CORPORATE OVERVIEW Optimization in the Management of Assets, Investments, and Strategic Real Estate Restructurings CORPORATE OVERVIEW VISION To work in partnership with shareholders and management to define and execute feasible solutions for complex problems in the real estate sector. VALUES • Communication. • Objectivity. • Partnership. • Perseverance. • Alignment of Interests. • Confidentiality. CORPORATE OVERVIEW COMPLEX PROBLEMS REQUIRE TARGETED SOLUTIONS PROBLEM POTENTIAL SOLUTIONS • Asset Level • Entitlement/planning • Construction • Operations • Asset Level • Negotiation at the local level • Budgeting and timeline implementation • Proactive cash ﬂow management • Capital Structure • Overleveraged • Pending Maturity • Lack of liquidity • Capital Structure • Reﬁnancing of debt • Restructuring of investment vehicle • Sale and/or recapitalization • Crisis Management • Lack of capacity • No local perspective • Over-invested • Crisis Management • Provide additional set of hands • Impart local knowledge • Offer fresh third party opinion • Investment Management • Proﬁtability • Trust • Adjustment investment needs • Investment Management • Good opportunities according risk proﬁle • Alignment of interests • Diversification CORPORATE OVERVIEW GLOBAL APPROACH BALANCE SHEET ASSETS LIABILITIES ASSET MANAGEMENT FIXED Assets Equity LONG TERM Liabilities WORKING INVESTMENT MANAGEMENT FINANCIAL ADVISE CAPITAL CASH MANAGEMENT INCOME ESTATEMENT + Sales - Cost of Sales = Gross Margin - Overhead = EBIDTA CRISIS MANAGEMENT CORPORATE OVERVIEW ASSET MANAGEMENT • Focused on real estate or portfolio speciﬁc issues. • Work with ownership to maximize value at the asset or portfolio level. • Speciﬁc initiatives may include: • Restarting the entitlement process including negotiation with local ofﬁcials. • Completing physical development of an asset. • Implementing operating plan that incorporates best practices. • Initiating and managing the sale of an asset. • Selection and coordination of local third parties including lawyers, architects, engineers, etc. • Interact and interpret action of local government. CORPORATE OVERVIEW ASSET ANALYSIS ACTION PLAN MANAGEMENT GOAL DEFINITION S N LA D RESORTS NIE S IONS ASSETS CO OT H M RIG PA G M N TS BUI LD I DEVELOPMENT PLAN PR O CORPORATE OVERVIEW FINANCIAL MANAGEMENT • Focused on issues related to cash management and equity and debt ﬁnancing. • Work with management to optimize cash ﬂow and/or the capital structure. • Speciﬁc initiatives may include: • Implementing a cash management plan • Analysis and optimization of current capital structure • Review of alternative investment vehicles • Preparation for a reﬁnancing • Leveraging existing banking relationships for new ﬁnancings • Introduction to prospective international investors including hedge funds, real estate private equity funds and high net worth individuals. Cash Flow Analysis at short/medium term Optimization in the Income management Measures of expenses control to adopt Analysis terms of the existing debt DEBT RENEGOTIATION Measures of investment control to adopt Practical Business Plan at short/medium term Raise new Equity Sale of nonoperative/operative asset CORPORATE OVERVIEW CRISIS MANAGEMENT • Focused on time-sensitive issues related to corporate operations and overall strategy. • Work with management to maximize results and stabilize a challenging situation. • Speciﬁc initiatives may include: • Leverage existing third party relationships for timely risk analysis. • Development of short term action plan to minimize risk. • Provide objective third party opinion in high pressure environment. • Develop a reﬁnancing plan. • Provide local perspective of real vs perceived risk. • Strategic plan for dealing with third parties including lenders and creditors. • Work with management to develop a business plan that ensures the continuity of the company. • Prepare for bankruptcy if that is the best alternative. CORPORATE OVERVIEW INVESTMENT MANAGEMENT • Search for Investment Opportunities according to the deﬁned Risk Proﬁle. • Detailed Analysis and Structuring of the Investment. • Speciﬁc initiatives may include: • Analysis of the Market looking for Opportunities. • Suitability of Product to the Investor Proﬁle. • Preparation of detailed Business Plan. • Structuring the business from a tax and mercantile point of view. • Negotiation and Acquisition of Assets. • Search and Negotiation of Financing. • Asset Management. • Reporting and Management Control of the Opportunity. • Implementation of Exit Strategies. CORPORATE OVERVIEW LOCAL PERSPECTIVE • Spanish real estate requires a very local approach. • Specialization that involves the identification of the best professionals for each situation. • Impulse can provide access to existing relationships with leading professionals such as: • Legal counsel (City-planning, Bankruptcy, Mercantile and Tax). • Technical consultants / project management. • Appraisers. • Accounting/Administration. • Construction. CORPORATE OVERVIEW BACKGROUND Jesús Abellán • Former CEO and Chief Financial Officer of MedGroup, a leading manager and developer of hospitality and residential real estate projects in Spain. • As Managing Director, led MedGroup through two years of extremely challenging operating environment which required the refinancing of the majority of the Company’s capital structure and the bankruptcy filing of multiple subsidiaries. • 12 years as member of MedGroup’s executive management team with specific responsibility for all parts of the development process including entitlement, project management, operations and financing. • MedGroup partners included Soros Real Estate Investors, Perry Capital, Citi Property Investors and other Spanish and International investors. • Prior to Medgroup, Chief Financial Officer of Cilsa, manager of the Logistics Activities Centre in the Port of Barcelona ESADE undergraduate and MBA.
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