ANNUALREPORT2019
A5
M40
M30
A1
A2
A3
A4
NUMBER OF ASSETS BY AREA OF MADRID
KEY OPERATING DATA
KEY FINANCIAL DATA
N
The image on the cover is of the ARQBÓREA building.
3
3
10
Gmp AT A GLANCE
CBD / City Centre
M-30
North Madrid
Number of assets
Number of office buildings
Total revenues
Net debt
Occupancy at end of
2019
Gross leasable area
above ground
EBITDA
LTV
Number of clients
Parking spaces
GAV
EPRA NAV
Buildable area for future
developments
16 / 26
€116m
€789m
345,565 sq m
€65.3m
34,7%
5,414
€2,283m
€1,511m
97% 188 50,928 sq m
MESSAGE FROM THE CHAIRMAN 01
3AUDIT REPORT AND FINANCIAL STATEMENTS
5
6
I N D E X
1.1. Milestones
1.2. Key data
KEY ASPECTS OF 2019
2.1. Mission, vision and core values
2.2. Business areas: strategy and business model
2.2.1. Core business: property-owning business
2.2.2. Other businesses: residential tourism development
2.3. Financial structure
2.4. Company structure
2.5. Shareholders
2.6. Corporate governance
2.6.1. Board of Directors
2.6.2. Consultative committees
2.6.3. Management Team
2.7. Ethics and compliance
2.7.1. Ethics at Gmp
2.7.2. Regulatory compliance
2 THE COMPANY
4.1 Description
4.2 Office buildings
4.3 Land portfolio
4.4 Las Colinas Golf & Country Club
4 COMPANY PORTFOLIO
3.1. Consolidated figures
3.1.1. Income statement
3.1.2. Valuation of portfolio
3.2. Core business: property-owning business
3.2.1. Description of client portfolio
3.2.2. Occupancy
3.2.3. Average rental revenue
3.2.4. Projects/Investments
3.2.5. EPRA ratios
3.3. Other business: residential tourism development
BUSINESS EVOLUTION OVER THE FINANCIAL YEAR
CORPORATE SOCIALRESPONSIBILITY 5.1 Innovation from sustainability
5.1.1 Corporate Social Responsibility
5.1.2 Innovation
5.1.3 Transparency and communication
5.2 Client and user experience
5.2.1 Customer and user satisfaction
5.2.2 Health, safety and wellbeing of tenants
5.3. Our talent
5.3.1 Human team
5.3.2 Training and team development
5.3.3 Employee satisfaction
5.3.4 Team health and safety
5.4. Environmental protection
5.4.1 Climate change and energy efficiency
5.4.2 Circular economy
5.5. Community engagement
5.5.1 Responsible supply chain management
5.5.2 Social Action
5.6. COVID-19
5.7. About this report
Index EPRA contents
Index GRI and EPRA contents
6
154
10
1215
16
62
64
65
99
100
44
102
104
104
105
109
113
113
115
116
116
119
122
123
125
126
130
133
134
135
139
141
142
147
19
20
20
25
29
32
33
34
37
38
38
41
41
42
47
47
48
50
50
52
54
55
56
61
MESSAGE FROM THE CHAIRMANFrancisco Montoro AlemánChairman - CEO
MESSAGE FROM THE CHAIRMAN ANNUAL REPORT 2019
6 7
Dear shareholders, clients and collaborators,
It is a pleasure to be addressing you for another year, on
this occasion, to share the highlights of Gmp’s business
in 2019 and its outlook for the future.
In the current context of the health crisis generated by
the global coronavirus pandemic, my first message is to
wish you well or a speedy recovery, if you or your loved
ones are affected by COVID-19. Later, I will refer to the
potential impact of this crisis on Gmp.
Last year was a milestone in the history of the Company,
as we celebrated our 40th anniversary. It fills all of us at
Gmp with pride and satisfaction to celebrate 40 years
of business operations and, for this reason, I would like
to express our appreciation for the founder of the Com-
pany, Francisco Montoro Muñoz. His pioneering focus
at the end of the 1970s on property-owning real estate
business, specialising in the office segment and centred
on delivering quality and customer service, set us firmly
on the course we have followed up to the present day.
In recent years, many other companies have adopted
the REIT regime, with a property-owning business model
too, but in Spain back in the early 1980s, this vision was
disruptive and laid the foundations for Gmp to become
one of the leading real estate companies in Spain in the
office sector.
2019 has been another positive year for our Company,
with a consolidated net profit that almost reached
€200m, 7% above the figure for 2018.
"2019 was a milestone in Gmp’s history, as the Company celebrated its 40th anniversary. Our pioneering focus on a property-owning real es-tate model, specialising in the office segment and centred on delivering quality, has marked the course we have followed up to the present day."
"Gmp has started a new strategic plan for the period 2019-2023 that bets on sustainable management and differentiation in the market through our people-centred focus."
Income from the Company’s property owning business
accounted for 83% of the total, with a year-on-year in-
crease of 2%, up to €96.5 m. In parallel, EBITDA rose
to €62m, nearly 4% higher than in 2018. These results
are particularly positive given that income dropped du-
ring the year due to the sale of the Llano Castellano
51 and Barajas 1 buildings, combined with the termi-
nation of the Vodafone contract at the Castellana Nor-
te business park. This fall in turnover has been offset
by intense commercial activity over the financial year,
which has achieved high levels of renewals and new
rental contracts covering 57,000 m² and 34,500 m²
respectively. This has enabled us to close 2019 with an
occupancy rate of 97% and average expiry date for lea-
sing contracts of 4.2 years. Among the new operations,
commercialising the 19,300 m² at the iconic building
Castellana 81 should be highlighted, which finished the
year with only 7% of the surface area available, and the
culmination of the commercialisation of Oxxeo, Gmp’s
latest development at Las Tablas, which reached 100%
occupancy and has garnered a number of awards for its
innovative architectural concept.
Despite the favourable evolution of the Company’s core
business, the Group’s revenues and EBITDA recorded
year-on-year decreases of 7% and 10%, down to €116m
and €65m respectively. This is due to the impact of the
residential tourism development located to the south of
Alicante, where income and EBITDA fell from record
highs of €29m and €13m in 2018, to €18m and €4m
in 2019.
The key reasons for this drop was the slowdown in the
administrative procedures for properties on sale and the
delay for a deferred payment on land operations with
developers, which has materialised in 2020. Added to
this, the adverse weather conditions at different points of
the year, particularly in September when the area was hit
by a devastating storm, leading to the closure of the golf
course, had a negative impact on results for the course
and also for restaurant and accommodation business at
the resort. It should be highlighted that Las Colinas Golf
& Country Club won international recognition in 2019, in
both the World Travel Awards and the European Property
Awards.
After successfully completing our 2014-2018 strategic
plan, Gmp has started rolling out a new plan for the pe-
riod 2019-2023. It aims to strengthen competitiveness
of the Company as a leading property-owning real esta-
te player in the high-end office sector in Madrid, betting
on sustainable management based on optimisation of its
portfolio and its capital structure, together with differen-
tiation in the market through our people-centred focus.
As regards optimisation of the portfolio, the plan encom-
passes an ambitious CAPEX programme, rotation of ma-
ture or non-strategic assets and selective investment in
value added buildings and developments.
The CAPEX programme began to be implemented in
2019, with actions dedicated to improving accessibility,
facilities and energy efficiency at our buildings, as well
as equipping them with valued added services and spa-
ces for clients.
As regards asset turnover, added to the sale in 2019 of
the Llano Castellano 51 and Barajas 1 buildings, at the
beginning of 2020 Castellana Norte, the first business
park in Las Tablas, developed by Gmp nearly 20 years
ago, was sold. These transactions have given the Com-
pany a comfortable position in terms of liquidity in order
to make new investments, although caution is required
as the cycle is potentially approaching a valuation peak
and, therefore, is close to a potential revision. For this
reason, in 2019 we have been actively looking for va-
MESSAGE FROM THE CHAIRMAN ANNUAL REPORT 2019
8 9
lue added buildings, with a reasonable price per m² that
could perform well under value added management. The
shortage of this type of product at the right price, yield
contraction and investor appetite in the market, have led
the Company to maintain our position on liquidity rather
than making acquisitions of expensive assets with a low
margin. Investment in new developments over the year
has been channelled towards ARQBÓREA, an office
building on one of the Company’s historic plots of land
in Las Tablas, which is expected to be completed in the
final quarter of 2020. Its modern, sustainable and intelli-
gent design highlights usability, flexibility and comfort for
users, in a healthy atmosphere.
Optimisation of Gmp’s capital structure has followed the
same path as the previous two financial years, with im-
proved financing conditions. After renegotiating in 2018
one of the tranches of the syndicated loan, in December
last year the Company renegotiated the majority tranche,
reducing its cost, extending the repayment period and
increasing coverage at fixed rate. At the close of the fi-
nancial year, the Group’s net debt amounted to €789m,
€23m below the figure for 2018, out of which 80% is
at fixed rate, with an average repayment period of 5.8
years and average cost of 1.52%. At the same time, the
valuation of the portfolio increased by nearly €100m, up
to €2.300 billion and LTV decreased from 38.4% in 2018
to 34.7% in 2019. All this, coupled with good liquidity,
places Gmp in a very solid financial position.
As regards the second key aspect of our strategic plan,
namely our bet on differentiation, the goal is to stren-
gthen client attraction and retention. In this respect, the
plan moves away from a traditional vision that identifies
clients as tenant companies towards a new focus that
places the emphasis on people and appeals to end users
of the buildings. In 2019, Gmp set up Innovation and De-
velopment Management to head up two new areas of the
Company: the development of New Products and Client
Experience. Both work hand in hand to roll out products
and services that improve the experience of people at our
buildings and address new market trends. The stand-out
actions for 2019 include the launch of a client experien-
ce plan under the new brand Gmp Experience which
optimises the customer journey; consolidation of the
Gmp Smart app, a pioneering tool in the sector that
gives visibility to clients and generates closer interrela-
tions among end users, as well as between end users
and Gmp; and the project to make buildings smarter by
equipping spaces with technological functionalities that
add value for people.
Finally, the new Strategic Plan reinforces Gmp’s firm
commitment to sustainability. It encompasses a speci-
fic Corporate Social Responsibility Plan for the period
2019-2023, aimed at meeting the Sustainable Develo-
pment Goals (SDGs) promoted by the United Nations.
Implementation of the plan has led to several important
advances, such as converting the majority tranche of
the syndicated loan renegotiated at the end of 2019
to a green loan in January 2020, which serves an en-
dorsement of the environmental sustainability of the
Company’s buildings. In the area of social action, the
Gmp Foundation took part in 24 social projects over the
year, directly benefiting around 9,000 people, double
the number benefited in 2018. Since its inception just
over a decade ago, the Foundation has helped appro-
ximately 50,000 people and donated €3.5 m to good
causes. In addition, our pioneering focus on the health
and wellbeing of people initiated in 2017, through
WELL Building Standard certification at Castellana 81,
Castellana 77 and Oxxeo, has been extended in 2019
to other buildings, where certification is currently un-
derway.
Our bet on the health and wellbeing of people is particu-
larly relevant in the new context of the global COVID-19
health crisis. In this regard, we have approved a special
CAPEX budgetary allocation to combat the spread of the
virus at our offices and at Las Colinas Golf & Country
Club, which has started to materialise in the immediate
form of a comprehensive action plan against the disea-
se. In addition, our human team has been working from
home since the start of the pandemic and we have dona-
ted funds to healthcare institutions in the Madrid Region
to help provide medical supplies to hospitals and health
centres. On the other hand, the Gmp Foundation is in
direct contact with the organisations that care for people
with Down Syndrome and Acquired Brain Injury, com-
piling their demands and adapting support to the new
needs of these groups.
We will continue acting with responsibility and diligen-
ce in this area, concentrating on the health and safety
of our stakeholders in order to get through this extreme
situation.
As regards the outlook for the future, forecasts from in-
ternational organisations indicate that the health crisis
will have a strong impact on the economies of all the
countries affected, which is already being felt. The dura-
tion of the pandemic and the stimulus measures that go-
vernments adopt are going to prove decisive. At present,
there are many unknown factors about the behaviour of
the virus and the time framework for the development of
effective treatments and vaccine. Given this uncertainty,
it is essential that companies are able to adapt in order
to take the appropriate decisions that enable us to meet
these new challenges.
A preliminary assessment of the potential impact of this
crisis for Gmp enables us to send out a message of con-
fidence. On the one hand, this situation has occurred at
a point when the office market in Madrid is strong, as
we closed 2019 with the highest number of contracts in
a decade and a vacancy rate of just 9%, in a context of
growing rents. On the other, the comfortable situation in
terms of liquidity of Gmp, its financial and property-ow-
ning solvency, quality and facilities at our buildings which
mostly have full occupancy, as well as the solvency of
our clients, combined with the average duration of rental
contracts, place us in a very strong position to ride out
this crisis. Further to this, Gmp is backed by the profes-
sionalism, engagement and commitment of our human
team and the watchful eye of the Board of Directors in
order to deal successfully with any impacts that could
arise.
I am convinced that, despite the difficulty and exceptio-
nal nature of the problems that we face, collective effort
and solidarity of governments, institutions, companies
the scientific community and society as a whole, will
enable us to get through this successfully and make us
stronger, equipped with new skills to address the cha-
llenges that the future holds for us.
On behalf of Gmp, I would like to end with a message of
gratitude and admiration to all the people that are on the
frontline of the fight against COVID-19, thanking them
for their dedication and professionalism.
My thanks to everyone for the support and contribution
you give to ensure the growth and solid position of Gmp.
Francisco Montoro Alemán
Chairman - CEO
"Gmp’s firm commitment to sus-tainability encompasses a speci-fic CSR plan for the period 2019-2023, aimed at meeting the United Nations SDGs."
"Gmp’s comfortable situation in terms of liquidity, our financial and property-owning solvency and the quality of our buildings and clients, place us in a very strong position."
KEY ASPECTS OF 20191.1. Milestones
1.2. Key data
1
ARQBÓREA
2019
– Sale of Llano Castellano 51 building.
JANUARY
– Castellana 81 building awarded the prize "The Architecture Masterprize" in the category Architectural Design - Restoration & Renovation.
SEPTEMBER
AUGUST
NOVEMBER DECEMBER
OCTOBER
JULY
APRIL
– Honourable mention for Gmp as the company that best leads the way towards sustainable business at the Madrid Family Business Association (ADEFAM) Awards.
– Launch of a plan to eliminate use of plastic at
MEETING PLACE spaces.
JUNE
– Celebration of Gmp’s 40th anniversary.
– Las Colinas Golf & Country Club named “Europe’s Leading Villa Resort” and “Spain’s Leading Villa Resort” in the World Travel Awards 2019.
– Oxxeo building named “Best New Construction Office Building 2018” in the AEO Awards.
– Opening of Las Colinas Sports & Health Club, a new space for leisure and sports facilities.
– 86% occupancy at the Castellana 81 building.
– Acquisition of the commercial space Luchana 23.
FEBRUARY
– Workplace 2019 Award for Gmp as the first real estate company in Spain to bet on the health and wellbeing of people through WELL certification for its buildings. Awarded by Cesine and Metros2.
– "Special Mention in Architecture" for Castellana 77 building in the 2019 German Design Awards.
– AENOR Audit of the Integrated Management System for Quality, Environment and Health and Safety.
MAY
– Oxxeo building named “Best Non-Residential Property Build” in the ASPRIMA-SIMA Awards.
– Renewal of the leasing contract for 10,725 m² with Adif in the Titán 4 building.
– WELL Gold Certification in the category Core & Shell for the Castellana 77 building.
– Renewal of the leasing contract for 5,000 m² with IQVIA/IMS in the Condesa de Venadito 1 building.
– 100% occupancy for the Oxxeo building.
– 93% occupancy for the Castellana 81 building.
– Renegotiation of the mortgage tranche of the syndicated loan, €525m, repayment period extended from June 2023 to December 2026, reduction of margin and increased cover at fixed rate.
MARCH
– Sale of Barajas 1 building.
– LEED Platinum certification in the Core & Shell category for the Castellana 77 building.
– Launch of new 2019-2023 strategic plan, focused on Optimising & Differentiating.
– Las Colinas Golf & Country Club named “Best Residential Development in Spain” in the European Property Awards 2019-2020.
– ARQBÓREA building starts commercialisation.
– Recognition for Gmp with the “EPRA Best Practices
Gold Award” and named "Most improved Annual Report”, rewarding the excellence and transparency of its financial communication.
– Recognition for Gmp with “sBRP Best Practices Bronze Award”, rewarding the excellence and transparency of its communication in the area of sustainability.
1.1. Milestones
1 2 1 3
KEY ASPECTS OF 2019 ANNUAL REPORT 2019
€m 2018A 2019A
OPERATING
Occupancy rate at year end 90.1% 97.1%
Average rental (€/m2) 18.0 19.3
INCOME STATEMENT ITEMS
Total revenues 124.7 116.0
EBITDA 72.9 65.3
Net profit 186.8 199.5
BALANCE SHEET STATEMENT ITEMS
GAV 2,192 2,283
Net debt 812 789
Cost of debt at year end 1.75% 1.52%
LTV (1) 38.4% 34.7%
ICR 4.50x 4.25x
EPRA RATIOS
EPRA Earnings 58.9 60.9
EPRA NAV 1,355 1,511
EPRA NNNAV 1,265 1,413
EPRA Net Initial Yield (NIY) 3.3% 3.7%
EPRA “topped-up” NIY 3.5% 3.7%
EPRA vacancy rate 11.0% 2.8%
EPRA cost ratio (including vacancy costs) 25.6% 23.4%
EPRA cost ratio (excluding vacancy costs) 22.8% 22.7%
(1) 2018A, adjusted due to the payment pending on the acquisition of Manuel Cortina 2.
Eloy Gonzalo 10
1.2. Key data
Hall Iberia Mart I
KEY ASPECTS OF 2019 ANNUAL REPORT 2019
THECOMPANY
2
Luchana 23
2.1. Mission, vision and core values
2.2. Business areas: strategy and
business model
2.2.1. Core business: property-owning
business
2.2.2. Other businesses: residential
tourism development
2.3. Financial structure
2.4. Company structure
2.5. Shareholders
2.6. Corporate governance
2.6.1. Board of Directors
2.6.2. Consultative committees
2.6.3. Management Team
2.7. Ethics and compliance
2.7.1. Ethics at Gmp
2.7.2. Regulatory compliance
To be the benchmark property-owning office developer
and investor in Spain through the ability to attract and
retain clients, anticipate market trends, optimise value
and provide liquidity.
– Excellence.
– Client-led.
– Responsibility in its social, environmental and
corporate dimensions.
– Innovation.
– Commitment.
– Efficiency.
Gmp’s mission, vision and core values focus on meeting the
Company’s strategic objectives and consolidating its position
as a leader in the property market.
Property-owning developer and investor in premium
offices in Spain, which delivers high levels of satisfac-
tion to clients and partners through sustainable busi-
ness management.
Mission
Vision
Strategic Values
Castellana 81 and 77
1 9
THE COMPANY
2.1. Mission, Vision and Strategic Values
ANNUAL REPORT 2019
Gmp’s investment activity includes land and existing
buildings. Over the years, Gmp has known how to identify
and position itself in advance in the business expansion
areas in Madrid that have the greatest potential. From
the 1980s, it gradually began to acquire strategic land
plots for future third-party developments in north Madrid,
which the Company has managed from the outset and
where three business parks have been developed, cove-
ring a total area of 183,188 m².
As outlined in the following section, in 2018 Gmp com-
pleted construction on the Oxxeo building and started
development on the ARQBÓREA building, both on land
classified for urban development in Las Tablas. Work on
ARQBÓREA is expected to be completed by the end of
2020.
It currently holds and manages its own land portfo-
lio in Valdebebas, Las Rozas and Las Tablas, covering
a buildable area for new office projects of 50,928 m².
Moreover, its experience and in-depth knowledge of the
segment it operates in enables it to identify and leverage
investment opportunities that complement its portfolio of
owned assets, offer suitable profit margins, become fu-
ture proof and deliver added value through specialised
management.
Gmp’s investment activity is combined with rotating ma-
ture or non-strategic assets in order to improve efficiency
and quality in its portfolio through new investments or
developments. In 2019, the Company sold the properties
Llano Castellano 51 and Barajas 1, in January and March
2019 respectively.
Gmp’s business model concentrates on the following:
– Clear property-owning focus. Specialisation in the
high-end office and business park segment in Madrid.
– Active management of its assets.
In addition, and on an occasional basis, it operates in the
residential tourism sector through the resort it owns in
southern Alicante.
Gmp stands out for the vertical integration of its property-
owning business model with a 360˚ focus. This is possible
thanks to its strong track record in terms of investment,
technical and management capabilities.
2.2.1. Core business: property-owning business
Investment capacity: acquisition, rotation and land management
MANAGEMENT CAPACITY INVESTMENT CAPACITY
TECHNICAL CAPACITY
1 - Adquisition 2 - Rotation 3 - Land Management
4 - Renovation5 - Development
6 - Asset Management7 - Commercialisation Property-owning
Business model
specialised in high-end
offices and business
parks.
2 0
2.2. Business areas: strategy and business model
Oxxeo
THE COMPANY ANNUAL REPORT 2019
Technical capacity: renovation and development
The asset management of all buildings owned by Gmp
is carried out by a highly committed and customer-led
team of professionals. The commercial team focuses
on fostering customer loyalty, both by renewing rental
contracts and promoting vacant space. In 2019 Gmp
renewed contracts for 57,492 m² and signed 37 new lea-
ses for 34,652 m² of office space.
The following operations stand out this financial year:
– Commercialisation of 4,534 m2 in Oxxeo, signing lea-
sing contracts with PFS, Cegos and Lenovo. This led to
100% occupancy of the building.
– Commercialisation of 19,300 m2 at Castellana 81
to Zurich, Grant Thornton, Trip Advisor, BFF, ORACLE,
Spaces, Duff & Phelps and MorningStar. This represents
over 93% occupancy of the building.
– Renovation of 6,700 m2 at Condesa de Venadito 1,
which maintained 100% occupancy of the building.
– Renovation of 10,725 m2 in Titán 4 for Adif.
The Head of Client Management, together with his team,
play a key role in solving any incidents efficiently and
anticipating client needs. All buildings managed by Gmp
feature a Property Manager and on-site Facility Manager
in the building.
Aligned with its customer-led focus, Gmp provides a full
design service to fit out office spaces for tenants through
IN-PLANIA. This service prioritises optimisation of space,
the comfort of occupants and environmental sustainabi-
lity.
As part of its excellence of service, in 2019, the Company
created the role of Head of Client Experience to promote
active listening of clients’ voices and the generation of
memorable experiences, which optimise the customer
journey and create a bond of trust between the end user
and Gmp.
Gmp conducts annual satisfaction surveys on all its
clients. The overall results obtained have displayed a high
level of satisfaction, year after year, as tenants view Gmp
as a company that is serious, professional, responsible
and committed to continuous improvement. In 2019, the
rating from these surveys was 4.1 out of 5.
Its customer- driven approach to management, positions
Gmp as one of the property-owning real estate groups
with the highest levels of customer retention, occupancy
and satisfaction in the market. Gmp is the only property-
owning real estate group in Spain with an integrated ma-
nagement system for Quality, Environment and Health
and Safety in the Workplace certified by International
Standards ISO 9001, 140001 and OSHAS 18001.
Gmp is one of the pioneering and most experienced
developer groups in Spain in office and business park
development and renovation. Its technical capability
enables it to play an active role in each of the projects
it undertakes right from the start, enabling it to ensu-
re the highest quality standards are applied, minimise
any risks associated with costs and deadlines, gua-
rantee the optimisation of the end product in order to
meet market demands and therefore secure commer-
cial success. Gmp has experience in promoting both
turnkey projects to set up new company headquarters,
buildings and multi-client business parks.
The group’s activity includes new developments on
land acquired and managed by Gmp specifically for
such purpose, as well as the full renovation of exis-
Management capacity: asset management and commercialisation
97% 57,492 sq m 34,652 sq m 4.1 out of 5
Occupancy at close of 2019
Surface area renewed in 2019
Surface area leased in 2019
Customer satisfaction rating in 2019
0 0 2 3
Condesa de Venadito 1
THE COMPANY ANNUAL REPORT 2019
ting buildings,mostly in consolidated prime areas. This
was the case in the renovations over recent years in
the Castellana 81, Castellana 77 or Manuel Cortina 2
buildings.
As regards new developments, in 2019, Gmp has
continued construction on ARQBÓREA, an office buil-
ding designed by the prestigious architecture studio
ORTIZ LEÓN on one of the plots of land classified for
urban development in Las Tablas. Covering an area of
15,790 m², distributed over five floors above ground
and 450 underground parking spaces, the building
aims to reach the highest standards in sustainability,
environment, accessibility and health and wellbeing of
its occupants. ARQBÓREA is expected to be comple-
ted by the end of 2020.
Apart from its core property-owning business in office
space, Gmp owns and manages a 330-hectare residen-
tial tourist development near the coast, south of Alicante:
Las Colinas Golf & Country Club.
It comprises bespoke villas, apartments and plots of land
for sale, as well as an extensive sports and leisure ame-
nities and a range of accommodation and restaurants.
The18-hole championship golf course and private beach
club on the seafront are highlights of the resort. It ope-
rates through three companies owned by Gmp: Colinas
Golf Residencial SL, Colinas Green Golf SL and Campoa-
mor Sun & Beach SL.
Colinas Golf Residencial SL owns the residential land
at the Golf & Country Club. Its core business consists
of selling land to other developers, as well as promoting
properties for sale to end users. It plays the role of Master
Developer ensuring the various residential projects com-
ply with the highest quality and design standards of the
resort, through the application of a strict approval proce-
dure prior to construction.
In 2016, in response to growing demand from European
clients, it intensified its development business through
a joint venture, with a view to the development and sale
of apartments. In 2019, the apartments were delivered
from Phase 1 of the Hinojo Community and the joint ven-
ture started its first villa development on the AUR-A plot
of land.
The total number of properties sold at Las Colinas Golf
& Country Club in 2019, by Colinas Golf Residencial SL
and other developers who own the land was 89 units:
42 villas and 47 apartments. Out of the total of 1,634
properties planned to be developed at Las Colinas Golf
& Country Club, 508 had been sold and delivered by the
end of the financial year, 81 had been sold and were at
various stages of completion and 498 were being develo-
ped and commercialised.
The master plan for Las Colinas Golf & Country Club in-
cludes three plots for commercial use in different loca-
tions. These plots are owned by Colinas Golf Residencial
SL.
Colinas Green Golf SL is the company that owns the golf
course, as well as the club house amenities and the im-
mediate surroundings. The course, designed by Cabell
B. Robinson, is one of the best in Continental Europe
according to the ranking published by the reputed Bri-
tish magazine Golf World. The world leader Troon Golf is
involved in the management of the course. It operates a
pay & play system, with a limited number of renewable
annual memberships available. In 2019, the golf cour-
se chalked up almost 40,600 rounds, with much higher
green fees than the average fees in the surrounding area.
Finally, Campoamor Sun & Beach SL owns the hotel
plot of the Golf & Country Club, which is not developed
yet, and the beach club located in Campoamor, on the
seafront at La Glea beach, around 10 kilometres from
Las Colinas. Moreover, it manages the existing accom-
modation offer, Las Colinas Residences, which consists
of a selection of exclusive apartments and villas. These
homes are fully equipped, and guests can benefit from a
broad range of services and mixed accommodation and
golf packages.
In July 2019, Las Colinas Sports & Health Club, a new
space formed by a wellness area, gym, changing rooms,
outdoor swimming pool and a Racquet Club with two
paddle tennis courts, three tennis courts and a multi-
sport court.
In December 2019, building work on the italian restau-
rant il Palco was completed and it opened in January
2020. The gastronomic offer at il Palco complements
the culinary propositions that Las Colinas Golf & Country
Club provides, as it already serves international cuisine
at UNiK CAFÉ and the japanese restaurant enso sushi-
bar.
2.2.2. Other business: residential tourism development
THE COMPANY ANNUAL REPORT 2019
2 5
Las Colinas Golf & Country Club
Plots and uses
1
2
3
4
5
6
7
8
9
11
13
14
15
10
12
Hotel use
Sports use
Commercial use
Land for public use
Residential use
Built and deliveredUnder development
Land sold
Land at Las Colinas Golf & Country Club
Under developmentFuture development
Masterplan of Las Colinas Golf & Country Club
1 Mediterranean woodland
2 Practice area
3 Mini Market
4 Clubhouse
5 Las Colinas Sports & Health Club
6 il Palco restaurant
7 Meeting centre
8 Sports courts and gym
9 Canyon entrance to Las Colinas
10 Nature trail
11Las Colinas Short Game Facility designed by Miguel Ángel Jiménez
12 Mediterranean riverbed
13 Nature reserve
14 18-hole championship golf course
15 Natural park
2 6
Las Colinas Golf & Country Club
(1) Residential units.
OWNER COMPANY USE PLOT SURFACE sq m
BUILDABLE AREA sq m UNITS
THIRD PARTIES RESIDENTIAL 695,799 159,569 1,082
COLINAS GOLF RESIDENCIAL S.L.
RESIDENTIAL 316,679 72,697 552
COMMERCIAL 12,167 3,250 3 different commercial locations
328,846 95,947 552
CAMPOAMOR SUN & BEACH S.L.
HOTEL 50,401 25,000 300 rooms approximately.
COLINAS GREEN GOLF S.L.
GOLF 1,012,057 6,000
PUBLIC PROPERTYLAND CEDED PUBLIC USAGE 26,915 2,000
TOTAL URBAN DEVELOPMENT PLAN 2,114,018 288,516 1,634(1)
THE COMPANY ANNUAL REPORT 2019
Since June 2016, Gmp holds a syndicated loan for
€755m with a pool of 14 banks, as of 31 December
2018, €710m were drawn.
In December 2019, the mortgage tranche was renego-
tiated, Tranche A, reducing the margin of 170 pbs to
130 pbs and extending the repayment period by 3 and a
half years up to December 2026.
After the aforementioned changes, the syndicated loan
comprises the following:
– Tranche A: €525m, with mortgage guarantee for
some of Gmp’s real estate assets and bullet repayment
in December 2026.
– Tranche B: €185m, without mortgage guarantee, bu-
llet repayment in July 2023.
– Tranche C: Credit line of €30m undrawn, without
mortgage guarantee and bullet repayment in July 2021.
This tranche is extendable annually, with prior approval
from the banks for up to 2 further years.
Apart from the syndicated loan, the Group has bilateral
loans drawn amounting to €173m.
In March 2019, €9.2m were drawn, pending from the
loan from Société Générale amounting to €38m to finan-
ce the building Manuel Cortina 2. The cost is 180 bps
and the loan expires in March 2025.
In addition, in the same month, the Company repaid the
loan from the Banco Santander for €16.9m after the sale
of the Barajas 1 building.
At the close of the financial year, the cost of financing
the Group was 1.52% and the average repayment pe-
riod, 5.8 years.
In financial year 2019, net debt was reduced by €23m in
comparison to 2018, standing at €789m.
2 9
2.3. Financial structure
Castellana 81
Key financial data
(1) 2018A, adjusted due to the payment pending on the acquisition of Manuel Cortina 2.
THE COMPANY ANNUAL REPORT 2019
€m 2018A 2019A
AMOUNTS
Gross debt 871 883
Syndicated loan 710 710
Bilateral loans 161 173
Cash and equivalents (59) (94)
Net debt 812 789
Undrawn balance 30 30
COST
Cost of debt at closing (%) 1.75% 1.52%
% debt at fixed or covered rate 78% 80%
Recurring cost 16 13
MATURITY
Average maturity (years) 4.7 5.8
INDEBTEDNESS RATIO
LTV(1) 38.4% 34.7%
82%Syndicated loan
80%Syndicated loan
18% 20%Bilateral
loans Bilateral
loans
OthersSyndicated loan
Profile of repayment period for gross financial debt 2019 (€m)
2020 2021 2022 2023 2024 2025 >2026
2 3 4
5
77
536
257
72
11
525
185
Financing breakdown
Total gross debt 2019
Total gross debt 2018
€883m€871m
Lobby Iberia Mart I
3 0
– Castellana 81
– Iberia Mart I and II
– Alcalá 16
– Hermosilla 3
– Génova 27
– Goya 14
– Luchana 23
– Eloy Gonzalo 10
– Parque Norte
– Castellana Norte(1)
– Oxxeo
– Manuel Cortina 2
– ARQBÓREA
– Land bank
– Campoamor
(parking spaces)
PROPERTY-OWNING BUSINESS AFFILIATES
Engage Inversiones 2014 S.L. Castellana 77
100%
100%
100%
100%
50%
100% 100%
100%
100%
100%
100%
RESIDENTIAL TOURISM DEVELOPMENT OTHERS
Renta Apartamentos S.L. Condesa de Venadito 1
Gmp Nueva Residencial S.A. Land El Ejido
IN-PLANIA Espacios Eficientes S.L.
Renta Gestión Fuencarral S.L.
Colinas Green Golf S.L. Golf course
(Las Colinas Golf & Country Club)
Inmoaccess S.L. Titán 4
Campoamor Sun & Beach S.L. Beach Club Hotel plot of land
(Las Colinas Golf & Country Club)
Colinas Golf Residencial S.L. Land for residential and commercial use
(Las Colinas Golf & Country Club) Villas and Apartments for Sale
Apartamentos UMA S.L. Joint venture development
Edificio Velázquez 164 S.L. Parking space
PROPERTY-OWNING BUSINESS AFFILIATES
The company structure of the Group, shown in the fo-
llowing diagram, is built on the bases set by the governing
bodies of Gmp, adhering to the highest standards in Cor-
porate Governance.
Roles, duties and responsibilities need to be divided ap-
propriately among the governing bodies and company
management in order to integrate the different businesses
and companies in the Gmp Group properly. For this rea-
son, good corporate governance is an essential factor in
generating value, improving economic performance and
building the trust of shareholders and stakeholders.
Gmp’s governing structure of is based on two main bodies,
the shareholders and the company’s governance model.
2.4. Company structure 2.5. ShareholdersThe share capital of Gmp Property SOCIMI S.A. amounts
to 19,124,270 shares, with a nominal value of €0.492,
fully subscribed and paid. As of 31 December 2019, the
shareholding structure is as follows:
The company’s shares are listed on the Alternative Equity
Market (MaB) in the REIT segment since July 2016.
66.8% Montoro Alemán Family
32.9% GIC
0.3% Others
3 2
Gmp Property SOCIMI S.A.
THE COMPANY ANNUAL REPORT 2019
(1)At the time of writing this report, this asset was no longer part of the Company’s portfolio.
Lobby Génova 27
Over the years, Gmp has adhered to the highest stan-
dards of Corporate Governance, which enables it to fulfil
its mission of being a property-owning developer and in-
vestor that delivers high levels of satisfaction to its clients,
partners and employees through sustainable business
management.
Good Corporate Governance seeks to increase transpa-
rency and control across all businesses and companies in
the Group. This entails adopting a series of principles and
regulations that govern the running and structure of the
Governing Bodies, as well as the relationship maintained
with the Company’s shareholders.
The regulatory framework set by the Gmp Group for the
proper governance of the company comprises the fo-
llowing:
– Company bylaws: internal regulations that govern the
company’s operations and its governing bodies, which
outline the main characteristics and guidelines of the
Shareholders’ General Meeting and Governing Bodies
– General Shareholders’ Meeting Regulations: guideli-
nes for holding the Shareholders’ Meeting. These regula-
tions guarantee the rights of shareholders and regulate all
aspects to ensure that the Meeting runs properly.
– Board and Commissions Regulations: establishing the
action principles for the Board of Directors.
The Board of Directors at Gmp has established an Au-
dit, Compliance and Sustainability Committee and an
Appointments and Renumeration Committee, which are
consultative in nature and presided over by independent
professionals.
2.6. Corporate governance
EXECUTIVE COMMITTEEAUDIT COMMITTEEAPPOINTMENTS AND
REMUNERATION COMMITTEE
Francisco Montoro Chairman and CEO
Antonio MontoroVice president
Ricardo MontoroVice president
Xabier BarrondoBusiness General Manager
José Luis García de la CalleCorporate General Manager
Alberto Terol President (external)
Ignacio O´Dogherty Member (external)
Julio Díaz-Freijo Member (external)
Sebastién AbascalMember
Xabier Barrondo Business General Manager
José Luis García de la CalleCorporate General Manager
Juan García Head of Technical Property and IN-PLANIA
Antonio Gil Head of Legal
José Luis García de la Calle HR Director
Jorge CalvoCFO
Silvia Llanes Head of Innovation and Development
STEERING COMMITTEE
Diego Valiente Head of Property Assets
Francisco MontoroChairman and CEO
Antonio MontoroDeputy Chairman
Ricardo MontoroDeputy Chairman
Madeleine Cosgrave (Euro Lily Private Limited)Member
Sebastién Abascal (Euro Fairview Private Limited)Member
Fernando VaraMember
Rafael NebredaSecretary - Non Member
BOARD OF DIRECTORS
Fernando Vara President
Sebastién AbascalMember
Marta Montoro Member
Alberto TerolMember (external)
Castellana 81 Auditorium
3 4 3 5
THE COMPANY ANNUAL REPORT 2019
The Company, in accordance with the Company Bylaws,
is governed and administered by the Board of Directors.
The Board Regulations state that this body has the bro-
adest responsibilities as regards the Company and, ex-
cept for matters reserved to the General Meeting, it is the
highest decision-taking body of the Company, which can
do and carry out anything that is comprised within the
company objective.
The Board Regulations state that efforts will be made to
ensure that the board members elected are persons of
recognised solvency, competency and experience. Direc-
tors will be appointed by the General Meeting or by the
Board, pursuant to the provisions set down in Royal Le-
gislative Decree 1/2010, 2 July, whereby the consolidated
text of the Companies Capital Act is approved and in the
Company Bylaws.
Board members will hold their posts for a period of six
years and can be re-elected one or more than one times
for periods of the same duration, except independent di-
rectors who can only be re-elected as independent direc-
tors for two consecutive mandates.
The Company’s Board of Directors comprises directors,
three of which are executive representatives of the Mon-
toro Alemán family, two are proprietary directors from the
Singapore GIC Sovereign Wealth Fund and an indepen-
dent director. In addition, the secretary to the Board does
not hold the post of director and is elected by the Board
of Directors.
In 2019, the Gmp Board has met four times with a repre-
sentation of 14% of women and 28% foreign directors.
2.6.1. Board of Directors
NAME POST COMMITTEES
Francisco Montoro Chairman and CEO Executive Committee
Fernando Vara Member Appointments and Renumeration Committee
Antonio Montoro Vice president and Member
Ricardo Montoro Vice president
Madeleine Cosgrave Member
Sebastién Abascal MemberAudit Committee
Appointments and Remuneration Committee
THE COMPANY ANNUAL REPORT 2019
3 7
Génova 27
At Gmp there are two permanent internal bodies of a con-
sultative nature attached to the Board of Directors, which
hold information, consultancy and proposal powers in their
remit.
Audit, Compliance and Sustainability Committee
The Audit Committee is composed by four members, all of
whom are independent, and the Chair is an external expert.
This body performs any functions relating to supervising the
efficacy of internal control of Gmp, internal auditing activi-
ty, risk management systems, financial-economic reporting
and auditing of accounts in the terms established under
Gmp’s Regulations and Bylaws.
In addition, since 2019, it has acquired the function of su-
pervising and monitoring compliance of Gmp’s CSR strate-
gy. In this regard, during 2019 the Committee has met on
two occasions.
Appointments and Remuneration Committee
The Appointments and Remuneration Committee is chaired
by an independent director and comprises two executive
directors appointed by the Board of Directors and an ex-
ternal expert. It performs functions relating to the selection,
appointment, remuneration, re-election and cessation of
directors and executive posts at the Company.
In this regard, during 2019 the Committee has met on two
occasions.
Risk Committee
Gmp has set up a Risk Committee to serve as a control body
for the Company.
This is a control and monitoring body, equipped with ini-
tiative and sufficient control capacity, which is responsible
for supervising and monitoring Gmp’s criminal risk mana-
gement system.
Moreover, this is the body to which the Board of Directors
has delegated competences relating to the supervision of
internal control and risk management, with the aim of iden-
tifying, managing and ensuring that key risks are maintai-
ned at the approved levels.
The Risk Committee comprises directors from corporate
areas and meets every two months, at least, to monitor the
risk management systems that are under its supervision.
Gmp has a management team formed by professionals with
extensive experience and in-depth knowledge of the real
estate market.
The Company management by this group of experts is led
by the Executive Committee and Steering Committee. Both
bodies aim to project Gmp towards the future by taking fe-
asible and sustainable decisions in the short, medium and
long term.
Executive Committee
The Executive Committee shares all the competences of the
Board, except those which cannot be delegated thereto le-
gally or statutorily, as stated in the Board Regulations. The
Committee comprises five members, out of which three are
directors.
The Executive Committee oversees decisions agreed at the
Board of Directors and the General Shareholders Meeting.
It meets whenever deemed necessary by the Chair in order
to exercise its competences.
Steering Committee
The Steering Committee is allocated the task of monitoring
business affairs, as well as the most important issues raised
by the Executive Committee. It meets monthly to carry out
its functions.
2.6.2 Consultative committees
2.6.3. Management Team
Hermosilla 3
3 8
2.7 Ethics and compliance2.7.1. Ethics at Gmp
Gmp’s prime objective is delivering quality in service pro-
vision, maintaining a firm and ongoing commitment to the
wellbeing and development of its staff and society as a
whole. The Company believes it is essential to be commit-
ted to business ethics principles and transparency in all
areas of its operations.
Aligned with this, Gmp’s activities are developed necessa-
rily within the framework of the Code of Conduct, which
establishes the conduct guidelines to be observed by all
employees and managers of the Group, in their professio-
nal activity and in their relations with customers, suppliers
and other stakeholders.
The principles developed in Gmp’s Code of Conduct are
as follows:
–Compliance with legislation.
– Social conduct.
– Integrity and transparency.
– Respect for institutions, individuals and markets.
– Health and safety in the workplace.
– Commitment to society.
– Excellence and best practice in the workplace.
With the aim of disseminating the Code of Conduct pro-
perly following its approval, Gmp ran training actions for
all employees in 2017. Moreover, since then, the Code of
Conduct is available on Gmp’s website and intranet, as
well as forming part of the “welcome pack” for all new
employees.
In addition, Gmp has internal conduct regulations which
aim to establish the principles of action as regards:
– (a) Shares issued by the Company that are negotiated
in a regulated market, multilateral negotiation system or
organised contracting system.
– (b) Financial instruments and contracts of any type
that grant the right to purchase or subscribe to shares
mentioned above in (a).
– (c) Financial instruments and contracts of any type the
underlying assets of which are shares included in para-
graph (a) above.
It is worth highlighting that, in 2019, Gmp has started up-
dating Internal Conduct Regulations to improve and faci-
litate compliance with the rules and regulations in force.
Reporting Channel
Gmp employees must report any instances of non-com-
pliance of the Code of Conduct or any infractions that they
either have knowledge of or suspect. They must also have
the opportunity to consult on any ethical issues.
In order to facilitate this, Gmp has a dedicated reporting
channel on its website that enables employees and third
parties with which it maintains business relations to com-
municate any queries or potential breaches of the Code of
Conduct in a confidential manner.
Any information regarding failure to comply with the Code
of Conduct or infractions will be handled in a confidential
manner and the company guarantees that no retaliation
will be taken against any individual who makes a report
acting in good faith.
The Risk Committee oversees the dissemination, upda-
ting and compliance of the Code and the management of
the reporting channel, whose members are appointed by
the Board of Directors.
During 2019, no breaches of the Code have been repor-
ted through Gmp’s dedicated channel.
Luchana 23 - Gmp headquarters
4 1
THE COMPANY ANNUAL REPORT 2019
LA COMPAÑÍA INFORME ANUAL 2019
2.7.2. Regulatory compliance
The Gmp Group implements a Risk Management System
that aims to prevent and mitigate the risks of regulatory
compliance, including those of a criminal nature. The
priorities of this System are preventing any unlawful act
within the Gmp Group, particularly corruption, fraud and
money laundering, as well as avoiding conflicts of inter-
ests and protecting client privacy.
The Compliance System is based on the Code of Conduct,
the Reporting Channel, the Risk Committee, the Com-
pliance Manual and any policies approved in any area of
compliance.
Prevention of corruption and fraud
Corruption and fraud slow down economic development,
weaken democracy and are detrimental to social justice
and the Rule of Law, causing serious harm to the eco-
nomy and society. The Gmp Group is strongly committed
to society and maintaining and promoting honest, trust-
worthy and transparent conduct on a daily basis and in all
operations at Gmp is essential in this regard.
Mindful of this commitment, in 2019 Gmp has approved a
Policy against Corruption and Fraud which condemns any
conduct that could be deemed to be an act of bribery or
corruption, both in a public or private sphere, prohibiting
any type of corrupt conduct that could influence decision
taking by third parties either directly or indirectly.
This Policy is applied to all board directors, managers
and employees from the companies in the Group, regard-
less of their geographic location and period their role or
functions are effective. Moreover, any person who colla-
borates, participates or mediates in the operations and
businesses of the Group must observe the guidelines and
principles set down in this Policy.
During 2019, all employees have been informed of the
approval of the new Policy against Corruption and Fraud.
This Policy also strengthens the Prevention of Money
Laundering System, implemented by the Group more
than ten years ago, and which aims to maintain the or-
ganisational structure, policies and internal control proce-
dures needed to comply with any obligations established
in current legislation as regards Money Laundering and
Financing of Terrorism, as well as the commitments made
voluntarily by Gmp.
The Prevention Manual is the key document for this ma-
nagement system, which outlines the prevention policies
and procedures adopted and the organisational model,
thereby complying with existing regulations. Knowledge of
and compliance with the Prevention Manual on money
laundering is compulsory for all employees, agents and
managers of the Gmp Group.
It is worth highlighting that the Gmp Group is per se an
entity bound according to the regulations due to its deve-
lopment activity. However, it is the Group’s decision and
voluntary commitment to require that all its property-ow-
ning business pass previously the prevention of money
laundering processes.
The specific policy for accepting clients requires com-
pliance with a series of criteria such as not appearing
on lists of fined persons or implement a framework that
mitigates potential risks, and is applied to all the buying
and selling operations for property; and all the leasing
operations for properties that charge an annual fee above
€50,000.
This system is audited every year by an accredited third
party and said report is submitted to the Spanish Finan-
cial Intelligence Unit (SEPBLAC). All recommendations in
the report are implemented gradually in a cycle of ongoing
improvement.
During 2019, no act of corruption or linked to the same
via the channels available in the Gmp Group has been
identified.
Conflicts of interests
Commercial decisions and actions must be channelled
towards the lawful profit of the Gmp Group and must not
be motivated by personal considerations or relations or
private interest of any kind. Management of conflicts of
interest is provided for under article 21 of the Company
Bylaws and in its Code of Conduct, where Gmp stipula-
tes that situations that could lead to a conflict of inter-
ests should be avoided. Moreover, there is an obligation
to communicate the existence of any potential conflicts of
interest, whenever there is knowledge of the same, and
refrain from attending and taking part in any deliberations
and votes that affect matters whenever there is a personal
interest.
There are several committees comprising professionals
that must be refereed in order to guarantee that no per-
sonal interest overrides the Company’s interest, the most
important of these being the Executive Committee. Mo-
reover, the Board of Directors Regulations regulate any
conflicts of interest that could affect directors.
Client privacy
The Gmp Group has a dedicated channel for all com-
plaints associated with client data protection and privacy,
supervised by the coordinator of regulatory compliance.
Clients can use electronic mail, by phone or in person at
an office.
Once the Gmp Group receives a request to exercise rights
relating to privacy, the identity of the person is confirmed,
and the request is processed providing a reply within a
month, completely free of charge.
Lobby Castellana 81
4 2 4 3
Castellana 81
3
3.1. Consolidated figures
3.1.1. Income statement
3.1.2. Valuation of portfolio
3.2. Core business: property-owning business
3.2.1. Description of client portfolio
3.2.2. Occupancy
3.2.3. Average rental revenue
3.2.4. Projects/Investments
3.2.5. EPRA ratios
3.3. Other business: residential tourism development
BUSINESS EVOLUTION OVER THE FINANCIAL YEAR
3.1.1. Income statement
Over 2019, the Company turnover stood at €116.0m,
which is 7.4% up on that of the previous year when it
obtained €125.3 m euros. EBITDA over the financial year
was €65.3m, 10.4% above that of 2018, when it reached
€72.9m.
In the property-owning office business, turnover rose by
1.6% and EBITDA increased by 3.7%. These increases
principally stem from the fact that additional rental inco-
me generated at Castellana 81, Castellana 77 and Oxxeo
exceeded the reduction of income from the sale of the
buildings Llano Castellano 51 and Barajas 1, as well as
the termination of the Vodafone contract at Castellana
Norte, in June 2019.
As regards the other activities that complement the pro-
perty-owning portfolio:
– The residential business of Las Colinas Golf &
Country Club generated total revenues, including real es-
tate development, the golf course, accommodation bu-
siness and other business of €18.9m, which is a 37.3%
decrease on the previous year’s turnover of €29.1m. As
far as EBITDA is concerned, it dropped by 74.9%, decre-
asing from €12.6m to €3.2m. These are accounting figu-
res; the variations are best explained by the commercial
figures in section 3.3.
– IN-PLANIA, the office fit-out business maintained
its turnover almost stable, edging down from €1.287k to
€1.271k. The EBITDA dropped significantly from €465k
to €154k, as it carried out work with lower margins than
the previous year.
€`000 2018A 2019A %var.
TOTAL REVENUE 125,301 115,984 (7.4)%
Property-owning business 94,948 96,486 1.6%
Offices 71,602 70,711 (1.2)%
Car parks 6,020 6,911 14.8%
Other revenue 17,326 18,864 8.9%
Other businesses 30,353 19,498 (35.8)%
Las Colinas Golf & Country Club 29,067 18,226 (37.3)%
IN-PLANIA 1,287 1,271 (1.2)%
(-) Total operating costs (52,402) (50,635) (3.4)%
EBITDA 72,899 65,349 (10.4)%
Property-owning business 59,808 62,028 3.7%
Other businesses 13,091 3,321 (74.6)%
Las Colinas Golf & Country Club 12,625 3,167 (74.9)%
IN-PLANIA 465 154 (66.9)%
Evolution of revenue and EBITDA by business areas
3.1. Consolidated figures
4 7
Castellana 81 Auditorium
BUSINESS EVOLUTION OVER THE FINANCIAL YEAR ANNUAL REPORT 2019
3.1.2. Valuation of the portfolioThe valuation of the portfolio as at 31 December 2019,
carried out by an independent property valuer, amoun-
ted to €2,283m.
The table below shows the breakdown of the valuations
by type of asset in 2019 compared to 2018.
(1)Excluding developments, renovations, acquisitions and disinvestments. (2)Variation of the valuation of Las Colinas in €/m2t.
Evolution 2018-2019 of the GAV: breakdown by type of asset
€m 2018A 2019A %var.%var.
like-for-like
Office portfolio 2,072 2,167 4.5% 6.6% (1)
Land bank 44 44 -% -%
Las Colinas and others 73 73 -% 5.1%(2)
Total 2,189 2,283 4.3% 6.3%(1)
The figures for 2018 and 2019 are not fully comparable
hence the need to show a like-for-like comparison, which
indicates growth of 6.3%, as the following are excluded:
– Oxxeo and ARQBÓREA -land development-, as they
increase their value due to completion of work on the pro-
perties and, in the case of Oxxeo, delivery to tenants.
– Llano Castellano 51 and Barajas 1, as they are no
longer part of the portfolio, because they were sold at the
beginning of 2019, in January and March respectively.
– In addition, at Las Colinas Golf & Country Club,
although the absolute value dropped as plots of land were
sold in 2019, the comparable valuation in €/m²t rises by
5.1%.
The graph below shows a breakdown of the evolution of
the valuation.
Evolution 2018-2019 of the comparable GAV (€m)
94Total variation (increase)
GAV 2018A Like-for-like offices Office disinvestments (Barajas 1 and
Llano Castellano 51)
Land development (Oxxeo y ARQBÓREA)
GAV 2019A
29 2,283
2,189
128
(63)
4 8
Oxxeo
3.2. Core business: property-owning business3.2.1. Description of client portfolio
Gmp’s top 20 tenants
Gmp develops a property-owning business model based
on long-term leasing contracts with companies that have
a strong track record of financial solvency and operate in
a broad range of sectors.
Moreover, historically, it achieves high renewal figures as
a result of client satisfaction with the quality, services and
management of buildings they occupy.
As of 31 December 2019, more than 50% of the existing
rental contracts had an end date of above five years.
4%
24%
18%
7%
14%
9%
Pharma & Healthcare
Professional services
Telecom, ICT and Consultancy
Other services
Public administration
Legal
Breakdown of tenants by business sector (rental revenue)
13%
10%
19%
7%
51%Average expiry
Compulsory period: 3.5 years
Contracts: 4.2 years
7%Bank and insurance
2020 2021 2022 2023 >2024
14% Industry and Energy
Breakdown of rental contacts by year (% m² expired)
5 0 5 1
BUSINESS EVOLUTION OVER THE FINANCIAL YEAR ANNUAL REPORT 2019
3.2.2. Occupancy2019 was a year of intense commercial activity, as
contracts for office space of 34,500 m² were signed.
Adding a further 16,000 m² which were signed pre-
viously and became effective in 2019 (Sabadell in
Castellana Norte), the total for incoming tenants rose
to 50,500 m². Outgoing tenants increased to approxi-
mately 30,000 m² but nearly 23,000 m² correspond
to the expiry of part of the Vodafone contract at Cas-
tellana Norte in June 2019. As a result of the above
and excluding the impact of Vodafone, there was a
positive net absorption of close to 43,500 m². Occu-
pancy increased from 90% to 97% over the last year.
Moreover, contracts for slightly over 57,000 m² were
renewed.
The graph below shows in detail the evolution of oc-
cupancy of Gmp’s office portfolio in 2019.
Occupied Vacant
December 2018 Right to leave Renovations New contracts Office disinvestments (Barajas 1 and
Llano Castellano 51)
December 2019
Occupancy rate
Occupancy rate
37
(87)
57
50(7)
(45)
339
314
9
90% 97%
The biggest movements were as follows
Evolution of occupancy of Gmp’s office portfolio in 2019 (000 m²)
Incoming tenants:
– At Castellana 81: Zurich Seguros, Oracle,
Duff & Phelps, Spaces and Morningstar.
– At Oxxeo: Lenovo, PFS and TEA Cegos.
– At Castellana Norte: Banco Sabadell
(contract signed in the past, which took
effect when Vodafone exited) and Gemini
Recoveries.
Renewals:
– At Parque Norte: General Mills and Westcon.
– At Titán 4: Adif.
– At Condesa de Venadito 1: IQVIA/IMS.
Outgoing tenants:
– At Iberia Mart: Altia and PFS
(transferred to Oxxeo).
– At Castellana Norte: Vodafone.
5 2 5 3
BUSINESS EVOLUTION OVER THE FINANCIAL YEAR ANNUAL REPORT 2019
3.2.3. Average rents
Evolution of average rents by location (€/m2)
The average rent for financial year 2019 was 19.3 €/m²,
7.2% up on 2018. The breakdown of the evolution of ave-
rage rents is shown below according to the location of the
asset.
21,3
14,6
22,1
15,0
– Inside M-30 – Outside M-30
The breakdown of evolution of occupancy is shown
below according to the location of the asset.
– Inside M-30
87.4%93.2%
97.7% 96.0%
– Outside M-30
2018A
2018A 2018A
2018A2019A
2019A 2019A
2019A
3.2.4. Projects / Investments
ARQBÓREA
In October 2018, Gmp started work on this new office de-
velopment located in Las Tablas in north Madrid. The pro-
ject, which boasts a modern and sustainable design, was
created by the prestigious architecture studio ORTIZ LEÓN.
Its architectural features double skin with terraces and ve-
getation on the façades with greatest exposure to sunlight.
This efficient design feature protects the building from di-
rect sunlight and provides higher levels of comfort and well-
being for occupants.
At the close of 2019, work on the façade and installations
were at a very advanced stage and work had started on
applying the finishes. Construction on ARQBÓREA is ex-
pected to be completed by the end of 2020.
Evolution of the occupancy rate by location
5 4
ARQBÓREA
BUSINESS EVOLUTION OVER THE FINANCIAL YEAR ANNUAL REPORT 2019
3.2.5. EPRA Ratios
Summary of EPRA data 2018-2019
1 EPRA Earnings & Earnings Per Share
Breakdown of the calculation of EPRA data 2018-2019
Gmp has been an associate member of EPRA since 2016,
when it adopted the association’s recommendations
on best practices in reporting. A breakdown of EPRA
Performance Measures is shown below.
2018A 2019A
INDICATOR BRIEF DESCRIPCIÓN €M /% €/ACCIÓN €M /% €/SHARE
1 EPRA Earnings Earnings from operating activities 58.9 3.1 60.9 3.2
2 EPRA NAV
Net Asset Value adjusted to include pro-perties and other investment interests at fair value and to exclude certain items not expected to crystallise in a long-term investment property business model
1,355 70.8 1,511 79.0
3 EPRA NNNAV EPRA NAV adjusted to include the fair values of (i) financial instruments, (ii) debt and (iii) deferred taxes
1,265 66.1 1,413 73.9
4 EPRA Net Initial Yield (NIY)
Annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property ope-rating expenses, divided by the market value of the property, increased with (es-timated) purchasers’ costs
3.3% 3.7% -
4 EPRA “topped-up” NIY
This measure incorporates an ad-justment to the EPRA NIY in respect of the expiration of rent-free periods (or other unexpired lease incentivessuch as discounted rent periods and step rents)
3.5% 3.7% -
5 EPRA vacancy rate Percentage that reflects Estimated Mar-ket Rental Value (ERV) of vacant space divided by ERV of the whole portfolio
11.0% 2.8% -
6EPRA cost ratio (including vacancy costs)
Percentage that reflects administrative & operating costs divided by gross rental income
25.6% 23.4% -
6EPRA cost ratio (excluding vacancy costs)
EPRA cost ratio excluding administrative and operating costs associated with un-leased properties
22.8% 22.7% -
€m 2018A 2019A
Earnings per IFRS income statement 187 199
Adjustments to calculate EPRA Earnings, exclude:
(i) Changes in value of investment properties, development properties held for investment and other interests
(128) (138)
(ii) Profits or losses on disposal of investment properties, development proper-ties held for investment and other interests
- (0)
(iii) Profits or losses on sales of trading properties including impairment char-ges in respect of trading properties
- -
(iv) Tax on profits or losses on disposals - -
(v) Negative goodwill /goodwill impairment - -
(vi) Changes in fair value of financial instruments and associated close-out costs
- -
(vii) Acquisition costs on share deals and non-controlling joint venture interests
- -
(viii) Deferred tax in respect of EPRA adjustments - -
(ix) Adjustments (i) to (viii) above in respect of joint ventures (unless already included under proportional consolidation)
- -
(x) Non-controlling interests in respect of the above - -
EPRA Earnings 58.9 60.9
Shares 19,124 19,124
EPRA Earnings Per Share (EPS) (€/share) 3.08 3.18
Extrapolation EPRA Earnings 12 months.
5 6 5 7
BUSINESS EVOLUTION OVER THE FINANCIAL YEAR ANNUAL REPORT 2019
€m 2018A 2019A
NAV per the financial statements 1,276 1,425
Effect of exercise of options, convertibles ad other equity interests (dilulted basis) - -
Diluted NAV, after the exercise of options, convertibles and other equity interests 1,276 1,425
Include:
(i.a) Revaluation of investment properties (if IAS 40 cost option is used) - -
(i.b) Revaluation of investment property under construction (IPUC) (if IAS 40 cost option is used)
- -
(i.c) Revaluation of other non-current investments - -
(ii) Revaluation of tenant leases held as finance leases - -
(iii) Revaluation of trading properties - -
Exclude:
(i.v) Fair value of financial instruments 4 10
(v.a.) Deferred tax 76 76
(v.b.) Goodwill as a result of deferred tax - -
Include / Exclude:
Adjustments (i) to (v) above in respect of joint venture interests - -
EPRA NAV 1,355 1,511
EPRA NAV per share 70.9 79.0
Shares 19,124 19,124
€m 2018A 2019A
EPRA NAV 1.355 1.511
Include:
(i) Fair value of financial instruments (4) (10)
(ii) Fair value of debt (11) (12)
(iii) Deferred tax (76) (76)
EPRA NNNAV 1.265 1.413
EPRA NNNAV per share 66,2 73,9
Share 19.124 19.124
€m 2018A 2019A
Investment property – wholly owned 2,010 2,040
Investment property – share of JVs/Funds - -
Trading property (including share of JVs) 66 127
Trading property (including share of JVs) (81) (110)
Completed property portfolio 1,994 1,994
Allowance for estimated purchasers’ costs 57 56
Gross up completed property portfolio valuation 2,051 2,113
Annualised cash passing rental income 70 79
Property outgoings (2) (1)
Annualised net rents 68 79
Add: notional rent expiration of rent free periods or other lease incentives 1 (1)
“Topped-up” net annualised rent 69 78
EPRA Net Initial Yield 3.3% 3.7%
EPRA “Topped-Up” Net Initial Yield 3.4% 3.7%
€m 2018A 2019A Var. %
Vacant space ERV 9 2 1%
ERV Portfolio 85 82 15%
EPRA Vacancy Rate Portfolio 11.0% 2.8% (8.2)
2 EPRA NAV (Net Asset Value) 4 EPRA Net initial Yield & Topped-up Net Initial Yield
5 EPRA Vacancy Rate
3 EPRA NNNAV (Triple Net Asset Value)
5 8 5 9
BUSINESS EVOLUTION OVER THE FINANCIAL YEAR ANNUAL REPORT 2019
3.3. Other business: residential tourism development
Key financial data on Las Colinas Golf & Country Club
Las Colinas Golf & Country Club has shown a negative
evolution over the year. Although, for the fifth year run-
ning, this business line generated positive EBITDA. After
recording an EBITDA of €13.1m in 2018, it has decrea-
sed to €3.9m in 2019 (accounting principles).
Residential property development is the main business,
which includes the sale of land and homes under de-
velopment. It is worth noting that the evolution outlined
below is presented from the point of view of sales and
commercial margins, while the income statement shown
at the beginning of this section follows accounting princi-
ples. The drop was 16.8% in sales revenues amounting
to €28.0m, and 30.8% in terms of sales margins, down
to €12.1m. The reasons behind this are the marked
slowdown in sales of key-in-hand villa projects whereas
the evolution of sales of plots of land to developers and of
apartments from the joint venture with Somium Premium
Properties has been positive.
As regards operations, this includes golf, restaurants and
accommodation, turnover has fallen by 2.2%, down to
€4.9m. As far as EBITDA is concerned, it dropped sig-
nificantly to €44k. The sharp decrease was principally
due to adverse meteorological conditions in the months
of April and September. Specifically, the cold drop that
hit the Levante coast in September, which had a major
impact on Las Colinas Golf & Country Club. It caused
serious damage to the golf course which had to stop play
for a number of days in the middle of high season and
many bookings were cancelled, affecting business sig-
nificantly. The EDITDA excludes the costs incurred by
extraordinary repairs.
Property development
Operations (golf, restaurant and accommodation)
2018A
2018A
2018A
2018A
2019A
2019A
2019A
2019A
33,693
5,059
17,545
271
28,042
4,947
12,143
44
– Sales revenues (€´000)
– Revenues (€´000)
– Sales margin (€´000)
– EBITDA (€´000)
€m 2018A 2019A
Include:
(i) Administrative/operating expense line per IFRS income statement 35 35
(ii) Net service charge costs/fees (15) (16)
(iii) Management fees less actual/estimated profit element - -
(iv) Other operating income/recharges intended to cover overhead expenses less any related profits - -
(v) Share of Joint Ventures expenses - -
Exclude (if part of the above):
(vi) Investment Property depreciation - -
(vii) Ground rent costs - -
(viii) Service charge costs recovered through rents but not separately invoiced - -
EPRA Costs (including direct vacancy costs) (A) 20 19
(ix) Direct vacancy costs (2) (1)
EPRA Costs (excluding direct vacancy costs) (B) 18 18
(x) Gross Rental Income less ground rent costs - per IFRS 79 81
(xi) Less: service fee and service charge costs components of Gross Rental Income (if relevant) - -
(xii) Add: share of Joint Ventures (Gross Rental Income less ground rent costs) - -
Gross Rental Income (C) 79 81
EPRA Cost Ratio (including direct vacancy costs) (A/C) 25.6% 23.4%
EPRA Cost Ratio (excluding direct vacancy costs) (B/C) 22.8% 22.7%
(1) Includes capitalised interest relating to projects, tenant incentives, letting fees and other capitalised expenses.
€m 2018A 2019A
Acquisitions - -
Developments 7 11
Like-for-Like portfolio 12 6
Other(1) 2 0
Total 21.6 17.1
6 EPRA Cost Ratios
EPRA CAPEX
6 0 6 1
BUSINESS EVOLUTION OVER THE FINANCIAL YEAR ANNUAL REPORT 2019
COMPANYPORTFOLIO
44.1. Description
4.2. Office buildings
4.3. Land portfolio
4.4. Las Colinas Golf & Country Club
Oxxeo
Land bank2%3% Las Colinas and others
As indicated above, the valuation of the Company’s port-
folio as of 31 December 2019, carried out by an indepen-
dent property valuer, amounted to €2.283 billion.
It principally comprises office properties for lease, worth
€2,167 billion, accounting for 95% of the total. The value
of the land bank for future office developments stands at
€44m, 2% of total. Finally, the valuation of the residential
portfolio, mainly comprising the residential tourism deve-
lopment Las Colinas Golf & Country Club, is €72m, 3% of
the total value of the Company’s assets.
Gmp has a diversified portfolio of office buildings and busi-
ness parks, comprising both single tenant and multi-tenant
properties.
The weight of the assets located inside the M-30 Madrid
ring road is very significant, which accounts for 75% of
the valuation. Most properties enjoy prime locations in
Madrid’s Business Centre.
During the period 2014-2017, Gmp invested intensely in
properties, which significantly increased the area of its
portfolio dedicated to office buildings. At the end of finan-
cial year 2019, the value of new properties acquired in the
period 2014-2017 accounted for 22% of the GAV and 23%
of the total surface area.
At 31 December 2019 the Company had one asset under
development: ARQBÓREA, an office building project loca-
ted in Las Tablas. This asset under development accounts
for 5% of the GLA and 2% of the GAV.
The sale of the assets Barajas 1 and Llano Castellano 51,
in the first quarter of 2019, has had a significant impact on
the share of weight in the portfolio:
– It has increased the proportion of multi-tenant assets.
Llano Castellano 51 was an asset with a large GLA occu-
pied by a single tenant.
– It has increased the proportion of assets located inside
the M-30 Madrid ring road. Both assets sold were located
outside this ring road.
– It has reduced the proportion of assets acquired in
the period 2014-2017. Both assets joined the portfolio in
2015.
Gross Leasable Area (GLA) 345,565 sq m
Value (GAV): €2,167m
Breakdown of the total GAV total by type of asset75% Multi-tenant
25% Single tenant
71% Multi-tenant
29% Single tenant
59% Inside M-30
41% Outside M-30
75% Inside M-30
25% Outside M-30
78% Historical Portfolio
22% Acquisitions
2014-2017
76% Historical Portfolio
24% Acquisitions
2014-2017
95% Operating
5% Under development
98% Operating
2% Under development
Type
Type Location
Location
Incorporation
Incorporation
Status
Status95% Office portfolio
Total GAV
€2,283m
COMPANY PORTFOLIO
4.1. Description
4.2. Office buildings
6 4 6 5
Parque Norte Business Park
ANNUAL REPORT 2019
A5
M40
M30
A1
A2
A3
A4
14
15
13
12
1
2
34
5 6
7
8
910
N
LOCATION OF OFFICE ASSETS FOR RENTAL IN MADRID.
Alcalá 16
Condesa de Venadito 1Titán 4
Puerto Somport 9Oxxeo
Quintanadueñas 6 ARQBÓREA
Serrano Galvache 56Parque Norte Business Park
Manuel Cortina 2
Goya 14
Eloy Gonzalo 10
Hermosilla 3
Castellana 81
Génova 27
Castellana 77
Luchana 23
Orense 34Iberia Mart I and IIcomplex
1
6
12 13
7 8 9 10
2 3 4 5
11
CBD / City Centre
M-30
North Madrid
11
14 15
CBD / City Centre
M-30
North Madrid
COMPANY PORTFOLIO ANNUAL REPORT 2019
6 7
A listed building by the architect Ricardo Bastida, in the mo-
nument category, considered to be of special interest by the
Madrid Regional Ministry of Education and Culture. It was
originally the headquarters of the Banco de Bilbao.
It stands out for its impressive façade, with sculptures by
Quintín de la Torre, as well as for the master craftsmanship
of the stained-glass windows and murals in its central rotun-
da, created by Aurelio Arteta.
The two monumental quadrigas that crown the towers were
sculpted in bronze by Higinio de Basterra.
Between 1975 y 1981, the architect Pedro Bidagor Lasarte
extended the building into calle de Sevilla, respecting the
architectural design of the original building and its main
façade.
It was fully renovated in 2001.
TENANTSComunidad de MadridBBVA
PARKING SPACES 155
CERTIFICATIONS
Integrated Management System:
– ISO 9001
– ISO 14001
– OHSAS 18001
AREA20,827 m2
ARCHITECTRicardo Bastida
OCCUPANCY100% (31 December 2019)
ALCALÁ 16
6 9
YEAR OF CONSTRUCTION1920
YEAR OF REFURBISHMENT2001
COMPANY PORTFOLIO ANNUAL REPORT 2019
A building with a distinctive tiered glass front. The street
where the building is located was planned in the 19th cen-
tury when the Marquis of Salamanca, who owned 100 hec-
tares in the area, promoted developments to the north, east
and west of the capital, creating the Salamanca district. It
is one of the most distinguished, central districts of Madrid,
which boasts architectural unity through the building faça-
des and a high concentration of designer boutiques.
In 2011, Gmp fully refurbished the seven floors of this buil-
ding to enhance the natural light and functionality of the
space.
Since 2012, it has housed the headquarters of the National
Court (Audiencia Nacional), encompassing the Court, Admi-
nistrative Courts and the Labour Chamber.
YEAR OF CONSTRUCTION1976
YEAR OF REFURBISHMENT2011
TENANTSAudiencia NacionalBBVA
PARKING SPACES 100
CERTIFICATIONSIntegrated Management System:
– ISO 9001
– ISO 14001
– OHSAS 18001
AREA9,138 m2
OCCUPANCY100% (31 December 2019)
GOYA 14
7 1
COMPANY PORTFOLIO ANNUAL REPORT 2019
The only business campus in Madrid’s prime district. It
comprises two buildings and was designed by the Ra-
fael de La-Hoz architecture studio, its design prioritises
the optimisation of energy consumption, exploitation of
natural light, work rationalization, innovation and environ-
mental protection.
Notable for its glass façade and the central atrium with
skylight, as well as its interior garden linking the two buil-
dings on campus. It is the head offices of the legal servi-
ces firm Garrigues.
The business campus holds LEED Gold certification in
the Existing Building category, awarded by the US Green
Building Council (USGBC).
YEAR OF REFURBISHMENT2006
TENANTGarrigues
PARKING SPACES121
CERTIFICATIONSLEED Gold Existing Building
Integrated Management System:
– ISO 9001
– ISO 14001
– OHSAS 18001
AREA16,735 m2
ARCHITECTRafael de La-Hoz
OCCUPANCY100% (31 December 2019)
HERMOSILLA 3
7 3
COMPANY PORTFOLIO ANNUAL REPORT 2019
Since it was erected in 1973, the building has become a
landmark in an area where nineteenth-century or novecen-
tista buildings predominate. It is the living expression of a
contemporary reality that opened up in one of the most
elegant districts in twentieth-century Madrid.
The thorough refurbishment of Génova 27, undertaken by
Gmp in 2005, was conceived by the Lamela studio, the
same architectural practice that originally designed the
building.
This studio reinterpreted the building, giving the exterior
greater transparency, leveraging natural light and reducing
acoustic transmission. The building received a special
mention in the third edition of the Gaceta de los Negocios’
Real Estate Awards in the category of property refurbish-
ment.
In 2016 an improvement plan was implemented to moder-
nise the common areas and deliver higher levels of comfort
to occupants and visitors. Such actions included the reno-
vation of the main and floor lobbies and toilets.
It holds LEED Gold certification in the Existing Building
category, awarded by the US Green Building Council
(USGBC).
CERTIFICATIONSLEED Gold Existing Building
Integrated Management System:
– ISO 9001
– ISO 14001
– OHSAS 18001
OCCUPANCY100% (31 December 2019)
TENANTSBDO
Engel & Völkers
H&M
ING
VIPS
Vivus Finance
PARKING SPACES 188
AREA11,436 m2
ARCHITECTEstudio Lamela
GÉNOVA 27
7 5
YEAR OF CONSTRUCTION1973
YEAR OF REFURBISHMENT2005
COMPANY PORTFOLIO ANNUAL REPORT 2019
This was the first office building developed by Gmp and has
housed the Company headquarters since its inception. It laid
the foundations of Gmp’s business strategy as a specialised
property-owning real estate group in the premium office seg-
ment in Madrid.
The building has straight lines and is entirely freestanding hen-
ce most rooms are exterior and receive plenty of natural light.
During the period 2014-2016 an improvement plan has been
implemented to modernise the common areas and provide
greater levels of comfort for occupants and visitors. The ac-
tions developed include refurbishing the lobbies on the diffe-
rent floors, as well as the toilets.
In addition, in 2016, the building was equipped with a new
space that can be rented out for meetings in order to provide
clients with a function room where they can hold events such
as company meetings, courses, or presentations.
In 2018, the range of value-added services for clients of the
building was extended by installing a Wi-Fi service in the com-
mon areas: lobby and car park. The parapets on the façade
were renewed to improve energy efficiency and enhance the
aesthetics of the building.
At the time of writing this report, a full action plan is being
implemented at the building to offer clients new spaces aimed
at maximizing their comfort and wellbeing. This plan includes
a new reception area that opens out to a lounge or informal
meeting space that will offer a supportive café service, a te-
rrace for relaxation and unwinding, a renovated space to host
corporate events, equipped with the latest technology and an
open-air gym on the roof top. Complementing this new space
to promote sport, there will also be changing rooms.
It holds LEED Gold certification in the Existing Building cate-
gory, awarded by the US Green Building Council (USGBC). In
addition, Gmp’s headquarters on the seventh floor is one of
only three offices in Madrid to have obtained LEED Platinum
certification in the Commercial Interiors category.
YEAR OF CONSTRUCTION1979
TENANTSComunidad de Madrid
Gfk
Gmp
HDI Seguros
Interbrand
Omnicom Group
PARKING SPACES 124
CERTIFICATIONSLEED Gold Existing Building
Integrated Management System:
– ISO 9001
– ISO 14001
– OHSAS 18001
AREA13,858 m2
OCCUPANCY100% (31 December 2019)
LUCHANA 23
7 7
COMPANY PORTFOLIO ANNUAL REPORT 2019
Gmp acquired the property in April 2017. Its 16,383 m² were
occupied by Mapfre who stayed in the building until December
2017, when it left 15,141 m² vacant, which were pre-leased
to Patrimonio del Estado. This was the second biggest rental
operation in the office market in Madrid inside the M-30 ring
road in 2017.
Renovation work and fit-out of the building started at the end
of 2017 and was completed in July 2018.
Manuel Cortina 2 is a freestanding building, with straight lines.
Its large façades onto the streets Manuel Cortina, Luchana,
Manuel Silvela and Francisco de Rojas make it stand out in
the surroundings.
YEAR OF CONSTRUCTION1980
TENANTSMapfre
Patrimonio del Estado
PARKING SPACES 355
CERTIFICATIONSIntegrated Management System:
– ISO 9001
– ISO 14001
– OHSAS 18001
AREA16,383 m2
OCCUPANCY100% (31 December 2019)
MANUEL CORTINA 2
7 9
COMPANY PORTFOLIO ANNUAL REPORT 2019
Gmp acquired the property In July 2014 and started a com-
prehensive renovation programme immediately. The buil-
ding was fully pre-leased nine months before the completion
of the renovation work.
The architecture studio selected to carry out the renovations
was the reputed international firm luis vidal + architects
(LVA) and the project enhances the functionality of the floors
and adds an open façade featuring large panes of glass from
floor to ceiling, leveraging natural light to the full and redu-
cing acoustic transmission.
It holds LEED Gold certification in the Core & Shell category,
awarded by the US Green Building Council (USGBC).
In 2016 it won the accolade for “Best Renovation” awarded
by the Spanish Association of Offices (AEO).
In 2017, Eloy Gonzalo 10 was named “Best full building re-
novation” in the ASPRIMA- SIMA awards that reward the
excellence of the projects and initiatives in the sector.
YEAR OF REFURBISHMENT2015
TENANTSGrupo Havas
Perrachica restaurant
PARKING SPACES136
CERTIFICATIONSLEED Gold Core & Shell
Integrated Management System:
– ISO 9001
– ISO 14001
– OHSAS 18001
AREA13,039 m2
ARCHITECTluis vidal + arquitectos
OCCUPANCY100% (31 December 2019)
ELOY GONZALO 10
8 1
COMPANY PORTFOLIO ANNUAL REPORT 2019
This masterpiece by Sáenz de Oiza and of Spanish architectu-
re of the 20th century, is located in the most privileged area of
Madrid’s financial hub and, following an ambitious renovation
plan, it looks to the future as a symbol of sustainability, acces-
sibility and technology.
Renovation on Castellana 81 included the creation of a full
service floor, including an auditorium with a capacity for 188
people, equipped with state-of-the-art technology, 8 meeting
rooms fitted out with cutting-edge technology, physiotherapy
service, showers and changing rooms. In 2017 the value-
added services offer for clients was extended by installing
Wi-Fi in the common areas: lobby and car park.
In March 2017, Castellana 81 became the first building on
the Paseo de la Castellana to be awarded LEED Platinum cer-
tification in the category Core & Shell, the highest distinction
awarded by the US Green Building Council (USGBC).
At the end of 2017 it achieved DIGA (Hallmark of Level of
Accessibility) five-star certification. This makes Castellana 81
the first singular office building in Spain with the highest ac-
cessibility level.
In May 2018, Castellana 81 became the first WELL office buil-
ding in Spain and the fifth in Europe to achieve Gold standard
WELL building in the Core & Shell category. WELL is the first
international certification for buildings that solely focuses on
human health and wellbeing.
In January 2019 the building was declared a Heritage Asset
in the monument category. It is the first time that a building of
recent construction has been protected as a Heritage Asset in
the Madrid Region.
Castellana 81 has received a series awards:
– “2017 Prize for Best Renovation” from the AEO-Spanish
Office Association- April 2018.
– “Best Non-Residential Real Estate Action” in the ASPRI-
MA-SIMA awards. May 2018.
– “2018 Official Institute of Architects of Madrid (COAM)
Prize” for its renovations. October 2018.
– “The Architecture Masterprize” in the category Architectu-
ral Design – Restoration & Renovation. September 2019.
TENANTSElecnorFaboritGrant ThorntonHAYSKairós Digital SolutionsOracleSavills Aguirre NewmanTekaZurich
PARKING SPACES407
CERTIFICATIONSWELL Gold Core & Shell
LEED Platinum Core & Shell
AEO Technical Quality Rating: A
DIGA 5-stars
Integrated Management System:
– ISO 9001
– ISO 14001
– OHSAS 18001
AREA38,857 m2
ARCHITECTFrancisco J. Sáenz de OizaWinner of the Spanish Architecture Prize.Gold Medal for Merit in the Fine Arts 1987.Prince of Asturias Award for the Arts 1993.
OCCUPANCY93% (31 December 2019)
CASTELLANA 81
8 3
YEAR OF CONSTRUCTION1981
YEAR OF REFURBISHMENT2017
COMPANY PORTFOLIO ANNUAL REPORT 2019
Located in AZCA, the financial centre of Madrid, the building
was acquired by Gmp in February 2015 and full renovations
on the building began in October of the same year and were
completed in May 2017.
The acclaimed international practice, luis vidal + arquitectos,
carried out the renovation project, which completely transfor-
med the original building; giving it a highly distinctive aesthe-
tic and placing it at the cutting edge of sustainability. In fact,
in 2017 it won the “Award for Best Office Architecture Spain
2017-2018” in the European Property Awards Architecture. At
the time of writing this report, the building has also received a
“Special Mention” in the German Design Awards 2019.
The architectural approach to the façade is worth highlighting
as not only does it represent an aesthetic achievement but
also enhances the efficiency and sustainability of the building
through adding slats that protect against direct sunlight. The
option of these distinctive slats being lit up at night, gives Cas-
tellana 77 greater visibility, making it stand out from its surroun-
dings.
In 2018, the range of value-added services for clients of the
building was extended through the installation of Wi-Fi in com-
mon areas: lobby and car park.
In the framework of Castellana 77’s commitment to accessibi-
lity, it achieved DIGA 5-star certification (Hallmark of Level of
Accessibility) in April 2017 and became the first office building
in Spain with the highest level of accessibility in the Built-up
Surrounding category for properties built after 2010.
In March 2019, Castellana 77 achieved the highest distinction
awarded by the US Green Building Council (USGBC) in LEED
certification, that is, Platinum level in the Core & Shell category.
In addition, in November 2019, the building obtained Gold
WELL in the category Core & Shell. WELL is the first interna-
tional certification process for buildings that solely focuses on
human health and wellbeing.
YEAR OF REFURBISHMENT2017
TENANTSBanco SantanderEverisWeWork
PARKING SPACES 190
CERTIFICATIONSLEED Platinum Core & Shell
WELL Gold Core & Shell
DIGA 5 stars
Integrated Management System:
– ISO 9001
– ISO 14001
– OHSAS 18001
AREA16,302 m2
ARCHITECTluis vidal + arquitectos
OCCUPANCY100% (31 December 2019)
CASTELLANA 77
8 5
COMPANY PORTFOLIO ANNUAL REPORT 2019
It was the first World Trade Center in Madrid and the first bu-
siness complex with a Paddle Tennis Club. It comprises two
buildings and the robustness of its finishes and spacious com-
mon areas are worth highlighting. It includes a meeting centre
accommodating 100 people.
During the period 2014-2015, a comprehensive renovation
plan was implemented in order to modernise the common
areas and deliver higher levels of comfort to occupants and
visitors. This included refurbishing the main lobby areas, as
well as the lobby on each floor, the toilets, car park and mee-
ting rooms.
In 2017, the range of value-added services for clients of the
building was extended by installing Wi-Fi in common areas:
lobby and car park.
Both buildings hold LEED Gold certification in the Existing
Building category, awarded by the US Green Building Council
(USGBC).
YEAR OF CONSTRUCTION1975
TENANTS
Costa CrucerosFECYTFonditelLegoTelefónica
PARKING SPACES 469
CERTIFICATIONSLEED Gold Existing Building
Integrated Management System:
– ISO 9001
– ISO 14001
– OHSAS 18001
AREA37,411 m2
OCCUPANCY95% (31 December 2019)
ORENSE 34Iberia Mart I and II Complex
8 7
COMPANY PORTFOLIO ANNUAL REPORT 2019
Property acquired by Gmp in August 2015. Located in the
Méndez Álvaro area, the building enjoys excellent visibility
from the M-30.
It is a freestanding building, surrounded by a private garden
area, with natural light on all four façades and fitted with a
modern and innovative building access system.
The building holds BREEAM ES in Use certification, with a
rating of “Very good” and “Excellent” for management.
YEAR OF CONSTRUCTION2008
TENANTAdif
PARKING SPACES 218
CERTIFICATIONSBREEAM ES In-Use
Integrated Management System:
– ISO 9001
– ISO 14001
– OHSAS 18001
AREA10,722 m2
OCCUPANCY100% (31 December 2019)
TITÁN 4
8 9
COMPANY PORTFOLIO ANNUAL REPORT 2019
Building acquired by Gmp in March 2015. It is a freestan-
ding building, surrounded by a private garden area.
It houses large office spaces that are full of natural light.
Its straight and sober architectural lines, as well as its so-
lid structure, stand out in its location, next to the M-30 and
Barcelona A2 highway, in an established business area with
many representative buildings that serve as company head-
quarters.
Between 2015-2016 a comprehensive renovation plan has
been implemented to enhance the block’s functionality,
distinctive aesthetic and the levels of comfort it delivers to
occupants and visitors. Such improvements have included
refurbishing the main lobby and floor lobbies and moderni-
sing the outside areas and full renovation of the façade that
included replacing the windows.
It holds LEED Gold certification in the category Core & Shell,
awarded by the US Green Building Council (USGBC).
YEAR OF CONSTRUCTION1975
TENANTS
Basic Fit
El Economista
FeuVert
Just Eat
UniversalPay
20 Minutos
PARKING SPACES440
CERTIFICATIONS
LEED Gold Existing Building
Integrated Management System:
– ISO 9001
– ISO 14001
– OHSAS 18001
AREA20,789 m2
OCCUPANCY99% (31 December 2019)
CONDESA DE VENADITO 1
9 1
COMPANY PORTFOLIO ANNUAL REPORT 2019
Built at the end of the 2000s, it was the biggest urban business
park in Madrid and first business city project that combined
technology with a privileged location.
The architectural concept, designed by Rafael de La-Hoz, fo-
cuses on a “spirit of unity”. The six buildings are situated on
the perimeter around a central area that serves as the heart of
the complex. It includes a meeting centre accommodating 100
people which has been refurbished in 2015.
Between 2015-2016, improvement work was implemented on
the main lobbies including the installation of a LED luminary
skylight, new HVAC systems and revolving doors. The toilets
were also fully refurbished.
In 2017, a series of actions were implemented to extend the
offer of value-added services for clients at the park. This inclu-
ded installing a parking space guide system in the car park, 13
charging points for electric vehicles and free Wi-Fi service in
common areas.
The business park holds LEED Gold certification in the Existing
Building category, awarded by the US Green Building Council
(USGBC).
YEAR OF CONSTRUCTION2001
CERTIFICATIONSLEED Gold Existing Building
Integrated Management System:
– ISO 9001
– ISO 14001
– OHSAS 18001
OCCUPANCY100% (31 December 2019)
TENANTS
AstraZeneca
EDPRenováveis
GF
KFC
Lenovo
Novartis
Thales
Vestas
PARKING SPACES 812
AREA45,910 m2
ARCHITECTRafael de La-Hoz
SERRANO GALVACHE 56Parque Norte Business Park
9 3
COMPANY PORTFOLIO ANNUAL REPORT 2019
YEAR OF CONSTRUCTION 2016 - 2018
TENANTSCapgeminiDO EATLenovoPFS
PARKING SPACES 450
CERTIFICATIONSLEED Platinum Core & Shell
In the WELL certification process
AEO Technical Quality Rating: A+
DIGA 5-stars
Integrated Management System:
– ISO 9001
– ISO 14001
– OHSAS 18001
AREA14,299 m2
ARCHITECTRafael de La-Hoz
OCCUPANCY100% (31 December 2019)
9 5
In April 2018, Gmp completed work on a new office buil-
ding, Oxxeo, on one of the plots of land it owns in Las Tablas,
where development had started in 2016.
The project, following a sustainable and avant-garde de-
sign, has been created by the acclaimed international ar-
chitecture practice Rafael de La-Hoz. It is a freestanding
building, with a triangular floor plan, following an innovative
architectural concept that takes the load-bearing structure
to the outside of the building forming a latticework, which
in turn protects the façade from direct sunlight. This design
maximises space on the office floors and leverages natural
light. Moreover, Oxxeo boasts a roof area equipped with two
individual paddle tennis courts, a jogging track and outdoor
exercise area and relaxation area.
Designed with environmental responsibility in mind, in Sep-
tember 2018, the building obtained the prestigious LEED
Platinum certification for Core and Shell, making it the first
office project in the Las Tablas area to achieve the highest
distinction awarded by the US Green Building Council
(USGBC).
In June 2018, it obtained DIGA (Hallmark of Level of Acces-
sibility) 5-star certification, making it the first newly cons-
tructed office building in Spain to achieve the highest level
of accessibility.
In addition, the WELL Building Standard certification pro-
cess has been set in motion, in the category Core & Shell,
which guarantees a design and construction model that fo-
cuses on human health and wellbeing, this process is ex-
pected to be completed in 2019. In this respect, Oxxeo is
the first office building in Spain and a pioneer in Europe
in incorporating dynamic lighting that adapts to occupants’
circadian rhythms.
In 2019, Oxxeo received the following awards:
– “Best Non-Residential Real Estate Action” in the ASPRI-
MA-SIMA awards. May 2019.
– “Best Office New Construction Office Building 2018” by
the Spanish Office Association (AEO).
PUERTO SOMPORT 9Oxxeo
COMPANY PORTFOLIO ANNUAL REPORT 2019
In October 2018 Gmp started development on ARQBÓ-
REA, a new office building on land in Las Tablas. Work is
expected to be completed by the end of 2020.
The project has been designed by the acclaimed archi-
tecture practice ORTIZ LEÓN. Its architectural proposal
includes a double skin with terraces and vegetation on
façades with greatest exposure to sunlight. This efficient
design component protects the building from direct sun-
light and provides higher levels of comfort for occupants,
as well as saving on energy costs substantially.
ARQBÓREA has been designed to maximise the well-
being of users. In this respect, the development plans to
create landscaped green areas and a rooftop area with
two spaces providing views of the surrounding area and
enabling users to unwind and relax.
The building has already obtained the prestigious LEED
Platinum pre-certification in the category Core & Shell,
the highest distinction awarded by the US Green Buil-
ding Council (USGBC), and has initiated the WELL Buil-
ding Standard certification process for Core & Shell,
which guarantees the design and construction model
focuses on the health and wellbeing of users. It aims to
achieve Platinum standard, the highest rating level for
WELL certification.
Within ARQBÓREA’s commitment to accessibility, it has
initiated the process to obtain the top 5-star DIGA certi-
fication (Hallmark of the Level of Accessibility). This cer-
tification accredits that any person, regardless of their
condition, can move around the building comfortably
and safely.
YEAR OF CONSTRUCTION 2018 - 2020
CERTIFICATIONSPre-certification LEED Platinum Core & Shell
In the WELL certification process
In the DIGA certification process
OCCUPANCYIn development
PARKING SPACES450
AREA15,790 m2
ARCHITECTEstudio ORTIZ LEÓN
QUINTANADUEÑAS 6ARQBÓREA
9 7
COMPANY PORTFOLIO ANNUAL REPORT 2019
Distribution of land portfolio per area and m² of buildable area
The Gmp Group owns a land bank for office projects co-
vering a buildable area of 50,928 m². This portfolio is
located in strategic areas of north Madrid that have deve-
loped the most in recent years: Las Tablas, Valdebebas
and Las Rozas, three new business districts carefully.
Las TablasLas Rozas
Valdebebas
4.3. Land portfolio
Las Rozas Las Tablas Valdebebas Total
12,998 sq m 6,646 sq m 31,284 sq m 50,928 sq m
9 9
Land available in Valdebebas
COMPANY PORTFOLIO ANNUAL REPORT 2019
4.4. Las Colinas Golf & Country ClubLas Colinas Golf & Country Club is an exclusive residen-
tial community with low density housing, built around an
18-hole championship golf course. Out of the 6,000 units
permitted by the Local Planning Schedule, development
of less than 1,700 is planned.
The development spreads across 330 hectares of beau-
tiful countryside, near the coast and south of Alicante;
nestling in a valley surrounded by hills that form a natural
barrier.
This ensures the privacy of the resort, enhanced by a
single access road with 24-hour security service. It is su-
rrounded by a nature reserve covering over 10,000 hecta-
res where no residential development is permitted.
Las Colinas Golf & Country Club enjoys an exceptional cli-
mate; it is well connected by road, rail and air and is an
environmentally friendly resort. It complies with a compre-
hensive plan of environmental protection and sustainable
development measures drawn up by the Polytechnic Uni-
versity of Valencia and the homes, golf course and other
facilities all blend carefully into the surroundings. Moreo-
ver, it boasts a 200,000 m² nature reserve, with nature
trails and indigenous vegetation. There are over 20 golf
courses and many sailing clubs and marinas less than half
an hour’s drive away.
Las Colinas Golf & Country Club offers comprehensive
sports, leisure, accommodation and restaurant facilities,
including the golf course, a private Beach Club on the sea-
front. Moreover, in July 2019, Las Colinas Sports & Health
Club opened to the public: a new space comprising two
paddle tennis courts, three tennis courts, a multi-sport
court, three massage treatment rooms, gym, changing
rooms and outdoor swimming pool. In December 2019,
construction of the restaurant il Palco was completed,
which was opened at the beginning of 2020.
Since it opened in the summer of 2010, Las Colinas Golf
& Club has garnered a prestigious international reputation
for the exceptional design of its properties, high quality
standards of its services and facilities, protection of the
natural surroundings and excellence of its golf club. The
course is ranked 63rd in the Top 100 courses in Continen-
tal Europe published by the British magazine, Golf World,
and it has been named “Spain’s Best Golf Course” in the
World Golf Awards three years in a row, in 2015, 2016
and 2017.
In 2019, Las Colinas Golf & Country Club won the World-
Travel Awards in the categories “Europe’s Leading Villa
Resort” and “Spain’s Leading Villa Resort”, which stren-
gthens its exclusive and high-quality differential positio-
ning. It was also named “Best Residential Development
Spain” in the European Property Awards 2019-2020.
At the time of writing this report, Las Colinas Golf & Coun-
try Club has been named “Best Iberian Golf Resort 2020”
in the LUX Travel & Tourism Awards.
Key data on Las Colinas Golf & Country Club
Area 330 ha.
Residential buildable area 232,266 m2
Hotel buildable area 25,000 m2
Commercial buildable area 3,250 m2
Golf buildable area 6,000 m2
Homes planned 1,634
Homes sold, built and delivered at year-end 2019 508
Homes sold at the design/construction stage at year-end 2019 81
Managed tourist homes 2019* 24
*Las Colinas Residences: accommodation offer, including villas and apartments.
Golf course
Holes 18
Par 71, with par 3, 4 and 5 holes
Designer Cabell B. Robinson
Management Troon Golf
Rounds 2019 40,612
Amenities
Golf academy, practice area, Las Colinas Short Game Facility by Miguel Ángel Jiménez, Las Colinas Sports & Health Club,
Clubhouse with restaurants UNiK CAFÉ , il Palco and enso sushibar, a golf shop and changing rooms.
Customer rating 4.6 out of 5
1 0 0 1 0 1
il Palco restaurant
Las Colinas Golf & Country Club
CORPORATE SOCIAL RESPONSABILITY
5
5.1 Innovation from sustainability
5.1.1 Corporate Social Responsibility
5.1.2 Innovation
5.1.3 Transparency and communication
5.2 Client and user experience
5.2.1 Customer and user satisfaction
5.2.2 Health, safety and wellbeing of tenants
5.3. Our talent
5.3.1 Human team
5.3.2 Training and team development
5.3.3 Employee satisfaction
5.3.4 Team health and safety
5.4. Environmental protection
5.4.1 Climate change and energy efficiency
5.4.2 Circular economy
5.5. Community engagement
5.5.1 Responsible supply chain management
5.5.2 Social Action
5.6. COVID-19
5.7. About this report
Index EPRA contents
Index GRI and EPRA contents
This CSR Plan channels the contribution made by Gmp’s
activity to achieving Sustainable Development Goals
(SDGs) promoted by the United Nations. Specifically,
based on the Group’s business area and its bet on com-
munity engagement through its Foundation, three priority
SDGs have been identified where Gmp can make a sig-
nificant contribution:
While SDGs 8,11 and 16 have been identified as priorities
for Gmp’s activity, a contribution is made to other Sus-
tainable Development Goals through all the Company’s
processes, which will be pinpointed in the chapters of
this report.
In addition, and as a result of approving the CSR Plan,
the Company has updated its CSR Policy according to
the recommendations from the Code of Good Governan-
ce of the Spanish National Securities Market Commission
(CNMV), which is expected to be approved by the Board
of Directors in 2020.
Gmp contributes to SDG 9 through its commitment to delivering innovative and differentiated
products and services that meet the highest quality standards, with the aim of establishing
long-term relations with clients and promoting the wellbeing and satisfaction of end users at
Gmp’s properties.
CSR occupies a strategic position in Gmp’s management,
hence the highest governing body for CSR is Gmp’s
Board of Directors, which is responsible for approving
the Company’s CSR Plan and CSR Policy.
Since 2019, the Audit, Compliance and Sustainability
Committee oversees the proper implementation of CSR
matters, chiefly supported by the CSR Committee. The
Audit, Compliance and Sustainability oversees over-
seeing all CSR-related documentation and information
raised to the Board, guaranteeing that it has been ma-
naged and reviewed previously by the CSR Committee.
The CSR Committee created in 2018, comprises the
heads of each of the areas that manage key aspects of
sustainability: Head of Environmental Affairs, Director of
Innovation and Development, Coordinator of Regulatory
Compliance, Corporate Managing Director and Director
of the Gmp Foundation. This Committee meets every two
months with the main goal of focusing on CSR-related
guidelines set by the governing bodies, as well as moni-
toring the Company’s CSR strategy.
Innovation, as a strategic value aimed at identifying and
anticipating market trends, is one of the pillars of Gmp’s
differential positioning, coupled with high levels of cus-
tomer satisfaction and loyalty. Innovation is part of Com-
pany culture and it is integrated in all its processes and
decisions, including its commitment to sustainability.
The honourable mention for Sustainable Leadership that
Gmp received in 2019 at the Madrid Family Business
Association (ADEFAM) Awards is testament to the close
link between managing sustainability and innovation at
the Company. These awards recognise the efforts made
by businesses to drive forward and reinvigorate Madrid
business through innovation, support for enterprise and
sustainability.
Gmp works hard to include sustainability criteria in all
its decisions. This is exemplified by the two green loans
it has signed in recent years, which comply with ‘Green
Loan Principles’.
In 2018, Gmp signed the first green loan in the Spanish
Real Estate industry with BBVA, for 68 million euros. This
financing was allocated to the iconic building Castellana
77 in Madrid, which, after renovation, obtained the hig-
hest level of LEED certification (Platinum) in the category
Core & Shell.
In December 2019, Gmp renegotiated the majority mort-
gage tranche of the syndicated loan that the Company
signed in 2016, improving the conditions attached to this
loan substantially. Immediately after this renegotiation, in
January 2020 it formalised the conversion of 525 million
euros from that tranche to a green loan, accounting for
74% of the Company’s total syndicated financing.
For a financing deal to be considered a green loan, it
must aim to contribute to environmental sustainability
and be rated accordingly by a third party. Said environ-
mental contribution is measured by monitoring sustaina-
ble variables associated with each loan. For Gmp’s two
green loans, certification in accordance with the ‘Green
Loan Principles’ guide was carried out by the consulting
firm Arup.
As part of its efforts to generate a positive impact and en-
gage with the community, Gmp has developed a Corpo-
rate Social Responsibility (CSR) Plan for 2019-2023. This
Plan seeks to promote the Company’s Strategic Business
Plan through differential actions aimed at business, em-
ployees and clients.
The plan covers a total of 49 actions, distributed in 17
areas that gain traction through 6 key strategic focal
points:
– Customer satisfaction, trust and loyalty.
– Transparency, ethics and regulatory compliance.
– Socially responsible culture.
– Sustainable and efficient management with low
impact on the environment.
– Talent development.
– Sustainable value for stakeholders.
5.1.1. Corporate Social Responsibility
CSR governance model
Decent work and economic growth
Sustainable cities and communities
Peace, justice and strong institutions
5.1. Innovation from sustainability
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
1 0 4 1 0 5
Gmp’s innovation strategy is built on four key aspects:
The company launched Gmp INnova in 2011 to stren-
gthen the culture of innovation among all members of
the organisation. This tool drives innovation at all profes-
sional levels; encouraging the creation of practical new
ideas to improve products, services, processes or busi-
ness approaches.
Employee proactivity, engagement and participation has
transformed Gmp INnova into a dynamic and active tool.
Since its launch and at the close of 2019, the chan-
nel has received 323 innovation projects out of which,
49% have been approved and, 61% implemented. The
projects implemented have delivered significant advan-
ces in strategic areas of the Company, such as energy
efficiency, social action, accessibility of the portfolio and
the creation of added-value products and services for
clients.
In March 2019, coinciding with its 8th anniversary, Gmp
INnova, launched a digital platform to speed up the pro-
cess of presenting and approving innovation projects,
facilitate knowledge management and strengthen the
visibility of innovators. In addition, it also set up INnova
Lab, a corporate social network that promotes interaction
among employees. In 2019, INnova Lab received 150
posts that received 4,746 views and 365 “likes”.
In coordination with the HR department, Gmp INnova
promotes training in the area of innovation. In this res-
pect, in 2011 it was a pioneer in sponsoring the first “El
Ser Creativo” (Creative Being) conference held in Ma-
drid, to which all members of the Company were invited.
Since 2013, it has organised a range of employee trai-
ning programmes aimed at offering techniques and tools
that promote creativity and innovation.
In 2018 the Company launched the Gmp Smart, an
application for users of the Company’s buildings which
aims to improve their experience, satisfaction and well-
being. It aims to:
– Strengthen corporate visibility of tenant companies.
– Promote and strengthen interrelations and collabora-
tion among users of the buildings, as well as between
users and Gmp.
– Building an exclusive community whose members
have access to a wide range of added-value products
and services.
Since its launch, work has been carried out to extend
installation of the app at Gmp’s buildings, as well as its
functionalities. At the close of 2019, Gmp Smart was
available in Luchana 23, Iberia Mart I and II, Oxxeo,
Castellana 81, Castellana 77, Génova 27 and Parque
Norte.
Digital transformation for end users with the Gmp Smart app
Intra-entrepreneurship via Gmp INnova1
Innovation has been part of Gmp’s DNA since its incep-
tion. In fact, its business vision created at the end of the
70s, as a property-owning developer specialising in the
premium office segment, was a disruptive approach in
the real estate market of the time. Innovation has gui-
ded Gmp’s business model throughout its trajectory as a
Company through to the present day.
5.1.2. Innovation
Property developer at the cutting-edge of promoting business parks and key-in-hand
developments.
Parque Norte was the biggest urban business park in Madrid at the time it was built
and the first business city project to combine leading-edge technology with a prime
location. Castellana Norte was the first Business Park in Las Tablas, developed as a
key-in-hand project for Vodafone.
First Spanish real estate company to obtain AENOR triple certification for an
Integrated System for Quality, Environment and Health and Safety in the Workplace.
It continues to hold this differential position in the market to this day.
Gmp positions itself as pioneer in betting on environmental sustainability in its port-
folio through LEED certification for most of its buildings.
First real estate company in Spain to initiate the process of WELL certification for
three of its buildings, positioning itself as a pioneer in integrating human health and
wellbeing into its business vision.
Castellana 81, first WELL building in Spain and fifth WELL Gold Core & Shell building
in Europe.
1 0 6 1 0 7
2
2001
2009
2015
2017
2018
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
1 0 8 1 0 9
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
In addition to these two projects, Gmp is injecting innovation into its portfolio under management through several smart
functionalities:
Innovation applied to Gmp’s buildings seeks to position
them at the cutting edge of technology, optimise their
management and the user experience. Gmp is working
to make its current portfolio and its new developments
smart spaces. Two of its new developments stand out in
this regard:
– Oxxeo
This is the first office building in Spain and a pioneer in
Europe to adopt a dynamic lighting system adapted to
occupants’ circadian rhythms. This technology changes
the light temperature (the colour of the light) throughout
the day to regulate the body clock of the people working
at the building.
– ARQBÓREA
This development, which is expected to be completed at
the end of 2020, applies the latest solar protection and
comfort technology on its façade. This means it will be
equipped with an active façade, with an interior ventila-
tion chamber, through which air circulates thereby avoi-
ding certain climate conditions altering the temperatu-
re of the building. Moreover, this chamber has a smart
blind that adjusts automatically to the position of the sun
throughout the day. This guarantees thermal comfort of
occupants by avoiding the sensation of cold/hot “wall” in
the area near the façade and helps save energy.
We are living in an era of unprecedented technological
disruption. Even the most consolidated industries have
seen how emerging start-ups have grown quickly to posi-
tion themselves as leaders in the market. The distinctive
characteristics of start-ups mean they provide speed and
efficiency in innovation.
Given this situation, and in order to complement the
three key aspects of innovation mentioned previously
and continue to build Gmp’s differential positioning, at
the end of 2019, the Executive Committee approved the
launch of an open innovation programme for 2020. It
aims to access the entrepreneurship eco-system in order
to identify and test technological solutions that address
the Company’s strategic challenges with agility.
Mobile access for turnstile gates in lobbies and pedestrian readers in car parks.
– Castellana 81– Castellana 77– Luchana 23– Iberia Mart I and II– Parque Norte– Génova 27
– Parque Norte– Luchana 23– Iberia Mart I and II– Castellana 81 - also has mobile phone coverage in elevators.
– Luchana 23: counting number of persons, colour maps.
Wifi service in common areas and car parks.
Smart common areas. Cutting-edge technologies in MEETING PLACE.
– Castellana 81
Making the portfolio smart
Open innovation
Gmp promotes transparency and communication with its
stakeholders. Since 2009, it has conducted stakeholder
analysis and a report on their needs and expectations
is submitted every year for the approval of the Steering
Committee and CEO during the review meeting for the
Management of the Integrating Management System for
Quality, the Environment and Health and Safety.
In parallel, in 2019, Gmp performed materiality analysis,
which identified relevant issues for the Company and its
9 stakeholder groups.
5.1.3. Transparency and communication
Maintaining the trust of Gmp’s stakeholders through a relationship based on ethical prin-
ciples and honesty, rejecting any actions that could be associated with any type of corrupt
practice, which enables Gmp to contribute significantly to SDG 16.
3
4
Gmp Smart App
1 1 0 1 1 1
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
For Gmp it is essential to establish what the expectations
and needs of the stakeholders are and address them ac-
cordingly.
In order to identify the relevant issues, in 2019 an in-
ternal and external Company survey was commissioned,
and this helped pinpoint the main requests from analysts
in terms of sustainability, future regulation, information
received through communication channels with the
stakeholders and best practices in the industry.
Based on this methodology, a preliminary list of the rele-
vant issues for Gmp was drawn up, which was reviewed
by members of the CSR Committee. The final assessment
was performed by taking into account the level of impor-
tance for both Gmp’s business and reputation, as well as
the Company’s level of management of the same.
As a result of this methodology 13 material and priority
issues were identified for Gmp, which have been inclu-
ded in the CSR Plan and are being monitored closely. In
addition, a further 9 issues were identified which are also
being monitored and, depending on the situation of the
Company, specific actions will be carried out to improve
performance.
Communication with stakeholders is of key importance
for Gmp. For this reason, a series of channels have been
set up that allow for bidirectional communication with
each group.
Impo
rtan
ce
Management level
Materiality analysis Stakeholders and communication channels
Stakeholders
General Shareholders’ Meeting
Point of contact; Investor relations
Gmp, Las Colinas Golf & Country Club, buildings and new developments websites
Gmp and Las Colinas Golf & Country Club LinkedIn
Annual Report
Corporate clients and end users
Client meetings
Gmp, Las Colinas Golf & Country Club, buildings and new developments websites
Corporate mailboxes
Gmp and Las Colinas Golf & Country Club LinkedIn
Las Colinas Golf & Country Club Facebook and Instagram
Gmp Newsletters, Gmp Experience and Las Colinas Golf & Country Club
Information campaigns in buildings and at Las Colinas Golf & Country Club
Tablet in lobbies in WELL buildings
Large format screens and displays in elevators
Satisfaction surveys
Gmp Smart App
Landing Page for Gmp Experience
Providers
Periodic meetings
Gmp, Las Colinas Golf & Country Club, buildings and new developments websites
Gmp and Las Colinas Golf & Country Club LinkedIn
Employees
Workplace climate surveys
Breakfast with Management
Intranet
Barometer Briefings
Communications
Internal social network
Gmp INnova and INnova Lab
Society and tertiary sector organisations
Gmp, Las Colinas Golf & Country Club, buildings and new developments websites
Gmp and Las Colinas Golf & Country Club LinkedIn
Las Colinas Golf & Country Club Facebook and Instagram
Communications office
Gmp Foundation corporate website
Gmp Foundation social media (LinkedIn; Twitter; Facebook; YouTube and Instagram)
Public AdministrationGmp, Las Colinas Golf & Country Club, buildings and new developments websites
Official government communication channels
Real Estate Consultants
Gmp, Las Colinas Golf & Country Club, buildings and new developments websites
Extranet for Agents
Gmp LinkedIn
BanksGmp, Las Colinas Golf & Country Club, buildings and new developments websites
Periodic meetings
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CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
The data collected through these channels are analysed
by the dedicated department, which decides any specific
actions required to meet the expectations of stakeholders.
Likewise, departing from the CSR Plan and the CSR Po-
licy, the Company makes available to employees a series
of tools and guidelines to help them promote transparent
and responsible communication with stakeholders, as
well as to identify and manage stakeholder expectations.
The key initiatives as regards communication with the
stakeholders in 2019 are listed below:
– INnova Lab: communication channel launched in
March 2019 that encourages interrelations and collabo-
ration among employees in the area of innovation.
– App Gmp Smart: promotes interrelations and collabo-
ration among all members of the Gmp community, un-
derstood as all companies and individuals that occupy
the buildings that Gmp owns.
– In order to find out the views of its shareholders, which
is of key importance to the Company, Gmp organises
annual meetings and offers permanent data availability
through the Spanish Alternative Stock Exchange (MaB)
or dedicated email for investor relations.
– Communication campaign “Espacio sin Plásticos”
(Plastic-free Space): stemming from our bet on sustai-
nability, in April 2019, the Company developed a specific
communication plan for the “Espacio sin Plásticos” pro-
ject, promoted by Gmp’s environment department. It ai-
med to make the initiative more visible among corporate
clients and end users of the buildings and Meeting Pla-
ces. It was disseminated principally through projecting vi-
deos on screens at Gmp buildings, information displays,
newsletters to clients and posts on LinkedIn.
– Celebration of Gmp’s 40th anniversary at the iconic
building Castellana 81 in June 2019. 250 people from
different stakeholder groups attended, including share-
holders and investors, corporate clients, providers, real
estate consultants and bankers. During the celebrations
a corporate video was projected highlighting the miles-
tones of the Company’s trajectory and several members
of the Board of Directors, together with the Chair of the
Gmp Foundation addressed institutional messages to the
guests.
– Gmp Experience: In December 2019 the new brand
Gmp Experience was launched as a support vehicle
for corporate client and end user experience at the
Company’s buildings. Gmp Experience was presented at
Christmas through events at Iberia Mart, Parque Norte,
Castellana 81 and Oxxeo buildings. During these events,
the Head of Client Experience, a position created in mid-
2019, gave an institutional address. Coinciding with the
launch of Gmp Experience, a landing page was deve-
loped as a communication and interactive tool for end
users in the area of client experience.
Gmp works daily to offer its clients and end users a qua-
lity service and management that builds a differential
positioning for the Company, capable of attracting and
retaining clients and delivering added value to their ex-
perience. Back in 2009, it was the first real estate com-
pany to obtain triple certification ISO 9001, ISO 14001
and OHSAS 18001 (in 2020 the latter was replaced by
ISO 45001) from AENOR, for an Integrated System for
Quality, Environment and Health and Safety in the Work-
place. In 2018, this certification was renewed until 2021
and, every year, AENOR carries out an audit to monitor
the system, which outlines strong points, recommen-
dations for improvement and any nonconformities that
might occur. The findings of the audit last financial year
highlighted the degree of integration of the Management
System in the company’s business areas and its high le-
vel of maturity and implementation.
One of the pillars of the Management System is the inte-
grated policy in this area, which expressly states that En-
vironmental Management, Quality and Health and Safety
in the Workplace are the responsibility of each and every
person in the Company and, as such, they must include
it in any activity they carry out or order and in all deci-
sions adopted. This integrated policy can be consulted
on Gmp’s corporate website: www.grupogmp.com
As regards quality management of property and custo-
mer relations, every year the company sets a series of
objectives and monitors compliance of the same, in order
to ensure it moves towards ongoing improvement.
5.2. Client and user experience
5.2.1. Customer and user satisfaction
One of the strategic values of Gmp is the ongoing impro-
vement of management of its buildings, and its customers’
opinions are very important in this regard. The Company
implements a governance model to ensure that commu-
nication with clients and users is fluent, transparent and
efficient. There are four levels of responsibilities:
– Facility Manager: assigned to each building, manages
the daily relationship with clients and users and is physica-
lly located on the premises.
– Property Manager: this role has been created due to the
growth of the property portfolio under management. It is
an intermediate role between the Facility Manager and the
Head of Client Management in charge of supervising and
monitoring via constant communication and weekly visits
in person.
– Head of Client Management: based on reporting from
the Property Managers and Facility Managers assigned to
a building, this role is responsible for maintaining updated
information on the situation of clients and the building.
– In 2019, the Innovation and Development department
was set up, which covers the areas of New Product Deve-
lopment and Client Experience, focused on identifying and
creating products, services and experiences that address
new trends in demand. The Head of Client Experience
collaborates closely with the Heads of Client Management
and New Product Development to anticipate the needs of
clients and identify and manage points of contact during
the customer journey that promote wellbeing, life/work ba-
lance and collaborative interaction among all occupants of
the buildings.
In order achieve maximum customer satisfaction, Gmp seeks to deliver quality in its real
estate services, customer service and incident resolution process, always striving to pro-
vide the best solution in any given situation. This commitment helps create sustainable
cities and communities.
Image of the communication campaign "Plastic-free Spaces”.
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CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
At the end of 2019, a Client Experience Plan was launched
under the umbrella of the new brand Gmp Experience,
as a vehicle to structure the actions and added-value
initiatives of that plan.
Gmp conducts regular surveys on clients in order to
obtain feedback.
On the one hand, Gmp conducts annual surveys on
representatives of tenant companies (B2B), following the
procedure PC-05 from its quality management system,
defined according to Regulation UNE-EN-ISO 9001:2015.
This enables the Company to assess the level customer
satisfaction, which also permits it to identify potential areas
for improvement. In 2019, surveys were conducted on:
On the other hand, in order to measure end-user satis-
faction, which comprehends employees of tenant com-
panies (B2C), the Company is developing a Customer
Relationship Management (CRM) platform and exten-
ding the functionalities of the Gmp Smart app to conduct
surveys after hosting an event or implementing a specific
action or improvement.
The objective for 2020 is to complete development, ins-
tallation and establish KPIs for CRM and the new Gmp
Smart app.
Office Clients Retail space clients New clients in the current year
Satisfied clients
95.2% 84% 100% 93.8%4.15 out of 5
Incident management of assets is a key component to
improve client and user experience in Gmp’s portfo-
lio. For this purpose, the Company applies an internal
procedure that aims to manage incident resolution, as
efficiently and transparently as possible. Gmp has a di-
gital platform where the Facility Manager posts all the
information on incidents, from the initial incident report
through to resolution.
The resolution of non-critical incidents is managed by the
building staff where the incident occurs by adopting the
appropriate measures. Any major incidents are raised to
the Management Committee, led by the Head of Client
Management, which reviews them monthly and outlines
how to handle them and the actions to be adopted in
each case.
Incident Management
5.2.2. Health, safety and wellbeing of tenants
Gmp works to implement best practices in the market in
order to guarantee wellbeing, safety and health at its pro-
perties. In this regard, its pioneering bet in the market for
WELL Building Standard Certification in its buildings is
worth highlighting. This innovative system certifies that the
design, construction and operation of the buildings inte-
grates human health and wellbeing. It evaluates, on site,
the building’s impacts regarding seven concepts: air, wa-
ter, light, fitness, comfort, nourishment and mind. In 2018,
Castellana 81 became the first WELL office building in
Spain and the fifth WELL Gold Core & Shell in Europe, fo-
llowed by Castellana 77, which completed the certification
process at the end of 2019. Oxxeo expects to obtain this
certification shortly too. In addition, in 2019 Gmp started
procedures to obtain WELL certification for the rest of its
portfolio. Gmp has focused its management on accessi-
bility at its buildings through DIGA (Hallmark of the Level
of Accessibility) which Castellana 81, Castellana 77 and
Oxxeo have already achieved.
In parallel, the Health and Safety Department at Gmp has
implemented actions that guarantee a safe environment for
tenants such as the following:
– Emergency drills: emergency drills are carried out
annually in all buildings. At all Gmp buildings there is a
Self-Protection Plan, compliant with existing legislation,
which is reviewed from time to time with tenants.
– Communication with clients on Health and Safety is-
sues: there is an extranet platform with Gmp clients that
enables the coordination of activities and exchange of in-
formation on risks and preventative measures relating to
Health and Safety.
The Facility Manager at each Gmp property is in charge of
coordinating the four main services provided in the buil-
dings to ensure the health and safety of clients and users:
– Security: responsible for guaranteeing the security of the
building and its occupants 24 hours of the day.
– Hostess service: controls access of clients’ visitors in the
buildings, as well as managing access cards.
– Preventative maintenance and repairs of general insta-
llations at the buildings.
– Cleaning service: in charge of daily cleaning in all com-
mon areas of the buildings.
Gmp bets on the health and wellbeing of people through its commitment to working
towards ongoing improvement in the health, safety and wellbeing of clients and end users
at its properties.
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CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
Human capital is the main competitive advantage of or-
ganisations to generate added value in a global market.
Gmp is aware of the relevance of attracting and retaining
the best professionals, as well as ensuring employees
are motivated and engaged.
In consonance with this vision, in 2019 the new area of
Human Resources Management was created, stemming
from Gmp’s new people-centred Strategic Plan. Since its
inception it has worked on:
– A new people-centred strategy.
– Planning new projects that help achieve the objecti-
ves set in Gmp’s strategy.
– Creating the role of HR Business Partner and exten-
ding the number of staff dedicated to personnel mana-
gement.
In parallel to the organisation of the function, the area
concentrates its efforts on internal communication, the
strict definition of roles, responsibilities and objectives,
professional and personal development of workers and
work/life balance of the Gmp team.
There is a higher proportion of men in the workforce, which
is aligned with the situation in the sector. However, Gmp
does not make a distinction between women and men in
its personnel management and the number of women in
the Company has increased over the years, reflecting the
pattern in the labour market.
Moreover, managing the different generations that work
together and offering the team the opportunity to deve-
lop their professional career according to their preferen-
ces are some of the challenges Gmp faces.
The talent attraction processes at the Company follow
Curriculum Vitae criteria based on business needs, and
selection is not influenced by any other factors. Moreo-
ver, Gmp promotes recruitment based on permanent
contracts, thus 97% of employees hold a permanent
contract.
5.3. Our talent
5.3.1. Human team
Having a human professional and experienced team is one
of the most important drivers to ensure that the Company
runs efficiently. In this regard, the work culture at Gmp fo-
cuses on:
– Creating an attractive working development of emplo-
yees.
– Promoting training and knowledge management.
– Fostering talent detection, attraction, development and
retention.
– Generating fairness and equal opportunities.
– Facilitating a work/life balance.
– Promoting mechanisms that improve internal commu-
nication via the use of new technologies and updating of
the intranet.
– Working in a safe place that guarantee the health and
wellbeing of employees.
– Placing people at the centre of our policies, procedures
and, in general, in each of our actions.
Gmp believes that the real value of its business lies in its
team, maintaining a strong position through having an effi-
cient workforce. For this reason, Gmp applies talent ma-
nagement based on meritocracy and promoting team en-
gagement through the development and growth of people
and their wellbeing, ensuring that other factors such as
gender, religion, culture or ethnicity do not disadvantage
individuals.
At the close of 2019 Gmp had a workforce of 132 people,
with a distribution by gender of 61% men and 39% wo-
men.
Gmp manages to deliver quality work and provide economic
growth by applying the best practices in talent detection,
attraction and retention, ensuring principles of equality and
non-discrimination based on gender, age, disability or any
other circumstance.
Average workforce at Gmp 2019
Men 81
Women 51
Total 132
Employees by category Directors1 and managersMiddle managersand technicians
Administrativestaff
Other jobs
Women 1% 14% 13% 11%
Men 13% 33% 1% 14%
Employees by age Directors1 and managersMiddle managersand technicians
Administrativestaff
Other jobs
Under the age of 30 0% 4% 1% 8%
30-50 6% 36% 11% 15%
Over the age of 50 8% 7% 2% 2%
Type of contract Permanent Temporary
Men 58% 2%
Women 39% 1%
Total 97% 3%
1 The category Directors includes the Executive Committee.2 The category Directors includes the Executive Committee.
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CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
While additional criteria are not applied to the business
needs, Gmp fosters recruitment of young people and
local employment as most of its team have the same
nationality as the country where Gmp operates. In this
respect, it is worth highlighting that 100% of the mem-
bers of the Steering Committee are local3.
Below, we show the recruitment rates for 2019. In this financial year 71% of staff hired are under 30.
% local employees by gender2019
Men 77%
Women 95%
Total 84%
3 "Local" is defined as the person employed by Gmp with the same nationality as the geographical market in which it operates.4 Number of recruits out of total staff.5 Number of recruits out of total staff.6 The category of Directors includes the Executive Committee.7 Number of recruits out of total staff.
Under the age of 30 Between 30 and 50 Over 50
No. of new recruits (Emp-Turnover)
12 16 0
Rate of new recruits4 (Emp-Turnover)
71% 18% 0%
Directors6 and managersMiddle managers and
techniciansAdministrative staff Other jobs
Number of new recruits(Emp-Turnover)
2 7 6 13
Rate of new recruits7 (Emp-Turnover)
11% 11% 32% 39%
Women Men
Number of new recruits(Emp-Turnover)
1 17
Rate of new recruits5 (Emp-Turnover)
4% 4%
Women Men
Average number of training hours (Emp-Training) 210 112
5.3.2. Training and team development
Ongoing training is key to retaining talent as it delivers va-
lue to Gmp via the professional and personal development
of its employees, for this reason Gmp provides an annual
Employee Training Plan.
This Plan aims to improve employees’ skills, as well as
optimising their working day. The Human Resources de-
partment has designed this plan by taking into account a
number of factors such as job descriptions, changes that
occur during the year, opportunities identified and the on-
going search to develop the personal and professional skills
of employees.
In this regard, training is divided in four main areas:
– Training on innovation and digital transformation: in or-
der to meet Gmp’s commitment to innovation, this section
brings together courses with content that ranges from cut-
ting-edge techniques in the real estate sector to sessions
on learning how to handle digital tools.
– Cross-company: Training for all employees on Gmp po-
licies and general business, such as training on health and
safety, wellness, risks in the workplace, Code of Conduct or
welcome pack.
– Technical: programmes adapted to the employee’s post
to cover the specific needs of their day-to-day functions.
– Skills training: training in soft skills, which are consi-
dered essential to be successful in a professional environ-
ment, as well as for personal development. This training
equips employees with the skills they need to make them
more competitive in the labour market. These courses in-
clude improving presentation, communication, language
and social media techniques.
In 2019 a total of 19,782 training hours were organised,
distributed among the various training actions set down in
the Plan.
Through its commitment to talent development through a culture based on merit, accor-
ding to skills and performance of job functions, fair pay and training of employees, the
Company makes a substantial contribution to this SDG.
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CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
Gmp has a performance review policy that establishes
the annual assessment process for all employees of the
Group. The aim is to assess professional competences
according to the market and Company requirements,
as well as by category or staff level. For this purpose,
the Company uses the assessment system, “People
Review”, which was renewed in 2018 and includes the
incorporation of a new platform to make it easier to ma-
nage. The procedure gives employees the opportunity to
have an annual feedback meeting, where all competen-
ces they have developed in different projects over the
year are analysed.
In general terms, the results obtained are very positive,
Gmp continues to work to identify all the areas of impro-
vement of this process in order to continue driving talent
management.
98% of the team receive periodic performance reviews,
excepting the three Chair positions in the Directors ca-
tegory.
Performance Review
Women Men
% employees who have received regular performance review and professional development (Emp-Dev)
100% 96%
Category %
Directors and managers9 5%
Middle managers and technicians -15%
Administrative staff 1%
Other jobs -17%
Directors8 and managersMiddle managersand technicians
Administrative staff
Other jobs
% employees who have received regular performance review and professional development (Emp-Dev)
96% 100% 100% 100%
Gmp considers the remuneration policy a fundamental part
of its business strategy, an essential tool for motivation and
retention, and fair compensation for the services and dedi-
cation shown by personnel with the aim of uniting the inter-
ests of the Company and those of its employees.
Moreover, Gmp believes that the right remuneration policy
has a positive impact on its business and on the common
good of its shareholders. Based on this, the general princi-
ples of Gmp’s remuneration policy are as follows:
– Attracting and retaining the best professionals.
– Overseeing internal fairness and external competitive-
ness.
– Creating value in the long and medium term.
– Rewarding achievement (based on the cautious and res-
ponsible assumption of risks).
– Rewarding level of responsibility and professional career.
– Being fair and objective, using market salaries as a ben-
chmark.
– Ensuring maximum transparency in remuneration policy.
All these principles seek to contribute to the creation of va-
lue, which are reciprocal for the company and the emplo-
yee.
In addition, due the nature of its business and the sector it
operates in, the remuneration strategy, places the Company
at the same salary level as the leading companies in the
sector at a national level. For this it uses a market bench-
mark via analysis carried out well-reputed companies, lea-
ders in the remuneration consulting sector.
There are factors that affect salary distribution with the
same band such as the composition of the Company’s
workforce, differences in functions among corporate and
business posts or job performance. The salary band ope-
ning of a 20% margin, enables us to situate the different
posts in competitive positions both inside and outside the
Company. This model sets out fairness criteria between si-
milar work categories, with the aim of avoiding differences
in the remuneration of workers due to gender or any other
form of discrimination.
For the reasons mentioned above, the data on salary di-
fferences by gender at Gmp, align with the context of the
Company and its sector.
In the categories of Directors and managers there is a
deviation of 5% in favour of women, this deviation can
be understood within the normal standards of fair pay. In
the case of Middle Managers and Technicians there is a
discrepancy of 15% for men, this is due to the fact that
in 2 out of 5 companies in the Group, Colinas Green Golf
and InPlania, there is a low level of female presence in the
Technician category. The nature of the business in these
two companies are sports and golf course maintenance
and construction respectively, where there is a higher
proportion of male workers.
In the case of Administrative Staff salary equity is prac-
tically full, in contrast, in the category other jobs, like in
Middle Managers and Technicians, there are more men
in business posts than women and remuneration shows a
deviation of 17% in favour of the former.
The 20% margin of deviation in the salary band in the
Group’s remuneration strategy is fulfilled in all cases.
Finally, within the remuneration policy, it is worth
highlighting that 100% salary is paid during sick leave.
Remuneration Policy
8 The category of Directors includes the Executive Committee.
9 Does not include the Executive Committee.
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CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
5.3.3. Employee satisfaction
Every three years, Gmp carries out workplace climate sur-
veys on its employees in order to pinpoint staff concerns
or worries, as well as ascertain their degree of satisfaction
and insights.
The aim of the survey is to measure the general level of em-
ployee satisfaction and the workplace climate of the Com-
pany in order to improve the internal conditions and com-
petitiveness of the service offered to clients, identify areas
for improvement in the workplace and in the development
of the organisation and implement specific strategies and
action plans.
In 2018, a workplace climate questionnaire was conduc-
ted on the whole team. 82% of the staff took part and the
findings showed an overall level of satisfaction of 77out of
100 and, in particular, the competences valued the highest
within the Company were teamworking, leadership, enga-
gement and motivation.
While the Company’s satisfaction questionnaire is a key
channel to understand which actions should be strengthe-
ned and identify opportunities in personnel management,
monitoring of the turnover rate also indicates talent satis-
faction levels. In this regard, the workforce has a low tur-
nover, hence the findings are considered to be in line with
those obtained in the 2018 climate survey.
Gmp bets on a work/life balance as a key part of retaining
and attracting talent. For this purpose, it offers a range of
initiatives associated with its values that enhance engage-
ment, satisfaction and the productivity of its employees.
Gmp offers a flexible work policy to equip employees with
the tools that enable them to distribute their working day
according to their needs and strike a work/life balance.
Moreover, in relation to maternity and paternity leave, in
2019 all persons entitled to parental leave took it, this com-
prised two employees on paternity leave and one on mater-
nity leave, three in total. The return rate was 100%, as all
three returned to work after parental leave.
Gmp’s social benefits policy provides its employees with
benefits other than financial reward, such as flexible pa-
yment and life insurance. Within this package it is worth
highlighting Gmp’s commitment to the health and wellbeing
of its employees, as this provides them and their spouses
and children with a healthcare insurance cover 100% free
of charge. Finally, it is worth highlighting that, aligned to its
commitment to people and environment responsibility, in
2019 Gmp offered to finance 100% of the transport costs
of employees who travel to work on public transport.
A work/life balance for employees that promotes human and social development of people,
is a priority at Gmp in order to strengthen decent work and economic growth.
Under the age of 30 30 to 50 Over 50
Number of outgoing employees (Emp-Turnover)
1 9 1
Turnover rate11 (Emp-Turnover) 6% 10% 17%
Emp-Turnover Directors12 and managersMiddle managersand technicians
Administrativestaff
Otherjobs
Number of outgoing employees (Emp-Turnover)
1 3 1 6
Turnover rate13 (Emp-Turnover) 5% 5% 5% 18%
Women Men Total
Number of outgoing employees (Emp-Turnover)
4 7 11
Turnover rate10 (Emp-Turnover) 8% 9% 8%
5.3.4. Team health and safety
The health and safety and wellbeing of people is part of
Gmp’s strategic vision. The Company has a Health and
Safety Management System, certified by Standard OHSAS
18001:2007. This enables Gmp to identify the risks and
define the controls needed in terms of health and safety, as
well as establish responsibilities for this area inside Gmp.
As part of the system, the Company establishes the guide-
lines and directives on health and safety in its Integrated
Policy on Quality, the Environment and Health and Safety,
which involves all employees in the management of health
and safety at the Company. This policy includes the fo-
llowing:
– Compliance with existing legislation and commitments
endorsed by Gmp.
– Commitments regarding the appropriate measures to
be taken to prevent damage to and the deterioration of the
health of employees through a dedicated department for
Hazard Prevention in the Workplace.
– Assessing, classifying and minimising the significant
impacts of business activity by adopting Hazard Prevention
processes and planning in the workplace.
As part of the Company’s commitment to health and safety,
annual reviews are carried out by external technicians spe-
cialising in Hazard Prevention in the Workplace, in order to
ascertain any potential risks at Gmp’s assets, this includes
the portfolio of properties where employees of the Com-
pany work and in its corporate offices.
Gmp works to ensure the health and safety of employees through a respectful working
environment and by implementing a Management System and Hazard Prevention in the
Workplace.
10 Turnover rate is the number of outgoing employees in the company over the total workforce.11 Turnover rate is the number of outgoing employees in the company over the total workforce.12 The category of Directors includes the Executive Committee.13 Turnover rate is the number of outgoing employees in the company over the total workforce.
The department of Hazard Prevention in the Workplace
carries out periodic monitoring of the main indicators on
accident rates. For this purpose, it has drawn up an incident
reporting procedure, which provides instructions on how to
act in these circumstances and outlines the investigation
process for accidents and incidents. The main figures for
the year are reported below14:
In addition, there have been no cases of occupational disease identified.
Health and safety indicators
2018 2019
Number of workers 65 67
Total hours worked 113,750 117,250
Accidents at work with leave 0 1
Frequency rate15 (H&S-Emp) 0 8.53
Severity Rate16 (H&S-Emp) 0 0.12
Days lost due to absenteeism 165 236
Absenteeism rate17 (H&S-Emp) 0.14 0.20
Further to these yearly reviews, Gmp hires an external
company each semester to review installations at its buil-
dings. The aim of these reviews is to monitor established
improvement measures and identify opportunities for fur-
ther improvement.
Any risks identified in the aforementioned reviews are
communicated to the department for Hazard Prevention at
Gmp. This department oversees management in this area,
as well as monitoring the indicators associated with health
and safety performance and action plans.
As mentioned above, the policy involves all employees in
the management of health and safety at Gmp. Training is
an essential tool to help guarantee the safety of workers
both inside and outside its workforce. For this purpose, all
employees at Gmp received training in 2019 on health and
safety matters, aligned to the position they hold. It is worth
noting that training on how to use defibrillators was given
to external workers that carry out activities with this equip-
ment inside the Company’s buildings.
Gmp goes beyond health and safety and strives to promo-
te the wellbeing of its employees through promoting good
habits and sporting activities. Among other actions, it faci-
litates access to physiotherapy services and sports facili-
ties, such as a gym and paddle tennis courts, available to
employees.
Gmp takes responsibility for implementing environmen-
tal management that minimises negative impacts on the
environment, promoting environmental good practice
across its portfolio of buildings.
This commitment is manifested through the Group’s
Integrated Management Policy, which includes the En-
vironment, Quality and Health and Safety in the Work-
place and serves as the foundation of environmental
management.
The Environmental Management System is certified ac-
cording to standard UNE-EN-ISO 14001:2015 in Gmp’s
office buildings and business parks, with the aim of mi-
nimising its carbon footprint, as well as improving the
wellbeing of occupants.
Aligned with the Management System, assessment is
carried out on all environmental aspects, according to
the critical nature of the associated environmental im-
pact, taking into account direct and indirect aspects, as
well as normal, abnormal and emergency conditions.
Gmp concentrates on minimising and controlling spe-
cific environmental aspects and this is reflected in its
environmental goals.
Gmp and the clients at its buildings both play an active
role in the environmental management of buildings. Gmp
attempts to manage activities over which it has control in
an efficient way. For aspects over which it does not have
control, the Company makes manuals and awareness
campaigns available to clients so that they can take, as
far as possible, decisions that protect the environment.
As part of its Environmental Management System, Gmp
has created a manual for clients and users of its office
spaces. This document includes guidelines seeking to
raise awareness and help them manage and minimise
the impact of environmental aspects associated with the
offices they occupy. This manual focuses on the key as-
pects managed at Gmp’s buildings: energy, water and
waste. There is also a manual of good practices available
to clients who decide to carry out fit out work in Gmp’s
office spaces.
Also, within its Environmental Management System,
Gmp has operational control procedures to manage en-
vironmental aspects, which identifies systematic actions
in controlled conditions aimed at minimising environ-
mental impact.
5.4. Environmental protection
Environmental aspect Environmental aspect generator Environmental aspect manager
Fuel consumption Generation of hazardous waste
Generation of non-hazardous waste
Water consumption
Sanitary water waste
TOILETS
MAINTENANCE/ CLEANING FACILITIES
Gmp and clients
Gmp
BOILERS
TOWERS/ROOFTOPSEnergy consumption
Generation of urban waste
COMMON USES
14The information reported covers the perimeter of Gmp’s assets.15 Number of occupational contingency processes with leave, excluding accidents in itinere and relapses, occurring during the working day, per million hours worked by workers exposed to risk.16 Number of days lost per 1,000 hours of work. Relapses are included and in itinere processes are excluded.17 Percentage of days lost over those foreseen in the period.
1 2 4 1 2 5
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
In order to implement Gmp’s commitment to ongoing
improvement as regards its carbon footprint, the Com-
pany sets yearly targets associated with the management
of energy, water consumption and generation of waste.
It fulfils this commitment by implementing action plans
including specific measures. Examples of the measures
implemented to date are as follows: installing efficient
taps in order to optimise water consumption or repla-
cing lighting in the elevators for LED lighting which saves
electricity. In this respect, measures implemented at the
Oxxeo building are worth highlighting, where systems to
monitor energy consumption in real time were installed.
In addition, Gmp runs a yearly training and awareness
programme to inform and raise awareness among em-
ployees about the need and importance of acting accor-
ding to the procedures set down in the Environmental
Management System and of observing good environ-
mental practices.
It is worth highlighting that, in 2016, Gmp strengthened
its commitment to the environment, energy efficiency
and the comfort of people by obtaining LEED (Leaders-
hip in Energy and Environmental Design) certification in
most of its buildings.
Awarded by the US Green Building Council (USGBC),
LEED certification is one of the most prestigious building
sustainability rating systems at an international level. It
aims to promote green buildings that are cost-efficient
and comfortable for people to live and work in.
Implementation of this ambitious certification process in
its buildings started at the end of 2013 and has led to a
wide range of actions, such as implementing water and
energy saving measures, optimising the office interior
environment, creating parking spaces for efficient vehi-
cles, carpooling and bicycles, as well as adopting spe-
cific measures regarding the materials used and waste
management for all improvement and renovation work
at properties.
Buildings account for 40% of final energy consumption
in the European Union, for this reason, reducing energy
consumption and using energy from renewable sources
in the building industry are important measures in order
to reduce greenhouse gas emissions.
Gmp works day by day to reduce the level of energy con-
sumption and emissions generated in its building portfo-
lio and corporate offices.
At Gmp, the main source of CO2 emissions is electricity
consumption, hence, the principal measures implemen-
ted are associated with the consumption of green ener-
gy and reduction of electricity consumption. It is worth
highlighting that since May 2018, all electrical energy
that Gmp is responsible for purchasing in common and
private areas comes from 100% renewable sources.
5.4.1. Climate change and energy efficiency
Gmp contributes in a positive way to SDGs 7 and 13 through
its commitment to combating Climate Change, as well the
creation of environmentally sustainable spaces, through using
low-carbon and renewable energies, promotion of energy saving
and efficiency, application of new technologies and sustainability
certifications for its buildings.
1 2 6 1 2 7
Gmp implements annual emission reduction plans with
the aim of lowering electricity and fuel consumption, most
of these actions are usually promoted through maintenan-
ce plans at buildings:
– Photovoltaic panels on building rooftops fully renovated
and in the new developments for electricity generation and
thermal solar panels for sanitary hot water production.
– LED technology (Light-Emitting Diode): replacing halo-
gen lighting for LED lighting in the common areas of buil-
dings and in cordoned off areas of office spaces. Imple-
menting this measure saves 90% in energy consumption.
It also avoids the infra-red or ultra-violet radiation emis-
sions and promotes mercury-free technology.
– Presence detectors or lighting timers for toilets to gene-
rate electricity consumption savings.
– Recharge points for electric vehicles in building car
parks: at the time of writing this report, these charge
points have been installed in Oxxeo, Castellana 81, Caste-
llana 77, Luchana 23, Iberia Mart I and II, Eloy Gonzalo 10
and the business park Parque Norte.
– Information campaigns on the rational use of energy in
common areas.
As a result of these actions, fuel consumption in Gmp’s
portfolio dropped by 3% in 2019. It is worth highlighting
that the Company tries, as far as possible, to electrify its
portfolio to lower use of fossil fuels.
The Group calculates direct emissions that come from
sources belonging to or controlled by Gmp (scope 1) and
indirect emissions from electricity consumed (scope 2).
The Group has calculated the carbon footprint from sco-
pe 1 based on the energy consumption of buildings and
leakage and recharging of refrigerant gases. For scope 2,
emissions are calculated following two criteria: location
based and market based.
In this report, as stipulated by the EPRA standard, energy
and electricity consumption at the corporate offices and
the Company’s building portfolio is shown separately. In
the latter, the comparison is shown in both absolute terms
and Like-for-Like.
Electricity consumption
Scope 1 emissions
Fuel consumption
9,307
Scope 2 emissions
2019
2018
2019
2018
Portfolio energy consumption like-for-like (MWh)
Portfolio CO2-equivalent emissions like-for-like (TnCO2eq)
11,849
9,598
11,596
1,061
2,097 929
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
a) Emissions and energy consumption at Gmp’s corpo-
rate offices.
Gmp’s corporate offices have not changed in terms of
surface area, however, electricity consumption at these
offices has been reduced as a result of awareness cam-
paigns aimed at employees. Moreover, since May 2018,
the entire electricity supply at the corporate offices co-
mes from renewable sources. The fact that the electricity
supply comes from clean energies and that refrigerant
gases have not been employed in the building, reduced
the carbon footprint (scope 1 and 2) of the corporate
offices in 2019 to zero.
In addition, the offices are not located in areas with a
heating and cooling district network, which means that
heating and cooling comes from the same electricity
supply as other consumption in the building.
2019
2018
Electricity consumption at Gmp's corporate offices (MWh)
Units of measure Variation 2018 2019
Above-ground surface m2 0% 1,751 1,751
Electricity consumption (Elec-Abs) MWh -7% 86 80
Total heating and cooling consumption of the district network (DH&C-Abs)
MWh - 0 0
Adjusted energy intensity18 (Energy-Int) MWh/m2/year -7% 0.046 0.049
Direct emissions (Scope 1)19 (GHG-Dir-Abs) TnCO2eq - 0 0
Indirect emissions location based(Scope 2)20 (GHG-Indir-Abs)
TnCO2eq -100% 7 0
Indirect emissions market based(Scope 2)21 (GHG-Indir-Abs)
TnCO2eq -100% 8 0
Emission intensity22 (GHG-Int) TnCO2eq/m²/year -100% 0.0039 0
1 2 8 1 2 9
86
80
b) Portfolio of buildings managed by Gmp
The scope of information on environmental performance
of the portfolio covers common areas at the buildings over
which Gmp has management control, excluding buildings
with a single tenant. The common areas include spaces of
free common use, as well as spaces dedicated to installa-
tions or infrastructure at the buildings: the HVAC system
at the building (cooling and heating equipment and refri-
geration towers), pumps, elevators, lighting in all common
areas and car parks. Finally, the following should be taken
into account:
– Since May 2018, all common areas at multi-tenant
buildings use electricity from a renewable source.
– In 2019, the Oxxeo building started to generate re-
newable photovoltaic electricity.
– Buildings are not located in areas with a heating and
cooling district network, which means that the heating and
cooling supply comes from the same electricity supply as
all other consumption at the building.
Property portfolio energy and emissions like-for-like Scope23 Units of measure Variation 2018 2019
Above-ground surface24 8 out of 8 m2 0% 226,933 226,933
Adjusted surface above ground25 8 out of 8 m2 6% 196,678 209,081
Fuel consumption26 (Fuels-LfL) 8 out of 8 MWh -3% 9,598 9,307
Electricity consumption (Elec-LfL) 8 out of 8 MWh 2% 11,596 11,849
Share of renewable energy consumption27 (Elec-LfL) 8 out of 8 % - 63 100
Total heat and cold consumption of the district network (DH&C- LfL) 8 out of 8 MWh - N/A N/A
Total energy consumption28 8 out of 8 MWh 0% 21,194 21,156
Energy intensity29 (Energy-Int) 8 out of 8 MWh/m²/year 0% 0.093 0.093
Adjusted energy intensity30 (Energy-Int) 8 out of 8 MWh/m²/year -6% 0.108 0.101
Scope 1 direct emissions31 (GHG-Dir-LfL) 8 out of 8 TnCO2eq -9% 2,097 1,911
Scope 2 indirect emissions32 location based 8 out of 8 TnCO2eq -100% 929 0
Scope 2 indirect emissions33 market based 8 out of 8 TnCO2eq -100% 1,061 0
Emission intensity34 (GHG-Int) 8 out of 8 TnCO2eq/m²/year -38% 0.013 0.008
Adjusted emission intensity35 (GHG-Int) 8 out of 8 TnCO2eq/m²/year -41% 0.016 0.009
18 The occupancy rate of Gmp's offices is 100% for these two years. For this reason, there is no difference between the energy intensity calculated on the total area and that calculated on the area adjusted to occupancy.19 Scope 1 direct emissions from Gmp's offices include fuel consumption and consumption of refrigerant gases. In the last two years there has been neither fuel consumption nor leakage of refrigerant gases.20 Scope 2 refers to electricity consumption at Gmp's corporate offices. Consumption from the building's common areas is not included in this scope, since it is included in the calculation of the property portfolio.21 Scope 2 refers to the electricity consumption at Gmp's corporate offices. Consumption from the building's common areas is not included in this scope, since it is included in the calculation of the property portfolio.22 The occupancy rate of Gmp's offices is 100% for these two years. For this reason, there is no difference between the energy intensity calculated on the total area and that calculated on the area adjusted to occupancy.
23 The buildings consolidated in the Like-for-Like scope are: Luchana 23, Génova 27, Iberia Mart I & II, Parque Norte, Castellana Norte, Castellana 81, Castellana 77 and Condesa de Venadito 1.24 Total surface area above ground.25 Total area above ground adjusted to the occupancy rate of the reported year.26 Natural Gas and Diesel Consumption. There is no consumption of fuel from renewable sources.27 Share of electricity consumption from renewable sources in the total.28 This is the sum of fuel and electricity consumption of the buildings.29 Intensity calculated with total energy consumption regarding total surface.30 Intensity calculated with total energy consumption regarding total area adjusted to occupancy.31 Scope 1 direct emissions from Gmp's buildings includes fuel consumption and refrigerant gases.32 Emissions calculated with the emission factor from the Spanish electricity mix.33 Emissions calculated with the specific emission factor of the contracted electricity trader.34 Intensity calculated with total emissions Scope 1 and 2 location based regarding total area.35 Intensity calculated with total emissions Scope 1 and 2 location based regarding total area adjusted to occupancy.
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
5.4.2. Circular economy
The circular economy aims to extract maximum value and
use out of raw materials, products and waste, thereby pro-
moting energy savings and reducing greenhouse gas emis-
sions. This model gives companies the opportunity to be
more competitive and sustainable, with the potential to ad-
dress environmental challenges, while delivering economic
value and growth.
In order to optimise the consumption of resources and pro-
mote the return of raw materials to the production cycle,
Gmp focuses on purchasing materials and efficient mana-
gement of properties and waste. Gmp implements mea-
sures to improve the ecoefficiency of properties, mainly
through preventative maintenance and renewing equip-
ment with more efficient models. When renovation work is
carried out at buildings, waste is separated properly to en-
sure that as much as possible can be recycled or reused.
Energy, water and building materials are the resources
Gmp consumes the most. However, energy consumption
was discussed in the previous section on climate change
and energy efficiency.
Gmp takes responsibility for the environmental impact caused by its business activities
where it operates and works to protect and respect the environment as part of Company
culture, as well as through the efficient use of resources and processes throughout the
value chain, thereby creating sustainable cities and communities.
Water consumption comes from the public network and
is mainly for sanitary use and to a lesser extent for HVAC
systems. Gmp’s portfolio is located in Madrid, an area that
is not classified as an area of water stress. Nonetheless,
the Company implements specific measures to generate
sanitary cold water consumption savings, as well as infor-
mation campaigns about the rational use of water in toilets
in buildings.
Gmp has an annual training and awareness plan to in-
form and raise awareness of employees about the need
and importance of following the procedures set down in
the Environmental Management System and of observing
environmental good practices.
Aligned with this, during 2019 a policy aimed at employees
and users was approved to eliminate the consumption of
single-use plastics at Gmp’s offices and Meeting Places in
its buildings. The policy was drawn up through identifying
all the elements that generate plastic consumption (bott-
les, glasses, ballpoint pens, tableware, catering containers,
among others) for which alternative plastic-free elements
were selected. To complement this, Gmp produced and
informed employees and clients of its plastics reduction
policy.
Moreover, the construction materials from work carried out
by Gmp on its buildings has an important environmental
impact within the Company’s business activity. For this
reason, Gmp has implemented an identification and as-
sessment system for 100% of materials used in office fit
outs, which guarantees that they comply with the required
environmental and sustainable criteria.
The increase in water consumption is due to an increase in tenant occupancy at Gmp’s assets.
a) Absolute water consumption in Gmp’s corporate offices.
b) Water consumption at Gmp’s portfolio of buildings.
Water consumption
Materials used
Units of measure Variation 2018 2019
Water consumption36 (Water-Abs) m3 10% 947 1,043
Water intensity37 (Water-Int) m3/ m²/year 10% 0.54 0.59
Portfolio energy consumption like-for-like (m3)
2019
2018
111,297
98,533
36 100% of water consumption is supplied by the public network in Madrid.37 The occupancy rate of Gmp's offices is 100% in the two years. For this reason, there is no difference between the water intensity calculated on the total surface area and the total surface area adjusted to its occupancy.38 The buildings consolidated in the Like-for-Like scope are: Luchana 23, Génova 27, Iberia Mart I and II, Parque Norte, Castellana Norte, Castellana 81, Castellana 77 and Condesa de Venadito 1..39 100% of water consumption is supplied by the public network in Madrid.40 Intensity of water consumption regarding total surface area.41 Intensity of water consumption regarding total surface area adjusted to occupancy.
Property portfolio water consumption like-for-like Scope38 Units of measure Variation 2018 2019
Water consumption39 (Water-LfL) 8 out of 8 m3 13% 98,533 111,297
Water intensity40 (Water-Int) 8 out of 8 m3/m2/year 13% 0.43 0.49
Adjusted water intensity41 (Water-Int) 8 out of 8 m3/m2/year 6% 0.50 0.53
Oxxeo
1 3 11 3 0
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
As regards waste management, the bulk is generated in
work on buildings and are managed in all instances by
authorised third parties.
In order to manage waste properly, Gmp follows a pro-
cedure to identify, manage and control waste generated
through allocation of responsibility of functions.
In 2019 the Group generated around 1,700 tonnes of ha-
zardous and non-hazardous waste, principally building
materials used to fit out offices and common areas in
buildings. The quantity of non-hazardous waste increased
considerably in comparison to 2018, as a larger surface
area was fitted out for offices and major conservation work
was carried out over the year.
The consumption of materials in 2019 during developments is shown below:
Waste management
Building Materials Units of mesure Quantity
Ceramic Kg 26,695
Wood Kg 25,517
Plaster Kg 12,350
Metal Kg 5,077
Cement Kg 2,803
Mineral Fiber Kg 2,156
Bitumen Kg 2,713
Property portfolio waste management like-for-like Units of mesure Variation 201842 201943
Hazardous waste (Waste-LfL) Tn -70 7.7 2.4
Recovery % - 53% 98%
Disposal % - 47% 2%
Non-hazardous waste (Waste-LfL) Tn -44 103 1.696
Recovery % - 2% 99%
Disposal % - 98% 1%
1 3 2
Type of treatment for hazardous in 2019
98% 99%
2% 1%
Recovery Recovery
Disposal Disposal
Hazardous waste Non-Hazardous waste
5.5. Community engagementGmp makes a strong commitment to the economic and
social development of the community. It contributes to the
social development of the areas where it operates in diffe-
rent ways: contributing by paying taxes, promoting equal
opportunities, hiring local employees, suppliers and con-
tractors or carrying out social projects for the benefit of
society, principally through the Gmp Foundation.
In 2019, Gmp’s business generated a value of 16,494
thousand euros for society. In addition, it should be
highlighted that the Company donated 424 thousand eu-
ros to its Foundation in 2019 to enable it to develop its
activities.
While Gmp channels most of its contribution to society
through the Foundation, it is worth noting that in 2019 it
started to take part in the Renazca Plan. The aim of this
plan is to renovate, maintain and dynamise the business
area of AZCA in coordination with Madrid Town Hall. Gmp
and Merlin Properties have created Renazca S.A. to serve
as a vehicle to finance this project.
Moreover, since 2019 Gmp’s work hours policy enables
employees to dedicate 8 hours from their working sche-
dule every year to the Company’s voluntary programmes.
These contributions enable the Company to help meet the
Sustain Development Goals (SDGs), promoted by the Uni-
ted Nations.
Financial data 2019 (thousands of euros)
Direct economic value generated 134,164
Economic value distributed among suppliers, employees, financial institutions, administrations and investments in the community
117,670
Economic value retained 16,494
42 The buildings consolidated in the 2018 perimeter are: Luchana 23, Génova 27, Iberia Mart I and II, Parque Norte, Castellana Norte, Castellana 81, Castellana 77, Condesa de Venadito 1 and Barajas 1.43 The buildings consolidated in the 2019 perimeter are: Luchana 23, Génova 27, Iberia Mart I and II, Parque Norte, Castellana Norte, Castellana 81, Castellana 77, Condesa de Venadito 1 and Oxxeo.44 The variation has been over 100% due to the fact that in 2019 there has been an action that has generated a greater amount of waste.
AZCA: Castellana 81 and Castellana 77
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
Gmp carried out efficient and responsible management
of all purchasing in different areas. Through developing
purchase management, optimisation and control tools it
works within the framework of the Sustainable Develop-
ment Goals (SDGs). In 2019, the Group developed:
Provides better information and budget control of purchases made.
Although still in implementation phase, this purchase platform aims to make the whole proce-
dure virtual, from the identification of a need to supplier payment.
Procedure to approve the contracting and purchase of material services over 30,000 euros.
Aimed at improving purchasing efficiency and increasing control over the same, as well as
identifying synergies and limiting spending.
The main purchase processes are associated with building
work, maintenance (security, cleaning…) and professional
services (auditors, surveyors, notaries, registrars, etc.).
Share of suppliers by type % Purchase volume (thousands of €) %
Professional services 11% 5,150 9%
Work services 16% 29,112 50%
Maintenance services 14% 17,688 31%
Other services 58% 5,937 10%
Total 100% 57,886 100%
5.5.1. Responsible supply chain management
Safeguarding objective, unbiased and transparent treatment in hiring suppliers, adopting
responsible practices in supply chain management and promoting economic growth in the
community where Gmp operates.
New asset management tool
Procure to Pay Tool
Purchase desk procedure
0 0
Gmp bets on local suppliers to be able to generate value
in the community where it operates. In 2019, 98% of total
purchases were made locally45, reaching a purchase volu-
me of around 56,700 thousand euros.
Gmp carries out annual reviews on its suppliers. For this
purpose, it has a specific procedure where it sets down the
guidelines for supplier assessment in order to guarantee
that they are capable of supplying products or providing
services at the level of quality required by the organisation
and considering the legal requirements in terms of preven-
tative matters and environmental protection.
Mindful of its social responsibility, the Company extends
the commitments and principles in its Ethical and Legal
Compliance Code to its suppliers. In this regard, it sets
down a series health and safety requirements for all its
suppliers, particularly those that deliver services relating
to building work. In addition, if the service to be supplied
permits, the Company stipulates requirements of a social
nature in its contracts for suppliers and contractors (for
example: suppliers that employ disabled persons).
As regards the environment, in 100% of contracts with
third parties that supply building work services, the Com-
pany includes its Environmental Policy, as well as its Ma-
nual of Environmental Good Practices. In this way, the
suppliers with greatest environmental impact are subject
to the conditions and commitments that the Company sets
down. Moreover, Gmp assesses periodically the environ-
mental performance of these suppliers in relation to the
activities that they carry out in each of the buildings.
45 Gmp defines "local" supplier as the organisation or person who provides a product or service to Gmp with a Spanish VAT number, since this is the country where the Company operates.
Local suppliers
Supplier review
Local purchase volume(thousands of €)
Non-local purchasevolume
(thousands of €)
Total purchase volume(thousands of €) Local purchases %
56,699 1,187 57,886 98%
1 3 4
Manual of Environmental Policies
Lines of action and key projects in 2019
As part of the Company’s social commitment, at the end of
2008 the Gmp Foundation, a private non-profit organisa-
tion was set up with the main aim of developing actions fo-
cused on direct support, through economic or in-kind do-
nations, to organisations that work to improve the lives of
people with Intellectual Disability and/ or Acquired Brain
Injury (ABI) in Spain. Since its inception, the Foundation
has helped 49,901 people and donated 3,470,901 euros.
Rolling out strategies and action plans focused on meeting
this goal, as well its commitment and solidarity, led the
Gmp Foundation to take part in 24 social projects, be-
nefiting a total of 8,707 people directly, double the figure
for the previous year. The donations made over the year
amounted to 424 thousand euros and the Foundation co-
llaborated with 28 NGOs.
In 2019, the Gmp Foundation was awarded the Premio
Amigos by association APAMA.
Over 2019, in order focus its efforts the Foundation
defined 9 lines of action, highlighting the following key
projects due to their positive impact on the community.
5.5.2. Social Action
Promoting actions and initiatives with a positive impact in society and environment, either directly through the work of the Gmp Foundation. These actions seek to reduce inequalities and promote peace and justice.
Lines of action
Childcare
Senior care
Infrastructures
Equal Opportunities
Labour market
integration
Training and institutional
strengthening
Technology
Leisure, culture and sport
Networking
1 3 71 3 6
– Child Stroke Funding, Instituto Chárbel and Cáritas Dio-
cesana Jerez de la Frontera: support for the initiative run by
Cáritas Diocesana de Jerez de la Frontera (Cádiz) and the
Instituto Chárbel. The aim is to provide neurorehabilitation
treatment for children up to the age of 14 who have suffe-
red Acquired Brain injury (ABI) and come from low income
families. For this purpose, grants have been awarded to 5
families amounting to 25,000 euros.
– “Transforming Services”, a programme aimed at trai-
ning families of minors with intellectual disability in Early
Treatment and intensifying actions at home, in order to pro-
mote development and inclusion. During 2019, 190 chil-
dren aged 0 to 16 from the organisation Assido benefited
from this programme. This project was funded thanks to
funds raised at the tenth edition of the Grandes Ilusiones
International Fundraising Magic Festival in Murcia.
– Healthy Lifestyle Habits Programme of the Madrid
Down Syndrome Foundation, which seeks to create daily
guidelines for intellectually disabled persons from an early
age in order to promote development, independence and
active ageing. This project generated the opportunity to be-
nefit 513 people aged 0 to 50 and 50 families with intellec-
tually disabled members.
– Fit out and furnishing of the new Early Treatment Cen-
tre of the APSA Association in Alicante. The centre was
equipped with the bulk of the resources needed for the Sti-
mulation, Physiotherapy or Multi-sensory Treatment rooms,
among others. It is estimated that 724 minors aged bet-
ween 0 and 6 are currently benefiting from this initiative.
These two initiatives were possible thanks to the Dreamers
In White Concert, a unique event consisting of creating a
voluntary and ephemeral symphony orchestra through the
novel procedure of online videocasting.
700 musicians and choir members took part in the con-
cert, conducted by Ramón Torrelledó.
– Autism Commitment Programme: in 2019, the Gmp
Foundation created a new line focused on educators from
the Madrid Autism Federation and the AUCAVI Founda-
tion. The project sought to provide tools and strategies to
education professionals in the Madrid Region so that they
can meet the needs of Autism Spectrum Disorder (ASD)
minors both inside and outside the classroom.
With the medium-long term goal of creating a network of
centres in the Madrid Region, specialised in meeting the
educational needs of ASD minors more efficiently, in 2019,
a pilot programme was carried out at Real Colegio Nuestra
Señora de Loreto – Fundación Spínola. Through this initia-
tive all workers at the centre received specialised training
on the Autistic Spectrum and specific work areas for each
of participant. Finally, with the knowledge acquired, the
centre drew up a Cognitive Accessibility Plan, which will
serve as a reference document to identify the appropriate
treatment for all pupils with autism.
– 9th Fundraising Race for the Madrid Down Syndrome
Association: Gmp Foundation is one of the sponsors of this
initiative as part of its focus to sport. It also takes part in the
Inclusion Cup, the Fundraising Football Tournament orga-
nised by the APROCOR Foundation.
– Mujeres con valor: Gmp Foundation has helped launch
Down España’s project, aimed at combating the double
discrimination that women with intellectual disability suffer
in Spain. This initiative, which focuses on aspects such as
bullying at school, sexual abuse, forced sterilisations, cy-
berbullying, etc., includes creating a bullying prevention
manual, as well as running workshops from all over Spain
so that women with Down syndrome can recognise diffe-
rent situations of discrimination and aggression and learn
how to react to them. 100% of the funding for the pro-
ject came from the amount raised at the 20th Fundraising
Paddle Tennis Tournament for Companies, at which 38
companies and over 200 players took part.
– Magic Eagle: in 2019 Gmp Foundation and the Ma-
gic Eagle Association carried out a therapeutic programme
with birds of prey, which sought to develop emotional, cog-
nitive and social skills for persons with intellectual disability.
The beneficiary was the Alenta Association from Madrid.
Eight users from this organisation took part in five sessions.
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
– Temporary stay flat for ASD and serious behaviou-
ral problems from the organisation Aleph TEA: The Gmp
Foundation took part in funding the project to create a
temporary stay home for minors with Autism Spectrum
Disorder and serious behavioural problems, which aims
to improve cohabitation among youth with ASD and their
families. This is a brand-new initiative, which will involve
twelve young people every year from different organisations
from the Madrid region, and which also involved Plena In-
clusión Madrid, a federation of organisations that work to
improve living conditions of persons of intellectual disability
in the region.
– El Huerto de Dulcinea: this kitchen garden project aims
to promote labour market integration of adults by carrying
out occupational training activities related to horticulture
and horticultural products. This initiative, located in Molino
Occupational Centre, of the Aldaba Foundation in Alcalá
de Henares, serves a total of 85 persons with intellectual
disability in order to develop their skills to the full.
– Inclusión en la Montaña: for the second year running,
employees at the Gmp Group took part in this activity to
complete easy hiking trails in the company of organisations
that work to improve the living conditions of persons with
intellectual disability. On this occasion, the organisation
that enjoyed this activity was the APAMA Association from
Alcobendas (Madrid).
The Gmp Foundation publishes an annual report which
outlines all its activities in depth.
1 3 8 1 3 9
5.6. COVID-19The appearance of Coronavirus COVID-19 and its spread
to many countries across the world in the early months of
2020, has led to the viral outbreak being declared a pan-
demic by the World Health Organisation as of 11 March.
Taking into account the complexity of the circumstances
and the absence, for the time being, of efficient medical
treatment against the virus, the impact on operations at
the Gmp Group is uncertain and will depend, to a large
degree, on the evolution and spread of the pandemic
over the upcoming months, as well as on the reaction and
adaption of all agents affected.
For these reasons, at the time of writing this report it is
premature to provide a detailed assessment or quantify
the potential impacts that COVID-19 will have on the Gmp
Group, due to the uncertainty surrounding the short, me-
dium and long term consequences.
Notwithstanding, Gmp has carried out a preliminary as-
sessment of the current situation based on the best in-
formation available, although this report may be incom-
plete, as explained above. The following issues can be
highlighted from the findings of this assessment:
– Issues relating to personnel: Gmp has reinforced its
cleaning service in its private offices and has distributed
hand sanitiser dispensers in the meeting rooms, reception
and kitchen area for employees. In addition, it has taken
the actions needed to enable the workforce to work from
home while continuing to offer a quality service. Moreo-
ver, the Company is monitoring the state of health of its
employees and all necessary measures will continue to be
implemented to safeguard their wellbeing. A protocol has
been drawn up on employees resuming work at the office,
including carrying out training activities.
– Issues relating to clients and users: Gmp’s priority is
to provide safe and healthy spaces. For this reason, given
the new situation imposed by COVID-19, we have imple-
mented a rigorous programme of measures at our offices,
placing emphasis on:
- Promoting safe interpersonal distances.
- Reinforcing and optimising cleaning and disinfection
protocols in all common areas.
- Improving air quality inside buildings.
- Shutting down temporarily access to a number of
spaces.
- Informing about guidelines to prevent the spread of
the virus.
In addition, the Group has drawn up a Protocol for Ope-
ning the Golf Course, which outlines specific actions rela-
ting to users and facilities, in order make it safe to play golf
at Las Colinas Golf & Country Club. This Protocol is the
result of contributions from the Royal Golf Federation of
Spain (Real Federación Española de Golf - RFEG) and the
Regional Golf Federations (Federaciones Autonómicas de
Golf), Spanish Association of Golf Courses (Asociación Es-
pañola de Campos de Golf - AECG), Spanish Association
of Greenkeepers (Asociación Española de Greenkeepers -
AEdG), Spanish Association of Golf Managers (Asociación
Española de Gerentes de Golf - AEGG) and the Professio-
nal Golf Association (PGA). It also takes into account re-
commendations from international bodies from the world
of golf.
Finally, aligned with Gmp’s commitment to transparent
communication, it has established a protocol that inclu-
des:
- Informing all clients in the buildings of the existen-
ce of cases of COVID-19, immediately after the com-
pany where staff have been infected has notified this
to Gmp. This enables all companies in the building
affected to take the appropriate decisions in the fra-
mework of their action protocols.
- Corporate communications on the preventative mea-
sures plan against the spread of the disease in buil-
dings, which will also be accessible to clients on
Gmp’s corporate website.
Participants in the therapeutic programme with birds of prey.
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
- Information and awareness campaign on the corpora-
te website and in common areas in buildings.
- Maximum availability of all members of the Property
and Client Experience Department to respond to re-
quests and queries from clients relating to COVID-19
in the framework of their relations with Gmp.
In addition, in order to support and improve the experien-
ce of users at buildings during the confinement period,
Gmp Experience has rolled out initiatives to encourage
them to participate from home in cultural, sporting, leisure
and entertainment activities. All these activities have been
communicated through weekly newsletters and are posted
in the “events” section of the Gmp Smart app.
– Issues relating to society: demonstrating its com-
mitment to the wellbeing and health of people Gmp is coo-
perating actively with the fight against COVID-19. For this
purpose, it has donated funds to health institutions in the
Madrid region to purchase healthcare materials and help
provide supplies to hospitals and health centres across the
region.
Moreover, the Gmp Foundation is in direct contact with
the organisations that care for people with Down Syndro-
me and Acquired Brain Injury, compiling their demands
and adapting support to the new needs of these groups.
5.7. About this reportThe non-financial information on Gmp is part of the
2019 Annual Report. It shows the progress made in the
Company’s performance and its value chain as regards,
social and environmental issues and governance, com-
bined with all the information needed so that the reader
understands Gmp’s positioning and contribution to sus-
tainability. The financial year 2019 covered in this report
runs from 1 January 2019 through to 31 December 2019.
Scope and structure of the information reported
The information on CSR has been compiled based on all
the assets Gmp owns, except the residential tourism re-
sort Las Colinas Golf & Country Club in the chapter on
the environment (Chapter on Environmental Protection).
The quantitative and qualitative data in this chapter solely
refer to the property-owning business of the Group, as at
the time of writing this report the Company is working to
collect environmental information on this resort.
Moreover, whenever information is available, data relating
to 2018 has been included, so that the evolution of the
Company’s performance can be traced clearly.
In the presentation of quantitative data in the chapter on
the environment, consumption by the Group’s corporate
offices has been distinguished from those at its other buil-
dings, as required by EPRA reporting standard sBPR.
Bases for reporting
Standards considered:
Gmp’s 2019 Annual Report has been drawn up based on
two non-financial data reporting standards:
– GRI (Global Reporting Initiative) in its core option.
– EPRA (European Public Real Estate Association)
Recommendations Guidelines sBPR.
Reporting principles followed:
– Inclusion of stakeholders: the information contained
in Gmp’s 2019 Annual Report has been prepared mindful
of the expectations and needs of the Company’s stake-
holders.
Aligned to this, in the chapter ‘Innovation from sustainabi-
lity” Gmp’s stakeholders are identified, as well as the com-
munication channels through which it seeks to address
their expectations and interests.
– Materiality: before writing this Report, Gmp carried out
a materiality study to identify the most relevant issues for
the Company. This analysis covers all the aspects of envi-
ronmental, social and good governance issues that could
influence the Company and its stakeholders.
– Context: Gmp contributes to the wellbeing of the who-
le value chain: ranging from its clients and users through
pioneering management in the real estate industry to its
employees through talent attraction and retention policies.
Without forgetting the work of the Gmp Foundation, whose
contribution enables the Company to give back to society.
– Comprehensiveness: the contents included in the CSR
Report have been designed based on an initial identifica-
tion of the aspects that are material for Gmp and its stake-
holders. Throughout the report the coverage and scope
are indicated on the information reported.
1 4 1
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
Indicator EPRA code Units of measure 2018 Scope 2019 Scope Variation
Total surface area above ground N/A m2 256,208 100% 241,292 100% -6%
Adjusted total surface area above ground N/A m2 219,548 100% 220,761 100% 1%
Total electricity consumption
Elec-Abs
MWh 12,021 100% 12,585 100% 5%
Share of renewable energy consumption % 63 100% 100 100% N/A
Photovoltaic electricity consumption MWh 0 100% 65 100% 100%
Electricity consumption Elec-LfL MWh 11,596 8 out of 8 11,849 8 out of 8 2%
Total district heating & cooling consumption DH&C-Abs MWh N/A 100% N/A 100% -
Total district heating & cooling consumption DH&C- LfL MWh N/A 8 out of 8 N/A 8 out of 8 -
Total fuel consumptionFuels-Abs
MWh 10,112 100% 9,832 100% -3%
Share of renewable fuel consumption % 0 100% 0 100% 0%
Fuel consumption Fuels-LfL MWh 9,598 8 out of 8 9,307 8 out of 8 -3%
Total energy consumption N/A MWh 22,133 100% 22,482 100% 2%
Energy intensity of buildingsEnergy-Int
MWh/m²/year 0.086 100% 0.093 100% 8%
Adjusted energy intensity of buildings MWh/m²/year 0.101 100% 0.102 100% 1%
Direct emissions of greenhouse gases (Scope 1) GHG-Dir-Abs TnCO2eq 2,234 100% 2,017 100% -10%
Indirect emissions of greenhouse gases when generating energy - location based (Scope 2)
GHG-Indir-Abs
TnCO2eq 963 100% 0 100% -100%
Indirect emissions of greenhouse gases when generating energy - market based (Scope 2)
TnCO2eq 1,100 100% 0 100% -100%
Intensity of greenhouse gas emissions from buildings
GHG-Int
TnCO2eq/m²/year 0.012 100% 0.008 100% -33%
Adjusted intensity of greenhouse gas emissions from buildings
TnCO2eq/m²/year 0.015 100% 0.009 100% -37%
Total water consumption Water-Abs m3 105,403 100% 118,698 100% 13%
Like-for-like Water consumption Water-LfL m3 98,533 8 out of 8 111,297 8 out of 8 13%
Water intensity of buildingsWater-Int
m3/ m2/year 0.41 100% 0.49 100% 20%
Adjusted water intensity of buildings m3/ m2/year 0.48 100% 0.54 100% 12%
Total weight of waste by disposal route (Absolute)
Hazardous waste
Waste-Abs
Tn 8.2 100% 2.4 100% -71%
Recovery % 56% 100% 98% 100% -
Disposal % 44% 100% 2% 100% -
Non-hazardous waste Tn 103 100% 1,696 100% - *
Recovery % 2% 100% 99% 100% -
Disposal % 98% 100% 1% 100% -
Total weight of waste by disposal route (like-for-like)
Hazardous waste
Waste-LfL
Tn 7.7 8 out of 8 2.4 8 out of 8 -70%
Recovery % 53% 8 out of 8 98% 8 out of 8 -
Disposal % 47% 8 out of 8 2% 8 out of 8 -
Non-hazardous waste Tn 103 8 out of 8 1,696 8 out of 8 - *
Recovery % 2% 8 out of 8 99% 8 out of 8 -
Disposal % 98% 8 out of 8 1% 8 out of 8 -
Portfolio Environment EPRA tableIndicator EPRA code Units of measure 2018 2019 Variation
Total surface area above ground N/A m2 1,751 1,751 0%
Total electricity consumption Elec-Abs MWh 86 80 -7%
Total district heating & cooling consumption DH&C-Abs MWh 0 - 0%
Total fuel consumptionFuels-Abs
MWh 0 0 0%
Share of renewable energy consumption % 0 0 0%
Adjusted energy intensity of buildings Energy-Int MWh/m²/year 0.046 0.049 -7%
Direct emissions of greenhouse gases (Scope 1) GHG-Dir-Abs TnCO2eq 0 0 0%
Indirect emissions of greenhouse gases when generating energy - location based (Scope 2)
GHG-Indir-Abs
TnCO2eq 7 0 -100%
Indirect emissions of greenhouse gases when generating energy - market based (Scope 2)
TnCO2eq 8 0 -100%
Intensity of greenhouse gas emissions from buildings GHG-Int TnCO2eq/m²/year 0.0039 - -100%
Total water consumption Water-Abs m3 947 1,043 10%
Water intensity of buildings Water-Int m3/ m2/year 0.54 0.59 10%
Total weight of waste by disposal route Waste-Abs Tn N/A N/A -
Indicator EPRA code Coverage Unit 2018 2019
Type and number of certified properties
Cert-Tot 100%
Sustainability certifications
% portfolio surface with sustainability certificate 63% 73%
% portfolio surface LEED-certified 55% 69%
% portfolio surface LEED Gold-certified 42% 48%
% portfolio surface LEED Platinum-certified 13% 21%
% portfolio surface with BREEAM certificate 3% 3%
% portfolio surface with WELL certificate 11% 18%
% portfolio surface with WELL Gold certificate 11% 18%
% portfolio surface with DIGA certificate 18% 25%
% portfolio surface with DIGA 5 stars certificate 18% 21%
% portfolio surface with DIGA 2 stars certificate 0% 4%
Energy Efficiency Certifications
% portfolio surface with energy efficiency certificate 84% 100%
Number of A-rated assets 2 14
% A-rated portfolio surface 7% 94%
Number of B-rated assets 3 2
% B-rated portfolio surface 16% 6%
Number of C-rated assets 10 0
% C-rated portfolio surface 54% -
Number of D-rated assets 1 0
% D-rated portfolio surface 8% -
Environment EPRA table - Gmp corporative offices
Certified Asset EPRA table
INDEX EPRA CONTENTS
1 4 2 1 4 3
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
Environmental data notes
– The buildings consolidated in the 2018 perimeter in ab-
solute terms are: Luchana 23, Génova 27, Iberia Mart I and
II, Parque Norte, Castellana Norte, Castellana 81, Castellana
77, Condesa de Venadito 1 and Barajas 1.
– The buildings consolidated in the 2019 perimeter in ab-
solute terms are: Luchana 23, Génova 27, Iberia Mart I and
II, Parque Norte, Castellana Norte, Castellana 81, Castellana
77, Condesa de Venadito 1 and Oxxeo.
– The buildings consolidated in Like-for-Like scope are:
Luchana 23, Génova 27,Iberia Mart I and II, Parque Norte,
Castellana Norte, Castellana 81, Castellana 77 and Condesa
de Venadito 1.
– Adjusted above-ground area refers to the total above-
ground area adjusted to the occupancy rate of the reported
year.
– Fuel consumption: this refers to the consumption of Na-
tural Gas and Diesel oil. There is no fuel consumption from
renewable sources.
– The proportion of electricity consumption from renewable
sources is indicated in relation to total electricity consump-
tion.
– The total energy consumption is the sum of the fuel con-
sumption of conventional and renewable electricity in the
buildings.
– The energy intensity of buildings and offices has been
calculated with the total energy consumption (sum of fuel
consumption, conventional and renewable electricity) over
the total area.
– The adjusted energy intensity of the buildings: it has been
calculated with the total energy consumption (sum of fuel
consumption, conventional and renewable electricity) in re-
lation to the total area adjusted to occupancy.
– Scope 1 direct emissions from Gmp's buildings include
fuel consumption and refrigerant gases.
– Scope 2 indirect emissions with location-based criteria
from Gmp's buildings and offices are calculated using the
emission factor from Spain's electricity mix.
– Scope 2 indirect emissions with market-based criteria
from Gmp's buildings and offices are calculated with the spe-
cific emission factor of the contracted electricity supplier.
– Emission intensity of buildings and offices: calculated with
the total emissions of Scope 1 and 2 with location-based cri-
teria in relation to the total surface area.
– Adjusted emission intensity of buildings and offices: cal-
culated with the total of scope 1 and 2 emissions with lo-
cation-based criteria in relation to the total area adjusted to
occupancy.
– 100% of water consumption in offices and the portfolio
comes from the public network in Madrid.
– Adjusted water intensity of buildings and offices has been
calculated with the water consumption of the buildings over
the total area.
– Adjusted water intensity of the buildings and offices has
been calculated with the water consumption of the buildings
in relation to the total area adjusted to the occupancy.
– (*)The variation in non-hazardous waste between 2018
and 2019, in terms of Like-for-Like and Absolute, has been
more than 100% due to the fact that in 2019 there has been
an action that has generated a greater amount of waste in a
timely manner.
– The occupancy rate of Gmp's offices is 100% in the two
years reported. For this reason, there is no difference bet-
ween the energy intensity calculated with the total area and
that calculated with the area adjusted to occupancy.
– Scope direct emissions from Gmp's offices include fuel
consumption and consumption of refrigerant gases. In the
last two years there has been neither fuel consumption nor
gas leaks.
– Scope 2 indirect emissions in Gmp's offices are those
derived from the electricity consumption of the corporate offi-
ces. Consumption from the building's common areas is not
included in the scope, since it is included in the calculation of
the property portfolio.
Indicator EPRA code Scope Units of measure 2018 2019
Composition of the Board of Directors Gov-Board Corporation
Number of executive board members 5 5
Number of independent board members 1 1
Average tenure 13.1 13.1
Number of competencies relating to environmental and social topics
0 0
Number of independent / nonexecutive board members with competencies relating to environmental and social topics
Gov-Select Corporation Description - -
Conflicts of interest Gov-Col Corporation Description - -
Accident rate
H&S-Emp Corporation
By hours worked 0 8.53
Lost days By hours worked 165 236
Severity index By hours worked 0 0.12
Absentee rate Ratio of days off work/total days worked 0.14% 0.2%
Fatalities Total number 0 0
Health and Safety Impact Assessments H&S-Asset Corporation% of assets where health and safety actions are carried out
94% 100%
Number of failures to comply H&S-Comp CorporationNumber of failures to comply with health and safety regulations
0 0
Community engagement programmes Comty-Eng Corporation% of assets that have been involved in programs with social environment
60% 60%
Employee gender diversity Diversity-Emp Corporation% male employees N/A 61%
% female employees N/A 39%
Remuneration by gender Diversity-Pay Corporación
Ratio by category
% Directors and managers N/A 5%
% middle managers and technicians N/A -15%
% Administrative staff N/A 1%
% Other jobs N/A -17%
Employee training and development Emp-Training CorporaciónAverage number of training hours for men N/A 112
Average number of training hours for women N/A 210
Employee performance appraisals Emp-Dev Corporación
% of men in the workforce N/A 96%
% of women in the workforce N/A 100%
% Directors and managers N/A 96%
% Middle managers and technicians N/A 100%
% Administrative staff N/A 100%
% Other jobs N/A 100%
Social & Governance EPRA table
Continues
1 4 4 1 4 5
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
Indicator EPRA code Scope Units of measure 2018 2019
New recruits Emp-Turnover Corporation
Total number N/A 28
Total number of men N/A 17
Total number of women N/A 11
Total number of directors and managers N/A 2
Total number of middle managers and technicians
N/A 7
Total number of administrative staff N/A 6
Total number of other jobs N/A 13
Total ratio N/A 21%
Ratio of men N/A 4%
Ratio of women N/A 4%
Ratio Directors and managers N/A 11%
Ratio of middle managers and technicians N/A 11%
Ratio of administrative staff N/A 32%
Ratio of other jobs N/A 39%
Turnover Emp-Turnover Corporation
Total number N/A 11
Total number of men N/A 7
Total number of women N/A 4
Total number of directors and managers N/A 1
Total number of middle managers and technicians
N/A 3
Total number of administrative staff N/A 1
Total number of other jobs N/A 6
Total ratio N/A 8%
Ratio of men N/A 9%
Ratio of women N/A 8%
Ratio Directors and managers N/A 5%
Ratio of middle managers and technicians N/A 5%
Ratio of administrative staff N/A 5%
Ratio of other jobs N/A 18%
Notes on Governance and Social Data
– Accident rate calculated as the number of occupational
contingency processes with sick leave, excluding accidents
in itinere and relapses, occurring during the working day, per
million hours worked.
– Severity rate calculated as the percentage of days lost per
1,000 hours of work. Relapses are included and in itinere
processes are excluded.
– Absenteeism rate: calculated as the percentage of days
lost over those expected in the period.
– New hiring rate: this is the number of recruits over the
total staff.
– Turnover rate: this is the number of departures from the
company as a proportion of the total workforce.
– The Group will work on the comparability of the EPRA
indicators relating to Diversity-Emp, Diversity-Pay, Emp-Trai-
ning, Emp-Dev and Emp-Turnover for the next year.
GRI code EPRA code Content Reference
Organizational profile
GRI 102-1 Name of the organization Gmp Property, SOCIMI, S.A.
GRI 102-2 Activities, brands, products, and services AR chapter: 2. The Company / 4. The portfolio
GRI 102-3 Location of headquarters Calle Luchana 23, 28010 Madrid
GRI 102-4 Location of operations Spain
GRI 102-5 Ownership and legal form SOCIMI. S. A
GRI 102-6 Markets served Pages 20-28, 50-51 y 64-101
GRI 102-7 Scale of the organization Pages 2, 15, 44-61, 64-65 y 117
GRI 102-8 Information on employees and other workers Pages116-117
GRI 102-9 Supply chain Pages 134-135
GRI 102-10Significant changes to the organization and its supply chain
There have been no changes in size, structure, ownership or supply chain.
GRI 102-11 Precautionary Principle or approach Pages 125-132
GRI 102-12 External initiatives Pages 136-137
GRI 102-13 Membership of associations Pages 136-137
Strategy
GRI 102-14 Statement from senior decision-maker Pages 6-9
Ethics and integrity
GRI 102-16Values, principles, standards, and norms of behaviour
Pages 41-43
Governace
GRI 102-18 Governance structure Pages 34-39
GRI 102-22 EPRA Gov-BoardComposition of the highest governance body and its committees
Pages 34-39 y 145
GRI 102-24 EPRA Gov-SelectNominating and selecting the highest governance body
Pages 34-39 y 145
GRI 102-25 EPRA Gov-Col Conflicts of interest Pages 34-39 y 145
Stakeholder engagement
GRI 102-40 List of stakeholder groups Pages 110-111
GRI 102-42 Identifying and selecting stakeholders Pages 110-113
GRI 102-43 Approach to stakeholder engagement Pages 112-115
GRI 102-44 Key topics and concerns raised Pages 112-115
Reporting practice
GRI 102-47 List of material topics Pages 112-113
INDEX GRI AND EPRA CONTENTS
Continues
1 4 6 1 4 7
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
GRI code EPRA code Content Reference
Report profile
GRI 102-50 Reporting period Calendar year 2019
GRI 102-51 Date of most recent report Calendar year 2018
GRI 102-52 Reporting cycle Annual
GRI 102-53 Contact point for questions regarding the report
Head OfficesLuchana, 23 (28010 Madrid)Tel.: +34 91 444 28 00 • Fax: +34 91 444 28 [email protected]
GRI 102-54Claims of reporting in accordance with the GRI Standards
Pages 140-141
GRI 102-55 Index GRI contents Pages 146-152
Economic performance
GRI 103-2 The management approach and its components Page 133
GRI 201-1 Direct economic value generated and distributed Pages 133-135
GRI 201-3Defined benefit plan obligations and other retirement plans
Page 133
GRI 201-4 Financial assistance received from government Page 133
Market presence
GRI 202-2Proportion of senior management hired from the local community
Page 118
Indirect economic impacts
GRI 103-2 The management approach and its components Pages 136-138
GRI 203-2 Significant indirect economic impacts Pages 136-138
Procurement practices
GRI 103-2 The management approach and its components Pages 134-135
GRI 204-1 Proportion of spending on local suppliers Pages 134-135
Anti-corruption
GRI 103-2 The management approach and its components Pages 41-43
GRI 205-1 Operations assessed for risks related to corruption Pages 41-43
GRI 205-2Communication and training about anti-corruption policies and procedures
Pages 41-43
GRI 205-3 Confirmed incidents of corruption and actions taken Pages 41-43
Anti-competitive behavior
GRI 103-2 The management approach and its components
No risks associated with monopolistic and anti-competitive practices have been identified due to the nature of the activity carried out by Gmp .AR chapter 2.7 Ethics and Compliance
GRI 206-1Legal actions for anti-competitive behavior, anti-trust, and monopoly practices
No risks associated with monopolistic and anti-competitive practices have been identified due to the nature of the activity carried out by Gmp .AR chapter 2.7 Ethics and Compliance
GRI code EPRA code Content Reference
Environment
Materials
GRI 103-2 The management approach and its components Pages 125 and 130-132
GRI 301-1 Materials used by weight or volume Pages 130-132
Energy
GRI 103-2 The management approach and its components Pages 125-129
GRI 302-1
EPRA Elec-AbsEPRA Elec-LfL
EPRA DH&C-AbsEPRA DH&C-LfLEPRA Fuels-AbsEPRA Fuels-LfL
Energy consumption within the organization Pages 126-129 and 142-144
GRI 302-3 EPRA Energy-Int Energy intensity Pages 128-129 and 142-144
GRI 302-4 Reduction of energy consumption Pages 126-129
GRI 302-5 EPRA Cert-TotReductions in energy requirements of products and services
Pages 125-132, 65-101 and 142-144
Water
GRI 103-2 The management approach and its components Pages 125-126 and 130-131
GRI 303-1 Interactions with water as a shared resource Pages 130-131
GRI 303-2 Management of water discharge related impacts Pages 130-131
GRI 303-5EPRA Water-AbsEPRA Water-LfLEPRA Water-Int
Water consumption Pages 130-131 and 142-144
Emissions
GRI 103-2 The management approach and its components Pages 125-129
GRI 305-1 EPRA GHG-Dir-Abs Direct emissions of GHG (scope 1) Pages 126-129 and 142-144
GRI 305-2 EPRA GHG-Indir-Abs Direct (Scope 1) GHG emissions Pages 126-129 and 142-144
GRI 305-4 EPRA GHG-Int GHG emissions intensity Pages 128-129 and 142-144
GRI 305-5 Reduction of GHG emissions Pages 126-127
Effluents and waste
GRI 103-2 The management approach and its components Pages 125-127 and 130-132
GRI 306-2EPRA Waste-AbsEPRA Waste-LfL
Waste by type and disposal method Pagess 132 and 142-144
Environmental compliance
GRI 103-2 The management approach and its components Pages 41-43
GRI 307-1Non-compliance with environmental laws and regulations
There have been no breaches of environmental legislation and regulations.AR chapter 2.7 Ethics and Compliance
Supplier environmental assesment
GRI 103-2 The management approach and its components Pages 134-135
GRI 308-2Negative environmental impacts in the supply chain and actions taken
Pages 134-135
1 4 8 1 4 9
CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
GRI code EPRA code Content Reference
Social
Employment
GRI 103-2 The management approach and its components Pages 116-124
GRI 401-1 EPRA Emp-Turnover New employee recruits and employee turnover Pages 117-118, 122 y 146
GRI 401-2Benefits provided to full-time employees that are not provided to temporary or part-time employees
Page 122
GRI 401-3 Parental leave Page 122
Labour / management relations
GRI 103-2 The management approach and its components Pages 116-124
GRI 402-1 Minimum notice periods regarding operational changesGmp complies with the legislation in force on the subject, applying the deadlines established therein.
Occupational health and safety
GRI 103-2 The management approach and its components Pages 123-124
GRI 403-1 Occupational health and safety management system Pages 123-124
GRI 403-2Hazard identification, risk assessment, and incident investigation
Pages 123-124
GRI 403-3 Occupational health services Pages 123-124
GRI 403-4Worker participation, consultation, and communication on occupational health and safety
Communications are made to all staff through the intranet and prevention mail where they can write and give suggestions.
GRI 403-5 Worker training on occupational health and safety Pages 123-124
GRI 403-6 Promotion of worker health Pages 123-124
GRI 403-7Prevention and mitigation of occupational health and safety impacts directly linked by business relationships
Pages 123-124
GRI 403-9 EPRA H&S-Emp Work-related injuries Pages 123-124 and 145
GRI 403-10 EPRA H&S-Emp Work-related ill health Pages 123-124 and 145
Training and education
GRI 103-2 The management approach and its components Page 119
GRI 404-1 EPRA Emp-Training Average hours of training per year per employee Pages 119 and 145
GRI 404-3 EPRA Emp-DevPercentage of employees receiving regular performance and career development reviews
Pages 120 and 145
Diversity and equal opportunity
GRI 103-2 The management approach and its components Pages 116-124
GRI 405-1 EPRA Diversity-Emp Diversity of governance bodies and employees Pages 35,37-38, 59 and 145
GRI 405-2 EPRA Diversity-Pay Ratio of basic salary and remuneration of women to men Pages 119-145
GRI code EPRA code Content Reference
Non-discrimination
GRI 103-2 The management approach and its components Pages 116-118
GRI 406-1Incidents of discrimination and corrective actions taken
During 2019, no complaints have been received through the ethics channel in this regard.Pages 141-143
Freedom of association and collective bargaining
GRI 103-2 The management approach and its components Pages 134-135
GRI 407-1Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk
In 2019, the Company has not identified a significant risk in its suppliers regarding cases of child labour, since its service providers are mainly local and from OECD countries, where local legislation ensures compliance with human rights.Pages 134-135
Child labour
GRI 103-2 The management approach and its components Pages 134-135
GRI 408-1Operations and suppliers at significant risk for incidents of child labour
In 2019, the Company has not identified a significant risk in its suppliers regarding cases of child labour, since its service providers are mainly local and from OECD countries, where local legislation ensures compliance with human rights.Pages 134-135
Forced or compulsory labour
GRI 103-2 The management approach and its components Pages 134-135
GRI 409-1Operations and suppliers at significant risk for incidents of forced or compulsory labour
In 2019, the Company has not identified any significant risk in suppliers regarding forced work, since its service providers are mainly local and from OECD countries, where local legislation ensures compliance with human rights.Pages 134-135
Security pratices
GRI 410-1Security personnel trained in human rights policies or procedures
Not material for Gmp’s business
Rights of indigenous peoples
GRI 411-1Incidents of violations involving rights of indigenous peoples
Not material for Gmp’s business
Human Rights Assessment
GRI 103-2 The management approach and its components Page 116
GRI 412-1Operations that have been subject to human rights reviews or impact assessments
Pages 134-135
Local communities
GRI 103-2 The management approach and its components Pages 133 and 136-138
GRI 413-1 EPRA Comty-EngOperations that have been subject to human rights reviews or impact assessments
Pages 133, 136-138 and 145
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CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
GRI code EPRA code Content Reference
Supplier Social Assessment
GRI 103-2 The management approach and its components Pages 134-135
GRI 414-2Negative social impacts in the supply chain and actions taken
Pages 134-135
Public policy
GRI 103-2 The management approach and its components Pages 41-43
GRI 415-1Contributions to political parties and/or representatives
As established in the Code of Conduct, it requires the prior express authorisation of the Executive Committee to both offer and accept gifts, gratuities, entertainment or presents of any nature in relations with public officials, politicians and other representatives of public institutions, thus avoiding compromising their independence or integrity. Furthermore, these situations must be brought to the attention of those directly responsible and require their prior approval. In any case, it is necessary to take into account the Procedure, Expense Note and Travel Policy and the Group's Gifts Policy
In this regard, in 2019, no breaches have been recorded in the ethics channel for this reason and no authorizations have been requested for these purposes.Pages 41-43
Client Health and Safety
GRI 103-2 The management approach and its components Pages 113-115
GRI 416-1 EPRA H&S-AssetAssessment of the health and safety impacts of product and service categories
100% of Gmp's assets are subject to health and safety risk and impact assessments. In 2019, no breaches of regulations have been identified in any of the company's activities or properties, nor have any fines, penalties or warnings been received from the authorities.Pages 113-115 y 145
GRI 416-2 EPRA H&S-CompIncidents of non-compliance concerning the health and safety impacts of products and services
No breaches of regulations have been identified in any of the company's activities or properties, nor have any fines, penalties or warnings been received from the authorities.Page 145
Marketing and labeling
GRI 103-2 The management approach and its components Pages109-112
GRI 417-3Incidents of non-compliance concerning marketing communications
There have been no cases of non-compliance related to marketing communications.Pages 41-43
Customer privacy
GRI 103-2 The management approach and its components Pages 41-43
GRI 418-1Substantiated complaints regarding concerning breaches of customer privacy and losses of customer data
The organisation maintains an incident log that is kept up to date although it has not identified any substantiated complaints based on a privacy violation in the period under review.Pages 41-43
Socioeconomic Compliance
GRI 103-2 The management approach and its components Pages 41-43
GRI 419-1Non-compliance with laws and regulations in the social and economic area
There have been no cases of non-compliance with laws and regulations in the social and economic fields.Pages 41-43
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CORPORATE SOCIAL RESPONSABILITY ANNUAL REPORT 2019
6AUDIT REPORT AND FINANCIAL STATEMENTS
Castellana 77
EQUITY AND LIABILITIES 2019 2018
EQUITY 1,424,766 1,275,943
SHAREHOLDERS´ EQUITY 1,435,130 1,279,686
Share capital 9,409 9,409
Share premium 27,852 27,852
Reserves 1,218,633 1,055,922
Treasury shares (237) (320)
Dividends (20,000) -
Profit (Loss) attributable to the Parent 199,473 186,823
VALUATION ADJUSTMENTS (10,364) (3,743)
NON-CURRENT LIABILITIES 945,099 929,032
Long-term provisions 1,686 1,124
Bank borrowings 845,169 835,261
Derivatives 10,364 3,743
Tenant deposits and other financial liabilities 12,272 13,296
Deferred tax liabilities 75,608 75,608
CURRENT LIABILITIES 49,240 78,197
Non-current liabilities held for sale - 16,900
Current payables 9,035 31,759
Trade and others payables 39,634 29,538
Current accruals and deferred income 571 -
TOTAL EQUITY AND LIABILITIES 2,419,105 2,283,172
Note: Annual accounts drawn up applying International Financial Reporting Standards (IFRS) adopted by the European Union.
The Company’s Annual Accounts can be consulted on Gmp’s webpage: www.grupogmp.com
CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2019_(thousands of euros)
ASSETS 2019 2018
NON-CURRENT ASSETS 2,149,653 2,119,383
Intangible assets 180 141
Property, plant and equipment 34,512 30,281
Investment property 2,070,721 2,046,352
Non-current investments in group companies and associates 15,612 14,358
Non-current financial assets 23,095 22,718
Deferred tax assets 5,533 5,533
CURRENT ASSETS 269,452 163,789
Non-current assets classified as held for sale 131,164 65,800
Inventories 25,602 21,555
Trade and other receivables 11,019 12,021
Current financial assets 2,543 557
Current prepayments and accrued income 5,467 4,521
Cash and cash equivalents 93,657 59,335
TOTAL ASSETS 2,419,105 2,283,172
CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2019_(thousands of euros)
Note: Annual accounts drawn up applying International Financial Reporting Standards (IFRS) adopted by the European Union.
The Company’s Annual Accounts can be consulted on Gmp’s webpage: www.grupogmp.com
AUDIT REPORT AND FINANCIAL STATEMENTS
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ANNUAL REPORT 2019
CONTINUING OPERATIONS 2019 2018
Revenue 94,972 106,697
Changes in inventories of finished goods and work in progress 4,047 (3,102)
Procurements (11,026) (6,252)
Other operating income 20,142 17,961
Staff costs (8,783) (8,099)
Other operating expenses (34,091) (36,006)
Depreciation and amortisation charge (1,266) (1,211)
Impairment and gains or losses on disposals of non-current assets (1,808) 620
PROFIT FROM OPERATIONS 62,187 70,608
Finance income 17,886 9,031
Finance costs (20,090) (19,624)
Gains or losses on changes in market value of assets 138,471 127,936
Impairment and gains or losses on disposals of financial instruments (2) (15)
FINAL RESULTS 136,265 117,328
Result of companies accounted for using the equity method 1,254 798
PROFIT BEFORE TAX 199,706 188,734
Income tax (233) (1,911)
PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS 199,473 186,823
CONSOLIDATED PROFIT (LOSS) FOR YHE YEAR 199,473 186,823
PROFIT (LOSS) FOR THE YEAR ATTRIBUTABLE TO THE PARENT 199,473 186,823
Note: Annual accounts drawn up applying International Financial Reporting Standards (IFRS) adopted by the European Union.
The Company’s Annual Accounts can be consulted on Gmp’s webpage: www.grupogmp.com
CONSOLIDATED INCOME STATEMENT FOR 2019_(thousands of euros)
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ANNUAL REPORT 2019
Gmp is committed to protecting the environment and the rational use of natural resources. This report is only available in digital form.
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