CONTENTS. Annual Report. Annual Accounts. Other information

Size: px
Start display at page:

Download "CONTENTS. Annual Report. Annual Accounts. Other information"

Transcription

1 Annual Report 2000

2

3 Managing Board L.G. van Aken (1941) F. Th. J. Arp (1954) W.O. Kok (1961) J. Olde Kalter (1944) H. Schor (until 28 February 2001) (1940) A. J. Swartjes (1949) 2

4 CONTENTS 2 Managing Board 4 Supervisory Board Members 5 Report of the Supervisory Board to the shareholders 7 Consolidated key figures 8 Report for the year 2000 of Stichting Administratiekantoor van aandelen N.V. Holdingmaatschappij De Telegraaf Annual Report 9 The Company 16 Amsterdam operations 16 De Telegraaf 19 BasisMedia 20 De Telegraaf Tijdschriften Groep 21 Miscellaneous 24 Activities outside Amsterdam 24 Hollandse Huis-aan-huisbladen Combinatie 25 Hollandse Dagbladcombinatie 25 Media Groep Limburg 27 Biegelaar Groep 28 Participating interests 31 Prospects Annual Accounts 32 Consolidated balance sheet 33 Consolidated profit and loss account 34 Principles of consolidation, valuation and determination of the result 38 Notes to the consolidated balance sheet 42 Notes to the consolidated profit and loss account 45 Cash flow statement 46 Information by business segments 48 Balance sheet of N.V. Holdingmaatschappij De Telegraaf 49 Profit and loss account of N.V. Holdingmaatschappij De Telegraaf 50 Notes to the balance sheet and profit and loss account Other information 54 Consolidated balance sheet in euros 55 Consolidated profit and loss account in euros 56 Publications and activities of the Telegraaf company 59 Auditors report and dividend proposal 60 Events after the balance sheet date 61 Profit appropriation as provided for in the articles of association 62 Special rights under the articles of association 64 Key figures as at the balance sheet date in guilders 66 Key figures as at the balance sheet date in euros 3

5 Supervisory Board Members A.J. van Puijenbroek, chairman Age: years Nationality: Dutch Position: director of N.V. Exploitatiemaatschappij Van Puijenbroek Supervisory Board memberships:... a few subsidiaries of N.V. Holdingmaatschappij De Telegraaf Initial appointment: Current term: W.H. Charles, vice-chairman Age: years Nationality: Dutch Position: former member of the Managing Board of N.V. Holdingmaatschappij De Telegraaf Supervisory Board memberships:... a few subsidiaries of N.V. Holdingmaatschappij De Telegraaf Initial appointment: Current term: J.A. Brewer-de Koster, secretary Age: years Nationality: Dutch Position: Current term: W. Overmars Age: years Nationality: Dutch Supervisory Board memberships:... ABN Amro Holding N.V., Bavaria N.V., PontEcen N.V. Initial appointment: Current term: W. van Voorden Age: years Nationality: Dutch Position: chairman of CTZ (College Toezicht Zorgverzekeringen) as of , professor Erasmus Universiteit Rotterdam Supervisory Board memberships:... Batenburg Beheer N.V., Instituut voor Onderzoek van Overheidsuitgaven (IOO ) Initial appointment: Current term: H.L. Weenen Age: years Nationality: Dutch Position: general director of Informix Software Initial appointment: Current term:

6 Report of the Supervisory Board to the shareholders We are pleased to present you with the report, the balance sheet as at 31 December 2000, and the profit and loss account for 2000 with the notes thereto, as drawn up by the Managing Board. The annual accounts have been audited and approved by Deloitte & Touche Accountants, Leiden, as shown by the auditors report included in this report. The annual accounts were reviewed with the auditor at the yearly meeting between the auditor and the Supervisory Board. They were subsequently adopted by the Board. In accordance with the proposal, Mr H.L. Weenen and Mr W. Overmars were reappointed to the Supervisory Board with the approval of the General Meeting of Shareholders of 25 May We intend to reappoint Mr W. van Voorden to the Supervisory Board if the General Meeting of Shareholders does not object to the proposed appointment and if the General Meeting does not nominate anyone else for a position on the Supervisory Board. The Works Councils of our company have given a positive advice in respect of the proposed reappointment. During the past year, the Supervisory Board met ten times with the Managing Board and focused its attention on personnel and organisation, strategy, business risks, as well as the development of new activities and financial affairs. Two meetings have taken place at subsidiaries outside Amsterdam. Much attention was given to acquisitions, including the takeover of Uitgeversmaatschappij De Limburger, to participating interests in companies which exploit woonkrant.nl, zoomnet.nl and reiskrant.nl, to the introduction of the free newspaper Newsl.nl, Regio-i and investments at subsidiaries. During a single meeting not attended by the Managing Board, the Supervisory Board discussed its own performance, its relations with the Managing Board and the Managing Board s composition and performance. During the year under review, members of the Supervisory Board attended a few consultative meetings of the Works Council of the Amsterdam businesses. We would like to express our appreciation to the Managing Board and the staff for the way in which they performed their tasks in We recommend: That the annual accounts for 2000 be approved in accordance with the documents presented to you, to discharge both the Managing Board for the policy pursued and the Supervisory Board for the supervision. That the dividend per share of NLG 0.50 par value for the financial year 2000 be fixed at NLG 0.84 in cash (1999: NLG 0.98 in cash per share of NLG 0.50 par value). That the dividend be made payable on 14 May 2001 at ABN Amro Bank N.V., Amsterdam. On behalf of the Supervisory Board A.J. van Puijenbroek Amsterdam, 20 March

7 N.V. HOLDINGMAATSCHAPPIJ DE TELEGRAAF (consolidated key figures) In thousands of guilders, unless otherwise stated Net turnover 1,787,533 1,589,614 Operating profit before depreciation of goodwill 223, ,088 Operating profit after depreciation of goodwill 177, ,261 Financial revenue and charges 2,021 24,508 Pre-tax result from ordinary trading 175, ,769 Company tax on result from ordinary trading 68,111 76,960 Extraordinary result after tax Result after tax 106, ,787 Profit appropriation: Other reserves Profit distribution Pay-out ratio 62,676 44, % 91,338 51, % Cash flow 250, ,204 Per share of NLG 0.50: Profit Cash flow Dividend NLG 2.03 NLG 4.78 NLG 0.84 NLG 2.72 NLG 5.07 NLG 0.98 Number of employees at year-end 6,070 5,337 7

8 Report for the year 2000 of Stichting Administratiekantoor van aandelen N.V. Holdingmaatschappij De Telegraaf In the year 2000, the total number of convertible depositary receipts in N.V. Holdingmaatschappij De Telegraaf issued by our foundation increased by 343,356 to 24,507,662 (of NLG 0.50 par value) as at 31 December 2000, and representing a nominal amount of NLG 12,253,831. These depositary receipts were matched by an equal number of shares held at the trust office. At the Board Meeting of 2 May 2000, Mr A Harms and Mr G.A. van Hasselt were reappointed as Board Member A. Also is discussed filling in the vacancy of Mr G.A. van Hasselt in April 2001 in connection with reaching the age limit laid down in the Articles of Association. The General Meeting of Shareholders of N.V. Holdingmaatschappij De Telegraaf was held in Amsterdam on 25 May Our foundation, represented by its Chairman Mr G.A. van Hasselt, cast its vote in respect of the recommendations made by the Supervisory Board to adopt the balance sheet as at 31 December 1999, the 1999 profit and loss account and the profit appropriation. Our foundation supported the proposal to authorise the Managing Board to repurchase shares and to reappoint Mr A.J. van Puijenbroek to the Supervisory Board in accordance with the Board s recommendation. Our foundation also supported the reappointment of Deloitte & Touche as auditors of N.V. Holdingmaatschappij De Telegraaf and the foundation supported the increase of payment of the Supervisory Board of N.V. Holdingmaatschappij De Telegraaf. Stichting Adminstratiekantoor van aandelen N.V. Holdingmaatschappij De Telegraaf G.A. van Hasselt, Chairman Mrs J.A. Brewer-de Koster, Secretary J.S. Dienske A. Harms E.H. van Puijenbroek Amsterdam, March Declaration of independence The Managing Board of N.V. Holdingmaatschappij De Telegraaf and the Board of Stichting Administratiekantoor van aandelen N.V. Holdingmaatschappij De Telegraaf hereby declare that, in their joint opinion, the requirements in respect of the independence of the Board of Stichting Administratiekantoor van aandelen N.V. Holdingmaatschappij De Telegraaf, set out in Annex X to the Listing and Issuing Rules of Amsterdam Exchanges N.V., Amsterdam, have been fully satisfied. Managing Board of N.V. Holdingmaatschappij De Telegraaf Board of Stichting Administratiekantoor van aandelen N.V. Holdingmaatschappij De Telegraaf Amsterdam, March

9 ANNUAL REPORT 2000 THE COMPANY In 2000, the company made a net profit of NLG million compared to NLG million for The net profit for 1998 amounted to NLG million. The net profit realised for the first six months of 2000 was approximately NLG 15 million lower than the figure recorded for the corresponding period in The pre-tax profit on ordinary activities fell by nearly NLG 45 million from NLG million for 1999 to NLG million for The main contributing factors included the costs of the company-wide Internet activities, which rose by over NLG 52 million to approximately NLG 60 million. This includes the initial losses relating to the joint ventures entered into during the year 2000 in the areas of property and staff advertising. All costs relating to these activities have been charged directly to the result. Also, an amount of over NLG 2 million was charged to the result for 2000 in connection with the initial costs involved in combining and optimising the whole spectrum of logistic activities. Furthermore, the purchase of shares in Uitgeversmaatschappij De Limburger (UDL), the result of which was not included in the consolidation until after the Netherlands Competition Authority (NMa) had granted their permission (mid-may 2000), had a negative impact on the result. The result less amortisation of goodwill (over a twenty-year term) for the period from 22 May to 31 December 2000 and less the interest on the purchase sum for the whole of 2000, amounted to just over NLG 10 million negative. The company is expected to make a positive contribution to the net profit from 2001 on. Turnover (NLG billion) Advertising 54% These negative influences were counterbalanced by higher advertising income, particularly at Dagblad Subscriptions+Single-copy sales Third-party printing 3% De Telegraaf and the decrease by some NLG 6 million in the allocation made to the provision for differentiation in contributions and market forces act ( Wet PEMBA ). Other turnover Goods, services and value added Goods and services Value added Company tax Net profit Depreciation+miscellaneous Personnel costs 4% 30% 8% 34% 13% 6% 48% Earnings before interest, taxation and depreciation (EBITDA) fell from NLG million in 1999 to NLG million in The cash flow declined from NLG million in 1999 to NLG million in Operating profit after amortisation of goodwill decreased from NLG million in 1999 to NLG million in Depreciation of tangible fixed assets for 2000 increased by NLG 7.3 million to NLG 97.9 million after the investments in Alkmaar and Heerlen were commissioned. Amortisation of intangible fixed assets rose from NLG 32.8 million in 1999 to NLG 46.3 million in 2000, mainly as a result of the amortisation of goodwill relating to the acquisition of UDL. Contributions to the 2000 group result varied from division to division. Daily newspaper De Telegraaf was again the main profit centre. Hollandse Huis-aan-huisbladen Combinatie (HHC) realised a significantly higher result owing in particular to a sharp rise in advertising turnover. De Telegraaf Tijdschriften Groep (TTG) contributed less due to the initial costs of new titles published in Sweden and in the Netherlands. The result of Biegelaar Groep lagged behind the 1999 figure due to growing internal interest charges relating to investments in new 9

10 construction and presses. The result of Hollandse Dagbladcombinatie (HDC), too, declined, particularly as a result of lower (intercompany) printing rates and the transfer of prepress activities to HHC, plus the formation of a provision for reorganisation in connection with the establishment of Uitgeverij HDC-Zuid. The 1999 cash dividend and the 2000 preference dividend receivable from Wegener N.V., as well as the share in the result of the participating interests engaged in Internet and audiovisual operations, are shown under income from participating interests. Interest income was NLG 8.7 million lower than last year, due to, inter alia, the acquisition of UDL and the increase in the participating interest held in Wegener N.V. with NLG 60 million worth of depositary receipts for ordinary shares and NLG 40 million worth of depositary receipts for cumulative preference shares. The average interest rate was higher. The tax burden increased as a result of the higher amortisation of non-tax deductible goodwill and participating income to which the substantial holding exemption applies. The profit on ordinary activities after taxation decreased by 25.1% from NLG million in 1999 to NLG million in After allowing for extraordinary items, the net profit decreased by 25.2% from NLG million in 1999 to NLG million in Net earnings per share of NLG 0.50 par value decreased from NLG 2.72 in 1999 to NLG 2.03 in Page 46 gives a further explanation of the result, broken down by core activity (segment information). Company strategy Operating profit after depreciation goodwill in millions of guilders The Telegraaf company aims to gather, order, edit, distribute and sell information. Accordingly, the group s core activities involve the publication (in both printed and electronic form) of national and regional newspapers, door-to-door papers, magazines, participation in commercial radio and television and the provision of services in the area of printed and electronic communication to third parties The company s strategy will focus on the further growth of all core activities - both at home and abroad - except for printing services. The position in the latter industry is being consolidated while possible collaboration with another major printing company operating in Europe is being studied. Dividend policy The dividend policy is aimed at payment in cash of approximately 35% of the profit available for distribution. In determining the dividend, account is taken, if possible, of the effects of the tax on the imputed return on investment, which was introduced on 1 January A temporary overrun of the abovementioned pay-out ratio is acceptable in the event of a temporary drop in the profit level. 10

11 Increase in scale Movements in pay-out ratio index, net profit and dividend Index 1991=100 In 2000, the group s core activities were further reinforced: The takeover of UDL, already announced in the 1999 annual report, was effected in mid-may 2000 following a lengthy assessment by the NMa. The result has been included in the consolidation as from 22 May. After the successful start of the Sp!ts morning newspaper, a second free tabloid was introduced in August: News.nl. This paper is distributed at offices, stations and other public transport facilities in the urban western part of the Netherlands. Existing Internet activities, including De Telegraaf-i, were further expanded with the introduction of new sites, including DFT.nl : De Financiële Telegraaf on the Internet. In addition, the group participated in several new Internet activities in the area of the housing market ( woonkrant.nl ), job placement ( zoomnet.nl ), the car market ( autobytel.nl ) and the travel market ( reiskrant.nl ). In the second half-year, the regional newspapers within the group, together with the Noordelijke Dagblad Combinatie Holding, started to build their own Internet site. Collaboration (Regio-i) between these regional publishers is expected to be intensified even further in Dividend Net profit Pay-out ratio In the autumn of 2000, TTG launched the For Him Magazine (FHM), a men s magazine. TTG Sverige AB, a TTG subsidiary operating in Sweden, introduced Residence in that country. Furthermore, the licence was acquired for the publication of Cosmopolitan in Sweden. The first issue of this title came out in February Shareholders equity Shareholders equity increased by NLG 62.9 million from NLG 1,039.1 million as at 31 December 1999 to NLG 1,102.0 million as at 31 December This increase resulted from the addition to the other reserves as proposed in the 2000 profit appropriation. Shareholders equity per share of NLG 0.50 par value rose from NLG at year-end 1999 to NLG at year-end The share capital remained unchanged and consists of 52,499,200 ordinary shares and 960 priority shares of NLG 0.50 par value. As at 31 December 2000, 24,507,662 shares, representing 46.7% of the ordinary shares, were converted into depositary receipts. At the end of 1999, 46.0% of the share capital was converted into depositary receipts. Dividend proposal We propose to declare a dividend for 2000 of NLG 0.84 per share of NLG 0.50 par value, representing a pay-out ratio of 41.3%. The 1999 dividend amounted to NLG 0.98 per share of NLG

12 par value, representing a pay-out ratio of 36.0%. Once the result recovers, the company will return to the target pay-out ratio of 35%. Investments Movements in capital expenditure in relation to the cash flow in millions of guilders At Rotatiedrukkerij Voorburgwal in Amsterdam, a start was made in 2000 with alterations to the building in connection with the addition of a tenth press and the extension of all nine existing presses with two four-colour printing units, among other things. This project is expected to be completed in the second half of At Limburgs Dagblad at Heerlen the extension with two printing units was realised in Extension of the press capacity at Alkmaar was also completed in All in all, these investments required an outlay of NLG 175 million. In 1999, Biegelaar Groep made a start with the renewal of a rotogravure press, peripherals and finishing equipment, as well as improvement of the routing and infrastructure. Scheduled for completion in mid-2001, this project requires an investment of over NLG 100 million. Furthermore, at year-end 2000, land was bought at Zoetermeer with a view to building new accommodation for Nederlands Drukkerij Bedrijf This purchase required an outlay of over NLG 7 million Cash flow Depreciation Net profit Capital expenditure Commitments In 2000, capital expenditure commitments involving tangible fixed assets totalled NLG 157 million (exclusive of VAT). Of this amount, NLG 94 million will be due and payable in 2001 and following years. In 2000, payments in respect of commitments entered into in 2000 and previous years amounted to NLG 189 million (exclusive of VAT). Turnover Consolidated group turnover rose by 12.5% from NLG 1,589.6 million in 1999 to NLG 1,787.5 million in 2000, including NLG million in turnover relating to UDL. The autonomous rise in turnover was 5.6%. Of the rise in turnover, NLG million related to advertising income and NLG 45.8 million to circulation income. Other income, including third-party distribution and book publishing, increased by NLG 1.3 million. Turnover contributed by third-party printing rose by NLG 17.3 million. The other turnover declined by NLG 1.7 million compared to Of total 2000 group turnover, NLG million (54%) related to advertising income and NLG million (30%) to circulation income. Third-party printing contributed NLG million (13%), of which NLG million not newspaper related, and other income added NLG 58.3 million (3%). 12

13 In 1999 the corresponding figures were NLG million (52%), NLG million (31%), NLG million (13%) and NLG 61.8 million (4%), respectively. Turnover broken down by segment: (X NLG 1 million) Publishers Daily newspapers 1,273.2 (71%) 1,122.4 (71%) Door-to-door papers (11%) (10%) Magazines (7%) (9%) Printing products (not newspaper-related) (10%) (10%) Other activities 8.2 (1%) ,787.5 (100%) 1,589.6 (100%) In the publishers segment, newspaper and door-to-door turnover figures rose by 13.4% and 25.4%, respectively. Magazine turnover declined by 4.3%. Turnover in the printing products segment increased by 3.6%. In 2000, 2.6% of group turnover related to exports to EU States. In 1999, this figure stood at 2.5%. In 2000, the group also exported products worth NLG 6.7 million to other European States as compared to NLG 6.0 million in The average turnover per employee increased by 1.8%, from NLG 339,200 in 1999 to NLG 345,300 in Movements in turnover, average amount of FTEs and average turnover per employee during the last five years were as follows: Group turnover (x NLG 1 million) 1,788 1,590 1,520 1,358 1,283 Average FTEs 5,177 4,686 4,568 4,350 4,129 Average turnover per employee (x NLG 1,000) Added value Movements in the group s total added value and the average added value per employee during the last five years were as follows: Added value (x NLG 1 million) Per employee (x NLG 1,000)

14 Personnel and organisation Employment In 2000, the number of employees, translated into man/woman years, averaged 5,177. In 1999, the corresponding figure was 4,686 man/woman years. Other contributing factors besides the UDL takeover-related inflow of personnel were developments in the area of the Internet, Information Technology activities connected with these developments, and the new News.nl and FHM publications. As at 31 December 2000, the number of employees amounted to 6,070, of whom 32 were stationed abroad. Translated into full-time equivalents, group employment amounted to 5,457 man/woman years. Collective Labour Agreements On 1 February 2000, a new Grafimedia Collective Labour Agreement was concluded for a term ending on 1 February The agreement provided for a pay rise of 3% on 1 February 2000, 1% on 1 December 2000, 2% on 1 February 2001 and 2% on 1 October The Collective Labour Agreement for newspaper journalists provided for a 3.5% pay rise with effect from 1 January 2000 and a pay rise of 3.7% on 1 January The Collective Labour Agreement for door-to-door paper journalists provided for a 3.75% pay rise with effect from 1 January 2000 and a pay rise of 4% on 1 July Newspaper journalists in permanent employment will receive an allowance of 0.5% of twelve times their December pay for the generic re-use of copy. In 2000, within the framework of the differentiation in contributions and market forces act ( Wet PEMBA ), it was again decided to stay in the legal invalidity group insurance scheme. The question will be weighed again in A provision has partly been formed to provide for the consequences if the company were to step out of the group insurance scheme. No further allocation was made to this provision in Euro On pages 54 and 55 of this report the consolidated balance sheet and profit and loss account have been translated into euros. The rounding off of the nominal value of group shares to apple 0.23 has created a negative euro reserve. Pages 66 and 67 also show the translation of the ten-year key figures into euros. In line with the recommendation made by CEBUCO (central marketing organisation of the newspapers), integral introduction of the euro in the publishers business management will not take place until 1 January

15 AMSTERDAM OPERATIONS Dagblad De Telegraaf Circulation In the year 2000, average circulation remained unchanged from last year s figure of 808,300. These figures, certified by Het Oplage Instituut (The Circulation Institute, HOI), relate to the average figure recorded for the fourth quarter of 1999 and the first three quarters of The above-mentioned circulation figure is the balance of the growth in the number of subscriptions and single-copy sales abroad. Single-copy sales at home lagged behind, a trend that has persisted during the last few years. Total circulation as at 31 December 2000 was marginally below the level recorded on 31 December Total combined circulation of the Dutch newspapers fell by 0.9% in the period from 1 October 1999 to 30 September Total average circulation amounted to 4,442,522, or 40,236 Movements in paid circulation De Telegraaf fewer than for the corresponding year-earlier through 1997 inclusive De Courant Nieuws van de Dag Total copies figure. The circulation figures of the free Sp!ts 900,000 and Metro newspapers, introduced in 1999, have not been included in this measurement. 800, , , , , , , , Subscriptions+single-copy sales Subscriptions Including the regional newspapers published by the group s subsidiaries and partly owing to the acquisition of UDL, the group s market share in total circulation in the Netherlands rose from 26.1% at year-end 1999 to 30.3% at year-end As regards pricing policy, the ban on horizontal price-fixing already came into effect on 1 July Dagblad De Telegraaf implemented with effect from 1 February 2001 an average price rise of approximately 5% for subscriptions and just over 5% for single copies on weekdays and 8% on Saturdays. Advertisements Advertising turnover of daily newspaper De Telegraaf rose by 8.5% compared to the year-earlier figure, totalling NLG million, with the advertising volume increasing by 1% compared to A 4.7% increase realised by the category of national brands and services was offset by a 1.8% decline at regional brands and services. In 2000, the number of staff advertisements rose by 1.4% compared to a 2% decrease in The volume of classified Speurder pages decreased by 2.7%. The decline of classified ad pages at all national newspapers combined was 1.6%. The number of classified Speurder ads decreased by 6.4% to 799,389. The average size of the Speurder ads, on the other hand, showed a 1.2% increase in Classified Speurder ad turnover was up by 2.3% owing to higher rates. In 2000, the combined advertising volume of the national newspapers increased by 1.9% owing to growth in the advertisement categories of national brands and services and staff. The combined advertising volume of all newspapers, national and regional, increased by 1.3%. 16

16 Advertising turnover company in millions of guilders Pursuant to the ban on horizontal price-fixing imposed by the Minister for Economic Affairs, newspaper publishers set their price increases individually with effect from 1 January Daily newspaper De Telegraaf implemented an average price rise of 4.7% with effect from 1 January 2000 and 4.9% with effect from 1 January 2001 for weekday editions and 7.5% for the Saturday edition Newspapers Door-to-door papers Magazines 748 Editorial developments Editorially, the year 2000 was marked by several major events. The explosion of the fireworks storage facility at Enschede was a dramatic event that shocked the nation. The editorial board decided to take a unique step: to have the whole front page taken up by one photograph bearing the terse caption: How could this happen? Two major sports events - the European football championship (partly organised in the Netherlands), and the Olympic Games in Sydney - received major editorial coverage. Partly owing to the strong performance of the Dutch football team and Olympic team, the editors were able to produce many speech-making newspaper issues. The legal wrangle about the weekly publication of radio and TV listings went on throughout the year under review. NOS and HMG appealed NMa s decision, pronounced on 16 February 2000, that NOS and HMG must supply the listings to De Telegraaf. On 22 June 2000, the court ruled that NMa s decision of 16 February 2000 was to be suspended pending the decision on the appeal. Besides the procedure for obtaining the rights of publication of radio and TV listings, De Telegraaf appealed the summary proceedings of 5 January 1999 concerning the genre listings. After many stays of proceedings the court passed judgment on 30 January 2001, quashing the earlier court decision. With this judgment we are trying to get the NMa procedure going again. Notwithstanding these judgments, the broadcasting stations are still blocking further progress by judicial action. As long as this resistance persists, the planned start of TV Week cannot take place. There is growing interaction between the editorial board of the printed newspaper and editors responsible for the various publications on the Internet. A case in point is the series of articles that appeared in De Financiële Telegraaf about the new tax system. The same stories, but with interactive services, can be found on the site of De Telegraaf-i. De Telegraaf on-line Within Dagblad De Telegraaf, De Telegraaf Elektronische Media (TEM) is engaged in the development and operation of on-line activities of De Telegraaf-i. The year 2000 was a turbulent Internet year. In the course of the year, sentiment concerning dotcom businesses underwent a marked change. More and more stand-alone dotcom firms are forced to close the books as profit fails to materialise and financial resources dry up. This shake-out will undoubtedly imbue the market with a greater sense of realism, leading it to conclude that, on the one hand, on-line free services, too, have certain limitations, while, on the other, businesses that can also provide content are better placed to realise a positive future return. 17

17 In 2000, the company focussed much attention on the long-term business plan for Internet activities and the most effective type of organisation. Accordingly, next to the director managing the paper product, the company appointed a director with specific responsibility for the on-line activities. The year was dominated by the extension of existing sites in both a commercial and an organisational respect. Three new products were added to the existing sites: vertel.nl (March), DFT.nl (May) and Speurders.nl (September). Vertel.nl is a site where consumers can respond interactively to, amongst other things, the content of the newspaper. DFT.nl is a site with financial news built entirely in-house in close collaboration with the editorial board and under the responsibility of the chief editors. DFT.nl immediately realised good results owing to the relatively high number of page views and corresponding advertising rates. Speurders.nl is as yet an on-line presentation of all Speurder ads appearing in the printed newspaper, generating in particular added value for the printed Speurder ads. As regards the already existing veilinghal.nl and elcheapo.nl sites, these will henceforth be combined with siteshopper.nl to form one e-commerce cluster with a modest, yet steadily growing turnover. The car site already underwent a relaunch under the name of autotelegraaf.nl. The initial steps towards paid on-line Speurder ads are promising. Car market sales development is a spearhead project aimed at realising deeper market penetration. As well as the TEM-developed sites, two Internet joint ventures were set up in 2000: woonkrant.nl with on-line property supply and many related areas, and the vacancy site of zoomnet.nl. A third joint venture is reiskrant.nl in which the travel content of Reiskrant is combined with the possibility of ticket sale. This site will become operational in The 37.5% interest in Autobytel Nederland v.o.f. was already acquired in The site became operational on 31 January This participating interest is not expected to make a positive contribution to the result until a few years from now. Achmea Deelnemingen s recent accession to the joint venture confirms our confidence in this product. In the course of 2000, the initiative was taken to build a new home page for De Telegraaf-i, which was launched at the beginning of The site provides a mix of content taken from daily newspaper De Telegraaf, topical information of subsites and highlights from commercial sites. The result is a dynamic topical news site of constantly varying composition and accessible 24 hours a day, seven days a week, which will point visitors the way to our commercial activities. The average number of page views increased by 65% comparing to TEM s permanent staff increased from 18 FTEs at year-end 1999 to 45 FTEs at year-end The number of hired staff rose to 39 FTEs; in addition, at year-end 2000, De Telegraaf-i employed a total of 33 editors as compared to 20 at year-end The (initial) costs of the activities of both TEM and the above-mentioned joint ventures were wholly charged to the result for 2000 and amounted to approximately NLG 54 million (1999: approximately NLG 5 million). Turnover, chiefly relating to the sale of buttons and banners, increased by approximately 50% to over NLG 3.7 million. The year 2001 is intended to be a year of stabilisation. The group s policy will be focussed more on reinforcement of the present organisation and making existing products more profitable (now or in the future) rather than on adding new activities. Also, the interaction between print, on-line and mobile will be optimised. A break-even situation is not expected before Of course, developments and sentiment concerning the Internet will be tracked very closely and critically in view of actual expenditure. 18

18 BasisMedia Published five times a week, total circulation of Sp!ts, the free newspaper targeting commuters travelling by public transport, rose from 250,000 distributed copies a day at year-end 1999 to over 300,000 copies a day at year-end Partly due to this increased circulation, Sp!ts is now printed at two locations. Sp!ts has developed beyond expectations; while sustaining an initial loss for the whole of 2000, already a few periods were closed with a positive result in the second half of 2000, just barely a year after the newspaper was launched. This makes Sp!ts an important player in the market and - in terms of reach - the third largest newspaper in the Netherlands. The publication is expected to make a contribution to the 2001 profit. Besides Sp!ts, BasisMedia also launched a third free tabloid in the Netherlands under the name of News.nl on 28 August This afternoon paper, which has a total circulation of 100,000, is distributed throughout the western urban part of the Netherlands and will take some time to prove its worth. At the beginning of 2001 it was decided to outsource the printing order because the equipment does not lend itself very well to printing and stapling tabloid-size newspapers. The positive trend in advertising turnover persisted throughout With Sp!ts and the introduction of News.nl, BasisMedia was able to extend its market share. Partly owing to a greater reach, the advertising rates of Sp!ts were increased by 30% with effect from 1 January Most of the staff handing out copies operate through our own logistic system. Total circulation of Sp!ts stands to increase even further in the year ahead. Agreements have been made (or are being made) with various enterprises that should result in a higher reach of commuters during the morning rush hour, while News.nl is also distributed in office areas during the afternoon. On 13 October 1999, BasisMedia lodged a complaint at NMa against Netherlands Railways (NS) and Metro Holland in connection with exclusive contracts giving Metro Holland the sole right to distribute its publication Metro in NS railway stations, a practice restricting free competition. In addition, BasisMedia has brought a complaint against NS concerning the abuse of its position of economic power because NS is denying Sp!ts access to the NS railway stations. On 11 August 2000, NMa rejected BasisMedia s demand. BasisMedia subsequently submitted a notice of objection to the decision. In December 2000, the group announced its intention to acquire a 60% stake in Stockholm News AB, a Swedish enterprise which, at the time, had distributed a free afternoon paper of the same name among commuters in Stockholm for a few weeks. Mainly on account of a lack of clear developments in the period between the investment decision and the time of implementation, as well as the required investment, which was higher than originally expected, it was decided to abort this intended acquisition. Our share in the liquidation costs was charged to the result for De Telegraaf Tijdschriften Groep Not taking into account the initial losses incurred by new titles, profit of De Telegraaf Tijdschriften Groep (TTG) is virtually at a par with the corresponding 1999 figure. 19

19 TTG Nederland In 2000, several organisational changes were implemented within TTG. The fairly diverse package of titles was broken up into clusters, each with a clear target group, focus, synergy and goal. The TTG Internet activities were further developed under the direction of a specific Internet publisher, in collaboration, of course, with De Telegraaf Elektronische Media. Except for Personal Finance, Buitengewoon and FHM, all TTG titles contributed to the result for The Personal Finance title was discontinued in mid-2000 on account of a persistently poor financial result without prospects of recovery and in view of the small share in the shrinking market of financial magazines. Since the introduction of Buitengewoon in 1997, this magazine failed to make a single positive contribution. Buitengewoon was unable to gain a strong position on the Dutch garden magazine market. The group signed a licence agreement with British publisher Emap concerning publication of FHM, which was introduced on the Dutch market in October FHM was the third introduction in the Netherlands in the so-called lads magazines segment, after ZSM (published by VNU) and Maxim (licence of Dennis Publishing). The introduction of FHM was successful, with the magazine gaining a clear leader position in this market after only three issues. The fhm.nl Internet site was introduced simultaneously and, after its launch, attracted an average of over 250,000 page views per month during the final quarter of Privé was again market leader in the gossip magazine sector, which came under further pressure in A few editorial changes were implemented and a new approach of the circulation and advertising markets was opted for. All changes are aimed at capturing a larger market share with a better product and a stronger brand. The Privé Internet site drew an average of 118,000 page views per month during the last three months of Turnover and profit realised by Elegance and Residence increased, particularly as a result of higher advertising turnover. On the advertising market the TTG magazines in the luxury segment benefitted optimally from the economic boom. Autovisie commands a strong leading position on the car magazine market. Among car lovers the magazine is hailed as the best car magazine available on the Dutch magazine market. This position provides a good basis for using the Autovisie brand digitally. In 2000, the autovisie.nl Internet site was further developed and adapted to car aficionados. During the final quarter of 2000, this site attracted an average of 640,000 page views per month. Furthermore, a contract was signed with Autobytel, with Autovisie providing independent car tests and car news. The results of the titles MAN and Hitkrant declined compared to last year s figures due to lower advertising turnover and a decline in circulation. The Hitkrant site draws a monthly average of over 300,000 page views, as measured over the final quarter of The concept of Voetbal Magazine was ripe for an overhaul. In January 2001, the first issue was published in its new form. The effect of this new approach on the advertisement market was good; circulation is also developing positively. Since July 2000, this title is no longer published in collaboration with the Netherlands Football Association ( KNVB ). At the beginning of 2001, it was also decided to cease publication of Tennis. This title no longer fitted the present portfolio. 20

20 As in the years before, the contribution of De Telegraaf Sponsored Media (TSM) to the result was again negative. The rates for sponsored magazines have been under pressure for years and are insufficient to operate TSM profitably within the Telegraaf group. Agreement has since been reached with a number of TSM employees regarding a management buy-out with retroactive force from 1 January TTG Sweden Acquired by TTG in 1999, the Stockholm-based Svensk Specialpress AB publishing company changed its name to TTG Sverige AB at the end of TTG Sverige was already publishing a sports magazine ( Golf Digest ) and two aquatic sports magazines: Vi Btägare and Båtnytt. In March 2000, Residence, another TTG title, was successfully launched on the Swedish market. A total of seven titles were introduced in this segment. Residence gained a clear leadership position on both the advertising and the reader markets and was named Magazine of the Year in October TTG Sverige is expected to realise further growth on the Swedish magazine market. TTG managed to secure the licence for Cosmopolitan (a successful title in many countries) for publication in Sweden. In a joint venture with Hearst, Cosmopolitan was launched in Sweden in February If the initial loss of Residence is not taken into account, the result of TTG Sverige for 2000 exceeded that of MISCELLANEOUS Arbo (health and safety at work) In collaboration with KLM Arbo services again several risk surveys and evaluations were carried out in order to bring potential problems in the area of labour conditions to light. Action plans targeting De Telegraaf Transport, all branch offices of De Telegraaf and the Central Facilities department were completed. In 2000, a start was made with a survey targeting financial and administrative services. During the year under review, the new absenteeism policy introduced in 1999 yielded positive results. At 6.7%, absenteeism in 2000 remained at the same level as in In 2000, within the framework of the Company Emergency Services, 130 staff members were trained to become certified emergency service members. Also, the company s computer work policy was put into effect to reduce RSI-related complaints. The environment The city of Amsterdam issued a new environmental permit for the Amsterdam operations. In order to create as broad a platform as possible for environmental aspects within our organisation, an environmental coordination group has been set up consisting of representatives of different 21

21 departments who, in their specific area of competence, are involved in the preparation of the statutory annual environmental report. Also, a new Environmental Care System Manual was prepared setting out the organisation of environmental policy within the Amsterdam operations and containing important updated environmental documentation. Books Collaboration with Bzztôh, a Hague book publisher, was intensified in The turnover figure approached the NLG 2 million level, representing a growth rate of around 10%. De Telegraaf and Bzztôh put a total of twelve new titles on the market, the most successful ones being: Je moet schieten anders kun je niet scoren (130,000 copies), Johan Cruijff is ongeneeslijk beter (60,000 copies) and Beleggen voor beginners (68,000 copies). De Telegraaf Elektronische Media and Bzztôh are currently working on a presentation of the jointly published titles and on a mutual click through capability on the Internet. Works Council Installed at the beginning of 2000, the new Works Council had to deal with many requests for recommendations, including the detailed design of Logistiek and the introduction of News.nl, the proposed participating interests in Woonkrant.nl, Travel Portal and Zoomnet.nl (Matchcare), the launch of the FHM magazine in the Netherlands and the many organisational changes connected with the Internet activities, among other things. In addition, a start was made with the decentral consultations, in which the Works Council and the Managing Board make agreements on a range of subjects specified in the Collective Labour Agreement. Consultations between the Managing Board and the Works Council continued in a positive and constructive vein. Pension Fund In 2000, the average invested capital of Stichting-Telegraafpensioenfonds 1959 rose by NLG 61 million to NLG 836 million. The exchange rate differences reserve increased from NLG 214 million to NLG 228 million. Stock exchange prices of the bond portfolio showed a recovery after the disappointing performance in Pensions and pension rights were increased by 2.2% in line with the inflation rate for the year Pension contributions remained unchanged at 4.5% of pensionable salary. Retired employees will receive a special allowance of 8.5% of their annual pension. In December 2000, changes were made to the articles of association in connection with the tighter supervision exercised by Verzekeringskamer, the supervisory body for insurance companies in the Netherlands. 23

22 Logistics An important focus in 2000 was the further development of Logistiek, a company-wide process designed to optimise the distribution process. This objective was energetically pursued by all parties involved. The current distribution problems necessitate structural changes, such as the further improvement of automation and of the organisation itself. All this will involve substantial cost increases. After completion of the detailed design, the organisation will be set up in stages in The set-up also provides for several pilots that serve to determine how and to what extent the so-called full-service concept (having various products distribute as much as possible by as uniform an organisation as possible) can be realised in practical terms. After that the final organisation and the different phases of the project can be decided upon and the placement of all employees can be completed. The ultimate goal is the creation of an efficient logistic organisation that makes optimal use of the synergy potential within the group in the area of distribution so as to be able to cope with the growing distribution problems and to remain open to commissions from and collaboration with third parties. ACTIVITIES OUTSIDE AMSTERDAM Hollandse Huis-aan-huisbladen Combinatie The millennium year 2000 was an excellent year for the Hollandse Huis-aan-huisbladen Combinatie (HHC). The undiminished strength of the economy again boosted growth of, inter alia, the turnover of De Holland Combinatie (HHC s central selling organisation) and staff advertising turnover. The turnover increased from NLG 116 million in 1999 to over NLG 128 million in As a result, profit realised by this division also went up considerably. All publishers made a substantial contribution to this. The rise in advertising volume is attributable to the weekday publications; the average level of the Sunday papers remained virtually unchanged. Delivery, which was also a source of concern in the year 2000, required much attention and effort, resulting in higher costs. In 2001, implementation of (and by extension responsibility for) delivery will be assigned to Logistiek A joining of forces will have to result in the desired quality of door-to-door paper delivery. In 2000, an extra edition of the Sunday morning paper ( Amstelmeer ) was added to the existing Den Helder and Schagen editions. On 1 January 2001, the areas of Nieuwsblad De Kennemer and Nieuwsblad voor Castricum were selected for a further refinement of the edition system based on a tailor-made approach. This will also remove the overlap existing in part of these areas. 24

23 Hollandse Dagbladcombinatie 2000 was again an eventful year for Hollandse Dagbladcombinatie (HDC). Some important elements were: the relocation of Drukkerij Noordholland (DNH) from Hoorn to Alkmaar, the extension of the existing press and the commissioning of the new press at the new site. The intensive preparations for the merger of daily newspaper publishers Damiate and De Gooien Eemlander to form one publisher of regional afternoon and evening newspapers of a sufficient scale. The merger of the distribution organisations of HDC, InterHolland Verspreiders (IHV), and a number of departments of the publishers handling the distribution of daily and weekly newspapers, with the above-mentioned Logistiek The establishment of Regio-i in which HDC, Media Groep Limburg and Noordelijke Dagblad Combinatie Holding, together with N.V. Holdingmaatschappij De Telegraaf have joined forces in the area of regional Internet activities. Most of these factors also impacted the financial result achieved by HDC in Also without the effect of a lower printing rate for Telegraaf group orders on the one hand and the transfer of the profitable prepress activities to sister company HHC on the other, the operating result for 2000 was markedly lower. If HDC s core activities are viewed separately, it may be concluded that the result of the daily newspapers was better than in The weeklies sustained a smaller loss. However, rising delivery costs resulted in a lower result at IHV. The Internet activities did not make a positive contribution to the profit yet. Circulation of Noordhollands Dagblad stagnated at a level slightly below that of year-end The decline in circulation of the Damiate publications amounted to approximately 1% and that of De Gooi- en Eemlander / Dagblad van Almere to 3%, the same figure as the year before. The latter papers were given a totally new look in November. In 2000, the advertising volume of the HDC dailies again benefitted from the booming staff advertising market. However, volumes in the regional and local markets were under pressure. The main investments related to the printing presses in Alkmaar. The introduction of a new administrative advertising system for all HDC publishers was completed in the course of the year; the initial problems, while considerable, were not insurmountable. Media Groep Limburg All Limburg activities have been incorporated into Gemeenschappelijk Bezit van Aandelen Limburgs Dagblad, the name of which was changed to Media Groep Limburg (MGL) on 1 January The organisation comprises Uitgeversmaatschappij Limburgs Dagblad and Uitgeversmaatschappij De Limburger The decision of the NMa regarding the acquisition of Uitgeversmaatschappij De Limburger was tied to a number of conditions, which included the disposal of Limburger Weekbladpers and Huiskrant. Both activities have since been sold subject to the condition that the result will be for the 25

Development of information technology

Development of information technology Development of information technology The company is rapidly evolving into a broad-based supplier of information.this information is provided to consumers through a range of media. National and regional

More information

MANAGING BOARD. A.J. Swartjes (1949) F.Th.J. Arp (1954) Mr A.J. Swartjes has been director since 1 January

MANAGING BOARD. A.J. Swartjes (1949) F.Th.J. Arp (1954) Mr A.J. Swartjes has been director since 1 January Annual Report 2001 A N N U A L R E P O R T MANAGING BOARD F.Th.J. Arp (1954) Mr F.Th.J. Arp became director of the company on 1 July 1997. From 1991 to 30 June 1997, he was one of the partners of Deloitte

More information

N.V. Holdingmaatschappij De Telegraaf

N.V. Holdingmaatschappij De Telegraaf Annual Report 1997 N.V. Holdingmaatschappij De Telegraaf N.V.Holdingmaatschappij De Telegraaf Rotogravure Sheet-offset Web-offset After-press There is also a version on Internet. The address is: http://www.telegraaf.nl

More information

TMG Corporate Communication & Investor Relations. August 15, 2008 Telegraaf Media Groep N.V.

TMG Corporate Communication & Investor Relations. August 15, 2008 Telegraaf Media Groep N.V. TMG Corporate Communication & Investor Relations August 15, 2008 Telegraaf Media Groep N.V. Semi-Annual Results 2008 August 15, 2008 TMG Corporate Communication & Investor Relations August 15, 2008 Telegraaf

More information

mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com

mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com Date: 27 August 2015 For information: mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com Growth of 20% in net result, excluding non-recurring items, to EUR 8.3

More information

Ordina does not have a one-tier board. In view of the above, a limited number of the Code s best practices do not apply.

Ordina does not have a one-tier board. In view of the above, a limited number of the Code s best practices do not apply. CORPORATE GOVERNANCE STATEMENT This is a statement regarding corporate governance as meant in article 2a of the decree on additional requirements for annual reports (Vaststellingsbesluit nadere voorschriften

More information

LSP Advisory B.V. Report on the first half of 2015

LSP Advisory B.V. Report on the first half of 2015 LSP Advisory B.V. Report on the first half of 2015 LSP Advisory B.V. Financial statements for the period January until June 2015 Table of contents Financial report Directors report 2 Balance sheet as at

More information

Announcement of Financial Results 1999. for. Den Danske Bank Group

Announcement of Financial Results 1999. for. Den Danske Bank Group Announcement of Financial Results 1999 for Den Danske Bank Group 2 Den Danske Bank Group Highlights Core earnings and net profit for the year (DKr million) 1999 1998 1997 1996 1995 Net interest income,

More information

ANNUAL RESULTS 2014. Geert-Jan van der Snoek, CEO Leo Epskamp, CFO. March 11 2015

ANNUAL RESULTS 2014. Geert-Jan van der Snoek, CEO Leo Epskamp, CFO. March 11 2015 ANNUAL RESULTS 2014 Geert-Jan van der Snoek, CEO Leo Epskamp, CFO March 11 2015 1 AGENDA 1. Introduction 2. 2014 highlights and a new focus 3. Annual results 2014 4. Priorities for 2015 5. Your questions

More information

NedSense enterprises n.v. Condensed consolidated Interim financial statements

NedSense enterprises n.v. Condensed consolidated Interim financial statements NED NEDSENSE enterprises n.v. NedSense enterprises n.v. Condensed consolidated Interim financial statements 30 June 2012 NedSense enterprises n.v. Half-year Report 2012 (unaudited) Report of the Board

More information

TMG UAL REPORT A N N 09

TMG UAL REPORT A N N 09 TMG ANNUAL REPORT 09 This annual report is a translation of the original text in Dutch, which is the official version. In case of any discrepancies the Dutch version will prevail. The annual report is

More information

Semi-annual report 2013

Semi-annual report 2013 Semi-annual report 2013 Telegraaf Media Groep connects brands and people. Millions of Dutchmen start their day by reading De Telegraaf on paper or online. At home and on their way to work or university

More information

AND International Publishers NV 2015 Results

AND International Publishers NV 2015 Results Press Release AND International Publishers NV 2015 Results AND's 2015 revenue and profits boosted by investments in digital mapping AND already locks in marked increase of revenue in 2016 in millions of

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

Check against delivery. Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014.

Check against delivery. Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014. Check against delivery Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014 Part II Good morning, Ladies and Gentlemen, I, too, would like to wish you a very

More information

Roto Smeets Group: Results for 2012 reveal a need for more entrepreneurship and flexibility

Roto Smeets Group: Results for 2012 reveal a need for more entrepreneurship and flexibility Press Release Annual Results 2012 Roto Smeets Group: Results for 2012 reveal a need for more entrepreneurship and flexibility Added value has fallen slightly to EUR 161.6 million (EUR 165.8 million in

More information

These figures are taken from the draft financial statement 2014, which will be published on April 2, 2015 on the website www.brill.

These figures are taken from the draft financial statement 2014, which will be published on April 2, 2015 on the website www.brill. Please note the text of the Dutch language version of this Press Release is definitive (www.brill.com) Brill reports marginal growth and equal profit in 2014 Key figures (in EUR x Million) 2014 2013 Revenue

More information

Unaudited Financial Report

Unaudited Financial Report RECRUITING SERVICES Amadeus FiRe AG Unaudited Financial Report Quarter I - 2015 Temporary Staffing. Permanent Placement Interim Management. Training www.amadeus-fire.de Unaudited Amadeus FiRe Group Financial

More information

General Shareholders Meeting

General Shareholders Meeting General Shareholders Meeting Opening and announcements Executive Board report on the financial year 2006 Annual accounts 2006 Chairman: Mr. J. van Rijt Secretary: Mrs. E. Blommestein 27 April 2007 Discharge

More information

PRESS RELEASE. Board of Directors approves results as of December 31 2014

PRESS RELEASE. Board of Directors approves results as of December 31 2014 PRESS RELEASE Board of Directors approves results as of December 31 2014 SOGEFI (CIR GROUP): REVENUES AT OVER 1.3 BLN (+1.1%; +4.7% AT SAME EXCHANGE RATES), NET INCOME AT 3.6 MLN MARGINS LOWER BECAUSE

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

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

FOURTH SUPPLEMENT TO THE BASE PROSPECTUS IN RESPECT OF THE STRUCTURED PRODUCTS PROGRAMME FOR THE ISSUANCE OF NOTES ABN AMRO BANK N.V.

FOURTH SUPPLEMENT TO THE BASE PROSPECTUS IN RESPECT OF THE STRUCTURED PRODUCTS PROGRAMME FOR THE ISSUANCE OF NOTES ABN AMRO BANK N.V. 27 June FOURTH SUPPLEMENT TO THE BASE PROSPECTUS IN RESPECT OF THE STRUCTURED PRODUCTS PROGRAMME FOR THE ISSUANCE OF NOTES ABN AMRO BANK N.V. (Registered at Amsterdam, The Netherlands) ABN AMRO Structured

More information

ASN Beleggingsinstellingen Beheer B.V. Annual Report 2011. to contents to appendix

ASN Beleggingsinstellingen Beheer B.V. Annual Report 2011. to contents to appendix ASN Beleggingsinstellingen Beheer B.V. Annual Report 2011 to contents to appendix Contents Report of the Management Board 3 Balance sheet as at 31 December 2011 5 Income statement for 2011 5 Notes to the

More information

2013 IN BRIEF PENSIONS ON THE MOVE. Stichting Shell Pensioenfonds

2013 IN BRIEF PENSIONS ON THE MOVE. Stichting Shell Pensioenfonds 2013 IN BRIEF PENSIONS ON THE MOVE Stichting Shell Pensioenfonds FUNDING RATIO The funding ratio is the relationship between the current assets (the funds held by the Pension Fund) and the pension liabilities

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

Articles of Association. SQS Software Quality Systems AG

Articles of Association. SQS Software Quality Systems AG Status: 10 November 2015 Articles of Association of SQS Software Quality Systems AG III. General Provisions 1 Name, Registered Office, Fiscal Year 1. The name of the company is SQS Software Quality Systems

More information

AND International Publishers NV. Interim financial report

AND International Publishers NV. Interim financial report AND International Publishers NV Interim financial report 30 June 2014 Contents Report on the first six months of 2014... 3 Consolidated profit and loss account... 6 Consolidated statement of recognised

More information

The Board of Directors of Class Editori SpA met today and approved the consolidated results for the first three months of the year.

The Board of Directors of Class Editori SpA met today and approved the consolidated results for the first three months of the year. Board of Directors approves consolidated quarterly report at 31 March 2015. Revenues of 18.79 million euro Ebitda improves by 1.02 million to -0.91 million euro Milan, 14 May 2015 The Board of Directors

More information

Member State Option Comparison Table

Member State Option Comparison Table Member State Option Comparison Table The purpose of this document is to highlight the changes in the options available to Member State when transposing the Accounting Directive of 26 June 2013, as compared

More information

IDENTIFY THE CHANCES SHAPE THE FUTURE

IDENTIFY THE CHANCES SHAPE THE FUTURE Status: june 2015 Complete text of Memorandum and Articles of Association of DMG MORI Aktiengesellschaft Bielefeld IDENTIFY THE CHANCES SHAPE THE FUTURE 1 (1) The Company exists under the name DMG MORI

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

AND International Publishers NV. Interim financial report

AND International Publishers NV. Interim financial report AND International Publishers NV Interim financial report 30 June 2015 Contents Report on the first six months of 2015... 3 Consolidated profit and loss account... 6 Consolidated statement of recognised

More information

Press release first quarter figures 2010

Press release first quarter figures 2010 Press release first quarter figures 2010 VASTNED RETAIL REALISES DIRECT INVESTMENT RESULT OF 17.1 MILLION IN SPITE OF DIFFICULT LETTING MARKET; VALUE MOVEMENTS IN PROPERTY PORTFOLIO BACK INTO BLACK AFTER

More information

Net attributable income totaled 64.7million in first-half 2015 compared with 69.0 million in firsthalf

Net attributable income totaled 64.7million in first-half 2015 compared with 69.0 million in firsthalf HALF-YEAR RESULTS 2015 H1 2015: FURTHER STRONG GROWTH FOR COMMUNICATION AND SHIPPING SOLUTIONS Sales up 10.4%, or -1.1% organically 1 CSS activities: organic growth of 16.0% Current operating margin 2

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

THE NATURAL HISTORY MUSEUM TRADING COMPANY LIMITED

THE NATURAL HISTORY MUSEUM TRADING COMPANY LIMITED THE NATURAL HISTORY MUSEUM TRADING COMPANY LIMITED Company No. 2909192 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2011 Company Information Directors Mr Oliver Stocken (Chairman) Mr Daniel Alexander

More information

CONSOLIDATED RESULTS AS AT 30 JUNE 2012

CONSOLIDATED RESULTS AS AT 30 JUNE 2012 CONSOLIDATED RESULTS AS AT 30 JUNE 2012 THE IMPLEMENTATION OF THE PROJECT TO SIMPLIFY THE GROUP CORPORATE STRUCTURE CONTINUES, WITH POSITIVE EFFECTS ON CAPITAL AND SYNERGIES FURTHER IMPROVEMENT IN THE

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

BNP Paribas Investment Partners Funds (Nederland) N.V.

BNP Paribas Investment Partners Funds (Nederland) N.V. BNP Paribas Investment Partners Funds (Nederland) N.V. Semi-annual Report 2015 (unaudited) 30 June 2015 Contents Report of the Board of Directors 1 CONDENSED INTERIM FINANCIAL STATEMENTS Condensed interim

More information

NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES

NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES CONTENTS Paragraphs OBJECTIVE SCOPE 1-4 DEFINITIONS 5-11 Tax Base 7-11 RECOGNITION OF CURRENT TAX LIABILITIES AND CURRENT TAX ASSETS 12-14 RECOGNITION

More information

SSAP 10 STATEMENT OF STANDARD ACCOUNTING PRACTICE 10 ACCOUNTING FOR INVESTMENTS IN ASSOCIATES

SSAP 10 STATEMENT OF STANDARD ACCOUNTING PRACTICE 10 ACCOUNTING FOR INVESTMENTS IN ASSOCIATES SSAP 10 STATEMENT OF STANDARD ACCOUNTING PRACTICE 10 ACCOUNTING FOR INVESTMENTS IN ASSOCIATES (Issued January 1985; Revised July 1991, February 1999 and May 2001) The standards, which have been set in

More information

AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March 2012

AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March 2012 Issued on behalf of AssetCo plc Date: Friday 29 June 2012 Immediate Release Statement by the Chairman, Tudor Davies AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March

More information

FIRST HALF-YEAR RESULTS 2005/2006

FIRST HALF-YEAR RESULTS 2005/2006 P R E S S R E L E A S E FIRST HALF-YEAR RESULTS 2005/2006 Baarn, 1 November 2005, before start of trading Main points from half-year figures for 2005/2006: Group turnover rose by 5% in the first half year

More information

Summary of key differences between Luxembourg and Swedish corporate law, as per 22 June 2011

Summary of key differences between Luxembourg and Swedish corporate law, as per 22 June 2011 Summary of key differences between Luxembourg and Swedish corporate law, as per 22 June 2011 Millicom International Cellular S.A. ("Millicom") is a company incorporated and governed under the laws of the

More information

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 TCS Financial Solutions Australia (Holdings) Pty Limited ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 Contents Page Directors' report 3 Statement of profit or loss and other

More information

March 10, 2011 Company name:

March 10, 2011 Company name: Second Quarter Financial Results For the Six Months Ended January 31, 2011-[Japanese Standards]Consolidated March 10, 2011 Company name: Dr. Ci:Labo Co., Ltd. Shares listed on: The First Section of the

More information

ROMA GROUP LIMITED. (Incorporated in the Cayman Islands with limited liability) (Stock code: 8072)

ROMA GROUP LIMITED. (Incorporated in the Cayman Islands with limited liability) (Stock code: 8072) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Summarized Business Results Consolidated Financial Statements for Fiscal 2003

Summarized Business Results Consolidated Financial Statements for Fiscal 2003 Summarized Business Results Consolidated Financial Statements for For Immediate Release May 23, 2003 The management of Focus Systems Corporation (4662 JASDAQ), is pleased to inform you of the Company s

More information

Presentation annual results 2013

Presentation annual results 2013 Presentation annual results 2013 Amsterdam, 21 February 2014 René J. Takens, CEO Hielke H. Sybesma, CFO Jeroen M. Snijders Blok, COO Agenda 1. Accell Group in 2013 2. The Accell Group share 3. Financials

More information

TMG Corporate Communication. 24 augustus 2007 Telegraaf Media Groep N.V.

TMG Corporate Communication. 24 augustus 2007 Telegraaf Media Groep N.V. TMG Corporate Communication 24 augustus 2007 Telegraaf Media Groep N.V. Semi-annual results 2007 August 24, 2007 TMG Corporate Communication 24 augustus 2007 Telegraaf Media Groep N.V. Hans Elekan Head

More information

We have performed an audit of the financial statements of Tata Steel International (Sweden) AB for the financial year 2014-04- 01-2015-03-31.

We have performed an audit of the financial statements of Tata Steel International (Sweden) AB for the financial year 2014-04- 01-2015-03-31. AUDITOR S REPORT To the annual meeting of the Tata Steel International (Sweden)AB Corporate identity number 556162-8867 Report on the annual accounts We have performed an audit of the financial statements

More information

Charities Accounting Standard Accounting Template Explanatory Notes

Charities Accounting Standard Accounting Template Explanatory Notes Charities Accounting Standard Accounting Template Explanatory Notes Introduction Purpose of Accounting Template The Accounting Template is designed to help smaller charities prepare and present financial

More information

Chapter 14 EQUITY SECURITIES NOTIFIABLE TRANSACTIONS. Preliminary

Chapter 14 EQUITY SECURITIES NOTIFIABLE TRANSACTIONS. Preliminary Chapter 14 EQUITY SECURITIES NOTIFIABLE TRANSACTIONS Preliminary 14.01 This Chapter deals with certain transactions, principally acquisitions and disposals, by a listed issuer. It describes how they are

More information

ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS

ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS Almere, The Netherlands October 28, 2015 ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS ASM International N.V. (Euronext Amsterdam: ASM) today reports its third quarter 2015 operating results

More information

24.02.2015 Press release Van de Velde: annual results 2014

24.02.2015 Press release Van de Velde: annual results 2014 24.02.2015 Press release Van de Velde: annual results 2014 REBITDA ROSE ON A COMPARABLE BASIS BY 14.8%. RECURRING NET PROFIT INCREASED, BUT NET PROFIT WAS NEGATIVELY IMPACTED BY IMPAIRMENT ON INTIMACY

More information

Highlights of Annual Report January December 2014

Highlights of Annual Report January December 2014 Highlights of Annual Report January December HIGHLIGHTS OF ANNUAL REPORT PRESS RELEASE 4 February 2015 Highlights of Handelsbanken s Annual Report Highlights JANUARY DECEMBER of Handelsbanken s Annual

More information

FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS

FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS 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

More information

Q4 2003. Outlook. Getinge Group Financial Statement 2003

Q4 2003. Outlook. Getinge Group Financial Statement 2003 Getinge Group Financial Statement 2003 Orders received totalled SEK 9,153.8 million (8,772.9) Net sales rose to SEK 9,160.2 million (8,640.1) Profit before tax climbed by 25 % to SEK 1,095.4 million (875.6)

More information

Sonic Healthcare Limited ABN 24 004 196 909. PRELIMINARY FINAL REPORT FOR YEAR ENDED 30 JUNE 2007 Lodged with the ASX under Listing Rule 4.

Sonic Healthcare Limited ABN 24 004 196 909. PRELIMINARY FINAL REPORT FOR YEAR ENDED 30 JUNE 2007 Lodged with the ASX under Listing Rule 4. ABN 24 004 196 909 PRELIMINARY FINAL REPORT FOR YEAR ENDED 30 JUNE Lodged with the ASX under Listing Rule 4.3A RESULTS FOR ANNOUNCEMENT TO THE MARKET For the year ended Financial Results Revenue from ordinary

More information

BAM: solid results of net 126 million and good progress on strategic agenda

BAM: solid results of net 126 million and good progress on strategic agenda Runnenburg 9, 3981 AZ Bunnik / P.O. Box 20, 3980 CA Bunnik, Netherlands Telephone +31 (0)30 659 89 88 Postbank 2903344 / ABN AMRO bank s-gravenhage 43.00.08.97 Date 8 March 2012 No. of pages 13 BAM: solid

More information

Consolidated Financial and Performance Review for the First Quarter of Fiscal Year Ending March 2007 July 28, 2006

Consolidated Financial and Performance Review for the First Quarter of Fiscal Year Ending March 2007 July 28, 2006 Consolidated Financial and Performance Review for the First Quarter of Fiscal Year Ending March 2007 July 28, 2006 Company Name: URL: Representative: Inquiries: Kenwood Corporation (Code No. 6765, Stock

More information

GUIDANCE NOTES for Insurance Business

GUIDANCE NOTES for Insurance Business GUIDANCE NOTES for Insurance Business INTRODUCTION 1. The Isle of Man Government is fully committed to encouraging the development of insurance business carried on from within the Island provided it is

More information

UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015

UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015 BE SEMICONDUCTOR INDUSTRIES N.V. DUIVEN, THE NETHERLANDS UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015 Contents Unaudited Condensed Interim Consolidated

More information

BMW Group. Corporate Governance Code. Principles of Corporate Governance.

BMW Group. Corporate Governance Code. Principles of Corporate Governance. BMW Group Corporate Governance Code. Principles of Corporate Governance. - 2 - Contents Page Introduction 3 1. Shareholders and Annual General Meeting of BMW AG 5 1.1 Shareholders of BMW AG 5 1.2 The Annual

More information

INTERIM REPORT for the period January 1 June 30, 2006

INTERIM REPORT for the period January 1 June 30, 2006 ICA AB, corporate identity number 556582-1559 INTERIM REPORT for the period January 1 June 30, 2006 Strong development for ICA Group during first half year Stockholm, August 15, 2006 Net sales during the

More information

TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS

TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS PRESS RELEASE TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS TORONTO, ONTARIO (Marketwired July 30, 2014) Torstar Corporation (TSX:TS.B) today reported financial results for the second quarter ended

More information

THE INVESTMENT FUNDS AND MANAGEMENT COMPANIES ACT - 1. Ljubljana, 2003

THE INVESTMENT FUNDS AND MANAGEMENT COMPANIES ACT - 1. Ljubljana, 2003 THE INVESTMENT FUNDS AND MANAGEMENT COMPANIES ACT - 1 (published in the Official Gazette of the Republic of Slovenia - no. 110 on December 2002) Ljubljana, 2003 The original text of this act is written

More information

Agenda. 1 Opening and notifications

Agenda. 1 Opening and notifications The Annual General Meeting of Fugro N.V. will be held on Thursday 30 April 2015 at 2pm (CET) at the Crowne Plaza Den Haag Promenade hotel in The Hague, The Netherlands Agenda 1 Opening and notifications

More information

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 Contents INTRODUCTION... 2 SECTION A ADMISSION... 3 A1: Eligibility for admission... 3 A2: Procedure for admission... 4 SECTION B CONTINUING

More information

Unaudited Nine Months Financial Report

Unaudited Nine Months Financial Report RECRUITING SERVICES Amadeus FiRe AG Unaudited Nine Months Financial Report January to September 2015 Temporary Staffing. Permanent Placement Interim Management. Training www.amadeus-fire.de Unaudited Nine

More information

2014/2015 The IndusTrIal Group

2014/2015 The IndusTrIal Group Q2 2014/2015 Half-Year Interim Report 2014/2015 1 April to 30 September 2014 The Industrial Group The first six months of financial year 2014/2015 at a glance Incoming orders increased in the first half

More information

Accounting for Investments

Accounting for Investments 133 Accounting Standard (AS) 13 Accounting for Investments Contents INTRODUCTION Paragraphs 1-3 Definitions 3 EXPLANATION 4-25 Forms of Investments 4-6 Classification of Investments 7-8 Cost of Investments

More information

Rollout of new operating models strengthens competitiveness and lowers cost base by 38 million; financing structure optimised

Rollout of new operating models strengthens competitiveness and lowers cost base by 38 million; financing structure optimised press release Rollout of new operating models strengthens competitiveness and lowers cost base by 38 million; financing structure optimised Second-quarter 2013 results Almere, 26 July 2013 Second-quarter

More information

Interim Report for the period 1 January 31 March 2015

Interim Report for the period 1 January 31 March 2015 Interim Report for the period 1 January 31 March 2015 ALL FIGURES IN THIS REPORT ARE EXPRESSED IN SEK, UNLESS STATED OTHERWISE. FIGURES IN PARENTHESES REFER TO THE CORRESPONDING FIGURES FOR THE PREVIOUS

More information

HKFRS 3 Business Combinations 1 Nelson Lam

HKFRS 3 Business Combinations 1 Nelson Lam HKFRS 3 Business Combinations 1 Nelson Lam 1. Objective of HKFRS 3 The objective of Hong Kong Financial Reporting Standard (HKFRS) 3 is to specify the financial reporting by an entity when it undertakes

More information

VAN LANSCHOT REINFORCES ITS CAPITAL POSITION

VAN LANSCHOT REINFORCES ITS CAPITAL POSITION HOOGE STEENWEG 29 5211 JN S-HERTOGENBOSCH PO BOX 1021 5200 HC S-HERTOGENBOSCH, THE NETHERLANDS T +31 (0)73 548 32 25 F +31 (0)73 548 33 49 VANLANSCHOT@VANLANSCHOT.COM WWW.VANLANSCHOT.C OM COC S-HERTOGENBOSCH

More information

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

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

More information

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

Aalberts Industries realises strong growth in revenue (15%) and earnings per share (24%)

Aalberts Industries realises strong growth in revenue (15%) and earnings per share (24%) date 23 February 2012 more information e-mail Jan Aalberts / John Eijgendaal info@aalberts.nl phone +31 (0)343 565 080 Press Release Aalberts Industries realises strong growth in revenue (15%) and earnings

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

Statement of Financial Accounting Standards No. 7. Consolidated Financial Statements

Statement of Financial Accounting Standards No. 7. Consolidated Financial Statements Statement of Financial Accounting Standards No. 7 Statement of Financial Accounting Standards No. 7 Consolidated Financial Statements 30 November 2004 Translated by Wei-heng Lin, Associate Professor (Chung

More information

Indian Accounting Standard (Ind AS) 12. Income Taxes

Indian Accounting Standard (Ind AS) 12. Income Taxes Indian Accounting Standard (Ind AS) 12 Contents Income Taxes Paragraphs Objective Scope 1 4 Definitions 5 11 Tax base 7 11 Recognition of current tax liabilities and current tax assets 12 14 Recognition

More information

Corporate Governance. www.sinopec.com. Corporate Governance Fact Sheet

Corporate Governance. www.sinopec.com. Corporate Governance Fact Sheet Corporate Governance Corporate Governance Fact Sheet Board of Directors Responsibilities and Liability Composition Meetings of the Board of Directors Board Committees Supervisory Committee Role and Responsibilities

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

Carnegie Investment Bank AB (publ) Year-end report

Carnegie Investment Bank AB (publ) Year-end report Carnegie Investment Bank AB (publ) (Corp. reg. no. 516406-0138) Year-end report 1 January 31 December 2009 Carnegie Investment Bank AB (publ) is a leading independent investment bank with Nordic focus.

More information

INTERIM REPORT ON FIRST QUARTER OF 2015 201fehlungBild austauschen) Q1

INTERIM REPORT ON FIRST QUARTER OF 2015 201fehlungBild austauschen) Q1 Interim Report Q1 2015 INTERIM REPORT ON FIRST QUARTER OF 2015 201fehlungBild austauschen) Q1 1 Interim Report Q1 2015 2 Letter from the Management Board Dear Shareholders, Ladies and Gentlemen, These

More information

The items 3, 4, 5, 7, 8, a, b, c, 9, 11, 12 a, b, c, d, 13, 14, 15 and 16 on the agenda are items which will be put to the vote of the AGM.

The items 3, 4, 5, 7, 8, a, b, c, 9, 11, 12 a, b, c, d, 13, 14, 15 and 16 on the agenda are items which will be put to the vote of the AGM. EXPLANATORY NOTES TO THE AGENDA for the Annual General Meeting of Shareholders ( AGM ) of ASML Holding N.V. (the Company or ASML ) to be held on Wednesday March 28, 2007 The items 3, 4, 5, 7, 8, a, b,

More information

Semi Annual Report 2015. Delta Lloyd Asset Management N.V. Amsterdam

Semi Annual Report 2015. Delta Lloyd Asset Management N.V. Amsterdam Semi Annual Report 2015 Delta Lloyd Asset Management N.V. Amsterdam Address: Delta Lloyd Asset Management N.V. Amstelplein 6 1096 BC Amsterdam The Netherlands Post address: PO box 1000 1000 BA Amsterdam

More information

WGZ BANK copes with fallout from sovereign debt crisis

WGZ BANK copes with fallout from sovereign debt crisis Press release WGZ BANK copes with fallout from sovereign debt crisis WGZ BANK's 2011 operating profit is second highest in its history Negative impact of European sovereign debt crisis is completely absorbed

More information

Notice to attend the Annual General Meeting of Addtech AB (publ)

Notice to attend the Annual General Meeting of Addtech AB (publ) Press release Notice to attend the Annual General Meeting of Addtech AB (publ) The shareholders of Addtech AB (publ), organisation number 556302-9726, are hereby given notice to attend the Annual General

More information

Interim Report 201. Celesio AG. report as of 30 September 2015

Interim Report 201. Celesio AG. report as of 30 September 2015 Interim Report 201 Celesio AG H1 Half-year financial report as of 30 September 2015 The Celesio Group Celesio is a leading international wholesale and retail company and provider of logistics and services

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

ROTO SMEETS DE BOER NV. Presentation of 2003 Results 11 March 2004

ROTO SMEETS DE BOER NV. Presentation of 2003 Results 11 March 2004 ROTO SMEETS DE BOER NV Presentation of 2003 Results 11 March 2004 2003 at a glance Roto Smeets independent growth once again PlantijnCasparie financially disappointing conditionally recovering Media Partners

More information

Intertrust N.V. announces the indicative price range, offer size, start of offer period and publication of prospectus of its planned IPO

Intertrust N.V. announces the indicative price range, offer size, start of offer period and publication of prospectus of its planned IPO This press release and the information contained herein are not for distribution in or into the United States of America (including its territories and possessions, any state of the United States of America

More information

telegraaf media groep annual report 2012

telegraaf media groep annual report 2012 telegraaf media groep annual report 2012 On the front page and on the illustrated pages in this report you will come across Pieter & Sophie. They symbolise the target groups that are the focus of TMG s

More information

Increasing market share in a receding market

Increasing market share in a receding market Interim report for the first quarter of the financial year 2008/2009 Increasing market share in a receding market First quarter (September November 2008) KappAhl s net sales (excluding VAT) for the period

More information

Surface Transforms Plc. ( Surface Transforms or the Company ) Half-year financial results for the six months ended 30 November 2015

Surface Transforms Plc. ( Surface Transforms or the Company ) Half-year financial results for the six months ended 30 November 2015 3 February 2016 Surface Transforms Plc. ( Surface Transforms or the Company ) Half-year financial results for the six months 30 November Surface Transforms, (AIM:SCE) manufacturers of carbon fibre reinforced

More information

Ahlers AG, Herford. ISIN DE0005009708 and DE0005009732 INTERIM REPORT

Ahlers AG, Herford. ISIN DE0005009708 and DE0005009732 INTERIM REPORT Ahlers AG, Herford ISIN DE0005009708 and DE0005009732 I N T E R I M R E P O R T for the first six months of the 2006/07 financial year (December 1, 2006 to May 31, 2007) BUSINESS DEVELOPMENT IN THE FIRST

More information

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11)

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11) Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE 1 Table of Contents CHAPTER 1 GENERAL PROVISIONS... 3 CHAPTER 2 VOLUNTARY PENSION FUNDS... 7 CHAPTER 3 PENSION COMPANIES

More information