Groupe. Présentation SFAF - Comptes annuels 2017 Retour vers le futur des marchés
|
|
|
- Elvin O’Brien’
- 6 years ago
- Views:
Transcription
1 Groupe ABC arbitrage Présentation SFAF - Comptes annuels 2017 Retour vers le futur des marchés ABC arbitrage 1
2 AVERTISSEMENT Ce slideshow est un support de communication remis aux participants de la présentation SFAF du 27 mars 2018 et publié sur le site Ces éléments d information sont donnés à des fins d illustration et ne sauraient se substituer aux documents officiels relatifs à l année ABC arbitrage 2
3 ABC arbitrage - Consolidated Net Profits In EUR million Dec. 31, 2017 IFRS Dec. 31, 2016 IFRS Change Investment Services Fees ,52% Net gains at fair value through profit or loss ,24% Net revenues* ,85% (13.8) (16.2) -14,90% (1.6) (1.6) -1,12% (5.3) (5.2) 2,23% Other taxes (0.1) (0.2) -25,72% Total costs (20.8) (23.1) -10,22% ,35% Payroll costs Occupancy costs Other expense ROE 11.5% Income before tax Net income attributable to equity holders ,05% *Taxes and costs are already in Net Revenues for subsidiaries which are accounted for using the Net gains at fair value through profit or loss method (IFRS 10). 3
4 Évolution des indices (S&P 500 vs CAC 40) 9 ans de hausse... 2nd + long cycle haussier (vs ) > 200% sur 9 ans 2e perf. depuis 100 ans source: les Cahiers Verts de l économie ABC arbitrage
5 Indicateurs fondamentaux sur des records! PER Price to Book ratio Schiller Ratio ABC arbitrage
6 VIX (from 2008) ABC arbitrage
7 2012/2017: Central Banks Era Central Banks Era Before Central Banks ABC arbitrage
8 New Volatility Era! Before Central Banks Central Banks Era Source Bloomberg ABC arbitrage
9 VIX from 07/2016 ABC arbitrage
10 Intraday Volatility 2017 From 1982, 58 days < 4% 1 day in 2016 and 57 days in % on 18-Oct
11 These figures are not strictly audited H2 does not exist from an accounting point of view H2 Statiscally < H1 H Decrease is coherent 11
12 Intraday Volat. (days) < 4% Concentration on H
13 M&A (in billions - Monthly total) -55% (Low-High)/High -35% HY vs HY Q3+Q4 ABC arbitrage
14 Strong decrease of significant Corporate Actions -50% since HY
15 Expected Situation... Corporate Action M&A Volatility Volumes ABC arbitrage
16 2017 Situation Corporate Action M&A Volatility Volumes 2017 ABC arbitrage
17 If correlation to volatility was the same as , the results would be... Strong progression for ABC results (pari passu) +40% realised vs predictable 17
18 Correlation between VIX and Group Traded Volumes Volumes ABC à Volat ABC arbitrage
19 Decomposition by assets and type of clients Increase of Client volumes Increase of rates strategies volumes ABC arbitrage
20 ABCG monthly returns Capital protection 100% positive months Almost 80% positive trading days on 2017 (below average) ABC arbitrage
21 Correlation between volatility (20d) SP500 and P&L ABC From 2007 Still a very strong correlation! ABC arbitrage
22 UHFT Players - Winter is coming? -72% HY 2017/16-79% FY 2017/16-50% HY 2017/16-57% FY 2017/16 22
23 HFT Industry Revenues 23
24 ABC arbitrage - Consolidated Net Profits Dec. 31, 2017 IFRS In EUR million Investment Services Fees(1) Net gains at fair value through profit or loss 60% salaires fixes 30% Bonus 10% produits K Net revenues* Dec. 31, 2016 IFRS ,52% ,24% ,85% Payroll costs (13.8) (16.2) payroll costs / Net revenues 36% 30% Occupancy costs Other expense (IT + presta. ext.) Change (1.6) (5.3) -14,90% (1.6) (5.2) -1,12% 2,23% Other taxes (0.1) (0.2) -25,72% Total costs (20.8) (23.1) -10,22% ,35% Income before tax Net income attributable to equity holders ,05% 24
25 support +30 R&D Groupe : environ 90 collaborateurs 31-dec-2017 ABC arbitrage 25
26 Costs are adjusted to take into account IFRS 10 - Business Levels are close to, but not equal to Revenues (audited accounts) 26
27 vs LT average (1950) source: FIDELITY - for EM Equity vs LT average (1988) ABC arbitrage
28 23 consecutive years of positive result 28
29 2018 = New paradigm? source : Banque Mondiale 29
30 Évolution du VIX depuis 01/2012 En parallèle événements NO LIFE Zone ABC arbitrage
31 Volatility of volatility 5-FEB-17 All Time High 180 ABC arbitrage
32 New products, old problems! source : Banque Mondiale 32
33 Quant indexes Difficult Transition for most market actors! source : HFRi 33
34 source : Banque Mondiale 34
35 End of free lunch? source : Banque Mondiale 35
36 ...Not yet for ECB... 36
37 source : Banque Mondiale 37
38 With a total debt of 180 Trillion... If interest rates rise 0.25%... Debt interests +450 billion/year If interest rates rise 0.75%... Debt interests billion/year source : Banque Mondiale 38
39 With a total debt of 50 Billion /$... If interest rates rise 0.25%... Debt interests +125 Million/year If interest rates rise 0.75% % vs EBITDA T4 Debt Interests +375 Million/year source : Banque Mondiale 39
40 Back to living markets!...if Central Banks... source : Banque Mondiale 40
41 Central Banks Balance Sheets (Taille des bilans cumulés des principales banques centrales est d'environ milliards de dollars en Source : Lazard Frères Gestion, Bloomberg) source : Banque Mondiale 41
42 ABC arbitrage Et maintenant?? 42
43 Montant des fonds propres Evolution semestrielle (à compter du 01/01/2010) Conforme aux décisions 2016-Step Up 2019 ABC arbitrage
44 Shareholder s Equity Ratio Compliant with Step Up 2019 TODAY ABC arbitrage
45 VaR ABC arbitrage Group 10 day - 99% Portfolio Risk 2017 vs 2015 Increase of almost 15% 45
46 ABC arbitrage 46
47 ABC arbitrage 47
48 (in ABCA Fund Plc) 48
49 ABC Group investments in ABCA Fund Plc ABC Group one of the main clients 49
50 1-Mar M in our funds / 214M External investors 50
51 External Client Revenues (Funds Only) 51
52 (Funds only) below ambitions...capacity Problem Gross Revenues Net Revenues 52
53 Return on AUM for ABCA Fund Plc below ambitions...performance problem 53
54 Potential total AUM depend on Performances and Market Capacity (Step Up 2019 Targets) OK! Depend on markets conditions! 54
55 Low Volatility Strategies Gross Revenue 2017 realized are below ambitions...mainly because of very low vol. Innovation is still our target! = Step Up 2019 WARNING : These figures are internal indicators and have not been audited 55
56 Q Living Markets = Living Results! Low volat. for January 18 Q ABC Q ABC 1 week = 2 months 5th to 9th of Feb. = almost 85% of Oct+Nov 2017 ABC arbitrage 56
57 Distributions and Share Buyback Program BPA/EPS ,85 0,40 Distributions (0,20 nov. 2017) POR = 100% for 3M Buyback 2017 ABC Shares (almost 440KT - Average Price 6.54 ) (au service des programmes capitalistiques) ABC arbitrage 5
58 Limiter la dilution au service du BNPA Dividende et/ou ABC Programme de rachat vs ABC Paiement en ABC Selon autorisations AG et PER, programme de rachat 2018 sur 6M (environ 1MT) 58
59 ABC arbitrage David HOEY Joined ABC arbitrage in 1996 Becomes Deputy CEO of ABC arbitrage AM Becomes Deputy CEO of ABC arbitrage Gaëtan FOURNIER Joined ABC arbitrage AM in 2012 Becomes Compliance Officer / RCCI of ABC arbitrage AM ABC arbitrage 59
60 ABC arbitrage AM Alexandre OSPITAL Joined ABC arbitrage in 1999 Becomes COO of ABC arbitrage AM Yves-Oleg ZAJTELBACH Joined ABC arbitrage in 1999 Becomes Head of Trading of ABC arbitrage AM Franck BONNEAU Joined ABC arbitrage in 1999 Becomes CTO of ABC arbitrage AM Vincent GIGOT Joined ABC arbitrage AM in 2005 Becomes Head of Research of ABC arbitrage AM ABC arbitrage 60
61 Winter is not over but ambitions are still there...and still reasonable! 61
62 Q&A 62
Présentation groupe ABC arbitrage Revue de graphiques. Présentation - comptes 30 juin 2017
Présentation groupe Revue de graphiques Présentation comptes 30 juin 2017 Avertissement à l attention du lecteur Ce slideshow est un support de communication remis aux participants de la présentation de
ORANGE EUR 30,000,000,000 Euro Medium Term Note Programme
Supplement dated 31 July 2018 to the base prospectus dated 26 June 2018 ORANGE EUR 30,000,000,000 Euro Medium Term Note Programme This supplement (the Supplement ) is supplemental to, and should be read
Contents. Management report > 3. Consolidated financial statements > 5. Notes to the consolidated financial statements > 9
ABC arbitrage Contents Management report > 3 Consolidated financial statements > 5 Notes to the consolidated financial statements > 9 Statutory auditors report > 16 Statement of the person responsible
THIRD SUPPLEMENT TO THE BASE PROSPECTUS DATED 3 SEPTEMBER RCI BANQUE (incorporated in France as a "société anonyme")
THIRD SUPPLEMENT TO THE BASE PROSPECTUS DATED 3 SEPTEMBER 2018 RCI BANQUE (incorporated in France as a "société anonyme") 23,000,000,000 EURO MEDIUM TERM NOTE PROGRAMME This third supplement (the "Supplement")
PROSPECTUS SUPPLEMENT N 1 DATED 21 SEPTEMBER 2016 TO THE BASE PROSPECTUS DATED 29 JUNE 2016
PROSPECTUS SUPPLEMENT N 1 DATED 21 SEPTEMBER 2016 TO THE BASE PROSPECTUS DATED 29 JUNE 2016 ARKÉA HOME LOANS SFH (duly licensed French specialised credit institution) 10,000,000,000 COVERED BOND PROGRAMME
FIRST SUPPLEMENT DATED 21 DECEMBER 2015 TO THE BASE PROSPECTUS DATED 29 JUNE 2015
FIRST SUPPLEMENT DATED 21 DECEMBER 2015 TO THE BASE PROSPECTUS DATED 29 JUNE 2015 BNP Paribas Home Loan SFH (duly licensed French specialised credit institution) 35,000,000,000 COVERED BOND PROGRAMME for
BNP Paribas Issuance B.V. BNP Paribas
Second Supplement dated 25 September 2018 to the Base Prospectus for the issue of Certificates dated 5 June 2018 BNP Paribas Issuance B.V. (incorporated in The Netherlands) (as Issuer) BNP Paribas (incorporated
BNP Paribas Issuance B.V. BNP Paribas
Third Supplement dated 22 November 2018 to the Base Prospectus for the issue of Certificates dated 5 June 2018 BNP Paribas Issuance B.V. (formerly BNP Paribas Arbitrage Issuance B.V.) (incorporated in
THIRD SUPPLEMENT TO THE BASE PROSPECTUS DATED 5 SEPTEMBER RCI BANQUE (incorporated in France as a "société anonyme")
THIRD SUPPLEMENT TO THE BASE PROSPECTUS DATED 5 SEPTEMBER 2017 RCI BANQUE (incorporated in France as a "société anonyme") 20,000,000,000 EURO MEDIUM TERM NOTE PROGRAMME This third supplement (the "Supplement")
SFIL 5,000,000,000 Euro Medium Term Note Programme
FIRST SUPPLEMENT DATED 13 APRIL 2017 TO THE BASE PROSPECTUS DATED 27 SEPTEMBER 2016 SFIL 5,000,000,000 Euro Medium Term Note Programme This First supplement (the First Supplement ) is supplemental to,
FIRST SUPPLEMENT DATED 31 AUGUST 2015 TO THE BASE PROSPECTUS DATED 24 JULY 2015
FIRST SUPPLEMENT DATED 31 AUGUST TO THE BASE PROSPECTUS DATED 24 JULY Crédit Mutuel-CIC Home Loan SFH (société de financement de l'habitat duly licensed as a French specialised credit institution) 30,000,000,000
FIRST SUPPLEMENT DATED 6 AUGUST 2018 TO THE DEBT ISSUANCE PRO GRAMME PRO SPECTUS DATED 9 MAY 2018
FIRST SUPPLEMENT DATED 6 AUGUST 2018 TO THE DEBT ISSUANCE PRO GRAMME PRO SPECTUS DATED 9 MAY 2018 TO TAL S.A., TO TAL CAPITAL, TO TAL CAPITAL CANADA LTD. and TO TAL CAPITAL INTERNATIO NAL 35,000,000,000
SIXTH SUPPLEMENT DATED 16 MARCH 2015 TO THE DEBT ISSUANCE PROGRAMME PROSPECTUS DATED 23 APRIL 2014
SIXTH SUPPLEMENT DATED 16 MARCH 2015 TO THE DEBT ISSUANCE PROGRAMME PROSPECTUS DATED 23 APRIL 2014 TOTAL S.A., TOTAL CAPITAL, TOTAL CAPITAL CANADA LTD. and TOTAL CAPITAL INTERNATIONAL 26,000,000,000 (increased
BANQUE PALATINE (société anonyme à conseil d administration) 5,000,000,000 Euro Medium Term Note Programme
Prospectus Supplement n 18-121 dated 09 April 2018 to the Base Prospectus dated 3 July 2017 BANQUE PALATINE (société anonyme à conseil d administration) 5,000,000,000 Euro Medium Term Note Programme This
BANQUE PALATINE (société anonyme à conseil d administration) 5,000,000,000 Euro Medium Term Note Programme
Prospectus Supplement n 16-399 dated 22 August 2016 to the Base Prospectus dated 4 July 2016 BANQUE PALATINE (société anonyme à conseil d administration) 5,000,000,000 Euro Medium Term Note Programme This
BNP Paribas Arbitrage Issuance B.V. BNP Paribas
SECOND SUPPLEMENT DATED 20 DECEMBER 2013 TO THE MARKET ACCESS SECURITIES BASE PROSPECTUS DATED 21 JUNE 2013 BNP Paribas Arbitrage Issuance B.V. (incorporated in The Netherlands) (as Issuer) BNP Paribas
PROSPECTUS SUPPLEMENT DATED 14 NOVEMBER 2016 TO THE BASE PROSPECTUS DATED 7 MARCH 2016
PROSPECTUS SUPPLEMENT DATED 14 NOVEMBER 2016 TO THE BASE PROSPECTUS DATED 7 MARCH 2016 AXA Bank Europe SCF (duly licensed French specialised credit institution) 5,000,000,000 Euro Medium Term Note Programme
2018 Half-year results
2018 Half-year results Mr Christian Mulliez Chief Financial Officer Consolidated sales at the end of June 2018 13.41Bn 13.39Bn Growth at constant exchange rates +7.0% Of which: Like-for-like growth +6.6%
EASY WAY CATTLE OILERS LTD. and HER MAJESTY THE QUEEN. Heard at Saskatoon, Saskatchewan, on November 14, 2016.
Date: 20161128 Docket: A-432-15 Citation: 2016 FCA 301 CORAM: RENNIE J.A. DE MONTIGNY J.A. BETWEEN: EASY WAY CATTLE OILERS LTD. Appellant and HER MAJESTY THE QUEEN Respondent Heard at Saskatoon, Saskatchewan,
2011 Annual General Meeting. Laurent Vacherot May 5, 2011
2011 Annual General Meeting Laurent Vacherot May 5, 2011 > Highlights of 2010 > Outlook 2011 > Essilor share Annual General Meeting May 5, 2011 2 2010: A Year of Acceleration Revenue of 3,892m, up 19.1%
FIRST SUPPLEMENT DATED 11 AUGUST 2017 TO THE BASE PROSPECTUS DATED 6 JULY Euro 45,000,000,000 Euro Medium Term Note Programme
FIRST SUPPLEMENT DATED 11 AUGUST 2017 TO THE BASE PROSPECTUS DATED 6 JULY 2017 Euro 45,000,000,000 Euro Medium Term Note Programme This first supplement (the First Supplement ) is supplemental to, and
2017 HALF-YEAR RESULTS
2017 HALF-YEAR RESULTS Mr. Christian Mulliez Chief Financial Officer Consolidated group sales at the end of June 2017 12.89Bn Reported 13.41Bn Growth at constant exchange rates +4.3% external growth impact
updating the section B.12 and B.17 Selected historical key financial information in the English and French versions of the Summary of the Programme;
SECOND SUPPLEMENT DATED 9 JANUARY 2015 TO THE BASE PROSPECTUS DATED 23 JUNE 2014 CAISSE FRANÇAISE DE FINANCEMENT LOCAL Euro 75,000,000,000 Euro Medium Term Note Programme for the issue of Obligations Foncières
First Supplement dated 6 November to the Euro Medium Term Note Programme Base Prospectus dated 2 August 2017 BNP PARIBAS
First Supplement dated 6 November 2017 to the Euro Medium Term Note Programme Base Prospectus dated 2 August 2017 BNP PARIBAS (incorporated in France) (as Issuer) 90,000,000,000 EURO MEDIUM TERM NOTE PROGRAMME
Palos Weekly Commentary
To subscribe to our Newsletters /register CONTENTS Important Reminder to Contribute 1 Rappel important pour cotiser 2 Palos Funds vs. Benchmarks (Total Returns) 3 Disclaimer 4 Contacts 5 Important Reminder
2017 Annual Results. 9 February M. Christian MULLIEZ. Chief Financial Officer
2017 Annual Results M. Christian MULLIEZ Chief Financial Officer 2017 consolidated group sales (in million euros) 25.84Bn Reported 26.02Bn Like-for-like growth +4.8% external growth impact +0.9% TBS disposal
Groupe ABC arbitrage ANNUAL FINANCIAL REPORT - YEAR 2017
ANNUAL FINANCIAL REPORT - YEAR 2017 18, rue du Quatre Septembre 75002 Paris France Email: abc@abc-arbitrage.com Site internet : www.abc-arbitrage.com Groupe ABC arbitrage ABC arbitrage Contents Management
2014 Half-year Results
2014 Half-year Results August 1 st 2014 Mr. Christian Mulliez Executive Vice-President Chief Financial Officer Consolidated group sales at the end of June 2014 11.34Bn 11.17Bn Growth at constant exchange
SUPPLEMENT NO. 2 DATED 21 OCTOBER 2010 TO THE BASE PROSPECTUS DATED 6 JULY 2010 AMENDING AND SUPERSEDING SUPPLEMENT NO. 1 DATED 12 OCTOBER 2010
SUPPLEMENT NO. 2 DATED 21 OCTOBER 2010 TO THE BASE PROSPECTUS DATED 6 JULY 2010 AMENDING AND SUPERSEDING SUPPLEMENT NO. 1 DATED 12 OCTOBER 2010 LA POSTE Euro 7,000,000,000 Euro Medium Term Note Programme
First Supplement dated 5 October 2017 to the Euro Medium Term Note Programme Base Prospectus dated 14 September 2017
First Supplement dated 5 October 2017 to the Euro Medium Term Note Programme Base Prospectus dated 14 September 2017 HSBC France 20,000,000,000 Euro Medium Term Note Programme This first supplement (the
2014 Annual Results. Friday, February 13 th Mr. Christian Mulliez Executive Vice-President Chief Financial Officer
2014 Annual Results Friday, February 13 th 2015 Mr. Christian Mulliez Executive Vice-President Chief Financial Officer 2014 consolidated group sales 22.12Bn 22.53Bn Growth at constant exchange rates +4.1%
THIRD SUPPLEMENT DATED 20 NOVEMBER 2017 TO THE 07 JUNE 2017 BASE PROSPECTUS
THIRD SUPPLEMENT DATED 20 NOVEMBER 2017 TO THE 07 JUNE 2017 BASE PROSPECTUS RENAULT (incorporated as a société anonyme in France) 7,000,000,000 Euro Medium Term Note Programme This prospectus supplement
Office of the Auditor General / Bureau du vérificateur général FOLLOW-UP TO THE 2010 AUDIT OF THE CITY S MANAGEMENT OF A LOAN AGREEMENT 2012 SUIVI DE
Office of the Auditor General / Bureau du vérificateur général FOLLOW-UP TO THE 2010 AUDIT OF THE CITY S MANAGEMENT OF A LOAN AGREEMENT 2012 SUIVI DE LA VÉRIFICATION DE LA GESTION D UN CONTRAT DE PRÊT
BANQUE PALATINE (société anonyme à conseil d administration) 5,000,000,000 Euro Medium Term Note Programme
Prospectus Supplement n 18-383 dated 10 August 2018 to the Base Prospectus dated 4 July 2018 BANQUE PALATINE (société anonyme à conseil d administration) 5,000,000,000 Euro Medium Term Note Programme This
ORANGE EUR 30,000,000,000 Euro Medium Term Note Programme
Supplement dated 1 August 2016 to the base prospectus dated 29 June 2016 ORANGE EUR 30,000,000,000 Euro Medium Term Note Programme This supplement (the Supplement ) is supplemental to, and should be read
PREPARING YOUR REPORT FOR THE YEAR 2013
PREPARING YOUR REPORT FOR THE YEAR 2013 Public Sector Salary Disclosure Act GUIDE TABLE OF CONTENTS Introduction... 3 Important Reminder... 4 Definition of Salary Reporting Requirements Reporting Deadlines
2016 Annual Results. Mr. Christian Mulliez. February 10 th, Chief Financial Officer
2016 Annual Results February 10 th, 2017 Mr. Christian Mulliez Chief Financial Officer 2016 consolidated group sales (in million euros) 25 257 25 837 Growth at constant exchange rates +5.1% Of which: like-for-like
Alerte de votre conseiller Point de vue sur les IFRS Comptabilisation des fonds détenus au nom de clients
Alerte de votre conseiller Point de vue sur les IFRS Comptabilisation des fonds détenus au nom de clients Octobre 2018 Aperçu L équipe IFRS de Grant Thornton International a publié IFRS Viewpoint Accounting
consolidated financial statements ABC arbitrage group : 15th fiscal year 31.12
group 1995-2009: 15th fiscal year consolidated financial statements 2009 31.12 Contents Management report > 3 Balance sheet > 10 Statement of income > 11 Statement of comprehensive income > 11 Statement
ORANGE EUR 30,000,000,000 Euro Medium Term Note Programme
Supplement dated 12 March 2018 to the base prospectus dated 28 June 2017 ORANGE EUR 30,000,000,000 Euro Medium Term Note Programme This supplement (the Second Supplement ) is supplemental to, and should
Financial statements in XBRL Information sharing &
Financial statements in XBRL Information sharing & Proof of Concept XBRL EU 02/06/2015 I Findings on the data sources Difficulties to recover financial data Different language used in different sources
Where and how do we find growth in global equities? Andrea Cicione Head of Strategy
Where and how do we find growth in global equities? Andrea Cicione Head of Strategy Where and how do we find growth? In short, it s tough 1 The global cycle is maturing 2 Corporate earnings are falling
Alerte de votre conseiller Point de vue sur les IFRS Classement des emprunts comportant des clauses restrictives
Alerte de votre conseiller Point de vue sur les IFRS Classement des emprunts comportant des clauses restrictives Février 2016 Aperçu L équipe IFRS de Grant Thornton International a publié le document IFRS
Part 2 GAZETTE OFFICIELLE DU QUÉBEC, May 4, 2016, Vol. 148, No
Part 2 GAZETTE OFFICIELLE DU QUÉBEC, May 4, 2016, Vol. 148, No. 18 1921 2. Material required to be filed or delivered under section 2.9 of Regulation 45-106 respecting Prospectus Exemptions 3. Disclosure
eurostat SOCIAL PROTECTION PROTECTION SOCIALE
SOCIAL PROTECTION eurostat PROTECTION SOCIALE 15.12. 1981 SOCIAL PROTECTION STATISTICS Receipts and expenditures STATISTIQUES DE LA PROTECTION SOCIALE Recettes et dépenses This note constitutes a revised
ANNEXE I. Gazifère Inc. Modifications du Tarif 200 avec commentaires Ajustement du coût du gaz
ANNEXE I Gazifère Inc. Modifications du Tarif 200 avec commentaires Ajustement du coût du gaz Impact on Rate 200 from EB-2017-0181 July 1, 2017 QRAM Enbridge Gas Distribution ( EGD ) is proposing the following
FUNDCLASS TROPHY 2013
FUNDCLASS TROPHY to rated funds Over rated funds to rated funds to rated funds to rated funds to rated funds to rated funds Ecclesiastical First State Bq de Luxembourg Covéa M&G Schroders Fidelity - -
PROSPECTUS SUPPLEMENT N 3 DATED 22 SEPTEMBER 2017 TO THE BASE PROSPECTUS DATED 14 OCTOBER 2016
PROSPECTUS SUPPLEMENT N 3 DATED 22 SEPTEMBER 2017 TO THE BASE PROSPECTUS DATED 14 OCTOBER Arkéa Public Sector SCF (société de crédit foncier duly licensed as a French specialised credit institution) 10,000,000,000
Alerte de votre conseiller États financiers consolidés intermédiaires types 2018
Alerte de votre conseiller États financiers consolidés intermédiaires types 2018 À propos de Raymond Chabot Grant Thornton Juin 2018 Vue d ensemble L équipe des IFRS de Grant Thornton International a publié
SUPPLEMENT N 2 DATED 25 JANUARY 2017 TO THE BASE PROSPECTUS DATED 27 JULY 2016 CRÉDIT MUTUEL ARKÉA 13,000,000,000 EURO MEDIUM TERM NOTE PROGRAMME
SUPPLEMENT N 2 DATED 25 JANUARY 2017 TO THE BASE PROSPECTUS DATED 27 JULY 2016 CRÉDIT MUTUEL ARKÉA 13,000,000,000 EURO MEDIUM TERM NOTE PROGRAMME This supplement (the Second Supplement ) is supplemental
BNP Paribas Arbitrage Issuance B.V. BNP Paribas
First Supplement dated 4 August 2016 to the Base Prospectus for the issue of Certificates dated 9 June 2016 BNP Paribas Arbitrage Issuance B.V. (incorporated in The Netherlands) (as Issuer) BNP Paribas
Office of the Auditor General / Bureau du vérificateur général FOLLOW-UP TO THE 2007 AUDIT OF THE CORPORATE PESTICIDE USE POLICY 2009 SUIVI DE LA
Office of the Auditor General / Bureau du vérificateur général FOLLOW-UP TO THE 2007 AUDIT OF THE CORPORATE PESTICIDE USE POLICY 2009 SUIVI DE LA VÉRIFICATION DE LA POLITIQUE DE LA VILLE CONCERNANT L UTILISATION
PROSPECTUS SUPPLEMENT N 2 DATED 30 JUNE 2017 TO THE BASE PROSPECTUS DATED 14 OCTOBER 2016
PROSPECTUS SUPPLEMENT N 2 DATED 30 JUNE 2017 TO THE BASE PROSPECTUS DATED 14 OCTOBER 2016 Arkéa Public Sector SCF (société de crédit foncier duly licensed as a French specialised credit institution) 10,000,000,000
TransÉnergie Distribution Demande R
TransÉnergie Distribution Demande R-3842-2013 Réponses du Transporteur et du Distributeur à la demande de renseignements numéro 1 de l'association québécoise des consommateurs industriels d'électricité
Annual General Meeting
Annual General Meeting 17 th April 2017 Mr Christian Mulliez Chief Financial Officer 2017 consolidated group sales 25.84Bn Reported 26.02Bn Like-for-like growth +4.8% external growth impact +0.9% TBS disposal
Vente d Algorithmics (par Fitch Group) Cession le 20/10/2011 Plus-value de cession enregistrée sur la période
Présentation Synthèse Résultats consolidés au 30/09/2012 1 er er octobre 2011 30 septembre 2012 Arrêté comptable intermédiaire Exercice de transition de 15 mois à clôturer le 31/12/2012 Organigramme (1)
SECOND SUPPLEMENT TO THE BASE PROSPECTUS DATED 3 SEPTEMBER RCI BANQUE (incorporated in France as a "société anonyme")
SECOND SUPPLEMENT TO THE BASE PROSPECTUS DATED 3 SEPTEMBER 2018 RCI BANQUE (incorporated in France as a "société anonyme") 23,000,000,000 EURO MEDIUM TERM NOTE PROGRAMME This second supplement (the "Supplement")
Market News. IETA/IEA/EPRI Workshop Paris, September 22, Andrei Marcu, CEO, BlueNext
Market News IETA/IEA/EPRI Workshop Paris, September 22, 2008 Andrei Marcu, CEO, BlueNext What is BlueNext? since 2005 Powernext Carbon 2008 BlueNext SA BlueNext is the environmental exchange with global
Manitoba Employee Pensions and Other Costs. Annual Report
Manitoba Employee Pensions and Other Costs Annual Report 2009-2010 His Honour the Honourable Philip S. Lee, C.M., O.M. Lieutenant Governor of Manitoba Room 235, Legislative Building Winnipeg, Manitoba
KEPLER CHEUVREUX. Jean-Paul AGON. Chairman and CEO. September 18 th 2014
KEPLER CHEUVREUX September 18 th 2014 Jean-Paul AGON Chairman and CEO AGENDA Our fundamentals A solid but contrasted first half 2014 An unusual year for the cosmetics market Confidence for the future 2
Financial results & business update. Quarter and year ended 31 December February 2017
Financial results & business update Quarter and year ended 31 December 2016 14 February 2017 Disclaimer 3 Any remarks that we may make about future expectations, plans and prospects for the company constitute
DEMANDE DE RENSEIGNEMENTS N O 1 D OPTION CONSOMMATEURS (OC) À HYDRO-QUÉBEC DISTRIBUTION (HQD) ET CONCENTRIC ENERGY ADVISORS (CEA)
Page 1 de 6 DEMANDE DE RENSEIGNEMENTS N O 1 D OPTION CONSOMMATEURS (OC) À HYDRO-QUÉBEC DISTRIBUTION (HQD) ET CONCENTRIC ENERGY ADVISORS (CEA) IMPLANTATION D UN MÉCANISME DE RÉGLEMENTATION INCITATIVE (MRI)
European Savings Directive 2003/48/EC
European Savings Directive 2003/48/EC Information The ALFI Taxation of Savings Working Group was asked to look at practical ways in which some of the provisions of the European Savings Directive 2003/48/EC
Financial results & business update. Quarter and year ended 31 December February 2016
Financial results & business update Quarter and year ended 31 December 2015 11 February 2016 Disclaimer 3 Any remarks that we may make about future expectations, plans and prospects for the company constitute
Fiscal 2014 Q4 Results
Stephen MacPhail, President & CEO Doug Jamieson, Executive Vice-President & CFO Derek Green, President, CI Investments Steven Donald, President, Assante Wealth Management February 12, 2015 Important Information
Capturing equity gains whilst protecting portfolios
Capturing equity gains whilst protecting portfolios Edward Park Q2 2018 MSCI North America Total Return in USD (2017 Discrete Calendar Months) 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0% 0.00% Jan-17
CBOE Volatility Index and VIX Futures Trading
CBOE Volatility Index and VIX Futures Trading Russell Rhoads, CFA Disclosure In order to simplify the computations, commissions have not been included in the examples used in these materials. Commission
SFIL 10,000,000,000 Euro Medium Term Note Programme
SECOND SUPPLEMENT DATED 19 NOVEMBER 2018 TO THE BASE PROSPECTUS DATED 15 MAY 2018 SFIL 10,000,000,000 Euro Medium Term Note Programme This Second supplement (the Second Supplement ) is supplemental to,
The actualization is estimated on the basis of the four-yearly surveys and partial up-to-date with the available information.
COUNTRY SPECIFIC CHARACTERISTICS CONCERNING ANNUAL LABOUR COST STATISTICS (Situation: 17.03.2010) Country name: BELGIUM Annual Labour Cost 1996: local units +10 1996 1999: C-G LC structure, hourly labour
Prospectus Supplement no. 3 dated 14 September 2017 to the Base Prospectus dated 10 April 2017
Prospectus Supplement no. 3 dated 14 September 2017 to the Base Prospectus dated 10 April 2017 Crédit Agricole S.A. including acting through its London Branch Euro 75,000,000,000 Euro Medium Term Note
LVMH MOËT HENNESSY LOUIS VUITTON
SECOND SUPPLEMENT DATED 2 MAY 2018 TO THE BASE PROSPECTUS DATED 12 JULY 2017 LVMH MOËT HENNESSY LOUIS VUITTON LVMH Moët Hennessy Louis Vuitton (a société européenne, incorporated with limited liability
Fiscal 2014 Q3 Results
Stephen MacPhail, President & CEO Doug Jamieson, Executive Vice-President & CFO Derek Green, President, CI Investments Steven Donald, President, Assante Wealth Management November 6, 2014 Important Information
Mr Christian MULLIEZ Executive Vice President, Administration & Finance. Annual General Meeting April 27 th, 2010
Mr Christian MULLIEZ Executive Vice President, Administration & Finance Annual General Meeting 1 2009 consolidated group sales 17 542 17 473 Growth at constant exchange rates + 0.8 % Of which : Like for
BANQUE PALATINE (société anonyme à conseil d administration) 5,000,000,000 Euro Medium Term Note Programme
Prospectus Supplement n 17-478 dated 13 September 2017 to the Base Prospectus dated 3 July 2017 BANQUE PALATINE (société anonyme à conseil d administration) 5,000,000,000 Euro Medium Term Note Programme
Growth of pre-tax profit of consolidated companies
Growth of pre-tax profit of consolidated companies 1985-2004 1985 + 11.0 % 1995 + 10.0 % 1986 + 15.7 % 1996 + 12.7 % 1987 + 16.9 % 1997 + 17.0 % 1988 + 24.6 % 1998 + 13.1 % 1989 + 17.1 % 1999 + 15.0 %
distributeur automatique externe à la banque? Asking how much the fees are when you withdraw at the ATMs of a bank different than yours
- General Can I withdraw money in [country] without paying fees? Est-ce que je peux retirer de l'argent en [pays] sans payer de commission? Asking whether there are commission fees when you withdraw money
The French supplemental Finance Bill for end 2012
Peter Harris Friday 7 th July, 2012 The French supplemental Finance Bill for end 2012 The Minefi Press Release of yesterday needs checking carefully: http://www.economie.gouv.fr/files/dp_plfr_2012.pdf
Global Structured Equity Products CHF DI Reverse
Global Structured Equity Products CHF DI Reverse Page 1 of 6 Due 23 Dec. 2009 "The Bonds described in this Term Sheet are distributed only in Switzerland and are not intended for distribution in Europe
Vu le règlement général de l Autorité des marchés financiers, et notamment ses articles 541-1, et suivants ; Décide : Article 1 er
Décision du 15 mars 2016 relative aux modifications des règles de fonctionnement de la chambre de compensation et du système de règlement-livraison d instruments financiers LCH.Clearnet SA portant sur
ATTORNEY GENERAL OF CANADA. and ASSOCIATION OF JUSTICE COUNSEL ASSOCIATION OF JUSTICE COUNSEL. and ATTORNEY GENERAL OF CANADA
Federal Court Cour fédérale Date: 20110506 Docket: T-2179-09 Citation: 2011 FC 530 Ottawa, Ontario, May 6, 2011 PRESENT: The Honourable Mr. Justice O'Keefe BETWEEN: ATTORNEY GENERAL OF CANADA Applicant
Travel and Representation Expenses Policy
Travel and Representation Expenses Policy Adoption and Revision History Board of Governors or Executive Committee Date Resolution Number Board of Governors February 19, 1993 1440 Executive Committee September
Results 2Q18. August 2, 2018
Results August 2, 2018 Highlights Indicators Var. x 2Q17 Operating Income (R$ MM) 42.8 +92.7% Operating Margin 1.8% +0.8 p.p. Net operating revenues: R$2.4 billion (+9.0% vs. 2Q17) ASK (BN) 10.7 +2.2%
1. EXTENSION OF ECOPASS PROGRAM PROLONGEMENT DU PROGRAMME ECOPASS COMMISSION RECOMMENDATION
1 1. EXTENSION OF ECOPASS PROGRAM PROLONGEMENT DU PROGRAMME ECOPASS COMMISSION RECOMMENDATION That City Council authorize OC Transpo to extend individual employer ECOPASS agreements for one year and that
TAKE PART IN THE L ORÉAL ADVENTURE! FOR ANY QUESTIONS, CONTACT US!
ÉTAPE 2 Votre établissement financ transmettra votre inscriptio à BNP Paribas Securities Services et continuera de gérer votre compte-titres. À noter : les frais de garde de vos actions au nominatif sont
IMPLANTATION D UN MÉCANISME DE RÉGLEMENTATION INCITATIVE (MRI) PHASE 3 R Inflation factor I
Page 1 de 6 DEMANDE DE RENSEIGNEMENTS N O 1 D OPTION CONSOMMATEURS (OC) À PACIFIC ECONOMICS GROUP (PEG) IMPLANTATION D UN MÉCANISME DE RÉGLEMENTATION INCITATIVE (MRI) PHASE 3 R-4011-2017 Inflation factor
Investing.xls debt charts 1 10/4/2010
Company Explorer - Debt Summary Service Corp. International SCI 817565104 2797560 NYSE Common stock Other Consumer Services 04-Oct-2010 ICMA / Mergent / Reuters Global Fundamentals U.S. Dollar 600 500
Securitisation - Reconnecting with Real Economy. The legal tools
Securitisation - Reconnecting with Real Economy The legal tools 20 th Edition of the Paris EUROPLACE International Financial Forum in Paris, July 10 & 11, 2013 HERVE TOURAINE, 10 July 2013 Freshfields
Review of Membership Developments
RIPE Network Coordination Centre Review of Membership Developments 7 October 2009/ GM / Lisbon http://www.ripe.net 1 Applications development RIPE Network Coordination Centre 140 120 100 80 60 2007 2008
CRÉDIT MUTUEL ARKÉA 13,000,000,000 EURO MEDIUM TERM NOTE PROGRAMME
SUPPLEMENT N 1 DATED 3 SEPTEMBER 2014 TO THE BASE PROSPECTUS DATED 13 JUNE 2014 CRÉDIT MUTUEL ARKÉA 13,000,000,000 EURO MEDIUM TERM NOTE PROGRAMME This supplement (the Supplement ) is supplemental to,
Current State of the Leveraged Loan Market
Current State of the Leveraged Loan Market Ted Basta, LSTA William Lemberg, Alcentra Michael Schechter, CITI Gil Tollinchi, Crescent Capital Brian Yorke, Halcyon May 3, 2016 Presentation Overview 1. Macro
Home Prices Over the Long Run
Home Prices Over the Long Run Jacques Friggit, French Ministry of the Environment and Housing WEAI 84th Annual Conference, Vancouver, June 29 July 3, 2009 Who I am A civil servant with the French ministry
La Mondiale HALF YEAR 2014 EARNINGS. October 2014
La Mondiale HALF YEAR 2014 EARNINGS 1 October 2014 Cautionary note At half-year, La Mondiale does not produce full financial statements but only prepares a balance sheet and an income statement. Auditors
Applying the Wage-Common to Canadian Provinces
Staff Analytical Note/Note analytique du personnel 1-1 Applying the Wage-Common to Canadian Provinces by Jonathan Lachaine Canadian Economic Analysis Department Bank of Canada Ottawa, Ontario, Canada KIA
REGULATION TO AMEND REGULATION RESPECTING MUTUAL FUNDS. Section 1.1 of Regulation respecting Mutual Funds is amended:
REGULATION TO AMEND REGULATION 81-102 RESPECTING MUTUAL FUNDS Securities Act (RSQ, c V-11, s 3311, par, (3), (11), (16), (17) and (34)) 1 Section 11 of Regulation 81-102 respecting Mutual Funds is amended:
Short Volatility Trading with Volatility Derivatives. Russell Rhoads, CFA
Short Volatility Trading with Volatility Derivatives Russell Rhoads, CFA Disclosure Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive
ETF Flows Slow, But Fly Past Annual Record
Informed Investor: Money Monitor December 1 By Marlène Hassine Konqui, Head of ETF Research and Kristo Durbaku, ETF Research Analyst ETF Flows Slow, But Fly Past Annual Record European ETF market flows
Equity-Based Compensation Plans: DSUs, SARs, RSUs, PSUs, Options
Equity-Based Compensation Plans: DSUs, SARs, RSUs, PSUs, Options Fred Purkey John J. Lennard September 9, 2015 Ordre de la présentation 1. Aperçu 2. Droits à la plus-value d actions (DPVA) 3. L alinéa
Interactive Brokers Webcast. VIX Trading Strategies Russell Rhoads, CFA Senior Instructor The Options Institute CBOE
Interactive Brokers Webcast VIX Trading Strategies Russell Rhoads, CFA Senior Instructor The Options Institute CBOE Disclosure Statement Options involve risks and are not suitable for all investors. Prior
GUIDE TO FILING THE RL-3 SLIP
GUIDE TO FILING THE RL-3 SLIP INVESTMENT INCOME www.revenuquebec.ca WHEN YOU ISSUE RL-3 SLIPS, YOU HELP INDIVIDUALS AND CORPORATIONS REPORT THEIR INVESTMENT INCOME. CONTENTS Principal change 5 1 General
Boussard & Gavaudan Convertible A compartment of Boussard & Gavaudan SICAV
Boussard & Gavaudan Convertible A compartment of Boussard & Gavaudan SICAV UCITS by Boussard & Gavaudan Asset Management MARCH 2018 NEWSLETTER * Share class NAV per Share Month to Date Performance Year