DOCSLIB.ORG

2012 Reference Document

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

2012 REFERENCE DOCUMENT INCLUDING THE CORPORATE SOCIAL RESPONSIBILITY AND SustAINABLE DEVELOPMENT REPort ort P E R MENT P O L E 2012 Annual Report website, 2012 Annual Report Innovate app V tablet and smartphone compatible for tablets E D E ABL IN A ust S ND Y A Y IT L I IB ONS P AirLiquideCorp www.airliquide.com @AirLiquideGroup ES AL R AL OCI S TE A OR P OR C E H T G G Shareholder Services Contact us directly through the website: Shareholders Lounge UDIN http://contact.shareholders.airliquide.com L + 33 1 57 05 02 26 Open Monday-Friday From outside France From 9:00 am to 6:00 pm (GMT +1) NC I e DOCUMENT REFERENCE 2012 75, quai d’Orsay – Paris 7 FREE FROM A FRENCH LANDLINE France Investor Relations Contact us directly through the website: + 33 1 40 62 51 50 http://contact.investors.airliquide.com INNOVATE AIR LIQUIDE - COMPANY ESTABLISHED FOR THE STUDY AND APPLIcaTION OF PROCESSES DEVELOPED BY GEORGES ClaUDE WITH ISSUED caPITal OF 1,717,874,856.50 euros THE WORLD LEADER IN GASES FOR INDUSTRY, HEALTH AND THE ENVIRONMENT Contents Air Liquide group profile 1 KEY FIGURES 2 4 FINANCIAL STATEMENTS 175 Financial indicators 2 Consolidated financial statements 177 Extra-Financial indicators 4 Statutory accounts of the parent company 253 Stock market indicators 6 5 ANNUAL GENERAL MEETING 2013 275 1 MANAGEMENT REPORT 9 Board of Directors’ Report on the resolutions History of the Air Liquide group 10 presented to the 2013 Combined Shareholders’ Activities and risk factors 13 Meeting 276 2012 Performance 29 Combined Shareholders’ Meeting – May 7, 2013 284 Investment cycle and financing strategy 43 Statutory Auditors’ Reports 298 Innovation 51 Strategy and outlook 54 6 ADDITIONAL INFORMATION 309 2012 CORPORATE SOCIAL Share capital 310 Responsibility and SUSTAINABLE General information 315 2 DEVELOPMENT REPORT 57 Trade payables 325 Introduction 58 Factors that may have an impact in the event Shareholders 59 of a takeover bid 326 Customers and patients 65 Person responsible for the Reference Document 328 Employees 70 Cross-reference table 329 Communities 80 Cross-reference table for the Annual Financial Report 333 Improve the environmental footprint 84 Glossary 334 Enhance business practices and governance 101 Innovate relentlessly 105 Reporting methodology 110 Ten-year consolidated financial summary 338 Independent verifier’s attestation and assurance report on social, environmental and societal information 112 Appendix 115 3 CORPORATE GOVERNANCE 117 Management and Control 118 Report from the chairman of the Board of Directors 120 Remuneration of the Executive Officers and Directors of L’Air Liquide S.A. 137 Statutory Auditors’ report 150 Transactions involving Company shares performed by corporate officers and members of Executive Management 151 Share subscription option plans and conditional grant of shares to employees (CGSE) 152 Employee savings and share ownership 159 Information concerning members of the Board of Directors and Executive Management 160 Statutory Auditors’ offices and remunerations 172 2012 Reference document including the Corporate Social Responsibility and Sustainable Development Report Air Liquide is the world leader in gases for industry, health and the environment, and is present in 80 countries with nearly 50,000 employees. In 2012, the Group’s revenues amounted to 15.3 billion euros. Oxygen, nitrogen, hydrogen and rare gases have been at the core of Air Liquide’s activities since its creation in 1902. Using these molecules, Air Liquide continuously reinvents its business, anticipating the needs of current and future markets. The Group innovates in the service of the society, to achieve growth and a consistent performance. Innovative technologies that curb polluting emissions, lower industry’s energy use, recover and reuse natural resources or develop the energies of tomorrow, such as hydrogen, biofuels or photovoltaic energy… Oxygen for hospitals, home healthcare, fighting nosocomial infections… Air Liquide combines many products and technologies to develop valuable applications and services not only for its customers but also for society. A partner for the long term, Air Liquide relies on employee commitment, customer trust and shareholder support to pursue its vision of sustainable, competitive growth. The diversity of Air Liquide’s teams, businesses, markets and geographic presence provides a solid and sustainable base for its development and strengthens its ability to push back its own limits, conquer new territories and build its future. Air Liquide explores the best that air can offer to preserve life, staying true to its Corporate Social Responsibility and Sustainable Development approach. Meet us on our website www.airliquide.com The original French version of this Reference document was fined with the French financial markets Authority (AMF), on March 14, 2013, in accordance with Article 212-13 of its General regulations. It may be used in support of any financial transaction if it is supplemented by a prospectus approved by the AMF. This document contains all information required for the Financial Annual report. It was prepared by the issuer and its signatories assume responsibility for it. This document is a free translation from French into English and has no other value than an informative one. Should there be any difference between the French and the English version, only the text in French language shall be deemed authentic and considered as expressing the exact information published by Air Liquide. A financial and technical glossary is provided at the end of the document – page 334. 2012 REFERENCE DOCUMENT AIR LIQUIDE 1 KEY FIGURES Financial indicators 2012 Revenue by activity (a) Group Other Activities 4% Engineering & Construction 5% Electronics Large Industries 8% 33% 15,326 Healthcare million euros 16% Industrial Merchant 34% Gas & Services World leader in Gas & Services Gas & Services 2012 revenue by geography (a) Y 23% Middle-East & Africa of sales in 3% developing economies Asia-Pacific in 2012 Europe 25% 50% 13,912 million euros Y 39% of Net investments Americas 22% located in developing economies in 2012 Gas & Services 2012 revenue by World Business Line Electronics Electronics Large Industries 1,222 million of euros 9% 5,015 million of euros -8% in 2012 (b) +6% in 2012 (b) +5% 5-year average +11% 5-year average Healthcare Large Industries 18% 36% 13,912 Healthcare million euros 2,482 million of euros +7% in 2012 (c) Industrial Merchant 5,193 million of euros +9% 5-year average Industrial Merchant (b) 37% +2% in 2012 +3% 5-year average 18.8% +6.1% Gas & Services Growth in current Operating operating income margin/Revenue for Gas & Services Numerous financial terms as well as their calculation method are explained in the Glossary provided at the end of this Reference Document. (a) Aggregate presented for financial information and from Consolidated financial statements. (b) Comparable growth, excluding currency, natural gas and significant perimeter impacts. (c) Growth excluding currency impact, compared to 2011, and 2011 revised to include the specialty ingredients activities in Healthcare. 2 2012 REFERENCE DOCUMENT AIR LIQUIDE KEY FIGURES Financial indicators Present in 49,500 Founded 80 countries employees in 1902 €2.9 billion €2.8 billion 18.9% 58% 2012 investment decisions 2012 Net capex (a) (b) 2012 capex/sales ratio (a) (b) 2012 gearing (a) 11.9% 2012 ROCE (c) Revenue (in millions of euros) Average annual growth over 30 years: +6.7% 2012-2011Growth: +6.0% 16,000 15,326 12,000 Performance 8,000 regularity 4,000 0 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 Cash Flow from operating activities before changes Net profit (Group share) (in millions of euros) in working capital requirement (a) (in millions of euros) Average annual growth over 30 years: +9.4% Average annual growth over 30 years: +8.0% 2012-2011 Growth: +4.9% 2012-2011 Growth: +6.8% 2,913 1,800 3,000 1,609 2,500 1,500 2,000 1,200 1,500 900 1,000 600 500 300 0 0 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 (a) Aggregate presented for financial information and from Consolidated financial statements. (b) Industrial and financial, including transactions with minority shareholders. (c) Pro forma, including impact of LVL Médical and Gasmedi acquisitions. 2012 REFERENCE DOCUMENT AIR LIQUIDE 3 KEY FIGURES Extra-Financial indicators 4 Stakeholders EMPLOYEES 2012 employees by zone Middle-East & Africa 5% SHAREHOLDERS Asia-Pacific Europe 22% 53% 49,500 TSR (a) +13.9% employees per year as of December 31, 2012 80 for a registered shareholder over 10 years. countries Americas 20% Number of lost-time accidents and accident frequency (a) since 1992 300 8 7 250 234 214 6 214 207 200 192 188 194 179 5 164 167 153 153 150 147 144 135 134 136 135 137 138 4 4.3 131 131 4.2 3.8 3.7 3 100 3.4 3.4 3.2 2.9 2.8 2 2.4 2.3 2.3 2.3 2.3 50 2.1 2.1 1.9 1.8 1.7 1.7 1 1.5 0 0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Number of lost-time accidents Accident frequency (b) CUSTOMERS AND PATIENTS COMMUNITIES In 2012: 1 million customers Air Liquide Foundation 1 million patients 126 projects in 33 countries supported since its creation supported by the Air Liquide Home Healthcare business line 42% in developing countries Customer and patient satisfaction surveys cover patients 66% of the Group sales 160 employees involved (a) Total Shareholder Return. (b) Number of lost-time accidents per million hours worked by Group
Recommended publications
  • Air Liquide, Airbus E Il Gruppo ADP Collaborano Per Preparare Gli

    Air Liquide, Airbus E Il Gruppo ADP Collaborano Per Preparare Gli

    COMUNICATO STAMPA CONGIUNTO Parigi, 21 Giugno 2021 Air Liquide, Airbus e Groupe ADP insieme per preparare gli aeroporti di Parigi all’era dell’idrogeno Air Liquide, Airbus e Groupe ADP hanno firmato un protocollo d’intesa per preparare l’arrivo dell'idrogeno negli aeroporti entro il 2035 nell'ambito dello sviluppo di velivoli commerciali alimentati a idrogeno. I partner intendono fare leva sulle rispettive competenze per supportare la decarbonizzazione del trasporto aereo e definire le esigenze concrete e le opportunità che l'idrogeno può apportare al settore aeronautico. Questa partnership riflette l'ambizione comune dei tre gruppi di contribuire allo sviluppo di una filiera francese innovativa e strategica in vista di un'aviazione globale senza emissioni di carbonio. Per prepararsi all'arrivo dei primi aerei di linea a idrogeno entro il 2035, gli aeroporti dovranno essere adattati, in particolare per includere la specificità della fornitura di idrogeno liquido. La partnership annunciata oggi si concentra sulla realizzazione di studi di fattibilità finalizzati allo sviluppo di queste infrastrutture. Come primo step, verrà avviato uno studio che coinvolgerà un panel rappresentativo di circa 30 aeroporti in tutto il mondo per valutare le potenziali configurazioni per la produzione, fornitura e distribuzione di idrogeno liquido. Verranno poi elaborati scenari dettagliati e i piani per i due principali aeroporti parigini: Paris-Charles de Gaulle e Paris-Orly. Questi scenari saranno essenziali nella definizione dell'infrastruttura richiesta, inclusi il dimensionamento e la posizione, e per identificare e integrare i vincoli relativi sia agli standard di sicurezza industriale che alle norme previste per l’aeronautica. La partnership riunisce competenze complementari con l'ambizione di supportare, a partire da oggi, la trasformazione degli aeroporti e aprire la strada a una nuova era di viaggi aerei sostenibili.
  • Download the Document

    Download the Document

    airliquide_docderef2010.indd 02 25/03/11 10:27 1 Management Report 3 Key fi gures 4 History of the Group 7 Activities 9 Research and Development 14 Risk Management 16 2010 performance 20 Funding policies 32 Strategy, investments and outlook 35 10-year consolidated fi nancial summary 42 2 Sustainable Development Report 45 Introduction 46 Creating value for shareholders 47 A social enterprise and corporate citizen 49 Preserving life and the environment 59 An innovative company 73 Reporting methodology 75 Statutory Auditors’ limited assurance report 77 Appendix 79 3 Corporate Governance 81 Management and Control 82 Report from the Chairman of the Board of Directors 84 Statutory Auditors’ Report 102 Report on remuneration of the Executive Offi cers and Directors of L’Air Liquide S.A 103 Transactions involving Company shares performed by corporate offi cers and members of Executive Management 115 Share subscription option plans and Conditional Grant of Shares to Employees (CGSE) 116 Employee savings and share ownership 122 Information concerning members of the Board of Directors and Executive Management 125 Statutory Auditors’ offi ces and Remunerations 133 4 Financial statements 135 Consolidated fi nancial statements 137 Notes to the consolidated fi nancial statements 154 Statutory accounts of the parent company 214 5 Annual General Meeting 2011 235 Board of Directors’ Report 236 Combined Shareholders’ Meeting – May 4, 2011 246 Statutory Auditors’ Report 262 Other reports 272 6 Additional information 275 Share capital 276 General information 280 Trade payables 289 Factors that may have an impact in the event of a takeover bid 290 Person responsible for the Reference Document 292 Cross-reference table 293 Cross-reference table for the Financial Annual Report 297 Financial glossary – Technical glossary 298 REFERENCE DOCUMENT - AIR LIQUIDE 2010 Reference Document including Sustainable Development Report Air Liquide is the world leader in gases for industry, health and the environment, and is present in over 80 countries with 43,600 employees.
  • Semi-Annual Update on the AIR LIQUIDE Liquidity Contract

    Semi-Annual Update on the AIR LIQUIDE Liquidity Contract

    REGULATED INFORMATION P aris, January 11, 2021 Semi-annual update on the AIR LIQUIDE liquidity contract Under the liquidity contract entered into between AIR LIQUIDE and EXANE BNP PARIBAS, the following resources were listed in the liquidity account on December 31, 2020 (trading date): ● 11,000 AIR LIQUIDE shares ● 15,320,212 € During the second half of 2020, a total of: Purchase : 305,550 shares (2,314 transactions) 41,436,513 € Sale : 304,934 shares (2,633 transactions) 41,454,379 € ​ ​ ​ It is reminded that As at June 30, 2020, the most recent update, the following resources had been allocated to the liquidity account: ● 14,884 AIR LIQUIDE shares ● 14,706,943 € Purchase : 394,728 shares (2,590 transactions) 48,197,092 € Sale : 386,594 shares (2,573 transactions) 47,408,547 € ​ ​ ​ As at December 31, 2018, the date of implementation of AMF Decision 2018-1 of July 2, 2018, the following resources had been allocated to the liquidity account: ● 9,500 AIR LIQUIDE shares ● 14,986,662 € CONTACTS Shareholder Services Patrick Renard Corporate Communications +33 (0)1 40 62 51 86 Alexandra Rocca Marie Lapierre +33 (0)1 40 62 50 93 +33 (0)1 40 62 55 72 Annie Fournier +33 (0)1 40 62 57 18 Investor Relations Aude Rodriguez +33 (0)1 40 62 57 08 Muriel Legeron +33 (0)1 40 62 50 18 Ludmilla Binet +33 (0)1 40 62 57 37 A world leader in gases, technologies and services for Industry and Health, Air Liquide is present in 80 countries with approximately 67,000 employees and serves more than 3.7 million customers and patients.
  • Air Liquide Announces Agreement to Acquire Airgas

    Air Liquide Announces Agreement to Acquire Airgas

    AIR LIQUIDE ANNOUNCES AGREEMENT TO ACQUIRE AIRGAS Air Liquide to acquire U.S.-based Airgas for U.S. $143 per share in cash, or a total enterprise value of $13.4 billion Game-changing combination that strengthens Air Liquide’s global leadership with #1 position in North America, complementing its #1 positions in Europe, Africa / Middle East and Asia-Pacific, and provides new opportunities to Airgas customers Air Liquide ideally positioned for future growth with a stronger presence in the U.S., the largest industrial gases market in the world The transaction is expected to be accretive from year one Combined company to deliver greater value, service and innovation to customers in North America and around the world Paris, France, and Radnor (Pennsylvania), USA – 17 November 2015 – Air Liquide (Euronext Paris: AI), world leader in gases, technologies and services for Industry and Health, and Airgas (NYSE: ARG), one of the leading suppliers of industrial gases and associated products and services in the U.S., today announced an agreement under which Air Liquide will acquire Airgas. Airgas shareholders will receive $143 per share in cash for all outstanding shares of Airgas, representing a total enterprise value of $13.4 billion (€12.5 billion at current exchange rates1) on a fully diluted basis and including the assumption of Airgas debt. The transaction represents a premium of +50.6% to Airgas’ one month average share price, prior to the announcement of the transaction, and of +20.3% over Airgas’ 52-week high share price1. In the transaction, Airgas will become a wholly-owned subsidiary of Air Liquide.
  • Information Reglementee

    Information Reglementee

    INFORMATION REGLEMENTEE Paris, March 9, 2021 VOTING RIGHTS ​ ​ ​ FREE TRANSLATION OF DECLARATION TO AMF ​ ​ ​ ​ ON NUMBER OF SHARES & VOTING RIGHTS ​ ​ ​ ​ ​ ​ ​ Declaration on February 28, 2021 Total number of Total number of Total number of voting rights month voting rights shares (including (excluding treasury treasury shares) shares) February 473,697,022 473,697,022 471,841,316 Previous declaration January 2021 January 473,682,167 473,682,167 472,158,472 CONTACTS Media Relations [email protected] Investor Relations [email protected] Shareholder Services [email protected] A world leader in gases, technologies and services for Industry and Health, Air Liquide is present in 78 countries with approximately 64,500 employees and serves more than 3.8 million customers and patients. Oxygen, nitrogen and hydrogen are essential small molecules for life, matter and energy. They embody Air Liquide’s scientific territory and have been at the core of the company’s activities since its creation in 1902. Air Liquide’s ambition is to be a leader in its industry, deliver long term performance and contribute to sustainability - with a strong commitment to climate change and energy transition at the heart of its strategy. The company’s customer-centric transformation strategy aims at profitable, regular and responsible growth over the long term. It relies on operational excellence, selective investments, open innovation and a network organization implemented by the Group worldwide. Through the commitment and inventiveness of its people, Air Liquide leverages energy and environment transition, changes in healthcare and digitization, and delivers greater value to all its stakeholders. Air Liquide’s revenue amounted to more than 20 billion euros in 2020.
  • Regatta #2 Shadow Cliffs Host: HPOCC Page 1

    Regatta #2 Shadow Cliffs Host: HPOCC Page 1

    Regatta #2 Shadow Cliffs June 22, 2013 Host: HPOCC ` Place Time Points Penalties Day 1 Race 001 V-1 Junior Girls (16) 250 (Ruddered) St. Final - 1 Place Time 3 FRANKE, MARISA Ho'okahi Pu'uwai Outrigger Canoe Club 1 1:32.49 3 4 SMITH, ERIN Ke Kai O'Uhane -Monterey 2 1:33.29 2 7 AH TOU, NAYELLI Ho'okahi Pu'uwai Outrigger Canoe Club 3 1:36.64 1 8 HOLMAN, LAURYN Kilohana Outrigger Canoe Club 4 1:37.06 0 2 REYES, RUTHIE Ke Kai O'Uhane -Monterey 5 1:37.87 0 5 Roman, Jalyce Ho'okahi Pu'uwai Outrigger Canoe Club 6 1:43.85 0 1 ITO, MAYA Kaimanu Outrigger Canoe Club DNS 6 ITO, SYDNEY Kaimanu Outrigger Canoe Club DNS Day 1 Race 002 Novice Women 500 Place Time 4 Lokahi Black Lokahi Outrigger Canoe Club 1 0:01.15 5 2 Lokahi White Lokahi Outrigger Canoe Club 2 2:48.20 3 1 Ho'oku'i Leann Ho'oku'i 3 2:56.98 2 3 GO GIRLS Ho'okahi Pu'uwai Outrigger Canoe Club 4 2:58.31 1 5 Ho'oku'i Arlene Ho'oku'i 5 3:15.39 0 Day 1 Race 003 V-1 Junior Boys (16) 250 (Ruddered) St. Final - 1 Place Time 3 BARORO, JIMMY Ho'okahi Pu'uwai Outrigger Canoe Club 1 1:23.25 3 2 PRASAD, DAMON Ho'okahi Pu'uwai Outrigger Canoe Club 2 1:32.21 2 1 NOGALIZA, Anthony O Kalani Outrigger Canoe Club 3 1:32.50 1 4 NAKAKURA, TYLER Ho'okahi Pu'uwai Outrigger Canoe Club 4 1:32.96 0 5 Wakamiya, Chad Kaimanu Outrigger Canoe Club 5 1:37.17 0 Day 1 Race 004 Girls 12 and Under 250 St.
  • 210628 PR Air Liquide Announces New

    210628 PR Air Liquide Announces New

    PRESS RELEASE Paris, June 28, 2021 Air Liquide announces new investment to reinforce its position in the electronics hub of Wuhan, China Air Liquide will invest around 70 million euros to build a state-of-the-art gases plant in Wuhan, Central China, to supply a major memory chipmaker. Air Liquide has been producing ultra-pure industrial gases for this leading Chinese high-tech company for more than 12 years. Air Liquide will build, own and operate this ultra-high purity industrial gas plant, which has been designed leveraging the Group’s latest state-of-the-art technology. This facility will produce 52,000 Nm3 of nitrogen per hour, as well as oxygen and argon among other ultra-high purity gases, and is planned to be operational in 2022. Secured by a new long-term supply agreement with this major memory chipmaker, this contract will more generally allow Air Liquide to support the growth of the semiconductor sector in the Wuhan basin. In recent years the city of Wuhan has been actively supporting the development of a high-tech hub, particularly for the NAND flash memory chips industry. François Abrial, Member of the Air Liquide Group’s Executive Committee supervising Asia Pacific, said: “Wuhan, where Air Liquide has been present since 2007, is a key electronics basin for the Group. We are pleased to strengthen our partnership with our client, a flash memory leader we have been successfully collaborating with for more than 12 years. This new production facility will strengthen Air Liquide’s position in China and support the growth momentum of the Group’s Electronics activities in the country.” Air Liquide China Air Liquide in China operates nearly 120 plants and employs close to 5,000 employees.
  • REFERENCE DOCUMENT Including the Sustainable Development Report Contents

    REFERENCE DOCUMENT Including the Sustainable Development Report Contents

    2015 REFERENCE DOCUMENT Including the Sustainable Development Report Contents Key Figures 2 1 Management Report 9 4 Financial statements 199 History of the Air Liquide Group 10 Consolidated fi nancial statements 201 Activities and risk factors 15 Statutory accounts of the parent company 275 2015 Performance 32 Investment cycle and fi nancing strategy 45 Innovation 53 Strategy and outlook 62 5 Annual General Meeting 2016 297 Board of Directors’ Report on the resolutions presented to the 2016 Combined Shareholders’ 2 2015 Corporate Social Responsibility Meeting 298 and Sustainable Development Report 65 Resolutions presented for the approval of the Combined Shareholders’ Meeting – Introduction 66 May 12, 2016 307 Our 2015 Social and Environmental Contribution 67 Statutory Auditors’ Reports 327 Environmental, social and governance (ESG) report 69 Reporting methodology 113 Independent verifi er’s report 115 Appendix 118 6 Additional information 339 Share capital 340 General information 346 3 Corporate governance 119 Trade payables 356 Factors that may have an impact in the event Management and control 120 of a takeover bid 357 Report from the Chairman of the Board of Directors 123 Person responsible for the Reference Document 359 Remuneration of the Executive Offi cers and Directors Cross-reference table for the Reference Document 360 of L’Air Liquide S.A. 147 Cross-reference table for the Annual Financial Report 364 Statutory Auditors’ Report 174 Cross-reference table for the Management Report 365 Transactions involving Company shares performed
  • Warriors Ready for Third Straight NBA Finals Appearance

    Warriors Ready for Third Straight NBA Finals Appearance

    SECTION B VISIT SAMOA NEWS ONLINE @ SAMOANEWS.COM TUESDAY MAY, 23 2017 CLASSIFIEDS • CARTOONS • ALOHA BRIEFS & MORE ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ Warriors ready for third straight C M Y K NBA Finals appearance SAN ANTONIO (AP) — in front of us.” ferent journey,” Curry said. Klay Thompson and Dray- “This is maybe the best defen- Kevin Durant does not need to Facing Cleveland will resur- The biggest difference is the mond Green. But Spurs coach sive team in the league on top of be told that Golden State should rect chatter of Golden State’s addition of Durant, who left Gregg Popovich said to credit everything. So, they don’t just have a muted celebration after collapse in last season’s finals, Oklahoma City in the offseason talent as the sole reason behind play with talent. They execute winning the Western Confer- which saw the Cavaliers rally to sign with Golden State. Golden State’s current run is at the defensive end of the floor. ence Finals. from a 3-1 deficit to win the His presence has given disrespectful. On offense, no team is more Durant is fully aware a tough franchise’s first championship. the Warriors a deep and tal- “They’re really talented, unselfish finding the open man challenge waits for them. It’s “This year is a totally dif- ented roster headlined by four but that’s not everything that and that sort of thing.” why Durant signed with the ferent year, different group, dif- All-Stars in Durant, Curry, describes them,” Popovich said. (Continued on page B3) Warriors and why Stephen Curry, Klay Thompson and Draymond Green embraced him at the expense of their own stats.
  • Euronext Single Stock Dividend Futures: the Widest Choice of Contracts

    Euronext Single Stock Dividend Futures: the Widest Choice of Contracts

    DIVIDEND DERIVATIVES: PLAY THE DIVIDEND FIELD WITH EURONEXT EURONEXT SINGLE STOCK DIVIDEND FUTURES: THE WIDEST CHOICE OF CONTRACTS September 2019 EURONEXT SSDFS: THE WIDEST CHOICE OF CONTRACTS 1st Dividend Exchange by number of contracts Number of contracts per country of underlying Number Number of SSDFs Underlyings ▪ Euronext began developing the range in of SSDFs only on Euronext Italy 24 11 January 2015 and regularly issues contracts Germany 27 0 to satisfy the needs of end-users Netherlands 23 9 ▪ We have nearly 300 SSDF contracts tradable Belgium 15 14 with the most diversified underlyings from Portugal 3 3 France 47 7 across Europe and the USA. Ireland 1 0 ▪ Investors can access dividend contracts on UK 36 10 new underlyings, as a total of 117 SSDFs are Spain 22 10 only available at Euronext exclusively. USA 57 36 Finland 7 2 Sweden 13 12 Norway 2 2 Switzerland 18 0 Austria 1 1 │ 2 INTRODUCTION OF SEMI-ANNUAL MATURITIES Euronext introduced semi-annual maturities on a range of Single Stock Dividend Futures listed on the Paris Derivatives Market, which offer new trading opportunities to market participants by helping them target dividend distributions more accurately on most traded names (see below). For these underlyings, the maturities available are 6, 12, 18, 24, 30, 36, 42, 48, 54 and 60 months. UNDERLYING ISIN CODE TRADING SYMBOL 1 Sanofi FR0000120578 SA8 2 BNP Paribas FR0000131104 BN8 3 AXA FR0000120628 CS8 4 Air Liquide FR0000120073 AI8 5 Orange SA FR0000133308 FT8 6 Vinci SA FR0000133308 DG8 7 LVMH FR0000121014 MC8 8 ENGIE
  • Proses Pembangunan Dan Kesan Ke Atas

    Proses Pembangunan Dan Kesan Ke Atas

    i ISU PENYUSUTAN PEMILIKAN TANAH PEGANGAN MELAYU: KAJIAN KES DI DAERAH LARUT, MATANG DAN SELAMA, NEGERI PERAK DARUL RIDZUAN MOHD HASROL HAFFIZ BIN ALIASAK UNIVERSITI KEBANGSAAN MALAYSIA ii ISU PENYUSUTAN PEMILIKAN TANAH PEGANGAN MELAYU: KAJIAN KES DI DAERAH LARUT, MATANG DAN SELAMA, NEGERI PERAK DARUL RIDZUAN MOHD HASROL HAFFIZ BIN ALIASAK TESIS YANG DIKEMUKAKAN UNTUK MEMPEROLEHI IJAZAH DOKTOR FALSAFAH FAKULTI SAINS SOSIAL DAN KEMANUSIAAN UNIVERSITI KEBANGSAAN MALAYSIA BANGI 2013 iii PENGAKUAN Saya akui karya ini adalah hasil kerja saya sendiri kecuali nukilan dan ringkasan yang setiap satunya telah saya jelaskan sumbernya. 9 September 2013 MOHD HASROL HAFFIZ BIN ALIASAK P43252 iv PENGHARGAAN Alhamdulillah segala puji bagi Allah kerana dengan penuh kerahmatanNya telah memberi kekuatan kepada saya bagi menyiapkan tesis Ijazah Doktor Falsafah di Universiti Kebangsaan Malaysia sepanjang Sidang Akademik 2007/2008 hingga 2011/2012. Tidak saya lupakan untuk mengalungkan ucapan terima kasih yang tidak terhingga kepada Penyelia Utama saya iaitu Prof. Madya Dr. Hamzah Bin Jusoh, Penyelia Kedua saya iaitu Prof. Madya Dr. Mohd. Yusof Bin Hussain, pensyarah- pensyarah dan rakan-rakan seperjuangan di Pusat Pengajian Sosial, Pembangunan dan Persekitaran, Fakulti Sains Sosial dan Kemanusiaan, Universiti Kebangsaan Malaysia, Bangi, Selangor Darul Ehsan dalam memberi semangat, komen, pandangan serta tunjuk ajar untuk membantu saya menyiapkan tesis ini. Hanya Allah yang akan membalas kembali jasa dan sumbangan yang telah kalian berikan. Segala ilmu yang dicurahkan akan saya manfaatkan. Buat yang disayangi dan dicintai selama-lamanya iaitu kedua ibubapa saya Aliasak Bin Hj. Hussain dan Saudah Binti Hj. Senawi, kedua-dua mertua saya, Hj. Md Salleh Majid dan Hajah Asmah Ab. Hamid serta isteri dan anak-anak iaitu Syuhaida Binti Hj.
  • Letter to Shareholders April 2021

    Letter to Shareholders April 2021

    LETTER TO SHAREHOLDERS APRIL 2021 P. 2 — RESULTS P. 4 — COVID-19 P. 6 — CMD21 P. 8 — SHAREHOLDER INFORMATION RESULTS MESSAGE FROM FULL-YEAR 2020 THE CHAIRMAN RESULTS Business net Company sales1 income1 €36,041m €7,347m +3.3% (-0.2%) +9.6% (+4.2%) Serge Weinberg, Chairman of the Board of Directors Business EPS 1 , 2 2020 dividend3 Dear shareholders, Summarizing 2020 in a few words is difficult. The progress Sanofi has €5,86 €3.20 made in this first year of execution of the new strategy presented in +9.2% (+3.9%) per share December 2019 is very real. Our Research and Development pipeline is improving and the global business units are refocusing on their core activities. More than half of the cost savings achieved due to our collective efforts to be smarter in how we spend, has been reinvested in science. We strengthened our positioning in therapeutic areas through several acquisitions by adding pipeline projects where we already have a promising future. This would not have been possible without the support of all employees to the ‘Play to Win’ strategy. INTERVIEW WITH THE CHIEF Since the start of the health crisis, all our industrial sites have remained operational to maintain the continuous production of essential EXECUTIVE OFFICER medicines for patients. We have initiated two vaccine projects against COVID-19: for the most advanced of them1, the objective is to obtain approval of the health authorities in the fourth quarter of 2021 and first doses of the vaccine available for people worldwide to be ready. In the meantime, we are committed to helping some of our competitors whose vaccines have already been approved by participating in the manufacturing of millions of additional doses.