Solvac: Stable dividend in 2014 compared to 2013

Size: px
Start display at page:

Download "Solvac: Stable dividend in 2014 compared to 2013"

Transcription

1 SOLVAC SOCIETE ANONYME Rue de Ransbeek B-1120 Brussels Belgium Tel Fax Press Release Embargo, 27 February 2015 at 5:40 p.m. Regulated information Solvac: Stable dividend in 2014 compared to The Solvac cash inflow, fed by the dividends from the investment in Solvay, amounted to EUR 81.9 million versus 85.1 million in 2013, a decrease of 3.7%, while the dividend paid by Solvay has been stable between 2012 and This is explained by the fact that shareholding income of Solvac in 2014 consists of the balance of Solvay 2013 dividend (down 6.6% from the balance in 2012) and the Solvay 2014 interim dividend (the dividend per share is stable with respect to the Solvay 2013 interim dividend, but the number of shares held is slightly higher). After the peak observed in 2013, the 2014 cash inflow is returning to its recurring level: In 2013, Solvac received a double increase of the Solvay dividend (on the 2012 balance and the 2013 interim), representing dividend income of per Solvay share. In 2014, the Solvay dividend income returned to EUR 3.2 per share. EUR million Cash inflow(*) : % Of which is: - Solvay dividend from 2012: 51.1 from 2013 : % balance /share /share - Solvay interim dividend from 2013 : 34.0 from 2014: %(***) /share /share Annual dividend/share /share /share General expenses (including financial expenses) Cash income(**) : (*): Cash inflow means the dividend income net of the investment in Solvay and the interest income. (**): Cash income means the cash inflow reduced by the income charges and other income and expenses (financial/operational) (***): The number of Solvay shares held by Solvac has gone from 25,559,257 in 2013 to 25,578,267 in To the extent that the statutory accounts allow (see under point 3 below), the proposed amount of dividends to be distributed by Solvac is determined by the Board of Directors on the basis of this cash income and after coverage of the costs (mainly financial charges). 2. The Board of Directors reviewed and approved the consolidated financial statements of Solvac on 31 December These financial statements have been submitted to the Statutory Auditor. They are presented in accordance with IFRS standards. CONSOLIDATED INCOME STATEMENT EUR million Income from investments accounted for under the equity method Operating costs -1-1 Capital gain from the sale of Solvay shares 0 0 Interest expenses -5-4 Net income Net earnings per share (EUR), basic and diluted [1] [1] The net earnings per share and the diluted net earnings per share are identical. The number of shares used for the per share calculation is 15,267,881 shares in 2014 as in 2013.

2 On December 31, 2014 Solvac recorded a consolidated net income of EUR 19 million (EUR 1.3 per share) versus EUR 78 million EUR (EUR 5.1 per share) over the same period in The Board of Directors of Solvac SA has issued the following figures for the 2014 statutory accounts: EUR million Recurrent financial income 80,411 77,785 Other recurrent income ,196 Recurrent income 79,495 76,589 Capital gains Profit before taxes 79,495 76,589 Profit after taxes 79,495 76,589 Gross remuneration of capital 72,064 72,064 Balance to be carried forward 7,431 4,525 In the absence of exceptional items in 2013 and 2014, the recurrent income is identical to the profit before taxes. The profit after taxes was EUR 76.6 million in 2014 versus EUR 79.5 million in In accordance with the decision of the Board of Directors to use the retention to reduce the (short-term) debt of the company, the latter has been reduced by EUR 2.0 million at the end of the year and by EUR 3.0 million on average over the year to reach an annual average close to Two interim dividends were paid on 25 September 2014 and 29 December 2014, respectively, the second being, usually, equal to the balance; it will be up to the General Assembly for confirmation. In total, each of the shares received stable gross remuneration in 2014 compared to 2013: EUR Gross dividend per share It is to be noted that the Board of Directors of Solvay decided on 25 February 2015 to pay a dividend on 19 May 2015 representing the balance of the 2014 financial year, which amounts to EUR 2.06(*) gross (EUR 1.55 net) per share. (*) Two point zero six repeating last decimal.

3 NOTES TO THE FINANCIAL STATEMENTS 1. Financial statements Deloitte will certify, without qualification, the annual financial statements to 31 December 2014 and confirms that the accounting information contained in this press release requires no comment on its part and is consistent with said financial statements. The full report of the Statutory Auditor relating to the annual financial information will be included in the 2014 annual report to be published on the Internet (www.solvac.be) on 31 March Content This press release contains regulated information and is established in compliance with IAS 34. The risk analysis included in the annual report is available on Internet (www.solvac.be) 3. Solvac shares Number of shares issued at the end of the period 15,267,881 15,267,881 Average number of shares for calculating the IFRS 15,267,881 15,267,881 earnings per share Average number of shares for calculating the IFRS diluted earnings per share 15,267,881 15,267, Statement by the responsible persons Mr. JP. Delwart, Chairman of the Board and Mr. B. de Laguiche, Managing Director of Solvac, confirm that to the best of their knowledge: a) the summary financial information, prepared in conformity with applicable accounting standards, reflects a true and fair view of the net worth, the financial situation and results of the Solvac Group and of Solvac S.A. b) the intermediate report contains a faithful presentation of significant events occurring in the 2014 financial year, and their impact on the summary financial information. c) there are no transactions with related third parties. Key dates for financial communications 31 March 2015: Publication of the 2014 annual report at 12 May 2015: Ordinary General Meeting of the Shareholders (2:30 p.m.) 31 July 2015: Results from the first half of 2015 and announcement of the first interim dividend for financial year August 2015: Payment of the first interim dividend for financial year December 2015: Announcement of the second interim dividend for financial year December 2015: Payment of the second interim dividend for financial year 2015 For additional information, please contact: SOLVAC S.A. Courier address: Rue des Champs Elysées, Brussels Tel.: 32/2/ Fax: 32/2/ Mail: Dit persbericht is ook in het Nederlands beschikbaar - Ce communiqué de presse est également disponible en français

4 Solvac Consolidated financial statements The financial statements that follow were approved by the Board of Directors on 27 February They were prepared in compliance with the IFRS accounting standards described on the following pages. Consolidated income statement Eur million Notes Income from investments accounted for under the equity method (1) Operating expenses -1-1 Capital gain from sale of Solvay shares 0 0 Cost of borrowings (2) -5-4 Net income Net earnings and diluted earnings per share (EUR) (1) (3) 5,1 1,3 Statement of total comprehensive income EUR million Notes Net income Other comprehensive income (1) Recyclable items Hyperinflation 9-3 Gains and losses on re-measuring available-for-sale financial assets -7 0 Gains and losses on hedging instruments in a cash-flow hedge Currency translation differences (activities abroad) Non-recyclable items Remeasurements of the net defined benefit liability Tax expenses with respect to recyclable and nonrecyclable items Tax expenses with respect to recyclable and non-recyclable items Other comprehensive income after tax effects Comprehensive income (4) 2-57 (1) Other elements of the comprehensive income come from the statement of changes in equity of Solvay S.A. More information is available in the annual report of Solvay S.A. Explanatory notes are found after the financial statements.

5 Cash flow statement EUR Million Notes Net result Cost of borrowings 5 4 Income from investments accounted for under the equity method Changes in taxes 0 0 Changes in working capital (5) -2-1 Dividends received from Solvay Cash flow from operating activities Acquisition of Solvay shares 0-2 Sale of Solvay shares 0 0 Cash flow from investing activities 0-2 Capital increase 0 0 Acquisition of treasury shares 0 0 Increase in borrowing (6) Repayment of borrowing (6) Interest paid -5-4 Dividends paid (7) Cash flow from financing activities Net change in cash and cash equivalents 0 0 Opening cah balance 0 1 Closing cash balance 1 1 Statement of financial situation EUR million Notes ASSETS Tangible assets 0 0 Non-current assets: investments in associates (1) Goodwill Investments in associates excluding goodwill Current assets: short-term receivables (8) Cash and cash equivalents 1 1 Total assets EQUITY AND LIABILITIES Equity (9) Capital Réserves Non-current liabilities: long term financial debt (2) Current liabilities Short-term financial debts (6) Tax liabilities 8 7 Other current liabilities 3 3 Total equity and liabilities Statement of changes in equity

6 EUR million Capital Issue premiums Hybrid bond Retained earnings Currency translation, fair value differences and defined benefit pension plans Total equity Balance as at 31/12/ Comprehensive income Dividends Hybrid bond Scope and other variations -4-4 Balance as at 31/12/ Comprehensive income Dividends Hybrid bond 0 Scope and other variations Balance as at 31/12/ In 2013, the main change relates to the hybrid bond that corresponds to the Solvac share of hybrid bonds issued by Solvay following the acquisition of Chemlogics and to strengthen its capital structure. This type of security is an equity instrument in that the criteria of IAS 32 are met. Reference is made to the proposed appropriation of profit on page 9 of the management report. Notes to the consolidated financial statements IFRS accounting policies The primary accounting policies used in the preparation of these consolidated financial statements are the following: 1. General information and applicable IFRS standards Solvac ( the Company ) is a public limited company, incorporated under Belgian law and quoted on Euronext Brussels. The Company's main activity is its 31 % shareholding in Solvay. The consolidated financial statements for the financial year ending December 31, 2014 have been prepared in accordance with the IFRS (International Financial Reporting Standards) as adopted by the European Union. Standards, interpretations and amendments to the norms applicable for the annual period beginning from 2014 IFRS 10 Consolidated Financial Statements. IFRS 11 Joint Arrangements. IFRS 12 Disclosures of Interests in Other Entities. IAS 27 Separate Financial Statements. IAS 28 Investments in Associates and Joint Ventures. Amendments to IFRS10, IFRS 12 and IAS 27 Consolidated Financial Statements and Disclosure of Interests in Other Entities - Investment Entities. Amendments to IFRS10, IFRS 11 and IFRS 12 Consolidated Financial Statements, Partnerships and Disclosure of Interests in Other Entities - Transitional provisions.

7 Amendments to IAS 32 Financial Instruments: Presentation Offsetting Financial Assets and Financial Liabilities. Amendments to IAS 36 Impairment of Assets Recoverable Amount Disclosures for Non-Financial Asset. Amendments to IAS 39 Financial Instruments Novation of Derivatives and Continuation of Hedge Accounting. The application of these standards, interpretations or amendments does not have any material impact on the company's consolidated financial statements for the financial year ending 31 December Standards, interpretations and amendments published, but not yet applicable in 2014 IFRS 9 Financial Instruments (applicable for annual periods beginning on or after 1 January 2018, but not yet adopted by the EU). IFRS 14 Regulatory Deferral Accounts (applicable for annual periods beginning on or after 1 January 2016, but not yet adopted by the EU). IFRS 15 Revenue from Contracts with Customers (applicable for annual periods beginning on or after 1 January 2017, but not yet adopted by the EU). Improvements to IFRS ( ) (applicable for annual periods beginning on or after 1 February 2015). Improvements to IFRS ( ) (applicable for annual periods beginning on or after 1 January 2015). Improvements to IFRS ( ) (applicable for annual periods beginning on or after 1 January 2016, but not yet adopted by the EU). Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between the Investor and its Investment in Associated Companies or Joint Ventures (applicable for annual periods beginning on or after 1 January 2016, but not yet adopted by the EU). Amendments to IFRS 11 Joint Arrangements Acquisition of an Interest in a Joint Venture (applicable for annual periods beginning on or after 1 January 2016, but not yet adopted by the EU). Amendments to IAS 16 and IAS 38 Tangible and Intangible assets - Clarification on Acceptable Methods of Depreciation (applicable for annual periods beginning on or after 1 January 2016, but not yet adopted by the EU). Amendments to IAS 16 and IAS 41 Tangible Assets and Biological Assets Producing Plants (applicable for annual periods beginning on or after 1 January 2016, but not yet adopted by the EU). Amendments to IAS 19 Employee Benefits Employee Contributions (applicable for annual periods beginning on or after 1 February 2015). Amendments to IAS 27 Separate Financial Statements Equity method of Accounting (applicable for annual periods beginning on or after 1 January 2016, but not yet adopted by the EU). Amendments to IAS 1 Initiative Concerning Disclosures (applicable for annual periods beginning on or after 1 January 2016, but not yet adopted by the EU). Amendments to IFRS 10, IFRS 12 and IAS 28 Investment Entities: Applying the Consolidation Exception (applicable for annual periods beginning on or after 1 January 2016, but not yet adopted by the EU). IFRIC 21 Levies (applicable for annual periods beginning on or after 17 June 2014). An analysis of the impact of these standards, amendments and interpretations on the company's consolidated financial statements is ongoing. Detailed information with respect to the future application of these arrangements by Solvay can be found in the Solvay Annual Report.

8 2. Consolidation Since the Board of Directors believes that Solvac has a significant influence on Solvay, the shareholding in Solvay S.A. has been integrated into Solvac's consolidated financial statements using the equity method. This method takes into account the Solvac S.A. share in the financial statements of the Solvay Group, prepared on 31 December of the financial year, using Solvay s IFRS accounting standards (cf. Solvay Annual Report). Under the equity method, an investment in an associated company is initially recognised at cost in the consolidated statement of the financial situation and is adjusted thereafter to recognise the Group's share in net income and other comprehensive income of the associated company. 3. Segment information Given the nature of the holding company, there is no need to present segment or geographical information. The data on shareholding in Solvay is available in the Solvay S.A. financial statements. 4. Impairment of assets At the end of each accounting year, the Group reviews the book value of its share for indications of the potential impairment of assets. If such indications exist, the recoverable value of the asset is estimated in order to establish the extent of any impairment loss. 5. Financial instruments Bank loans Bank loans and overdrafts are accounted for in the net amount received. Financial expenses, including any settlement or redemption premiums, are covered for the estimated period of availability.

9 Cash and cash equivalents Cash and cash equivalents consist of cash and demand deposits, short-term investments (less than 3 months) and highly-liquid investments readily convertible into known amounts of cash and subject to an insignificant risk of any change in value. 6. Recognition of revenue Revenue is recognised when it is likely to be acquired and as soon as its value can be reliably measured. Interest earnings are recorded in the income statement on a pro rata basis taking account of the effective interest rate of the investment. 7. Estimates and significant judgements when applying an accounting method Over and above the estimates and significant judgements made by Solvay when applying accounting methods (see Solvay's Annual Report), the key estimate made by the Board of Directors on 31 December 2014 concerns the recoverable value of its holding in Solvay. An impairment test is performed if there is any indication that the investment may be impaired. The impairment test involves comparing the book value of the investment to its market value. In the event of a crisis on the market with excessive price volatility, reference may be made in addition to the "target prices" for Solvay shares, as estimated by financial analysts. As of the close of the financial year, there was no sign of a loss of value. Therefore, no investment impairment test was conducted. 8. Risk management Solvay underlying risk The sole investment of Solvac being its investment in Solvay, the primary risks to which the Company is exposed are similar to those of Solvay. The financial situation and results of Solvac are influenced by the results of Solvay, either through the dividends received (financial statements) or through consolidation using the equity method (consolidated accounts). Valuation risk - Solvac is exposed to market risk (changes in Solvay s share price). Although the share price is subject to market volatility, the Board considers that in the long run, it constitutes a reliable indicator of valuation. The average book value of the Solvay shares on the Solvac balance sheet is EUR 79 per share excluding goodwill (86 EUR in the statutory accounts). Rate risk - Solvac is exposed to an interest rate risk resulting from bank loans at fixed rates. The company monitors this risk through the periodic calculation of the fair market values of these loans. Liquidity risk - Solvac is exposed to liquidity risk, particularly the risk when it has to resort to short-term bank loans. The short-term debt, which was moderate, peaked at year end (EUR 39 million at the end of 2014) and was almost fully repaid in January of the following year upon payment by Solvay of its interim dividend (34 million EUR in January 2015). Not only is short-term debt of short duration, but on average over the year, it is close to zero. Therefore, the Board is confident of the ability of Solvac to raise the funds needed in the short term and repay them with the flow of dividends paid by Solvay. Counterparty risk - This is the bank counterparty risk relating to cash deposits and available assets. The counterparties of Solvac are banks with a minimum rating of A.

10 Notes to the consolidated financial statements (1) Investments accounted for under the equity method These include Solvac's 31% shareholding in Solvay S.A. (after deducting the treasury shares held by Solvay). Solvay S.A. is a société anonyme under Belgian law and quoted on Euronext in Brussels and Paris. The Solvay Group is an international chemical group. The value of the holding under the equity method amounts to EUR 2,365 million (consisting of EUR 342 of goodwill and EUR 2,023 million of value excluding goodwill). Based on the stock-exchange price of 31 December 2014, the value amounts to EUR 2,875 million. Changes in goodwill are as follows: EUR Million Value at 1 January Sold during the year 0 0 Acquired during the year 0 0 Value at 31 December The changes in shareholding using the equity method excluding goodwill are as follows: EUR million Value at 1 January Sold during the year 0 0 Acquired during the year 0 2 Result * Distribution Currency translation and fair value differences Value at 31 December *In 2014, the share of Solvac in the net income of the Solvay Group, excluding minority interests, amounted to EUR 25 million (2013: 83 millions EUR). In 2014, the share of Solvac in the results from discontinued operations amounted to EUR -76 million (2013: EUR 20 million). The value of the investment at December 31 corresponds to Solvay s equity listed in Solvay Shareholders" (*) multiplied by the holding percentage (30.82% in 2014 and 30.73% in 2013). (*) This is the equity of Solvay minus non-controlling interests.

11 The condensed consolidated financial statements of the Solvay group are the following: EUR million Financial position Non-current assets Current assets Cash and cash equivalents Assets Equity Solvay stockholders Non-controlling interests Non-current liabilities Long term financial debt Current liabilities Short term financial debt Equity and liabilities Income statement 0 Sales Amortization and depreciation Cost of borrowing Interest on lending and short term deposits Income taxes Result from continuing operations Result from discontinued operations Net income for the year Non-controlling interests Net income (Solvay share) Comprehensive income Other comprehensive income Total comprehensive income Dividend received (2) Long-term financial debt Debts with maturity of more than one year are stable and amount to EUR 110 million (loans from BNP Paribas Fortis). This represents the structural indebtedness of Solvac: a loan of EUR 50 million EUR (maturing in 2017; fixed rate of 3.85%) and a loan of EUR 60 million refinanced at the end of 2013 (maturing in 2020; fixed rate of 3.20%). The interest on loans longer than one year amounted to EUR 4 million for the financial year Since the close of financial year 2014, Solvac refinanced a portion of its long-term debt on its EUR 50 million loan. A window of opportunity has allowed for refinancing with a maturity of 7 years (in 2022) at a total fixed rate of 2.90%. The total annual average cost of Solvac's fixed debt currently amounts to 3.06 % after refinancing. (3) Net earnings per share

12 Net earnings per share and diluted net earnings per share are identical. The number of Solvac shares was 15,267,881 at the end of 2014 and of (4) Comprehensive income The primary changes are related to the assessment of obligations under defined employee benefit plans in accordance with the revised IAS 19 and the conversion differences. (5) Changes in working capital In 2013, these changes primarily concerned the increase in the Solvay claim (interim dividend in financial year 2013). (6) Short-term liabilities This consists of a straight loan taken out on 24 December 2014 in the amount of EUR 39 million (maturing on 23 January 2015) to finance the balance of the 2014 dividend paid on 29 December 2014 and to reimburse the Solvay current account. (7) Dividend paid The dividends paid (EUR 4.72 gross per share, unchanged with respect to 2013) in this period amount to EUR 72 million including the interim 2014 dividend payable on 25 September 2014 (EUR 42 million) and the balance of the 2014 dividend payable on 29 December 2014 (EUR 30 million). (8) Short-term receivables This primarily consists of the interim dividend to be received from Solvay. (9) Total equity The information relating to the capital and shares is set down in the notes to the statutory accounts. The total equity at the end of 2014 amounted to EUR 2,241 million. In 2013, the total equity included the direct posting in positive shareholder equity of EUR 363 million. This direct posting came primarily from a hybrid bond that was qualified as an equity instrument in accordance with IAS 32. This hybrid bond was issued by Solvay following the acquisition of Chemlogics in order to strengthen its capital structure. (10) Treasury shares In 2014, Solvac did not acquire any treasury shares held for cancellation.

13 (11) Financial instruments EUR Million Loans and receivables (including cash and cash equivalents) Financial liabilities measured at amortized cost (includes trade liabilities) Net carrying Net carrying Fair value amount amount Fair value With respect to loans and receivables, book value is a good approximation of fair market value. With regard to financial liabilities at an amortised cost, the net book value of the long-term financial debt (EUR 110 million, cf. note 2) is less than its fair value (estimated at EUR 119 million). The fair market value of the fixed-rate debt was calculated using the Discounted Cash Flow method. The net book value of other financial liabilities is a good approximation of their fair market value Thus, the determined fair market values are categorised as Level 2 in the fair market value hierarchy. (12) Relations with the directors of the consolidating company Compensation and pensions: since early 2014 the directors are paid a gross appearance fee of 2,000 per meeting for each Director and a gross fee of 4,000 per meeting for the Chairman of the Board. Advances and loans provided by the consolidating company or by an affiliated company: the current account with Solvay S.A. (zero balance at the end of 2014) is compensated at the Solvay Group s internal financing rate. (13) Off-balance-sheet rights and commitments Real coverage by the company on its own assets: collateralization of 1,463,416 Solvay shares in favour of BNP Paribas Fortis for a sum of EUR 164 million. (14) List of consolidated companies The Solvay Group under the equity method

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

More information

1 CONSOLIDATED FINANCIAL STATEMENTS (1) Consolidated Balance Sheets

1 CONSOLIDATED FINANCIAL STATEMENTS (1) Consolidated Balance Sheets 1 CONSOLIDATED FINANCIAL STATEMENTS (1) Consolidated Balance Sheets As of March 31,2014 As of March 31,2015 Assets Cash and due from banks 478,425 339,266 Call loans and bills bought 23,088 58,740 Monetary

More information

Consolidated financial statements

Consolidated financial statements Summary of significant accounting policies Basis of preparation DSM s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted

More information

SAGICOR FINANCIAL CORPORATION

SAGICOR FINANCIAL CORPORATION Interim Financial Statements Nine-months ended September 30, 2015 FINANCIAL RESULTS FOR THE CHAIRMAN S REVIEW The Sagicor Group recorded net income from continuing operations of US $60.4 million for the

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

Note 2 SIGNIFICANT ACCOUNTING

Note 2 SIGNIFICANT ACCOUNTING Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting

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

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

Interim Financial Statements 30 July 2014

Interim Financial Statements 30 July 2014 KPN Condensed Consolidated Interim Financial Statements Q2 2014 1 KPN Interim Financial Statements For the six months ended 30 June 2014 Condensed Consolidated Interim Financial Statements for the six

More information

Roche Capital Market Ltd Financial Statements 2012

Roche Capital Market Ltd Financial Statements 2012 R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes

More information

OOREDOO Q.S.C. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 30 SEPTEMBER 2015

OOREDOO Q.S.C. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 30 SEPTEMBER 2015 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 30 SEPTEMBER 2015 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the nine months ended 2015 CONTENTS Page (s) Independent auditors

More information

462 IBN18 (MAURITIUS) LIMITED. IBN18 (Mauritius) Limited

462 IBN18 (MAURITIUS) LIMITED. IBN18 (Mauritius) Limited 462 IBN18 (MAURITIUS) LIMITED IBN18 (Mauritius) Limited IBN18 (MAURITIUS) LIMITED 463 Independent Auditors Report Independent Auditors Report to the member of IBN18 (Mauritius) Limited Report on the Financial

More information

ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013 International Financial Reporting Standards

ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013 International Financial Reporting Standards ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013 International Financial Reporting Standards 2 A Layout (International) Group Ltd Annual report and financial statements For the year ended

More information

INGENICO GROUP Consolidated Financial Statements

INGENICO GROUP Consolidated Financial Statements INGENICO GROUP Consolidated Financial Statements December 31, 2014 Ingenico Consolidated Financial Statements December 31, 2014 I. CONSOLIDATED INCOME STATEMENTS For the years ended December 31, 2014 and

More information

BUCHAREST STOCK EXCHANGE

BUCHAREST STOCK EXCHANGE BUCHAREST STOCK EXCHANGE SEPARATE FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTED BY THE EUROPEAN UNION 31 DECEMBER 2013 FINANCIAL STATEMENTS FOR THE

More information

Consolidated financial statements

Consolidated financial statements Consolidated financial statements Year ended December 31, 2009 (in blank) Consolidated Financial Statements 2 CONSOLIDATED INCOME STATEMENT... 6 STATEMENT OF COMPREHENSIVE INCOME... 7 CONSOLIDATED STATEMENT

More information

Fortis Financial Statements 2006

Fortis Financial Statements 2006 Fortis Financial Statements 2006 Fortis Financial Statements 2006 Fortis Consolidated Financial Statements Report of the Board of Directors of Fortis SA/NV and Fortis N.V. Fortis SA/NV Financial Statements

More information

12.31.2014 CONSOLIDATED FINANCIAL STATEMENTS. (Unaudited figures)

12.31.2014 CONSOLIDATED FINANCIAL STATEMENTS. (Unaudited figures) 12.31.2014 CONSOLIDATED FINANCIAL STATEMENTS (Unaudited figures) CONTENTS Consolidated financial statements Consolidated balance sheet 1 Consolidated income statement 3 Statement of net income and unrealised

More information

CONSOLIDATED INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 25 DECEMBER 2015

CONSOLIDATED INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 25 DECEMBER 2015 56 Neptune Orient Lines Limited (incorporated in Singapore) and its Subsidiaries Annual Report CONSOLIDATED INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 25 DECEMBER Continuing operations Revenue 4 5,382,596

More information

REFERENCE CONSOLIDATED FINANCIAL STATEMENTS FOR INFORMATION TO BE PUBLISHED IN RESPECT OF THE 2005 FINANCIAL YEAR

REFERENCE CONSOLIDATED FINANCIAL STATEMENTS FOR INFORMATION TO BE PUBLISHED IN RESPECT OF THE 2005 FINANCIAL YEAR REFERENCE CONSOLIDATED FINANCIAL STATEMENTS FOR INFORMATION TO BE PUBLISHED IN RESPECT OF THE 2005 FINANCIAL YEAR EFFECTS OF THE TRANSITION TO IFRS ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER

More information

Group Accounting Policies For the year ended 30 September 2014

Group Accounting Policies For the year ended 30 September 2014 91 Group Accounting Policies The consolidated financial statements have been prepared in accordance with IFRS as endorsed by the EU and in accordance with the Companies Act 2006, as applicable to companies

More information

IFRS Illustrative Consolidated Financial Statements 2014

IFRS Illustrative Consolidated Financial Statements 2014 IFRS Illustrative Consolidated Financial Statements 2014 1 PKF International Limited administers a network of legally independent member firms which carry on separate businesses under the PKF Name. PKF

More information

Guaranty Trust Bank Plc and Subsidiary Companies. Group Financial Statements Condensed Unaudited Group Financial Statements

Guaranty Trust Bank Plc and Subsidiary Companies. Group Financial Statements Condensed Unaudited Group Financial Statements Guaranty Trust Bank Plc and Subsidiary Companies Group Financial Statements Condensed Unaudited Group Financial Statements September 2014 Introduction Introduction Guaranty Trust Bank s Interim Financial

More information

G8 Education Limited ABN: 95 123 828 553. Accounting Policies

G8 Education Limited ABN: 95 123 828 553. Accounting Policies G8 Education Limited ABN: 95 123 828 553 Accounting Policies Table of Contents Note 1: Summary of significant accounting policies... 3 (a) Basis of preparation... 3 (b) Principles of consolidation... 3

More information

Shin Kong Investment Trust Co., Ltd. Financial Statements for the Years Ended December 31, 2014 and 2013 and Independent Auditors Report

Shin Kong Investment Trust Co., Ltd. Financial Statements for the Years Ended December 31, 2014 and 2013 and Independent Auditors Report Shin Kong Investment Trust Co., Ltd. Financial Statements for the Years Ended, 2014 and 2013 and Independent Auditors Report INDEPENDENT AUDITORS REPORT The Board of Directors and stockholder Shin Kong

More information

IFrS. Disclosure checklist. July 2011. kpmg.com/ifrs

IFrS. Disclosure checklist. July 2011. kpmg.com/ifrs IFrS Disclosure checklist July 2011 kpmg.com/ifrs Contents What s new? 1 1. General presentation 2 1.1 Presentation of financial statements 2 1.2 Changes in equity 12 1.3 Statement of cash flows 13 1.4

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

FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES. CONSOLIDATED INTERIM FINANCIAL STATEMENTS June 30, 2014 and 2013

FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES. CONSOLIDATED INTERIM FINANCIAL STATEMENTS June 30, 2014 and 2013 CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2014 and (with Independent Accountants Report Thereon) Address: 14F, No. 108, Sec. 1, Tun Hua S. Road, Taipei, Taiwan Telephone: 886-2-8771-6699 - 1 - 2014 and

More information

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)

More information

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

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

More information

Report and Non-Statutory Accounts

Report and Non-Statutory Accounts Report and Non-Statutory Accounts 31 December Registered No CR - 117363 Cayman Islands Registered office: PO Box 309 GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands Report

More information

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS

More information

HOLLY SPRINGS INVESTMENTS LIMITED HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS STATEMENT OF FINANCIAL PERFORMANCE 1

HOLLY SPRINGS INVESTMENTS LIMITED HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS STATEMENT OF FINANCIAL PERFORMANCE 1 HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS PAGES STATEMENT OF FINANCIAL PERFORMANCE 1 STATEMENT OF MOVEMENTS IN EQUITY 2 STATEMENT OF FINANCIAL POSITION 4-4 STATEMENT OF CASH

More information

Consolidated Statement of Profit or Loss (in million Euro)

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

More information

CONSOLIDATED FINANCIAL STATEMENTS * * *

CONSOLIDATED FINANCIAL STATEMENTS * * * CONSOLIDATED FINANCIAL STATEMENTS * * * KPMG Audit Division of KPMG S.A. 480 avenue du Prado CS 90021 13272 Marseille Cedex 08 Deloitte & Associés Les Docks Atrium 10.4 10 place de la Joliette 13002 Marseille

More information

ACER INCORPORATED AND SUBSIDIARIES. Consolidated Balance Sheets

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

More information

Condensed Consolidated Interim Financial Statements Q4 2014. aegon.com

Condensed Consolidated Interim Financial Statements Q4 2014. aegon.com Condensed Consolidated Interim Financial Statements Q4 2014 aegon.com The Hague, February 19, 2015 Table of contents Condensed consolidated income statement 2 Condensed consolidated statement of comprehensive

More information

EKO FAKTORİNG A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2013 TOGETHER WITH INDEPENDENT AUDITOR S REPORT

EKO FAKTORİNG A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2013 TOGETHER WITH INDEPENDENT AUDITOR S REPORT FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITOR S REPORT FINANCIAL STATEMENTS CONTENTS PAGES BALANCE SHEET (STATEMENT OF FINANCIAL POSITION)... 1 STATEMENT OF COMPREHENSIVE INCOME... 2 STATEMENT

More information

Financial statements: contents

Financial statements: contents Section 5 Financial statements 115 Financial statements: contents Consolidated financial statements Independent auditors report to the members of Pearson plc 116 Consolidated income statement 123 Consolidated

More information

IV. UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS. 6 VII. STATUTORY AUDITOR'S LIMITED REVIEW REPORT... 10

IV. UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS. 6 VII. STATUTORY AUDITOR'S LIMITED REVIEW REPORT... 10 2015 INTERIM REPORT TABLE OF CONTENTS I. INTERIM MANAGEMENT REPORT.. 2 II. III. CONDENSED UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION.. 4 CONDENSED UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE

More information

Consolidated Statements of Profit or Loss Ricoh Company, Ltd. and Consolidated Subsidiaries For the Years Ended March 31, 2014 and 2015

Consolidated Statements of Profit or Loss Ricoh Company, Ltd. and Consolidated Subsidiaries For the Years Ended March 31, 2014 and 2015 Consolidated Statements of Profit or Loss Sales: Products 1,041,794 1,071,446 8,928,717 Post sales and rentals 1,064,555 1,068,678 8,905,650 Other revenue 89,347 91,818 765,150 Total sales 2,195,696 2,231,942

More information

IFRS. Disclosure checklist. August 2012. kpmg.com/ifrs

IFRS. Disclosure checklist. August 2012. kpmg.com/ifrs IFRS Disclosure checklist August 2012 kpmg.com/ifrs Contents About this publication 1 What s new? 2 The Checklist 3 1. General presentation 3 1.1 Presentation of financial statements 3 1.2 Changes in equity

More information

Consolidated financial statements 2014. Zurich Insurance Group Annual Report 2014

Consolidated financial statements 2014. Zurich Insurance Group Annual Report 2014 Consolidated financial statements 2014 Annual Report 2014 2 Annual results 2014 Consolidated financial statements Contents Consolidated income statements 3 Consolidated statements of comprehensive income

More information

ANNEX I INDIVIDUAL PUBLIC FINANCIAL STATEMENTS OF CREDIT INSTITUTIONS

ANNEX I INDIVIDUAL PUBLIC FINANCIAL STATEMENTS OF CREDIT INSTITUTIONS ANNEX I INDIVIDUAL PUBLIC FINANCIAL STATEMENTS OF CREDIT INSTITUTIONS ANNEX I.1 PUBLIC BALANCE SHEET ASSETS 1. Cash and balances with central banks 2. Financial assets held for trading 2.1. Loans and advances

More information

China Airlines, Ltd. Financial Statements for the Years Ended December 31, 2015 and 2014 and Independent Auditors Report

China Airlines, Ltd. Financial Statements for the Years Ended December 31, 2015 and 2014 and Independent Auditors Report China Airlines, Ltd. Financial Statements for the Years Ended, 2015 and 2014 and Independent Auditors Report INDEPENDENT AUDITORS REPORT The Board of Directors and the Stockholders China Airlines, Ltd.

More information

Mitchells & Butlers plc Accounting policies under IFRS

Mitchells & Butlers plc Accounting policies under IFRS Mitchells & Butlers plc Accounting policies under IFRS 7 December 2005 Background With effect from 2 October 2005, Mitchells & Butlers plc ( the Group ) is required to prepare its consolidated financial

More information

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

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

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) FY 2014 FY 2015 % change Q4 2014 Q4 2015 % change un Revenue 2,620 2,646 1.0% 711 672-5.5% Cost of sales (1,813) (1,804) -0.5% (489) (464) -5.1%

More information

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

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

More information

FY 2014-2015 press release

FY 2014-2015 press release FY 2014-2015 press release (Results for the year ended 31 March 2015) Press release May 29, 2015 Huizingen, Belgium Under embargo until May 29, 2015 1,8 year-over-year turnover growth resulting from 9,6

More information

FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS JUNE 30, 2013 and 2012

FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 (with Independent Auditors Report Thereon) Address: 14F, No. 108, Sec. 1, Tun

More information

INTERIM FINANCIAL STATEMENT AS PER 30 SEPTEMBER 2015

INTERIM FINANCIAL STATEMENT AS PER 30 SEPTEMBER 2015 INTERIM FINANCIAL STATEMENT AS PER 30 SEPTEMBER 2015 15 3 Consolidated balance sheet 5 Consolidated income statement 6 Statement of changes in equity 7 Condensed notes INTERIM FINANCIAL STATEMENT AS PER

More information

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1.

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1. Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc

More information

Roche Finance Europe B.V. - Financial Statements 2013

Roche Finance Europe B.V. - Financial Statements 2013 Roche Finance Europe B.V. - Financial Statements 2013 0 Financial Statements 2011 Roche Finance Europe B.V. Management Report 1. Review of the year ended 31 December 2013 General Roche Finance Europe B.V.,

More information

Regulated information

Regulated information Regulated information JENSEN-GROUP Half Year Results 2012 1 Consolidated, not audited key figures: Income Statement 30/06/2012-30/06/2011 Non-audited, consolidated key figures (million euro) June 30, 2012

More information

Financial Statements

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

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) Q3 2014 Q3 2015 % change 9m 2014 9m 2015 % change Revenue 636 661 3.9% 1,909 1,974 3.4% Cost of sales (440) (453) 3.0% (1,324) (1,340) 1.2% Gross

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

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009:

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009: 1. Corporate information Outokumpu Oyj is a Finnish public limited liability company organised under the laws of Finland and domiciled in Espoo. The parent company, Outokumpu Oyj, has been listed on the

More information

Jollibee Foods Corporation and Subsidiaries

Jollibee Foods Corporation and Subsidiaries Jollibee Foods Corporation and Subsidiaries Consolidated Financial Statements December 31, 2013 and 2012 and Years Ended December 31, 2013, 2012 and 2011 and Independent Auditors Report SyCip Gorres Velayo

More information

Consolidated Statement of Profit or Loss

Consolidated Statement of Profit or Loss Consolidated Statement of Profit or Loss Sales: Products 864,699 1,041,794 $ 10,114,505 Post sales and rentals 941,610 1,064,555 10,335,485 Other revenue 79,686 89,347 867,447 Total sales 1,885,995 2,195,696

More information

Consolidated financial statements December 31, 2013

Consolidated financial statements December 31, 2013 Consolidated financial statements December 31, 2013 CONTENTS Consolidated financial statements at December 31, 2013... 3 Consolidated statement of income... 3 Consolidated statement of cash flows... 5

More information

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014 46 Unless otherwise stated, the following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. The Company and

More information

International Accounting Standard 7 Statement of cash flows *

International Accounting Standard 7 Statement of cash flows * International Accounting Standard 7 Statement of cash flows * Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) FY 2013 FY 2014 % change Q4 2013 Q4 2014 % change un Revenue 2,865 2,620-8.6% 739 711-3.8% Cost of sales (2,031) (1,813) -10.7% (511) (489) -4.3%

More information

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS APPROVED by Resolution No. 11 of 27 October 2004 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS

More information

The consolidated financial statements of

The consolidated financial statements of Our 2014 financial statements The consolidated financial statements of plc and its subsidiaries (the Group) for the year ended 31 December 2014 have been prepared in accordance with International Financial

More information

Suruhanjaya Syarikat Malaysia Taxonomy Tagging List Templates ssmt_20131231

Suruhanjaya Syarikat Malaysia Taxonomy Tagging List Templates ssmt_20131231 Suruhanjaya Syarikat Malaysia Taxonomy Tagging List Templates ssmt_20131231 A view of financial and non financial elements as may be presented in set of financial statements. Content Page [010000] Filing

More information

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention.

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention. Note 1 to the financial information Basis of accounting ITE Group Plc is a UK listed company and together with its subsidiary operations is hereafter referred to as the Company. The Company is required

More information

Consolidated financial statements

Consolidated financial statements Rexam Annual Report 83 Consolidated financial statements Consolidated financial statements: Independent auditors report to the members of Rexam PLC 84 Consolidated income statement 87 Consolidated statement

More information

Summary of significant accounting policies

Summary of significant accounting policies 1 (14) Summary of significant accounting policies The principal accounting policies applied in the preparation of Neste's consolidated financial statements are set out below. These policies have been consistently

More information

Logwin AG. Interim Financial Report as of 31 March 2015

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

More information

Acal plc. Accounting policies March 2006

Acal plc. Accounting policies March 2006 Acal plc Accounting policies March 2006 Basis of preparation The consolidated financial statements of Acal plc and all its subsidiaries have been prepared in accordance with International Financial Reporting

More information

Statement of accounting policies

Statement of accounting policies 4 6 C & C G R O U P P L C Statement of accounting policies Significant accounting policies C&C Group plc (the Company ) is a company tax resident and incorporated in Ireland. The Group s financial statements

More information

IBM Finans Norge AS. Condensed Interim Financial Statements. 31 March 2015

IBM Finans Norge AS. Condensed Interim Financial Statements. 31 March 2015 Condensed Interim Financial Statements Condensed Interim Financial Statements For the Quarter Ended Contents Page Condensed Interim Statement of Comprehensive Income 2 Condensed Interim Statement of Financial

More information

Bone Therapeutics. Consolidated Financial Statements For the years ended 31 December 2012 and 2013

Bone Therapeutics. Consolidated Financial Statements For the years ended 31 December 2012 and 2013 Bone Therapeutics Consolidated Financial Statements For the years ended 31 December 2012 and 2013 1 TABLE OF CONTENTS Consolidated statement of financial position... 3 Consolidated statement of comprehensive

More information

Tessenderlo Group HY 2015 results

Tessenderlo Group HY 2015 results Regulated information 1 Tessenderlo Group HY 2015 results Key Events Brussels, August 26, 2015 Press release - On April 10, 2015, Tessenderlo Group announced it will invest 50 million EUR at its PC Loos

More information

KSG Agro S.A. Unaudited Interim Condensed Consolidated Financial Statements. 31 March 2015

KSG Agro S.A. Unaudited Interim Condensed Consolidated Financial Statements. 31 March 2015 Unaudited Interim Condensed Consolidated Financial Statements Contents Statement of the Board of Directors and management s responsibility INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Unaudited

More information

International Financial Reporting Standard 7. Financial Instruments: Disclosures

International Financial Reporting Standard 7. Financial Instruments: Disclosures International Financial Reporting Standard 7 Financial Instruments: Disclosures INTERNATIONAL FINANCIAL REPORTING STANDARD AUGUST 2005 International Financial Reporting Standard 7 Financial Instruments:

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) Q3 2013 Q3 2014 % change 9m 2013 9m 2014 % change Revenue 689 636-7.7% 2,126 1,909-10.2% Cost of sales (497) (440) -11.5% (1,520) (1,324) -12.9%

More information

International Accounting Standard 28 Investments in Associates

International Accounting Standard 28 Investments in Associates International Accounting Standard 28 Investments in Associates Scope 1 This Standard shall be applied in accounting for investments in associates. However, it does not apply to investments in associates

More information

PENSONIC HOLDINGS BERHAD (300426-P) (Incorporated in Malaysia) CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 AUGUST 2015

PENSONIC HOLDINGS BERHAD (300426-P) (Incorporated in Malaysia) CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 AUGUST 2015 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 AUGUST 2015 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE QUARTER ENDED 31 AUGUST 2015 (Unaudited) Individual Quarter

More information

Investments and advances... 313,669

Investments and advances... 313,669 Consolidated Financial Statements of the Company The consolidated balance sheet, statement of income, and statement of equity of the Company are as follows. Please note the Company s consolidated financial

More information

Riverview Rubber Estates, Berhad (Company No. 820-V) (Incorporated in Malaysia) Part A : Explanatory Notes Pursuant to FRS 134

Riverview Rubber Estates, Berhad (Company No. 820-V) (Incorporated in Malaysia) Part A : Explanatory Notes Pursuant to FRS 134 Part A : Explanatory Notes Pursuant to FRS 134 A1. Basis of preparation The unaudited interim financial statements have been prepared under the historical cost convention unless otherwise indicated in

More information

DOHA BANK Q.S.C. DOHA - QATAR

DOHA BANK Q.S.C. DOHA - QATAR DOHA - QATAR INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH Index Page Independent Auditor s Review Report Interim Consolidated Statement of Financial Position 2 Interim Consolidated Statement

More information

IBM Finans Norge AS. Condensed Interim Financial Statements. 31 March 2014

IBM Finans Norge AS. Condensed Interim Financial Statements. 31 March 2014 Condensed Interim Financial Statements Condensed Interim Financial Statements For the Quarter Ended Contents Page Condensed Interim Statement of Comprehensive Income 2 Condensed Interim Statement of Financial

More information

IBM Finans Norge AS. Condensed Interim Financial Statements. 31 March 2013

IBM Finans Norge AS. Condensed Interim Financial Statements. 31 March 2013 Condensed Interim Financial Statements Condensed Interim Financial Statements For the Quarter Ended Contents Page Condensed Interim Statement of Comprehensive Income 2 Condensed Interim Statement of Financial

More information

Financial Statements 2014

Financial Statements 2014 Financial Statements 2014 This financial statement is part of Heijmans annual report 2014. The complete English version of the annual report will be published a number of weeks after the publication of

More information

151 Company Income Statement 152 Company Balance Sheet 154 Notes to the Company Financial Statements

151 Company Income Statement 152 Company Balance Sheet 154 Notes to the Company Financial Statements 65 Annual Report and Accounts 2014 Consolidated, Company and Food Financial Statements 2014 Page Consolidated Financial Statements, presented in euro and prepared in accordance with IFRS and the requirements

More information

Powertech Technology Inc. and Subsidiaries

Powertech Technology Inc. and Subsidiaries Powertech Technology Inc. and Subsidiaries Consolidated Financial Statements for the Six Months Ended and and Independent Auditors Review Report - 1 - INDEPENDENT AUDITORS REVIEW REPORT The Board of Directors

More information

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

CONSOLIDATED INTERIM FINANCIAL STATEMENTS CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND GROUP INTERIM MANAGEMENT REPORT SECOND QUARTER OF 2008 JUNE 30, 2008 FRANCONOFURT AG FRANKFURT AM MAIN FRANCONOFURT AG, FRANKFURT AM MAIN CONSOLIDATED INTERIM

More information

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements CONSOLIDATED FINANCIAL STATEMENTS Consolidated balance sheet ASSETS IFRS (In millions of euros) December 31, 2009 December 31, 2008 Cash, due from central banks Note 5

More information

Metropolitan Holdings Limited Group accounting policies used in preparation of the restated financial information under International Financial

Metropolitan Holdings Limited Group accounting policies used in preparation of the restated financial information under International Financial Metropolitan Holdings Limited Group accounting policies used in preparation of the restated financial information under International Financial Reporting Standards (IFRS) and the interim results for the

More information

Financial statements of ČEZ, a. s. as of December 31, 2013

Financial statements of ČEZ, a. s. as of December 31, 2013 Financial statements of ČEZ, a. s. as of December 31, 2013 In terms of Section 19a of the Accounting Act, the financial statements of ČEZ, a. s. as of December 31, 2013 were compiled in accordance with

More information

July September 2013. July September 2014

July September 2013. July September 2014 Interim Report Interim Report Sales in the quarter increased to SEK 225.1 (216.9) million. In local currencies the decrease was 1.1 per cent. Operating profit for the quarter was SEK 12.9 (5.7) million.

More information

POLICY MANUAL. Financial Management Significant Accounting Policies (July 2015)

POLICY MANUAL. Financial Management Significant Accounting Policies (July 2015) POLICY 1. Objective To adopt Full Accrual Accounting and all other applicable Accounting Standards. 2. Local Government Reference Local Government Act 1995 Local Government (Financial Management) Regulations

More information

International Accounting Standard 39 Financial Instruments: Recognition and Measurement

International Accounting Standard 39 Financial Instruments: Recognition and Measurement EC staff consolidated version as of 18 February 2011 FOR INFORMATION PURPOSES ONLY International Accounting Standard 39 Financial Instruments: Recognition and Measurement Objective 1 The objective of this

More information

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT DECEMBER 31, 2014

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT DECEMBER 31, 2014 CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT DECEMBER 31, 2014 The Board of Directors' meeting of February 24, 2015 adopted and authorized the publication of Safran's consolidated financial statements

More information

GULF PHARMACEUTICAL INDUSTRIES (A PUBLIC SHAREHOLDING COMPANY) RAS AL KHAIMAH - UNITED ARAB EMIRATES

GULF PHARMACEUTICAL INDUSTRIES (A PUBLIC SHAREHOLDING COMPANY) RAS AL KHAIMAH - UNITED ARAB EMIRATES GULF PHARMACEUTICAL INDUSTRIES (A PUBLIC SHAREHOLDING COMPANY) RAS AL KHAIMAH - UNITED ARAB EMIRATES CONSOLIDATED INTERIM FINANCIAL INFORMATION AND REVIEW REPORT FOR THE SIX MONTH PERIOD ENDED JUNE 30,

More information

FULL-YEAR RESULTS RÉSULTATS ANNUELS. Presentation Financial statements for. Présentation des. Bouygues and its subsidiaries.

FULL-YEAR RESULTS RÉSULTATS ANNUELS. Presentation Financial statements for. Présentation des. Bouygues and its subsidiaries. BOUYGUES CONSTRUCTION BOUYGUES IMMOBILIER COLAS TF1 BOUYGUES TELECOM Présentation des FULL-YEAR RESULTS RÉSULTATS ANNUELS Presentation Financial statements for Bouygues and its subsidiaries 2012 2012 Diapositives

More information