Tarkett. Limited Liability Corporation (société anonyme) with a share capital of 318,613,480

Size: px
Start display at page:

Download "Tarkett. Limited Liability Corporation (société anonyme) with a share capital of 318,613,480"

Transcription

1 FREE TRANSLATION Tarkett Limited Liability Corporation (société anonyme) with a share capital of 318,613,480 Registered office: 2, rue de l Égalité, Nanterre Cedex, France RCS Nanterre REGISTRATION DOCUMENT This Registration Document is a non-certified English version of Tarkett s French-language document de référence, which has been registered by the Aurorité des Marchés Financiers (the AMF ) under No. R This English version has not been reviewed by the AMF. This Registration Document is not an offer to sell or the solicitation of an offer to purchase securities of Tarkett. Any offer or sale of securities of Tarkett, if made, will be made only by a prospectus or other offering document that describes the terms of such offer or sale, and that will contain important information on restrictions that may apply in certain jurisdictions. The annexes to the document de référence have not been translated into English. References made to such annexes in the Registration Document thus refer to French-language documents not part of this Registration Document. English versions of certain of these annexes may be found in English on Tarkett s website. In case of any inconsistencies between statements contained in this Registration Document and the sections of the French-language document de référence that have been presented in translated version in this Registration Document, the text of the French document will prevail. Any reference to the date of the Registration Document, such as as of the date of this Registration Document, as of the filing date of this Registration Document or at the date of the visa on this Registration Document is a reference to the registration date of the official French-language document de référence mentioned above. Copies of this Registration Document are available free of charge at Tarkett s offices at 2, rue de l Égalité, Nanterre Cedex, France, as well as on Tarkett s website (www.tarkett.com). 1

2 In this Registration Document, the terms Company and Tarkett mean Tarkett S.A., and the Group means Tarkett and its consolidated subsidiaries taken as a whole. Forward-looking Statements This Registration Document contains statements regarding the prospects and growth strategies of the Group. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as considers, envisages, believes, aims, expects, intends, should, anticipates, estimates, thinks, wishes and might, or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that the Group considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments. This information is contained in several sections of this Registration Document and includes statements relating to the Group s intentions, estimates and targets with respect to its markets, strategies, growth, results of operations, financial situation and liquidity. The Group s forward-looking statements speak only as of the date of this Registration Document. Absent any applicable legal or regulatory requirements, the Group expressly disclaims any obligation to release any updates to any forward-looking statements contained in this Registration Document to reflect any change in its expectations or any change in events, conditions or circumstances, on which any forward looking statement contained in this Registration Document is based. The Group operates in a competitive and constantly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results. Information on the Market and Competition This Registration Document contains, in particular in Chapter 6, Business, information relating to the Group s markets and to its competitive position, including with respect to sales volumes of the various market participants in the regions where the Group does business, the Group s market share, product sales in various categories and the Group s share of those categories. Unless otherwise indicated, the information contained in this Registration Document related to market shares and the size of relevant markets are the Group s estimates and are provided for illustrative purposes only. To the best of the Group s knowledge, there are no authoritative external sources providing exhaustive and comprehensive coverage or analysis of the Group s markets or product categories in the regions where it does business. Consequently, the Group makes estimates based on a number of sources, including studies and statistics from independent third parties (in particular Freedonia, the European Federation of the Parquet Industry and the European Resilient Flooring Manufacturers Institute), data published by other market participants and data from the Group s operating subsidiaries. These various studies, estimates, research and information, which the Group considers reliable, have not been verified by independent experts. The Group does not guarantee that a third party using other methods to analyze or compile the market data would obtain the same results. In addition, the Group s competitors may define their markets and categories differently. Risk Factors Investors should carefully consider the risk factors in Chapter 4, Risk Factorsˮ, before making a decision to invest. The occurrence of all or any of these risks could have a negative effect on the Group s business, results of operation, financial position or prospects. Furthermore, additional risks that have not yet been identified or that are not considered material by the Group as of the date of this Registration Document could produce adverse effects. 2

3 TABLE OF CONTENTS 01 - RESPONSIBILITY FOR THE FRENCH VERSION OF THE REGISTRATION DOCUMENT 1.1. Name and Position of the Person Responsible for the French Version of the Registration Document 1.2. Certification of the Person Responsible for the French Version of the Registration Document 1.3. Name and Position of the Person Responsible for Financial Information 1.4. Tentative Financial Disclosure Schedule 02 RESPONSIBILITY FOR STATUTORY AUDIT 2.1. Statutory Auditors 2.2. Alternate Statutory Auditors 03 - SELECTED FINANCIAL DATA 3.1. Selected Financial Data for the Year Ended December 31, Selected Financial Data for the Three Months Ended March 31, RISK FACTORS 4.1. Risks Relating to the Group and its Industry Risks Relating to Economic Cycles Risks Relating to Public Spending Risks Relating to the Group s Program for Optimization of Costs and Processes Implemented Risks Relating to Fluctuations in Prices of Raw Materials and Energy Risks Relating to the International Nature of the Group s Business and the Economic and Political Risks in the Countries in Which It Does Business Risks Relating to External Growth Risks Relating to the Quality of the Group s Products Risks Relating to Obtaining Product Certification Risks Relating to Strong Competition in the Regions Where the Group Does Business Risks Relating to the Group s Dependence on Certain Suppliers Risks Relating to Volumes and Production Capacity Risks Relating to Interruption or Security Breach of Information Systems Risks Relating to the Group s Retirement and Other Employee Benefit Commitments Risks Relating to Goodwill and Deferred Tax Assets 4.2. Industrial Risks Risks Relating to Compliance with Environmental and Safety Regulations Risks Relating to Industrial Accidents Risk Relating to Exposure to Toxic or Dangerous Substances Risks Relating to Asbestos Exposure 4.3. Market Risks Foreign Exchange Risk Interest Rate Risk Liquidity Risk 4.4. Legal Risks Risks Relating to the Protection of Intellectual Property Risks Relating to Legal and Administrative Proceedings Tax Risk 3

4 4.5. Risk Management Organization of Internal Control and Risk Management Management of Significant Risks Compliance Procedures 4.6. Insurance and Coverage of Risks 05 - INFORMATION RELATING TO THE COMPANY AND THE GROUP 5.1. History and Development Company Name Place of Registration and Registration Number Date of Incorporation and Duration Registered Office, Legal Form and Applicable Legislation History of the Group 5.2. Investments Principal Investments in 2012 and Principal Investments Underway Principal Future Investments 06 - BUSINESS 6.1. Business Overview Overview Competitive Strengths Strategy Market Description Products Distribution and Sale of the Group s Products Manufacturing Raw Materials and Suppliers Research and Development, Innovation, Standards Applicable to the Group s Products and Intellectual Property Environment and Sustainable Development 6.2. Exceptional Events Having a Significant Impact on the Activities and Markets Described Above 6.3. Information Concerning the Group s Dependence on Patents, Licenses and Industrial, Commercial and Financial Agreements 6.4. Basis for the Company s Statements Concerning the Group s Markets and Competitive Position 07 - ORGANIZATIONAL CHART 7.1. Simplified Organizational Chart of the Tarkett Group 7.2. Major Subsidiaries Principal Subsidiaries Recent Acquisitions and Disposals 08 - PROPERTY, PLANT AND EQUIPMENT 09 - MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 9.1 Overview Introduction Principal Factors Affecting the Group s Results of Operations 4

5 Segment Information Exchange Rate Fluctuations Seasonality Turnaround of Certain Business Divisions Acquisitions Presentation of Accounting and Financial Information 9.2. Comparison of Results of Operations for the Years Ended December 31, 2012 and December 31, Overview Net Revenues 10 - LIQUIDITY AND CAPITAL RESOURCES Overview Analysis of Cash Flow Cash Flow From Operating Activities Cash Flow Used in Investing Activities Cash from Financing Activities Financial Debt Net Debt Cash and Cash Equivalents Gross Debt Revolving Syndicated Multi-Currency Credit Facility New Term Loan Other Debt Shareholders Equity Return on Capital Employed Off-Balance Sheet Commitments 11 - RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES 12 - INFORMATION ON TRENDS AND FORECASTS Market Trends Medium-Term Outlook Macro-Economic Climate Outlook for the Group 13 - PROFIT FORECASTS OR ESTIMATES 14 - MANAGEMENT AND SUPERVISORY BOARDS AND SENIOR MANAGEMENT Management Board, Supervisory Board and Executive Committee Management Board Supervisory Board Members of the Executive Committee Statement Relating to the Management Board and Supervisory Board Conflicts of Interest Among Management and Supervisory Boards and Senior Management 5

6 15 - COMPENSATION AND BENEFITS OF SENIOR EXECUTIVES Compensation and Benefits of Senior Executives and Company Officers Total Compensation of Members of the Management Board For Fiscal Years 2012 and Compensation of Each Member of the Management Board For Fiscal Years 2012 and Fees and Other Compensation Received by Members of the Supervisory Board for Fiscal Years 2012 and Stock Subscription or Purchase Options Granted During 2013 to Each Member of the Management Board by the Company or by any Group Entity Stock Subscription or Purchase Options Exercised During 2013 By Each Member of the Management Board Performance Shares Allocated to Company Officers Performance Shares Becoming Available During 2013 For Each Company Officer History of Allocation of Stock Subscription or Purchase Options Stock Subscription or Purchase Options Granted to the Top Ten Employees Allocations of Free Shares Employment Agreements, Retirement Payments, and Departure Compensation of Members of the Management Board Amount of Provisions Made or Recorded by the Company or by Its Subsidiaries For the Payment of Pensions, Retirement Plans or Other Benefits 16 - OPERATION OF MANAGEMENT AND SUPERVISORY BOARDS Terms of Office of Members of the Management and Supervisory Boards Information On Service Contracts Linking Members of the Management Board or the Supervisory Board to the Company or Any One of Its Subsidiaries Operation of the Management Board Duties and Powers of the Management Board Separation of Responsibilities Among Management Board Members Management Board Meetings Work Performed by the Management Board During the Fiscal Year Ended December 31, Operation of the Supervisory Board Duties and Powers of the Supervisory Board Organization and Operation of the Supervisory Board Evaluation of the Organization and Operation of the Supervisory Board Work Performed By the Supervisory Board During the Fiscal Year Ended December 31, Supervisory Board Committees Audit Committee Nominations and Compensation Committee Statement Relating to Corporate Governance Organization of Internal Control and Risk Management Objectives and Frame of Reference Internal Control and Risk Management System Preparation and Processing of Accounting and Financial Information 17 - EMPLOYEES Overview Number and Distribution of Employees Employment and Working Conditions Training 6

7 Labor Relations Shareholdings and Stock Subscription or Purchase Options Held by Members of the Management Board and Supervisory Board and Certain Employees of the Group Direct and Indirect Shareholding of the Members of the Management Board and Members of the Supervisory Board in the Company s Share Capital Stock Subscription or Purchase Options Free Shares Profit Sharing Agreements and Incentive Schemes Profit-sharing Agreements Incentive Schemes Company Savings Plans and Similar Plans 18 - MAIN SHAREHOLDERS Organization of the Tarkett Group Simplified Group Organizational Chart Main Direct and Indirect Shareholders Share Capital Breakdown and Voting Rights Information on Crossing of Legal Thresholds Description of the Reorganization Transactions of November 21, Shareholders Voting Rights Control of the Company Shareholders Agreement Agreements Likely to Lead to a Change in Control Transactions by Members of Management in the Company s Securities 19 - RELATED PARTY TRANSACTIONS Principal Related Party Transactions Guarantees Service Agreement with Société Investissement Deconinck (SID) Assistance Agreement with Société Investissement Deconinck (SID) Cash Management Agreements Service Agreements Statutory Auditors Special Report on Regulated Agreements and Commitments For The Year Ended December 31, FINANCIAL INFORMATION ABOUT THE GROUP S ASSETS AND LIABILITIES, FINANCIAL CONDITION AND RESULTS Group Consolidated Financial Statements Group Consolidated Financial Statements as of and for the Year Ended December 31, Statutory Auditors Report on the Group s Consolidated Financial Statements as of and for the Year Ended December 31, Statutory Auditor Fees Dividend Distribution Policy Judicial and Arbitration Proceedings Material Change in Financial or Commercial Position 21 - ADDITIONAL INFORMATION Share Capital 7

8 Subscribed Share Capital and Authorized but Unissued Share Capital Securities Not Representing Share Capital Shares Controlled by the Company, Treasury Shares and Purchase by the Company of Its Own Shares Other Securities Giving Access to Share Capital Terms Governing any Right of purchase and/or any Obligation Attached to Subscribed but not Paid-Up Capital Share Capital of any Company of the Group that is the Subject of an Option or of an Agreement to Put it under Option Pledges, Guarantees and Sureties History of the Share Capital over the Past Three Fiscal Years Incorporation Documents and Bylaws Corporate Purpose (Article 3 of the Bylaws) Management and Supervisory Boards (Articles 11 to 23 of the Bylaws) Rights, Privileges and Restrictions on Shares (Articles 6 to 9 of the Bylaws) Modifications to the Rights of Shareholders General Shareholders Meetings (Article 25 of the Bylaws) Statutory Provisions Likely to Have an Impact in Case of a Change of Control Shareholding Thresholds and Identification of Shareholders Changes in Share Capital Distribution of Profits (Article 28 of the Bylaws) 22 - MAJOR CONTRACTS 23 - INFORMATION FROM THIRD PARTIES, EXPERT CERTIFICATIONS AND INTEREST DECLARATIONS 24 - PUBLICLY AVAILABLE DOCUMENTS 25 - INFORMATION ON EQUITY INVESTMENTS OMITTED ANNEXES A.1. Company Financial Statements as of and for the Year Ended December 31, 2013 A.1.1. Statutory Auditors Report on Company Financial Statements as of and for the year ended December 31, 2013 A.2. Cross-Reference Table Annual Financial Report and Management Report A.3. Report of the Chairman of the Supervisory Board and Cross-Reference Table A.3.1. Report of the Statutory Auditors Prepared Pursuant to Article L of the French Commercial Code A.4.1. Group Social and Environmental Report A.4.2. Social and Environmental Report: Sustainable Development Scorecard A.4.3. Social and Environmental Report: Note on Methodology A.4.4. Report of One of the Statutory Auditors, Designated as an Independent Third Party, on the Social, Environmental and Societal Information in the Management Report A.5. Table of Results for the Past Five Years A.6. Draft Resolutions to be Presented to the Annual Shareholders Meeting of May 13, 2014 A.7. Report of the Supervisory Board to the Annual Shareholders Meeting of May 13,

9 9

10 01 RESPONSIBILITY FOR THE FRENCH VERSION OF THE REGISTRATION DOCUMENT 1.1 Name and Position of the Person Responsible for the French Version of the Registration Document 1.2 Certification of the Person Responsible for the French Version of the Registration Document 1.3 Name and Position of the Person Responsible for Financial Information 1.4 Tentative Financial Disclosure Schedule 10

11 1. RESPONSIBILITY FOR THE FRENCH VERSION OF THE REGISTRATION DOCUMENT 1.1 NAME AND POSITION OF THE PERSON RESPONSIBLE FOR THE FRENCH VERSION OF THE REGISTRATION DOCUMENT Mr. Michel Giannuzzi, Chairman of the Company s Management Board. 1.2 CERTIFICATION OF THE PERSON RESPONSIBLE FOR THE FRENCH VERSION OF THE REGISTRATION DOCUMENT I certify, having taken all reasonable care to ensure that such is the case, that the information contained in this registration document is, to my knowledge, in accordance with the facts and contains no omission likely to affect its import. I obtained a completion letter from the statutory auditors indicating that they have verified the information relating to the financial condition and financial data included in this registration document and that they have read the entire registration document. The 2013 consolidated financial statements presented in the registration document have been the subject of an auditors report, which contains a note concerning the changes in accounting methods made as of January 1, April 17, 2014 Michel Giannuzzi Chairman of the Management Board 1.3 NAME AND POSITION OF THE PERSON RESPONSIBLE FOR FINANCIAL INFORMATION Mr. Fabrice Barthélemy Chief Financial Officer of the Group 2 rue de l Égalité, Nanterre Cedex, France Tel: +33 (0) Responsibility for Financial Information 1.4 TENTATIVE FINANCIAL DISCLOSURE SCHEDULE The financial information that Tarkett discloses to the public will be available on Tarkett s website (www.tarkett.com). For informational purposes only, Tarkett s financial disclosure schedule through December 31, 2014 is expected to be as follows: First quarter results April 17, 2014 Annual Shareholders Meeting May 13, 2014 First half results July 31, 2014 Third quarter results October 20,

12 02 RESPONSIBILITY FOR STATUTORY AUDIT 2.1. Statutory Auditors 2.2. Alternate Statutory Auditors 12

13 2. RESPONSIBILITY FOR STATUTORY AUDIT 2.1 STATUTORY AUDITORS KPMG Audit, a department of KPMG S.A. Represented by Mr. Philippe Grandclerc 1, cours Valmy Paris La Défense KPMG S.A. is a member of the Compagnie Régionale des Commissaires aux Comptes de Versailles (the Regional Association of Auditors of Versailles). KPMG S.A. s term as statutory auditor was renewed at the Combined Shareholders Meeting of the Company held on May 23, 2008, for a duration of six fiscal years. Its term will therefore expire at the close of the annual shareholders meeting convened to approve the financial statements as of and for the year ended December 31, Praxor Audit Represented by Mr. Florent Gesbert 23, rue Clapeyron Paris Praxor Audit is a member of the Compagnie Régionale des Commissaires aux Comptes de Paris (the Regional Association of Auditors of Paris). Praxor Audit s term as statutory auditor was renewed at the Combined Shareholders Meeting of the Company held on May 23, 2008, for a duration of six fiscal years. Its term will therefore expire at the close of the annual shareholders meeting convened to approve the financial statements as of and for the year ended December 31, ALTERNATE STATUTORY AUDITORS Mr. Michel Seguin 1, cours Valmy Paris La Défense Michel Seguin is a member of the Compagnie Régionale des Commissaires aux Comptes de Versailles (the Regional Association of Auditors of Versailles). Mr. Seguin s term as alternate statutory auditor was renewed at the Combined Shareholders Meeting of the Company held on May 23, 2008, for a duration of six fiscal years. His term will therefore expire at the close of the annual shareholders meeting convened to approve the financial statements as of and for the year ended December 31,

14 Mr. Henri Grillet 23, rue Clapeyron Paris Henri Grillet is a member of the Compagnie Régionale des Commissaires aux Comptes de Paris (the Regional Association of Auditors of Paris). Mr. Grillet was appointed alternate statutory auditor at the ordinary shareholders meeting of the Company held on October 2, 2013, for the remainder of his predecessor s term. His term will therefore expire at the close of the annual shareholders meeting convened to approve the financial statements as of and for the year ended December 31,

15 03 SELECTED FINANCIAL DATA 3.1. Selected Financial Data for the Year Ended December 31, Selected Financial Data for the Three Months Ended March 31,

16 3. SELECTED FINANCIAL DATA 3.1 SELECTED FINANCIAL DATA FOR THE YEAR ENDED DECEMBER 31, 2013 The financial data presented below is derived from the Group s consolidated financial statements as of and for the fiscal year ended December 31, 2013, prepared in accordance with IFRS as adopted by the European Union, which are included in Section 20.1, Group Consolidated Financial Statements. The consolidated financial statements as of and for the year ended December 31, 2013 have been audited by the Company s statutory auditors. The report of the Company s statutory auditors is included in Section , Statutory Auditors Report on the Consolidated Financial Statements as of and for the Year ended December 31, The financial information shown below should be read in conjunction with (i) the Group s audited consolidated financial statements as of and for the year ended December 31, 2013; (ii) the analysis of the Group s financial condition and results presented in Chapter 9, Management s Analysis of Financial Condition and Results of Operations ; and (iii) the analysis of the Group s cash position and equity capital presented in Chapter 10, Liquidity and Capital Resources. The Group s consolidated financial statements as of and for the year ended December 31, 2013 were audited by KPMG and Praxor Audit, independent statutory auditors, as stated in their report dated February 17, 2014, included in Section , Statutory Auditors Report on the Group s Consolidated Financial Statements as of and for the Year Ended December 31, Selected Group Consolidated Income Statement Data (in millions) For the year ended December 31, restated (1) Net revenues... 2, ,516.4 Cost of sales... (1,765.8) (1,892.8) Gross profit Other operating income Selling expenses... (213.5) (248.8) Research and development expenses (19.8) (25.8) General and administrative expenses (136.2) (162.3) Other operating expenses... (10.3) (14.8) Operating income Net finance costs... (24.0) (31.4) Share in net income (loss) of equity affiliates... (1.9) (1.4) Income tax expense... (42.3) (47.9) Net profit Attributable to owners of the Company Attributable to non-controlling interests (1) Reflects impact of adoption of IFRS 11 on 2012 comparative information as well as different adjustments made in

17 Selected Group Consolidated Balance Sheet Data As of December 31, (in millions) 2012 restated (1) 2013 Total assets... 1, ,826.5 Shareholders equity attributable to equity holders of the parent Total non-current liabilities Total current liabilities (1) Reflects impact of adoption of IFRS 11 on 2012 comparative information as well as different adjustments made in Selected Group Consolidated Cash Flow Statement Data For the year ended December 31, (in millions) 2012 restated (1) 2013 Net cash from operating activities Net cash used in investing activities... (343.3) (103.1) Net cash from financing activities (83.8) Increase/(decrease) in cash and cash equivalents (1) Reflects impact of adoption of IFRS 11 on 2012 comparative information as well as different adjustments made in Selected Financial and Operational Data by Segment For the year ended December 31, (in millions) 2012 restated (1) 2013 Net Revenues... 2, ,516.4 EMEA North America CIS & Others Sports Surfaces Adjusted EBITDA (2) EMEA North America CIS & Others Sports Surfaces Central (5)... (34.2) (40.3) Return on capital employed (ROCE) (3) 14.4 % 17.7 % Net debt (4) End of Period (1) Reflects impact of adoption of IFRS 11 on 2012 comparative information. (2) Adjusted EBITDA, which is not a standardized accounting term with a generally accepted definition, is equal to operating income before depreciation, amortization and adjustments. Adjustments include, among others, restructuring costs intended to grow the Group s future profits; gains or losses on significant asset sales; costs relating to corporate and legal restructuring, including legal fees and acquisition costs as well as the impact on margins of recording inventory of acquired companies in the Group s balance sheet at fair value; management fees invoiced by the shareholders of the Company; and expenses relating to share-based payments without any cash payment. Adjusted EBITDA is not a financial measure defined under IFRS. It should not be taken as a substitute for operating income, net 17

18 income or cash flows from operating activities, nor should it be treated as a measure of liquidity. Adjusted EBITDA may be calculated differently by other companies with businesses that are similar to or different from the Group s. Accordingly, the Group s EBITDA calculation may not be comparable to that calculated by other issuers. See Section , Adjusted EBITDA, for a discussion of adjusted EBITDA and a reconciliation to the most comparable IFRS measure. (3) ROCE corresponds to the ratio between (1) EBIT, which the Group defines as operating income before financial items and taxes and (2) capital employed (which corresponds to tangible and intangible assets (including goodwill), plus working capital). ROCE is not a standardized accounting term corresponding to a generally accepted definition. ROCE may be calculated differently by other companies with businesses that are similar to or different from that of the Group. Accordingly, the Group s ROCE calculation may not be comparable to that calculated by other issuers. See Section 10.8, Return on Capital Employed, for a discussion of ROCE and a reconciliation to the most comparable IFRS measure. (4) The Group defines net debt as the sum of non-current interest-bearing loans and borrowings and current interestbearing loans and borrowings, minus cash and cash equivalents. For more information on how net financial debt is calculated, see Section , Net Debt. 3.2 SELECTED FINANCIAL DATA FOR THE THREE MONTHS ENDED MARCH 31, 2014 The table below presents certain selected financial data as of the dates and for the periods indicated below. The selected financial data presented below has not been the subject of an audit or of a limited review by the Company s statutory auditors. Selected Consolidated Income Statement Information Three Months Ended March 31, (in millions of euros) Net Revenues EMEA North America CIS & Others Sports Surfaces Adjusted EBITDA (1) (1) See definition in Note 2 to the table Selected Financial and Operational Data by Segment, above. Tarkett s performance in the first three months of 2014 demonstrated the solidity of its economic model s balance among geographical markets and end-users. In the CIS countries, the Group s teams also showed their capacity to take advantage of the Group s leadership position and to react rapidly to a difficult environment Net Revenues Net sales were million in the first quarter of 2014, a decrease of 5.4% as compared with the first quarter of The first quarter is structurally the weakest of the year for the Group, in particular in the Sports Surfaces segment and in the CIS region. In 2014, the first quarter was marked by difficult economic conditions and strong currency devaluations in the CIS countries. Despite these unfavorable circumstances, Tarkett was able to limit the organic decrease in revenues to 0.2%. 18

19 Adjusted EBITDA The Group s adjusted EBITDA was 35.8 million in the first quarter of 2014, as compared with 45.1 million in the first quarter of Adjusted EBITDA margin decreased by 140 points to 7.3%. This decrease was primarily the result of a negative impact of 8.5 million from currency effects in the CIS countries. Moreover, the conversion effect of the U.S. dollar and other currencies decreased EBITDA by an additional 3.9 million. Costs of purchases and productivity plans were in line with expectations. In the CIS, the Group s teams took additional measures to reduce costs. 19

20 04 RISK FACTORS 4.1. Risks Relating to the Group and Its Industry Risks Relating to Economic Cycles Risks Relating to Public Spending Risks Relating to the Group s Program for Optimization of Costs and Processes Risks Relating to Fluctuations in Prices of Raw Materials and Energy Risks Relating to the International Nature of the Group s Business and the Economic and Political Risks in the Countries in Which It Does Business Risks Relating to External Growth Risks Relating to the Quality of the Group s Products Risks Relating to Obtaining Product Certification Risks Relating to Strong Competition in the Regions Where the Group Does Business Risks Relating to the Group s Dependence on Certain Suppliers Risks Relating to Volumes and Production Capacity Risks Relating to Interruption or Security Breach of Information Risk Relating to the Group s Retirement and Other Employee Benefit Commitments Risks Relating to Goodwill and Deferred Tax Assets 4.2. Industrial Risks Risks Relating to Compliance with Environmental and Safety Regulations Risks Relating to Industrial Accidents Risks Relating to Exposure to Toxic or Dangerous Substances Risks Relating to Asbestos Exposure 4.3. Market Risks Foreign Exchange Risk Interest Rate Risk Liquidity Risk 4.4. Legal Risks Risks Relating to the Protection of Intellectual Property Risks Relating to Legal and Administrative Proceedings Tax Risk 4.5. Risk Management Organization of Internal Control and Risk Management Management of Significant Risks Compliance Procedures 4.6. Insurance and Coverage of Risks 20

English Information Document

English Information Document English Information Document October 4, 2013 NOTICE This Information Document is a non-certified English version of selected sections of the French-language document de base of Tarkett S.A. ( Tarkett ),

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

Consolidated financial statements

Consolidated financial statements Summary of significant accounting policies Basis of preparation DSM s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted

More information

COTT ANNOUNCES FIRST QUARTER 2012 RESULTS AND SHARE REPURCHASE PROGRAM FOR UP TO $35 MILLION IN COMMON SHARES

COTT ANNOUNCES FIRST QUARTER 2012 RESULTS AND SHARE REPURCHASE PROGRAM FOR UP TO $35 MILLION IN COMMON SHARES CONTACT: Michael C. Massi Investor Relations Tel: (813) 313-1786 Investor.relations@cott.com COTT ANNOUNCES FIRST QUARTER 2012 RESULTS AND SHARE REPURCHASE PROGRAM FOR UP TO $35 MILLION IN COMMON SHARES

More information

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

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

Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935

Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 For Immediate Release Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 ken.bond@oracle.com deborah.hellinger@oracle.com ORACLE

More information

Accenture Reports Third-Quarter Fiscal 2015 Results. -- Revenues of $7.8 billion, up 0.4% in U.S. dollars and 10% in local currency --

Accenture Reports Third-Quarter Fiscal 2015 Results. -- Revenues of $7.8 billion, up 0.4% in U.S. dollars and 10% in local currency -- Accenture Reports Third-Quarter Fiscal 2015 Results -- Revenues of $7.8 billion, up 0.4% in U.S. dollars and 10% in local currency -- -- EPS of $1.24 include a $0.06 non-cash pension settlement charge.

More information

Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935

Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 For Immediate Release Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 ken.bond@oracle.com deborah.hellinger@oracle.com ORACLE

More information

NOMAD FOODS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016

NOMAD FOODS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016 NOMAD FOODS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016 FELTHAM, United Kingdom, May 25, 2016 /PRNewswire/ Nomad Foods Limited ( Nomad or the Company ) (NYSE: NOMD), today

More information

FORACO INTERNATIONAL REPORTS Q3 2014

FORACO INTERNATIONAL REPORTS Q3 2014 NEWS RELEASE FORACO INTERNATIONAL REPORTS Q3 2014 Toronto, Ontario / Marseille, France Tuesday, November 4, 2014 Foraco International SA (TSX:FAR) (the Company or Foraco ), a leading global provider of

More information

For Immediate Release MERCER INTERNATIONAL INC. REPORTS STRONG 2015 THIRD QUARTER RESULTS ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.

For Immediate Release MERCER INTERNATIONAL INC. REPORTS STRONG 2015 THIRD QUARTER RESULTS ANNOUNCES QUARTERLY CASH DIVIDEND OF $0. For Immediate Release MERCER INTERNATIONAL INC. REPORTS STRONG 2015 THIRD QUARTER RESULTS ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.115 NEW YORK, NY, October 29, 2015 - Mercer International Inc. (Nasdaq:

More information

ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS

ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS Almere, The Netherlands October 28, 2015 ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS ASM International N.V. (Euronext Amsterdam: ASM) today reports its third quarter 2015 operating results

More information

Tower International Reports Solid Third Quarter And Raises Full Year Outlook

Tower International Reports Solid Third Quarter And Raises Full Year Outlook FOR IMMEDIATE RELEASE Tower International Reports Solid Third Quarter And Raises Full Year Outlook LIVONIA, Mich., November 3, 2011 Tower International, Inc. [NYSE: TOWR], a leading integrated global manufacturer

More information

Makita Corporation. Consolidated Financial Results for the nine months ended December 31, 2007 (U.S. GAAP Financial Information)

Makita Corporation. Consolidated Financial Results for the nine months ended December 31, 2007 (U.S. GAAP Financial Information) Makita Corporation Consolidated Financial Results for the nine months ended (U.S. GAAP Financial Information) (English translation of "ZAIMU/GYOSEKI NO GAIKYO" originally issued in Japanese language) CONSOLIDATED

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

Roche Capital Market Ltd Financial Statements 2012

Roche Capital Market Ltd Financial Statements 2012 R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes

More information

Greif Reports Fourth Quarter 2014 Results

Greif Reports Fourth Quarter 2014 Results Contacts Analyst: Robert Lentz Media: Scott Griffin 614-876-2000 740-657-6516 Greif Reports Fourth Quarter 2014 Results Net sales for the fourth quarter 2014 were flat compared to the fourth quarter 2013

More information

DATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015

DATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015 For Immediate Release DATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015 SECOND QUARTER HIGHLIGHTS Second quarter 2015 ( Q2 ) Revenues of $73.4 million, a decrease of 4.3% year over year

More information

Intel Reports Second-Quarter Results

Intel Reports Second-Quarter Results Intel Corporation 2200 Mission College Blvd. Santa Clara, CA 95054-1549 CONTACTS: Mark Henninger Amy Kircos Investor Relations Media Relations 408-653-9944 480-552-8803 mark.h.henninger@intel.com amy.kircos@intel.com

More information

Agenda. Forward-looking Statements Denis Jasmin, Vice-President, Investor Relations

Agenda. Forward-looking Statements Denis Jasmin, Vice-President, Investor Relations SECOND QUARTER 2013 Conference Call Notes August 2, 2013 2 Agenda Forward-looking Statements Denis Jasmin, Vice-President, Investor Relations President and CEO Remarks Robert G. Card, President and Chief

More information

Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935

Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 For Immediate Release Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 ken.bond@oracle.com deborah.hellinger@oracle.com ORACLE

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

Contact: Ken Bond Karen Tillman Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.650.607.0326

Contact: Ken Bond Karen Tillman Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.650.607.0326 For Immediate Release Contact: Ken Bond Karen Tillman Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.650.607.0326 ken.bond@oracle.com karen.tillman@oracle.com ORACLE REPORTS

More information

Q2 / H1 2015 results. Investor Presentation 30 July 2015

Q2 / H1 2015 results. Investor Presentation 30 July 2015 Q2 / H1 2015 results Investor Presentation 30 July 2015 Information Full year consolidated financial statements at 31 December are audited Half year financial statements are subject to limited review by

More information

BlackBerry Reports Software and Services Growth of 106 Percent for Q4 and 113 Percent for Fiscal 2016

BlackBerry Reports Software and Services Growth of 106 Percent for Q4 and 113 Percent for Fiscal 2016 April 1, FOR IMMEDIATE RELEASE BlackBerry Reports Software and Services Growth of 106 Percent for Q4 and 113 Percent for Fiscal Company reports positive free cash flow for eighth consecutive quarter and

More information

November 4, 2015 Consolidated Financial Results for the Second Quarter of Fiscal Year 2015 (From April 1, 2015 to September 30, 2015) [Japan GAAP]

November 4, 2015 Consolidated Financial Results for the Second Quarter of Fiscal Year 2015 (From April 1, 2015 to September 30, 2015) [Japan GAAP] November 4, 2015 Consolidated Financial Results for the Second Quarter of Fiscal Year 2015 (From April 1, 2015 to September 30, 2015) [Japan GAAP] Company Name: Idemitsu Kosan Co., Ltd. (URL http://www.idemitsu.com)

More information

STOCK SUBSCRIPTION OPTION PLAN OF SANOFI RULES OF THE PLAN 14 P 1. BENEFICIARIES... 2 2. DURATION OF THE PLAN... 2 3. EXERCISE PRICE...

STOCK SUBSCRIPTION OPTION PLAN OF SANOFI RULES OF THE PLAN 14 P 1. BENEFICIARIES... 2 2. DURATION OF THE PLAN... 2 3. EXERCISE PRICE... 24 June 2015 STOCK SUBSCRIPTION OPTION PLAN OF SANOFI RULES OF THE PLAN 14 P 1. BENEFICIARIES... 2 2. DURATION OF THE PLAN... 2 3. EXERCISE PRICE... 2 4. EXERCISE CONDITIONS... 2 5. TRANSFER OF SHARES...

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

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 Three months ended, Nine months ended, Sep 28, Sep 27, Sep 28, Sep 27, 2014 2015 2014 2015 Net system sales 884.5 975.3 3,157.5 3,356.3

More information

Aalberts Industries Net profit and earnings per share +15%

Aalberts Industries Net profit and earnings per share +15% PRESS RELEASE 1 ST HALF YEAR 2015 Aalberts Industries Net profit and earnings per share +15% Langbroek, 13 August 2015 Highlights o Revenue EUR 1,244 million, increase +18% (organic +2%). o Operating profit

More information

Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935

Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 For Immediate Release Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 ken.bond@oracle.com deborah.hellinger@oracle.com ORACLE

More information

CFO Commentary on Full Year 2015 and Fourth-Quarter Results

CFO Commentary on Full Year 2015 and Fourth-Quarter Results Intel Corporation 2200 Mission College Blvd. Santa Clara, CA 95054-1549 CFO Commentary on Full Year 2015 and Fourth-Quarter Results Summary The fourth quarter was a strong finish to the year with record

More information

Q1 RESULTS 2015 30 APRIL 2015. Harald Wilhelm I Chief Financial Officer

Q1 RESULTS 2015 30 APRIL 2015. Harald Wilhelm I Chief Financial Officer 1 Q1 RESULTS 2015 30 APRIL 2015 Harald Wilhelm I Chief Financial Officer SAFE HARBOUR STATEMENT 2 Disclaimer This presentation includes forward-looking statements. Words such as anticipates, believes,

More information

Europe: Growth of +7.8% in Recurring Operating Income France: New half of improved profitability

Europe: Growth of +7.8% in Recurring Operating Income France: New half of improved profitability 2014 FIRST HALF RESULTS: CONTINUED GROWTH Organic sales growth of 4.3% Increase in Recurring Operating Income of +13.8% Strong increase in adjusted net income, Group share of +16.7% Strong profit growth

More information

Financial Overview. Olivier Dubois. Investor Presentation. President and CFO. Paris, October 17, 2007 - New York, October 19, 2007

Financial Overview. Olivier Dubois. Investor Presentation. President and CFO. Paris, October 17, 2007 - New York, October 19, 2007 Financial Overview Olivier Dubois President and CFO Investor Presentation Paris, October 17, 2007 - New York, October 19, 2007 Current situation 2 Technip financial statements FULL YEAR FIRST SEMESTER

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

DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014

DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014 For Immediate Release DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014 HIGHLIGHTS Q1 2014 First quarter 2014 ( Q1 ) Revenues of 77.9 million, Q1 Gross Profit of 18.8 million and Q1 Net Income of

More information

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 Three months ended, Mar 30, Mar 29, 2014 2015 Net system sales 1,030.0 1,246.5 Net service and field option sales 366.5 403.4 Total net

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

PRINCIPLES FOR PERIODIC DISCLOSURE BY LISTED ENTITIES

PRINCIPLES FOR PERIODIC DISCLOSURE BY LISTED ENTITIES PRINCIPLES FOR PERIODIC DISCLOSURE BY LISTED ENTITIES Final Report TECHNICAL COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS FEBRUARY 2010 CONTENTS Chapter Page 1 Introduction 3 Uses

More information

ASML - Summary US GAAP Consolidated Statements of Operations 1,2

ASML - Summary US GAAP Consolidated Statements of Operations 1,2 ASML - Summary US GAAP Consolidated Statements of Operations 1,2 (in millions EUR, except per share data) Six months ended, Jun 29, Jun 28, Jun 29, Jun 28, 2014 2015 2014 2015 Net system sales 1,243.0

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

Consolidated sales of 6,347 million euros, up 10% on a like-for-like basis (7% as reported)

Consolidated sales of 6,347 million euros, up 10% on a like-for-like basis (7% as reported) 14.18 Order intake surged 25% to 9.1 billion euros Sales came in at 6.3 billion euros, up 10% like for like (7% as reported) Operating margin (1) up 15% to 442 million euros, or 7.0% of sales Net income

More information

CORNING INCORPORATED AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited; in millions, except per share amounts)

CORNING INCORPORATED AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited; in millions, except per share amounts) CONSOLIDATED STATEMENTS OF INCOME (Unaudited; in millions, except per share amounts) Three months ended Nine months ended 2013 2012 2013 2012 sales $ 2,067 $ 2,038 $ 5,863 $ 5,866 Cost of sales 1,166 1,149

More information

BlackBerry Reports Strong Software Revenue and Positive Cash Flow for the Fiscal 2016 First Quarter

BlackBerry Reports Strong Software Revenue and Positive Cash Flow for the Fiscal 2016 First Quarter FOR IMMEDIATE RELEASE June 23, BlackBerry Reports Strong Software Revenue and Positive Cash Flow for the Fiscal 2016 First Quarter Waterloo, ON BlackBerry Limited (NASDAQ: BBRY; TSX: BB), a global leader

More information

(Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions.

(Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions. Notes to the Consolidated Financial Statements (Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions.) 1. Significant

More information

ACI Worldwide, Inc. Reports Financial Results for the Quarter Ended March 31, 2014

ACI Worldwide, Inc. Reports Financial Results for the Quarter Ended March 31, 2014 News Release ACI Worldwide, Inc. Reports Financial Results for the Quarter Ended March 31, 2014 HIGHLIGHTS SNET bookings of $122 million, up 59% from Q1 last year Recurring revenue up 57% from last year,

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

Deezer S.A. Limited liability company (société anonyme) with a share capital of 128,535.25

Deezer S.A. Limited liability company (société anonyme) with a share capital of 128,535.25 Deezer S.A. Limited liability company (société anonyme) with a share capital of 128,535.25 Registered Office: 12, rue d Athènes 75009 Paris, France 511 716 573 Paris Trade and Companies Register REGISTRATION

More information

FURTHER PROFIT GROWTH IN FIRST-HALF 2015

FURTHER PROFIT GROWTH IN FIRST-HALF 2015 FURTHER PROFIT GROWTH IN FIRST-HALF 2015 Net sales of 37.7bn, up +5.2% (+2.9% on an organic basis) Growth in Recurring Operating Income: 726m, +2.6% at constant rates Strong growth in adjusted net income,

More information

News from The Chubb Corporation

News from The Chubb Corporation News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 Chubb Reports Fourth Quarter Net Income per Share of $2.35;

More information

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS

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

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

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

Telesat Reports Results for the Quarter and Year Ended December 31, 2014

Telesat Reports Results for the Quarter and Year Ended December 31, 2014 Telesat Reports Results for the Quarter and Year Ended December 31, 2014 OTTAWA, CANADA, February 26, 2015. Telesat Holdings Inc. ( Telesat ) today announced its financial results for the three month and

More information

FINANCIAL SUMMARY. (All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

FINANCIAL SUMMARY. (All financial information has been prepared in accordance with U.S. generally accepted accounting principles) FINANCIAL SUMMARY FY2015 First Quarter (April 1, 2014 through June 30, 2014) English translation from the original Japanese-language document TOYOTA MOTOR CORPORATION FY2015 First Quarter Consolidated

More information

NEWS RELEASE FOR IMMEDIATE RELEASE

NEWS RELEASE FOR IMMEDIATE RELEASE NEWS RELEASE FOR IMMEDIATE RELEASE Readers are referred to the sections entitled Forward looking Statements and Non IFRS Financial Measures at the end of this release. The Corporation s financial results

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

Performance Food Group Company Reports First-Quarter Fiscal 2016 Earnings

Performance Food Group Company Reports First-Quarter Fiscal 2016 Earnings NEWS RELEASE For Immediate Release November 4, 2015 Investors: Michael D. Neese VP, Investor Relations (804) 287-8126 michael.neese@pfgc.com Media: Joe Vagi Manager, Corporate Communications (804) 484-7737

More information

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 Three months ended, Six months ended, Jun 29, Jun 28, Jun 29, Jun 28, 2014 2015 2014 2015 Net system sales 1,243.0 1,134.5 2,273.0 2,381.0

More information

INSIDE Secure First half of 2015 results

INSIDE Secure First half of 2015 results INSIDE Secure First half of results Q2 revenue of $18.6 million is up 14% compared with low point reached in Q1 leading to a total of $35.0 million in H1 Adjusted gross margin 1 of $16.4 million (47.0%

More information

Sanford C. Bernstein Strategic Decisions Conference. May 2014. Tom Lynch Chairman and Chief Executive Officer

Sanford C. Bernstein Strategic Decisions Conference. May 2014. Tom Lynch Chairman and Chief Executive Officer Sanford C. Bernstein Strategic Decisions Conference May 2014 Tom Lynch Chairman and Chief Executive Officer FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES Forward-Looking Statements -- This presentation

More information

FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS

FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS For Immediate Release For Further Information Refer to: John J. Haines 260-824-2900 FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS Bluffton, Indiana July 30, 2013 - Franklin Electric

More information

Note 2 SIGNIFICANT ACCOUNTING

Note 2 SIGNIFICANT ACCOUNTING Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting

More information

Waste Management Announces Second Quarter Earnings

Waste Management Announces Second Quarter Earnings FOR IMMEDIATE RELEASE Waste Management Announces Second Quarter Earnings Collection and Disposal Income from Operations Grows 3.4% HOUSTON July 26, 2012 Waste Management, Inc. (NYSE: WM) today announced

More information

REPUBLIC SERVICES, INC. REPORTS THIRD QUARTER RESULTS

REPUBLIC SERVICES, INC. REPORTS THIRD QUARTER RESULTS REPUBLIC CONTACTS Media Inquiries: Darcie Brossart (480) 718-6565 Investor Inquiries: Ed Lang (480) 627-7128 REPUBLIC SERVICES, INC. REPORTS THIRD QUARTER RESULTS Reports third quarter earnings of $0.42

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS KANEKA CORPORATION AND CONSOLIDATED SUBSIDIARIES 1. BASIS OF PRESENTING CONSOLIDATED FINANCIAL STATEMENTS Kaneka Corporation (the Company ) and its consolidated

More information

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

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

Key performance indicators

Key performance indicators The information included in the following sheets of this Excel file forms an integral part of the Aegon press release on the Q2 results 2013 as published on August 8, 2013. Cautionary note regarding non-ifrs

More information

TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS

TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS PRESS RELEASE TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS TORONTO, ONTARIO (Marketwired July 30, 2014) Torstar Corporation (TSX:TS.B) today reported financial results for the second quarter ended

More information

PONSSE PLC, STOCK EXCHANGE RELEASE, 26 OCTOBER 2010, 9:00 a.m. PONSSE S INTERIM REPORT FOR 1 JANUARY 30 SEPTEMBER 2010

PONSSE PLC, STOCK EXCHANGE RELEASE, 26 OCTOBER 2010, 9:00 a.m. PONSSE S INTERIM REPORT FOR 1 JANUARY 30 SEPTEMBER 2010 PONSSE PLC, STOCK EXCHANGE RELEASE, 26 OCTOBER 2010, 9:00 a.m. PONSSE S INTERIM REPORT FOR 1 JANUARY 30 SEPTEMBER 2010 - Net sales were EUR 171.8 (Q1-Q3/2009 EUR 98.9) million. - Q3 net sales were EUR

More information

2015 Quarterly Report II

2015 Quarterly Report II 2015 Quarterly Report II 2 Key data Eckert & Ziegler 01 06/2015 01 06/2014 Change Sales million 69.0 61.9 + 11 % Return on revenue before tax % 16 % 9 % + 87 % EBITDA million 15.6 9.7 + 61 % EBIT million

More information

Intel Reports Fourth-Quarter and Annual Results

Intel Reports Fourth-Quarter and Annual Results Intel Corporation 2200 Mission College Blvd. P.O. Box 58119 Santa Clara, CA 95052-8119 CONTACTS: Reuben Gallegos Amy Kircos Investor Relations Media Relations 408-765-5374 480-552-8803 reuben.m.gallegos@intel.com

More information

Financial Statement Analysis: An Introduction

Financial Statement Analysis: An Introduction Financial Statement Analysis: An Introduction 2014 Level I Financial Reporting and Analysis IFT Notes for the CFA exam Contents 1. Introduction... 3 2. Scope of Financial Statement Analysis... 3 3. Major

More information

General Cable Corporation (Exact name of registrant as specified in its charter)

General Cable Corporation (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest

More information

Second Quarter Results of Operations

Second Quarter Results of Operations PRESS RELEASE Besi Posts Strong Q2 and H1-15 Results. Significant Expansion of Net Cash Position vs. 14 Duiven, the Netherlands, July 23, - BE Semiconductor Industries N.V. (the Company" or "Besi") (Euronext

More information

Citrix Revises Outlook Due to Accelerated Share Repurchase Program

Citrix Revises Outlook Due to Accelerated Share Repurchase Program FOR IMMEDIATE RELEASE For media inquiries, contact: Eric Armstrong, Citrix Systems, Inc. (954) 267-2977 or eric.armstrong@citrix.com For investor inquiries, contact: Eduardo Fleites, Citrix Systems, Inc.

More information

Zebra Technologies Announces Record Sales for Second Quarter of 2006

Zebra Technologies Announces Record Sales for Second Quarter of 2006 FOR IMMEDIATE RELEASE Zebra Technologies Announces Record Sales for Second Quarter of 2006 Vernon Hills, IL, July 26, 2006 Zebra Technologies Corporation (NASDAQ: ZBRA) today announced that net income

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

Arkema: quarterly information 2 nd quarter 2014 results

Arkema: quarterly information 2 nd quarter 2014 results Colombes, 1 st August 2014 Arkema: quarterly information 2 nd quarter 2014 results 1,520 million sales, 3.3% down on 2Q 13 at constant business scope and exchange rate 206 million EBITDA (2Q 13 at 273

More information

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

Boeing Reports Strong Third-Quarter Results; Raises Revenue, EPS and Cash Flow Guidance

Boeing Reports Strong Third-Quarter Results; Raises Revenue, EPS and Cash Flow Guidance News Release Boeing Corporate Offices 100 North Riverside Plaza Chicago, IL 60606-1596 www.boeing.com Boeing Reports Strong Third-Quarter Results; Raises Revenue, EPS and Cash Flow Guidance Core EPS (non-gaap)*

More information

Financial Information

Financial Information Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow

More information

Third Quarter 2015 Financial Highlights:

Third Quarter 2015 Financial Highlights: DISCOVERY COMMUNICATIONS REPORTS THIRD QUARTER 2015 RESULTS, INCREASES BUYBACK AUTHORIZATION BY $2 BILLION AND ANNOUNCES RESUMPTION OF SHARE REPURCHASES BEGINNING IN FOURTH QUARTER 2015 Third Quarter 2015

More information

Financial statements of ČEZ, a. s. as of December 31, 2013

Financial statements of ČEZ, a. s. as of December 31, 2013 Financial statements of ČEZ, a. s. as of December 31, 2013 In terms of Section 19a of the Accounting Act, the financial statements of ČEZ, a. s. as of December 31, 2013 were compiled in accordance with

More information

Hydrogenics Reports Fourth Quarter and Full Year 2015 Results

Hydrogenics Reports Fourth Quarter and Full Year 2015 Results PRESS RELEASE Hydrogenics Reports Fourth Quarter and Full Year 2015 Results Kolon, Alstom, and China Wins Highlight 2015 Achievements Mississauga, Ontario. March 9, 2016 Hydrogenics Corporation (NASDAQ:

More information

Contact Christopher Mecray D +1 215 255 7970 Christopher.Mecray@axaltacs.com

Contact Christopher Mecray D +1 215 255 7970 Christopher.Mecray@axaltacs.com Axalta Coating Systems 2001 Market Street Suite 3600 Philadelphia, PA 19103 USA Contact Christopher Mecray D +1 215 255 7970 Christopher.Mecray@axaltacs.com For Immediate Release Axalta Releases Second

More information

D.E MASTER BLENDERS 1753 N.V.

D.E MASTER BLENDERS 1753 N.V. UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six months periods ended 31 December 2012 and 31 December 2011 TABLE OF CONTENTS UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL

More information

Statutory auditors report on the consolidated financial statements

Statutory auditors report on the consolidated financial statements KPMG Audit Le Belvédère 1 Cours Valmy CS 50034 92923 Paris La Défense Cedex France Mazars 61, rue Henri Regnault 92075 Paris La Défense France Tarkett Statutory auditors report on the consolidated financial

More information

Annual report for the financial year 2014-05-28-2014-12-31

Annual report for the financial year 2014-05-28-2014-12-31 1 PZU Finance AB (publ) Org nr Office translation Annual report for the financial year 2014-05-28-2014-12-31 The Board of Directors presents the following annual report Contents Page - Administration Report

More information

FY RESULTS 27 FEBRUARY 2015. Tom Enders I Chief Executive Officer Harald Wilhelm I Chief Financial Officer

FY RESULTS 27 FEBRUARY 2015. Tom Enders I Chief Executive Officer Harald Wilhelm I Chief Financial Officer 1 FY RESULTS 27 FEBRUARY 2015 Tom Enders I Chief Executive Officer Harald Wilhelm I Chief Financial Officer SAFE HARBOUR STATEMENT 2 Disclaimer This presentation includes forward-looking statements. Words

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

Capcon Holdings plc. Interim Report 2011. Unaudited interim results for the six months ended 31 March 2011

Capcon Holdings plc. Interim Report 2011. Unaudited interim results for the six months ended 31 March 2011 Capcon Holdings plc Interim Report 2011 Unaudited interim results for the six months ended 31 March 2011 Capcon Holdings plc ("Capcon" or the "Group"), the AIM listed investigations and risk management

More information

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 The Board of Abbey plc reports a profit before taxation of 18.20m which compares with a profit of 22.57m for

More information

condensed consolidated interim financial statements 2015

condensed consolidated interim financial statements 2015 January march 2015 condensed consolidated interim financial statements 2015 (unaudited) contents 1. Income Statement 1 2. Statement of Comprehensive Income 2 3. Balance Sheet 3 4. Statement of Changes

More information

Notes to Consolidated Financial Statements Notes to Non-Consolidated Financial Statements

Notes to Consolidated Financial Statements Notes to Non-Consolidated Financial Statements This document has been translated from the Japanese original for reference purposes only. In the event of discrepancy between this translated document and the Japanese original, the original shall prevail.

More information