Annual Report 2007 COMMERCIAL FINANCE
|
|
- Shon McDowell
- 8 years ago
- Views:
Transcription
1 2007 Annual Report 2007 COMMERCIAL FINANCE
2 It is with pleasure that I present to you the Annual Report of 2007 which describes the activity of ING Commercial Finance Polska S.A. Last year the turnover of the company reached 1,4 billion EUR, which constitutes a growth by 45% year to year. As a result ING Commercial Finance Polska S.A. became a leader in terms of factoring turnover with 26% market share among the members of the Polish Factors Association. It is a particularly spectacular success when we take into consideration that the whole market of the Polish Factors Association developed in 2007 at the paste of about 37%. The year 2007 for ING Commercial Finance Polska S.A. was the time of intensified actions aimed at enhancing our effectiveness on the factoring market. We focused our commitment first of all on facilitating the internal processes and client service. We introduced new products such as: reverse factoring for the fast payments programme, import factoring and stock financing. In 2008 we will continue our present strategy responsive to the client s needs. We plan to further expand our product offer and strengthen our cooperation with the ING Group. We put it as our goal to sustain the leader position on the factoring market. Considering the above I am very much inclined to expect a bright future for ING Commercial Finance Polska S.A. Andrzej bikowski ING Commercial Finance S.A. Chief Executive Officer 2
3 3 In 2007 ING Commercial Finance Polska S.A. became a leader with 26% market share among the members of the Polish Factors Association.
4 Economic Situation The year 2007 witnessed fast economic growth in Poland. The growth rate of Gross Domestic Product was much higher than in 2006 and amounted to 6,6%. From the nominal point of view GDP amounted to ,9 million PLN in 2007 as compared to ,0 million PLN in 2006 (when the GDP growth was 6,2%). In each quarter of the last year the amount was respectively in the chronological order: ,4 million PLN, ,2 million PLN, ,0 million PLN and ,3 million PLN. The national demand increased by 8,3% in 2007 (as compared to earlier forecast and actual 7,3% in 2006), consumption in total increased by 5,3% (in comparison to 4,2% and 5,1% in 2006) and the individual consumption by 5,2% (in contrast to 5,2% and 4,9% in 2006). Gross expenditure for tangible fixed assets in use increased by 19,3% in comparison to earlier forecast 20,4% and actual 15,6% the year before. According to the Central Statistical Office export ultimately increased by o 8,4% (in contrast to 14,6% in 2006) and import by 12,4% (in relation to 17,4%). Investments and national demand had a major positive impact on the development of the Polish economic situation. Foreign trade had a slightly negative impact. Labor market was in much better condition, which was marked by the decrease of the unemployment rate to the level of 11,4% at the end of 2007 (a decrease by 3,4 points in comparison to the year before). The decrease of the unemployment rate was much due to good prosperity in economy and considerable economic emigration to the newly open European markets. The year 2007 witnessed fast economic growth in Poland. 4
5 Factoring around the world and in Poland The latest statistics published by the Factors Chain International show that the world s factoring market had a 15% growth in 2007 (as compared to 12% in 2006). The last year factoring world turnover amounted to 1,299,127 million Euro. The rationale seems to point to the further fast growth of the factoring market with its dynamics on the level of over 10%. It is well to notice that the growth in the export factoring was no less than 40%. The greatest market for the factoring services is Europe, which claims 71% of the value of all global transactions with Great Britain and Italy in the lead. Further down the line are Asia (with Japan and Taiwan in the lead) both Americas (The United States of America and Brazil) which claim 13% of the global factoring. Smaller markets that of Chile, Columbia, Maroco and Croatia also observe a factoring boost. In 2007 China sustained a very dynamic growth with the turnover of over 83 billion Euro (including Hong-Kong and Taiwan) which is over 20 billion more than the year before. A comparable growth could only be observed in France (a leap from 100 to 121 billion Euro) and Spain (from 67 to 83,5 billion Euro). The Factoring market in Poland marked a growth by 37% in 2007 as compared to The value of the companies associated in the Polish Factors Association amounted at the end of 2007 to 18,8 billion PLN, whereas the total turnover of the whole factoring branch in 2007 reached 30,7 billion PLN. According to FCI the last year growth can be perceived as a symptom of the long term changes. Poland took over Greece (7,4 billion Euro) so far comparable in terms of performance but much longer a European Union member. Hot on the heels of Poland are the Czech Republic and other Central-Eastern European countries. Right ahead of Poland there are Portugal, Finland and Norway. According to the Factors Chain International statistics the commonly dominating domestic factoring increased its turnover by 12% (over 120 billion Euro), whereas much promoted international factoring, export factoring in particular, by over 40% (42 billion Euro). ING Commercial Finance Polska S.A. became a leader with its 26% of the market share among the companies associated in the Polish Factors Association. When referring to the Polish factoring market in 2007 it is crucial to point out the much greater interest in factoring without recourse (growth by 27% in 2006 and 29% in 2007), and the greater popularity of export factoring (its share grew by 11% in 2006 and by 15% in 2007). The forecast is that the interest in export factoring will continue to increase, which is related to the country s membership in the UE and accession to the Schengen Zone. The Factoring market in Poland marked a growth by 37% in
6 ING Group in Poland and worldwide It is among the 20 biggest financial institutions in the world and 10 in Europe It has over 150 years of experience in the field It employs over 120 thousand employees in over 50 countries all over the world It serves over 60 million clients In Poland the ING Group entered the market in 1991 In different branches ING employs over 12 thousand people From the very start the ING Group in Poland takes a leading position in respective fields of the financial services market. I N G International range The Netherlands origin Group work 6
7 7 To our clients we wish to be a partner that always keeps his promises and is easy to work with.
8 ING Commercial Finance Polska S.A. the profile Company: ING Commercial Finance Polska S.A. Headquarters: 85/87 Chmielna Street, Warsaw, POLAND Initial capital: z Shareholders: ING Commercial Finance B.V. Permit issue date: June 13, 1994 Scope: the code No. 65,23, Z that is a financial agency responsible for assets distribution other than by granting loans, including: factoring, commercial stock financing, loans with collateral in receivables and other mediacy otherwise not classified. The Board: Andrzej bikowski Chief Executive Officer The Supervisory Board: Gerlachus Jacobs President of the Supervisory Board Benjamin Van de Vrie Member of the Supervisory Board Krzysztof Bielecki Member of the Supervisory Board ING Commercial Finance Polska S.A. A visit card ING Commercial Finance Polska S.A. (former Handlowy Heller S.A.) was founded in June 1994 and it is the first factoring company on the Polish market that offers a complete range of factoring services that is financing and receivables management. Since February 2006 it has been a member of the international ING Group one of the greatest financial institutions in the world. ING Commercial Finance is dynamically developing in Europe serving ever growing number of clients. Currently it has commercial companies in the Netherlands, France, Poland and Romania. From the above mentioned ING Commercial Finance Polska S.A. is the biggest company in terms of turnover. Its strength is the excellent knowledge of the local market together with access to the most modern solutions applied by the ING Group in the whole world. ING Commercial Finance Polska offers a variety of modern products well adjusted to the reshaping needs of clients. It employs specialists of the highest rang who contribute to the client-companies growth with their experience in financing and receivables management. ING Commercial Finance Polska is an active member of the Polish Factors Association and since 2006 also a member of other international associations such as: International Factors Group and Factors Chain International. Due to its international activity the company may offer its clients servicing foreign transactions in cooperation with over 200 factoring companies all over the world. ING Commercial Finance Polska S.A. has its branch offices in: Warsaw, Gdansk, Katowice, Krakow, Poznan, Bydgoszcz, Kielce and Wroclaw. 8
9 ING Commercial Finace Polska S.A. Facts 2007: The leader on the Polish Factoring market 26% market share 1,4 billion EUR of turnover Over 536 thousand financed receivables 45% turnover growth year to year The first factoring company in Poland since 1994 Our mission: We finance the safe growth of our clients We facilitate keeping the financial liquidity and managing receivables We adjust our offer to the changing needs of our clients Our service is always of high quality Our Principles: In financial services everything revolves around people and trust. Only by acting professionally and honestly, with prudence and high competences can we keep the trust of our clients. As the member of the ING Group the global financial services provider we are bound by high morale. We not only meet the clients wishes and our shareholders needs but also bear responsibility to them: To our clients we wish to be a partner that always keeps his promises and is easy to work with To our business partners we wish to be respectable To our employees we wish to an attractive and stimulating employer To our shareholders we wish to offer extraordinary profitability To our society we wish to prove our commitment In 2007 ING Commercial Finance had a 45% turnover growth year to year. 9
10 10 For the year 2008 we plan to enhance the effectiveness of the company.
11 ING Commercial Finance Polska S.A. Product portfolio Domestic factoring with recourse Domestic factoring without recourse Export factoring Import Factoring Stock Financing Servicing only Collection Reverse factoring Among the ING Commercial Finance Polska S.A. product portfolio the dominating product is domestic factoring with recourse. Our clients do business mainly in the steel and food industry. This points to the fact that throughout the last year the market preferences in terms of using factoring services did not undergo much of a change. The shares of the selected branches with the total turnover were as follows: Distribution of raw materials 36,3% Food products 10,2% Production of packaging 7,47% Building construction 7,32% As of December 31st, 2007 the Company employed 90 people. In the year 2007 the biggest emphasis was on: The development of the direct sales channels The increase of quality and expanding of the services rendered Implementing the procedures of compliance and other procedures required by the ING group Development of new products Plans for 2008 Growth of the Company s efficiency Development of cooperation with the ING Group Introduction of new products to the Company s offer Development of international factoring 11
12 12 Financial Results 2007
13 Results In 2007 the turnover of ING Commercial Finance Polska SA amounted to EUR and was by 45% higher than in Such considerable dynamics resulted from the sales development among the existing portfolio (22%) as well as from the introduction of the new products such as: reverse factoring and structured finance. Sales revenue in total increased by 13,4% and amounted to 15,2 mln EUR, which was due to the higher by 27% income on interest than in Commission income was on the same level as in The balance at the end of 2007 amounted to EUR and it was by 192% higher than the year before. As for December 31st, 2007 the account receivables on behalf of purchased receivables amounted to EUR, and the factoring liabilities amounted to EUR. Liabilities on behalf of credits for financing the ING Commercial Finance Polska S.A. activity amounted to EUR. The Company is fully financed by the ING Group and has no problems gaining the financing of its current activity. Net Profit amounted to EUR and was by 11,5% lower than a year ago, which was caused by higher by 16% operational costs incurred as a result of adjusting the Company to the ING Group requirements as well as developing the sales net. The whole net profit was paid as a dividend to the Shareholders. Receivables service commission and interest on the advance payments had a major contribution to the overall income of the Company. As for costs, they were mainly generated by the financial costs related to the credit servicing, operational costs for employees remuneration, costs of rent, amortization and the commercial receivables insurance costs. Information on the opinion of the independent auditor Based on audit of the financial statements of the Company as at and for the year ended 31 December 2007, KPMG Audyt Sp. z o. o. have issued an unqualified opinion. Factoring companies turnover
14 BALANCE SHEET (in EUR) Assets Non-current assets Intangible assets Tangible fixed assets Long term prepayments and deferred expenses Current assets Inventories Short term receivables Short term investments Short term prepayments and deferred expenses Total Assets Equity and Liabilities Equity Share capital Reserve capital Other capital reserves Net profit Liabilities and provisions for liabilities Provisions for liabilities Long term liabilities Short term liabilities Accruals and deferred income Total equity and liabilities PROFIT AND LOSS ACCOUNT (in EUR) Net revenues and net revenue equivalents Operating expenses Profit on sales Other operating revenues Other operating expenses Operating profit Financial income Financial expenses Gross profit Corporate income tax Net profit
15 ING Commercial Finance Polska S.A. 85/87 Chmielna Street, Warsaw, POLAND E sekretariat@ingcomfin.pl E marketing@ingcomfin.pl T (+48)
COMMERCIAL FINANCE COMMERCIAL FINANCE WWW.INGCOMFIN.PL WWW.INGCOMFIN.PL
www.ingcomfin.pl Annual report 2008 COMMERCIAL FINANCE COMMERCIAL FINANCE WWW.INGCOMFIN.PL WWW.INGCOMFIN.PL Dear Sir or Madam, I am pleased to present you with the Annual Report summing up the operations
More informationThe ING Foundation for Polish Arts
ING COMMERCIAL FINANCE POLAND ANNUAL REPORT 2012 The ING Foundation for Polish Arts All images presented in the Annual Report belong to The ING Foundation for Polish Arts. The ING Foundation for Polish
More informationThe ING Foundation for Polish Arts
ING COMMERCIAL FINANCE POLAND ANNUAL REPORT 2011 The ING Foundation for Polish Arts All images presented in Annual Report belong to The ING Foundation for Polish Arts. The ING Foundation for Polish Arts
More informationOPINION OF THE INDEPENDENT AUDITOR
OPINION OF THE INDEPENDENT AUDITOR To the Shareholders of We have audited the accompanying financial statements of seated in Warsaw, ul. Senatorska 16, consisting of the introduction to the financial statements,
More informationSummary of Consolidated Financial Statements for the Second Quarter of Fiscal Year Ending March 31, 2012 (Japanese GAAP)
This document is a translation of the Japanese financial statements and is not in conformity with accounting principles of the United States. Summary of Consolidated Financial Statements for the Second
More informationOstrów Mazowiecka, 17.03.2015 Dear Sirs and Madams, Dear Shareholders, I hereby present you the Annual Report of the Forte Company for 2014. My pleasure is even bigger as I can inform you, once again,
More informationINDEPENDENT AUDITOR S OPINION
INDEPENDENT AUDITOR S OPINION On the audit of the financial statements ALTUS TOWARZYSTWO FUNDUSZY INWESTYCYJNYCH S.A For the period from 1 January 2014 to 31 December 2014 Warsaw 30 March 2015 INDEPENDENT
More informationCONSOLIDATED FINANCIAL STATEMENTS AS AT JUNE 30, 2003
JCDECAUX SA CONSOLIDATED FINANCIAL STATEMENTS AS AT JUNE 30, 2003 Translated from French and in accordance with French generally accepted accounting principles JCDECAUX SA CONSOLIDATED FINANCIAL STATEMENTS
More informationEUF STATISTICS. 31 December 2013
. ESTIMATES OF EU TURNOVER VOLUMES. Turnover volumes by product, allocation and notification (Estimates of EU s, Millions of ) Estimate of the EU % on Turnover Significance of the sample on total turnover
More informationThe Factoring Industry Worldwide & The Role of International Factoring
The Factoring Industry Worldwide & The Role of International Factoring Erik Timmermans Secretary General IFG 1 Factoring Basics The Factoring Company provides flexible finance against the assignment of
More informationEurope: Growth of +7.8% in Recurring Operating Income France: New half of improved profitability
2014 FIRST HALF RESULTS: CONTINUED GROWTH Organic sales growth of 4.3% Increase in Recurring Operating Income of +13.8% Strong increase in adjusted net income, Group share of +16.7% Strong profit growth
More informationFortis Bank Polska S.A.
OPINION OF THE INDEPENDENT AUDITOR AND REPORT SUPPLEMENTING THE OPINION ON THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004 OPINION OF THE INDEPENDENT AUDITOR To the General Meeting
More informationATOSS Software AG Excellence in Workforce Management Presentation January 30, 2015. 1 Christof Leiber, Member of the Board, ATOSS Software AG
ATOSS Software AG Excellence in Workforce Management Presentation January 30, 2015 1 Christof Leiber, Member of the Board, ATOSS Software AG 01 Business model and developments 2006 2014 02 ATOSS growth
More informationREPORT on activities of the Supervisory Board of Bank Handlowy w Warszawie S.A.
REPORT on activities of the Supervisory Board of Bank Handlowy w Warszawie S.A. for the period from the date of the Ordinary General Meeting of Shareholders in 2011 to the date of the Ordinary General
More informationATOSS Software AG Excellence in Workforce Management. 1 Christof Leiber, Member of the Board, ATOSS Software AG
ATOSS Software AG Excellence in Workforce Management 1 Christof Leiber, Member of the Board, ATOSS Software AG 01 Business model and developments 2006 2014 and first half of 2015 02 ATOSS growth strategy
More informationU.S. Trade Overview, 2013
U.S. Trade Overview, 213 Stephanie Han & Natalie Soroka Trade and Economic Analysis Industry and Analysis Department of Commerce International Trade Administration October 214 Trade: A Vital Part of the
More informationInterim report April-June 2003
Interim report April-June 2003 Pre-tax profit for the second quarter amounted to SEK -34m, which is a SEK 30m improvement compared to last year (SEK -64m). Software revenue grew by 5% during the second
More informationRADPOL SA Capital Group joint-stock company. Opinion of independent auditor with consolidated report on the financial statements
RADPOL SA Capital Group joint-stock company Opinion of independent auditor with consolidated report on the financial statements Opinion of independent auditor with consolidated report on the financial
More informationDefinition of Public Interest Entities (PIEs) in Europe
Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.
More informationSTATISTICS FOR THE FURNITURE INDUSTRY AND TRADE
STATISTICS FOR THE FURNITURE INDUSTRY AND TRADE Möbel Zahlen Daten STATISTICS FOR THE FURNITURE INDUSTRY AND TRADE 01/36 Economical growth in the regions of the world-economy Changes of the gross domestic
More informationThe Polish economy and banking sector perspectives as seen from Q IV 2011 Bank financing and the Polish energy sector.
The Polish economy and banking sector perspectives as seen from Q IV 2011 Bank financing and the Polish energy sector. Warsaw, 29 th November 2011 Emilii Plater 53 Table of contents Polish economy...........
More informationThe investment fund statistics
The investment fund statistics Narodowy Bank Polski (NBP) publishes data reported by investment funds which have been defined in Art. 3 section 1 of the Act of 27 May 2004 on investment funds (Journal
More information187/2014-5 December 2014. EU28, euro area and United States GDP growth rates % change over the previous quarter
187/2014-5 December 2014 This News Release has been revised following an error in the data for Gross Fixed Capital Formation. This affects both the growth of GFCF and its contribution to GDP growth. All
More informationReport of the Supervisory Board of Echo Investment S.A. on the results of:
Report of the Supervisory Board of Echo Investment S.A. on the results of: -assessment of the separate financial statements of Echo Investment S.A. and the consolidated financial statements of Echo Investment
More informationGrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014
GrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014 Schiphol, the Netherlands 18 March 2015. GrandVision N.V. publishes Full Year and Quarter 2014 results. 2014 Highlights Revenue grew
More information2015 Quarterly Report II
2015 Quarterly Report II 2 Key data Eckert & Ziegler 01 06/2015 01 06/2014 Change Sales million 69.0 61.9 + 11 % Return on revenue before tax % 16 % 9 % + 87 % EBITDA million 15.6 9.7 + 61 % EBIT million
More informationREPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OF GETIN NOBLE BANK S.A. FOR THE 2012 FINANCIAL YEAR
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OF GETIN NOBLE BANK S.A. FOR THE 2012 FINANCIAL YEAR I. GENERAL INFORMATION 1. Details of the audited Bank The Company operates under the business name Getin
More informationENEA S.A. POZNAŃ, UL. NOWOWIEJSKIEGO 11 FINANCIAL STATEMENTS FOR THE 2010 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT
POZNAŃ, UL. NOWOWIEJSKIEGO 11 FINANCIAL STATEMENTS FOR THE 2010 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT SUPPLEMENTING THE OPINION ON THE AUDIT
More information99/2015-9 June 2015. EU28, euro area and United States GDP growth rates % change over the previous quarter
2005Q1 2005Q2 2005Q3 2005Q4 2006Q1 2006Q2 2006Q3 2006Q4 2007Q1 2007Q2 2007Q3 2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1
More informationNOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2006
NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2006 (Amounts expressed in Euro ) (Translation of a report originally issued in Portuguese Note 49) Operations BNP Factor Companhia Internacional de
More informationMarcolin Group: net income of ITL 8 billion on sales of ITL 231.6 billion.
Marcolin Group: net income of ITL 8 billion on sales of ITL 231.6 billion. The Board of Directors approves the consolidated financial statements for 2000: sales of ITL 231.6 billion (24% up on 1999) and
More informationRelease no. 04 2014 Report on first quarter 2014 To NASDAQ OMX Nordic Exchange Copenhagen A/S
Page 1/10 22 May 2014 for ROCKWOOL International A/S Today the Board of ROCKWOOL International A/S has discussed and approved the following report on first quarter 2014. Highlights Sales in first quarter
More informationIncome Statement (1) First Quarter 2002
Income Statement (1) (in millions of EUR) 1 st Q 2002 1 st Q 2001 2002/2001 Sales 5,402.2 4,993.6 +8.2% (2) EBITDA (FIFO) 408.7 366.1 +11.6% EBITDA margin 7.6% 7.3% - Depreciation (145.5) (134.6) +8.1%
More informationGlobal payments trends: Challenges amid rebounding revenues
34 McKinsey on Payments September 2013 Global payments trends: Challenges amid rebounding revenues Global payments revenue rebounded to $1.34 trillion in 2011, a steep increase from 2009 s $1.1 trillion.
More informationThe Act imposes foreign exchange restrictions, i.e. performance of certain actions requires a relevant foreign exchange permit.
RESPONSIBILITIES OF THE NATIONAL BANK OF POLAND RESULTING FROM THE FOREIGN EXCHANGE ACT 1. FOREIGN EXCHANGE PROVISIONS Foreign exchange regulations, which constitute part of the financial legislation,
More informationCembre (a STAR listed company): approved a distribution of a 0.26 dividend per share
Joint-stock Company Main Office: Via Serenissima, 9 25135 Brescia VAT no: 00541390175 Share Capital: 8,840,000 fully paid up Registration no: 00541390175 tel.: +39 0303692.1 fax: +39 0303365766 Press release
More informationConsolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP]
Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP] October 27, 2010 Company Name: KOITO MANUFACTURING CO., LTD. Stock Listing: First Section, Tokyo Stock Exchange Code Number:
More informationPrivatization in Central and Eastern Europewe
Privatization in Central and Eastern Europewe ŁukaszZalicki, Partner at Ernst & Young Privatization - what s next Warsaw May 13th, 13 Central and Eastern European Countries - CEECs Czech Rep., Estonia,
More informationBANK ZACHODNI WBK S.A. WROCŁAW, RYNEK 9/11 FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT
WROCŁAW, RYNEK 9/11 FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OF
More informationMakita Corporation. Consolidated Financial Results for the nine months ended December 31, 2007 (U.S. GAAP Financial Information)
Makita Corporation Consolidated Financial Results for the nine months ended (U.S. GAAP Financial Information) (English translation of "ZAIMU/GYOSEKI NO GAIKYO" originally issued in Japanese language) CONSOLIDATED
More informationOPINION OF AN INDEPENDENT AUDITOR ON THE EXAMINATION OF SPIN-OFF PLAN concerning Bank BPH Spółka Akcyjna in Cracow
Cracow, 8 th January 2007 Janina Niedośpiał ul. Słomiana 13/60 30-316 Cracow Chartered auditor 2729/2068 Court-appointed auditor Regional Court For Cracow Śródmieście in Cracow XIth Business Department
More informationNotes to the Quarterly Report for Q4 FY03 1. Accounting principles adopted in the preparation of the quarterly report; information on changes in adopted accounting principles The report has been drawn
More informationFewer net errors and omissions, that is a new format of the balance of payments
Fewer net errors and omissions, that is a new format of the balance of payments The size of net errors and omissions in the balance of payments decreased from 4.4% to 2.3% of GDP. This resulted from data
More informationConsolidated Extended Financial Statements of Echo Investment Capital Group for the 1st half of 2009
SEMI-ANNUAL REPORT 2009 Consolidated Extended Financial Statements of Echo Investment Capital Group for the 1st half of 2009 August 31, 2009 Semi-annual Report for the 1st half of 2009 1 I. Consolidated
More informationPolish insurance market: growth and potential
Polish insurance market: growth and potential Polish Insurance Association June 2012 Table of contents 1. Polish insurance market general information 2. Non life insurance in Poland 3. Life insurance in
More informationInterim Management Report. for the Bolzoni Group
Interim Management Report for the Bolzoni Group at 31 March 2011 1 INDEX Corporate offices pg. 3 Group activity pg. 5 Group structure pg. 6 Comments of the Directors on the Company s performance pg. 7
More informationCommentary to a quarterly report of Fortis Bank Polska SA for the first quarter of 2002
Commentary to a quarterly report of Fortis Bank Polska SA for the first quarter of 2002 1. Accounting principles adopted in the report: 1.1. Fortis Bank Polska SA keeps its accounting records pursuant
More informationOpinion on the audited financial statements of B3System S.A. for the period from January 1, 2009 to December 31, 2009 SPIS TREŚCI
SPIS TREŚCI I. GENERAL PART OF THE REPORT... 2 1. Identification data of the unit... 2 2. Information on the financial statements for the previous year... 7 3. Identification data of the entity authorized
More informationDear shareholders, TAKKT highlights during the first six months of 2001. The TAKKT group. Half-year report 2001
Half-year report 2001 Stuttgart, July 2001 Dear shareholders, TAKKT AG continued its dynamic development during the first six months of 2001. Compared to the same period last year, the group increased
More informationThe spillover effects of unconventional monetary policy measures in major developed countries on developing countries
The spillover effects of unconventional monetary policy measures in major developed countries on developing countries Tatiana Fic National Institute of Economic and Social Research Objective The objective
More informationCash flow from operating activities 5,182 2,633 6,697. Cash flow from investing activities (4,556) (2,389) (4,389)
Tamron Co., Ltd. October 30, 2008 3rd Quarter Financial Results FY 2008 Table of Contents Financial Summary Balance Sheet Statements of Income Statements of Cash Flows Group Network Overview Business Segment
More informationNedSense 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 informationINTERIM REPORT 1.1.-30.9.2004
INTERIM REPORT 1.1.-30.9.2004 RAUTE OYJ 1 (9) RAUTE OYJ S INTERIM REPORT FOR JANUARY 1 - SEPTEMBER 30, 2004 Net sales MEUR 60.6 (MEUR 55.1) and operating profit MEUR 4.8 (MEUR -7.6) grew markedly. Net
More informationVolkswagen Financial Services AG
Volkswagen Financial Services AG Klaus-Dieter Schürmann Member of the Board of Management Morgan Stanley 7 th Annual European Automotive Conference 29 June 2004 2 Volkswagen Financial Services AG Introduction
More informationAhlers 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 informationLIBET S.A. REPORT OF THE MANAGEMENT BOARD ON THE OPERATIONS OF LIBET S.A. FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2015
LIBET S.A. REPORT OF THE MANAGEMENT BOARD ON THE OPERATIONS OF LIBET S.A. FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2015 Wrocław, 27 August 2015 1. SUPPLEMENTARY INFORMATION TO THE SEMI-ANNUAL REPORT...
More information2011 Business and Financial Performance
211 Business and Financial Performance March 27, 212 1 Content 1. Introduction 2. Business overview 3. Financials 4. Divestitures and Internal Reorganization 5. 212 outlook 6. Q&A 2 Section 1 Introduction
More informationPOLISH INFORMATION AND FOREIGN INVESTMENT AGENCY R&D SECTOR IN POLAND
POLISH INFORMATION AND FOREIGN INVESTMENT AGENCY Foto: AA+W Fotolia.com R&D SECTOR IN POLAND The R&D sector in Poland characteristics and possibilities of support Characteristics of the Polish economy
More informationAcerinox Press Release 2014 First Half Results. Page 0 / 10
Page 0 / 10 2014 First Half Results Acerinox's profit after taxes and minorities for the first half of 2014 is Euros 76.1 million, representing a rise of 373% on the same period in the prior year The Group's
More informationCONSOLIDATED INCOME STATEMENTS
ATTACHMENTS TO THE PRESS RELEASE The consolidated Income Statements, consolidated Statements of Financial Position and the Consolidated Statements of Cash Flows as well as the Net Financial Debt of INWIT,
More informationREPORT ON THE CONDITION OF SMALL AND MEDIUM-SIZED ENTERPRISE SECTOR IN POLAND IN 2011-2012
REPORT ON THE CONDITION OF SMALL AND MEDIUM-SIZED ENTERPRISE SECTOR IN POLAND IN 2011-2012 selected chapters from the complete version of the Report available in Polish PARP, 2013 Report on the condition
More informationH & M Hennes & Mauritz AB
Full-year report (1 Dec - 30 Nov ) H & M Hennes & Mauritz AB Full-year report Full-year (1 December 30 November ) Well-received collections for all brands in the H&M Group resulted in good sales and increased
More informationFIRST HALF 2015 RESULTS Santander made ordinary profit of EUR 3.426 billion, a 24% increase
FIRST HALF 2015 RESULTS Santander made ordinary profit of EUR 3.426 billion, a 24% increase PRESS RELEASE The first half results show the soundness and consistency of Banco Santander s business model.
More informationAudit Report of Independent Certified Public Accountants
Audit Report of Independent Certified Public Accountants The Board of Directors Acer Incorporated: We have audited the non-consolidated balance sheets of Acer Incorporated (the Company ) as of June 30,
More informationInterim report as at 31 March 2015
Interim report as at 31 March 2015 Increase of unit sales, revenue and profit Dividend raises to 1.60 per share Fielmann expects continuation of positive business performance Fielmann Aktiengesellschaft
More informationPRESS RELEASE 20 September 2013
PRESS RELEASE 20 September 2013 Publication of the second quarter and first half 2013 results Sound operating results impacted by devaluation of investment portfolio Globe Trade Centre S.A. (GTC) released
More informationOverview of the key figures for the first half of the year
Half-Year Report 2015 Q2 Revenues increase in the first half of the year by 23% EBIT increased by 1.5 million euros compared to the previous year Order book is growing Overall annual forecast remains unchanged
More informationFinancial Results for the First Quarter Ended June 30, 2014
July 28, 2014 Company name : Nissan Motor Co., Ltd. Code no : 7201 (URL http://www.nissan-global.com/en/ir/) Representative : Carlos Ghosn, President Contact person : Joji
More informationThe following report presents financial data only. The full and binding version is available in Polish. K2 INTERNET S.A.
The following report presents financial data only. The full and binding version is available in Polish. K2 INTERNET S.A. Annual Financial Statement of K2 Internet S.A. for the twelve-month period ended
More informationFinancial results of 2013 Outlook 2014+ 12 March 2014
Financial results of 2013 Outlook 2014+ 12 March 2014 DUON benefits from liberalisation of electric energy and gas markets: summary of 2013 +56% increase of revenues to almost PLN 400 m +54% increase of
More informationTHE TAURON POLSKA ENERGIA S.A. CAPITAL GROUP KATOWICE, ULICA KS. PIOTRA ŚCIEGIENNEGO 3 CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2014
THE POLSKA ENERGIA S.A. CAPITAL GROUP KATOWICE, ULICA KS. PIOTRA ŚCIEGIENNEGO 3 CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2014 WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR
More informationFURTHER PROFIT GROWTH IN FIRST-HALF 2015
FURTHER PROFIT GROWTH IN FIRST-HALF 2015 Net sales of 37.7bn, up +5.2% (+2.9% on an organic basis) Growth in Recurring Operating Income: 726m, +2.6% at constant rates Strong growth in adjusted net income,
More informationOpinion and Report of the Independent Auditor
Nordea Bank Polska S.A. Opinion and Report of the Independent Auditor Financial Year ended 31 December 2008 KPMG Audyt Sp. z o.o. The opinion contains 2 pages The report supplementing the auditor s opinion
More information2014 Quarterly Report II
2014 Quarterly Report II 2 Key data Eckert & Ziegler 01 06/2014 01 06/2013 Change Sales million 61.9 55.3 12% Return on revenue before tax % 9 % 12 % 26 % EBITDA million 9.7 10.2 5 % EBIT million 6.2 6.9
More information(2)Adoptions of simplified accounting methods and accounting methods particular to the presentation of quarterly financial statements: None
Financial Statement for the Six Months Ended September 30, 2015 Name of listed company: Mipox Corporation Stock Code: 5381 (URL http://www.mipox.co.jp) Name and Title of Representative: Jun Watanabe, President
More informationJT Family Holding Oy
[This is unofficial translation from Finnish original] JT Family Holding Oy ANNUAL REPORT 31.12.2012 ANNUAL REPORT 31.12.2012 page Board of Director s Review 3 Consolidated income statement 7 Consolidated
More informationAnalyst Meeting Materials
Azbil Corporation RIC: 6845.T, Sedol: 6985543 Analyst Meeting Materials For the Third Quarter of the Fiscal Year Ending March 31, 2016 (Based on Japanese GAAP) Human-centered Automation 1. Financial
More informationFocus on fleet customers SAF-HOLLAND 1st half-year results 2014
Focus on fleet customers SAF-HOLLAND 1st half-year results 214 Detlef Borghardt, CEO Wilfried Trepels, CFO August 7, 214 Executive Summary 1 Increase in group sales by 1.7% to 482.mn (previous year: 435.6)
More informationCAPITAL GROUP CENTRUM NOWOCZESNYCH TECHNOLOGII SPÓŁKA AKCYJNA
CAPITAL GROUP CENTRUM NOWOCZESNYCH TECHNOLOGII SPÓŁKA AKCYJNA MID-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENT OF THE CAPITAL GROUP CNT S.A. AND MID-YEAR CONDENSED SEPARATE FINANCIAL STATEMENT OF CNT
More informationGiełda Papierów Wartościowych w Warszawie S.A. Group. Opinion and Report of the Independent Auditor Financial Year ended 31 December 2013
Giełda Papierów Wartościowych w Warszawie S.A. Group Opinion and Report of the Independent Auditor Financial Year ended 31 December 2013 The opinion contains 2 pages The supplementary report contains 11
More informationPendulum Business Loan Brokers L.L.C. U.S. State Market Area
Pendulum Business Loan Brokers L.L.C. U.S. State Market Area Mission Statement Hiram R. Davis, the founder of Sweetwater Pipeline Company, has developed a Business Model to for our Merger & Acquisition
More informationTHE ANALYSIS OF PRIVATE HEALTH INSURANCE PENETRATION DEGREE AND DENSITY IN EUROPE
THE ANALYSIS OF PRIVATE HEALTH INSURANCE PENETRATION DEGREE AND DENSITY IN EUROPE Gheorghe Matei, Professor Ph.D University of Craiova Faculty of Economics and Business Administration Craiova, Romania
More informationSubject: Preliminary consolidated financial statements of the Capital Group of Bank Handlowy w Warszawie S.A. for the 2014
Warsaw, February 12, 2015 Subject: Preliminary consolidated financial statements of the Capital Group of Bank Handlowy w Warszawie S.A. for the 2014 Legal basis: Art. 5 section 1 item 25) of the Ordinance
More informationGUIDELINES ON THE COMPLETION OF THE STRUCTURAL BUSINESS STATISTICS 2014 QUESTIONNAIRE
SECTION 1 DETAILS GUIDELINES ON THE COMPLETION OF THE STRUCTURAL BUSINESS STATISTICS 2014 QUESTIONNAIRE I. Principal Activity: Please provide an explanation of the activity of the enterprise according
More informationNN Group N.V. 30 June 2015 Condensed consolidated interim financial information
Interim financial information 5 August NN Group N.V. Condensed consolidated interim financial information Condensed consolidated interim financial information contents Condensed consolidated interim
More informationELEKTROBUDOWA SPÓŁKA AKCYJNA KATOWICE, UL. PORCELANOWA 12 FINANCIAL STATEMENTS FOR THE 2013 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT
ELEKTROBUDOWA SPÓŁKA AKCYJNA KATOWICE, UL. PORCELANOWA 12 FINANCIAL STATEMENTS FOR THE 2013 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT SUPPLEMENTING
More informationCONSOLIDATED CONDENSED INTERIM FINANCIAL INFORMATION FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2014
CONSOLIDATED CONDENSED INTERIM FINANCIAL INFORMATION UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL INFORMATION CONTENTS Pages CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED
More informationFactoring is emerging as a short-term financial solution for business The role of FCI
Factoring is emerging as a short-term financial solution for business The role of FCI Daniela Bonzanini Chairman of Factor Chain International Torino, 10 June 2015 1 Factoring Spreading its Wings! GLOBAL
More informationCAPITAL GROUP GETIN NOBLE BANK S.A.
CAPITAL GROUP GETIN NOBLE BANK S.A. REPORT SUPPLEMENTING THE INDEPENDENT AUDITOR S OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED ON 31 DECEMBER 2009 I. GENERAL 1. General information
More informationPONSSE PLC, STOCK EXCHANGE RELEASE, 26 OCTOBER 2010, 9:00 a.m. PONSSE S INTERIM REPORT FOR 1 JANUARY 30 SEPTEMBER 2010
PONSSE PLC, STOCK EXCHANGE RELEASE, 26 OCTOBER 2010, 9:00 a.m. PONSSE S INTERIM REPORT FOR 1 JANUARY 30 SEPTEMBER 2010 - Net sales were EUR 171.8 (Q1-Q3/2009 EUR 98.9) million. - Q3 net sales were EUR
More informationH & M Hennes & Mauritz AB
Nine-month report (1 Dec - 31 August ) H & M Hennes & Mauritz AB Nine-month report Nine-months (1 December 31 August ) The H&M Group s sales including VAT increased in local currencies by 15 percent during
More informationConsolidated Results for the First Quarter of the Fiscal Year Ending March 20, 2016
Consolidated Results for the First Quarter of the Fiscal Year Ending March 20, 2016 [Japan GAAP] July 21, 2015 Listed company name: YASKAWA Electric Corporation http://www.yaskawa.co.jp/en/ Representative:
More informationConsolidated Financial Results for the Six Months Ended September 30, 2015 [Japanese GAAP]
Consolidated Financial Results for the Six Months Ended September 30, 2015 [Japanese GAAP] November 6, 2015 Company name: Shibaura Electronics Co., Ltd. Stock exchange listing: Tokyo Stock Exchange Code
More informationGrandVision reports Revenue growth of 13.8% and EPS growth of 31.7%
GrandVision reports Revenue of 13.8% and EPS of 31.7% Schiphol, the Netherlands 16 March 2015. GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2015 results. 2015 Highlights Revenue
More informationPresentation of the Company January 2012
MAGELLAN S.A. Presentation of the Company January 2012 Disclaimer This presentation is of solely informative nature and is aimed at presenting selected information about MAGELLAN Spółka Akcyjna (hereafter
More informationCathay Life Insurance Co., Ltd. Financial Statements As of December 31, 2006 and 2007 With Independent Auditors Report
Financial Statements With Independent Auditors Report The reader is advised that these financial statements have been prepared originally in Chinese. These financial statements do not include additional
More informationProsegur 9M 2013 Results
Prosegur 9M 2013 Results November 12th, 2013 Compañía de Seguridad S.A. all rights reserved 1 Highlights in the period The transfer to clients of the increase in the labour costs in Brazil (ARV) is being
More informationImtech publishes first quarter 2013 results
PRESS RELEASE, 18 June 2013 Imtech publishes first quarter 2013 results Imtech had a difficult first quarter 2013 Revenue at 1,211 million euro, stable versus Q1 2012 Operational EBITDA of -13.6 million
More informationManagement s Discussion and Analysis
Management s Discussion and Analysis of Financial Conditions and Results of Operations For the quarter and six months ended June 30, 2012 All figures in US dollars This Interim Management s Discussion
More information