ANNUAL REPORT 2009 LEADING THE WAY
|
|
- Collin Francis
- 8 years ago
- Views:
Transcription
1 ANNUAL REPORT 2009
2 CONSOLIDATED KEY FIGURES in EUR million (unless otherwise noted) Forfaiting volume Gross result including financial results Forfaiting margin including financial results 1.5% 1.7% 1.9% 2.4% Administrative costs Earnings before income taxes Consolidated profit Average earnings per share in EUR Forfaiting volume (in EUR million) Gross result incl. financial results (in EUR million) Consolidated profit (in EUR million) 1,
3 CONTENTS COMPANY Letter by the Management Board 4 The attainments of DF Deutsche Forfait AG 6 10 years DF Deutsche Forfait AG 18 The DF share in GROUP MANAGEMENT REPORT Business and general conditions 22 Net assets, financial position and result of operations 25 Compensation report 27 Disclosures according to section 315 (4) of the German Commercial Code (HGB) 28 Risk management report 30 Supplementary report 33 Outlook 33 FINANCIAL FIGURES Consolidated Balance Sheet Assets 36 Consolidated Balance Sheet Equity and Liabilities 37 Consolidated Income Statement 38 Consolidated Statement of Recognized Income 39 Consolidated Cash Flow Statement 40 Consolidated Statement of Equity Changes 41 CORPORATE NOTES Notes to the Consolidated Financial Statements 43 Consolidated Fixed Assets 68 Auditors Report 70 Responsibility Statement by the Management Board 71 Supervisory Board Report 72 Corporate Governance Report 74
4 LETTER BY THE MANAGEMENT BOARD Dear Shareholders and Business Partners, Leading the way This is the motto of our Annual Report No we are no transport company, but our ambition is to enable companies in different countries and continents to trade with one another by offering financing solutions for exporters. There is great uncertainty among many companies about which countries are sufficiently stable to do business with, especially when it comes to delivering products to developing countries and emerging markets an area which is very much our specialty. Importers from emerging markets usually request long payment terms that exporters are barely able to provide at present due to the crisis. As a result, business transactions often never come about or are postponed indefinitely. This is where DF Group comes in leading the way for its customers, finding a quick route to successful business has confirmed the validity of our business model. We have proven that we are capable of achieving profits even in a difficult market environment. Our risk management system has withstood the heavy turbulence in the global financial sector. We achieved a consolidated result of EUR 3.5 million in 2009, corresponding to a doubledigit return on equity of 12%. We were very selective in our business in 2009 in line with our risk avoidance policy. As a result, our risk position during the crisis-hit year 2009 remained below the previous year s levels. 4
5 COMPANY GROUP MANAGEMENT REPORT FINANCIAL FIGURES CORPORATE NOTES The crisis brought about many changes in the market, providing DF Group with great opportunities. Less competition in the purchasing of receivables in the near future will result in higher margins. We set a new record in 2009 by increasing our forfaiting margin from 1.9% to 2.4%. The placement side, in other words the sale of receivables, is recovering slowly but steadily. Banks, which had withdrawn from the market, are now returning. Trade receivables are once again en vogue thanks to their attractive risk/return ratio. Given the knowledge gained over the past year and the positive signs in the market, we are convinced that our company is going to grow again in the current year. We intend to significantly increase both forfaiting volume and earnings. In doing so, we want to mark our 10th anniversary in style in We would like to thank you for placing your trust and are looking forward to leading the way in future too together with you. Jochen Franke Marina Attawar Ulrich Wippermann 5
6 Cash is king. The old entrepreneurial proverb always sees a boom when capital is in demand and banks become stingy with their credit due to weak corporate forecasts. The current situation sees companies and their lenders both having to come to terms with the effects of the financial crisis. The slump in exports decreasing by 18% in Germany alone in 2009 had its greatest impact on the production industry. Those that appeared to make it through the worst of it need quick financial support to gradually build their spent reserves back up. But the banks are exercising restraint when it comes to financing exporters. There is just too much uncertainty to risk adding additional burden on an already weakened credit portfolio. At the same time, pressure is mounting for lenders to satisfy customers by offering suitable interest rates as the market continues to recover. DF Deutsche Forfait Group deals with receivables from the export business and therefore has solutions available for both parties. On the following pages, we provide answers to questions that we regularly receive and show why our services are exceptionally suited to the needs of our customers in this time of crisis. We are here to provide new and secure methods for financing exports, even if the current environment seems bleak at first glance.
7 Keeping exports from becoming a leap into the unknown...
8 The economic and financial crisis is having a time-delayed effect on the creditworthiness of affected nations. Numerous countries are experiencing severe economic slumps which are causing increased national debts. As a result, the credit rating of 34 countries was downgraded by the major rating agencies in This gives many exporters even greater uncertainty in determining which countries are still safe to do business with. Refusing potential business can often mean a possible loss of receivables against this backdrop. But this puts many companies at risk in a globally connected world. Such times require a professional partner. In the forfaiting business, DF Deutsche Forfait Group takes on the country risk without a deductible for the exporter. Our information advantage that we have developed over the years helps us in this as the DF Group has a strong international network with eleven sites around the globe. Due to our offices on location and the numerous years of experience that our employees have in handling business with emerging markets, we often have a better feel for the risk involved than the exporters. This provides greater peace of mind for all parties involved. Safety and security are the decisive factors in maintaining global trade. We know which countries can be exported to without taking on too great a risk.
9 Can I export to this country?
10 The credit crunch is on everyone's lips. According to a poll conducted by the European Central Bank in February 2010, 42% of the 5,320 SMBs surveyed believed that the conditions for receiving loans from banks deteriorated in the second half of The equity requirements of credit institutes were already raised due to Basel II regulations and these have been intensified thanks to the financial crisis. This results in exporters having increasing difficulty receiving financing for their deliveries with payment targets. The primary lenders of many exporters have not put a focus on trade with emerging markets, which actually has some of the greatest growth potentials in The DF Deutsche Forfait Group offers financing alternatives for exporters in countries that primary lenders can t or won t cover. Today, we finance commercial business transactions with the markets of tomorrow thanks to our many years in dealing with emerging markets. A strong equity situation and credit lines are available to us for refinancing. We guarantee our customers short paths of communication and a quick decision on whether or not a receivable will be purchased due to our lean structure. A secret of our success is nonbureaucratic cooperation with our customers. Exporters are looking for quick solutions and that s exactly what we offer.
11 Who would help me in finance my exports if my banks limit their lending?
12 Forfaiting belongs to the standard repertoire of banks participating in international business. Having started as a niche tool, forfaiting has developed into an important financing instrument over the last three decades especially in the growing trade business with emerging markets. Due to the financial and economic crisis, the spectrum of financing possibilities for exporters has diminished and liquidity requirements have increased. That s why small to medium sized exporters increasingly make use of forfaiting along with the larger market players. And for good reason: Without this opportunity to engage in forfaiting, they would see their business activities severely limited. The DF Deutsche Forfait Group offers forfaiting solutions for customers of all sizes. We provide exporters with short-term liquidity, strengthen their balance sheets and take on the risks associated with receivables. For this service, we receive a risk premium whose size is determined by various factors including duration, country and counterparty risk as well as documentation requirements. In doing so, we usually incur individual receivables, in contrast to factoring. This can start as low as 300,000 Euros for smaller volumes and can reach up to the double digit million region. In other words, forfaiting is just as suitable for mid-sized enterprises as it is for large companies and, in view of its advantages, is not more expensive than other financing options.
13 Isn t forfaiting expensive and only an option for major exporters?
14 The financial crisis has bluntly revealed the excesses of the risk-fraught, return-driven investment policies of numerous banks. The result was depreciation totaling in the billions on securities that were no longer worth the paper they were printed on. Even if a portion of the investment banks have returned to business as usual, the crisis did lead many credit institutions to rethink their policies. Taking the motto back to the roots, they are starting to look for investment opportunities not based on synthetic financial products, but real business with attractive returns and limited risk i.e. trade receivables. Such challenges have been the business of DF Group for over ten years now. The DF Deutsche Forfait Group deals with receivables from the emerging markets that show an attractive risk/return profile. Typical buyers are banks, forfaiting companies that act as investors or smaller regionally focused institutes around the world. Trade receivables generally offer a higher interest rate than fixed rate securities, since the documentation requirements are much higher. At the same time, the risk of loss is manageable since emerging market countries are dependent on imports and good business relationships. This is seen in the fact that global trade receivables were often paid even during times of national crisis when relevant country loans were cancelled. A further proof of the positive risk/opportunity profile of the trade receivable s asset class.
15 Why do trade receivables offer attractive returns in proportion to risk?
16 The emerging markets are becoming increasingly important in world trade. Thanks to support from their national governments, large economies such as China, India and Brazil have emerged from the global economic crisis relatively unscathed and continued on their strong growth tracks in Investing in emerging markets risks is an absolute must for international banks looking to round out their portfolios. At the same time, however, the documentation requirements for this type of business have increased due to the financial crisis. The risk aspects have recaptured attention and the credit committees of banks are requiring detailed documentation on the methods used to secure the transactions. Demands that are worth fulfilling. The DF Deutsche Forfait Group is a specialist for receivables with complex documentation requirements. Using our global network and our focus on emerging markets, we offer banks and other investors attractive investment opportunities that could not realize their potential on their own due to their limited market access and/or sales capabilities. We also are not put off by the increased documentation requirements that banks have for these transactions. We are well-positioned to handle such scrutiny. The structure and documentation of the purchased receivables have always been a major part of our core competencies. As experience has shown us the end of one crisis just signals the run-up to the next.
17 Who fulfils the increased documentation requirements when investing in emerging markets?
18 10 years DF Deutsche Forfait AG Foundation of DF Deutsche Forfait in January Subsidiary founded in Prague Office established in Paris Office established in Hamburg Cumulative forfaiting volume since foundation breaks the EUR 1 billion mark Subsidiary founded in Miami Start of the expansion into South America Expansion of the operations in the field of structured products Office established in Helsinki Closure coopera Dubai Closure coopera London /11 Terror attacks on the World Trade Center and the Pentagon Start of the war in Iraque on 20 March Joseph R Benedi Paris: Concorde crash, as a result closure of the typ s flight operations Introduction of the European common currency Euro Tsunami in the Indian Ocean around 300,000 people killed 18
19 One decade in the mirror of time of a tion in of a tion in Forfaiting volume per year exceeds the EUR 900 million mark Successful Initial Public Offering Office established in London Office established in Zurich Office established in São Paulo DF achieves clearly positive results in spite of crisis January: 10 years DF Deutsche Forfait Office established in Lahore atzinger is elected as t der XVI. for Pope Lisbon treaty and therefore reform of the EU- and EG agreements Delegates from 190 countries meets for the climate summit in Kopenhagen Soccer World Cup in Germany Insolvency of the US bank Lehman Brothers 20th anniversary of the German reunification 19
20 THE DF SHARE IN 2009 The DF share: performance figures 2009 Issue price EUR 7.50 High XETRA (17 December 2009) EUR 5.80 Low XETRA (20 March 2009) EUR 3.80 Year-end closing price XETRA (2009) EUR 5.60 Performance to issue price -25% DF share in 2009 with outperformance DF Deutsche Forfait AG s share performed better than the market and considerably stronger than the industry. With a gain of 30% to EUR 5.60 for the year, it outperformed the small-cap index SDAX as well as the industry indicator DAXsector All Financial Services. The share s trading volume also increased considerably due in part to a higher volume of free-floating shares. Performance % Average price (XETRA) EUR 4.59 Average daily trading volume in shares (all exchanges) 7,725 Average daily trading volume in EUR (all exchanges) EUR 38, Market capitalization as of 30 December 2009 (XETRA) EUR 38,080, The most important global stock markets opened 2009 with substantial losses. Starting the year at 4,973 points, the German lead index DAX reached its low on 9 March with 3,589 points. From that point on, the DAX benefited from increasingly positive economic data. The major causes for the burgeoning recovery move were the stimulus packages implemented around the world and the historically low interest rates. By the end of the year, the DAX had reached 5,957 points marking a growth of 24% in the year. The European Stoxx 50 index achieved a 24% gain while the Dow Jones index posted a 20% plus for the year. On the German stock market, second-tier shares benefited more strongly from the economic recovery than the blue chips. While the MDAX posted gains of 34% in 2009, the SDAX was able to add 27% on the year. DF Deutsche Forfait AG's share, with its gain of 30% on the year, considerably outperformed the industry index DAXsector All Financial Services. The share started with a closing price of EUR 4.30 on the first trading day in The share hit its low for the year at EUR 3.80 on 20 March. It continued on a growth track up to the Annual General Meeting on 16 June 2009, posting a share price of EUR Ex-dividend, the share once again fell below the EUR 5.00 mark, but managed to recover at the start of September and closed the year at EUR The annual high was achieved on 17 December 2009 at EUR The average share price for the year amounted to EUR When it comes to the liquidity of the DF share, it benefited from increased free float since the end of 2008, which amounted to 66% as of 31 December With a market capitalization of EUR 38.1 million at the year's end, this translates to a free float market cap equivalent to EUR 25.0 million. Trading volume for the DF share totaled EUR 9.9 million for In the previous year, DF shares held a total value of about EUR 6.9 million on all the German exchanges where it was traded. The average order volume per day grew from 4,807 shares which represents a value of EUR 27,018 for 2008 to 7,725 shares equalling EUR 38,977 for DFAG share in 2009 compared to relevant indices Jan Feb March April May June July August Sept Oct Nov Dez = Index DFAG SDAX DAXsector All Financial Services Source: Deutsche Börse The Management Board and multiple members of the Supervisory Board continue to be important shareholders in the DF Group. 18% of the 6.8 million total outstanding shares are imputed to the Management Board. 4% of this is to be assigned to the free float. A 11% stake is imputed to the Supervisory Board. The M.M.Warburg & CO KGaA bank continues to hold 21% of DF shares as a strategic investor. The DF Deutsche Forfait AG share will be followed by four research providers: Bankhaus Lampe, Equinet, SES Research as well as Silvia Quandt Research. 20
21 Business and general conditions Net assets, financial position and result of operations Compensation report Disclosures according to section 315 (4) of the German Commercial Code (HGB) Risk management report Supplementary report Outlook
22 GROUP MANAGEMENT REPORT DF Deutsche Forfait Group also referred to as DF Group below again achieved clear positive results, even during the crisis year In spite of difficult market conditions, consolidated net income amounted to EUR 3.5 million, corresponding to a return on equity of 12%. Although this result falls considerably short of the record EUR 5.8 million in 2008, it must be taken into account that economic conditions were entirely different then. Until the insolvency of Lehman Brothers at the end of the third quarter of 2008, operating conditions were very good and the economic situation excellent. The collapse of the US investment bank triggered the worst financial crisis in decades and led to a global recession. In view of these fundamental changes to the market environment, the Management of DF Group shifted the strategic focus in 2009 to the avoidance of risks. This is reflected in the financial key figures for These negative market conditions and increasing selectiveness in business transactions have reduced the gross result including financial results, a deciding success factor for operations in the forfaiting business, by 13% to EUR 14 million. At the same time, the forfaiting margin went up considerably from 1.9% to 2.4% due to less competition on the purchasing side in the wake of the crisis. This largely offset the steep drop in forfaiting volumes from EUR million to EUR million. Trade receivables at year-end 2009 were down 12% on the figures at the end of 2008, another outcome of the DF Group's risk avoidance policies. In addition, the average unsecured risk of the 2009 portfolio remained below 2008 levels throughout the year. The key event Lehman Brothers insolvency almost brought the sale of forfaiting transactions to investors, essential business for the DF Group, to a standstill at the end of In 2009, the situation recovered slowly but continuously, although demand was still considerably lower than prior to the crisis. Supported by the economic recovery since the third quarter in 2009, DF Group anticipates that this positive trend is going to continue. On the purchasing side, the company expected market conditions to remain better than before the crisis. Competition has decreased through the adjustments in the market, resulting in higher margins. DF Group is returning to its growth path in 2010 as a result of this sustained recovery and expects to significantly increase its result and forfaiting volume. BUSINESS AND GENERAL CONDITIONS Forfaiting is a standard trade financing instrument. In the past, forfaiting was mainly used in transactions with emerging markets and developing countries where exporters frequently have to extend payment terms to their customers. In the current economic crisis, extended payment terms have become even more important for exporters in order to receive any orders. With such transactions, the receivables and associated risks remain on the exporter s balance sheet and reduce their liquidity. Forfaiting means that the forfaiting company purchases these receivables without recourse. The sale of receivables allows the exporter to transfer country and counterparty risks to the buyer while improving liquidity. In addition, the exporter improves its balance sheet structure which represents an advantage when dealing with refinancing banks. In addition to forfaiting, DF Group offers its customers the assumption of risks via purchase commitments. Unlike forfaiting, purchase commitments only involve the assumption of country and counterparty risks without providing liquidity. In these times of rapid globalization and the increasing share of the emerging markets in world trade, forfaiting is becoming a more and more significant trade financing instrument. Due to the crisis, banks are also issuing less loans to companies ( credit crunch ), resulting in significantly increased demand for forfaiting. The outplacement of risks and reselling of receivables are key success factors for DF Group. Purchase commitments are secured by bank guarantees, third-party counter-guarantees or credit insurance for the benefit of DF Group, which means the risks are outplaced. Receivables that are not sold are added to the DF Group s portfolio. Just as it does on the acquisition side, DF Group also has a global network of investors for the sale of receivables which was developed gradually over the last few years and reinforced by numerous business deals. Typical buyers of receivables include forfaiting companies that unlike DF Group also act as investors, smaller regional banks, especially in Europe, large banks headquartered in industrial countries, and banks with shareholders from the emerging markets (socalled foreign banks). In recent months, an increasing number of large banks have started purchasing forfaiting transactions again. These banks had been very subdued with regard to purchasing forfaiting transactions since the crisis escalated in 22
23 COMPANY GROUP MANAGEMENT REPORT FINANCIAL FIGURES CORPORATE NOTES Classical Forfaiting Delivery at date of payment Bank Exporter Importer Receivable with bank as address risk Purchase of the receivable Payment at maturity Sale of the receivable DF Deutsche Forfait Investor the fourth quarter of In principle, receivables are acquired for the following reasons: Foreign trade receivables have an attractive margin compared to their risks. The yield is usually higher compared to an equivalent fixed-interest security and the risk is lower as they are purchased abroad. Numerous investors have very limited sales capacities and therefore restricted market access. These investors use the services of DF Group to expand their sales capacities. Investors purchase DF Group receivables to diversify their portfolios while benefiting from the company's international network and access to various local markets. In the forfaiting business, receivables are acquired at a discount from the nominal value. This market value reduction is calculated on the basis of the money and capital market interest rate for the equivalent term (e.g. 1-year LIBOR) plus a risk margin. The margin takes the individual risk of each transaction into account; this mainly depends on country and counterparty risks. In addition, the margin is affected by the complexity of the transaction including the documentation. For DF Group, the market value reduction represents the most important income component. The company also generates income from commitment fees and other commissions. Global economy has bottomed out After slumping due to the financial crisis, the global economy has been recovering since mid In the opinion of the Kiel Institute for the World Economy (IfW), global economic performance in 2009 dropped by a total of 1%. This is the first time since 1946 that the global economy has shrunk. However, the slump was less severe than anticipated at the beginning of the year. Thanks to the extensive support for the banking sector and expansive fiscal policies of many industrial countries, the global financial system was stabilized. Financial stimulus packages implemented throughout the world started to show their first effects, and particularly the Asian emerging countries continued their dynamic growth. China's economic performance is expected to have grown by 8.6% and India's by 5.7% in On the other hand, economic performance in industrial countries decreased by 2.4% in the USA and 4.1% in the Eurozone. According to calculations by the Federal Office of Statistics (Statistisches Bundesamt) the German GDP dropped by 5.0%. The main reason for the recession in Germany is the slump in export by 18.4%. Gross asset investments were also down 9% on the previous year. The slight increase in spending was not able to offset these negative developments. Hope of recovery after slump in world trade Due to the financial and economic crisis, world trade volumes in 2009 slumped with a rate never seen before. According to the International Monetary Fund (IMF), world trade dropped by 12.3% compared to growth of 2.8% in the previous year. This also affected exports of industrial countries (-12.1%) and imports of emerging and developing countries (-13.5%) equally. IMF experts forecast positive development for 2010 on the back of the recovery of the global economy as a whole and continued economic growth of some large emerging countries such as India, China and Brazil. World trade is expected to grow World Trade Annual Percentage Change e 2011e Source: IMF Imports (developing and emerging nations) Volume of world trade Exports (industrialised nations) 23
24 GROUP MANAGEMENT REPORT by 5.8%, exports of industrial countries by 5.9% and imports of emerging and developing countries by 6.5%. According to the World Trade Organization, the global trading volume in 2008 amounted to around EUR 176 trillion. Irregardless of fluctuations during recent years, this volume, and particularly the increased share of emerging and developing countries, is offering enormous market potential for DF Group. The shortage of liquidity as a result of the banking crisis has also resulted in far less competition on the acquisition side while demand has increased because of the lack of alternatives. In the past, companies frequently held receivables in their portfolio to maturity since their own refinancing costs were much lower than the cost of forfaiting. In this situation, profitability came before liquidity and risk management; but now the priorities have changed. DF Group structure DF Deutsche Forfait Group is based in Cologne, where its forfaiting know-how is concentrated and transactions are structured. Sales are handled by own offices or intermediaries with direct access to various local markets. Headquarters coordinates the offices around the world and is furthermore in charge of risk management, contract management and the outplacement of transactions. In addition to the parent company in Cologne, the DF Group also includes four wholly owned subsidiaries in Brazil (São Paulo), Switzerland (Zurich), the Czech Republic (Prague), the USA (Miami) as well as a 60% interest in the company in Pakistan (Lahore). The international network is supplemented by representative offices in Finland (Helsinki), France (Paris) and Great Britain (London) as well as cooperation partners in Egypt (Cairo) and Dubai. With the exception of the subsidiaries in Prague and Zurich, which are occasionally involved in back office tasks for individual transactions, the foreign offices focus exclusively on marketing and sales activities. Due to its regional presence, DF Group has direct access to clients in the respective local markets. Since the offices concentrate on sales activities, markets can be developed comparatively quickly and in a cost effective manner. Overall, DF Group has an efficient and cost effective organizational structure. Good conditions for further growth DF Group's business model is clearly defined and has proven itself during the crisis. With its current structure, the company is well positioned to use the market environment successfully and to resume its growth strategy. The sophisticated risk management system is a fundamental part of the business model. It is based on the outsourcing of risks and reselling of receivables. Even during the crisis, DF Group did not suffer from serious delinquent payments. Thanks to the efficient organizational and cost structure with large headquarters in Cologne and streamlined local sales offices, DF Group is able to react quickly to changes in the market. New markets can be tapped quickly and at low cost. The company has sufficient resources with a comfortable capacity for growth. Equity more than tripled as a result of the company's IPO in May 2007 and profit retention. Equity Company structure DF Deutsche Forfait AG 100% 100% 100% 60% 100% DF Deutsche Forfait s.r.o. Prague, Czech Republic DF Deutsche Forfait Americas, Inc., Miami, USA DF Deutsche Forfait do Brasil, Sao Pãulo Brazil DF Deutsche Forfait AG Pakistan Exporteur Ltd., Lahore Pakistan DF Deutsche Forfait Swiss AG Zurich, Switzerland Subsidiaries Helsinki Finland London Great Britain Paris France 24
Interim Report Period: 01-01-2007 to 30-06-2007
Interim Report TABLE OF CONTENTS At a glance Key figures 3 Letter by the Management Board 4 Group Management Report 5 Focus on high-margin segments 5 International network a key success factor 6 Development
More informationINTERIM REPORT PERIOD: 01-01 TO 30-06-2011
INTERIM REPORT PERIOD: 01-01 TO 30-06-2011 TABLE OF CONTENTS Consolidated key figures 3 Letter by the Management Board 4 GROUP MANAGEMENT REPORT Business and general conditions 5 Stable environment in
More informationINTERIM REPORT PERIOD: 01-01 TO 30-06-2013
INTERIM REPORT PERIOD: 01-01 TO 30-06-2013 TABLE OF CONTENTS Consolidated key figures 3 Letter by the Management Board 4 GROUP MANAGEMENT REPORT FINANCIAL FIGURES Business and general conditions 6 Net
More informationINTERIM GROUP MANAGEMENT REPORT
Chance Africa Interim Group Management Report for the Period from 01. January - 31. March 2014 Table of CONTENTs INTERIM GROUP MANAGEMENT REPORT General corporate information 03 Economic report 06 Post-balance
More informationINTERIM GROUP MANAGEMENT REPORT
Chance AfriCa Interim Group Management Report for the Period from 1 January - 30 June 2014 Table of CONTENTs INTERIM GROUP MANAGEMENT REPORT General corporate information 03 Economic report 06 Post-balance
More informationDF Deutsche Forfait AG Interim Report
DF Deutsche Forfait AG Interim Report Period: 01-01 to 30-06-2015 accents CONSOLIDATED KEY FIGURES 2015 2014 Change in EUR million (unless otherwise noted) Q1 Q2 Mid-Year Mid-Year Mid-Year Business volume
More informationConsolidated Nine-month Report of Baader Bank AG as of 30 September 2012
Consolidated Nine-month Report of Baader Bank AG as of 30 September 2012 Overview of key figures EARNINGS 1 Jan. - 30 Sept. 2012 1 Jan. - 30 Sept. 2011 Change % Net interest income thou. 4.06 4.66-13.0
More informationAnnual General Meeting of Fresenius SE on May 12, 2010. Speech of Dr. Ulf M. Schneider, Chairman of the Management Board
Annual General Meeting of Fresenius SE on May 12, 2010 Speech of Dr. Ulf M. Schneider, Chairman of the Management Board The spoken word has precedence. Chart: Welcome Good morning, ladies and gentlemen.
More informationOverview of the key figures for the first half of the year
Half-Year Report 2015 Q2 Revenues increase in the first half of the year by 23% EBIT increased by 1.5 million euros compared to the previous year Order book is growing Overall annual forecast remains unchanged
More informationTO OUR SHAREHOLDERS PROFITABLE GROWTH COURSE INTERNATIONALIZATION FURTHER EXTENDED US MARKET IN FOCUS
QUARTERLY STATEMENT AS OF MARCH 31, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group has made a dynamic start in the 2015 financial year and continues
More informationTravel24.com AG. Quarterly Report Q1 2015
Travel24.com AG Quarterly Report Q1 2015 2 Selected Key Group Data January 1 - March 31 Change In thousands of euro 2015 2014 % Revenue 4,494 7,810-42 % EBIT 806 1,231-35 % Net profit 66 518-87 % Earnings
More informationNotice of Annual Shareholders. Meeting. Meeting of Siemens AG on January 27, 2009. www.siemens.com
Notice of Annual Shareholders Meeting Notice of Annual Shareholders Meeting of Siemens AG on January 27, 2009 www.siemens.com Siemens Aktiengesellschaft Berlin and Munich Berlin and Munich December 2008
More informationOverview of key figures
Quarterly report for the 1 st Quarter 2010 Overview of key figures 01.01.- 01.01.- Change 31.03.2010 31.03.2009 in % Net fee and commission income in EUR 9.87 8.58 15.0 Net trading income in EUR 16.96
More informationHALF YEAR REPORT AS OF JUNE 30
2 0 1 4 HALF YEAR REPORT AS OF JUNE 30 T O O U R S H A R E H O L D E R S Dear shareholders, ladies and gentlemen, The Nemetschek Group continued its successful development in the second quarter of 2014
More informationTO OUR SHAREHOLDERS DYNAMIC FIRST HALF YEAR
HALF YEAR REPORT AS OF JUNE 30, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group maintained its dynamic development from the first quarter of 2015
More informationQuarterly Report II/2004
Quarterly Report II/ Foreword Group management report Dear Shareholders, Result of operations Stagnating share prices and declining trading volumes dominated the German stock exchanges in Q2. The hike
More informationDF Deutsche Forfait AG. Period: 01 January - 31 March 2015. accents
DF Deutsche Forfait AG Interim Group Management REPORT Period: 01 January - 31 March 2015 accents Table of CONTENTs INTERIM GROUP MANAGEMENT REPORT General corporate information 3 Economic report 5 Post-balance
More informationFinancial Repression: A Driving Force for Mergers and Acquisitions?
Strategy / Investment Financial Repression: A Driving Force for Mergers and Acquisitions? International capital markets have seen a growing number of corporate mergers and acquisitions (M&A) over the past
More information9-MONTHS REPORT. Stable development of business in Q3 Lila Logistik confirms full-year forecast
/08 9-MONTHS REPORT Stable development of business in Q3 Lila Logistik confirms full-year forecast Key figures for the first three quarters of 2008 in accordance with IFRS 01.01. 01.01. Change in Change
More informationFOR IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS O-I generates second highest free cash flow in the Company s history PERRYSBURG, Ohio (February 2, 2015) Owens-Illinois, Inc.
More informationUnaudited Nine Months Financial Report
RECRUITING SERVICES Amadeus FiRe AG Unaudited Nine Months Financial Report January to September 2015 Temporary Staffing. Permanent Placement Interim Management. Training www.amadeus-fire.de Unaudited Nine
More information2015 Quarterly Report II
2015 Quarterly Report II 2 Key data Eckert & Ziegler 01 06/2015 01 06/2014 Change Sales million 69.0 61.9 + 11 % Return on revenue before tax % 16 % 9 % + 87 % EBITDA million 15.6 9.7 + 61 % EBIT million
More informationRoche Capital Market Ltd Financial Statements 2014
Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive
More informationData 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 informationCommerzbank: Strategy successful net profit of over 1 billion euros and dividend
IR release 12 February 2016 Commerzbank: Strategy successful net profit of over 1 billion euros and dividend Operating profit in 2015 more than doubled to EUR 1,909 m (2014: EUR 689 m) Operating profit
More informationAhlers AG, Herford. ISIN DE0005009708 and DE0005009732 INTERIM REPORT
Ahlers AG, Herford ISIN DE0005009708 and DE0005009732 I N T E R I M R E P O R T for the first six months of the 2006/07 financial year (December 1, 2006 to May 31, 2007) BUSINESS DEVELOPMENT IN THE FIRST
More informationCENIT AG Systemhaus. Industriestraße 52-54 D-70565 Stuttgart Tel: + 49 711 7825-30 Fax: + 49 711 7825-4000 Internet: http://www.cenit.
9 Months Report 2007 CENIT AG Systemhaus Industriestraße 52-54 D-70565 Stuttgart Tel: + 49 711 7825-30 Fax: + 49 711 7825-4000 Internet: http://www.cenit.de Investor Relations: ISIN:DE0005407100 Fabian
More informationDear shareholders, TAKKT highlights during the first six months of 2001. The TAKKT group. Half-year report 2001
Half-year report 2001 Stuttgart, July 2001 Dear shareholders, TAKKT AG continued its dynamic development during the first six months of 2001. Compared to the same period last year, the group increased
More informationAmerican International Group, Inc. Financial Supplement Fourth Quarter 2005
Financial Supplement Fourth Quarter 2005 This report should be read in conjunction with AIG's Annual Report on Form 10-K for the year ended December 31, 2005 filed with the Securities and Exchange Commission.
More informationLiquidity and Funding Resources
112 Allianz Group Annual Report Liquidity and Funding Resources Organization The liquidity management of the Allianz Group is based on policies and guidelines approved by the Board of Management of Allianz
More informationQuarter Report 2014 ESSANELLE HAIR GROUP AG
Quarter Report 2014 ESSANELLE HAIR GROUP AG Q1 2 Q1/2014 ESSANELLE HAIR GROUP KEY FIGURES for 1 January to 31 March 2014/2013 (IFRS) million 2014 2013 Change* Consolidated sales 32.3 30.8 +4.7% essanelle
More informationAsset side EUR EUR TEUR 2009 2008. a) payable daily 321,956,802.07 73,895. b) other receivables 175,336,223.00 335,336 497,293,025.
DB Export-Leasing GmbH Frankfurt am Main Balance sheet as at 31st December 2009 Asset side EUR EUR TEUR 2009 2008 1. Owed by banks a) payable daily 321,956,802.07 73,895 b) other receivables 175,336,223.00
More informationWeb. Chapter FINANCIAL INSTITUTIONS AND MARKETS
FINANCIAL INSTITUTIONS AND MARKETS T Chapter Summary Chapter Web he Web Chapter provides an overview of the various financial institutions and markets that serve managers of firms and investors who invest
More informationHow To Understand And Understand Beiersdorf
H1 2015 INTERIM REPORT JANUARY JUNE 2 Contents GENERAL Business Developments Overview 3 Beiersdorf s Shares 4 INTERIM MANAGEMENT REPORT GROUP Results of Operations Group 5 Results of Operations Business
More informationKROMI provides manufacturing companies with an end-to-end supply of precision tools using tool dispensers (KTCs) and IT-based tool management
6-month report 2010 / 2011 Key figures at a glance (IFRS) 6 month 2010 / 2011 (Jul 1, 2010 Dec 31, 2010) Comparable period (Jul 1, 2009 Dec 31, 2009) Revenues 16,504 15,261 Earnings before interest and
More informationConsolidated 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 informationQ3/2010 Interim report as of September 30, 2010
Q3/2010 Interim report as of September 30, 2010 Overview of key figures 01.01.-30.09.2010 01.01.-30.09.2009 Change in % Net fee and commission income EUR million 25,89 27,03-4,2 Net trading income EUR
More informationBÖWE SYSTEC AG ends the 2002 business year with a new high in pre-tax results dividend increase to 1.25 euro
Press release BÖWE SYSTEC AG Werner-von-Siemens-Str.1 D-86159 Augsburg Contact: Alfred Just Augsburg, 14 April, 2003 BÖWE SYSTEC AG ends the 2002 business year with a new high in pre-tax results dividend
More informationInvitation Annual General Meeting 2011. Nabaltec AG, Schwandorf. We hereby invite our shareholders to attend our. Annual General Meeting
Invitation Annual General Meeting 2011 Nabaltec AG, Schwandorf We hereby invite our shareholders to attend our Annual General Meeting to be held at 10.00 a.m. on Thursday, June 09, 2011 in the Amberger
More informationAn Alternative Way to Diversify an Income Strategy
Senior Secured Loans An Alternative Way to Diversify an Income Strategy Alternative Thinking Series There is no shortage of uncertainty and risk facing today s investor. From high unemployment and depressed
More informationQ1 2015 INTERIM REPORT JANUARY MARCH
Q1 2015 INTERIM REPORT JANUARY MARCH 2 Contents GENERAL Business Developments Overview 3 Beiersdorf s Shares 4 INTERIM MANAGEMENT REPORT GROUP Results of Operations Group 5 Results of Operations Business
More informationKey figures as of June 30, 2013 1st half
Never standing still. Interim Report as of June 30, 2013 Contents 2 Key figures as of June 30, 2013 1st half 3 Key figures as of June 30, 2013 2nd quarter 6 Strong revenue growth 12 Consolidated interim
More informationGrandVision reports Revenue growth of 13.8% and EPS growth of 31.7%
GrandVision reports Revenue of 13.8% and EPS of 31.7% Schiphol, the Netherlands 16 March 2015. GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2015 results. 2015 Highlights Revenue
More informationConsolidated Quarterly Report of Baader Bank AG as at 31.03.2015
Consolidated Quarterly Report of Baader Bank AG as at 31.03.2015 OVERVIEW OF KEY FIGURES RESULTS OF OPERATIONS Q1 2015 Q1 2014 Change in % Net interest income EUR thousand -95 869 >-100.0 Current income
More informationConvenience Translation the German version is the only legally binding version. Articles of Association. Linde Aktiengesellschaft.
Convenience Translation the German version is the only legally binding version Articles of Association Linde Aktiengesellschaft Munich 9 March 2015 Page 1 of 12 I. General Rules 1. Company Name, Principal
More informationINVESTMENT DICTIONARY
INVESTMENT DICTIONARY Annual Report An annual report is a document that offers information about the company s activities and operations and contains financial details, cash flow statement, profit and
More informationThe MLP Group The partner for all financial matters
The MLP Group The partner for all financial matters Reinhard Loose, CFO German Equity Forum Frankfurt, November 25, 2015 Agenda MLP at a glance Benefits for shareholders Market developments Financials
More informationHaltvetia Insurance - Review
Helvetia Switzerland Operative Account 2014 Collective life insurance. Your Swiss Insurer. 2014: reforms are needed and so is transparency! Dear Readers, It is undisputed that our social security system
More informationRoche Capital Market Ltd Financial Statements 2012
R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes
More informationCONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND GROUP INTERIM MANAGEMENT REPORT SECOND QUARTER OF 2008 JUNE 30, 2008 FRANCONOFURT AG FRANKFURT AM MAIN FRANCONOFURT AG, FRANKFURT AM MAIN CONSOLIDATED INTERIM
More informationCharlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144
Contact: Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 AIG REPORTS FIRST QUARTER 2006 NET INCOME OF $3.20 BILLION NEW YORK, NY, May 10, 2006 American International
More informationArticles of Association Swiss Life Holding Ltd
Articles of Association Swiss Life Holding Ltd (Translation of the original text in German) I. Company name, object and registered office 1. Company name, legal form Under the corporate name Swiss Life
More informationNews from The Chubb Corporation
News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 Chubb Reports Fourth Quarter Net Income per Share of $2.35;
More information2015 Results and Prospects
PRESS RELEASE Paris, 23 March 2016 2015 Results and Prospects Revenues: 2,579.3 million, up 3.2% EBITDA: 342.0 million, an operating margin of 13.3% 2016 Objectives: revenues close to 3 billion and an
More informationQ1 / 2015: INTERIM REPORT WITHIN THE FIRST HALF-YEAR OF 2015. Berentzen-Gruppe Aktiengesellschaft Haselünne / Germany
Q1 / 2015: INTERIM REPORT WITHIN THE FIRST HALF-YEAR OF 2015 Berentzen-Gruppe Aktiengesellschaft Haselünne / Germany Securities Identification Number 520 163 International Securities Identification Numbers
More informationNote 24 Financial Risk Management
Note Financial Risk Management Risk management principles and process Stora Enso is exposed to several financial market risks that the Group is responsible for managing under policies approved by the Board
More informationUnaudited Financial Report
RECRUITING SERVICES Amadeus FiRe AG Unaudited Financial Report Quarter I - 2015 Temporary Staffing. Permanent Placement Interim Management. Training www.amadeus-fire.de Unaudited Amadeus FiRe Group Financial
More informationUnaudited financial report for the. sixt-month period ended 30 June 2015. Deutsche Bahn Finance B.V. Amsterdam
Unaudited financial report for the sixt-month period ended 30 June 2015 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 30 June 2015 4 Profit and loss
More informationWords 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 informationJT Family Holding Oy
[This is unofficial translation from Finnish original] JT Family Holding Oy ANNUAL REPORT 31.12.2012 ANNUAL REPORT 31.12.2012 page Board of Director s Review 3 Consolidated income statement 7 Consolidated
More informationQUARTERLY REPORT For the six months ended September 30, 2012 010_0774017502412.indd 2 2012/12/21 11:54:11
QUARTERLY REPORT For the six months ended September 30, 2012 QUALITATIVE INFORMATION (1) Qualitative Information Relating to Consolidated Quarterly Operating Results During the first half of the fiscal
More informationINDUSTRIAL-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 informationLogwin 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 informationThe Bundesbank's credit register for loans of 3 million Deutsche Mark or more
The 's credit register for loans of 3 million Deutsche Mark or more Changes in the reporting procedure The credit register maintained by the Deutsche records all loans of three million Deutsche Mark or
More informationFinancial report 2014. Deutsche Bahn Finance B.V. Amsterdam
Financial report 2014 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 31 December 2014 4 Profit and loss account for the year ended 31 December 2014 6
More informationEVLI SWEDEN EQUITY INDEX FUND
EVLI SWEDEN EQUITY INDEX FUND FUND-SPECIFIC RULES The fund rules consist of fund-specific rules and common rules based on the UCITS IV Directive. 1 The Fund The name of the mutual fund will be Sijoitusrahasto
More informationTowards One Single Share Class Share Conversion and Change of Legal Form. Conference Call March 31, 2010
Towards One Single Share Class Share Conversion and Change of Legal Form Conference Call March 31, 2010 Safe Harbor Statement Neither this document nor the information contained herein constitutes an offer
More informationSummary 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 informationXetra. The market. Xetra: Europe s largest trading platform for ETFs. ETF. One transaction is all you need.
Xetra. The market. Xetra: Europe s largest trading platform for ETFs ETF. One transaction is all you need. Deutsche Börse Group is the leading global service provider to the securities industry. Its cutting-edge
More informationOperative Account 2011. Collective life insurance.
Operative Account 2011. Collective life insurance. 2 011 So simple. Just ask us. T 058 280 1000 (24 h), www.helvetia.ch 2011: A year marked by consolidation, expansion and innovation. for other reasons.
More informationRoche Capital Market Ltd Financial Statements 2009
R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,
More informationG8 Education Limited ABN: 95 123 828 553. Accounting Policies
G8 Education Limited ABN: 95 123 828 553 Accounting Policies Table of Contents Note 1: Summary of significant accounting policies... 3 (a) Basis of preparation... 3 (b) Principles of consolidation... 3
More informationPaper F9. Financial Management. Fundamentals Pilot Paper Skills module. The Association of Chartered Certified Accountants
Fundamentals Pilot Paper Skills module Financial Management Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FOUR questions are compulsory and MUST be attempted. Do NOT open this paper
More informationConsolidated Financial Statements Notes to the Consolidated Financial Statements for Fiscal Year 2014
171 The most important exchange rates applied in the consolidated financial statements developed as follows in relation to the euro: Currency Average rate Closing rate Country 1 EUR = 2014 2013 2014 2013
More informationConsolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)
Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges
More informationONXEO NOTICE OF MEETING. Extraordinary and Ordinary General Meeting of Shareholders. of Wednesday, April 6, 2016
ONXEO Public Limited Liability Company with a Board of Directors with share capital of 10,138,020.75 Company headquarters: 49 Boulevard du Général Martial Valin - 75015 Paris, France Paris Trade and Companies
More informationDATA 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 informationInterim report as at 30 September 2014
Interim report as at 30 September 2014 Fielmann increases unit sales, revenue and profit Result registers significant growth in the 3 rd quarter of 2014 Fielmann trains more than 2,900 opticians Fielmann
More information2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013
2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%
More informationPOSTBANK GROUP INTERIM MANAGEMENT STATEMENT AS OF MARCH 31, 2015
POSTBANK GROUP INTERIM MANAGEMENT STATEMENT AS OF MARCH 31, 2015 PRELIMINARY REMARKS MACROECONOMIC DEVELOPMENT BUSINESS PERFORMANCE PRELIMINARY REMARKS This document is an interim management statement
More informationInterim report as at 31 March 2015
Interim report as at 31 March 2015 Increase of unit sales, revenue and profit Dividend raises to 1.60 per share Fielmann expects continuation of positive business performance Fielmann Aktiengesellschaft
More informationnine months statement
nine months statement 22 Brüder Mannesmann Aktiengesellschaft Remscheid Brüder Mannesmann AG is a trading group with two orientations the worldwide trading in tools and the trading in pipe fittings for
More informationSummary of Consolidated Financial Statements for the First Quarter of Fiscal Year Ending December 31, 2016 (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 First
More informationAddresses. Corporate Equity Partners AG. Subsidiaries. Company s Registered Head Office: Obmoos 4 CH 6301 Zug Switzerland. The Fantastic IP GmbH
Corporate Equity Partners Group 9 Month Financial Statements 2009 Addresses Corporate Equity Partners AG Company s Registered Head Office: Obmoos 4 CH 6301 Zug Switzerland Subsidiaries The Fantastic IP
More informationEconomic Factors Affecting Small Business Lending and Loan Guarantees
Order Code RL34400 Economic Factors Affecting Small Business Lending and Loan Guarantees February 28, 2008 N. Eric Weiss Analyst in Financial Economics Government & Finance Division Economic Factors Affecting
More informationSpeech of the Board of Management. General Shareholders Meeting, 9 June 2015
Speech of the Board of Management General Shareholders Meeting, 9 June 2015 AGENDA Overview of the financial year Steven Holland, CEO Financial figures 2014 Georg Müller, CFO ConnectingChemistry Steven
More informationNews from The Chubb Corporation
News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 FOR IMMEDIATE RELEASE Chubb Reports Second Quarter Net Income
More informationSavings and life insurance in Finland
Savings and life insurance in Finland Federation of Finnish Financial Services CONTENTS Life market... 1 Premium volumes hold steady... 2 Life insurance assets post steady growth... 2 Insurance as a savings
More information2013 results in line with objectives
2013 results in line with objectives 53.2 million in operating profit; 6.1% operating margin 27.1 million in attributable net profit, Group share 22.3 million in free cash flow (Paris 12 March 2014 5:35
More informationAnnual General Meeting 2014. Deutsche Post AG, Bonn WKN 555200 ISIN DE0005552004
Annual General Meeting 2014 1 Invitation and Agenda Annual General Meeting 2014 Deutsche Post AG, Bonn WKN 555200 ISIN DE0005552004 2 Annual General Meeting 2014 This edition of the Notice of Annual General
More information$ 2,035,512 98,790 6,974,247 2,304,324 848,884 173,207 321,487 239,138 (117,125) 658,103
FINANCIAL SECTION CONSOLIDATED BALANCE SHEETS Aioi Insurance Company, Limited (Formerly The Dai-Tokyo Fire and Marine Insurance Company, Limited) and March 31, and ASSETS Cash and cash equivalents... Money
More informationInvitation and Agenda
Annual General Meeting 2013 Invitation and Agenda Annual General Meeting 2013 Deutsche Post AG, Bonn German Securities Code (WKN) 555200 ISIN DE0005552004 The shareholders of our Company are invited to
More informationAnnual report for the financial year 2014-05-28-2014-12-31
1 PZU Finance AB (publ) Org nr Office translation Annual report for the financial year 2014-05-28-2014-12-31 The Board of Directors presents the following annual report Contents Page - Administration Report
More informationQBE INSURANCE GROUP Annual General Meeting 2009. All amounts in Australian dollars unless otherwise stated.
Annual General Meeting 2009 All amounts in Australian dollars unless otherwise stated. John Cloney Chairman 2 Results of proxy voting A total of 4,874 valid proxy forms were received. The respective votes
More informationbmp media investors AG, Berlin (WKN 330 420 ISIN DE0003304200) We invite our shareholders to the Annual General Meeting held on
bmp media investors AG, Berlin (WKN 330 420 ISIN DE0003304200) We invite our shareholders to the Annual General Meeting held on 17 June 2015 at 10:00 a.m. in the Eventpassage, Kantstraße 8-10, 10623 Berlin
More informationHARMONIC 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 informationThe 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 informationInterim Report. January - September
Interim Report January - September LETTER TO THE SHAREHOLDERS RIB SOFTWARE AG LETTER TO THE SHAREHOLDERS Dear Shareholders, With two strategic acquisitions in the third quarter of, we have taken a further
More informationThomas A. Bessant, Jr. (817) 335-1100
Additional Information: Thomas A. Bessant, Jr. (817) 335-1100 For Immediate Release ********************************************************************************** CASH AMERICA FIRST QUARTER NET INCOME
More informationPRESS 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