DOCSLIB.ORG

1 Annual Report 2018

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
1 Annual Report 2018 1 Annual Report 2018 Contents About This Report 4 2.5. Risk Management 120 Chief Executive Officer’s Statement 6 2.6. Dividends 125 Key 2018 Results 8 3. Sustainable Development 126 Key 2018 Events 10 3.1. Sustainable Development Approach and Cooperation with Stakeholders 128 Detsky Mir’s Investment Case 12 3.2. CSR Strategy 132 Award and Customer Recognition 16 3.3. HR Policy 134 1. Strategic Report 19 3.4. Charitable Activities 142 1.1. Detsky Mir’s History 20 3.5. Environmental Responsibility 150 1.2. Company Overview 22 1.3. Strategy Overview 28 Appendices 155 1.4. Market Overview 34 2 Statement on Compliance with the 3 1.5. Business Model 48 Corporate Governance Code Principles 156 1.6. Retial Business Concept 54 Information on Major Transactions 2018 184 1.7. Growing Omnichannel Sales 59 Information on Related-Party 1.8. Customer Service and Brand Transactions in 2018 184 Management 66 Information on Transactions with 1.9. Supply Chain 74 the Compnay’s Shares by Members of Management Bodies in 2018 186 1.10. Product Safety 86 Contacts 187 1.11. Procurement 89 Attachment: 1.12. Supply Chain 91 Consolidate Financial Statement 1.13. Information Technology 93 1.14. Financial Overview 95 2. Corporate Governance 100 2.1. Corporate Governance Practice 102 2.2. Corporate Governanca Bodies 104 2.3. Remuneration 117 2.4. Anti-Corruption Efforts 118 Annual Report 2018 About This 4 5 Report This is the Annual Report for the period from financial statements. Although the Company Disclaimer on Forward-Looking Statements The Company does not make any representation 1 January 2018 to 31 December 2018 detail- has been applying IFRS 16 Leases since or warranty that the results anticipated by such ing the activities of Public Joint Stock Company 1 January 2018, key financial metrics in the This Annual Report has been prepared based forward-looking statements will be achieved. Detsky Mir and its subsidiaries referred statements have been compared as if IFRS 16 on the information available to the Company The Company shall not be liable to any indi- to as Detsky Mir Group (“Detsky Mir Group” had not been applied, as comparative informa- as at the time of reporting, including informa- vidual or legal entity for any loss or damage or the “Group”). PJSC Detsky Mir is the parent tion for 2017 has not been restated when transi- tion obtained from third parties. The Company which may arise from their reliance on such for- of the Group, providing consolidated informa- tioning to the new standard. reasonably believes that this information is com- ward-looking statements. tion on the financial and operating activities plete and accurate as at the publication date of the Group’s key assets used to prepare this This Annual Report has been verified by the of this Annual Report. However, the Company Annual Report. Audit Commission and approved by the does not make any representation or warran- Board of Directors and the General Meeting ty that this information will not be updated, The list of subsidiaries included in this Annual of Shareholders. revised, or otherwise amended in the future. Report and PJSC Detsky Mir’s shareholdings This Annual Report includes estimates or for- in the subsidiaries are disclosed in the notes This Annual Report may contain errors in shares, ward-looking statements related to operating, to the IFRS consolidated financial statements percentages, and sums due to rounding. financial, economic, social, and other metrics for 2018. Due to rounding, indicators in this Annual that can be used to assess the performance Report may differ slightly from previously report- of PJSC Detsky Mir and Detsky Mir Group. This Annual Report is based on operational an- ed ones. alytics and indicators in the IFRS consolidated Annual Report 2018 Throughout 2018, their share in the total sales past year. Detsky Mir fulfilled over 5.1 million high-quality and safe goods at affordable Chief Executive of our retail chain in Russia grew to 33%. We online orders in 2018, while the revenue in this prices. Charity projects aimed at improving closely monitor demand and continuously devel- segment almost doubled. These achievements the quality of life for children, including those Officer’s op and improve our toy assortment with a focus were driven by expanded delivery coverage in difficult life situations, remain a top priority on quality and exclusive offers. and improved customer services, and we are for us. The Detsky Mir Charitable Foundation Statement maintaining our focus on improving service level provided a total of RUB 630 million in charita- Developing private labels and signing direct throughout the order process. The share of on- ble assistance throughout 2018, including our Dear Shareholders! contracts with large international manufactur- line orders ready for pickup at any retail store own funds and raised funds. ers enables us to offer our customers popular within an hour increased in the reporting period In 2018, Detsky Mir Group reinforced its lead- children’s goods at the best prices in the mar- from 45% to 90%. The Detsky Mir team will maintain its focus ing position in the children’s goods market and ket thanks to high production volumes and the on business growth, performance improvement, improved its business process efficiency. New absence of intermediaries. In 2018, the share In 2018, we launched a mobile application for and increasing profitability. Our sharehold- store openings, a doubling in online sales, of private labels and direct imports increased consumers which enables them to not only ob- ers can rest assured that they made the right and a 31.6% net profit growth – these are only to 36.1%. tain a loyalty card, but also check their current investment decision. The targets we have met some of our achievements from the past year. bonus points balance and transaction history, and the promises on which we have delivered Despite the stagnating children’s goods market Last year, we launched a new retail chain, as well as monitor discounts. This is an interme- in the past are strong evidence of our success. in Russia, our company is continuing to grow ABC, offering toys for children aged 0 to 14. diary stage toward launching the full-scale on- rapidly and consistently ramp up its revenue. It features an extended product assortment line store app that we have planned for 2019. Vladimir Chirakhov, at affordable prices not only for preschool chil- CEO of PJSC Detsky Mir Our consolidated revenue in 2018 was dren, like the ELC chain, but for school children Maintaining and consolidating our leading RUB 110.9 billion, up 14.3% year-on-year. as well. The first ABC store was opened in May position in the online segment of the children’s Our efficient pricing policy and continuous im- 2018 in Chelyabinsk, followed by new stores goods market is our key strategic objective. Our 6 provements to our product assortment helped 7 in Novosibirsk, Tula, Rostov-on-Don, the Udmurt plans for 2019 include service level improve- achieve a 4.3% growth in like-for-like (LFL) Republic, and Zhukovsky. ments across all online order delivery channels sales. Another important factor is that we are and the launch of our revamped online store. continuing to attract new traffic to our stores. In late 2018, we launched a pilot project As a result, LFL number of tickets has increased to enter the Russian pet supplies market. Four Our primary goal in corporate social respon- by 6.9%. Zoozavr pet supply stores were subsequently sibility is to provide younger generations with opened, featuring products by leading glob- We delivered on our plan to expand the al manufactures. The pet supplies market has Detsky Mir retail chain in 2018 by launching strong potential in terms of volume, expected 100 new stores. Our geographic footprint growth, and a high degree of fragmentation, is expanding dynamically: we have entered and will provide an opportunity for our manage- a new region, the Russian Far East, with debut ment team to apply their extensive experience. stores opened in Blagoveshchensk, Vladivostok, and Khabarovsk. We will continue to expand We will continue to scale up our business by op- our presence in this region. New stores in the timizing our product assortment and expanding Republic of Kazakhstan were also actively our retail chain. In 2019, we plan to open launched. Today, Detsky Mir has 30 stores at least 80 new stores and enter the Belarusian in 15 cities across Kazakhstan. Our target market. Our positive experience in Kazakhstan is to become the leader of the children’s goods demonstrates Detsky Mir’s ability to successfully market in Russia. grow its business outside Russia. Toys remain our best-selling category. Online sales increased considerably during the Annual Report 2018 Key 2018 Results Average headcount, ‘000 people Revenue, RUB m Net debt, RUB m LFL sales growth +14.3% +73.8% +9.5% –2.9 p.p. 110,874 18,135 7.2% 12.7 97,003 10,436 4.3% 11.6 2017 2018 2017 2018 2017 2018 2017 2018 Charity expenses (raised and own Adjusted EBITDA, RUB m CAPEX, RUB m LFL number of tickets growth funds), RUB m +18.8% +53.7% +51.1% –5.3 p.p. 12,665 3,793 12.2% 630 10,663 2,468 6.9% 417 8 2017 2018 2017 2018 2017 2018 2017 2018 9 Adjusted EBITDA margin Share of online sales in revenue LFL average ticket growth Energy savings, kWh +0.4 p.p. +3.1 p.p. +286.0% +2.0 p.p. (4.4%) 11.0% 11.4% 4.8% 7.9% (2.4%) 6,450,395 24,896,314 2017 2018 2017 2018 2017 2018 2017 2018 Adjusted net profit, RUB m Online revenue, RUB bn Tax payments, RUB bn +31.6% +89.2% –4.3% 7,240 8.8 4.4 5,501 4.6 4.6 2017 2018 2017 2018 2017 2018 The IFRS 16 – Leases standard has not been applied when compiling the data.
Load more

Recommended publications
  • Russian M&A Review 2017
    Russian M&A review 2017 March 2018 KPMG in Russia and the CIS kpmg.ru 2 Russian M&A review 2017 Contents page 3 page 6 page 10 page 13 page 28 page 29 KEY M&A 2017 OUTLOOK DRIVERS OVERVIEW IN REVIEW FOR 2018 IN 2017 METHODOLOGY APPENDICES — Oil and gas — Macro trends and medium-term — Financing – forecasts sanctions-related implications — Appetite and capacity for M&A — Debt sales market — Cross-border M&A highlights — Sector highlights © 2018 KPMG. All rights reserved. Russian M&A review 2017 3 Overview Although deal activity increased by 13% in 2017, the value of Russian M&A Deal was 12% lower than the previous activity 13% year, at USD66.9 billion, mainly due to an absence of larger deals. This was in particular reflected in the oil and gas sector, which in 2016 was characterised by three large deals with a combined value exceeding USD28 billion. The good news is that investors have adjusted to the realities of sanctions and lower oil prices, and sought opportunities brought by both the economic recovery and governmental efforts to create a new industrial strategy. 2017 saw a significant rise in the number and value of deals outside the Deal more traditional extractive industries value 37% and utility sectors, which have historically driven Russian M&A. Oil and gas sector is excluded If the oil and gas sector is excluded, then the value of deals rose by 37%, from USD35.5 billion in 2016 to USD48.5 billion in 2017. USD48.5bln USD35.5bln 2016 2017 © 2018 KPMG.
    [Show full text]
  • Annual Report
    2014 ANNUAL REPORT TABLE OF CONTENTS Sistema today 2 Corporate governance system 91 History timeline 4 Corporate governance principles 92 Company structure 8 General Meeting of shareholders 94 President’s speech 10 Board of Directors 96 Strategic Review 11 Commitees of the Board of Directors 99 Strategy 12 President and the Management Board 101 Sistema’s financial results 20 Internal control and audit 103 Shareholder capital and securities 24 Development of the corporate 104 governance system in 2014 Our investments 27 Remuneration 105 MTS 28 Risks 106 Detsky Mir 34 Sustainable development 113 Medsi Group 38 Responsible investor 114 Lesinvest Group (Segezha) 44 Social investment 115 Bashkirian Power Grid Company 52 Education, science, innovation 115 RTI 56 Culture 117 SG-trans 60 Environment 119 MTS Bank 64 Society 121 RZ Agro Holding 68 Appendices 124 Targin 72 Binnopharm 76 Real estate 80 Sistema Shyam TeleServices 84 Sistema Mass Media 88 1 SISTEMA TODAY Established in 1993, today Sistema including telecommunications, companies. Sistema’s competencies is a large private investor operating utilities, retail, high tech, pulp and focus on improvement of the in the real sector of the Russian paper, pharmaceuticals, healthcare, operational efficiency of acquired economy. Sistema’s investment railway transportation, agriculture, assets through restructuring and portfolio comprises stakes in finance, mass media, tourism, attracting industry partners to predominantly Russian companies etc. Sistema is the controlling enhance expertise and reduce
    [Show full text]
  • Russian Withholding Tax Refund
    Russian withholding tax refund Tax & Legal If you or your clients invested in Russian securities and are entitled to a substantial dividend or interest income, there is a chance that you overpaid your taxes and may qualify for a tax refund © 2018 Deloitte Consulting LLC Background Investors may apply a According to the The Russian The tax refund reduced tax rate for Russian tax withholding tax rate is practice in Russia is their interest and/or authorities, they are set at 15% on not well-developed: dividend income, ready to reimburse dividends and 20 the tax legislation depending on the overpaid taxes, if a percent on interest. does not provide for a conditions set by the full package of Effective from 1 specific list of Russian Tax Code or documents confirming January 2014, the documents to be applicable Double Tax the income payment duties of the tax collected and Treaties. Calculations chain and the agent for WHT requirements to be of a standard Russian investor’s rights to purposes were met. For these rate or the standard the income is transferred to the reasons, the process reduced Double Tax submitted. local Russian can be lengthy and Treaty rate, as well as custodian or, in a sometimes fruitless. submission of claims limited number of However, the trend is on tax can be cases, to the reassuring: the refunded, should be fiduciary, broker or number of successful made by investors issuer. refund claims and themselves within positive court three calendar years, decisions is growing. following the year in which it was withheld.
    [Show full text]
  • 25022014 DMG FY 2013 Operating Results ENG Final Clean
    OJSC DETSKY MIR INCREASED NET INCOME BY 7.2% TO RUB 657 MLN FOR 9 MONTHS 2015 18 November 2015. Russia, Moscow. OJSC Detsky Mir (hereinafter referred to as "Detsky Mir" or "the Company"), Russia's largest children's goods retailer, announces its unaudited financial results under US GAAP for 9M 2015 ended on 30 September 2015. KEY UNAUDITED FINANCIAL AND OPERATING RESULTS FOR 9M 2015 1 o OIBDA increased from RUB 2 263 mln in the first 9 months of 2014 to RUB 2 940 mln in 9 months of 2015, and OIBDA margin amounted to 7.4% o Revenue grew by 34.1% compared to 9M 2014, and reached RUB 40.0bn o The Company opened 49 new stores, including 48 Detsky Mir stores and 1 ELC store o Selling space reached 435,000 sq m in 9M 2015 2 o Like-for-like sales gained 13.8% (with the number of checks growing by 4.3%, and the average check growing by 9.1%) o Gross profit grew by 26.7% in 9M 2015 to RUB 13.8bn; gross margin amounted to 34.6% o Selling, general and administrative expenses to revenue ratio fell from 29.1% to 27.3% due to increased operating efficiency and measures taken to reduce costs o Net income grew by 7.2% to RUB 657 mln compared to the same period of the last year o The Company’s net debt totaled RUB 16.5 bn as of 30 September 2015. The increase in net debt from the beginning of 2015 is due to the active development of the company's retail chain, the construction of a new distribution center and other investment projects KEY UNAUDITED RESULTS FOR THE 12 MONTHS ENDED SEPTEMBER 2015.
    [Show full text]
  • CAPITAL MARKETS DAY ______FRIDAY, 30 Th MAY at ONE GREAT GEORGE STREET, LONDON
    CAPITAL MARKETS DAY ____________________________________________________________________________ FRIDAY, 30 th MAY AT ONE GREAT GEORGE STREET, LONDON Sistema (LSE: SSA), the largest diversified corporation in Russia and the CIS, is pleased to invite you to the Capital Markets Day, which will be held at the One Great George Street, Westminster, London SW1P 3AA, on Friday 30 th May, 2008. The conference will comprise presentations on a range of strategic, operational and financial aspects of the Group’s businesses, as well as a number of group and one-on-one meetings with the management of Sistema and its public and non-public businesses. Registration will take place at the One Great George Street, Westminster, London SW1P 3AA, starting from 8:30am. The conference will commence at 9:00am followed by lunch, group and one-on-one meetings from 2:00pm till 7:00pm. The detailed schedule for the day is attached. To register for the event by email to: [email protected] . You may also register by filling out the information below and returning it by fax to +44 (0)207 321 5020 or contact Shared Value on +44 (0)20 7321 5010 for further details. NAME: COMPANY: FUNCTION: SECTOR / COVERAGE: MOBILE PHONE: EMAIL: Yes, I will participate in the Capital Markets Day in London on Friday 30 th May, 2008 I am unable to attend the Capital Markets Day Please remove my name from the Sistema mailing list I would like to participate in group meetings with * If you would like to participate in group meetings, please provide the name of the company you would like to meet: _____________________________________________________________________________ *Sistema may not be able to guarantee a meeting slot as availability is subject to demand Sistema is the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector and has over 80 million customers.
    [Show full text]
  • Detsky Mir Group Adjusted EBITDA Increased by 15.2% Yoy in 2020
    Detsky Mir Group Adjusted EBITDA Increased by 15.2% YoY in 2020 Moscow, Russia, 1 March 2021 – Detsky Mir Group (the “Group”, “Detsky Mir” or the “Company”, MOEX: DSKY), the largest children’s goods retailer in Russia and Kazakhstan, announces its audited financial results in accordance with International Financial Reporting Standards (IFRS) for the fourth quarter and twelve months ended 31 December 2020. Q4 2020 Financial Highlights1 . Group consolidated revenue increased by 14.3% year-on-year to RUB 44.5 bn, compared to RUB 38.9 bn in Q4 2019. Online revenue2 increased 2.2x year-on-year to RUB 12.7 bn. o The share of online sales in total revenue of Detsky Mir in Russia increased 1.9x year-on-year to 29.7%. o The share of in-store pick-up service amounted to 83.4%. Revenue in Kazakhstan increased by 21.0% year-on-year to RUB 1.4 bn. Like-for-like sales3 at Detsky Mir stores in Russia and Kazakhstan grew by 5.9%. The number of tickets increased by 1.2%, while the average ticket grew 4.7%. Like-for-like sales at Detsky Mir stores in Russia grew by 5.7%. The number of tickets increased by 1.4%, while the average ticket grew by 4.3%. Detsky Mir opened 41 new branded stores4 in Q4 2020, as well as 11 new Detmir Pickup stores and 7 new Zoozavr stores. The Group had 868 stores5 as of 31 December 2020. Total selling space increased by 6.4% year-on-year to approximately 897,000 sq.
    [Show full text]
  • Templeton Eastern Europe Fund Equity LU0078277505 31 August 2021
    Franklin Templeton Investment Funds Emerging Markets Templeton Eastern Europe Fund Equity LU0078277505 31 August 2021 Fund Fact Sheet For professional use only. Not for distribution to the public. Fund Overview Performance Base Currency for Fund EUR Performance over 5 Years in Share Class Currency (%) Templeton Eastern Europe Fund A (acc) EUR MSCI EM Europe Index-NR Total Net Assets (EUR) 231 million Fund Inception Date 10.11.1997 160 Number of Issuers 45 Benchmark MSCI EM Europe 140 Index-NR Investment Style Blend Morningstar Category™ Emerging Europe Equity 120 Summary of Investment Objective 100 The Fund aims to achieve long-term capital appreciation by investing primarily in listed equity securities of issuers organised under the laws of or having their principal activities within the countries of Eastern Europe, as well as 80 08/16 02/17 08/17 02/18 08/18 02/19 08/19 02/20 08/20 02/21 08/21 the New Independent States, i.e. the countries in Europe and Asia that were formerly part of or under the influence of Performance in Share Class Currency (%) the Soviet Union. Cumulative Annualised Since Since Fund Management 1 Mth 3 Mths 6 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Incept Incept A (acc) EUR 6.42 11.11 26.64 33.63 51.24 53.18 56.89 34.32 260.58 5.54 Krzysztof Musialik, CFA: Poland A (acc) USD 5.94 7.30 23.95 29.16 49.67 55.85 66.03 10.37 25.43 1.44 Ratings - A (acc) EUR B (acc) USD 5.87 6.92 23.29 28.09 47.85 50.20 56.08 -2.95 -24.30 -1.84 Benchmark in EUR 5.12 10.50 24.75 24.42 37.82 37.48 54.51 30.76 271.45 5.67 Overall Morningstar Rating™: Calendar Year Performance in Share Class Currency (%) Asset Allocation 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 A (acc) EUR -15.33 36.67 -21.23 17.61 20.37 4.84 -19.49 -3.97 17.37 -40.02 A (acc) USD -7.78 33.81 -24.78 34.11 16.61 -5.88 -29.18 0.07 19.63 -41.94 B (acc) USD -8.80 31.98 -25.72 32.46 14.98 -7.07 -30.09 -1.33 18.15 -42.70 Benchmark in EUR -19.73 34.75 -7.46 5.88 29.27 -5.03 -20.28 -8.61 22.37 -21.10 % Past performance is not an indicator or a guarantee of future performance.
    [Show full text]
  • Company News SECURITIES MARKET NEWS
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody May 28, 2020 Issue No. 2020/20 Company News Samolet shareholders vote against new share issue for IPO On May 21, 2020 shareholders of Russian real estate developer Samolet voted against issuing additional common shares. Samolet earlier planned a new share issue for an initial public offering (IPO), but later abandoned the idea. A spokesperson for the company stated that the developer wants to approve a new additional share issue plan in the next two months and a half, but does not plan an IPO until the autumn. Rosneft board appoints Igor Sechin as CEO for 5 more years On May 22, 2020 the board of directors of Russian oil major Rosneft approved the appointment of Igor Sechin as the CEO of the company for five more years. Sechin became CEO of Rosneft in May 2012. Initially, his contract was valid until May 2015, when his powers were prolonged for five years. MTS board nominates members, including Channel One CEO Ernst On May 22, 2020 the board of directors of major Russian mobile operator MTS nominated a list of board candidates, including TV channel Channel One CEO Konstantin Ernst, to be elected at an annual general meeting of shareholders on June 24. The list also contains Felix Yevtushenkov, member of the board of directors of multi-industry holding Sistema, MTS’ core shareholder. The board also approved Natalia Mikheyeva as director for internal audit and control. Rosneftegaz cuts stake in Rosneft to 40.4% from 50% plus one share On May 25, 2020 it was reported that Russian state energy holding Rosneftegaz reduced its shareholding in oil major Rosneft to 40.4% from 50% plus one share on March 28 to lose its controlling position.
    [Show full text]
  • Deal Drivers Russia
    February 2010 Deal Drivers Russia A survey and review of Russian corporate finance activity Contents Introduction 1 01 M&A Review 2 Overall deal trends 3 Domestic M&A trends 6 Cross-border M&A trends 8 Private equity 11 Acquisition finance 13 Valuations 14 02 Industries 15 Automotive 16 Energy 18 Financial Services 20 Consumer & Retail 22 Industrial Markets 24 Life Sciences 26 Mining 28 Technology, Media & Telecommunications 30 03 Survey Analysis 32 Introduction Prediction may be fast going out of fashion. At the end of 2008, CMS commissioned mergermarket to interview 100 Russian M&A and corporate decision makers to find out what they thought about the situation at the time and what their views on the future were. Falling commodity prices were viewed as the biggest threat, the Financial Services sector was expected to deliver the greatest growth for M&A activity and the bulk of inward investment was expected from Asia. The research revealed that two thirds of the respondents expected the overall level of M&A activity to increase over the course of 2009, with only one third predicting a fall. That third of respondents was right and, in general, the majority got it wrong or very wrong. The survey did get some things right – the predominance of Who knows? What’s the point? We consider the point to be the domestic players, the increase of non-money deals, the in the detail. Our survey looks at the market in 2009 sector number of transactions against a restructuring background, by sector – what was ‘in’ and what was ‘out’.
    [Show full text]
  • Russian Ecm November 6, 2006
    1 Russian ecm November 6, 2006 1. Investment banks index wars 2. 35 companies will raise $19bn in 2007, Deutsche Bank 3. RTS to launch a Russian NASDAQ 4. Market players to be licensed 5. Gazprombank finally to sell off media, petrochemical assets in IPO 6. Owner of the Chelyabinsk zinc plant (CZP) will sell 3% of their shares 7. Chemical firm share price collapses after dilutive share issue 8. Dymov Sausage to IPO 9. Eastern Property Holdigns increases capital by $125m 10. Far Eastern Sea Shipping Company will IPO 11. Mosenergo places in favour of Gazprom 12. OGK-5 sale a big success 13. Pharmaceutical producer to IPO 14. Pipemaker TMK IPOs 15. Russian commodity exchange plans to launch wheat futures 16. Severstal sets IPO price 17. Sistema-Hals IPO price range set 18. Uralkaliy decreases 9-month dividends by a third following flood 19. Uranium company to IPO 20. WBD owners sell small stake Investment banks index wars Monday, November 6, 2006 A veritable war of indexes is breaking out as Two of Russia's top investment banks launched new indexes, better to track Russia's increasingly sophisticated growth, that will compete with the proliferating number of indexes tracking Russia. Renaissance Capital has teamed up with emerging market gurus Morgan Stanley that puts together the widely quoted MSCI index - a benchmark for emerging market stock market preformace - to produce the MSCI http://businessneweurope.eu 2 Renaissance Index of TOP Liquid Russian Stocks (the MSCI Rencap Index, for short). Likewise, Troika Dialog launched a third tier index that tracks 50 companies that are on the up and up but currently fall below all the investment bank's radar screens.
    [Show full text]
  • MGF Emerging Eastern
    As of Date: 03/31/21 Fund: Manulife Global Fund Emerging Eastern Europe SECURITY DESCRIPTION EXPOSURE PERCENT ASSETS SAN BNK POLSKA 3,585,167.42 2.30% NOVATEK GDR REGS 13,013,929.50 8.35% PHOSAGRO GDR 4,211,663.19 2.70% DINO POLSKA SA 5,882,789.75 3.77% INPOST SA 2,276,957.39 1.46% TURKCELL 1,095,085.98 0.70% MAVI GIYIM SANAYI 1,896,157.34 1.22% MOSCOW EXCHANGE 5,497,272.22 3.53% ARCELIK AS 2,569,145.18 1.65% MONETA MONEY BANK 3,761,508.90 2.41% CASH 2,295,775.08 1.47% MAIL.RU GROUP GDR 2,637,647.63 1.69% SEVERSTAL PJSC 3,822,707.21 2.45% TOFAS OTOMOBIL 1,821,750.99 1.17% POLYMETAL INT GBP 3,025,097.26 1.94% SABANCI 1,424,124.32 0.91% X5 RETAIL GROUP GDR 4,361,232.00 2.80% TATNEFT PREFS 3,623,430.72 2.32% ALPHA BANK 3,101,470.13 1.99% GAZPROM GDR 11,681,384.77 7.49% YANDEX 6,373,867.50 4.09% OTP BANK 3,800,706.20 2.44% PKO BP 5,387,467.99 3.45% ALLEGRO 3,859,802.93 2.48% DETSKY MIR PJSC 2,736,995.08 1.76% FONDUL PROPRIETATEA 3,992,045.77 2.56% NICKEL GDR 6,661,217.11 4.27% ROSNEFT GDR 5,349,625.34 3.43% MEDICAL PARK TURKEY 2,880,161.90 1.85% ERSTE BANK 3,480,181.41 2.23% SBERBANK ORD (NEW) 14,971,581.24 9.60% LUKOIL GDR 14,863,514.30 9.53% Rounding discrepancies possible.
    [Show full text]
  • Easygoing Young Fashion Style
    TEXTINATION NEWSLINE 2010-09-21 TEENS VERSUS PROFESSIONALS Easygoing young Fashion Style If the attractiveness of international fashion colored. Although the school has priority, but brands dwindles new, fresh talent feel called it sits in the afternoon on a regular basis up to to the scene. They meet truly the teenagers’ five hours at the sewing machine. approach to life better than the well known "Designing and sewing is designers who are in age light-years away an inner drive for Cecilia. from young consumers and their fashion She never was driven to needs. Even senior guru Albert Eickhoff - lo- or exerted any pressure, cated in Duesseldorf - signaled to take inten- "says dad Lionel. Mean- sified care of new young labels. while, the Hollywood Nevertheless, the question should be al- stars are crazy about her lowed: Are naive freshness and insouciance dresses for their children. are currently more important than experience Fashion shows and TV and maturity? In any case, teens are testing appearances are now part of Cecilia's life. their creativity - often supported by father or After school, she wants to mother. study fashion design. "I Ten year old creates for Hollywood’s chil- dream that my own collec- dren tions are shown at New There is the ten- York Fashion Week and year old Cecilia sold in shops all over the Cassini, daughter world and that a lot of girls of a yoga teacher wearing my designs, pref- and a fashion erably also Sasha and Ma- photographer lia, the daughters of the First couple Obama." from Los Angeles, according to her mother Moreover, she would certainly want to have crazy about fashion since the baby age.
    [Show full text]