DOCSLIB.ORG

Registration Document Annual Financial Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Registration Document Annual Financial Report REGISTRATION DOCUMENT ANNUAL FINANCIAL REPORT 2015 CERTAIN PRELIMINARY INFORMATION ABOUT THIS ANNUAL REPORT 1 THE AXA GROUP 3 1.1 Selected consolidated fi nancial data 4 1 1.2 Information on the Company 6 1.3 Activity report 20 CONTENTS 1.4 Liquidity and capital resources 89 CORPORATE GOVERNANCE 95 2.1 Corporate offi cers, executives and employees 96 2.2 Full disclosure on executive compensation and share ownership 115 2 2.3 Major shareholders and related party transactions 145 2.4 The offer and listing 152 REGULATION, RISK FACTORS 153 Certain disclosures about market risks and related matters 3 3.1 Regulation 154 3.2 Risk factors 160 3.3 Quantitative and qualitative disclosures about risk factors 177 3.4 Investment community and organization 194 CONSOLIDATED FINANCIAL STATEMENTS 197 4.1 Consolidated statement of fi nancial position 198 4 4.2 Consolidated statement of income 200 4.3 Consolidated statement of comprehensive income 201 4.4 Consolidated statement of changes in equity 202 4.5 Consolidated statement of cash fl ows 206 4.6 Notes to the Consolidated Financial Statements 208 4.7 Report of the Statutory Auditors on the Consolidated Financial Statements 343 CERTAIN ADDITIONAL INFORMATION 345 5.1 Charter 346 5 5.2 Description of AXA’s share capital 350 APPENDICES 351 Appendix I Chairman of the Board of Directors’ report 352 A Appendix II Management’s annual evaluation of Internal Control Over Financial Reporting 362 Appendix III Statement of the person responsible for the Annual Report 365 Appendix IV Financial authorizations 366 Appendix V AXA parent Company fi nancial statements 368 Appendix VI Group Embedded Value 394 Appendix VII Social and environmental information 395 Appendix VIII Board of Directors’ report – Correspondence table 415 Appendix IX Commission regulation of April 29, 2004 – Correspondence table 416 Appendix X Annual Financial Report – Correspondence table 418 REGISTRATION DOCUMENT ANNUAL REPORT 2015 This Registration Document was fi led with the Autorité des marchés financiers (AMF) on March 31 , 2016, in accordance with the provisions of Article 212-13 of its General Regulations. It may be used in support of a fi nancial transaction if supplemented by an information memorandum approved by the AMF. This document has been prepared by the issuer, and its signatories are responsible for its content. This Annual Report also includes (i) all the components of the Annual Financial Report (Rapport Financier Annuel) referred to in paragraph I of Article L.451-1-2 of the French Monetary and Financial Code (Code monétaire et financier) as well as in Article 222-3 of the AMF General Regulations (Règlement Général de l’AMF) (please refer to the table page 418 of this Annual Report which indicates the relevant sections of this Registration Document corresponding to disclosures required under Article 222-3 of the AMF General Regulations), and (ii) all disclosure matters required to be included in the Board of Directors’ Report to AXA’s Shareholders’ Meeting to be held on April 27, 2016, established pursuant to Articles L.225-100 and L.225-100-2 of the French Commercial Code (Code de commerce) (the relevant sections of this Registration Document corresponding to these required disclosures have been approved by AXA’s Board of Directors and are presented in the table page 415 of this Annual Report). CERTAIN PRELIMINARY INFORMATION ABOUT THIS ANNUAL REPORT Presentation of the information In this Annual Report unless provided otherwise, (i) the “Company”, Annual Report as “ADS”. Since the delisting of AXA’s ADS from “AXA” and/or “AXA SA” refer to AXA, a société anonyme organized the New York Stock Exchange on March 26, 2010, AXA’s ADS are under the laws of France, which is the publicly traded parent traded on the U.S. over-the-counter market and are quoted on company of the AXA Group, and (ii) “AXA Group”, the “Group” the OTCQX platform under the ticker symbol AXAHY. Each ADS and/or “we” refer to AXA SA together with its direct and indirect represents one AXA ordinary share. consolidated subsidiaries. The Company’s ordinary shares are Unless otherwise specifi ed, various amounts in this document referred to in this Annual Report as “shares”, “ordinary shares” are shown in millions for presentation purposes. Such amounts or “AXA ordinary shares”. The principal trading market for the have been rounded. Rounding differences may also exist for Company’s ordinary shares is the Compartment A of Euronext percentages. Paris, which we refer to in this Annual Report as “Euronext Paris”. The Company’s American Depositary Shares are referred to in this ... I REGISTRATION DOCUMENT - ANNUAL REPORT 2015 - AXA I 1 Exchange rate information The Company publishes its Consolidated Financial Statements in The average and closing exchange rates used in the preparation Euro (“Euro”, “euro” or “€”). Unless otherwise stated, all amounts of the consolidated fi nancial statements, to translate into Euro in this Annual Report are expressed in Euro. The currency of the results of operations of the principal subsidiaries that are not the United States will be referred to as “U.S. dollars” or “USD” denominated in Euro, are set out in the table below: or “U.S.$” or “$”. E nd of Pe rio d Exchange Rate Average Exchange Rate 2015 2014 2015 2014 (for €1) (for €1) (for €1) (for €1) U.S. Dollar 1.09 1.21 1.12 1.33 Japanese Yen 131 145 135 141 British Sterling Pound 0.74 0.78 0.73 0.81 Swiss Franc 1.09 1.20 1.08 1.22 For a discussion on the impact of foreign currency fl uctuations on the AXA Group’s fi nancial condition and results of operations, please see Part 1 – “The AXA Group”, Section 1.3 “Activity Report” of this Annual Report. Cautionary statements concerning the use of non-GAAP measures and forward-looking statements This Annual Report includes certain terms that are used by AXA factors that could cause actual results and AXA’s plans and in analyzing its business operations and presenting its fi nancial objectives to differ materially from those expressed or implied results which may not be comparable with terms used by other in the forward-looking statements (or from past results). These companies. These terms are defi ned in the glossary provided risks and uncertainties include, without limitation, the risk of at the end of Section 1.3 in Part 1 – “The AXA Group” of this future catastrophic events including possible future weather- Annual Report. related catastrophic events or terrorist related incidents. Please refer to Part 3 – “Regulation, risk factors, certain disclosures Certain statements contained herein are forward-looking about market risks and related matters” of this Annual Report for statements including, but not limited to, statements that a description of certain important factors, risks and uncertainties are predictions of, or indicate, future events, trends, plans that may affect AXA’s business and/or results of operations. AXA or objectives. Undue reliance should not be placed on such undertakes no obligation to publicly update or revise any of these statements because they are by nature subject to known and forward-looking statements, whether to refl ect new information, unknown risks and uncertainties and can be affected by other future events or circumstances or otherwise. 2 I REGISTRATION DOCUMENT - ANNUAL REPORT 2015 - AXA I THE AXA GROUP 1.1 SELECTED CONSOLIDATED FINANCIAL DATA 14 Key Figures 4 Dividends 5 1.2 INFORMATION ON THE COMPANY 6 Introduction 6 History and development 6 Table of principal subsidiaries with Group equity interests and voting rights percentages 7 Ratings 7 Business overview 9 Segment information 11 1.3 ACTIVITY REPORT 20 Insurance and asset management markets 20 Financial market conditions in 2015 23 Operating highlights 25 Events subsequent to December 31, 2015 30 Revenues & earnings summary 31 Consolidated underlying earnings, adjusted earnings and net income Group share 35 Consolidated shareholders’ equity 38 Shareholder value 39 Life & Savings segment 40 Property & Casualty segment 60 International Insurance segment 75 Asset Management segment 78 Banking segment 81 Holdings and other companies 83 Outlook 85 Glossary 85 1.4 LIQUIDITY AND CAPITAL RESOURCES 89 Internal sources of liquidity: AXA’s subsidiaries 89 Liquidity position and risk management framework 90 Uses of funds 92 Solvency I margin 92 Global Systemically Important Insurer “GSII” 94 Credit rating 94 Subsequent events after December 31, 2015 impacting AXA’s liquidity 94 I REGISTRATION DOCUMENT - ANNUAL REPORT 2015 - AXA I 3 THE AXA GROUP 11.1 SELECTED CONSOLIDATED FINANCIAL DATA 1.1 SELECTED CONSOLIDATED FINANCIAL DATA The selected historical consolidated fi nancial data presented The table of historical data set out below is only a summary. below has been derived from AXA’s consolidated fi nancial You should read it in conjunction with the consolidated fi nancial statements and related notes for the years ended December 31, statements and related notes for the years ended December 31, 2015 and 2014 in accordance with IFRS. 2015 and 2014 included in Part 4 – “Consolidated Financial Statements” of this Annual Report. I Key Figures (In Euro million except per share data) 2015 2014 Income Statement Data Total Revenues 98,534 91,988 Net investment result excluding fi nancing expenses (a) 18,218 29,810 Income from operating activities before tax 8,009 7,710 Net income from operating activities before tax 7,735 7,128 Result from discontinued operations net of tax - - Net consolidated income 5,987 5,337 Net consolidated income – Group Share 5,617 5,024 Net income per share (b) basic 2.19 1.95 diluted 2.18 1.94 Balance Sheet Data Total assets 887,070 840,069 Shareholders’ equity – Group share 68,475 65,219 Shareholders’ equity per share (c) 24.3 23.0 Other Data Number of outstanding shares 2,426 2,442 Average share price 22.96 18.62 Share price 25.23 19.21 Dividend per share (d) 1.10 0.95 (a) Includes investment income net of investment management costs, impairments, net realized investment gains and losses and net unrealized investment gains and losses on assets with fi nancial risk borne by the policyholders and on assets designated as at fair value through profi t & loss.
Load more

Recommended publications
  • 2009 Annual Report
    2009 ANNUAL REPORT UNIBAIL-RODAMCO / 2009 ANNUAL REPORT 1 Profile 2 Message from the CEO 4 Message from the Chairman of the Supervisory Board 6 Strategy & key figures Stock market performance PROFILE 10 & shareholding structure 2009 Unibail-Rodamco is Europe’s leading listed commercial property company ANNUAL with a portfolio valued at €22.3 billion on December 31, 2009. REPORT A clear strategy The Group is the leading investor, operator and developer of large shopping centres in 14 An unprecedented climate Europe. Its 95 shopping centres, 47 of which receive more than 7 million visits per annum, 12 16 Expertise in retail operations are generally located in major continental European cities with superior purchasing power 18 Differentiation: the key to success and extensive catchment areas. The Group continuously reinforces the attractiveness of 22 An attractive development pipeline 24 Financial firepower for future growth its assets by upgrading the layout, renewing the tenant mix and enhancing the shopping 26 Talented, motivated teams experience. Present in 12 European Union countries, Unibail-Rodamco is a natural business partner for any retailer seeking to penetrate or expand in this market and for any public or Business private institution interested in developing large, integrated retail schemes. Overview A commitment to value creation The Group is also a key player in the Paris region office market, where it focuses on modern, efficient buildings of more than 10,000 m2. Finally, in joint venture with the Paris Chamber 32 Shopping Centres of Commerce and Industry, Unibail-Rodamco owns, operates and develops the major 30 34 France 36 Netherlands convention and exhibition centres of the Paris region.
    [Show full text]
  • Part VII Transfers Pursuant to the UK Financial Services and Markets Act 2000
    PART VII TRANSFERS EFFECTED PURSUANT TO THE UK FINANCIAL SERVICES AND MARKETS ACT 2000 www.sidley.com/partvii Sidley Austin LLP, London is able to provide legal advice in relation to insurance business transfer schemes under Part VII of the UK Financial Services and Markets Act 2000 (“FSMA”). This service extends to advising upon the applicability of FSMA to particular transfers (including transfers involving insurance business domiciled outside the UK), advising parties to transfers as well as those affected by them including reinsurers, liaising with the FSA and policyholders, and obtaining sanction of the transfer in the English High Court. For more information on Part VII transfers, please contact: Martin Membery at [email protected] or telephone + 44 (0) 20 7360 3614. If you would like details of a Part VII transfer added to this website, please email Martin Membery at the address above. Disclaimer for Part VII Transfers Web Page The information contained in the following tables contained in this webpage (the “Information”) has been collated by Sidley Austin LLP, London (together with Sidley Austin LLP, the “Firm”) using publicly-available sources. The Information is not intended to be, and does not constitute, legal advice. The posting of the Information onto the Firm's website is not intended by the Firm as an offer to provide legal advice or any other services to any person accessing the Firm's website; nor does it constitute an offer by the Firm to enter into any contractual relationship. The accessing of the Information by any person will not give rise to any lawyer-client relationship, or any contractual relationship, between that person and the Firm.
    [Show full text]
  • Axa Press Release
    AXA PRESS RELEASE PARIS, FEBRUARY 23, 2017 Full Year 2016 Earnings On track towards Ambition 2020 targets Underlying earnings per share up 4% to Euro 2.24 Dividend of Euro 1.16 per share, up 5% from FY15, to be proposed by the Board of Directors Solvency II ratio of 197%, up 6 pts from 9M16 “With the commitment and the engagement of our teams, we have delivered a strong performance in the first year of our new Ambition 2020 plan”, said Thomas Buberl, Chief Executive Officer of AXA. “We recorded Euro 5.7 billion in underlying earnings, a growth of 4% on a per share basis, despite continued low interest rates and market volatility. We generated over Euro 6.2 billion of operating free cash flows and our Solvency II ratio of 197% remained well within our target range. In this context, the Board of Directors is proposing a dividend of Euro 1.16 per share, an increase of 5% versus last year, which corresponds to a payout ratio of 48%.” “AXA’s revenues crossed the Euro 100 billion mark for the first time in the company’s history. In Life & Savings, we continued to grow our profitable Protection & Health and capital light Savings businesses, in line with our strategy. In Property & Casualty, we grew in both personal and commercial lines. We also experienced significant positive net inflows in Asset Management.” “We are on track on the headline targets of our Ambition 2020 plan, focusing on the execution of clear management levers, and pursuing the transformation of the Group towards becoming the innovation leader in insurance and empowering people
    [Show full text]
  • I AXA Group Solvency Ratio
    REGISTRATION DOCUMENT ANNUAL FINANCIAL REPORT 2016 CERTAIN PRELIMINARY INFORMATION ABOUT THIS ANNUAL REPORT 1 Group profi le 4 Chairman and Chief Executive Offi cer’s messages 6 THE AXA GROUP 9 1.1 Key fi gures 11 1.2 History 15 1 1.3 Business overview 17 CONTENTS ACTIVITY REPORT AND CAPITAL MANAGEMENT 27 2.1 Market environment 28 2.2 Operating Highlights 33 2 2.3 Activity Report 38 2.4 Liquidity and capital resources 93 2.5 Events subsequent to December 31, 2016 100 2.6 Outlook 101 CORPORATE GOVERNANCE 103 3.1 Corporate governance structure – A balanced and effi cient governance 104 3.2 Executive compensation and share ownership 136 3 3.3 Related-party transactions 171 RISK FACTORS AND RISK MANAGEMENT 177 4.1 Risk factors 178 4.2 Internal control and risk management 190 4 4.3 Market risks 204 4.4 Credit risk 211 4.5 Liquidity risk 214 4.6 Insurance risks 215 4.7 Operational risk 219 4.8 Other material risks 220 CONSOLIDATED FINANCIAL STATEMENTS 223 5.1 Consolidated statement of fi nancial position 224 5.2 Consolidated statement of income 226 5 5.3 Consolidated statement of comprehensive income 227 5.4 Consolidated statement of changes in equity 228 5.5 Consolidated statement of cash fl ows 232 5.6 Notes to the Consolidated Financial Statements 234 5.7 Report of the Statutory Auditors on the consolidated fi nancial statements 370 SHARES, SHARE CAPITAL AND GENERAL INFORMATION 373 6.1 AXA shares 374 6.2 Share capital 375 6 6.3 General information 381 CORPORATE RESPONSIBILITY 391 7.1 General information 392 7.2 Social information 393 7 7.3 Environmental
    [Show full text]
  • ENGIE General Shareholders' Meeting of 20 May 2021
    Press release 20 May 2021 ENGIE General Shareholders’ Meeting of 20 May 2021 Approval by shareholders of all resolutions including: • Appointment of Catherine MacGregor to the Board of Directors • Appointment of Jacinthe Delage as Director representing employee shareholders to the Board of Directors • Payment of the dividend of 0.53 euro per share on May 26 ENGIE General Shareholders’ Meeting was held on 20 May 2021 at the Espace Grande Arche in La Défense, under the chairmanship of Jean-Pierre Clamadieu. The Meeting was held without the physical presence of the shareholders due to the health context and was broadcasted live on the website www.engie.com. Shareholders approved the appointment of Catherine MacGregor to the Board of Directors. Among the two candidates representing employee shareholders, the choice fell on Jacinthe Delage who received the highest number of votes. Stéphanie Besnier was also appointed as the French State's representative on the Board of Directors by ministerial order dated 19 May 2021, replacing Isabelle Bui. With these appointments, the Board is now composed of 14 members, 60% of whom are independent according to the rules of the Afep-Medef code, and 43% are women (50% within the meaning of the relevant legislation). The other resolutions, notably those on the financial statements and income allocation for the 2020 financial year, were also approved. The dividend was set at 0.53 euro per share and will be paid on 26 May. To encourage the dialogue with the Group, and in addition to the legal provisions for written questions, shareholders were able to send questions via a dedicated online platform, including during the meeting.
    [Show full text]
  • Jcdecaux Wins Unibail-Rodamco-Westfield Contract for the Two Largest UK Shopping Malls
    JCDecaux wins Unibail-Rodamco-Westfield contract for the two largest UK shopping malls Paris, October 8th, 2018 – JCDecaux S.A. (Euronext Paris: DEC), the number one outdoor advertising company worldwide, announces that it has won the contract for the in centre advertising at Westfield London and Westfield Stratford City, the premium retail, shopping and leisure destinations in London – ranked number one and two for mall retail spend in the UK. The contract follows a competitive tender and is for a term of 8.5 years. JCDecaux will take over the contract in November and will manage internal advertising opportunities across the two malls, comprising 180 screens in a 100% digital environment. With the addition of Westfield London and Westfield Stratford City, JCDecaux’s portfolio will now cover all 25 of London’s top retail zones (source CACI). Westfield London and Westfield Stratford City deliver 52 million digital weekly viewed impressions (source: Route 27). Paul Buttigieg, Director of Commercial Partnerships, Shopping Centre Management, Unibail-Rodamco-Westfield, said: “JCDecaux’s expertise in selling the London and international luxury audience means they are ideally placed to share our vision for the Westfield London and Westfield Stratford City advertising portfolio. JCDecaux brings the scale, digital expertise and data insight to understand our audience and to develop our offer further. This partnership with JCDecaux will give advertisers a new opportunity to reach influential and affluent audiences at multiple touchpoints in London and will benefit Westfield shoppers with relevant and engaging advertising content on the screens.” Jean-François Decaux, Co-Chief Executive Officer of JCDecaux, said: “We are delighted to be working in partnership with Unibail-Rodamco-Westfield, the premier global developer and operator of flagship shopping destinations to develop advertising opportunities in their market-leading malls.
    [Show full text]
  • The Last Platform of the World's First Semi-Submersible Floating Wind
    Windplus is a consortium between EDP Renováveis, Engie, Repsol and Principle Power The last platform of the world’s first semi-submersible floating wind farm sets sail • The platform will travel from the Galician town of Ferrol to its final location 20 km off the Portuguese coast. • The two previous platforms – featuring the world’s largest offshore wind turbine on a floating foundation - are now fully installed at the wind farm, supplying energy to Portugal’s electricity network. • With a total installed capacity of 25 MW, WindFloat Atlantic is the first floating wind farm in continental Europe. Lisbon, 28 May 2020: The WindFloat Atlantic project is taking one of the final steps towards becoming fully operational. The last of the three pre-assembled wind turbine platforms making up the project has left the Port of Ferrol today, heading for its final destination 20 km off the coast of Portugal at Viana do Castelo, in a journey that will take three days. This operation will be completed by hooking up this last unit to the pre-laid mooring system and connecting it to the rest of the offshore wind farm. This third platform will be installed next to the other two units, which are already up and running and supplying energy to the Portuguese electricity grid. Transporting each of the three WindFloat Atlantic floating structures is a milestone in itself, as it sidesteps the need for towing craft designed specifically for this process and makes it possible for the project to be replicated elsewhere. The floating structure –measuring 30 m high and with a 50 m distance between each of its columns – can support the world’s largest commercially available wind turbines, of 8.4 MW production capacity each, on a floating structure.
    [Show full text]
  • Michael Bender Aegon Financial Services Group, Inc
    Michael Bender Aegon Financial Services Group, Inc. [email protected] Saul Herrera Aegon Financial Services Group, Inc. [email protected] Kunwar Ajit Aegon USA Life [email protected] Sarah Baldwin AIG SunAmerica Life Assurance Company [email protected] David Golik AIG SunAmerica Life Assurance Company [email protected] Carol Albright Allstate Life Insurance Company [email protected] Suzanne Dela Cruz Allstate Life Insurance Company [email protected] Laurie Gama Allstate Life Insurance Company [email protected] Steve Gil AXA Equitable Life Insurance Company [email protected] Robert Muller AXA Equitable Life Insurance Company [email protected] Bradley Levine Blue Frog Solutions, Inc. [email protected] Robert Marone Blue Frog Solutions, Inc. [email protected] Christopher Pernicano Blue Frog Solutions, Inc. [email protected] Richard Cenci Depository Trust & Clearing Corp. [email protected] Steven Acosta Depository Trust & Clearing Corporation (The) [email protected] Gary Apruzzese Depository Trust & Clearing Corporation (The) [email protected] Gina Eslinger Depository Trust & Clearing Corporation (The) [email protected] Mark Goldfarb Depository Trust & Clearing Corporation (The) [email protected] Randi Gordon Depository Trust & Clearing Corporation (The) [email protected] Craig Gurien Depository Trust & Clearing Corporation (The) [email protected] Susan Nugent Depository Trust & Clearing Corporation (The) [email protected] Jeanann Smith Depository Trust & Clearing
    [Show full text]
  • Registration Document
    2016 REGISTRATION DOCUMENT 2016 REGISTRATION DOCUMENTREGISTRATION 1 4 GROUP OVERVIEW 3 SUSTAINABLE DEVELOPMENT 161 1.1 Klépierre’s strategy at a glance 4 4.1 An ambitious strategy and an integrated organization 162 1.2 Key figures 5 4.2 Operational and sustainable excellence at the heart 1.3 Stock market and shareholder base 9 of our strategy 172 1.4 Background 10 4.3 Klépierre, a company that is committed throughout its value chain 188 1.5 Property portfolio as of December 31, 2016 11 4.4 Employees, one of Klépierre’s main assets 196 1.6 Simplified organization chart as of December 31, 2016 23 4.5 Methodology, Concordance table and verification Competitive position 24 1.7 by independent third party 202 1.8 Main risk factors 25 5 2 CORPORATE GOVERNANCE 211 BUSINESS FOR THE YEAR 39 5.1 Management and oversight of the Company 212 2.1 Shopping center operations overview 40 5.2 Compensation and benefits of executive 2.2 Business activity by region 44 corporate officers 232 2.3 Investments, developments and disposals 51 2.4 Consolidated earnings and cash-flow 54 2.5 Parent company earnings and distribution 56 2.6 Property portfolio valuation 57 6 2.7 EPRA performance indicators 61 SHARE CAPITAL, SHAREHOLDING, 2.8 Financial policy 64 GENERAL MEETING OF SHAREHOLDERS 261 2.9 Governance 67 6.1 Share capital and Shareholding 262 2.10 Events subsequent to the accounting cut-off date 67 6.2 General Meeting of Shareholders 278 2.11 Outlook 67 7 3 GENERAL ADDITONAL INFORMATION 303 FINANCIAL STATEMENTS 69 7.1 General information 304 3.1 Consolidated
    [Show full text]
  • Download the Press Release
    Press release Nov. 25, 2015 ENGIE’s first LNG cargo for Beijing city unloaded in Caofeidian terminal, aiming to contribute to Beijing city’s gas demand during the winter season November 25, 2015, the first cargo of LNG provided by ENGIE Group (former GDF SUEZ Group) to Beijing Gas Group, acting as a direct buyer, unloaded at PetroChina’s Caofeidian LNG receiving terminal. This shipment was transported by the LNG carrier named <GDF SUEZ POINT FORTIN> which total storage capacity amounts 154,200 cubic meters. After unloading, storage and gasification in Caofeidian LNG receiving terminal, the natural gas will be transported to Beijing via Yongtangqin pipeline. This gas is a supplementary source for Beijing City’s winter season, contributing to Beijing city’s gas demand and security of supply during the 2015-2016 heating season. This delivery is the first case among all Chinese LNG buyers, of third party reception and further transport in pipeline infrastructures and, as such, a clear sign of the steps taken by Chinese Authorities towards open and fair access mechanisms. This LNG delivery is the result of the contract signed on June 30, 2015 in Paris between Beijing Gas Group and ENGIE Group under the witness of Chinese Prime Minister Li Keqiang and French Prime Minister Manuel Valls. This agreement is one part of the cooperations between ENGIE and Beijing Enterprises Group (BEG), carrying out cooperation in LNG and other related fields. Jean-Marc Guyot, President & CEO of ENGIE China said: “this is an important milestone of ENGIE’s development in China. Through this LNG supply, we are pleased that ENGIE can contribute to China's growing demand and efforts towards clean energy.” GDF SUEZ CORPORATE HEADQUARTERS Tour T1 – 1 place Samuel de Champlain – Faubourg de l’Arche - 92930 Paris La Défense cedex - France Tel + 33(0)1 44 22 00 00 GDF SUEZ SA WITH CAPITAL OF €2,435,285,011 – RCS NANTERRE 542 107 651 About ENGIE in China ENGIE has been present in China for over 40 years.
    [Show full text]
  • Birla Sun Life Complaints
    Birla Sun Life Complaints Ovarian Abdullah always propagandise his Bose if Garrott is Aristophanic or cultivates unheedingly. Unpunished and Cambrian Joaquin organise her unequalledheptasyllabic Griswold ceased neverunsymmetrically surgings so or incontinently. deemphasizes discreditably, is Curtice deep-dyed? Donald drive-ins his oater splashdown cubically, but The right to premiums for the irda maintains the aditya birla sun life reviews have obtained deposit account but will terminate me as birla sun life insurance login working days Création de en assurance company account of stability even more than one of sum assured on time of. He has been a couple of. About Us Aditya Birla Sun Life Insurance. As we regularly capture complaints so they notify businesses as soon as we be any complaint at our platform, so we try find ways to outside your problems or concerns as pat and thoroughly as possible. Completed and communicate in reading in his every complaint form are that foreign investors. It provide very darling to seek up It was very steady to move up. 19 Birla Sun Life Insurance reviews A table inside you at company reviews and salaries posted anonymously by employees. Aditya birla sun life insurance company Complaint Noc not giving for me Contact Mobile No Address Helpline Number Grahak Suraksha. Your request having been registered by us. The highest complaints about mis-spelling are custody the banks. It is a complaint of! Birla sun life, they are happy with them, poor service industry ombudsman. Our site uses cookies necessary cookies to to reach birla sun life policy number format is a kannada language whats app.
    [Show full text]
  • Evidence on Taxing Transactions in Modern Markets∗
    Sand in the Chips? Evidence on Taxing Transactions in Modern Markets∗ Jean-Edouard Colliard and Peter Hoffmanny First version: December 2012 This version: May 30, 2014 Abstract We present evidence on the causal impact of financial transaction taxes on market quality in a modern market structure by exploiting the introduction of such a levy in France on August 1st, 2012. Our evidence suggests that the substantial changes in market structure over the past decades play an important role in reassessing the long-standing idea of the FTT. While we document a surprisingly mild impact on exchange-based trading due to exemptions for liquidity provision, off-exchange trading declined by 40%, and the largest OTC trades virtually disappeared. This suggests that market segmentation poses a considerable challenge to current policy proposals. Journal of Economic Literature Classification Number: G10, G14, G18, H32. Keywords: Financial transaction tax, OTC markets, liquidity, high-frequency trading. ∗We would like to thank Bruno Biais, Fany Declerck, Hans Degryse, Laurent Grillet-Aubert, Philipp Hartmann, Frank de Jong, Simone Manganelli, Elvira Sojli as well as seminar and conference participants at the French Treasury, Autorit´edes March´esFinanciers (AMF), ECB, VU University Amsterdam, the Banque de France Workshop on Algorithmic and High Frequency Trading, the 6th Erasmus Liquidity Conference and the Arne Ryde Workshop for comments and suggestions. The views expressed in this paper are the authors' and do not necessarily reflect those of the European Central Bank or the Eurosystem. yEuropean Central Bank, Financial Research Division. E-mail: [email protected] and [email protected]. Contact author: Peter Hoffmann, ECB, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany.
    [Show full text]