DOCSLIB.ORG

MGI Funds Plc (An Umbrella Fund with Segregated Liability Between Sub-Funds)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
MGI Funds Plc (An Umbrella Fund with Segregated Liability Between Sub-Funds) MGI Funds plc (an umbrella fund with segregated liability between Sub-Funds) Annual Report and Audited Financial Statements For the year ended 30 June 2015 MGI Funds plc Contents Management and Administration 2 Investment Manager’s Report 3 Report of the Directors 23 Report of the Custodian to the Shareholders of MGI Funds plc 28 Independent Auditor’s Report to the Shareholders of MGI Funds plc 29 Portfolio Statements 31 Balance Sheet 204 Comparative Balance Sheet – as at 30 June 2014 207 Profit and Loss Account 210 Comparative Profit and Loss Account – for the year ended 30 June 2014 213 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 216 Comparative Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares – for the year ended 30 June 2014 219 Notes to the Financial Statements 222 Unaudited Information in Respect of Underlying Investments 329 Supplemental Unaudited Information 331 Unaudited Significant Portfolio Movements 346 MGI Funds plc 1 MGI Funds plc Management and Administration REGISTERED OFFICE MANAGER 70 Sir John Rogerson’s Quay Mercer Global Investments Management Limited Dublin 2 70 Sir John Rogerson’s Quay Ireland Dublin 2 Ireland COMPANY REGISTRATION NUMBER 421179 SPONSORING LISTING AGENT Investec INVESTMENT MANAGER, PROMOTER AND The Harcourt Building DISTRIBUTOR Harcourt Street Mercer Global Investments Europe Limited Dublin 2 Charlotte House Ireland Charlemont Street Dublin 2 CUSTODIAN Ireland State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay ADMINISTRATOR, REGISTRAR & TRANSFER AGENT Dublin 2 State Street Fund Services (Ireland) Limited Ireland 78 Sir John Rogerson’s Quay Dublin 2 FACILITIES AGENT (in the UK) Ireland Mercer Limited 1 Tower Place West INDEPENDENT AUDITOR Tower Place KPMG London EC3R 5 BU Chartered Accountants UK Statutory Audit Firm 1 Harbourmaster Place International Financial Services Centre Dublin 1 Ireland LEGAL ADVISER IN IRELAND Matheson 70 Sir John Rogerson’s Quay Dublin 2 Ireland SECRETARY Matsack Trust Limited 70 Sir John Rogerson’s Quay Dublin 2 Ireland DIRECTORS* Michael Dempsey Tom Finlay** Tom Geraghty Paul Sullivan** For the Sub-Funds named hereafter, no notification for distribution has been made so no units of these Sub-Funds may be publicly distributed to investors within the scope of the German Investment Act: MGI DAM Multi-Manager Global Equity Fund, MGI Global Bond Fund, MGI Japanese Equity Fund, MGI Pacific Basin (Ex Japan) Equity Fund, MGI US Equity Fund, MGI UK Bond Fund, MGI UK Cash Fund, MGI UK Equity Fund, MGI MGI UK Inflation Linked Bond Fund, MGI UK Long Gilt Fund, Mercer Diversified Retirement Fund. *All Directors are non-excecutive Directors **These Directors are independent Directors MGI Funds plc 2 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 The Sub-Funds of MGI Funds Fund plc (the “Company”) are managed using a proprietary multi-manager investment strategy. This strategy involves allocating portions of the Sub-Funds to specialist third party managers or sub-advisors (“Sub-Investment Managers”), who are selected by Mercer Global Investments Europe Limited (the “Investment Manager”) based on criteria for producing consistent superior returns and who, in aggregate, are most likely to achieve the overall objectives of the Company. Over the year to 30 June 2015, equity and bond markets generated strong returns in both the developed and emerging economies. US data has been reasonable over the year with key economic indicators such as employment and housing figures pointing to ongoing improvement within the economy. This was positive to see given that the US economy contracted over Q1 (this was largely attributed to the harsh winter). Much focus continues to centre on the US Federal Reserve and the timing surrounding interest rate increases, which many market commentators expect to happen in the latter stages of 2015. In the Eurozone, economic data has generally improved, with the exception of Greece. Bank lending statistics suggest households and businesses have better access to credit, and improving sentiment survey data also suggests further pickup in economic activity. Yields tumbled in January this year after the European Central Bank (ECB) announced its Quantitative Easing (QE) programme, which surpassed expectations. The resulting weaker Euro and low oil prices continue to provide a significant tailwind for countries with substantial exports to non-Eurozone countries like the UK and US. Emerging markets have performed well over the year to date, but have struggled over Q2 2015. Events in Greece and the potential increase in interest rates by the US Federal Reserve have both weighed heavily on market sentiment. In the latter half of Q2 2015, much attention has been focused on the sell-off of Chinese stocks which has seen indices fall dramatically despite interventions by the Chinese Authorities and the Central Bank (PBOC). All performance figures shown below are calculated by the Investment Manager using pricing from State Street Fund Services (Ireland) Limited (the “Administrator”). Figures shown are gross of the Investment Manager’s and underlying managers’ fees and net of all other expenses including custody and administration costs depending on fund structure. Investment Performance to 30 June 2015 (EUR) MGI Emerging Markets Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) AQR 28.1 16.7 16.6 Dimensional 29.6 11.6 16.6 Mondrian 28.1 11.4 16.6 Vontobel 14.1 19.7 16.6 MGI Emerging Markets Equity Fund 100.0 14.1 16.6 Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI Emerging Markets (NDR) Index. The MGI Emerging Markets Equity Fund underperformed the benchmark by 2.5% over the last year. There were no Sub-Investment Manager changes during the period. MGI Funds plc 3 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued) Investment Performance to 30 June 2015 (EUR) (continued) MGI Euro Bond Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) PIMCO 15.6 2.9 2.1 Irish Life Investment Managers 84.4 4.3 4.1 MGI Euro Bond Fund 100.0 3.7 3.5 Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the Barclays Capital Euro Aggregate Index. The MGI Euro Bond Fund outperformed the benchmark by 0.2% over the last year. There were no Sub-Investment Manager changes during the period. MGI Euro Cash Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Irish Life Investment Managers 100.0 - - Euro Cash 100.0 0.0 0.0 Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is a composite of 50% 1 Month Euro LIBID and 50% 1 Month Euro LIBOR. The MGI Euro Cash Fund performed in line with the composite benchmark over the last year. There were no Sub-Investment Manager changes during the period. MGI Eurozone Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Hermes 30.7 21.0 11.5 Lingohr 33.2 14.8 11.5 TT International 36.2 15.2 11.5 MGI Eurozone Equity Fund 100.0 17.6 11.5 Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI EMU (NDR) Index. The MGI Eurozone Equity Fund outperformed the benchmark by 6.1% over the last year. There were no Sub-Investment Manager changes during the period. MGI Funds plc 4 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued) Investment Performance to 30 June 2015 (EUR) (continued) MGI Global Bond Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) PIMCO 15.4 26.4 25.1 Irish Life Investment Managers 84.6 13.2 11.4 MGI Global Bond Fund 100.0 14.5 14.2 Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the Barclays Capital Aggregate Index. The MGI Global Bond Fund outperformed the benchmark by 0.3% over the last year. There were no Sub-Investment Manager changes during the period. MGI Global Equity Fund Manager Performance over the Financial Year Weight(a) Fund Benchmark (%) (%) (%) Arrowstreet Capital 30.2 26.7 24.6 Baillie Gifford 20.1 27.8 24.6 GTP 15.1 23.8 24.6 Hexavest Inc. 25.1 25.7 24.6 MGI Global Equity Fund 100.0 26.0 24.6 Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI World (NDR) Index. (a) Plus 9.5% in a “completion portfolio”, which refers to the allocation to US assets (managed on a passive basis) to reduce the material underweighting held by managers in US assets at the total portfolio level. The MGI Global Equity Fund outperformed the benchmark by 1.4% over the last year. Edinburgh Partners was terminated as Sub-Investment Manager during the period. MGI Japanese Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) J.P.Morgan 100.0 31.1 33.8 MGI Japanese Equity Fund 100.0 30.6 33.8 Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the TOPIX Index. Underlying manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio. The MGI Japanese Equity Fund underperformed the benchmark by 3.2% over the last year. There were no Sub-Investment Manager changes during the period. MGI Funds plc 5 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued) Investment Performance to 30 June 2015 (EUR) (continued) MGI Pacific Basin (Ex Japan) Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Schroders 100.0 14.4 14.5 MGI Pacific Basin (ex-Japan) Equity Fund 100.0 14.2 14.5 Performance shown is in € terms.
Load more

Recommended publications
  • An N U Al R Ep O R T 2018 Annual Report
    ANNUAL REPORT 2018 ANNUAL REPORT The Annual Report in English is a translation of the French Document de référence provided for information purposes. This translation is qualified in its entirety by reference to the Document de référence. The Annual Report is available on the Company’s website www.vivendi.com II –— VIVENDI –— ANNUAL REPORT 2018 –— –— VIVENDI –— ANNUAL REPORT 2018 –— 01 Content QUESTIONS FOR YANNICK BOLLORÉ AND ARNAUD DE PUYFONTAINE 02 PROFILE OF THE GROUP — STRATEGY AND VALUE CREATION — BUSINESSES, FINANCIAL COMMUNICATION, TAX POLICY AND REGULATORY ENVIRONMENT — NON-FINANCIAL PERFORMANCE 04 1. Profile of the Group 06 1 2. Strategy and Value Creation 12 3. Businesses – Financial Communication – Tax Policy and Regulatory Environment 24 4. Non-financial Performance 48 RISK FACTORS — INTERNAL CONTROL AND RISK MANAGEMENT — COMPLIANCE POLICY 96 1. Risk Factors 98 2. Internal Control and Risk Management 102 2 3. Compliance Policy 108 CORPORATE GOVERNANCE OF VIVENDI — COMPENSATION OF CORPORATE OFFICERS OF VIVENDI — GENERAL INFORMATION ABOUT THE COMPANY 112 1. Corporate Governance of Vivendi 114 2. Compensation of Corporate Officers of Vivendi 150 3 3. General Information about the Company 184 FINANCIAL REPORT — STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS — CONSOLIDATED FINANCIAL STATEMENTS — STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS — STATUTORY FINANCIAL STATEMENTS 196 Key Consolidated Financial Data for the last five years 198 4 I – 2018 Financial Report 199 II – Appendix to the Financial Report 222 III – Audited Consolidated Financial Statements for the year ended December 31, 2018 223 IV – 2018 Statutory Financial Statements 319 RECENT EVENTS — OUTLOOK 358 1. Recent Events 360 5 2. Outlook 361 RESPONSIBILITY FOR AUDITING THE FINANCIAL STATEMENTS 362 1.
    [Show full text]
  • To Download a PDF of an Interview with Jaleh Bradea, Chief Diversity
    DIVERSITY & INCLUSION The Power of Individuality An Interview with Jaleh Bradea, Chief Diversity and Inclusion Offi cer, Vivendi SA EDITORS’ NOTE Jaleh Bradea has in our group. We can now see that, in With so many companies under the served as a TV producer on major order to be creative, innovative and Vivendi umbrella, is it important to have a French TV channels with a focus able to adapt to the changing expec- consistent, seamless D&I program or is it on women-related content and as tations of our clients, we have to be customized based on the different brand director of the audiovisual depart- diverse. cultures and businesses? ment at a successful telecommu- You mentioned diversity, I think it’s both. All these companies exist nication startup. In 2014, she inclusion, and belonging. How do without Vivendi itself. They have their own started working on Corporate Social these three areas relate to each successful businesses. They have their own HR Responsibility (CSR) initiatives at other? and, sometimes, even their own CSR. However, Canal+ Group. Bradea also works If you take a picture of the world, we have common initiatives led by Vivendi such with the French media regulator to it represents diversity. But what are as a CSR Committee. More recently, we created promote a fair representation of eth- you going to do with that diversity? a Diversity Committee where we share the best nicity, gender, and minority com- Jaleh Bradea This becomes inclusion. Belonging is practices in D&I from all the companies and munities in the French media.
    [Show full text]
  • Global Diversified Income Fund As of December 31, 2017
    Global Diversified Income Fund As of December 31, 2017 SCHEDULE OF INVESTMENTS ISSUER SHARES MARKET % TOTAL NET VALUE ASSETS CMBS FREMF 2016-KBAM Mortgage Trust 68,415,100 $ 69,966,481 0.56% Principal Government Money Market Fund 37,738,923 $ 37,738,923 0.30% JP Morgan Chase Commercial Mortgage Securities Trust 2007-CIBC19 35,000,000 $ 26,044,155 0.21% UBS-Barclays Commercial Mortgage Trust 2012-C3 25,827,000 $ 25,129,322 0.20% JPMBB Commercial Mortgage Securities Trust 2013-C15 23,750,000 $ 23,255,494 0.19% ML-CFC Commercial Mortgage Trust 2007-9 23,564,753 $ 19,307,284 0.15% COMM 2014-UBS3 Mortgage Trust 21,861,000 $ 18,237,080 0.15% UBS-Barclays Commercial Mortgage Trust 2012-C4 21,000,000 $ 17,890,927 0.14% UBS-Barclays Commercial Mortgage Trust 2012-C3 20,994,000 $ 17,400,621 0.14% JPMBB Commercial Mortgage Securities Trust 2014-C24 20,500,000 $ 17,331,428 0.14% Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 18,500,000 $ 16,991,891 0.14% JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 16,202,517 $ 15,710,707 0.13% Credit Suisse Commercial Mortgage Trust Series 2007-C1 30,000,000 $ 15,276,549 0.12% Comm 2013-CCRE13 Mortgage Trust 18,660,000 $ 14,244,533 0.11% UBS-Barclays Commercial Mortgage Trust 2012-C4 17,981,000 $ 13,393,907 0.11% LB-UBS Commercial Mortgage Trust 2007-C6 13,250,000 $ 13,228,140 0.11% Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16 17,104,000 $ 12,674,755 0.10% JPMBB Commercial Mortgage Securities Trust 2013-C12 13,826,000 $ 12,608,030 0.10% DBJPM 17-C6 Mortgage Trust 15,000,000
    [Show full text]
  • Nomura Funds Ireland Plc
    NOMURA FUNDS IRELAND PLC Interim Report and Unaudited Financial Statements for the half year ended 30th June, 2013 Company Registration No. 418598 NOMURA FUNDS IRELAND PLC TABLE OF CONTENTS Page MANAGEMENT AND ADMINISTRATION 2 GENERAL INFORMATION 3 INVESTMENT MANAGER’S REPORT 9 NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKETS FUND 9 NOMURA FUNDS IRELAND - INDIA EQUITY FUND 10 NOMURA FUNDS IRELAND - ASIA EX JAPAN FUND 12 NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND 14 NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND 16 NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND 18 NOMURA FUNDS IRELAND - NEWS EMERGING MARKETS SMALL CAP EQUITY FUND 20 NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUND 21 STATEMENT OF FINANCIAL POSITION 23 STATEMENT OF COMPREHENSIVE INCOME 26 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 29 STATEMENT OF CASH FLOWS 32 NOTES TO THE FINANCIAL STATEMENTS 37 STATEMENT OF INVESTMENTS NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKETS FUND 51 NOMURA FUNDS IRELAND - INDIA EQUITY FUND 63 NOMURA FUNDS IRELAND - ASIA EX JAPAN FUND 65 NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND 69 NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND 118 NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND 123 NOMURA FUNDS IRELAND - NEWS EMERGING MARKETS SMALL CAP EQUITY FUND 144 NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUND 160 STATEMENT OF CHANGES IN THE PORTFOLIO NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKETS FUND 163 NOMURA FUNDS IRELAND - INDIA EQUITY FUND 165 NOMURA FUNDS
    [Show full text]
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
    [Show full text]
  • 2006 Reference Document
    2006 REFERENCE DOCUMENT Pursuant to Article 212-13 of the General Regulations of the Autorité des Marchés Financiers (AMF), this reference document was filed with the AMF on June 6, 2007. It may be used in support of a financial operation if accompanied by a “note d’opération” (securities note) approved by the AMF. Pursuant to Article 28 of European Commission (EC) Regulation 809/2004, the following information is included in this reference document by way of reference: ● The consolidated and individual financial statements for the fiscal year ended December 31, 2004, as well as the related statutory auditors’ reports, appear on pages 45 to 94 of the reference document filed with the AMF on June 10, 2005 under number D.05-871. ● The consolidated and individual financial statements for the fiscal year ended December 31, 2005, as well as the related statutory auditors’ reports, appear on pages 46 to 100 of the reference document filed with the AMF on June 9, 2006 under number D. 06-0546. Copies of this document are available at the business address of Gameloft S.A.– 14, rue Auber – 75009 Paris and at the company’s registered office. Registered office: 81 rue de Réaumur 75002 Paris French corporation with capital of 3,537,829.20 euros Tel.: (33) 1 58 16 20 40 Paris Corporate and Trade Register No. 429 338 130 - NAF code 722 A 1 CONTENTS 1 PERSONS RESPONSIBLE FOR THE DOCUMENT AND FOR THE AUDIT OF THE FINANCIAL STATEMENTS ............................................................................................................. 8 1.1 Person responsible for the document ...................................................................................... 8 1.2 Certification of the person responsible for the document ......................................................
    [Show full text]
  • 1 AXTEL S.A.B. DE C.V. Blvd. Díaz Ordaz Km. 3.33 L-1
    AXTEL S.A.B. DE C.V. Blvd. Díaz Ordaz Km. 3.33 L-1 Col. Unidad San Pedro, San Pedro Garza García, N.L., MÉXICO C.P. 66215 +52(81) 8114-0000 www.axtelcorp.mx Ticker: “AXTELCPO” ANNUAL REPORT presented in accordance to the general provisions that apply to the Issuers of securities and to other participants of the securities market for the year ended on December 31, 2016 Characteristics of the Securities: The securities that are traded in the Mexican Stock Exchange (Bolsa Mexicana de Valores) (“BMV”) are “Ordinary Participation Certificates” (“CPO’s”), which are non-amortizable securities, issued under the CPO’s Trust (which term is defined below), each of which represents 7 Series B, Class I Shares of the capital stock of Axtel, S.A.B. de C.V. (“Axtel” or the “Company”). The capital stock of the Company is Ps. 464'367,927.49 represented by 20,249,227,481 registered common shares, Class "I" Series "B", with no par value, of which 19,229,939,531 common shares, with no par value, of Class "I" "Series" B ", are fully subscribed and paid and the remaining shares are issued but not subscribed shares held in the Company's treasury. At the date of this Annual Report, the capital stock of Axtel does not have shares issued or subscribed in its variable part. Registration at the National Registry of Securities (“RNV”) does not imply a certification regarding the quality of the registered securities nor Axtel's solvency or accuracy or reliability of the information contained in the Annual Report nor validates the acts, if any, that might have been made in contravention of the law.
    [Show full text]
  • AXTEL Is the Party Over? Not Yet @Analisis Fundam
    Equity Research Me xico Company Note August 12, 2020 AXTEL www.banorte.com Is the party over? Not yet @analisis_fundam . Axtel has resumed the search of strategic options for its Infrastructure Consumer and Telecom for telecom business unit or the entire company, which could soon unlock intrinsic value of the stock Valentín Mendoza Senior Strategist, Equity [email protected] . As we have highlighted before, said segment is attractive due to its high profitability, growth potential and higher valuation, making the Juan Barbier Analyst company a compelling acquisition target, in our view [email protected] . With a SOTP model, considering Infrastructure’s value, we raised our PT2020 to MXN 9.00 (vs MXN 4.50 previously), implying a BUY FV/EBITDA 2021E multiple of 7.7x. We maintain our BUY rating Current Price MXN 6.59 PT 2020 MXN 9.00 Dividend 2020e We still see value in the stock. We adjusted our projections model, reflecting Dividend Yield (%) the functional separation of the company into two strategic business units: IT Upside Potential 36.6% ADR Price US$41.57 Services for enterprises and governments and Infrastructure for telecom. The Max – Min LTM ($) 6.70 – 2.30 latter, as mentioned above, stands out due to its attractive profitability and Market Cap (US$m) 834.4 Shares Outstanding (m) 2,875 growth potential -in the face of increasing connectivity needs, the upcoming Float 22% launch of 5G, and with that, the advent of internet of things-; thus, making Axtel Daily Turnover US$m 8.7 Valuation metrics LTM a compelling acquisition target.
    [Show full text]
  • Optimizing Mobile Games with Gameloft And
    Optimizing Mobile Games with Gameloft and ARM Stacy Smith Senior Software Engineer, ARM Adrian Voinea World Android Technical Lead, Gameloft Victor Bernot Lead Visual Effects Developer, Gameloft 1 ARM Ecosystem . My first role in ARM was in Developer Relations . Developers came to us to ask for help . We couldn’t share their problems with the world . We couldn’t help everyone on a one to one basis 2 Developer Education . Developer Education addresses that need . Since 2012 we’ve been sharing advice for graphical development . Developers working with Developer Relations have remained separate . Until now! 3 4 Today’s Agenda . Gameloft . Batching (Iron Man 3) . Culling and LOD (Gangstar Vegas) . Texture compression (Asphalt 8) . ARM (That’s me) . Entry level implementations . How to achieve similar results 5 Iron Man 3 Improving Draw Calls and Rendering Techniques 6 Sorting Objects Before Rendering . There is no good or bad way to determine which sorting method works best for a game . Sorting methods reduce overdraw and material changes at the cost of CPU . Sorting algorithms used for Iron Man 3: . Sorting by material . Sorting by distance 7 What Happens When No Sorting Is Applied? . Mid-range device: average 18FPS, constant micro-freezes . Over 35 program changes per frame . The skybox is rendered in the 27th draw call / 150 8 Sorting Objects Before Rendering . Every shader program change is costly . It will depend a lot on the number of programs your game has . Using a texture atlas will create the same materials, thus allowing better material sorting . Sorting front to back will reduce the overdraw 9 Material Sorting Results .
    [Show full text]
  • Creating Value and Developing Bonds Between Women, Men and Their
    Creating value and developing bonds between women, men and their environment “Constantly innovating and reinventing ourselves and seizing sustainable and responsible development opportunities are integral parts of our DNA.” The Bolloré Group’s heritage and family culture have enabled it to create sustainable business activities, diversify them, and invest in innovative projects independently. Driven by a strong spirit of entrepreneurship for the past 195 years, we keep moving forward with our construction, a process which started in the paper industry, then progressed through plastic fi lms all the way to the production of lithium batteries. This technology is used in electric vehicles (cars, buses and trams) and in stationary renewable electricity storage and solutions, and addresses the combined challenges of urban mobility and low-carbon economy. Since 1822, our businesses have undergone major transformations. In order to ensure its resilience to change, over the past thirty years the Group has diversifi ed into the transport sector, where we are now among the leading players, then into the media and communications sector, where we are developing a major global content, media and communications group. The Group is moving forward with its construction by creating bonds between people and their environment, creating value and creating jobs, while dedicating part of its profi ts to helping others. Vincent Bolloré, Chairman Integrating CSR in the Group’s history and strategy 1822 From 2004 2014 – Founding of – Group diversifi cation – Creation
    [Show full text]
  • BOLL 1902299 RAPPORT ACTIVIT… 2018 GB.Indd
    Bolloré Business report 2018 ! — !Message!from!the!Chairman # —$ Profile % —$ Key!figures & —$ Economic!organizational!chart ' —$ Stock!exchange!data ( —$ Our!locations (! —$ Group!strategy (# —$ Business!model (% —$ CSR!key!figures () — !Governance The Group (& Transportation and logistics !% Communications ,# Electricity storage and solutions #! — ! Other!assets #% —$ Corporate!social!responsibility *! — !History!of!the!Group BUSINESS REPORT 2018 — BOLLORÉ 01 Message from the Chairman Vincent Bolloré, Chairman and Chief Executive O! cer of Financière de l’Odet Bolloré was founded in Brittany, in 1822, by leaders. Having seen him at work in the Group my two great-great-great-great-grandfathers, for twelve years, I fi rmly believe that Cyrille François Le Marié and René Bolloré. They Bolloré is the right choice for this new chapter were followed successively by their children, in the Group’s story. As planned, I will remain Nicolas Le Marié, my great-great-great-uncle, Chairman and Chief Executive Officer of and Jean-Claude Guillaume Bolloré, my Financière de l’Odet – which controls 65% of great-great-great-grandfather, their children Bolloré’s share capital – until February 17, 2022, and their children’s children, right down to date of our bicentennial, to ensure that the my uncles and my father. transition is as smooth as possible. Today, it gives me great pride to see the seventh generation take over the reins, with the help of teams of cohesive and experienced 02 BOLLORÉ — BUSINESS REPORT 2018 Cyrille Bolloré" Chairman and Chief Executive O! cer of Bolloré I am greatly honored by the confidence that Consolidated operating income was 1.3 billion the Board of Directors has shown me by unani- euros, a 25% increase attributable largely to mously appointing me Chairman and Chief the Communications business (+29%), driven Executive Officer of Bolloré, replacing Vincent by the very good performance of Vivendi’s Bolloré.
    [Show full text]
  • Annual Report
    2017 ANNUAL REPORT WorldReginfo - abe7a544-37d0-4eb5-881f-6c32f4b6c3aa The Annual Report in English is a translation of the French Document de référence provided for information purposes. This translation is qualified in its entirety by reference to the Document de référence. The Annual Report is available on the Company’s website www.vivendi.com II –— VIVENDI –— ANNUAL REPORT 2017 –— WorldReginfo - abe7a544-37d0-4eb5-881f-6c32f4b6c3aa CONTENT QUESTIONS FOR VINCENT BOLLORÉ AND ARNAUD DE PUYFONTAINE 02 PROFILE OF THE GROUP AND ITS BUSINESSES — FINANCIAL COMMUNICATION, 04 1 TAX POLICY AND REGULATORY ENVIRONMENT — RISK FACTORS 1. Profile of the Group and its Businesses 06 2. Financial Communication, Tax policy and Regulatory Environment 37 3. Risk Factors 41 NON-FINANCIAL 44 2 PERFORMANCE 1. Strategy and challenges 46 2. Ensuring Group compliance 59 3. CSR commitments 62 4. Tables of indicators 89 5. Concordance table 100 6. Verification of non‑financial data 102 CORPORATE GOVERNANCE OF VIVENDI — COMPENSATION OF CORPORATE OFFICERS 3 OF VIVENDI — GENERAL INFORMATION ABOUT THE COMPANY — INTERNAL CONTROL 108 AND RISK MANAGEMENT 1. Corporate Governance of Vivendi 110 2. Compensation of Corporate Officers of Vivendi 141 3. General information about the company 169 4. Internal control and risk management 181 FINANCIAL REPORT — STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL 4 STATEMENTS — CONSOLIDATED FINANCIAL STATEMENTS — STATUTORY AUDITORS’ 188 REPORT ON THE FINANCIAL STATEMENTS — STATUTORY FINANCIAL STATEMENTS Key consolidated financial data for the last five years 190 I ‑ 2017 Financial Report 191 II ‑ Appendix to the Financial Report 216 III ‑ Audited Consolidated Financial Statements for the year ended December 31, 2017 218 IV ‑ Unaudited supplementary financial data: Vivendi’s interest in Telecom Italia 318 V ‑ 2017 Statutory Financial Statements 323 RECENT EVENTS 362 5 OUTLOOK 1.
    [Show full text]