Earnings per share up by 21.2% to EUR 6.53, allowing increased dividend of EUR 2.40 per share
|
|
- Isaac Wright
- 5 years ago
- Views:
Transcription
1 Press Release Mülhei an der Ruhr, March 21, 2013 Brenntag once again reports significantly iproved earnings and exceeds iddle of the guidance range Gross profit increased to 1,925.7 illion Growth in operating EBITDA to illion Earnings per share up by 21.2% to 6.53, allowing increased dividend of 2.40 per share Outlook for 2013: continuous growth in all relevant key perforance indicators Brenntag (Geran Securities Code Nuber (WKN): A1DAHH), the global arket leader for cheical distribution, is continuing on its growth path and once again significant result increases for the 2012 financial year against a deanding acroeconoic environent. This positive earnings perforance can be attributed to Brenntag s resilient business odel as well as the flexible adjustent to the ore difficult conditions and the successful strategic acquisitions executed ost recently. Free cash flow also enjoyed extreely positive developent, thereby providing the copany with greater financial flexibility. Sales aounted to 9,689.9 illion in the 2012 financial year, an increase of 7.7% on the previous year on a constant currency basis (as : 11.6%). Another key developent was the year-on-year increase in gross profit of 4.6% to 1,925.7 illion on a constant currency basis (as : 8.9%). In the period under review, operating EBITDA rose by 2.2% to illion on a constant currency basis (as : 6.9%). Adjusting for extraordinary expenses of around 10 illion in the Europe segent the operating EBITDA aounted to 717 which is in the upper half of the guidance range of illion. Unternehenskounikation Stinnes-Platz 1 Fax +49(0)208/ Corporate Counications Mülhei an der Ruhr hubertus.spethann@brenntag.de Hubertus Spethann Gerany
2 Profit after tax increased by 21.1% year-on-year to illion. In line with this, the net profit attributable to Brenntag s shareholders aounted to 6.53 per share. The excellent results perit the Board of Manageent and the Supervisory Board to propose the payent of a dividend of 2.40 per share 20% higher than in the previous year to the General Shareholders Meeting on 19 June This represents a payout ratio of 36.8% of the net profit attributable to Brenntag s shareholders. Steven Holland, CEO of Brenntag: Although the global econoic situation provided ore and ore challenges in the past year, we succeeded in iproving our results once again. In particular, this success can be attributed to our proven strategy, which we are continuously pursuing and systeatically expanding. We are also benefiting fro our special cobination of local presence and global strength, which is soething that sets us apart fro our copetitors. Our broad diversification, the resistance of our business odel and our extensive relationships with suppliers also helped us to achieve our ipressive results for Business in Europe deonstrates resilience Despite the challenging acroeconoic situation, business in Europe proved to be resilient and saw a convincing developent. The Multisol Group, which was acquired in the previous year, was successfully integrated and ade an excellent contribution to Brenntag s results. In addition, the efficiency easures ipleented in the first half of 2012 started to bear fruit over the course of the year. Their full ipact will be visible in Operating gross profit* increased by 2.4% year-on-year to illion on a constant currency basis (as : 3.3%). Brenntag Europe generated an operating EBITDA of illion in After adjustent for extraordinary expenses of around 10 illion, the operating EBITDA of 312 illion represented a slight increase copared with Developent in North Aerica reained extreely strong In spite of a ore difficult arket environent, Brenntag reinforced its position in North Aerica and again record results. Operating gross profit* 2 Unternehenskounikation Stinnes-Platz 1 Fax +49(0)208/ Corporate Counications Mülhei an der Ruhr hubertus.spethann@brenntag.de Hubertus Spethann Gerany
3 increased by 4.0% to illion on a constant currency basis (as : 12.5%), while operating EBITDA rose by 5.5% year-on-year to illion on a constant currency basis (as : 14.0%). Brenntag further expanded its strong position in North Aerica in 2012 with the acquisition of the TER Corporation and the Altivia Corporation. Significant growth in Latin Aerica Although growth on the Latin Aerican arket was slow, with oentu only starting to pick up again in the second half of the year, Brenntag again recorded ipressive growth in the region. Brenntag Latin Aerica increased its operating gross profit* by 7.3% to illion on a constant currency basis (as : 12.7%), while its operating EBITDA rose by 5.6% year-on-year to 56.9 illion on a constant currency basis (as : 10.7%). At the end of the year, Brenntag acquired the Delanta Group, a distributor of specialty cheicals that will strengthen its business in the southern part of Latin Aerica in particular. Strong developent in Asia Pacific The Asian econoies saw further growth in industrial production in 2012, albeit at a slower rate than in the previous year. However, oentu picked up again in the second half of the year. Brenntag s operating gross profit* in the Asia Pacific region increased by 26.7% to illion on a constant currency basis (as : 35.9%). The region generated operating EBITDA of 49.4 illion, up 25.4% copared with the previous year on a constant currency basis (as : 33.9%). The Zhong Yung Group in China, which was acquired in 2011, significantly contributed to these ipressive results thanks to its strong perforance in the second half of the year. The ISM/Salkat Group, which was acquired in 2012, also ade a contribution. Sharp rise in profit after tax Profit before tax increased by 14.1% to illion in the period under review. Profit after tax rose by 21.1% to illion, of which illion was attributable to Brenntag s shareholders. Accordingly, the net profit 3 Unternehenskounikation Stinnes-Platz 1 Fax +49(0)208/ Corporate Counications Mülhei an der Ruhr hubertus.spethann@brenntag.de Hubertus Spethann Gerany
4 per share attributable to Brenntag s shareholders increased by 21.2% to 6.53 (previous year: 5.39). Significant growth in free cash flow In the year under review, free cash flow increased significantly by 13.1% yearon-year to illion. This was priarily due to the positive developent of EBITDA. At 33.0 illion, the increase in working capital was also lower than in the previous year, while investents in non-current assets (capex) increased only oderately to 94.7 illion. Brenntag looks to the future with confidence The global econoy is expected to continue to grow in 2013, with growth rates reaining around the level seen in Brenntag believes to be extreely well positioned to overcoe the challenging arket conditions once again in The copany is looking to the future with confidence and is forecasting growth in all relevant perforance indicators. We believe in our strategy and the robustness of our business odel, and will continue on the path we have adopted. In addition to further organic growth, we intend to benefit fro suitable acquisitions and offer our custoers and suppliers continuously iproved service coents CEO Steven Holland. Brenntag will continue to pursue its strategy of adjusting its product range to reflect developents on the local arkets, particularly in its focus industries, while expanding its business with national and international key accounts. The ongoing optiisation of warehouse and transport logistics, supporting suppliers in iproving their distribution activities and expanding service activities in areas such as copounds and forulations will reain key areas. All in all, the copany expects the arket for cheical distribution to enjoy long-ter growth. 4 Unternehenskounikation Stinnes-Platz 1 Fax +49(0)208/ Corporate Counications Mülhei an der Ruhr hubertus.spethann@brenntag.de Hubertus Spethann Gerany
5 Consolidated incoe stateent Sales Gross profit Operating EBITDA Operating EBITDA / Gross profit EBITDA Profit before tax Profit after tax Attributable to Brenntag s shareholders , , % 7.7% 1, , % 4.6% % 2.2% % % 2.5% % % % Earnings per share % Consolidated balance sheet 31 Dec Dec Total assets 5, ,575.6 Equity 1, ,761.3 Working capital 1, Net financial liabilities 1, ,493.6 Consolidated cash flow 31 Dec Dec Cash provided by operating activities Investents in non-current assets (capex) Free cash flow Unternehenskounikation Stinnes-Platz 1 Fax +49(0)208/ Corporate Counications Mülhei an der Ruhr hubertus.spethann@brenntag.de Hubertus Spethann Gerany
6 Europe Sales 4, , % 5.3% Operating gross profit* % 2.4% Operating EBITDA % -1.8% North Aerica Sales Operating gross profit* Operating EBITDA Latin Aerica Sales Operating gross profit* Operating EBITDA Asia Pacific Sales Operating gross profit* Operating EBITDA 3, , % 3.9% % 4.0% % 5.5% % 8.5% % 7.3% % 5.6% % 58.4% % 26.7% % 25.4% *Brenntag reports operating gross profit at the level of its individual segents and gross profit at Group level. Operating gross profit is defined as sales less the cost of goods sold. Gross profit is defined as operating gross profit less production/ixing and blending costs. 6 Unternehenskounikation Stinnes-Platz 1 Fax +49(0)208/ Corporate Counications Mülhei an der Ruhr hubertus.spethann@brenntag.de Hubertus Spethann Gerany
7 About Brenntag: Brenntag is the global arket leader in full-line cheical distribution. Linking cheical anufacturers and cheical users, Brenntag provides business-tobusiness distribution solutions for industrial and specialty cheicals globally. With over 10,000 products and a world-class supplier base, Brenntag offers one-stop-shop solutions to ore than 170,000 custoers. The value-added services include just-in-tie delivery, product ixing, forulation, repackaging, inventory anageent, dru return handling as well as extensive technical support. Headquartered in Mülhei an der Ruhr, Gerany, the copany operates a global network with ore than 450 locations in ore than 70 countries. In 2012 the copany realized global sales of 9.7 billion (USD 12.5 billion) with nearly 13,000 eployees. This press release ay contain forward-looking stateents based on current assuptions and forecasts ade by Brenntag AG and other inforation currently available to the copany. Various known and unknown risks, uncertainties and other factors could lead to aterial differences between the actual future results, financial situation, developent or perforance of the copany and the estiates given here. Brenntag AG does not intend, and does not assue any liability whatsoever, to update these forward-looking stateents or to adjust the to reflect future events or developents. 7 Unternehenskounikation Stinnes-Platz 1 Fax +49(0)208/ Corporate Counications Mülhei an der Ruhr hubertus.spethann@brenntag.de Hubertus Spethann Gerany
8 Press contact: Financial edia: Hubertus Spethann Thoas Langer Brenntag AG Brenntag AG Corporate Counications Corporate Finance & Investor Relations Stinnes-Platz 1 Stinnes-Platz Mülhei an der Ruhr Mülhei an der Ruhr Gerany Gerany Tel.: +49 (208) Tel.: +49 (208) Fax: +49 (208) Fax: +49 (208) E-ail: hubertus.spethann@brenntag.de E-ail: thoas.langer@brenntag.de Investor contact: Thoas Langer, Diana Alester, Sabrina Roes Brenntag AG Corporate Finance & Investor Relations Stinnes-Platz Mülhei an der Ruhr Gerany Tel.: +49 (208) Fax: +49 (208) E-ail: IR@Brenntag.de 8 Unternehenskounikation Stinnes-Platz 1 Fax +49(0)208/ Corporate Counications Mülhei an der Ruhr hubertus.spethann@brenntag.de Hubertus Spethann Gerany
Brenntag continues its growth trajectory in the first quarter of 2017 and lifts key performance indicators
Press Release Mülhei/Ruhr, May 10, 2017 Brenntag continues its growth trajectory in the first quarter of 2017 and lifts key perforance indicators Gross rose to 631.8 illion EUR (+7.7% as ) Operating EBITDA**
More informationPress Release. Brenntag posts strong growth in all regions in the third quarter and confirms forecast for 2017 as a whole
Press Release Mülhei/Ruhr, Noveber 8, 2017 Brenntag posts strong growth in all regions in the third quarter and confirs forecast for 2017 as a whole Gross grows by 4.3% to 619.4 illion EUR (as ) Operating
More informationBrenntag continues to grow in the third quarter and confirms forecast for full-year 2018
Press Release Essen, November 7, Brenntag continues to grow in the third quarter and confirms forecast for full-year rises by 7.9% (on a constant currency basis) to 678.0 million EUR Operating EBITDA**
More informationMexico. February 3, 2015
1 Mexico 2014 February 3, 2015 Disclaier 2 IMPORTANT INFORMATION Banco Santander, S.A. ( Santander ) Warns that this presentation contains forward-looking stateents within the eaning of the U.S. Private
More informationQExperts for successful chemical distribution. Interim Report for the period from January 1 to June 30, 2012
QExperts for successful chemical distribution 2 2012 Interim Report for the period from January 1 to June 30, 2012 BRENNTAG AG INTERIM REPORT Q2 2012 KEY FINANCIAL FIGURES AT A GLANCE Consolidated income
More informationAIM V.I. Small Cap Equity Fund
AIM V.I. Sall Cap Equity Fund PROSPECTUS May 1, 2009 Series I shares Shares of the fund are currently offered only to insurance copany separate accounts funding variable annuity contracts and variable
More informationCompensation Report. Fresenius Medical Care AG & Co. KGaA
Copensation Report Fresenius Medical Care AG & Co. KGaA Copensation Report The copensation report of FMC-AG & Co. KGaA suarizes the ain eleents of the copensation syste for the ebers of the Manageent Board
More informationState of Delaware VOYA PLAN and Your Voya Retirement Insurance and Annuity Company Investment Program - Plan-related Information
State of Delaware VOYA PLAN 664093 and 664094 Your Voya Retireent Insurance and Annuity Copany Investent Progra - Plan-related Inforation August 17,2016 The purpose of this docuent is to suarize certain
More informationThird quarter 2017 results
Third quarter 2017 results October 27, 2017 Cautionary stateent regarding forward-looking stateents This presentation contains stateents that constitute forward-looking stateents, including but not liited
More informationPRODUCTION COSTS MANAGEMENT BY MEANS OF INDIRECT COST ALLOCATED MODEL
PRODUCTION COSTS MANAGEMENT BY MEANS OF INDIRECT COST ALLOCATED MODEL Berislav Bolfek 1, Jasna Vujčić 2 1 Polytechnic Slavonski Brod, Croatia, berislav.bolfek@vusb.hr 2 High school ''Matija Antun Reljković'',
More informationFirst quarter 2017 results
First quarter 2017 results April 28, 2017 Cautionary stateent regarding forward-looking stateents This presentation contains stateents that constitute forward-looking stateents, including but not liited
More informationIII. Valuation Framework for CDS options
III. Valuation Fraework for CDS options In siulation, the underlying asset price is the ost iportant variable. The suitable dynaics is selected to describe the underlying spreads. The relevant paraeters
More informationPricing Press Release
Pricing Press Release NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA, ITALY, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN OR OTHER ANY JURISDICTION IN WHICH OFFERS OR
More informationA Description of Swedish Producer and Import Price Indices PPI, EXPI and IMPI
STATSTCS SWEDE Rev. 2010-12-20 1(10) A Description of Swedish roducer and port rice ndices, EX and M The rice indices in roducer and port stages () ai to show the average change in prices in producer and
More informationConstruction Methods.. Ch.-2- Factors Affecting the Selection of Construction Equipment
Construction Methods.. Ch.-2- Factors Affecting the Selection of Construction Equipent Chapter 2 Factors Affecting the Selection of Construction Equipent 2. Factors Affecting the Selection of Construction
More informationKEY FINANCIAL FIGURES AT A GLANCE
325 EAST 35 50 Q3LOCAL EXCELLENCE DRIVING GLOBAL SUCCESS 230 INTERIM REPORT 2013 JAN 1 SEP 30 215 W EST KEY FINANCIAL FIGURES AT A GLANCE consolidated income statement Q3 2013 Q3 2012 Sales EUR m 2,489.8
More informationAnalysis of the purchase option of computers
Analysis of the of coputers N. Ahituv and I. Borovits Faculty of Manageent, The Leon Recanati Graduate School of Business Adinistration, Tel-Aviv University, University Capus, Raat-Aviv, Tel-Aviv, Israel
More informationTotal PS TG. Budgeted production levels can be calculated as follows:
U. ;' cn '.:. \.' >>.:---"--^ '-.'" * i--.'. * ::-;.v>"--:'i.-^ -7 -..=../.-' "-. " '.:.' Ill all it.;? s Solution Total PS TG Sales units 6,000 5,000 1,000 Sales value $605,000 $475,000 $130,000 Workings
More informationCHAPTER 2: FUTURES MARKETS AND THE USE OF FUTURES FOR HEDGING
CHAPER : FUURES MARKES AND HE USE OF FUURES FOR HEDGING Futures contracts are agreeents to buy or sell an asset in the future for a certain price. Unlike forward contracts, they are usually traded on an
More information1. THAT Report No. ENG , dated August 1, 2012, from the Water Planning Engineer, regarding Non-Revenue Water (NRW) programs, be received; and
OS 1A ABBOTSFORD Report o. EG 52-212 August 1, 212 File o: 56-1 COUCIL REPORT Executive Coittee To: Fro: Subject: Mayor and Council Karl Filiatrault, Water Planning Engineer on-revenue Water Progras RECOMMEDATIOS
More informationThe NewsLine. Economic and financial market outlook December 19, 2012 ECONOMIC RESEARCH & CORPORATE DEVELOPMENT FINANCIAL MARKETS
} M ACROECONOMICS FINANCIAL MARKETS ECONOMIC POLICY SECTORS FINANCIAL MARKETS Econoic and financial aret outloo 2013 Dr. Michael Heise Phone +49.89.3800-16143 ichael.heise@allianz.co Dr. Rolf Schneider
More informationFull year and fourth quarter 2017 results
Full year and fourth quarter 2017 results January 22, 2018 Cautionary stateent regarding forward-looking stateents This presentation contains stateents that constitute forward-looking stateents, including
More informationUnisex-Calculation and Secondary Premium Differentiation in Private Health Insurance. Oliver Riedel
Unisex-Calculation and Secondary Preiu Differentiation in Private Health Insurance Oliver Riedel University of Giessen Risk Manageent & Insurance Licher Strasse 74, D - 35394 Giessen, Gerany Eail: oliver.t.riedel@wirtschaft.uni-giessen.de
More informationAn Analytical Solution to Reasonable Royalty Rate Calculations a
-0- An Analytical Solution to Reasonable Royalty Rate Calculations a Willia Choi b Roy Weinstein c July 000 Abstract The courts are increasingly encouraging use of ore rigorous, scientific approaches to
More informationGLOBAL MARKET LEADER IN CHEMICAL DISTRIBUTION. Interim Report for the period from January 1 to September 30, 2010
Q3 GLOBAL MARKET LEADER IN CHEMICAL DISTRIBUTION Interim Report for the period from January 1 to September 30, 2010 BRENNTAG AG INTERIM REPORT Q3 2010 KEY FINANCIAL FIGURES AT A GLANCE Income statement
More informationBond Duration. Floyd Vest
Bond Duration Floyd Vest It is well known that when arket interest rates change, the price of a bond, or the share prices in a bond fund, changes. Bond duration is widely used to estiate the change in
More informationKhambatta Securities Ltd. DERIVATIVE SEGMENTS DEPOSITORY
Khabatta Securities Ltd. DERIVATIVE SEGMENTS Libas Designs Liited 07 Deceber 2017 Unique positioning and store expansion to drive value Strong Buy Sector : Fashion INITIATION REPORT Target Price : Rs 134
More informationHow Integrated Benefits Optimization Can Benefit Employers & Employees
Integrated Benefits Optiization A Perspective Partners White Paper How Integrated Benefits Optiization Can Benefit Eployers & Eployees Executive Suary Eployers and eployees soeties see to be on opposite
More informationWilliam J. Clinton Foundation
Willia J. Clinton Foundation Independent Accountants Report and Consolidated Financial Stateents Deceber 31, 211 and 21 Willia J. Clinton Foundation Deceber 31, 211 and 21 Contents Independent Accountants
More informationDoes China s Opening-up De-industrialize Europe s Center and Industrialize its Periphery? Günter S. Heiduk* Yue Jiang #
Does China s Opening-up De-industrialize Europe s Center and Industrialize its Periphery? Work in Progress Preliinary Draft by Günter S. Heiduk* Yue Jiang # Preliinary draft presented at the International
More informationINTERIM REPORT 2015 BRENNTAG AG
INTERIM REPORT 2015 BRENNTAG AG Q3 key financial figures at a glance consolidated income statement Q3 2015 Q3 2014 1) Sales in EUR m 2,607.5 2,587.2 Gross profit in EUR m 570.5 520.3 Operating EBITDA in
More informationLast For A Lifetime. Making Your Money. Why You Need to Know About Annuities
Making Your Money Last For A Lifetie Why You Need to Know About Annuities A Joint Project of The Actuarial Foundation and WISER, the Woen s Institute for a Secure Retireent Acknowledgeents Special thanks
More informationIntroduction to Risk, Return and the Opportunity Cost of Capital
Introduction to Risk, Return and the Opportunity Cost of Capital Alexander Krüger, 008-09-30 Definitions and Forulas Investent risk There are three basic questions arising when we start thinking about
More informationNo 70. Male-female labour market participation and wage differentials in Greece
CENTRE OF PLANNING AND ECONOMIC RESEARCH No 70 Male-feale labour arket participation and wage differentials in Greece C. N. Kanellopoulos K. G. Mavroaras February 1999 C. N. Kanellopoulos Senior Research
More information- -Real growth of exports to ernerglng markets (3 yr mov avg)
Fro flywheel to fanbelt: the growing iportance of eerging arkets Eerging arkets are no longer acting as the flywheel on industrialized country growth. They are playing an increasingly powerful role in
More informationOct stats - bigger pie for all
Deutsche Bank Markets Research Asia Hong Kong Industry Chinese teleco sector Date 20 Noveber 2017 Industry Update Oct stats - bigger pie for all CT the strongest gainer in Oct, likely aided by the prootion
More informationFor the first quarter 2016, adjusted EBITDA from continuing operations increased 65 percent to $1.8
// News Allergan Allergan Reports Strong First Quarter Continuing Operations Perforance with Increase in Net Revenue to Billion and Growth in Non GAAP Diluted EPS to Q GAAP Loss fro Continuing Operations
More informationQED. Queen s Economics Department Working Paper No. 1088
QED Queen s Econoics Departent Working Paper No. 1088 Regulation and Taxation of Casinos under State-Monopoly, Private Monopoly and Casino Association Regies Hasret Benar Eastern Mediterranean University
More informationThe Institute of Chartered Accountants of Sri Lanka
The Institute of Chartered Accountants of Sri Lanka Quantitative Methods for Business Studies Handout 06: Investent Appraisal Investent Appraisal Investent appraisal is called as capital budgeting. It
More informationThe Institute of Chartered Accountants of Sri Lanka
The Institute of Chartered Accountants of Sri Lanka Executive Diploa in Business and Accounting Financial Matheatics Financial Matheatics deals with probles of investing Money, or Capital. If the investor
More informationMarket Power and Policy Effects in the Korean Infant Formula Industry - Case Study-
Market ower and olicy Effects in the Korean Infant Forula Industry - Case Study- 1. Infant forula industry in Korea Over 90% of new-born babies are priarily fed infant forula There are only four copanies
More information"Inflation, Wealth And The Real Rate Of Interest"
Econoic Staff Paper Series Econoics 3-1975 "Inflation, Wealth And The Real Rate Of Interest" Walter Enders Iowa State University Follow this and additional works at: http://lib.dr.iastate.edu/econ_las_staffpapers
More informationTaxing the Aviation Sector
Taxing the Aviation Sector A special notion on the 'natural oil tax' Final report Client: ECORYS Research Prograe ECORYS Nederland BV Leon van Berkel Rotterda, 31 st of August 2008 ECORYS Nederland BV
More informationIMPORTED MACHINERY FOR EXPORT COMPETITIVENESS. Ashoka Mody * Kamil Yilmaz *
IMPORTED MACHINERY FOR EXPORT COMPETITIVENESS Ashoka Mody * Kail Yilaz * The World Bank Koç University Washington, D.C. Istanbul, Turkey January 1998 Revised: March 2001 Abstract We analyze the relationship
More informationCapital Asset Pricing Model: The Criticisms and the Status Quo
Journal of Applied Sciences Research, 7(1): 33-41, 2011 ISSN 1819-544X This is a refereed journal and all articles are professionally screened and reviewed 33 ORIGINAL ARTICLES Capital Asset Pricing Model:
More informationSpeech by the Board of Management. General Shareholders Meeting, June 20, 2018
Speech by the Board of Management General Shareholders Meeting, June 20, 2018 GENERAL SHAREHOLDERS MEETING 2018 Agenda Financial year 2017 Key financial figures Creating value through global reach Steven
More informationThe New Keynesian Phillips Curve for Austria An Extension for the Open Economy
The New Keynesian Phillips Curve for Austria An Extension for the Open Econoy Following the epirical breakdown of the traditional Phillips curve relationship, the baseline New Keynesian Phillips Curve
More informationProduction, Process Investment and the Survival of Debt Financed Startup Firms
Babson College Digital Knowledge at Babson Babson Faculty Research Fund Working Papers Babson Faculty Research Fund 00 Production, Process Investent and the Survival of Debt Financed Startup Firs S. Sinan
More informationWeʼ re ConnectingChemistry DELIVERING SERVICE EXCELLENCE
Weʼ re ConnectingChemistry DELIVERING SERVICE EXCELLENCE INTERIM REPORT JANUARY SEPTEMBER 2017 KEY FINANCIAL FIGURES AT A GLANCE CONSOLIDATED INCOME STATEMENT Q3 2017 Q3 2016 Sales EUR m 2,892.5 2,619.2
More information... About Higher Moments
WHAT PRACTITIONERS NEED TO KNOW...... About Higher Moents Mark P. Kritzan In financial analysis, a return distribution is coonly described by its expected return and standard deviation. For exaple, the
More informationPaying a Premium on your Premium? Consolidation in the U.S. Health Insurance Industry. Leemore Dafny Northwestern University and NBER
Paying a Preiu on your Preiu? Consolidation in the U.S. Health Insurance Industry Leeore Dafny Northwestern University and NBER Mark Duggan University of Maryland and NBER Subraania Raanarayanan University
More informationReinsurance and securitization: Application to life risk management. Pauline Barrieu Henri Loubergé
securitization: Application to life risk anageent Pauline Barrieu Henri Loubergé 2 Background Traditional reinsurance theory (Borch, 1960, 1962): a reinsurance pool is fored to share undiversifiable risk;
More informationSee Market liquidity: Research Findings and Selected Policy Implications in BIS (1999) for the various dimensions of liquidity.
Estiating liquidity preia in the Spanish Governent securities arket 1 Francisco Alonso, Roberto Blanco, Ana del Río, Alicia Sanchís, Banco de España Abstract This paper investigates the presence of liquidity
More informationALASKA'S REVENUE FORECASTS AND EXPENDITURE OPTIONS
REVEW OF SOCAL AND ECONOMC CONDTONS UNVERSTY OF ALASKA, NSTTUTE OF SOCAL AND ECONOMC RESEARCH, JULY 1978, Vol. XV, No.2 ALASKA'S REVENUE FORECASTS AND EXPENDTURE OPTONS NTRODUCTON Can Alaska's state governent
More informationProvided in Cooperation with: Center for Financial Studies (CFS), Goethe University Frankfurt
econstor www.econstor.eu Der Open-Access-Publikationsserver der ZBW Leibniz-Inforationszentru Wirtschaft The Open Access Publication Server of the ZBW Leibniz Inforation Centre for Econoics Schidt, Daniel
More informationMAY Hilton Austin Hotel Austin, TX FUND MEMBER/STAKEHOLDER REGISTRATION BROCHURE NATIONAL CONFERENCE ON PUBLIC EMPLOYEE RETIREMENT SYSTEMS
NATIONAL CONFERENCE ON PUBLIC EMPLOYEE RETIREMENT SYSTEMS A D V O C A C Y R E S E A R C H EDUCATION MAY 18 22 Hilton Austin Hotel Austin, TX FUND MEMBER/STAKEHOLDER REGISTRATION BROCHURE Follow Us on Twitter
More informationWhy microfinance institutions in Bolivia have virtually ignored savings
Why icrofinance institutions in Bolivia have virtually ignored savings HILLARY A. MILLER The Private Financial Fund is a category of regulated icrofinance institution (MFI) in Bolivia that is allowed to
More informationSo What Do I Get? The Bank s View of Lending Relationships
So What Do I Get? The Bank s View of Lending Relationships Sreedhar Bharath, Sandeep Dahiya, Anthony Saunders, and Anand Srinivasan JEL Classification: G21; G24 Keywords: Lending relationships; Bank loans;
More informationThe Casual Relationship Between Information and Communication Technology (ICT) and Foreign Direct Investment (FDI)
Association for Inforation Systes AIS Electronic Library (AISeL) ECIS 2003 Proceedings European Conference on Inforation Systes (ECIS) 2003 The Casual Relationship Between Inforation and Counication Technology
More information4. Martha S. has a choice of two assets: The first is a risk-free asset that offers a rate of return of r
Spring 009 010 / IA 350, Interediate Microeconoics / Proble Set 3 1. Suppose that a stock has a beta of 1.5, the return of the arket is 10%, and the risk-free rate of return is 5%. What is the expected
More informationThe Early Retirement Burden: Assessing the Costs of the Continued Prevalence of Early Retirement in OECD Countries
DISCUSSION PAPER SERIES IZA DP No. 816 The Early Retireent Burden: Assessing the Costs of the Continued Prevalence of Early Retireent in OECD Countries Tryggvi Thor Herbertsson J. Michael Orszag July 2003
More informationNBER WORKING PAPER SERIES PAYING A PREMIUM ON YOUR PREMIUM? CONSOLIDATION IN THE U.S. HEALTH INSURANCE INDUSTRY
NBER WORKING PAPER SERIES PAYING A PREMIUM ON YOUR PREMIUM? CONSOLIDATION IN THE U.S. HEALTH INSURANCE INDUSTRY Leeore Dafny Mark Duggan Subraania Raanarayanan Working Paper 15434 http://www.nber.org/papers/w15434
More informationEvaluation on the Growth of Listed SMEs Based on Improved Principal Component Projection Method
Proceedings of the 7th International Conference on Innovation & Manageent 519 Evaluation on the Growth of Listed SMEs Based on Iproved Principal Coponent Projection Method Li Li, Ci Jinfeng Shenzhen Graduate
More informationAn alternative route to performance hypothesis testing Received (in revised form): 7th November, 2003
An alternative route to perforance hypothesis testing Received (in revised for): 7th Noveber, 3 Bernd Scherer heads Research for Deutsche Asset Manageent in Europe. Before joining Deutsche, he worked at
More informationSupplementary information regarding the 2015 integrated annual and sustainability report of VBV Vorsorgekasse & update of the environmental statement
Suppleentary inforation regarding the 2015 integrated annual and sustainability report of VBV Vorsorgekasse & update of the enviroental stateent Contents Purpose and contents of this docuent... 2 Material,
More informationCREDIT AND TRAINING PROVISION TO THE POOR BY VERTICALLY CONNECTED NGO S AND COMMERCIAL BANKS
CREDIT AND TRAINING PROVISION TO THE POOR BY VERTICALLY CONNECTED NGO S AND COMMERCIAL BANKS Gherardo Gino Giuseppe Girardi Econoics, Finance and International Business London Metropolitan University g.girardi@londoneac.uk
More informationS old. S new. Old p D. Old q. New q
Proble Set 1: Solutions ECON 301: Interediate Microeconoics Prof. Marek Weretka Proble 1 (Fro Varian Chapter 1) In this proble, the supply curve shifts to the left as soe of the apartents are converted
More informationQED. Queen s Economics Department Working Paper No Hasret Benar Department of Economics, Eastern Mediterranean University
QED Queen s Econoics Departent Working Paper No. 1056 Regulation and Taxation of Casinos under State-Monopoly, Private Monopoly and Casino Association Regies Hasret Benar Departent of Econoics, Eastern
More informationNotice of meeting 2008
A SOCIÉTÉ ANONYME WITH SHARE CAPITAL OF 1,213,031,484 EUROS 352 170 161 RCS NANTERRE Ieuble Cœur Défense Tour A 110 Esplanade Charles de Gaulle 92400 COURBEVOIE FRANCE Notice of eeting 2008 COMBINED GENERAL
More informationEMO COUNCIL ACTION REQUEST FOR
REEST FR CCIL ACTI CITY CCIL MEETIG DATE: CLERK F CCIL SE LY: CTBER 16, 218 TITLE: PRELIMIARY 217-18 YEAR ED PDATE STRATEGIC PLA. 4, 1) EM APPRVED CTIED T FILE MBER As Recoended As Aended rdinance on 151
More informationASSESSING CREDIT LOSS DISTRIBUTIONS FOR INDIVIDUAL BORROWERS AND CREDIT PORTFOLIOS. BAYESIAN MULTI-PERIOD MODEL VS. BASEL II MODEL.
ASSESSING CREIT LOSS ISTRIBUTIONS FOR INIVIUAL BORROWERS AN CREIT PORTFOLIOS. BAYESIAN ULTI-PERIO OEL VS. BASEL II OEL. Leonid V. Philosophov,. Sc., Professor, oscow Coittee of Bankruptcy Affairs. 33 47
More informationARTICLE IN PRESS. Journal of Mathematical Economics xxx (2008) xxx xxx. Contents lists available at ScienceDirect. Journal of Mathematical Economics
Journal of Matheatical Econoics xxx (28) xxx xxx Contents lists available at ScienceDirect Journal of Matheatical Econoics journal hoepage: www.elsevier.co/locate/jateco 1 1 2 2 3 4 5 6 7 8 9 1 11 12 13
More informationBERMUDA NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999 BR 82 / 1999
QUO FA T A F U E R N T BERMUDA NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999 BR 82 / 1999 TABLE OF CONTENTS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Citation Interpretation PART 1 PRELIMINARY PART II REGISTRATION
More informationCREATING VALUE GLOBAL THROUGH
CREATING VALUE GLOBAL THROUGH REACH INTERIM REPORT JANUARY JUNE 2018 KEY FINANCIAL FIGURES AT A GLANCE CONSOLIDATED INCOME STATEMENT Q2 2018 Q2 2017 Sales EUR m 3,215.0 3,001.4 Operating gross profit EUR
More informationDO STOCK MARKETS HAVE ANY IMPACT ON REAL ECONOMIC ACTIVITY?
ACTA UNIVERSITATIS AGRICULTURAE ET SILVICULTURAE MENDELIANAE BRUNENSIS Volue 64 32 Nuber 1, 2016 http://dx.doi.org/10.11118/actaun201664010283 DO STOCK MARKETS HAVE ANY IMPACT ON REAL ECONOMIC ACTIVITY?
More informationTime Value of Money. Financial Mathematics for Actuaries Downloaded from by on 01/12/18. For personal use only.
Interest Accuulation and Tie Value of Money Fro tie to tie we are faced with probles of aking financial decisions. These ay involve anything fro borrowing a loan fro a bank to purchase a house or a car;
More informationTrade Liberalisation, Competitiveness and the Real Exchange Rate (RER): An Analysis of Developments in South Africa during the 1990s
643 Trade Liberalisation, Copetitiveness and the Real Echange Rate (RER): An Analysis of Developents in South Africa during the 1990s L Rangasay International Econoics Research Unit, South African Reserve
More informationStaff Memo N O 2005/11. Documentation of the method used by Norges Bank for estimating implied forward interest rates.
N O 005/ Oslo Noveber 4, 005 Staff Meo Departent for Market Operations and Analysis Docuentation of the ethod used by Norges Bank for estiating iplied forward interest rates by Gaute Myklebust Publications
More informationSales EUR m 2, , Gross profit EUR m Operating EBITDA EUR m Operating EBITDA / Gross profit %
INTERIM REPORT 2015 Q1 B R E N N TA G A G key financial figures at a glance consolidated income statement Q1 2015 Q1 2014 1) Sales EUR m 2,573.9 2,416.1 Gross profit EUR m 557.3 483.6 Operating EBITDA
More informationSTOCK PRICE AND EXCHANGE RATE CAUSALITY: THE CASE OF FOUR ASEAN COUNTRIES
Stock Price and Exchange Rate Causality: The Case of Four Asean Countries STOCK PRICE AND EXCHANGE RATE CAUSALITY: THE CASE OF FOUR ASEAN COUNTRIES D. Agus Harjito, Indonesian Islaic University Carl B.
More informationOptimal Design Of English Auctions With Discrete Bid Levels*
Optial Design Of English Auctions With Discrete Bid Levels* E. David, A. Rogers and N. R. Jennings Electronics and Coputer Science, University of Southapton, Southapton, SO7 BJ, UK. {ed,acr,nrj}@ecs.soton.ac.uk.
More informationHiding Loan Losses: How to Do It? How to Eliminate It?
ömföäflsäafaäsflassflassf ffffffffffffffffffffffffffffffffffff Discussion Papers Hiding oan osses: How to Do It? How to Eliinate It? J P. Niiniäki Helsinki School of Econoics and HECER Discussion Paper
More informationThe Structural Transformation Between Manufacturing and Services and the Decline in the U.S. GDP Volatility
The Structural Transforation Between Manufacturing and Services and the Decline in the U.S. GDP Volatility Alessio Moro y First Version: Septeber 2008 This Version: October 2009 Abstract In this paper
More informationARTICLE IN PRESS. Pricing in debit and credit card schemes. Julian Wright* 1. Introduction
ARTICLE IN PRE Econoics Letters x (200) xxx xxx www.elsevier.co/ locate/ econbase Pricing in debit and credit card schees Julian Wright* Departent of Econoics, University of Auckland, Private ag 92019,
More informationAN ANALYSIS OF EQUITY IN INSURANCE. THE MATHEMATICAL APPROACH OF RISK OF RUIN FOR INSURERS
Iulian Mircea AN ANALYSIS OF EQUITY IN INSURANCE. THE MATHEMATICAL APPROACH OF RISK OF RUIN FOR INSURERS A.S.E. Bucure ti, CSIE, Str.Mihail Moxa nr. 5-7, irceaiulian9@yahoo.co, Tel.074.0.0.38 Paul T n
More informationResearch on the Management Strategy from the Perspective of Profit and Loss Balance
ISSN: 2278-3369 International Journal of Advances in Manageent and Econoics Available online at: www.anageentjournal.info RESEARCH ARTICLE Research on the Manageent Strategy fro the Perspective of Profit
More informationInflation and Unemployment in Nigeria: An ARDL- Approach
World Journal of Econoic and Finance Vol. 3(2), pp. 069-074, Noveber, 2017. www.preierpublishers.org. ISSN: XXXX-XXXX WJEF Research Article Inflation and Uneployent in Nigeria: An ARDL- Approach Saad Buba
More informationNeural Network Model of Pricing Health Care Insurance
Neural Network Model of Pricing Health Care Insurance Abstract To pricing health insurance plan statisticians use atheatical odels to analysis custoer s future health condition. General Addictive Model
More informationELECTRONIC ARTS INC.
n UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Ñscal year ended March
More informationPAPCEL PAPCEL ANNUAL REPORT we are a group of companies
PAPCEL ANNUAL REPORT 214 PAPCEL we are a group of copanies CONTENTS 1 Contents 2 This is PAPCEL.cz 3 Foreword 4 The PAPCEL Group 5 Key Group values 6 We are growing together 7 Network of experts 8 Copany
More informationOPTIMAL ONLINE BANKING SECURITY CONFIGURATION UNDER BURDEN OF PROOF
Association for Inforation Systes AIS Electronic Library (AISeL) ICIS Proceedings International Conference on Inforation Systes (ICIS) OPTIMAL ONLINE BANKING SECURITY CONFIGURATION UNDER BURDEN OF PROOF
More informationSummary of Government Interventions in Financial Markets Belgium
8 Septeber 2009 Suary of Governent Interventions in Financial Markets Belgiu Overview In addition to the steps undertaken by the ECB, the Belgian, Fleish, Walloon and Brussels governents have provided
More informationState Trading Enterprises as Non-Tariff Measures: Theory, Evidence and Future Research Directions
State Trading Enterprises as Non-Tariff Measures: Theory, Evidence and Future Research Directions Steve McCorriston (University of Exeter, UK) (s.ccorriston@ex.ac.uk) Donald MacLaren (university of Melbourne,
More informationStudy on the Risk Transmission Mechanism of Rural Banks in China *
06 nd International Conference on Modern Education and Social Science (MESS 06) ISBN: 978--60595-346-5 Study on the isk Transission Mechanis of ural Banks in China * Shan-Shan WANG,,a, Jian-Guo WEI,b,
More informationRisk Sharing, Risk Shifting and the Role of Convertible Debt
Risk Sharing, Risk Shifting and the Role of Convertible Debt Saltuk Ozerturk Departent of Econoics, Southern Methodist University Abstract This paper considers a financial contracting proble between a
More informationHOPE FUNDS FOR CANCER RESEARCH FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 WITH INDEPENDENT AUDITORS' REPORTS
FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 216 AND 215 WITH INDEPENDENT AUDITORS' REPORTS TABLE OF CONTENTS PAGE Independent Auditors' Report Stateents of Financial Position Stateents of Activities
More informationFinancial Risk: Credit Risk, Lecture 1
Financial Risk: Credit Risk, Lecture 1 Alexander Herbertsson Centre For Finance/Departent of Econoics School of Econoics, Business and Law, University of Gothenburg E-ail: alexander.herbertsson@cff.gu.se
More informationHandelsbanken Debt Security Index Base Methodology. Version September 2017
Handelsbanken Debt Security Index Base ethodology Version 1.0 22 Septeber 2017 Contents 1 Introduction... 3 2 Description... 3 3 General Ters... 3 4 Iportant Inforation... 4 5 Definitions... 5 5.1 iscellaneous...
More informationWho Gains and Who Loses from the 2011 Debit Card Interchange Fee Reform?
No. 12-6 Who Gains and Who Loses fro the 2011 Debit Card Interchange Fee Refor? Abstract: Oz Shy In October 2011, new rules governing debit card interchange fees becae effective in the United States. These
More informationUNCOVERED INTEREST PARITY IN CENTRAL AND EASTERN EUROPE: CONVERGENCE AND THE GLOBAL FINANCIAL CRISIS 1
UNCOVERED INTEREST PARITY IN CENTRAL AND EASTERN EUROPE: CONVERGENCE AND THE GLOBAL FINANCIAL CRISIS 1 Abstract Fabio Filipozzi 2, Karsten Staehr Tallinn University of Technology, Bank of Estonia This
More information