Annual Report 2010
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Press Release
Press release Luxembourg, 4 July 2011 INTERIM REVISION OF THE LUXX INDEX Following the end of the first half of 2011, there was no change to the companies that are included in the LuxX index of the Luxembourg Stock Exchange. However, an adjustment was made in the weighting of the companies making up the index, based on their closing prices, the number of shares outstanding and their free-float. Therefore, on Friday 1 July 2011, the index had the following configuration: Weighting Number Weighting Number Company at 30/06/2011 of shares at 1/03/2011 of shares Aperam 11.13% 210 14.33% 210 ArcelorMittal 19.62% 345 20.00% 345 BIP Investment Partners 2.21% 15 2.09% 15 Dexia 1.85% 364 2.62% 364 Foyer 0.80% 7 0.70% 7 KBC Group 7.07% 110 7.42% 110 Luxempart 3.19% 56 2.98% 56 Reinet Investments 17.23% 581 15.43% 581 RTL Group 10.95% 68 11.02% 68 SES 22.32% 490 20.00% 490 Socfinaf 2.27% 40* 1.83% 4 Socfinasia 1.36% 20* 1.59% 1 (* split at 01-07-2011) About the Luxembourg Stock Exchange The Luxembourg Stock Exchange began operating as a limited company in 1929, and has since gained extensive experience in listing and trading of securities from many different regions. Today the Luxembourg Stock Exchange has two markets — regulated and Euro MTF — with 29,694 international bond issues representing 42% of total international bonds listed on EU markets. It also lists some 6,440 shares and units of investment funds in around twenty currencies, offering a wide range of investment opportunities, as well as 264 depositary receipts of issuers based in emerging markets. -
Luxx Price Index
LuxX Price and return BASIS 1,000 AS OF 4TH JANUARY 1999 2021 The LuxX Index The LuxX Index is a basket index with a twofold computation, ie the Price LuxX Index and the Return LuxX Index. The Price index is published as of 4 January 1999. The Return LuxX Index is similar to the Price index except that it takes into account the stripped net dividends. In so doing, it enables the investors to assess their return on investment. The Return index has been published since 31 March 1999. 1. INDEX ENTRY REQUIREMENTS 3. THE LUXX INDEX IS A BASKET INDEX a) all shares issued by Luxembourg companies listed on the The LuxX Index relies on a basket of easily tradable securities Luxembourg Stock Exchange having directly or indirectly meeting the requirements defined above. an economic activity in Luxembourg, a significant activity on the Luxembourg Stock Exchange market or whose part The number of securities included in the basket for a given of the shareholders is Luxembourg-based are eligible. share is obtained by applying its weight to the basis The Executive Committee decides on the eligibility capitalisation of the index basket. The resulting amount in respect of each company by assessing whether one is then divided by the last stock exchange price of the month of these requirements are adequately met; preceding the index update date. b) the LuxX Index is an open index, which means that the number of eligible constituent companies is not limited. 4. REVISION OF THE INDEX CONSTITUENTS As a matter of fact, any company meeting the requirements specified in paragraph above can be retained among A revision of the LuxX Index constituents is made annually the index constituents. -
Annual Report 2007 Contents
Annual Report 2007 Contents KEY FIGURES 05 THE COMPANY AND ITS ENVIRONMENT 06 The Company 07 2007 highlights 08 Share price and net asset value 08 Chairman’s statement 09 Governing bodies 11 Governance of BIP 13 PORTFOLIO 18 Public equity 19 Private equity 29 FINANCIAL INFORMATION 42 Report of the Board of Directors to the General Meeting of shareholders 43 Consolidated nancial statements for the year ended 31 December 2007 51 Independent auditor’s report 84 Summary separate annual nancial statements for the year ended 31 December 2007 85 This is a translation of the of cial report written in French and has been prepared for the convenience of English-speaking readers. In the event of any discrepancy between this document and the French original, only the French original is authoritative. 5 Key Figures in EUR 31.12.2007 31.12.2006 Per share data Estimated value 123.85 106.21 Market price 98.00 80.50 Dividend (proposed) 3.40 3.00 Diluted net income per share 15.14 14.94 EUR millions 31.12.2007 31.12.2006 Earnings Net income 71.5 71.0 Balance sheet Equity 580.7 501.8 Total assets 591.0 510.6 EUR millions 31.12.2007 % 31.12.2006 % Investments Listed companies 384.4 67 318.5 64 Direct private equity investment 84.3 15 92.5 18 Private equity funds 39.6 7 30.9 6 Loans and other accounts 2.8 0 3.8 1 receivable Total non-current investments 511.1 89 445.7 89 Trading assets 7.2 1 10.7 2 Cash at banks 58.8 10 45.3 9 Total investments 577.1 100 501.7 100 31.12.2007 31.12.2006 Shares Total shares issued 4 773 321 4 773 321 Shares held by the Company 84 828 48 534 THE COMPANY AND ITS ENVIRONMENT The Company and its environment / 7 | The Company | BIP Investment Partners SA (BIP) is an investment company founded in April 2000 under the name BGL Investment Partners at the joint initiative of Banque Générale du Luxembourg (BGl), now Fortis Banque Luxembourg, and a group of private investors in Luxembourg. -
Commission De Surveillance Du Secteur Financier
COMMISSION ANNUAL DE SURVEILLANCE REPORT DU SECTEUR 2009 FINANCIER Commission de Surveillance du Secteur Financier 110, route d’Arlon L - 2991 LUXEMBOURG Tel.: (+352) 26 251-1 Fax: (+352) 26 251-601 E-mail: [email protected] Website: http://www.cssf.lu Cut-off date: 1 March 2010. The reproduction of the annual report is authorised, provided the source is acknowledged. Design: metaph Printed by: Imprimerie Centrale PREFACE After the shock of the financial crisis in autumn 2008 which affected the Luxembourg financial centre, 2009 started in an atmosphere of suspense. Ultimately, that year finished with results which seem, at first glance, to suggest a return to a normal situation. The depositors’ and investors’ trust gradually returned and the actors of the financial sector started to spread again their activities. The financial markets in particular were revived, which generally allowed the different types of undertakings for collective investment, including specialised funds, SICARs, pension funds and securitisation vehicles to rake in new money and to observe a growth of their investment. However, the profits which the banks registered again give a deceptive image of good health which cannot sustain when carrying out a more in-depth analysis. The profits mainly result from unusually high interest rate margins at the beginning of the year, from a slight decrease in operating costs and from the purely accounting effect registered following the partial offset of capital loss which had been incurred during the peak of the crisis. Thus, if the 2009 results justify in themselves a certain feeling of relief given the prevailing fears at the beginning of the year, they still do not offer a solid basis for a sustainable growth in 2010 and after. -
Chapter X Supervision of Securities Markets Supervision of Securities Markets
CHAPTER X SUPERVISION OF SECURITIES MARKETS SUPERVISION OF SECURITIES MARKETS 1. Approval of prospectuses for securities relating to offers to the public or admissions to trading on a regulated market 2. Takeover bids 3. Mandatory squeeze-out and sell-out of securities 4. Supervision of issuers of securities of which the CSSF is the competent authority 5. Enforcement of financial information 6. Supervision of markets and market operators 7. Investigations and cooperation SUPERVISION OF SECURITIES MARKETS 1. APPROVAL OF PROSPECTUSES FOR SECURITIES RELATING TO OFFERS TO THE PUBLIC OR ADMISSIONS TO TRADING ON A REGULATED MARKET 1.1. Application of the Prospectus Law Unlike in 2012, there were no great changes in the regulation applicable to prospectuses for securities in 2013. Indeed, only the Commission Delegated Regulation (EU) No 759/2013 of 30 April 2013 amending Regulation (EC) No 809/2004 as regards the disclosure requirements for convertible and exchangeable debt securities was published. Following the entry into force of the law of 3 July 2012 transposing Directive 2010/73/EU and amending the law of 10 July 2005 on prospectuses for securities (Prospectus Law), some issuers have benefited from a grandfathering clause in relation to the adaptation of the update of their base prospectus to the new regulation until the end of June 2013. A lot of these issuers did not wait until the end date of June 2013 to submit their first base prospectus under the new regulation but had already submitted their draft base prospectus in March 2013 so as to avoid being under pressure if an unexpected event occurs due to the changes to be made pursuant to the new regulation. -
Chapter 1.Pdf
4 THE ECONOMIC AND FINANCIAL SITUATION 5 1 THE ECONOMIC AND FINANCIAL SITUATION THE ECONOMIC AND FINANCIAL SITUATION 6 1.1 THE ECONOMIC SITUATION AT THE INTERNATIONAL LEVEL 1.1.1 Short-term interest rates and monetary policy decisions Chart 1.1: Key policy rates of the Eurosystem, the EONIA and the three-month EURIBOR (percentages per annum) 7 6 5 4 3 2 1 0 99 00 01 02 03 04 05 06 07 08 09 10 Three-month EURIBOR Deposit facility EONIA (Euro overnight index average) Main refinancing operations Marginal lending facility Sources: ECB, Bloomberg Between January and May 2009, the interest rate on the main refinancing operations was lowered by 150 basis points. The interest rate on the deposit facility and on the marginal lending facil- ity was lowered by 175 and 125 basis points respectively. Since May 2009, key ECB rates have remained unchanged. Thus, the interest rate on the main refinancing operations stands at 1.00%, while those on the deposit facility and on the marginal lending facility stand at 0.25% and 1.75% respectively. The Governing Council also adopted a series of non-standard measures in order to cope with dysfunctional money markets and facilitate the monetary transmission mechanism. These meas- ures are temporary in nature and designed to maintain price stability over the medium term. Annual HICP inflation stood at 0.3% in 2009, the lowest level on record since the launch of the euro, after a record high of 3.3% in the preceding year. The inflation rate has however edged up gradually, reaching 1.5% in April 2010; according to Eurostat's flash estimate, annual HICP inflation stood at 1.6% in May. -
Press Release
Press release Luxembourg, 26 June 2013 Interim Revision of the LuxX Index on 1 July 2013 In accordance with the rules governing the LuxX index, the executive committee of the Luxembourg Stock Exchange has decided to rebalance the LuxX index (base 1,000 as at 04/01/1999). The LuxX index will have the following composition as from Monday, 1 July 2013: Weighting Number Weighting Number Company at 1/07/2013* of Shares at 2/01/2013 of Shares Aperam 4.64% 181 7.38% 241 ArcelorMittal 20.00% 768 20.00% 577 BIP Investment Partners 1.85% 12 2.08% 15 Foyer 0.72% 5 0.84% 7 KBC Group 9.49% 113 9.79% 141 Luxempart 2.95% 35 3.02% 46 Reinet Investments 16.82% 409 20.00% 534 RTL Group 20.00% 110 12.67% 62 SES 20.00% 315 20.00% 342 Socfinaf 1.78% 30 2.17% 39 Socfinasia 1.76% 20 2.05% 26 * Estimate based on closing prices of 25 June 2013 About the Luxembourg Stock Exchange (LuxSE) The Luxembourg Stock Exchange is the leading exchange for the listing of international securities. It offers a high quality and efficient listing service that meets the needs of international capital markets and their participants. The long experience of the LuxSE in international securities combined with its established listing procedures attract a very wide range of issuers and financial instruments. Currently, the Luxembourg Stock Exchange has around 42,000 quotation lines, including some 28,000 related to bonds. These come from 3,000 issuers in 100 countries. -
Interim Report 2008 Content
Interim Report 2008 Content KEY FIGURES 03 THE COMPANY AND ITS ENVIRONMENT 04 The Company 05 Share price and net asset value 06 PORTFOLIO 08 Public equity 09 Private equity 10 FINANCIAL REPORT 12 FINANCIAL INFORMATION 18 Consolidated nancial statements at 30 June 2008 19 This is a translation of the nancial report written in French and has been prepared for the convenience of English-speaking readers. In the event of any discrepancy between this document and the French original, only the French original is authoritative. 3 Key Figures In EUR 30.06.2008 30.06.2007 Per share data Estimated value 112.21 123.80 Market price 80.00 95.90 Dividend (paid) 3.40 3.00 Diluted net income per share 1.88 12.99 EUR million 30.06.2008 30.06.2007 Earnings Net income 8.8 61.5 Balance sheet Equity 524.7 584.7 Total assets 533.9 598.8 EUR million 30.06.2008 % 30.06.2007 % Investments Listed companies 319.7 62 357.4 60 Direct private equity investment 88.8 17 92.1 16 Private equity funds 41.9 8 35.4 6 Loans and receivable 5.4 1 1.3 0 Total non-current investments 455.8 88 486.2 89 Trading assets 12.9 3 18 3 Cash at banks 46.6 9 88 15 Total investments 515.3 100 592.2 100 30.06.2008 30.06.2007 Shares Total shares issued 4,773,321 4,773,321 Shares held by the Company 97,245 50,423 THE COMPANY AND ITS ENVIRONMENT The company and its environment / 5 | The company | BIP Investment Partners SA (BIP) is an investment company founded in April 2000 under the name BGL Investment Partners at the joint initiative of Banque Générale du Luxembourg (BGl), now Fortis Banque Luxembourg, and a group of private investors in Luxembourg. -
Chapitre 1.Pdf
4 THE ECONOMIC AND FINANCIAL SITUATION 5 1 THE ECONOMIC AND FINANCIAL SITUATION THE ECONOMIC AND FINANCIAL SITUATION 6 1.1 THE ECONOMIC SITUATION AT THE INTERNATIONAL LEVEL 1.1.1 Short-term interest rates and monetary policy decisions In April 2011, the Governing Council increased the key ECB interest rates by 25 basis points, after leaving them unchanged since May 2009. Thus as of June 2011, the interest rate on the main refinancing operations (MROs) stands at 1.25%, while those on the deposit facility and on the marginal lending facility stand at 0.50% and 2.00% respectively. The Governing Council decided in March 2011 to continue to conduct MROs and the special-term refinancing operations with a maturity of one maintenance period as fixed rate tender procedures with full allotment for as long as necessary. Furthermore, the Governing Council decided to conduct the three-month longer-term refinancing operations (LTROs) as fixed rate tender procedures with full allotment. 1 1.1.2 Government bond markets Over the review period, long-term yields on government bonds in the US and the euro area first decreased, reflecting tensions in some euro area sovereign debt markets. The financial support granted to Greece, the creation of the EFSF and the non-standard measures introduced by the Eurosystem in May 2010 limited the propagation of these tensions without interrupting this trend which lasted until the end of the summer. From the third quarter of 2010, government bond yields finally started to increase in a financial environment characterised by risk-seeking behaviour. The improvement of the economic outlook, market participants’ inflation expectations and the expected increase in central bank interest rates over the next quarters also contributed to this upward trend, despite the second phase of the quantitative easing launched by the Fed in November 2010.