E.ON International Finance B.V Annual Report. Rotterdam, The Netherlands

Size: px
Start display at page:

Download "E.ON International Finance B.V. 2013 Annual Report. Rotterdam, The Netherlands"

Transcription

1 E.ON International Finance B.V Annual Report Rotterdam, The Netherlands

2 Content Company Board and Management Report from the Supervisory Board... 3 Adoption by the Annual General Meeting of Shareholders... 4 Report of the Board of Management... 5 Financial Statements of E.ON International Finance B.V. Balance Sheet (before profit appropriation)... 9 Income Statement Cash flow Statement Notes Additional Information 28 Auditors report 29

3 Financial Statements of E.ON International Finance B.V. 3 Report from the Supervisory Board At the end of 2013 the Supervisory Board comprised the following members: Mrs. V. Volpert Mrs. C. Mencke Mr. S.W. Hloch The composition of the members of the Board did not change during the reporting year. The Supervisory Board met once on March 26, During this meeting the Board of Management presented the business results for the year 2012 which were discussed and approved by the Supervisory Board. Also, the planned activities for 2013 were discussed. In 2013 E.ON International Finance B.V. issued no new bonds into the international capital markets due to the ongoing strong liquidity situation of the E.ON Group. Nevertheless E.ON International Finance B.V. continued to be an important liquidity provider and financing hub within the E.ON Group and is constantly prepared to act in the debt capital markets if deemed appropriate. The financial statements 2013 have been audited and were given an unqualified report by the auditors of PricewaterhouseCoopers. The auditor s report is included in this report. The Income Statement for the year 2013 discloses a Net Profit of 28.6 million. The Supervisory Board approves the proposal made by the Board of Management to add this amount to the Other reserves. The Supervisory Board recommends that the General Meeting of Shareholders adopts the financial statements for the year The Supervisory Board takes this opportunity to express its appreciation for the performance of the management during the past year. Rotterdam, March 26, 2014 Mrs. V. Volpert Mrs. C. Mencke Mr. S.W. Hloch

4 Financial Statements of E.ON International Finance B.V. 4 Adoption by the Annual General Meeting of Shareholders In accordance with Article 20(8) of the Articles of Association, the Annual General Meeting of Shareholders has adopted the 2013 financial statements of E.ON International Finance B.V. The Income Statement discloses a Net Profit of 28.6 million. The entire amount of 28.6 million will be added to the Other reserves. Rotterdam, March 26, 2014 E.ON SE

5 Financial Statements of E.ON International Finance B.V. 5 Report of the Board of Management General information Composition of the Board of Management At the end of 2013 the Board of Management comprised the following members: Mr. J. Trapman Mr. J. Otto Mr. M.A.S. Bokelmann Mr. R. Toering The composition of the members of the Board did change during the reporting year. Mr. Toering joint the Board of Management of E.ON International Finance B.V. in May The ratio between men and women in the Board of Management does not comply with the required minimum ratio according to the Act Governance and Supervision ( Wet Bestuur en Toezicht ). Company objectives and core activities According to article 3 of the Articles of Association of E.ON International Finance B.V., the objectives of E.ON International Finance B.V. are: to borrow, to lend and to raise funds, including the issue of bonds, promissory notes or other securities or evidence of indebtedness as well as to enter into agreements in connection with aforementioned activities; to participate in any way whatsoever in, to manage, to incorporate and to supervise businesses and companies; to perform any and all activities of a commercial or financial nature; and to do all that is connected therewith or may be conductive thereto, all to be interpreted in the broadest sense. The principal activity of E.ON International Finance B.V. is the financing of E.ON Group entities mainly via the issuance of bonds or other securities, or by taking deposits or intra-group loans. Composition of the Group E.ON International Finance B.V., a corporation with limited liability, having its statutory seat in Rotterdam, the Netherlands, considers E.ON SE, Düsseldorf, Germany to be its ultimate parent company. The financial information of E.ON International Finance B.V. is included in the consolidated financial statements of E.ON SE, Germany. Copies of the consolidated financial statements of E.ON SE can be obtained from E.ON SE in Düsseldorf. Internal organisation At the end of 2013 E.ON International Finance B.V. had no own employees (2012: 0). All personnel is either seconded from other E.ON Group companies or employed by E.ON Benelux N.V. under a service level agreement. Market review In 2013 the international capital markets continued the positive trends started in 2012 following the unlimited support announcement by the European Central Bank. As such, the positive market sentiment allowed most of the peripheral European countries to successfully return to the markets despite the financial concerns and the growth prospects not being entirely solved. On the foreign exchange markets volatility also reduced, with all the major currencies however weakening against the Euro, especially the U.S. Dollar and the Japanese Yen. Interest rates both long term and short term also stabilized during the year, with long term rates however in the first half of 2013

6 Financial Statements of E.ON International Finance B.V. 6 first establishing another historic low before in the second half of 2013 starting to rise to early 2012 levels. Short term rates stayed the whole of 2013 on slightly improved but still very low levels. Credit spreads continued their positive trends started towards the end of 2012 with spreads for peripheral European sovereign issuers returning to almost pre-crisis levels. Spreads for core European sovereign issuers remained stable at albeit still significantly lower levels compared to its peripheral peers. Corporate credit spreads experienced a differentiated development in 2013, with spreads of lower rated issuer still being able to continue to tighten, whereas spreads of high quality issuer remained stable or even widened slightly. Overall, corporate issuers credit spreads still remained strongly depending on their respective country spread in addition to their own industry and company developments. Utility spreads specifically underlined this trend with companies domiciled in peripheral European countries still having wider spreads compared to their peers, but experiencing also significant tightening during As to issuance volumes, the Euro Corporate Bond market issuance activity in 2013 again increased compared to the previous year, with corporate investment grade issuance levels as well as utility issuance activities being also well above 2012 levels. Business review In 2013 E.ON International Finance B.V. did not conclude any new capital market transaction due to the continued strong liquidity position of the E.ON Group. Bond maturities amounted to 2.1 billion in Together with foreign exchange effects the total amount of notes outstanding as of December 31, 2013 decreased to 18.0 billion. At year end 2012 E.ON International Finance B.V. had 20.5 billion of bonds outstanding. The above mentioned market developments only had a limited impact on E.ON International Finance B.V. s bond business. Throughout 2013 E.ON secondary bond spreads mostly tightened, revealing the continued investor confidence in the E.ON credit. In terms of the intra-group financing business, in 2013 E.ON International Finance B.V. continued taking up intra-group loans or E.ON SE guaranteed short term deposits to fund lending activities to other E.ON Group companies. Following the significant volume increase at the end of 2012, E.ON International Finance B.V. managed to maintain this high level almost for the entire year As of December 31, 2013 the total short term loan portfolio amounted to 5.4 billion compared to a portfolio of 5.9 billion as of year-end Additionally, E.ON International Finance B.V. held liquidity amounting to 0.1 billion as of December 31, As a result of the above, the total asset base decreased from 27.4 billion at year-end 2012 to 24.3 billion as of December 31, Furthermore, E.ON International Finance B.V. s net profit increased from 20.2 million to 28.6 million. Major reasons were the on-average substantially higher lending volumes within the treasury activities which even overcompensated the reduction in margin income resulting from the reduced volumes in the bond business due to scheduled loan repayments and bond maturities during the reporting period. In April 2013, E.ON s Debt Issuance Programme was extended for another year. The Debt Issuance Programme enables both E.ON SE and E.ON International Finance B.V. to issue debt to investors in public and private placements. The total programme volume is unchanged at 35 billion. Except for the US Dollar benchmark bonds issued in 2008, all other notes outstanding are issued under this programme. In November 2013 E.ON entered into a new 5 billion Syndicated Dual Currency Credit Facility Agreement which early replaced the old 6 billion syndicated credit facility. The new facility has a tenure of 5 years plus two extension options of each one year and can therefore be in place until Due to the early refinancing E.ON benefits from the positive market environment and was able to obtain attractive pricing terms. During 2013 no drawings were made under both facilities. Additionally, E.ON International Finance B.V. continues to be a potential issuer under the 10 billion Multi-Currency Commercial Paper Programme, which has been updated in November During 2013 also no drawings were made on behalf of E.ON International Finance B.V. under the 10 billion Multi-Currency Commercial Paper Programme. E.ON has credit ratings assigned from both Standard & Poor s ( S&P ) and Moody s. Standard & Poor s long-term credit rating is A- with a stable outlook. Moody s long-term credit rating is A3 with

7 Financial Statements of E.ON International Finance B.V. 7 a negative outlook. The short-term ratings are A-2 (S&P) and P-2 (Moody s). In June 2013, Moody s lowered the outlook from stable to negative. As all bonds issued are guaranteed by E.ON SE, the ratings continue to be a significant support of the bond business of E.ON International Finance B.V. Financial information Financial performance E.ON International Finance B.V. closed the financial year 2013 with a profit from ordinary activities before taxes of 38.2 million, compared to 27.0 million in This increase is due to on average higher short term lending volumes. Risk Management E.ON International Finance B.V. manages its risks with the procedures and systems used within the E.ON Group. The Board is of the opinion that these procedures and systems provide an adequate risk management for E.ON International Finance B.V. Cash flows and financing needs E.ON International Finance B.V. s financing needs are directly related to funding requests of other E.ON Group companies. Financial instruments Financial risk factors E.ON International Finance B.V. s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. E.ON International Finance B.V. s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on E.ON International Finance B.V. s financial performance. Market risk Market risk is defined as the risk of a loss due to a negative change of market prices. Due to the international nature of its business activities, E.ON International Finance B.V. is exposed to exchange risks related to income, expenses, receivables and liabilities denominated in foreign currencies. E.ON International Finance B.V. s exposure results mainly from transactions in U.S. dollars, British Pounds and Swedish Krona. According to the risk management policy set up by management, E.ON International Finance B.V. is required to hedge its foreign exchange rate risk. To minimize its foreign exchange risk arising from future transactions and recognized assets and liabilities E.ON International Finance B.V. uses cross-currency swaps, transacted with E.ON SE. E.ON International Finance B.V. s interest rate risk arises from assets and liabilities having either a different interest rate base (fixed vs. variable) or different tenures (short term vs. long term). Bonds and loans issued at variable rates expose E.ON International Finance B.V. to cash flow interest rate risk. Bonds and loans issued at fixed rates expose E.ON International Finance B.V. to fair value interest rate risk. E.ON International Finance B.V. s policy is to mitigate the interest rate risk using interest or cross currency interest swaps, transacted with E.ON SE or interest rate matching transactions wherever economically viable. However, depending on the transaction as well as on its individual market assessment E.ON International Finance B.V. may also be prepared to accept interest rate risks. Any such remaining interest rate risks are monitored closely and steered actively.

8 Financial Statements of E.ON International Finance B.V. 8 Credit risk Credit risk is the risk of loss due to a counterparty s non-payment of a loan or other receivable. Following the purpose of E.ON International Finance B.V., its main counterparties for loans and receivables are all related parties and hence members of the E.ON Group. Liquidity risk Liquidity risk is the risk that liabilities cannot be met when they fall due. Also a substantial and / or a simultaneous withdrawal of deposits fall into such risks. E.ON International Finance B.V. addresses such risk by matching the cash flows resulting from assets and liabilities wherever economically viable but also by maintaining a wide range of financing possibilities. As such E.ON International Finance B.V. has short term deposits readily available with E.ON SE, but also continues to be an issuer under the 10 billion Multi-Currency Commercial Paper Programme and counterparty to the new 5 billion Syndicated Dual Currency Revolving Credit Facility. Recent developments There have been no recent developments since the balance sheet date. Prospects For 2014 E.ON International Finance B.V. continues to anticipate a positive liquidity situation for the E.ON Group which again may result in a reduction of bonds outstanding together with a corresponding reduction in the on-lending volumes. The intra-group financing activities will be continued by E.ON International Finance B.V. in 2014 with actual volumes not being predictable but a highly likelihood of a reduction due to the historically high average lending volumes in Furthermore, also changes in the interest rate environment and the credit spreads may have a direct impact on the financial results of E.ON International Finance B.V. Overall E.ON International Finance B.V. anticipates for 2014 lower results comparable to this year s reporting period. Statement from the Board of Management The Board of Management state that to the best of their knowledge, the financial statements of 2013 is prepared in accordance with the statutory provisions of Part 9, Book 2, of the Netherlands Civil Code and the firm pronouncements in the Guidelines for Annual Reporting in the Netherlands as issued by the Dutch Accounting Standards Board give a true and fair view of the assets, liabilities, financial position and profit or loss of E.ON International Finance B.V. and that the management report includes a fair review of the development and performance of the business and the position of the E.ON International Finance B.V., together with a description of the principal risks and uncertainties that it faces. Rotterdam, March 26, 2014 E.ON International Finance B.V. Board of Management Mr. M.A.S. Bokelmann Mr. J. Otto Mr. R. Toering Mr. J. Trapman

9 Financial Statements of E.ON International Finance B.V. 9 Balance Sheet (before profit appropriation) in thousands Note Dec 31, 2013 Dec 31, 2012 Financial fixed assets Loans to shareholder 3 11,540,786 14,453,763 Loans to group entities 4 3,401,204 3,851,266 14,941,990 18,305,029 Current assets Amounts due from shareholder 5 3,340,890 2,880,918 Amounts due from group entities 6 5,890,506 6,040,594 9,231,396 8,921,512 Cash 7 100, ,920 Total assets 24,274,382 27,384,461 Shareholders equity Issued share capital Share premium reserve 36,992 36,992 Other reserves 172, ,242 Undistributed profit 28,638 20, , ,654 Provisions Provision for loss making contracts 9 50,580 64,379 Provision for deferred taxes ,872 64,756 Borrowings Bonds 11 14,717,560 18,289,559 Current liabilities Amounts due to shareholder 12 1,956,351 2,466,467 Amounts due to group entities 13 3,215,712 3,255,804 Amounts due to associated companies , ,019 Amounts due to others 15 3,771,782 2,756,268 Amounts due to tax authorities 3,747 1,934 9,267,658 8,820,492 Total equity and liabilities 24,274,382 27,384,461

10 Financial Statements of E.ON International Finance B.V. 10 Income Statement Year ended December 31 in thousands Note Interest and similar income 18 1,252,407 1,442,008 Exchange rate difference gains 467, ,302 Financial income 1,720,055 1,888,310 Interest and similar expenses 19 (1,213,453) (1,414,990) Exchange rate difference losses (468,049) (445,798) Financial expenses (1,681,502) (1,860,788) Total financial result 38,553 27,522 Operating expenses 20 (327) (562) Total operating expenses (327) (562) Result on ordinary activities before corporate income tax 38,226 26,960 Corporate income taxes 22 (9,589) (6,740) Net Profit 28,637 20,220

11 Financial Statements of E.ON International Finance B.V. 11 Cash Flow Statement Year ended December 31 in thousands Note Interest paid (1,238,726) (1,406,592) Interest received 1,305,438 1,442,364 Expenses paid (675) (903) Income tax paid (7,883) (9,892) Cash flows from operating activities 58,154 24,977 Loans granted to related parties (17,889,777) (15,954,336) Loan repayments received from related parties 20,396,269 13,356,516 Cash flows from investing activities 2,506,492 (2,597,820) Proceeds from borrowings 14,465,000 22,586,900 Repayments of borrowings (17,086,570) (21,044,134) Cash flows from financing activities (2,621,570) 1,542,766 Net increase (decrease) in cash (56,924) (1,030,077) Cash at beginning of the year 157,920 1,187,997 Cash at end of the year 7 100, ,920

12 Financial Statements of E.ON International Finance B.V. 12 Notes (1) General information The activities of E.ON International Finance B.V. mainly comprise the financing of E.ON Group companies. E.ON International Finance B.V., a corporation with limited liability, having a statutory seat in Rotterdam, the Netherlands, considers E.ON SE, Düsseldorf, Germany to be its ultimate parent company. The financial information of E.ON International Finance B.V. is included in the consolidated financial statements of E.ON SE, Germany. Copies of the consolidated financial statements of E.ON SE can be obtained from E.ON SE in Düsseldorf. The statutory seat and the office of E.ON International Finance B.V. is Capelseweg 400 in Rotterdam. These financial statements were authorized for issue by the Board of Management on March 26, (2) Summary of significant accounting policies Basis of preparation The financial statements have been prepared in accordance with the statutory provisions of Part 9, Book 2, of the Netherlands Civil Code and the firm pronouncements in the Guidelines for Annual Reporting in the Netherlands as issued by the Dutch Accounting Standards Board. Unless stated otherwise in the principles set forth below, assets and liabilities are stated at the amounts at which they were acquired or incurred. Profit is determined on the basis of historical cost. The Balance Sheet, the Income Statement and the Cash flow Statement include references to the notes. Comparison with prior year The basis used for the valuation and result definition has remained unchanged with respect to the previous year. Cash Flow Statement The Cash Flow Statement was prepared according to the direct method. The funds included in the Cash Flow Statement consist of cash at banks and the inhouse banking account with E.ON SE. Cash flows in foreign currencies have been translated at the exchange rates existing on the day of settlement. Related parties In relation to its activities, E.ON International Finance B.V. has several transactions with both its shareholder E.ON SE, E.ON Group companies and non-consolidated E.ON companies. The interest which E.ON International Finance B.V. charges to related parties is based on market rates and includes a borrower specific credit margin. All bonds issued by E.ON International Finance B.V. under the 35 billion Debt Issuance Programme as well as under stand-alone documentations are guaranteed by E.ON SE. In return, E.ON International Finance B.V. pays a market based guarantee fee to E.ON SE. E.ON International Finance B.V. conducts derivative transactions as hedging instruments. To that extent E.ON International Finance B.V. uses interest rate swaps and cross-currency swaps. Such transactions are exclusively concluded with E.ON SE as counterparty.

13 Financial Statements of E.ON International Finance B.V. 13 E.ON International Finance B.V. acts as an intra-group financing company. The deposits generated from E.ON companies are sourced to finance additional lending operations. All such deposits are guaranteed by E.ON SE and a guarantee fee is paid accordingly. The assets and liabilities with related parties comprise: loans, interest and guarantee fee on such loans; interest on concluded swaps; intra-group financings, interest and guarantee fee on such intra-group financing. The interest and similar income mainly comprises: the interest on loans issued to related parties; amortization of the corresponding discounts on these loans; interest on swaps concluded with E.ON SE and the interest on the intra-group financings to related parties. The interest and similar expenses are mainly paid to third parties, with the exception of the interest on swaps concluded with E.ON SE, the interest on deposits or loans from related parties, both used for intra-group financing to related parties and the guarantee fee. All personnel is either seconded from other E.ON Group companies or employed by E.ON Benelux N.V. under a service level agreement. Within the Balance Sheet and the Income Statement the transactions with related parties are broken down into transactions with the shareholder, transactions with E.ON Group companies and transactions with associated companies. If material, the transactions with E.ON entities are specified in the notes to the financial statements. Foreign currency translation The functional currency as well as the reporting currency of E.ON International Finance B.V, is the Euro ( ). The financial statements are presented in Euro. Transactions denominated in foreign currencies are translated at the exchange rate at the date of the transaction. Monetary foreign currency items are adjusted to the exchange rate at each balance sheet date; any gains or losses resulting from fluctuations in the relevant currencies are included in the financial income and expenses, respectively. Settled transactions in foreign currencies during the reporting period have been incorporated in the financial statements at the rate of settlement. The following table shows the movements in exchange rates of the relevant foreign currencies for the period indicated: ISO code Dec 31, 2013 Dec 31, 2012 British Pound EUR/GBP U.S. Dollar EUR/USD Swiss Franc EUR/CHF Japanese Yen EUR/JPY Swedish Krona EUR/SEK Czech Koruna EUR/CZK Norwegian Krone EUR/NOK Hong Kong Dollar EUR/HKD

14 Financial Statements of E.ON International Finance B.V. 14 Financial assets Currently all non-derivative financial assets of E.ON International Finance B.V. are classified in the category loans and receivables. They are included in non-current assets, except for maturities less than 12 months after the balance sheet date. These are classified as current assets. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are initially recognized at fair value plus transaction costs. Loans and receivables are subsequently stated at amortized cost. The premiums, discounts and transaction costs are depreciated on the straight-line method (on the basis of historical costs), based on the lifecycle of each of the items involved. This method of calculation does not lead to material differences in comparison with the calculation based on the effective interest method. Current assets Current assets are carried at the fair value of the consideration, usually amortized costs. Any difference to the nominal value is due to any premium or discount and any transaction costs associated to such assets. Unless stated otherwise, the maturity is less than one year. Prepaid expenses are recognized if the period in which expenses are paid differs to the period to which they are attributable. Cash Cash and cash equivalents are stated at face value. Cash and cash equivalents include all highly liquid financial instruments with original maturities of three months or less. This includes bank balances and the inhouse banking account with E.ON SE. Bank overdrafts are shown within borrowings in current liabilities on the Balance Sheet. Provisions Provisions are recognized for legally enforceable or constructive obligations existing at the balance sheet date, the settlement of which is probable to require an outflow of resources whose extent can be reliably estimated. Provisions are measured on the basis of the best estimate of the amounts required to settle the obligations at the balance sheet date. Unless indicated otherwise, provisions are stated at the present value of the expenditure expected to be required to settle the obligations. Provisions for loss making contracts are established for contracts in which a loss is anticipated. The provision is created to level interest rate differences between refinanced loans compared to new loans over the remaining live of the refinancing. These provisions are included at face value and released on a pro rata basis. Provisions for deferred taxes are recognized in respect of timing differences between valuation of assets and liabilities according to fiscal provisions and the valuation principles as used in these annual accounts. Deferred taxes are determined using the applicable tax rates as at year-end or future applicable rates and laws that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost. Any difference to the nominal value is due to any premium or discount and any transaction costs associated to such liabilities. Any difference between the proceeds (net of transaction costs) and the redemption value are taken into the Income Statement on the straight-line method (on the basis of historical costs), based on the lifecycle of each of the items involved. This method of calculation does not lead to material differences in comparison with the calculation based on the effective interest method. Borrowings are classified as non-current liabilities unless their maturity is less than 12 months after the balance sheet date. These are classified as current liabilities.

15 Financial Statements of E.ON International Finance B.V. 15 Current liabilities Liabilities are carried at the fair value of the consideration, usually amortized costs, Any difference to the nominal value is due to any premium or discount and any transaction costs associated to such liabilities. Unless stated otherwise, the maturity is less than one year. Interest paid and received Interest paid and received is recognised on a time-weighted basis, taking account of the effective interest rate of the assets and liabilities concerned. When recognising interest paid, allowance is made for transaction costs on loans received as part of the calculation of effective interest. Current income tax The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted on the balance sheet date. Income tax is calculated on the profit/loss before tax in the income statement, taking into account i.a. tax-exempt items, and non-deductible expenses. Account is also taken of changes in deferred income tax assets and liabilities owing to changes in the applicable tax rates. Financial instruments E.ON International Finance B.V. conducts derivative transactions as hedging instruments. To that extent E.ON International Finance B.V. uses interest rate swaps and cross-currency swaps. These are concluded with E.ON SE as counterparty. The foreign currency elements on the cross-currency swaps are translated into Euro at the rates of exchange prevailing on the balance sheet date. Resulting net gains or losses from translation of foreign currencies on the cross-currency swaps are immediately taken to the Income Statement. E.ON International Finance B.V. applies cost price hedge accounting mainly on all of its derivative financial instruments. E.ON International Finance B.V. uses interest rate swaps to hedge the interest risk on bonds and cross currency swaps for its currency risk on bonds and intra-group financing. The results of the hedging instrument are recorded as profit or loss at the same moment as the hedged item. E.ON International Finance B.V. documents at the inception of the transaction the relationship between hedging instruments and hedged items. E.ON International Finance B.V. also tests its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Cost price hedge In applying cost price hedge accounting, the initial recognition of, and the accounting policies for, the hedging instrument are dependent on the hedged item, which has the following implications: if the hedged item is recognized at cost in the Balance Sheet, the derivate instrument is also stated at cost; as long as the hedged item is not yet recognized in the Balance Sheet, the hedging instrument is not re-measured. This applies, for instance, to hedging currency risks on future transactions; if the hedged item qualifies as a monetary item denominated in a foreign currency, the derivative instrument, where it has currency elements, is also stated at the spot rate prevailing on the balance sheet date. Resulting net gains or losses from translation of foreign currencies on the cross-currency swaps are immediately taken to the Income Statement. If the derivate instrument has currency elements, the difference between the spot rate on the date the derivate instrument is contracted and the forward rate at which it will be settled is spread over the maturity of the derivative instrument; any ineffective portion of a hedge relation is recognized directly in profit or loss.

16 Financial Statements of E.ON International Finance B.V. 16 The gain or loss relating to the ineffective portion is recognized in the Income Statement within financial income or financial expenses. Recognition of income The result represents the difference between the value of the consideration rendered and the costs and other charges for the year. The results on transactions are recognized in the year they are realized. Losses are taken as soon as they are foreseeable. Costs are recognized on the historical cost convention and are allocated to the reporting year to which they relate. Interest income and expenses are recognized on a time-proportion basis using the effective interest method. Critical accounting estimates and judgments The preparation of the financial statements requires management to make estimates and assumptions. It also requires management to exercise its judgment in the process of applying E.ON International Finance B.V. s accounting policies. Estimates and judgments are based on past experience and on additional knowledge obtained on transactions to be reported and are reviewed on an ongoing basis. E.ON International Finance B.V. makes estimates and assumptions concerning future events. Actual events may differ from expectations and actual results will, by definition, seldom equal the accounting estimates. Financial risk factors E.ON International Finance B.V. s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. E.ON International Finance B.V. s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on E.ON International Finance B.V. s financial performance. Market risk Market risk is defined as the risk of a loss due to a negative change of market prices. Due to the international nature of its business activities, E.ON International Finance B.V. is exposed to exchange risks related to income, expenses, receivables and liabilities denominated in foreign currencies. E.ON International Finance B.V. s exposure results mainly from transactions in U.S. dollars, British Pounds and Swedish Krona. According to the risk management policy set up by management, E.ON International Finance B.V. is required to hedge its foreign exchange rate risk. To minimize its foreign exchange risk arising from future transactions and recognized assets and liabilities E.ON International Finance B.V. uses cross-currency swaps, transacted with E.ON SE. E.ON International Finance B.V. s interest rate risk arises from assets and liabilities having either a different interest rate base (fixed vs. variable) or different tenures (short term vs. long term). Bonds and loans issued at variable rates expose E.ON International Finance B.V. to cash flow interest rate risk. Bonds and loans issued at fixed rates expose E.ON International Finance B.V. to fair value interest rate risk. E.ON International Finance B.V. s policy is to mitigate the interest rate risk using interest or cross currency interest swaps, transacted with E.ON SE or interest rate matching transactions wherever economically viable. However, depending on the transaction as well as on its individual market assessment E.ON International Finance B.V. may also be prepared to accept interest rate risks. Any such remaining interest rate risks are monitored closely and steered actively. Credit risk Credit risk is the risk of loss due to a counterparty s non-payment of a loan or other receivable. Following the purpose of E.ON International Finance B.V., its main counterparties for loans and receivables are all related parties and hence members of the E.ON Group.

17 Financial Statements of E.ON International Finance B.V. 17 Liquidity risk Liquidity risk is the risk that liabilities cannot be met when they fall due. Also a substantial and or a simultaneous withdrawal of deposits falls into such risks. E.ON International Finance B.V. addresses such risk by matching the cash flows resulting from assets and liabilities wherever economically viable but also by maintaining a wide range of financing possibilities. As such E.ON International Finance B.V. has short term deposits readily available with E.ON SE, but also continues to be an issuer under the 10 Billion Multi-Currency Commercial Paper Programme and counterparty to the 5 Billion Syndicated Dual Currency Revolving Credit Facility. Fair value estimation E.ON International Finance B.V. tested the financial instruments on impairment. The test did not lead to impairments of any financial instruments. The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by E.ON International Finance B.V. is the current bid price. The fair value of financial instruments that are not traded in an active market (for example, overthe-counter derivatives) is determined by using valuation techniques. E.ON International Finance B.V. uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Quoted market prices or dealer quotes for similar instruments are used for long-term debt. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financial instruments. The fair value of interest rate, crosscurrency and cross-currency interest rate swaps is calculated as the present value of the estimated future cash flows. (3) Loans to shareholder Movement schedule loans to shareholder At January 1 14,453,763 16,506,193 - Amortization 8,362 9,212 - Exchange differences (139,550) (450) - Current maturity (2,781,789) (2,061,192) At December 31 11,540,786 14,453,763 During 2013 E.ON International Finance B.V. did not issue any new long-term loans to shareholder. The reduction in the total loan amount is mostly due to scheduled upcoming loan maturities. Additionally the strengthening of the Euro resulted also in a reduction of the total amount of loans outstanding, with the U.S. Dollar and British Pound denominated loans accounting for this effect.

18 Financial Statements of E.ON International Finance B.V. 18 The following table shows a detailed breakdown of the currency split: Carrying amounts of loans in currencies to shareholder Dec 31 Dec 31 EUR 10,274,127 12,329,631 GBP 1,884,560 1,924,418 USD 2,163,888 2,260,906 Other - Total loans to shareholder 14,322,575 16,514,955 Reclassification to current assets 2,781,789 2,061,192 Total long term loans in currencies to shareholder 11,540,786 14,453,763 At the end of the reporting period the vast majority of total loans to shareholder continue to be denominated in Euro. The reduction in Euro denominated loans is due to scheduled loan repayments in With respect to the non-euro denominated loans, the Euro value reduction in GBP denominated loans is solely due to the weakening of the British Pound against the Euro. The reduction in U.S. Dollar denominated loans is also solely due to the weakening of the currency against the Euro. In general the currency structure of the loan portfolio to the shareholder did not change compared to the previous year. Maturities of loans at nominal value to shareholder Dec 31 Dec 31 6 months or less 2,645,603 2,011, months 136,670 49, years 1,250,000 2,782, years 1,650,000 1,250, years 2,375,000 1,650, years 1,485,724 2,375,000 Over 5 years 4,812,773 6,437,669 Total loans to shareholder 14,355,770 16,556,512 Reclassification to current assets 2,782,273 2,061,570 Total long term loans in maturities to shareholder 11,573,497 14,494,942 The maturity structure of the loan portfolio to shareholder continues to be well balanced. At maturity all loans are repaid at nominal value. The total nominal value of outstanding loans to shareholder amounts to 11.6 billion. The difference to book values lies in net discounts of 32.7 million. The amounts of discount and premium on the loans are amortized over the period of the underlying asset on a straight-line basis. The market values of the loans to shareholder per December 31, 2013 is 17.1 billion (December 31, 2012: 20.6 billion).

19 Financial Statements of E.ON International Finance B.V. 19 (4) Loans to group entities Movement schedule loans to group entities At January 1 3,851,266 3,786,110 - Amortization Exchange differences (66,704) 64,486 - Current maturity (384,027) - At December 31 3,401,204 3,851,266 During 2013 E.ON International Finance B.V. did not issue any new long-term loans to group entities. The reduction in the total loan amount is mostly due to scheduled upcoming loan maturities. Additionally the strengthening of the Euro also contributed to the reduction of the total amount of loans outstanding, with mostly British Pound denominated loans accounting for this effect. The following table shows a detailed breakdown of the currency split: Carrying amounts of loans in currencies to group entities Dec 31 Dec 31 EUR 1,194,240 1,194,226 GBP 2,501,383 2,555,062 Other 89, ,978 Total loans to group entities 3,785,231 3,851,266 Reclassification to current assets 384,027 - Total long term loans in currencies to group entities 3,401,204 3,851,266 The currency split of loans to group entities was effected mainly by the Euro value of British Pounds denominated loans which reduced due to the weakening of the currency against the Euro. The same effect resulted in the Euro value reduction of the Other currency denominated loans. However, in summary the overall structure of the loan portfolio to group entities remained fairly unchanged compared to Maturities of loans at nominal value to group entities Dec 31 Dec 31 6 months or less 299, months 84, years - 390, years years 1,110, years - 1,110,000 Over 5 years 2,308,704 2,368,943 Total loans to group entities 3,802,761 3,869,466 Reclassification to current assets 384,057 - Total long term loans in maturities to group entities 3,418,704 3,869,466 Loans to group entities mainly comprise loans maturing in three years and after five years and longer. At maturity all loans are repaid at nominal value. The total nominal value of outstanding loans to group entities amounts to 3,4 billion. The difference to book values lies in net discounts of 17.5 million. The amounts of discount and premium on the loans are amortized over the period of the underlying asset on a straight-line basis.

20 Financial Statements of E.ON International Finance B.V. 20 The market values of the loans to group entities per December 31, 2013 is 5.1 billion (December 31, 2012: 5.6 billion). (5) Amounts due from shareholder Specification amounts due from shareholder Dec 31 Dec 31 Current receivable from shareholder 2,781,789 2,061,192 Interest receivable from shareholder 419, ,814 Cross-currency swaps 133, ,464 Other 6,169 6,448 Total amounts due from shareholder 3,340,890 2,880,918 Current receivables from shareholder This item consists of loans maturing within one year of the balance sheet date. The current maturity of the loans outstanding includes the discount/premium on these loans until December 31, Interest receivables from shareholder This item consists of interest receivables on loans as well as interest receivables on interest rate swaps and on cross-currency swaps. The interest receivables account for the amount of accrued interest. The reduction in the interest receivables from shareholder is mainly due to loan repayments. Besides, a part of the interest receivables on swaps is also attributable to transactions which E.ON International Finance B.V. entered into in past years and which it continued in Cross-currency swaps The foreign currency element on the cross-currency swaps is translated into Euro at the exchange rates prevailing at balance sheet date. Resulting net gains or losses from translation of foreign currencies on the cross-currency swaps are immediately taken to the Income Statement. Total exchange rate differences from cross-currency swaps decreased to 133 million which is due to the maturity of several long term swap transactions. (6) Amounts due from group entities Specification amounts due from group entities Dec 31 Dec 31 Current receivable from group entities 5,753,608 5,893,008 Interest receivable from group entities 136, ,586 Total amounts due from group entities 5,890,506 6,040,594 Current receivables from group entities This item consists of loans maturing within one year of the balance sheet date. Current receivables from group entities as of year-end 2013 are mainly short term loans from treasury operations within the intra-group financing business. Interest receivables from group entities Interest receivables refers to interest on loans outstanding and accounts for the amount of accrued interest. The reduced amount is mainly a consequence of the reduced short term interest rates with the treasury operations compared to 2012.

21 Financial Statements of E.ON International Finance B.V. 21 (7) Cash Specification of cash Dec 31 Dec 31 Cash and cash equivalents Inhouse banking account at shareholder 100, ,902 Cash 100, ,920 Total cash mainly includes the inhouse banking account at E.ON SE. Having such an inhouse banking account at E.ON SE is common practice within the E.ON Group. The total cash is at free disposal of E.ON International Finance B.V. and is to a large degree denominated in Euro. (8) Shareholders equity The total authorized number of ordinary shares is 9,000 (2012: 9,000) with a par value of 100 per share. The number of issued shares is 2,000 (2012: 2,000). All issued shares are fully paid in. The share premium results exclusively from additional paid in capital. Movement schedule equity in thousands Issued capital Share premium reserve Other reserves Undistributed profit Total At January 1, , ,242 20, ,654 Appropriation of undistributed profit ,220 (20,220) - Profit for the year ended Dec 31, ,638 28,638 At December 31, , ,462 28, ,292 Total equity of E.ON International B.V. increased to million due to a Net Profit of 28.6 million achieved in (9) Provision for loss making contracts Based on the strict direct relationship of the nominal value, currency, interest and maturity date the in 2002 issued 900 and 4,250 million bonds have become loss making contracts at the moment the receivable loans from E.ON SE were repaid as the market interest rate (at that moment) for the new loans to E.ON UK Holding Co. Ltd. was lower than the interest rate on the bonds involved. A provision is created to level these interest differences over the years. The provision is calculated on the nominal amount of the repaid loans ( 900 million, 2,850 million and 1,400 million) and exclusive of the percentage for risk/costs and guarantee fee. The release is based on the term of the loans, starting from May 2003 for the loan issued in 2003, from November 2004 for the loan issued in 2004 and from February 2005 for the loan issued in As of year-end 2013 the provisions relate only to the 900 million bond and the respective loan which both have a tenure until Hence, this provision qualifies mainly as long-term. The short term part of the provision is 14 million. Movement schedule provision for loss making contracts At January 1 64,379 77,581 - Addition interest 2,909 3,506 - Release (16,708) (16,708) At December 31 50,580 64,379 The release of the provision is included in interest and similar income and the interest addition is included in interest and similar expenses.

22 Financial Statements of E.ON International Finance B.V. 22 (10) Provision for deferred taxes Due to different treatment on the tax balance sheet compared to the valuation in these financial statements, a provision for deferred tax liabilities has been taken into account. Movement schedule provision deferred taxes At January Realization temporary differences to income statement (85) (85) At December Provisions for deferred taxes decreased to 291 thousand as a result of the realization of temporary differences to the income statement. Specification current / non- current Dec 31 Dec 31 - current non-current Total deferred tax (11) Bonds Movement schedule bonds At January 1 18,289,559 20,488,696 - Amortization 9,162 9,985 - Exchange differences (310,285) (19,412) - Current maturity (3,270,876) (2,189,710) At December 31 14,717,560 18,289,559 In 2013 E.ON International Finance B.V. did not engage into any transaction in the debt capital markets. As such, the reduction in the amount of long term bonds is mainly attributable to scheduled bond maturities. In addition the strengthening of the Euro resulted in a reduction of the Euro value of non-euro denominated bonds also reducing the total Euro amounts of bonds outstanding. At year-end 2013 the total amount of long term bonds outstanding reduced to 14.7 billion compared to 18.3 billion at year-end The developments are shown in more detail in the following tables. The carrying amounts of the bonds are denominated in the following currencies: Carrying amounts of bonds in currencies Dec 31 Dec 31 EUR 10,320,166 11,959,365 GBP 4,381,264 4,474,652 USD 2,164,090 2,261,129 CHF 610, ,284 JPY 326, ,032 Other currencies 185, ,807 Total bonds 17,988,436 20,479,269 Reclassification current liabilities 3,270,876 2,189,710 Total long term bonds 14,717,560 18,289,559

23 Financial Statements of E.ON International Finance B.V. 23 Scheduled bond maturities in 2013 resulted in reduction of Euro, Japanese Yen and Swiss Franc denominated bonds outstanding. The reductions in the Euro value of British Pound, U.S. Dollar and Other currencies denominated bonds are solely due to the strengthening of the Euro against these currencies. The majority of bonds continued to be Euro denominated followed by British Pound, U.S. Dollar and Swiss Francs. Maturities of bonds at nominal value Dec 31 Dec 31 6 months or less 3,008,824 2,119, months 262,748 70, years 1,250,000 3,329, years 1,650,000 1,250, years 3,275,000 1,650, years 1,491,681 3,275,000 Over 5 years 7,106,827 8,851,494 Total bonds 18,045,080 20,545,631 Reclassification to current liabilities 3,271,572 2,190,094 Total long term bonds 14,773,508 18,355,537 At year end 2013 the maturity profile of E.ON International Finance B.V. s outstanding bonds continues to be well balanced. More than half of all outstanding bonds have a maturity of three years or longer, with no single maturity representing substantially more than 1.5 billion. At maturity all bonds are repaid at nominal value. Total nominal value of bonds at year-end 2013 amounts to 18,0 billion. The difference to book values lies mainly in net discounts of 56.6 million. The amounts of discount, premium and issue expenses are amortized over the life-time of the underlying liability on a straight-line basis. The weighted average interest rate (including use of interest derivatives) over all outstanding bonds amounts to 5.1% in 2013 (2012: 5.2%). The market values of the bonds per December 31, 2013 is 21,4 billion (December 31, 2012: 25.1 billion). (12) Amounts due to shareholder Specification amounts due to shareholder Dec 31 Dec 31 Current payables to shareholder 1,900,000 2,400,000 Guarantee fees payables 23,497 27,762 Interest payables to shareholder 32,854 38,705 Total amounts due to shareholder 1,956,351 2,466,467 Current payables to shareholder This item consists of short term loans from the shareholder maturing within one year following the balance sheet date. The proceeds have been used in the intra-group financing business and as such the reduction reflects the development of the lending volume mainly during the second half of Guarantee fee All Bonds issued by E.ON International Finance B.V. under the 35 billion Debt Issuance Programme as well as under stand-alone documentations are guaranteed by E.ON SE. Additionally all deposits generated from E.ON companies are also guaranteed by E.ON SE. The guarantee fee is charged by E.ON SE starting from the date of issuance.

E.ON International Finance B.V. 2014 Annual Report. Rotterdam, The Netherlands

E.ON International Finance B.V. 2014 Annual Report. Rotterdam, The Netherlands E.ON International Finance B.V. 2014 Annual Report Rotterdam, The Netherlands Content Company Board and Management Report from the Supervisory Board... 3 Adoption by the Annual General Meeting of Shareholders...

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

Unaudited financial report for the six-month period ending 30 June 2015. RWE Finance B.V. s-hertogenbosch, the Netherlands

Unaudited financial report for the six-month period ending 30 June 2015. RWE Finance B.V. s-hertogenbosch, the Netherlands Unaudited financial report for the six-month period ending 30 June 2015 RWE Finance B.V. s-hertogenbosch, the Netherlands Content Interim report of the directors 3-5 Interim report of the directors 4-5

More information

ANNUAL REPORT SYNGENTA FINANCE N.V. AMSTERDAM. on the financial statements 31 December 2013

ANNUAL REPORT SYNGENTA FINANCE N.V. AMSTERDAM. on the financial statements 31 December 2013 ANNUAL REPORT SYNGENTA FINANCE N.V. AMSTERDAM on the financial statements 31 December 2013 TABLE OF CONTENTS Directors report 3 Financial statements Balance sheet 6 Profit and loss account 8 Cash flow

More information

ANNUAL REPORT SYNGENTA FINANCE N.V. AMSTERDAM. on the financial statements 2012

ANNUAL REPORT SYNGENTA FINANCE N.V. AMSTERDAM. on the financial statements 2012 ANNUAL REPORT SYNGENTA FINANCE N.V. AMSTERDAM on the financial statements 2012 TABLE OF CONTENTS Directors report 3 Financial statements Balance sheet 6 Profit and loss account 8 Cash flow statement 9

More information

BRITISH TRANSCO INTERNATIONAL FINANCE B.V. Rotterdam, The Netherlands. Annual Report for the year ended 32 March 2015

BRITISH TRANSCO INTERNATIONAL FINANCE B.V. Rotterdam, The Netherlands. Annual Report for the year ended 32 March 2015 BRITISH TRANSCO INTERNATIONAL FINANCE B.V. Rotterdam, The Netherlands Annual Report for the year ended 32 March 215 ADDRESS: Westblaak 89 312 KG Rotterdam Chamber of Commerce Rotterdam File number: 24,262.646

More information

Financial Statements Airbus Group Finance B.V. (Until June 1, 2014: EADS Finance B.V.) Leiden, The Netherlands Year ended December 31, 2014

Financial Statements Airbus Group Finance B.V. (Until June 1, 2014: EADS Finance B.V.) Leiden, The Netherlands Year ended December 31, 2014 Financial Statements Airbus Group Finance B.V. (Until June 1, 2014: EADS Finance B.V.) Leiden, The Netherlands Year ended December 31, 2014 INDEX Page Board of Directors Report Report of the Board of Managing

More information

(1.1) (7.3) $250m 6.05% US$ Guaranteed notes 2014 (164.5) Bank and other loans. (0.9) (1.2) Interest accrual

(1.1) (7.3) $250m 6.05% US$ Guaranteed notes 2014 (164.5) Bank and other loans. (0.9) (1.2) Interest accrual 17 Financial assets Available for sale financial assets include 111.1m (2013: 83.0m) UK government bonds. This investment forms part of the deficit-funding plan agreed with the trustee of one of the principal

More information

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

More information

Annual Report. February 26, 2015. Ahold Finance U.S.A., LLC Year 2014 Management report. Highlights. Financial performance

Annual Report. February 26, 2015. Ahold Finance U.S.A., LLC Year 2014 Management report. Highlights. Financial performance February 26, 2015 Annual Report Ahold Finance U.S.A., LLC Year 2014 Management report Ahold Finance U.S.A., LLC ( AFUSA or the "Company ) is a wholly owned subsidiary of Koninklijke Ahold N.V. ( Ahold

More information

FINANCIAL INFORMATION CONSOLIDATED FINANCIAL STATEMENTS. Risk management

FINANCIAL INFORMATION CONSOLIDATED FINANCIAL STATEMENTS. Risk management 167 Risk management Group risk management Group Risk Management supports the Board of Directors, the Executive Committee and the management teams of the Group companies in their strategic decisions. Group

More information

Roche Finance Europe B.V. - Financial Statements 2013

Roche Finance Europe B.V. - Financial Statements 2013 Roche Finance Europe B.V. - Financial Statements 2013 0 Financial Statements 2011 Roche Finance Europe B.V. Management Report 1. Review of the year ended 31 December 2013 General Roche Finance Europe B.V.,

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

eqube Gaming Limited Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended November 30, 2015 (Unaudited)

eqube Gaming Limited Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended November 30, 2015 (Unaudited) Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended November 30, 2015 Notice to Reader The following interim consolidated financial statements and notes have not been

More information

MOUNTAIN EQUIPMENT CO-OPERATIVE

MOUNTAIN EQUIPMENT CO-OPERATIVE Consolidated Financial Statements of MOUNTAIN EQUIPMENT CO-OPERATIVE KPMG LLP PO Box 10426 777 Dunsmuir Street Vancouver BC V7Y 1K3 Canada Telephone (604) 691-3000 Fax (604) 691-3031 Internet www.kpmg.ca

More information

Roche Capital Market Ltd Financial Statements 2012

Roche Capital Market Ltd Financial Statements 2012 R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes

More information

Consolidated Financial Statements

Consolidated Financial Statements Consolidated Financial Statements For the year ended February 20, 2016 Nitori Holdings Co., Ltd. Consolidated Balance Sheet Nitori Holdings Co., Ltd. and consolidated subsidiaries As at February 20, 2016

More information

Annual report 2013 BNP Paribas Arbitrage Issuance B.V.

Annual report 2013 BNP Paribas Arbitrage Issuance B.V. Annual report 2013 BNP Paribas Arbitrage Issuance B.V. Herengracht 537 1017 BV Amsterdam The Netherlands Chamber of Commerce Amsterdam No. 33215278 CONTENTS Managing Director s Report 3 Financial statements

More information

GUARDIAN CANADIAN BOND FUND

GUARDIAN CANADIAN BOND FUND GUARDIAN CANADIAN BOND FUND FINANCIAL STATEMENTS DECEMBER 31, 2010 March 11, 2011 PricewaterhouseCoopers LLP Chartered Accountants PO Box 82 Royal Trust Tower, Suite 3000 Toronto-Dominion Centre Toronto,

More information

Total Capital International Period from January 1 to March 31, 2014

Total Capital International Period from January 1 to March 31, 2014 KPMG Audit ERNST & YOUNG Audit This is a free translation into English of a report issued in French and it is provided solely for the convenience of English-speaking users. This report should be read in

More information

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

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

More information

EXPLANATORY NOTES. 1. Summary of accounting policies

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

More information

33 Financial risk management and supplementary disclosures regarding financial instruments

33 Financial risk management and supplementary disclosures regarding financial instruments 33 Financial risk management and supplementary disclosures regarding financial instruments Swisscom is exposed to various financial risks resulting from its operating and financial activities. The most

More information

Liquidity and Funding Resources

Liquidity and Funding Resources 112 Allianz Group Annual Report Liquidity and Funding Resources Organization The liquidity management of the Allianz Group is based on policies and guidelines approved by the Board of Management of Allianz

More information

ASPE AT A GLANCE Section 3856 Financial Instruments

ASPE AT A GLANCE Section 3856 Financial Instruments ASPE AT A GLANCE Section 3856 Financial Instruments December 2014 Section 3856 Financial Instruments Effective Date Fiscal years beginning on or after January 1, 2011 1 SCOPE Applies to all financial instruments

More information

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)

More information

Significant Accounting Policies

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

More information

Moscow-Minsk Foreign Bank (unitary enterprise) Financial Statements Together With Independent Auditors Report For The Year Ended December 31, 2004

Moscow-Minsk Foreign Bank (unitary enterprise) Financial Statements Together With Independent Auditors Report For The Year Ended December 31, 2004 Moscow-Minsk Foreign Bank (unitary enterprise) Financial Statements Together With Independent Auditors Report For The Year Ended December 31, 2004 Financial statements for the year ended 31 December 2004

More information

Notes to the Consolidated Financial Statements for the 92nd Fiscal Term. Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term

Notes to the Consolidated Financial Statements for the 92nd Fiscal Term. Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term To Those Shareholders with Voting Rights Notes to the Consolidated Financial Statements for the 92nd Fiscal Term Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term The above documents

More information

Annual report for the financial year 2014-05-28-2014-12-31

Annual report for the financial year 2014-05-28-2014-12-31 1 PZU Finance AB (publ) Org nr Office translation Annual report for the financial year 2014-05-28-2014-12-31 The Board of Directors presents the following annual report Contents Page - Administration Report

More information

Notes to Consolidated Financial Statements Year ended March 31, 2014

Notes to Consolidated Financial Statements Year ended March 31, 2014 Notes to Consolidated Financial Statements Year ended March 31, 2014 Mitsui Oil Exploration Co., Ltd. and Consolidated Subsidiaries 1. Basis of Presenting Consolidated Financial Statements The accompanying

More information

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS

More information

$ 2,035,512 98,790 6,974,247 2,304,324 848,884 173,207 321,487 239,138 (117,125) 658,103

$ 2,035,512 98,790 6,974,247 2,304,324 848,884 173,207 321,487 239,138 (117,125) 658,103 FINANCIAL SECTION CONSOLIDATED BALANCE SHEETS Aioi Insurance Company, Limited (Formerly The Dai-Tokyo Fire and Marine Insurance Company, Limited) and March 31, and ASSETS Cash and cash equivalents... Money

More information

SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements

SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES Consolidated Financial Statements Report of Independent Public Accountants To the Board of Directors of Sumitomo Densetsu Co., Ltd. : We have audited the consolidated

More information

GENWORTH MI CANADA INC.

GENWORTH MI CANADA INC. Condensed Consolidated Interim Financial Statements (In Canadian dollars) GENWORTH MI CANADA INC. Three and six months ended June 30, 2015 and 2014 Condensed Consolidated Interim Statements of Financial

More information

EnBW International Finance B.V. Financial report 2013

EnBW International Finance B.V. Financial report 2013 Financial report 2013 Contents Financial report Report of the Board of Management 3 Balance sheet as at 31 December 2013 5 Profit & loss account for the year 2013 6 Statement of cash flows for the period

More information

FUNDY MUTUAL INSURANCE COMPANY CONSOLIDATED FINANCIAL STATEMENTS

FUNDY MUTUAL INSURANCE COMPANY CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INDEX Page INDEPENDENT AUDITORS' REPORT 1-2 CONSOLIDATED FINANCIAL STATEMENTS Statement 1 - Consolidated Balance Sheet 3 Statement 2 - Consolidated General Reserve and

More information

Note 24 Financial Risk Management

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

More information

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

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated

More information

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS KANEKA CORPORATION AND CONSOLIDATED SUBSIDIARIES 1. BASIS OF PRESENTING CONSOLIDATED FINANCIAL STATEMENTS Kaneka Corporation (the Company ) and its consolidated

More information

Tax accounting services: Foreign currency tax accounting. October 2012

Tax accounting services: Foreign currency tax accounting. October 2012 Tax accounting services: Foreign currency tax accounting October 2012 The globalization of commerce and capital markets has resulted in business, investment and capital formation transactions increasingly

More information

Consolidated Balance Sheets March 31, 2001 and 2000

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

More information

Report and Non-Statutory Accounts

Report and Non-Statutory Accounts Report and Non-Statutory Accounts 31 December Registered No CR - 117363 Cayman Islands Registered office: PO Box 309 GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands Report

More information

Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 31 December 2015

Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 31 December 2015 Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 2015 29 April 2016 This report includes 93 pages of separate financial statements together with their explanatory notes.

More information

PART III. Consolidated Financial Statements of Hitachi, Ltd. and Subsidiaries: Independent Auditors Report 47

PART III. Consolidated Financial Statements of Hitachi, Ltd. and Subsidiaries: Independent Auditors Report 47 PART III Item 17. Financial Statements Consolidated Financial Statements of Hitachi, Ltd. and Subsidiaries: Schedule: Page Number Independent Auditors Report 47 Consolidated Balance Sheets as of March

More information

Banking Department Income Statement for the year to 28 February 2011

Banking Department Income Statement for the year to 28 February 2011 48 Bank of England Annual Report 2011 Banking Department Income Statement for the year to 28 February 2011 Note Profit before tax 4 132 231 Corporation tax net of tax relief on payment to HM Treasury 7

More information

MATRIX IT LTD. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

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

More information

Notes on the parent company financial statements

Notes on the parent company financial statements 316 Financial statements Prudential plc Annual Report 2012 Notes on the parent company financial statements 1 Nature of operations Prudential plc (the Company) is a parent holding company. The Company

More information

GERMAN PUBLIC SECTOR FINANCE B.V. Amsterdam, The Netherlands INTERIM REPORT AS AT 30 JUNE 2011

GERMAN PUBLIC SECTOR FINANCE B.V. Amsterdam, The Netherlands INTERIM REPORT AS AT 30 JUNE 2011 Amsterdam, The Netherlands INTERIM REPORT AS AT 30 JUNE 2011 Table of contents Responsibility Statement Page 1 Management Report Page 2-3 Financial Statements Balance Sheet as at 30 June 2011 Page 4 Profit

More information

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

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

More information

Derivatives, Measurement and Hedge Accounting

Derivatives, Measurement and Hedge Accounting Derivatives, Measurement and Hedge Accounting IAS 39 11 June 2008 Contents Derivatives and embedded derivatives Definition Sample of products Accounting treatment Measurement Active market VS Inactive

More information

Notes to Consolidated Financial Statements Notes to Non-consolidated Financial Statements

Notes to Consolidated Financial Statements Notes to Non-consolidated Financial Statements This document has been translated from the Japanese original for reference purposes only. In the event of discrepancy between this translated document and the Japanese original, the original shall prevail.

More information

QUINSAM CAPITAL CORPORATION INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2015 (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS)

QUINSAM CAPITAL CORPORATION INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2015 (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS) INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS) NOTICE TO READER Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if

More information

Financial Risk Management

Financial Risk Management 176 Financial Risk Management For the year ended 31 December 2014 1. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES s major financial instruments include cash and bank balances, time deposits, principal-protected

More information

Acal plc. Accounting policies March 2006

Acal plc. Accounting policies March 2006 Acal plc Accounting policies March 2006 Basis of preparation The consolidated financial statements of Acal plc and all its subsidiaries have been prepared in accordance with International Financial Reporting

More information

EDP Renováveis, S.A. Annual Accounts 31 December 2011. Directors Report 2011. (With Auditors Report Thereon)

EDP Renováveis, S.A. Annual Accounts 31 December 2011. Directors Report 2011. (With Auditors Report Thereon) EDP Renováveis, S.A. Annual Accounts 31 December 2011 Directors Report 2011 (With Auditors Report Thereon) EDP Renováveis, S.A. Balance Sheets at 31 December 2011 and 2010 (Expressed in thousands of Euros)

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

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board September 30, 2015 Condensed Interim Consolidated Balance Sheet As at September 30, 2015 As at September 30,

More information

Condensed Consolidated Interim Financial Statements

Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Financial Statements Landsbankinn hf. Reg. No. 471008-0280 +354 410 4000 www.landsbankinn.is This page has been left blank intentionally. Content Page Endorsement and Statement

More information

PERMANENT HEALTH FUND FINANCIAL STATEMENTS

PERMANENT HEALTH FUND FINANCIAL STATEMENTS FINANCIAL STATEMENTS Years Ended August 31, 2001 and 2000 Deloitte & Touche LLP Suite 2300 333 Clay Street Houston, Texas 77002-4196 Tel: (713) 982-2000 Fax: (713) 982-2001 www.us.deloitte.com INDEPENDENT

More information

HOLLY SPRINGS INVESTMENTS LIMITED HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS STATEMENT OF FINANCIAL PERFORMANCE 1

HOLLY SPRINGS INVESTMENTS LIMITED HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS STATEMENT OF FINANCIAL PERFORMANCE 1 HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS PAGES STATEMENT OF FINANCIAL PERFORMANCE 1 STATEMENT OF MOVEMENTS IN EQUITY 2 STATEMENT OF FINANCIAL POSITION 4-4 STATEMENT OF CASH

More information

Dhanamitr Factoring Public Company Limited (Formerly: Dhanamitr Factoring Company Limited)

Dhanamitr Factoring Public Company Limited (Formerly: Dhanamitr Factoring Company Limited) Annual financial statements and Audit report of Certified Public Accountant For the years ended 31 December 2005 and 2004 DHANA MITR FACTORING COMPANY LIMITED Notes to Financial Statements (Continued)

More information

Online Disclosures Relating to Notice of the 101st Annual Shareholders Meeting

Online Disclosures Relating to Notice of the 101st Annual Shareholders Meeting Online Disclosures Relating to Notice of the 101st Annual Shareholders Meeting Notes to Consolidated Financial Statements Notes to Non-Consolidated Financial Statements (From April 1, 2015 to March 31,

More information

Consolidated Financial Statements

Consolidated Financial Statements Consolidated Financial Statements MODEC, INC. and Consolidated Subsidiaries For the Years ended December 31, 2013 and 2012 Together with Independent Auditor s Report MODEC, INC. and Consolidated Subsidiaries

More information

Citibank Japan, LTD ( CJL ) 2-3-14 Higashi-shinagawa, Shinagawa-ku, Tokyo Representative Director, President & CEO Darren Buckley

Citibank Japan, LTD ( CJL ) 2-3-14 Higashi-shinagawa, Shinagawa-ku, Tokyo Representative Director, President & CEO Darren Buckley Financial Publication for Fiscal Year Ended March 31, 2009 June 30, 2009 Citibank Japan, LTD ( CJL ) 2-3-14 Higashi-shinagawa, Shinagawa-ku, Tokyo Representative Director, President & CEO Darren Buckley

More information

Note 2 SIGNIFICANT ACCOUNTING

Note 2 SIGNIFICANT ACCOUNTING Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting

More information

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board December 31, 2015 Condensed Interim Consolidated Balance Sheet As at December 31, 2015 (CAD millions) As at December

More information

Financial Statements

Financial Statements PROVINCIAL JUDGES AND MASTERS IN CHAMBERS RESERVE FUND Financial Statements Year Ended March 31, 2015 Independent Auditor s Report.... 204 Statement of Financial Position..................... 205 Statement

More information

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

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

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

Financial Statements

Financial Statements Financial Statements Years ended March 31,2002 and 2003 Contents Consolidated Financial Statements...1 Report of Independent Auditors on Consolidated Financial Statements...2 Consolidated Balance Sheets...3

More information

The Kansai Electric Power Company, Incorporated and Subsidiaries

The Kansai Electric Power Company, Incorporated and Subsidiaries The Kansai Electric Power Company, Incorporated and Subsidiaries Consolidated Financial Statements for the Years Ended March 31, 2003 and 2002 and for the Six Months Ended September 30, 2003 and 2002 The

More information

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

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

More information

Consolidated financial statements

Consolidated financial statements Summary of significant accounting policies Basis of preparation DSM s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted

More information

Notes to the consolidated financial statements continued

Notes to the consolidated financial statements continued 144 www.ocadogroup.com Stock Code: OCDO to the consolidated financial statements continued 4.5 instruments Accounting policies assets and financial liabilities are recognised on the balance sheet when

More information

Condensed Consolidated Interim Financial Statements Q4 2014. aegon.com

Condensed Consolidated Interim Financial Statements Q4 2014. aegon.com Condensed Consolidated Interim Financial Statements Q4 2014 aegon.com The Hague, February 19, 2015 Table of contents Condensed consolidated income statement 2 Condensed consolidated statement of comprehensive

More information

TAKASHIMAYA FINANCIAL STATEMENTS

TAKASHIMAYA FINANCIAL STATEMENTS TAKASHIMAYA FINANCIAL STATEMENTS Years ended February 29, and February 28, 2011 CONSOLIDATED BALANCE SHEETS Takashimaya Company, Limited and Consolidated Subsidiaries February 29, and February 28, 2011

More information

EKO FAKTORİNG A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2013 TOGETHER WITH INDEPENDENT AUDITOR S REPORT

EKO FAKTORİNG A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2013 TOGETHER WITH INDEPENDENT AUDITOR S REPORT FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITOR S REPORT FINANCIAL STATEMENTS CONTENTS PAGES BALANCE SHEET (STATEMENT OF FINANCIAL POSITION)... 1 STATEMENT OF COMPREHENSIVE INCOME... 2 STATEMENT

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

GlaxoSmithKline Capital plc

GlaxoSmithKline Capital plc (Registered number: 2258699) Annual Report for the year ended 31 December 2013 Registered office address: 980 Great West Road Brentford Middlesex TW8 9GS Annual Report for the year ended 31 December 2013

More information

Financial Statements 2014

Financial Statements 2014 Financial Statements 2014 This financial statement is part of Heijmans annual report 2014. The complete English version of the annual report will be published a number of weeks after the publication of

More information

SAGICOR FINANCIAL CORPORATION

SAGICOR FINANCIAL CORPORATION Interim Financial Statements Nine-months ended September 30, 2015 FINANCIAL RESULTS FOR THE CHAIRMAN S REVIEW The Sagicor Group recorded net income from continuing operations of US $60.4 million for the

More information

ALTICE FINANCING S.A.

ALTICE FINANCING S.A. Financial statements as at and for the year ended December 31, 2013 and report of the Réviseur d'entreprises Agréé 3, boulevard Royal L - 2449 LUXEMBOURG R.C.S. Luxembourg: B171.162 Issued capital: EUR

More information

Thames Water Utilities Cayman Finance Limited. Annual report and voluntary financial statements for the year ended 31 March 2009

Thames Water Utilities Cayman Finance Limited. Annual report and voluntary financial statements for the year ended 31 March 2009 Thames Water Utilities Cayman Finance Limited Annual report and voluntary financial statements for the year ended 31 March Registered no: MC-187772 (Cayman Islands) Thames Water Utilities Cayman Finance

More information

FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS JUNE 30, 2013 and 2012

FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 (with Independent Auditors Report Thereon) Address: 14F, No. 108, Sec. 1, Tun

More information

Notes to Consolidated Financial Statements Notes to Non-Consolidated Financial Statements

Notes to Consolidated Financial Statements Notes to Non-Consolidated Financial Statements [Translation: Please note that the following purports to be a translation from the Japanese original Notice of Convocation of the Annual General Meeting of Shareholders 2013 of Chugai Pharmaceutical Co.,

More information

Data Compilation Financial Data

Data Compilation Financial Data Data Compilation Financial Data CONTENTS 1. Transition of Significant Management Indicators, etc. Japan Post Group (Consolidated) 124 Japan Post Service Co., Ltd. (Non-consolidated) 125 Japan Post Holdings

More information

[Translation] - 2 - (Millions of Yen) Amount. Account. (Liabilities) Current liabilities 4,655. Short-term loans payable 1,000. Income taxes payable

[Translation] - 2 - (Millions of Yen) Amount. Account. (Liabilities) Current liabilities 4,655. Short-term loans payable 1,000. Income taxes payable Financial Report for the 25th Business Year 1-5-1 Marunouchi, Chiyoda-ku, Tokyo Citigroup Japan Holdings Corp. Anthony P. Della Pietra, Jr., Representative Director, President and CEO Balance Sheet (for

More information

The Awa Bank, Ltd. Consolidated Financial Statements. The Awa Bank, Ltd. and its Consolidated Subsidiaries. Years ended March 31, 2011 and 2012

The Awa Bank, Ltd. Consolidated Financial Statements. The Awa Bank, Ltd. and its Consolidated Subsidiaries. Years ended March 31, 2011 and 2012 The Awa Bank, Ltd. Consolidated Financial Statements Years ended March 31, 2011 and 2012 Consolidated Balance Sheets (Note 1) 2011 2012 2012 Assets Cash and due from banks (Notes 3 and 4) \ 230,831 \

More information

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1.

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1. Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc

More information

Chapter 16: Financial Risk Management

Chapter 16: Financial Risk Management Chapter 16: Financial Risk Management Introduction Overview of Financial Risk Management in Treasury Interest Rate Risk Foreign Exchange (FX) Risk Commodity Price Risk Managing Financial Risk The Benefits

More information

6. Significant Accounting Policies for Preparing Consolidated Financial Statements

6. Significant Accounting Policies for Preparing Consolidated Financial Statements 6. Significant Accounting Policies for Preparing Consolidated Financial Statements (1) Scope of consolidation (a) Consolidated subsidiaries Principal companies: 327 companies Sumitomo Mitsui Banking Corporation

More information

FOR THE YEAR ENDED 31 DECEMBER 2012

FOR THE YEAR ENDED 31 DECEMBER 2012 INDEPENDENT AUDITOR S REPORT, AND STAND-ALONE ANNUAL REPORT CONTENTS Pages INDEPENDENT AUDITOR S REPORT 3-4 5 42 STATEMENT OF COMPREHENSIVE INCOME 5 BALANCE SHEET 6 STATEMENT OF CHANGES IN EQUITY 7 STATEMENT

More information

Principal Accounting Policies

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

More information

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS September 30, 2015 (Unaudited) TSX-V: ANF. www.anfieldnickel.com

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS September 30, 2015 (Unaudited) TSX-V: ANF. www.anfieldnickel.com CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS September 30, 2015 () TSX-V: ANF www.anfieldnickel.com NOTICE OF NO AUDITOR REVIEW The unaudited condensed consolidated interim financial statements,

More information

NORTH AMERICAN HIGH YIELD BOND FUND (PUTNAM)

NORTH AMERICAN HIGH YIELD BOND FUND (PUTNAM) MANAGEMENT REPORT Management s Responsibility for Financial Reporting The accompanying financial statements have been prepared by Mackenzie Financial Corporation, as Manager of North American High Yield

More information

Consolidated Financial Statements. Nippon Unipac Holding and Consolidated Subsidiaries

Consolidated Financial Statements. Nippon Unipac Holding and Consolidated Subsidiaries Consolidated Financial Statements Nippon Unipac Holding and Consolidated Subsidiaries Period from March 30, 2001 (date inception) to September 30, 2001 Nippon Unipac Holding and Consolidated Subsidiaries

More information

FLOW TRADERS COÖPERATIEF U.A.

FLOW TRADERS COÖPERATIEF U.A. FLOW TRADERS COÖPERATIEF U.A. Condensed consolidated interim financial statements 30 June 2015 Content Report of Management Board 3 Condensed consolidated statement of financial position 4 Condensed consolidated

More information