Gruppo Editoriale L Espresso. Società per azioni

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Gruppo Editoriale L Espresso. Società per azioni"

Transcription

1 Gruppo Editoriale L Espresso Società per azioni Annual Report 2002

2 Relazione del consiglio di amministrazione Gruppo Editoriale L Espresso Gruppo Editoriale L Espresso Società per azioni Annual Report 2002 (Translation from the original issued in Italian)

3 Gruppo Editoriale L Espresso Contents Report of the Board of Directors 13 Consolidated Financial Statements 26 Notes to the Consolidated Financial Statements 35 Attachments 60 Reclassified Consolidated Financial Statements 68 Revenues, Group personnel, Circulation 72 Report of the Independent Auditors 77 Information on Corporate Governance 81

4 Gruppo Editoriale L Espresso Company Gruppo Editoriale L Espresso Società per Azioni Share Capital Euro ,70 Registered office Rome, Via Po 12 Secondary office Rome, Piazza Indipendenza, 23/c Board of Directors: Chairman Managing Director Directors Carlo Caracciolo Marco Benedetto Oliviero Maria Brega Cristina Busi Giulia Maria Crespi Mozzoni Carlo De Benedetti Rodolfo De Benedetti Pierluigi Ferrero Milvia Fiorani Franco Girard Antonio Grigolini Paolo Mancinelli Gianluigi Melega Alberto Milla Piero Ottone Alberto Piaser Vittorio Ripa di Meana Executive Committee: Board of Statutory Auditors: Chairman Auditors Independent Auditors Carlo Caracciolo Marco Benedetto Oliviero Maria Brega Rodolfo De Benedetti Alberto Piaser Vittorio Bennani Claudio Berliri Federico Gamna Deloitte & Touche Italia SpA

5 Gruppo Editoriale L Espresso Financial Highlights Consolidated financial data (in millions of euro) Revenues Value added Gross operating profit Operating profit Net profit Capital employed (excluding employee severance reserve) Net financial position (93) (61) (111) (63) Shareholders equity Net profit + depreciation Employees 3,095 3,498 3,394 3,250 Ratios Gross operating margin 16.9% 13.2% 14.2% 18.8% Operating margin 11.8% 7.3% 8.0% 12.7% ROCE 19.2% 11.8% 12.3% 21.6% ROE 12.2% 29.8% 0.3% 11.5% Per share data (euro) Operating profit Net profit Net profit + depreciation (in millions) No. of shares Per employee data (in thousands of euro) Revenues Operating profit Net profit

6 Report of the Board of Directors

7 Report of the Board of Directors Gruppo Editoriale L Espresso Report of the Board of Directors The Espresso Group closed the 2002 financial year reporting a consolidated net profit of euro 46.1 million (euro 1.1 million in 2001), on consolidated revenues amounting to euro million (euro million in 2001). Consolidated operating profit amounted to euro million, equal to 12.7% of revenues (as compared with euro 73.7 million in 2001, representing 8% of consolidated revenues). The consolidated net financial position at December 31, 2002 amounted to a total indebtedness of euro 62.9 million, down from a total indebtness of euro million at December 31, The consolidated Shareholders Equity increased from euro million in the previous year, to euro million in Higher profitability was achieved thanks to cost reductions obtained through the further restructuring of Kataweb, cost cuts implemented in all sectors, the decline in the price of paper (one of the few positive external factors in 2002), and to the efforts to contain working capital. With regards to revenues, profits were helped by the full exploitation of the strength and credibility of la Repubblica and L espresso, leading to the success of the la biblioteca di Repubblica (la Repubblica s Library) book series and other editorial and cultural initiatives sold in conjunction with the publications, in addition to the increase in the price of newspapers and magazines (resulting in a limited decline in circulation). The advertising market (representing in 2002 about 55% of the Group s source of revenues) on the contrary did not provide a positive contribution, posting a decline for the second consecutive year. The recession, affecting in particular publishing and radio broadcasting, reported once more a decline in those sectors that had posted the strongest increases in 2000 (telecommunications, finance and publishing). In this context, the Espresso Group strengthened its leadership in newspaper advertising sales (with periodicals lagging behind), increasing its market share. In the radio broadcasting sector, advertising sales of the Group s radio stations, though declining by 5% on 2001, were considerably stronger than the market as a whole that registered a contraction of more than 9%. Internet advertising sales of the Group posted a 60% increase in the last Quarter on the same period in 2001, bringing growth for the year to 5% and confirming the attractiveness of the Group s sites. The success of the la biblioteca di Repubblica sales initiative compensated for the lower advertising revenues, inducing the continuation in 2003 of the publication of Italian and international contemporary literature books. The 52 titles published in 2002 recorded a total circulation of over 25 million books, averaging over 475,000 copies per issue. Books sold with la Repubblica in 2002 represented more than 40% of total narrative books sold on the Italian market in The development of trademarks was pursued with success also at L espresso that continued to publish multimedia and editorial products offered optionally for sale with the magazine. L espresso and la Repubblica offered jointly films on DVD as preliminary testing for the launch in 2003 of the Capolavori del cinema italiano in dvd (Masterpieces of Italian film on DVD) registering a very good initial reception. The Espresso Group confirmed its domestic leadership in newspapers, with a total circulation in 2002 for its 16 local newspapers and la Repubblica of over 1.1 million copies per day. The increase in the newsstand price of newspapers from euro 0.77 to euro 0.88 at the end of 2001, and subsequently, on March 1, 2002, to euro 0.90, had a positive effect on margins, partly offset by a correlated decline in circulation with respects to 2001, widely expected and reversible in the medium term.

8 14 Gruppo Editoriale L Espresso 2002 Report of the Board of Directors Growing out of its start-up phase into a full-fledged Internet company with profit objectives, Kataweb witnessed a change in its revenue structure, adding to its revenues from the provision of web solutions services (representing about half of its sales) and advertising, revenues from the supply of value added services to private individuals and to telephone and Internet operators, that have rapidly reached about one fourth of total sales. The restructuring of the area in view of the new business model continued, leading to a revision of technologies used and a strong reduction in the organization, allowing to reduce by half the operating loss registered in The Group s radio stations maintained their leadership in terms of audience among private radio stations, with almost 7 million listeners for the average day, confirming Radio Deejay as the station with the second largest public after Radio- RaiUno. The new format of the Group s third radio station, formerly Italia Radio, now renamed m2o was launched in Programs are targeted to a young and very young public, exploring new music trends. In 2002 the Group started the design and development of a new rotary press able to print up to 128 color pages, aimed at la Repubblica. In the next months, rotary presses currently in use will be replaced to offer advertisers color pages and formats without limits, creating a clear competitive advantage in view of opportunities offered by the expected recovery of the advertising market. In October 2002, the parent company and subsidiaries Kataweb and Finegil Editoriale formed the - Associazione per la diffusione della lettura association, aimed at promoting newspaper reading and Internet use among teenagers. The project offers students the possibility to use the newspaper as a teaching tool and allows them to create, thanks to a new dedicated software, their own on-line school newspaper. In 2002, the project involved 600,000 students in 4,500 Italian schools. Espresso Group consolidated financial data ( million) ch. % Revenues % of which: Circulation % Advertising % Gross operating profit % Operating profit % Interest income (expense) (7.0) (2.5) Net profit Shareholders Equity Net financial position (111.3) (62.9) Employees 3,394 3,250 Advertising revenues of la Repubblica and its supplements registered an 11.9% decline, due primarily to the mentioned contraction of advertising spending on the part of companies in the telecommunications and finance sectors. Commercial advertising revenues recorded a stronger than average performance. Local newspaper and radio advertising sales declined less than the market average, down respectively by 2.2% and 5%, while L espresso, after a very negative phase at the beginning of the year, closed 2002 reporting an 11.0% decline in advertising revenues, despite 2 fewer issues than in 2001, thanks to a recovery in the last Quarter. Circulation revenues increased by 28.2% on 2001 due to the good performance of la biblioteca di Repubblica and the increase in the price of newspapers, which had however a negative effect on the number of copies sold. La Repubblica recorded a 4.3% decline in circulation, down from 651,000 average copies per issue to 623,000, while local newspaper s circulation declined from 508,000 average copies per day to 491,000, down by 3.4%. Circulation of L espresso declined from 431,000 average copies per issue to 388,000 copies (down 10%). Capital expenditure on plant and equipment was

9 Report of the Board of Directors Gruppo Editoriale L Espresso concentrated on the acquisition of new color rotary presses to enhance the Repubblica Division color capabilities. Total expenditure amounted to euro 48.3 million, of which euro 15.5 million relating to the Repubblica Division, euro 9.2 million to local newspapers, euro 15 million to rotary press equipment, and euro 3.2 million to the radio sector. The strong cash flow generated in the year (euro million) thanks to the good performance of operations and the reduction in working capital, allowed to reduce debt from euro million at December 31, 2001, to euro 62.9 million at December 31, 2002, after net investments amounting to euro 47.0 million, the acquisition of own shares resulting in an outlay of euro 7.5 million, and the payment of euro 36.6 million in dividends. The net financial expenses declined from euro 7.0 million to euro 2.5 million as a result of the reduction in average debt and active treasury management allowing to take advantage of the decline in interest rates. At December 31, 2002, the Group employed 3,250 persons, 144 less than at December 31, 2001, due primarily to the reduction of personnel in the Internet area. Parent company Gruppo Editoriale L Espresso ( million) ch. % Revenues % of which: Circulation % Advertising % Gross operating profit % Operating profit % Interest income (expense) (9.2) (3.1) Net profit Shareholders Equity Net financial position (168.8) (114.8) Employees Operating results of the Parent company are illustrated in the Operating Review. In this section we comment upon the financial performance of the parent company and the management of its equity investments. Net losses from investments amounted in 2002 to euro 7.1 million, as compared with net revenues of euro 9.6 million in Write-downs and the coverage of losses amounting to euro 25.5 million were partly offset by dividends received, amounting to euro 18.4 million. The investment in Kataweb (euro 20.1 million) was written-down in full to reflect the value of the Shareholders Equity of the company. The net financial expenses declined from euro 9.2 million in 2001 to euro 3.1 million in 2002 due to the reduction in average debt and interest rates, in addition to active treasury management allowing to minimize interest costs of the bond issue. Capital expenditure of the parent company in 2002 amounted to euro 15.6 million and related primarily to rotary presses to enhance color capabilities of the Repubblica Division and investments in network infrastructure and information systems. The cash flow generated in the year, equal to euro

10 16 Gruppo Editoriale L Espresso 2002 Report of the Board of Directors million, more than compensated the net outflow due to capital expenditure (euro 14.3 million), the payment of dividends (euro 36.6 million) and the acquisition of own shares (euro 7.5 million), allowing a reduction in debt, declined from euro million at December 31, 2001, to euro million at December 31, Espresso Division ( million) ch. % Revenues % of which: Circulation % Advertising % Gross operating profit % Operating profit % Includes the share, calculated according to revenues of parent company common costs In addition to the mentioned decline in the advertising revenues, the operating profit of the Espresso Division was negatively affected by lower circulation revenues resulting from the cancellation of 2 issues due to strikes and lower revenues from the sale of products sold optionally with the magazine as compared with The decline in revenues was partly offset by cost cutting measures, by the positive impact of the decision to transfer to the Group the management of newsstand distribution and subscriptions, in addition to the decline in the price of paper. In 2002, the magazine continued to offer products for sale optionally, featuring a variety of initiatives on music CDs, CD-ROMs and books. Among these, initiatives that encountered success with the public included the art book series (an average of 56,000 copies per issue), the multimedia photography course produced by National Geographic (an average of 40,000 copies per issue), and the collection of volumes dedicated to health and food (an average of 58,000 copies per issue). Test sales of films on DVD in cooperation with la Repubblica begun. In 2002 the magazine and the newspaper issued 11 DVDs which were met well by the public. Such activity laid the groundwork for the first issue in 2003 of a collection dedicated to Italian movie classics that is encountering a success above expectations. The choice to introduce products with a high cultural profile on DVD was made, as often in the past, with the aim of exploiting the medium-to-high cultural level of the Group s publications, offering a high quality product at a competitive price. At the beginning of the year, Giulio Anselmi left his position as Publisher in Chief of L espresso. On February 25, 2002, the Board of Directors appointed to the position Daniela Hamaui, formerly responsible for la Repubblica s women magazine. In the second half of the year, the magazine went through a restyling that involved a new graphic design and the reorganization of articles and editorial content. Among the other titles of the Group, Micromega s circulation increased strongly to an average of over 46,000 copies per issue due primarily to the issue on Justice that sold over 81,000 copies. Limes recorded a good performance (an average of 24,000 copies per issue), while Espresso Guides publications, and in particular those of the Guide of Italian Restaurants and Guide of Italian Wines reported good sales. At December 31, 2002, the number of employees amounted to 118 persons, the same number as at December 31, Repubblica Division ( million) ch. % Revenues % of which: Circulation % Advertising % Gross operating profit % Operating profit % Includes the share, calculated according to revenues of parent company common costs

11 Report of the Board of Directors Gruppo Editoriale L Espresso The operating income of the Repubblica Division registered a strong improvement on The positive performance is due to higher circulation revenues generated by the increase in the price of newspapers and the strong performance of the la biblioteca di Repubblica sales initiative, in addition to the decision to cancel free promotional offers, the effort to reduce operating costs and the decline in the price of paper. The performance of the advertising market has already been commented upon in detail. Despite the downturn, demand for color advertising space on the newspaper was in line with 2001 due to the increasing popularity among advertisers of four-color advertising. Music CD issues continued to meet success with the public: the traditional Saturday issue reached an average of 35,000 copies per issue. To promote its reading over the weekend, in July the publication of supplement D-la Repubblica delle Donne was moved from Friday to Saturday. The magazine sold about 412,000 average copies per issue in At December 31, 2002, the number of employees amounted to 692 persons, 7 less than the 699 persons employed at December 31, Relationships with related parties Parent company Gruppo Editoriale L'Espresso SpA holds with its subsidiaries and affiliated companies both trade relationships and relationships involving the provision of services and of operating and financial advice. Among the most important trade relationships are those held with subsidiary A.Manzoni&C., concessionaire for the advertising of L espresso and la Repubblica, those with subsidiary Kataweb for advertising on the Internet and the management of sites, those held with subsidiaries Rotosud and CPS, supplying typeset and printing services, those with subsidiaries Publietas for the editing of weekly supplement D-la Repubblica delle Donne and Edizioni La Repubblica, for the preparation of multimedia products sold in conjunction with L espresso. Gruppo Editoriale L'Espresso SpA manages a current account for transactions within the Group to which most subsidiaries and affiliated companies participate according to individual debit and credit positions. All relationships within the Group are regulated at market rates. Gruppo Editoriale L'Espresso SpA receives in turn from its parent company CIR, services and advice on strategic, administrative, financial and tax matters. The provision of such services from part of the parent company is deemed as preferable to the provision of the same from third parties thanks, among other things, to the wide knowledge and experience CIR has acquired over time on the company and the sector in which Gruppo Editoriale L'Espresso operates. Relationships with companies controlled by the parent company are not relevant.

12 18 Gruppo Editoriale L Espresso 2002 Report of the Board of Directors Relationships between Gruppo Editoriale L Espresso SpA and other Group companies (in thousands of euro) Costs Revenues Financial Financial Receivables Payables Guarantees expense income (*) SUBSIDIARIES Finegil Editoriale 7,537 2,773 (666) 9, ,182 19,320 Editoriale La Nuova Sardegna 2, (596) ,794 - E A G 1, (321) ,084 1,736 Edizioni Nuova Europa - 24 (29) - - 1,068 - Editoriale La Città - 28 (11) Cima Brenta S.E.T.A (52) ,467 1,192 Editoriale FVG (455) 2, ,604 12,830 Elemedia 220 1, , EleTv - 41 (16) Deejay Budapest kft A. Manzoni & C. 5, ,373 (21) ,869 1,826 - Rotosud 26, (15) 3,385 16,603 5,556 5,766 C.P.S. 3, (36) 442-1,851 - Editoriale Publietas 13,720 1,069 (1,789) 1, ,610 - Selpi (86) - 6 2,661 - Edizioni La Repubblica 4, (270) 1,101-12,240 - Somedia 7, (2) 58 2,477 3,224 - Club La Repubblica (31) - 9 1,198 - Kataweb 2,736 3,093 (200) 7 4,966 1,798 - Kataweb News (4) Ksolutions , Esperya , Quadrante , Studio Vit 75 5 (2) Rotocolor (in liquidation) , AFFILIATED Le Scienze (8) PARENT COMPANY CIR 2, (*) including dividends received by the parent company

13 Report of the Board of Directors Gruppo Editoriale L Espresso Activity of main subsidiaries Kataweb Group (consolidated data) ( million) ch. % Revenues % Gross operating profit (27.0) (14.0) +48.0% Operating profit (34.8) (23.7) +31.9% Financial income (expense) 1.3 (0.5) Net profit (50.9) (34.2) Shareholders equity 29.5 (4.7) Net financial position 6.9 (14.7) Employees The Kataweb Group closed 2002 reporting a consolidated gross operating loss of euro 14 million, as compared with a loss of euro 27 million in Consolidated revenues amounted to euro 25.9 million, down from euro 27.1 million in The euro 23.7 million consolidated operating loss (compared with a loss of euro 34.8 million in 2001) was affected by the reduction in the depreciation period of software, with a negative effect of about euro 3 million. Net consolidated losses amounted to euro 34.2 million (against a loss of euro 50.9 million in 2001) and were negatively affected by extraordinary costs totalling euro 8 million recorded as a result of restructuring of the company and its subsidiaries. This performance is the result of cost cutting measures implemented in the year, that include a reduction in personnel, the restructuring of sites, the streamlining of technologies used, the renegotiation of all supply contracts and the abandonment of all activities without clear development prospects. These measures affected the parent company and its subsidiaries active in the web solutions area. Based on a new certified survey carried out by Red Sheriff a company specialized in the appraisal of Internet audiences in January 2003 Kataweb/Espresso Group sites totalled 192 million page views and 4.3 million unique visitors per month. With regards to investments, on April 15, 2002 the sale of the Vivacity business unit for euro 9.7 million to Vivacity SpA, a subsidiary of the Uunicredito Italiano Group, was concluded. Kataweb subsequently purchased 10% of the company for euro 1.5 million. The residual 49% of Ksolutions not already owned by the Group was purchased in July for euro 7.2 million. The partnership with Turner Broadcasting was terminated at the end of November with the sale of the 30% stake held by the Group in CNN Italia. The consolidated net financial position at December 31, 2002 shows a total indebtedness of euro 14.7 million, as compared with a positive balance of euro 6.9 million at the end of 2001, after capital expenditure of euro 3.5 million. Personnel of Internet area companies at the end of December 2002 amounted to 268 persons, 75 less than at December 31, A. Manzoni & C. ( million) ch. % Gross advertising revenues % Net revenues % Gross operating profit n.s. Operating profit 4.6 (0.9) n.s. Interest income (expense) (1.1) (1.0) Net profit 1.7 (1.7) Net financial position (24.9) (25.7) Employees Market outlook According to Nielsen Media Research estimates, in 2002 the advertising market for classic media press, TV, radio, outdoor and cinema declined by 3.5% on the previous year. Advertising revenues for the press as a whole declined by 7.3%,

14 20 Gruppo Editoriale L Espresso 2002 Report of the Board of Directors those of radio stations by 9.1%, while television advertising revenues remained in line with The periodicals segment registers a more marked decline (down 8%), while newspapers posted a 6.9% decline in advertising revenues due to the strong contraction of national advertising (down 11.3%, source: FCP FIEG), partly offset by the mild growth registered by local advertising (up 2.1%). The reduction in advertising spending was stronger in the sectors of finance (down 23%) and telecommunications (down 20%), while the broad sector of widely consumed goods registered a modest growth (up 2.3%). Advertising spending in the fashion industry declined by 9%. Results In this context, Manzoni & C. s gross advertising revenues declined by 9.2% due to the prevalence of newspapers in its portfolio. Efforts to reduce costs and to streamline the company s business units continued. No large customer was acquired while a number of Internet sites and local publications were discontinued, without determining significant changes in sales. The gross operating loss amounts to euro 0.9 million, down from a gross operating profit of euro 4.6 million in 2001 due to the strong contraction of the advertising market. The net indebtedness improved from euro 24.9 million at December 31, 2001, to euro 25.7 million at December 31, At December 31, 2002, personnel amounted to 481 persons, 29 less than at December 31, 2001 due to a partial freeze in turn-over. Local newspapers ( million) ch. % Revenues % of which: Circulation % Advertising % Gross operating profit % Operating profit % Interest income (expense) Net profit Net financial position Employees 1,313 1,299 The Local Newspapers area includes Finegil Editoriale and its subsidiaries (Editoriale la Nuova Sardegna, Eag, Ene, Editoriale la Città), Cima Brenta and its subsidiary (Seta), Editoriale FVG and its subsidiary (Edigraf). The Espresso Group publishes through its subsidiaries 16 newspapers and a bi-weekly magazine. The Group s newspaper network is the most extensive and established one in Italy, reaching daily a total of 3.2 million readers in 10 Italian Regions. As already mentioned in the first part of the report, the increases in the price of newspapers occurred between the end of 2001 and March 2002 resulted in a significant rise in circulation revenues, though causing a decline in circulation, down to about 491,000 average copies per issue from 508,000 copies in Market shares of the different titles grew however slightly from the previous year. Advertising revenues declined slightly on the previous year, though registering a better performance with respect to the market. The sale of color advertising spaces registered a marked increase, up 13% on This confirms the soundness of the decision to provide all newspapers with fourcolor printing capabilities as also the local advertising market is increasingly oriented towards color advertising.

15 Report of the Board of Directors Gruppo Editoriale L Espresso The gross operating margin increased over the previous year, up from 20.4% to 22.2%, while the operating margin grew from 12.9% to 15.4% of sales thanks to cost reductions and the positive impact of the decline in the price of paper. The marked improvement of the net financial position, growing from positive euro 46.2 million in 2001, to euro 64.9 million in 2002 despite the payment of euro 12.1 million in dividends and capital expenditure amounting to euro 9.9 million, is due to the strong cash flow generated by operations and the containment of working capital. The number of employees declines from 1,313 at December 31, 2001, to 1,299 at December 31, The reduction of 14 employees is due to the sale of subsidiary Artigraficheriva in Elemedia ( million) ch. % Revenues % Gross operating profit % Operating profit % Interest income (expense) (1.6) (0.9) Net profit Net financial position (28.5) (19.6) Employees In 2002 Elemedia confirmed its leadership among private radio broadcasting companies in Italy. Radio Deejay ranks first among private radio broadcasting stations with 5.2 million listeners (average Audiradio estimate for 2002), while Radio Capital reached 1.6 million listeners, up 14% on the previous year. As previously mentioned, the Group s third radio station was renamed m2o and transformed into a wholly musical radio targeted at a young and very young public, with fast programming and seeking new sound trends. During the year Elemedia continued to restructure and streamline its radio broadcasting network, concentrating on the upgrade and integration of its equipment. At December 31, 2002, its radio broadcasting network consisted of 829 broadcasting stations, as compared with 813 at December 31, The development of international operations continued. After the acquisition of Deejay Budapest in 2001, in 2002 the company acquired a 34% share in Czech company Radio Bonton a. s., owner of the Radio Bonton radio station based in Prague. The gross operating profit amounted to euro 17.1 million, as compared with euro 18.8 million in the previous year, representing a decline of euro 1.7 million. The margin on sales was 35.9%, down from 37.7% in The decline in the gross operating profit resulted from a euro 2.4 million decrease in revenues, partly offset by lower personnel costs as a result of a reduction in the number of employees induced by the new format of m2o and the discontinuation of all activities relating to Deejay tv, transferred in June 2001 to subsidiary Eletv. The operating profit amounted to euro 8.6 million (18.1% of sales), as compared to euro 9.9 million (19.8% of sales) in The net indebtedness declined from euro 28.5 million to euro 19.6 million due mainly to the good cash flow generated in the year. The number of employees, including term contracts, declined from 134 persons to 118, due mainly to the mentioned changes relating to m2o. Edizioni La Repubblica The company publishes the Italian edition of National Geographic, and offers multimedia products to other companies of the Espresso Group, in particular multimedia products for resale with L espresso.

16 22 Gruppo Editoriale L Espresso 2002 Report of the Board of Directors In 2002, Edizioni La Repubblica reported revenues of euro 9.6 million, down 3.3% on the previous year due to lower advertising revenues (down 17.4%) and to a decline in the circulation of the magazine, particularly at the newsstand, from an average 145,000 copies in 2001, to 134,000 copies in the current year. Despite the decline in revenues, the conclusion of a number of special promotions involving National Geographic s products (primarily video products and books), and a strong effort to reduce manufacturing and operating costs, allowed the company to achieve a net profit in line with the previous year. The operating profit grew in fact from euro 1.5 million in 2001, to euro 1.6 million, while net profit amounted to euro 1.1 million, unchanged from The net financial position at December 31, 2002 was positive by euro 9.5 million (euro 8.9 million at the end of 2001), while the company employed 19 persons (as compared with 21 at December 31, 2001). CPS The company, active in preparing Espresso Group magazines for printing, closed the year reporting revenues of euro 3.4 million, in line with The operating profit amounted to euro 0.7 million, in line with the previous year as the net profit, equal to euro 0.4 million. The net financial position was positive by euro 1.3 million (unchanged from December 31, 2001), while the number of employees declined from 33 to 32. Rotosud The rotary press center for Espresso Group periodicals reported in 2002 a turnover of euro 26.6 million, up 3.3% on the previous year due to the coming into operation in the second half of 2002 of the fourth rotary press dedicated to the printing of supplement D-la Repubblica delle Donne, partly offsetting lower printing activity caused by the decline in the number of pages of the Group s titles and the decision of la Repubblica to discontinue in 2002 the printing of free promotional material, carried out in 2001 by Rotosud. The operating profit declined from euro 7.6 million to euro 5.2 million due to the strong increase in depreciation charges coinciding with the coming into operation of the new rotary press. Net profit increased instead from euro 3.2 million in 2001 to euro 5.8 million in 2002, benefiting from tax incentives relating to the same investment. The net financial position at December 31, 2002 showed a total indebtedness of euro 21.1 million, as compared with euro 12.3 million at the end of 2001, as a result of capital expenditure amounting to euro 14.8 million made in the year. The number of employees increased from 124 at the end of 2001, to 125 at the end of Somedia The subscription service for L espresso magazine started in the year. Through this operation, Somedia s activities were repositioned, making it the reference point of all direct marketing and customer care activities of the Group s titles. Thanks to the development of the new activities, the company reported revenues of euro 5.4 million, down from euro 5.2 million in the previous year. Despite higher costs incurred by the company in the development of its activities, resulting in higher labor costs, the operating profit was in line with the previous year. The company reported a loss of euro 1 million, due almost entirely to the negative performance of distance training activities. Somedia closes 2002 reporting a net loss of euro 1.1 million, slightly higher than the euro 1 million loss reported in the previous year.

17 Report of the Board of Directors Gruppo Editoriale L Espresso At December 31, 2002, the net financial position showed a net indebtedness of euro 1 million, as compared with euro 1.2 million in In the same period, the number of employees increased by 2, reaching 18 at December 31, Own shares held by the parent company at December 31, 2002, amounting to 2,500,000, represent 0.58% of the company s share capital. Subsequent events and management expectations of operations The advertising market continues to be weak, while publishing companies benefit from the decline in paper prices registered in the first months of La biblioteca di Repubblica continues to perform well, while the launch of the new I capolavori del cinema italiano in dvd series had positive results, in line with other multimedia products sold optionally in conjunction with the Group s titles. In order to reorganize its structure and streamline the management of operations and of decisional processes, in 2003 the Group plans to merge into the parent company wholly-owned subsidiaries Edizioni la Repubblica, Editoriale Publietas and Club la Repubblica, all operating in the publishing sector and deriving a consistent part of their revenues from services supplied to the parent company. Allocation of net profit for the year ended december 31, 2002 The Financial Statements of Gruppo Editoriale L Espresso SpA that we submit to your approval close reporting a net profit of euro 49,874, We propose to allocate the full amount of net profit (having the Legal Reserve already reached an amount equal to 20% of the share capital), as follows: euro 42,756, to ordinary dividends to be assigned to shareholders in a ratio of euro 0.10 for each of the 427,560,538 shares (keeping into account the 3,100,000 own shares held by the Company) that make up the share capital, with rights accruing January 1, 2002, for which shareholders will be entitled to a full tax credit pursuant to article 14 and 105, 1st comma, paragraph a) of Presidential Decree no. 917/86, to be paid on April 25, 2003 against presentation of coupon no. 6 on April 22, 2003; euro 7,118, to voluntary reserve. The proposed allocation of net profit keeps into account the provisions of article 2357 ter., 2nd comma of the Italian Civil Code, providing for dividends accrued by own shares to be distributed proportionally to other shares.

18 Consolidated Financial Statements at december 31, 2002

19 26 Gruppo Editoriale L Espresso 2002 Consolidated Financial Statements Consolidated Balance Sheet in thousands of euro ASSETS Dec. 31, 2001 Dec. 31, 2002 A - Receivable from Shareholders - - B - Fixed assets I. Intangible assets Incorporation and startup costs Research, development and advertising costs Industrial patents and intellectual property rights 1, Concessions, licenses and trademarks 8,731 4,695 Goodwill on titles 295, ,700 Consolidation differences 30,120 28,344 Goodwill on other assets 35,753 31,144 Work in progress and advances 9,274 1,257 Capital improvements on leased assets 5,316 3,739 Other 3,476 3,016 TOTAL INTANGIBLE ASSETS 390, ,554 II. Tangible assets Land and buildings 27,293 29,478 Plant and equipment 62,968 73,268 Technical equipment Other assets 18,597 15,613 Work in progress and advances 19,983 17,897 TOTAL TANGIBLE ASSETS 129, ,599 III. Financial assets Investments 28,249 26,446 Receivables short-term 202 1,669 long-term 5,999 5,422 Other fixed assets 4,993 4,993 Own shares 2,812 8,231 TOTAL FINANCIAL ASSETS 42,255 46,761 TOTAL FIXED ASSETS 561, ,914

20 Consolidated Financial Statements Gruppo Editoriale L Espresso Consolidated Balance Sheet in thousands of euro ASSETS Dec. 31, 2001 Dec. 31, 2002 C - Current assets I. Inventories Raw materials and merchandise 32,161 27,465 Work in progress, semi-finished and finished products 1,248 1,644 Contract work in progress 1,318 4,537 TOTAL INVENTORIES 34,727 33,646 II. Receivables Trade receivables short-term 252, ,243 Affiliated companies short-term Contributions receivable short-term 1,443 2,593 Other receivables short-term 44,791 47,508 long-term 1,349 4,688 TOTAL RECEIVABLES 300, ,057 III. Marketable securities Investments 1 1 Securities 85, ,414 Financial assets - - TOTAL MARKETABLE SECURITIES 85, ,415 IV. Cash and cash equivalents Banks 43,511 23,269 Cheques Cash TOTAL CASH AND CASH EQUIVALENTS 44,134 23,650 TOTAL CURRENT ASSETS 464, ,768 D- Accrued income and prepaid expenses Accrued income 5,971 6,869 Prepaid expenses 10,557 10,890 TOTAL ACCRUED INCOME AND PREPAID EXPENSES 16,528 17,759 TOTAL ASSETS 1,042,164 1,049,441

21 28 Gruppo Editoriale L Espresso 2002 Consolidated Financial Statements Consolidated Balance Sheet in thousands of euro LIABILITIES Dec. 31, 2001 Dec. 31, 2002 A - Shareholders equity I. Share capital 64,594 64,599 II. Share premium reserve 124, ,900 III. Restatement reserve 2,789 2,789 IV. Legal reserve 12,919 12,920 V. Reserve for own shares 2,812 8,231 VI. Statutory reserve - - VII. Other reserves 183, ,356 VIII. Profit (loss) carried forward - - IX. Profit (loss) 1,075 46,093 CONSOLIDATED SHAREHOLDERS EQUITY 392, ,888 Minority interests 11,218 9,679 CONSOLIDATED SHAREHOLDERS EQUITY AND MINORITY INTERESTS 403, ,567 B - Provisions for risks and charges Provision for retirement benefits 6,605 7,227 Deferred taxes 8,254 7,648 Other reserves 18,555 24,204 TOTAL PROVISIONS FOR RISKS AND CHARGES 33,414 39,079 C - Employee severance reserve 80,358 85,416

22 Consolidated Financial Statements Gruppo Editoriale L Espresso Consolidated Balance Sheet in thousands of euro LIABILITIES Dec. 31, 2001 Dec. 31, 2002 D - Payables Bonds 200, ,000 Banks short-term 18,802 10,335 long-term 34,555 38,576 Other financial institutions short-term long-term 58 3 Advances short-term 1,987 1,255 Trade payables short-term 174, ,565 Affiliated companies short-term Taxes payable short-term 24,443 33,490 Health and social security institutions short-term 12,714 12,975 Other payables short-term 33,336 27,067 TOTAL PAYABLES 501, ,659 E - Accrued liabilities and deferred income 23,670 30,720 TOTAL LIABILITIES 1,042,164 1,049,441 Memorandum accounts Guarantees 1,981 2,618 Other commitments 34,244 26,216

23 30 Gruppo Editoriale L Espresso 2002 Consolidated Financial Statements Consolidated Income Statement in thousands of euro A - Production value Revenues from sales and services 923, ,654 Change in work in progress, semi-finished and finished goods inventories (882) 404 Change in contract work in progress 884 3,220 Increase in self-developed capital improvements 9,567 3,025 Contributions received 246 3,909 Other 17,764 12,707 TOTAL PRODUCTION VALUE 950, ,919 B - Production costs Raw materials, auxiliaries and goods 166, ,419 Services 348, ,382 Leases and rentals 42,314 55,233 Personnel - Wages and salaries 170, ,085 - Social security contributions 52,092 53,131 - Employee severance 14,000 14,391 - Retirement benefits 1, Other costs 7,239 5,384 Depreciation and write-downs - Amortization of intangible assets 27,092 27,621 - Depreciation of tangible assets 29,911 30,749 - Write-down of intangible assets 13,735 2,138 - Write-down of tangible assets - 1,993 - Write-down of current assets 3,097 2,875 Change in inventories (4,400) 4,653 Provisions for risks and charges 7,731 6,134 Other provisions - - Sundry operating costs 8,929 8,342 TOTAL PRODUCTION COSTS 889, ,512 DIFFERENCE BETWEEN PRODUCTION VALUE AND PRODUCTION COSTS 61, ,407

24 Consolidated Financial Statements Gruppo Editoriale L Espresso Consolidated Income Statement in thousands of euro C - Financial income and charges Income from investments Dividends - 43 Other financial income From long-term receivables From securities and other financial assets 3,890 5,285 Other financial income From other parties 6,165 10,408 Interest and other financial charges Payable to third parties (17,124) (18,260) TOTAL FINANCIAL INCOME AND CHARGES (6,995) (2,453) D - Adjustments to the value of financial assets Revaluations of investments Write-downs of investments (3,000) (5,298) of other long-term financial assets (2,091) (2,050) TOTAL ADJUSTMENTS (4,288) (6,623) E - Extraordinary items Profits Gains on disposal of assets 1, Other income 3,202 2,017 Charges Other charges (5,050) (7,709) TOTAL EXTRAORDINARY ITEMS (763) (5,614) Profit before taxes 49, ,717 Taxes payable: current (51,963) (70,214) deferred 419 7,298 Profit before minority interests (1,888) 44,801 Minority interests 2,963 1,292 NET PROFIT 1,075 46,093

25 Notes to the Consolidated Financial Statements

26 Notes to the Consolidated Financial Statements Gruppo Editoriale L Espresso Notes to the Consolidated Financial Statements Principles of consolidation The consolidated financial statements include accounting data at December 31, 2002 of Gruppo Editoriale L Espresso SpA, the Group parent company, and the companies in which it holds, either directly or indirectly, a majority share (higher than 50%) of voting rights. Subsidiaries under liquidation were recorded at cost. Other investments are recorded at equity or cost, as described more in detail in the paragraphs that follow. The financial statements are presented in accordance with the format provided for by the Italian Civil Code. To allow more clarity in the exposure of the Balance Sheet and Income Statement, numerals have been omitted, while entries with a zero balance in the two years under consideration have not been reported. In the notes to the accounts, amounts are expressed in thousands of euro, as relevant. To provide a more complete information and clearer understanding of the financial statements, a reclassified Balance Sheet and Income Statement have been enclosed, in addition to a Statement of Cash Flows and a Statement of Changes in the Consolidated Shareholders Equity. Financial data of subsidiaries relate to amounts contained in the respective companies statutory accounts, prepared according to current applicable regulations by the boards of directors of individual companies. A reconciliation between net profit and shareholders equity of the parent company and consolidated net profit and shareholders equity is provided in the table below: The Balance Sheet and Income Statement have been prepared in thousands of euro, with no decimals. Shareholders Equity Net profit at December 31, Balance in the parent company s accounts 37,074 49, , ,342 Elimination of dividends from subsidiaries (17,014) (22,745) Shareholders Equity and net income of consolidated subsidiaries (37,093) (9,361) 330, ,100 Elimination of consolidated subsidiaries book value 32,372 33,674 (342,072) (315,433) Goodwill on titles and consolidation differences (17,257) (2,768) 68,903 66,107 Subsidiaries valued on equity (452) (962) 24,684 21,934 Elimination of tax related items 2,062 (1,158) 12,485 11,132 Other consolidation differences 1,383 (462) (194) (294) Balance in the consolidated accounts 1,075 46, , ,888

27 36 Gruppo Editoriale L Espresso 2002 Notes to the Consolidated Financial Statements Area of consolidation A list of companies included in the consolidation area is enclosed in the financial statements as Attachment 4. Main events occurred in 2002 were the following: Change in ownership share On February 1, 2002, the share held in Studio Vit was increased to 100% through the acquisition of a residual 30% share, after covering losses reported in the 2001 financial year. On March 28, 2002, the share held in Sias was increased to 100% through the acquisition of a residual 30% share, after covering losses reported in the 2001 financial year. The merger of the company into Ksolutions was resolved on May 22, Exit from the consolidation area Below we discuss the main changes occurred in the year: Sale of companies Artigraficheriva, a wholly-owned subsidiary of Edigraf Srl consolidated line-by-line in 2001 was sold on August 9, Liquidation On March 28, 2002, the share held in Cellularmania.com was increased to 100% through the acquisition of a residual 30% share, after covering losses reported in the 2001 financial year. Subsequently, the company, consolidated in the financial statements at December 31, 2001, was put in liquidation and is therefore excluded from the consolidation area at December 31, Consolidation principles Main consolidation principles adopted were: the value of investments held by the parent company and other companies included in the consolidation was netted against the relating portion of Shareholders Equity of the consolidated company, according to the line-by-line method. The premium paid over the value of the shareholders equity acquired at the time of the acquisition is recorded as merger difference or, in case of publishing companies, to the goodwill of titles up to their fair market value, the difference being recorded as consolidation difference; debits and credits, costs and revenues and all relevant transactions among consolidated companies have been eliminated; minority interests in consolidated companies are recorded in a specific item under liabilities, while the relating share in the net profit of such companies is reported separately in the consolidated income statement; the underwriting of capital increases of consolidated companies or companies valued on equity carried out through the issue of new shares can determine, in the case of minority interests, a change in the share of ownership held by the Group s parent company. In case of a reduction in the ownership share and where the transaction can be considered as a sale, the resulting economic effect is debited or credited to the consolidated income statement. In case of an increase in the share, the resulting economic effect is recorded as a consolidation difference; tax entries, such as accelerated depreciation and capital gains reinvested pursuant to articles 54 of Presidential Decree no. 597/73, are eliminated in the consolidated financial statements; financial statements expressed in foreign currencies are converted at current exchange rates, converting individual asset and liability items at the exchange rate at the closing date of the financial statements. Shareholders Equity items are converted at the historical exchange rate and income statement items at the average exchange rate for the period. Exchange rate differences a

28 Notes to the Consolidated Financial Statements Gruppo Editoriale L Espresso rising from the conversion are recorded under Other Shareholders Equity reserves. Valuation criteria Intangible assets Intangible assets are recorded at the acquisition or production cost, inclusive of any auxiliary cost. They are depreciated over their expected useful economic life. The item includes goodwill on titles, corresponding to the premium paid on the acquisition of the titles relating to the share in the Shareholders Equity acquired at the date of the purchase, attributed to titles up to their fair market value. Titles are depreciated over a period of 40 years from their acquisition, according to their nature and residual useful life. Such term is periodically reviewed in light of the expected future economic performance of subsidiaries. The item includes also the consolidation difference between the cost of the acquisition of subsidiaries and affiliated companies and the share in the Shareholders Equity acquired, not attributable to specific asset and liability items of the company to which it relates. Consolidation differences are amortized over 10 years from the date of acquisition, according to the estimated residual useful life. In case such differences relate to titles, they are amortized over 40 years, as described further on. Costs incurred in the startup of activities in the Internet sector relating to specific projects are amortized over three years, in line with prudent criteria and in accordance with the expected term for the retrieval of costs. In case, therefore, during the amortization period an investment reaches its full operation stage or the possibility of retrieving costs incurred ceases to exist, the unamortized portion is charged to the income statement in the year in which such event occurs. Tangible assets Tangible assets are recorded at cost, adjusted upwards in the case of some assets according to the provisions of Law no. 72, March 19, 1983, Law no. 413, December 31, 1991 and Law no. 342, November 21, Depreciation is calculated on a straight line, according to the rates shown in the table that follows, deemed representative of the residual useful life of the assets and in line with ordinary depreciation rates: Buildings 3% Plant, machinery and equipment 10% - 20% Furniture, office equipment and vehicles 12% - 25% Depreciation rates of assets acquired during the year are reduced by half. Assets whose value is less than euro are expensed in the year in which they are acquired. In case of a durable loss in value, the asset is written down accordingly. Where such loss in value is reversed in subsequent years, the original value of the asset is restored, net of accumulated depreciation. Equity investments Investments in unconsolidated companies, on which the parent company exercises either directly or indirectly (generally with an ownership share between 20% and 50%) significant influence, are valued at equity. Other investments (generally held with a share below 20%) are recorded at cost, written down where appropriate to keep into account permanent loss in value. The original value is restored in subsequent fiscal years in case of a reversal. Not operational subsidiaries, whose accounts are not relevant, are excluded from the consolidation and valued at cost. Long-term investments Long-term investments are recorded at cost, adjusted where necessary in case a permanent loss in value is assessed.

Gruppo Editoriale L Espresso Società per azioni

Gruppo Editoriale L Espresso Società per azioni Gruppo Editoriale L Espresso Società per azioni Report on the first half of 2005 (Translation from the original issued in Italian) CONTENTS Financial Highlights page 7 Report of the Board of Directors

More information

Gruppo Editoriale L Espresso. Società per azioni

Gruppo Editoriale L Espresso. Società per azioni Gruppo Editoriale L Espresso Società per azioni Annual Report 2005 Gruppo Editoriale L Espresso Società per azioni Annual Report 2005 Gruppo Editoriale L Espresso 2005 5 Contents Financial Highlights

More information

ANNUAL REPORT 2000 (Translation of the original Italian document)

ANNUAL REPORT 2000 (Translation of the original Italian document) Gruppo Editoriale L Espresso Società per azioni ANNUAL REPORT 2000 (Translation of the original Italian document) GRUPPO EDITORIALE L ESPRESSO Società per Azioni ANNUAL REPORT 2000 CONTENTS Report of

More information

Gruppo Editoriale L Espresso. Società per azioni

Gruppo Editoriale L Espresso. Società per azioni Gruppo Editoriale L Espresso Società per azioni Annual Report 2007 Gruppo Editoriale L Espresso Società per azioni Annual Report 2007 The Annual Report has been translated from that issued in Italy, from

More information

Gruppo Editoriale L Espresso Società per azioni

Gruppo Editoriale L Espresso Società per azioni Gruppo Editoriale L Espresso Società per azioni Interim Report as of September 30, 2008 The Interim Report as of September 30, 2008 has been translated from that issued in Italy, from the Italian into

More information

Gruppo Editoriale L Espresso Società per azioni

Gruppo Editoriale L Espresso Società per azioni Gruppo Editoriale L Espresso Società per azioni Annual Report 2008 The Annual Report has been translated from that issued in Italy, from the Italian into the English language solely for the convenience

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

GRUPPO EDITORIALE L ESPRESSO. Società per azioni

GRUPPO EDITORIALE L ESPRESSO. Società per azioni GRUPPO EDITORIALE L ESPRESSO Società per azioni CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 1999 CONTENTS Financial statements of Gruppo Editoriale L Espresso S.p.A. at 31 December 1999 Board of

More information

PRESS RELEASE GRUPPO EDITORIALE L ESPRESSO S.P.A.

PRESS RELEASE GRUPPO EDITORIALE L ESPRESSO S.P.A. PRESS RELEASE As per the terms of Consob Resolution 11971/99 and subsequent amendments and additions GRUPPO EDITORIALE L ESPRESSO S.P.A. Board of Directors examines results for the year ended December

More information

Cembre (a STAR listed company): approved a distribution of a 0.26 dividend per share

Cembre (a STAR listed company): approved a distribution of a 0.26 dividend per share Joint-stock Company Main Office: Via Serenissima, 9 25135 Brescia VAT no: 00541390175 Share Capital: 8,840,000 fully paid up Registration no: 00541390175 tel.: +39 0303692.1 fax: +39 0303365766 Press release

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

Milan, 26 March 2003 - The Board of Directors of Class Editori S.p.A., chaired by

Milan, 26 March 2003 - The Board of Directors of Class Editori S.p.A., chaired by Information made available to the public pursuant to the Consob Resolution n.11971 of 14 May 1999 Contribution margin 2002: EUR 32.4 million Revenues: EUR 103.5 million Dividend: EUR 0.022 per share Milan,

More information

PRESS RELEASE. Board of Directors approves results as of December 31 2014

PRESS RELEASE. Board of Directors approves results as of December 31 2014 PRESS RELEASE Board of Directors approves results as of December 31 2014 SOGEFI (CIR GROUP): REVENUES AT OVER 1.3 BLN (+1.1%; +4.7% AT SAME EXCHANGE RATES), NET INCOME AT 3.6 MLN MARGINS LOWER BECAUSE

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

LESSON 3. Balance Sheet

LESSON 3. Balance Sheet LESSON 3 Balance Sheet 1 Outline 3.1. Introduction: definition and purpose. 3.2. Format of the Balance Sheet. 3.3. Assets. 2.3.1. Non-current assets. 2.3.2. Current assets. 3.4. Equity. 3.4.1. Shareholders

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

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

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

Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009

Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009 Member of Financial Accounting Standards Foundation Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009 Name of Listed Company: Arisawa Mfg. Co., Ltd. Listed on the 1st Section

More information

16 BUSINESS ACCOUNTING STANDARD CONSOLIDATED FINANCIAL STATEMENTS AND INVESTMENTS IN SUBSIDIARIES I. GENERAL PROVISIONS

16 BUSINESS ACCOUNTING STANDARD CONSOLIDATED FINANCIAL STATEMENTS AND INVESTMENTS IN SUBSIDIARIES I. GENERAL PROVISIONS APPROVED by Resolution No. 10 of 10 December 2003 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 16 BUSINESS ACCOUNTING STANDARD CONSOLIDATED

More information

PRICE SENSITIVE PRESS RELEASE IN COMPLIANCE WITH THE FINANCE ACT AND CONSOB REGULATIONS

PRICE SENSITIVE PRESS RELEASE IN COMPLIANCE WITH THE FINANCE ACT AND CONSOB REGULATIONS PRICE SENSITIVE PRESS RELEASE IN COMPLIANCE WITH THE FINANCE ACT AND CONSOB REGULATIONS SHAREHOLDERS MEETING OF GRUPPO EDITORIALE L'ESPRESSO S.P.A.: - Approval of 2007 Financial Statements: distribution

More information

Balance Sheet. Assets. Current Assets Total ( )...4

Balance Sheet. Assets. Current Assets Total ( )...4 Balance Sheet Assets + Cash and Short-Term Investments... 1 + Cash...162 + Short-Term Investments...193 + Receivables Total... 2 + Receivables Trade...151 + Income Tax Refund...161 + Receivables Current

More information

MEDITERRANEAN PROTECTED AREAS NETWORK (MEDPAN) Organization Auditor's Report on the Annual Financial Statements. Year ended 31/12/13

MEDITERRANEAN PROTECTED AREAS NETWORK (MEDPAN) Organization Auditor's Report on the Annual Financial Statements. Year ended 31/12/13 MEDITERRANEAN PROTECTED AREAS NETWORK (MEDPAN) Organization Auditor's Report on the Annual Financial Statements Year ended 31/12/13 Year ended on 31 December 2013 MedPAN Organization Member of an approved

More information

Brief Report on Closing of Accounts (connection) for the Term Ended March 31, 2007

Brief Report on Closing of Accounts (connection) for the Term Ended March 31, 2007 MARUHAN Co., Ltd. Brief Report on Closing of (connection) for the Term Ended March 31, 2007 (Amounts less than 1 million yen omitted) 1.Business Results for the term ended on March, 2007 (From April 1,

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

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

Consolidated Balance Sheet

Consolidated Balance Sheet Consolidated Balance Sheet (As of March 31, 2010) Item Amount Item Amount [Assets] million yen [Liabilities] million yen Current assets 12,277Current liabilities 7,388 Notes payable and accounts 2,449

More information

Financial Summary for First 2 Quarters of Fiscal 2017 [Japanese GAAP] [Consolidated]

Financial Summary for First 2 Quarters of Fiscal 2017 [Japanese GAAP] [Consolidated] Financial Summary for First 2 Quarters of Fiscal 2017 [Japanese GAAP] [Consolidated] October 28, 2016 Name of listed company ZENRIN CO.,LTD. Stock exchange listings: Tokyo and Fukuoka Securities code 9474

More information

Notes to Consolidated Financial Statements Kikkoman Corporation and Consolidated Subsidiaries Years ended March 31, 2009 and 2008

Notes to Consolidated Financial Statements Kikkoman Corporation and Consolidated Subsidiaries Years ended March 31, 2009 and 2008 Notes to Consolidated Financial Statements Kikkoman Corporation and Consolidated Subsidiaries Years ended March 31, 2009 and 2008 1. Basis of Preparation KIKKOMAN CORPORATION (the Company ) and its domestic

More information

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

Overview of Account Settlement for Fiscal Year ended March 2012 (Based on the Japanese Accounting Standard) (Consolidated)

Overview of Account Settlement for Fiscal Year ended March 2012 (Based on the Japanese Accounting Standard) (Consolidated) (Based on the Japanese Accounting Standard) (Consolidated) Listed company name: TOSHIBA TEC CORPORATION Company code: 6588 URL http://www.toshibatec.co.jp/ Representative: (Title) President and CEO (Name)

More information

Consolidated Financial Results for Six Months Ended September 30, 2007

Consolidated Financial Results for Six Months Ended September 30, 2007 Consolidated Financial Results for Six Months Ended September 30, 2007 SOHGO SECURITY SERVICES CO., LTD (URL http://ir.alsok.co.jp/english) (Code No.:2331, TSE 1 st Sec.) Representative: Atsushi Murai,

More information

Consolidated profit and loss statement

Consolidated profit and loss statement Public disclosure pursuant to Consob Resolution n.11971 of 14 may 1999 Approved by the Board of Directors the Report on Consolidated Operating performance 2004 Revenues EUR 99.8 million Operating gross

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

Consolidated Balance Sheets March 31, 2001 and 2000

Consolidated Balance Sheets March 31, 2001 and 2000 Financial Statements SEIKAGAKU CORPORATION AND CONSOLIDATED SUBSIDIARIES Consolidated Balance Sheets March 31, 2001 and 2000 Assets Current assets: Cash and cash equivalents... Short-term investments (Note

More information

Corus Entertainment Announces Fiscal 2016 Second Quarter Results

Corus Entertainment Announces Fiscal 2016 Second Quarter Results Corus Entertainment Announces Fiscal 2016 Second Quarter Results Consolidated revenues up 3% for the quarter and 2% for the year-to-date Consolidated segment profit (1) up 33% (10% adjusted (1)(2) ) for

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

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

Internet Disclosure Accompanying the Notice of Convocation of. the 9th Annual General Meeting of Shareholders

Internet Disclosure Accompanying the Notice of Convocation of. the 9th Annual General Meeting of Shareholders To Our Shareholders, Internet Disclosure Accompanying the Notice of Convocation of the 9th Annual General Meeting of Shareholders June 8, 2016 SKY Perfect JSAT Holdings Inc. Table of Contents 1. Notes

More information

Financial Statements

Financial Statements Financial Statements Years ended March 31,2002 and 2003 Contents Consolidated Financial Statements...1 Report of Independent Auditors on Consolidated Financial Statements...2 Consolidated Balance Sheets...3

More information

PRICE SENSITIVE PRESS RELEASE IN COMPLIANCE WITH THE FINANCE ACT AND CONSOB REGULATIONS

PRICE SENSITIVE PRESS RELEASE IN COMPLIANCE WITH THE FINANCE ACT AND CONSOB REGULATIONS PRICE SENSITIVE PRESS RELEASE IN COMPLIANCE WITH THE FINANCE ACT AND CONSOB REGULATIONS Shareholders Meeting of Gruppo Editoriale L Espresso S.p.A.: Approval of 2009 Consolidated Financial Statements Renewal

More information

Summary of Financial Results for the Nine-Month Period Ended December 31, 2008 (For the Fiscal Year Ending March 31, 2009)

Summary of Financial Results for the Nine-Month Period Ended December 31, 2008 (For the Fiscal Year Ending March 31, 2009) Summary of Financial Results for the Nine-Month Period Ended December 31, 2008 (For the Fiscal Year Ending March 31, 2009) January 30, 2009 MegaChips Corporation (Stock code: 6875, Tokyo Stock Exchange)

More information

CONSOLIDATED FINANCIAL REPORT FIRST QUARTER FISCAL 2009

CONSOLIDATED FINANCIAL REPORT FIRST QUARTER FISCAL 2009 CONSOLIDATED FINANCIAL REPORT FIRST QUARTER FISCAL 2009 (March 1, 2009 to May 31, 2009) July 9, 2009 F&A Aqua Holdings, Inc. is listed on the First Section of the Tokyo Stock Exchange under the securities

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

Consolidated financial statements of. BIOX Corporation. For the three month periods ended December 31, 2010 and 2009. (Unaudited)

Consolidated financial statements of. BIOX Corporation. For the three month periods ended December 31, 2010 and 2009. (Unaudited) Consolidated financial statements of BIOX Corporation Table of contents Consolidated statements of operations and comprehensive income (loss)... 1 Consolidated statements of deficit... 2 Consolidated balance

More information

FINANCIAL SUPPLEMENT December 31, 2015

FINANCIAL SUPPLEMENT December 31, 2015 FINANCIAL SUPPLEMENT December 31, 2015 Monster Worldwide, Inc. (together with its consolidated subsidiaries, the Company, Monster, we, our or us ) provides this supplement to assist investors in evaluating

More information

Statement of Financial Accounting Standards No. 25. Statement of Financial Accounting Standards No.25. Business Combinations

Statement of Financial Accounting Standards No. 25. Statement of Financial Accounting Standards No.25. Business Combinations Statement of Financial Accounting Standards No. 25 Statement of Financial Accounting Standards No.25 Business Combinations Revised on 30 November 2006 Translated by Ling-Tai Lynette Chou, Professor (National

More information

Consolidated Financial Results for the Six Months Ended September 30, 2015 [Japanese GAAP]

Consolidated Financial Results for the Six Months Ended September 30, 2015 [Japanese GAAP] Consolidated Financial Results for the Six Months Ended September 30, 2015 [Japanese GAAP] November 6, 2015 Company name: Shibaura Electronics Co., Ltd. Stock exchange listing: Tokyo Stock Exchange Code

More information

Pioneer Announces Business Results for Fiscal 2014

Pioneer Announces Business Results for Fiscal 2014 For Immediate Release May 12, 2014 Pioneer Announces Business Results for Fiscal 2014 Pioneer Corporation today announced its consolidated business results for fiscal 2014, the year ended March 31, 2014.

More information

Large Company Limited. Report and Accounts. 31 December 2009

Large Company Limited. Report and Accounts. 31 December 2009 Registered number 123456 Large Company Limited Report and Accounts 31 December 2009 Report and accounts Contents Page Company information 1 Directors' report 2 Statement of directors' responsibilities

More information

SUMMARY OF CONSOLIDATED BUSINESS RESULTS for the nine months ended December 31, 2012

SUMMARY OF CONSOLIDATED BUSINESS RESULTS for the nine months ended December 31, 2012 SUMMARY OF CONSOLIDATED BUSINESS RESULTS for the nine months ended December 31, 2012 February 8, 2013 ARRK Corporation 2-2-9 Minami Hommachi, Chuo-ku, Osaka, 541-0054, JAPAN 1. Consolidated financial results

More information

The Sumitomo Warehouse Co., Ltd.

The Sumitomo Warehouse Co., Ltd. Consolidated Financial Results for the Year Ended March 31, 2014[ Japan GAAP ] May 13, 2014 The Sumitomo Warehouse Co., Ltd. Securities code: 9303 Stock exchange listings: URL: Representative: Inquiries:

More information

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements 1. Notes on Fundamental Items in Preparation of the Consolidated Financial Statements, etc. (1) Items on the scope of the consolidation i) Consolidated subsidiaries

More information

5. Provisions for decrease in value of marketable securities (-)

5. Provisions for decrease in value of marketable securities (-) Balance sheet ASSETS I. CURRENT ASSETS A. Liquid Assets: 1. Cash. 2. Cheques received. 3. Banks. 4. Cheques given and payment orders (-). 5. Other liquid assets. B. Marketable Securities: 1. Share certificates.

More information

Consolidated Financial Highlights for the Third Quarter Ended December 31, 2015 [under Japanese GAAP] SMC Corporation

Consolidated Financial Highlights for the Third Quarter Ended December 31, 2015 [under Japanese GAAP] SMC Corporation February 9, 2016 Consolidated Financial Highlights for the Third Quarter Ended December 31, [under Japanese GAAP] SMC Corporation Company name : Stock exchange listing : Tokyo Stock Exchange first section

More information

Summary of Consolidated Financial Results for the Six Months Ended September 30, 2013

Summary of Consolidated Financial Results for the Six Months Ended September 30, 2013 November 6, 2013 Summary of Consolidated Financial Results for the Six Months Ended Name of Company Listed: Stock Exchange Listings: Nippon Paper Industries Co., Ltd. Tokyo Code Number: 3863 URL: Representative:

More information

Notes to the Financial Statements For the year ended 31 December 2004

Notes to the Financial Statements For the year ended 31 December 2004 1. GENERAL The Company was incorporated in the Cayman Islands on 16 April 2003 as an exempted company with limited liability under the Companies Law (2002 Revision) of the Cayman Islands and its shares

More information

Consolidated Financial Statements (For the fiscal year ended March 31, 2013)

Consolidated Financial Statements (For the fiscal year ended March 31, 2013) Consolidated Financial Statements (For the fiscal year ended ) Consolidated Balance Sheets Current assets: Cash and deposits Other Assets Notes receivable, accounts receivable from completed construction

More information

Summary of Financial Results for the Third Quarter of Fiscal Year Ending March 31, 2009 (Nine Months Ended December 31, 2008)

Summary of Financial Results for the Third Quarter of Fiscal Year Ending March 31, 2009 (Nine Months Ended December 31, 2008) February 5, 2009 Summary of Financial Results for the Third Quarter of Fiscal Year Ending March 31, 2009 (Nine Months Ended December 31, 2008) Company name: KOSÉ Corporation Stock listing: Tokyo Stock

More information

KYODO PRINTING CO., LTD. and Consolidated Subsidiaries

KYODO PRINTING CO., LTD. and Consolidated Subsidiaries KYODO PRINTING CO., LTD. and Consolidated Subsidiaries Interim Consolidated Financial Statements (Unaudited) for the, Interim Consolidated Balance Sheets, as compared with March 31, (Unaudited) ASSETS,

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

E S P R E S S O G R O U P

E S P R E S S O G R O U P ESPRESSO GROUP Gruppo Editoriale L Espresso Spa Co-leader in newsmagazines, developing a new concept of quality magazines Leader in the Italian daily press No.1 paid circulation 19% market share NATIONAL

More information

Quarterly Financial Results for the Fiscal Year Ending September 30, 2016 (J-GAAP)

Quarterly Financial Results for the Fiscal Year Ending September 30, 2016 (J-GAAP) February 10, 2016 Quarterly Financial Results for the Fiscal Year Ending September 30, 2016 (J-GAAP) (1st Quarter / October 1, 2015 December 31, 2015) Company Name Hosokawa Micron Corporation Stock Exchange

More information

Anadolu Hayat Emeklilik Anonim Şirketi Consolidated Balance Sheet As At 31 December 2015 (Currency: Turkish Lira (TRY))

Anadolu Hayat Emeklilik Anonim Şirketi Consolidated Balance Sheet As At 31 December 2015 (Currency: Turkish Lira (TRY)) Consolidated Balance Sheet As At ASSETS I- Current Assets A- Cash and Cash Equivalents 14 302,999,458 216,428,429 1- Cash 14 3,385 27,952 2- Cheques Received 3- Banks 14 145,598,543 87,301,020 4- Cheques

More information

PART III. Consolidated Financial Statements of Hitachi, Ltd. and Subsidiaries: Independent Auditors Report 47

PART III. Consolidated Financial Statements of Hitachi, Ltd. and Subsidiaries: Independent Auditors Report 47 PART III Item 17. Financial Statements Consolidated Financial Statements of Hitachi, Ltd. and Subsidiaries: Schedule: Page Number Independent Auditors Report 47 Consolidated Balance Sheets as of March

More information

ASPE at a Glance. Standards Included in Topic

ASPE at a Glance. Standards Included in Topic ASPE AT A GLANCE ASPE AT A GLANCE This publication has been compiled to assist users in gaining a high level overview of Accounting Standards for Private Enterprises (ASPE) included in Part II of the CPA

More information

ENGINEERING.COM INCORPORATED 2002 FINANCIAL STATEMENTS

ENGINEERING.COM INCORPORATED 2002 FINANCIAL STATEMENTS ENGINEERING.COM INCORPORATED 2002 FINANCIAL STATEMENTS 2 MANAGEMENT S RESPONSIBILITY FOR FINANCIAL REPORTING To the Shareholders of ENGINEERING.com Incorporated: The consolidated financial statements and

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

3 4 5 6 FINANCIAL SECTION Five-Year Summary (Consolidated) TSUKISHIMA KIKAI CO., LTD. and its consolidated subsidiaries Years ended March 31 (Note 1) 2005 2004 2003 2002 2001 2005 For the year: Net sales...

More information

Centrale del Latte di Torino & C. S.p.A. - CLT Group Via Filadelfia 220 10137 Turin - Italy Tel. +39 011 3240200 - Fax +39 011 3240300 e-mail: posta

Centrale del Latte di Torino & C. S.p.A. - CLT Group Via Filadelfia 220 10137 Turin - Italy Tel. +39 011 3240200 - Fax +39 011 3240300 e-mail: posta Centrale del Latte di Torino & C. S.p.A. - CLT Group Via Filadelfia 220 10137 Turin - Italy Tel. +39 011 3240200 - Fax +39 011 3240300 e-mail: posta @centralelatte.torino.it www.centralelatte.torino.it

More information

(2)Adoptions of simplified accounting methods and accounting methods particular to the presentation of quarterly financial statements: None

(2)Adoptions of simplified accounting methods and accounting methods particular to the presentation of quarterly financial statements: None Financial Statement for the Six Months Ended September 30, 2015 Name of listed company: Mipox Corporation Stock Code: 5381 (URL http://www.mipox.co.jp) Name and Title of Representative: Jun Watanabe, President

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

February 2, 2016 Consolidated Financial Results for the Third Quarter of Fiscal Year 2015 (From April 1, 2015 to December 31, 2015) [Japan GAAP]

February 2, 2016 Consolidated Financial Results for the Third Quarter of Fiscal Year 2015 (From April 1, 2015 to December 31, 2015) [Japan GAAP] February 2, 2016 Consolidated Financial Results for the Third Quarter of Fiscal Year 2015 (From April 1, 2015 to December 31, 2015) [Japan GAAP] Company Name: Idemitsu Kosan Co.,Ltd. (URL http://www.idemitsu.com)

More information

GROUP 1. BASIC FINANCING. 10. CAPITAL 100. Capital stock 103. Uncalled subscribed capital receivable 108. Treasury stock

GROUP 1. BASIC FINANCING. 10. CAPITAL 100. Capital stock 103. Uncalled subscribed capital receivable 108. Treasury stock GROUP 1. BASIC FINANCING 10. CAPITAL 100. Capital stock 103. Uncalled subscribed capital receivable 108. Treasury stock 11. RESERVES AND OTHER EQUITY INSTRUMENTS 110. Additional paid-in capital 111. Other

More information

2014 Consolidated Financial Statements and Draft Financial Statements of the Parent Company

2014 Consolidated Financial Statements and Draft Financial Statements of the Parent Company 2014 Consolidated Financial Statements and Draft Financial Statements of the Parent Company Convening of the Annual Shareholders Meeting Consolidated financial statements: net profit 1.29 billion; Separate

More information

Monster Worldwide Reports Third Quarter 2015 Results

Monster Worldwide Reports Third Quarter 2015 Results Monster Worldwide Reports Third Quarter 2015 Results Third Quarter Financial Highlights: o Company Exceeds Expectations on All Profitability Metrics For the 5th Consecutive Quarter Adjusted EBITDA Including

More information

Summary Statement of Second Quarter Settlement of Accounts Fiscal Year Ending March 31, 2009

Summary Statement of Second Quarter Settlement of Accounts Fiscal Year Ending March 31, 2009 JASDAQ November 7, 2008 Summary Statement of Second Quarter Settlement of Accounts Fiscal Year Ending March 31, 2009 Listed Company Name: Plaza Create Co., Ltd. Listed Market: JASDAQ Code Number: 7502

More information

Company Announcement

Company Announcement Company Announcement The following is a Company Announcement by Lombard Bank Malta p.l.c. pursuant to Malta Financial Services Authority Listing Rules: Quote The Board of Directors of Lombard Bank Malta

More information

of Fiscal 2006 (Consolidated)

of Fiscal 2006 (Consolidated) Outline of Financial Results for the 3rd Quarter of Fiscal 2006 (Consolidated) Feb.3, 2006 For Immediate Release Company Name (URL http://www.fhi.co./jp/fina/index.html ) : Fuji Heavy Industries Ltd. (Code

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

AvivaSA Emeklilik ve Hayat Anonim Şirketi

AvivaSA Emeklilik ve Hayat Anonim Şirketi BALANCE SHEET AS OF 30 SEPTEMBER 2015 ASSETS Audited I- CURRENT ASSETS Note 31 December 2014 A- Cash and Cash Equivalents 14 431.210.641 394.414.565 1- Cash 14 603 142 2- Cheques Received - - 3- Banks

More information

CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002

CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002 Unaudited Unaudited Note Turnover 2 5,576 5,803 Other net losses (1) (39) 5,575 5,764 Direct costs and operating expenses (1,910)

More information

ACER INCORPORATED AND SUBSIDIARIES. Consolidated Balance Sheets

ACER INCORPORATED AND SUBSIDIARIES. Consolidated Balance Sheets Consolidated Balance Sheets June 30, 2015, December 31, 2014, and (June 30, 2015 and 2014 are reviewed, not audited) Assets 2015.6.30 2014.12.31 2014.6.30 Current assets: Cash and cash equivalents $ 36,400,657

More information

AvivaSA Emeklilik ve Hayat Anonim Şirketi BALANCE SHEET AS OF 31 MARCH 2015 (Amounts expressed in Turkish Lira ( TL) unless otherwise stated).

AvivaSA Emeklilik ve Hayat Anonim Şirketi BALANCE SHEET AS OF 31 MARCH 2015 (Amounts expressed in Turkish Lira ( TL) unless otherwise stated). BALANCE SHEET AS OF 31 MARCH 2015 ASSETS Audited I- CURRENT ASSETS Note 31 Mart 2015 31 Aralık 2014 A- Cash and Cash Equivalents 2.12, 14 410.052.299 394.414.565 1- Cash 14 799 142 2- Cheques Received

More information

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary.

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary. 87 Accounting Policies Intangible assets a) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of identifiable net assets and liabilities of the acquired company

More information

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

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

More information

The Effects of Changes in Foreign Exchange Rates

The Effects of Changes in Foreign Exchange Rates STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 21 The Effects of Changes in Foreign Exchange Rates SB-FRS 21 The Effects of Changes in Foreign Exchange Rates was operative for Statutory Boards financial

More information

2010 FIRST QUARTER PRELIMINARY RESULTS OF DANUBIUS HOTELS GROUP

2010 FIRST QUARTER PRELIMINARY RESULTS OF DANUBIUS HOTELS GROUP Danubius Hotels Nyrt, today announced its first quarter preliminary, unaudited results. This report contains consolidated financial statements for the period ended 31 March as prepared by the management

More information

Consolidated results for the third Quarter Period in FY2014

Consolidated results for the third Quarter Period in FY2014 Consolidated results for the third Quarter Period in FY2014 2014/2/7 Company Name Watami Co., Ltd. Listing: First Section of Tokyo Stock Exchange Code Number 7522 URL http://www.watami.co.jp/ Representative

More information

ANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ DETAILED BALANCE SHEET. ASSETS Unaudited Current Audited Previous Dipnot I- Current Assets

ANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ DETAILED BALANCE SHEET. ASSETS Unaudited Current Audited Previous Dipnot I- Current Assets ASSETS Unaudited Current Audited Previous Dipnot I- Current Assets A- Cash and Cash Equivalents 14 2.364.314.943 2.304.904.212 1- Cash 14 38.784 18.864 2- Cheques Received 3- Banks 14 1.961.058.269 1.937.834.876

More information

Opening doors to new ideas. Interim Report 2007/08

Opening doors to new ideas. Interim Report 2007/08 Opening doors to new ideas Interim Report 2007/08 SPG Media Group Plc Interim Report 2007/08 Contents 2 Chairman s Statement 4 Consolidated Interim Income Statement 5 Consolidated Interim Balance Sheet

More information

Summary of Consolidated Business Results for the First Quarter of Fiscal 2015 For the fiscal year ending May 31, 2016

Summary of Consolidated Business Results for the First Quarter of Fiscal 2015 For the fiscal year ending May 31, 2016 October 9, 2015 Summary of Consolidated Business Results for the First Quarter of Fiscal 2015 For the fiscal year ending May 31, 2016 Toyo Denki Seizo K.K. Stock Exchange: 1st Section of the Tokyo Stock

More information

Corus Entertainment Announces Fiscal 2014 Third Quarter Results

Corus Entertainment Announces Fiscal 2014 Third Quarter Results Corus Entertainment Announces Fiscal 2014 Third Quarter Results Consolidated revenues up 14% for the quarter and 11% year to date Consolidated segment profit up 23% for the quarter and 16% year to date

More information

Second Half and Full Year 2011/2012 Consolidated Results

Second Half and Full Year 2011/2012 Consolidated Results Second Half and Full Year 2011/2012 Consolidated Results Unaudited preliminary data Ongoing audit process Approved by the Board of Directors on May 8, 2012 Actual Current Operating Income (COI) in line

More information

AvivaSA Emeklilik ve Hayat Anonim Şirketi

AvivaSA Emeklilik ve Hayat Anonim Şirketi BALANCE SHEET AS OF 31 DECEMBER 2015 ASSETS I- CURRENT ASSETS Notes 31 December 2015 31 December 2014 A- Cash and Cash Equivalents 14 447.814.449 394.414.565 1- Cash 14-142 2- Cheques Received 3- Banks

More information

EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2015

EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2015 21ST CENTURY FOX REPORTS FIRST QUARTER INCOME FROM CONTINUING OPERATIONS PER SHARE OF $0.34 AND FIRST QUARTER TOTAL SEGMENT OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION OF $1.54 BILLION ON TOTAL

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

The items published on the Internet Websites upon the Notice of Convocation of the 147 th Ordinary General Meeting of Shareholders

The items published on the Internet Websites upon the Notice of Convocation of the 147 th Ordinary General Meeting of Shareholders The items published on the Internet Websites upon the Notice of Convocation of the 147 th Ordinary General Meeting of Shareholders Notes to Consolidated Financial Statements & Notes to Non-Consolidated

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

NOK CORPORATION and Consolidated Subsidiaries Consolidated Financial Results for the First Quarter Ended June 30, 2008

NOK CORPORATION and Consolidated Subsidiaries Consolidated Financial Results for the First Quarter Ended June 30, 2008 Member of Financial Accounting Standards Foundation NOK CORPORATION and Consolidated Subsidiaries Consolidated Financial Results for the First Quarter Ended June 30, 2008 Name of Listed Company: NOK Corporation

More information