(ACTUARIAL) NET PROFIT

Size: px
Start display at page:

Download "(ACTUARIAL) NET PROFIT 925.4 661.4 650.3 442.3"

Transcription

1

2

3

4

5 OYAK s Highlights (1) 2003 (2) (TL trillion) (TL trillion) (USD million) (USD million) (ACTUARIAL) NET PROFIT % % % % ANNUAL RATE OF RETURN TO MEMBERS CPI (CONSUMER PRICE INDEX) ANNUAL RATE OF RETURN TO MEMBERS/CPI (TL trillion) (TL trillion) (USD million) (USD million) EQUITY (TOTAL MEMBERS RESERVES) 3, , , ,629.7 TOTAL FUNDS UNDER MANAGEMENT 1, , , ,050.3 OYAK Group Combined Results (3) (TL trillion) (TL trillion) (USD million) (USD million) PRE-TAX PROFIT 1, TOTAL GROSS SALES (4) 11, , , ,298.6 TOTAL TRANSACTION VOLUME (5) 50, , , ,350.1 TOTAL SHAREHOLDERS EQUITY 5, , , ,610.0 TOTAL TAXES PAID TOTAL ASSETS 14, , , ,824.4 TOTAL EXPORTS 2, ,333.8 NUMBER OF EMPLOYEES 18,297 16,733 1) Average USD/TL rate 1,422,885; year end USD/TL rate 1,342,100 (for the year ended 31 December 2004) 2) Average USD/TL rate 1,495,297; year end USD/TL rate 1,395,835 (for the year ended 31 December 2003) 3) Excluding OYAK. Consolidated (IFRS) statements also available. 4) The total of gross sales revenues for production and sales companies. 5) Total transaction volume of OYAK Bank, OYAK Anker Bank, OYAK Yat r m and Halk Leasing. Contents 1 OYAK s Highlights : OYAK s 43rd year of operation 4 Chairman's Message 7 Board of Directors and Board of Auditors 8 A message from the CEO 11 Executive Management 12 Developments in member services 20 Developments in OYAK Group companies 31 Auditors Report and Financial Statements 37 OYAK Group Companies Annual Report 2004 [01]

6 2004: OYAK s 43rd year of operation January 2004 January For the first time in its history, OYAK undertakes and completes a syndicated loan project to secure financing for its investments by tapping international markets. Under a credit agreement signed with nine banks, OYAK receives a syndicated loan in the amount of USD 115 million on January 29th. March OYAK Beton commences operations and becomes the newest member of the OYAK Industrials Group. The company's shareholders consisted of Adana Çimento, Bolu Çimento, and Ünye Çimento and OYAK. April OYAK's 44th Annual General Assembly Meeting is held on April 17th, One of OYAK's long-term investment strategies is to play an active role in the energy sector. In line with that objective, OYAK acquires STEAG's 24% stake in skenderun Elektrik Üretim ve Ticaret A.fi. ( SKEN), an electricity company with an average production capacity of 9 billion Kwh a year. Azer-OMSAN Nakliyat MMC, an OMSAN subsidiary transport and shipping company is set up in Azerbaijan. July The final report of the feasibility study conducted by US-based Fannie Mae to develop a long-term mortgage-financing system for OYAK members is released. This report is used as a reference by the Capital Markets Board in developing a draft of legislation to govern the mortgage lending system in Turkey. Annual Report 2004 [02]

7 August The headquarters of OYAK nflaat, a Group construction subsidiary, are relocated to stanbul as part of the company's restructuring. OYAK Bank's stake in OYAK Anker Bank is acquired by OYAK. OMSAN's subsidiary Omfesa Logistics GmbH is set up in Germany. OYAK begins the process of selling off its 10.85% stake in Goodyear. October OYAK taps international markets for its second credit syndication, receiving a USD 125 million loan on October 27th. The acquisition of RWE Power AG's 25% stake in skenderun Enerji Üretim ve Ticaret A.fi. ( SKEN) is completed, giving OYAK a 49% control of the company. As a result of changes made in the legal framework governing privately owned security firms, such companies are required to divest themselves of all activities not directly related to security. Because of this, OYAK Güvenlik turns its hygiene services over to OYAK Pazarlama, the new name given to OYPA after that company was restructured in November OYAK Telekomünikasyon Hizmetleri A.fi., a telecommunication services provider, is set up as a subsidiary of OYAK Pazarlama for the OYAK NET project to provide value-added network services to OYAK subsidiaries and other corporate customers. A total of 1,152 units are allocated for OYAK members in Ankara/Eryaman Atakent Phase VI Stage III, a project being undertaken jointly by OYAK and TOK, the Housing Development Administration. December OYAK Turizm is wound up as a company with all ticket sales and agency activities being turned over to OYAK Pazarlama. HEKTAfi receives its license to make veterinary pharmaceuticals and immediately commences production of them. December 2004 Annual Report 2004 [03]

8 Chairman's Message I submit our report of our 43rd year of operation together with our financial statements for the year for your consideration and assessment. Actuarial balance Our fundamental duties at OYAK are to be watchful of our members' futures, ensure the survival and value of our assets, and, most important of all, maintain our actuarial balance. I am both pleased and proud to say that in 2004 we once again successfully fulfilled these important duties entrusted to us by our members. OYAK's equity, which is to say the total assets of all our members, reached TL 3.3 trillion in value in The excellent results achieved in business and investment activities enabled us to increase our members' assets by much more than the posted rate of inflation last year. What is OYAK? As has become customary, I want to begin this report by briefly summarizing who we are and what we do for those who are newcomers at OYAK. OYAK is an assistance and pension fund that is governed by its own statute. The Fund's assets consist of the dues that its members pay, members' contributions to the voluntary Pension System, and the returns generated on both. OYAK makes no use whatsoever of public funds and enjoys no special privileges. Its basic duty is to ensure the security of its members' future. In carrying out this principal duty, OYAK also provides its members with the forms of assistance that they require at different stages of their lives. In that capacity, OYAK extends loans (comparable to personal loans) to its members and also strives to make its members home-owners. Annual Report 2004 [04]

9 The importance of individual equality at OYAK All activities carried out at OYAK are shaped by the principle of equality of treatment and an equitable distribution of resources to members. Our basic objective is to ensure that our services are made available to all our members in a timely manner and without interruption and that our resources are distributed equitably among them. Equality among members is a fundamental principle at OYAK. It is a basic rule that each member must have access to the Fund's resources whenever he wants to do so and only to the degree to which he is entitled. High-quality, modern service OYAK is continuously in touch with its members. Fund-member communication takes place through a variety of channels and the traffic is measured in terms of hundreds of thousands of contacts. Each and every telephone call, fax, or received from our members is of equal importance and value and is treated in the same meticulous way. No matter what it does for its members, OYAK always strives to provide its services in a high-quality, modern format. The Member Services Department and indeed every part of our organization that serves the members makes every effort to achieve and increase unconditional member satisfaction and to ensure that our services reach our members in an uninterrupted way. OYAK also employs technology and innovations in order to provide its members with better and faster service. OYAK is acknowledged as the author of some of the most successful technological applications in our country. More than 40 subsidiaries More than 40 companies make up the OYAK Group. Active in a wide range of businesses from finance to cement and from energy to automotives, our subsidiaries are respected members of their sectors and some of them are global trademarks. Last year our subsidiaries continued to create increasingly more added value not just for our members but for the entire Turkish economy as well and all had a productive and profitable year. OYAK subsidiaries in 2004 created indirect economic benefit for more than 100,000 people were responsible for an important share of our country's foreign trade, with exports worth USD 2.2 billion paid a total of TL 442 trillion in taxes booked total sales amounting to TL 11.3 quadrillion. Annual Report 2004 [05]

10 Chairman's Message Looking at these overall numbers, one important fact becomes very apparent: OYAK represents a tremendous economic force in the Turkish economy and it stands in the front ranks of our Country's leading commercial and industrial conglomerates. This superior position is what supplies the energy that enables OYAK to fulfill its basic duty, which is to protect and grow its members assets. It also makes it possible for OYAK to create more and more added value for Turkey. New prospects await us Exciting new prospects lie before us. Turkey's efforts today are focused on joining the league of developed economies. Our national economy is going through its disinflationary process, the outcome of which will mean that working people, entrepreneurs, and retirees-in short, everyone-has to learn how to live and work in an economic climate in which low rates of inflation prevail. As consumption models keep changing, productivity and effectiveness become increasingly more imperative on the production front. At the same time, Turkey's EU accession process has reached a historically important turning point. Fullmembership negotiations, which are scheduled to begin in the last quarter of 2005, will advance our country to the next stage of its European Union journey. OYAK will continue to put its assets to work, transforming the business opportunities created by new prospects into added value and thereby growing even more. What gives OYAK the strength to make this journey is not just its material assets however: the most important guarantee of our futures is the whole OYAK family believing in our shared values and linked firmly together around our universal mission. OYAK will continue to belong to everyone through products and services that are offered to millions of people. OYAK is an inseparable part of and a source of pride for the Turkish nation. In closing, I extend my gratitude to all those who believe in us, trust us, and prefer to do business with us. Y ld r m Türker, (Ret.) Lieutenant General Chairman of the Board of Directors Annual Report 2004 [06]

11 Board of Directors 1 1 Y ld r m TÜRKER (Ret.) Lieutenant General, Chairman 2 Mustafa BIYIK Major General Gendarmerie, Board Member 3 Kamil BAfiO LU Brigadier General, Board Member (appointed on 25 October 2004) 4 Mehmet Ali ÇINAR Rear Admiral, Board Member 5 Ahmet Taner CANDEM R (Ret.) Brigadier General, Board Member 6 Lütfi Fikret TUNCEL Board Member (Retired Governor) 7 Prof. Necdet SER N Board Member (Retired Rector) 8 Coflkun ULUSOY, Ph.D. CEO and Board Member Board of Auditors 1 R dvan ULUGÜLER Brigadier General, Member (appointed on 18 October 2004) Haydar GEZM fi Member, Member of the Higher Supervisory Board of the Prime Ministry 3 Haluk ALTAY Member (Retired banker) Mehmet TAfi Major General, Board Member (until 1 October 2004) Ziya GÜLER Major General Member (until 1 October 2004) Annual Report 2004 [07]

12 A message from the CEO We are proud to report that last year we not only built on our successes but also broke new records in many of our financial outcomes. OYAK posted the highest consolidated net profit and enjoyed the highest profitability in return on assets and on equity of any leading Turkish corporate group on an International Financial Reporting Standards (IFRS) basis. In terms of its actuarial balance sheet, our Fund achieved the highest rate of real return in its history. The actuarial profit added to our members' savings in 2004 amounted to TL 925 trillion. This in turn implies that the rate of return on members' assets, the most crucial indicator of our success for our members, was 40.3% in This 40.3% rate of return is more than four times the last year's consumer price index increase of 9.3%. These highly pleasing results, achieved in an economic environment where inflation has shrunk to approximately 9%, are the outcome of OYAK's commitment to its core strategies and principles. OYAK is a major corporate group OYAK has stakes in more than 40 companies active in a wide range of businesses ranging from banking to energy, and from automotives to food processing. Therefore, OYAK is not only Turkey's biggest private pension fund but is also one of its biggest corporate groups. The leader in profits and profitability OYAK's consolidated financial statements are prepared and audited according to International Financial Reporting Standards. According to those statements, OYAK ended 2004 very successfully, ranking first among our Country's leading corporate groups in terms of both profits and profitability. Not only did the Fund show a very high profit, it also lead in terms of profitability. For the last four years, time and again OYAK has succeeded in outstripping Turkey's leading corporate groups on the basis of consolidated net profit/total assets and consolidated net profit/total shareholders' equity measures. Annual Report 2004 [08]

13 Profitability and productivity are two primary goals that are vital to OYAK. Seeking to achieve real, continuous growth in its members' assets and to pay the highest possible rate of return, profitability is a key indicator of our Fund's success. Accurate investment policies It is not only vital that our subsidiaries are amongst the leaders in their respective fields or achieve high sales volumes. Those factors are important only in view of their profitability. An approach that is mindful first and foremost of profitability shapes OYAK's investment decisions. Throughout its corporate history, OYAK has targeted areas it considers profitable and has quickly moved out of businesses with falling profitability. This strategy is a key to OYAK's success. SKEN, a recent investment for us, vindicates our investment policies. In just its first year, SKEN yielded a return of nearly a third of the entire investment and this performance made a significant contribution to the overall increase in our Fund's assets. The point we have reached today Looking at the point we have reached today from two different angles will enable us to see the results of our long-term efforts more clearly. The first of these is the axis of OYAK's own development through the years. Our equity, which stood at TL 633 trillion in 2000, reached TL 3.3 quadrillion as of year-end The TL 925 trillion in returns that we generated in 2004 alone are about 50% more in nominal terms than the value of our total assets were in The other axis is our position in the market vis-à-vis our benchmarking group through the years. On the basis of its IFRS audited financial statements over the years since 2000, OYAK has greatly strengthened its market position and, as noted above, has become the corporate group with the largest profit and the highest profitability in Turkey. Situated at the point where these two axes intersect, OYAK has substantially increased the value of its members' assets in real terms; greatly expanded the scope of the services and forms of assistance it provides its members. The amounts paid out on retirement alone have actually trebled since The point we have reached today is one that fully matches our mission. It is where we aimed to be, and it is the springboard for our future growth and development. Just as it is in Turkey today, OYAK has also become a recognized and respected figure in the international markets. Our Fund is prepared to use the rather substantial financial muscle at its disposal to be active abroad as well as at home. OYAK in the public eye In the past years, questions about OYAK's structure and about its relationship with the Turkish Armed Forces have been raised on both national and international platforms. Annual Report 2004 [09]

14 A message from the CEO As everyone knows OYAK is an assistance and pension fund for Turkish military personnel. The important point here is that there is no organic relationship between ourselves and the military, our corporate identities are statutorily distinct. The only relationship between OYAK and military is the fact that OYAK happens to be the pension fund in which the military personnel invest their savings. Those who forget that the military does not - and cannot and should not - engage in commerce are also of a mind to claim that OYAK is a military commercial concern and is active in military and defense-related industries. This assumption is false. Not a single one of the companies in which we have a direct or indirect stake is involved in any line of business connected to defense or to the armed forces. This is very important to us and is enshrined in our corporate rules of ethics. In short, OYAK is a powerful corporate group that operates under private law and free-market conditions and is run by civilians who take a thoroughly private-sector approach to management. Having put another successful year behind us, I am pleased to see that our assurances on this issue are understood and beyond Shifting economic conditions necessitate continuously adapting the way we do business. Profitability, productivity, and effectiveness have become the most important criteria for success. In the years ahead we can expect to seek competition get tougher in all aspects of our business. Only those who are good at what they do and who offer high-quality products and services will be the winners and, more important than that, the ones who endure. With the strength that it derives from our 43 years of corporate history, OYAK is determined to stay out in front in this race. To achieve that, we will continue to make the best possible use of the opportunities for growth and investment that the economy offers and to invest in new areas of business. The financial resources at our disposal provide the energy we need to grow. The ongoing support and confidence of our more than 220,000 members are the most important elements giving us the strength to continue our journey into the future. So long as we abide by our convictions, maintain our unity, and cherish our values, OYAK will continue to be highly profitable and will put that profitability to work for the benefit of its membership. Thank you for your continued support and interest in OYAK. Coflkun Ulusoy, Ph.D. Chief Executive Officer Annual Report 2004 [10]

15 Executive Management Coflkun ULUSOY, Ph.D. Chief Executive Officer Hülya ATAHAN Executive Vice President Financial and Administrative Affairs Ayd n MÜDERR SO LU, Ph.D. Executive Vice President New Business Development Ergün OKUR Executive Vice President Member Services Celalettin ÇA LAR Head of Cement and Automotive Groups Caner ÖNER, Ph.D. Executive Vice President Investments and Information Systems Annual Report 2004 [11]

16 Developments in member services In 2004, OYAK once again paid its members a return well above inflation. The 40.3% rate of return secured last year was more than four times the rise in the consumer price index in The member is everything At year-end 2004, OYAK's membership numbered 222,028, of whom 87% are on active duty and 13% are in the Pension System. The Pension System is a system that allows those who have become entitled to receive a retirement benefit and whose permanent OYAK membership would normally be terminated, to continue being a member and to take advantage of OYAK's services. If a member in the Pension System dies, his or her spouse can join the system if they so wish. 50% of the income secured as a result of applying the return determined at each year's General Assembly Meeting to the savings of members is paid quarterly to the members as a pension while the remaining 50% is added to their reserves to continue building up their reserves. OYAK is a pension fund that takes a modern approach to business and regards its members as the focal point of all its activities. In everything it does, OYAK is always mindful of the interests and happiness of its members. OYAK strives continuously to provide its members with the most suitable products and services. All of the efforts that the Fund has been making in the last three years converge around the common goal of facilitating OYAK-member communication and increasing member satisfaction. In 2004 OYAK secured a return for its members far in excess of inflation: the posted 40.3% rate of return is 4.3 times the rate of increase in the CPI announced by the State Institute of Statistics for Equity (Members Reserves) (TL Trillion) (USD Million) 3, , , , , ,165.9 Membership 216, , , Annual Report 2004 [12]

17 When the changes that have been taking place in our country over the last three years are taken into account, the value of this excellent performance on OYAK's part becomes even more apparent. Compulsory benefits reach TL trillion in value The benefits that OYAK is statutorily required to pay its members continued to increase last year and reached TL trillion in value, the biggest share of which consisted of lump-sum payments made to retirees. In 2004 the Fund paid a total of TL trillion to 5,617 members as their retirement benefits. The compulsory benefits that OYAK pays its members consist of Retirement Benefits, Pension System Payments, Payments for Withdrawals from the Pension System, Refunds on Dues, Death Benefits, and Disability Benefits. OYAK members continued to make heavy use of the Fund's social services. In addition to compulsory benefits, OYAK also provides its members with a number of non-compulsory services as well. There are basically two types of such services that OYAK provides its members: Financing options similar to personal loans that are intended to meet members' current needs Long-term housing loans that is provided in line with the Fund's mission of making each of its members a home-owner. Total non-compulsory benefit payments made to members in 2004 reached TL 89.4 trillion in value. Housing Loans OYAK's housing related loans are provided to members under three headings: Personal Housing Loans, Building Cooperative Loans, Mass Housing Production Loans. Breakdown of Compulsory Benefits Paid 12.9% Pension System Payments 10.2% 3.1% Payments for Withdrawals from the Pension System 5.0% 0.3% Refunds on Dues 0.3% 1.2% Disability Benefits 0.9% 2.1% 80.4% Death Benefits Retirement Benefits 1.6% 82.0% Annual Report 2004 [13]

18 Developments in member services In 2004 OYAK extended a total of 1,211 new home loans and the number of members that benefited from personal loan services reached 31,167. OYAK-supplied loans are available on terms of three to ten years and with fixed-installment options. In 2004 OYAK extended a total of 1,211 new home loans. In terms of numbers this represents a year-on increase of 88.9%. The volume of lending on the other hand increased 150.9% year-on and reached TL 28.1 trillion. Providing its members with the forms of support that they require at different stages of their lives, OYAK also joins its members in their efforts to become home-owners as well. All of the 1,660 units in the first and second phases of the Eryaman/Atakent Project, the allocation of which began in 2003, have been turned over to their owners. In addition, all of the 1,152 units in the third phase of the project, allocation of which began in 2004, have been allocated totally to OYAK members. The number of OYAK members taking advantage of the entire Eryaman/Atakent Project has reached 2,812. Personal Loan Services OYAK provides personal loans from its own resources as well as from those of Vak fbank. Under the heading of OYAK's personal loan services, a total of TL 46.0 trillion was lent out to 31,617 members in These loans made available from OYAK's resources are fixed-installment loans with terms of six, nine, or twelve months, in amounts up to twice the one-month salary on which a permanent member's contributions are based. Breakdown of Non-Compulsory Services 17.8% Housing Loans 33.7% 5.3% 11.2% Commissary Services Lump-sum Loans of up to 80% of Members Reserves 4.8% 10.1% 65.7% Other Loans 51.4% Annual Report 2004 [14]

19 When communicating with its members, OYAK makes active use of the internet as an alternative communication channel. The Fund has made it possible for OYAK members to apply for loans online at its internet web site. This option is important not only because it minimizes the operational workload but also because it enhances the effectiveness and quality of service. In 2004, 16,925 OYAK members applied online for loans. In 2003 the percentage of online loan applications to total applications was 42.9%; in 2004, this ratio increased to 53.5%. Paralleling the increasing and wider use of the internet among our membership, we expect that this percentage will become even higher over the next few years. Members also continued to take advantage of personal loans and fixedinstallment consumer loans under an agreement with Vak fbank as an alternative to OYAK-sourced loans. The loans made available from Vak fbank's resources are fixed-installment consumer-finance loans with terms of six, nine, twelve, or eighteen months that are extended in amounts up to three times the onemonth salary on which a permanent member's dues are based. A total of TL trillion was extended during 2004 as fixed-installment consumer-finance credit. Donation Based Retirement Income System: An investment option with high real returns The Donation Based Retirement Income System, which was introduced in 1989, is an investment option that makes it possible for members to earn additional income that is payable while on active duty and/or after retirement. The pool of contributions provided by members taking part in the system are invested by OYAK in government bonds, T-bills, time deposits, foreign currency deposits, so as to generate the maximum returns possible with the least amount of risk. The income generated by the system is partially paid out at quarterly intervals with the rest being added to his reserve. In 2004 the system generated a return of 30.0%. This was 3.2 times the posted rate of CPI inflation and higher than that of any other alternative investment vehicle available in Turkey last year. System participants received a total of TL 44.0 trillion in quarterly payments while TL 28.0 trillion was added to their reserves. As of 31 December 2004, the pool of funds available for investment in the Donation Based Retirement Income System was TL trillion Housing Savings Fund: An investment option with high, real returns that is focused on home-ownership The Housing Savings Fund was set up to make it possible for OYAK members to save up the down-payment they would need to buy a home of their own. The Fund's sources consist of voluntary additional 10% contributions that OYAK members pay. These savings are invested by OYAK in order to secure the maximum possible return on them. Annual Report 2004 [15]

20 Developments in member services In 2004 the Fund provided its participants a return of 28.9% on their savings. This was 3.1 times the CPI increase for the year. OYAK's other mission-making as many of its members as possible the owners of their own homes-is second in importance and priority only to that of guaranteeing their futures in their retirement years. The increase registered in the number of members participating voluntarily in the Housing Savings Fund is a concrete example of the interest and confidence that OYAK's membership has in the efforts that the Fund has been making on the matter of home-ownership. In 2004, the number of members withdrawing their savings from the Fund for use was 18,000 while the number of them participating in the Fund topped 103,000. As of 31 December 2004, the pool of Housing Savings Fund savings under management was TL trillion. Developments in OYAK-member communications All member-related services are under the responsibility of the Ankara-based Member Services Department. In addition to maintaining day-to-day communication between OYAK and its membership and conducting all activities involved in member services, the Department's duties also include developing and improving relations with members as well as identifying members' complaints and wishes and resolving problems as quickly as possible. OYAK pays attention to making intensive use of technology in the process of providing its members with high-quality products and services. The internet, call center, and other alternative delivery channels that the Fund has developed in recent years are popular and are being used by more and more members. Comparison of Returns on Donation Based Retirement Income System and CPI (%) 30.0 Comparison of Returns on Housing Savings Fund and CPI (%) times 3.1 times Return CPI Return CPI Annual Report 2004 [16]

21 Throughout 2004 OYAK maintained increasingly effective communication with its members. OYAK ranks among the organizations making the best and most effective use of alternative delivery channels in reaching out to and serve a large and geographically dispersed audience. Throughout 2004 the Member Services Department strove to provide OYAK members with the best service possible. In addition to being a unit responsible for the operational conduct of all services provided by OYAK to its membership, the Member Services Department is also the full-time point of contact between the Fund and members. The department can be accessed in a variety of ways such as: OYAK Call Center OYAK Website ALO-OYAK Interactive Voice Response System Mail, fax, Suggestion boxes Incoming member queries are registered, statistics are maintained on them, assessments are made, and senior management is advised as to what action needs to be taken. Everything is done to increase the effectiveness of the interaction between OYAK and its members. Members' questions, complaints, requests, and queries were received at OYAK through many different channels such as telephone, letters, SMS, and as well as in face-to-face contacts at OYAK offices. Every effort was made to respond immediately and resolve whatever issue there might be. Members' requests and suggestions that could not immediately be dealt with because of their nature were forwarded to the appropriate unit where they were considered and resolved within the framework of OYAK's governing statute, general assembly meeting resolutions, and the requirements of prevailing regulations. As in previous years, presentations, conferences, and meetings were conducted in 2004 to better acquaint members with OYAK's activities and with the services that they can have the benefit of in the pensioning process. Besides these presentations and meetings about OYAK's annual activities, investments, projects, and member benefits and services, a series of conferences that began in December 2004 and will end in September 2005 is being held according to a planned schedule. These conferences will make it possible to establish direct contact with about 8,000 of our members. Eleven such conferences in which OYAK's chairman and chief executive officer are personally in attendance are planned and are being held at military installations where members are concentrated. Another 41 conferences are also being held in which the assistant general manager responsible for OYAK member services is involved. The Member Services Department identifies the main issues on which members are having problems and then develops and carries out action plans aimed at deciding upon and implementing the best measures to resolve them and also to increase and diversify member services. Annual Report 2004 [17]

Financial Services AKBANK

Financial Services AKBANK sabanc hold ng 2007 annual report 32 Financial Services AKBANK As of the end of 2007, Akbank was Turkey's most valuable bank having the most profitable banking operations among privately owned banks in

More information

We endeavor to maximize returns.

We endeavor to maximize returns. We endeavor to maximize returns. Ayşegül Özel Yapı Kredi Bankası Private Banking Portfolio Manager Erdoğan Yücel Yapı Kredi Emeklilik Sales Manager FInance 4 th largest private bank (asset size) Leader

More information

WHO WE WORK DAY AND NIGHT TO PROVIDE THE BEST PRODUCTS AND SERVICES TO OUR CUSTOMERS AND EXPAND OUR SERVICE NETWORK IN THE FINANCE.

WHO WE WORK DAY AND NIGHT TO PROVIDE THE BEST PRODUCTS AND SERVICES TO OUR CUSTOMERS AND EXPAND OUR SERVICE NETWORK IN THE FINANCE. 74 KOÇ HOLDİNG ANNUAL REPORT 2014 if not us, then WHO WE WORK DAY AND NIGHT TO PROVIDE THE BEST PRODUCTS AND SERVICES TO OUR CUSTOMERS AND EXPAND OUR SERVICE NETWORK IN THE FINANCE SECTOR KOÇ HOLDİNG ANNUAL

More information

We continue our consumer finance activities with KoçFinans, Turkey s first consumer finance company.

We continue our consumer finance activities with KoçFinans, Turkey s first consumer finance company. BANKING AND INSURANCE As the leading banking and insurance group in Turkey, we are the key thanks to our customer-oriented approach, strong financial structure, and millions of active customers. As Yapı

More information

TEB 2011 ANNUAL REPORT TÜRK EKONOMİ BANKASI IN

TEB 2011 ANNUAL REPORT TÜRK EKONOMİ BANKASI IN TEB RETAIL AND PRIVATE BANKING GROUP TEB PRIVATE BANKING TEB Private Banking compliments more than 20 years of experience and a deeply rooted service quality meeting international standards with new and

More information

Information. Canada s Life and Health Insurers. Canada s Financial Services Sector. Overview

Information. Canada s Life and Health Insurers. Canada s Financial Services Sector. Overview Information Canada s Life and Health Insurers Canada s Financial Services Sector September 2002 Overview Canada s life and health insurance industry comprises 120 firms, down from 163 companies in 1990,

More information

Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond

Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond 4 October 2011 Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond Thank you and good morning. It s a pleasure to be here and I d like to thank our hosts for the opportunity to

More information

The Canada Life Assurance Company ANNUAL REPORT

The Canada Life Assurance Company ANNUAL REPORT The Canada Life Assurance Company 2007 ANNUAL REPORT CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This report contains some forward-looking statements about the Company, including its business

More information

1 st. Annual Greek Roadshow. London, September 20-21, 21, 2006

1 st. Annual Greek Roadshow. London, September 20-21, 21, 2006 1 st Annual Greek Roadshow London, September 20-21, 21, 2006 History - Profile 1925 1964 1997 2001 2003 Founding Year Part of Emporiki Bank Group, Initial Public Offering (ASE) Major change in Shareholders

More information

ANADOLU HAYAT EMEKLİLİK A.Ş. COMPANY PRESENTATION. August 2011

ANADOLU HAYAT EMEKLİLİK A.Ş. COMPANY PRESENTATION. August 2011 ANADOLU HAYAT EMEKLİLİK A.Ş. COMPANY PRESENTATION August 2011 Disclaimer The information in this document has been obtained by Anadolu Hayat Emeklilik A.Ş. from sources believed to be reliable, however,

More information

BAHAR UŞAR SMMM, MBA ISTANBUL, MAY 2006 - 1 -

BAHAR UŞAR SMMM, MBA ISTANBUL, MAY 2006 - 1 - A NATIONAL COMPARATIVE ADVANTAGE STUDY OF THE TURKISH CEMENT AND REAL ESTATE INDUSTRY AND THEIR EFFECT ON THE CONSTRUCTION INDUSTRY, EMPLOYMENT AND REGIONAL DEVELOPMENT BAHAR UŞAR SMMM, MBA ISTANBUL, MAY

More information

Act on Insurance. The National Council of the Slovak Republic has adopted the following Act: SECTION I PART ONE GENERAL PROVISIONS

Act on Insurance. The National Council of the Slovak Republic has adopted the following Act: SECTION I PART ONE GENERAL PROVISIONS Act on Insurance Full wording of Act No 8/2008 Coll. of 28 November 2007 on Insurance and on amendments and supplements to certain laws, as amended by Act No 270/2008 Coll., Act No 552/2008 Coll., Act

More information

REGULATION ON MEASUREMENT AND ASSESSMENT OF CAPITAL REQUIREMENTS OF INSURANCE AND REINSURANCE COMPANIES AND PENSION COMPANIES

REGULATION ON MEASUREMENT AND ASSESSMENT OF CAPITAL REQUIREMENTS OF INSURANCE AND REINSURANCE COMPANIES AND PENSION COMPANIES REGULATION ON MEASUREMENT AND ASSESSMENT OF CAPITAL REQUIREMENTS OF INSURANCE AND REINSURANCE COMPANIES AND PENSION COMPANIES Official Gazette of Publication: 19.01.2008 26761 Issued By: Prime Ministry

More information

I know it s a busy day as HSBC are also reporting. and we re doing the same again today. with the equivalent period in 2008

I know it s a busy day as HSBC are also reporting. and we re doing the same again today. with the equivalent period in 2008 Barclays Interim Management Statement 10 November 2009 Chris Lucas Good morning and thanks for joining us I know it s a busy day as HSBC are also reporting so I m going to talk for about fifteen minutes

More information

Brain J. Dunn, CEO Richfield, Minnesota U.S Latest fiscal year: 2010 Best Buy is an American retailer that sells a wide variety of electronic

Brain J. Dunn, CEO Richfield, Minnesota U.S Latest fiscal year: 2010 Best Buy is an American retailer that sells a wide variety of electronic Current Shareholders in Best Buy should hold their stock until price increases, and new investors should not invest if looking for fast money, Best Buy s stock may not more until more economic growth occurs.

More information

1 Regional Bank Regional banks specialize in consumer and commercial products within one region of a country, such as a state or within a group of states. A regional bank is smaller than a bank that operates

More information

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11)

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11) Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE 1 Table of Contents CHAPTER 1 GENERAL PROVISIONS... 3 CHAPTER 2 VOLUNTARY PENSION FUNDS... 7 CHAPTER 3 PENSION COMPANIES

More information

T.C. ZIRAAT BANKASI A.S. 2014 US Resolution Plan. Public Section. December 2014

T.C. ZIRAAT BANKASI A.S. 2014 US Resolution Plan. Public Section. December 2014 T.C. ZIRAAT BANKASI A.S. 2014 US Resolution Plan Public Section December 2014 1 Introduction This is the public section of the tailored resolution plan for the U.S. operations of T.C. Ziraat Bankasi A.S.

More information

Kingdom of Saudi Arabia Capital Market Authority. Investing in the Stock Market

Kingdom of Saudi Arabia Capital Market Authority. Investing in the Stock Market Kingdom of Saudi Arabia Capital Market Authority Investing in the Stock Market Background Saudi joint-stock companies started their business in the mid 1930s when the Arab Automobile Company was established

More information

THE INVESTMENT FUNDS AND MANAGEMENT COMPANIES ACT - 1. Ljubljana, 2003

THE INVESTMENT FUNDS AND MANAGEMENT COMPANIES ACT - 1. Ljubljana, 2003 THE INVESTMENT FUNDS AND MANAGEMENT COMPANIES ACT - 1 (published in the Official Gazette of the Republic of Slovenia - no. 110 on December 2002) Ljubljana, 2003 The original text of this act is written

More information

There are two types of returns that an investor can expect to earn from an investment.

There are two types of returns that an investor can expect to earn from an investment. Benefits of investing in the Stock Market There are many benefits to investing in shares and we will explore how this common form of investment can be an effective way to make money. We will discuss some

More information

Earnings attributed to equity shareholders after tax were K9.1 billion (2005: K6.1 billion), a rise of 49% and Return on Shareholders funds of 39%.

Earnings attributed to equity shareholders after tax were K9.1 billion (2005: K6.1 billion), a rise of 49% and Return on Shareholders funds of 39%. MANAGING DIRECTOR S REVIEW OVERVIEW Zambia enjoyed a robust economic growth of 5.8% in 2006 (2005: 5.2%) mainly driven by positive growth in mining, construction and transport sectors. Other positive developments

More information

Amalgamation Plan. April 2012. Proposal for the Amalgamation of Community Credit Union of Cumberland Colchester & Valley Credit Union

Amalgamation Plan. April 2012. Proposal for the Amalgamation of Community Credit Union of Cumberland Colchester & Valley Credit Union Proposal for the Amalgamation of Community Credit Union of Cumberland Colchester & Valley Credit Union April 2012 Prepared for the members of Community Credit Union of Cumberland Colchester & Valley Credit

More information

Half Year 2015 Results

Half Year 2015 Results Half Year 2015 Results Letter to shareholders LifeWatch First Half Highlights Revenue growth of 9.1% to USD 52.5 million Above-market growth of over 12% in core monitoring services resulting in market

More information

INTERIM REPORT ON FIRST QUARTER OF 2015 201fehlungBild austauschen) Q1

INTERIM REPORT ON FIRST QUARTER OF 2015 201fehlungBild austauschen) Q1 Interim Report Q1 2015 INTERIM REPORT ON FIRST QUARTER OF 2015 201fehlungBild austauschen) Q1 1 Interim Report Q1 2015 2 Letter from the Management Board Dear Shareholders, Ladies and Gentlemen, These

More information

Focus on China Market and Pursue Sustainable Value Growth

Focus on China Market and Pursue Sustainable Value Growth Focus on China Market and Pursue Sustainable Value Growth (Beginning) Distinguished guests, ladies and gentlemen: Good morning. I 'm Wu Zongmin, from China Pacific Property Insurance Company Limited (CPIC

More information

ANDERSON UNIVERSITY INVESTMENT POLICY

ANDERSON UNIVERSITY INVESTMENT POLICY ANDERSON UNIVERSITY INVESTMENT POLICY I. General Investment Objectives A. The primary objective for investment of all funds of the university is to provide an adequate flow of resources sufficient to meet

More information

To Our Shareholders A Message from the CEO

To Our Shareholders A Message from the CEO To Our Shareholders A Message from the CEO Overview of Fiscal 2007 Performance Looking at consolidated performance during fiscal 2007, or the year ended March 31, 2007, ORIX achieved an 18% rise in net

More information

PRESS RELEASE. Ana Botín: Santander is well positioned to face the challenges. We will lead change GENERAL SHAREHOLDERS MEETING

PRESS RELEASE. Ana Botín: Santander is well positioned to face the challenges. We will lead change GENERAL SHAREHOLDERS MEETING PRESS RELEASE GENERAL SHAREHOLDERS MEETING Ana Botín: Santander is well positioned to face the challenges. We will lead change Banco Santander has room for growth within our customer base and in our ten

More information

ISA and Investment Fund Key features

ISA and Investment Fund Key features ISA and Investment Fund Key features This is an important document. Please read it and keep for future reference. The Financial Services Authority is the independent financial services regulator. It requires

More information

CIG PANNONIA LIFE INSURANCE PLC.

CIG PANNONIA LIFE INSURANCE PLC. CIG PANNONIA LIFE INSURANCE PLC. QUARTERLY PROSPECTUS II. QUARTER 2011. 25 August 2011. 1. Summary CIG Pannonia Life Insurance Plc. (hereinafter: Issuer) publishes its quarterly prospectus today. The purpose

More information

Web. Chapter FINANCIAL INSTITUTIONS AND MARKETS

Web. Chapter FINANCIAL INSTITUTIONS AND MARKETS FINANCIAL INSTITUTIONS AND MARKETS T Chapter Summary Chapter Web he Web Chapter provides an overview of the various financial institutions and markets that serve managers of firms and investors who invest

More information

Starting a Business in Israel

Starting a Business in Israel Starting a Business in Israel Inspiration Invention Innovation Content: Page 1. Business Entities....... 2 a. Company...... 2 b. Foreign Company (e.g. a branch)...... 2 c. Partnership...... 3 d. Self Employed......

More information

INVESTOR PRESENTATION 2015Q1

INVESTOR PRESENTATION 2015Q1 INVESTOR PRESENTATION 2015Q1 Contents Non-life Sector Profile 3 Outline of the Company 11 Financial Highlights 25 Appendix 33 2 Non-life Sector Profile Outline of the company Financial highlights 3 Number

More information

REGULATION ON ESTABLISHMENT AND WORKING PRINCIPLES OF INSURANCE COMPANIES AND REINSURANCE COMPANIES

REGULATION ON ESTABLISHMENT AND WORKING PRINCIPLES OF INSURANCE COMPANIES AND REINSURANCE COMPANIES REGULATION ON ESTABLISHMENT AND WORKING PRINCIPLES OF INSURANCE COMPANIES AND REINSURANCE COMPANIES Official Gazette of Publication:.08.007 66 Issued By: Prime Ministry (Undersecretariat of Treasury) PART

More information

What is a business plan?

What is a business plan? What is a business plan? A business plan is the presentation of an idea for a new business. When a person (or group) is planning to open a business, there is a great deal of research that must be done

More information

INVESTOR PRESENTATION 2014Q4

INVESTOR PRESENTATION 2014Q4 INVESTOR PRESENTATION 2014Q4 Contents Non-life Sector Profile 3 Outline of the Company 11 Financial Highlights 23 Appendix 31 2 Non-life Sector Profile Outline of the company Financial highlights 3 Number

More information

2015 Russian Nanotechnology Investment Enabling Technology Leadership Award

2015 Russian Nanotechnology Investment Enabling Technology Leadership Award 2015 Russian Nanotechnology Investment Enabling Technology Leadership Award 2015 Contents Background and Company Performance... 3 Technology Leverage and Customer Impact of OJSC RUSNANO... 3-5 Conclusion...

More information

Founded in 1961, OYAK is Turkey s first and biggest privately-owned pension fund. OYAK is the second biggest industrial groups in Turkey.

Founded in 1961, OYAK is Turkey s first and biggest privately-owned pension fund. OYAK is the second biggest industrial groups in Turkey. Founded in 1961, OYAK is Turkey s first and biggest privately-owned pension fund. OYAK is the second biggest industrial groups in Turkey. Contributing partnerships in automotive, iron and steel, logistics,

More information

Bank of America Merrill Lynch Banking and Insurance CEO Conference. London, 29 September 2009

Bank of America Merrill Lynch Banking and Insurance CEO Conference. London, 29 September 2009 Bank of America Merrill Lynch Banking and Insurance CEO Conference London, 29 September 2009 Good morning. I d like to thank Bank of America Merrill Lynch for letting us speak this morning. Before I talk

More information

Unaudited Financial Report

Unaudited Financial Report RECRUITING SERVICES Amadeus FiRe AG Unaudited Financial Report Quarter I - 2015 Temporary Staffing. Permanent Placement Interim Management. Training www.amadeus-fire.de Unaudited Amadeus FiRe Group Financial

More information

CAREER OPPORTUNITIES IN FINANCE Department of Finance, Real Estate, and Insurance

CAREER OPPORTUNITIES IN FINANCE Department of Finance, Real Estate, and Insurance CAREER OPPORTUNITIES IN FINANCE Department of Finance, Real Estate, and Insurance PURPOSE OF THE ACADEMIC MAJORS The Bachelor of Science in Business Administration at CSUN offers options in Finance, Real

More information

9-MONTHS REPORT. Stable development of business in Q3 Lila Logistik confirms full-year forecast

9-MONTHS REPORT. Stable development of business in Q3 Lila Logistik confirms full-year forecast /08 9-MONTHS REPORT Stable development of business in Q3 Lila Logistik confirms full-year forecast Key figures for the first three quarters of 2008 in accordance with IFRS 01.01. 01.01. Change in Change

More information

GUIDELINES ON THE COMPLETION OF THE STRUCTURAL BUSINESS STATISTICS 2014 QUESTIONNAIRE

GUIDELINES ON THE COMPLETION OF THE STRUCTURAL BUSINESS STATISTICS 2014 QUESTIONNAIRE SECTION 1 DETAILS GUIDELINES ON THE COMPLETION OF THE STRUCTURAL BUSINESS STATISTICS 2014 QUESTIONNAIRE I. Principal Activity: Please provide an explanation of the activity of the enterprise according

More information

Notes to the Consolidated Financial Statements for the 92nd Fiscal Term. Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term

Notes to the Consolidated Financial Statements for the 92nd Fiscal Term. Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term To Those Shareholders with Voting Rights Notes to the Consolidated Financial Statements for the 92nd Fiscal Term Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term The above documents

More information

FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP

FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP Government deficit and debt are the primary focus of fiscal surveillance in the euro area, and reliable data for these key indicators are essential for

More information

Kansas City 4Life Insurance Company

Kansas City 4Life Insurance Company Kansas City 4Life Insurance Company 2010 Fourth Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

Controls and accounting policies

Controls and accounting policies Controls and accounting policies Controls and procedures Management s responsibility for financial information contained in this Annual Report is described on page 92. In addition, the Bank s Audit and

More information

DILUTED EPS $0.67, UP 26% FROM $0.53

DILUTED EPS $0.67, UP 26% FROM $0.53 FOR IMMEDIATE RELEASE CITIGROUP THIRD QUARTER CORE INCOME RISES 27% TO $3.1 BILLION First Nine Months Core Income up 32% to a Record $9.7 Billion Revenues up 15% to $16.8 Billion from $14.6 Billion DILUTED

More information

Pohjola Group. 31 March 2008

Pohjola Group. 31 March 2008 Pohjola Group 31 March 2008 Group business structure Strategy Interim report 31 March 2008 Pohjola Group Banking and Investment Services Non-life Insurance Acquisition synergies Prospects for 2008 Dividend

More information

The Independent Order of Foresters Year ended December 31, 2013. financial highlights

The Independent Order of Foresters Year ended December 31, 2013. financial highlights The Independent Order of Foresters Year ended December 31, financial highlights Our financial strength Financial highlights for the year ended December 31, (All amounts are in Canadian dollars, unless

More information

Ahlers AG, Herford. ISIN DE0005009708 and DE0005009732 INTERIM REPORT

Ahlers AG, Herford. ISIN DE0005009708 and DE0005009732 INTERIM REPORT Ahlers AG, Herford ISIN DE0005009708 and DE0005009732 on the first nine months of fiscal 2005/06 (December 1, 2005, to August 31, 2006) BUSINESS DEVELOPMENT IN THE FIRST NINE MONTHS OF FISCAL 2005/06 According

More information

Key Steps Before Talking to Venture Capitalists

Key Steps Before Talking to Venture Capitalists Key Steps Before Talking to Venture Capitalists Some entrepreneurs may not be familiar with raising institutional capital to grow their businesses. Expansion plans beyond common organic growth are typically

More information

Definition of Public Interest Entities (PIEs) in Europe

Definition of Public Interest Entities (PIEs) in Europe Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.

More information

Minutes of the annual General meeting of Shareholders. of Joint-Stock Company "Kazkommertsbank" The location of the Bank in Almaty, Gagarin Ave 135 J.

Minutes of the annual General meeting of Shareholders. of Joint-Stock Company Kazkommertsbank The location of the Bank in Almaty, Gagarin Ave 135 J. Minutes of the annual General meeting of Shareholders of Joint-Stock Company "Kazkommertsbank" The location of the Bank in Almaty, Gagarin Ave 135 J. Place of holding the meeting in Almaty, Gagarin Ave

More information

Anadolu Group Presentation. May 20, 2014

Anadolu Group Presentation. May 20, 2014 Anadolu Group Presentation May 20, 2014 1 Part of our lives with the strength it takes from its roots just like a sycamore tree 2 Vision: «The Star that links Anatolia to the world and the world to Anatolia»

More information

Interim report April-June 2003

Interim report April-June 2003 Interim report April-June 2003 Pre-tax profit for the second quarter amounted to SEK -34m, which is a SEK 30m improvement compared to last year (SEK -64m). Software revenue grew by 5% during the second

More information

PRC REGULATORY OVERVIEW

PRC REGULATORY OVERVIEW Our business is mainly conducted in China. The key laws and regulations regulating our business operations in China include the following: Measures on the Administration of Foreign Investment in the Leasing

More information

CorpBanca Announces First Quarter 2011 Financial Results and Conference Call on Tuesday, May 17, 2011

CorpBanca Announces First Quarter 2011 Financial Results and Conference Call on Tuesday, May 17, 2011 CorpBanca Announces First Quarter 2011 Financial Results and Conference Call on Tuesday, May 17, 2011 Santiago, Chile, CORPBANCA (NYSE: BCA), a Chilean financial institution offering a wide variety of

More information

The Engine of Growth - Alliance between SIAM and JAMA -

The Engine of Growth - Alliance between SIAM and JAMA - The Engine of Growth - Alliance between SIAM and JAMA - Fumihiko Ike, Chairman Japan Automobile Manufacturers Association SIAM Annual Convention, New Delhi, September 12, 2014 Thank you very much for the

More information

Newsletter 30. Arion Bank s financial results Q1 2012. Full year 2011. Financial Institutions - First edition - June 2012

Newsletter 30. Arion Bank s financial results Q1 2012. Full year 2011. Financial Institutions - First edition - June 2012 Newsletter 30. Financial Institutions - First edition - June 2012 October 20 Arion Bank s financial results Q1 2012 Arion Bank reported net earnings of ISK 4.5 billion for the first quarter of 2012, compared

More information

The first quarter was highlighted by:

The first quarter was highlighted by: Mercantile Bank Corporation Reports Strong First Quarter 2013 Results Diluted earnings per share increased 79 percent Continued asset quality improvement and outlook remains positive GRAND RAPIDS, Mich.,

More information

Life & Protection. Scott Ham CEO. John Hunter COO. Analyst & Investor Conference

Life & Protection. Scott Ham CEO. John Hunter COO. Analyst & Investor Conference Life & Protection Scott Ham CEO John Hunter COO Analyst & Investor Conference New York City, December 2010 Key messages Grow profitable new sales Leverage expertise to increase recruiting and expand existing

More information

ACCOUNTING STANDARDS BOARD NOVEMBER 2000 FRS 17 STANDARD FINANCIAL REPORTING ACCOUNTING STANDARDS BOARD

ACCOUNTING STANDARDS BOARD NOVEMBER 2000 FRS 17 STANDARD FINANCIAL REPORTING ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS BOARD NOVEMBER 2000 FRS 17 17 RETIREMENT BENEFITS FINANCIAL REPORTING STANDARD ACCOUNTING STANDARDS BOARD Financial Reporting Standard 17 Retirement Benefits is issued by the Accounting

More information

Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director

Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director Slide: Name Slide Thanks very much, it s a great pleasure to be here today and I d like to thank our hosts Deutsche Bank

More information

30 January 1998 FOR IMMEDIATE RELEASE

30 January 1998 FOR IMMEDIATE RELEASE Proposed acquisition of LGT Asset Management Division and Preliminary Results for the year ended ember 1997 30 January 1998 FOR IMMEDIATE RELEASE The Board of AMVESCAP PLC has entered into an agreement

More information

advertise to announce that a product is for sale or that a service is offered in order to encourage people to buy it or to use it

advertise to announce that a product is for sale or that a service is offered in order to encourage people to buy it or to use it Aa Acquisition process by which a company buys another company advertise to announce that a product is for sale or that a service is offered in order to encourage people to buy it or to use it advertiser

More information

TO OUR SHAREHOLDERS PROFITABLE GROWTH COURSE INTERNATIONALIZATION FURTHER EXTENDED US MARKET IN FOCUS

TO OUR SHAREHOLDERS PROFITABLE GROWTH COURSE INTERNATIONALIZATION FURTHER EXTENDED US MARKET IN FOCUS QUARTERLY STATEMENT AS OF MARCH 31, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group has made a dynamic start in the 2015 financial year and continues

More information

Financial Overview INCOME STATEMENT ANALYSIS

Financial Overview INCOME STATEMENT ANALYSIS In the first half of 2006, China s economy experienced steady and swift growth as evidenced by a 10.9% surge in GDP. In order to prevent the economy from getting overheated and to curb excess credit extension,

More information

Creating a financial proposal

Creating a financial proposal Creating a financial proposal Business Coach series Presenting your company Targeting your strengths Making the approach BusineSS Coach series Seeking serious money The situation When your company requires

More information

BALANCE SHEET AND INCOME STATEMENT

BALANCE SHEET AND INCOME STATEMENT BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 1,879 BILLION FOR 2014, AN INCREASE OF 24% COMPARED TO 2013. Operating income increased 23.8% during 2014 and

More information

News Release January 28, 2016. Performance Review: Quarter ended December 31, 2015

News Release January 28, 2016. Performance Review: Quarter ended December 31, 2015 News Release January 28, 2016 Performance Review: Quarter ended December 31, 20% year-on-year growth in total domestic advances; 24% year-on-year growth in retail advances 18% year-on-year growth in current

More information

DILUTED EPS $1.04, UP BY MORE THAN 50% FROM $0.68

DILUTED EPS $1.04, UP BY MORE THAN 50% FROM $0.68 FOR IMMEDIATE RELEASE Citigroup Reports Record Core Income for the First Quarter First Quarter Core Income Rises 49% to $3.6 Billion from $2.4 Billion Revenues up 19% to $17.5 Billion from $14.7 Billion

More information

To be The Most Convenient and Trustworthy Bank in Japan

To be The Most Convenient and Trustworthy Bank in Japan 24,185 OUTLETS The number of JApAN post BANk outlets in Japan special Feature To be The Most Convenient and Trustworthy Bank in Japan JApAN post BANk has continued to make consistent efforts to fulfill

More information

Sales and profit expectations for 2014 fulfilled Distribution proposed Share buy-back agreed

Sales and profit expectations for 2014 fulfilled Distribution proposed Share buy-back agreed Press release Sales and profit expectations for 2014 fulfilled Distribution proposed Share buy-back agreed Sales up 4 percent on previous year Gross and EBIT margins reduced by temporary start-up costs

More information

Our Customers. Customer centric brand values. The Voice of the Customer E W

Our Customers. Customer centric brand values. The Voice of the Customer E W Our Customers A PR C IA IO N KP I SIMPL ING R PO M A AR R 1 R BU IL D I N A G RU S ND AP In AIB, our principal Brand Value is we put our customers first. his has been developed by our people and our customers.

More information

New Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed

New Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed New Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed U.S. Life Insurance Group, StanCorp Financial Group, Inc. ~ July 24, 2015 Meiji Yasuda Life Insurance Company

More information

REQUIREMENTS FOR OBTAINING A BANK OR FINANCIAL INSTITUTION LICENSE

REQUIREMENTS FOR OBTAINING A BANK OR FINANCIAL INSTITUTION LICENSE REQUIREMENTS FOR OBTAINING A BANK OR FINANCIAL INSTITUTION LICENSE The business of banks (or credit institutions ) and financial institutions is regulated by directive No. 2006/48 EC of 14 June 2006 ("the

More information

1 Money and income Currency currency notes (banknotes) coins cash bank deposits BrE: note or banknote; on paper AmE: bill

1 Money and income Currency currency notes (banknotes) coins cash bank deposits BrE: note or banknote; on paper AmE: bill 1 A B Money and income Currency The money used in a country euros, dollars, yen, etc. is its currency. Money in notes (banknotes) and coins is called cash. Most money, however, consists of bank deposits:

More information

VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES THIRD QUARTER FINANCIAL RESULTS

VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES THIRD QUARTER FINANCIAL RESULTS FOR IMMEDIATE RELEASE VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES THIRD QUARTER FINANCIAL RESULTS Charlottesville, VA November 4, 2015 Virginia National Bankshares Corporation (OTCQX: VABK) (the

More information

AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March 2012

AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March 2012 Issued on behalf of AssetCo plc Date: Friday 29 June 2012 Immediate Release Statement by the Chairman, Tudor Davies AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March

More information

BUSINESS IS BEAUTIFUL

BUSINESS IS BEAUTIFUL Elizabeth Grady Franchise Opportunities Our Philosophy The Company and the Industry The Opportunity Why Should I Buy a Franchise? Our System Estimated Initial Investment Frequently Asked Questions BUSINESS

More information

Corporate Governance Principles

Corporate Governance Principles 2 Corporate Governance Principles Preamble Trust in the corporate policy of Bayerische Landesbank (BayernLB) is largely dependent on the degree to which there are responsible, transparent management and

More information

Financial Planning Growing a better future

Financial Planning Growing a better future To make an appointment with a Financial Planner: Go to hsbc.com.au/financialplanning Visit in branch Call 1300 308 008 All testimonials listed in this brochure are sourced from Sue, an HSBC financial planning

More information

insurance companies pension funds building societies

insurance companies pension funds building societies 1. Depository institutions - BANKS commercial banks credit unions savings and loan associations 2. Contractual savings institutions insurance companies pension funds building societies 3. Investment intermediaries

More information

Media Contact: Mike Conway Director, Corporate Communications Sherwin-Williams Direct: 216.515.4393 Pager: 216.422.3751 mike.conway@sherwin.

Media Contact: Mike Conway Director, Corporate Communications Sherwin-Williams Direct: 216.515.4393 Pager: 216.422.3751 mike.conway@sherwin. The Sherwin-Williams Company Reports First Quarter 2012 Financial Results Consolidated net sales increased 15.1% to a record $2.14 billion Diluted net income per common share increased 50.8% to a record

More information

NEWCASTLE BUILDING SOCIETY ANNOUNCES FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013

NEWCASTLE BUILDING SOCIETY ANNOUNCES FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013 Stock Exchange Announcement Strictly embargoed until 9.00 a.m. Tuesday 25 th February 2014 NEWCASTLE BUILDING SOCIETY ANNOUNCES FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013 Newcastle Building

More information

AXA Advisors, LLC. how will you draw your future?

AXA Advisors, LLC. how will you draw your future? AXA Advisors, LLC how will you draw your future? our mission AXA Advisors mission is to attract, select, place and promote individuals based on their qualifications a philosophy that has always been a

More information

ADDITIONAL DISCLOSURES WITHIN THE FRAME OF CMB REGULATIONS

ADDITIONAL DISCLOSURES WITHIN THE FRAME OF CMB REGULATIONS ADDITIONAL DISCLOSURES WITHIN THE FRAME OF CMB REGULATIONS Of the additional disclosures which must be done pursuant to the Communiqué on the Principles to be complied with Joint Stock Companies being

More information

REGULATION ON DEPOSITS AND PARTICIPATION FUNDS SUBJECT TO INSURANCE AND PREMIUMS COLLECTED BY SAVING DEPOSITS INSURANCE FUND

REGULATION ON DEPOSITS AND PARTICIPATION FUNDS SUBJECT TO INSURANCE AND PREMIUMS COLLECTED BY SAVING DEPOSITS INSURANCE FUND () () REGULATION ON DEPOSITS AND PARTICIPATION FUNDS SUBJECT TO INSURANCE AND PREMIUMS COLLECTED BY SAVING DEPOSITS INSURANCE FUND Published in issue 226339 of the Official Gazette dated November 7, 2006

More information

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS O-I generates second highest free cash flow in the Company s history PERRYSBURG, Ohio (February 2, 2015) Owens-Illinois, Inc.

More information

VOLUNTARY ANNOUNCEMENT

VOLUNTARY ANNOUNCEMENT Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Full year and fourth quarter 2014 results 1

Full year and fourth quarter 2014 results 1 Full year and fourth quarter results 1 Luxembourg, February 12, 2015 Highlights Health and Safety frequency rate 2 of 1.1x in compared to 1.3x in 2013. Shipments of 1,813 thousand tonnes in full year,

More information

Investor Presentation

Investor Presentation Tekstilbank HQ, Istanbul GSD Holding HQ, Istanbul Investor Presentation October 2013 GSD Holding Highlights A 27 years old financial holding company with core investments in: Banking: one deposit accepting

More information

PRACTICE NOTE 22 THE AUDITORS CONSIDERATION OF FRS 17 RETIREMENT BENEFITS DEFINED BENEFIT SCHEMES

PRACTICE NOTE 22 THE AUDITORS CONSIDERATION OF FRS 17 RETIREMENT BENEFITS DEFINED BENEFIT SCHEMES PRACTICE NOTE 22 THE AUDITORS CONSIDERATION OF FRS 17 RETIREMENT BENEFITS DEFINED BENEFIT SCHEMES Contents Introduction Background The audit approach Ethical issues Planning considerations Communication

More information

KEY FACTS 2015. UK Insurance & Long Term Savings. Key Facts 2015. Follow us on Twitter @BritishInsurers

KEY FACTS 2015. UK Insurance & Long Term Savings. Key Facts 2015. Follow us on Twitter @BritishInsurers KEY FACTS 2015 UK Insurance & Long Term Savings Key Facts 2015 @BritishInsurers Follow us on Twitter @BritishInsurers ASSOCIATION OF BRITISH INSURERS The UK insurance and long term savings industry is

More information

31.12.2014 2014 ANNUAL REPORT

31.12.2014 2014 ANNUAL REPORT 31.12.2014 Registered in: Trade Registration Number : 464639 Head Office Address: Tel. : 0212 465 88 78 Fax : 0212 465 88 70 Online: www.akdenizguvenlik.com.tr MANAGEMENT STRUCTURE BOARD OF MANAGEMENT

More information

SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements

SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES Consolidated Financial Statements Report of Independent Public Accountants To the Board of Directors of Sumitomo Densetsu Co., Ltd. : We have audited the consolidated

More information

Crimson Tide plc. Preliminary Announcement of Results to 31 December 2010

Crimson Tide plc. Preliminary Announcement of Results to 31 December 2010 12 May 2011 Crimson Tide plc Preliminary Announcement of Results to 2010 Crimson Tide plc ( Crimson Tide or the Company ), a leading service provider of mobile data and software solutions for business,

More information