2 Corporate 04 Profile 06 Message from the CEO 08 Message from the Chairman of the Supervisory Board performance 12 Stock market performance & shareholders 14 Corporate governance & risk management Strategy 18 Operations 22 Investment & divestment 24 Development 26 Financial resources 28 Human resources Activities 32 France 34 The Netherlands 36 Nordic Countries 38 Central Europe 40 Austria 42 Spain 44 Offices 46 Convention & Exhibition Sustainable development 50 A comprehensive strategy & ambitious goals 52 Environmental management systems BREEAM certifications 56 Cooperation on environmental issues 60 Climate, emissions & energy 64 An efficient, responsible approach to risks & resources 68 Encouraging dialogue & strengthening relationships 70 Promoting equality & diversity 72 Corporate citizenship Financial and legal information 76 Portfolio 90 Business review & 2010 results 116 Corporate sustainability 138 Consolidated financial statements 196 Legal information 236 Report of the Chairman of the Supervisory Board
3 The 4 pillars Exceptional teams, outstanding assets, unforgettable experiences, responsible operations of performance
5 Leadership Committed teams, solid results Corporate 04 Profile 06 Message from the CEO 08 Message from the Chairman of the Supervisory Board performance 12 Stock market performance & shareholders 14 Corporate governance & risk management
6 04 unibail-rodamco 2010 Annual and sustainable development report corporate Profile Unibail-Rodamco is Europe s leading listed commercial property company with a portfolio valued at 24.5 billion on December 31, Portfolio by activity* A clear strategy Unibail-Rodamco is present in three segments of the commercial real estate industry: shopping centres, office buildings, and convention and exhibition venues. The Group focuses on large, high-quality shopping centres in major European cities with high population density and attractive catchment areas. It invests in assets with reversionary potential that can be captured through superior operational management and through development opportunities such as extensions and renovations. On December 31, 2010, the Group owned 88 shopping centres, 54 of which receive more than 6 million visits per year. Shopping centres 76% Convention & Exhibition 8% Offices 16% PorTFolio by region* France Offices 14% France Retail 41% France Convention & Exhibition 8% Netherlands 7% Nordic Countries 9% Spain 8% Central Europe 7% Austria 6% *At December 31, 2010, in value, including transfer taxes A commitment to value creation 1,600 employees create value for shareholders through an integrated approach combining property and asset management, investment and development. The Group constantly reinforces the tenant mix and customer experience in its retail assets to make them more attractive and increase footfall. Present in 12 European countries, Unibail-Rodamco is a natural partner for retailers seeking to enter or expand in these markets. In the office segment, Unibail-Rodamco focuses on modern, efficient buildings of more than 10,000 m 2 GLA, primarily in Paris, where there is strong demand due to a lack of new construction and the obsolescence of the existing offer. Investments are driven by development and renovation opportunities. The Group also owns and operates the major convention and exhibition centres of the Paris region in joint venture with the Paris Chamber of Commerce and Industry. With 10 venues in Paris, VIPARIS is a formidable competitor in this increasingly international activity. The development pipeline, which features many exciting shopping centre and Parisian office projects, creates further value. At end 2010, the pipeline covered 1.33 million m 2 GLA and had an estimated total investment cost of 6.6 billion. Financial strength and stability Unibail-Rodamco is listed on Euronext Paris (CAC 40) and Amsterdam (AEX). It is a member of the Dow Jones EURO STOXX 50 index, as well as the DJSI (World and Europe) and FTSE4Good sustainable investment indexes. The Group benefits from a strong balance sheet with a low LTV of 37%. It has the strongest credit rating in the industry with an A rating from Standard & Poor s and Fitch.
7 05 Present across Europe Helsinki Stockholm NORDIC COUNTries 15 shopping centres 472,400 m² GLA 78 million visits per year Netherlands 8 shopping centres 344,300 m² GLA 42 million visits per year* *Figures for 5 shopping centres only Amsterdam the hague Copenhagen france 37 shopping centres 1,234,500 m² GLA 404 million visits per year Paris Lille Prague ViennA BratisLAva WArsAW CENTRAL EUroPE 11 shopping centres 371,400 m² GLA 135 million visits per year Bordeaux lyon nice austria 3 shopping centres 254,700 m² GLA 42 million visits per year madrid valencia Barcelona offices and convention & exhibition venues in paris Seville SPAin 14 shopping centres 492,600 m² GLA 120 million visits per year Offices 15 office buildings 424,781 m 2 total GLA Convention & Exhibition 10 venues 620,800 m 2 GLA
8 06 unibail-rodamco 2010 Annual and sustainable development report corporate
9 07 Message from the CEO Guillaume Poitrinal, CEO & Chairman of the Management Board 2010 was a transformational year for Unibail-Rodamco. The Group s activities performed well in an unstable macro-economic environment. Higher than planned non-core asset disposals were completed and the development pipeline expanded. A highly disciplined approach to finance and operations enabled the Group not only to make an exceptional return of capital of 20 per share in October, but also to deliver net recurring results that are in line with expectations at 9.27 per share. In 2010, Unibail-Rodamco maintained and increased its management focus on shopping centres with high growth potential, namely large, well located, prime assets that attract more than six million visits per year. Assets with less growth potential, such as refurbished offices and small shopping centres, were divested for a total of 1.5 billion. Another billion of assets is planned to be disposed of between 2011 and Throughout the year, the Group maintained good access to various sources of financing at historically attractive rates. This enabled the Group to make an exceptional distribution to shareholders of 1.8 billion, equivalent to the net proceeds of disposals since the 2007 merger. Unibail-Rodamco intensified its focus on re-designing, re-tenanting and re-marketing its shopping centres. Innovative multi-sensory shopping environments, differentiating retailers and new online services were delivered as part of a 'metamorphosis' programme that is transforming the Group's large assets. This active management strategy delivered the desired results: footfall and tenant sales rose across the portfolio, leading to rental uplift. The development pipeline is a key source of future growth. In 2010, major renovation and extension projects were successfully delivered at La Part-Dieu, La Maquinista and Donau Zentrum; large-scale renovation projects were launched at three major retail assets (Forum des Halles, Parly 2 and Täby Centrum); construction continued apace at the Confluence and SO Ouest shopping centre projects; and the ground-breaking ceremony was held for the Majunga tower at Paris-La Défense. The Aéroville and Mall of Scandinavia shopping centre and the Phare tower projects progressed while several large potential projects, such as Les Trois Pays and Trinity offices, gained exclusivity. Sustainable development principles are now fully integrated in the Group s operations and decision-making processes, as evidenced by the excellent BREEAM ratings achieved by recent deliveries. Despite these deliveries, the Group further increased its development pipeline in It now represents some 6.6 billion of planned future capital expenditure, focused on prime retail and office projects designed to deliver superior returns. The out-performance of the Group's existing assets, in combination with an exciting project pipeline, managed by a strong team of talented professionals, gives us great confidence as we look forward to the coming years.
10 08 unibail-rodamco 2010 Annual and sustainable development report corporate Message from the Chairman of the Supervisory Board Robert F. W. van Oordt, Chairman of the Supervisory Board Notwithstanding ongoing tough economic conditions in 2010, Unibail-Rodamco continued to perform very well. The operational results were resilient and, on top of that, Unibail-Rodamco was in a position to pay an exceptional distribution of 20/share to its shareholders in This performance is a credit to the Group s strategy devised by the Management Board upon the formation of Unibail-Rodamco in 2007 which has proven to be robust and bodes well for the future given the Group s advancement in 2010 towards its goal to focus its portfolio on large prime shopping centres. In 2010, the Supervisory Board worked diligently to uphold and develop Unibail-Rodamco s first class corporate governance arrangements and, for that matter, Unibail-Rodamco continues to adhere to all of the French AFEP-MEDEF corporate governance code (Code) best practice recommendations. Further, in the context of the French legislative developments on equal representation between men and women on supervisory boards and the new AFEP-MEDEF recommendations on this subject incorporated into the Code in April 2010, the Supervisory Board conducted a thorough review of its current profile, competencies and composition. As a result of this review, which began in late 2009, three new Supervisory Board members, including one woman, will be proposed for nomination to Unibail-Rodamco shareholders at the company s AGM in April The Supervisory Board takes this opportunity to thank Jacques Dermagne and Jos Westerburgen, who stepped down from the Supervisory Board at the April 2010 AGM, for their important contributions. In 2010, the Supervisory Board met seven times, its Audit Committee met four times and its Governance, Nomination and Remuneration Committee met six times. For its annual strategic retreat, the Supervisory Board convened in Stockholm this year, where Supervisory Board members had the opportunity to interact with the regional management team and to visit Unibail-Rodamco s key local assets including Nacka Forum, one of Stockholm s best performing shopping centres, and the site of the Mall of Scandinavia development project which, once delivered, will be the largest shopping centre of its kind in the Nordic region. The retreat was also an important occasion for the Management and Supervisory Boards to have constructive and enriching exchanges on industry and market developments, economic trends, sustainability, Unibail-Rodamco s positioning and its strategy as well as the Group s development pipeline projects. As in 2010, the Unibail-Rodamco Group has many challenging objectives for 2011 and beyond. The Management Board s strong strategy, dedicated employees and capable management leadership puts it in a good position to achieve them. We thank all for their valuable contributions in 2010.
11 09 From left to right: Mr. François Jaclot; Mr. Bart R. Okkens; Mr. Henri Moulard; Mr. Robert ter Haar. Mr. Yves Lyon-Caen; Mr. Frans J.G.M. Cremers; Mr. Jean-Louis Laurens; Mr. Robert F.W. van Oordt; Mr. Alec Pelmore; Mrs. Mary Harris.
12 10 unibail-rodamco 2010 Annual and sustainable development report corporate 2010 performance Outperforming tenant sales, growth in shopping centre footfall and rising rental income combined to deliver encouraging 2010 results. Tenant rotation is accelerating everywhere and top international retailers are showing more interest than ever in Unibail-Rodamco s malls, generating rental uplift. Centres which recently delivered extensions and renovations are performing above expectations; similar upgrades are in progress at a number of assets. In the Paris office market, prime rents strengthened, especially for new, efficient offices. The Group s development pipeline, which is the largest in the sector at 6.6 billion, is another driver of future growth. The Group s EPRA triple net asset value per share dropped to at year-end Rebased for the 20/share exceptional distribution, however, this represents an increase of 15%, derived from property yield compression and rental growth. The Gross Market Value of the portfolio now stands at 24.5 billion, while average yields stand at 5.7% for retail and 6.6% for the occupied office portfolio. The Going Concern NAV per share, which includes transfer taxes and deferred capital gain taxes, stands at /share. The recurring EPS growth of 0.9% achieved in 2010 is in line with outlook. The Group s real performance, however, is more impressive. Unbudgeted and earnings-dilutive events during the year included the exceptional distribution to shareholders of 1.8 billion; accelerated disposals of non-core assets with disposal yields exceeding marginal borrowing cost; and the 5-month delay in the acquisition of the Simon-Ivanhoe portfolio. The Group will propose a distribution of 8/share to the 2011 General Meeting and intends to maintain the distribution at or above this level over the coming years. Net RENtal INCOme (NRI) (in million ) ,257 1,257 RECuRRINg EaRNINgs per ShaRE (Eps) (in ) Distribution per share (in ) Exceptional Distribution Regular Distribution* 8.00 *Subject to approval from the General Meeting
13 11 Net Rental Income (in million ) Growth % Growth % like-for-like France % 0.8% Netherlands % 1.6% Nordic Countries % -0.6% Shopping Centres Spain % 2.3% Central Europe % 3.6% Austria % 3.6% Net Rental Income % 1.4% Offices France % 3.9% Other % -7.3% Net Rental Income % 2.2% Convention & Exhibition Net Rental Income % -6.1% Total Net Rental Income 1,257 1, % 0.8% Key Consolidated Indicators (in million ) Growth % Growth % like-for-like Net Rental Income 1,257 1, % 0.8% Valuation movements and gain on disposals 1 1,806-2,293 Net profit, Group share 2,188-1,468 of which net recurring profit, Group share % Recurring earnings per share % Regular distribution per share Exceptional distribution per share Excluding fair value adjustment of financial instruments 2 - Subject to approval from the General Meeting Net ASSET ValUE (NAV) ( /share) Dec 31, 2010 Dec 31, 2009 EPRA Triple Net Asset Value Going Concern Net Asset Value
14 12 unibail-rodamco 2010 Annual and sustainable development report corporate Stock market performance and shareholding structure Shareholding structure Unibail-Rodamco has been listed on the Paris Stock Exchange since 1972 and included in the CAC 40 index since June 18, On December 31, 2010, the Group had a market capitalisation of 13.6 billion 1. Unibail- Rodamco is included in the Euronext 100 index. As a result of the merger with Rodamco, the Group has also been included in the Dutch AEX Index since June 22, On February 8, 2010, Unibail-Rodamco entered the Dow Jones Euro Stoxx 50 Index. Unibail-Rodamco has a large and diverse international shareholding base, which is mainly composed of institutional investors based in the Netherlands, the United Kingdom, the United States and France. On January 1, 2011, none of Unibail-Rodamco s shareholders had declared holdings of more than 10% of the issued share capital. The principal known investors, with holdings of between 4% and 8% 2, include APG and Cohen & Steers. Stock market performance Stock market value creation is measured by Total Shareholder Return (TSR). TSR indicates the total return obtained through ownership of a share over a given period of time. It includes dividends (or any other distribution) paid and any change in the company s share price. In particular, it includes the exceptional distribution of per share declared from the 'contribution paid-in capital' and paid on October 12, Annualised TSR for Unibail-Rodamco shares with dividends (or any other distribution) reinvested amounted to: 18.5% per annum over a 10-year period between December 31, 2000, and December 31, 2010, compared with -1.6% for the CAC 40 index and 10.3% for the EPRA 3 property investment companies performance index (Euro zone). 15.5% per annum over the period between April 28, , and December 31, 2010, compared with 3.1% for the CAC 40 index and 4.4% for the EPRA property investment companies performance index (Euro zone). 16.3% per annum over the full year 2010, compared with 0.4% for the CAC 40 index and 14.7% for the EPRA property investment companies performance index (Euro zone). Traded volumes In 2010, the number of shares traded decreased slightly to an average daily volume of circa 443,000 shares compared to 450,000 shares in In parallel, the average daily traded capitalisation increased to 64.3 million in 2010, compared to 54.0 million in distribution schedule Unibail-Rodamco s current distribution policy is to pay out between 85% and 95% of the financial year s net recurring profit. At the General Meeting to be held on April 27, 2011, the Board will propose a distribution of 8 5 per share for the 2010 financial year. This is flat compared to the 2009 distribution, despite the negative impacts of the 20 per share capital return and disposals. Subject to approval of the General Meeting, the distribution will be paid in one payment of 8 per share on May 10, Including 9,677 ORAs outstanding at December 31, Based on latest ownership threshold disclosures received. 3 - European Public Real Estate Association (www.epra.com). TSR for EPRA Euro Zone index is calculated with gross dividend reinvested. 4 - Date of the appointment of Mr Guillaume Poitrinal as CEO of the Company. 5 - Subject to approval of the General Meeting. Financial services for shares and dividends Crédit Agricole Caisse d Epargne Investor Services (CACEIS) Service Emetteurs-Assemblées 14, rue Rouget de Lisle Issy-les-Moulineaux Cedex 9 France Tel.: +33 (0) Fax: +33 (0) Investor and shareholder relations Website: Individual shareholders Tel.: +33 (0) Institutional shareholders Tel.: +33 (0)
15 13 Change in share price and traded volumes since ,000 Volume in million euros Share price in euros , ,000 15, Closing price on December 31, 2010: , , Annual traded volume rolling over 12 months (in million euros) Closing share price monthly average (in euros) 0 RelATive performance of Unibail-Rodamco's share 6 (rebased to 100 as at April 28, ) /05 06/05 08/05 10/05 12/05 02/06 04/06 06/06 08/06 10/06 12/06 02/07 04/07 06/07 08/07 10/07 12/07 02/08 04/08 06/08 08/08 10/08 12/08 02/09 04/09 06/09 08/09 10/09 12/09 02/10 04/10 06/10 08/10 10/10 12/10 Unibail-Rodamco (dividend reinvested) EPRA 8 Euro zone index (dividend reinvested) CAC40 (dividend reinvested) 6 - As at December 31, Date of the appointment of Mr. Guillaume Poitrinal as CEO of the Company 8 - European Public Real Estate Association (www.epra.com)
16 14 unibail-rodamco 2010 Annual and sustainable development report corporate Corporate governance and risk management Unibail-Rodamco has a two-tier governance structure designed to ensure balanced, responsible decisionmaking and sustainable economic growth. The Supervisory Board The Supervisory Board, chaired by Mr. Robert van Oordt, exerts oversight and control over the Management Board and the general affairs of the Group. Supervisory Board members participate in regular review sessions on subjects including market and industry developments, financial and legal matters, sustainable development, risk management, and governance 1. The Board is assisted by two committees which focus on specific aspects of its supervisory responsibilities: the Audit Committee, and the Governance, Nomination and Remuneration Committee. The Supervisory Board is committed to diversity in its membership in expertise, age, gender and nationality. On 31 December, 2010, all members qualify as independent according to the criteria defined in the Supervisory Board Charter, based on the AFEP-MEDEF French Corporate Governance Code criteria, with the exception of Henri Moulard, whose combined terms on the boards of Unibail SA, Unibail-Rodamco SA and Unibail-Rodamco SE (as of May 2010) exceed 12 years². The Supervisory Board reviews the independence of its members and its functioning annually in accordance with AFEP-MEDEF best practice. The Management Board The Management Board is comprised of 5 members, chaired by Mr. Guillaume Poitrinal. The Management Board's duties include developing and carrying out the Group's strategy within the approved risk profile, effectively structuring and staffing the organisation, applying consistently the principles of sustainability to operations and developments, and achieving and properly reporting on financial targets and results. The Board operates under its own Charter and is overseen by the Supervisory Board. The Code Of Ethics The fundamental principles, values and standards that govern the Group are described in Unibail-Rodamco's Code of Ethics. It sets out the Group s policy on respect for human dignity, employees' work and non-discrimination, on loyalty, integrity and conflicts of interest, on ethical ways of doing business, and on the treatment of confidential information. In particular, it prohibits the giving and/or receiving of bribes or other unlawful payments, promotes respect for all applicable laws, and places clear restrictions on the giving and/or receiving of gifts. Violation of the Code may lead to disciplinary and legal action. In addition to legal regulations, employees are required to respect internal procedures in their stock-market transactions when they relate to shares or related financial instruments in the Group or its listed subsidiaries and closed periods prior to the publication of the half-year and annual accounts. All employees are required to disclose any positions, duties or financial interests they have in any of Unibail-Rodamco's competitors, clients or suppliers. They must alert the Group to real or potential conflicts of interest arising from direct or indirect personal interests. As a signatory of the UN Global Compact, Unibail- Rodamco has undertaken to promote the application of fundamental values with respect to human rights, labour, the environment and corruption.
17 15 Members of the Management Board From left to right: Catherine Pourre Chief Resources Officer; Peter van Rossum Chief Financial Officer; Guillaume Poitrinal Chief Executive Officer and Chairman of the Management Board; Jaap L. Tonckens Chief Investment Officer; Michel Dessolain Chief Operating Officer. Risk management The overall risk philosophy of the Group can be described as conservative, with an emphasis on accepting the risks that determine the nature of the business, such as fluctuations in the value of assets, vacancies, volatility in market rents, or risks associated with development activities. Key risks are assessed using a standard, Groupwide risk analysis framework and risk maps are used to rank exposure on the basis of probability and magnitude. Sensitivity analysis is also conducted at Group level. Other risks, notably interest rate and exchange rate risks, are closely managed and actively hedged. Financing risks related to potential breaches of loan covenants are minimised through a conservative financing policy, which has served the Group very well during recent years. The table below shows the potential impact of three types of risk on recurring result and equity. Type of risk Interest rate +50 bps Swedish Krona/ Euro -10% Asset yields bps Impact on recurring result Impact on equity million million - 41 million million The Group s internal audit department carries out regular, risk-oriented audits of operational and functional activities according to an annual audit plan. The final audit reports are addressed to the departments concerned and the Management Board. An action plan is subsequently drawn up, implemented and followed up. The Internal Audit Department reports directly to the Chief Executive Officer and to the Chairman of the Audit Committee. The Articles of Association, the Code of Ethics and the Management and Supervisory Board charters are available on the Group website: 1 - Full details of the Group s corporate governance structure and risk management approach are provided in the Report of the Chairman of the Supervisory Board and the Legal Information chapter. 2 - This is the sole criterion with which Mr. Moulard does not comply with respect to independence. See Report of the Chairman of the Supervisory Board for additional information. 3 - On shopping centres and offices (including transfer taxes and disposal costs).
19 Places Sometimes iconic, always exceptional Strategy 18 Operations 22 Investment & divestment 24 Development 26 Financial resources 28 Human resources
20 18 / 19 unibail-rodamco 2010 Annual and sustainable development report La Part-Dieu, Lyon Active in three segments of the commercial real estate industry: shopping centres, office buildings, and convention and exhibition venues.
21 Strategy Variety and differentiation through tenant rotation To ensure that customers enjoy the world's most successful, innovative retail concepts, the Group actively seeks out the best brands in the US, the UK and Asia and helps them drive their European development through Unibail-Rodamco s network of prime retail assets. International premium retailers such as Hollister, Forever 21, and Kiehl s signed for their first stores in European shopping centres through the Group. More importantly, leadorporate strategy & business overview Active management of the asset portfolio and an efficient, integrated operational strategy enabled Unibail-Rodamco to achieve positive results in all of its activities in The economic environment continued to present challenges but generally improved relative to Differentiation: the key to success The creation of a memorable, enjoyable shopping experience for visitors lies at the heart of the Group's shopping centre strategy. Unibail-Rodamco works to achieve continuous improvement and differentiation in the shopping experience by re-designing, re-tenanting and re-marketing. In other words, through the design and ambiance of the malls, the quality of the retail mix, and the events and services offered to customers. ing brands with established positions in Unibail- Rodamco shopping centres, such as Apple, Desigual and G-Star chose to drive their European expansion programmes through the Group's platform of outstanding assets. There was strong demand for space in Unibail-Rodamco shopping centres during 2010, with national and international retailers in particular showing renewed interest in expansion during the last quarter. Improving the shopping experience with new technologies The multi-sensorial Welcome Attitude programme is now firmly established as a means of ensuring the comfort of customers throughout their physical journey to, through and from Unibail-Rodamco s shopping centres. Scents, sounds and light effects combine to create a holistic atmosphere that appeals to all the senses and ensures a pleasurable shopping experience for customers. In 2010, the Group turned its attention to their digital journey, with a specialised team dedicated to delivering the same high level of service through social networking sites, websites and iphone applications. Customers now benefit from immediate access to everything from up-to-the-minute information about the latest store openings and special offers to interactive floor plans.
22 Strategy Another successful innovation in 2010 was the launch of a new customer relationship strategy featuring gift and loyalty cards. Gift cards offer flexibility to the buyer and a wide range of choices to the recipient, who can use them in all of the shops in a given centre, or even in a selection of Unibail- Rodamco's centres in the region. The holders of loyalty cards benefit from advantages such as private sales, special offers, and advice from personal shoppers and beauty coaches. Exclusive events and dynamic marketing partnerships The events, marketing and specialty leasing teams were reinforced in order to leverage the scale and geographical spread of the portfolio and provide higher quality events and exclusive entertainment in the Group s malls across Europe. Particular emphasis has been placed on building effective partnerships with retail, leisure and entertainment brands. For example, 32 of the Group s assets in eight countries across Europe partnered with Elite Model Look to host casting sessions to find the top models of the future. Fashion and beauty sessions for all visitors proved to be the ideal complement to this prestigious and popular event. Growth through renovations and extensions Differentiation through design informs the Group s programme of renovations and extensions. Donau Zentrum, La Part-Dieu and La Maquinista delivered outstanding new projects in 2010 with an immediate, positive impact on sales and footfall. Individual retailers also contributed to the innovative interiors of the Group s centres by choosing to launch their new store concepts with Unibail-Rodamco. Creating a virtuous circle of footfall, sales and income Re-designing, re-tenanting and re-marketing reinforce the virtuous circle whereby exclusive national and international premium and crossborder brands, an attractive shopping environment and improved services attract larger numbers of customers. This leads to higher sales, which in turn attracts the best retailers and supports higher rents. In 2010, this operating strategy delivered year-onyear increases in sales and footfall of 3.0% and 1.1% respectively and a rental uplift of 18.3%.
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Interim report April-June 2003 Pre-tax profit for the second quarter amounted to SEK -34m, which is a SEK 30m improvement compared to last year (SEK -64m). Software revenue grew by 5% during the second
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RISK MANAGEMENt AND INtERNAL CONtROL Overview 02-09 Internal control the Board meets regularly throughout the year and has adopted a schedule of matters which are required to be brought to it for decision.
FIRST QUARTER SALES 2015 Q1 2015: GROWTH MOMENTUM CONTINUED FOR COMMUNICATION & SHIPPING SOLUTIONS ACTIVITIES Strong growth in Communication & Shipping Solutions while Mail Solutions decreased Total sales
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date 23 February 2012 more information e-mail Jan Aalberts / John Eijgendaal email@example.com phone +31 (0)343 565 080 Press Release Aalberts Industries realises strong growth in revenue (15%) and earnings
2014 Preliminary Results For the year ended 31 December 2014 Organic Growth and Strategic Acquisitions Delivered record 66 million of validated cost savings to our customers Agenda Overview Financial highlights
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Press release Fleet Logistics and TÜV SÜD in strategic partnership to create major international fleet business Leading pan European fleet management specialist, Fleet Logistics, has announced a strategic
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2013 MAKING YOUR PROJECTS REAL SOCIETE GENERALE EQUIPMENT FINANCE AT A GLANCE Our profile We, Societe Generale Equipment Finance, are part of the French banking group Societe Generale and are a leading
Your partner in wealth management Societe Generale Private Banking Employees: 2,800 Reach: located in 22 countries Assets under management: 75.4 billion euros, as of 31 December 2009 Corporate awards 2010
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International Personal Finance trading update 30 April 2015 Group highlights Underlying in the quarter grew by 2.3M (18%). Investment in new businesses and weaker FX rates impacted by 2.0M and 2.6M respectively.
Press release For business desks 7 November 2013 Commerzbank: operating profit of EUR 103 m in third quarter Revenues before loan loss provisions almost stable at EUR 2.3 bn despite seasonal effects Annual
Paris, Amsterdam, February 1, 2012 Press Release Full year results 2011 No 1 listed Property Company in Europe 25.9 billion property portfolio 9.03 recurring earnings per share (minus 2.6%) Net Asset Value
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FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS Bond International Software Plc ( the Group ), the specialist provider of software for the international
press release 12 May 2015 Royal Imtech publishes first quarter 2015 results Significant reduction in net loss Order intake in Q1 at a satisfactorily level of 912 million Revenue 3% down excluding Germany
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european real estate lending survey A Cushman & Wakefield Publication MARCH key highlights Deleveraging continues as new sources of liquidity arrive The European lending landscape continues to evolve in
2014 HALF-YEARLY RESULTS Continued revenue growth Run rate for bank card collections in excess of 560 million Strategic investment initiative is maintained Brussels, 30 July 2014, 7:30 AM Regulated information
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Press release 2014/07/23 2014 Half-year results Start of the acquisition phase The Board of Directors' meeting held on July 23, 2014 under the chairmanship of March Inch approved the half-yearly accounts
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BAWAG P.S.K. REPORTS RECORD NET PROFIT OF EUR 333 MILLION, +45% Net profit EUR 333 million, +45% versus prior year Return on equity 14.9%, +3.3pts Core revenues EUR 890 million, +16% Operating expenses
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