DOCSLIB.ORG

Benetton Group

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Benetton Group Gruppo Banca Leonardo June 23 2009 Benetton Group UNDERWEIGHT A fancy color diamond Target price €5.4 (from previous TP €5.0) Benetton Group is one of the main global players in the apparel business, present Current price €6.3* in 120 countries with over 6,200 stores and five brands. In 2008 the business was *Price as of June 18 2009 re-focused on four strategic priorities: 1) accelerating expansion in five key emerging countries; 2) pursuing growth in consolidated markets; 3) developing Outstanding shares (m) new commercial initiatives; 4) evolving the culture of the organization. Starting 183 from 2008 the company has also adopted a new approach focused on the final Mkt. Cap.(€m) consumer, leveraging on the wholesale business model with a sell-out approach. 1,156 Due to the changed economic environment the company also adopted in 2009 a Avg. daily volumes (30 days) reorganization plan focused on boosting the commercial business, on optimizing 251,600 shares the supply chain and costs, and on cash generation, aimed at motivating the Main shareholders network and re-thinking the supply chain processes to create a lower cost base. Edizione 67.1% Even if we appreciate the reorganization plan and the new company approach to Reuters / Bloomberg the market, we remain cautious given the low visibility on future consumer trends. BEN.MI / BEN IM UNDERWEIGHT with a €5.4 target price. Last 12 months Catalysts High: €8.3 Low: €4.4 1) Unfavourable macroeconomic conditions; 2) pressure on sales and margins; 3) business proposition "quality at an accessible price"; 4) new sell-out approach; 5) reorganization plan; 6) potential new consumers from trading-down trend; 7) new commercial initiatives (i.e. menswear, baby and childrenwear, accessories). Earnings trend 12-month share performance Benetton Group We estimate a -0.6% CAGR 2008-11e for revenues, -5% for EBIT and -8% for 8.50 FTSE Italy All Share net profit. The reorganization plan should bring in structural savings of ca. €50- 8.00 MSCI Europe 70m on a 12-month base (therefore partly also in FY09) to be reinvested in the 7.50 7.00 commercial business and partially balancing the reorganization costs. 6.50 6.00 Valuation 5.50 Our DCF model, based on a perpetual growth rate of +2% (unchanged) and a 5.00 10.4% WACC (from 10.7%), returned a target price of €5.4 (implicit P/E09e 4.50 4.00 of 9.9x). 3.50 3.00 Risks JJASONDJFMAMJ 1) Aggressive competition driven by price policies by competitors; 2) worse- June 19 2009 Source: DATASTREAM ning of the macroeconomic scenario; 3) lower-than-expected benefits from the reorganization plan; 4) lower-than-expected growth in emerging markets; 5) financially distressed clients; 6) increasing debt. 2007 2008 2009e 2010e 2011e Performance 1M 3M 12M EPS € 0.80 0.85 0.54 0.60 0.66 Absolute (%) 2 22 -22 YoY growth % 15.8 6.6 -35.9 9.8 9.9 Dividend € 0.40 0.28 0.18 0.20 0.22 To FTSE Italy All Share (%) 4 -11 14 P/E × 15.6 7.5 11.6 10.6 9.6 Dividend Yield % 3.2 4.4 2.8 3.1 0.0 To MSCI Europe (%) 2 2 12 PEG × 1.2 EV/sales × 1.3 0.9 0.9 0.9 0.9 EV/EBITDA × 8.1 5.4 6.1 5.7 5.3 Source: Datastream EV/EBIT × 11.2 7.5 9.8 8.9 8.2 EV/capital employed × 1.4 0.9 0.9 0.8 0.8 ROE % 10.5 11.3 6.8 7.1 7.4 ROCE % 13.1 12.5 9.6 10.0 10.2 Debt/Equity × 0.3 0.5 0.5 0.4 0.4 Paola Pecciarini FCF Yield % -1.3 -4.2 2.6 3.9 3.5 Tel. +39.02.72206.604 [email protected] Source: Company data, GBL estimates NOT FOR DISTRIBUTION IN CANADA, AUSTRALIA OR JAPAN Italian Luxury & Consumer Goods June 23 2009 SWOT Analysis Chart 1 - BENETTON GROUP: SWOT Analysis Strengths Weaknesses “Quality at accessible price” Concentrated sales mix Global brand recognition for UCB Wholesale distribution limits control Capillary distribution Still limited brand awareness on interna- Focus on wholesale distribution with sell- tional markets for second lines out approach Mature sector with aggressive competi- New collection structure tion Outsourcing and delocalizaiton of production Sector entry barriers are low Supply flexibility Industrial flexibility Opportunities Threats Reorganization plan "Collection" and fashion risk Development of UCB men's collection Macro-economic scenario Accessories Real estate investments Development of Undercolors Mark-up policy Development of childrenwear Financially stressed third-party retailers Re-launch of Playlife Development of licenses and further brand extension Emerging markets Store attractiveness improvement Consumers’ trading down Real-estate spin-off Source: GBL estimates Strategy and management targets Strategy 2008 strategic priorities In 2007 Benetton Group appointed a new CEO, Mr Gerolamo Caccia Dominioni, who started refocusing the business on new strategic priorities, with the goal to accelerate growth in a sustainable and profitable way. The key strategic priorities set-up from 2008 are: 1) development of "taylor-made" approach (flexible business approach that takes different strategies according to different market needs into account); 2) to accelerate expansion in key emerging countries by focusing on five high-potential markets (India, China, Russia and ex-URSS, Mexico, Turkey); 3) to keep growing in consolidated markets through brand extension and new store openings, reducing collection complexity, to develop new commercial initiatives (UCB Man, Benetton Baby and Baby Under, Sisley Young, accessories); 4) to evolve the culture of the organization (matrix approach to maximize growth opportunities of each brand in every market). 32 NOT FOR DISTRIBUTION IN CANADA, AUSTRALIA OR JAPAN Gruppo Banca Leonardo Italian Equity Research Italian Luxury & Consumer Goods June 23 2009 Profitability drivers From 2008 the Group also started to focus on a sell-out approach, due to the new competitive environment and the changed consumers' behaviour. Particular focus is now on: 1) optimizing the delivery cycles according to sell-out time (providing better service and flexibility to the partners to phase the commercial offer for local consumers, thus also optimizing transport costs through differentiated deliveries based on store clusters); 2) new role of agents; 3) improving store attractiveness to raise sales per store (increased traffic driven by the introduction of new store concepts and product extensions); 4) improving the sales mix (i.e. increasing contribution of accessories, menswear and hanging garments). Table 1 - BENETTON GROUP: Geographical diversification % on total sales 2000 2001 2002 2003 2004 2005 2006 2007 2008 Italy na na na na 51.0% 48.0% 47.9% 48.5% 46.6% Rest of Europe * 65.1% 68.7% 68.9% 73.3% 17.7% 20.7% 36.3% 38.0% 35.4% America 12.3% 10.2% 9.6% 6.1% 10.2% 10.2% 3.3% 2.4% 3.0% Japan 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Rest of Asia 8.7% 7.3% 6.9% 6.6% 7.3% 7.3% 10.1% 6.5% 11.3% RoW 11.9% 11.8% 12.6% 12.0% 11.8% 11.8% 0.4% 0.6% 1.7% * 2000-2003 Euro area (including Italy) Source: Company data Table 2 - BENETTON GROUP: Channel mix % on total sales 2000 2001 2002 2003 2004 2005 2006 2007 2008 Retail na na na na 15.6% 19.3% 22.1% 21.1% 22.0% Wholesale na na na na 84.4% 80.7% 77.9% 78.9% 78.0% Source: Company data Table 3 - BENETTON GROUP: Store network N. stores 2000 2001 2002 2003 2004 2005 2006 2007 2008 DOS (Retail stores) na 80 87 121 204 543 618 689 827 Franchised stores na 5,320 5,276 5,128 4,856 4,703 4,846 5,118 5,395 Total na 5,400 5,363 5,249 5,060 5,246 5,464 5,807 6,222 Source: Company data Table 4 - BENETTON GROUP: Product diversification % on total sales 2000 2001 2002 2003 2004 2005 2006 2007 2008 Apparel (third parties) 91.4% 91.2% 91.8% 91.5% 92.0% 92.3% 92.7% 93.8% 95.6% Textile (third parties) 6.6% 6.8% 6.2% 6.5% 6.2% 5.6% 5.0% 4.2% 4.4% Source: Company data FY08 in line with targets FY08 sales grew +4% YoY, in line with the Group's targets, despite the deterioration in the international economic environment, driven by the enrichment of the offer with higher-value product categories and an increase in sales volumes, together with an acceleration of growth in strategic countries. The gross operating profit increased +180bps YoY thanks to higher volumes in apparel and an improvement in efficiency, while the EBIT margin was roughly stable YoY due to higher SGA costs (also reflecting the establishment of direct control over the business particularly in the US market), but net income reported a growth of +7% YoY, despite higher financial costs related to the higher debt (€689m, +45% YoY). Gruppo Banca Leonardo Italian Equity Research NOT FOR DISTRIBUTION IN CANADA, AUSTRALIA OR JAPAN 33 Italian Luxury & Consumer Goods June 23 2009 Ongoing strategy In 2009 the Group adopted a reorganization plan, to face the new macroeconomic scenario, which worsened in 4Q08 showing pressure on margins and negative retail like-for-like sales performance. The reorganization plan should bring €50-70m in structural savings in 12 months base to be partially reinvested in the commercial business.
Load more

Recommended publications
  • Gazzetta Ufficiale C 363
    ISSN 0378-701X Gazzetta ufficiale C 363 43o anno delle ComunitaÁ europee 18 dicembre 2000 Edizione in lingua italiana Comunicazioni ed informazioni Numero d'informazione Sommario Pagina I Comunicazioni Commissione 2000/C 363/01 Elenco degli enti creditizi a norma dell'articolo 3, paragrafo 7, e dell'articolo 10, paragrafo 2, della direttiva 77/780/CEE aggiornato al 31 dicembre 1999) Ð Diciottesima edizione ................................................ 1 IT Spedizione in abbonamento postale, articolo 2, comma 20/C, legge 662/96 Ð Milano. Prezzo: 59,50 EUR 18.12.2000 IT Gazzetta ufficiale delle ComunitaÁ europee C 363/1 I Comunicazioni) COMMISSIONE Elenco degli enti creditizi a norma dell'articolo 3, paragrafo 7, e dell'articolo 10, paragrafo 2, della direttiva 77/780/CEE 2000/C 363/01) A norma dell'articolo 3, paragrafo 7, e dell'articolo 10, integralmente. L'applicazione di questo articolo non lascia dubbi paragrafo 2, della prima direttiva 77/780/CEE del Consiglio, per quanto concerne le cooperative di credito appartenenti alla del 12 dicembre 1977, relativa al coordinamento delle rete Rabobanken nei Paesi Bassi e le «caisses agricoles» del disposizioni legislative, regolamentari ed amministrative riguar- Lussemburgo anche se per queste ultime l'applicazione della danti l'accesso all'attivitaÁ degli enti creditizi ed il suo esercizio 1), direttiva eÁ comunque differita ai sensi dell'articolo 2, paragrafi 5 la Commissione deve compilare e pubblicare un elenco di tutti e 6). gli enti creditizi autorizzati, esistenti negli Stati membri. Il presente elenco eÁ stato compilato dalla Commissione sulla base Con la presente comunicazione, la Commissione ottempera per di dati forniti dagli Stati membri.
    [Show full text]
  • Leonardo Sgr Parte Iii:Leonardo Sgr Parte
    Prospetto informativo relativo all’offerta pubblica di quote dei fondi comuni di investimento mobiliare LEONARDO MONETARIO LEONARDO OBBLIGAZIONARIO LEONARDO 80/20 LEONARDO ITALIAN OPPORTUNITY LEONARDO EURO Parte III Altre informazioni sull’investimento La presente Parte III unitamente alle Parti I e II costituisce il Prospetto Informativo completo relativo all’offer- ta pubblica di quote di fondi comuni di investimento mobiliare di diritto italiano armonizzati alla Direttiva 85/611/CE gestiti da Leonardo SGR Il Regolamento di gestione dei Fondi forma parte integrante del Prospetto Informativo completo, al quale è allegato. La Società di Gestione del Risparmio si assume la responsabilità della veridicità e completezza dei dati e delle notizie contenuti nella presente Parte III, depositata presso la Consob in data 26 giugno 2009 e valida a decor- rere dal 27 giugno 2009. Società del Gruppo Banca Leonardo Albo dei Gruppi Bancari cod. 3126.0 A) INFORMAZIONI GENERALI 1. LA SOCIETÀ DI GESTIONE DEL RISPARMIO LEONARDO SGR S.P.A. (di seguito SGR) è stata costituita a Milano il 30/7/1997 con la denominazione di Gi Quattro Gestione Fondi S.p.A., poi Gi Quattro Società Gestione Risparmio S.p.A. e in data 29/5/2000 ha assunto la denominazione attuale. E’ iscritta con il n. 59 all’Albo delle Società di Gestione del Risparmio tenuto dalla Banca d’Italia e appartiene al Gruppo Banca Leonardo, attivo nella prestazione di servizi di investimento, iscritto con il n. 3126.0 all’albo Gruppi banca- ri tenuto dalla Banca d’Italia. La durata della SGR è stabilita fino al 31 dicembre 2050 e l’esercizio sociale chiude al 31 dicembre di ogni anno.
    [Show full text]
  • Benetton Group Spa Rating Change UNDERPERFORM
    Benetton Group Spa Rating Change UNDERPERFORM Equity | Italy | Apparel 15 November 2010 Faded colours Flavio Cereda >> +44 20 7996 1455 Research Analyst MLPF&S (UK) Downgrading BEN to Underperform: PO cut 17% to €5.0 [email protected] We believe BEN has become a value trap, we thought the stock had reached a floor of sorts after H110: it does not appear so. A poor Q3 combined with deteriorating news flow has returned the stock to its previous predicament, in our Stock Data view: how do I deal with competitors that are bigger, better and more appealing Price EUR5.10 than me? BEN’s inability to generate any real growth this year in spite of the Price Objective EUR5.00 recent restructuring effort (mgmt estimate €50mn net benefits at the EBIT level as Date Established 15-Nov-2010 a result) and peer performance, flags a troubling lack of brand appeal, in our view, Investment Opinion B-3-7 Volatility Risk MEDIUM that we fear will take some time to redress given a challenging 2011-12. 52-Week Range EUR5.06-EUR6.97 Beyond cotton…between a rock and a hard place… Mrkt Val / Shares Out (mn) EUR931 / 182.7 We think BEN will be struggling with a number of very key issues in the MT: over- Average Daily Volume 297,628 reliance on a stagnant and increasingly competitive domestic market (46%), BofAML Ticker / Exchange BNTOF / MIL Bloomberg / Reuters BEN IM / BNG.MI soaring input costs (a first toll in Q4-10 and H1-11), the need to continue to run a ROE (2010E) 7.4% ‘nice price’ policy with many of its retail clients, relatively small exposure to Asia Net Dbt to Eqty (Dec-2009A) 38.4% (16%) and China in particular, and what appears to be a troubling lack of profile in Est.
    [Show full text]
  • Banca D'italia
    VIGILANZA BANCARIA E FINANZIARIA Servizio Costituzioni e Gestione delle Crisi(904) Divisione Amministrazioni straordinarie Procedure di amministrazione straordinaria in essere al 26.5.2014 Codice INTERMEDIARIO Provincia Data D.M. ABI BANCHE 1 10630 Istituto per il Credito Sportivo RM 28-dic-11 (*) 2 6060 Banca Tercas – Cassa di Risparmio della TE 30-apr-12 Provincia di Teramo 3 8969 BCC “San Francesco” AG 24-ago-12 4 5704 Banca Popolare di Spoleto PG 8-feb-13 5 8407 BCC del Veneziano VE 11-mar-13 6 8892 Banca dei Due Mari di Calabria Credito CS 28-mar-13 Cooperativo 7 8703 BCC Euganea di Ospedaletto Euganeo PD 16-apr-13 8 8382 Bene Banca Credito Cooperativo di Bene CN 26-apr-13 Vagienna 9 6155 Cassa di Risparmio di Ferrara FE 27-mag-13 10 8338 BCC di Alberobello e Sammichele di Bari BA 19-giu-13 11 6055 Banca delle Marche AN 15-ott-13 12 7073 Banca Romagna Cooperativa C.C. FC 13-nov-13 Romagna Centro e Macerone 13 8661 BCC Irpina Soc. Coop. AV 17-gen-14 14 6195 Cassa di Risparmio di Loreto S.p.A. AN 17-apr-14 15 5029 Banca Popolare dell’Etna Soc. Coop. CT 18-apr-14 16 8429 Banca Padovana Credito Cooperativo PD 5-mag-14 INTERMEDIARI NON BANCARI 1 31389 Spoleto Credito e Servizi Soc. Coop. (**) PG 8-feb-13 2 33029 Medioleasing S.p.A. AN 4-feb-14 3 15178 Adenium S.g.r. S.p.A. MI 11-apr-14 4 36002 Imel.Eu S.p.A.
    [Show full text]
  • Relazione Sull'attività Dell'arbitro Bancario Finanziario
    Relazione sull'attività dell'Arbitro Bancario Finanziario numero 2010 1 Relazione sull’attività dell’Arbitro Bancario Finanziario Numero 1 - 2010 © Banca d’Italia, 2011 Indirizzo Via Nazionale, 91 00184 Roma - Italia Telefono +39 0647921 Sito internet http://www.bancaditalia.it Tutti i diritti riservati. È consentita la riproduzione a fini didattici e non commerciali, a condizione che venga citata la fonte. Stampato nel mese di maggio 2011 presso il Centro Stampa della Banca d’Italia in Roma PREMESSA La Relazione sull’attività dell’Arbitro Bancario Finanziario (ABF) è predisposta e pubblicata dalla Banca d’Italia secondo quanto previsto dalla sezione IV, par. 2, delle Disposizioni sui sistemi di risoluzione stragiudiziale delle controversie in materia di operazioni e servizi bancari e finanziari (Provvedimento del Governatore del 18 giugno 2009, pubblicato nella Gazzetta Ufficiale, Serie Generale, del 24 giugno 2009). Essa illustra l’attività svolta nel corso dell’anno dall’organo decidente e dal sistema stragiudiziale nel suo complesso. Questa Relazione, che costituisce il primo numero, copre il periodo intercor- rente dalla costituzione dell’ABF (15 ottobre 2009) a tutto il 2010; essa contiene anche una presentazione delle caratteristiche e delle finalità dell’Arbitro Bancario Finanziario. INDICE Inquadramento generale 7 Il funzionamento 11 L’ ABF, la Banca d’Italia e le finalità della vigilanza 19 L’impianto del sistema e il primo periodo di attività 22 I dati quantitativi e i contenuti principali delle decisioni 27 Dati quantitativi 27 Contenuti principali delle decisioni 31 Appendice statistica 45 Organigrammi dei Collegi 61 INQUADRAMENTO GENERALE L’Arbitro Bancario Finanziario (ABF) – operante dal 15 ottobre del 2009 – for- Cos’è l’ABF nisce ai clienti che non abbiano trovato soddisfazione alle proprie richieste attraverso il rapporto diretto con gli uffici reclami delle banche e delle società finanziarie un modo semplice, rapido ed economico per risolvere la controversia in atto.
    [Show full text]
  • Annual Report 2004
    04 Bringing growth into focus. Annual Report 2004. 04 a successful year for Continental. 2 2 Continental Corporation in € millions 2004 2003 2002 2001 2000 Sales 12,597.4 11,534.4 11,408.3 11,233.3 10,115.0 EBITA¹ 1,096.4 855.2 694.3 32.8 533.0 Consolidated net income/loss for the year 673.8 314.0 226.0 - 257.6 204.7 Dividends 116.3² 70.4 58.6 – 64.1 Cash flow 1,443.8 985.9 919.0 666.5 866.3 Capital expenditure on property, plant, and equipment 672.4 583.5 581.2 704.9 682.8 Amortization and depreciation³ 665.7 603.1 670.3 891.3 654.7 Shareholders’ equity 2,842.3 1,983.2 1,715.2 1,546.7 1,844.1 Equity ratio in % 29.4 23.9 20.9 17.2 24.2 Employees at the end of the year 4 80,586 68,829 64,379 65,293 63,832 Share price (high) in € 47.26 30.98 19.53 19.45 20.94 Share price (low) in € 28.87 12.04 11.72 9.68 15.85 ¹ Earnings before interest, taxes and regular goodwill amortization ² Subject to the approval of the Annual Shareholders’ Meeting on May 12, 2005 ³ Excluding write-downs of investments 4 Excluding trainees Continental Divisions Sales in € millions 2004 2003 Automotive Systems 5,007.7 4,625.7 Passenger and Light Truck Tires 4,104.2 3,907.2 Commercial Vehicle Tires 1,500.7 1,261.6 ContiTech 2,063.4 1,812.2 EBIT in € millions 2004 2003 Automotive Systems 487.5 369.5 Passenger and Light Truck Tires 383.4 345.8 Commercial Vehicle Tires 100.3 82.4 ContiTech 150.4 144.0 Bringing growth into focus.
    [Show full text]
  • Monte Titoli
    Monte Titoli PARTECIPANTI AL SERVIZIO DI RISCONTRO E RETTIFICA GIORNALIERO X-TRM - 31 maggio 2015 PARTICIPANTS IN THE X-TRM - DAILY MATCHING AND ROUTING SERVICE - 31 st May 2015 CODICE CED CODICE ABI DESCRIZIONE ANAGRAFICA INTERMEDIARIO PARTECIPANTE CED CODE ABI CODE INTERMEDIARY 2331 1003 BANCA D'ITALIA 425 1005 BANCA NAZIONALE DEL LAVORO SPA 339 1010 SANPAOLO BANCO DI NAPOLI 382 1015 BANCO DI SARDEGNA SPA 3319 1025 INTESA SANPAOLO SPA 357 1030 BANCA MONTE DEI PASCHI DI SIENA SPA 1550 2008 UNICREDIT BANCA SPA 564 3011 HIPO ALPE ADRIA BANK SPA 2187 3015 BANCA FINECO SPA 2470 3017 INVEST BANCA SPA 2281 3025 BANCA PROFILO SPA 8664 3030 DEXIA CREDIOP SPA 302 3032 CREDITO EMILIANO SPA 7504 3041 UBS (ITALIA) SPA 4197 3043 BANCA INTERMOBILIARE INV. GESTIONI SPA 1994 3045 BANCA AKROS SPA 3301 3048 BANCA DEL PIEMONTE SPA 303 3051 BARCLAYS BANK PLC 3892 3058 CHEBANCA! 1740 3062 BANCA MEDIOLANUM SPA 1105 3069 INTESA SANPAOLO SPA 547 3075 BANCA GENERALI SPA 4690 3081 UNICREDIT BANK AG 403 3083 IW BANK SPA 644 3084 BANCA CESARE PONTI SPA 560 3087 BANCA FINNAT EURAMERICA SPA 5937 3089 CREDIT SUISSE (ITALY) SPA 580 3102 BANCA ALETTI E C. SPA 308 3104 DEUTSCHE BANK SPA 315 3111 UNIONE DI BANCHE ITALIANE SCPA 2657 3124 BANCA DEL FUCINO SPA 1050 3126 GRUPPO BANCA LEONARDO SPA 3964 3127 UNIPOL BANCA SPA 1210 3138 BANCA REALE 3768 3141 BANCA DI TREVISO S.p.A. 3636 3151 HYPO TIROL BANK AG SUCCURSALE ITALIA 1862 3158 BANCA SISTEMA SPA 1770 3163 STATE STREET BANK S.p.A.
    [Show full text]
  • Italy's Less Significant Banks: General Overview and Supervision
    Italy’s less significant banks: general overview and supervision On 30 June 2016, Italy’s less significant institutions (LSIs), directly supervised by the Bank of Italy within the framework of Europe’s Single Supervisory Mechanism (SSM), numbered 462, of which 355 were mutual cooperative banks (banche di credito cooperativo or BCCs). LSIs in Italy comprise about 8,700 branches and 74,000 bank employees, while the entire Italian banking system consists of 29,000 branches and 292,000 bank employees; LSIs account for 18 per cent of the banking system’s total assets. The average value of an LSI’s total assets came to just over €1 billion, against an average of €165 billion for significant institutions (SIs). On the same date, the Common Equity Tier 1 (CET1) ratio for LSIs averaged 15.5 per cent, about 4 percentage points more than in 2011 (the CET1 ratio for SIs was 11.7 per cent, representing an increase of 3 percentage points on 2011). Non-performing loans (net of value adjustments) as a share of total loans (NPL ratio) averaged 12.5 per cent (it was 10.5 per cent for SIs). The coverage ratio averaged 43.6 per cent (46.6 per cent for SIs); however, among LSIs there was greater recourse to guarantees. The increase in the coverage ratio recorded on average by LSIs in recent years was starkly higher than that for SIs. In the first half of 2016, the profitability of LSIs, net of extraordinary effects, was in line with that of SIs. The cost- income ratio was substantially similar for LSIs and SIs.
    [Show full text]
  • List of Section 13F Securities
    List of Section 13F Securities 1st Quarter FY 2004 Copyright (c) 2004 American Bankers Association. CUSIP Numbers and descriptions are used with permission by Standard & Poors CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. All rights reserved. No redistribution without permission from Standard & Poors CUSIP Service Bureau. Standard & Poors CUSIP Service Bureau does not guarantee the accuracy or completeness of the CUSIP Numbers and standard descriptions included herein and neither the American Bankers Association nor Standard & Poor's CUSIP Service Bureau shall be responsible for any errors, omissions or damages arising out of the use of such information. U.S. Securities and Exchange Commission OFFICIAL LIST OF SECTION 13(f) SECURITIES USER INFORMATION SHEET General This list of “Section 13(f) securities” as defined by Rule 13f-1(c) [17 CFR 240.13f-1(c)] is made available to the public pursuant to Section13 (f) (3) of the Securities Exchange Act of 1934 [15 USC 78m(f) (3)]. It is made available for use in the preparation of reports filed with the Securities and Exhange Commission pursuant to Rule 13f-1 [17 CFR 240.13f-1] under Section 13(f) of the Securities Exchange Act of 1934. An updated list is published on a quarterly basis. This list is current as of March 15, 2004, and may be relied on by institutional investment managers filing Form 13F reports for the calendar quarter ending March 31, 2004. Institutional investment managers should report holdings--number of shares and fair market value--as of the last day of the calendar quarter as required by Section 13(f)(1) and Rule 13f-1 thereunder.
    [Show full text]
  • Banco Popolare Società Cooperativa (Incorporated As a Cooperative Company with Limited Liability in the Republic of Italy) Banco Popolare Luxembourg S.A
    BASE PROSPECTUS DATED 4 AUGUST 2010 Banco Popolare Società Cooperativa (incorporated as a cooperative company with limited liability in the Republic of Italy) Banco Popolare Luxembourg S.A. (incorporated as société anonyme with limited liability in the Grand Duchy of Luxembourg) €25,000,000,000 EMTN Programme A9-4.1.1 A9-4.1.2 Guaranteed (in the case of Notes issued by Banco Popolare Luxembourg S.A.) by Banco Popolare Società Cooperativa This Base Prospectus constitutes a base prospectus for the purpose of article 5.4 of Directive 2003/71/EC (the “Prospectus Directive”). Any Notes (as defined below) issued under the Programme on or after the date of this Base Prospectus are issued subject to the provisions described herein. Under this €25,000,000,000 EMTN Programme (the “Programme”), Banco Popolare Società Cooperativa (“Banco Popolare”) and Banco Popolare Luxembourg S.A. (“Banco Popolare Luxembourg”) (each an “Issuer” and, together, the “Issuers”), subject to compliance with all relevant laws, rules, regulations and directives, may from time to time issue notes (the “Notes”) denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). The Notes may be issued on a continuing basis to one or more of the Dealers named under “Subscription and Sale” and any additional Dealer appointed under the Programme from time to time, which appointment may be for a specific issue or on an ongoing basis (each a “Dealer” and together the “Dealers”). References in this document to the “relevant Dealer” shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to the lead manager of such issue and, in relation to an issue of Notes subscribed by the Dealer, be to such Dealer.
    [Show full text]
  • Floating) Dated April 5, 2013 Dated March 26, 2014
    FINAL TERMS BASE PROSPECTUS FINAL TERMS NO. 6543 (floating) Dated April 5, 2013 Dated March 26, 2014 SUPPLEMENTARY PROSPECTUSES Dated May 3, 2013, May 10, 2013, June 3, 2013, June 14, 2013, June 28, 2013, August 2, 2013, September 18, 2013, November 8, 2013, November 20, 2013, February 3, 2014 and March 4, 2014 GENERAL ELECTRIC CAPITAL CORPORATION ISSUE OF EURO MEDIUM-TERM NOTES U.S.$ Floating Rate Notes Due 2020 Any person making or intending to make an offer of the Notes may only do so: (i) in the Public Offer Jurisdiction mentioned in Part B below, provided such person is of a kind specified in that paragraph and that the offer is made during the Offer Period specified in that paragraph; or (ii) otherwise in circumstances in which no obligation arises for the Issuer or any Manager to publish a prospectus pursuant to Article 3 of the Prospectus Directive or to supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer. Neither the Issuer nor any Manager has authorized, nor do they authorize, the making of any offer of Notes in any other circumstances. The expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State) and includes any relevant implementing measure in the Relevant Member State and the expression "2010 PD Amending Directive" means Directive 2010/73/EU. PART A CONTRACTUAL TERMS Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the above referenced Base Prospectus and the supplemental Prospectuses dated May 3, 2013, May 10, 2013, June 3, 2013, June 14, 2013, June 28, 2013, August 2, 2013, September 18, 2013, November 8, 2013, November 20, 2013, February 3, 2014 and March 4, 2014 which together constitute a base prospectus for the purposes of the Prospectus Directive (the "Base Prospectus").
    [Show full text]
  • Benetton Colours Debut in Printemps Haussmann, Iconic Shopping Destination in Paris
    BENETTON COLOURS DEBUT IN PRINTEMPS HAUSSMANN, ICONIC SHOPPING DESTINATION IN PARIS United Colors of Benetton continues to expand its distribution network, bringing the premium level collections to the most prestigious department stores Ponzano Veneto, 30th August 2019 - After partnering with London’s Selfridges, an historic address for international shopping, Paris temple of shopping Printemps Haussmann, has also chosen the United Colors of Benetton collections. On the third floor of the department store - located in the heart of Paris, on Boulevard Haussmann - Benetton Group has inaugurated the new United Colors of Benetton space. Dedicated entirely to women, the new corner inside the prestigious location will host the garments of the Fall- Winter 2019/2020 collection by Jean-Charles de Castelbajac, artistic director of the brand since October 2018. A celebration of the brand's DNA, in which colourful energy, Italian knitwear expertise, creative details and sporty-chic spirit mix together and bring a contemporary, pop universe to life. The Benetton space inside Printemps Haussmann, covering an area of 200 square metres, is divided into two areas: one dedicated to the premium collections, the other housing knitwear garments that give life to a great colour theatre. The two areas are connected by coloured threads that recall the characteristic “stitch” of the United Colors of Benetton logo, located at the entrance of the Benetton area. The coloured thread extensions radiate into the space, taking various forms and directions: starting as hanging rails to display the collection, they transform into multi-coloured paths that lead to the Benetton garments displayed in the "Color Theatre", where the iconic knitwear line is celebrated.
    [Show full text]