Axel Springer Annual Report 2017

Total Page:16

File Type:pdf, Size:1020Kb

Axel Springer Annual Report 2017 17Annual Report Contents 4 Foreword 82 Report of the Supervisory Board 6 Executive Board 90 Consolidated Financial Statements 91 Consolidated Statement of 8 The Axel Springer share Financial Position 10 Combined Management Report 93 Consolidated Income Statement 93 Consolidated Statement of 12 Fundamentals of the Axel Springer Group Comprehensive Income 22 Economic Report 94 Consolidated Statement of 39 Economic Position of Axel Springer SE Cash Flows 42 Report on risks and opportunities 95 Consolidated Statement of Changes in Equity 56 Forecast Report 96 Consolidated Segment Report 61 Disclosures and explanatory report on the Executive Board pursuant to takeover law 97 Notes to the Consolidated Financial Statements 65 Corporate Governance Report 166 Responsibility Statement 167 Independent Auditor’s Report 175 Boards 2 Group Key Figures in € millions Change yoy 2017 2016 Group Revenues 8.3 % 3,562.7 3,290.2 Digital media revenues share 1) 71.5 % 67.4 % EBITDA, adjusted2) 8.5 % 645.8 595.5 EBITDA margin, adjusted 2) 18.1 % 18.1 % Digital media EBITDA share1) 80.0 % 72.5 % EBIT, adjusted2) 7.0 % 504.0 471.1 3) Net income – 16.0 % 378.0 450.0 Net income, adjusted2) 3) 9.2 % 327.5 299.9 Segments4) Revenues Classifieds Media 14.6 % 1,007.7 879.5 News Media 1.9 % 1,509.8 1,481.6 Marketing Media 15.0 % 984.5 856.2 Services/Holding – 16.8 % 60.7 72.9 EBITDA, adjusted2) Classifieds Media 16.5 % 413.2 354.6 News Media 2.0 % 218.8 214.4 Marketing Media 16.3 % 95.6 82.2 Services/Holding − – 81.7 – 55.7 Liquidity and financial position Free cash flow (FCF)2) 83.9 % 497.4 270.5 FCF excl. effects from headquarter real estate transactions2) 5) 48.5 % 341.1 229.7 6) Capex − – 200.9 – 156.8 5) 6) Capex excl. effects from headquarter real estate transactions − – 152.5 – 130.4 7) Total assets – 0.3 % 6,435.6 6,456.2 Equity ratio 2) 7) 43.5 % 40.9 % 2) 7) Net liquidity/debt − – 1,020.2 – 1,035.2 Share-related key figures8) Earnings per share, adjusted (in €)2) 3) 9) 8.1 % 2.60 2.41 3) 9) Earnings per share (in €) – 19.1 % 3.19 3.94 Dividend (in €)10) 5.3 % 2.00 1.90 Closing price (in €) 41.2 % 65.13 46.13 Market capitalization11) 41.2 % 7,027.2 4,977.2 Average number of employees 3.3 % 15,836 15,323 1) Based on the operating business (without the segment Services/Holding). 2) Explanations regarding relevant key performance indicators on page 33. 3) Continuing operations, for the portion attributable to discontinued operations see notes to the consolidated financial statements under note (2d). 4) Adaption of segment names to Classifieds Media (Classified Ad Models), News Media (Paid Models) and Marketing Media (Marketing Models), cf. page 12. 5) Referring to the new headquarter building in Berlin as well as the sale of the office building complex in Hamburg. 6) Cash flow from operating activities minus capital expenditures, plus cash inflows from disposals of intangible assets and property, plant and equipment. 7) As of December 31, 2017 and December 31, 2016, respectively. 8) Quotations based on XETRA closing prices. 9) Calculation based on average weighted shares outstanding in the reporting period (107.9 million; PY: 107.9 million). 10) The dividend for the financial year 2017 is subject to the condition of approval by the annual shareholders’ meeting. 11) Based on shares outstanding at the closing price, excluding treasury shares (107.9 million; PY: 107.9 million). Annual Report 2017 Foreword Foreword Axel Springer SE We have consistently implemented these messages. A winning formula that has been better understood, even outside of Axel Springer. As well as the fact that in the digital world we rely on both journalism and classifieds offerings: We give our customers more and more exactly what they need – precise information for important life decisions, for example when looking for a job or a flat. Therefore, the Axel Springer share benefited from signifi- cant valuation premiums. The price increase of 41.2 % and the clear outperformance of all benchmark indices confirm this. In the second half of 2017 in particular, the share reached new all-time highs several times. Axel Springer owns one of the world's largest portfolios of online classifieds companies, including brands such as StepStone, SeLoger and Yad2. This business is perceived much more by analysts and investors than ever before. For many of them, it now accounts for the majority of the company value. These classifieds again saw outstanding organic growth - stronger than we In the past year, the world has changed even faster than expected. Here, in addition to outstanding market in previous years. Politically, economically, socially and positions and excellent management, we benefit from technologically. The media market is affected by all four the continuing trend from print to online. As announced, dimensions. The change happens quickly and profoundly. this year we have introduced a new transparency with The end is not to be foreseen. Axel Springer was and is regard to our classifieds business. At two capital market very well prepared for this. That's why we can look back days in London and New York, we gave analysts and on a very successful year together with you. We are more investors a detailed insight into the business models. digital than ever before and therefore grow stronger. The result in News Media was not only stable, it even At the beginning of the year 2017, we have positioned increased slightly. Our strong media brands are seen four key messages on the capital market: by many people as a trusted source of information and entertainment, both in print and in the growing digital 1. In the Classifieds Media segment, we now regularly environment. This is reflected in the business: The publish more information about our most important subscription numbers in the digital sector continue to businesses. This enables our shareholders to better grow, advertising revenues have risen. Here again it understand the good development. shows that print as a business model is more stable than is often claimed. 2. For the News Media segment, we have given a stable outlook (adjusted EBITDA) for the year 2019. 3. In terms of our digital journalistic offerings, we want to show that these business models can be profita- ble before we make further significant acquisitions in this area. 4. Our focus is on Classifieds Media and News Media. 4 Annual Report 2017 Foreword Axel Springer SE Also noteworthy is the development of Business Insider. In addition to the major strategic lines, Axel Springer was Our colleagues use the considerable reach of their strengthened by a series of individual projects. These content, e. g. videos, more and more to achieve higher include, among others, successful real estate trans- revenues. Overall, Business Insider's growth in 2017 was actions in Berlin. In this way, we reduce our capital tied over 45 %. And thus above the expected average growth up in real estate and achieve high level profits. Adjacent that we had envisaged in the acquisition. In addition, we to our company headquarters, our new building is accelerated the internationalization of Business Insider currently under construction. I am happy that we will through new country editions. Reach and user intensity build it together with Rem Koolhaas. It will match our of our offer for users of Samsung mobile phones, Upday, idea of modern, digital work. The cultural change of Axel continue to be very good. Springer is also evident in the Tuesday Townhall Talk. The regular event introduced last year enables all On the publishing side, we have tackled the reorganiza- employees of all companies of Axel Springer to have tion of the national publishing units (WELT, BILD). With discussions with the Executive Board. And with the this modification, we want to further strengthen the expansion of the share participation program to other brands, align our publications more closely to print and companies within the Group, we have enabled even digital target groups, leverage synergies between the more employees to participate in the economic success. brands and thus further improve the overall economic Many employees take part in it and thus strengthen their prospects. Editorial departments that have already ties to Axel Springer. integrated print and digital are not affected. I am particularly happy that we have reached a goal in With these measures we will not only live up to our 2017 that is personally important to me: As of December economic responsibility. Especially in the area of "News 31, 2017, Axel Springer employed a proportion of 32 % Media" this was particularly challenging - and important women in management positions. We achieved this goal in this year. "Fake News" and populist trends on the without quota. It is part of our cultural change. Diversity net are countered by our media with critical, profoundly will continue to play a key role at Axel Springer, and the researched journalism. This, too, was the key to proportion of women should continue to rise. success in 2017 for Axel Springer. My joy over the commercial success of the year 2017 There were also important developments in the portfolio is only surpassed by one other message. Since 16th of our Marketing Media segment: In January 2018 we February our employee Deniz Yücel is free. For over a concluded an agreement for the sale of our shareholding year he was detained in Turkey, without being charged. in aufeminin at a very attractive price, subject to approval His freedom makes us all very happy.
Recommended publications
  • Annual Report 2019 Contents
    Annual Report 2019 Contents 4 Foreword 93 Report of the Supervisory Board 6 Executive Board 102 Consolidated Financial Statements 103 Consolidated Statement of 8 The Axel Springer share Financial Position 10 Combined Management Report 105 Consolidated Income Statement 106 Consolidated Statement of 13 Fundamentals of the Axel Springer Group Comprehensive Income 24 Economic Report 107 Consolidated Statement of 44 Economic Position of Axel Springer SE Cash Flows 48 Report on risks and opportunities 108 Consolidated Statement of Changes in Equity 60 Forecast Report 109 Consolidated Segment Report 71 Disclosures and explanatory report on the Executive Board pursuant to takeover law 110 Notes to the Consolidated Financial Statements 77 Corporate Governance Report 180 Responsibility Statement 181 Independent Auditor’s Report 187 Boards 2 Group Key Figures in € millions Change yoy 2019 2018 Group Revenues – 2.2 % 3,112.1 3,180.7 Digital revenue share1) 73.3 % 70.6 % 2) EBITDA, adjusted – 14.5 % 630.6 737.9 EBITDA margin, adjusted2) 20.3 % 23.2 % 2) EBIT, adjusted – 21.5 % 414.5 527.9 EBIT margin, adjusted 2) 13.3 % 16.6 % Net income – 35.4 % 134.6 208.4 2) Net income, adjusted – 21.5 % 263.7 335.7 Segments Revenues Classifieds Media 0.1 % 1,213.8 1,212.5 News Media – 4.4 % 1,430.9 1,496.2 Marketing Media 0.8 % 421.5 418.3 Services/Holding – 14.4 % 46.0 53.7 EBITDA, adjusted2) Classifieds Media – 3.8 % 468.4 487.2 News Media – 39.3 % 138.5 228.2 Marketing Media 20.3 % 107.8 89.6 Services/Holding − – 84.1 – 67.0 EBIT, adjusted2) Classifieds Media – 7.1 % 377.9 406.7 News Media – 54.4 % 72.1 158.2 Marketing Media 26.1 % 83.3 66.0 Services/Holding − – 118.6 – 103.0 Liquidity and financial position 2) Free cash flow (FCF) – 38.1 % 214.6 346.9 2) 3) FCF excl.
    [Show full text]
  • 14Annual Report Contents
    14Annual Report Contents 4 Foreword 78 Report of the Supervisory Board 6 Executive Board 86 Consolidated Financial Statements 87 Responsibility Statement 8 The Axel Springer share 88 Auditor’s Report 89 Consolidated Statement of Financial Position 10 Combined Management Report 91 Consolidated Statement of 12 Fundamentals of the Axel Springer Group Comprehensive Income 22 Economic report 92 Consolidated Statement of Cash Flows 41 Economic position of Axel Springer SE 93 Consolidated Statement of Changes in Equity 44 Events after the reporting date 94 Consolidated Segment Report 45 Report on risks and opportunities 95 Notes to the Consolidated 56 Forecast report Financial Statements 61 Disclosures and explanatory report of the Executive Board pursuant to takeover law 158 Boards 65 Corporate Governance Report Group Key Figures Continuing operations in € millions Change yoy 2014 2013 2012 Group Total revenues 8.4 % 3,037.9 2,801.4 2,737.3 Digital media revenues share 53.2 % 47.5 % 42.4 % 1) EBITDA 11.6 % 507.1 454.3 498.8 1) EBITDA margin 16.7 % 16.2 % 18.2 % 2) Digital media EBITDA share 72.1 % 62.0 % 49.4 % 3) EBIT 9.7 % 394.6 359.7 413.6 Consolidated net income 31.9 % 235.7 178.6 190.7 3) Consolidated net income, adjusted 9.3 % 251.2 229.8 258.6 Segments Revenues Paid Models 2.6 % 1,561.4 1,521.5 1,582.9 Marketing Models 10.8 % 794.1 716.5 662.8 Classified Ad Models 27.2 % 512.0 402.6 330.2 Services/Holding 6.1 % 170.5 160.8 161.4 EBITDA1) Paid Models – 2.4 % 244.2 250.1 301.8 Marketing Models 6.0 % 109.7 103.4 98.1 Classified Ad Models
    [Show full text]
  • Television Advertising Insights
    Lockdown Highlight Tous en cuisine, M6 (France) Foreword We are delighted to present you this 27th edition of trends and to the forecasts for the years to come. TV Key Facts. All this information and more can be found on our This edition collates insights and statistics from dedi cated TV Key Facts platform www.tvkeyfacts.com. experts throughout the global Total Video industry. Use the link below to start your journey into the In this unprecedented year, we have experienced media advertising landscape. more than ever how creative, unitive, and resilient Enjoy! / TV can be. We are particularly thankful to all participants and major industry players who agreed to share their vision of media and advertising’s future especially Editors-in-chief & Communications. during these chaotic times. Carine Jean-Jean Alongside this magazine, you get exclusive access to Coraline Sainte-Beuve our database that covers 26 countries worldwide. This country-by-country analysis comprises insights for both television and digital, which details both domestic and international channels on numerous platforms. Over the course of the magazine, we hope to inform you about the pandemic’s impact on the market, where the market is heading, media’s social and environmental responsibility and all the latest innovations. Allow us to be your guide to this year’s ACCESS OUR EXCLUSIVE DATABASE ON WWW.TVKEYFACTS.COM WITH YOUR PERSONAL ACTIVATION CODE 26 countries covered. Television & Digital insights: consumption, content, adspend. Australia, Austria, Belgium, Brazil, Canada, China, Croatia, Denmark, France, Finland, Germany, Hungary, India, Italy, Ireland, Japan, Luxembourg, The Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, UK and the US.
    [Show full text]
  • Entscheidungen Im August 2020 Und Ergebnisse Der 252. Sitzung Der KEK Zulassungen • Supreme Master TV / Supreme Master Ching Hai Deutschland E
    KEK-Pressemitteilung 04/2020 • Berlin, 8. September 2020 Entscheidungen im August 2020 und Ergebnisse der 252. Sitzung der KEK Zulassungen • Supreme Master TV / Supreme Master Ching Hai Deutschland e. V. • TVR (Arbeitstitel) / Deutsches Musik Fernsehen GmbH & Co. KG Beteiligungsveränderungen • TM-TV GmbH • ProSiebenSat.1 Media SE • RTL Group S.A. • German Car TV Programm GmbH und MV Sendebetriebs- gesellschaft UG (haftungsbeschränkt) • sporttotal.tv GmbH • WeltN24 GmbH und Bild GmbH Die Kommission zur Ermittlung der Konzentration im Medienbereich (KEK) hat entschieden, dass den folgenden Zulassungen und Beteiligungsveränderungen keine Gründe der Sicherung der Meinungsvielfalt entgegenstehen: Zulassung Supreme Master TV / Supreme Master Ching Hai Deutschland e. V. Der Supreme Master Ching Hai Deutschland e.V. hat bei der Medienanstalt Berlin-Brandenburg (mabb) eine Zulassung für das bundesweite Fernsehspartenprogramm Supreme Master TV beantragt. Das Programm Supreme Master TV ist geprägt vom Leben und Wirken der Ching Hai, einer vietnamesischen Schriftstellerin, Unternehmerin und Meditationslehrerin, die in ihrem Umfeld als spirituelle Meisterin gilt. Themenschwerpunkte sind unter anderem Veganismus, Frieden, Kultur, Spiritualität, Umwelt und Gesundheit. Supreme Master TV wird bereits international über verschiedene Ausspielwege verbreitet. In Deutschland ist der Empfang über die sendereigene Website www.suprememastertv.com und über YouTube, Apple TV, Amazon Fire TV sowie Android-Smart-TV-Systeme und TikTok möglich. 1/8 Zulassung TVR (Arbeitstitel) / Deutsches Musik Fernsehen GmbH & Co. KG Die Deutsches Musik Fernsehen GmbH & Co. KG plant ein Unterhaltungsspartenprogramm unter dem Arbeitstitel TVR. Das Programm soll frei empfangbar über Satellit (Astra) und Kabel (PŸUR/Tele Columbus) erfolgen. Ein entsprechender Zulassungsantrag wurde bei der Bremischen Landesmedienanstalt (brema) gestellt. Die Deutsches Musik Fernsehen GmbH & Co.
    [Show full text]
  • F Ul L Ye Ar R Es Ults 2 01 9
    FULL YEAR RESULTS 2019 ENTERTAIN. INFORM. ENGAGE. KEY FIGURES SHARE PERFORMANCE (1 January 2019 to 31 December 2019) +31.15 % MDAX +16.41 % SXMP –5.82 % RTL GROUP INDEX = 100 –10.55 % PROSIEBENSAT1 RTL Group share price development for January to December 2019 based on the Frankfurt Stock Exchange (Xetra) against MDAX, Euro Stoxx 600 Media and ProSiebenSat1 Fremantle’s America’s Got Talent: The Champions is a prime-time hit on NBC. 2 RTL Group Full-year results 2019 REVENUE 2015 – 2019 (€ million) EBITA 2015 – 2019 (€ million) 19 6,651 19 1,139 18 6,505 18 1,171 17 6,373 17 1,248 16 6,237 16 1,205 15 6,029 15 1,167 PROFIT FOR THE YEAR 2015 – 2019 (€ million) EQUITY 2015 – 2019 (€ million) 19 864 19 3,825 18 785 18 3,553 17 837 17 3,432 16 816 16 3,552 15 863 15 3,409 MARKET CAPITALISATION* 2015 – 2019 (€ billion) TOTAL DIVIDEND / DIVIDEND YIELD PER SHARE 2015 – 2019 (€) (%) 19 6.8 19 4.00 8.7 18 7.2 18 4.00* 6.3 17 10.4 17 4.00** 5.9 16 10.7 16 4.00*** 5.4 15 11.9 15 4.00**** 4.9 *As of 31 December * Including an interim dividend of € 1.00 per share, paid in September 2018 ** Including an interim dividend of € 1.00 per share, paid in September 2017 *** Including an interim dividend of € 1.00 per share, paid in September 2016 **** Including an extraordinary interim dividend of € 1.00 per share, paid in September 2015 CASH CONVERSION RATE* 2015 – 2019 (%) PLATFORM REVENUE* 2015 – 2019 (€ million) 19 105 19 368 18 90 18 343 17 104 17 319 16 97 16 281 15 87 15 248 *Calculated as operating pre-tax free cash flow as a percentage of EBITA * Revenue generated across all distribution platforms (cable, satellite, IPTV) including subscription and re-transmission fees 3 RTL Group Full-year results 2019 “ WE ARE BOOSTING OUR STREAMING SERVICES AND GLOBAL CONTENT BUSINESSES” “Driven by the strong performances of our three largest business units, RTL Group achieved all financial goals in 2019: revenue grew on an underlying basis by 3.2 per cent, EBITA remained broadly stable despite higher investments, and Group profit was up by 10 per cent.
    [Show full text]
  • Redalyc.Martín Varsavsky
    Academia. Revista Latinoamericana de Administración ISSN: 1012-8255 [email protected] Consejo Latinoamericano de Escuelas de Administración Organismo Internacional Ganitsky, Joseph; González Mesones, Álvaro Sancho Martín Varsavsky (A) Academia. Revista Latinoamericana de Administración, núm. 27, 2001, pp. 31-77 Consejo Latinoamericano de Escuelas de Administración Bogotá, Organismo Internacional Disponible en: http://www.redalyc.org/articulo.oa?id=71602705 Cómo citar el artículo Número completo Sistema de Información Científica Más información del artículo Red de Revistas Científicas de América Latina, el Caribe, España y Portugal Página de la revista en redalyc.org Proyecto académico sin fines de lucro, desarrollado bajo la iniciativa de acceso abierto JAIME SABAL Joseph Ganitsky Bank One Professor of International Business, College of Business Administration, Loyola University, New Orleans, Estados Unidos * [email protected], Martín Varsavsky (A) [email protected] Álvaro Sancho González-Mesones “El entendimiento es la conciencia de la verdad, Director del International MBA y y el que llega a perderla entre las mentiras de su vida, subdirector del Departamento de es como si se perdiera a sí propio, Creación de Empresas del Instituto de porque ya nunca volverá a encontrarse ni conocerse, Empresa y el mismo vendrá a ser otra mentira” Instituto de Empresa, Madrid, España Jacinto Benavente, [email protected] Los intereses creados. RESUMEN Presenta el desarrollo de habilidades de un empresario exitoso, partiendo de sus valores desde su infancia y a lo largo de su vida. Resalta factores persona- les y externos que inciden en el éxito de cinco empresas establecidas por él, su enfoque de gestión, su estilo de liderazgo y sus relaciones con otros actores dentro de sus cadenas de valor.
    [Show full text]
  • Speaker Book
    Table of Contents Program 5 Speakers 9 NOAH Infographic 130 Trading Comparables 137 2 3 The NOAH Bible, an up-to-date valuation and industry KPI publication. This is the most comprehensive set of valuation comps you'll find in the industry. Reach out to us if you spot any companies or deals we've missed! March 2018 Edition (PDF) Sign up Here 4 Program 5 COLOSSEUM - Day 1 6 June 2018 SESSION TITLE COMPANY TIME COMPANY SPEAKER POSITION Breakfast 8:00 - 10:00 9:00 - 9:15 Between Tradition and Digitisation: What Old and New Economy can Learn from One Another? NOAH Advisors Marco Rodzynek Founder & CEO K ® AUTO1 Group Gerhard Cromme Chairman Facebook Martin Ott VP, MD Central Europe 9:15 - 9:25 Evaneos Eric La Bonnardière CEO CP 9:25 - 9:35 Kiwi.com Oliver Dlouhý CEO 9:35 - 9:45 HomeToGo Dr. Patrick Andrae Co-Founder & CEO FC MR Insight Venture Partners Harley Miller Vice President CP 9:45 - 9:55 GetYourGuide Johannes Reck Co-Founder & CEO MR Travel & Tourism Travel 9:55 - 10:05 Revolution Precrafted Robbie Antonio CEO FC MR FC 10:05 - 10:15 Axel Springer Dr. Mathias Döpfner CEO 10:15 - 10:40 Uber Dara Khosrowshahi CEO FC hy Christoph Keese CEO CP 10:40 - 10:50 Moovit Nir Erez Founder & CEO 10:50 - 11:00 BlaBlaCar Nicolas Brusson MR Co-Founder & CEO FC 11:00 - 11:10 Taxify Markus Villig MR Founder & CEO 11:10 - 11:20 Porsche Sebastian Wohlrapp VP Digital Business Platform 11:20 - 11:30 Drivy Paulin Dementhon CEO 11:30 - 11:40 Optibus Amos Haggiag Co-Founder & CEO 11:40 - 11:50 Blacklane Dr.
    [Show full text]
  • What Do News Aggregators Do? Evidence from Google News in Spain and Germany*
    What Do News Aggregators Do? Evidence from Google News in Spain and Germany* Joan Calzada† Ricard Gil‡ December 2018 Abstract The impact of aggregators on news outlets is ambiguous. In particular, the existing theoretical literature highlights that although aggregators create a market expansion effect when they bring visitors to news outlets, they also generate a substitution effect if some visitors switch from the news outlets to the aggregators. Using the shutdown of the Spanish edition of Google News in December of 2014 and difference-in-differences methodology, this paper empirically examines the relevance of these two effects. We show the shutdown of Google News in Spain decreased the number of daily visits to Spanish news outlets between 8% and 14%, and that this effect was larger in outlets with less overall daily visits and a lower share of international visitors. We also find evidence suggesting that the shutdown decreased online advertisement revenues and advertising intensity at news outlets. We then analyze the effect of the opt-in policy adopted by the German edition of Google News in October of 2014. Although such policy did not significantly affect the daily visits of all outlets that opted out, it reduced by 8% the number of visits of the outlets controlled by the publisher Axel Springer. Our results demonstrate the existence of a net market-expansion effect through which news aggregators increase consumers' awareness of news outlets' contents, thereby increasing their number of visits. * We thank Shane Greenstein, Avi
    [Show full text]
  • Literaturverzeichnis
    Literaturverzeichnis Jürgen Peter Schmied Sebastian Haffner Eine Biographie 683 Seiten, Gebunden ISBN: 978-3-406-60585-7 © Verlag C.H.Beck oHG, München Quellen- und Literaturverzeichnis I. Quellen A Ungedruckte Quellen 1. Akten Archiv der Humboldt Universität zu Berlin. Matrikelbuch, Rektorat, 600/116. Jur. Fak., Bd. 309. BBC Written Archive Centre, Reading. RCont 1, Sebastian Haffner File 1. Bundesarchiv. Personalakte Raimund Pretzel, R 3001, 71184. Personalakte Raimund Pretzel, ehemals BDC, RKK 2101, Box 0963, File 09. Bundesbehörde für die Unterlagen des Staatssicherheitsdienstes der ehemaligen Deutschen Demokratischen Republik, Berlin. ZA, MfS – HA IX/11. AF Pressemappe. ZA, MfS – HA IX/11. AF Z I, Bd. 3. ZA, MfS – HA IX/11. AF N-II, Bd. 1, Bd. 2. ZA, MfS – F 16/HVA. ZA, MfS – F 22/HVA. National Archives, Kew. FO 371/24424 FO 371/26554 FO 371/106085 HO 334/219 INF 1/119 KV 2/1129 KV 2/1130 PREM 11/3357 Politisches Archiv des Auswärtigen Amtes, Berlin. B 8, Bd. 1498. B 11, Bd. 1019. 2 2. Nachlässe NL Konrad Adenauer Stiftung Bundeskanzler-Adenauer-Haus, Rhöndorf. NL Raymond Aron École des hautes études en sciences sociales, Paris. Centre de recherches politiques Raymond Aron. NL David Astor Privatbesitz. NL Margret Boveri Staatsbibliothek zu Berlin, Handschriftenabteilung. NL Willy Brandt Archiv der sozialen Demokratie. Friedrich-Ebert- Stiftung, Bonn. NL Eugen Brehm Institut für Zeitgeschichte, München. NL William Clark Bodleian Library, Oxford. Department of Special Col- lections and Western Manuscripts. NL Arthur Creech Jones Rhodes House Library, Oxford. NL Isaac Deutscher International Institute of Social History, Amsterdam. NL Sebastian Haffner Bundesarchiv.
    [Show full text]
  • Special Issue of the CEE Legal Matters Magazine Here
    Special Issue CEE January 2017 Legal Matters In-Depth Analysis of the News and Newsmakers That Shape Europe’s Emerging Legal Markets What do you expect from your law firm? wolftheiss.com EDITORIAL YEAR END SPECIAL IssUE CEE EDITORIAL: OUT WITH THE Legal Matters In-Depth Analysis of the News and Newsmakers That Shape Europe's Emerging Legal Markets BAD, IN WITH THE GOOD Few would con- tria, the trend is undeniably rightward. test that 2016 was, Against this gloomy backdrop, optimism might on balance, a dis- seem to be in short supply. And yet, at least in appointing year. the legal industry, it’s perhaps not completely un- Indeed, by now warranted. descriptions of the year just concluded First, as the participants in this year’s Expert as unfortunate, or Summit (page 12) attest, business in CEE contin- terrible, or an an- ues to grow. Partners at law firms in some of the nus horribilis are most troubled CEE countries, such as Ukraine, so common as to Russia, and Turkey, remain positive, and firms approach cliché. Still, the year is unlikely to be in many other CEE countries, such as Austria, remembered fondly, in CEE or anywhere else. Hungary, and Romania, report increased growth, profits, and enthusiasm. Those reports are borne And indeed, recalling the stories from this part out by our annual Table of Deals ( page 32) as of the world that generated global media cover- well, which is much larger than it was in 2015 – age in 2016 is a painful exercise. In Turkey alone, which itself, in turn, was much larger than it was a woeful series of terrorist attacks killed an esti- The Editors: in 2014.
    [Show full text]
  • NOAH15-Speakerbook(June).Pdf
    1 Main Stage – Day 1 (9 June 2015) Company Start - End Sessions & Speakers Speaker Title Company 7:30 - 8:20 Breakfast 8:20 - 8:40 Welcome Note Marco Rodzynek Founder & CEO NOAH Advisors Dr. Jens Müffelmann CEO Axel Springer Digital Ventures 8:40 - 9:00 Axel Springer Opening Keynote Dr. Mathias Döpfner CEO Axel Springer Insurance & Finance 9:00 - 9:20 Champions in Insurance & Finance 9:00 - 9:10 Dr. Christian Ricken COO of Private & Business Clients Deutsche Bank 9:10 - 9:20 Stefan Tirtey Managing Director CommerzVentures 9:20 - 11:10 Challengers in Insurance & Finance 9:20 - 9:30 Dr. Henrich Blase CEO CHECK24 9:30 - 9:40 Sebastian Diemer CEO Kreditech 9:40 - 9:50 Michiel Goris CEO Interhyp 9:50 - 10:00 Dror Efrat Founder & CEO Investing.com 10:00 - 10:10 Robert Henker Founder & CEO Cashboard 10:10 - 10:20 Ismail Ahmed CEO WorldRemit 10:20 - 10:30 Valentin Stalf Co-Founder & CEO Number26 10:30 - 10:40 Tony Gallippi Co-Founder & Executive Chairman BitPay 10:40 - 10:50 Raffael Johnen Co-Founder & CEO auxmoney 10:50 - 11:00 Michael Schmidt Chairman & Co-Founder Algomi 11:00 - 11:10 Jan Beckers Founder & CEO HitFox Group Lake Star Keynote 11:10 - 11:30 Keynote Dr. Klaus Hommels Founder & CEO Lake Star Media, Telecom & Gaming 11:30 - 12:00 Champions in Media, Telecom & Gaming Sector 11:30 - 11:40 Arianna Huffington Co-Founder & Editor-in-Chief The Huffington Post 11:40 - 11:50 Dr. Christian Wegner Member of Executive Board ProSiebenSat.1 11:50 - 12:00 Donata Hopfen Publishing Director and Head of Management Bild Group 12:00 - 12:10 Facebook Keynote Martin Ott Regional Director for NE & CEE Facebook 12:10 - 13:00 Challengers in Media, Telecom & Gaming Sector 12:10 - 12:20 Martin Varsavsky CEO FON 12:20 - 12:30 Cristina Riesen General Manager, EMEA Evernote 12:30 - 12:40 Matthias Henze Co-Founder Jimdo 12:40 - 12:50 Or Offer Founder & CEO SimilarWeb 12:50 - 13:00 Marie-Laure Sauty de Chalon CEO auFeminin Günther H.
    [Show full text]
  • Google to Stop Publishing German Newspaper Extracts - WSJ
    Google to Stop Publishing German Newspaper Extracts - WSJ http://online.wsj.com/articles/google-to-stop-publishing-german-newspap... Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, use the Order Reprints tool at the bottom of any article or visit www.djreprints.com See a sample reprint in PDF Order a reprint of this article now format. TECHNOLOGY Search Giant to Avoid Paying Publishing Rights Following Change in Law By SAM SCHECHNER Oct. 2, 2014 10:27 a.m. ET Google has been in a long-running legal battle over a new German law that obliges the company to secure permission to display publishers’ content.. Associated Press Google Inc. will stop posting snippets from several large German newspapers beginning next week, rather than pay for the right to post them, escalating a fight with the country’s publishers amid broader pressure on the company in Europe. On Wednesday Google said it would stop displaying both text summaries and thumbnail images from newspapers including Axel Springer SE ’s Bild—the country’s most widely sold—because of a continuing legal fight over a new German law that obliges the company to secure permission to display publishers’ content. “Given this litigation, we’ll no longer be showing snippets and thumbnails for some well-known sites (in Germany),” Philipp Justus, managing director of Google Germany, said in a blog post, adding Google 1 of 2 10/3/2014 11:39 AM Google to Stop Publishing German Newspaper Extracts - WSJ http://online.wsj.com/articles/google-to-stop-publishing-german-newspap..
    [Show full text]