DOCSLIB.ORG

30Th September, 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
30Th September, 2020 MANAGERIAL ACTION AS A RESULT OF THE IMPACT OF COVID - 19 30th September, 2020 I FOREWORD ........................................................................................................................ 9 II IDENTIFIED PATTERNS ......................................................................................................... 9 III COUNTRIES AND EUROPEAN INSTITUTIONS ............................................................................ 13 1. GENERAL .......................................................................................................................... 13 2. BRAZIL ............................................................................................................................ 14 3. CHINA ............................................................................................................................. 14 4. EUROPEAN CENTRAL BANK ..................................................................................................... 14 5. EUROPEAN STABILITY MECHANISM ............................................................................................ 14 6. EUROPEAN UNION ............................................................................................................... 15 7. FRANCE ............................................................................................................................ 15 8. GERMANY ......................................................................................................................... 16 9. ITALY .............................................................................................................................. 16 10. JAPAN .............................................................................................................................. 16 11. PORTUGAL......................................................................................................................... 16 12. RUSSIA ............................................................................................................................ 17 13. SPAIN .............................................................................................................................. 17 14. UNITED KINGDOM ............................................................................................................... 17 15. USA ............................................................................................................................... 17 IV BUSINESS BY SECTORS ....................................................................................................... 18 1. ACTIVISM ......................................................................................................................... 18 1.1. Elliot Management ................................................................................................. 18 2. AERONAUTICS .................................................................................................................... 19 2.1. International ......................................................................................................... 19 Airbus .................................................................................................... 19 Boeing ................................................................................................... 19 Embraer ................................................................................................. 19 Rolls-Royce ............................................................................................ 20 Safran ................................................................................................... 20 3. AGRICULTURE .................................................................................................................... 20 3.1. US ....................................................................................................................... 20 4. AIR TRANSPORT .................................................................................................................. 20 4.1. China ................................................................................................................... 20 4.2. International ......................................................................................................... 20 Air France/KLM ....................................................................................... 21 Alitalia ................................................................................................... 21 Cathay Pacific ......................................................................................... 21 Condor................................................................................................... 21 EasyJet .................................................................................................. 21 Finnair ................................................................................................... 21 IAG ....................................................................................................... 21 4.2.7.1. British Airways ........................................................................................ 22 4.2.7.2. Iberia .................................................................................................... 22 LATAM ................................................................................................... 22 LOT ....................................................................................................... 22 Lufthansa ............................................................................................... 22 Norwegian .............................................................................................. 24 Quantas ................................................................................................. 24 Ryanair .................................................................................................. 25 SAS ....................................................................................................... 25 Thai ....................................................................................................... 25 Virgin Atlantic ......................................................................................... 25 Virgin Australia ....................................................................................... 25 Wizz ...................................................................................................... 25 4.3. Portugal ................................................................................................................ 25 TAP * .................................................................................................... 25 2 4.4. US ....................................................................................................................... 26 American Airlines .................................................................................... 27 Delta ..................................................................................................... 27 United ................................................................................................... 27 5. AUDITING ......................................................................................................................... 27 5.1. International ......................................................................................................... 27 5.2. Portugal ................................................................................................................ 27 KPMG .................................................................................................... 27 6. BANKING .......................................................................................................................... 27 6.1. Europe.................................................................................................................. 27 Germany ................................................................................................ 28 6.1.1.1. Commerzbank ........................................................................................ 28 6.1.1.2. Deutsche Bank ........................................................................................ 28 Italy ...................................................................................................... 28 Portugal * .............................................................................................. 28 6.1.3.1. BCP * .................................................................................................... 29 6.1.3.2. BPI * ..................................................................................................... 29 6.1.3.3. Banco Montepio * .................................................................................... 29 6.1.3.4. Caixa Geral de Depósitos * ....................................................................... 29 6.1.3.5. EuroBic * ............................................................................................... 29 6.1.3.6. Novo Banco ............................................................................................ 29 Spain ..................................................................................................... 29 6.1.4.1. Banco Santander * .................................................................................. 29 6.1.4.2. Bankinter ..............................................................................................
Load more

Recommended publications
  • Enlarging Knowledge on Lager Beer Volatile Metabolites Using Multidimensional Gas Chromatography
    foods Article Enlarging Knowledge on Lager Beer Volatile Metabolites Using Multidimensional Gas Chromatography Cátia Martins 1 , Tiago Brandão 2, Adelaide Almeida 3 and Sílvia M. Rocha 1,* 1 Departamento de Química & LAQV-REQUIMTE, Universidade de Aveiro, Campus Universitário Santiago, 3810-193 Aveiro, Portugal; [email protected] 2 Super Bock Group, Rua do Mosteiro, 4465-703 Leça do Balio, Portugal; [email protected] 3 Departamento de Biologia & CESAM, Universidade de Aveiro, Campus Universitário Santiago, 3810-193 Aveiro, Portugal; [email protected] * Correspondence: [email protected]; Tel.: +351-234-401-524 Received: 30 July 2020; Accepted: 6 September 2020; Published: 11 September 2020 Abstract: Foodomics, emergent field of metabolomics, has been applied to study food system processes, and it may be useful to understand sensorial food properties, among others, through foods metabolites profiling. Thus, as beer volatile components represent the major contributors for beer overall and peculiar aroma properties, this work intends to perform an in-depth profiling of lager beer volatile metabolites and to generate new data that may contribute for molecules’ identification, by using multidimensional gas chromatography. A set of lager beers were used as case-study, and 329 volatile metabolites were determined, distributed over 8 chemical families: acids, alcohols, esters, monoterpenic compounds, norisoprenoids, sesquiterpenic compounds, sulfur compounds, and volatile phenols. From these, 96 compounds are reported for the first time in the lager beer volatile composition. Around half of them were common to all beers under study. Clustering analysis allowed a beer typing according to production system: macro- and microbrewer beers. Monoterpenic and sesquiterpenic compounds were the chemical families that showed wide range of chemical structures, which may contribute for the samples’ peculiar aroma characteristics.
    [Show full text]
  • Tese Carla Quintas Inclui As Críticas Do Júri Teste1
    A redução de custos face à atual conjuntura de crise: Evidência empírica nas empresas do PSI-20 Carla Marlene Silva Quintas Dissertação apresentada ao Instituto Politécnico de Viana do Castelo para obtenção do Grau de Mestre em Gestão das Organizações, Ramo de Gestão de Empresas Orientada por: Professor Doutor Nuno Domingues Viana do Castelo, fevereiro de 2016 A redução de custos face à atual conjuntura de crise: Evidência empírica nas empresas do PSI-20 Carla Marlene Silva Quintas Orientação: Professor Doutor Nuno Domingues Viana do Castelo, fevereiro de 2016 RESUMO A globalização é um fenómeno inevitável e que afeta todas as organizações. Os concorrentes deixaram de ser as empresas da mesma área geográfica e passaram a ser todas as que, a nível mundial, competem no mesmo mercado. Neste sentido, é inevitável por parte das empresas a procura da melhoria da qualidade do seu produto/serviço e a preços cada vez mais competitivos. Esta discussão não é recente mas torna-se proeminente em função da crise económica e social que se atravessa. A redução dos custos e, principalmente, o aumento dos lucros são necessários a qualquer empresa que tem como principal objetivo a sobrevivência neste mercado global. Deste modo, este estudo incide sobre quais as medidas que as maiores empresas portuguesas (PSI-20, cotadas em 2011) tomaram no sentido de reduzir custos face à atual conjuntura de crise. As conclusões apontam no sentido de todas as empresas analisadas demonstrarem preocupação com a temática, sendo que as medidas tomadas nem sempre são possíveis de apurar. As medidas relacionadas com os custos com pessoal são utilizadas por diversas empresas mas possuem várias nuances : redimensionamento do quadro de colaboradores, anulação/corte de remuneração variável, contenção de aumentos salariais, reconversão de quadros, formação, renegociação/reestruturação de seguros de saúde e corte nas horas extraordinárias.
    [Show full text]
  • Banco BPI 1.º Semestre De 2017”
    This document is a translation from the Portuguese original “Relatório e Contas Banco BPI 1.º semestre de 2017”. In the event of any inconsistency the Portuguese version shall prevail. BANCO BPI 1st half 2017 Public held company Registered in Oporto C.R.C. and tax identification under the sole number 501 214 534 Headquarters: Rua Tenente Valadim, n.º 284, 4100-476 Porto, PORTUGAL Share Capital: EUR 1 293 063 324.98 Registered in Oporto C.R.C. and tax identification under the sole number 501 214 534 This page was intentionally left blank. 2009 Report and Accounts| Management report 2 Index REPORT Leading business indicators 4 Summary of first half 2017 results 5 Financial structure and business 6 Governing bodies 7 Human resources 8 Distribution channels 9 Background to operations 10 Financial review 13 Rating 36 Banco BPI Shares 37 Annex - Recommendations from Bank of Portugal 38 Annex - Alternative Performance Indicators 40 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 43 Consolidated financial statements 44 Notes to the consolidated financial statements 49 Statement 236 Audit report prepared by an auditor registered at the Portuguese Securities Market 237 Commission (CMVM) Banco BPI | Report and Accounts 1st half 2017 3 Leading business indicators (Figures in millions of euros, except where indicated otherwise) 1st half 17, excl. 1st half 16 Results and profitability 1st half 17 non-recurring 1 pro forma Net profit 187.8 (101.7) 105.9 Net profit per share (euros) 0,129 (0,070) 0,073 Weighted average number of shares (in millions) 1,455.7
    [Show full text]
  • Altri SGPS SA
    COLEGIO UNIVERSITARIO DE ESTUDIOS FINANCIEROS GRADO EN ADMINISTRACIÓN Y DIRECCIÓN DE EMPRESAS Trabajo Fin de GRADO ANÁLISIS DE DATOS FINANCIEROS ALTRI SGPS S.A. Autor: Hernández López-Sors, Gonzalo Tutor: Queralt Sánchez de las Matas, Ricardo Gracia Díez, Mercedes Madrid, abril de 2019 ÍNDICE 1. Introducción y objetivo del trabajo ………………………………………………………………… 3 2. ALTRI SGPS S.A. 2.1 Descripción de la compañía………………………………………………………………………. 3 2.2 Historia ……………………..………………………………………………………………..……......... 5 2.3 Análisis financiero …………………………………………………………………………..………… 8 2.4 Resumen estados financieros ……………………………………………………………….… 11 2.5 Estructura del accionariado ………………………………………………………….………… 12 3. Análisis descriptivo de los datos …………………………………………………………..………. 12 4. Análisis estadístico de los datos 4.1 Tasas de variación …………………………………………………………………….……………. 15 4.2 Estadística descriptiva ……………………………………………..………………..…………… 17 5. Contrastes de hipótesis 5.1 El efecto de la crisis mundial de 2008 …………..………………………………………… 20 5.2 Inversión en el activo o en el mercado ……………………………………………………. 22 5.3 El efecto de la crisis financiera en Portugal (2010-2014) ..…….………………… 23 5.4 El efecto psicológico del split ……………………………………………………….…………. 24 6. El modelo CAPM 6.1 Estimación por el método MCO ……………………………………………………………… 26 6.2 Estimación por el método NW ………………………………………………………….……. 30 6.3 Hipótesis econométricas ……………………………………………………………..…………. 31 7. Conclusiones ……………………………………………………………………………………….……….. 33 8. Bibliografía ………………………………………………………………………………..…………………. 34 9. Apéndice 9.1 Anexo I: Índice de gráficos y tablas …………………………………………….………..… 36 9.2 Anexo II: Estadística descriptiva ……………………………………………………………... 38 9.3 Anexo III: Contrastes de hipótesis …………………………………………….………….… 39 9.4 Anexo IV: Econometría ………………………………………………………………….…..…… 40 2 1. INTRODUCCIÓN Y OBJETIVO DEL TRABAJO El objetivo principal de este trabajo es la realización de un extenso análisis de la empresa portuguesa Altri; una de las principales compañías cotizadas en el índice más importante de Portugal, el PSI20 (Portuguese Stock Index).
    [Show full text]
  • Efficiency in Stock Markets with DEA: Evidence from PSI20
    861 Int. J Latest Trends Fin. Eco. Sc. Vol‐5 No. 1 March, 2015 Efficiency in Stock Markets with DEA: Evidence from PSI20 Nuno Ferreira#1, Adriano Mendonça Souza*2 # Department of Quantitative Methods, IBS-ISCTE Business School, ISCTE Avenida das Forças Armadas, Lisboa, Portugal [email protected] * Department of Statistics, Federal University of Santa Maria Roraima Avenue, 100, Santa Maria, RS state, Brazil [email protected] Abstract - After the US subprime crisis, the first signs of economic efficiency, and technical efficiency. a sovereign debt crisis spread among European Whereas technical efficiency requires only input and financial players. The regulation of the markets by output data, economic efficiency also requires price European Commission and European Central Bank data. The simplest way to differentiate productive and created limitation to obtained great amount of liquidity technical efficiency is to think of productive in commercial banking sector. In this context, the efficiency in terms of cost minimization by adjusting successful survival of some European banks became in a dangerous situation. The present study try to explore the mix of inputs, whereas technical efficiency is the crisis occurred in one of the largest private output maximization from a given mix of inputs. Portuguese banks through the analysis of the efficiency In literature, a large number of papers is based on levels of twenty largest enterprises of the PSI20 since an essentially nonparametric, programming approach 1993. The input variables chosen were market value to analysis of observed outcomes. In fact, the Data and return in a Data Envelopment Analysis model. Envelopment Analysis (DEA) is by far the most used Consistent with earlier studies, the results show methodology to measure efficiency.
    [Show full text]
  • How Fashion Luxury Brands Communities Express Negativity: a Netnographic Approach
    MASTER IN ECONOMICS AND BUSINESS ADMINISTRATION How Fashion Luxury Brands Communities Express Negativity: A Netnographic Approach Mafalda Jacques dos Santos Barata M 2020 HOW FASHION LUXURY BRANDS COMMUNITIES EXPRESS NEGATIVITY: A NETNOGRAPHIC APPROACH Mafalda Jacques dos Santos Barata Dissertation Master in Economics and Business Administration Supervised by: Amélia Maria Pinto da Cunha Brandão, PhD 2020 Bibliographic Note Mafalda Jacques dos Santos Barata was born on 15th July of 1995 in Porto, Portugal. In 2013 she enrolled in the Management course in Católica Porto Business School. In September 2015 she moved to Amsterdam to experience tu study during fall semester at HvA - Hogeschool Van Amsterdam (University of Applied Sciences). The six months she spent abroad were crucial for her personal growth as well as for her academic expansion, given that HvA promotes both experimental and theoretical education. The biggest challenge at a academic level was learning of SAP’s software functionalities within a fictional company inside the university, which gave her tangible insights about working in a company. In January 2017 she concluded her bachelor degree with an average grade of fourteen out of twenty, with the intention to enroll in a master’s degree in September of that year. During that period, she got an internship in the Super Bock Group in marketing department. For three months she participated in the internationalization of their products to Spain. By September 2017 she had enrolled in the Master’s in Economics and Business Administration at FEP School of Economics and Management, with the aim to expand her knowledge in the management field as well as learning about economics.
    [Show full text]
  • Relatório De Atividades E Gestão Fundação Centro Cultural De Belém
    2018 Fundação Relatório Centro Cultural de Atividades de Belém e Gestão Fundação Relatório Centro Cultural de Atividades de Belém e Gestão Mensagem 1 do Presidente 007 A Atividade da Fundação em Números 2 Principais Indicadores 013 3.1 Artes Performativas 029 Uma Programação 3.2 Fábrica das Artes 035 3 Diversificada 3.3 Literatura e Pensamento 037 3.4 Garagem Sul – Exposições de Arquitetura 045 Atividade 4.1 Lojas 051 Comercial 4.2 Eventos 051 4 4.3 Restauração e catering 053 5.1 Relação com os media e presença nas redes sociais 057 Comunicação 5.2 Imagem e nova edições 057 e Marketing 5.3 Amigos, mecenas e parcerias institucionais 058 5 5.4 058 Relação com os públicos 6.1 Projetos e obras 065 O Edifício, as Instalações 6.2 Manutenção e gestão técnica 067 6 e os Equipamentos 6.3 Ambiente, qualidade e acessibilidades 067 6.4 Tecnologias de informação e comunicação 068 6.5 Segurança 069 Recursos 7 Humanos 071 Resultados Económicos 079 8 e Financeiros Demonstrações finançeiras e anexo 091 Anexos Demonstração orçamentais e anexo 122 + Relatório de Auditoria 137 Relatório e Parecer do Conselho Fiscal 141 Declarações previstas no art.º 15.º da Lei n.º 22/2015 de 17 de março 145 Relatório de Atividades e Gestão 2018 007 Mensagem do Presidente A Administração da FCCB assumiu funções vi) O desenvolvimento de uma estratégia a 15 de março de 2016, num cenário de mudança, de comunicação nos media, nas redes sociais com o objetivo claramente definido, na Resolução e junto dos públicos, capaz de reforçar do Conselho de Ministros n.º 9 de 2016, o seu posicionamento estratégico enquanto de recentrar “a missão e o papel daquele lugar de fruição cultural, enquanto lugar equipamento cultural (CCB) no quadro da contemporaneidade, e enquanto “Cidade da sua intervenção prioritária”.
    [Show full text]
  • Management Report 2018 Executive Committee's Message Investments
    MANAGEMENT REPORT 2018 EXECUTIVE COMMITTEE'S MESSAGE INVESTMENTS, EXECUTIVE COMMITTEE'S MESSAGE .................................................................................. 04 DEVELOPMENTS AND ACHIEVEMENTS 1. INNOVATION ..................................................................................................................... 15 2. TOURISM .......................................................................................................................... 15 ORGANISATION 3. MALTIBÉRICA ................................................................................................................... 15 4. CASA DA CERVEJA ............................................................................................................ 15 1. MISSION ........................................................................................................................... 06 2. VISION .............................................................................................................................. 06 3. VALUES ............................................................................................................................ 06 4. AUTHENTIC CULTURE CHARTER ...................................................................................... 06 SUSTAINABILITY 5. STRUCTURE ......................................................................................................................07 1. STRATEGIC VISION ...........................................................................................................
    [Show full text]
  • Retirement Funds June 30, 2012 Description % of Shares Owned
    Retirement Funds June 30, 2012 Description % of Shares Owned BARCLAYS LOW CAP PRINCIPAL CAS 0.000000% BLACKROCK FEDFUND(30) 0.440244% BLACKROCK TEMPCASH-FUND(21) 0.000000% BLACKROCK TEMPCASH-FUND(21) 0.000486% BLACKROCK TEMPCASH-FUND(21) 0.000485% BLACKROCK TEMPCASH-FUND(21) 0.008246% BLACKROCK TEMPCASH-FUND(21) 0.006791% BLACKROCK TEMPCASH-FUND(21) 0.005165% BLACKROCK TEMPCASH-FUND(21) 0.006043% BLACKROCK TEMPCASH-FUND(21) 0.004035% BLACKROCK TEMPCASH-FUND(21) 0.035990% BLACKROCK TEMPCASH-FUND(21) 0.020497% BLACKROCK TEMPCASH-FUND(21) 0.023343% BLACKROCK TEMPCASH-FUND(21) 0.008326% BLACKROCK TEMPCASH-FUND(21) 0.000781% BLACKROCK TEMPCASH-FUND(21) 0.004848% BLACKROCK TEMPCASH-FUND(21) 0.022593% BLACKROCK TEMPCASH-FUND(21) 0.000646% BLACKROCK TEMPCASH-FUND(21) 1.307615% BLACKROCK TEMPCASH-FUND(21) 0.214356% BLACKROCK TEMPCASH-FUND(21) 0.001147% BLACKROCK TEMPCASH-FUND(21) 0.024810% BLACKROCK TEMPCASH-FUND(21) 0.009406% BLACKROCK TEMPCASH-FUND(21) 0.018922% BLACKROCK TEMPCASH-FUND(21) 0.030062% BLACKROCK TEMPCASH-FUND(21) 0.010464% BLACKROCK TEMPCASH-FUND(21) 0.004697% BLACKROCK TEMPCASH-FUND(21) 0.001179% BLACKROCK TEMPCASH-FUND(21) 0.007266% BLACKROCK TEMPCASH-FUND(21) 0.000112% BLACKROCK TEMPCASH-FUND(21) 0.008062% BLACKROCK TEMPCASH-FUND(21) 0.011657% CASH COLLATERAL AT BR TRUST 0.000001% CASH COLLATERAL AT BR TRUST 0.000584% EOD STIF 0.024153% MONEY MARKET FD FOR EBT 0.000000% US DOLLAR CASH 0.008786% United States-Dollar 0.000000% United States-Dollar 0.000003% United States-Dollar 0.000019% United States-Dollar 0.000003% United States-Dollar
    [Show full text]
  • Annual Report
    Annual Proposal Report 2019 Let’s continue working for a better world #TheRightWay santander.pt SantanderSantander Totta SGPS, Totta, SA SGPS 1 Santander Totta, SGPS, SA Table of Indicators 3 Message from the Chief Executive Officer 4 Customers and Distribution Network 5 Corporate culture, awards, distinctions and other 7 relevant facts in 2019 Sustainability policy 14 Activity and Results Business Framework 18 Major risks and uncertainties for 2020 24 Business Areas 25 Business support areas 30 Economic and financial information 34 Relevant facts after the close of the period and the 41 outlook for 2020 Risk Management 43 Credit, and counterparty risk 44 Balance-sheet risk 46 This report was approved by the Market risk 47 Operational risk 48 Board of Directors on April 21, Compliance and reputation risk 49 2020 Proposal for the Appropriation of Net Income 51 Additional Information 52 Corporate Governance Report 56 Financial statements, notes to the accounts and reports and opinions Consolidated financial statements 61 Notes to the consolidated financial statements 66 Reports and opinions on the consolidated business 227 Santander Totta, SGPS, SA Rua do Ouro, 88 – 1100-063 Lisbon Share Capital: €1,972,962,079.58 Registered at the Lisbon Registry of Companies under number single registration and VAT number 507 096 851 SantanderLEI: 5493005RLLC1P7VSVC58. Totta SGPS, SA 2 TABLE OF INDICATORS BALANCE SHEET AND RESULTS (million euro) 2019 2018 Var. Total Net Assets 56,083 55,028 +1.9% Loans and advances to customers (net) 1 39,349 39,644 -0.7% Customers' Resources 42,420 39,980 +6.1% Total shareholders' equity 4,264 4,172 +2.2% Net Interest Income 855.7 866.3 -1.2% Net Fees and Other Income 381.0 382.9 -0.5% Net Income from Banking Activities 1,344.5 1,259.5 +6.8% Net Operating Income 740.0 633.5 +16.8% Income before taxes and non-controlling interests* 739.8 673.8 +9.8% Consolidated net income attributable to the shareholders of ST, SGPS 527.3 500.0 +5.5% RATIOS 2019 2018 Var.
    [Show full text]
  • Session 1.1 Afonsoo WWF PPT Apewebinar May21.Pdf
    Environmental protection of water resources policies and instruments that need to be prioritized Porto, May 20th 2021 WWF WWF is one of the world’s largest independent non-governmental nature conservation organization, with more than 5 million members globally and active offices in more than 120 countries. WWF's mission is to stop environmental degradation and build a future in which humans live in harmony with nature by conserving the world's biological diversity, ensuring that the use of renewable natural resources is sustainable, and promoting the reduction of pollution and waste. WWF approach in Europe ANP|WWF FLORESTAS ANP|WWF works in association with WWF ÁGUA DOCE International and continues the work that has been ongoing in the national territory since 1990 by WWF OCEANOS Mediterranean. ANP|WWF operates in 6 major practices: oceans and ALIMENTAÇÃO fisheries, forests, wildlife, food, freshwater, climate and energy, through several VIDA conservation projects and policy work. SELVAGEM CLIMA E ENERGIA FRESHWATER CONSERVATION IN PORTUGAL FLORESTA S, • Water footprint reduction and risk management approaches ALIMENTA PRIORITIES • Water Stewardship initiatives and corporate responsibility ÇÃO E • Dam impact reduction and obsolete barriers removal VIDA • Ecologic restoration and water cycle improvement SELVAGEM • Plantar Água – restoring post-fire mediterranean forests in the PROJECTSÁGUA Caldeirão hills (Algarve) • Reconnecting Iberian Rivers – improving water management and connectivity in transboundary river basins (Douro, Tejo, Guadiana)
    [Show full text]
  • Banco BPI 2008 This Page Was Intentionally Left Blank
    Banco BPI 2008 This page was intentionally left blank. Report This page was intentionally left blank. Index REPORT Leading business indicators 4 Introduction 6 Governing Bodies 11 Historical milestones 12 Highlights 14 The identity of BPI 16 Financial structure and business 17 Distribution channels 20 The BPI Brand 24 Social responsibility 27 Human resources 33 Technology 37 Background to operations 41 Domestic Commercial Banking 53 Bancassurance 72 Asset Management 73 Investment Banking 79 Private Equity 84 International Commercial Banking 85 Financial review 90 Risk management 143 Rating 177 Proposed appropriation of net profit 179 Final acknowledgements 180 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES Consolidated financial statements 181 Notes to the consolidated financial statements 191 Statement from the Board of Directors 316 Legal certification of accounts and audit report 317 Report and opinion of the Supervisory Board 319 THE BPI GROUP’S CORPORATE GOVERNANCE REPORT BPI Group’s Corporate Governance report 321 Appendices 422 ANNEXES Definitions, acronyms and abbreviations 444 Glossary 446 Formulary 449 Methodological notes 451 General index 452 Index of figures, tables, charts and “boxes” 456 Thematic index 458 Miscellaneous information 459 Leading business indicators (Consolidated figures in millions of euros, except where indicated otherwise) 2004 2005 2006 2007 2008 07/08 2008 07/08 Δ% adjusted1 Δ% Net total assets 24 010 30 159 35 565 40 546 43 003 6.1% Assets under management 2, F 9 671 14 339 15 184 15 884 12 665 (20.3%) Business
    [Show full text]