DOCSLIB.ORG

Gs E&C Integrated Report 2014

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Gs E&C Integrated Report 2014 GS E&C INTEGRATED www.gsconst.co.kr REPORT 2014 GS E&C INTEGRATED REPORT This report aims to incorporate our strategies and financial/non-financial achievements and to share information with INTRO CEO’s Message 02 stakeholders. Company Profile 04 Management Philosophy & Vision 06 Our Business 08 Value Creation Process 10 Integrated Reporting Map Stakeholder Participation 12 GREAT Episode 01. Strengthening the Strategic ELEMENTS FOR INTEGRATED REPORTING Business Competitiveness CHALLENGE Strengthening Global Business Competitiveness 17 •Business Models of GS E&C •Crises and Opportunities of the Construction Industry •Sound Corporate Governance Business Portfolio Optimization 18 •Concerns of Stakeholders •Our Promise for A Better Future Reinforcing the Primary Competitiveness 20 Value Created Activity 21 GREAT Episode 02. Response to Climate Change INNOVATION Climate Change Response Activities 25 Corporation Strategy Value Adding Activities Company-wide Energy Saving Activities 26 •Mission Statement, Core values •Creating Financial Results and Episode 03. Eco-Friendly Technical Capability Economic Values •Sustainable Management Development of Eco-Friendly R&D 28 •Enhancement of Cost Competitiveness •Strengthening Competitiveness INTEGRATED FINANCIAL Eco-Friendly R&D Infrastructure 29 in Global Business •Improving of Business Efficiency STRATEGY PERFORMANCE Development of Eco-Friendly Technology 30 •Business Portfolio Optimization •Our Business Eco-Friendly Resource 32 •Reinforcing the primary competitiveness INTEGRATED THINKING GREAT Episode 04. Global Talent Development PARTNERSHIP Enhancement of Employee Work Competency 37 Strengthening Our Values Safety & Health Management 38 ACTIVITIES AS NON FINANCIAL Shared Our Values •Ethical Management Episode 05. Sustainable Partnership A CORPORATE CITIZEN PERFORMANCE •Stakeholder Management •Win-Win Management Customer Satisfaction Management 43 •Customer Satisfaction •Environment Management Growing Together with Suppliers 45 Management •Safety & Health Management Local Community Partnership 48 •Social Contribution Activities •Talent Management MANAGEMENT Governance 52 REPORT Ethics Management 54 Risk Management 56 INTEGRATED REPORT Economic Performance 58 Organizational Culture 59 Social Performance 61 Environment Management System 62 Environment Management Activities 64 Environment Performance 67 About This Report APPENDIX Independent Auditors’ Report 69 Reporting Period January 2014 to December 2014 (including part of the performance for 2015) Financial Performance 70 Reporting Scope Major supply chain and all operating sites in Korea and abroad Independent Auditors’ Internal Control over Financial 74 Reporting Review Report Reporting Standards GRI (Global Reporting Initiative) G4 Guidelines, ISO26000, UN Global Compact Management’s Assessment of Internal Control over 75 Reporting Base Based on fiscal year. At least 3 year time series [2012.01~2015.05] Financial Reporting Reporting Cycle Annually The Third Party Assurance Statement on Integrated 76 Reporting Assurance Independent assurance statement (page : 76, 77) Report GHG Verification Summary 78 Organization of Report Preferential reporting of material issues based on materiality, ‘Performance Index’ to see data at a glance ISO26000 79 Disclosure Principle The report is available on the website www.gsconst.co.kr/en GRI Index 80 The appendix on the compliance with GRI Guidelines, UNGC and ISO26000 available UNGC 84 Further Information Please contact GS E&C Strategy Planning team +82-2-2154-1579 Associations / Awards 85 CEO’s MESSAGE Thank you for your continuous support and encouragement toward GS E&C. Since the establishment of GS E&C in 1969, we are striving to provide essential value to our customers and local communities by achieving continuous growth based a stable portfolio of plant, power, civil engineering, architecture and housing. In 2014, GS E&C overcame many difficulties at home and abroad to establish the foundation for a turnaround, while also restored the trust of the market by securing liquidity through paid-in capital increase and the sale of non-core assets. These efforts have laid the foundation for a strong trust as we continued to implement sustainable management until now. GS E&C will further strengthen sustainable management to actively respond to the rapidly changing global construction market environment and reinforce its status in domestic and overseas markets. GS E&C is striving to achieve shared growth with all of its stakeholders. The forecast for this year’s domestic economy is not bright, and it is expected that the business environments of high uncer- tainties and fluctuations will continue due to delays and cancellations of orders in the main overseas markets like Central America and South America. However, we will overcome the difficulties we face by integrating the competencies of our employees and do our best to take this opportunity to take a new leap forward. GS E&C recognizes that not only economic growth, but also environmental and social responsibilities are very important, allowing us to continuously implement sustainable management activities relevant to our core values of ‘Great Innovation’, ‘Great Challenge’, and ‘Great Partnership’. From the environmental aspects, we strengthened leadership in carbon man- agement by carrying out projects to reduce GHG emissions and save energy. Meanwhile, we are implementing eco-friendly constructions through green communication activities with local communities and our suppliers. Also, in order to fulfill our corporate social responsibilities, we are striving to establish a foundation for shared growth with our suppliers by implement- ing ethical management based on stable corporate governance, as well as conducting various activities for sharing. In the future, GS E&C will do its best to become the best business partner by paying close attention to the voices of diverse stakeholders, including shareholders, customers and suppliers, to actively reflect them in our business activities. To achieve this, our employees will take an aggressive attitude in seeing this as an opportunity for new growth, while also fulfill our responsibilities and roles to become a sustainable company that achieve mutual prosperity with all of our stakeholders. Thank you. June 2015 GS E&C Corp. President & CEO Byeong-Yong Lim We will build a company that is sustainable and trusted, creating value for the world, with creative passion. 2 | GS E&C INTEGRATED REPORT 2014 | 3 COMPANY PROFILE GS E&C has been undergoing constant growth thanks to a well-balanced portfolio consisting of Plant, Power, Environment, Civil Engineering, Housing, and Architecture businesses since its foundation in 1969. We will remain committed to advancing toward being a top-tier company MAIN OVERSEAS CONTRACTS BY DIVISION(2014) Unit: billions of KRW that prioritizes creating great customer value and being the best partner, while growing along with the stakeholders. DIVISION PROJECT(COUNTRY) Contract Value GENERAL INFORMATION Plant Karbala Refinery(Iraq) 2,426 Clean Fuels(Kuwait) 1,710 Corporate Name GS Engineering & Construction Corp.(GS E&C) Rumaitha/Shanayel Facilities ph3(UAE) 752 Date of Establishment December 19, 1969 Power Kais CCPP(Algeria) 326 Representative Byeong-Yong Lim Civil Causeway Bridge(Kuwait) 599 Engineering Head Office Gran Seoul, Jongro 33, Jongno-gu, Seoul Puerto Princesa Airport improvement Projects(Philippines) 32 Architecture Fusionopolis 2A Tower A&B Fittingout(Singapore) 103 No. of Major Domestic and Domestic : 244 sites, Overseas : 90 sites Overseas Sites Total : 334 sites Main Businesses Plant, Power, Civil Engineering, Architecture, Housing Credit Ratings A+ by Korea Ratings (as of Dec.2014) No. of Employees 1) 6,583 (as of Dec.2014) 1) Standards for gathering executives and employees are different in the business report and integrated report. Please refer to p. 61 of the GS E&C Integrated Report 2014 . DOMESTIC & OVERSEAS SUBSIDIARIES 01 DIVISION NAME MAIN BUSINESSES 05 Parnas Hotel Co., Ltd. Hotels & travel 07 12 06 EziVille Inc. Value-added networks 08 13 22 Xi Service Construction 09 14 15 G-Estec Co., Ltd. Construction 10 17 18 16 19 20 GCS Plus Services 21 Domestic Location of site 23 27 BSM Processing services 25 ● Overseas Subsidiaries 24 GS O&M Services ● Overseas Branches 02 03 Sanglak Food Co., Ltd. Contract food service management 26 04 28 Oksan-Ochang Toll Road Construction Eunpyeong Saegil Co., Ltd. Construction Daejeon Green Energy Center Facilities Management 01 Canada 05 Poland 14 Iraq 22 China 11 GS E&C Nanjing Co.,Ltd. Construction ●GS E&C Construction Canada Ltd. ●GS E&C Poland SP.ZO.O ●Baghdad ●GS E&C Nanjing Co.,Ltd. ●Beijing 06 Spain 15 Iran GS Nha Be Development One-Member LLC Construction 02 Panama ●Shanghai ●GS E&C Panama S.A. ●GS Inima Environment S.A ●Tehran GS Saigon Development One-Member LLC Construction ●GS Engineering & Construction Spain, S.L 23 Thailand 03 Colombia 16 Saudi Arabia ●Bangkok GS E&C Delhi Private Ltd. Construction ●Bogota 07 Italy ●GS Construction Arabia Co.,Ltd. ●Milano ●GS Saudi Co.,Ltd. 24 Cambodia GS Engineering & Construction Mumbai Pvt. Ltd. Construction 04 Ecuador ●Riyadh ●GS (Cambodia) Development Co.,Ltd. 08 Turkey GS East Asia Manila Inc. Construction ●Quito ●Istanbul 17 Kuwait 25 Vietnam ●Kuwait City ●GS Nha Be Development One-Member LLC GS(Cambodia) Development Co.,Ltd. Construction 09 Algeria Overseas ●GS Saigon Development One-Member LLC GS Construction Arabia Co.,Ltd. Construction ●Algiers 18 Bahrain ●Hanoi
Load more

Recommended publications
  • LG CNS Co., Ltd. 23 June 2014
    Corporate Analysis Rating Date: LG CNS Co., Ltd. 23 June 2014 Analysts Rating Overview Rating History Lee Yong Hoon +822 368 5431 5th and 6th unsecured [email protected] bond AA-/Stable Jeong Sang Hun, Team Head정 Rating Type Periodic Rating +822 368 5676 [email protected] Sub. Bond NR CP A1 Financial Highlights (Unit:KRW100mn, x, %) 2010(12) 2011(12) 2012(12) 2013(12) 2014(03) Revenue 28,067 31,912 31,372 31,967 5,378 EBIT 1,437 1,201 1,355 1,479 -52 EBITDA 1,920 1,780 1,959 2,195 154 Total assets 14,373 16,852 19,546 20,639 18,152 Net borrowings -58 395 2,962 3,571 4,162 EBIT/Revenue 5.1 3.8 4.3 4.6 -1.0 EBITDA margin 6.8 5.6 6.3 6.9 2.9 EBITDA/Financia l expense 25.0 15.3 13.2 11.4 3.0 Net borrowings/OCF 0.0 0.3 1.7 1.6 6.5 Debt ratio 134.6 168.7 183.0 170.0 144.9 Total borrowings/Total 8.1 10.2 20.9 25.6 29.5 assets F/S Consolidated Consolidated Consolidated Consolidated Consolidated Accounting IFRS IFRS IFRS IFRS IFRS Notestandard 1: Figures have been adjusted and reclassified in accordance with K-IFRS. Note 2: 2012 F/S is the comparative financial statement presented with 2013 consolidated audit report. Rating Rationale Korea Ratings Corporation(KR) has assigned a rating of ‘AA-‘ to the 5th and 6th unsecured bond issued by LG CNS Co., Ltd.(the Company).
    [Show full text]
  • 2007 IMRF Addendum to the Comprehensive Annual Financial
    Illinois Municipal Retirement Fund Addendum to the 2007 Comprehensive Annual Financial Report For the year ending December 31, 2007 Illinois Municipal Retirement Fund Investment Portfolio as of December 31, 2007 Interest Asset Description Rate Maturity Date Par Value Cost Value Market Value FIXED INCOME U.S. Securities Corporate Bonds 1st Mass Bk Na Sub 7.625% 06/15/2011 $ 110,000 $ 119,491 $ 122,813 1st Un Corp Sub Nt 6.550% 10/15/2035 2,175,000 2,277,421 2,130,602 6 Flags Inc Sr Nt 8.875% 02/01/2010 750,000 617,055 615,000 6 Flags Inc Sr Nt 9.750% 04/15/2013 1,740,000 1,650,300 1,305,000 AAC Group Hldg Corp Sr Disc Nt 0.000% 10/01/2012 80,000 56,800 68,800 Acco Brands Corp Sr Sub Nt 7.625% 08/15/2015 1,320,000 1,284,438 1,178,100 Ace Cash Express Inc Sr 10.250% 10/01/2014 330,000 330,000 318,450 Ace Secs Corp Home Equity Ln Tr 2006 3.456% 02/25/2036 132,635 132,651 132,095 Ace Secs Corp Home Equity Ln Tr 2006 4.945% 02/25/2036 912,841 912,950 909,123 Advanstar Inc Term Ln 0.000% 11/30/2014 90,000 90,000 81,900 AEP Inds Inc Sr Nt 7.875% 03/15/2013 180,000 180,000 171,450 AES Corp 7.750% 03/01/2014 1,464,000 1,564,337 1,474,980 AES Corp Sr Nt 9.375% 09/15/2010 215,000 209,088 225,750 AES Corp Sr Nt 9.500% 06/01/2009 586,000 555,664 606,510 AES Eastn Energy L P 9.670% 01/02/2029 2,910,000 2,898,857 3,462,900 Affinia Group Inc Sr Sub 9.000% 11/30/2014 720,000 668,494 648,000 Affinion Group Holdco Term Ln 11.660% 03/01/2012 940,000 930,600 920,251 Affinion Group Inc Sr Sub Nt 11.500% 10/15/2015 740,000 742,120 726,125 Ak Airls Inc 9.500%
    [Show full text]
  • Annual Report
    Top Ranking Report Annual Report Architectural Record ENR VMSD Top 300 Architecture Top 150 Global Top Retail Design Firms: Design Firms: Firms of 2014: # #1 Firm Overall #1 Architecture Firm #1 Firm Overall Building Design ENR Interior Design Message from the Board of Directors 2014 World Top 500 Design Firms: Top 100 Giants: Architecture 100 Most #1 Architecture Firm #1 Architecture Firm Admired Firms: Gensler is1 a leader among the #1 in Corporate Office As we celebrate our 50th anniversary, we world’s architecture and design #1 US Firm #1 in Retail #4 Global Firm #1 in Transportation firms. Here’s how we ranked in #1 in Government look forward to more record-setting years, our industry in 2014. #1 in Cultural thanks to our great client relationships and extraordinary people around the world. Financial Report Our financial performance and recognition throughout the We’re entering our 50th year stronger than ever. Financially strong and debt-free, we contributed industry are indications of the breadth of our practice, our global In 2014, our global growth continued apace $38.5 million in deferred compensation to our reach, and the long-standing trust of our clients. with our clients as they entrusted us with new employees through our ESOP, profit-sharing, and challenges and led us to new locations. Our international retirement plans. We made strategic expanded Gensler team of 4,700+ professionals investments in our research and professional We’ve broadened our services to 27 now work from 46 different offices. With their development programs, along with upgrades to practice areas, with total revenues help, we completed projects in 72 countries and our design-and-delivery platform and the tools for the year setting a new record $ increased our revenues to $915 million—a record and technology to support it.
    [Show full text]
  • Saudi Aramco's Global Expansion Strategy
    Young-Eun PARK / Journal of Distribution Science 18-5 (2020) 71-81 71 Print ISSN: 1738-3110 / Online ISSN 2093-7717 http://dx.doi.org/10.15722/jds.18.5.202005.71 Saudi Aramco’s Global Expansion Strategy: Evidence from Korea Young-Eun PARK1 Received: April 04, 2020. Revised: April 26, 2020. Accepted: May 04 , 2020. Abstract Purpose: This case study illustrates the successful entry of Saudi Aramco in the Korean market and how it grows to become one of the world‟s largest integrated energy enterprises. Research design, data and methodology: This case investigates diverse secondary sources to examine the entry strategy of Aramco in Korea, such as several interviews including public and anonymous dialogues, periodicals, dispatches (i.e. news articles and magazines), annual reports, industrial reports, and others. Results: The main concern for the international strategic approaching of Saudi Aramco is to enter into Korean market by joint venture with SsangYong Oil (today‟s S-Oil Corporation) in 1991 and finally, ending by Acquisition of S-Oil in 2015. This acquisition of local No.3 company, S-Oil, in Korea is the successful case in Asian Markets overcoming liability of foreignness. Moreover, Saudi Aramco‟s global distribution strategy through localization in the Korean market is appropriate given the market conditions, timing, effectiveness, and efficiency by sharing their resources and collaborating. Conclusions: It would be valuable, unique, and real story to analyze global leading company‟s entry and globalization strategy in overseas market. In addition, this study provides decision-makers with a significant and more strategic implication for the overseas expansion of businesses.
    [Show full text]
  • GS E&C Presentation
    GS E&C Presentation May 2018 www.gsenc.com CONTENTS Trend of New Orders & Sales Revenues Order Backlogs Results & Guidance Housing Business Liquidity Appendix - Global Networks and Major Projects - Ownership Structure - Dividends - IS/BS This material contains forward-looking statements that include our current beliefs and expectations on market factors and information obtained outside GS E&C, which are subject to uncertainties. Due to the volatility of these factors, actual results may differ from those set forth in the presented statements. Information found here should not be solely relied upon for making any investment decision, this material is provided as a reference purpose only for the investors. GS E&C shall not be responsible for any trading or investment decisions made based on this information. INVESTOR RELATIONS Trend of New Orders & Sales Revenues New Orders Sales Revenues by Portfolio Etc. Etc. 16.0 14.1 1% 1% 12.9 13.3 13.4 14.0 12.2 11.2 11.5 11.2 11.5 12.0 10.6 Infra Infra 9.1 9.0 New Orders 10.0 11% 9% 6.5 6.4 6.9 8.0 5.9 Overseas 5.0 4.6 5.1 Building Plant Building 6.0 New Orders Plant 3.1 3.0 3.1 57% 25% 54% 4.0 2.1 2.5 32% (Housing 40%) (Housing 38%) 2.0 - Power Power 07 08 09 10 11 12 13 14 15 16 17 18(P) 6% 4% Sales Revenues 1Q17 Revenues 1Q18 Revenues 14.0 11.7 12.0 Power 12.0 10.6 11.0 2% Power 9.6 9.6 9.5 Building 3% Building Infra 10.0 9.2 Infra 8.4 Revenues 12% 13% 14% 7.4 23% 8.0 6.9 6.0 6.0 5.5 6.0 4.7 5.0 5.0 Overseas Revenues 3.8 3.7 4.0 Plant Plant 2.4 4.5 Overseas 63% 70% 1.6 1.7 3.5 3.8 2.0 1.0
    [Show full text]
  • Klaytn Pte. Ltd
    Report Date 2020-06-04 Published for t*@coinone.com Singapore CrossAngle Pte. Ltd. EN Due Diligence Report Klaytn Pte. Ltd. Singapore 201835270G (Country or jurisdiction of incorporation) (Entity Registration Number) 71 Robinson road #14-01 Singapore (068895) (Address, including zip code, including area code, of principal executive offices) TABLE OF CONTENTS I. Corporate Profile II. Business Information III. Financial Information IV. Tokens V. Compliance WHERE YOU CAN FIND MORE INFORMATION Readers and others should note that the company announces material information to the public using the company website, press releases, public conference calls, and webcasts. They may also use the following social media channels as a means of disclosing information about the company, products, planned financial and other announcements and attendance at upcoming investor and industry conferences, and other matters. Channels Address Company Website https://www.klaytn.com/ Main communication channel Twitter https://twitter.com/klaytn_official Company Blog https://medium.com/klaytn Facebook https://www.facebook.com/klaytn.official/ Linkedin https://www.linkedin.com/company/klaytn Github https://github.com/klaytn Reddit https://www.reddit.com/r/klaytn/ Telegram https://t.me/Klaytn WeChat KaKaoTalk Custom Link The information posted through these social media channels may be deemed valid. Accordingly, the public should monitor these accounts and the blog, in addition to following company press releases, conference calls, and webcasts. This list may be updated from time to time and these channels may be updated without notice. Company Representative (Report Data Submitter) / Name Position Office Phone Number Telegram ID Klaytn / PART I. Corporate Profile ITEM 1. Basic Corporate Profile Official Company Name Klaytn Pte.
    [Show full text]
  • 2013 Feb IK Bulletin
    March 2018 www.kotra.or.kr www.investkorea.org EXPRESS Read on page 10 >> A Platform for Dialogue AMCHAM is at the forefront of strengthening the Korea-U.S. alliance by serving as a vital communication channel between the two countries James Kim Chairman and CEO American Chamber of Commerce in Korea No. of new No. of cases corporate declared bodies Jangan 1,623 542 1,727 509 7 879 259 Economic 5pIndustry 8pOlympics 12p Zone 13p Analysis JANGAN FOREIGN INVESTMENT ZONE ECONOMIC EXCHANGE PROVES TO BE AND MAJOR AREAS OF THE OLYMPICS AND COOPERATION BETWEEN PYEONGCHANG FRIENDLY HOST FOR KOREA’S KOREA AND OLYMPICS IN HIGH-TECH FOREIGN TRANSFORMATION THE UNITED STATES NUMBERS INVESTORS Event 6p KOTRA News 3p Overview Korea News 4p Trade News, Government & Policy Investment News 7p MEXICO SEEKS TO WORK WITH KOREAN PARTNERS KOTRA's Services 14p THROUGH KOTRA’S KNOWLEDGE SHARING Introducing Korea's 14p PROGRAM SMEs Economic Indicators Greetings From KOTRA Dear Readers, Since the establishment of our agency, Invest KOREA has successfully launched projects that connect foreign investors with promising Korean companies and investment opportuni- ties. To start off, there’s Invest Korea Week, the country’s largest international investment promotion event. Then there’s the Job Fair for Foreign-Invested Companies, which helps international companies recruit talent Korean jobseekers. Of course we have Get To Know Korea, a cultural event where we take members of the foreign business communi- ty and their family members around Korea. And we have now proudly added one more achievement to our resume—the launch of Invest Korea Market Place, also known as IKMP.
    [Show full text]
  • GS Caltex 2013 Sustainability Report GS Caltex 2013 Sustainability Report
    GS Caltex 2013 Sustainability Report GS Caltex 2013 Sustainability Report Recycled papers and soy ink, certified by Forest Stewardship Council(FSC), was used to print this report. ABOUT THIS REPORT Sustainability that GS Caltex pursues GS Caltex pursues management activities for sustainable growth. To this end, the company builds up trust through communication with various stakeholders and creates economic, environmental, and social values throughout the entire service process. GS Caltex, a corporation representing the energy & chemical industry in Korea, reveals the activities and success of sustainable business operation to stakeholders in a transparent manner, and takes this as an opportunity to obtain feedback from internal stakeholders and make another leap forward. Contents Introduction 04 CEO’s Message 06 Corporate Overview 08 GS Caltex Vision 09 GSC Way Reporting Period This sustainability report covers the activities and 10 Ethics Management performance from January 1 to December 31, 2013. For the key quantitative 11 Corporate Governance Structure performance, the results of the past three years(from 2011 to 2013) are revealed for comparative analysis. The report also mentions some major issues 12 Sustainability Management which occurred in the first half of 2014 in order to make these issues public in a 13 Selection of Report Subject timely manner. Reporting Scope The report scope ranges from GS Caltex headquarters 18 Management Activities for Sustainable Growth to key domestic workplaces including Yeosu complex. Some data was derived Material from the logistics center, lubricant plant, gas stations, filling stations, and Aspects 23 Providing the Best Quality Products and Services for Customers affiliated companies. Parts which need to be noted are marked with an asterisk.
    [Show full text]
  • Private Sector Assessment
    Korea Private Sector Assessment A Preliminary Scoping Study The primary objective of the study is to provide a broad-based overview of the private sector in Korea as a stakeholder in combating modern slavery in the country PB The Mekong Club Korea Private Sector Assessment The Mekong Club Korea Private Sector Assessment 1 The Mekong Club 1. Contents The Mekong Club is a catalyst 8.2. Retail 21 for change – engaging, inspiring 2. Objectives of the Study 4 and supporting the private 8.3. Manufacturing 24 sector to eradicate slavery from 3. Definition of Terms 5 their business. Given that the 8.3.1. General 24 majority of modern-day slavery exists in the private sector, these 4. Demographic Overview & Key Social Trends 6 8.3.2. Electronics 2 5 companies are ideally placed to help turn the tide of this global 8.3.3. Automative 26 4.1. Summary 6 epidemic. 8.3.4. Garment and textile Industry 26 The only organisation of its kind, 4.2. Population Distribution 6 The Mekong Club steers away 8.4. Banking Industry 26 from the approach taken by other 4.3. Social Indicators 8 players in this space, which is to 8.4.1. General 26 4.3.1. Human Development Index (HDI) ‘name and shame’ companies – 8 ousting bad behaviour or issues 4.3.2. GINI Coefficient 9 8.4.2. Top Banks 27 related to this subject. Instead, 4.3.3. Poverty Rate 9 8.5. Tourism, Food Service & Hospitality 29 we believe in starting and ending with collaboration. 8.5.1.
    [Show full text]
  • Goldman Sachs Funds II SICAV Annual Report Audited Financial Statements
    Goldman Sachs Funds II SICAV Annual Report Audited Financial Statements R.C.S. Luxembourg B 133 806 1117 Goldman Sachs Funds II Table of Contents Page Directors and Other Information 1 Investment Adviser’s Report 2 Audit Report (ISA ) 4 Report of Independent Auditor (US GAAS) 7 Statement of Assets and Liabilities 9 Statement of Operations 10 Statement of Changes in Shareholders’ Equity 11 Statistical Information 12 Notes to the Financial Statements 14 Schedule of Investments 45 GOLDMAN SACHS FUNDS II—GLOBAL MANAGER STRATEGIES PORTFOLIOS Goldman Sachs Funds II—Multi-Manager Emerging Markets Equity Portfolio 45 Goldman Sachs Funds II—Multi-Manager Europe Equity Portfolio 49 Goldman Sachs Funds II—Multi-Manager Global Equity Portfolio 52 Goldman Sachs Funds II—Multi-Manager US Equity Portfolio 59 Goldman Sachs Funds II—Multi-Manager US Small Cap Equity Portfolio 62 GOLDMAN SACHS FUNDS II—SPECIALIST PORTFOLIOS Goldman Sachs Funds II—Global Event Driven Portfolio 65 Goldman Sachs Funds II—Global Multi-Manager Alternatives Portfolio 69 GOLDMAN SACHS FUNDS II—DEDICATED PORTFOLIOS Goldman Sachs Funds II—Balanced Allocation Portfolio 100 Goldman Sachs Funds II—Tactical Tilt Overlay Portfolio 105 Goldman Sachs Funds II—Strategic Factor Allocation Portfolio 114 APPENDICIES Appendix I—Advisory Fee s Rates, Expense Caps and Total Net Expense Ratios (Unaudited) 117 Appendix II—Portfolio and Share Class Launches, Closures and Mergers (Unaudited) 119 Appendix III—Shareholder Concentration (Unaudited) 121 Appendix IV—Calculation Method Used for Global Exposure (Unaudited) 122 Appendix V—Management Company Annual Report Disclosures (Unaudited) 124 Appendix VI—Securities Financing Transactions Regulation (“SFTR”) Disclosures (Unaudited) 126 Additional Information (Unaudited) 133 Goldman Sachs Funds II Directors and Other Information Goldman Sachs Asset Management GOLDMAN SACHS FUNDS II 4 Paying and Information Agent in Société d’Investissement à Capital (Singapore) Pte Ltd .
    [Show full text]
  • Video-Conference
    AKBC | EVENTS AKBC | EVENTS VIDEO-CONFERENCE: VIDEO-CONFERENCEINFRASTRUCTURE, ENERGY AND RESOURCES SEMINAR: OPPORTUNITIES BETWEEN AUSTRALIA AND KOREA (26 JUNE 2017) FOOD AND AGRICULTURE OPPORTUNITIES IN KOREA This video-conference seminar will offer targeted, insightfulBACKGROUND and practical business perspectivesThe Australia-Korea on opportunities Business and Council challenges hosted between a videoconference Australia on infrastructure, energy and and Korea resourcesin the Food opportunities and Agribusiness with sector. Korea This on is26 the June first 2017 of a seriesacross 6 locations including Melbourne, of three video-conferences.Sydney, Brisbane, The Adelaide, other two Perth video-conferences and Seoul. The videoconferencewill be outlined practical business held later inperspectives the year on financial on some services of the opportunitiesand infrastructure, and energychallenges and for Australian and Korean firms in resources theopportunities infrastructure, with Korea.energy and resources industry. The session was moderated by Peter Cleary, Executive Committee member of the Australia-Korea Business Council.DISCUSSION A summary MODERATORof the insights provided by the three expert panellists are outlined below.Rod Commerford Counsellor & Trade Commissioner Marie Piccone, Managing Director and owner of Manbulloo Ltd. AUSTRADE SEOUL Manbulloo produces mangoes in four locations in the Northern Territory and North Queensland and is the largest producer of Kensington Pride mangoes in Australia. Marie has more recently been recognized for her achievements and won the 2015 Telstra Women’s Award for National Entrepreneur of the Year and was inducted into the Her Business Australian Hall of Fame 2017. DATE Sungwon Yoon, Managing Director of POSCO Australia Pty Ltd 10 May 2017 • POSCO is the 5th largest steelmaking company worldwide, producing 41.6 million tonnes of steelTIME in 2016.
    [Show full text]
  • LG Corp. (003550 KS ) Betting on Automotive Electronics
    LG Corp. (003550 KS ) Betting on automotive electronics Holding companies Electronics affiliates’ net profit contribution is increasing; LGE’s earnings improvement will be key Company Update LG Corp. recognizes the earnings of most of its listed subsidiaries—LG Electronics (LGE ; September 14, 2018 066570 KS/Buy/TP: W110,000/CP: W71,500), LG Chem (051910 KS/Buy/TP: W460,000/CP: W350,000), LG Uplus (032640 KS/Buy/TP: W19,000/CP: W17,400), etc.— under equity method, and consolidates the earnings of its unlisted subsidiaries (Serveone, LG CNS, etc.). (Maintain) Buy While unlisted subsidiaries have delivered notable earnings improvements since 2015, we believe the rate of earnings growth will begin to moderate in 2018. As such, we Target Price (12M, W) ▼ 100,000 think LG Corp.’s re-rating will hinge on whether its electronics affiliates , such as LGE, LG Innotek (011070 KS/Buy/TP: W210,000/CP: W130,500), and LG Display (LGD; 034220 Share Price (09/13/18, W) 71,400 KS/Buy/TP: W27,000/CP: W20,250), can restore their competitiveness and impr ove earnings. Electronics affiliates, led by LGE , make up more than half of LG Corp.’s total Expected Return 40% assets and revenue (profit). As such, LG Corp.’ s stock has naturally exhibited a strong correlation with LGE. OP (18F, Wbn) 2,196 At the group level, the automotive electronics business is being actively driven by LGE, alongside LG Chem, LG Innotek, and LGD, as a future growth engine. In particular, the Consensus OP (18F, Wbn) 2,270 acquisition of Austrian auto parts maker ZKW, which closed in August, is expected to EPS Growth (18F, %) -23.0 diversify the group’s product portfolio and create synergies with its existing Market EPS Growth (18F, %) 13.7 automotive electronics businesses.
    [Show full text]