DOCSLIB.ORG

Annual Results 2020 FY20 Results a Year Dominated by the Pandemic and Key to the Transformation of the Company Inditex Exceeds € 1.1 Billion Net Profit

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Results 2020 FY20 Results a Year Dominated by the Pandemic and Key to the Transformation of the Company Inditex Exceeds € 1.1 Billion Net Profit Annual Results 2020 FY20 Results A year dominated by the pandemic and key to the transformation of the company Inditex exceeds € 1.1 billion net profit Online sales increased by 77% in local currencies to €6.6bn, making Inditex a global leader in online fashion Zara 2 10 march 2021 The Group generated net sales of €20.4 billion in FY20 – from 1 February 2020 to 31 January 2021 – reducing the year-on-year decline to 28% or 25% excluding the foreign exchange impact. This was despite 100% of its stores being mandated to close or having restricted trading hours or capacity during periods of the financial year. Inditex’s executive chairman, Pablo Isla, said of the results, “Inditex has emerged stronger after such a challenging year thanks to the amazing commitment displayed by everyone here at the company”. Under this context, he underlined the relevance of “the digital transformation strategy initiated in 2012, which is built around the integrated store and online sales platform”. “Inditex as a company is stronger today than it was two years ago, with a unique business model and a global, flexible, digitally integrated and sustainable sales platform, which places us in an excellent position for the future”., Isla concluded During the year, Inditex launched its online sales platform in 25 new markets and opened new stores in 29. The Group’s eight retail brands are currently available online in 216 markets around the world, 91 of which offer the integrated store and online shopping experience. The fast deployment of the integrated stock management system (SINT), which is already available in 5,777 stores across 89 markets, has played a crucial role during the pandemic. Specifically, SINT made it possible to fulfil 46 million online orders worth €1.16 billion from the Group’s stores during the year. In a year dominated by the pandemic, Inditex continued generating cash to reach €7.6 billion net financial position by close of FY20. Store and online sales in local currencies decreased by 15% between 1st and 28th February 2021, with 21% of stores closed. Between 1st and 7th March, with 15% of stores closed, sales decreased 4%. Excluding the five more significant markets with mandated closures (Germany, Brazil, Greece, Portugal and UK) sales registered growth of 2%. Thanks to the robust net financial position, the Board of Directors will submit a motion for the payment of a €0.70 per share dividend at the next Annual General Meeting: an ordinary dividend of €0.22 and an extraordinary dividend of €0.48. €0.35 will be paid out on 3 May 2021 and the remaining €0.35 on 2 November 2021. 3 Inditex employees 4 FY20 Results I. A year dominated by the pandemic Inditex generated net sales of €20.4bn in FY20 (1 The Group’s tax contribution was €4.7bn, while its February 2020 to 31 January 2021), a year dominated effective global income tax rate was 21.2%, in line by the COVID-19 pandemic. The company prioritised with previous years. the health of its staff and customers at all times, and every one of its stores was mandated to close As a result, the Group was able to reach a net profit of or restrict trading hours and capacity during long €1.1bn in FY20. In this sense, the company reached periods of the year. a remarkable €1.3bn net profit during the second half of the fiscal year. Against that backdrop, online sales registered growth of 77% in local currencies, to over €6.6bn in FY20, In light of these results, Inditex’s executive chairman, with growth of over 100% during certain periods of Pablo Isla, said, “Inditex has emerged now a stronger the year. Those figures rank Inditex as one of the company, after such a difficult challenging year, leading players in online fashion globally. thanks to the amazing commitment displayed by everyone here at the company.” He added that “the Active and continuous cost management throughout digital transformation initiated in 2012, which is built the pandemic drove a reduction in operating around the integrated store and online sales platform, expenses of 17%, evidencing the company’s flexibility has proven to be the right strategy”. “Inditex as a and ability to adapt. In parallel, gross margin stayed company is stronger today than it was two years ago, at a robust 55.8%, despite the restrictions faced with a unique business model and a global, flexible, across the store network, particularly during the digitally integrated and efficient sales platform, fourth quarter, which has the biggest impact on this which places us in an excellent position for the future”. metric every year. In local currencies, gross margin growth increased 170bps to 57.6% of sales (257bps in the second half). 2021 trading update. Store and online sales in local currencies declined by 15% between 1 and 28 The Group ended the year with a solid liquidity February, with 21% of the stores closed. Between 1 and position of €7.56bn and high-quality inventory, thanks 7 March, with 15% of stores closed, sales contracted to continuous improvement in stock management. by 4%. Excluding the five more significant markets with Inventory decreased by 9% following the impairment mandated closures (Germany, Brazil, Greece, Portugal in value provision recognised in 2019 in anticipation and UK) sales registered growth of 2%. of the effects of the pandemic. Thanks to the robust net financial position and cash The integrated management of online and store flows generated by the strong operating performance, inventories was one of the highlights of the year: the Company was able to pay dividends worth thanks to the rapid deployment of the Integrated €1.1bn last November, while maintaining its ability to Stock Management System (SINT) – already reinvest in the growth of the company. In this same available in 5,777 stores across 89 markets – the line, Inditex’s Board of Directors will submit a motion Group was able to fulfil online orders worth over for a €0.70 per-share dividend at the Annual General €1.16bn from its stores. Meeting scheduled for July. The proposed payment 5 Orders prepared from store through SINT will consist of an ordinary dividend of €0.22 and an orders and endorsing financial support initiatives extraordinary dividend of €0.48 per share, divided into (refer to page. 8-9). two equal payments, €0.35 per share to be paid on 3 May 2021 and another €0.35, on 2 November 2021. Specifically in Spain, the number of local suppliers increased to 6,384 and they invoiced the Group more than €4bn. Total invoicing by Spanish suppliers over A committed company. Throughout the pandemic, the past five years stands at €24.4bn. the Group has reinforced its commitment to its various stakeholders (refer to page. 8-9, Committed Another highlight was the launch of volunteer initiatives to people throughout Covid-19). with employees. These initiatives raised €1.4 million through solidarity projects in areas close to the The company’s commitment during the pandemic headquarters. This amount also strengthened the included a focus on its suppliers, by supporting health collaboration with the charity Caritas, by supporting and safety improvements, guaranteeing payments for online training activities for vulnerable groups whose orders as per the original terms, not cancelling any employment programmes had been suspended. 6 FY20 Results Employees at Zara Nueva York 7 Commitment to people throughout COVID-19 As soon as the effects of the pandemic began to be collaboration, Inditex donated over 2.5 million items felt, the Group rolled out a plethora of initiatives of PPE. designed to contain the effects of the crisis. This When the pandemic spread to Europe, the Group made included the activation of a global emergency relief its full logistics and procurement capabilities available programme within its community investment effort to the emergency response effort with the aim of to which Inditex committed over €40.4 million; among acquiring and transporting much-needed materials as other things, this effort enabled the mobilisation of quickly as possible. more than 177 million units of protective equipment Between the purchases made by the authorities and and other basic necessities. private donors, including those made by the Amancio Ortega Foundation and the Group itself, the Group The first country to suffer the effects of the virus delivered over 177 million priority items, which was China, where Inditex’s efforts focused on the were transported on 66 flights: 2,300 ventilators, purchase of personal protective equipment (PPE) 2.8 million N95/FFP2 face masks, over 120 million for distribution to hospitals, with the help of the surgery masks, nearly 44 million pairs of gloves, Tsinghua University Education Foundation and the 425,000 face shields, 540,000 protective suits, 1.5 Hubei Provincial Charity Federation. Through that million surgery gowns, 350 hospital beds, 1.9 million 8 FY20 Results tests and 17 robots to accelerate test processing. In The Group also put in place a number of different total Inditex committed €24.6 million to that effort. actions and programmes to tackle the health and In addition, Inditex made more than 140,000 economic consequences of the Covid-19 pandemic on waterproof health gowns in its facilities, which were its supply chain workers, paying particular attention to distributed locally via the regional authorities. those in greatest need. It also donated 31,000 items from the Zara Home In a number of markets affected by the pandemic, the bedding collection (blankets, sheets and pillows) Group also made monetary and material contributions. to health, homeless and women’s refuge centres, in It is the case of US, Brazil, Mexico, Italy, Romania, addition to more than one million garments for people Portugal and the UK, where the company supported in need.
Load more

Recommended publications
  • What Is the Affinity Card: It Is the Credit Card That Offers
    What is the Affinity Card: It is the credit card that offers exclusive benefits and discounts at your favourite Inditex Group stores in Mexico: Zara, Bershka, Pull&Bear, Massimo Dutti, Stradivarius, Oysho, Zara Home, Uterqüe and Lefties. Just like any international credit card it is accepted at millions of establishments around Mexico and the world, as it is backed by Citibanamex and VISA. Exclusive benefits*: 10% off your first purchase in physical stores.(1) 3 months interest-free in stores and online.(1) Accumulate 7% Premia Points(2) at your favourite stores, and 5% at other establishments. You decide how to receive your points, either as store credit or in cash. Receive a Bonus(3) of 6,000 Premia Points(1) if you spend more than $46,000 in 1 year. Citibanamex benefits: Pre-sales - get tickets to the best events Months interest-free - purchase at participating businesses offering fixed monthly payments interest-free Promotions - take advantage of all promotions and discounts at citibanamex.com/promociones REQUIREMENTS Minimum age From 18 years to 74 years 11 months. Verifiable minimum income of $7,000 (monthly). Minimum income Credit report (credit card or departmental). IFE/INE voter identification card. Valid official identification with photograph Passport (issued at least 90 days). Foreigners may present a valid permanent resident card and passport. Light, water, land line, property tax, or gas bill. Proof of address (dated within Television account statement. 90 days). Citibanamex account statement in the name of the applicant. Proofs of address issued online are accepted Click here for more information about the Citibanamex Affinity Card Credit Card(4) and how to get one.
    [Show full text]
  • 4607 Stores 11084 Millions Of
    4,607 stores millions of 11,084 euros in sales countries with 74 sales presence 92,301 employees nnual A Report 2009 Global Reporting 6 Initiative Indicators Letter from the 14 Chairman Inditex business 16 model 18 53 54 163 IP Inditex Performance IC Inditex Commitment Summary of 2009 Customers, shareholders 20 financial year 56 and society Milestones Corporate Social 26 for the year 66 Responsibility Commercial Human 28 concepts 124 Resources International Environmental 46 presence 136 dimension 4 Inditex Annual Report 2009 164 309 LD Legal Documentation Economic and financial 167 report Corporate governance 233 report Activities Report 296 Audit and Control Committee Activities Report Nomination 303 And Remuneration Committee Verification of the audit of 308 GRI indicators 5 lobal G Reporting Initiative Indicators With transparency as the fundamental principle in its relationship with society, Inditex has followed the Global Reporting Initiative indicators since it published its first Sustainability Report in 2002. Using this guide, Inditex attempts to provide detailed, organised access to the infor- mation on its activity to all its stakeholders. Within the general indicators, specific indicators for the textile and footwear sector have been included, identified in the following way: Specific indicator for the sector Specific indicator comment for the sector 6 Inditex Annual Report 2009 Pages 1. STRATEGY AND ANALYSIS 14-15 1.1 Statement from the most senior decision-maker about the relevance of sustainability to the organisation and its strategy. 267-273, 1.2 Description of key impacts, risks, and opportunities. 20-25 Apparel and Footwear Sector Specific Commentary: Where applicable, this should include an assessment of supply chain performance.
    [Show full text]
  • Economic, Social and Environmental Performance Evolution of the Main Indicators
    economic, social and environmental performance Evolution of the main indicators 2011 2010 Turnover (in millions of euros) Sales 13,793 12,527 Results and cash flow (in millions of euros) Operating profit (EBITDA) 3,258 2,966 Operating profit (EBIT) 2,522 2,290 Net income 1,946 1,741 Net income attributable to the parent company 1,932 1,732 Cash flow 2,613 2,540 Financial and management ratios ROE 28% 30% ROCE 37% 39% Other relevant information Number of stores 5,527 5,044 Net openings 483 437 Number of markets with commercial presence 82 77 Number of employees 109,512 100,138 % men/women 20.5/79.5% 19.5/80.5% Overall energy consumtion (Tj) 3,381 3,230 Number of suppliers 1,398 1,337 Social investment (in millions of euros) 14 11 Highlights Sales 15,000 13,793 12,527 12,500 10,407 11,048 9,435 10,000 7,500 5,000 2,500 0 2007 2008 2009 2010 2011 Sales by geographical 25% 45% Spain Rest of Europe 18% Asia and the rest of the 12% world America Net profit 2,500 1,946 2,000 1,741 1,500 1,258 1,262 1,322 1,000 500 0 2007 2008 2009 2010 2011 Number of employees 0 20,000 40,000 60,000 80,000 100,000 120,000 2011 109,512 2010 100,138 2009 92,301 2008 89,112 2007 79,517 Inditex´s Annual Report addresses its economic, social and environmental performance for the purposes of achieving the maximum transparency in its relationship with all its stakeholders annual report 2011 index 06 Letter from the Chairman | 08 Business model | 10 A look back over 2011 Milestones for the year.
    [Show full text]
  • PR Unibail-Rodamco
    RERELEASE PRESSRELEASE THE NEW CENTRUM CHODOV OPENS TOMORROW FOLLOWING A RENOVATION PROJECT, THE SHOPPING CENTRE WILL HOST THE LARGEST NUMBER OF SHOPS UNDER ONE ROOF IN THE CZECH REPUBLIC AND OFFER A UNIQUE FOUR-STAR SERVICE Prague, 10 October 2017 – Unibail-RodaMco, the largest listed coMMercial ProPerty coMPany in EuroPe, announces the opening of the new CentruM Chodov following a 3-year Phase of construction works representing a total investMent of €170 Million. The centre located in PragueSKO is gathering 300 retailers over a total area of more than 100,000 sqM and is now ranked among the largest in the CZech RePublic. The centre is now ready to welcome its loyal and new custoMers with a rich Mix of brands coMPleted by nuMerous innovation concepts that are unique to the CZech RePublic. The new shopping centre is scheduled to open to the public on Wednesday 11 October. ”We aimed to give a new dimension to Centrum Chodov and Unibail-Rodamco is proud to present six major take it to the next level. Apart from the retail offer, we also openings in autumn 2017: one new shopping intended to create a dining and leisure complex, essential for the centre, four extensions, together with the opening of new Paris Convention Center. entire region and designed to match 21st century standards. I firmly believe that a new era of shopping and entertainment for These six inaugurations illustrate the Group’s strategy to focus on top quality assets, in our customers is starting today,” said Arnaud Burlin, Managing Europe’s best locations, offering its customers Director of Unibail-Rodamco for Central and Eastern Europe.
    [Show full text]
  • Desempeño Económico, Social Y Medioambiental Evolución De Los Principales Indicadores
    desempeño económico, social y medioambiental Evolución de los principales indicadores 2011 2010 Volumen de negocio (en millones de euros) Ventas 13.793 12.527 Resultados y cash flow (en millones de euros) Beneficio operativo (EBITDA) 3.258 2.966 Beneficio de explotación (EBIT) 2.522 2.290 Beneficio neto 1.946 1.741 Beneficio neto atribuido a la dominante 1.932 1.732 Cash flow 2.613 2.540 Ratios financieros y de gestión ROE 28% 30% ROCE 37% 39% Otra información relevante Número de tiendas 5.527 5.044 Aperturas netas 483 437 Número de mercados con presencia comercial 82 77 Número de empleados 109.512 100.138 Porcentaje hombres / mujeres 20,5/79,5% 19,5/80,5% Consumo energético global (en terajulios) 3.381 3.230 Número de proveedores 1.398 1.337 Inversión social (en millones de euros) 14 11 Datos relevantes Ventas 15.000 13.793 12.527 12.500 10.407 11.048 9.435 10.000 7.500 5.000 2.500 0 2007 2008 2009 2010 2011 Ventas por áreas geográficas 25% 45% España Europa (sin España) 18% Asia y resto del mundo 12% América Resultado neto 2.500 1.946 2.000 1.741 1.500 1.258 1.262 1.322 1.000 500 0 2007 2008 2009 2010 2011 Número de empleados 0 20.000 40.000 60.000 80.000 100.000 120.000 2011 109.512 2010 100.138 2009 92.301 2008 89.112 2007 79.517 índice Inditex plantea un informe anual integrado de su desempeño económico, social y medioambiental con el objetivo de alcanzar la máxima transparencia en su relación con todos los grupos de interés memoria anual 2011 índice 06 Carta del presidente | 08 Modelo de negocio | 10 Repaso al ejercicio 2011 Hitos del año.
    [Show full text]
  • Annual Report 2014
    We want to help people and businesses prosper Annual 2014 report Santander in 2014 Santander’s purpose is to help people and businesses prosper. We want to be the best retail and commercial bank that earns the lasting loyalty of our people, customers, shareholders and communities. Ana Botín Group executive chairman Employees Customers Shareholders Communities 12 million students and teachers benefit from cooperation agreements 185,405 117 3.2 between universities and employees million customers million shareholders the Bank Gender International network Agreements with universities 45% 55% 12,951 €0.479 1,175 branches EPS in 2014 cooperation agreements in 21 countries Customer loans (net) Positioning Contribution to higher education 97% 734,711 #1 146 employees received million euros largest market capitalisation million euros for training in 2014 in the euro zone universities Recognitions Geographic diversification Contribution to attributable profit (%) REST OF EUROPE 6% UNITED KINGDOM UNITED STATES 19% 10% GERMANY 5% POLAND 6% BRAZIL MEXICO 19% 8% PORTUGAL 2% REST OF LATIN AMERICA 1% SPAIN 14% CHILE ARGENTINA 6% 4% Main countries Other countries where Banco Santander has commercial and retail banking businesses: Peru, Puerto Rico, Uruguay, Colombia, Norway, Sweden, Finland, Denmark, Holland, Belgium, Austria, Switzerland and Italy. Financial indicators Total on-balance sheet assets CET1 fully loaded 1,266,296 9.7% Million euros Group attributable profit Balance sheet and results (Million euros) 2014 2013 Million euros Customer loans
    [Show full text]
  • The Strategic Retail Genius Behind Zara - Forbes 5/10/16, 7:36 AM
    The Strategic Retail Genius Behind Zara - Forbes 5/10/16, 7:36 AM http://onforb.es/GR1gdd Lydia Dishman Contributor My beat is fashion, retail and e-commerce. Opinions expressed by Forbes Contributors are their own. LIFESTYLE 3/23/2012 @ 11:41AM 94,660 views The Strategic Retail Genius Behind Zara Pssst, retailers, want to know the secret of boosting sales and profits? Hint: It’s not all about trimming expenses (ahem Home Depot) or focusing on a single pricing strategy (cough jcpenney cough). Take a look at Spain’s Inditex SA, parent company of fast-fashion chain Zara. The world’s largest clothing retailer by sales reported a 12 percent surge in net profits to $2.68 billion and a 10 percent net sales gain to $19.15 billion for the fiscal year ending January 31. Those increases mark the third straight year of gains during a tough economic climate with fiscal 2010′s 13 percent increase in net sales 9 percent in 2009, and 12 percent in 2008. So how are they beating analyst estimates year after year? Here are three reasons. Grabbing the Globe by the Purse Zara stores have been popping up all over, literally. This past year aggressive expansion saw Inditex investing in 49 markets. Five of them were new to the brand and included Australia, Taiwan, Azerbaijan, South Africa and Peru. The company continued to grow its presence in China which had 132 new stores throw open their doors. 30 those were Zara locations http://www.forbes.com/sites/lydiadishman/2012/03/23/the-strategic-retail-genius-behind-zara/print/ Page 1 of 3 The Strategic Retail Genius Behind Zara - Forbes 5/10/16, 7:36 AM and others were Inditex concepts, Oysho and Zara Home bringing the total number of Inditex stores there to 275.
    [Show full text]
  • Calling All Shopaholics and Fashionistas: It's Finally Time To
    BLOMINVEST Calling All Shopaholics and Fashionistas: It’s finally Time to BANK Really Help the Lebanese Economy! While talented Lebanese designers were dressing worldwide celebrities and invading haute couture catwalks in the international fashion weeks, Leban on’s apparel industry seemed to be fading over March 14, 2015 the past few years. This is certainly related to the country’s dwindling retail sector, which is one of the biggest contributors to Lebanon’s Contact Information growth, constituting near 13% of total economic activity in 20131. Research Analyst: Mirna Chami [email protected] Mirroring the economy’s path, and following 2 years of bearish activity, the apparel sector in 2014 revealed a stagnating to declining Head of Research: Marwan Mikhael performance that was associated to the country’s ongoing [email protected] instabilities and political stalemates. Research Department Tel: +961 1 991 784 Evolution of the Apparel Market Size (In $M) External Trade Activity in the Clothing Industry (In $M) Source: Embassy of the United States of America Source: Lebanese Customs Performance in the Apparel Market in 2014: Mixed Indicators, yet Clothing Activity Stagnated While most retail giants refrained from revealing performance-related information to the public, the general consensus is that business remained slow in 2014 and tourists were nowhere to be seen. Given this relationship, it is safe to say that the more dependent a store is on tourists the more likely they are to have witnessed a drop in sales. Accordingly, stores targeting a lower frugal local customer base were expected to have lost a slighter share of revenues than the upscale stores that are highly dependent on the Arab clientele.
    [Show full text]
  • Download the Covid Fashion Report
    E H T COVID FASHION REPORT A 2020 SPECIAL EDITION OF THE ETHICAL FASHION REPORT THE COVID FASHION REPORT A 2020 SPECIAL EDITION OF THE ETHICAL FASHION REPORT Date: October 2020 Australian Research Team: Peter Keegan, Chantelle Mayo, Bonnie Graham, Alexandra Turner New Zealand Research Team: Annie Newton-Jones, Claire Gray Report Design: Susanne Geppert Infographics: Susanne Geppert, Matthew Huckel Communications: Samara Linehan Behind the Barcode is a project of Baptist World Aid Australia. New Zealand headquartered companies researched in partnership with Tearfund New Zealand. www.behindthebarcode.org.au Front cover photo: KB Mpofu, ILO via Flickr CONTENTS PART ONE PART TWO PART THREE The COVID Challenge COVID Fashion Actions & Commitments Recommendations The 2020 Special Edition .......................5 1: Support Workers’ Wages by Industry Action ....................56 .... COVID Fashion Commitments ................7 Honouring Supplier Commitments 19 Consumer Action.................57 Industry Response to COVID-19 ..............8 2: Identify and Support the Workers at Greatest Risk .......... 26 COVID-19 and Garment Workers ...........10 COVID-19 and Consumers .................... 11 3: Listen to the Voices and Experience of Workers ............. 32 COVID-19 and Fashion Companies ........13 Appendices 4: Ensure Workers’ Rights Methodology .....................................14 and Safety are Respected ............... 39 Fashion Company-Brand Company Fashion Tiers .......................17 Reference List 59 5: Collaborate with Others Endnotes 64 to Protect Vulnerable Workers ......... 46 About Baptist World Aid 6: Build Back Better for Workers Australia 66 and the World ............................... 50 Acknowledgements 67 Part One THE COVID CHALLENGE THE 2020 SPECIAL EDITION 2020 has been a year like no other. COVID-19 has swept across the planet, sparking subsequent health, economic, and humanitarian crises.
    [Show full text]
  • Análisis De Datos Financieros: Amadeus
    COLEGIO UNIVERSITARIO DE ESTUDIOS FINANCIEROS GRADO EN ADE BILINGÜE Trabajo de Fin de GRADO ANALÍSIS DE DATOS FINANCIEROS AMADEUS Autor: Cuesta García-Villamil, Álvaro Tutor: Gracia Díez, Mercedes Queralt Sánchez de las Matas, Ricardo Madrid, Abril 2020 INDEX 1. Abstract ........................................................................................................................ 3 2. Amadeus ...................................................................................................................... 3 2.1 General Company Description ................................................................................ 3 2.2 History and Geographic Location ........................................................................... 4 2.3 Business Structure ................................................................................................... 5 2.4 Share Capital ........................................................................................................... 7 2.5 Main Financial Events ............................................................................................ 7 3. Sector Analysis .......................................................................................................... 10 4. Financial Statements Analysis ................................................................................. 11 5. Statistical Descriptive Analysis ................................................................................ 15 5.1 Data Collection ....................................................................................................
    [Show full text]
  • Polen Capital, and Please Feel Free Importance on Education
    Polen International Growth Portfolio Manager Commentary – March 2020 Summary • During the first quarter of 2020, the Polen • We maintain a balance of growth and safety in International Growth Portfolio (the “Portfolio”) our Portfolio, and our investments in steady returned -16.08% gross of fees. The MSCI All businesses are intended to provide ballast to Country World ex-USA Index (the “Index”) Portfolio performance. This volatile first quarter returned -23.35%. The Portfolio outperformed the brought into focus the importance of an Index by a 7.27% margin. allocation to steady companies, and these attributes enabled the Portfolio’s outperformance • Our holdings in the communications services and during the period. consumer staples sectors contributed most to Portfolio returns in the first quarter while the • While we remain in an unprecedented situation, consumer discretionary and information we are confident that our time-tested investment technology sectors detracted. Relative approach has positioned us well to navigate these performance was helped by a lack of exposure to challenging times. financials and energy, which is a byproduct of our bottom-up fundamental investment approach. Seeks Growth & Capital Preservation (Performance (%) as of 3-31-2020) 1 Yr 3 Yr Inception 15.00 10.00 5.00 0.00 -5.00 -10.00 -15.00 -20.00 Qtr YTD 1 Yr 3 Yr 5 Yr Inception Polen International Growth (Gross) -16.08 -16.08 -4.61 7.77 - 10.49 Polen International Growth (Net) -16.26 -16.26 -5.42 6.86 - 9.56 MSCI ACWI ex USA -23.35 -23.35 -15.58 -1.96 - 0.50 The performance data quoted represents past performance and does not guarantee future results.
    [Show full text]
  • Autorizações Concedidas Pelas COMAC Cujas Taxas Se Encontram
    Decreto-Lei n.º 21/2009, de 19 de Janeiro LISTAGEM DAS AUTORIZAÇÕES CONCEDIDAS NO 4º TRIMESTRE DE 2010 CUJA TAXA SE ENCONTRA LIQUIDADA Artigo 8.º da Portaria nº 417/2009, de 16 de Abril Tipo de unidade Tipo de autorização Insígnia/Designação Área de venda/ Endereço EC/CC Distrito Concelho Freguesia COMAC Data de (EC/CC) I - Instalação ABL(m2) autorização M-Modificação P - Prorrogação EC M Pingo Doce 76,00 Estrada de S. Bernardo Aveiro Aveiro Glória Baixo Vouga 01-10-2010 EC I Inter Saúde 50,00 Rua Santa Maria Aveiro Santa Maria da Feira Santa Maria de Lamas Entre Douro e Vouga 14-12-2010 EC I Well’s Saúde 75,00 Quinta do Paço Braga Barcelos Vila Frescainha (São Pedro) Cávado 06-12-2010 EC I Bershka 466,00 Liberdade Street Fashion, Loja L 12 Braga Braga São José de São Lázaro Cávado 23-12-2010 EC I Pull & Bear 377,00 Liberdade Street Fashion, Loja L 11 Braga Braga São José de São Lázaro Cávado 22-12-2010 EC I Well’s Saúde 105,00 Modelo Albufeira, Cerro D'Alagoa Faro Albufeira Albufeira Algarve 17-12-2010 EC I Well’s Saúde 80,00 Algarve Shopping Faro Albufeira Guia Algarve 17-12-2010 EC I Lidl 1.286,40 Urb. Fonte Santa, Lt LEE2 Faro Loulé Quarteira Algarve 15-11-2010 EC I H&M 1.726,70 CC Aqua Portimão Faro Portimão Portimão Algarve 11-10-2010 EC I Springfield 380,00 CC Aqua Portimão Faro Portimão Portimão Algarve 20-12-2010 EC I Women´Secret 190,00 CC Aqua Portimão Faro Portimão Portimão Algarve 20-12-2010 EC M Pingo Doce 450,00 Sitio das Hortas Faro Vila Real de Santo António Vila Real de Santo António Algarve 20-12-2010 EC I Well' s Saúde.Óptica
    [Show full text]