The Trilateral Commission
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To Grow in a Sustainable and Profitable Manner and to Play an Active Part in the Industry’S Current Consolidation Process
MAGAZINE in the Annual Report 2010 Ro to OMGRow Deutsche wohnen Magazine in the Annual Report 2010 Deutsche wohnen The German economy and real estate market are currently particularly attractive, espe- cially globally operating investors are increasingly recognising the advantages offered by Germany: Its real estate market has been extremely stable for over 20 years, giving it a special status in comparison to elsewhere in the world. The best prospects are offered by the residential asset class in German metropolitan areas. Metropolitan areas are becoming increasingly attractive and important, and are a magnet for many people. It is exactly in this area that Deutsche Wohnen, one of the leading German residential property companies, has the core of its portfolio. With a current total of 47,688 residential units – including acquisitions – and 443 commercial properties, mainly in Berlin and the greater Rhine-Main area, the company is excellently placed to participate significantly in the growth potential of the market. The focus of its operating activities is the manage- ment and development of its own portfolio, whose value is continually increasing. The continuous optimisation of its core holdings and strategic additions and disposals are allowing Deutsche Wohnen as a large publicly listed residential property company to grow in a sustainable and profitable manner and to play an active part in the industry’s current consolidation process. The shares of Deutsche Wohnen AG are listed in the MDAX index of Deutsche Börse. Deutsche Wohnen is looking back on a very successful SUSTAINABLE financial year. What is on the agenda for 2011?Michael Zahn: “We operate in the fast-growing areas of Germany and our property know-how allows us to derive the best PROFITABLE possible value from our portfolios. -
Permanent Members of the ESRB General Board
Permanent members of the ESRB General Board Voting Members Non-voting Members Chair of the ESRB General Board Mario Draghi President European Central Bank Sonnemannstraße 20 60314 Frankfurt am Main Germany First Vice-Chair of the ESRB General Board (voting member as Governor of the Bank of England) Mark Carney Governor Bank of England Threadneedle Street London EC2R 8AH United Kingdom Second Vice-Chair of the ESRB General Board (voting member as Chairman of the ESAs Joint Committee) Andrea Enria Chairman European Banking Authority Tower 42 (level 18) 25 Old Broad Street London EC2N 1HQ United Kingdom 1 Permanent members of the ESRB General Board Voting Members Non-voting Members Chair of the Advisory Scientific Committee Richard Portes Professor of Economics London Business School Sussex Place London NW1 4SA United Kingdom Vice-Chair of the Advisory Scientific Committee Javier Suárez CEMFI Casado del Alisal 5 28014 Madrid Spain Vice-Chair of the Advisory Scientific Committee Marco Pagano Department of Economics University of Napoli Federico II Via Cintia Monte S. Angelo 80126 Napoli Italy Chair of the Advisory Technical Committee (voting member as Governor of the Sveriges Riksbank) Stefan Ingves Governor Sveriges Riksbank Brunkebergstorg 11 103 37 Stockholm Sweden 2 Permanent members of the ESRB General Board Voting Members Non-voting Members Austria Ewald Nowotny Helmut Ettl Governor Executive Director Oesterreichische Nationalbank Österreichische Finanzmarktaufsicht (FMA) Otto-Wagner-Platz 3 1090 Vienna Otto-Wagner-Platz 5 Austria 1090 -
The Trilateral Commission
THE TRILATERAL COMMISSION MARCH 2009 *Executive Committee PETER SUTHERLAND JOSEPH S. NYE, JR. YOTARO KOBAYASHI European Chairman North American Chairman Pacific Asian Chairman HERVÉ DE CARMOY ALLAN E. GOTLIEB HAN SUNG-JOO European North American Pacific Asian Deputy Chairman Deputy Chairman Deputy Chairman ANDRZEJ OLECHOWSKI LORENZO H. ZAMBRANO SHIJURO OGATA European North American Pacific Asian Deputy Chairman Deputy Chairman Deputy Chairman DAVID ROCKEFELLER Founder and Honorary Chairman GEORGES BERTHOIN PAUL A. VOLCKER OTTO GRAF LAMBSDORFF European Honorary Chairman North American Honorary Chairman European Honorary Chairman *** PAUL RÉVAY MICHAEL J. O'NEIL TADASHI YAMAMOTO European Director North American Director Pacific Asian Director EUROPEAN GROUP Urban Ahlin, Member of the Swedish Parliament and Deputy Chairman of the Committee on Foreign Affairs, Stockholm *Edmond Alphandéry, Chairman, CNP Assurances, Paris; former Chairman, Electricité de France (EDF); former Minister of the Economy and Finance Jacques Andréani, Ambassadeur de France, Paris; former Ambassador to the United States Jorge Armindo, President and Chief Executive Officer, Amorim Turismo, Lisbon Jerzy Baczynski, Editor-in-Chief, Polityka, Warsaw Patricia Barbizet, Chief Executive Officer and Member of the Board of Directors, Artémis Group, Paris Estela Barbot, Director, AGA; Director, Bank Santander Negocios; Member of the General Council, AEP -- Portuguese Business Association, Porto; General Honorary Consul of Guatemala, Lisbon *Erik Belfrage, Senior Vice President, -
Erste Financial Life Park Erste Campus Am Belvedere 1, 1100 Vienna Nanciallifepark.At
Erste Financial Life Park Erste Campus Am Belvedere 1, 1100 Vienna www.fi nanciallifepark.at Programme 5th – 6th October 2017 Vienna, Austria #FLiPSummit CENTRAL RAIL STATION HAUPTBAHNHOF U1 S60, S80 ENTRANCE GARAGE Welcome to the 1st FLiP Financial KARLPOPPERSTRAßE SPREAD THE Education Summit on the occasion of the P P P Lift to 0, 18 th TRUCK CAR BIKE 5 International Federation of Finance Erste Lounge MESSAGE 13A, 69A Museums (IFFM) Annual Meeting. Grand Hall Foyer Building D Help us to make people aware of the A two-day event to learn more about the current status and the future importance of Financial Education and of fi nancial education, foster stronger international cooperation and share your experience! raise awareness of the topic. Registration Patio Grand @financiallifepark e invitees constitute a high-level platform of international experts Hall from academia, fi nance, media and politics. ey will gather to present Main@financiallifepark WIEDNER GÜRTEL Entrance their ideas and discuss the measurement and success of social @flipvienna 13A education initiatives and fi nancial education with reference to 0, 18 migration, the gender gap and the ageing society. Lift to Building Entrance #FLiPSummit QUARTIER Park A BELVEDERE Enjoy our varied programme! Kitchen FLiP #IFFM_AM2017Building Patio ATRIUM F Your FLiP team ELIAS CANETTI STRAßE Wireless network:Entrance erstebank FLiP Lab ERSTE Foundation Erste Flagship Store ARSENALSTRAßE QUARTIER D BELVEDERE S1, S2, S3, S4 Private vehicles ere is an indoor car park for private cars at the Central Rail Station (Hauptbahnhof) CENTRAL RAIL STATION HAUPTBAHNHOF and another one at Erste Campus. Access to the car park at Erste Campus is via U1 S60, S80 Karl-Popper-Straße.Look for signs to the Campus and car park on either side of the nearby Wiedner Gürtel thoroughfare. -
Business Address Prof
Univ. Prof. Dr. Mag. Brigitte Unger Business address Prof. dr. Brigitte Unger Utrecht University School of Economics Utrecht University Kriekenpitplein 21-22 3584 EC Utrecht The Netherlands Phone: +31-30-2539800 E-mail: [email protected] Home page: http://www2.econ.uu.nl/users/unger/ Foto: R. Rozenburg CURRICULUM VITAE (last update: 24th of April 2017) Date and Place of Birth: 27th of October 1955, Güssing, Burgenland, Austria Nationality: Austrian Education and Degrees: 1973 - 1975 Academy of Music, Vienna, (Musikhochschule Wien) Studies of Music, Opera-singing and Recorder, Soprano Singer at the Arnold Schönberg Choir 1975 - 1977 Sorbonne, Paris, Studies of French and French Literature 1977 - 1981 University of Vienna (Universität Wien), Parallel Studies of Interpreter of French and Russian and of Economics. Diploma work on the role of expectations in Keynes’ General Theory on Employment, Interest and Money. Masters of Social and Economic Sciences (Magister der Sozial- und Wirtschaftswissenschaften, Supervisor Prof. G. Winckler) 1982 - 1984 Institute for Advanced Studies, Department of Economics, Vienna, Postgraduate Studies of Economics and Econometrics (seminar papers with Richard Marston and Paul Davidson). Terminal Paper on a Simultaneous Disequilibrium Model of Financing Public Deficits 1984 - 1987 Vienna University of Economics and Business Administration (Wirtschaftsuniversität Wien), PhD (Doktor der Sozial- und Wirtschaftswissenschaften, Supervisor Prof. E. Nowotny) on the Effects of Financing Public Debts and Deficits 1 Univ. Prof. Dr. Mag. Brigitte Unger May 1998 Habilitation on Room for Manoeuvre: Choices Left for National Economic Policy, Associate Professor of Economic Theory and Policy, full time tenure at the Wirtschaftsuniversität, chair Prof. E. Nowotny Oct 1998 Appointment as University Professor of Economics (a.o. -
European Membership List
THE TRILATERAL COMMISSION MAY 2012 *Executive Committee JEAN-CLAUDE TRICHET JOSEPH S. NYE, JR. YOTARO KOBAYASHI European Chairman North American Chairman Pacific Asian Chairman VLADIMIR DLOUHY ALLAN E. GOTLIEB HAN SUNG-JOO European North American Pacific Asian Deputy Chairman Deputy Chairman Deputy Chairman MICHAEL FUCHS JAIME SERRA JUSUF WANANDI European North American Pacific Asian Deputy Chairman Deputy Chairman Deputy Chairman DAVID ROCKEFELLER Founder and Honorary Chairman PETER SUTHERLAND GEORGES BERTHOIN PAUL A. VOLCKER European European North American Honorary Chairman Honorary Chairman Honorary Chairman *** PAUL RÉVAY MICHAEL J. O'NEIL TADASHI YAMAMOTO European Director North American Director Pacific Asian Director EUROPEAN GROUP Alexandre Adler, Scientific Director for Geopolitics, University of Paris-Dauphine; Journalist and Commentator, Paris Urban Ahlin, Member of the Swedish Parliament and Deputy Chairman of the Committee on Foreign Affairs, Stockholm *Esko Aho, Executive Vice President, Nokia, Helsinki; former Prime Minister of Finland *Edmond Alphandéry, Chairman, CNP Assurances, Paris; former Chairman, Electricité de France (EDF); former Minister of the Economy and Finance Jacques Andréani, Ambassadeur de France, Paris; former Ambassador to the United States Jorge Armindo, Chairman, Amorim Turismo, Lisbon Jerzy Baczynski, Editor-in-Chief, Polityka, Warsaw Estela Barbot, former Director, AGA; Director, Bank Santander Negocios; Member of the General Council, AEP -- Portuguese Business Association, Porto; General Honorary -
View Annual Report
Annual10 Report Contents 3 Foreword 94 Report of the Supervisory Board 6 Management Board 100 ullstein bild 8 Highlights 116 Consolidated Financial Statements 117 Responsibility Statement 22 The Axel Springer share 118 Auditor’s Report 119 Consolidated Statement of Financial Position 25 Employees 120 Consolidated Statement of Comprehensive Income 28 Social responsibility 121 Consolidated Statement of Cash Flows 122 Consolidated Statement of Changes in Equity 30 Combined Management Report of the Group and of Axel Springer AG 124 Notes to the Consolidated Financial Statements 31 Business and framework conditions 168 Boards 45 Financial performance, liquidity, and financial position 170 Glossary 63 Economic position of Axel Springer AG 66 Events after the reporting date 67 Report on risks and opportunities 74 Forecast report 78 Disclosures pursuant to Sections 289 (4), 315 (4) HGB and Explanatory Report pursuant to Section 176 (1) (1) AktG 82 Statement on governance pursuant to Section 289a HGB and Corporate Governance Report GroupGroup KeyKey FiguresFigures in € millions Change yoy 2010 2009 2008 2007 Group Total revenues 10.8 % 2,893.9 2,611.6 2,728.5 2,577.9 Digital Media revenues as percent of total revenues (pro forma) 24.4 % 21.2 % - - International revenues as percent of total revenues 28.1 % 21.0 % 21.9 % 20.8 % Circulation revenues – 0.2 % 1,174.3 1,176.2 1,215.8 1,190.6 Advertising revenues 21.6 % 1,384.8 1,138.5 1,248.1 1,207.5 Other revenues 12.8 % 334.8 296.9 264.7 179.8 1) EBITDA 53.0 % 510.6 333.7 486.2 470.0 1) EBITDA margin -
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Contributors Dan Andrews, Senior Economist, Economics Department, Organisation for Economic Co- operation and Development, France. Bas B. Bakker, Senior Regional Resident Representative, Regional Office for Central and Eastern Europe, International Monetary Fund, Poland. Iain Begg, Professorial Research Fellow, European Institute, London School of Economics and Political Science, UK; and Senior Fellow, UK in a Changing Europe Initiative. Marek Belka, President, Narodowy Bank Polski, Poland. Konstantīns Beņkovskis, Adviser, Monetary Policy Department, Latviijas Banka and Assistant Professor, Department of Economics, Stockholm School of Economics in Riga, Latvia. Zsolt Darvas, Senior Fellow, Bruegel, Belgium; Senior Research Fellow, Centre for Economic and Regional Studies of the Hungarian Academy of Sciences, Hungary; Senior Research Fellow, Corvinus University of Budapest, Hungary. Alain de Serres, Head of Structural Policies Surveillance Division, Economics Department, Organisation for Economic Co- operation and Development, France. Michał Gradzewicz, Director of the Bureau of Corporates, Households and Markets, Economic Institute, Narodowy Bank Polski, Poland. Doris Hanzl- Weiss, Research Economist, Vienna Institute for International Economic Studies (wiiw), Austria. Beata S. Javorcik, Professor of Economics, University of Oxford, UK; Research Fellow, Centre for Economic Policy Research (CEPR), UK. Anna Kosior, Director, Economic Institute, Bureau for Integration with the Euro Area, Narodowy Bank Polski, Poland. Krzysztof Krogulski, -
Annual Report 2010 Deutsche Wohnen
financial report in the annual report 2010 Ro to OMgrow KEY FIGURES Key figures of Deutsche Wohnen Group 2010 2009 KPROFIT AND LOSS STATEMENT Earnings from residential property management EUR m 150.9 151.0 Earnings from disposals EUR m 12.7 9.7 Earnings from nursing and assisted living EUR m 8.9 9.1 Corporate expenses EUR m -31.8 -34.61) EBITDA EUR m 136.1 133.51) EBT (adjusted) EUR m 33.7 18.6 EBT (as reported) EUR m 57.1 3.4 Earnings after taxes EUR m 23.8 -13.3 Earnings after taxes per share EUR per share 0.29 -0.162) FFO (without disposals) EUR m 33.1 25.1 FFO (without disposals) per share EUR per share 0.40 0.31 FFO (incl. disposals) EUR m 45.8 34.8 FFO (incl. disposals) per share EUR per share 0.56 0.43 BALANCE SHEET Investment properties EUR m 2,821.0 2,835.5 Current assets EUR m 108.8 123.1 Equity EUR m 889.9 862.0 Net financial liabilities EUR m 1,738.5 1,772.2 Loan-to-Value Ratio (LTV) in % 60.6 61.5 Total assets EUR m 3,038.2 3,079.3 Share 2010 2009 Share price (closing price) EUR per share 10.50 6.70 Number of shares m 81.84 81.84 Market capitalisation EUR m 859 548 Dividend per share EUR per share 0.203) - Net Asset Value (NAV) 2010 2009 EPRA NAV EUR m 964.0 915.2 EPRA NAV per share EUR per share 11.78 11.18 Fair values 2010 2009 Fair value of real estate properties4) EUR m 2,672.3 2,749.8 Fair value per sqm residential and commercial area4) EUR per sqm 926 895 1) Adjusted for restructuring- and reorgansiational costs 2) Based on 81.84m shares outstanding 3) Dividend proposal for fiscal year 2010 4) Only comprises residential -
The Austrian Social Partnership and Democracy
The Austrian Social Partnership and Democracy Ewald Nowotny Professor, Department of Economics University of Vienna February 1993 Working Paper 93-1 © 1997 by the Center for Austrian Studies. Permission to reproduce must generally be obtained from the Center for Austrian Studies. Copying is permitted in accordance with the fair use guidelines of the US Copyright Act of 1976. The the Center for Austrian Studies permits the following additional educational uses without permission or payment of fees: academic libraries may place copies of the Center's Working Papers on reserve (in multiple photocopied or electronically retrievable form) for students enrolled in specific courses: teachers may reproduce or have reproduced multiple copies (in photocopied or electronic form) for students in their courses. Those wishing to reproduce Center for Austrian Studies Working Papers for any other purpose (general distribution, advertising or promotion, creating new collective works, resale, etc.) must obtain permission from the Center. Social Partnership - Institutional Foundations Austria is a democratic, "Western-style" federal republic.(1) What distinguishes Austria from other West-European political systems is the scope and influence of its specific form of "social partnership".(2) In contrast to other countries, social partnership in Austria is not just a system of labor management relations or of wage bargaining, but a system of institutionalized cooperation between labor, business and government that is involved in all important aspects of economic and social policy. The Austrian social partnership was formed on a voluntary and informal basis by the Austrian Trade Union Federation and the Chambers of Agriculture, of Commerce, and of Labor to control post-war inflation in the early 1950s. -
IM 03 09 Family Offices Xxxk.Qxd 21.09.2009 20:32 Seite 120
IM_03_09_Family Offices_XXXk.qxd 21.09.2009 20:32 Seite 120 INVESTOREN & BERATER: FAMILY OFFICES Schweigen war Gold Family Offices agieren weitgehend frei von rechtlichen Restriktionen, und die Benchmark wird durch die Vermögensinhaber vorgegeben. Durch die Krise in Mitleidenschaft gezogen, rücken Reporting, Controlling und Corporate Governance jetzt stärker in den Fokus. ine der letzten Bastionen der European Business School leitet, bestätigt Gewinnung neuer Kunden ist für Multi Finanzwelt, die mit öffentli- die Verschwiegenheit: „Insbesondere Single Family Offices in den nächsten Jahren zwar cher Information hinterm Berg Family Offices, die sich um das Wohlerge- ein ausgewiesen wichtiges Ziel, aber das halten kann, sind Family Offi- hen einer einzigen Familie kümmern, agie- wird nicht über Werbung erreicht“, weiß Eces. Während die meisten anderen großen ren bevorzugt diskret.“ Sie sind in keinem Schaubach aus der Praxis. Kapitalmarktteilnehmer längst gezwungen Verband zusammengeschlossen, und es gibt Umso bemerkenswerter ist die jüngst sind, ihre Karten zumindest teilweise auf kein offizielles Register und keine Bran- erschienene Studie „Mythos Family Office“, den Tisch zu legen, können die Hüter der chenkonferenz, zu der sich ein Großteil der die gemeinsam von J.P. Morgan Asset großen Familienvermögen nach wie vor im Insider einfindet. So kann es schon mal vor- Management, der Complementa Invest- Hintergrund arbeiten. Und das, obwohl die kommen, dass die überreichte Visitenkarte ment-Controlling AG und dem Bayerischen betreuten Summen vieler Family Offices lediglich den Namen des Gesprächspartners Finanz Zentrum erstellt wurde. An der denen von institutio- nellen Anlegern nicht nachstehen. Das kol- lektive Vermögen die- »70 Prozent der Multi Family Offices gaben an, ser Gruppe erhielt zwar im Horrorjahr dass ihre Kunden eine durchschnittlich dreipro- 2008 mit einem Mi- zentige absolute Nachsteuerrendite vorgeben. -
Of 2 Press Release for IMMEDIATE RELEASE April 22, 2018 Austria
Press Release FOR IMMEDIATE RELEASE April 22, 2018 Austria, IMF renew agreement on Joint Vienna Institute The Joint Vienna Institute (JVI) has been a hallmark of cooperation between the IMF and Austria for 26 years. Today in Washington, DC, Christine Lagarde, Managing Director of the International Monetary Fund (IMF), Austrian Minister of Finance Hartwig Löger, Austrian National Bank Governor Ewald Nowotny, and Vice Governor Andreas Ittner signed an agreement to continue the JVI for another four years. “Austrian-IMF cooperation on the JVI affirms the importance Austria attaches to economic policy-oriented capacity development in emerging Europe and Central Asia,” IMF Managing Director Lagarde noted. “The IMF is thankful for Austria’s steady support to JVI.” Finance Minister Löger stressed that “strengthening the capacity of economic institutions results in more effective policies, enabling greater stability and growth. By providing training to public sector officials, Austria is continuing to build strong relations with its neighbors.” Governor Nowotny added that “for more than a quarter century, the JVI has promoted sound macroeconomic policy-making in the region and fostered peer-to-peer exchange amongst central bankers and public officials.” About JVI The JVI is an independent international organization and is the oldest of a global network of IMF-affiliated regional capacity development centers. With the support of a number of international institutions and partners, the JVI provides policy-oriented training mostly to central bankers and public sector officials from countries in Central, Eastern and Southeastern Europe, the Caucasus and Central Asia. It has been helping these countries strengthen their economic institutions and policies and fosters regional cooperation and the development of networks of officials across the region.