ILMARINEN JANUARY MARCH Press Conference / 24 April 2015

Size: px
Start display at page:

Download "ILMARINEN JANUARY MARCH 2015. Press Conference / 24 April 2015"

Transcription

1 ILMARINEN JANUARY MARCH 2015 Press Conference / 24 April

2 EXCELLENT INVESTMENT RETURN January March 2015 Investment return 7.1% Return on equity investments 14.9% Return on fixed income investments 1.2% Return on real estate investments 1.4% Long-term return at a good level Nominal return 6.2% Real return 4.4% Solvency strengthened clearly 2

3 KEY OBSERVATIONS ABOUT THE OPERATING ENVIRONMENT January March 2015 Return on equity was good in all of the main markets Interest rates fell to a record-low level and even into negative figures The euro continued to weaken against the US dollar In domestic real estate investments the vacancy rate of office premises remained high 3

4 EUR million MARKET VALUE OF INVESTMENTS EUR 37 BILLION Asset allocation according to risk 40, ,000 30, ,000 20, ,000 10, , Osakesijoitukset Equities and shares Kiinteistösijoitukset Real estate Muut Other sijoitukset Fixed Korkosijoitukset income incl. ml. effect johdannaisten on derivatives vaikutus 4

5 % REAL RETURN ON INVESTMENTS IN THE LONG TERM 4.4% Net investment return at current value , ,7-14,0 Ilmarinen Muut Other Ilmarisen Ilmarinen s keskimääräinen annual average nimellistuotto nominal return (18 v) Ilmarisen Ilmarinen s keskimääräinen annual average reaalituotto real return (18 v) companies (18.25 years) (18.25 years) 5

6 % LONG-TERM REAL RETURN ROSE CLEARLY Cumulative return on investments March Ilmarisen Ilmarinen's reaalituotto real return 3,5 3.5% % reaalituottokertymä cumulative real return 4,04.0% % reaalituottokertymä cumulative real return 6

7 % of technical provisions SOLVENCY ROSE TO HIGHEST LEVEL IN 2000s Solvency development Vakavaraisuuspääoma Solvency capital (Toimintapääoma v saakka) Tasausvastuusta Provision for pooled toimintapääomaan claims treated rinnastettava equal to solvency osa capital Vakavaraisuusraja Solvency limit 7

8 RETURN ON INVESTMENTS JANUARY-MARCH 7.1% 8 Asset allocation and return Basic breakdown Risk Return EUR mill. % breakdown % % Volatility Fixed-income investments 17, , Loan receivables 1, , Bonds 14, , Public corporation bonds 5, , Other bonds 8, , Other money market instruments and deposits 1, , (incl. investment receivables and payables) Equities and shares 13, , Listed equities and shares 10, , Private equity investments 1, , Non-listed equities and shares 1, , Real estate investments 3, , Real estate investments 3, , Real estate funds and joint investments Other 2, , Hedge fund investments Commodity investments Other investments 1, , Investments total , Effect of derivatives Investments at current value 36, , The modified duration of bond investments is -1.8 year. The total return percentage includes income, expenses and operating expenses not allocated to any investment types.

9 10-YEAR REAL RETURN 3.6 PER CENT Finnish equities European equities Euro government Euro corporate % Ilmarinen and shares and shares bonds bonds 3/ Average return over five years Average return over 10 years Average return since Real average return over five years Real average return over 10 years Real average return since

10 VARYING INVESTMENT RETURNS DEPENDING ON PERIOD 10

11 PROPORTION OF EQUITIES & SHARES FALLING SLIGHTLY Asset allocation development % Equities Osakesijoitukset and shares Real Kiinteistösijoitukset estate Muut Other sijoitukset Korkosijoitukset Fixed income incl. ml. effect johdannaisten on derivatives vaikutus 11

12 % FINNISH EQUITIES & SHARES INCREASED Geographical breakdown of equity investments Suomi Eurooppa USA Japani Kiina Kehittyvät markkinat Finland Europe USA Japan China Emerging markets excl. pl. Kiina China

13 FINNISH EQUITY HOLDINGS EUR 3.3 BILLION Most significant Finnish equity holdings EUR mill. 31 Mar Dec 2014 Sampo plc A Nokia Corporation UPM-Kymmene Corporation Kone Corporation Wärtsilä Corporation Citycon Oyj Stora Enso Oyj Metso Corporation Fortum Corporation Neste Oil Corporation Percentage 31 Mar Dec 2014 Digia Plc PKC Group Plc Basware Corporation Finnlines Oyj Technopolis Plc Talentum Plc Sotkamo Silver Ab Tikkurila Oyj CapMan Plc Martela Corporation

14 14 Investment markets and economic outlook

15 CURRENT MARKET TOPICS Europe s economic outlook has emitted some promising signals Finland s growth outlook, on the other hand, remains weak Geopolitical crises have remained a focal area The oil price has risen somewhat from the bottom-most figures 15

16 OUTLOOK FOR THE REST OF 2015 Short-term interest rates continue at a record-low level and long-term interest rates are not expected to rise rapidly Strong volatility possible in share prices With interest rates at zero, investors are still heading towards the equity markets 16

17 FOR A BETTER LIFE. Twitter: ilmarinen_tweet Blog: 17

Finnish Property Market from an Investor s Point of View

Finnish Property Market from an Investor s Point of View Finnish Property Market from an Investor s Point of View Deputy CEO, Head of Investments Timo Ritakallio Ilmarinen Mutual Pension Insurance Company September 21, 2010 Helsinki Agenda Ilmarinen in a Nutshell

More information

Note 24 Financial Risk Management

Note 24 Financial Risk Management Note Financial Risk Management Risk management principles and process Stora Enso is exposed to several financial market risks that the Group is responsible for managing under policies approved by the Board

More information

TECHNOPOLIS GROUP Q1/2010

TECHNOPOLIS GROUP Q1/2010 TECHNOPOLIS GROUP Q1/2010 Technopolis Group A profitable growth company A real estate-service hybrid Business environments for knowledge-intensive companies Our specialty is the creation, management and

More information

Stock Exchange Release 8 May 2003, at 9 am

Stock Exchange Release 8 May 2003, at 9 am Sponda Plc Stock Exchange Release 8 May 2003, at 9 am Interim Report January-March 2003 SPONDA S FIRST QUARTER RESULT AS EXPECTED Sponda Group recorded a first-quarter net profit of EUR 6.9 (79.5) million.

More information

NORVES TIA INTERIM REPORT 1.1. 30.9.2006

NORVES TIA INTERIM REPORT 1.1. 30.9.2006 NORVES TIA INTERIM REPORT 1.1. 30.9.2006 The dividend-adjusted net asset value grew EUR 14.7 million during the period, which corresponds to 9.8 %. During the same period last year the net asset value

More information

Consolidated Quarterly Report of Baader Bank AG as at 31.03.2015

Consolidated Quarterly Report of Baader Bank AG as at 31.03.2015 Consolidated Quarterly Report of Baader Bank AG as at 31.03.2015 OVERVIEW OF KEY FIGURES RESULTS OF OPERATIONS Q1 2015 Q1 2014 Change in % Net interest income EUR thousand -95 869 >-100.0 Current income

More information

Interim Report January June 2001

Interim Report January June 2001 556025-5001 31 July 2001 Interim Report January June 2001 Quarter January-June MSEK 2001 II 2001 I 2000 II 2001 2000 Net turnover, MSEK 1,742 1,840 1,612 3,582 3,200 Operating profit, MSEK 319 469 290

More information

Technopolis Plc. Q3 Review

Technopolis Plc. Q3 Review Technopolis Plc Q3 Review Technopolis Group OULU KUOPIO JYVÄSKYLÄ LAPPEENRANTA TAMPERE PIETARI CAPITAL CITY AREA Specializing in business environments for high-tech companies The only STP chain in Europe

More information

Pohjola Group. 31 March 2008

Pohjola Group. 31 March 2008 Pohjola Group 31 March 2008 Group business structure Strategy Interim report 31 March 2008 Pohjola Group Banking and Investment Services Non-life Insurance Acquisition synergies Prospects for 2008 Dividend

More information

TECHNOPOLIS. The Art of Innovation Ecosystems

TECHNOPOLIS. The Art of Innovation Ecosystems TECHNOPOLIS The Art of Innovation Ecosystems OULU JYVÄSKYLÄ KUOPIO LAPPEENRANTA TAMPERE ST. PETERSBURG GREATER HELSINKI Only STP Chain in Europe Hi-tech customer service specialist Fast growth, strong

More information

Teleste Corporation Interim Report 1.1. 30.9.2002

Teleste Corporation Interim Report 1.1. 30.9.2002 Teleste Corporation Interim Report 1.1. 30.9.2002 Teleste Corporation Interim Report 1.1. 30.9.2002 The decline in network operators investments in Teleste s core business has not eased off Market outlook

More information

Bank Austria posts net profit of EUR 350 million for the first quarter

Bank Austria posts net profit of EUR 350 million for the first quarter Bank Austria IR Release Günther Stromenger +43 (0) 50505 57232 Vienna, 13 May 2014 Results for the first quarter of 2014: Bank Austria posts net profit of EUR 350 million for the first quarter Sound commercial

More information

Technopolis Group. 2008 Review

Technopolis Group. 2008 Review Technopolis Group 2008 Review Technopolis Group OULU KUOPIO JYVÄSKYLÄ LAPPEENRANTA TAMPERE PIETARI Capital Area Specializing in business environments for high-tech companies The biggest STP chain in Europe

More information

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University

More information

ASPOCOMP GROUP Oyj STOCK EXCHANGE BULLETIN July 28,2000 14.30PM 1(7)

ASPOCOMP GROUP Oyj STOCK EXCHANGE BULLETIN July 28,2000 14.30PM 1(7) ASPOCOMP GROUP Oyj STOCK EXCHANGE BULLETIN July 28,2000 14.30PM 1(7) ASPOCOMP INTERIM REPORT JANUARY 1 JUNE 30, 2000 Net sales for the first six months of the year increased 25.3 % totalling EUR 122.2

More information

Interim report 1 Jan -31 Mar 2007. Kari Inkinen CEO

Interim report 1 Jan -31 Mar 2007. Kari Inkinen CEO Interim report 1 Jan -31 Mar 2007 Kari Inkinen CEO 1 2 Market review GDP growth % Finland Euro Area USA Japan 7 6 5 4 3 2 1 0-1 -2-3 1997 1998 1999 2000 2001 2002 2003 2004 2005* 2006* 2007** ** Estimated

More information

March 31, 2006 TABLE OF CONTENTS

March 31, 2006 TABLE OF CONTENTS March 31, 2006 TABLE OF CONTENTS Managing Director s review 2 Lending 3 Funding 3 Risk management and internal audit 4 Capital adequacy and own funds 4 Credit Ratings 4 Operating result 4 Personnel and

More information

Appendix 8 UPM-KYMMENE CORPORATION PROPOSAL OF THE BOARD OF DIRECTORS PROPOSAL FOR THE DISTRIBUTION OF PROFITS On 31 December 2010, the distributable funds of the parent company were EUR 3,275,850,998.96.

More information

Investment funds. Annual Review 2014

Investment funds. Annual Review 2014 Investment funds Annual Review 14 Finnish investment funds' assets in BRICS countries in 9 14 5 4 3 1 South Africa China India Russia Brazil Proportion of BRICS countries of all assets (right scale) EUR

More information

FINNISH INSURANCE IN 2014 PUBLICATIONS AND SURVEYS 2015 27 APRIL 2015

FINNISH INSURANCE IN 2014 PUBLICATIONS AND SURVEYS 2015 27 APRIL 2015 FINNISH INSURANCE IN 2014 PUBLICATIONS AND SURVEYS 2015 27 APRIL 2015 FINNISH INSURANCE IN 2014 1 FINNISH INSURANCE IN 2014 2 FINNISH INSURANCE IN 2014 CONTENTS Highlights 4 Insurance market developments

More information

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

Quarterly Statement Three-Month Results

Quarterly Statement Three-Month Results Quarterly Statement Three-Month Results 2016 Key events and transactions 2 DVB posts reasonable consolidated net income before taxes for the first quarter of 2016 During the first three months of 2016,

More information

Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

Commerzbank: Operating profit more than doubled to EUR 685 m in the first quarter of 2015

Commerzbank: Operating profit more than doubled to EUR 685 m in the first quarter of 2015 Press release For business desks 7 May 2015 Commerzbank: Operating profit more than doubled to EUR 685 m in the first quarter of 2015 Revenues before loan loss provisions in the Group increased year-on-year

More information

THE IMPACT OF THE CAPITAL MARKET

THE IMPACT OF THE CAPITAL MARKET THE IMPACT OF THE CAPITAL MARKET TURBULENCE ON Banks funding costs Introduction This article examines the main funding sources used by banks in Australia and provides some estimates of how the financial

More information

Economic Outlook for Europe and Finland

Economic Outlook for Europe and Finland Economic Outlook for Europe and Finland Finnish-British Chamber of Commerce 15 March 213 Seppo Honkapohja Member of the Board Bank of Finland 1 World economy: World industrial output improved, but international

More information

Pekka Paasikivi Chairman of the Board of Oras Invest Oy b. 1944, BSE

Pekka Paasikivi Chairman of the Board of Oras Invest Oy b. 1944, BSE Members of the Nomination Board Pekka Paasikivi Chairman of the Board of Oras Invest Oy b. 1944, BSE Kemira Oyj, Member and Chairman of the Nomination Board since 2012 Tikkurila Oyj, Member and Chairman

More information

Investors Presentation Solutions made in plastic

Investors Presentation Solutions made in plastic Page 1 Investors Presentation, Q3: Nine Month Figures 2014 / 2015 Investors Presentation Q3: Nine Month Figures 2014 / 2015 Solutions made in plastic Page 2 Investors Presentation, Q3: Nine Month Figures

More information

Citi Global Financial Conference Hong Kong, 19 November 2013

Citi Global Financial Conference Hong Kong, 19 November 2013 Citi Global Financial Conference Hong Kong, 19 November 2013 Hanse Ringström, Chairman SEB Asia Ulf Grunnesjö, Head of Investor Relations 1 SEB the Nordic corporate bank with a global reach Income distribution

More information

Consolidated Nine-month Report of Baader Bank AG as of 30 September 2012

Consolidated Nine-month Report of Baader Bank AG as of 30 September 2012 Consolidated Nine-month Report of Baader Bank AG as of 30 September 2012 Overview of key figures EARNINGS 1 Jan. - 30 Sept. 2012 1 Jan. - 30 Sept. 2011 Change % Net interest income thou. 4.06 4.66-13.0

More information

Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges Where

More information

Pohjola Bank plc s Interim Report for 1 January 30 September 2011

Pohjola Bank plc s Interim Report for 1 January 30 September 2011 Pohjola Bank plc s Interim Report for 1 January 30 September Q3 Pohjola Bank plc Stock exchange release, 2 November, 8.00 am Interim Report Pohjola Group Performance for January September Consolidated

More information

TECHNOPOLIS GROUP Q2/2011

TECHNOPOLIS GROUP Q2/2011 TECHNOPOLIS GROUP Q2/2011 Technopolis Group A profitable growth company A real estate-service hybrid Business environments for knowledge-intensive companies Our specialty is the creation, management and

More information

GOVERNMENT PENSION FUND GLOBAL ANNUAL REPORT

GOVERNMENT PENSION FUND GLOBAL ANNUAL REPORT 2014 GOVERNMENT PENSION FUND GLOBAL ANNUAL REPORT OUR MISSION IS TO SAFEGUARD AND BUILD FINANCIAL WEALTH FOR FUTURE GENERATIONS CONTENTS HIGHLIGHTS 2014 in figures 4 MANAGEMENT Chairman of the Executive

More information

Global bond investing

Global bond investing Global bond investing Todd Schlanger, CFA Investment Strategy Group Vanguard Asset Management, Limited This document is directed at professional investors and should not be distributed to, or relied upon

More information

First Quarter Financial Results. 7 May 2009 Kari Inkinen, President and CEO Erik Hjelt, CFO Pia Arrhenius, SVP, IR

First Quarter Financial Results. 7 May 2009 Kari Inkinen, President and CEO Erik Hjelt, CFO Pia Arrhenius, SVP, IR First Quarter Financial Results 7 May 2009 Kari Inkinen, President and CEO Erik Hjelt, CFO Pia Arrhenius, SVP, IR Q1 2009 highlights Financial position Market review Operational review Prospects for 2009

More information

Consolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards]

Consolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards] The figures for these Financial Statements are prepared in accordance with the accounting principles based on Japanese law. Accordingly, they do not necessarily match the figures in the Annual Report issued

More information

September 2013 Harvard Management Company Endowment Report Message from the CEO

September 2013 Harvard Management Company Endowment Report Message from the CEO Introduction For the fiscal year ended June 30, 2013 the return on the Harvard endowment was 11.3% and the endowment was valued at $32.7 billion. The return exceeded our benchmark by a healthy 223 basis

More information

Vattenfall Q2 2013 results

Vattenfall Q2 2013 results Vattenfall Q2 2013 results Øystein Løseth, CEO and Ingrid Bonde, CFO Conference call for analysts and investors, 23 July 2013 Q2 Highlights Impairment charges on thermal assets and goodwill amounting to

More information

Balance of payments and international investment position

Balance of payments and international investment position National Accounts 2015 Balance of payments and international investment position Current account in deficit in the second quarter, net capital outflow from Finland Current account deficit in the second

More information

ANNUAL REPORT. Mutual Funds Administered by Danske Invest Fund Management Ltd

ANNUAL REPORT. Mutual Funds Administered by Danske Invest Fund Management Ltd ANNUAL REPORT 2013 Mutual Funds Administered by Danske Invest Fund Management Ltd Danske Invest Fund Management Ltd Registered domicile and address Helsinki Hiililaiturinkuja 2 00075 DANSKE BANK Business

More information

Main Indicators for the Finnish Economy

Main Indicators for the Finnish Economy BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 1/11 January 1 January 11 Monetary Policy and Research - Financial Markets and Statistics

More information

Finnair Group Interim Report 1 January 30 September 2010

Finnair Group Interim Report 1 January 30 September 2010 Finnair Group Interim Report 1 January 30 September 2010 Cautious growth in the sector Demand has gradually returned during this year Business travel has clearly picked up Capacity has increased less quickly

More information

Main Indicators for the Finnish Economy

Main Indicators for the Finnish Economy BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 3/11 17 March 11 Main Indicators for the Finnish Economy is produced jointly by the

More information

FLASH ECONOMICS. Can a central bank keep real interest rates abnormally low over the long term? ECONOMIC RESEARCH. 2 June 2016 No.

FLASH ECONOMICS. Can a central bank keep real interest rates abnormally low over the long term? ECONOMIC RESEARCH. 2 June 2016 No. ECONOMICS ECONOMIC RESEARCH June 1 No. 53 Can a central bank keep real interest rates abnormally low over the long term? According to the usual theory: - In the short term, an expansionary monetary policy

More information

SAMPO GROUP RESULTS FOR 2015. Contents

SAMPO GROUP RESULTS FOR 2015. Contents 10 FEBRUARY 2016 Contents 3 Summary 5 Fourth quarter in brief 6 Business areas 6 P&C insurance 9 Associated company Nordea Bank AB 11 Life insurance 13 Holding 14 Other developments 14 Personnel 14 Remuneration

More information

UPM-Kymmene Corporation Financial Review 2004. Jussi Pesonen, President and CEO February 1, 2005

UPM-Kymmene Corporation Financial Review 2004. Jussi Pesonen, President and CEO February 1, 2005 UPM-Kymmene Corporation Financial Review 2004 Jussi Pesonen, President and CEO February 1, 2005 Year 2004 in a nutshell Good growth in paper demand - record paper deliveries Record paper deliveries (million

More information

Q1 2015 INTERIM REPORT JANUARY MARCH

Q1 2015 INTERIM REPORT JANUARY MARCH Q1 2015 INTERIM REPORT JANUARY MARCH 2 Contents GENERAL Business Developments Overview 3 Beiersdorf s Shares 4 INTERIM MANAGEMENT REPORT GROUP Results of Operations Group 5 Results of Operations Business

More information

ECB Financial Stability Review

ECB Financial Stability Review Vítor Constâncio ECB Financial Stability Review May 214 28 May 214 Press conference presentation Rubric Recent developments Measures of banking system stress have eased further as banking union preparations

More information

44 ECB STOCK MARKET DEVELOPMENTS IN THE LIGHT OF THE CURRENT LOW-YIELD ENVIRONMENT

44 ECB STOCK MARKET DEVELOPMENTS IN THE LIGHT OF THE CURRENT LOW-YIELD ENVIRONMENT Box STOCK MARKET DEVELOPMENTS IN THE LIGHT OF THE CURRENT LOW-YIELD ENVIRONMENT Stock market developments are important for the formulation of monetary policy for several reasons. First, changes in stock

More information

Main Indicators for the Finnish Economy

Main Indicators for the Finnish Economy BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy /1 13 April 1 13 April 1 Monetary Policy and Research - Financial Markets and Statistics

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

5. Foreign Exchange Market

5. Foreign Exchange Market CBC Annual Report 5. Foreign Exchange Market Slight Appreciation of the NT Dollar On a daily average basis, the trade-weighted nominal effective exchange rate index of the NT dollar slightly increased

More information

Investor Relations Release

Investor Relations Release Release 29 August 2011 BayernLB Interim Report 2011: Stable earnings trend in customer business continues in the second quarter Earnings before taxes of EUR 244 million in H1 2011 are generated entirely

More information

First Half 2014 Taiwan Life Insurance Market Overview

First Half 2014 Taiwan Life Insurance Market Overview First Half 2014 Taiwan Life Insurance Market Overview I. Life Insurance Industry Business and Financial Overview A. Business Statistical Overview The life insurance industry in Taiwan delivered NTD1,340.5

More information

2. The European insurance sector 1

2. The European insurance sector 1 2. The European insurance sector 1 As discussed in Chapter 1, the economic conditions in European countries are still fragile, despite some improvements in the first half of 2013. 2.1. Market growth The

More information

Bank Austria IR Release

Bank Austria IR Release Bank Austria IR Release Günther Stromenger +43 (0) 50505 57232 Vienna, 12 February 2015 Preliminary results 1 for the 2014 financial year: Bank Austria posts net profit of about EUR 1.4 billion Sound operating

More information

*See note 4 to our Summary Financial Information table below concerning our current operational and reporting structure

*See note 4 to our Summary Financial Information table below concerning our current operational and reporting structure INTERIM REPORT 1(39) Nokia Corporation Interim Report for Q1 2014 FINANCIAL AND OPERATING HIGHLIGHTS First quarter 2014 highlights for continuing operations*: Nokia s non-ifrs diluted EPS in Q1 2014 of

More information

Apetit Plc Interim Report, January June 2015

Apetit Plc Interim Report, January June 2015 Apetit Plc Interim Report, January June 2015 Second quarter (April June) Consolidated net sales were up on the previous year and amounted to EUR 100.2 (98.1) million. Operating profit excluding non-recurring

More information

ANNOUNCEMENT OF FINANCIAL RESULTS. PANASONIC REPORTS ANNUAL NET LOSS - Sales declines and business restructuring expenses cause net loss -

ANNOUNCEMENT OF FINANCIAL RESULTS. PANASONIC REPORTS ANNUAL NET LOSS - Sales declines and business restructuring expenses cause net loss - FOR IMMEDIATE RELEASE Media Contacts: May 15, 2009 Investor Relations Contacts: Akira Kadota (Japan) Kazuo Sasaki (Japan) International PR Investor Relations (Tel: +81-3-3578-1237) (Tel: +81-6-6908-1121)

More information

Finnair Group. Financial Statement 1 January 31 December 2007

Finnair Group. Financial Statement 1 January 31 December 2007 Finnair Group Financial Statement 1 January 31 December 2007 Finnair clearly above European level European network airlines grew five per cent, Finnair s scheduled traffic 18.5 per cent Finnair fastest

More information

Agenda. CEO s review Veli-Matti Mattila, CEO. Financial review Jari Kinnunen, CFO

Agenda. CEO s review Veli-Matti Mattila, CEO. Financial review Jari Kinnunen, CFO Agenda CEO s review Veli-Matti Mattila, CEO Financial review Jari Kinnunen, CFO CEO s review Q1 2013 financial and operational highlights Segment review Strategy execution Outlook for 2013 3 Q1 2013 highlights

More information

www.medirectbank.be Quarterly Report Wealth Management All content 2016 MeDirect More information visit www.medirectbank.be July - September 2015

www.medirectbank.be Quarterly Report Wealth Management All content 2016 MeDirect More information visit www.medirectbank.be July - September 2015 www.medirectbank.be Quarterly Report Wealth Management July - September 2015 All content 2016 MeDirect More information visit www.medirectbank.be In a volatile year such as 2015, a good asset manager proves

More information

High interest rates have contributed to a stronger currency

High interest rates have contributed to a stronger currency Financial markets and Central Bank measures: 1 High interest rates have contributed to a stronger currency The króna has appreciated after the extension of the exchange rate band and the Central Bank s

More information

TECHNOPOLIS GROUP Q1/2012

TECHNOPOLIS GROUP Q1/2012 TECHNOPOLIS GROUP Q1/2012 Technopolis Group Value-added real estate & services Focus on smart business centers Scalable for international growth Geographic focus on Nordic-Baltic 1,400 customers employing

More information

NATURE AND SPECIFIC RISKS OF THE MAIN FINANCIAL INSTRUMENTS

NATURE AND SPECIFIC RISKS OF THE MAIN FINANCIAL INSTRUMENTS NATURE AND SPECIFIC RISKS OF THE MAIN FINANCIAL INSTRUMENTS The present section is intended to communicate to you, in accordance with the Directive, general information on the characteristics of the main

More information

When rates rise, do stocks fall?

When rates rise, do stocks fall? PRACTICE NOTE When rates rise, do stocks fall? The performance of equities and other return-seeking assets in rising and falling interest rate scenarios, January 1970 through September 2013 William Madden,

More information

BANK OF ISRAEL Office of the Spokesperson and Economic Information. Report to the public on the Bank of Israel s discussions prior to deciding on the

BANK OF ISRAEL Office of the Spokesperson and Economic Information. Report to the public on the Bank of Israel s discussions prior to deciding on the BANK OF ISRAEL Office of the Spokesperson and Economic Information September 7, 2015 Report to the public on the Bank of Israel s discussions prior to deciding on the General interest rate for September

More information

Rating Alfa. Summary. Kotkan Konepaja Oy Kotolahdentie 3 48310 Kotka PL 147, 48101 Kotka

Rating Alfa. Summary. Kotkan Konepaja Oy Kotolahdentie 3 48310 Kotka PL 147, 48101 Kotka Suomen Asiakastieto Oy Finland / Rating Alfa 11.01.2007 16:31:13 Rating Alfa Kotkan Konepaja Oy Kotolahdentie 3 48310 Kotka PL 147, 48101 Kotka Data supplied on 11.01.2007 Summary Telephone: +358 0102346580

More information

PRESS RELEASE. Loyal customers grew by 1.2 million, to 13.8 million, and digitally active customers by 2.5 million, to 16.6 million.

PRESS RELEASE. Loyal customers grew by 1.2 million, to 13.8 million, and digitally active customers by 2.5 million, to 16.6 million. 2015 RESULTS Banco Santander delivers on its targets and earns EUR 5.966 million (+3%), with strong underlying performance of 13% based on increasing customer satisfaction and loyalty PRESS RELEASE In

More information

Corporate Transparency Sustainability Reporting 2020

Corporate Transparency Sustainability Reporting 2020 Corporate Transparency Sustainability Reporting 2020 Teresa Fogelberg, Deputy Chief Executive Yritysvastuun ajankohtaiset asiat, June 2, 2014 Making sense of sustainability What is sustainability reporting?

More information

OP-Pohjola Group Report by the Executive Board and Financial Statements 2013

OP-Pohjola Group Report by the Executive Board and Financial Statements 2013 Report by the Executive Board and Financial Statements 2013 List of contents Report by the Executive Board 's Report by the Executive Board 2013 2013 in Brief 1 Operating Environment 3 's earnings analysis

More information

Q1 2015 INTERIM REPORT

Q1 2015 INTERIM REPORT Q1 2015 INTERIM REPORT eq Plc EXCHANGE RELEASE

More information

Portfolio Bonds. Balanced Growth

Portfolio Bonds. Balanced Growth Portfolio Bonds Balanced Growth SALE PERIOD: 1 June 4 September 2015 INVESTMENT PERIOD: About 6 years REFERENCE ASSETS: 3 equity indices which represent the US, European and Pan Asian markets Portfolio

More information

ITALIAN INSURANCE IN FIGURES. Year 2015

ITALIAN INSURANCE IN FIGURES. Year 2015 ITALIAN INSURANCE IN FIGURES Year 2015 The Italian insurance industry gives a significant contribution to the economy and to the society, offering a wide range of services aiming at risk protection: from

More information

Analysts and Investors conference call Q1 2014 results 15 May 2014

Analysts and Investors conference call Q1 2014 results 15 May 2014 Analysts and Investors conference call Q1 2014 results 15 May 2014 DISCLAIMER This presentation has been prepared by Air Berlin PLC. No representation, warranty or undertaking, express or implied, is made

More information

Quest for Growth Results for Q3, January-March 2003

Quest for Growth Results for Q3, January-March 2003 Quest for Growth Results for Q3, January-March 2003 1 Jan Keuppens joins Quest Management Investment Manager Quoted Portfolio of Quest for Growth Former technology analyst with AXA Investment Managers,

More information

Consolidated Half-year Report of Baader Bank AG as at 30 June 2015

Consolidated Half-year Report of Baader Bank AG as at 30 June 2015 Consolidated Half-year Report of Baader Bank AG as at 30 June 2015 OVERVIEW OF KEY FIGURES RESULTS OF OPERATIONS 01.01.-30.06.2015 01.01.-30.06.2014 Change in % Net interest income EUR thousand -100 1,017

More information

Commerzbank: Operating profit improved after nine months of 2015 to EUR 1.5 bn CET 1 ratio increased to 10.8%

Commerzbank: Operating profit improved after nine months of 2015 to EUR 1.5 bn CET 1 ratio increased to 10.8% IR release 2 November 2015 Commerzbank: Operating profit improved after nine months of 2015 to EUR 1.5 bn CET 1 ratio increased to 10.8% Operating profit in Group in third quarter at EUR 429 m (Q3 2014:

More information

Nuclear Power Financing in Finland Past experiences and future challenges. Jean-Francois Tapprest 07.10.2010

Nuclear Power Financing in Finland Past experiences and future challenges. Jean-Francois Tapprest 07.10.2010 Nuclear Power Financing in Finland Past experiences and future challenges Jean-Francois Tapprest 07.10.2010 Agenda The experience of financing OL3 Financing of new plants in Finland Case Lithuania Visaginas

More information

Equity per share (NOK) 147 123 131 Equity ratio 39 % 38 % 36 % Non-current net asset value per share (NOK) (EPRA NNNAV) 2) 184 152 165

Equity per share (NOK) 147 123 131 Equity ratio 39 % 38 % 36 % Non-current net asset value per share (NOK) (EPRA NNNAV) 2) 184 152 165 REPORT FOR Q2 AND THE FIRST 6 MONTHS OF 2015 KEY FIGURES Amounts in NOK million Q2 2015 Q2 2014 30.06.15 30.06.14 2014 Net rental income 501 450 1 005 904 1 883 Fair value adjustments in investment properties

More information

Words from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 5 Local government lending 6 Funding 6 Results 6 Balance sheet

Words from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 5 Local government lending 6 Funding 6 Results 6 Balance sheet Words from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 5 Local government lending 6 Funding 6 Results 6 Balance sheet 7 Events after the balance sheet date 8 Income statement

More information

Interim Statements Three-Month Results

Interim Statements Three-Month Results Interim Statements Three-Month Results 2015 Substantial events and deals 2 DVB Bank posts strong results for the first quarter of 2015 DVB more than doubled consolidated net income, from 33.9 million to

More information

DIGIA PLC Q1 2015: NET SALES AND OPERATING PROFIT INCREASE ON THE BACK OF QT'S VIGOROUS GROWTH (30.9%)

DIGIA PLC Q1 2015: NET SALES AND OPERATING PROFIT INCREASE ON THE BACK OF QT'S VIGOROUS GROWTH (30.9%) DIGIA PLC Q1 2015: NET SALES AND OPERATING PROFIT INCREASE ON THE BACK OF QT'S VIGOROUS GROWTH (30.9%) Summary January-March Consolidated net sales: EUR 25.7 (24.0) million, up 7.1 per cent Operating profit

More information

DANMARKS NATIONALBANK DANISH GOVERNMENT DEBT MANAGEMENT POLICY

DANMARKS NATIONALBANK DANISH GOVERNMENT DEBT MANAGEMENT POLICY DANMARKS NATIONALBANK DANISH GOVERNMENT DEBT MANAGEMENT POLICY Strategy 2nd half of 2014 Published 24 June 2014 - Translation KEY ISSUES, 2ND HALF OF 2014 The strategy for the central government debt policy

More information

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably

More information

PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT

PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT PENSIONS INVESTMENTS LIFE INSURANCE PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT FOR PERSONAL RETIREMENT SAVINGS ACCOUNT () PRODUCTS WITH AN ANNUAL FUND MANAGEMENT CHARGE OF 1% - JULY 201 Thank

More information

CESEE DELEVERAGING AND CREDIT MONITOR 1

CESEE DELEVERAGING AND CREDIT MONITOR 1 CESEE DELEVERAGING AND CREDIT MONITOR 1 November 4, 214 Key Developments in BIS Banks External Positions and Domestic Credit In 214:Q2, BIS reporting banks reduced their external positions to CESEE countries

More information

Appendix. Debt Position and Debt Management

Appendix. Debt Position and Debt Management Appendix Debt Position and Debt Management BUDGET '97 BUILDING ALBERTA TOGETHER Table of Contents Debt Position and Debt Management... 349 The Consolidated Balance Sheet and Net Debt... 350 Liabilities...

More information

Press Release. Major Elements of the Consolidated Accounts. Balance Sheet

Press Release. Major Elements of the Consolidated Accounts. Balance Sheet Presse und Kommunikation MAIN TOWER Neue Mainzer Straße 52-58 60311 Frankfurt am Main www.helaba.de Tel.: +49 (0) 69 / 9132 2192 Wolfgang Kuß E-Mail: wolfgang.kuss@helaba.de Ursula-Brita Krück E-Mail:

More information

Materials for FY2015 1Q Results Briefing - Conference Call. Aug. 7, 2015 (Fri)

Materials for FY2015 1Q Results Briefing - Conference Call. Aug. 7, 2015 (Fri) Materials for FY2015 1Q Results Briefing - Conference Call Aug. 7, 2015 (Fri) Contents Summary of FY 2015 1Q Results Consolidated Earnings for FY 2015 1Q Page 1-4 Domestic Non-life Insurance Companies

More information

H1 2015 INTERIM REPORT JANUARY JUNE

H1 2015 INTERIM REPORT JANUARY JUNE H1 2015 INTERIM REPORT JANUARY JUNE 2 Contents GENERAL Business Developments Overview 3 Beiersdorf s Shares 4 INTERIM MANAGEMENT REPORT GROUP Results of Operations Group 5 Results of Operations Business

More information

InterContinental Hotels Group

InterContinental Hotels Group InterContinental Hotels Group International Savings & Retirement Plan Investment Guide Sherine InterContinental Hotels & Resorts InterContinental Hotels Group International Savings & Retirement Plan Introduction

More information

DIGIA PERFORMED VERY WELL IN 2015. STRONG GROWTH OF NET SALES CONTINUED IN Q4.

DIGIA PERFORMED VERY WELL IN 2015. STRONG GROWTH OF NET SALES CONTINUED IN Q4. DIGIA PERFORMED VERY WELL IN 2015. STRONG GROWTH OF NET SALES CONTINUED IN Q4. Digia Plc Financial Statement Bulletin 2015 and Interim Report Q4/2015 Juha Varelius 4 February 2016 Digia in brief Finnish

More information

Metsä Board Debt investor presentation Q2/2015. 6 August 2015

Metsä Board Debt investor presentation Q2/2015. 6 August 2015 Metsä Board Debt investor presentation Q2/2015 Strong financing situation continues EUR million 1000 750 Net debt Gross debt EUR 671 million and net debt EUR 389 million at the end of Q2/2015 (EUR 319

More information

Metsä Board Metsä Board

Metsä Board Metsä Board Metsä Board Financial 215 Financial statements statements review review 215 Highlights in 215 Paperboard delivery volumes increased by 12% compared to 214 Operating profit improved 32% Strong operating

More information

FINANCIAL RESEARCH SEPTEMBER 2015. Auto ABS from an EDW-Perspective

FINANCIAL RESEARCH SEPTEMBER 2015. Auto ABS from an EDW-Perspective FINANCIAL RESEARCH SEPTEMBER 2015 Auto ABS from an EDW-Perspective MANAGEMENT SUMMARY 1. This analysis builds on our study Fasten Your Seatbelts - European Auto ABS on the Rise, in which we undertook a

More information

US Dollar Debt of Emerging Market Firms

US Dollar Debt of Emerging Market Firms US Dollar Debt of Emerging Market Firms Sasha Kofanova, Aaron Walker and Eden Hatzvi* US dollar-denominated borrowings by emerging market (EM) corporations have increased rapidly in recent years, raising

More information

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research Fixed Income 2015 Update Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research 1 Fed: Slow and Low 2015 Fixed Income Outlook 2 Yield Curve Flattening 3

More information

Trends in the European Investment Fund Industry. in the Second Quarter of 2014. Results for the first half of 2014

Trends in the European Investment Fund Industry. in the Second Quarter of 2014. Results for the first half of 2014 Quarterly Statistical Release September 2014, N 58 This release and other statistical releases are available on efama s website (www.efama.org) Trends in the European Investment Fund Industry in the Second

More information