Management Report 2012

Size: px
Start display at page:

Download "Management Report 2012"

Transcription

1 1 Management Report 22

2 Table of Contents EVOLUTION Relevant Facts Private pension system reform Other relevant events Commercial Results Investment Results Financial Results Income Administration and sales expenses Other income and expenses Balance sheet Legal and Corporate Issues Balance sheet Profit and loss statement DIRECTORS AND 2

3 366 thousand members joined the system The national economy s good performance in 22 led to significant growth in the volume of new affiliations to the Private Pension System (SPP), which totaled 366 thousand new members. This represented an increase of 16.6% compared to 21. 3

4 THE EVOLUTION OF THE PRIVATE The strengthening observed in the national economy in 22 led to significant growth in the volume of new affiliations to the Private Pension System (SPP). In this context, an additional 366 thousand members joined the system, which represents 16.6% growth with regard to 21. The number of active affiliates in the SPP increased 6.9% YoY, to total 5.3 million. Growth in the Peruvian economy in 22 amounted over than 6%. This good result and dynamism contributed to an increase in the number of contributing clients. As such, at year-end, there were 2.4 million contributors to the SPP (which represents 17.4% growth YoY). The number of active contributors in 22 was equivalent to 47% of the total number of affiliates, which represents a 45% increase with regard to the previous year. The volume of contributions of pension fund affiliates reached US$ 2,536 million in 22, which constituted an increase of 21.0% YoY. At the end of 22, funds under management in the Peruvian SPP totaled US$ 37,967 million, which represented an increase of 25.1% YoY. Although the international markets were highly volatile in 22, the good evolution of emerging countries sustained growth in the region and Peru was once again a significant contributor to this performance. Our economy s indicators have remained solid this year due to good investment flows and growth in internal demand. In terms of the profitability of investments in the SPP, over the last year (December 22/December 21) the system reported a nominal yield of 12.44% for fund 1, 11.78% for fund 2, and 10.63% for fund 3. With regard to financial results, in 22 the SPP reported revenue of US$ million, which represents growth of 19.2% with regard to the previous year. This was attributable to the new affiliates that have joined the system; continuous growth in the national economy; positive employment indicators; and a revaluation in the Nuevo Sol. Operating expenses increased 11.4% to total US$ million due to higher expenses for administrative personnel and the sales force, which has increased to capture new clients. The SPP s operating income totaled US$ million, which represents a 29.4% increase with regard to 21 s figure. It is important to note that these results, which are expressed in dollars, incorporate the effect of an appreciation in the local currency, which hovered around 5% in 22. Finally, net income was US$ million, which represents a 27.5% increase with regard to 21. 4

5 Private Pension System: Main indicators End of period Affiliates (thousands) 5,268 4,928 4,642 % variación (1) 6.9% 6.2% 4.1% New affiliations (thousands) % variation (1) 16.6% 42.5% 11.8% Contributors (thousands) (2) 2,426 2,067 1,936 % variation (1) 17.4% 6.8% 9.6% Sales Force 1,008 1,142 1,149 % variation (1) -11.7% -0.6% 1.9% Funds under management (US$ millions) 37,967 30,360 31,077 % variation (1) 25.1% -2.3% 29.7% Voluntary Contributions (US$ millions) % variation (1) 13.0% -23.8% 34.4% Collections (US$ millions) (3) 2,536 2,094 1,822 % variation (1) 21.1% 14.9% 14.1% Income (US$ millions) Operating Expenses (US$ millions) Operating Income (US$ millions) Net Income (US$ millions) Source: SMV and information from the Superintendencia de Banca, Seguros y AFP. (1) Variation with regard to the previous year. (2) Annual average number of contributors. In 22, information available as of September. (3) Collections: Corresponds to total deposits in the period for obligatory and voluntary contributions. 5

6 63% tops the previous year s figure Prima AFP s commercial actions in 22 continued to focus on capturing new affiliates. These efforts allowed us to incorporate 140 thousand new members, which tops the previous year s figure by 63%. 6

7 1. Relevant Events In 22, the company s commercial activities focused on capturing new clients; strengthening relations with our affiliates; and adapting to the changes generated by the Law to Reform the SPP. In July 22, the Peruvian Government passed the Law to Reform the Private Pension System (Law 299) to contribute to the development and strengthening of the pension area of the social security system by increasing the competitiveness and efficiency of the SPP and reducing administrative costs, among other aspects. SPP Reform: The most relevant changes brought about by the aforementioned law include: The Affiliate Tender: A tender process will be held every two years to choose the AFP that will be in charge of affiliating new workers to the SPP. Under this system, the new affiliates who enter the SSP will be obligatorily assigned to the AFP that has won the 1 tender and must remain with this company for 24 months. In the period prior to the first tender, and with the objective of creating price competition among the AFP, an assignment process was created to grant the exclusive right to affiliate new workers during the period running from October 22 to January 23 to the AFP that offered the lowest commission scheme. As such, on September 13, 22, Prima AFP won the Assignment Tender, which made it the only AFP in the system that was authorized to capture new affiliates during the months of October, November, and December of the same year and January 23. On December 20, 22, the first tender of new affiliates to the SSP was held and was won by a new participant in the system. According to the norm, the workers who join the Private Pension System between February, 23 and January 31, 25 will affiliate to this new AFP in the Peruvian market. Nevertheless, the winning AFP is new to the system and needs time to implement its operations over the next few months. As such, the law stipulates that Prima AFP will continue to affiliate new contributors to the system until the new AFP is ready to begin operations. This will allow Prima AFP to temporarily continue to capture new affiliates, which will subsequently increase its client base. 2. Change in the scheme to charge management fees: The period to move from a scheme that calculates commissions based on flows to one based on balances has been set at 10 years to gradually align the interests of the AFP with those of their affiliates. At the end of December 22, Prima AFP presented its new commission scheme: Commission based on flow: 1.60% rate applied to the affiliates monthly remuneration. This commission is currently in effect. Mixed commission: composed of a flow-based commission of 1.51%, which is applied to the affiliates monthly remuneration, plus a commission of 1.90% a year, which is applied to the new balance generated after February 23 for new affiliates and April 23 for current clients. Current affiliates must choose between the flow-based commission and the mixed-commission scheme by March 31, (1)Unless: (i) this AFP's profitability is below the benchmark defined by SBS; (ii) the company declares insolvency, is dissolved, bankrupt or in the process of being liquidated; or (iii) another AFP offers a lower management fee.

8 Joint tender across the SPP for insurance for survivors, disability and burial costs. This collective policy will be awarded to the insurance company that presents the best economic proposal. A Zero Fund, or a Capital Protection Fund, will be created to ensure stable growth and low volatility. This fund will aim to maintain the value of the affiliates assets after the age of 65. Regulation for this initiative is still pending. Measures were established to expand coverage (pending regulation), such as: The obligatory affiliation to the pension system of self-employed workers under the age of 40. A Social Pension System will be created for workers and managers of micro businesses who are under the age of 40 and perceive monthly incomes up to 1.5 times the Minimum Wage. Under this system, workers will receive a 2 contribution from the State up to a set rate or for an amount equivalent to the affiliate s contributions. Change relative to employers, service management, changes to accounting rules (income deferral), and operating 3 processes at the AFP, among others. The aspects of the Reform that aim to expand coverage and ensure operating efficiencies are noteworthy and will transfer benefits to the company s different interest groups and help preserve the integrity of the Private Pension System. Other relevant events: In terms of investments of funds under management, the year 22 was marked by an improvement in the financial markets. The world s stock exchanges, and primarily those located in emerging countries, posted positive returns, which in turn improved the yields of funds under management. Peru, which boasts solid macroeconomic fundamentals as well as monetary and fiscal stability, was one of the region s top performers with regard to growth this year. This has generated an increase in investment flows; growth in consumer and business confidence; and a encouraging outlook for the years to come. Prima AFP strives to manage the risks that may affect the company s ability to meet its objectives. In 22, improvements were made in loan risk processes to control the counterparty risk to which funds under management may be exposed. We also implemented improvements in processes and methodologies for market risk, which ensures we have the necessary tools to take effective investment decisions. Finally, we continued our efforts to evaluate operating risks relative to critical processes in an environment marked by change and a need to adapt to new rules. In 22, Prima AFP was recertified by ISO 90:2008 for all of it processes (we achieved recertification for the ISO obtained in 2009, which expired in November 2009). This year, the System for Quality Management focused on analyzing our processes to clearly identify the scope, purpose and inter-relation between the same to draw up a process map that accurately represents internal operating. The progress that was made in terms of process knowledge and ordering helped guide the analysis of necessary changes in internal operations and provided important data for the ISO recertification process. This recertification is evidence of our on-going effort to continuously improve our System for Quality Management and satisfy our clients. 8 (2) The State will gradually contribute until it reaches the equivalent of 4% of the micro business employee s salary. The graduality of this rate, and the maximum period that set rate will reach the 4% top, has yet to be established. (3) The efficiency of operating processes refers to the centralization and possibility of outsourcing advisory and sales force services.

9 In 22, Prima AFP continued to lead the market in terms of SPP s main indicators, including: total funds under management, volume of contributions of new contributors and total value of the affiliates RAM (monthly remuneration base). Next, we present the results of the systems main indicators. The contribution level of Prima AFP s affiliates remained solid with an average adjusted contribution rate of 57.5% in January-October 22, which tops the 53.3% reported by the system, according to the information provided by the Superintendencia de Banca, Seguros y AFP (this indicator excludes affiliates that have not made contributions during their time in the SPP). In terms of obligatory collections amounts, Prima AFP once again took the lead in the SPP with a 32.8% share of total collections. This year, the collections volume increased 21.0% (measured in US Dollars). Fee income from funds under management depends on our affiliates remuneration levels. According to estimates based on our revenues and management fee, Prima AFP s remuneration base grew in 22. If we extend the analysis to include the SPP, we estimate that our market share for this indicator was around 32.4% at the end of 22. The funds under management at Prima AFP at the end of 22 totaled US$ 11,964 million, which represents 31.5% of the total amount managed by the SPP. In this context, Prima AFP currently boasts the highest level of funds under management in the system. The volume of voluntary contributions under management increased in 22 to close the year at US$ 98 million with a market share of 44.1% Prima AFP: Main indicators and market share Prima AFP 22 System 22 Share % 22 Prima AFP 21 System 21 Share % 21 Affiliates - Thousands (1) New Affliations - Thousands (2) Sales Force (1) Funds under Management - US$ millions (1) Collections - US$ millions (2) Voluntary Contributions - US$ millions RAM - US$ millions (3) 1,339 5, % 1,2 4, % % % 447 1, % 275 1, % 11,964 37, % 9,486 30, % 833 2, % 688 2, % % % 663 2,4 32.4% 535 1, % Source: Superintendencia de Banca, Seguros y AFP; SMV (1) At the end of the period (2) Accumulated to period (3) Monthly affiliate remuneration, income calculation base. Prima AFP estimates, based on average income over the past 4 months. 9

10 Commercial Results In 22, Prima AFP s commercial actions continued to focus on capturing new affiliates. This has led to more than 140 thousand new affiliations, which represents an increase of 63% YoY. It is important to note that Prima AFP, as the winner of the tender to assign affiliates, was the only AFP in the system that was authorized to capture new affiliates in the last quarter of the year. Sustained growth was evident in the total of the monthly insurable remuneration of our affiliates (RAM) in 22 and by year-end this indicator had increased 24.0% YoY. This growth was attributable to our solid client base, which continues to consolidate following the incorporation of new affiliates. All of this is unfolding in a framework of sustained economic growth, which generates jobs and improves salary levels. In terms of services in 22, Prima AFP offered its affiliates online conferences to provide them with timely information to resolve their doubts about the economic juncture, Prima AFP s investment strategy, and the profitability of its funds. Along the same lines, and with the objective of providing better service, Prima AFP installed modules for rapid customer service in its main agencies nationwide. This gives our affiliates and pensioners the opportunity to quickly and easily access their information in a completely safe and confidential manner. Our agency network includes 17 locations nationwide. At each of these locations, our team is prepared to provide our affiliates with the service they have come to expect. To develop a closer relationship with our affiliates, we have strengthened our presence in the social networks, and Facebook in particular, through Prima AFP and AFPconversa. The latter portal was created by Prima AFP to inform and educate affiliates and non-affiliates about the Private Pension System. This tool has become an additional channel for customer service, information and interaction with affiliates and non-affiliates. In this way, we are able to answer questions about Prima AFPand the SPP on a daily basis. Currently, we have 160,000 fans in our social network. Our objective is to provide better customer service and increase the population s knowledge and understanding of the SPP. Additionally, we provide our affiliates and their employers an online chat service to provide immediate answers to their questions. It is important to mention that Prima AFP schedules annual conferences for the employers of its affiliates to keep them abreast of changes relative to the SPP and provide information on the main issues that affect the system and human resource management. The objective is to ensure client fidelity and keep them informed and up-to-date. Additionally, the prestigious British publication World Finance, which specializes in economics, finance and business in the global ambit gave Prima AFP, for the third time consecutive, the World Finance Pension Funds Award 22 as the best AFP in Peru. Prima AFP obtained this prize due to its outstanding management of risks and investments, its dedication to customer service and its permanent efforts to keep its affiliates informed. Additionally, according to the results of the Annual Survey of Business Leadership conducted by Ipsos Apoyo Opinión y 4 Mercado, 45% of the executives surveyed believe that Prima AFP is the best AFP in the system, well above the average system. 10 (4) The universe considered is composed of the TOP 1,500 private companies that work in Peru. The sample is composed of 235 managers: 162 in Lima and 73 in the aforementioned cities. The study was conducted through personal interviews. The study s fieldwork was conducted between August 20th and October 12th of 22.

11 Investment Results As previously mentioned, the year 22 was marked by an improvement in the financial markets. 5 According to the MSCI indexes, the global stock exchanges grew 13.44% YoY. This growth was driven by the emerging markets, which reported profitability of 15.15%. The Peruvian stock market posted 5.94% profitability during 22, which is slightly higher than the figure of 5.43% posted by the Latin American stock exchanges. Considerable volatility was evident on the local scene due to the sovereign risk in Europe, weak economic recovery in the USA and a possible deceleration in Chinese production. The trajectory of the local stock market followed the evolution of the country s main metals including gold, copper, silver and zinc; all of these commodities posted positive returns in 22. The value of Prima AFP s funds under management increased 26.1% in 22 to total US$ 11,964 million at the end of the year. The profitability indicators for Prima AFP funds under management were positive. In the last 12 months (December 22 / December 21), the results were 12.0%, 12.4% and 11.5% for funds 1, 2 and 3, respectively. If we extend the period of evaluation to 6 years (December 22 / December 2006), Prima AFP s fund 2, which currently represents 66.0% of its total funds under management, reported an annualized nominal yield of 8.8% while SPP s average was 8.2%. It is important to note that Prima AFP s fund 2 was once again the system s top performer. 11 (5) MSCI: Morgan Stanley Capital International

12 Investment Results Prima AFP: Annualized nominal returns indicators Annualized results from investments Prima AFP System Fund 1 Profitability (1 year) Profitability (6 years) Fund 2 Profitability (1 year) Profitability (6 years) Fund 3 Profitability (1 year) Profitability (6 years) Dec % 12.4% 7.4% 7.5% 12.4% 11.8% 8.8% 8.2% 11.5% 10.6% 8.7% 9.0% Source: Superintendencia de Banca, Seguros y AFP. Due to market volatility, there were variations in 22 in the relative weight of each fund in the total portfolio managed by Prima AFP. In this context, fund 3 s share fell from 24.2% to situate at 23.4% at the end of 22; the majority of the affiliates who changed funds migrated to fund 1. Prima AFP: Managed portfolio to December 22 and 21 (US$ million) Dec-12 Share % Dec-11 Share % Fund 1 1, % 9 9.5% Fund 2 7, % 6, % Fund 3 2, % 2, % Total US$ millon 11, % 9, % Source: Superintendencia de Banca, Seguros y AFP. 12

13 Investment Results The investments that Prima AFP makes with its funds under management contribute significantly to national development. Our funds under management are invested in the country s main companies and are used for important development projects in the sectors of energy (electricity distribution, hydroenergy, and hyrdocarbons), transporation (road networks), telecommunications and the agriculture sector. At the end of December 22, more than US$ 1,000 million was invested in companies and infrastructure projects throughout the country. Below, we present the structure of each fund at the end of December 22 according to asset class: Prima AFP Found 1 structure by asset class, as of December 22 (%) 3.5% 6.3% 6.6% Long term fixed income Local equity revenues Short term fixed income Foreign equity income Operations in transit + Current account 18.6% 65% Prima AFP Found 2 structure by asset class, as of December 22 (%) 7.1% 1.7% Long term fixed income Local equity revenues Short term fixed income Foreign equity income Operations in transit + Current account 24% 50.3% 16.9% Prima AFP Found 3 structure by asset class, as of December 22 (%) Long term fixed income Local equity revenues Short term fixed income Foreign equity income Operations in transit + Current account 48.8% 2.1% 17.3% 3.3% 28.5% Source: Superintendencia de Banca, Seguros y AFP. 13

14 Financial Results In 22, Prima AFP reported fee income for US$ million and earnings of US$ 38.2 million. These figures were possible due to growth in our income base and strict control of operating expenses. Income Fee income was US$ million in 22, which represents a 12.2% increase with regard to 21. This growth was possible given our solid income base, which is composed of the total of all of our affiliates remunerations. Prima AFP s management fee is applied to remuneration base. New affiliates also boosted income this year. The income generated by these new captures, which were assigned to the company through the tender process, posted an increase that will be progressively evident in the months to come. Additionally, the 5% appreciation (approx.) in the local currency had an impact on income denominated in US Dollars. Administrative and sales expenses Expenses for personnel totaled US$ 35.1 million, which represents a 25.4% increase with regard to 21. This growth was primarily attributable to commercial efforts to capture new affiliates and changes in accounting to reflect the requirements of the Law to Reform the SPP. Administrative expenses, excluding personnel, totaled US$ 26.6 million, which represents a 2.5% decrease YoY. This figure included US$ 8.5 million for depreciation and amortization. This decrease is attributable to a decrease in amortization charges for intangibles linked to the acquisition of Unión Vida in In 22, this amortization was US$ 4.4 million. Other income and expenses At the end of 22, other income and expenses posted a result of -US$ 0.6 million, which represents a 64% increase with regard to the figure reported in 21 (-US$ 1.5 million). This result is due to the US$ 3.6 million in earnings that was generated by the sale of its main office site to Pacifico Vida in 22. General Balance Prima AFP reported a cash position of US$ 51.6 million at year-end. This level is associated with Prima AFP S move to sell real estate to Pacifico Vida for US$ 13.6 million as well as earnings generated by its business. A portion of these financial resources will be used to reduce the company s share capital, in accordance with measures that were approved at the General Shareholders Meeting in November 22. The temporary cash surpluses reported during the year were held in bank deposits. 14

15 Financial Results Legal reserves, which correspond to shares held in funds as a guarantee in the case of fluctuations in profitability with regard to the competition, increased in 22. At the end of the year, the asset level was situated at US$ 1.6 million whereas shareholders equity reported net unrealized gains for US$ 37.1 million. Prima AFP S financial debt matures in 26. In this regard, the company s payment schedule is in keeping with its objective to optimize the company s debt/capital structure. In the month of December 22, debt was assumed for US$ 2.1million to finance mid-term investments in software and fixed assets. At the end of December 22, Prima s bank debt totaled US$ 28.5 million, which is similar to the balance reported at the end of December 21. At year-end, Prima AFP reported an asset level of US$ million, liabilities for US$ million, and net shareholders equity of US$ million. Prima AFP: Main Financial Indicators (US$ thousands) 1/ Revenues General expenses Net earnings 117,157 1,380 (78,971) (71,984) 38,186 32,396 Total Assets Total Liabilities Net Equity 310, , ,713 92, , ,931 1/ IFRS 15

16 Legal and Shareholders Issues At the General Shareholders Meeting held on March 30, 22, a new Board was appointed. The delegates to the Board are: 1. Walter Bayly Llona, who was elected to serve as President on the Board Session held on March 30, Ruben Loaiza Negreiros 3. Alvaro Correa Malachowski 4. Gianfranco Ferrari de las Casas 5. Fernando Dasso Montero 6. Pedro Rubio Feijoo 7. Rodolfo Javier Otero Nosiglia In the Board Session on March 22, 22, Julissa Echecopar Yllanes was appointed to serve as Manager of Finance and Administration, replacing Sandra Holme Bowdin, who is moving on to new projects in Credicorp. On May, 22, Renzo Ricci Cocchella became General Manager of Prima AFP, replacing Ruben Loaiza Negreiros, who now sits on the Board as Vice President. Additionally, as of May, 22, Jaime Vargas Galdos was named Manager of the Commercial Division, replacing Renzo Ricci Cocchella. On November, 22, Claudia Noriega Pacora was appointed Manager of the Division of Risks, replacing Gonzalo Podestá Haustein, who will be working on new projects in Credicorp. At the General Shareholders Meeting held on November 05, 22, an agreement was reached to increase the number of board members from seven (7) to (8) and named Alfredo Thorne Vetter as an Independent Director. Additionally, at the General Shareholders Meeting held on November 05, 22, an agreement was reached to partially modify Prima AFP s statutes to reduce share capital by S/. 67,340,000 (which is equivalent to US$ 26.3 million) by returning the contributions of the shareholder Grupo Crédito S.A. through the amortization of 67,340 shares with a nominal value of S/. 1,000 each. Subsequently, the company s share capital fell from US$ 97.7 million to US$ 71.4 million. At the Board Meeting held on November 19, 22, Eduardo De la Piedra Higueras was named an independent director, replacing Rodolfo Javier Otero Nosiglia, who presented his resignation. 16

17 US$ millon In 22, Prima AFP reported fee income of US$ million and earnings of US$ 38.2 million (IFRS results), both result of growth in our income base and prudent expense controls. 17

18 Balance Sheet Assets Cash Legal reserves Fixed Assets Intangibles Goodwill Other assets Income tax differed (US$ thousands) (US$ thousands) 51,642 15,708 1,550 88,319 3,5 13,893 64,525 70,265 44,594 44,594 43,867 34, ,076 Total assets 310, ,242 Liabilities Deposits and obligations Bank debt Income tax differed 6 Other liabilities ,468 28,295 27,878 27,690 84,600 35,511 Total liabilities 141,713 92,311 Net equity Capital Legal reserves and others Unrealized earnings Cummulative results Annual results 71,433 97,707 8,517 5,7 37,108 25,970 13,863 16,842 38,186 32,396 Total net equity 169, ,931 Total liabilities and net equity 310, , (6) At the end of December 22, Prima's liabilities include a reduction in capital for US$ 26.3 million through a reimbursement of contributions to Grupo Credito, S.A. This payment was made in February 23.

19 Profit and Loss Statement Financial revenues Interests on bank deposits (US$ thousands) (US$ thousands) Financial expenses Interests on bank and correspondents' loans Net interest income Other income Fees Other income (1,714) (1,548) (1,714) (1,548) (746) (998) 118, , ,157 1, ,114 Operative expenses Personnel expenses Administrative expenses Depreciation and Amortization Other expenses (60,798) (56,799) (35,109) (28,008) (18,079) (18,152) (8,542) (9,147) 932 (1,492) Exchange rate translation result 153 (176) Income before income tax 56,733 47,521 Income tax (18,547) (15,125) Net Income 38,186 32,396 19

20 DIRECTORS AND 20

21 Board of Directors President Vice President Director Director Director Director Director Director Walter Bayly Llona Ruben Loaiza Negreiros Alvaro Correa Malachowski Fernando Dasso Montero Gianfranco Ferrari De Las Casas Pedro Rubio Feijoo Alfredo Thorne Vetter Eduardo De la Piedra Higueras Management General Manager Commercial Manager Investment Manager Risk Manager Finance and Administration Manager Operations Manager IT Manager Legal Manager Human Resources Manager Renzo Ricci Cocchella Jaime Vargas Galdos José Antonio Roca Voto-Bernales Claudia Noriega Pacora Julissa Echecopar Yllanes Julio Bravo Torrontegui Guillermo Beingolea Vingerhoets Claudia Subauste Uribe Carla Barrionuevo Gómez-Morón 21

Consolidated Balance Sheets

Consolidated Balance Sheets Consolidated Balance Sheets March 31 2015 2014 2015 Assets: Current assets Cash and cash equivalents 726,888 604,571 $ 6,057,400 Marketable securities 19,033 16,635 158,608 Notes and accounts receivable:

More information

Consolidated Interim Earnings Report

Consolidated Interim Earnings Report Consolidated Interim Earnings Report For the Six Months Ended 30th September, 2003 23th Octorber, 2003 Hitachi Capital Corporation These financial statements were prepared for the interim earnings release

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

BALANCE SHEET AND INCOME STATEMENT

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

More information

MITSUI SUMITOMO INSURANCE COMPANY, LIMITED AND SUBSIDIARIES. CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006

MITSUI SUMITOMO INSURANCE COMPANY, LIMITED AND SUBSIDIARIES. CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006 CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006 2005 2006 ASSETS Investments - other than investments in affiliates: Securities available for sale: Fixed maturities, at fair value 3,043,851 3,193,503

More information

PEGAS NONWOVENS SA. First quarter 2010 unaudited consolidated financial results

PEGAS NONWOVENS SA. First quarter 2010 unaudited consolidated financial results PEGAS NONWOVENS SA First quarter 2010 unaudited consolidated financial results May 20, 2010 PEGAS NONWOVENS SA announces its unaudited consolidated financial results for the first quarter of 2010 to March

More information

6. Significant Accounting Policies for Preparing Consolidated Financial Statements

6. Significant Accounting Policies for Preparing Consolidated Financial Statements 6. Significant Accounting Policies for Preparing Consolidated Financial Statements (1) Scope of consolidation (a) Consolidated subsidiaries Principal companies: 327 companies Sumitomo Mitsui Banking Corporation

More information

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board September 30, 2015 Condensed Interim Consolidated Balance Sheet As at September 30, 2015 As at September 30,

More information

Consolidated Financial Summary For the third quarter of the fiscal year ending March 31, 2009

Consolidated Financial Summary For the third quarter of the fiscal year ending March 31, 2009 Monex Group, Inc. Consolidated Financial Summary under Japanese GAAP for the third quarter of the fiscal year ending March 31, 2009 (April 1, 2008-December 31, 2008) This is an English translation of Japanese

More information

Overview of Business Results for the 2nd Quarter of Fiscal Year Ending March 31, 2012 (2Q FY2011)

Overview of Business Results for the 2nd Quarter of Fiscal Year Ending March 31, 2012 (2Q FY2011) November 8, 2011 Overview of Business Results for the 2nd Quarter of Fiscal Year Ending March 31, 2012 () Name of the company: Iwatani Corporation Share traded: TSE, OSE, and NSE first sections Company

More information

CONSOLIDATED RESULTS AS AT 30 JUNE 2012

CONSOLIDATED RESULTS AS AT 30 JUNE 2012 CONSOLIDATED RESULTS AS AT 30 JUNE 2012 THE IMPLEMENTATION OF THE PROJECT TO SIMPLIFY THE GROUP CORPORATE STRUCTURE CONTINUES, WITH POSITIVE EFFECTS ON CAPITAL AND SYNERGIES FURTHER IMPROVEMENT IN THE

More information

Citibank Japan, LTD ( CJL ) 2-3-14 Higashi-shinagawa, Shinagawa-ku, Tokyo Representative Director, President & CEO Darren Buckley

Citibank Japan, LTD ( CJL ) 2-3-14 Higashi-shinagawa, Shinagawa-ku, Tokyo Representative Director, President & CEO Darren Buckley Financial Publication for Fiscal Year Ended March 31, 2009 June 30, 2009 Citibank Japan, LTD ( CJL ) 2-3-14 Higashi-shinagawa, Shinagawa-ku, Tokyo Representative Director, President & CEO Darren Buckley

More information

GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $4.02

GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $4.02 The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $4.02 NEW YORK, April 17, 2014 - The Goldman Sachs Group, Inc. (NYSE:

More information

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board December 31, 2015 Condensed Interim Consolidated Balance Sheet As at December 31, 2015 (CAD millions) As at December

More information

West Japan Railway Company

West Japan Railway Company (Translation) Matters to be disclosed on the Internet in accordance with laws and ordinances and the Articles of Incorporation NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTES TO NON-CONSOLIDATED FINANCIAL

More information

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED

More information

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

Notes to Consolidated Financial Statements Notes to Non-Consolidated Financial Statements [Translation: Please note that the following purports to be a translation from the Japanese original Notice of Convocation of the Annual General Meeting of Shareholders 2013 of Chugai Pharmaceutical Co.,

More information

Notes to Consolidated Financial Statements Year ended March 31, 2014

Notes to Consolidated Financial Statements Year ended March 31, 2014 Notes to Consolidated Financial Statements Year ended March 31, 2014 Mitsui Oil Exploration Co., Ltd. and Consolidated Subsidiaries 1. Basis of Presenting Consolidated Financial Statements The accompanying

More information

Report of 3Q 2015 consolidated results Information reported in Ps. billions (1) and under Full IFRS (1) We refer to billions as thousands of

Report of 3Q 2015 consolidated results Information reported in Ps. billions (1) and under Full IFRS (1) We refer to billions as thousands of Report of 3Q 2015 consolidated results Information reported in Ps. billions (1) and under Full IFRS (1) We refer to billions as thousands of millions. isclaimer Grupo Aval Acciones y Valores S.A. ( Grupo

More information

Data Compilation Financial Data

Data Compilation Financial Data Data Compilation Financial Data CONTENTS 1. Transition of Significant Management Indicators, etc. Japan Post Group (Consolidated) 122 Japan Post Holdings Co., Ltd. (Non-consolidated) 122 Japan Post Co.,

More information

Peru Banking System Update: 2014 3 rd Quarter

Peru Banking System Update: 2014 3 rd Quarter Overview Earlier this year we published a series of notes that described the banking systems in Jamestown Latin America s target markets. On a quarterly basis, we will provide updates on the financial

More information

Excerpt from the ACGR on Enterprise Risk Management

Excerpt from the ACGR on Enterprise Risk Management Excerpt from the ACGR on Enterprise Risk Management F. RISK MANAGEMENT SYSTEM 1) Disclose the following: (a) Overall risk management philosophy of the company; Objectives and Policies The Group has significant

More information

CANON REPORTS RESULTS FOR FISCAL 1999

CANON REPORTS RESULTS FOR FISCAL 1999 February 14, 2000 CANON REPORTS RESULTS FOR FISCAL 1999 1. CONSOLIDATED RESULTS Millions of yen (except per share amounts) Actual Projected 1999 1998 Change(%) 2000 Change(%) Net sales 2,622,265 2,826,269-7.2

More information

Kansas City 4Life Insurance Company

Kansas City 4Life Insurance Company Kansas City 4Life Insurance Company 2009 Fourth Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

Consolidated Financial Report 2009

Consolidated Financial Report 2009 Consolidated Financial Report 2009 Fiscal year ended March 31, 2009 Management's Discussion and Analysis Forward-looking statements in this document represent the best judgment of the Kagome Group as of

More information

Nippon Life Insurance Company (the Company ; President: Yoshinobu Tsutsui) announces financial results for the fiscal year ended March 31, 2016.

Nippon Life Insurance Company (the Company ; President: Yoshinobu Tsutsui) announces financial results for the fiscal year ended March 31, 2016. May 26, 2016 Financial Results for the Fiscal Year Ended March 31, 2016 Nippon Life Insurance Company (the Company ; President: Yoshinobu Tsutsui) announces financial results for the fiscal year ended

More information

Consolidated Financial and Performance Review for the First Quarter of Fiscal Year Ending March 2007 July 28, 2006

Consolidated Financial and Performance Review for the First Quarter of Fiscal Year Ending March 2007 July 28, 2006 Consolidated Financial and Performance Review for the First Quarter of Fiscal Year Ending March 2007 July 28, 2006 Company Name: URL: Representative: Inquiries: Kenwood Corporation (Code No. 6765, Stock

More information

IMPACT Silver Corp. Interim Consolidated Financial Statements March 31, 2009 Unaudited

IMPACT Silver Corp. Interim Consolidated Financial Statements March 31, 2009 Unaudited Interim Consolidated Financial Statements Statement 1 Consolidated Balance Sheets ASSETS March 31 2009 December 31 2008 Current Cash and cash equivalents $ 5,357,480 $ 5,433,480 Accounts receivable and

More information

! "#$ %&!& "& ' - 3+4 &*!&-.,,5///2!(.//+ & $!- )!* & % +, -).//0)& 7+00///2 *&&.4 &*!&- 7.00///2 )!*.//+ 8 -!% %& "#$ ) &!&.

! #$ %&!& & ' - 3+4 &*!&-.,,5///2!(.//+ & $!- )!* & % +, -).//0)& 7+00///2 *&&.4 &*!&- 7.00///2 )!*.//+ 8 -!% %& #$ ) &!&. ! "#!""#$%$#$#$"& $'"()*+,$-).,/ 012! "#$ %&!& "& '!(&)!*&%+,-).//0 -#$#3-4' &,'1$1# $!-!(.//0)& +01+///2 *&& - 3+4 &*!&-.,,5///2!(.//+ &!(!-6%(!(.//.$(!(.//0)& 01,///2 //+2% &*!&- 5,0///2 //32%!(.//+

More information

Ricoh Company, Ltd. INTERIM REPORT (Non consolidated. Half year ended September 30, 2000)

Ricoh Company, Ltd. INTERIM REPORT (Non consolidated. Half year ended September 30, 2000) Ricoh Company, Ltd. INTERIM REPORT (Non consolidated. Half year ended September 30, 2000) *Date of approval for the financial results for the half year ended September 30, 2000, at the Board of Directors'

More information

1. Basis of Preparation. 2. Summary of Significant Accounting Policies. Principles of consolidation. (a) Foreign currency translation.

1. Basis of Preparation. 2. Summary of Significant Accounting Policies. Principles of consolidation. (a) Foreign currency translation. Nitta Corporation and Subsidiaries Notes to Consolidated Financial Statements March 31, 1. Basis of Preparation The accompanying consolidated financial statements of Nitta Corporation (the Company ) and

More information

Altus Group Reports First Quarter Financial Results for 2015

Altus Group Reports First Quarter Financial Results for 2015 Street Smart. World Wise. Altus Group Reports First Quarter Financial Results for 2015 Altus Group Delivers 14% Revenue Growth, Including 43% Increase in Recurring Revenues from GAIM Businesses TORONTO,

More information

Consolidated Financial Results for the nine months of Fiscal Year 2010

Consolidated Financial Results for the nine months of Fiscal Year 2010 Consolidated Financial Results for the nine months of Fiscal Year 2010 (Fiscal Year 2010: Year ending March 31, 2010) Noritake Co., Limited Company Name Stock Exchange Listings Tokyo, Nagoya Code Number

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

CONSOLIDATED STATEMENT OF INCOME

CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF INCOME 4 th quarter (a) 3 rd quarter 4 th quarter 2009 Sales 40,157 40,180 36,228 Excise taxes (4,397) (4,952) (4,933) Revenues from sales 35,760 35,228 31,295 Purchases, net

More information

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (For consolidated balance sheets) (As of March 31, 2007) (As of March 31, 2008) 1. *1 Accumulated depreciation of property, plant and equipment 4,349,349 The

More information

PAYCHEX, INC. REPORTS SECOND QUARTER RESULTS

PAYCHEX, INC. REPORTS SECOND QUARTER RESULTS PAYCHEX, INC. REPORTS SECOND QUARTER RESULTS December 22, 2015 SECOND QUARTER FISCAL 2016 HIGHLIGHTS Total revenue increased 7% to $722.4 million. Total service revenue increased 7% to $711.3 million.

More information

Consolidated Financial Results for the Third Quarter Ended December 31, 2014

Consolidated Financial Results for the Third Quarter Ended December 31, 2014 Consolidated Financial Results for the Third Quarter Ended February 3, 2015 SHARP CORPORATION Stock exchange listings: Tokyo Code number: 6753 URL: http://www.sharp.co.jp/ Representative: Kozo Takahashi,

More information

Consolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards]

Consolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards] The figures for these Financial Statements are prepared in accordance with the accounting principles based on Japanese law. Accordingly, they do not necessarily match the figures in the Annual Report issued

More information

HSBC BANK CANADA FIRST QUARTER 2014 RESULTS

HSBC BANK CANADA FIRST QUARTER 2014 RESULTS 7 May 2014 HSBC BANK CANADA FIRST QUARTER 2014 RESULTS Profit before income tax expense for the quarter ended 2014 was C$233m, a decrease of 13.4% compared with the same period in and broadly unchanged

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

CONSOLIDATED STATEMENT OF INCOME

CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF INCOME Notes Sales 1) 5,429,574 5,169,545 Cost of Goods Sold 2) 3,041,622 2,824,771 Gross Profit 2,387,952 2,344,774 Selling Expenses 3) 1,437,010 1,381,132 General and Administrative

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) Q2 2012 Q2 2013 % H1 2012 H1 2013 % Restated * change Restated * change Revenue 779 732-6.0% 1,513 1,437-5.0% Cost of sales (553) (521) -5.8%

More information

GUYANA GOLDFIELDS INC.

GUYANA GOLDFIELDS INC. Interim Consolidated Financial Statements MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying unaudited interim consolidated financial statements of Guyana Goldfields Inc. (An exploration

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

PAYCHEX, INC. REPORTS FOURTH QUARTER AND FISCAL 2015 RESULTS

PAYCHEX, INC. REPORTS FOURTH QUARTER AND FISCAL 2015 RESULTS PAYCHEX, INC. REPORTS FOURTH QUARTER AND FISCAL 2015 RESULTS July 1, 2015 FOURTH QUARTER AND FULL YEAR FISCAL 2015 HIGHLIGHTS Total service revenue increased 8% to $681.4 million for the fourth quarter;

More information

An overview of FX Exposure Risk: Assessment and Management

An overview of FX Exposure Risk: Assessment and Management An overview of FX Exposure Risk: Assessment and Management June 2015 1. Introduction This report presents an overview of various types of foreign currency exposure, their impact on the financial statements,

More information

NedSense enterprises n.v. Condensed consolidated Interim financial statements

NedSense enterprises n.v. Condensed consolidated Interim financial statements NED NEDSENSE enterprises n.v. NedSense enterprises n.v. Condensed consolidated Interim financial statements 30 June 2012 NedSense enterprises n.v. Half-year Report 2012 (unaudited) Report of the Board

More information

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements PAGE 20 Tokyo Electron Limited and Subsidiaries Years ended March 31, 2015 and 2014 Consolidated Statements of Changes in Net Assets Consolidated Statements of Cash Flows Independent Auditor s Report 1.

More information

Summarized Business Results Consolidated Financial Statements for Fiscal 2003

Summarized Business Results Consolidated Financial Statements for Fiscal 2003 Summarized Business Results Consolidated Financial Statements for For Immediate Release May 23, 2003 The management of Focus Systems Corporation (4662 JASDAQ), is pleased to inform you of the Company s

More information

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

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

More information

2014 Half-Year Results

2014 Half-Year Results 2014 Half-Year Results July 30, 2014 Amsterdam Nancy McKinstry Chief Executive Officer and Chairman Kevin Entricken Chief Financial Officer Forward-looking Statements This presentation contains forward-looking

More information

Summary of Financial Statements (J-GAAP) (Consolidated)

Summary of Financial Statements (J-GAAP) (Consolidated) Summary of Financial Statements (J-GAAP) (Consolidated) February 10, 2016 Company Name: Sodick Co., Ltd. Stock Exchange: Tokyo Stock Exchange, 1st Section Code Number: 6143 URL: http://www.sodick.co.jp

More information

The Awa Bank, Ltd. Consolidated Financial Statements. The Awa Bank, Ltd. and its Consolidated Subsidiaries. Years ended March 31, 2011 and 2012

The Awa Bank, Ltd. Consolidated Financial Statements. The Awa Bank, Ltd. and its Consolidated Subsidiaries. Years ended March 31, 2011 and 2012 The Awa Bank, Ltd. Consolidated Financial Statements Years ended March 31, 2011 and 2012 Consolidated Balance Sheets (Note 1) 2011 2012 2012 Assets Cash and due from banks (Notes 3 and 4) \ 230,831 \

More information

PRESS RELEASE. Loyal customers grew by 1.2 million, to 13.8 million, and digitally active customers by 2.5 million, to 16.6 million.

PRESS RELEASE. Loyal customers grew by 1.2 million, to 13.8 million, and digitally active customers by 2.5 million, to 16.6 million. 2015 RESULTS Banco Santander delivers on its targets and earns EUR 5.966 million (+3%), with strong underlying performance of 13% based on increasing customer satisfaction and loyalty PRESS RELEASE In

More information

Cathay Life Insurance Co., Ltd. Financial Statements As of December 31, 2006 and 2007 With Independent Auditors Report

Cathay Life Insurance Co., Ltd. Financial Statements As of December 31, 2006 and 2007 With Independent Auditors Report Financial Statements With Independent Auditors Report The reader is advised that these financial statements have been prepared originally in Chinese. These financial statements do not include additional

More information

Capital Stock. (units) 9/30/2015 512.362.664 509.842.829 1.022.205.493 6.522.831 13.045.663 19.568.494

Capital Stock. (units) 9/30/2015 512.362.664 509.842.829 1.022.205.493 6.522.831 13.045.663 19.568.494 (Convenience translation into English from the original previously issued in Portuguese) ITR QUARTERLY INFORMATION 9/30/2015 SUL AMÉRICA S/A Capital Stock Shares Number (units) Capital Stock Common Preferred

More information

[Translation] - 2 - (Millions of Yen) Amount. Account. (Liabilities) Current liabilities 4,655. Short-term loans payable 1,000. Income taxes payable

[Translation] - 2 - (Millions of Yen) Amount. Account. (Liabilities) Current liabilities 4,655. Short-term loans payable 1,000. Income taxes payable Financial Report for the 25th Business Year 1-5-1 Marunouchi, Chiyoda-ku, Tokyo Citigroup Japan Holdings Corp. Anthony P. Della Pietra, Jr., Representative Director, President and CEO Balance Sheet (for

More information

Third Quarter 2014 Financial Results

Third Quarter 2014 Financial Results Third Quarter 2014 Financial Results Core pre-provision income up by 8.0% in the third quarter 2014. Operating expenses further down by 3.7% q-o-q and 11.4% y-o-y on a comparable basis. Accelerated provisioning

More information

DTS CORPORATION and Consolidated Subsidiaries. Unaudited Quarterly Consolidated Financial Statements for the Three Months Ended June 30, 2008

DTS CORPORATION and Consolidated Subsidiaries. Unaudited Quarterly Consolidated Financial Statements for the Three Months Ended June 30, 2008 DTS CORPORATION and Consolidated Subsidiaries Unaudited Quarterly Consolidated Financial Statements for the Three Months Ended June 30, 2008 DTS CORPORATION and Consolidated Subsidiaries Quarterly Consolidated

More information

FINANCIAL REVIEW. 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations

FINANCIAL REVIEW. 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations 2012 FINANCIAL REVIEW 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations 82 Quantitative and Qualitative Disclosures About Market Risk 88

More information

Consolidated Financial Statements. Forestry Innovation Investment Ltd. March 31, 2014

Consolidated Financial Statements. Forestry Innovation Investment Ltd. March 31, 2014 Consolidated Financial Statements Forestry Innovation Investment Ltd. Contents Page Independent Auditor's Report 1-2 Consolidated Statement of Financial Position 3 Consolidated Statement of Operations

More information

GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84

GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84 The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84 NEW YORK, October 18, 2011 - The Goldman Sachs Group, Inc. (NYSE:

More information

KIRIN HOLDINGS COMPANY, LIMITED

KIRIN HOLDINGS COMPANY, LIMITED KIRIN HOLDINGS COMPANY, LIMITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012 TOGETHER WITH INDEPENDENT AUDITOR S REPORT Consolidated Balance Sheets Kirin Holdings Company,

More information

Consolidated Financial Results for Fiscal Year 2013 (April 1, 2013 March 31, 2014)

Consolidated Financial Results for Fiscal Year 2013 (April 1, 2013 March 31, 2014) Consolidated Financial Results for Fiscal Year 2013 (April 1, 2013 March 31, 2014) 28/4/2014 Name of registrant: ShinMaywa Industries, Ltd. Stock Exchange Listed: Tokyo Code number: 7224 (URL: http://www.shinmaywa.co.jp

More information

Analyst Meeting Materials

Analyst Meeting Materials Azbil Corporation RIC: 6845.T, Sedol: 6985543 Analyst Meeting Materials For the Third Quarter of the Fiscal Year Ending March 31, 2016 (Based on Japanese GAAP) Human-centered Automation 1. Financial

More information

Interim Report Fiscal 2003

Interim Report Fiscal 2003 Interim Report Fiscal 2003 2nd Quarter Message to Shareholders and Analysis of Operating Results and Financial Position We are pleased to present the results for the second quarter of fiscal 2003 for Saputo

More information

PRESS RELEASE. RESULTS 2014 Santander grows business in all markets and makes a profit of EUR 5.816 billion in 2014

PRESS RELEASE. RESULTS 2014 Santander grows business in all markets and makes a profit of EUR 5.816 billion in 2014 RESULTS 2014 Santander grows business in all markets and makes a profit of EUR 5.816 billion in 2014 In 2014, Santander continued to support its clients, growing loans by 5%. We did it with a sustained

More information

PAYCHEX, INC. REPORTS THIRD QUARTER RESULTS

PAYCHEX, INC. REPORTS THIRD QUARTER RESULTS PAYCHEX, INC. REPORTS THIRD QUARTER RESULTS March 25, 2015 THIRD QUARTER FISCAL 2015 HIGHLIGHTS Total service revenue increased 8% to $693.6 million for the third quarter; 9% for the nine months. Payroll

More information

GENWORTH MI CANADA INC.

GENWORTH MI CANADA INC. Condensed Consolidated Interim Financial Statements (In Canadian dollars) GENWORTH MI CANADA INC. Three and six months ended June 30, 2015 and 2014 Condensed Consolidated Interim Statements of Financial

More information

Summary of Significant Differences between Japanese GAAP and U.S. GAAP

Summary of Significant Differences between Japanese GAAP and U.S. GAAP Summary of Significant Differences between Japanese GAAP and U.S. GAAP The consolidated financial statements of SMFG and its subsidiaries presented in this annual report conform with generally accepted

More information

Consolidated Financial Statements

Consolidated Financial Statements Consolidated Financial Statements For the year ended February 20, 2016 Nitori Holdings Co., Ltd. Consolidated Balance Sheet Nitori Holdings Co., Ltd. and consolidated subsidiaries As at February 20, 2016

More information

Quarterly Securities Report

Quarterly Securities Report Quarterly Securities Report (The third quarter of the 39th fiscal year) ACOM CO., LTD. Quarterly Securities Report 1. This document has been outputted and printed by adding a table of contents and page

More information

(5) Notes Regarding Going Concern Assumptions. (6) Basis of presenting consolidated financial statements. None. [1] Scope of consolidation

(5) Notes Regarding Going Concern Assumptions. (6) Basis of presenting consolidated financial statements. None. [1] Scope of consolidation (5) Notes Regarding Going Concern Assumptions None. (6) Basis of presenting consolidated financial statements [1] Scope of consolidation 1) Number of consolidated subsidiaries: 92 Principal consolidated

More information

FACTORIT S.p.A. SOCIETA DI FACTORING DELLE BANCHE POPOLARI ITALIANE FINANCIAL STATEMENTS AT 31 DECEMBER, 2001

FACTORIT S.p.A. SOCIETA DI FACTORING DELLE BANCHE POPOLARI ITALIANE FINANCIAL STATEMENTS AT 31 DECEMBER, 2001 FACTORIT S.p.A. SOCIETA DI FACTORING DELLE BANCHE POPOLARI ITALIANE FINANCIAL STATEMENTS AT 31 DECEMBER, 2001 2 FACTORIT S.p.A. Balance sheets as at 31 December, 2001 and 2000 (in Lire/million) Notes Assets

More information

Financial Term Definitions

Financial Term Definitions Financial Term Definitions BALANCE SHEET Cash and Due from Banks Cash, petty cash, balances in banks, including noninterest bearing deposits Reserves from Central Bank Cash reserves in a central bank Short

More information

INDEX TO FINANCIAL STATEMENTS. Balance Sheets as of June 30, 2015 and December 31, 2014 (Unaudited) F-2

INDEX TO FINANCIAL STATEMENTS. Balance Sheets as of June 30, 2015 and December 31, 2014 (Unaudited) F-2 INDEX TO FINANCIAL STATEMENTS Page Financial Statements Balance Sheets as of and December 31, 2014 (Unaudited) F-2 Statements of Operations for the three months ended and 2014 (Unaudited) F-3 Statements

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

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE FirstMerit Corporation Analysts: Thomas O Malley/Investor Relations Officer Phone: 330.384.7109 Media Contact: Robert Townsend/Media Relations Officer Phone: 330.384.7075 FirstMerit

More information

FINANCIAL STATEMENTS. Alberta Beverage Container Recycling Corporation. Contents

FINANCIAL STATEMENTS. Alberta Beverage Container Recycling Corporation. Contents 1 FINANCIAL STATEMENTS Alberta Beverage Container Recycling Corporation Contents 2 Independent Auditor s Report 3 Statement of Operations and Changes in Net Assets 4 Statement of Financial Position 5 Statement

More information

James L. Dunn, Jr. Senior Vice President and Chief Financial Officer (602) 952-1200

James L. Dunn, Jr. Senior Vice President and Chief Financial Officer (602) 952-1200 Contact: James M. Powers, Jr. President and Chief Executive Officer (602) 952-1200 James L. Dunn, Jr. Senior Vice President and Chief Financial Officer (602) 952-1200 ilinc COMMUNICATIONS ANNOUNCES FISCAL

More information

Understanding Bank Ratios

Understanding Bank Ratios The Directors Education Series Understanding Bank Ratios Bankers Insight Group, LLC JEFFERY W. JOHNSON What Banking Factors Should be Measured? Asset Quality Capital Adequacy Earnings Liquidity 1 Asset

More information

FINANCIAL REVIEW Second Quarter Ended June 30, 2009

FINANCIAL REVIEW Second Quarter Ended June 30, 2009 FINANCIAL REVIEW Second Quarter Ended June 30, 2009 UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Second Quarter Ended June 30, 2009 (Expressed in thousands of United States Dollars, unless otherwise

More information

Investments and advances... 344,499

Investments and advances... 344,499 Consolidated Financial Statements of the Company The consolidated balance sheet, statement of income, and statement of equity of the Company are as follows. Please note the Company s consolidated financial

More information

PRESS RELEASE 1H 2015

PRESS RELEASE 1H 2015 PRESS RELEASE 1H 2015 (Non-audited accounts) 31 August 2015 1. EVOLUTION OF BUSINESS AREAS 1.1. FINANCIAL AREA The Financial Area comprises all financial activities of the Group including Orey Financial

More information

3. CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS

3. CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS 3. CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS (1) Consolidated Quarterly Balance Sheets September 30, 2014 and March 31, 2014 Supplementary Information 2Q FY March 2015 March 31, 2014 September 30, 2014

More information

Independent Auditors Report

Independent Auditors Report Independent Auditors Report To the Board of Directors of We have audited the accompanying financial statements of Genome British Columbia, which comprise the statement of financial position as at March

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

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

Financial Review. 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations

Financial Review. 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations 2011 Financial Review 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations 82 Quantitative and Qualitative Disclosures About Market Risk 90

More information

The Kansai Electric Power Company, Incorporated and Subsidiaries

The Kansai Electric Power Company, Incorporated and Subsidiaries The Kansai Electric Power Company, Incorporated and Subsidiaries Consolidated Financial Statements for the Years Ended March 31, 2003 and 2002 and for the Six Months Ended September 30, 2003 and 2002 The

More information

Consolidated Management Indicators

Consolidated Management Indicators Consolidated Management Indicators Isetan Mitsukoshi Holdings Ltd., Consolidated Subsidiaries and Affiliated Companies Net sales Gross profit Selling, general and administrative expenses Operating income

More information

EQUINIX, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP PRESENTATION (in thousands, except per share data) (unaudited)

EQUINIX, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP PRESENTATION (in thousands, except per share data) (unaudited) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP PRESENTATION (in thousands, except per share data) Recurring revenues $ 314,727 $ 282,117 $ 216,517 $ 834,080 $ 610,384 Non-recurring revenues 15,620

More information

Walmart reports Q1 FY 16 EPS of $1.03

Walmart reports Q1 FY 16 EPS of $1.03 Walmart reports Q FY 6 EPS of.03 Q diluted EPS from continuing operations was.03, within guidance of 0.95 to.0. Currency negatively impacted EPS by approximately 0.03. Walmart U.S..% comp includes positive

More information

Case Western Reserve University Consolidated Financial Statements for the Year Ending June 30, 2001

Case Western Reserve University Consolidated Financial Statements for the Year Ending June 30, 2001 Contents Report of Independent Accountants 1 Part 1 Consolidated Financial Statements Consolidated Balance Sheet 2 Consolidated Statement of Activities 3 Consolidated Statement of Cash Flows 4 Part 2 Summary

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

Words from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 5 Local government lending 6 Funding 6 Results 6 Balance sheet

Words from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 5 Local government lending 6 Funding 6 Results 6 Balance sheet Words from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 5 Local government lending 6 Funding 6 Results 6 Balance sheet 7 Events after the balance sheet date 8 Income statement

More information

Logwin AG. Interim Financial Report as of 31 March 2015

Logwin AG. Interim Financial Report as of 31 March 2015 Logwin AG Interim Financial Report as of 31 March 2015 Key Figures 1 January 31 March 2015 Earnings position In thousand EUR 2015 2014 Revenues Group 274,433 278,533 Change on 2014-1.5% Solutions 101,821

More information

ACADIAN TIMBER CORP. REPORTS FOURTH QUARTER AND YEAR-END RESULTS

ACADIAN TIMBER CORP. REPORTS FOURTH QUARTER AND YEAR-END RESULTS News Release Investors, analysts and other interested parties can access Acadian Timber Corp. s 2015 Fourth Quarter Results conference call via webcast on Thursday, February 11, 2016 at 1:00 p.m. ET at

More information

4Q15. Management Discussion & Analysis and Complete Financial Statements

4Q15. Management Discussion & Analysis and Complete Financial Statements 4Q15 Management Discussion & Analysis and Complete Financial Statements CONTENTS 03 Management Discussion & Analysis 05 Executive Summary 15 Income Statement and Balance Sheet Analysis 16 18 22 25 28 33

More information