DOCSLIB.ORG

Capital Structure and Firm Growth Investment Decisions and Financial

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Capital Structure and Firm Growth Investment Decisions and Financial Capital Structure and Firm Growth Investment Decisions and Financial Management in Listed Companies Dissertation zur Erlangung des Doktorgrades „Dr. rer. pol.“ der Fakultät für Wirtschaftswissenschaften der Universität Duisburg-Essen vorgelegt von Laura Gerke-Teufel aus Viersen, Deutschland Betreuer: Prof. Dr. Rainer Elschen Lehrstuhl für Finanzwirtschaft und Banken Essen, 2018 Gutachter: Prof. Dr. Rainer Elschen; Prof. Dr. Ansgar Belke Tag der mündlichen Prüfung: 02.07.2019 Table of Contents List of Figures ....................................................................................................... IV List of Tables ......................................................................................................... V List of Abbreviations ............................................................................................ VII Introduction ............................................................................................................. 1 a) Problem Statement: Capital Structure Theory, Research Results and Research Gaps .............................................................................................. 1 b) Research Questions and Research Design .................................................. 3 c) Thesis Structure and Research Contribution ................................................ 6 1. Theories and Models ......................................................................................... 7 1.1 Capital Structure Theory .............................................................................. 7 1.1.1 Neo-Classical Financing Theory ........................................................... 9 1.1.2 Neo-Institutional Theories of Finance ................................................. 11 1.1.3 Research Gaps .................................................................................... 16 1.2 Firm Growth Theories ................................................................................ 17 1.2.1 Growth as a Stochastic Process ......................................................... 22 1.2.2. Growth as a Result of Firm-Specific Resources................................ 23 1.2.3 Growth as a Result of Microeconomics and Management ................ 24 1.2.4 Lifecycle and Evolutionary Patterns of Growth................................... 30 1.2.5 Growth as a Result of Learning and Firm-Specific Knowledge ......... 33 1.3 Growth Metrics Issues................................................................................ 34 2. Results of Prior Empirical Research................................................................ 37 2.1 High-Growth Firm and Success Factors Research ................................... 37 2.1.1 High-Growth Firm Research ............................................................... 37 2.1.2 Findings of Success-Factors Research among Medium-Sized Larger Growth Companies ............................................................................. 41 2.2 Empirical Findings in the Field of Leverage-Performance Research ....... 44 2.2.1 Negative or Neutral Relationship between Leverage and Firm Performance ....................................................................................... 44 2.2.2 Positive Relationship between Leverage and Firm Performance ...... 46 2.2.3 Non-Linear Relationship between Leverage and Firm Performance 49 2.2.4 Other Factors explaining Capital Structure......................................... 50 2.3 Discussion of Prior Research Results ....................................................... 54 2.4 Summary of Theory and Empirical Research Results and Research Design Conclusions .................................................................................. 56 3. Research Design ............................................................................................. 58 3.1 Research Philosophy ................................................................................. 59 3.2 Research Methodology .............................................................................. 63 3.3 Basic Research Model ............................................................................... 66 3.4 Data Set and Variables .............................................................................. 71 3.4.1 Performance Indicators and other Related Firm Characteristics ....... 75 3.4.2 Investment Activities Indicators ........................................................... 82 3.5 Statistical Analysis Methods ...................................................................... 87 3.5.1 Bivariate and Regression Analysis ..................................................... 87 3.5.2 T-Test ................................................................................................... 88 4. Empirical Analysis ............................................................................................ 89 4.1 Descriptive Statistics (Sample and Groups) .............................................. 90 4.1.1 Sample Statistics ................................................................................. 90 4.1.2 Distribution of Debt-to-Capital Ratio Values in the Sample ............... 95 4.1.3 Descriptive Statistics of the High-Growth Group (n = 79) ................ 100 4.1.4 High-Equity-Financed Companies Group Descriptive Statistics ...... 108 4.1.5 High-Debt-Financed Companies Group Statistics ........................... 111 4.2 Significant Differences between High-Equity-Financed and High-Debt- Financed Companies (T-Test) ................................................................ 114 II 4.3 Causal Explanation of Group Differences between Capital-Structure- Groups (Logistic Regression) ................................................................. 117 4.4 Debt-to-Capital Ratio Regression of the Capital-Structure Groups ........ 120 5. Discussion, Conclusions, and Recommendations ........................................ 124 5.1 Summary of Results ................................................................................. 124 5.1.1 Sample ............................................................................................... 124 5.1.2 Growth Groups .................................................................................. 125 5.1.3 Capital-Structure Groups .................................................................. 125 5.2 Conclusions and Recommendations ....................................................... 127 5.2.1 Empirical Conclusion ......................................................................... 127 5.2.2 Theoretical Conclusions .................................................................... 129 5.3 Management and Governance Recommendations ................................ 130 5.4 Limitations and Research Recommendations ......................................... 130 Annex ................................................................................................................. 132 References ......................................................................................................... 164 Affidavit ............................................................................................................... 203 III List of Figures Figure 1. Development Stages of Capital Structure Theory ............................... 14 Figure 2. PIMS Growth Drivers ............................................................................ 28 Figure 3. Lifecycle Stages and Performance ...................................................... 31 Figure 4. Berger and Udell’s Financial Growth Lifecycle Model ......................... 53 Figure 5. Finance-based View of the Firm .......................................................... 70 Figure 6. Revenue Growth Box Plot (Sample) .................................................... 93 Figure 7. Debt-to-Capital Ratios Histogram (Sample) ........................................ 97 Figure 8. Debt-to-Capital 10-Year Average Values Box Plot (Sample) ............. 98 IV List of Tables Table 1. Overview of Data Analysis Methods ....................................................... 6 Table 2: Firm Growth Models .............................................................................. 20 Table 3: Firm Growth Indicators of Selected Research ...................................... 35 Table 4: Research Growth Indicators .................................................................. 36 Table 5. Results of Selected Recent High-Growth Studies ................................ 39 Table 6. Indicators and Variables of Selected Recent High-Growth Studies ..... 40 Table 7. Variable Set and Description ................................................................. 74 Table 8. Descriptive Statistics (Sample) ............................................................. 92 Table 9. Distribution of Debt-to-Capital Ratio Values (Sample) ......................... 96 Table 10. Debt-to-Capital Ratio Percentile Statistics (Sample) .......................... 97 Table 11. Debt-to-Capital Ten-Year Average (Sample) ..................................... 99 Table 12. High-Growth Group’s Descriptive Statistics ...................................... 104 Table 13. Companies Included in the High-Growth Group ............................... 105 Table 14. Acquisition-to-Revenue Ratio in the High-Growth Group(Top 10).. 107 Table 15. High-Equity-Financed Companies Group Statistics ......................... 110 Table 16. High-Debt-Financed Companies Group Statistics ............................ 113 Table 17.
Load more

Recommended publications
  • Consolidated Management Report
    26 Consolidated management report CON SOLIDATED MANAGEMENT REPORT I. BUSINESS AND GENERAL CONDITIONS 27 1. BUSINESS STRUCTURE 27 2. EMPLOYEES 27 3. PrOCUREMENT 28 4. PrODUCTION 28 5. CAPITAL EXPENDITURES 29 6. R&D REPORT 29 7. ORGANISatiON, ADMINISTRATION AND COMPANY STRUCTURE 29 IIT. RESUL S OF OPERATIONS, NET ASSETS AND FINANCIAL POSITION 30 1. MACROECONOMIC ENVIRONMENT 30 2. DEVELOPMENT OF THE FROZEN FOOD MARKET 30 3. BUSINESS DEVELOPMENT 31 4. SEGMENT REPORTING 32 4.1. PerFORMANCE OF THE FRoSTA OPERATING SEGMENT 32 4.2. PerFORMANCE OF THE “COPACK” opERATING SEGMENT 34 5. INDIVIDUAL FINANCIAL STATEMENTS OF FRoSTA AG 34 6. THE FRoSTA SHARE 36 III. RISK MANAGEMENT SYSTEM / INTERNAL CONTROL SYSTEM 37 IV. REPORT ON RISKS AND OPPORTUNITIES 38 1. PrOCUREMENT MARKET 38 2. CURRENCY SITUATION 38 3. SaLES MARKET 39 4. FiNANCING 39 5. LEGAL RISKS 39 V . REPORT ON POST-BALANCE SHEET DATE EVENTS 40 VI. BRANCH REPORT 40 VII. FORECAST 40 FRoSTA Annual Report 2015 Consolidated management report 27 I. BUSINESS AND GENERAL CONDITIONS 1. BUSINESS STRUCTURE Our sales activities are split into three areas: 1. the brand business with our FRoSTA brand 2. the private label business and 3. the non-retail business including the Foodservice and Home Delivery business units In addition to our distribution activities in Germany and Poland we also operate sales offices in France, Italy, the Czech Republic, Romania, Hungary and Russia. Our products are manufactured in four specialised facilities: vegetables and herbs harvested by ourselves in Lommatzsch and Bobenheim-Roxheim, and fish and meals in Bremerhaven and Bydgoszcz (Poland). In general, we make a distinction between our own brand FRoSTA and our customers’ brands, which we produce according to their requirements.
    [Show full text]
  • German Tax & Corporate Insights
    Flick Gocke Schaumburg German Tax & Corporate Insights — Issue #03 / March 2014 1 Contents Editorial International tax Much has happened in German tax and corporate law since German Federal Fiscal Court voices doubts about the the last issue of our newsletter. So once again we have com- German constitutionality of tax treaty overrides ................... 2 piled a variety of legislative developments and court rulings which we think may be of particular interest to international International tax Tax & Corporate companies doing business in Germany. New German government intends to tackle cross-border In the first article, we take a look at a decision by the Federal profit-shifting by multinational enterprises (MNEs) .... 3 Insights Fiscal Court that has expressed substantial doubts whether Updates on recent business trends, International tax treaty overrides contravene fundamental principles of Ger- legislation and case law in Germany German exit taxation rules assumed to be man constitutional law. The new German government has in line with European law . 4 unveiled its proposed future tax policy; our second article sets out why foreign MNEs investing in Germany are well- Income tax advised to keep an eye on legislative developments in 2014. Matrix structures from a tax perspective ................. 5 Several rulings by the European Court of Justice have Indirect tax rejected exit taxation rules of individual Member States as New administrative principles regarding construction irreconcilable with EU law. We analyse a recent judgment in services received after 14 Feb. 2014 ........................ 6 which the ECJ has declared a specific German exit taxation Bonn Berlin rule relating to reorganisations compatible with EU law.
    [Show full text]
  • Shifting Socioemotional Wealth Prioritization During a Crisis
    Shifting socioemotional wealth prioritization during a crisis A content analysis of statements to shareholders of family businesses MASTER THESIS WITHIN: Business Administration NUMBER OF CREDITS: 30 ECTS PROGRAMME OF STUDY: Global Management AUTHORS: Stella Alice Gisela Heuer & Lajos Szabó TUTOR: Tommaso Minola JÖNKÖPING May 2021 Master Thesis in Business Administration Title: Shifting socioemotional wealth prioritization during a crisis: A content analysis of statements to shareholders of family businesses Authors: Stella Alice Gisela Heuer and Lajos Szabó Tutor: Tommaso Minola Date: 2021-05-24 Key terms: Family business, socioemotional wealth, FIBER, COVID-19, content analysis, Sweden, Germany Abstract Family businesses are generally considered to be the most prevalent form of business around the world. They have also been shown to differ from their non-family counterparts due the non- economic factors that influence their decision-making. One of the most widely used conceptualization of these factors concerns the controlling family’s socioemotional endowment or in other words, the family’s socioemotional wealth. Newer approaches have proposed that socioemotional wealth can not only be broken down into several component dimensions, but that these dimensions may shift in prioritization in response to different contingencies. The sudden spread of the COVID-19 pandemic and the global crisis that has followed in its wake is one such contingency, impacting economies and family firms virtually everywhere in the world. Studying the crisis’ effects on family firms has thus already been outlined as a major focus of research going forward. This paper aims to develop the concept of socioemotional wealth as a dynamic construct and study the crisis’ effects on family firms.
    [Show full text]
  • Food and Beverage
    FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017 www.harriswilliams.com Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017 WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW . M&A MARKET OVERVIEW With nearly 300 transactions so far this year, the food and beverage M&A market . DEBT MARKET OVERVIEW . RECENT M&A ACTIVITY remains robust. Recent notable transactions include: Lavazza’s acquisition of . EARNINGS CALENDAR Kicking Horse Coffee Co., HGGC’s acquisition of Nutraceutical International, and GROUP OVERVIEW Harris Williams & Co. is a leading J.M. Smucker Company’s acquisition of Wesson Oil. The divestiture of Wesson Oil advisor to the food and beverage market. Our significant by Conagra Brands points to the food giant’s continued efforts to reshape its experience covers a broad range of end markets, industries, and business models. This particular portfolio. report focuses on trends and metrics in the following areas: . Agribusiness . Baked and Prepared Goods HAT E VE EEN OING . Beverages W W ’ B D . Branded and Private Label .
    [Show full text]
  • The Fish & Food Industry in Bremerhaven
    Virtually No Traffic Jams on the Salmon Autobahn _Page 14 Issue 2015 Energy Management in Cold Storage Facilities _Page 36 Frozen Foods Become Transparent _Page 42 appetizerThe Fishing Port Magazine The Fish & Food Industry in Bremerhaven 1 Contents Transparency Creates Trust 3 Fisch ’n Facts At the Center of the Flow of Goods 4 – 9 Bremerhaven Fisch ’n Facts // At the Center of the Flow of Goods – It Doesn’t Get Any Fresher // Experienced Fish Suppliers // Fish Inspection Products Germany 2013 Per capita fish consumption in Germany in 2013: 13 7 kg (marine fish account for 63 %) Fish Processing 10 – 26 Breaded fish products 165,230 tons Consumption – Top 20135 Fillets – 100% Hand Cut! // Fresh Fish Ordered Online // Rollmops – Perfectly Rolled // Germany Virtually No Traffic Jams on the Salmon Autobahn // Driven by Sustainability // Well Stirred and Never Shaken // Schaufenster Fischereihafen & the Bremerhaven Herring Herring products Medal // It’s the Golden Hue That Matters // What Does ASC Stand For? // We Can Do 70,000 tons Sushi Too … // Successful Comeback // How Fish Came to Be Sticks 22 3 % Alaska Pollock Fresh fish (Theragra chalcogramma) 10,583 tons Research and Development 27 – 33 Frozen fish fillets 17 1 % 45,759 tons Atlantic Salmon Benchmarking Prototypes // Aquaculture Research: Securing the Markets of the Future (Salmo salar) // German Government Institutes Move From Hamburg to Bremerhaven // Cutting-Edge Research at the Center of the Food Industry // Preparing for the Future Fish salads 16 2 % 27,319 tons Atlantic Herring (Clupea harengus) 13 0 % Other fish products Sustainability and Responsability 34 – 47 Tuna 78,155 tons (Thunnus) From Pellets Into Boxes – and Back Again // Energy Management in Cold Storage Facilities // Fresh Fish Needs Ice … // Healthy Oceans Are Not Just a Vision // When 5 1 % Angels Fish ..
    [Show full text]
  • Annual Financial Statements of Frosta AG
    82 Annual financial statements of FRoSTA AG A NNUAL FINANCIAL S TATEMENTS OF FRoSTA AG INCOME STATEMENT OF FRoSTA AG 83 BALANCE SHEET OF FRoSTA AG 84 STATEMENT OF CHANGES IN FIXED ASSETS OF FRoSTA AG 86 NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR OF FRoSTA AG ACCORDING TO HGB 88 FRoSTA Annual Report 2015 Annual financial statements of FRoSTA AG 83 I NCOME STATEMENT OF FRoSTA AG INCOME StatemeNT OF FRoSTA AG FOR THE PERIOD FROM 1 JANUARY TO 31 DECEMBER 2015 IMPACT ON IN EUR THOUSAND NOTE 2014 2015 PROFIT / LOSS 1. Turnover (10) 388,634 415,477 6.9% 2. Reduction in inventories of finished goods and work in progress (previous year: increase in inventories) 6,528 –1,678 < –100% 3. Other own work capitalised 11 120 > 100% 4. Other operating income (11) 6,945 9,360 34.8% 5. OPERATING INCOME 402,118 423,279 5.3% 6. Cost of materials a) Cost of raw materials, consumables and supplies –250,083 –267,963 –7.1% b) Cost of purchased services –10,262 –7,862 23.4% –260,345 –275,825 –5.9% 7. GROSS PROFIT 141,773 147,454 4.0% 8. Personnel expenses a) Wages and salaries –48,984 –47,561 2.9% b) Social security, post-employment and other employee benefit costs of which post-employment benefits: EUR 46 thousand (previous year: EUR 67 thousand) –7,558 –7,986 –5.7% –56,542 –55,547 1.8% 9. Depreciation and amortisation of intangible assets (3) and fixed assets including property, plant and equipment –7,177 –7,393 –3.0% 10.
    [Show full text]
  • Frosta Treating Food the Way Grandmother Did
    Frosta Treating Food the Way Grandmother Did authored by: Silvia Castellazzi Peer Ederer August 2011 http://www.Frosta-ag.com/ ©2011 Wageningen University --- EFAS All rights reserved. Cases are developed for discussion only, and are not intended to serve as source of data. No part of this publication may be reproduced, stored, transmitted or used without permission of Wageningen University. acknowledgement The authors sincerely thank Felix Ahlers and Sylvia Kuhlmann for their openness and collaboration in developing this case study. language advisor International Meeting Point, Joy Christensen ([email protected]) exhibit advisor Gansser Consulting, Georgine Gansser ([email protected]) layout GAW ontwerp + communicatie, Jeroen Brugman (www.gaw.nl) print PrintService Ede (www.printservice-ede.nl) Frosta – Treating Food the Way Grandmother Did "If you are what you eat, and especially if you eat industrial food, as 99 percent of Americans do, what you are is 'corn'." Michael Pollan, American writer and journalist known as a "liberal foodie intellectual" Strong Beliefs It has been a tiring day, but filled with the thrill of entrepreneurial enthusiasm. Felix Ahlers, CEO of Frosta AG, an EUR 400 million, frozen food specialist based in Hamburg and active across all of Europe, is in Addis Ababa, Ethiopia today. He has just finished reviewing the last of twenty presentations of business plans proposed by young, aspiring entrepreneurs from around Ethiopia. They are participants in a contest, and Mr Ahlers will sponsor three of them with start-up capital. "Many presenters had this fire in their eyes – that is what I was looking for. It was a tough task to choose the three with the highest potential, and – this being venture capital – probably even they will not make it through to success.
    [Show full text]
  • TRADE OPPORTUNITIES in GERMANY for Ukrainian Food Sector
    TRADE OPPORTUNITIES IN GERMANY For Ukrainian food sector PART I: OVERVIEW OF THE GERMAN ECONOMY – 2017/2018 Situated at the centre of the European markets, Germany’s optimal geographic location is beyond question: Over half of the EU population lives within 500km of Germany’s borders; more goods pass through Germany than in any other European country; and almost all of Europe is reachable within three hours by air and 24 hours by road. Germany is the largest economy in Europe. It constitutes 21% of European GDP and is home to 16% of the Eus population. Fig.1 Fig.2 The The German economy is both highly industrialized and diversified, with an equal share of GDP output in services and production. Germany’s strong economic performance in recent years has been based on increased domestic demand and high export performance. The economic growth of the German economy continues to be robust and stable. Low Unemployment and real wage value have increased consumer spending. German exports benefit from industrial output that is in high demand in high-growth emerging economies. Wages have been growing moderately while labour unions increasingly negotiated non-wage benefits to ensure a better work life balance that maintain Germany’s high living standards. As an outlook, the continued recovery in the euro area will sustain exports and investment in 2 equipment, whilst private consumption and housing investment may decelerate due to reduced activity on the job market. Basic Economic and Trade Statistics Fig.3 Germany’s recovery from the global financial crisis has been stronger than in the eurozone.
    [Show full text]
  • Konzernjahresfinanzbericht Der Frosta AG
    Konzernjahresfinanzbericht der FRoSTA AG, Bremerhaven, für den Zeitraum 1. Januar bis 31. Dezember 2018 Inhalt: Konzernlagebericht für das Geschäftsjahr 2018 Konzern-Bilanz per 31.12.2018 Konzern-GuV per 31.12.2018 Konzerneigenkapitalveränderungsrechnung per 31.12.2018 Konzernkapitalflussrechnung per 31.12.2018 Konzernanhang Konzern-Anlagenspiegel Versicherung der gesetzlichen Vertreter Bericht des Aufsichtsrates 1 Zusammengefasster Lagebericht und Konzernlagebericht der FRoSTA Aktiengesellschaft, Bremerhaven MARKT- & BRANCHENBERICHT WIRTSCHAFTLICHE RAHMENBEDINGUNGEN Während in der EU-Zone für 2018 mit einem Wachstum des Bruttoinlandsproduktes von 2,1 % gerechnet wird, konnte die deutsche Wirtschaft leicht unterproportional mit 1,5 % wachsen (Quelle: statista Prognose 2018 / Destatis Pressemitteilung 18, 15.01.2019). Der Lebensmitteleinzelhandel in Deutschland konnte im Berichtsjahr ein Wachstum von 1,5 % erwirtschaften, was ausschließlich durch Preissteigerungen ermöglicht worden ist. Während sich die Preise um 2,8 % erhöht haben, hat sich die Menge leicht negativ entwickelt (Quelle: GFK Consumer Index 11/2018). HERAUSFORDERUNGEN IM BESCHAFFUNGSMARKT Die Beschaffungsmärkte im Bereich Gemüse waren von der großen Trockenheit in Europa geprägt, welche massive Ernteausfälle und ein sehr hohes Preisniveau für Molkereiprodukte zur Folge hatte. Des Weiteren sind die Preise für Energie um über 15% angestiegen. Die weltweite Entwicklung neuer Märkte für Alaska Seelachs führte zu erheblichen Preiserhöhungen und zu einer Verknappung dieser Rohware. Diese Herausforderung konnte nur zum Teil durch die Beschaffung von alternativen Fischrohwaren ausgeglichen werden. TIEFKÜHLKOSTMARKT IN 2018 In Deutschland ist der Umsatz von Tiefkühlkost im Lebensmitteleinzelhandel (LEH) inklusive Harddiscount (Aldi/Lidl/Norma) im Jahr 2018 leicht um 0,5 % auf 6,4 mrd EUR gesunken. Die Marke FRoSTA dagegen konnte Marktanteile in den wichtigen Segmenten Gemüse, Fisch und Komplettgerichte gewinnen und ist damit erneut zweistellig um 13,4 % gewachsen (Quelle: IRi 2018).
    [Show full text]
  • 9Th North Atlantic Seafood Forum Conference Delegates
    9th North Atlantic Seafood Forum Bergen Conference Delegates AUSTRALIA WAS Palmer, Roy Director BELGIUM AIPCE/CEP Pastoor, Guus President Delhaize Belgium Mahieu, Julien Category Manager Seafood Icelandic Gadus Geselle, Marc CPO ILVO, Oostende Kinds, Arne ILVO, Oostende Sys, Kim CANADA Cooke Aquaculture Buck, Peter CFO ED&F Man Canada Inc Innes, Murray Executive VP EWOS Canada Mann, Jason Managing Director Government of Newfoundland and Labrador Lewis, Stephanie Market Development Officer Intrafish Media Duong, Tracy Account Manager NASF Team Canada Engeset, Steinar President Northern Harvest Sea Farm Ingalls, Larry CEO CHILE EWOS Chile Vera, Cristian Purchasing Manager Megeve Investments Martino, Matias Dir. Marine Harvest Chile Riethmüller, Roberto Managing Director, Chile Multiexport Foods SA Gutierrez, Jose Ramon Executive VicePresident CZECH REPUBLIC NAKHODKA SEAFOOD S.R.O. Labrieux, Julien I.e. DENMARK A. Espersen A/S Nielsen, Klaus Beyer CEO A. Espersen A/S Rilatt, Simon Procurement Director Alltech Hansen, Morten Biel Regional Director Scandinavia Danish Pelagic PO Sverdrup-Jensen, Esben CEO Enavigo Consult a/s Olsson, Hans Director Eurofish Tribilustova, Katia Market Specialist Morpol ASA Knudsen, Teis COO EGYPT EWOS Innovation El Mowafi, Adel Managing Director FAROE ISLANDS Bakkafrost Jacobsen, Regin CEO Data Quality Systems Lehr, Heiner Product Manager Marine Harvest ASA Joensen, Ragnar Group Technology Manger Marine Harvest ASA Øen, Anne Group Communication Manager North Pelagic Sólstein, Pól Huus Managing Director P/f Havsbrun Joensen, Hartvig Div. Director FRANCE BDL Capital Management Levavasseur, Sebastien Dir. Bord Bia O Luasa, Finnian European Seafood manager Europeenne de la Mer Charpentier, Gilles CEO GAA Avalon, Aga Event Planner GAA Avalon, Emil EU Market Development LABEYRIE FINE FOODS Rousset, Cedric Mr.
    [Show full text]
  • B.A.U.M. Fair Future Fund
    CAPITAL MANAGEMENT COMPANY: B.A.U.M. Fair Future Fund SEMI-ANNUAL REPORT AS AT 28 FEBRUARY 2021 CUSTODIAN: ADVISOR AND DISTRIBUTOR: Semi-annual report B.A.U.M. Fair Future Fund Balance sheet as at 28/02/2021 Daily value % portion Investment focus in EUR of Fund assets I. Assets 99,019,833.79 100.49 1. Equities 83,925,330.64 85.17 Federal Republic of Germany 33,065,052.20 33.56 Canada 1,600,477.88 1.62 Denmark 5,267,439.06 5.35 Finland 1,611,600.00 1.64 France 1,638,160.00 1.66 Ireland 662,750.00 0.67 Japan 6,177,828.08 6.27 Luxembourg 1,573,600.00 1.60 Netherlands 3,165,470.00 3.21 Norway 1,560,990.08 1.58 Austria 2,503,840.00 2.54 Sweden 3,425,698.87 3.48 Switzerland 10,001,087.65 10.15 Spain 465,000.00 0.47 USA 11,206,336.82 11.37 2. Bank balances 15,065,739.16 15.29 3. Other assets 28,763.99 0.03 II. Liabilities -484,762.36 -0.49 III. Fund assets 98,535,071.43 100.00 Page 2 Semi-annual report B.A.U.M. Fair Future Fund Statement of assets as at 28/02/2021 Quantity or Description ISIN Market Shares or Holdings Purchases/ Sales/ Price Market value % Currency in ,000 28/02/2021 Additions Disposals in EUR of the Fund during the reporting period assets Portfolio holdings EUR 83,925,330.64 85.17 Exchange-traded securities EUR 81,340,005.04 82.55 Equities EUR 81,340,005.04 82.55 Emmi AG Namens-Aktien SF 10 CH0012829898 Quantity 1,600 750 0 CHF 900.000 1,310,639.85 1.33 Fischer AG, Georg Namens-Aktien SF 1 CH0001752309 Quantity 1,150 450 0 CHF 1,169.000 1,223,582.42 1.24 Geberit AG Nam.-Akt.
    [Show full text]
  • Full NX List
    ISIN Description BbgSym Country Currency Exch MIC code ANN3116N1661 EUROPEAN DEVELOPMENT CAP CRP EDCC NA Netherlands EUR XAMS ANN4327C1220 HUNTER DOUGLAS NV HDG NA Netherlands EUR XAMS AT000000STR1 STRABAG SE-BR STR AV Austria EUR XWBO AT00000ATEC9 A-TEC INDUSTRIES AG ATEC AV Austria EUR XWBO AT00000BENE6 BENE AG BENE AV Austria EUR XWBO AT0000499157 CHRIST WATER TECHNOLOGY AG CWT AV Austria EUR XWBO AT0000603709 AGRANA BETEILIGUNGS AG AGR AV Austria EUR XWBO AT0000606306 RAIFFEISEN INTL BANK HOLDING RIBH AV Austria EUR XWBO AT0000609607AT0000609607 ALLGEMEINE BAU - A. PORR AG POS AV AustriaAustria EUR XWBO AT0000612601 INTERCELL AG ICLL AV Austria EUR XWBO AT0000613005 C-QUADRAT INVESTMENT AG C8I GR Germany EUR XETR AT0000617832 ATB AUSTRIA ANTRIEBSTECHNIK ATB AV Austria EUR XWBO AT0000617907 ECO BUSINESS-IMMOBILIEN AG ECO AV Austria EUR XWBO AT0000620158 AUSTRIAN AIRLINES AG AUA AV Austria EUR XWBO AT0000624705 BKS BANK AG BKUS AV Austria EUR XWBO AT0000625108 OBERBANK AG OBS AV Austria EUR XWBO AT0000625504 BANK FUER TIROL & VORARLBERG BTUV AV Austria EUR XWBO ATAT00006405520000640552BBURGENLANDURGENLAND HHOLDINGOLDING AAGG BHD AV AAustriaustria EEURUR XWBXWBOO AT0000641352 CA IMMOBILIEN ANLAGEN AG CAI AV Austria EUR XWBO AT0000642806 IMMOEAST AG IEA AV Austria EUR XWBO AT0000644505 LENZING AG LNZ AV Austria EUR XWBO AT0000645403 KTM POWER SPORTS AG KTM AV Austria EUR XWBO AT0000652011 ERSTE GROUP BANK AG EBS AV Austria EUR XWBO AT0000652250 SPARKASSEN IMMOBILIEN AG SPI AV Austria EUR XWBO AT0000676903 RHI AG RHI AV Austria EUR XWBO
    [Show full text]