2005 annual report. Document de référence

Size: px
Start display at page:

Download "2005 annual report. Document de référence"

Transcription

1 2005 annual report Document de référence

2 contents AXA Group History and development 4 Simplified organization chart 6 AXA stock price 8 Financial highlights Financial highlights 12 Ratings 16 Legal information Corporate Governance 20 Internal control procedures 40 Full disclosure on executive and employees compensation and share in capital 55 Principal statutory information concerning the Company 76 Information concerning the share capital of the Company 78 Other legal information 88 Financial information Description of business 99 Investment Strategy and Capital Resources 125 Risk factors 133 Activity Report 157 Consolidated Financial Statements 231 Other Supplementary Financial Information 395 Parent Company 400 Embedded value 413 Salaried employees 418 Significant event known sebsenquently at the year end closing 419 Person responsible and the independent auditors Person responsible for the Annual Report 422 Independent auditors 423 Correspondence table million client across the globe trust in AXA. 110,000 employees and distributors mobilized around the world. 72 billion euros in consolidated revenues. +5.2% on a comparable basis.

3 Be Life Confident All around the world, we deliver our products and services under a global brand. Combined with our tagline Be Life Confident the AXA brand conveys our promise to customers: we will protect them and help them realize their projects at every stage of their lives. 15,000 employees volunteer in their local community. 3.3 billion euros in underlying earnings +24% at a constant exchange rate. 1,064 billion euros in assets under management. 4.2 billion euros in net income, Group share. +22% +12% at a constant exchange rate.

4 AXA Group History and development / p. 4 AXA stock price / p. 8

5 Simplified organization chart / p. 6

6 AXA Group History and development AXA 1 originated from several French regional mutual insurance companies, known collectively as les Mutuelles Unies. In 1982, les Mutuelles Unies took control of Groupe Drouot and following this transaction the new Group began operating under the name of AXA. In 1986, AXA acquired Groupe Présence. In 1988, AXA transferred its insurance businesses to Compagnie du Midi and operated under the name of AXA Midi, which subsequently reverted back to the AXA name. Two years later, the French insurance operations were reorganized to operate by distribution channel. In 1992, AXA took control of Equitable Companies Incorporated following the demutualization of Equitable Life. The Equitable Companies Incorporated changed its name in 1999 to AXA Financial, Inc. ( AXA Financial ). In 1995, AXA acquired a majority ownership interest in National Mutual Holdings following its demutualization. National Mutual Holdings changed its name to AXA Asia Pacific Holdings Ltd. In 1997, AXA merged with Compagnie UAP. This transaction enabled AXA to significantly increase its size and reinforce its strategic positions, especially in Europe. In 1998, AXA purchased the minority interests of AXA Royale Belge and, in 1999, acquired Guardian Royal Exchange in Great Britain through its subsidiary Sun Life & Provincial Holdings ( SLPH ). The Guardian Royal Exchange acquisition allowed AXA to further establish its positions in both the United Kingdom and Germany. In 1999, after getting an insurance licence from Chinese authorities, the Life joint-venture between AXA and Minmetals was launched in Shanghai. In 2000, AXA acquired a majority ownership interest in Nippon Dantaï Life Insurance Company, resulting in a new company called AXA Nichidan (which became in 2001 AXA Life Insurance Co. ). In addition, in July 2000, AXA increased its interest in SLPH from 56.3% to 100%. In August 2000, AXA sold its interest in Donaldson Lufkin & Jenrette to Credit Suisse Group. In October 2000, Alliance Capital, a subsidiary of AXA Financial, acquired the U.S. asset management company Sanford C. Bernstein. In December 2000, AXA acquired the remaining minority interests in AXA Financial, which is now a 100% owned subsidiary of AXA. In , AXA acquired two financial advisory networks in Australia, Sterling Grace and Ipac Securities, as well as a banking platform in France, Banque Directe. AXA also continued to streamline its portfolio of businesses, selling its health business in Australia and insurance operations in Austria and Hungary, and reorganizing its reinsurance business. In 2002, the Group sold its bank and insurance businesses in Chile. In 2003, AXA sold all its activities in Argentina and Brazil. In September 2003, the Group announced the acquisition of the American group Mony. This operation was subject to the approval of the shareholders of Mony and to the obtaining of various lawful authorizations. In 2004, AXA purchased the American group Mony; this operation allowed AXA to reinforce for a total amount of approximately 25% the capacity of distribution of AXA (1) In this annual report: the Company refers to the holding company AXA, organized under the laws of France, AXA refers to the Company and its direct and indirect subsidiaries. 4

7 Life activities in the United States. In addition, AXA sold its insurance activities in Uruguay (AXA Seguros Uruguay) thereby finalizing its disengagement from South America; it also disposed of its broking activities (Unirobe) and its activity of health insurance in the Netherlands, and finally its activity of loan on real property in Germany (AXA Bausparkasse AG). In December 2005, AXA and FINAXA shareholders meetings voted in favour of the merger of FINAXA into AXA. FINAXA was a holding company listed on the Paris Stock Exchange and its main subsidiary was AXA. It also owned the AXA brand. This merger resulted in a simplification of AXA s shareholder structure and in an increase in the proportion of publicly traded shares. In addition, AXA obtained ownership of the AXA brand. 5

8 AXA Group Simplified organization chart Main subsidiaries as at December 31, 2005 AXA s companies contacts are available on the web site: America UNITED STATES Insurance AXA Financial Inc. (a) 100% 100% MONY Holdings LLC (b) 100% 100% CANADA Insurance AXA Canada Inc. (c) 100% 100% Africa MOROCCO Insurance AXA-ONA (d) 51% 51% Europe GERMANY Insurance AXA Konzern AG (e) 92% 93% Financial Services AXA Bank AG 92% 100% BELGIUM Insurance AXA Holdings Belgium (f) 100% 100% Financial Services AXA Bank Belgium 100% 100% SPAIN Insurance AXA Aurora S.A. (g) 100% 100% Hilo Direct S.A. de 100% 100% Seguros y Reaseguros 6 (a) Holding Company that owns AXA Equitable Life Insurance Company. (b) Holding Company that owns MONY Life Insurance Company and MONY Life Insurance Company of America. (c) Holding Company that owns AXA Assurances Inc. and AXA Insurance (Canada). (d) Holding Company that owns AXA Assurance Maroc. (e) Holding Company that owns AXA Versicherung AG, AXA Lebenversicherung AG and AXA ART Versicherung AG. (f) Holding Company that owns AXA Belgium. (g) Holding Company that owns AXA Aurora Iberica, S.A., de Seguros y Reaseguros and AXA Aurora Vida, S.A. de Seguros y Reaseguros and Seguro Directo (Portugal R.C). (h) Holding Company that owns AXA France Vie, AXA France IARD, AVANSSUR and AXA Corporate Solutions Assurance

9 Main subsidiaries as at December 31, 2005 International Insurance AXA RE 100% 100% AXA Assistance SA 100% 100% Asset Management AXA Investment Managers 95% 100% AXA Real Estate Investment Managers 95% 100% Alliance Capital Management L.P. 61% 61% AXA Rosenberg 76% 100% Areas in dark green represent countries in which AXA offers at least one of its protection services. FRANCE Insurance AXA France 100% 100% Assurance (h) Financial Services Compagnie 100% 100% Financière de Paris AXA Banque 100% 100% IRELAND Insurance AXA Insurance 100% 100% Limited ITALY Insurance AXA Italia S.p.A (i) 100% 100% LUXEMBOURG Insurance AXA Luxembourg SA (j) 100% 100% THE NETHERLANDS Insurance AXA Nederland B.V. (k) 100% 100% PORTUGAL Insurance AXA Portugal Companhia 99% 100% de Seguros SA AXA Portugal Companhia 95% 95% de Seguros de Vida SA Vie UNITED KINGDOM Insurance AXA UK Plc (l) 100% 100% SWITZERLAND Insurance AXA Assurances 100% 100% TURKEY Insurance AXA Oyak Holding A.S. (m) 50% 50% Asia-Pacific AUSTRALIA/NEW ZEALAND Insurance AXA Asia Pacific 53% 100% Holdings Limited (n) HONG KONG Insurance AXA China Region Limited 53% 100% JAPAN Insurance AXA Japan 98% 100% Holding Co. Ltd (o) SINGAPORE Insurance AXA Financial Services Pte 53% 100% Ltd Singapore Holding Cy (p) Ownership interest percentage % Voting right percentage % (i) Holding Company that owns AXA Assicurazioni S.p.A. (j) Holding Company that owns AXA Assurance Luxembourg and AXA Assurance Vie Luxembourg. (k) Holding Company that owns AXA Leven N.V. and AXA Schade N.V. (l) Holding Company that owns AXA Sun Life Plc, AXA Insurance Plc and AXA PPP Healthcare Limited. (m) Holding Company that owns AXA Oyak Hayat Sigorta A.S. and AXA Oyak Sigorta A.S. (n) Holding Company that owns AXA Australia New Zealand. (o) Holding d Company that owns AXA Life Insurance Co., Ltd and AXA non-life Insurance Co. Ltd. (p) Holding Company that owns AXA Life Insurance Singapore Pte Ltd. 7

10 AXA Group AXA stock price AXA stock is listed on the Eurolist by Euronext, Euroclear France code: and, since June 25 th 1996, on the New York stock exchange under American Depositary Shares (ADS) representing one AXA stock. AXA and AXA ADS stocks transactions since 20 months (Paris and New York) PARIS BOURSE Volume Price per Share in euros (in thousand) High Low 2004 July 150, August 149, September 157, October 223, November 182, December 151, January 155, February 152, March 182, April 213, May 156, June 161, July 164, August 139, September 140, October 172, November 186, December 152, January 199, February 128,

11 Shares created since January 1 st 2006 by exercise of convertible bonds or subscription options are listed au comptant on the Eurolist until they are assimilated after the payment of the 2005 dividend planned on May 12, NEW YORK STOCK EXCHANGE Volume Price per ADS in US$ (in thousand) High Low 2004 July 4, August 5, September 4, October 5, November 6, December 6, January 6, February 6, March 8, April 7, May 5, June 5, July 5, August 7, September 6, October 6, November 7, December 6, January 10, February 6,

12 Financial high Financial highlights / p. 12

13 lights Ratings / p. 16

14 Financial highlights Activity indicators Gross revenues by business segment Other Financial Services 1% Asset Management 5% International Insurance 5% Total: 71.7 billion in 2005 Property & Casualty 27% + 5.2% in 2005* Life & Savings 63% Gross revenues by geographic region (insurance only) Other Asia-Pacific 3% International Insurance 6% North America 22% Other 3% Southern Europe 7% Total: 67.8 billion in 2005 France 27% Japan 7% Belgium 6% + 4.8% in 2005* United Kingdom 10% Germany 9% Life APE (a) by geographic region Hong Kong 1% Australia/New Zealand 8% France 20% + 11% in 2005* Property & Casualty gross written premiums by geographic region Other 7% Canada 5% France 27 % + 2.8% in 2005* Japan 11% United Kingdom 15% Southern Europe 16% United States 31% Total: 5.5 billion in 2005 Southern Europe 3% Germany 5% Belgium 7% Belgium 8% Total: 18.9 billion in 2005 Germany 15% United Kingdom and Ireland 23% Assets under management Assets under management by company AllianceBernstein 46% Assets under management by category Own account 33% Life Insurance Separate Accounts 13% Others AXA companies 13% Axa Investment Managers 41% + 22% in 2005 Total: billion in 2005 Third party 53% * On a comparable basis. (a) Annual premiums equivalent (APE) is New regular premiums plus one tenth of single premiums, in line with Group EEV methodology. 12

15 Profitability indicators Underlying earnings (a) (in euro millions) 3,258 2,723 2,637 2, % in 2005 (b) Underlying earnings by geographic region (in euro millions) IFRS ,563 IFRS , FGAAP IFRS ,102 Life & Savings Property & Casualty International Insurance Asset management Other financial services Holdings ,346 Adjusted earnings (a) (in euro millions) 1,450 2,035 Underlyings earnings (a) Net capital gains attributable to shareholders net of income tax 4, % 3,342 in 2005 (b) 3,258 2,901 2,723 2, Net income Group Share (in euro millions) IFRS FGAAP Adjusted earnings (a) 4,108 3,342 2,901 1,450 Profit or loss (excluding change) on financial assets (under FV option) & derivatives Exceptional operations (including discontinued operations) (72) Goodwill and other related intangibles impacts (13) (41) (649) (593) Net income Group Share 4,173 3,738 2,519 1,005 FGAAP IFRS Combined ratio (Property & Casualty) (in %) FGAAP IFRS point in 2005 (a) Underlying earnings correspond to adjusted earnings excluding net realized capital gains attributable to shareholders. Net realized gains or losses attributable to shareholders include: i) realized gains and losses (on assets not designated under fair value option or trading assets) ii)change in impairment valuation allowance, iii) foreign exchange rates impacts (including derivatives and except the ones mentioned above) net of tax, related impact on policyholder participation net of tax (Life business), DAC and VBI amortization or other reactivity to those elements if any (Life business). Adjusted earnings represent the net income (group share) before: (i) The impact of exceptional operations (primarily change in scope, including restructuring costs related to a newly acquired company during the considered accounting period). (ii) Goodwill and other related intangible impacts, and (iii) Profit and loss on financial assets accounted for under fair value option (excluding assets backing contract liabilities for which the financial risk is borne by the policyholder) and derivatives related to invested assets (excluding (i) all impacts of foreign exchange except the ones related to currency options in earnings hedging strategies and (ii) those related to insurance contracts evaluated according to the selective unlocking accounting policy). (b) On a constant exchange rate. 13

16 Financial highlights Profitability indicators Adjusted Earnings per share (a) fully diluted (in euro) Dividend per share (in euro) Pay Out Ratio (c) (in %) 47% 40% 40% % % FGAAP IFRS 2003 (b) FGAAP IFRS Life New Business Value (d) (in euro millions) , % in 2005* Life Embedded Value (d) (in euro millions) % (f) in 2005 EV EEV EV EEV Consolidated balance sheet indicators Gearing ratio (e) (in %) FGAAP IFRS points in 2005 Shareholders equity 100% Consolidated Shareholders Shareholders equity Group equity (100% and Group share) (in euro billions) Shareholders equity 100% Shareholders equity Group Share 23.4 FGAAP IFRS FGAAP IFRS Millions of shares 1,778 1,908 1,908 1,872 Adjusted ROE (a) 6.3% 12.4% 18.1% 18.4% Underlying ROE (a) 8.9% 11.6% 14.2% 14.6% (a) Please refer to page 13. (b) Following any significant capital increase with a stock price lower than the market price, such as ORAN conversion in July 2004, average number of shares and consequently earning per share over each period can be restated to take into account this event. (c) Dividende net / Adjusted earnings. (d) In 2005, AXA published Life Embedded Value and the New Business Value for 2004, restated according to the principles of European FGAAP Embedded IFRS Value (EEV). The methodology applied for the calculation of the EEV is based on an approach bottom up market consist for a better apprehension of the evaluation of the risk. Please 2003 refer to page for further details. (e) Since 2004, gearing ratio excludes cash surplus at Group Level. (f) Represents EEV Return. * On a comparable basis. 14

17 Consolidated balance sheet indicators Consolidated shareholders equity (Group share) per share (in euro) Net asset value (per share) (in euro) FGAAP IFRS FGAAP IFRS Salaried employees Others Salaried employees (h) (Full Time Equivalent) 74,584 76,339 78,800 Stock capitalization as at the end of December (i) (in euro billions) (h) Personnel of non-consolidated companies accounted for using the equity method are not included in the above graph. Personnel of companies proportionally consolidated are included, pro-rata, in accordance with the percentage of consolidation. Please refer to page 418 for further details. (i) Number of ordinary share outstanding * Share price as at December

18 Financial highlights Ratings Insurer Financial Strength Ratings The Company s principal insurance subsidiaries Ratings of the Company s Long Term and Short Term Debt Senior Debt Long Term Subordinated Debt Short Term Debt Agency Standard & Poor s Moody s Fitch Ratings Standard & Poor s Moody s Fitch Ratings Standard & Poor s Moody s Fitch Ratings Standard & Poor s Moody s Fitch Ratings 16

19 Date Rating Outlook 4/10/05 AA- Positive 14/02/05 Aa3 Stable 16/12/05 AA Stable 4/10/05 A 14/02/05 A2 16/12/05 A+ 4/10/05 BBB+ 14/02/05 A3 16/12/05 A 4/10/05 A-1 14/02/05 P-1 16/12/05 F-1 17

20 Legal informa Corporate Governance / p. 20 Full disclosure on executive and employees compensation and share in capital / p. 55 Information concerning the share capital of the Company / p. 78

21 tion Internal control procedures / p. 40 Principal statutory information concerning the Company / p. 76 Other legal information / p. 88

22 Legal information Corporate Governance Implementing sound corporate governance principles has been a priority at AXA for many years. Because its stock is publicly traded on the New York Stock Exchange, AXA is subject to the Sarbanes- Oxley Act, which was adopted in the United States in Accordingly, AXA has made various adjustments necessary to bring the Company into compliance with the Act. AXA has also reviewed its rules of corporate governance in light of the recommendations contained in the Bouton Report and the relevant sections of the French Financial Security Act (Loi de Sécurité Financière) of August 1 st, Governance Structure: Management Board and Supervisory Board A Management Board and a Supervisory Board have governed AXA since This form of corporate governance, which separates the powers of management from those of supervision, is considered to offer one of the most balanced frameworks for exercising corporate power. An Executive Committee assists the Management Board in the performance of its duties. In addition, the Supervisory Board has established four specialpurpose Committees. Supervisory Board The developments below on the Supervisory Board and Supervisory Board Committees correspond to the first part of the Supervisory Board Chairman s Report on the conditions under which the Board s work is prepared and organized, which was prepared in accordance with the French Financial Security Act of August 1 st, The second part, which concerns internal control procedures, follows this section on Corporate Governance. Role and powers The Supervisory Board oversees the management of the Company and is accountable to the shareholders. The Supervisory Board appoints and dismisses the Chairman and members of the Management Board and supervises executive management of the Company. Article 12 of the Company s bylaws, and the Supervisory Board s own internal regulations, specify that, in light of its enhanced supervisory power with respect to matters of particular concern to the shareholders, the following transactions or issues require the prior consent of the Supervisory Board: the issuance of securities with a direct or indirect claim on the equity capital of the Company; proposed stock repurchase programs submitted to a vote of the shareholders assembled in an ordinary meeting; financing operations that may have a material impact on the Company s financial position; any contemplated business acquisition; agreements to form strategic partnerships; the setting up of any stock option plans or the granting of any free allotments of shares for employees of the Company, as well as for employees and officers of related parties, as well as the granting of stock options or free allotments of shares to members of the Management Board of the Company; proposals to amend the Company s bylaws submitted to a vote of the shareholders in an extraordinary meeting; appropriations of earnings and dividends for the previous year proposed to shareholders in an ordinary meeting; interim and final dividend payment dates. 20

23 Operating procedures and activity The guidelines governing the operation, organization and compensation of the Supervisory Board and its committees are contained in its internal regulations. The Supervisory Board meets at least five times a year. In 2005, the Supervisory Board met 7 times, of which one meeting was an entire day devoted to examination of the Group strategy, and the overall attendance rate was 88%. Its members receive documentation concerning matters to be reviewed prior to each meeting, generally eight days in advance. This documentation always includes information on: the Group s operations, as presented in the Management Board s quarterly report, a press review and a stock price performance report; reports on committee meetings that have been held since the last Supervisory Board meeting. In addition to the agenda, this documentation may also include information on issues pertaining to the Group s operations (e.g. a presentation on a particular operating Company s strategy and priorities) or a presentation on a particular subject (e.g. the brand, a transversal project...). Accordingly, the Group s principal managers may be invited to take part in Board meetings from time to time to present their business area, their objectives and their results. Training courses and special meetings are organized for members of the Supervisory Board as needed. Certain members of the Supervisory Board have requested and received training in the Group s various business areas and have attended presentations on specific Group companies. To ensure that their interests and those of the Group are aligned, members of the Supervisory Board are required to own shares in the Company, the value of which must be at least equal to the amount of directors fees they receive in the course of any given year. Composition On December 31, 2005, the Supervisory Board had 13 members, elected by the shareholders. Currently, 4 members of the Supervisory Board are not French nationals. At the Company s Annual General Meeting on April 20, 2005, the shareholders re-elected for four years Anthony Hamilton, Henri Lachmann and Michel Pébereau. The shareholders also: ratified the Supervisory Board s decision to appoint Léo Apotheker to fill the vacancy left by the death of Alfred von Oppenheim, for the remainder of the late Mr. von Oppenheim s term (i.e. until April 2007); elected Jacques de Chateauvieux for a term of four years, replacing Jacques Calvet, whose term had expired at the close of this meeting; elected Ms. Dominique Reiniche for a term of four years, replacing Bruno Roger, whose term had expired at the close of this meeting. Supervisory Board members are selected on the basis of their acknowledged competence and experience, as well as their ability to work together and become actively involved in the supervision of a company like AXA. The Board makes a special effort to assess the independence of each Supervisory Board member with respect to the Management Board, and the Company. Acting on the recommendation of its Selection, Governance and Human Resources Committee, the Supervisory Board has assessed the independence of all of its members on the basis of the recommendations contained in the Bouton Report on corporate governance in publicly traded companies and, for the members of the Audit Committee, on the basis of the criteria set forth in the Sarbanes-Oxley Act. 21

24 Legal information On December 31, 2005, 9 of the 13 Supervisory Board members met the independence criteria based on the recommendations of the Bouton Report: Dominique Reiniche, Léo Apotheker Jacques de Chateauvieux, David Dautresme, Anthony Hamilton, Henri Hottinguer, Henri Lachmann, Gérard Mestrallet and Ezra Suleiman. The Supervisory Board has taken the required measures to ensure that, by July 31 st, 2005, all of the members of the Audit Committee would meet the independence criteria set forth in the Sarbanes-Oxley Act. Composition of the Supervisory Board on December 31, 2005 Name Office presently held Principal occupation or employment Principal First (and age) (as of December 31, 2005) business appointment / address term of office Claude Bébéar Chairman of Director or member of the Supervisory Board AXA June 1988 / (70) the Supervisory Board of AXA Financial (United States), BNP Paribas, Vivendi Universal 5, avenue Matignon 2 May 2008 and Mutuelles AXA; Non-voting member of the board Paris of Schneider Electric Jean-René Fourtou Vice-Chairman of Chairman of the Supervisory Board of Vivendi Universal Vivendi Universal April 1990 / (66) the Supervisory Board and Groupe Canal+; Director of member of the Supervisory Board 42, avenue de Friedland April 2007 of Sanofi-Aventis, Cap Gemini, AXA Millésimes, Paris Maroc Telecom (Morocco) and NCB Universal Inc (United States) Léo Apotheker Member of President Customer Solutions & Operations, Member of SAP February 2005 / (52) (1) (3) the Supervisory Board the Executive Committee of SAP AG; Director of SAP America, Inc. 141, bd Haussmann April 2007 (United States); SAP Global Marketing Inc. (United States); Paris SAP Asia Pte. Ltd. (Singapore); SAP JAPAN Co., Ltd. (Japan); SAP FRANCE S.A.; S.A.P. ITALIA Sistemi, applicazioni, prodotti in data processing s.p.a., (Italy); SAP Hellas Systems Application and Data Processing S.A. (Greece); SAP (Beijing) Software System Co., Ltd., (China) and Ginger S.A. David Dautresme Member of Senior Advisor, Lazard Frères; Managing Partner of DD Finance; Lazard Frères April 1990 / (72) (1) the Supervisory Board Chairman of the Supervisory Board of Club Méditerranée; 121, bd Haussmann April 2007 Director or member of the Supervisory Board of Casino and Fimalac; Paris Non-voting member of the Board of Eurazeo Jacques de Member of Président-Directeur Général de BOURBON, Président du Conseil BOURBON April 2005 / Chateauvieux the Supervisory Board d Administration de SAPMER S.A., Cbo Territoria, JACCAR SAS ; 33, rue du Louvre April 2009 (55) (1) (4) Administrateur de Vindemia SAS, Happy World Foods, Ltd Paris Anthony Hamilton Member of Non-executive Chairman of AXA UK Plc (United Kingdom) and AXA UK PLC January 1996 / (64) (1) (2) the Supervisory Board AXA Equity and Law (United Kingdom); Director or member of 5 Old Broad Street April 2009 the Supervisory Board of AXA Financial (United States); London EC2N 1AD Pinault-Printemps-Redoute, Swiss Re Capital Markets Limited UK (United Kingdom), Binley Limited (United Kingdom) and Tawa UK Limited (United Kingdom). (1) Independent. (2) Reappointed by the shareholders on April 20, (3) Co-opted by the AXA Supervisory Board on February 23, 2005; ratified by the shareholders on April 20, (4) Appointed by the shareholders on April 20,

25 Name Office presently held Principal occupation or employment Principal First (and age) (as of December 31, 2005) business appointment / address term of office Henri Hottinguer Member of Chairman and CEO of Sofibus; Chairman of the Supervisory Board Financière Hottinguer June 1988 / (71) (1) the Supervisory Board of Emba NV (The Netherlands); Chairman of the Board of 43, rue Taitbout April 2007 Directors of Hottinger Bank & Trust Limited (Nassau, Bahamas); Paris Chairman of Mofipar (SAS) and Hottinger & Co. Bale (Switzerland), Vice-Chairman of Gaspee (Switzerland); Senior Chief Officer and Director of Financière Hottinguer Chief Officer of the Board of Director of Hottinger Finanz & Treuhand (Switzerland); Director of AXA France IARD, AXA France Vie, Intercom, Hottinger International Fund (Luxembourg) and Hottinger International Asset Management (Luxembourg); Non-voting member of the board of Didot Bottin Henri Lachmann Member of Chairman and CEO of Schneider Electric; Chairman of the Board Schneider Electric May 1996 / (67) (1) (2) the Supervisory Board of Directors of Centre Chirurgical Marie Lannelongue; Director or 43-45, bd Franklin April 2009 member of the Supervisory Board of AXA Assurances Vie Mutuelle, Roosevelt AXA Assurances IARD Mutuelle, AXA Courtage Assurance Mutuelle, Rueil Malmaison AXA-ONA (Morocco), Vivendi Universal, Groupe Norbert Dentressangle and ANSA; Non-voting member of the Board of Fimalac Gérard Mestrallet Member of Chairman and CEO of Suez; Chairman of Suez Environnement, Suez January 1997 / (57) (1) the Supervisory Board Suez-Tractebel (Belgium) and Electrabel (Belgium); 16, rue de la Ville l Evêque April 2007 Vice-Chairman of Sociedad General de Aguas de Barcelona (Spain) Paris and Hisusa (Spain); Director of Compagnie de Saint-Gobain and Pargesa Holding S.A (Switzerland) Michel Pébereau Member of Chairman of the Board of Directors of BNP Paribas; Director or BNP Paribas January 1997 / (64) (2) the Supervisory Board member of the Supervisory Board of Saint Gobain, Total, Lafarge, 3, rue d Antin April 2009 BNP Paribas UK (United Kingdom) and Banque Marocaine Paris pour le Commerce et l Industrie (BMCI); Non-voting member of the board of Galeries Lafayette Mme Dominique Member of Chairman Europe of The Coca-Cola Company; Coca-Cola Entreprises, April 2005 / Reiniche the Supervisory Board Director of Essilor; Member of the Advisory Board of ING Direct Groupe Europe April 2009 (50) (1) (4) and of the Executive Committee of the MEDEF 27, rue Camille Desmoulins Issy-les-Moulineaux Cedex 9 Ezra Suleiman Member of Professor of Politics and Chair of the Committee for European EPS/PIIRS April 2003 / (64) (1) the Supervisory Board Studies, Princeton University (United States); Aaron Burr Hall April 2007 Associate Professor, Institut d Etudes Politiques (Paris); Princeton University Member of the Management Committee of Institut Montaigne, Princeton, N.J Centre Américain, Institut d Etudes Politiques (Paris); USA Member of the Editorial Committee of Comparative Politics, La Revue des Deux Mondes and Politique Internationale. Jacques Tabourot Member of AXA April 2004 / (60) the Supervisory Board, 25, avenue Matignon April 2008 representing the Paris employee-shareholders (1) Independent. (2) Reappointed by the shareholders on April 20, (3) Co-opted by the AXA Supervisory Board on February 23, 2005; ratified by the shareholders on April 20, (4) Appointed by the shareholders on April 20, In addition, Norbert Dentressangle (51) is expected to be elected for a 4-year term at the Annual General Meeting of May 4, His mandates include Chairman and CEO of Financière Norbert Dentressangle, Chairman of the Supervisory Board of Groupe Norbert Dentressangle and FINAIXAM, CEO of SOFADE (SAS), as well as director or member of the Supervisory Board of SEB, Sogebail and Emin-Leydier (SAS). After this appointment, the number of Independent member within AXA s Supervisory Board would be 10 out of 14 since Norbert Dentressangle is himself an independent member. 23

Building confidence DOCUMENT DE RÉFÉRENCE. Be Life Confident 2006 ANNUAL REPORT

Building confidence DOCUMENT DE RÉFÉRENCE. Be Life Confident 2006 ANNUAL REPORT Building confidence DOCUMENT DE RÉFÉRENCE 2006 ANNUAL REPORT Be Life Confident 52million customers (1) across the globe trust in the AXA Group 120,000 AXA people (1) (employees and exclusive distributors)

More information

Financial supplement 2013. Zurich Insurance Group Annual Report 2013

Financial supplement 2013. Zurich Insurance Group Annual Report 2013 Financial supplement 2013 Zurich Insurance Group Annual Report 2013 2 Contents Results for the Year ended December 31, 2013 Financial supplement (unaudited) Financial highlights (unaudited) Business operating

More information

CONSOLIDATED FINANCIAL STATEMENTS AS AT JUNE 30, 2003

CONSOLIDATED FINANCIAL STATEMENTS AS AT JUNE 30, 2003 JCDECAUX SA CONSOLIDATED FINANCIAL STATEMENTS AS AT JUNE 30, 2003 Translated from French and in accordance with French generally accepted accounting principles JCDECAUX SA CONSOLIDATED FINANCIAL STATEMENTS

More information

CAP GEMINI S.A. SUMMARIZED FINANCIAL STATEMENTS

CAP GEMINI S.A. SUMMARIZED FINANCIAL STATEMENTS CAP GEMINI S.A. SUMMARIZED FINANCIAL STATEMENTS The full financial statements, including the notes, may be obtained from the Company on request. reports below relate to the full financial statements. STATUTORY

More information

Financial supplement (unaudited) 2014. Zurich Insurance Group Annual Report 2014

Financial supplement (unaudited) 2014. Zurich Insurance Group Annual Report 2014 Financial supplement (unaudited) 204 Zurich Insurance Group Annual Report 204 2 Contents Results for the year ended December 3, 204 Financial supplement (unaudited) Financial highlights (unaudited) Business

More information

CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE

CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE ELITE WORLD S.A. CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 ELITE WORLD AT A GLANCE Elite World Share ISIN LU0252519037 Stock exchange symbol E1M Stock exchange Frankfurt

More information

Consolidated Financial Statements

Consolidated Financial Statements Consolidated Financial Statements For the nine months ended September 30, 2010 Contents Consolidated statement of financial position... 3 Consolidated income statement... 4 Consolidated statement of cash

More information

NN Group N.V. 30 June 2015 Condensed consolidated interim financial information

NN Group N.V. 30 June 2015 Condensed consolidated interim financial information Interim financial information 5 August NN Group N.V. Condensed consolidated interim financial information Condensed consolidated interim financial information contents Condensed consolidated interim

More information

Notes to the consolidated financial statements continued

Notes to the consolidated financial statements continued 195 plc 4 Segmental information The Group s results can be segmented, either by activity or by geography. Our primary reporting format is on regional reporting lines, with supplementary information given

More information

NET INCOME FOR 2014 OF 557 MILLION (2013: 431 MILLION) NET ASSET VALUE INCREASES BY 380 MILLION

NET INCOME FOR 2014 OF 557 MILLION (2013: 431 MILLION) NET ASSET VALUE INCREASES BY 380 MILLION Press release HAL NET INCOME FOR 2014 OF 557 MILLION (2013: 431 MILLION) NET ASSET VALUE INCREASES BY 380 MILLION Net income of HAL Holding N.V. for 2014 amounted to 557 million ( 7.64 per share) compared

More information

Volkswagen Financial Services AG

Volkswagen Financial Services AG Volkswagen Financial Services AG Klaus-Dieter Schürmann Member of the Board of Management Morgan Stanley 7 th Annual European Automotive Conference 29 June 2004 2 Volkswagen Financial Services AG Introduction

More information

AXA - Management Report Half Year 2005. Half Year 2005 MANAGEMENT REPORT

AXA - Management Report Half Year 2005. Half Year 2005 MANAGEMENT REPORT Half Year 2005 MANAGEMENT REPORT 1 Cautionary statements concerning the use of non-gaap measures and forward-looking statements This report includes certain terms that are used by AXA in analyzing its

More information

Consolidated Financial Results for the Fiscal Year Ended March 31, 2016 [under Japanese GAAP]

Consolidated Financial Results for the Fiscal Year Ended March 31, 2016 [under Japanese GAAP] This English version is a translation of the original Japanese document and is only for reference purposes. In the case where any differences occur between the English version and the original Japanese

More information

PRESS RELEASE AXA ANNOUNCES THE SUBSCRIPTION PRICES FOR 2007 EMPLOYEE SHARE OFFERING (SHAREPLAN 2007)

PRESS RELEASE AXA ANNOUNCES THE SUBSCRIPTION PRICES FOR 2007 EMPLOYEE SHARE OFFERING (SHAREPLAN 2007) PRESS RELEASE Paris, September 18, 2007 AXA ANNOUNCES THE SUBSCRIPTION PRICES FOR 2007 EMPLOYEE SHARE OFFERING (SHAREPLAN 2007) The subscription prices for AXA s 2007 employee share offering (Shareplan

More information

PRESS RELEASE AXA RECORDS VERY STRONG FY07 TOP LINE GROWTH SUSTAINED ORGANIC GROWTH SUCCESSFUL INTEGRATION OF WINTERTHUR

PRESS RELEASE AXA RECORDS VERY STRONG FY07 TOP LINE GROWTH SUSTAINED ORGANIC GROWTH SUCCESSFUL INTEGRATION OF WINTERTHUR PRESS RELEASE January 31, 2008 AXA RECORDS VERY STRONG FY07 TOP LINE GROWTH SUSTAINED ORGANIC GROWTH SUCCESSFUL INTEGRATION OF WINTERTHUR LIFE & SAVINGS NEW BUSINESS VOLUME 1 UP 24% (UP 8% ON A COMPARABLE

More information

Condensed Consolidated Interim Financial Statements Q4 2014. aegon.com

Condensed Consolidated Interim Financial Statements Q4 2014. aegon.com Condensed Consolidated Interim Financial Statements Q4 2014 aegon.com The Hague, February 19, 2015 Table of contents Condensed consolidated income statement 2 Condensed consolidated statement of comprehensive

More information

July September 2013. July September 2014

July September 2013. July September 2014 Interim Report Interim Report Sales in the quarter increased to SEK 225.1 (216.9) million. In local currencies the decrease was 1.1 per cent. Operating profit for the quarter was SEK 12.9 (5.7) million.

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

NN GROUP FINANCIAL SUPPLEMENT 1Q2016

NN GROUP FINANCIAL SUPPLEMENT 1Q2016 NN GROUP FINANCIAL SUPPLEMENT 1Q2016 NN GROUP FINANCIAL SUPPLEMENT 1Q2016 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Figures are

More information

Condensed consolidated interim financial statements for the period ending 30 June 2014

Condensed consolidated interim financial statements for the period ending 30 June 2014 Condensed consolidated interim financial statements for the period ending 30 June 2014 Consolidated balance sheet in millions of CHF as of 30 June as of 31 December Notes 2014 2013 Assets Cash and cash

More information

Ranking of the Largest European Insurance Groups 2012. Total, Life and Non-Life

Ranking of the Largest European Insurance Groups 2012. Total, Life and Non-Life Ranking of the Largest European Insurance Groups 2012 Total, Life and Non-Life November 2013 Total Ranking In an environment marked by economic problems and low interest rates, the ten largest European

More information

OPTION REPORTS FULL YEAR 2013 RESULTS

OPTION REPORTS FULL YEAR 2013 RESULTS OPTION REPORTS FULL YEAR 2013 RESULTS Leuven, Belgium March 13, 2014 Option N.V. (EURONEXT Brussels: OPTI; OTC: OPNVY), a global leader in wireless connectivity, security and experience, today announced

More information

DISCLOSEABLE TRANSACTION IN RELATION TO THE PROPOSED DISPOSAL OF 28.61% EQUITY INTEREST IN BHF KLEINWORT BENSON GROUP SA

DISCLOSEABLE TRANSACTION IN RELATION TO THE PROPOSED DISPOSAL OF 28.61% EQUITY INTEREST IN BHF KLEINWORT BENSON GROUP SA 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

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update IOOF QuantPlus NZD Quarterly update For the period ended 31 March 2016 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure

More information

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 Contact: Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 AIG REPORTS FIRST QUARTER 2006 NET INCOME OF $3.20 BILLION NEW YORK, NY, May 10, 2006 American International

More information

AXA Confidentiel 17/10/2014 Page 1

AXA Confidentiel 17/10/2014 Page 1 ARGENTINA AXA Assistance Argentina S.A. AXA Bank Europe Head Office AXA Belgium AXA Private Management GIE AXA Technology Services Belgium Inter Partner Assistance Servis Touring Assurances Touring Verzekeringen

More information

ATS AUTOMATION TOOLING SYSTEMS INC.

ATS AUTOMATION TOOLING SYSTEMS INC. Interim Consolidated Financial Statements For the period ended June 29, 2014 (Unaudited) (Condensed) Interim Consolidated Statements of Financial Position (in thousands of Canadian dollars unaudited) June

More information

Key figures as of June 30, 2013 1st half

Key figures as of June 30, 2013 1st half Never standing still. Interim Report as of June 30, 2013 Contents 2 Key figures as of June 30, 2013 1st half 3 Key figures as of June 30, 2013 2nd quarter 6 Strong revenue growth 12 Consolidated interim

More information

Summary of Consolidated Financial Statements for the Second Quarter of Fiscal Year Ending March 31, 2012 (Japanese GAAP)

Summary of Consolidated Financial Statements for the Second Quarter of Fiscal Year Ending March 31, 2012 (Japanese GAAP) This document is a translation of the Japanese financial statements and is not in conformity with accounting principles of the United States. Summary of Consolidated Financial Statements for the Second

More information

Consolidated Results for the First Quarter of the Fiscal Year Ending March 20, 2016

Consolidated Results for the First Quarter of the Fiscal Year Ending March 20, 2016 Consolidated Results for the First Quarter of the Fiscal Year Ending March 20, 2016 [Japan GAAP] July 21, 2015 Listed company name: YASKAWA Electric Corporation http://www.yaskawa.co.jp/en/ Representative:

More information

Convenience Translation. The German language version shall prevail in the event of any dispute or ambiguity. Rocket Internet SE Berlin

Convenience Translation. The German language version shall prevail in the event of any dispute or ambiguity. Rocket Internet SE Berlin Convenience Translation. The German language version shall prevail in the event of any dispute or ambiguity. Rocket Internet SE Berlin Securities Identification Number (WKN): A12UKK ISIN: DE000A12UKK6

More information

Credit Suisse Equity Fund Management Company Société Anonyme, 5, rue Jean Monnet L-2180 Luxembourg, R.C.S. Luxembourg B 44 867 www.credit-suisse.

Credit Suisse Equity Fund Management Company Société Anonyme, 5, rue Jean Monnet L-2180 Luxembourg, R.C.S. Luxembourg B 44 867 www.credit-suisse. Credit Suisse Equity Fund Management Company Société Anonyme, 5, rue Jean Monnet L-2180 Luxembourg, R.C.S. Luxembourg B 44 867 www.credit-suisse.com 6 April 2010 Credit Suisse Equity Fund (Lux) Dear Sirs,

More information

UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015

UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015 BE SEMICONDUCTOR INDUSTRIES N.V. DUIVEN, THE NETHERLANDS UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015 Contents Unaudited Condensed Interim Consolidated

More information

OCTOBER 2010. Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology

OCTOBER 2010. Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology OCTOBER 2010 Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology SEPTEMBER 2010 Russell-Parametric Cross-Sectional Volatility (CrossVol) Indexes Construction

More information

Financial Highlights FOR THE YEARS ENDED DECEMBER 31 TABLE OF CONTENTS

Financial Highlights FOR THE YEARS ENDED DECEMBER 31 TABLE OF CONTENTS Financial Highlights FOR THE YEARS ENDED DECEMBER 31 [IN MILLIONS OF CANADIAN DOLLARS, EXCEPT PER SHARE AMOUNTS] 2011 2010 Revenues 32,912 32,820 Operating earnings attributable to participating shareholders

More information

Paris Orléans. Full year 2013/2014 results presentation

Paris Orléans. Full year 2013/2014 results presentation Paris Orléans Full year 2013/2014 results presentation 25 June 2014 Contents Sections 1 Highlights of 2013/2014 2 2 Business review 4 3 Financial review 9 Appendices 23 1 1. Highlights of 2013/2014 1.

More information

AREVA Consolidated financial statements 2013 1

AREVA Consolidated financial statements 2013 1 This is a free translation into English of the statutory auditors report on the consolidated financial statements issued in French and it is provided solely for the convenience of English-speaking users.

More information

HSBC Holdings plc and HSBC Bank Canada Presentation to Fixed Income Investors. September 2013

HSBC Holdings plc and HSBC Bank Canada Presentation to Fixed Income Investors. September 2013 Holdings plc and Bank Canada Presentation to Fixed Income Investors September 2013 Forward-looking statements This presentation, including the accompanying slides and subsequent discussion, contains certain

More information

FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS

FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS Bond International Software Plc ( the Group ), the specialist provider of software for the international

More information

NN GROUP FINANCIAL SUPPLEMENT 4Q2014

NN GROUP FINANCIAL SUPPLEMENT 4Q2014 NN GROUP FINANCIAL SUPPLEMENT 4Q2014 NN GROUP FINANCIAL SUPPLEMENT 4Q2014 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Rounding could

More information

Financial Results. siemens.com

Financial Results. siemens.com s Financial Results Fourth Quarter and Fiscal 2015 siemens.com Key figures (in millions of, except where otherwise stated) Volume Q4 % Change Fiscal Year % Change FY 2015 FY 2014 Actual Comp. 1 2015 2014

More information

EMPRESARIA GROUP PLC

EMPRESARIA GROUP PLC 5 September EMPRESARIA GROUP PLC Half Yearly Results for the six months ended Empresaria Group plc ( Empresaria or the Group, AIM: EMR), the international specialist staffing group announces its unaudited

More information

Symbility Solutions Inc. Interim Condensed Consolidated Financial Statements (Unaudited) Quarter ended March 31, 2016

Symbility Solutions Inc. Interim Condensed Consolidated Financial Statements (Unaudited) Quarter ended March 31, 2016 Interim Condensed Consolidated Financial Statements (Unaudited) Quarter ended Interim Consolidated Statements of Financial Position (Unaudited - In thousands of Canadian dollars) As at Note March 31, 2016

More information

Trading in International Equities For Professional Advisers only - not to be relied upon by retail clients

Trading in International Equities For Professional Advisers only - not to be relied upon by retail clients Trading in International Equities For Professional Advisers only - not to be relied upon by retail clients 2 ALLIANCE TRUST SAVINGS About us We are part of the Alliance Trust group and have the backing

More information

Additional Information Alcatel Lucent

Additional Information Alcatel Lucent 2015 Additional Information Alcatel Lucent Table of contents 1 Key figures 1.1 Introduction 2 1.2 Reported results and adjusted results 2 1.3 Breakdown of 2015 revenues by operating segment 5 1.4 Breakdown

More information

Dexia Equities L Luxembourg Open-ended Investment Company (SICAV) Simplified prospectus September 2005

Dexia Equities L Luxembourg Open-ended Investment Company (SICAV) Simplified prospectus September 2005 Dexia Equities L Luxembourg Open-ended Investment Company (SICAV) Simplified prospectus September 2005 Dexia Equities L Luxembourg Open-ended Investment Company (SICAV ) 69, route d Esch L-1470 Luxembourg

More information

GrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014

GrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014 GrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014 Schiphol, the Netherlands 18 March 2015. GrandVision N.V. publishes Full Year and Quarter 2014 results. 2014 Highlights Revenue grew

More information

Quarterly Report. For the three month period ended. April 30, 2015

Quarterly Report. For the three month period ended. April 30, 2015 Quarterly Report For the three month period ended April 30, 2015 The attached unaudited interim condensed consolidated financial statements have been prepared by Management of International Datacasting

More information

FOR IMMEDIATE RELEASE 28 September 2015 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS

FOR IMMEDIATE RELEASE 28 September 2015 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS FOR IMMEDIATE RELEASE 28 September 2015 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS Bond International Software Plc ( the Group ), the specialist provider of software for the international

More information

Press release Brussels/Utrecht, 17 November 2009 Q3 2009 trading update

Press release Brussels/Utrecht, 17 November 2009 Q3 2009 trading update Press release Brussels/Utrecht, 17 November 2009 Q3 2009 trading update Total gross inflow first nine months stable at EUR 11.4 billion Insurance net profit year-to-date of EUR 371 million Group net profit

More information

Total Capital International Period from January 1 to March 31, 2014

Total Capital International Period from January 1 to March 31, 2014 KPMG Audit ERNST & YOUNG Audit This is a free translation into English of a report issued in French and it is provided solely for the convenience of English-speaking users. This report should be read in

More information

BROWN BROTHERS HARRIMAN (LUXEMBOURG) S.C.A. Wells Fargo (Lux) Worldwide Fund

BROWN BROTHERS HARRIMAN (LUXEMBOURG) S.C.A. Wells Fargo (Lux) Worldwide Fund Argen na CITIBANK, N.A. BUENOS AIRES BRANCH Australia Austria HSBC BANK AUSTRALIA LIMITED FOR THE HONGKONG AND SHANGHAI DEUTSCHE BANK AG, VIENNA BRANCH Belgium DEUTSCHE BANK AG, AMSTERDAM BRANCH Brazil

More information

Proposed resolutions and objectives

Proposed resolutions and objectives Hereafter are presented the resolutions that will be submitted for your approval during this General Shareholders Meeting. You will find a paragraph preceding each resolution, in order to explain and describe

More information

Consolidated financial statements

Consolidated financial statements Consolidated financial statements Year ended December 31, 2009 (in blank) Consolidated Financial Statements 2 CONSOLIDATED INCOME STATEMENT... 6 STATEMENT OF COMPREHENSIVE INCOME... 7 CONSOLIDATED STATEMENT

More information

José González de Castejón (787) 759-9094 Ana Calvo de Luis (212) 350-3903 Margie Alvarez (787) 250-3025

José González de Castejón (787) 759-9094 Ana Calvo de Luis (212) 350-3903 Margie Alvarez (787) 250-3025 Santander BanCorp Press release For more information contact: Puerto Rico New York José González de Castejón (787) 759-9094 Ana Calvo de Luis (212) 350-3903 Margie Alvarez (787) 250-3025 SANTANDER BANCORP

More information

Roche Finance Europe B.V. - Financial Statements 2013

Roche Finance Europe B.V. - Financial Statements 2013 Roche Finance Europe B.V. - Financial Statements 2013 0 Financial Statements 2011 Roche Finance Europe B.V. Management Report 1. Review of the year ended 31 December 2013 General Roche Finance Europe B.V.,

More information

Agreement to Acquire Symetra Financial Corporation, A Listed U.S. Life Insurance Group

Agreement to Acquire Symetra Financial Corporation, A Listed U.S. Life Insurance Group For Immediate Release Agreement to Acquire Symetra Financial Corporation, A Listed U.S. Life Insurance Group Tokyo, Japan, August 11, 2015 - Sumitomo Life Insurance Company ( the Company ; President: Masahiro

More information

Schedule of rates and charges for securities transactions

Schedule of rates and charges for securities transactions Schedule of rates and charges for securities transactions January 01, 2015 Orders Euronext... 2 Foreign stock exchanges... 3 Eurobonds... 4 KBC Investment Funds... 4 KBC Investment Products issued by KBC

More information

Registration Document. Annual Financial Report 2012

Registration Document. Annual Financial Report 2012 Registration Document Annual Financial Report 2012 SUMMARY 1 CERTAIN PRELIMINARY INFORMATION ABOUT THIS ANNUAL REPORT 1 THE AXA GROUP 3 1.1 Selected Consolidated Financial Data 4 1.2 Information on the

More information

CHINA ENERGY ENGINEERING CORPORATION LIMITED*

CHINA ENERGY ENGINEERING CORPORATION LIMITED* 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

French Mutual Fund EDMOND DE ROTHSCHILD EUROPE SYNERGY

French Mutual Fund EDMOND DE ROTHSCHILD EUROPE SYNERGY French Mutual Fund EDMOND DE ROTHSCHILD EUROPE SYNERGY HALF-YEARLY STATEMENT at 28 June 2013 Management Company: Edmond De Rothschild Asset Management Custodian: La Compagnie Financière Edmond De Rothschild

More information

Consolidated Financial Review for the First Quarter Ended June 30, 2004

Consolidated Financial Review for the First Quarter Ended June 30, 2004 Consolidated Financial Review for the First Quarter Ended August 9, 2004 Company Name: Head Office: Tokyo, Japan URL: Stock exchange listing: Tokyo Stock Exchange 1ST Section Code number: 6481 Representative:

More information

2013 results in line with objectives

2013 results in line with objectives 2013 results in line with objectives 53.2 million in operating profit; 6.1% operating margin 27.1 million in attributable net profit, Group share 22.3 million in free cash flow (Paris 12 March 2014 5:35

More information

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR. RE: ishares CURRENCY HEDGED MSCI ETFS TO BEGIN TRADING ON CHX

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR. RE: ishares CURRENCY HEDGED MSCI ETFS TO BEGIN TRADING ON CHX July 2, 2015 ETF-015-073 CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR RE: ishares CURRENCY HEDGED MSCI ETFS TO BEGIN TRADING ON CHX Pursuant to Information Circular MR

More information

Lagardère SCA. ANNUAL ORDINARY GENERAL MEETING of 3 May 2012. Information on the candidates for appointment or re-appointment to the Supervisory Board

Lagardère SCA. ANNUAL ORDINARY GENERAL MEETING of 3 May 2012. Information on the candidates for appointment or re-appointment to the Supervisory Board Lagardère SCA A French partnership limited by shares with share capital of 799,913,044.60 Registered office: 4 rue de Presbourg, 75016 Paris, France Registration no.: 320 366 446 RCS Paris ANNUAL ORDINARY

More information

Consolidated financial summary

Consolidated financial summary 1-8-1 Marunouchi Chiyoda-ku Tokyo 100-8289, Japan (URL http://www.daiwasmbc.co.jp/) Consolidated financial summary (For fiscal year ended March 31, 2005) April 27, 2005 (1)Consolidated Operating results

More information

ASM INTERNATIONAL N.V. REPORTS FOURTH QUARTER 2014 RESULTS

ASM INTERNATIONAL N.V. REPORTS FOURTH QUARTER 2014 RESULTS Almere, The Netherlands March 4, 2015 ASM INTERNATIONAL N.V. REPORTS FOURTH QUARTER 2014 RESULTS ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) reports today its fourth quarter 2014

More information

Verifone Reports Results for the Second Quarter of Fiscal 2016

Verifone Reports Results for the Second Quarter of Fiscal 2016 Verifone Reports Results for the Second Quarter of Fiscal 2016 SAN JOSE, Calif. (BUSINESS WIRE) Verifone (NYSE: PAY), a world leader in payments and commerce solutions, today announced financial results

More information

Announcement of Agreement for Acquisition of Shares in USG People N.V., a Staffing Company in the Netherlands

Announcement of Agreement for Acquisition of Shares in USG People N.V., a Staffing Company in the Netherlands To whom it may concern: December 22, 2015 Company name: Representative: Contact: Recruit Holdings Co., Ltd. Masumi Minegishi, President, CEO and Representative Director (Securities code: 6098, TSE First

More information

SAGICOR FINANCIAL CORPORATION

SAGICOR FINANCIAL CORPORATION Interim Financial Statements Nine-months ended September 30, 2015 FINANCIAL RESULTS FOR THE CHAIRMAN S REVIEW The Sagicor Group recorded net income from continuing operations of US $60.4 million for the

More information

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000

More information

Solvac: Stable dividend in 2014 compared to 2013

Solvac: Stable dividend in 2014 compared to 2013 SOLVAC SOCIETE ANONYME Rue de Ransbeek 310 - B-1120 Brussels Belgium Tel. + 32 2 639 66 30 Fax + 32 2 639 66 31 www.solvac.be Press Release Embargo, 27 February 2015 at 5:40 p.m. Regulated information

More information

Income tax France 510 289 Current 496 6 Deferred 14 283 Income tax Foreign countries 1,281 1,173 Current 1,581 934

Income tax France 510 289 Current 496 6 Deferred 14 283 Income tax Foreign countries 1,281 1,173 Current 1,581 934 NOTE 19 TAX 19.1 Tax expense 19.1.1 BREAKDOWN OF TAX EXPENSE BETWEEN CURRENT AND DEFERRED TAX The income tax charge was split as follows: December 31, 2014 December 31, 2013 Restated (a) Income tax France

More information

Interim Report at June 30, 2006

Interim Report at June 30, 2006 Interim Report at June 0, 2006 1 CONSOLIDATED KEY FIGURES PAGE 2 2 REVIEW OF OPERATIONS AND FINANCIAL RESULTS PAGE CONSOLIDATED FINANCIAL STATEMENTS PAGE 12 LAFARGE INTERIM REPORT AT JUNE 0, 2006 PAGE

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

THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai

THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic

More information

Second Quarter and First Half 2015 Trading Update

Second Quarter and First Half 2015 Trading Update Second Quarter and First Half 2015 Trading Update Trading Performance Year-on-Year Gross Profit Reported ( m) Constant 2015 2014 % % Q2 145.3 137.1 +6.0% +10.6% H1 281.0 263.7 +6.6% +10.8% Q2 Gross Profit

More information

Management s Discussion and Analysis

Management s Discussion and Analysis Management s Discussion and Analysis of Financial Conditions and Results of Operations For the quarter and six months ended June 30, 2012 All figures in US dollars This Interim Management s Discussion

More information

Aastra Technologies Limited First Quarter ended March 31, 2003

Aastra Technologies Limited First Quarter ended March 31, 2003 Aastra Technologies Limited First Quarter ended March 31, 2003 AASTRA TECHNOLOGIES LIMITED MESSAGE TO OUR SHAREHOLDERS First Quarter ended March 31, 2003 To our Shareholders: Aastra Technologies Limited

More information

Symbility Solutions Inc. Interim Condensed Consolidated Financial Statements (Unaudited) Quarter ended June 30, 2015

Symbility Solutions Inc. Interim Condensed Consolidated Financial Statements (Unaudited) Quarter ended June 30, 2015 Interim Condensed Consolidated Financial Statements (Unaudited) Quarter ended Interim Consolidated Statements of Financial Position (Unaudited - In thousands of Canadian dollars) 2015 As at December 31,

More information

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

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

FY2014 Consolidated Financial Results

FY2014 Consolidated Financial Results May 13, 2015 Company name : Nissan Motor Co., Ltd. Code no : 7201 (URL http://www.nissan-global.com/en/ir/) Representative : Carlos Ghosn, President Contact person : Joji

More information

Agreement to Acquire 100% Ownership of Protective Life Corporation

Agreement to Acquire 100% Ownership of Protective Life Corporation [Unofficial Translation] June 4, 2014 Koichiro Watanabe President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section) Agreement to Acquire 100% Ownership

More information

Half Year Financial Statement And Announcement for the Period Ended 31/12/2010

Half Year Financial Statement And Announcement for the Period Ended 31/12/2010 AUSSINO GROUP LTD Company Registration No.: 199100323H Half Year Financial Statement And Announcement for the Period Ended 31/12/2010 PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2

More information

Q1 Trading Update, FY 2011

Q1 Trading Update, FY 2011 ARYZTA AG Q1 Trading Update, FY 2011 29 November 2010 Forward Looking Statement This document contains forward looking statements which reflect management s current views and estimates. The forward looking

More information

PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014

PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014 DENSITRON TECHNOLOGIES PLC PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014 Densitron Technologies plc ( Densitron or the Company or the Group ), the designer, developer and distributor

More information

Press release first quarter figures 2010

Press release first quarter figures 2010 Press release first quarter figures 2010 VASTNED RETAIL REALISES DIRECT INVESTMENT RESULT OF 17.1 MILLION IN SPITE OF DIFFICULT LETTING MARKET; VALUE MOVEMENTS IN PROPERTY PORTFOLIO BACK INTO BLACK AFTER

More information

Significant reduction in net loss

Significant reduction in net loss press release 12 May 2015 Royal Imtech publishes first quarter 2015 results Significant reduction in net loss Order intake in Q1 at a satisfactorily level of 912 million Revenue 3% down excluding Germany

More information

How does a venture capitalist appraise investment opportunities?

How does a venture capitalist appraise investment opportunities? 1 How does a venture capitalist appraise investment opportunities? Michael Queen - Finance Director, 3i Group plc A presentation to: 23 Pensions Convention 2 June 23 A How presentation does a venture to:

More information

Net sales Operating income Ordinary income Net income

Net sales Operating income Ordinary income Net income MORITO CO., LTD. Financial Statement (Unaudited) For the Third Quarters of the Fiscal Year ended November 30, 2015 (Translated from the Japanese original) October 9, 2015 Corporate Information Code: 9837

More information

Cash flow from operating activities 5,182 2,633 6,697. Cash flow from investing activities (4,556) (2,389) (4,389)

Cash flow from operating activities 5,182 2,633 6,697. Cash flow from investing activities (4,556) (2,389) (4,389) Tamron Co., Ltd. October 30, 2008 3rd Quarter Financial Results FY 2008 Table of Contents Financial Summary Balance Sheet Statements of Income Statements of Cash Flows Group Network Overview Business Segment

More information

Financial Report and Audited Consolidated Financial Statements for the Year Ended December 31, 2013. February 25,

Financial Report and Audited Consolidated Financial Statements for the Year Ended December 31, 2013. February 25, Financial Report and Audited Consolidated Financial Statements for the Year Ended December 31, 2013 February 25, 2014 VIVENDI Société anonyme with a Management Board and a Supervisory Board with a share

More information

Consumer Credit Worldwide at year end 2012

Consumer Credit Worldwide at year end 2012 Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international

More information

VII. Consolidated financial statements Credit Suisse (Bank) 281 Report of the Group Auditors. 283 Consolidated statements of income

VII. Consolidated financial statements Credit Suisse (Bank) 281 Report of the Group Auditors. 283 Consolidated statements of income VII Consolidated financial statements Credit Suisse (Bank) 281 Report of the Group Auditors 283 Consolidated statements of income 284 Consolidated balance sheets 286 Statements of changes in shareholder

More information

Rosy Blue International SA

Rosy Blue International SA For more information, please contact: Mark Stout +32 2 417 41 98 Enzo Soi + 32 2 417 35 51 Securitisation, KBC Bank This Information Memorandum is dated 30 November 2010 Rosy Blue International SA USD

More information

How the Foreign Financial Institutions Play a Role in China s Insurance QDII Business

How the Foreign Financial Institutions Play a Role in China s Insurance QDII Business Llinks Asset Management Bulletin October 2012 How the Foreign Financial Institutions Play a Role in China s Insurance QDII Business By Sandra Lu and Lily Luo China Insurance Regulatory Commission ( CIRC

More information

30 JUNE 2013 - INTERIM FINANCIAL STATEMENTS

30 JUNE 2013 - INTERIM FINANCIAL STATEMENTS 30 JUNE 2013 - INTERIM FINANCIAL STATEMENTS Plus500 LTD. INTERIM FINANCIAL INFORMATION 30 JUNE 2013 Plus500 LTD. INTERIM FINANCIAL INFORMATION 30 JUNE 2013 TABLE OF CONTENTS REPORT ON REVIEW OF INTERIM

More information

AXA PRESS RELEASE 1H13 1H14 95.8% 2,777 95.8% 1 2,579

AXA PRESS RELEASE 1H13 1H14 95.8% 2,777 95.8% 1 2,579 AXA PRESS RELEASE PARIS, AUGUST 1, 2014 Half Year 2014 Earnings Strong performance in line with Ambition AXA Total revenues up 2% to Euro 50 billion Underlying Earnings up 11% to Euro 2.8 billion Adjusted

More information

III. INTERIM MANAGEMENT REPORT OPERATING REVENUES AND FUNDS UNDER MANAGEMENT

III. INTERIM MANAGEMENT REPORT OPERATING REVENUES AND FUNDS UNDER MANAGEMENT III. INTERIM MANAGEMENT REPORT OPERATING REVENUES AND FUNDS UNDER MANAGEMENT Direct insurance and accepted reinsurance premiums written by the Group s subsidiaries amounted to 6,476.2 million in the first

More information