PRELIMINARY RESULTS February 2016
|
|
- Baldwin Carpenter
- 5 years ago
- Views:
Transcription
1 25 February 2016
2 Nicandro Durante Chief Executive
3 A strong performance driven by market share growth Excellent underlying performance, despite significant FX headwinds Outstanding quality share performance, driven by the GDB s Commitment to shareholder returns
4 Ben Stevens Finance Director
5 Summary Financials Volume Current Revenue 13,104m Constant Cigarettes -6.2% 5.4% -0.5% 663bn Profit 4,992m -7.6% 4.0% Total Tobacco 689bn -0.8% Margin 38.1% -60bp -50bp GDBs 301bn 8.5% EPS 208.4p 0.1% 10.1% Total IBs 412bn 3.9% An excellent performance despite significant FX headwinds
6 Currency impact on Operating Profit H H FY 2015 FY 2016 estimate Transactional -4% -8% -6% -7% Translational -7% -16% -12% -1% Total -11% -24% -18% -8% FX headwinds remain a challenge for 2016
7 Operating margin 160 bps 40.3% -190 bps 38.7% 38.4% -30 bps 38.1% 2014 Reported Margin Underlying improvement 2015 Underlying Margin Transactional FX 2015 Like-forlike Margin TDR / Accounting changes 2015 Reported Margin
8 Currency impact on results Financials Current Constant Constant ex. Transactional FX Revenue -6% 5% 5% Profit -8% 4% 10% EPS 0% 10% 16% Very strong underlying performance masked by significant translational and transactional FX impacts
9 Regional performance* Cigarette Volume Revenue Profit AsPac Amr WE EEMEA Group AsPac Amr WE EEMEA Group AsPac Amr WE EEMEA Group 11.7% 10.9% 7.5% 3.5% 5.4% 5.1% 4.0% 0.1% 0.5% 1.1% 0.0% 1.3% -0.5% -0.1% -5.2% Translation FX impact -2.6% -20.7% -8.1% -16.6% -11.6% -5.1% -20.0% -8.7% -13.8% -11.6% As reported -2.6% -9.0% -4.6% -9.1% -6.2% -5.2% -9.1% -3.6% -12.5% -7.6% *At constant rates of exchange
10 Asia Pacific Regional Performance Financials Volume Constant Current Revenue 3,874m Cigarettes 0.0% -2.6% 0.1% 198bn Profit 1,546m -0.1% -5.2% GDBs 84bn 5.6%
11 Americas Regional Performance Financials Volume Constant Current Revenue 3,340m 11.7% -9.0% Cigarettes 124bn -5.2% Profit 1,426m 10.9% -9.1% GDBs 38bn 7.2%
12 Western Europe Regional Performance Financials Volume Constant Current Revenue 3,476m 3.5% -4.6% Cigarettes 112bn 0.5% Profit 1,249m 5.1% -3.6% GDBs 69bn 4.3%
13 EEMEA Regional Performance Financials Volume Constant Current Revenue 4,030m 7.5% -9.1% Cigarettes 229bn 1.1% Profit 1,399m 1.3% -12.5% GDBs 110bn 14.4%
14 Drivers of adjusted EPS growth +3.2p +1.2p +0.6p 229.1p -20.7p +9.4p +8.2p -1.6p 208.1p 208.4p EPS 2014 Profit Performance Net Finance Costs Associates Taxation Non-controlling interest Share Buy-Back EPS 2015 constant FX Translation Exchange EPS 2015 current FX
15 Cash flow 337m 263m 483m 148m 522m 4,992m 1,273m 963m 235m 480m 593m 3,481m Adj operating profit Non cash items Working Capital chg Net Capex Pension fds - s'fall funding Net interest Tax FII GLO refund Dividends to NCI Restructuring Div from associates Free cash flow
16 Financing/Shareholder returns Net Debt increased by 4.6bn to 14.8bn Credit rating unchanged at A3 / A- stable Full year dividend growth of 4%
17 Nicandro Durante Chief Executive
18 Year in Review Strong organic growth
19 Global Drive Brands Volume: 59 billion, +6.0% Share up 30bps Good share growth in Indonesia, Brazil and S Korea Lower volumes in S Korea and Malaysia
20 Global Drive Brands Volume: 59 billion, +6.0% Share up 30bps Good share growth in Indonesia, Brazil and S Korea Lower volumes in S Korea and Malaysia Volume: 66 billion, +3.3% Share flat Impacted by market declines in Russia, Ukraine and Romania Robust growth in Japan, Iran and Turkey Share gains in Japan and Turkey
21 Global Drive Brands Volume: 59 billion, +6.0% Share up 30bps Good share growth in Indonesia, Brazil and S Korea Lower volumes in S Korea and Malaysia Volume: 66 billion, +3.3% Share flat Impacted by market declines in Russia, Ukraine and Romania Robust growth in Japan, Iran and Turkey Share gains in Japan and Turkey Volume: 32 billion, +3.6% Share up 10bps Share growth momentum in France, Mexico and Argentina Black series driving growth
22 Global Drive Brands Volume: 59 billion, +6.0% Share up 30bps Good share growth in Indonesia, Brazil and S Korea Lower volumes in S Korea and Malaysia Volume: 66 billion, +3.3% Share flat Impacted by market declines in Russia, Ukraine and Romania Robust growth in Japan, Iran and Turkey Share gains in Japan and Turkey Volume: 32 billion, +3.6% Share up 10bps Share growth momentum in France, Mexico and Argentina Black series driving growth Volume: 92 billion, +0.4% Share up 10bps Strong performance across the Regions Fastest growing VFM brand in Germany
23 Global Drive Brands Volume: 59 billion, +6.0% Share up 30bps Good share growth in Indonesia, Brazil and S Korea Lower volumes in S Korea and Volume: Malaysia 52 billion, up 46.5% Volume: 32 billion, +3.6% Share up 10bps Share growth momentum in France, Mexico and Argentina Black series driving growth Share up 70bps Volume: 66 billion, +3.3% Share flat Impacted by market declines in Russia, Ukraine and Romania Robust growth in Japan, Iran and Turkey Share gains in Japan and Turkey Strong performance in EEMEA, Western Europe and Australia Great momentum of slimmer innovations in Eastern Europe Volume: 92 billion, +0.4% Share up 10bps Strong performance across the Regions Fastest growing VFM brand in Germany
24 Year in Review Strong organic growth Margin expansion opportunity
25 Year in Review Strong organic growth Margin expansion opportunity Continued investment in the future: Innovations and new growth markets
26 Year in Review Strong organic growth Margin expansion opportunity Continued investment in the future: Innovations and new growth markets M&A
27 Year in Review Strong organic growth Margin expansion opportunity Continued investment in the future: Innovations and new growth markets M&A Good progress on NGPs
28 2015 AN OUTSTANDING YEAR Volume Share Financials VOLUME CORPORATE SHARE REVENUE PROFIT EPS -0.5% +40bps VS INDUSTRY -2.3% GDB VOLUME GDB SHARE +5% +10% +16% +8.5% +120bps constant currency constant currency ex transactional fx constant currency ex transactional fx Confident of another good year of constant currency earnings growth
29 25 February 2016
30 SUPPLEMENTARY SLIDES 25 February 2016
31 Cigarette volumes by region FY 2015 Region Billions % change Asia Pacific % Americas % Western Europe % Eastern Europe, Middle East and Africa % Group %
32 Cigarette volumes by region H Region Billions % change Asia Pacific % Americas % Western Europe % Eastern Europe, Middle East and Africa % Group %
33 Cigarette volumes by region Q Region Billions % change Asia Pacific % Americas % Western Europe % Eastern Europe, Middle East and Africa % Group %
34 Revenue by region FY 2015 Region m % change Asia Pacific 3,773 3, % Americas 2,720 2, % Western Europe 3,203 3, % Eastern Europe, Middle East and Africa 3,408 3, % Group 13,104 13, % All numbers as reported
35 Revenue by region H Region m % change Asia Pacific 1,880 1, % Americas 1,336 1, % Western Europe 1,740 1, % Eastern Europe, Middle East and Africa 1,750 1, % Group 6,706 7, % All numbers as reported
36 Adjusted profit from operations FY 2015 Region m % change Asia Pacific 1,469 1, % Americas 1,169 1, % Western Europe 1,146 1, % Eastern Europe, Middle East and Africa 1,208 1, % Group 4,992 5, % All numbers as reported
37 Adjusted profit from operations H Region m % change Asia Pacific % Americas % Western Europe % Eastern Europe, Middle East and Africa % Group 2,485 2, % All numbers as reported
38 Top 40 market share movements (1) Market SOM FY15 (%) Movement (ppt) Market SOM FY15 (%) Movement (ppt) Argentina France Australia GCC 31.1 (1.4) Bangladesh Germany Belgium 31.0 (0.9) Indonesia Brazil 78.1 (0.3) Italy 20.0 (0.5) Canada 49.1 (1.0) Japan Chile 94.7 (0.1) Kazakhstan Colombia Malaysia Czech 20.1 (0.5) Mexico Denmark 73.6 (1.2) Netherlands Based on retail audit
39 Top 40 market share movements (2) Market SOM FY15 (%) Movement (ppt) Market SOM FY15 (%) Movement (ppt) New Zealand Spain 10.7 (0.4) Pakistan Switzerland 38.5 (1.5) Philippines Taiwan Poland 27.0 (0.1) Turkey Romania UK Russia Ukraine South Africa 80.5 (2.5) Vietnam South Korea Based on retail audit
40 Foreign currencies Average Closing Australian dollar Brazilian real Canadian dollar Euro Indian rupee Japanese yen Russian rouble South African rand US dollar
PRELIMINARY RESULTS February 2015
26 February 2015 Nicandro Durante Chief Executive Summary Financials Volume Current Revenue 14.0bn Profit 5.4bn Margin 38.7% EPS 208.1p Cigarettes -8.4% 2.8% -1.4% 667bn -7.2% 0.5pp -3.9% Constant 4.4%
More informationINTERIM RESULTS July 2016
28 July 2016 Nicandro Durante Chief Executive Strong performance driven by organic growth Strong top-line growth volume and revenue Excellent corporate and GDB share growth continues Benefits from 2015
More informationPRELIMINARY RESULTS February 2017
PRELIMINARY RESULTS 2016 23 February 2017 Nicandro Durante Chief Executive Important notice This presentation in relation to British American Tobacco p.l.c. ( BAT ) and its subsidiaries (collectively,
More informationINTERIM RESULTS th July 2015
29 th July 2015 Nicandro Durante Chief Executive Financials Volume Current Revenue 6.4bn Profit 2.5bn Margin 39.2% EPS 100.2p Cigarettes 5.9% 2.4% 2.9% 322bn 6.0% flat 1.6% Constant 1.3% 0.4pp 3.9% Total
More informationPRELIMINARY RESULTS rd February 2012
23 rd February 2012 Nicandro Durante Chief Executive Proven strategy continues to deliver Superior shareholder returns Daily Relative performance to FTSE100 Price GBp 2,800 2,600 2,400 2,200 2,000 1,800
More informationINTERIM RESULTS PRESENTATION. 27 th July 2017
INTERIM RESULTS PRESENTATION 27 th July 2017 INTERIM RESULTS PRESENTATION 27 th July 2017 NICANDRO DURANTE CEO Important notice This presentation in relation to British American Tobacco p.l.c. ( BAT )
More informationPreliminary Results nd February 2018
Preliminary Results 2017 22 nd February 2018 Preliminary Results 2017 22 nd February 2018 Nicandro Durante Chief Executive Officer Important Information The information contained in this presentation in
More informationANOTHER STRONG PERFORMANCE
27 February 2014 BRITISH AMERICAN TOBACCO p.l.c. PRELIMINARY ANNOUNCEMENT YEAR ENDED 31 DECEMBER 2013 ANOTHER STRONG PERFORMANCE KEY FINANCIALS 2013 2012 Change Current Constant Restated** Current Constant
More informationCONTINUED GOOD PERFORMANCE
31 July 2013 BRITISH AMERICAN TOBACCO p.l.c. HALF-YEARLY REPORT TO 30 JUNE 2013 CONTINUED GOOD PERFORMANCE KEY FINANCIALS 2013 2012 Change Six Months Results - unaudited Current Constant Restated** Current
More informationFinancial wealth of private households worldwide
Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate
More informationSTRONG PERFORMANCE IN A TOUGH ENVIRONMENT
26 February 2015 BRITISH AMERICAN TOBACCO p.l.c. PRELIMINARY ANNOUNCEMENT YEAR ENDED 31 DECEMBER 2014 STRONG PERFORMANCE IN A TOUGH ENVIRONMENT KEY FINANCIALS 2014 2013 Change Current Constant Current
More informationEQUITY REPORTING & WITHHOLDING. Updated May 2016
EQUITY REPORTING & WITHHOLDING Updated May 2016 When you exercise stock options or have RSUs lapse, there may be tax implications in any country in which you worked for P&G during the period from the
More informationDoes One Law Fit All? Cross-Country Evidence on Okun s Law
Does One Law Fit All? Cross-Country Evidence on Okun s Law Laurence Ball Johns Hopkins University Global Labor Markets Workshop Paris, September 1-2, 2016 1 What the paper does and why Provides estimates
More informationQuarterly Investment Update First Quarter 2017
Quarterly Investment Update First Quarter 2017 Market Update: A Quarter in Review March 31, 2017 CANADIAN STOCKS INTERNATIONAL STOCKS Large Cap Small Cap Growth Value Large Cap Small Cap Growth Value Emerging
More informationCOUNTRY COST INDEX JUNE 2013
COUNTRY COST INDEX JUNE 2013 June 2013 Kissell Research Group, LLC 1010 Northern Blvd., Suite 208 Great Neck, NY 11021 www.kissellresearch.com Kissell Research Group Country Cost Index - June 2013 2 Executive
More informationnews release
22 OCTOBER 2014 BRITISH AMERICAN TOBACCO p.l.c. INTERIM MANAGEMENT STATEMENT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014 A GOOD PERFORMANCE IN A CHALLENGING ENVIRONMENT Revenue grew by 2.4% at constant
More informationJTI continues delivering revenue and double-digit earnings growth
FOR IMMEDIATE RELEASE Tokyo, April 24, 2014 Japan Tobacco International (JTI) Results for the quarter ended March 31, 2014 JTI continues delivering revenue and double-digit earnings growth (billions of
More informationGlobal Construction 2030 Expo EDIFICA 2017 Santiago Chile. 4-6 October 2017
Global Construction 2030 Expo EDIFICA 2017 Santiago Chile 4-6 October 2017 Graham Robinson Global Construction Perspectives Global Construction 2030 is the fourth in a series of global studies of the construction
More information26 MAY Boustead Singapore Limited / Boustead Projects Limited Joint FY2015 Financial Results Presentation
26 MAY 2015 Boustead Singapore Limited / Boustead Projects Limited Joint FY2015 Financial Results Presentation Disclaimer This presentation contains certain statements that are not statements of historical
More informationSecond Quarter Trading Update 9 July 2010
Second Quarter Trading Update 9 July 2010 Michael Page International Second Quarter Trading Update 2010 2 Group gross profit Constant Group gross profit m m Reported exchange 2010 vs 2009 111.5 83.8 +33.1%
More informationA GOOD PERFORMANCE WITH STRONG STRATEGIC MOMENTUM
27 July 2017 BRITISH AMERICAN TOBACCO p.l.c. HALF-YEAR REPORT TO 30 JUNE 2017 A GOOD PERFORMANCE WITH STRONG STRATEGIC MOMENTUM KEY FINANCIALS 2017 2016 Change Six Months Results - unaudited Current Constant
More informationnews release
30 APRIL 2014 BRITISH AMERICAN TOBACCO p.l.c. INTERIM MANAGEMENT STATEMENT FOR THE THREE MONTHS ENDED 31 MARCH 2014 ON TRACK FOR ANOTHER GOOD YEAR Revenue grew by 2% at constant rates of exchange Revenue
More informationGlobal Business Barometer April 2008
Global Business Barometer April 2008 The Global Business Barometer is a quarterly business-confidence index, conducted for The Economist by the Economist Intelligence Unit What are your expectations of
More informationSan Francisco Retiree Health Care Trust Fund Education Materials on Public Equity
M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the
More informationSTOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE
STOXX Limited STOXX EMERGING MARKETS INDICES. EMERGING MARK RULES-BA TRANSPARENT UNDERSTANDA SIMPLE MARKET CLASSIF INTRODUCTION. Many investors are seeking to embrace emerging market investments, because
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org) Worldwide Investment Fund Assets and Flows Trends in the
More informationGuide to Treatment of Withholding Tax Rates. January 2018
Guide to Treatment of Withholding Tax Rates Contents 1. Introduction 1 1.1. Aims of the Guide 1 1.2. Withholding Tax Definition 1 1.3. Double Taxation Treaties 1 1.4. Information Sources 1 1.5. Guide Upkeep
More informationPublic Pension Spending Trends and Outlook in Emerging Europe. Benedict Clements Fiscal Affairs Department International Monetary Fund March 2013
Public Pension Spending Trends and Outlook in Emerging Europe Benedict Clements Fiscal Affairs Department International Monetary Fund March 13 Plan of Presentation I. Trends and drivers of public pension
More informationKPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX
KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX B KPMG s Individual Income Tax and Social Security Rate Survey 2009 KPMG s Individual Income Tax and Social Security Rate Survey 2009
More informationOverview of Transfer Pricing Regulations. CA Akshay Kenkre
Overview of Transfer Pricing Regulations CA Akshay Kenkre 1 What is Transfer Pricing What is Transfer Price? A Price at which one person transfers physical goods, services, tangible or/ and intangibles
More informationQuarterly Investment Update First Quarter 2018
Quarterly Investment Update First Quarter 2018 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with [insert name of Advisor]. DFA Canada is a separate and distinct company. Market
More information2009 Fourth-Quarter and Annual Earnings Results. February 11, 2010
2009 Fourth-Quarter and Annual Earnings Results February 11, 2010 Introduction Unless otherwise stated, we will be talking about results in the fourth quarter or the full-year 2009 and comparing them with
More informationReporting practices for domestic and total debt securities
Last updated: 27 November 2017 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on
More informationUS Economic Indicators: Import Prices, PPI, & CPI
US Economic Indicators: Import Prices, PPI, & CPI December 1, 17 Dr. Edward Yardeni 51-97-73 eyardeni@ Debbie Johnson --1333 djohnson@ Please visit our sites at blog. thinking outside the box Table Of
More informationSTATISTICS Last update: 03/07/2017
STATISTICS 2012-2016 Last update: 03/07/2017 BU NEWS BUSINESS [USD, BILLIONS] New business by year, vs. total world exports 3,000 2,500 2,000 1,500 1,000 500 12,131 1,138 40 127 971 14,023 1,323 53 143
More informationnews release
news release www.bat.com 27 July 2011 HALF-YEARLY REPORT TO 30 JUNE 2011 SUMMARY Six Months Results - unaudited 2011 2010 Change Revenue 7,438m 7,298m +2% Profit from operations 2,691m 2,271m +18% Adjusted
More informationnews release
news release www.bat.com 26 APRIL 2012 BRITISH AMERICAN TOBACCO p.l.c. INTERIM MANAGEMENT STATEMENT FOR THE THREE MONTHS ENDED 31 MARCH 2012 Good revenue growth of 6 per cent at constant rates of exchange
More informationWorld s Best Investment Bank Awards 2018
Global Finance will publish its selections for the 19th Annual World s Best Investment Banks in the April 2018 issue. Winners will be honored at an awards ceremony in New York City in March, and all award
More informationnews release
30 July 2009 news release www.bat.com HALF-YEARLY REPORT TO 30 JUNE 2009 SUMMARY SIX MONTHS RESULTS - unaudited 2009 2008 Change Revenue 6,780m 5,457m +24% Profit from operations 2,111m 1,724m +22% Basic
More informationTRANSFORMATIONAL DEAL MARKS A RECORD YEAR
22 February 2018 BRITISH AMERICAN TOBACCO p.l.c. PRELIMINARY ANNOUNCEMENT YEAR ENDED 31 DECEMBER 2017 TRANSFORMATIONAL DEAL MARKS A RECORD YEAR KEY FINANCIALS 2017 2016 Change Current Constant Current
More informationDOMESTIC CUSTODY & TRADING SERVICES
Pricing Structure DOMESTIC CUSTODY & TRADING SERVICES A flat custody fee of 20bps per account type per year is applicable to all holdings and cash, the custody fee is collected each month but will be capped
More informationMondelēz International 2013 Results. February 12, 2014
Mondelēz International 2013 Results February 12, 2014 1 Forward-looking statements This slide presentation contains a number of forward-looking statements. Words, and variations of words, such as will,
More informationBalanced Plus Select Portfolio Pn
Factsheet as at : August 25, 2018 Balanced Plus Select Portfolio Pn Fund objective This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 10-12% over
More informationIMPORTANT TAX INFORMATION
00126803 IMPORTANT TAX INFORMATION Dear Hartford Funds Shareholder: The following information about your enclosed 1099-DIV from Hartford Funds should be used when preparing your 2014 tax return. The information
More information2009 Half Year Results. August 25, 2009
1 2009 Half Year Results August 25, 2009 2 Caution statement This presentation may contain forward looking statements, which are subject to risk and uncertainty. A variety of factors could cause our actual
More informationDFA Global Equity Portfolio (Class F) Performance Report Q2 2017
DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2018
DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q4 2017
DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationGlobal Consumer Confidence
Global Consumer Confidence The Conference Board Global Consumer Confidence Survey is conducted in collaboration with Nielsen 4TH QUARTER 2017 RESULTS CONTENTS Global Highlights Asia-Pacific Africa and
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2015
DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationBalanced Select Portfolio Pn
Factsheet as at : September 22, 2018 Balanced Select Portfolio Pn Fund objective This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 8-10% over a
More informationArgentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile
Americas Argentina (Banking and finance; Capital markets: Debt; Capital markets: Equity; M&A; Project Bahamas (Financial and corporate) Barbados (Financial and corporate) Bermuda (Financial and corporate)
More informationTable 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars. Number of business days
Table 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars Total turnover Number of business days Average daily turnover change 1983 103.2 20 5.2 1986 191.2 20 9.6 84.6 1989 299.9
More informationEconomic Stimulus Packages and Steel: A Summary
Economic Stimulus Packages and Steel: A Summary Steel Committee Meeting 8-9 June 2009 Sources of information on stimulus packages Questionnaire to Steel Committee members, full participants and observers
More informationFOREIGN ACTIVITY REPORT
FOREIGN ACTIVITY REPORT SECOND QUARTER 2012 TABLE OF CONTENTS Table of Contents... i All Securities Transactions... 2 Highlights... 2 U.S. Transactions in Foreign Securities... 2 Foreign Transactions in
More information26 MAY Boustead Singapore Limited FY2010 Financial Results Presentation
26 MAY 2010 Boustead Singapore Limited FY2010 Financial Results Presentation Disclaimer This presentation contains certain statements that are not statements of historical fact such as forward-looking
More informationBRITISH AMERICAN TOBACCO p.l.c. PRELIMINARY ANNOUNCEMENT - YEAR ENDED 31 DECEMBER 2018
28 February 2019 BRITISH AMERICAN TOBACCO p.l.c. PRELIMINARY ANNOUNCEMENT - YEAR ENDED 31 DECEMBER 2018 A STRONG BUSINESS PERFORMANCE ACROSS ALL CATEGORIES KEY FINANCIALS 2018 Change vs 2017 Current Constant
More informationTokyo, February 7, 2019 Highlights 2018 Earnings Report 2018 results from January 1 to December 31: Adjusted operating profit at constant FX increased
Tokyo, February 7, 2019 Highlights 2018 Earnings Report 2018 results from January 1 to December 31: Adjusted operating profit at constant FX increased 8.9% year on year or 1.7% on a reported basis. Strong
More informationCorrigendum. OECD Pensions Outlook 2012 DOI: ISBN (print) ISBN (PDF) OECD 2012
OECD Pensions Outlook 2012 DOI: http://dx.doi.org/9789264169401-en ISBN 978-92-64-16939-5 (print) ISBN 978-92-64-16940-1 (PDF) OECD 2012 Corrigendum Page 21: Figure 1.1. Average annual real net investment
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Regulated Open-ended Fund Assets and Flows Trends
More informationIndex. tax evasion ethics in tax system change in Bureaucracy 3-11 Canada
Ability to pay principle 58 Administrative burden 51-79, 73-90, 430 Albania 112 Alternative Minimum Tax (AMT) 75 Anti-capitalistic mentality 318 Appeals in Armenia 317 Argentina 281-308 Armenia 113, 309-358
More information!!!1!!!!!!!!!!!!!!!!!!!!!!!!!!!!! The Association of Real Estate Funds & Property Funds Research
1 The Association of Real Estate Funds & Property Funds Research Global Real Estate Funds Review H1 216 Contents CONTENTS 2 EXECUTIVE SUMMARY 3 UNLISTED FUND UNIVERSE: OVERVIEW (EX FOF) 6 UNLISTED FUNDS
More informationGold demand statistics
Gold demand statistics Table 2: Gold demand (tonnes) 2014 2015 Q2 14 Q3 14 Q4 14 Q2 15 Q3 15 Q4 15 Jewellery 2,482.0 2,397.5 589.5 591.5 686.0 596.9 513.7 623.7 663.2 481.9-19 Technology 348.5 333.8 86.6
More informationWorld Consumer Income and Expenditure Patterns
World Consumer Income and Expenditure Patterns 2011 www.euromonitor.com iii Summary of Contents Contents Summary of Contents Section 1 Introduction 1 Section 2 Socio-economic parameters 21 Section 3 Annual
More informationTravel Insurance and Assistance in the Asia-Pacific Region
Travel Insurance and Assistance in the Asia-Pacific Region Report Prospectus October 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 1 Prospectus contents Page What is the research? What methodology
More informationGlobal Select International Select International Select Hedged Emerging Market Select
International Exchange Traded Fund (ETF) Managed Strategies ETFs provide investors a liquid, transparent, and low-cost avenue to equities around the world. Our research has shown that individual country
More informationFirst ever quarter with over 200m Gross Profit
11 July 2018 and H1 2018 Trading Update Steve Ingham Kelvin Stagg Chief Executive Officer Chief Financial Officer First ever quarter with over 200m Gross Profit LSE: PAGE.L Website: http://www.page.com/investors
More informationJTI 1H 2014 Financial Results. Roland Kostantos Senior Vice President, Finance and IT, Chief Financial Officer
JTI 1H 2014 Financial Results Roland Kostantos Senior Vice President, Finance and IT, Chief Financial Officer Caution on Forward-Looking Statements Today s presentations contain forward-looking statements.
More informationCurrent Issues in International Tax Policy
Current Issues in International Tax Policy Shigeto HIKI Director, International Tax Policy Division, Tax Bureau, Ministry of Finance, Japan The Fourth IMF-Japan High-Level Tax Conference For Asian Countries
More informationDFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014
DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds.
More information1.1. STOXX TOTAL MARKET INDICES
STOXX INDEX LIST A-Z 1. TOTAL MARKET INDICES 1/14 1.1. STOXX TOTAL MARKET INDICES Regional indices STOXX BRIC TMI STOXX Developed and Emerging Markets TMI STOXX Developed Markets TMI STOXX Emerging Markets
More informationThe Challenge of Public Pension Reform in Advanced and Emerging Economies
The Challenge of Public Pension Reform in Advanced and Emerging Economies Mauricio Soto Fiscal Affairs Department International Monetary Fund January 212 The views expressed herein are those of the author
More informationKey Issues in the Design of Capital Gains Tax Regimes: Taxing Non- Residents. 18 July 2014
Key Issues in the Design of Capital Gains Tax Regimes: Taxing Non- Residents 18 July 2014 How do we tax non-residents on capital income? Domestic design issues Tax treaty issues Interrelationship between
More informationIOOF. International Equities Portfolio NZD. Quarterly update
IOOF NZD Quarterly update For the period ended 30 September 2018 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure their
More informationJefferies Global Healthcare Conference
Jefferies Global Healthcare Conference June 7, 2012 2012 PAREXEL International Safe Harbor This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act
More informationFY2016 RESULTS. 1 February 2016 to 31 January Inditex continues to roll out its global, fully integrated store and online model.
FY2016 RESULTS 1 February 2016 to 31 January 2017 Inditex continues to roll out its global, fully integrated store and online model. Strong operating performance: Net sales for FY2016 reached 23.3 billion,
More information1.1. STOXX TOTAL MARKET INDICES
1. BROAD TOTAL MARKET INDICES/BENCHMARK INDICES, EQUAL WEIGHT INDICES 1/15 1.1. STOXX TOTAL MARKET INDICES Regional indices STOXX BRIC TMI STOXX Developed and Emerging Markets TMI STOXX Developed Markets
More informationWHY UHY? The network for doing business
The network for doing business the network for doing business UHY has over 6,800 professionals to choose from trusted advisors and consultants operating in more than 250 business centres, based in 81 countries
More informationAnnual Market Review Portfolio Management
2016 Annual Market Review 2016 Portfolio Management 2016 Annual Market Review This report features world capital market performance for the past year. Overview: Market Summary World Asset Classes US Stocks
More informationPENTA CLO 2 B.V. (the "Issuer")
THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED BELOW). IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING
More informationIslamic Finance News Forum London, October 17 th, Christine Chardonnens MSCI Barra
Islamic Finance News Forum London, October 17 th, 2008 Christine Chardonnens MSCI Barra Islamic Indices 1. Construction and methodology highlights, including dividend purification 2. Performance and risk
More informationGlobal Tax Reset Transfer Pricing Documentation Summary. February 2018
Global Tax Reset Transfer Pricing Summary February 2018 Global Tax Reset Transfer Pricing Summary Overview The Global Tax Reset Transfer Pricing Summary ( Guide ) compiles essential country-by-country
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing February 7, 1 Dr. Edward Yardeni 1-97-73 eyardeni@ Mali Quintana --1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 3 3 Figure 1. S&P
More informationGEF-6 REPLENISHMENT: FINANCING FRAMEWORK (PREPARED BY THE TRUSTEE)
Fourth Meeting for the Sixth Replenishment of the GEF Trust Fund April 16-17, 2014 Geneva, Switzerland GEF/R.6/Inf.11 March 28, 2014 GEF-6 REPLENISHMENT: FINANCING FRAMEWORK (PREPARED BY THE TRUSTEE) TABLE
More informationInvestor Day Asia Pacific Region. Jack Bowles
Investor Day 2015 Asia Pacific Region Jack Bowles Important notice This presentation in relation to British American Tobacco p.l.c. ( BAT ) and its subsidiaries has been prepared solely for use at this
More informationPHILIP MORRIS INTERNATIONAL INC. (PMI) REPORTS 2018 SECOND-QUARTER RESULTS; REVISES 2018 FULL-YEAR REPORTED DILUTED EPS TO A RANGE OF $5.
PRESS RELEASE Investor Relations: Media: New York: +1 (917) 663 2233 Lausanne: +41 (0)58 242 4500 Lausanne: +41 (0)58 242 4666 Email: Iro.Antoniadou@pmi.com Email: InvestorRelations@pmi.com PHILIP MORRIS
More informationFull Year Sales: Fourth consecutive year of organic sales growth, up +3.0%
Full Year Sales: Fourth consecutive year of sales growth, up +3.0% Full Year 2015 consolidated sales: 86.3bn, up +3.0% on an basis and Carrefour s Full Year sales were impacted by an unfavorable 1.6% petrol
More informationMarket Briefing: Correlated Markets
Market Briefing: Correlated Markets September 25, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table
More information2017 Annual Market Review
2017 Annual Market Review 19 2017 Annual Market Review This report features world capital market performance for the past year. Overview: Market Summary World Asset Classes US Stocks International Developed
More informationRobas Research Private Limited Panel Book
Robas Research Private Limited Panel Book Introduction Robas Research was introduced in July, 2012 1 6 We believe in research from base which defines our firm s logo for any research/methodology in which
More informationGlobal Automotive Executive Survey 2018
KPMG s 19 th consecutive Global Automotive Executive Survey 2018 In every industry there is a next See it sooner with KPMG www.kpmg.com/gaes Charles Krieck Chairman KPMG in Brazil 2 Ricardo BACELLAR Head
More informationDouble Tax Treaties. Necessity of Declaration on Tax Beneficial Ownership In case of capital gains tax. DTA Country Withholding Tax Rates (%)
Double Tax Treaties DTA Country Withholding Tax Rates (%) Albania 0 0 5/10 1 No No No Armenia 5/10 9 0 5/10 1 Yes 2 No Yes Australia 10 0 15 No No No Austria 0 0 10 No No No Azerbaijan 8 0 8 Yes No Yes
More informationMarket Correlations: CRB Raw Industrials Spot Price Index
Market Correlations: Spot Price Index December 15, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 480-664-1333 djohnson@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www.
More informationBest Treasury & Cash Management Providers 2017
Page 1 of 5 In March 2017, Global Finance will publish its selections for the Seventeenth Annual World s Best Treasury & Cash Management Providers. Global Finance will select the best overall global cash
More informationCompagnie Financière Tradition
Compagnie Financière Tradition H1 2016 results presentation Zurich 1 September 2016 First semester activity in a stabilising market environment Results overview H1 2016 Performance Differentiation in revenue
More informationPerformance Derby: MSCI Regions & Countries STRG, STEG, & LTEG
Performance Derby: MSCI Regions & Countries STRG, STEG, & LTEG February 7, 2018 Dr. Ed Yardeni 516-972-7683 eyardeni@yardeni.com Joe Abbott 732-497-5306 jabbott@yardeni.com Please visit our sites at blog.yardeni.com
More informationThird Quarter 2017 Results Jan Jenisch, CEO Ron Wirahadiraksa, CFO. October 27, 2017 LafargeHolcim Ltd 2015
Third Quarter 2017 Results Jan Jenisch, CEO Ron Wirahadiraksa, CFO October 27, 2017 LafargeHolcim Ltd 2015 01 Initial views Q3 2017 and Outlook Jan Jenisch, Chief Executive Officer 2017 LafargeHolcim 2
More informationGlobal solutions. Local expertise.
Global solutions. Local expertise. Count on Sedgwick around the world Sedgwick is a leading global provider of technology-enabled risk, benefits and integrated business solutions. Our 21,000 colleagues,
More informationReport on Finnish Technology Industry Exports
Report on Finnish Technology Industry Exports Last observation October 2018, 2.1.2019 Goods Export of Technology Industry from Finland Goods Export of Technology Industry from Finland by Branches Source:
More information