Company Presentation

Size: px
Start display at page:

Download "Company Presentation"

Transcription

1 Estrictamente Company Presentation May15 1 1

2 Estrictamente Company Overview Insurance Sector Revenues Net Income % Ownership Supplemental health insurance US$128.6 mm US$6,9 mm 99.9% Life Insurance Company (Annuities) US$640.7 mm US$19.4 mm 72.4% NonInsurance Sector Revenues Net Income % Ownership Pension funds administration (AFP) US$231.6 mm US$155.8 mm 67.5% Mandatory health insurance (ISAPRE) US$559.2 mm US$11.9 mm 99.9% Hospital healthcare services Outpatient healthcare services US$351.2mm US$3.5 mm 89.9% IT and outsourcing services US$7.0 mm US$0.38 mm 32.9% 2 2

3 Estrictamente ILC s Highlights Largest IPO in Chile (US$ 468 million) Awarded in Peru (1 st auction) ILC sold 51% (US$ 200 million) D&S in Peru (1 st auction) ILC acquired 67% (US$ 167 million) Jul12 Dec12 Jun13 Sep13 Nov13 CGVC acquired 27.9% of Corpvida (US$52 million) MoU signed for 50,5% (US$ 90 million) MoU to share control in Habitat ($925 per share) D&S in Peru (2 nd auction) Awarded in Peru (2 nd auction) Jul14 Aug14 Oct13 Dec14 Dec More than USD 300 million invested in the last 3 years 3 3

4 Ownership and stock price Estrictamente Ownership structure Dec14 Others Stockbrokers 4.7% 11.5% Year Dividend (CLP) Dividend paid 2012 $548 Dividend yield at $7,061 (IPO price) 7.76% Internationals 16.8% 2013 $ $ % 6.36% CChC 67.0% Market Ratios (May15) TOTAL $1, % Dividend policy: 60% 80% Stock Price Evolution (May8 th ) Peers P/E P/BV 40.0% Banmédica Bupa Chile Provida Habitat ILC 21.9x 24.9x 10.1x 9.6x 11.3x 5.3x 1.9x 3.3x 3.8x 1.6x 30.0% 20.0% 10.0% 0.0% 10.0% 20.0% 30.0% ILC IPSA $7,775 4,

5 Revenues come from Estrictamente $ Pension Fund Retirement Insurance Healthcare 10% 1.27% Commission fee Voluntary savings Mandatory Health Insurance 7% Additional health contribution Gross Salary Taxes: Range 0% 40% Supplemental health insurance Voluntary Health Insurance Net Salary Annuity Savings Programmed Withdrawal Habitat average: Ch$ 691,162 (US$ 1,139) Chile average: Ch$ 636,713 (US$ 1,049) 5 5

6 Our subsidiaries Estrictamente Our Business 6 6

7 Habitat Estrictamente Income Statement (Th.US$*) Revenues Cost of sales SG&A Dec ,569 Gross Profit 231,569 (98,483) Dec , ,233 (88,431) Var. % 8.6% 8.6% 11.4% Created in 1981 under the new provisional system The only AFP under the same controller through all its history Operating Income 132, , % 67.5% owned by ILC Gain (loss) of the encaje 52,886 24, % EBITDAE** 146, , % Net Income 155, , % One of the most efficient AFP in terms of cost control and the second cheapest on fees Total AUM in the industry = US$165.4 bn **EBITDAE calculated as profit before tax minus depreciation, finance cost, other non operational cost and financial income due to Habitat s encaje. * Exchange rate of Ch$ as of December 31st,

8 Habitat Estrictamente 45,000 40,000 35,000 30,000 25,000 20,000 Evolution of Habitat AUM (US$ Million) CAGR: 6.8% 41,805 42,653 42,820 37,281 36,305 30, Contributor average salary Mandatory individual capitalization account Contributions = 10% of gross salary (capped at ~US$3,000 per month) Voluntary pension contributions Tax exempt, up to a certain amount Voluntary savings account Allows withdrawals at any time Programmed withdrawals Pension payment option in which retirees maintain their account with the AFP Contributors Distribution (As of Dec14) Ch$ 1,800,000 1,705, , , , , , , , , , , , , , , , , , , , , , Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 1 Contributors / affiliates Source: Superintendencia de pensiones CAGR: 8.3% Industry Habitat 1,600,000 1,400,000 1,200,000 1,000, , , , ,000 1,178, , , , ,679 Provida Habitat Capital Modelo Cuprum Planvital Mandatory Fee 1.54% 1.27% 1.44% 0.77% 1.48% 0.47% Contribution rate % 58.9% 57.8% 48.2% 77.0% 56.3% Privado 8y Confidencial 8

9 Estrictamente Habitat Peru As of June 1st 2013, Habitat started operations in Peru. All the new entrant into the formal sector contribute into Habitat for two years December 2014, Habitat was awarded in the second auction in Peru 1,000,000 beneficiaries expected after two 50,000 0% auctions 4,354 67, , , , , ,388 0 jun13 sep13 dec13 mar14 jun14 sep14 dec14 450, , , , , , , ,000 Affiliates v/s Market Share Evolution 1% 2% 3% 4% 6% 7% 8% 7% 6% 5% 4% 3% 2% 1% 0% Mandatory mix fee rate after the first auction (%) Profuturo Over the contribution 1.49% Over the AUM 1.20% Integra 1.55% 1.20% Prima 1.51% 1.90% Habitat 0.47% 1.25% Average 1.26% 1.39% 9 9

10 Estrictamente Our companies in the health business Average monthly contribution per contributor: USD $128.1 Average monthly contribution per beneficiary: USD $18.7 Medical Bill 10% of the gross salary is the average contribution % of the Net Salary Monthly premiums Copayment between the company and the employee % covered by: % covered by: the person 7% of the gross salary is the mandatory contribution % covered by: or USD 15.2 Full coverage of 80 diseases in an established network * * The GES plan cost U.F since July 1 st,

11 Estrictamente Consalud Income Statement (Th. US$*) Dec 14 Dec 13 Var. % Revenues Cost of sales Gross Margin SG&A 559,234 (474,097) 85,137 (76,663) 514,743 (439,072) 75,671 (67,844) 8.6% 8.0% 12.5% 13.0% Created in 1984 under the new provisional health system (Isapre) 99.9% owned by ILC Operating Income EBITDA** 11,284 11, % 19,566 19, % The price of GES rose to UF due to the inclusion of 11 new diseases, since July 1st, 2013 Net Income 11,964 13, % Total Contributors in the industry = 1,772,584 Masvida 16.5% Others 5.1% Consalud 20.5% Colmena 16.2% Banmédica 20.4% Cruz Blanca 21.2% **EBITDA calculated as profit before tax minus depreciation, finance cost and other non operational cost. *Exchange rate of Ch$ as of December 31st,

12 Estrictamente Consalud Loss ratio (as of Dec14) 84.2% 84.9% 85.7% 86.9% 87.9% 89.2% Average monthly contribution in US$ (Dec14) Medical plans Products offered Open network plans Preferred provider plans Closed network plans Complementary product offerings Additional coverage for catastrophic diseases Dental plans Pharmacy plans Revenues per Beneficiary (CLP) CAGR: 9.4% Source: Superintedencia de Salud and ILC 1 Operating revenues divided by the number of contributors. Exchange rate of Ch$5606,75 as of December30 th,2014; 2 Operating expenses divided by operating revenues Privado 12y Confidencial 12

13 Estrictamente Red Salud Income Statement (Th. US$*) Dec 14 Dec 13 Var. % Revenues Cost of sales Gross Margin 351,055 (278,021) 73, ,142 (248,204) 68, % 12.0% 5.9% One of the main private healthcare providers, reaching close to 18.6% of the private beds in Chile SG&A Operating Income EBITDA** (52,369) (47,175) 11.0% 20,665 21, % 39,941 38, % 89.9% owned by ILC National coverage through a network of 16 hospitals and 33 medical centers Net Income 3,471 6, % **EBITDA calculated as profit before tax minus depreciation, finance cost and other non operational cost. *Exchange rate of Ch$ as of December 31st, Number of beds Red Salud market share (in terms of private hospital beds) 18,6% Source: ILC, annual reports of the companies as filed with the SVS, except Clinica Alemana, where the information has been derived from its website * Number of beds from our 12 regional hospitals 13 13

14 Estrictamente Red Salud: Main subsidiaries P&L (Dec14) Income Statement (Th. US$*) Megasalud Bicentenario Tabancura Avansalud Iquique Revenues 148,864 70,673 56,547 58,041 11,366 Cost of sales (120,561) (59,593) (43,150) (43,491) (7,368) Gross Margin 28,303 11,081 13,397 14,550 3,980 SG&A (19,234) (10,882) (9,066) (7,724) (2,553) Operating Income 9, ,332 6,826 1,427 EBITDA* 14,211 3,894 6,682 10,920 1,962 EBITDA Mg. 9.5% 5.5% 11.8% 18.8% 17.3% Net Income 7,468 (3,518) 2,730 3, Operating Data Average occupancy rate 80.5% 74.2% 67.0% 56.7% Average length of stay (days) Composition of the revenues (CLP million) *EBITDA calculated as Operating Income minus depreciation and amortization 14 14

15 Estrictamente Vida Cámara Income Statement (Th. US$*) D&S Chile Gross Profit* D&S Peru Gross Profit* Health & life insurance Gross Profit* Gross Profit SG&A Operating Income Non Operating Income Net Income Dec 14 (8,073) (5,613) (3,291) (8,086) (11,377) Dec 13 (6,357) (278) (3,188) (3,466) (6,853) (2,407) Var. % 27.0% N/A 1084% 153.6% 228% % Complementary health premiums market share (Dec14) 6.9% 6.9% 9.1% 23.0% 10,395 6, % MetLife EuroAmérica Security Previsión BICE Vida 184% On January 2012 launch the complementary health insurance business, adding more than 9,000 beneficiaries per month As of September 23rd 2013, Vida Cámara was awarded, with two of seven fractions, the D&S insurance auction in Peru. As of May 12th 2014, Vida Cámara was awarded, with two of nine fractions of the male pool, in the D&S auction in Chile. 7.3% Vida Cámara 13.5% Sura 8.6% Chilena Consolidada 12.4% 12.4% BCI Seguros Vida Others 15 15

16 Estrictamente Vida Cámara Evolution of beneficiaries for the complementary health insurance In average, more than 9,000 beneficiaries per month Recent projects Complementary health insurance Life and catastrophic insurance Entrance in Peru New D&S Contract in Chile 16 16

17 Estrictamente Corp Group Vida Chile Income Statement (Th. US$*) Noninsurance activity profit Revenues from insurance activity Revenues from financial result Cost of sales Gross Margin SG&A Operating Income Insurance activity profit Net Income Dec 14 (11,364) Dec 13 (12,102) Var. % 6.5% 473, , , ,780 7,3% 12.6% (781,150) 50,991 (791,419) 37, % 35.8% (25,927) 25,064 (60,445) (22,883) 57.1% 210% 25,719 (8,490) 403% 17,042 (15,675) 209% 14.6% Market share on annuities 7.5% Market share on life insurance direct premium 16.3% Market share on AuM More than 300,000 policy holders in CorpVida Annuities market share in AuM (Dec14) 4.2% 6.51% 20.8% MetLife CGVC 7.3% Consorcio Nacional Penta Vida 9.5% BICE Vida 14.3% Sura 10.9% Principal Chilena Consolidada 12.7% 13.8% Others 17 17

18 Estrictamente Corp Group Vida Chile Subsidiaries results Income Statement (Th. US$*) Dec 14 Dec 13 Var. % Revenues from premium Revenues from investments Reserves and claims 63,608 67, % 158, , % (189,078) (189,055) 0.0% Gross Profit 32,733 8, % SG&A (6,446) (5,913) 9.0% Operating Income 26,287 2,152 1,121% Nonoperating Income 1, % Net Income 22,998 8, % Income Statement (Th. US$*) Dec 14 Dec 13 Var. % Revenues from premium Revenues from investments Reserves and claims 434, , % 181, , % (592,918) (590,960) 0.3% Gross Profit 23,246 18, % SG&A (24,227) (23,016) 5.3% Operating Income (981) (4,888) 79.9% Nonoperating Income 1,312 (17,586) 108% Net Income 2,721 (16,627) 116% 18 18

19 Financial Summary Estrictamente Financial Summary 19 19

20 Estrictamente Balance Sheet (Th. US$) Balance Dec 14 Dec 13 Income Statement Dec 14 Dec 13 Total current assets Total non current assets Total insurance assets 363, ,687 1,265,013 1,173,246 7,998,096 7,142,398 Non insurance activity operating income Non insurance activity non operating income 158,627 23, ,902 58,109 TOTAL ASSETS 9,626,955 8,691,331 Insurance activity operating income 13,687 (257) Total current liabilities 352, ,587 Insurance activity non operating income 3,281 2,251 Total non current liabilities Total insurance liabilities 708,939 7,430, ,847 6,574,713 Minority Interest (53,212) (45,104) TOTAL EQUITY 1,134,823 1,183,184 NET INCOME 114, ,110 TOTAL EQUITY & LIABILITIES 9,626,955 8,691,331 Non insurance activity EBITDAE** 210, ,837 (**)EBITDAE calculated as profit before tax minus depreciation, finance cost, other non operational cost and financial income due to Habitat s encaje. US$* Thousand Dec 14 US$* Thousand Dec 14 COVENANT < 1.0 X Short term debt 327,800 Cash & cash equivalent 320,011 Net Fin. Debt / Total Equity 0.55 x Long term debt Total financial debt 613, ,146 Total equity 1,134,113 LOCAL CREDIT RISK Feller Rate ICR AA+ AA+ (*)Exchange rate of Ch$ as of December 31 st,

21 Financial Data (as of Dec14) Estrictamente Financial Debt (Million US$) ILC Habitat Vida Cámara CGVC C. Machalí Consalud Red Salud TOTAL Short Term Bonds Bank loans Leasing Short Term Bonds Bank loans Leasing TOTAL Cash Flow from our main subsidiaries (Dec14) Dividends from our subsidiaries (Dec14) Dec14 (USD Th.) Distributable Net Income Dividend Policy Ownership Dividend to ILC Habitat 96,444 90% 67.5% 58,573 Red Salud 3, % 89.9% 3,120 Consalud* 15, % 99.9% 15,428 Vida Cámara (6,852) 100% 99.9% CGVC 17,042 30% 72.4% 3,702 TOTAL 125,547 80,823 (*) According to Superintendency of Health regulation. (**) According to the current dividend policy of each subsidiary as of December

22 Estrictamente For more information, please contact with: Ignacio González R. María Paz Merino Pagola CFO Head of Investor Relations Phone: (56 2) Phone: (56 2) Privado 22y Confidencial 22

Company Presentation September 14

Company Presentation September 14 Estrictamente Company Presentation September 14 1 ILC s Highlights ILC placed the largest IPO in Chile (US$ 468 million) 2012 June 1 st 2013 ILC sold 51% of Desarrollos Educacionales June 18 th 2013 ILC

More information

Company Presentation

Company Presentation Company Presentation September-13 Privado y Confidencial 1 Ownership and stock price Estrictamente Privado y Confidencial Ownership structure (Jun-13) Stockbrokers 12,4% Mutual Funds & Others 5,9% Market

More information

Conference Call 3Q 2012

Conference Call 3Q 2012 Conference Call 3Q 2012 November, 2012 Privado y Confidencial 1 Disclaimer This presentation may include market outlooks and forward-looking statements, which are based on the beliefs and assumptions of

More information

Index. Section I. Risk rating 3. Section II. Revenues, EBITDA and Net Profit 3. Section III. Highlights 4

Index. Section I. Risk rating 3. Section II. Revenues, EBITDA and Net Profit 3. Section III. Highlights 4 Press Release March 2015 1 Press Release March 2015 Section Index Page Section I. Risk rating 3 Section II. Revenues, EBITDA and Net Profit 3 Section III. Highlights 4 Section IV. Medical Facilities Investment

More information

AFP Habitat Company Presentation

AFP Habitat Company Presentation AFP Habitat Company Presentation Southern Cone & Andean Conference June 26-27 Lima, Peru Industry Overview 2 AFP Industry Overview 1980 1981 1985 2000 2002 2008 2009 2010 2012 Chilean legislation (Law

More information

Empresas Banmédica. Financial Results First Quarter 2008

Empresas Banmédica. Financial Results First Quarter 2008 Empresas Banmédica Financial Results First Quarter 2008 Contents Empresas Banmédica Business Organization Shareholders structure Issues First Quarter 2008 Market Overview Isapres Private Hospitals Financial

More information

Oslo Børs VPS Holding ASA 2nd Quarter 2015

Oslo Børs VPS Holding ASA 2nd Quarter 2015 Oslo Børs VPS Holding ASA 2nd Quarter 215 12 August 215 2nd quarter at a glance Good level of trading and settlement activity continued in the quarter Continuing strong interest in admission of both shares

More information

TAX ID 94,139,000-5. Phone (56-2) 24774600. Web Site www.ilcinversiones.cl

TAX ID 94,139,000-5. Phone (56-2) 24774600. Web Site www.ilcinversiones.cl Name Inversiones La Construcción S.A. TAX ID 94,139,000-5 Type of Entity Open stock corporation registered under the Superintendence of Securities and Insurance (SVS) Address Marchant Pereira 10, Piso

More information

Oslo Børs VPS Holding ASA 1st Quarter 2015

Oslo Børs VPS Holding ASA 1st Quarter 2015 Oslo Børs VPS Holding ASA 1st Quarter 215 3 April 215 1st quarter at a glance Good level of trading activity continued in the first quarter Share trading volume up by 16% from the first quarter of Continuing

More information

NAME Inversiones La Construcción S.A. TAX ID 94,139,000-5

NAME Inversiones La Construcción S.A. TAX ID 94,139,000-5 NAME Inversiones La Construcción S.A. TAX ID 94,139,000-5 TYPE OF ENTITY Open stock corporation registered under the Superintendence of Securities and Insurance (SVS) ADDRESS Marchant Pereira 10, Floor

More information

Crown Castle International Corp. Consolidating Income Statement Unaudited Consolidated Statement of Operations (in millions of dollars)

Crown Castle International Corp. Consolidating Income Statement Unaudited Consolidated Statement of Operations (in millions of dollars) Consolidating Income Statement Unaudited Consolidated Statement of Operations CCIC Consolidated Revenues Site Rental 406.9 409.6 437.1 447.2 1,700.8 456.2 457.1 468.9 Network Services and Other 37.5 46.5

More information

Third quarter results as of December 31, 2014. Investor presentation

Third quarter results as of December 31, 2014. Investor presentation Third quarter results as of December 31, 2014 Investor presentation February, 26 th 2015 Disclaimer Certain statements included or incorporated by reference within this presentation may constitute forwardlooking

More information

Financial Statement Consolidation

Financial Statement Consolidation Financial Statement Consolidation We will consolidate the previously completed worksheets in this financial plan. In order to complete this section of the plan, you must have already completed all of the

More information

Mouwasat Medical Services Company - Mouwasat

Mouwasat Medical Services Company - Mouwasat Recommendation Overweight Fair Value (SR) 92.00 Price as of 2 nd of March 2014 (SR) 81.75 Expected return 12.5% Company data Tadawul symbol 4002.SE 52- week high (SR) 94.00 52-week low(sr) 52.25 YTD change

More information

Median and Average Sales Prices of New Homes Sold in United States

Median and Average Sales Prices of New Homes Sold in United States Jan 1963 $17,200 (NA) Feb 1963 $17,700 (NA) Mar 1963 $18,200 (NA) Apr 1963 $18,200 (NA) May 1963 $17,500 (NA) Jun 1963 $18,000 (NA) Jul 1963 $18,400 (NA) Aug 1963 $17,800 (NA) Sep 1963 $17,900 (NA) Oct

More information

Oslo Børs VPS Holding ASA 1st Quarter 2014

Oslo Børs VPS Holding ASA 1st Quarter 2014 Oslo Børs VPS Holding ASA 1st Quarter 214 3 April 214 1st quarter at a glance Increased trading activity in both equities and derivatives Nordic ABM the fastest-growing Nordic marketplace exceeded 1, listed

More information

CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS

CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS C H 2 3, P a g e 1 CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS (note from Dr. N: I have deleted questions for you to omit, but did not renumber the remaining questions) 1. The primary purpose of

More information

Prosegur 9M 2013 Results

Prosegur 9M 2013 Results Prosegur 9M 2013 Results November 12th, 2013 Compañía de Seguridad S.A. all rights reserved 1 Highlights in the period The transfer to clients of the increase in the labour costs in Brazil (ARV) is being

More information

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION 30-Apr-2004 28.35 29.00 28.20 28.46 28.55 03-May-2004 28.50 28.70 26.80 27.04 27.21 04-May-2004 26.90 26.99 26.00 26.00 26.38 05-May-2004 26.05 26.69 26.00 26.35 26.34 06-May-2004 26.31 26.35 26.05 26.26

More information

Consolidated financial summary

Consolidated financial summary 1-8-1 Marunouchi Chiyoda-ku Tokyo 100-8289, Japan (URL http://www.daiwasmbc.co.jp/) Consolidated financial summary (For fiscal year ended March 31, 2005) April 27, 2005 (1)Consolidated Operating results

More information

BALANCE SHEET AND INCOME STATEMENT

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

More information

1Q15 Consolidated Earnings Results

1Q15 Consolidated Earnings Results 1Q15 Consolidated Earnings Results Colombian Banking GAAP and IFRS June 2015 Disclaimer Grupo Aval Acciones y Valores S.A. ( Grupo Aval ) is an issuer of securities in Colombia and in the United States,

More information

Industry Dynamics and Competitive Landscape in the Chilean Life Insurance Industry to 2016: Market Profile

Industry Dynamics and Competitive Landscape in the Chilean Life Insurance Industry to 2016: Market Profile Brochure More information from http://www.researchandmarkets.com/reports/2225332/ Industry Dynamics and Competitive Landscape in the Chilean Life Insurance Industry to 2016: Market Profile Description:

More information

SVS PUBLISHES THE REPORT ON INSURANCE MARKET COMPLAINTS

SVS PUBLISHES THE REPORT ON INSURANCE MARKET COMPLAINTS With figures for 2008: SVS PUBLISHES THE REPORT ON INSURANCE MARKET COMPLAINTS Today the Superintendencia de Valores y Seguros (SVS) published the Insurance Market Complaint Report (IRMA) on the complaints

More information

Oslo Børs VPS Holding ASA 1st Quarter 2016

Oslo Børs VPS Holding ASA 1st Quarter 2016 Oslo Børs VPS Holding ASA 1st Quarter 216 28 April 216 1st quarter at a glance Growth in underlying earnings despite a relatively calm market Continued growth in listing of fixed income issues - 127 new

More information

2014 Asia Securities Forum Presented by the Korea Financial Investment Association

2014 Asia Securities Forum Presented by the Korea Financial Investment Association 2014 Asia Securities Forum Presented by the K O R E A I. Korean Capital Market I. Current Status II. Prospects II. Korean Financial Investment Industry C O N T E N T S III. Capital Market Regulations 2

More information

Tanner Investor Information 1Q 2014

Tanner Investor Information 1Q 2014 Tanner Investor Information 1Q 2014 Tanner at a Glance Business Description Key Highlights (1Q 14) Tanner Servicios Financieros S.A. ( Tanner ) is a leading Chilean non banking financial institution, offering

More information

Highlights of 1H FY2015 Results. November 18, 2015

Highlights of 1H FY2015 Results. November 18, 2015 Highlights of 1H FY2015 Results November 18, 2015 Table of Contents 1. Trend of business results 3. Domestic life insurance Summary of 1H FY2015 results 3 Overview of 1H FY2015 results Himawari Life 27

More information

2Q15 Consolidated Earnings Results

2Q15 Consolidated Earnings Results 2Q15 Consolidated Earnings Results IFRS September 2015 Disclaimer Grupo Aval Acciones y Valores S.A. ( Grupo Aval ) is an issuer of securities in Colombia and in the United States, registered with Colombia

More information

PIH Health Consolidated

PIH Health Consolidated PIH Health Consolidated Financial Statements March 31, 2016 PIH Health Consolidated Balance Sheet Mar16 vs Sep15 Line Description Mar 16 Balance Sep 15 Balance Inc (Dec) $$ Inc (Dec) % Assets Current Assets

More information

NORWEGIAN CRUISE LINE HOLDINGS LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except share and per share data)

NORWEGIAN CRUISE LINE HOLDINGS LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except share and per share data) CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except share and per share data) Revenue Passenger ticket $ 583,923 $ 490,322 $ 1,400,470 $ 1,257,871 Onboard and other 213,962 184,089 569,479

More information

THE SVS PUBLISHES ITS COMPLAINT REPORT FOR THE INSURANCE MARKET

THE SVS PUBLISHES ITS COMPLAINT REPORT FOR THE INSURANCE MARKET With data from the first semester of 28: THE SVS PUBLISHES ITS COMPLAINT REPORT FOR THE INSURANCE MARKET Insurance brokers were included in the report. Today the Superintendencia de Valores y Seguros (SVS)

More information

CARE HOME SAMPLE PACK LIMITED

CARE HOME SAMPLE PACK LIMITED MANAGEMENT ACCOUNTS For the month of May 2010 1 KPIs Registered beds: 45 Jan-10 Feb-10 Mar-10 Apr-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Year to Date Average Occupancy 43.50 43.00 41.30 41.90

More information

BUSINESS PLAN TEMPLATE

BUSINESS PLAN TEMPLATE iplanner.net Small Business Plans Online BUSINESS PLAN TEMPLATE For a start-up company 18/01/2012 12:33:19(GMT) Executive Summary... 3 Business Overview... 3 Products and Services... 3 Sales Forecast...

More information

IntercontinentalExchange Fourth Quarter & Year-End 2008. Earnings Presentation February 10, 2009

IntercontinentalExchange Fourth Quarter & Year-End 2008. Earnings Presentation February 10, 2009 IntercontinentalExchange Fourth Quarter & Year-End 20 Earnings Presentation February 10, 2009 Forward-Looking Statements Forward-Looking Statements This presentation may contain forward-looking statements

More information

of Fiscal 2006 (Consolidated)

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

More information

FINANCIAL RESULTS Q1 2012. 16 May 2012

FINANCIAL RESULTS Q1 2012. 16 May 2012 FINANCIAL RESULTS Q1 2012 16 May 2012 Highlights Q1 2012 Satisfactory Q1 financials underlying EBITDA and profit before tax on a par with Q1 2011 - Lower power prices partly offset by increased power generation

More information

Enjoy S.A. March 2013

Enjoy S.A. March 2013 Enjoy S.A. March 2013 Executive summary Enjoy: Leader in the Chilean gaming industry, with a successful track record dating back over 36 years Comprehensive casino, hotel, restaurant, bar, event, show

More information

Why invest in Ripley?

Why invest in Ripley? Why invest in Ripley? Why invest in Ripley? Financial information as of Sept 2013. CLP/USD: 504.2 290.000 270.000 250.000 230.000 210.000 190.000 170.000 150.000 250.000 200.000 150.000 100.000 50.000

More information

Regulation G Reconciliations

Regulation G Reconciliations Regulation G Reconciliations Reconciliation of Global Rolled Products Adjusted EBITDA to ATOI ($ in millions, except per metric ton amounts) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

More information

Ratio Analysis. A) Liquidity Ratio : - 1) Current ratio = Current asset Current Liability

Ratio Analysis. A) Liquidity Ratio : - 1) Current ratio = Current asset Current Liability A) Liquidity Ratio : - Ratio Analysis 1) Current ratio = Current asset Current Liability 2) Quick ratio or Acid Test ratio = Quick Asset Quick liability Quick Asset = Current Asset Stock Quick Liability

More information

Chilean Health Insurance System: History

Chilean Health Insurance System: History ClermondFerrand, 2 nd December 2004 Dr. med. Dr. PH Jens Holst Chilean Health Insurance System: History " # $ $"$ $ & ' ( $ ( * ( + *, ( * ' '. ( * ' ( * Chilean Health Insurance System: Reform Health

More information

This document may not be used, reproduced or sold without the authorisation of the Groupe HEC

This document may not be used, reproduced or sold without the authorisation of the Groupe HEC Please send any questions on this case study to the author via the mail box on the web site www.vernimmen.com Pascal Quiry October 2010 This document may not be used, reproduced or sold without the authorisation

More information

BBVA Colombia. Working for a better future for people

BBVA Colombia. Working for a better future for people BBVA Colombia Working for a better future for people 2013 The IR Recognition granted by Bolsa de Valores de Colombia S.A. (the Colombian Stock Exchange) is not a certification of the registered securities

More information

Consolidated revenues in 1Q15 grew 27% compared to 1Q14, reaching COP 1.7 trillion 1.

Consolidated revenues in 1Q15 grew 27% compared to 1Q14, reaching COP 1.7 trillion 1. CEMENTOS ARGOS S.A. Results report as of March 31 st, 2015 BVC: CEMARGOS, PFCEMARGOS ADR LEVEL 1: CMTOY / ADR 144A: CMTRY - Reg-S: CMTSY EXECUTIVE SUMMARY Consolidated revenues in 1Q15 grew 27% compared

More information

Financial Formulas. 5/2000 Chapter 3 Financial Formulas i

Financial Formulas. 5/2000 Chapter 3 Financial Formulas i Financial Formulas 3 Financial Formulas i In this chapter 1 Formulas Used in Financial Calculations 1 Statements of Changes in Financial Position (Total $) 1 Cash Flow ($ millions) 1 Statements of Changes

More information

Company Overview. Financial Performance

Company Overview. Financial Performance Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 SPS Finquest Ltd CMP: 84.60 January 13, 2015 Stock Details BSE code 538402 BSE ID SPS Face value ( ) 10 No of shares

More information

Norsk Gjenvinning Group 3rd Quarter 2014 Erik Osmundsen, CEO and Dean Zuzic, CFO

Norsk Gjenvinning Group 3rd Quarter 2014 Erik Osmundsen, CEO and Dean Zuzic, CFO Norsk Gjenvinning Group 3rd Quarter 2014 Erik Osmundsen, CEO and Dean Zuzic, CFO Disclaimer VV Holding AS is providing the following consolidated financial results for the first nine months of 2014 to

More information

DEMOGRAPHICS AND MACROECONOMICS

DEMOGRAPHICS AND MACROECONOMICS 1 IRELAND DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 181 815 GDP per capita (USD) 59 944 Population (000s) 4 422 Labour force (000s) 2 224 Employment rate 94.82 Population over 65 (%) 10.9 Dependency

More information

Challenges and Opportunities for the Pension Funds System in Mexico

Challenges and Opportunities for the Pension Funds System in Mexico Challenges and Opportunities for the Pension Funds System in Mexico MEXICO PE DAY AMEXCAP June, 2014 Contents I. Introduction II. Overview of the Mexican Pension System (SAR) III. Investment regime IV.

More information

THE UNIVERSITY OF BOLTON

THE UNIVERSITY OF BOLTON JANUARY Jan 1 6.44 8.24 12.23 2.17 4.06 5.46 Jan 2 6.44 8.24 12.24 2.20 4.07 5.47 Jan 3 6.44 8.24 12.24 2.21 4.08 5.48 Jan 4 6.44 8.24 12.25 2.22 4.09 5.49 Jan 5 6.43 8.23 12.25 2.24 4.10 5.50 Jan 6 6.43

More information

BUY. ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16. CMP 1677.00 Target Price 1880.00. SEPTEMBER 2 nd, 2015 SYNOPSIS ISIN: INE738I01010

BUY. ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16. CMP 1677.00 Target Price 1880.00. SEPTEMBER 2 nd, 2015 SYNOPSIS ISIN: INE738I01010 BUY CMP 1677.00 Target Price 1880.00 ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16 SEPTEMBER 2 nd, 2015 ISIN: INE738I01010 Index Details Stock Data Sector IT & ITes BSE Code 532927 Face

More information

Full year and fourth quarter 2011 February 6, 2012. Aperam 1

Full year and fourth quarter 2011 February 6, 2012. Aperam 1 Full year and fourth quarter 2011 February 6, 2012 Aperam 1 Disclaimer Forward-Looking Statements This document may contain forward-looking information and statements about Aperam and its subsidiaries.

More information

Financial Ratio Operating Statistics SURVEY

Financial Ratio Operating Statistics SURVEY 2013 Financial Ratio Operating Statistics SURVEY Compare your own numbers to the national norms, and find out where you need to focus to increase your profits. Balance Sheet Prior Year Assets Current Assets

More information

SulAmérica. UBS Global Healthcare Services Conference February 11-13, 2008 New York

SulAmérica. UBS Global Healthcare Services Conference February 11-13, 2008 New York SulAmérica UBS Global Healthcare Services Conference February 11-13, 2008 New York Disclaimer The material that follows is a presentation of general background information about Sul América S.A. ( SulAmérica

More information

Consolidated and Non-Consolidated Financial Statements

Consolidated and Non-Consolidated Financial Statements May 13, 2016 Consolidated and Non-Consolidated Financial Statements (For the Period from April 1, 2015 to March 31, 2016) 1. Summary of Operating Results (Consolidated) (April 1,

More information

Enjoy S.A. June 2013

Enjoy S.A. June 2013 Enjoy S.A. June 2013 Executive summary Enjoy: Leader in the Chilean gaming industry, with a successful track record dating back over 37 years Comprehensive casino, hotel, restaurant, bar, event, show and

More information

Vol. 1, Chapter 3 - Accounting Adjustments

Vol. 1, Chapter 3 - Accounting Adjustments Vol. 1, Chapter 3 - Accounting Adjustments Problem 1 1. ($20,000 2,000) 48 = $375 per month 2. Jan. 31 Depreciation Expense $375 Accumulated Depreciation Van $375 To record depreciation expense for January

More information

Bank Handlowy w Warszawie S.A. after 2Q 06. - expansion and better results

Bank Handlowy w Warszawie S.A. after 2Q 06. - expansion and better results Bank Handlowy w Warszawie S.A. after 2Q 06 - expansion and better results Strong mid year results 400 300 MM PLN 318 8% 343 107 200 180 100 139 236 0 1H05 1H06 2 Source: Bank s Financial Disclosures Increase

More information

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF)

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF) NAV HISTORY OF DBH FIRST MUTUAL FUND () Date NAV 11-Aug-16 10.68 8.66 0.38% -0.07% 0.45% 3.81% 04-Aug-16 10.64 8.66-0.19% 0.87% -1.05% 3.76% 28-Jul-16 10.66 8.59 0.00% -0.34% 0.34% 3.89% 21-Jul-16 10.66

More information

Oslo Børs VPS Holding ASA 4th Quarter 2013

Oslo Børs VPS Holding ASA 4th Quarter 2013 Oslo Børs VPS Holding ASA 4th Quarter 13 February 214 4th quarter at a glance Continuing high level of activity in the fixed income market Currently increased interest in equity listings Six companies

More information

Assessing Sources of Funding for Insurance Risk Based Capital

Assessing Sources of Funding for Insurance Risk Based Capital Assessing Sources of Funding for Insurance Risk Based Capital Louis Lee Session Number: (ex. MBR4) AGENDA for Today 1. Motivations of Capital Needs 2. Practical Risk Based Capital Funding Options 3. Types

More information

Suggested solutions to 3-mark and 4-mark problems contained in the Sample Paper - Exam 4: Tax Planning & Estate Planning

Suggested solutions to 3-mark and 4-mark problems contained in the Sample Paper - Exam 4: Tax Planning & Estate Planning Suggested solutions to 3-mark and 4-mark problems contained in the Sample Paper - Exam 4: Tax Planning & Estate Planning Section II Question 6 Mrs. A whose date of birth is 30th March 1955 has a total

More information

The Depository Trust Company

The Depository Trust Company The Depository Trust Company Unaudited Condensed Consolidated Financial Statements as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015 THE DEPOSITORY TRUST

More information

GE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2012 third quarter

GE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2012 third quarter Liquidity and Funding Overview Global issuer of long and short term debt This document contains forward-looking statements - that is, statements related to future, not past, events. In this context, forward-looking

More information

XING #1 Professional Social Network In German Speaking Europe

XING #1 Professional Social Network In German Speaking Europe XING #1 Professional Social Network In German Speaking Europe Q1 results May 6, 2014 Dr. Thomas Vollmoeller (CEO ) & Ingo Chu (CFO) Executive Summary Accelerating organic top-line growth of 16% Strongest

More information

Banco Santander Chile: Solid results in 2Q14. Sound outlook for 2015

Banco Santander Chile: Solid results in 2Q14. Sound outlook for 2015 0 Banco Santander : Solid results in 2Q14. Sound outlook for 2015 August 2014 Important information 1 Banco Santander caution that this presentation contains forward looking statements within the meaning

More information

FINANCIAL RESULTS Q1 2016

FINANCIAL RESULTS Q1 2016 FINANCIAL RESULTS Q1 2016 CFO Hallvard Granheim 28 th April 2016 Highlights Q1 Increase in underlying results (EBITDA) - Nordic prices are down 15% Q-on-Q - High production from Nordic hydropower assets

More information

OPERATING FUND. PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS September 30, 2015 RENDELL L. JONES CHIEF FINANCIAL OFFICER

OPERATING FUND. PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS September 30, 2015 RENDELL L. JONES CHIEF FINANCIAL OFFICER PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS September 30, 2015 RENDELL L. JONES CHIEF FINANCIAL OFFICER MANAGEMENT OVERVIEW September 30, 2015 Balance Sheet Cash and cash equivalents had a month-end balance

More information

Total Expenses. Modified Assets. Total Revenues

Total Expenses. Modified Assets. Total Revenues 7. A new Appendix F is added to read as follows: Appendix F: Ratio Methodology for Proprietary Institutions Section 1: Ratios and Ratio Terms Definitions: Primary Reserve Ratio = Equity Ratio = Net Income

More information

Understanding Financial Information for Bankruptcy Lawyers Understanding Financial Statements

Understanding Financial Information for Bankruptcy Lawyers Understanding Financial Statements Understanding Financial Information for Bankruptcy Lawyers Understanding Financial Statements In the United States, businesses generally present financial information in the form of financial statements

More information

A basic paycheque will show gross pay, deductions and net pay:

A basic paycheque will show gross pay, deductions and net pay: Accounting (HOSP 1860) Learning Centre Payroll Accounting Understanding payroll will help you as an or an. It explains all the deductions that are removed from your paycheque, where the numbers on your

More information

CONSOLIDATED STATEMENT OF INCOME

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

More information

First Half 2015 Results (January-June) Madrid, July 24 th 2015

First Half 2015 Results (January-June) Madrid, July 24 th 2015 First Half 2015 Results (January-June) Madrid, July 24 th 2015 Table of Contents 1. 1H 2015 Highlights 2. Backlog Execution 3. Update on Tulpar Transaction 4. Commercial Activity 5. Profit & Loss 6. Cash

More information

LEADing Practice Financial Scorecard Measurements

LEADing Practice Financial Scorecard Measurements LEADing Practice Financial Scorecard Measurements Scorecard Area Finance & Accounting Scorecard Group Accounting ratios Balance sheet Scorecard Performance Measurement Deferred revenue as % of total revenue

More information

Software AG Results 1 st Quarter 2015 (IFRS, unaudited)

Software AG Results 1 st Quarter 2015 (IFRS, unaudited) Software AG Results 1 st Quarter (IFRS, unaudited) April 29, 1 Safe Harbor This presentation includes forward-looking statements based on the beliefs of Software AG management. Such statements reflect

More information

I. CREDITWORTHINESS AND TOTAL CREDIT LIMIT A.

I. CREDITWORTHINESS AND TOTAL CREDIT LIMIT A. I. CREDITWORTHINESS AND TOTAL CREDIT LIMIT A. Evaluation of Creditworthiness A Credit will be generated from the Transmission Provider s review and analysis of the information obtained through the initial

More information

Enersis: corporate reorganization update and 1H 2015 results. July 28, 2015

Enersis: corporate reorganization update and 1H 2015 results. July 28, 2015 : corporate reorganization update and 1H 2015 results July 28, 2015 Corporate Reorganization Update 2 Corporate structure reorganization Objectives of the transaction under analysis To simplify the Corporate

More information

Kansas City 4Life Insurance Company

Kansas City 4Life Insurance Company Kansas City 4Life Insurance Company 2012 Fourth Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

Oslo Børs VPS Holding ASA 3rd Quarter 2013

Oslo Børs VPS Holding ASA 3rd Quarter 2013 Oslo Børs VPS Holding ASA 3rd Quarter 213 24 October 213 3rd quarter at a glance Continuing high level of activity in the fixed income market Two equity listings approved in, seven so far in 213 Currently

More information

Consolidated Interim Earnings Report

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

More information

Financial Statement Preparation Webinar. Presented by Nick Chapman VEI Program Coordinator New York City

Financial Statement Preparation Webinar. Presented by Nick Chapman VEI Program Coordinator New York City Financial Statement Preparation Webinar Presented by Nick Chapman VEI Program Coordinator New York City 122 Amsterdam Ave. New York, NY 10023 Phone: 212-769-2710 www.veinternational.org Objectives: Review

More information

CHAPTER15. Long-Term Liabilities. Acct202 15-1

CHAPTER15. Long-Term Liabilities. Acct202 15-1 CHAPTER15 Long-Term Liabilities Acct202 15-1 15-2 PreviewofCHAPTER15 Bond Basics Bonds are a form of interest-bearing notes payable. Three advantages over common stock: 1. Stockholder control is not affected.

More information

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

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

More information

RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS. Earnings Presentation Q2 FY16

RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS. Earnings Presentation Q2 FY16 RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS Earnings Presentation Q2 FY16 Company Overview COMPANY OVERVIEW Rajesh Exports Ltd. (REL) was incorporated in 1989. Currently REL is a leader

More information

Acquisition of Generali s Minority Participation in the Insurance and Annuities Business

Acquisition of Generali s Minority Participation in the Insurance and Annuities Business Acquisition of s Minority Participation in the Insurance and Annuities Business Conference Call June 19 th, 2013 1 Transaction Highlights On June 11, 2013, Grupo Financiero Banorte, S.A.B. de C.V. ( GFNorte

More information

RIPLEY CORP presentation. January 2009

RIPLEY CORP presentation. January 2009 RIPLEY CORP presentation January 2009 Ripley Corp 1. Ripley Today 2. Ripley Chile 2.0 3. Ripley Peru 4. Financing 5. Main goals Ripley Today why invest Ripley? Because Is a big player in the department

More information

Chapter 3 Cash Flow and Financial Planning

Chapter 3 Cash Flow and Financial Planning Chapter 3 Cash Flow and Financial Planning Solutions to Problems P3-1. LG 1: Depreciation Basic Year Depreciation Schedule Cost (1) Percentages from Table 3.2 (2) Depreciation [(1) (2)] (3) Asset A 1 $17,000

More information

new horizons... We believe that the world does not end here, we are where you are. Annual Report 2007 32 33

new horizons... We believe that the world does not end here, we are where you are. Annual Report 2007 32 33 1985 Presence We were able to reach where no other bank has: the Antarctic. We had the confidence to open offices in Miami and Hong Kong; we think about the need to provide financial services to the people

More information

Westpac Banking Corporation

Westpac Banking Corporation Westpac Banking Corporation Philip Coffey Chief Financial Officer 31 March 2006 Westpac at a glance Established 1817 Top 40 bank globally 1 Core markets - Australia, New Zealand and near Pacific Total

More information

TRANSACTIONS ANALYSIS EXAMPLE. Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations:

TRANSACTIONS ANALYSIS EXAMPLE. Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations: TRANSACTIONS ANALYSIS EXAMPLE Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations: 1. Billings to clients for services provided: $350,000

More information

Consolidated Balance Sheets

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

More information

Financial Ratios and Quality Indicators

Financial Ratios and Quality Indicators Financial Ratios and Quality Indicators From U.S. Small Business Administration Online Women's Business Center If you monitor the ratios on a regular basis you'll gain insight into how effectively you

More information

Week 13, Chap 9 Accounting 1A, Financial Accounting

Week 13, Chap 9 Accounting 1A, Financial Accounting Week 13, Chap 9 Accounting 1A, Financial Accounting Reporting and Interpreting Liabilities Instructor: Michael Booth Understanding the Business Debt is considered riskier than equity. Interest is a legal

More information

Need to know finance

Need to know finance Need to know finance You can t hide from it Every decision has financial implications Estimating sales and cost of sales (aka direct costs) Gross Profit and Gross Profit Margin (GPM) Sales cost of sales

More information

Administradora de Fondos de Pensiones Provida S.A. (Exact name of Registrant as specified in its charter)

Administradora de Fondos de Pensiones Provida S.A. (Exact name of Registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20 F Mark One REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ANNUAL REPORT

More information

FINANCIAL RESULTS Q2 2015

FINANCIAL RESULTS Q2 2015 FINANCIAL RESULTS Q2 2015 CEO CHRISTIAN RYNNING-TØNNESEN CFO HALLVARD GRANHEIM 23 July 2015 Highlights Solid underlying results (EBITDA) - Lower Nordic prices offset by increased production and contribution

More information

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management Navigating Rising Rates with Active, Multi-Sector Fixed Income Management With bond yields near 6-year lows and expected to rise, U.S. core bond investors are increasingly questioning how to mitigate interest

More information

BONDS VS. STOCKS IN A VALUE PORTFOLIO. Ben Graham Centre's 2013 Value Investing Conference

BONDS VS. STOCKS IN A VALUE PORTFOLIO. Ben Graham Centre's 2013 Value Investing Conference BONDS VS. STOCKS IN A VALUE PORTFOLIO Ben Graham Centre's 2013 Value Investing Conference BONDS VS. STOCKS I hunt for bargains and it has been my experience that when I find an undervalued stock often

More information

Lessor Example Derecognition Approach

Lessor Example Derecognition Approach Lessor Example Derecognition Approach **Disclaimer The exposure draft received nearly 700 letters of comment through the comment period ended December 15, 2010. There is some expectation that key features

More information