Pacific Crest Trail passes through those hills. Someday...someday...
Monday, March 26, 2007
Gone for Spring Break
Saturday, March 17, 2007
Green and White for St Patrick
Friday, March 16, 2007
Indian Plum
The blossoms of Indian Plum, according to the field guide, smell like "a cross between watermelon rind and cat pee"; mine smell like grass--that a cat indeed did pee on. The "plums" are miniature, about 1cm. Supposedly they are sweet when ripe, but the birds love them too, so good luck finding a ripe one. An older name is Osoberry. The native americans ate them raw and cooked, and made a dish for feasts mixing the plums with oolichan(a small fish)grease.
Every year I watch for the Indian Plum. Its new leaves sit upright and are shaped like candle flames, and do indeed glow in the bright sun that comes through the leafless trees. The blossoms are a happy beginning to the long line of wildflowers soon to come. The Indian Plum does seem to transplant well, and grow tall pretty fast if they're in the right spot.
Sunday, March 11, 2007
Stump Homes
"A fiddle, a bicycle and thee..." how much fits in a stump house? The small print says this house was 8x10 inside.
Thursday, March 8, 2007
My home is an a-frame, unobtrusive, just big enough for my family, with all outdoors around us to live in. I have learned a lot about myself living here, who I really am, what makes me tick. I am really myself here, and I'm thankful for that gift, something I'll carry no matter where I may have to live in the future. It seems the big picture of all life comes into its proper perspective here. I can hear myself think(or not think, just be...).
Wednesday, March 7, 2007
Two Moons
As the Budding Moon flies
through a cold starfull sky
newts slumber beneath moss
blankets, dreaming
of Spring.
Oaks tower, quiver
in the waning persistance
of the north wind, the earth
swells and heaves, rolls
over restless, waiting
for the Leafing Moon.
Soon. Spring
waits to exhale.
(top photo, noonday moonrise; bottom photo, early morning moonset)
Friday, March 2, 2007
Colors of the Ohanapecosh River Water
Every morning my sister and I would get up about 6am and walk around all the campground loops, savoring the quiet new morning. One morning the water was this beautiful turquoise blue. I wish I knew what caused it. Something happened upstream, or upglacier maybe? (Growing up I remember a similar paler blue in the rivers after a heavy snowmelt). A few hours later the water was back to its more transparent teal color. Of course it was utterly beautiful in real life!
This is a pool we found by taking a deer trail off the main trail. The water was a very intense emerald green(this photo was scanned and didn't translate well). Out of the many pools we saw, only this one had this green. I wish I knew what combination of light and reflection makes this green!
This photo shows how crystal clear the water is, in reality! You can also see the rainbow colors of the rocks, and the pretty ribbons of sunlight and shadow dancing across them.
And here is the deep turquoise/teal blue around the granite boulders.
Mount Rainier Journal: Hike on Chinook Creek/Ohanapecosh River, August 2005
(Hike, Deer Creek to Ohanapecosh River/CG--about 6 miles to the Grove of the Patriarchs, then 2 miles to Ohanapecosh Campground, gradual downhill, mileage is a guesstimate. )
Right from the roadside trailhead, I am swallowed up by the forest as I make a steep descent into the canyon to the confluence of Deer Creek, Needle Creek and Chinook Creek, and continuing along Cedar Creek. Falling water chases itself down canyon around and over and through a gully of tumbled granite boulders. The water is so clear I can see the fish, the fish see me and flick away. The air above is thick with the green of hemlock, cedar and fir. Rattlesnake plantain is blooming, its tiny pale ½" blooms perfect miniatures of tropical orchids. The trail through the forest is softened by the duff of fallen needles and squirrel middens of dissected fir cones are left in the trail undisturbed--not many feet pass here. Large granite boulders lie submerged in the hillside. Red and blue huckleberries are everywhere, perfectly ripe.
If I pay attention well enough, I can find small side paths or deer trails that lead to pools or waterfalls that I would never see or know were there if I kept to the main trail. I could spend all day following this river with my camera. One path leads to a clear deep pool under a waterfall, with pebble shallows as the river flows on. I wish I could swim like a fish, circling the pool, breathing that beautiful water. Looking up from the pool I can see what lies beneath the forest floor in the cliff wall around me, cedar trees wrap their roots round cracking granite, forcing the fingers into the rock, prying it apart.
The trail crosses many tributary creeks, each one unique in its beauty, speed and music. I come to the confluence of the Ohanapecosh River and Cedar Creek, a loud crash of water shooting over big boulders. The bridge is just scary enough over the river--one handrail is missing, with a 30 foot drop to the river below. It's a great spot for lunch, dangling the feet over the wild torrent that thunders by at tons per second in an extravagance of clear water.
As I keep on, the trees are getting taller, wider. I'm getting thirstier and the huckleberries are just right, popping with a rush to match the river. The trees are now giants. Their wide trunks bend and reflect sound, concealing and revealing the roar and rumble of the river. The trees are so big and old and full of experience they somehow express a being-ness, an individual life lived in this forest left alone in peace.
The trail angles up the hillside away from the river. Water sounds fade away as the river flattens out and slows in the widening valley floor. I hear more birds, sparrow calls, an unfamiliar song. I hear my own footsteps, my heart beat. Wood sorrel, vanilla leaf, pipsissewa, wintermint, coltsfoot, devil's club, Oregon grape, salal--all old friends. I run my fingers through the licorice-stalked deer ferns. Bunchberries glow with their late summer crown of six neon orange berries. The afternoon wind stirs in the treetops, high and fine through the billions of needles on the huge firs and feathery cedars.
The river sounds return as I round an outcrop of granite with a surprise of a long vista to the far hills. The trail drops down through a tangle of vine maples and alders and the smells of wet and decay and nettles. I'm back on the river flowing wide and slow over a cobbled beach. A suspension bridge sways overhead. The Grove of the Patriarchs waits on the other side, and I'm back in the tourist realm.
(I have more river pix to post tomorrow--Good Night!)


text:
Product code: 19109
Despatched in 1-3 days.
YOGI TEA® Fennel with Rose is created using the hearty yellow-flowering fennel. This unique blend combines this traditional European herb with a base of YOGI TEA® spices and an added touch of rose petals that uplift and enrich our Fennel with Rose for an even fresher and sweeter flavor. Truly making each cup of tea uniquely refreshing uplifting like a spring day.
Fennel (74%), cardamom, anise, lemon myrtle, cinnamon, ginger, black pepper, cocoa shells, natural flavour, rose petals (1%), cloves
Pour 250 ml of freshly boiled water over the teabag.Allow to infuse for 5 to 6 minutes - or longer for a stronger flavour.
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text:
Independent advice on private healthcare
- Home
- Health Insurance
- Life insurance
- Life insurance guide
- What's in the small print?
What's in the small print?
What's in the small print?
What's in the small print?
A life insurance policy pays out when you die. That's quite simple. It does not always guarantee a pay out.
You must read the small print. The only way to get real peace of mind is to read and understand every sentence in the policy.
Do not skip this chore as it may stop you pay out thousands of pounds for a worthless policy. Every claim turned down is in some way due to "the small print "
If you do not read the small print it is as much your fault as theirs if a claim is denied. As you will not be around to argue about what the salesman said to you, you owe it to your family to do this.
Just to confuse you, insurers use different terminology.
Read the small print. If you don't understand what something means or the affect that it might have on you, then give the insurer a call and don't let them go until they've explained it to you. If they say ' that will be sorted out when you claim' - that may be OK on car insurance, but on life cover you will not be there to argue the point about what you thought the policy was going to cover.
If you are not satisfied with the answers- go elsewhere.
Latest news
|FREE Guide
|FREE Guide
Life insurance guide
- How to choose the right plan
- Types of policy
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text:
Stayed 5 nights in this hotel.Room is ok and staff are helpful and polite.Shuttle bus is provided 1/2hrly to and from hong kong MTR station.Its quite punctual so make sure you're on time if you dont want to miss it.Board the shuttle at L2 Hong Kong MTR. Drop off is at level G.
If you're going to central station, you can just walk there frm HK station. Just follow signboard towards Island line ( blue color).
Tips for transport:
If you miss the hotel shuttle and want to go to central, take the local bus ( cheaper than taxi, and besides, taxi queue is long at the hotel). Go to P1 (side entrance of hotel) and turn right. Just a few metres away is a bus stop and some of the buses go to admiralty station or central station. The bus routes are displayed at the stop. U can also take a taxi frm here.(beats the long queue at the hotel!).
If you like to go shopping at outlet stores ( prada, max mara, hugo boss etc), head for south horizon (prada) and horizon plaza ( other outlets) situated at ap lei estates ( which is pretty near the hotel). From hotel side entrance at P1, turn left and walk towards the academy of medicine until you reach an overhead bridge(1- 2 min walk). Take the bridge and cross over the other side. There's a bus stop there( or u can also take a taxi from here {costs about 32HKD to horizon plaza}..).Take bus 590 to south horizon (prada outlet). To go to horizon plaza, if you're exiting prada, turn right and another right at the corner. Walk till u reach jusco living building. Cross the road and take the free shuttle to horizon plaza.
- Official Description (provided by the hotel):
- Uniquely located in the southern district of Hong Kong Island, the contemporary L'hotel Island South is the development of the Chinachem Group. This 37-storey hotel offers 432 spacious and design-led guestrooms and suites that are redefining conventional notions of comfort and style. As a convenience for today's global travelers, L'hotel Island South provides complimentary Wi-Fi internet connection and an array of other advanced technologies, plus superb meeting and banquet venues, a gymnasium and an outdoor pool that offer green vistas, and comprehensive business support. Complementing all of these is an eco-friendly attitude as well as a smart casual service style from our friendly and highly dynamic hotel crew. Whether for business or leisure, guests also enjoy quick and easy access to the territory's prime business, shopping, dining and entertainment hubs as well as a host of nice beaches, nature parks, plus heritage and cultural trails along the southern end of Hong Kong Island. ... more less
- Reservation Options:
- TripAdvisor is proud to partner with Booking.com, Ctrip TA, Hotels.com, Priceline, Agoda, Expedia, TripOnline SA, Travelocity, Hotwire, Cancelon and HotelQuickly so you can book your L'hotel Island South reservations with confidence. We help millions of travelers each month to find the perfect hotel for both vacation and business trips, always with the best discounts and special offers.
- Also Known As:
- l`Hotel Island South Hotel Hong Kong
- L'Hotel Island South Hong Kong


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by Amanda Froelich, True Activist:
In an unsuspecting location exists the world's largest survival community, where doomsday preppers can invest in an eco-friendly bunker for just $25,000.
In one of the most unassuming locations exists the world's largest survival community, complete with 575 off-grid doomsday bunkers. Near the southern edge of Edgemont, South Dakota (population 740), the Vivos xPoint community can be found.
Survivalists who wish to prepare for the worst can lease an off-grid bunker in a high-security area for $25,000. Additionally, there is a $1,000 per year ground lease that extends for 99 years.
The survival community was once an Army depot that used to store ammunition and bombs from 1942 to 1967. Now, it exists as a potential refuge located about 100 miles from the "nearest known military nuclear targets." In the case of WWIII, a zombie apocalypse, or (more likely) an economic collapse, at least 5,000 people can find security while the world falls apart. According to Vivos, each bunker can endure a 500,000-pound internal blast – just to be safe.
Each bunker, which is approximately 1,800 to 2,400 square feet, is covered by a berm. Inside, residents will find life-sustaining resources, including water which can be acquired via two wells and is stored in reinforced concrete tanks.
The company claims 10 to 20 people can subsist in a bunker for an entire year. And, those who lease a spot in the community can hire a contractor to outfit the shelter however they please. Additionally, Vivos sells a turnkey shelter.
Tenants of a bunker can choose geothermal heating, solar or wind to provide backup power for a generator, or even a nuclear, biological and chemical (NBC) air filtration system, reports Inhabitat. As the potential for "SHTF" increases, Vivos intends to install a general store, shooting range, hydroponic gardens, horse stables, medical clinic, classroom, and a members-only restaurant. Of course, other planned amenities will likely also be included.
Please follow SGT Report on Twitter & help share the message.


text:
Knock Off | 1998
Jump to
A S A Pacific
Ansom Lam Tsz Him
B P International House
Marcus Ray lives the good life in Hong Kong working as a sales representative for V SIX Jeans. As the drama and pageantry of the 1997 handover of Hong Kong from British to Chinese rule unfolds, Ray gets wind of a terrifying conspiracy--a Russian Mafia scheme to bring a deadly secret technology--microbombs--to the worldwide terrorist black market. Aware of the devastation an act like this might cause, special security police for the handover, Ling Ho and Lieutenant Han, do their best to keep a lid on any potential national disasters. Meanwhile, Karen Leigh, executive vice president of international sales at V SIX Jeans, learns that the jeans are being copied into cheap knock offs. Leigh immediately suspects Ray and his fellow V SIX rep, undercover CIA agent Tommy Hendricks are behind the racket. Leigh, an undercover CIA agent herself, Ray and Hendricks are equally shocked to learn the ugly truth--the microbombs are actually being planted in the bootleg jeans...