MISSION Hakrinbank is a dynamic, innovative bank that provides its clients with a comprehensive range of high quality financial services.
|
|
- Morris Jackson
- 8 years ago
- Views:
Transcription
1 2008 ANNUAL REPORT
2 MISSION Hakrinbank is a dynamic, innovative bank that provides its clients with a comprehensive range of high quality financial services. Our highly skilled employees collaborate together as a team to deliver customized services for optimal client satisfaction. VISION Our vision is to be Suriname s preferred bank by providing high quality financial services. CORE VALUES Hakrinbank has defined four core values that provide guidance in realising its strategic objectives, the activities that support these and the translation to its organisational structure, systems and values, norms and behaviours within the organisation, namely: - Reliability - Service and customer focus - Teamwork - Quality These core values are anchored in Hakrinbank s organisational structure and culture and form the guiding principles for all of its activities. They clearly delineate what the bank stands for and form a benchmark for all that the bank does.
3 THEME 2008 SMALL AND MEDIUM ENTERPRISES In this annual report we focus on our country s small and medium enterprise (SME) sector by highlighting a number of our SME clients. From an economic perspective the SME is of great importance to Suriname taking into account that by far the most enterprises belong to this segment.as a source of employment and productivity, the SME is of special importance and it is here where most of the technical and organizational innovations also take place.the potential of the SME sector is often underrated but fortunately this perception is changing.the Hakrinbank is a committed partner of the SME sector and has supported companies throughout their evolution: from startup to growth. And this will not change in the future!
4 NEO TROPICAL INSECTS A hobby that became much more This is how Ewout Eriks describes the company that he founded with his wife Amira Mendienta. As the only butterfly cultivator in the Caribbean, Neo Tropical Insects has grown to become a beautiful and unique Surinamese company that exports butterflies and butterfly poppies to Europe and North America. The company also offers tours to tourists and other visitors.
5 3 CONTENTS Mission, Vision, Core Values 3 Organisation Chart 4 Division of Functions 5 Five years of consolidated statements 6 Report of the Supervisory Board 8 Report of the Executive Board Introduction 12 Economic developments in 2008 Business of the bank Nationale Trust- en Financierings Maatschappij N.V. Financial developments of the bank Auditor s Report Financial Statements 2008 (as of 31 December 2008) Consolidated balance before earnings distribution Consolidated balance after earnings distribution Consolidated income statement Consolidated cash flow statement Company balance before earnings distribution Company balance after earnings distribution Consolidated income statement Notes to the financial statements Additional Information Resumes and details regarding ancillary positions of members of the Supervisory Board and Executive Board of Hakrinbank Addresses Suriname: key macroeconomic indicators
6 4 ORGANISATION CHART AS OF Chief Executive Officer Chief Operating Officer Chief Financial Officer Deputy Officer Operations Human Resources & General Affairs Information & Communication Technology Internal Audit Risk Management Insurance Domestic Credits Treasury & Securities Credit Administration Cash Nationale Trust- & Financierings Mij. N.V. Administration & Management Information (Financial Controlling) Foreign Transfers Affiliates (Operations) Affiliates (Credits) Administration & Management Information (Accounting) Compliance & Legal Maintenance & Technical Support Marketing & Public Relations
7 5 ORGANISATION CHART AS OF SUPERVISORY BOARD Mr. A.K.R. Shyamnarain Drs. H.B. Abrahams Ir. R.A. Mac Donald G. Lie Sem-Nawikromo H.R. Ramdhani Drs. M.M. Sandvliet M.Sc. Drs. J.J.F. Tjang-A-Sjin - President - Vice President EXECUTIVE BOARD Drs. J.D. Bousaid Mr. M.M Tjon A Ten Drs. G.M. Raghoenathsingh MBA - Chief Executive Officer - Chief Operating Officer - Chief Financial Officer DEPUTY OFFICER H.S.K. Liu Hung Chung - Operations Mr. M.M. Tjon A Ten Human Resources & General Affairs Mr. M. Naarendorp, Head Drs. I. Lo Fo Sang Insurance R. Tjon A Kon, Head Credit Administration Drs. I. Loenersloot, Head Compliance & Legal Mr. M. Schaap Maintenance & Technical Support R. Tjokro, Head Foreign Transfers L. Karg, Interim Head Information & Communication Technolog y R. Tjong Akiet, Head Ing. R. Mahabier A. Semoedi Domestic M.Tjon, Head Cash M. van t Kruys, B.Ec., Head Affiliates Branchmanagers - Tourtonne Drs. V. Ramtahalsing - Nieuwe Haven Drs. N. Elshot-Chelius - Latour R. Wimpel Drs. A. Lau - Flora Drs. R. Mohamatsaid Drs. J.D. Bousaid Credits Drs. S. Jadoenathmisier, Coördinator Account Managers: C. Halfhide-Chou Drs. S. Kisoensing-Jhauw Drs. T. Gonesh Ir.P.Quintius E. Frangie M.Sc. R. Soedamah, B.Ec. Nationale Trust- & Financierings Mij. N.V. H. Vijzelman, Head Drs. R. Sitaram, Deputy Head G. Jong M.Sc. Internal Audit B. Jewbali, Head Drs. R. van Trikt Marketing & Public Relations Drs. N. Elliot M.Sc. Affiliates Branchmanagers - Nickerie R. Mangala, Head A. Anandbahadoer, Deputy Head - Tamanredjo S. Resomardono Drs. G. M. Raghoenathsingh MBA Treasury & Securities Drs. P. Tjon Kiem Sang, Head Drs. R. Amirkhan Administration & Management R. Liesdek, Accounting Drs. R. Sheorajpanday, Fin. controlling Risk Management R. Vanenburg B.Ec.
8 6 FIVE YEARS OF KEY CONSOLIDATED FIGURES (in thousands of SRD) Balance sheet Cash and cash equivalents 151, , , , ,589.0 Due from Clients 544, , , , ,942.5 Other assets 276, , , , ,074.3 Total assets 972, , , , ,605.8 Savings 435, , , , ,691.3 Other funds 482, , , , ,371.4 Shareholders equity 54, , , , ,543.1 Total Liabilities 972, , , , ,605.8 Income Statement Operating income 63, , , , ,500.6 Operating expenses 34, , , , ,405.2 Provision for credit risks 2, , , , ,515.9 Earnings before tax 26, , , , ,579.5 Taxes 9, , , , ,088.5 Net Income 16, , , , ,491.0 Cash Dividend 5, , , , ,862.8 Ratios (in %) Efficiency ratio Return on average equity Return on average assets Capital ratio BIS ratio Stock information *) Number of outstanding shares 465, , , , ,696 Net earnings per share Dividend per share Dividend (% of par) 8, , , , , Payout ratio (%) Book value equity Market price per share Market capitalisation (x SRD 1,000) 81,031 69,854 63,335 57,746 49,364 Number of employees Number of branches *) x SRD 1. The amounts have been adjusted for the purposes of comparison and are based on a par value of SRD 0.15 per share.
9 7 YOUR SOLUTIONS Let your challenges be our solutions. Ruben Kort and Raoul Brahim offer various tailor-made ICT solutions. Among other services their company offers its clients strategic advice and programs to streamline their business processes in the area of ICT.
10 8 REPORT OF THE SUPERVISORY BOARD To the shareholders In general It is our pleasure to present our activities for the book year 2008, in which the activities of the Audit Committee and the Remuneration and Nomination Committee will also be discussed. We have also included our recommendation with regards to the financial statements for the book year and the proposed distribution of earnings. Activities of the Supervisory Board The Supervisory Board held eleven ordinary meetings and fifteen extraordinary meetings during Ordinary meetings are held monthly with the Executive Board, while extraordinary meetings depend on the topics to be discussed and are normally attended only by members of the Supervisory Board. Our supervision focused primarily on the company s results and strategy, and included regular discussions of results achieved to date as presented by the Executive Board, and approval of the 2009 Policy Memorandum, together with the accompanying Operational and Investment Budget for Other agenda items included corporate governance, risk management and a number of other items. Some of these are discussed in greater detail below. Corporate Governance The company continuously strives to inform its shareholders and other stakeholders on relevant developments regarding its activities. Publication in August 2008 of the midyear figures as audited by an external accountant, and the timely distribution to shareholders of notes of the annual General Shareholders Meeting, are perfectly in line with this objective. The corporate governance code of the company is intended to act as an instrument for responsible management. Transparency, integrity and trust play an important part in achieving this. It is therefore necessary to regularly evaluate this code and modify accordingly in the case of changes to the bank s operating environment. In this respect the Board has initiated an evaluation programme in which the current corporate governance code will also be subject to an audit by an external expert. In doing so the Board wishes to gain insight into the extent by which rules and procedures, as laid out in the bank s Corporate Governance Codes, are still in tandem with actual international best practices - and hence indicate where modifications may be necessary. It is our intention to have such audits of the current corporate governance code carried out on a regular basis. In so far it has not been discussed elsewhere in this report, the activities of the Supervisory Board are in compliance with the policies as laid out in the Corporate Governance Code of the company. Activities relating to the Executive Board With the formal appointment of drs. G.M. Raghoenathsingh MBA as Financial Director (Chief Financial Officer) on 1 July 2008, the Executive Board has now become complete. The Supervisory Board wishes Mr Raghoenathsingh the best of luck in carrying out his tasks and reiterates its full support in his execution of the Executive Board s strategies. The Supervisory Board has again closely followed the international economic developments so as to, when necessary, be able to discuss with the Executive Board strategies to prevent or limit negative effects on the bank s operations. The Supervisory Board has in collaboration with the Executive Board decided to intensify discussions that are related to these developments. Activities of the Audit Committee The Audit Committee has focussed in this book year on financial developments within the bank, as laid out in the Operational and Investment Budget 2008, the monthly realized figures as received by the Executive Board, the reports from the Administration & Management Information (AMI) department, and the internal and external accountant. The Committee has made suggestions in the areas of cost containment and efficiency improvements that have been adopted by a multi-disciplinary working group within the bank. In light of the optimisation of the risk management of that department, the Committee has, in collaboration with an external accountant, carefully scrutinized policies and procedures of the department of Foreign Transfers. This has resulted in proposals aimed at controlling specific risks. The Committee has already reported its activities and findings during the ordinary meetings of the Supervisory Board.
11 9 Activities of the Remuneration and Nomination Committee The Remuneration and Nomination Committee focused in 2008 on the incorporation of the newly appointed CFO, drs. G.M. Raghoenathsingh MBA, in the compensation structure of the Executive Board. Furthermore the Committee prepared proposals for the Board concerning the adjustment and modification of salaries and other provisions for the Executive Board in Against this backdrop the Committee, with the support of an actuarial firm, also focussed its attention on the preparation of a pension fund for the Executive Board and will be tasked with implementing pension regulations for the Board. In addition the committee has continued with the further preparation of a performance management system for the Executive Board The importance of a well functioning system still requires the necessary preparation and as a result the Committee has not yet been able to make a final proposal to the Supervisory Board. The Committee has always reported on its activities in the meetings of the Supervisory Board. Independence and composition of the Supervisory Board The Supervisory Board believes that all of its members comply with the requirements for independence as referred to in the Hakrinbank N.V. corporate governance code. Information on the individual Board members and their ancillary positions can be found elsewhere in this report. Drs. J.J.F. Tjang-A-Sjin steps down at his own request as member. The Supervisory Board thanks him for his contributions to the Board during his time as member; he has proposed to the General Shareholders Meeting the appointment of drs. A.K. Moensi- Sokowikromo to fill up the vacancy. There were no further changes in the Supervisory Board during 2008, and the Board continues to have seven members. Ir. R.A. Mac Donald and Mr. A.K.R. Shyamnarain are the next supervisory board members scheduled to resign by rotation. Both have confirmed that they wish to be considered for reappointment. The Supervisory Board recommends the appointment of drs. A.K. Moensi-Sokowikromo and the reappointment of ir. R.A. Mac Donald and Mr. A.K.R. Shyamnarain. Financial statements and proposed distribution of earnings The Supervisory Board is pleased to present the bank s financial statements for the 2008 book year. ANN BIO CARE SKIN CLINIC In a luxurious environment Michelle Bab- Lo Fo Sang offers her clients high-tech care in the area of skin improvement and figure corrections.ann Bio Skin care differentiates itself through the use of modern technology and devices.
12 10 These financial statements comprise the company balance sheet as per 31 December, the company income statement, the consolidated balance sheet as per 31 December, the consolidated income statement, the consolidated cash flow statement and the accompanying notes. The financial statements have been audited by external auditors, as required by the bank s Articles of Incorporation. This report includes the auditors approval of the financial statements. The operating result is essentially the outcome of the realization of the policy objectives defined in the 2008 Policy Memorandum which were implemented by the Executive Board. This year too, the operating result was boosted to some degree by the continuing positive developments in Suriname s macro-economic environment. The environment in 2008 has not been left unmarked from the less than conducive international developments that originally manifested itself as an international credit crisis, but later grew out to become a full fledged international economic crisis that finds its effects in the real economy. The ramifications of the international economic crisis are also noticeable in Suriname, despite the continued forecast of real positive growth. The sharp decline in the international prices of amongst others crude oil and aluminium has had a negative effect on state income, the balance of payments and the economic growth. The Supervisory Board is confident that through the adoption of sound policies the government and other parties in the socioeconomic arena will be able to contain the negative effects of the international economic crisis. Earnings before tax amounted to SRD million, with a net earnings after tax of SRD million. We propose distributing SRD 5.59 million of this for dividend pay-out to the shareholders and transferring SRD million to retained earnings. This means a dividend of SRD 12 per share with SRD 0.15 par value. An amount of SRD 4.00 per share was previously distributed as an interim dividend in August 2008, which means a final dividend of SRD 8.00 per share with SRD 0.15 par value. The dividend to be distributed accounts for 33.2% of the net earnings and corresponds to a dividend percentage of 8,000%. We recommend that you, our shareholders, adopt these financial statements and thus ratify the Executive Board s management and the Supervisory Board s supervision of the bank in the reporting year. We also recommend that you approve the proposed distribution of the earnings for the year. Our gratitude for the good results The Supervisory Board would like to express its gratitude for the way in which the Executive Board represented the company s interests during the reporting year and specifically its efforts and the strategic choices that produced the good operating results for the year. We would also like to thank the management and other employees for the way in which they have individually contributed to a successful year for the bank and wish to express our recognition of the vital role that they have played in achieving the objectives set. We would also like to thank our clients and all the other parties who have placed their trust and confidence in Hakrinbank N.V. throughout the year and provided such a strong foundation for a mutually beneficial relationship. Last but not least, we would like to thank you, our shareholders, for your support of our work. This inspires us as an organisation to continue to strive for excellence in all that we do. Paramaribo, 14 April 2009 Supervisory Board Mr. A.K.R. Shyamnarain - Chairman Drs. H.B. Abrahams - Deputy Chairman G. Lie Sem-Nawikromo Ir. R.A. Mac Donald H.R. Ramdhani Drs. M.M. Sandvliet M.Sc. Drs. J.J.F. Tjang-A-Sjin
13 11 ZUS & ZO Fusion: everything under the sun. Zus & Zo is exploited by Brian van t Kruys and Daphne Bruyne. Next to being a bistro with international meals, a souvenir shop, a ticketing office for tours to the interior and a guesthouse, they also frequently organize events such as exhibitions, film and discussion evenings, and jam sessions.
14 12 REPORT OF THE EXECUTIVE BOARD To our shareholders We herewith present you with our annual report for the book year It is with great pleasure that we can report that our bank has again been able to realize satisfactory results. These are the result of the strong performance of the Surinamese economy and successful execution of the bank s strategy despite a backdrop of increased turbulence on the international financial and other markets, and competition within the Surinamese financial sector. Macroeconomic indicators showed a positive picture in 2008 that was duly translated into increased consumer and manufacturer confidence. In real terms the economy grew by nearly 7% and again there was a surplus in the government s budget and balance of payments. Our bank has been able to capitalize on these positive economic developments. The most important objectives were to achieve sustainable growth, increase earnings capacity, optimize the composition of the balance sheet, improve efficiency and strengthen risk management as well as customer relations management. In addition our aim was to increase employee satisfaction and our social corporate citizenship. Tangible results were realized in a number of areas. Despite the fact that satisfactory results were booked, the financial objectives were not entirely realized as a result of oneoff setbacks. Total consolidated assets increased by 22.2% to SRD million, in line with our projections. The market share of the Hakrinbank as measured by its total assets grew by 1.5 percentage points to nearly 25%. Our most important assets, lending to corporates and consumers increased by 26% to SRD million, somewhat higher than budgeted. The quality of the credit portfolio stayed at its previous level; the nonperforming ratio was a mere 1.72%. Income before tax grew by 10.1% to SRD 26.3 million; this is lower than projected. This was the result of an unforeseen depreciation in value of our international investment portfolio and the occurrence of other oneoff costs. Of the income after tax of SRD 16.8 million, SRD 5.6 million will be distributed as dividend to our shareholders: a pay-out ratio of 33.2%. The performance ratios of the bank declined slightly however they remained at a satisfactory level. The return on assets was 1.9% and the return on average equity 34.4%. The efficiency ratio decreased by 1 percentage point to 55%. Our objective remains to improve the performance ratios of the bank through growth and efficiency improvements. In June of 2008 we reopened our renovated and expanded branch at the Nieuwe Havencomplex. It is a modern Banking Centre, where clients can expect an expedited and efficient handling of their banking needs. With this investment of nearly USD 0.5 million we aim to capitalize on the current renovation and expansion of the Nieuwe Haven in Paramaribo that is expected to lead to an increase in business activity. We plan to also open up a new branch mid 2009 in the new departure and arrivals hall of the J.A. Pengel international airport. This branch is also intended to cater to our clients in the wider surrounding area of the airport. In the last quarter of the reporting year we introduced our Hakrinbank MasterCard credit cards. With this product our clients can carry out transactions in all countries where MasterCard is accepted. Our subsidiary, the Nationale Trust- en Financierings Maatschappij N.V., has booked satisfactory results. All production objectives were comfortably reached. The balance grew by 33% to SRD 146 million, especially thanks to the increase in lending. Revenues increased by 14%, however income decreased by 2% because of an increase in costs. The share price of Hakrinbank N.V. rose on the Surinamese Stock Exchange by 16% to SRD 174 at 2008 year end. Dividend in the book year 2008 was SRD 12 per share of par value SRD 0.15 of which SRD 4 was already distributed in September 2008 as an interim dividend. Expressed as a percentage of the par value of one share (SRD 0.15) the dividend comes down to 8,000%. This represents an attractive return
15 13 for our shareholders and a favourable price/earnings ratio. In the remainder of this annual report we will present in more detail the economic developments of 2008 that are relevant to our bank s performance. This report is more detailed than is customary in the banking sector because we decided that the limited availability of, and access to, up-to-date statistical information for large parts of the society justified devoting extra attention to these aspects in our annual report. We subsequently discuss in this report various developments within Hakrinbank and Nationale Trust- en Financierings Maatschappij, as well as the bank s financial development and the proposed distribution of earnings. From left to right: drs. G. Raghoenathsingh, Chief Financial Officer, mr. M. Tjon A Ten, Chief Operating Officer, drs. J. Bousaid, Chief Executive Officer en H. Liu Hung Chung, Deputy Officer Operations.
16 14 HEDI INFRA N.V. Economic Developments in 2008 Hedi Infra N.V. constructs electric and water distribution systems. In the daily operations the company s belief in working with environmentallyfriendly, sustainable and innovative materials is clearly manifested will be recognized in the history books as the year in which the international financial crisis erupted in all its fury. It marked the beginning of a worldwide economic recession that had all the ingredients to make its effects deep and fundamentally game changing. Ever more often parallels are drawn between this recession and the Great Depression of the 30 s of the last century. The year 2008 shall also be etched in our memory as the year in which democrat Barack Obama was elected by a large majority as the first black president of the United Stated of America. He is faced with an enormous task of getting the derailed American economy back on track and repairing the tarnished image of the United States internationally. The direct effects of the international financial crisis on our country are as of yet limited. The global economic crisis that followed will however leave its marks on the Surinamese economy especially during 2009 and Our country has however in the past years been able to build financial and other buffers that should enable it to weather the crisis relatively unscathed. The macroeconomic performance of Suriname remained in 2008 as in previous years - robust, for which compliments were given by the Article IV Consultation Mission of the International Monetary Fund (IMF) and the rating agency Standard & Poor s. According to estimates by the IMF, real economic growth was approximately 6.8%, somewhat higher than in This growth was the result of an increase in demand on the world markets for our most important export goods during most of the year. Consumer spending also rose, as well as the volume of investments. A surplus was realized on the current account of the balance of payments that added to the increase in the monetary reserve. The public finances closed (on a cash basis) with a surplus, while the national debt showed only a slight increase. On a less positive note, the abovementioned developments also led to the acceleration of the inflation rate as a result of the increased price of oil and staple
17 15 foods, the appreciation of the Euro, and the stagnant development of the country s productivity. Since October inflation has showed a decrease mainly due to dropping import prices as a result of the worldwide economic recession and the appreciation of the US dollar - to which our currency is pegged - vis-à-vis the Euro. In this chapter we aim to discuss more in detail the economic developments that have taken place in our country during the 2008 book year. Government Finances As can be seen from the table below, the actual figures of government finances were significantly better on a cash basis than initially budgeted by the National Assembly in Actual current expenditure was as follows (in millions of SRD): Realised Budgeted Realised Wages and salaries Goods and services Subsidies/ Government grants Interest on state debt Total current expenditure 1, , ,742.8 Budget for 2008 financial year (in millions of SRD) Description Expenditures Income Difference As % of GDP Current account 1, , Capital account Total current and capital account 2, , * Source: Financial Memorandum 2008 and 2009 Thanks primarily to higher than forecast direct and indirect tax revenues, together with lower than budgeted capital expenditures, the country recorded a surplus. Income on the current account totalled SRD 2,111.1 million, which was SRD million, or 20%, higher than budgeted. Realised Budgeted Realised Direct taxes 737,6 672,2 835,5 Indirect taxes 731,5 672,0 878,7 Non-tax revenues 359,1 421,3 396,9 Total income 1,828,2 1,765,5 2,111,1 Expenditures on the current account totalled SRD 1,742.8 million, which was SRD 80.7 million, or 5%, above budgetary forecasts. Wages and salaries in 2008 rose by around 8%, in line with budgetary forecasts. The increase in current public expenditures was furthermore the result of a rise in subsidies and government grants by SRD million. These expenditures formed more than a quarter of all current account expenditures, which can be regarded as high. The surplus on the current account totalled SRD million or SRD million higher than budgeted. Because of the limited execution capacity available for the implementation of projects, only a limited number of investment projects were realized. As a result capital expenditures were SRD million, significantly lower than budgeted. The developments presented above resulted in a total budget surplus of SRD million, or approximately 2% of the Gross Domestic Product (GDP), instead of the budgeted deficit of SRD million. Despite the positive figures realised above, government finances remained structurally weak. No significant measures were taken to improve this situation
18 16 Another challenge to the government finances is posed by the possible negative ramifications of the worldwide recession. Constant monitoring and a proactive stance are therefore essential to balance the government s financial affairs as well as the economy. National Debt Domestic as well as internationally placed government debt has increased in It should be noted that the definition of state debt used in the State Debt Act differs from the definition widely used internationally. According to the Surinamese definition, state debt includes undrawn amounts under committed loan facilities and also State guarantees that have not been called, whereas the international markets do not normally include these items. This in turn leads to an overestimation of the real debt. The extent and nature of Suriname s domestic and foreign state debt are shown below. The domestic debt increased by SRD 48.2 million or 8.3% to SRD 628 million. By entering into a number of loan agreements resulting from the financing of large infrastructural projects, future debt repayments have increased in SRD as well as in foreign currencies. This explains the strong increase of the line item State guarantees and committed loans. The internationally placed debt increased by USD 16.7 million or 5.6% to USD million. This rise is predominantly the result of arrears on the bilateral loans from Brazil and the United States. The Surinamese government is in negotiations with these befriended nations in order to find a solution to this debt situation. Despite the increase of the national debt, Suriname s debt ratio (debt as a percentage of GDP) of 25% is still on the low side. This ratio has consistently shown a downward trend in recent years. Year end Lender Type 2008*) Domestic debt by lender type (x SRD 1000) Debt to Central Bank of Suriname 397, , ,007 Debt to Banks 85, , ,395 Debt to Private Clients 145, , ,438 Total domestic debt 628, , ,840 State guarantees 25,628 21,931 19,547 Committed Loans 260,860 31,037 50,646 Total domestic debt including state guarantees 914, , ,034 and committed loans Foreign debt by lender type (x USD 1000) Multilateral lenders 72,936 70,437 63,083 Bilateral lenders 242, , ,950 Commercial lenders 0 0 5,077 Total foreign debt 315, , ,110 State Guarantees 18,789 19,873 0 Committed Loans 309, , ,104 Total foreign debt including State Guarantees and committed Loans 643, , ,213 *) preliminary figures Source: Government Debt Management Office
19 17 Monetary Developments The Central Bank of Suriname s monetary policy remained unchanged in The mandatory cash reserve requirements for SRD as well as foreign currencies remained unchanged. On January the interest rate on Treasury Bills of the Republic of Suriname were further decreased from 8% to 7.5% per annum while the Central Bank discount rate fell from 10% to 9.5% per annum. The expanded monetary aggregate, M2, an important indicator for monetary policy, rose in the 2008 book year by SRD million or 15.4% to SRD 1,569.8 million. This increase, that was less than in 2007, was predominantly due to an increase in bank lending to the private sector and less by liquidity inflows from abroad. It is also noteworthy to mention that the fiscal behaviour of the government resulted in a substantial liquidity destruction of SRD million. Liquidity growth has led to a small increase in the liquidity ratio (domestic monetary aggregate (M2) as % of GDP), to an estimated 21%. This variable currently hovers under the long-term average of25%.it should,however,be noted that payments and bank balances in foreign currencies do not form part of M2. Aforementioned balances rose by SRD million (as converted) or 8.4% to SRD 1,796 million this is 114.4% of M2. The room for liquidity as a consequence needs to be closely monitored in order to reign in inflation. Despite the fact that cash reserve requirements remain unchanged, interest rates have shown a further downward trend. This is in part due to the large liquid position of the banking system and the intensified competition. The average interest rate spreads of commercial banks declined as a result by 1 percentage point to 5.6%. In 2005 this was still at 9.6%. With the USD loans interest rate margins fell by 0.1 percentage points to 6.5% and with Euro loans margins fell by 0.3 percentage points. Foreign Exchange The official foreign exchange rate with the US dollar, our most important foreign trade currency, has seen negligible fluctuations in The following chart shows the monthly movements in the buy and sell quotes for the US dollar in The following table shows the changes in the money supply in the Surinamese economy (M2, in millions of SRD): 2008*) 2007*) Liquidity created for the state Lending to the private sector Other liquidity created Total domestic liquidity created Liquidity from abroad Total 1 to Liquidity ratio (M2 : Nominal GNP market prices) ) *) Preliminary figures 1) Own estimates Source: Central Bank of Suriname
20 18 USD:SRD buy and sell quotes jan feb mar apr may june july aug sept oct nov dec Buy Sell The situation in 2008 with respect to the foreign exchange market is almost the same as it was in At that time there was upward pressure on the exchange rate for the USD. This pressure was apparently the result of a shortage in supply that extended to the months in which there was normally an increased supply (June till August and December). The increased demand can be in part allocated to speculators and those looking for arbitrage opportunities in the foreign exchange market. Non banking institutes offered foreign currency at a number of basis points above the maximum that the Central Bank of Suriname has laid down. The commercial banks, obliged to comply to these ceilings, lost competitive terrain as a result. The Central Bank of Suriname has by means of foreign currency interventions tried to relieve the upward pressure on the USD, however these have had insufficient effect. The EUR:USD exchange rate displayed strong volatility in 2008, in contrast to the upward trend shown in This volatility stimulated trading in these currencies in order to earnings from volatility swings. Given that the SRD is linked to the USD and consequently floats against the Euro, exchange rates movements between the SRD and the Euro are directly linked to the EUR:USD movements on the international foreign exchange markets. In June the free market Euro exchange rate reached an all time high of approximately SRD In October this rate dropped to a low of SRD 3.63 before regaining some of its value to end up at SRD 4.00 year end. The Euro sell rate of the Central Bank dropped from SRD 4.13 as of year end 2007 to SRD 3.81 at the end of Balance of Payments An average increase of prices of our most important exports namely crude oil, gold and to a lesser extent alumina resulted in a rise in export value by 28.2% to USD 1,689.2 million. Thanks to the increased trade and production and the increase in consumer demand, imports also increased by USD million or 36.7% to USD 1,537.6 million. Because of imports outweighing our exports, the surplus on the balance of payments accounts decreased by USD 40 million to USD million. There was a larger deficit on the services account as a result of increased expenditures. The primary balance again showed a surplus that was in part due to the increased interest rate income from bank investments in the international money and capital markets, and the decreased interest rate payments to non citizens. Due to the abovementioned developments the surplus on the current account decreased by USD 88.6 million to USD million. The movements on the various sub-accounts that make up the balance of
Ontwerp/layout: I.D. Graphics Foto s: Hubert Hermelijn, I.D. Graphics CTP en druk: Leo Victor N.V.
Ontwerp/layout: I.D. Graphics Foto s: Hubert Hermelijn, I.D. Graphics CTP en druk: Leo Victor N.V. ANNUAL REPORT 2006 HAKRINBANK N.V. MISSION Hakrinbank is a dynamic, innovative bank that provides its
More informationBALANCE OF PAYMENTS AND FOREIGN DEBT
BALANCE OF PAYMENTS AND FOREIGN DEBT V 1. BALANCE OF PAYMENTS In 1997, the external current account deficit was 8.1 billion krónur, corresponding to 1. percent of GDP. It declined from 8.9 b.kr., or 1.8
More informationN.V. VERENIGDE SURINAAMSE HOLDINGMIJ.- UNITED SURINAME HOLDING COMPANY
N.V. VERENIGDE SURINAAMSE HOLDINGMIJ. UNITED SURINAME HOLDING COMPANY First Half Year Report 2015 Core Values To be a Champion for our Customers, Partners, Shareholders and in the Community we hold fast
More informationNew Monetary Policy Challenges
New Monetary Policy Challenges 63 Journal of Central Banking Theory and Practice, 2013, 1, pp. 63-67 Received: 5 December 2012; accepted: 4 January 2013 UDC: 336.74 Alexey V. Ulyukaev * New Monetary Policy
More informationStatistics Netherlands. Macroeconomic Imbalances Factsheet
Macroeconomic Imbalances Factsheet Introduction Since the outbreak of the credit crunch crisis in 2008, and the subsequent European debt crisis, it has become clear that there are large macroeconomic imbalances
More informationFewer net errors and omissions, that is a new format of the balance of payments
Fewer net errors and omissions, that is a new format of the balance of payments The size of net errors and omissions in the balance of payments decreased from 4.4% to 2.3% of GDP. This resulted from data
More informationBank of Ghana Monetary Policy Report. Financial Stability Report
BANK OF GHANA E S T. 1 9 5 7 Bank of Ghana Monetary Policy Report Financial Stability Report Volume 5: No.1/2013 February 2013 5.0 Introduction Conditions in global financial markets have improved significantly
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 informationX. INTERNATIONAL ECONOMIC DEVELOPMENT 1/
1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably
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 informationAn outlook on the Spanish economy Official Monetary and Financial Institutions Forum (OMFIF), London
09.02.2016 An outlook on the Spanish economy Official Monetary and Financial Institutions Forum (OMFIF), London Luis M. Linde Governor I would like to thank OMFIF and Mr. David Marsh for the invitation
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 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 informationCONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS Nintendo Co., Ltd. 111 Kamitoba hokotatecho, Minamiku, Kyoto 6018501 Japan April 24, 2013 Consolidated Results for the Years Ended March 31, 2012 and 2013 (1) Consolidated
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 informationmr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com
Date: 27 August 2015 For information: mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com Growth of 20% in net result, excluding non-recurring items, to EUR 8.3
More informationChapter 17. Preview. Introduction. Fixed Exchange Rates and Foreign Exchange Intervention
Chapter 17 Fixed Exchange Rates and Foreign Exchange Intervention Slides prepared by Thomas Bishop Copyright 2009 Pearson Addison-Wesley. All rights reserved. Preview Balance sheets of central banks Intervention
More informationMonetary policy assessment of 13 September 2007 SNB aiming to calm the money market
Communications P.O. Box, CH-8022 Zurich Telephone +41 44 631 31 11 Fax +41 44 631 39 10 Zurich, 13 September 2007 Monetary policy assessment of 13 September 2007 SNB aiming to calm the money market The
More informationCaucasus and Central Asia: Oil Price Decline and Regional Spillovers Darken the Outlook
Caucasus and Central Asia: Oil Price Decline and Regional Spillovers Darken the Outlook Economic activity in the Caucasus and Central Asia (CCA) will continue to decelerate in 215 mainly as a consequence
More informationMACROECONOMIC OVERVIEW
MACROECONOMIC OVERVIEW MAY 20 Koç Holding CONTENTS Global Economy... 3 Global Financial Markets... 3 Global Economic Growth Forecasts... 3 Turkey Macroeconomic Indicators... Economic Growth... Industrial
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 informationEUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA
EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA On the basis of the information available up to 22 May 2009, Eurosystem staff have prepared projections for macroeconomic developments in the
More informationStability Programme of the Netherlands. December 2008 Addendum
Stability Programme of the Netherlands December 2008 Addendum 1. Introduction The European Council of 11 and 12 December agreed on a European Economic Recovery Plan. This European Economic Recovery plan
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 informationMACROECONOMIC AND FISCAL ASSESSMENT
Public Sector Financial Management Program (RRP SAM 46384) A. BACKGROUND MACROECONOMIC AND FISCAL ASSESSMENT 1. Samoa is composed of about 10 islands, 4 inhabited, and several uninhabited islets situated
More informationNN Group N.V. 30 June 2015 Condensed consolidated interim financial information
Interim financial information 5 August NN Group N.V. Condensed consolidated interim financial information Condensed consolidated interim financial information contents Condensed consolidated interim
More informationSwiss Balance of Payments and International Investment Position 2014
Swiss Balance of Payments and International Investment Position 214 Swiss Balance of Payments and International Investment Position 214 Volume 1 Contents Page 1 Overview 4 Innovations 4 Changes in the
More informationProject LINK Meeting New York, 20-22 October 2010. Country Report: Australia
Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University
More informationBALANCE SHEET AND INCOME STATEMENT
BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 1,879 BILLION FOR 2014, AN INCREASE OF 24% COMPARED TO 2013. Operating income increased 23.8% during 2014 and
More informationConsolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)
Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges
More informationConsolidated Financial Summary for the Six Months Ended September 30, 2008
Member of Financial Accounting Standards Foundation Consolidated Financial Summary for the Six Months Ended September 30, 2008 Date: November 11, 2008 Name of Listed Company: NOK Corporation Securities
More informationProvince of Newfoundland and Labrador. Public Accounts Volume I Consolidated Summary Financial Statements
Province of Newfoundland and Labrador Public Accounts Volume I Consolidated Summary Financial Statements FOR THE YEAR ENDED MARCH 31, 2011 Province of Newfoundland and Labrador Public Accounts Volume I
More informationReport to the public on the Bank of Israel s discussions prior to deciding on. the interest rate for January 2015
BANK OF ISRAEL Office of the Spokesperson and Economic Information January 12, 2015 Report to the public on the Bank of Israel s discussions prior to deciding on General the interest rate for January 2015
More informationPostbank Group Interim Management Statement as of September 30, 2013
Postbank Group Interim Management Statement as of September 30, 2013 Preliminary Remarks Macroeconomic Development Business Performance Preliminary Remarks This document is an interim management statement
More informationAdjusting to a Changing Economic World. Good afternoon, ladies and gentlemen. It s a pleasure to be with you here in Montréal today.
Remarks by David Dodge Governor of the Bank of Canada to the Board of Trade of Metropolitan Montreal Montréal, Quebec 11 February 2004 Adjusting to a Changing Economic World Good afternoon, ladies and
More informationNedSense enterprises n.v. Condensed consolidated Interim financial statements
NED NEDSENSE enterprises n.v. NedSense enterprises n.v. Condensed consolidated Interim financial statements 30 June 2012 NedSense enterprises n.v. Half-year Report 2012 (unaudited) Report of the Board
More informationAnalyst Meeting Materials
Azbil Corporation RIC: 6845.T, Sedol: 6985543 Analyst Meeting Materials For the Third Quarter of the Fiscal Year Ending March 31, 2016 (Based on Japanese GAAP) Human-centered Automation 1. Financial
More 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 informationTaking stock of China s external debt: low indebtedness, but rapid growth is a concern
1991 1993 1995 1997 1999 21 23 25 27 29 211 213 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 ECONOMIC ANALYSIS Taking stock of China s external debt: low indebtedness,
More informationMeeting with Analysts
CNB s New Forecast (Inflation Report IV/) Meeting with Analysts Tibor Hlédik Prague, 7 November, Outline Assumptions of the forecast The new macroeconomic forecast Comparison with the previous forecast
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 informationBox 6 International Oil Prices: 2002-03
Annual Report 2002-03 International Oil Prices: 2002-03 Box 6 International Oil Prices: 2002-03 Notwithstanding the state of the world economy, characterised by sluggish growth in 2002, the world crude
More informationNovember 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 informationInterim Financial Report 2015
Interim Financial Report 2015 ABN AMRO Bank N.V. Notes to the reader Introduction This is the Interim Financial Report for the year 2015 of ABN AMRO Bank N.V. (ABN AMRO Bank). ABN AMRO Bank N.V. is a wholly
More informationDirectors Review. Domestic Economy
Directors Review On behalf of the Board of Directors, I am pleased to present the condensed interim unconsolidated financial statements for the half year ended June 30, 2015. Domestic Economy Pakistan
More information28.10.2013. The recovery of the Spanish economy XVI Congreso Nacional de la Empresa Familiar/Instituto de la Empresa Familiar Luis M.
28.10.2013 The recovery of the Spanish economy XVI Congreso Nacional de la Empresa Familiar/Instituto de la Empresa Familiar Luis M. Linde Governor Let me begin by thanking you for inviting me to take
More informationCORRAL PETROLEUM HOLDINGS AB (publ)
CORRAL PETROLEUM HOLDINGS AB (publ) REPORT FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2011 FOR IMMEDIATE RELEASE Date: March 30, 2012 London Nr. of pages 14 This report includes unaudited consolidated
More informationForecasts of Macroeconomic Developments, State Revenues from Taxes and Revenue from Other Sources, 2013-2014
Ministry of Finance Chief Economist - Research, State Revenue and International Affairs June 2013 Forecasts of Macroeconomic Developments, State Revenues from Taxes and Revenue from Other Sources, 2013-2014
More information44 ECB STOCK MARKET DEVELOPMENTS IN THE LIGHT OF THE CURRENT LOW-YIELD ENVIRONMENT
Box STOCK MARKET DEVELOPMENTS IN THE LIGHT OF THE CURRENT LOW-YIELD ENVIRONMENT Stock market developments are important for the formulation of monetary policy for several reasons. First, changes in stock
More informationThe Macroeconomic Situation and Monetary Policy in Russia. Ladies and Gentlemen,
The Money and Banking Conference Monetary Policy under Uncertainty Dr. Sergey Ignatiev Chairman of the Bank of Russia (The 4 th of June 2007, Central Bank of Argentina, Buenos Aires) The Macroeconomic
More informationManagement s Discussion and Analysis
Management s Discussion and Analysis 6 Financial Policy Sysmex regards increasing its market capitalization to maximize corporate value an important management objective and pays careful attention to stable
More informationQuarterly Credit Conditions Survey Report
Quarterly Credit Conditions Survey Report Contents March 2014 Quarter Prepared by the Monetary Analysis & Programming Department Research & Economic Programming Division List of Tables and Charts 2 Background
More informationN Brown Group plc Interim Report 2013
N Brown Group plc Interim Report 2013 2013 4CUSTOMER CENTRIC SEGMENTS FINANCIAL SUMMARY Financial Highlights 2013 2012 Revenue 409.6m 379.3m Operating profit 48.4m 45.7m Adjusted profit before taxation*
More informationCONSOLIDATED STATEMENT OF INCOME
CONSOLIDATED STATEMENT OF INCOME Notes Sales 1) 5,429,574 5,169,545 Cost of Goods Sold 2) 3,041,622 2,824,771 Gross Profit 2,387,952 2,344,774 Selling Expenses 3) 1,437,010 1,381,132 General and Administrative
More informationCHAPTER 11 Solutions STOCKHOLDERS EQUITY
CHAPTER 11 Solutions STOCKHOLDERS EQUITY Chapter 11, SE 1. 1. c 4. 2. a 5. 3. b 6. d e a Chapter 11, SE 2. 1. Advantage 4. 2. Disadvantage 5. 3. Advantage 6. Advantage Disadvantage Advantage Chapter 11,
More informationFebruary 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 informationLEBANON'S DEBT MANAGEMENT FRAMEWORK
LEBANON'S DEBT MANAGEMENT FRAMEWORK FOR 2010-2015 MARCH 2010 For further information, please contact: 1 DEBT MANAGEMENT FRAMEWORK FOR 2010-2015 CONTENTS I. Purpose of the report... 5 II. Regulatory framework...
More informationConsolidated Summary Report of Operating Results for the First Quarter of Fiscal 2011 (Year ending December 2011) [Japan GAAP]
April 26, 2011 Consolidated Summary Report of Operating Results for the First Quarter of Fiscal 2011 (Year ending December 2011) [Japan GAAP] Company name: Future Architect, Inc. Shares listed on: First
More informationCESEE DELEVERAGING AND CREDIT MONITOR 1
CESEE DELEVERAGING AND CREDIT MONITOR 1 November 4, 214 Key Developments in BIS Banks External Positions and Domestic Credit In 214:Q2, BIS reporting banks reduced their external positions to CESEE countries
More information1 Fiscal strategy and outlook
1 Fiscal strategy and outlook Features The 2015-16 Budget delivers the Government s election commitments, with key measures to revitalise the State economy and frontline service delivery, especially in
More informationThe Danish Foreign-Exchange Market
33 The Danish Foreign-Exchange Market by Henrik Smed Krabbe, Market Operations Department and Lisbeth Stausholm Pedersen, Economics Department The foreign-exchange market is a market for purchase and sale
More informationSignificantly improved cash flow from operations of 1.3m (2013: outflow 1.3m)
Thu, 24th Jul 2014 07:00 RNS Number : 1728N RTC Group PLC 24 July 2014 RTC Group Plc ("RTC", "the Company" or "the Group") Interim results for the six months June 2014 RTC Group Plc,the business services
More informationLIST OF MAJOR LEADING & LAGGING ECONOMIC INDICATORS
APRIL 2014 LIST OF MAJOR LEADING & LAGGING ECONOMIC INDICATORS Most economists talk about where the economy is headed it s what they do. Paying attention to economic indicators can give you an idea of
More informationAn overview of FX Exposure Risk: Assessment and Management
An overview of FX Exposure Risk: Assessment and Management June 2015 1. Introduction This report presents an overview of various types of foreign currency exposure, their impact on the financial statements,
More informationFiscal Responsibilities of a Pharmaceutical Division
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationMonthly Update. January 2014
Monthly Update Politics On the 29 th of January, the President of the Republic of Serbia Mr. Tomislav Nikolic called for earlier Parliamentary elections for the 16 th of March 2014, in order to speed up
More informationRISK FACTORS AND RISK MANAGEMENT
Bangkok Bank Public Company Limited 044 RISK FACTORS AND RISK MANAGEMENT Bangkok Bank recognizes that effective risk management is fundamental to good banking practice. Accordingly, the Bank has established
More informationRecommendation for a COUNCIL OPINION. on the updated convergence programme of the Czech Republic, 2009-2012
EUROPEAN COMMISSION Brussels, SEC(2010) 344 Recommendation for a COUNCIL OPINION on the updated convergence programme of the Czech Republic, 2009-2012 EN EN EXPLANATORY MEMORANDUM 1. GENERAL BACKGROUND
More informationJoint Economic Forecast Spring 2013. German Economy Recovering Long-Term Approach Needed to Economic Policy
Joint Economic Forecast Spring 2013 German Economy Recovering Long-Term Approach Needed to Economic Policy Press version Embargo until: Thursday, 18 April 2013, 11.00 a.m. CEST Joint Economic Forecast
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 informationMain Economic & Financial Indicators Russian Federation
Main Economic & Financial Indicators Russian Federation 02 NOVEMBER 201 NAOKO ISHIHARA ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +44-(0)20-777-2179 E naoko.ishihara@uk.mufg.jp Overview The Bank of
More informationSummary of Financial Statements (J-GAAP) (Consolidated)
Summary of Financial Statements (J-GAAP) (Consolidated) February 10, 2016 Company Name: Sodick Co., Ltd. Stock Exchange: Tokyo Stock Exchange, 1st Section Code Number: 6143 URL: http://www.sodick.co.jp
More informationPresentation on Results for FY 2015. Idemitsu Kosan Co.,Ltd. May 10, 2016
Presentation on Results for FY 2015 Idemitsu Kosan Co.,Ltd. May 10, 2016 Table of Contents 1. FY 2015 Financials (1) Overview (2) Segment Information 2. Forecast for FY 2016 Performance (1) Overview (2)
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 informationMeeting with Analysts
CNB s New Forecast (Inflation Report II/2015) Meeting with Analysts Petr Král Prague, 11 May, 2015 1 Outline Assumptions of the forecast The new macroeconomic forecast Comparison with the previous forecast
More informationBAHAMAS. 1. General trends
Economic Survey of Latin America and the Caribbean 2014 1 BAHAMAS 1. General trends Growth in the Bahamian economy slowed in 2013 to 0.7%, down from 1.0% in 2012, dampened by a decline in stopover tourism,
More informationThe Kansai Electric Power Company, Incorporated and Subsidiaries
The Kansai Electric Power Company, Incorporated and Subsidiaries Consolidated Financial Statements for the Years Ended March 31, 2003 and 2002 and for the Six Months Ended September 30, 2003 and 2002 The
More informationSummary 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 informationSemi-Annual Report First Half of 2015
Semi-Annual Report First Half of 2015 Table of Contents Page Information about Merkur Cooperative Bank 2 Statement by the Executive Board and the Board of Directors 3 Management s Review 4 8 Income Statement
More informationRicoh 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 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 informationPublic Finance and Banking
9 Public Finance and Banking A General Government Deficit (GG Deficit) of 12,460 million or 7.6% of GDP was recorded in 2012, significantly lower than the 2011 GG Deficit of 21,267 million or 13.1% of
More informationCorporate Governance Guidelines
Corporate Governance Guidelines Fuji Heavy Industries Ltd. Chapter 1. General Provisions Article 1. Purpose These guidelines set out the basic policy, framework and operating policy of the corporate governance
More informationAnnual Report 2007 COMMERCIAL FINANCE WWW.INGCOMFIN.PL
2007 Annual Report 2007 COMMERCIAL FINANCE WWW.INGCOMFIN.PL It is with pleasure that I present to you the Annual Report of 2007 which describes the activity of ING Commercial Finance Polska S.A. Last year
More information(April 1, 2015 June 30, 2015)
Financial Results Summary of Consolidated Financial Results For the Three-month Period Ended June 30, 2015 (IFRS basis) (April 1, 2015 June 30, 2015) *This document is an English translation of materials
More informationUnaudited Half Year Financial Report January June 2013. Creating career prospects and deploying targeted professional skills.
Creating career prospects and deploying targeted professional skills Amadeus FiRe AG Unaudited Half Year Financial Report January June 2013 Unaudited Half Year Financial Report, January June 2013 1 Unaudited
More information2 nd Quarter, 2012 Results ANALYST MEETING, 27 JULY, 2012
2 nd Quarter, 2012 Results ANALYST MEETING, 27 JULY, 2012 Agenda Page 1. Review of Result 2Q12 3-19 2. Future Positioning 21-25 3. 2012 Targets 27 IMPORTANT DISCLAIMER: Information contained in this document
More informationCREDIT UNION TRENDS REPORT
CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics June 2 (April 2 data) Highlights During April, credit unions picked up 3, new memberships, credit union loan balances grew at an annualized 1.7% pace,
More informationHSBC Mutual Funds. Simplified Prospectus June 15, 2016
HSBC Mutual Funds Simplified Prospectus June 15, 2016 Offering Investor Series, Advisor Series, Premium Series, Manager Series and Institutional Series units of the following Funds: Cash and Money Market
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 informationNOK 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 informationEAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY
EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY Report by Executive Head of Finance and Asset Management 1 PURPOSE OF REPORT
More informationIncreasing market share in a receding market
Interim report for the first quarter of the financial year 2008/2009 Increasing market share in a receding market First quarter (September November 2008) KappAhl s net sales (excluding VAT) for the period
More informationNotes to Consolidated Financial Statements Year ended March 31, 2014
Notes to Consolidated Financial Statements Year ended March 31, 2014 Mitsui Oil Exploration Co., Ltd. and Consolidated Subsidiaries 1. Basis of Presenting Consolidated Financial Statements The accompanying
More informationGauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation
August 2014 Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation The exhibits below are updated to reflect the current economic outlook for factors that typically impact
More informationQuarterly Credit Conditions Survey Report
Quarterly Credit Conditions Report Contents List of Figures & Tables... 2 Background... 3 Overview... 4 Personal Lending... 7 Micro Business Lending... 10 Small Business Lending... 12 Medium-Sized Business
More informationWORKING CAPITAL MANAGEMENT
CHAPTER 9 WORKING CAPITAL MANAGEMENT Working capital is the long term fund required to run the day to day operations of the business. The company starts with cash. It buys raw materials, employs staff
More informationThe EMU and the debt crisis
The EMU and the debt crisis MONETARY POLICY REPORT FEBRUARY 212 43 The debt crisis in Europe is not only of concern to the individual debt-ridden countries; it has also developed into a crisis for the
More informationFRONTLINE LTD. INTERIM REPORT JULY - SEPTEMBER 2005. Highlights
FRONTLINE LTD. INTERIM REPORT JULY - SEPTEMBER Highlights Frontline reports net income of $73.8 million and earnings per share of $0.99 for the third quarter of. Frontline reports nine month results of
More informationInvestment insight. Fixed income the what, when, where, why and how TABLE 1: DIFFERENT TYPES OF FIXED INCOME SECURITIES. What is fixed income?
Fixed income investments make up a large proportion of the investment universe and can form a significant part of a diversified portfolio but investors are often much less familiar with how fixed income
More information