Development, production and marketing of therapeutic implants used in the brachytherapeutic treatment of certain forms of cancer.

Size: px
Start display at page:

Download "Development, production and marketing of therapeutic implants used in the brachytherapeutic treatment of certain forms of cancer."

Transcription

1

2 Registered Office: Zone Industrielle C 7180 Seneffe - Belgium Tel: +32 (0) Fax: +32 (0) info@ibt.be Activities: Development, production and marketing of therapeutic implants used in the brachytherapeutic treatment of certain forms of cancer. The official version of IBt s annual report is in French and this English translation is provided as a convenience to our shareholders. While we strive to provide an accurate and readable version of our annual report in English, the technical nature of an annual report often yields awkward phrases and sentences. We understand this can cause confusion. So, please always refer to the French annual report for the authoritative version.

3 Table of Contents Consolidated Key Figures 2 To our Shareholders 4 The IBt Share 6 IBt and Prostate Cancer 10 Corporate Governance 14 Reports and Financial Data 18 Management Report of the Board of Directors 20 Auditor s Report 25 Financial Statements 27 Consolidated Income Statement 27 Consolidated Balance Sheet 28 Statement of Cash Flows 30 Evolution of Shareholders Equity 31 IFRS Accounting Methods 32 Notes and Annexes to the Consolidated Financial Statements 38 Non consolidated Financial Statements of IBt s.a

4 Consolidated Key Figures Consolidated data (in EUR 000) (based on IAS/IFRS) Operating income EBITDA Operating result Net financial result Net result - IBt share Equity Total creditors Results per share (in EUR/share) (based on IAS/IFRS) Operating income EBITDA Operating result Net financial result Net result - IBt share Equity Total creditors Number of shares At end of period Weighted average number note 1: EBITDA = Earnings Before Interest Taxes Depreciation and Amortization - 2 -

5 Results per share Operating income EBITDA Net result

6 To our Shareholders Of the four objectives you had set yourselves and announced for 2006, the first was to strengthen IBt s competitive position on the European market. What concretely have you achieved? In 2006 we gave a strong impulse to our new strategy of prioritizing the expansion of our sales via our own sales network. The objective was two-fold: to improve our margins, and to reduce the group s dependence on the commercial strategies of external distributors over whom IBt has little control. Certain distribution contracts have been allowed to lapse. Sales via external distributors have inevitably contracted, but this has been more than offset this year by the very strong growth (+ 65%) in sales by IBt s own distribution network! There have been many successes. IBt has increased, at times substantially, its market share in every country in which the group operates directly. This is particularly true of Belgium, the Netherlands and England. For the year as a whole, almost 70% of total sales were generated via IBt s own distribution network. Geographically, we have continued to expand our commercial presence. Particularly important in 2006 have been the opening up of Eastern European markets and the first prostate brachytherapy treatments in Romania and Russia. and what of the second objective? Our aim was to launch our new Pd-103 OptiSeed polymer implant on the US market, and to grow our sales. We have to be honest and say that results here have been disappointing and we have failed to reach our objectives. The main reason lies with difficulties encountered with certain suppliers. Today we are ready operationally. It is quite likely that the key to a rapid increase in OptiSeed sales will consist of a distribution agreement with a local player. The product was also approved for sale in Europe early this year. Even so, we do not expect any sudden upsurge in demand in the very short term, given European brachytherapy practitioners preference for Iodine-125 implants. What about your third objective: enlarging the application of brachytherapy to other indications.. anything new to report here? Yes. The initial results of a major study, undertaken by a Belgian radiotherapy team in cooperation with IBt, of the first treatments of breast cancer using brachytherapy implants have been published in a well-known medical journal. This study is highly promising and justifies continuing the project. This is a real first in Europe and one we can be rightly proud of in Belgium. These study results need of course to be placed in a medium - and even long-term - perspective, but this new market indeed offers considerable potential for IBt and could represent a major advance for breast cancer patients. You have also decided to invest in your production capacity for Iodine-125 implants. Why? At world level, Iodine-125 implants remain the reference, and the isotope offering the best compromise between the various important factors of therapeutic features, production costs and logistic constraints. We expect a continuous increase in our Iodine-125 production volumes

7 From left to right: François Blondel, Serge Lamisse and John L. Carden On this basis we have decided to double our production capacity for Iodine-125 implants. We are right now installing this new production line, which will come into operation during the first half of In the short term this all spells out investments, rising costs and capital needs. Indeed, the strategy we have pursued has of course weighed on the company s cost structure and its earnings. The impact on the net result of this increased commercial expenditure is, nonetheless, in line with what we had expected. We have achieved our objective of a balanced EBITDA and have practically achieved our objective of a gross margin of 75%. Finally, and this was our fourth objective, in 2006 we also considerably strengthened our balance sheet structure. All warrants issued when the company was founded and still in circulation have been exercised, giving us more than EUR 5 million of fresh capital. Today we have the resources to achieve our ambitions. Serge Lamisse Managing Director John Carden Chairman of the Board François Blondel Managing Director - 5 -

8 The IBt Share For more information:

9 Stock market data Minimum share price Maximum share price Closing price on Dec Number of shares on Dec Market capitalisation on Dec 31 (in EUR millions) Share price and Volume Eur 10 Volume IBt B Bel small index Bel 20 index Volume Jan. 06 Feb. 06 March 06 April 06 May 06 June 06 July 06 August 06 Sept. 06 Oct. 06 Nov. 06 Dec. 06 Share price After rising very strongly in 2005, the share price continued upwards by a further % in 2006, with an average price during the year of EUR This development was accompanied by a high degree of volatility, with the price fluctuating between a low of EUR 5.85 and a high of EUR 9.89, in August and February respectively. The share ended the financial year on 31 December at EUR 7.43, very close to its average for the year. At EUR 79.9 million at the end of December, the company s market capitalization is at its highest for five years. Liquidity In 2006 trading volume rose sharply to a little over 4.9 million shares (+ 54% compared with 2005). Daily activity was high with an average of 19,000 shares traded every session. For the year as a whole, more than EUR 38 million of capital was traded, giving an annual velocity of 44%. Bank Degroof acts as liquidity provider for the IBt share. All data on the historical development of the share price (over 1, 3 and 6 months and 1 and 2 years), compared also with the Bel 20 over the same periods, can be found on the company s internet site ( A real-time indication of the five best current buy and sell prices is also permanently available on the company s internet site

10 Main shareholders 2006 % SRIW sa % Creafund II nv % Founders % Sopartec sa % IMBC sa % Public % Total % Ownership structure Public 74.73% 6.67% Founders 6.18% Creafund II 11.17% SRIW 0.93% Sopartec 0.31% IMBC Indexes The IBt share is included in the Next Economy segment of Euronext. It is also part of the BASR (Belgian All Share Return) index and the BEL Small Index. This latter index is comprised of 46 companies based on the criteria of the liquidity of the share and the capital available for stock market transactions. Historical background The subscription price at the IPO (Initial Public Offering) was EUR 2.48 (adjusted for the 1:10 share split in August 1998). The amount collected at that time was EUR 6.2 million. In January 1998, the company launched a second public offering, raising EUR 12.4 million with a convertible bond issue (issue price: EUR 4.39). A very large portion (97%) of these bonds have been converted into shares. This borrowing matured in July Since then the company has not made any further public offering. The IBt B share has been listed since April Initially introduced onto Euro N-M (IBt was the first company to be listed on this new market), the share is today traded on the Euronext continuous market (symbol: IBT B Euronext official site: or the company s site:

11 Shareholders Diary Annual Shareholders Meeting June 4, 2007 Announcement of half-yearly results September 2007 Announcement of 3 rd quarter results November 2007 Annual Shareholders Meeting June 2, 2008 Any questions or request for information should be addressed to: IBt s.a. Investor Relations Tel: Fax: ir@ibt.be Shareholders and capital structure Detailed information on IBt s shareholders and capital structure can be found on pages 49. Dividends Given the loss incurred in 2006, a proposal will be made to the General Assembly of Shareholders of June 4, 2007 not to distribute a dividend and to carry forward the loss for the period ending on December 31, Financial communication The company s communication policy is to provide the financial markets with as much quality information as possible. Every press release is disseminated via the company s Internet site, the Euronext site, and a wide network of financial information sites. People wishing to be notified by of information published by the company can register via the company s site

12 IBt and Prostate Cancer Prostate cancer 2007 Estimated new cases 2007 Estimated deaths USA World > > Europe UK Belgian centres which practice permanent implant brachytherapy include: Assebroek Baudour Brugge Bruxelles Bruxelles Liège Merksem Mons Namur Oostende Ottignies Turnhout AZ Sint-Lucas RHMS Clinique Louis Caty Baudour AZ Sint-Jan AV Cliniques Universitaires Saint-Luc Clinique Edith Cavell Centre Hospitalier Universitaire de Liège ZNA Jan Palfijn Centre Hospitalier Universitaire Ambroise Paré Clinique Sainte-Elisabeth AZ Damiaan Clinique Saint-Pierre Sint-Elisabethziekenhuis Brachytherapy Brachytherapy (also known as curietherapy ) is a form of radiotherapy based on the use of tiny radioactive sources placed directly into the tumour. These sources are introduced using extremely fine hypodermic needles and placed permanently within the prostate gland. This intervention is undertaken under general or local anesthesia, while the exact position of each seed is visually controlled using an ultrasonic probe. Because the radioactivity decays overtime, the radiation dose is delivered in just a few months and the seeds become inert and do not have to be removed from the patient. Brachytherapy is one of the alternative treatments available for certain types of localized prostate cancers. Today it offers excellent therapeutic results with limited side effects, maintaining the patient s quality of life. The implanted seeds deliver a precise radiation dose to the prostate while sparing the surrounding healthy tissues

13 Statistics: World Worldwide over half a million men are diagnosed with prostate cancer each year. Over 200,000 die each year. In many countries incidence rates are rising rapidly with an annual increase worldwide of 1.7% over the past 15 years. Europe In Europe prostate cancer is the most common cancer in men after lung cancer. There are approximately 134,000 new cases every year. There are approximately 56,000 deaths each year in Europe from prostate cancer. 95% of all cases are in men over 60 years old. Trends The numbers of prostate cancers will rise as the population of those at risk (older men) grows. Source: American Cancer Society - European school of Oncology

14 TWO TESTIMONIALS FROM BELGIAN CENTRES Prof. P.J. Van Cangh, Chef du service d urologie, Cliniques Universitaires St Luc, Université catholique de Louvain «My team and I have for four years now been practising permanent implant brachytherapy at our University Hospital on patients with localized prostate cancer, also as complementary treatment for patients who have already undergone external radiotherapy. From a recent study of our last 100 patients we can conclude that the results are really positive. Compared with alternative treatments, brachytherapy is proving a justified choice, with excellent results. In Belgium patient mentality has evolved significantly in recent years. The men we encounter are arriving earlier and earlier and in ever greater numbers with a cancer that has been diagnosed at a much less advanced stage (i.e. lower PSA, a small number of positive biopsies, making them particularly suited to permanent brachytherapy implants). This is due, among other things, to major screening campaigns across our country. With the experience given to me, and despite being a surgeon first and foremost, I have to admit that the technology is fully mature and is considerably less invasive than other treatment alternatives for patients with earlydetected prostate cancer. Also, for example for seriously overweight patients, brachytherapy is a much more appropriate treatment that a prostatectomy. As to the secondary effects encountered by our patients, we should emphasize that these consist mainly of irritation and obstruction effects. However, where patients are informed in advance of these or other undesirable effects, they can be psychologically forearmed and together we can find the appropriate treatment which can reduce, or in the best of cases, avoid altogether these effects. We can conclude that in our hospital we give particular importance to selecting patients who can be treated by permanent brachytherapy implants, as well as to dialoguing with each patient to direct him to the treatment alternative most adapted to his individual situation.» Brussels, May

15 Dr. Staelens Lorenzo Oncologisch Centrum Dienst Radiotherapie AZ Sint-Jan Brugge Dr. Denys Hugo Dienst Urologie Dr. Van Oyen Peter Dienst Urologie «Since February 2004 we have been offering brachytherapy treatment to our patients suffering from localized prostate carcinomas. The results in terms of tumour control are excellent. We do not have exact figures on biochemical recidivism, but this is probably of the order to 2 to 4%. In our view prostate brachytherapy offers distinct advantages over other technologies. Patients spend just one day in hospital and the secondary effects are limited, in most cases irritations and, more rarely, retention requiring the wearing of a temporary sensor or a limited transurethral resection. We are convinced of the continuing value of this brachytherapy radioactive implant technique alongside other treatment alternatives like surgery and external radiotherapy. We are happy to work with IBt as a partner. They deliver an extremely good and rapid service and provide high quality support to patients undergoing brachytherapy treatment.» Bruges, May

16 Corporate Governance The concept of corporate governance refers to an ensemble of rules and behaviours according to which companies are managed and controlled. Its main objective is to contribute to the creation of long-term value. In this respect IBt has sought to apply the recommendations of the Belgian Corporate Governance Code, whilst taking into account the specificities of the company. Organization of the company The Board of Directors is the ultimate decision-making body except for those questions that the Companies Code reserves for shareholders. It is assisted by a Remuneration Committee. Daily management of the company is delegated to managing directors François Blondel and Serge Lamisse. Within the limit of their mandates they validly represent the company. Board of Directors Competence The role of the Board of Directors is to ensure the permanence of the company. It provides effective supervision and control of the company, whilst supporting the enterprise spirit. It defines the strategic directions, takes investment decisions and establishes the company s accounts at regular intervals. It supervises the quality of management and of communication policy

17 Composition Mode of operation The Board currently consists of 10 members: six Directors representing major shareholders, two Managing Directors in charge of daily management and two independent Directors. Four of the six directors representing the major shareholders are also the founders of the company. With respect to appointments and renewals of terms of office, the company s by-laws require the Shareholders Meeting to choose five directors from candidates presented by the majority of A shareholders ( A directors) and five directors from candidates presented by the majority of B shareholders ( B directors). The Board manages the appointments procedure so as to maintain a good balance of competences and experience within its ranks. The Chairman of the Board is Mr John Carden. Under the by-laws the Board of Directors can validly deliberate only if the majority of its members are present or represented, including at least two A Directors. Decisions are taken by a simple majority of those present or represented. Directors are appointed for six-year terms and may be re-elected. There is currently no age limit. The Board meets at least four times a year, and also whenever the situation requires. In 2006 the Board met five times. During 2006, the attendance rate at regular Board meetings was 95%

18 Remuneration The mandates of non-executive Directors are not remunerated. No options ( D warrants) were allotted to them in Non-executive directors receive nonetheless a flat reimbursement for their expenses of EUR 250 per meeting attended. The remuneration of executive Directors in 2006 amounted to EUR 540, The company will subscribe to an insurance policy to cover the activities of the members of the Board of Directors for the period covering their membership. Remuneration Committee The Remuneration Committee, created in 2004, has three members, all non-executive Directors. Two of them are also independent. It is chaired by the H&H Capital Management representative, Mr Herman Wielfaert. Its mission is to recommend a senior management remuneration policy to the Board. The chairman of the Committee reports on its work and analyses to the Board and formulates recommendations. Committee members currently take part in the Committee on an unremunerated basis

19 Directors Main mandate or function Mandate expires Mr Roy Coniglione Director June 2009 Mr Jean-Pierre Delwart (2) Managing Director - Eurogentec s.a. June 2007 Mrs Ruth Feicht Director June 2007 H&H management, represented by Mr Herman Wielfaert (2) CEO Creafund Group June 2007 Mr Claude Onkelinx (2) Managing partner s.p.r.l. Clinador June 2009 Comte Ferdinand d Oultremont Management Committee Sopartec s.a. June 2009 Mr John Russell Director June 2009 Mr François Blondel (1) Managing Director June 2007 Mr John Carden (1) Chairman of the Board of Directors June 2009 Mr Serge Lamisse (1) Managing Director June 2007 (1) Director (2) Member of the Remuneration Committee Auditing of the accounts The Statutory Auditor is appointed for a three-year renewable term (next expiring in 2008). The present Statutory Auditor, who has audited the company since it was founded in 1996, is s.p.r.l. A.&A. Clybouw & Cie, Oosterveldlaan 246, 2610 Wilrijk (Antwerp), represented by Mr. André Clybouw, Company auditor, Statutory Auditor. For its basic task of certifying the accounts the Statutory Auditor receives a fixed remuneration which is approved by the General Meeting. In 2006 this amounted to EUR Any additional work falling outside this main mission is billed separately (Total: EUR 2 850). In addition to auditing the accounts, the auditor plays a key role in verifying the correct interpretation and application of the new accounting standards (IAS/IFRS) and in designing the presentation format of the company s accounts

20 Reports and Fiancial Data

21 Table of contents Management Report of the Board of Directors 20 Auditor s Report 25 Financial Statements 27 Consolidated Income Statement 27 Consolidated Balance Sheet 28 Statement of Cash Flows 30 Evolution of Shareholders Equity 31 IFRS Accounting Methods 32 Notes and Annexes to the Consolidated Financial Statements 38 Non consolidated Financial Statements of IBt s.a

22 Management Report of the Board of Directors 2006 Financial statements Ladies and Gentlemen, The Board of Directors is pleased to present and submit for your approval its report on the IBt group s activities for the year ending on 31 December Milestones Certain key events of the past year merit particular attention: 1. In the commercial area, the company has steadily increased its market share throughout the year. Two key events here have been (1) the opening of Eastern European markets with the first prostate brachytherapy treatments in Romania and Russia and (2) IBt s improved market share in the European countries where the company has its own direct distribution networks (B, UK, NL, D). 2. Operationally the most noteworthy event has certainly been the decision to invest in new production capacity for Iodine-125 implants. This extension at the Seneffe site, announced in October 2006, will double the Group s production capacity for InterSource125 and InterStrand125 implants in the first half of was a year of intense financial activity. The balance sheet was strengthened considerably when the entire balance of the warrants created in 1996 and still in circulation were exercised, bringing in over EUR 5 million of fresh capital. At the same time, IBt and its founder shareholders agreed to totally renounce the sales royalties (8% of sales revenue in every year that the company posts a positive EBIT). The total and definitive removal of this charge owed to the founder shareholders under a convention dating back to 1996 had the effect of strongly and immediately improving the future distribution of expected profits to the entire body of IBt shareholders. 5. Finally, giving concrete form to the group s strategy of positioning itself as a privileged supplier of complete solutions to radiotherapy teams, a distribution agreement was signed with Isodose Control b.v. This 5-year contract gives IBt exclusive distribution rights in Belgium, Luxembourg and France to radiotherapy equipment (source projectors) developed by Isodose Control. This contract is significant in adding value to the distribution network the company is setting up in Europe. 3. A very important advance for the medium and long-term future of brachytherapy as a treatment for certain forms of cancer was made when the company announced it was examining the possibility of extending its technology for treating breast cancer. A limited number of female patients were treated under the direction of the radiotherapy department of the CHU Liège (University Hospital Centre). Early in 2007, an article presenting the technique used and initial results was published in a key scientific journal (1) This management report contains both the consolidated information and the statutory (unconsolidated) items required by Belgian law.

23 Major events after the balance sheet closing date 1. IBt s.a. bought out the minority shareholder in Urorad GmbH, which distributes the group s products in Germany, its leading European market. The IBt group now consists of the following companies: IBt s.a. (parent company), IBt Inc. (held 100%), IBt Ltd (100%), Urorad (100% - renamed IBt GmbH) and CurieMed b.v. (51%). 2. We obtained the European «CE» mark for the new OptiSeed Pd-103 polymer implant. This opens the way to selling the product on the European market. The company does not, however, anticipate large sales volumes in Europe in the short term as physicians practising brachytherapy prefer Iodine-125 implants. Comments on the consolidated key f igures As required by the applicable legislation, the consolidated accounts of the IBt group have been drawn up in accordance with IFRS accounting standards. Income statement Turnover, representing sales income after margin rebates to distribution partners, reached EUR 8.3 million. This is up 12 % on 2005, and a record for the company. This revenue was generated essentially by the sale of Iodine-125 radiotherapeutic implants in Europe. On a like-for-like basis, the company s sales have more than tripled over the past two years. Other operating income relates mainly to capitalized production in relation to the development of the new OptiSeed 103 implant made of a biocompatible polymer. The consolidation scope remained unchanged in Total operating expenses were EUR million. Globally, these rose 25.7% compared with 2005, with individual elements developing as follows: 1. raw materials and consumables: EUR 2.26 million (+25.1%) 2. general and administrative expenses: EUR 3.01 million (+36.8%) 3. salaries, wages and social security: EUR 4.22 million (+25.4%) 4. depreciation and amortization: EUR 1.45 million (+6.5%) 5. other charges: EUR 0.2 million The improved net financial result is due to the increase in financial income following the considerable improvement in the net cash position. Financial charges remained stable in The company posted a slightly positive EBITDA. Both EBITDA and the net result are down on This is the combined outcome of two factors: the strong increase in sales and marketing costs due to the strategy of developing the group s own distribution network, and the additional costs involved in the operational and commercial development of OptiSeed 103. Balance sheet Assets Intangible assets (EUR 2.5 million) consist of the net value of the technology contributed to the company (amortized over its patent protection period), and of the net value of capitalized development costs, amortized straight-line over 5 years. Tangible assets, net of accumulated depreciation, amount to EUR 7.91 million. The main items here are the land and the production site, recorded at EUR 2.43 million, and EUR 5.14 million for the operating equipment (cyclotrons, assembly equipment, etc.)

24 Inventory amounts to EUR 1.08 million, including EUR 0.3 million of finished products. Current receivables (EUR 2.28 million) consist essentially of trade receivables. Investments and cash and equivalents amount to EUR 6.53 million. Equity and liabilities Equity of EUR million breaks down into issued capital of EUR 6.70 million and share premiums of EUR 30.8 million, from which are deducted the loss for the year (after the appropriation to be proposed to the General Shareholders Meeting of June 4, 2007) and the loss carryforward of EUR 17.6 million. EUR 0.06 million of provisions are recorded in the balance sheet. Total liabilities amount to EUR 8.55 million. Total non-current liabilities of EUR 5.00 million break down into two items: (1) the larger (EUR 4.17 million) records as a liability R&D project financing received from the Walloon Region. It should be noted that effective repayment of these amounts remains subject to certain conditions. (2) the debt relating to the leasing of newly acquired equipment (EUR 0.8 million). Current liabilities consist of trade payables (EUR 2.04 million), taxes, salaries and social security (EUR 0.44 million), the current portion of long term debts (EUR 0.72 million) and other liabilities (EUR 0.28 million). Research and development activities Risk management The risks incurred at group level are essentially the same as those of the consolidating parent company. Shareholders are and need to remain aware that a group like IBt is confronted with many risks, the consequences of which may significantly affect the enterprise s activities. Similarly, these risks and/or the way they are perceived can materially impact the share price. The identified risks have been grouped into five categories below. For each category the risk is briefly described and accompanied by a summary of the actions undertaken by the company to anticipate or reduce its effects. This list is not exhaustive and the order of presentation does not reflect either the degree of seriousness or likelihood of occurrence of these risks. Strategic market risk The company operates today in a highly specific market segment, proposing a treatment for localized prostate cancer using brachytherapy implants. The group s entire income comes from this source. For this reason the company can today be considered as being mono-segment. The risk is therefore linked to the highly concentrated origin of the recurrent income. To reduce this risk, the company has set out to extend the field of application to other types of tumours and also progressively widen its product range. Research and Development activities during the year focused mainly on the new OptiSeed Pd-103 implant project. R&D expenditure (including capitalized production costs) amounted to EUR 0.9 million, or 8% of total operating charges. Legal and regulatory risks The legal risk is tied to the negative consequences of failure to respect regulations or contractual commitments. The company operates in a highly regulated sector. A multitude of controls are carried out by independent authorities in different countries

How To Calculate Solvay'S Financial Results

How To Calculate Solvay'S Financial Results SOLVAC SOCIETE ANONYME Rue de Ransbeek 310 - B-1120 Brussels Belgium Tel. + 32 2 639 66 30 Fax + 32 2 639 66 31 www.solvac.be Press Release Embargo, 27 February 2015 at 5:40 p.m. Regulated information

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

EXPLANATORY NOTES. 1. Summary of accounting policies

EXPLANATORY NOTES. 1. Summary of accounting policies 1. Summary of accounting policies Reporting Entity Taranaki Regional Council is a regional local authority governed by the Local Government Act 2002. The Taranaki Regional Council group (TRC) consists

More information

SIGNIFICANT GROUP ACCOUNTING POLICIES

SIGNIFICANT GROUP ACCOUNTING POLICIES SIGNIFICANT GROUP ACCOUNTING POLICIES Basis of consolidation Subsidiaries Subsidiaries are all entities over which the Group has the sole right to exercise control over the operations and govern the financial

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

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 INTERIM MANAGEMENT REPORT (UNAUDITED) FOR THE 6 MONTHS ENDED 30 JUNE 2013 1. Key Risks and uncertainties Risks and uncertainties

More information

MATRIX IT LTD. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

MATRIX IT LTD. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013 NIS IN THOUSANDS INDEX Page Auditors' Reports 2-4 Consolidated Statements of 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

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

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

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

2015 Quarterly Report II

2015 Quarterly Report II 2015 Quarterly Report II 2 Key data Eckert & Ziegler 01 06/2015 01 06/2014 Change Sales million 69.0 61.9 + 11 % Return on revenue before tax % 16 % 9 % + 87 % EBITDA million 15.6 9.7 + 61 % EBIT million

More 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

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

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

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

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

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

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

Large Company Limited. Report and Accounts. 31 December 2009

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

More information

Summary of 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

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

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

OPTION REPORTS FULL YEAR 2013 RESULTS

OPTION REPORTS FULL YEAR 2013 RESULTS OPTION REPORTS FULL YEAR 2013 RESULTS Leuven, Belgium March 13, 2014 Option N.V. (EURONEXT Brussels: OPTI; OTC: OPNVY), a global leader in wireless connectivity, security and experience, today announced

More information

3. CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS

3. CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS 3. CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS (1) Consolidated Quarterly Balance Sheets September 30, 2014 and March 31, 2014 Supplementary Information 2Q FY March 2015 March 31, 2014 September 30, 2014

More information

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

CONSOLIDATED FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL INFORMATION www.legrand.com CONSOLIDATED FINANCIAL INFORMATION AS OF DECEMBER 31, LEGRAND STATUTORY AUDITORS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, PricewaterhouseCoopers Audit

More information

D.E MASTER BLENDERS 1753 N.V.

D.E MASTER BLENDERS 1753 N.V. UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six months periods ended 31 December 2012 and 31 December 2011 TABLE OF CONTENTS UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL

More information

WIPRO DOHA LLC FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2016

WIPRO DOHA LLC FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2016 WIPRO DOHA LLC FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2016 WIPRO DOHA LLC BALANCE SHEET (Amount in ` except share and per share data, unless otherwise stated) As at March 31, 2016

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

SHIRE OF CARNARVON POLICY

SHIRE OF CARNARVON POLICY SHIRE OF CARNARVON POLICY POLICY NO C010 POLICY SIGNIFICANT ACCOUNTING POLICIES RESPONSIBLE DIRECTORATE CORPORATE COUNCIL ADOPTION Date: 27.5.14 Resolution No. FC 5/5/14 REVIEWED/MODIFIED Date: Resolution

More information

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2011

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2011 SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS Year ended SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS For the year ended The information contained in

More information

Consolidated Financial Statements. FUJIFILM Holdings Corporation and Subsidiaries. March 31, 2015 with Report of Independent Auditors

Consolidated Financial Statements. FUJIFILM Holdings Corporation and Subsidiaries. March 31, 2015 with Report of Independent Auditors Consolidated Financial Statements FUJIFILM Holdings Corporation and Subsidiaries March 31, 2015 with Report of Independent Auditors Consolidated Financial Statements March 31, 2015 Contents Report of Independent

More information

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED

More information

2014 Quarterly Report II

2014 Quarterly Report II 2014 Quarterly Report II 2 Key data Eckert & Ziegler 01 06/2014 01 06/2013 Change Sales million 61.9 55.3 12% Return on revenue before tax % 9 % 12 % 26 % EBITDA million 9.7 10.2 5 % EBIT million 6.2 6.9

More information

TECHNICO HORTICULTURAL (KUNMING) CO. LIMITED

TECHNICO HORTICULTURAL (KUNMING) CO. LIMITED MANAGEMENT REPORT FOR THE YEAR ENDED 31 st DECEMBER, 2014 Your management submits its report for the financial year ended 31 st December, 2014. Corporate Information Technico Horticultural (Kunming) Co

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

Capcon Holdings plc. Interim Report 2011. Unaudited interim results for the six months ended 31 March 2011

Capcon Holdings plc. Interim Report 2011. Unaudited interim results for the six months ended 31 March 2011 Capcon Holdings plc Interim Report 2011 Unaudited interim results for the six months ended 31 March 2011 Capcon Holdings plc ("Capcon" or the "Group"), the AIM listed investigations and risk management

More information

Principal Accounting Policies

Principal Accounting Policies 1. Basis of Preparation The accounts have been prepared in accordance with Hong Kong Financial Reporting Standards ( HKFRS ). The accounts have been prepared under the historical cost convention as modified

More information

ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A

ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A CONTENTS DIRECTORS STATEMENT 1 INCOME STATEMENT 2 STATEMENT OF COMPREHENSIVE INCOME 3 STATEMENT OF FINANCIAL

More information

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars)

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars) A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, and January 1, (in thousands of dollars) February 12, 2013 Independent Auditor s Report To the Shareholders of A&W Food Services

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

CONSOLIDATED STATEMENT OF INCOME

CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF INCOME Notes Sales 1) 5,429,574 5,169,545 Cost of Goods Sold 2) 3,041,622 2,824,771 Gross Profit 2,387,952 2,344,774 Selling Expenses 3) 1,437,010 1,381,132 General and Administrative

More 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

Management s Review. For more details, please see the Management s Review in the Consolidated Financial Statements.

Management s Review. For more details, please see the Management s Review in the Consolidated Financial Statements. Management s Review Principal activities Arla Foods amba and its subsidiary enterprises operate dairy activities based on milk weighed in by its members in Denmark, Sweden, Germany and now also the United

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

Overview of Business Results for the 2nd Quarter of Fiscal Year Ending March 31, 2012 (2Q FY2011)

Overview of Business Results for the 2nd Quarter of Fiscal Year Ending March 31, 2012 (2Q FY2011) November 8, 2011 Overview of Business Results for the 2nd Quarter of Fiscal Year Ending March 31, 2012 () Name of the company: Iwatani Corporation Share traded: TSE, OSE, and NSE first sections Company

More information

Opening doors to new ideas. Interim Report 2007/08

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

More information

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

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 Balance Sheets March 31, 2001 and 2000

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

More information

ANNUAL FINANCIAL RESULTS

ANNUAL FINANCIAL RESULTS ANNUAL FINANCIAL RESULTS For the year ended 31 July 2013 ANNUAL FINANCIAL RESULTS 2013 FONTERRA CO-OPERATIVE GROUP LIMITED Contents: DIRECTORS STATEMENT... 1 INCOME STATEMENT... 2 STATEMENT OF COMPREHENSIVE

More information

Acerinox, S.A. and Subsidiaries. Consolidated Annual Accounts 31 December 2014. Consolidated Directors' Report 2014. (With Auditors Report Thereon)

Acerinox, S.A. and Subsidiaries. Consolidated Annual Accounts 31 December 2014. Consolidated Directors' Report 2014. (With Auditors Report Thereon) Acerinox, S.A. and Subsidiaries Consolidated Annual Accounts 31 December 2014 Consolidated Directors' Report 2014 (With Auditors Report Thereon) (Free translation from the original in Spanish. In the event

More information

CROSSWORD CYBERSECURITY PLC

CROSSWORD CYBERSECURITY PLC Registered number: 08927013 CROSSWORD CYBERSECURITY PLC AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2014 COMPANY INFORMATION DIRECTORS T Ilube J Bottomley Professor D Secher

More information

Unaudited financial report for the. sixt-month period ended 30 June 2015. Deutsche Bahn Finance B.V. Amsterdam

Unaudited financial report for the. sixt-month period ended 30 June 2015. Deutsche Bahn Finance B.V. Amsterdam Unaudited financial report for the sixt-month period ended 30 June 2015 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 30 June 2015 4 Profit and loss

More information

TO OUR SHAREHOLDERS PROFITABLE GROWTH COURSE INTERNATIONALIZATION FURTHER EXTENDED US MARKET IN FOCUS

TO OUR SHAREHOLDERS PROFITABLE GROWTH COURSE INTERNATIONALIZATION FURTHER EXTENDED US MARKET IN FOCUS QUARTERLY STATEMENT AS OF MARCH 31, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group has made a dynamic start in the 2015 financial year and continues

More information

Statutory Financial Statements

Statutory Financial Statements Statutory Financial Statements for the year ended December 31, 2007 by Kardan NV, Amsterdam, the Netherlands Consolidated IFRS Financial Statements Consolidated IFRS Balance Sheet 54 Consolidated IFRS

More information

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS 1 SIGNIFICANT ACCOUNTING POLICIES (a) Statement of compliance These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting

More information

Consolidated financial statements 2011

Consolidated financial statements 2011 Consolidated financial statements 2011 Page 1 4.2 Consolidated financial statements 4.2.1 Consolidated income statement ( million) 2011 2010 Sales of goods and services 41,192 37,654 Sales financing revenues

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

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 The Board of Abbey plc reports a profit before taxation of 18.20m which compares with a profit of 22.57m for

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

Management's Responsibility for the Financial Statements

Management's Responsibility for the Financial Statements AIRA Factoring Public Company Limited Report and financial statements 31 December 2012 Independent Auditor's Report To the Shareholders of AIRA Factoring Public Company Limited I have audited the financial

More information

RANBAXY EGYPT COMPANY (L.L.C.) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 TOGETHER WITH AUDITOR S REPORT

RANBAXY EGYPT COMPANY (L.L.C.) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 TOGETHER WITH AUDITOR S REPORT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 TOGETHER WITH AUDITOR S REPORT Translation of Auditor s report AUDITOR S REPORT TO THE SHAREHOLDERS OF Report on the Financial Statements We have audited

More information

Consolidated Financial Statements Notes to the Consolidated Financial Statements for Fiscal Year 2014

Consolidated Financial Statements Notes to the Consolidated Financial Statements for Fiscal Year 2014 171 The most important exchange rates applied in the consolidated financial statements developed as follows in relation to the euro: Currency Average rate Closing rate Country 1 EUR = 2014 2013 2014 2013

More information

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

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

More information

Financial report 2014. Deutsche Bahn Finance B.V. Amsterdam

Financial report 2014. Deutsche Bahn Finance B.V. Amsterdam Financial report 2014 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 31 December 2014 4 Profit and loss account for the year ended 31 December 2014 6

More information

1. Basis of Preparation. 2. Summary of Significant Accounting Policies. Principles of consolidation. (a) Foreign currency translation.

1. Basis of Preparation. 2. Summary of Significant Accounting Policies. Principles of consolidation. (a) Foreign currency translation. Nitta Corporation and Subsidiaries Notes to Consolidated Financial Statements March 31, 1. Basis of Preparation The accompanying consolidated financial statements of Nitta Corporation (the Company ) and

More information

Consolidated 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

Operating net income SnowWorld 1 st six months increase to 4.0 million

Operating net income SnowWorld 1 st six months increase to 4.0 million Press release 28 May 2014 Expected increase operating net income for the financial year 2013/2014 Operating net income SnowWorld 1 st six months increase to 4.0 million Keypoints - The number of ski passes

More information

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Expressed in Canadian Dollar) and 2007 Index Balance Sheets Statements of Operations, Comprehensive Loss and Deficit Statements of Cash Flows Notes to Financial

More information

Significant Accounting Policies

Significant Accounting Policies Apart from the accounting policies presented within the corresponding notes to the financial statements, other significant accounting policies are set out below. These policies have been consistently applied

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

2014/2015 The IndusTrIal Group

2014/2015 The IndusTrIal Group Q1 2014/2015 Interim Report 1 April to 30 june 2014 The Industrial Group The essentials at a glance in the first quarter Big increase in incoming orders, sales on par with previous year, earnings considerably

More information

STATEMENT BY THE BOARD

STATEMENT BY THE BOARD Financial Statements 1 FINANCIAL STATEMENTS STATEMENT BY THE BOARD In our opinion, (a) the accompanying consolidated financial statements of Info-communications Development Authority of Singapore (the

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (For consolidated balance sheets) (As of March 31, 2007) (As of March 31, 2008) 1. *1 Accumulated depreciation of property, plant and equipment 4,349,349 The

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

International Financial Reporting Standard 3 Business Combinations

International Financial Reporting Standard 3 Business Combinations International Financial Reporting Standard 3 Business Combinations Objective 1 The objective of this IFRS is to improve the relevance, reliability and comparability of the information that a reporting

More information

TO OUR SHAREHOLDERS DYNAMIC FIRST HALF YEAR

TO OUR SHAREHOLDERS DYNAMIC FIRST HALF YEAR HALF YEAR REPORT AS OF JUNE 30, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group maintained its dynamic development from the first quarter of 2015

More 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

Cathay Life Insurance Co., Ltd. Financial Statements For The Three Months Ended March 31, 2012 and 2011 With Independent Auditors Review Report

Cathay Life Insurance Co., Ltd. Financial Statements For The Three Months Ended March 31, 2012 and 2011 With Independent Auditors Review Report Financial Statements For The Three Months Ended March 31, 2012 and 2011 With Independent Auditors Review Report The reader is advised that these financial statements have been prepared originally in Chinese.

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

Consolidated Statement of Financial Position Sumitomo Corporation and Subsidiaries As of March 31, 2016 and 2015. Millions of U.S.

Consolidated Statement of Financial Position Sumitomo Corporation and Subsidiaries As of March 31, 2016 and 2015. Millions of U.S. Consolidated Statement of Financial Position Sumitomo Corporation and Subsidiaries As of March 31, 2016 and 2015 ASSETS Current assets: Cash and cash equivalents 868,755 895,875 $ 7,757 Time deposits 11,930

More information

INTERNATIONAL ACCOUNTING STANDARDS. CIE Guidance for teachers of. 7110 Principles of Accounts and. 0452 Accounting

INTERNATIONAL ACCOUNTING STANDARDS. CIE Guidance for teachers of. 7110 Principles of Accounts and. 0452 Accounting www.xtremepapers.com INTERNATIONAL ACCOUNTING STANDARDS CIE Guidance for teachers of 7110 Principles of Accounts and 0452 Accounting 1 CONTENTS Introduction...3 Use of this document... 3 Users of financial

More information

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF

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

Small Company Limited. Report and Accounts. 31 December 2007

Small Company Limited. Report and Accounts. 31 December 2007 Registered number 123456 Small Company Limited Report and Accounts 31 December 2007 Report and accounts Contents Page Company information 1 Directors' report 2 Accountants' report 3 Profit and loss account

More information

Amadeus Global Travel Distribution, S.A.

Amadeus Global Travel Distribution, S.A. Amadeus Global Travel Distribution, S.A. Consolidated Interim Financial Statements as of June 30, 2002, prepared in accordance with International Accounting Standard 34 and Review Report of Independent

More information

NAMA CHEMICALS COMPANY AND SUBSIDIARIES (SAUDI JOINT STOCK COMPANY)

NAMA CHEMICALS COMPANY AND SUBSIDIARIES (SAUDI JOINT STOCK COMPANY) CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND AUDITORS REPORT (LIMITED REVIEW) CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND AUDITORS REPORT INDEX PAGE Auditors report (limited review) 1 Consolidated interim

More information

ACCOUNTING POLICY 1.1 FINANCIAL REPORTING. Policy Statement. Definitions. Area covered. This Policy is University-wide.

ACCOUNTING POLICY 1.1 FINANCIAL REPORTING. Policy Statement. Definitions. Area covered. This Policy is University-wide. POLICY Area covered ACCOUNTING POLICY This Policy is University-wide Approval date 5 May 2016 Policy Statement Intent Scope Effective date 5 May 2016 Next review date 5 May 2019 To establish decisions,

More information

Interim Report 2002/3

Interim Report 2002/3 Interim Report 2002/3 Highlights Financial results Turnover increased by 42% to 111.7m (2001: 78.6m) Profit before tax, goodwill and exceptional item increased by 2% to 15.3m (2001: 15.1m) Earnings per

More information

LAFE CORPORATION LIMITED Un-audited Q1 2014 Financial Statement and Dividend Announcement (All in US Dollars)

LAFE CORPORATION LIMITED Un-audited Q1 2014 Financial Statement and Dividend Announcement (All in US Dollars) LAFE CORPORATION LIMITED Un-audited Q1 2014 Financial Statement and Dividend Announcement (All in US Dollars) PART I INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL

More information

M O P O L I PALMBOOMEN CULTUUR MAATSCHAPPIJ MOPOLI N.V.

M O P O L I PALMBOOMEN CULTUUR MAATSCHAPPIJ MOPOLI N.V. M O P O L I PALMBOOMEN CULTUUR MAATSCHAPPIJ MOPOLI N.V. FINANCIAL STATEMENTS 2 0 0 8-2 0 0 9 PALMBOOMEN CULTUUR MAATSCHAPPIJ MOPOLI Naamloze Vennootschap (PALMERAIES DE MOPOLI) Société Anonyme Registred

More information

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS NAS 03 NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS CONTENTS Paragraphs OBJECTIVE SCOPE 1-3 BENEFITS OF CASH FLOWS INFORMATION 4-5 DEFINITIONS 6-9 Cash and cash equivalents 7-9 PRESENTATION OF A

More information

GOODYEAR (THAILAND) PUBLIC COMPANY LIMITED FINANCIAL STATEMENTS 31 DECEMBER 2011

GOODYEAR (THAILAND) PUBLIC COMPANY LIMITED FINANCIAL STATEMENTS 31 DECEMBER 2011 GOODYEAR (THAILAND) PUBLIC COMPANY LIMITED FINANCIAL STATEMENTS 31 DECEMBER 2011 AUDITOR S REPORT To the Shareholders of Goodyear (Thailand) Public Company Limited I have audited the accompanying statements

More information

ONXEO NOTICE OF MEETING. Extraordinary and Ordinary General Meeting of Shareholders. of Wednesday, April 6, 2016

ONXEO NOTICE OF MEETING. Extraordinary and Ordinary General Meeting of Shareholders. of Wednesday, April 6, 2016 ONXEO Public Limited Liability Company with a Board of Directors with share capital of 10,138,020.75 Company headquarters: 49 Boulevard du Général Martial Valin - 75015 Paris, France Paris Trade and Companies

More information

FLUIDRA, S.A. AND SUBSIDIARIES. Consolidated Annual Accounts and Consolidated Directors Report

FLUIDRA, S.A. AND SUBSIDIARIES. Consolidated Annual Accounts and Consolidated Directors Report FLUIDRA, S.A. AND SUBSIDIARIES Consolidated Annual Accounts and Consolidated Directors Report (Prepared in accordance with International Financial Reporting Standards as adopted by the European Union)

More information

Interim consolidated financial statements as of September 30, 2007

Interim consolidated financial statements as of September 30, 2007 1 Interim consolidated financial statements as of September 30, 2007 January 1 through September 30, 2007 MeVis Medical Solutions AG laying the foundation for further dynamic growth: Sales plus other operating

More information

Audit Report of Independent Certified Public Accountants

Audit Report of Independent Certified Public Accountants Audit Report of Independent Certified Public Accountants The Board of Directors Acer Incorporated: We have audited the non-consolidated balance sheets of Acer Incorporated (the Company ) as of June 30,

More information