DOCSLIB.ORG

Interpump Group Spa World Leader in High-Pressure Plunger Pumps

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Interpump Group Spa World Leader in High-Pressure Plunger Pumps Ticker: IP-IT / IP.MI Industry: Industrial Machinery Interpump Group SpA World leader in high-pressure plunger pumps Milan, 28th February 2019 CFA Research Institute Challenge| JIT – Financial Advisors BUY Target Price: € 33.49 Upside potential: 18% Share price (Feb.27): € 28.44 Profitability M&A Management Attracting Top • One of the strongest • Strong M&A growth • Experience International among peers • Successful • Competence Investors • Special products and transaction • Talented engineers • Fidelity (5.5%) special components • Soft integration • Vanguard (2%) • Potential policy • Templeton (1.4%) profitability growth • Significant synergies • … Source: Company Data, Team assessement Business Description Financial Analysis 3 Industry Overview Valuation Fulvio MONTIPÒ Paolo MARINSEK Giovanni TAMBURI Chairman & Co-Chief Executive Vice Chairman & Co-Chief Executive Director of Interpump and Chairman Officer Officer IPG Holding srl Founder of Interpump Tenure IPG: 14 y Previous Experience: Further BOD seats: Tenure: 41y Fiat, Maserati, 15y Moncler, Ferrari, Amplifon, FCA Source: FactSet, Company Data Business Description Financial Analysis 4 Industry Overview Valuation 2004 IPO 1997- 1999- Disvestiture 2001 of cleaning 2005 1996 1998 sector 2007 2013- 2010 2008- 2011- Disvestiture 2014 of the 2009 2012 electric motors 2015 2016 2017 2018 2019 Source: FactSet, Company Data €325.6m €68.7m €35.9m Revenues EBITDA Net Income IPG FTSE MIB EU-DS Market Index FTSE STAR Peers +21.6% +21.1% -1.8% Vs. Q4-17 Vs. Q4-17 Vs. Q4-17 25,00% 4Q-18 20,00% €289m €173.2m EBITDA Net Income €1,279 m 15 % Revenue 22.6% 13.5% ROCE 15,00% Margin Margin FY2018 10,00% [CATEGORY NAME] 5,00% [PERCENT AGE] [CATEGORY 0,00% NAME] [PERCENT AGE] -5,00% 3Y CAGR 5Y CAGR 10Y CAGR Business Description Financial Analysis Source: Company data 6 Industry Overview Valuation *As a percentage of FY2017 Revenues Hydraulics 64%* Rigid Pipes & Pipping Power take-offs Cylinders Oil Tanks Valves Rubber-hoses Metallic flexible hoses 24/7 Service & Repairs system Water-Jetting 36%* High-pressure plunger pumps Flow Handling Components Production and rental of High-pressure pumps (up to Homogenizers for food, Pumps, mixers, components Plunger pumps high flow/ Specialized solutions for Mixers and agitators Magna- high-pressure pumps and 1,500 HP – 4500 bar/65K cosmetics, and for food, cosmetics and high pressure (1~450 HP) steel and mining industry Safe® magnetic transmission complete systems PSI) pharmaceutical industry pharma Business Description Financial Analysis Source: Company Data 7 Industry Overview Valuation North America 3.86% CAGR 14.73% CAGR Italy 36% 21.43% CAGR 35% 8% 13.91% CAGR 33% 10% 24% Rest of Europe 10% 22% 12.09% CAGR 22.61% CAGR Far East & Oceania 7.62% CAGR 13% 31.76% CAGR 9% Rest of the World 12.00% CAGR 6.57% CAGR Source: Company Data (FY 2017) Business Description Financial Analysis 8 Industry Overview Valuation Source: FactSet, Company Data, apnews.com, hydraulicspneumatics.com, businesswire.com Industry 5Y CAGR End Markets Automotive 7% Construction 8% Food/Pharma & Cosmetics HPP +3% 21% Flow Handling: Food, Other +10% 29% Cosmetics and Pharma Cleaning 20% Contractors PTOs +5% 15% Truck Manufacturers 8% Other 9% Valves +4.14% Industry 9% Construction Truck Outfitters Cylinders +4.39% 9% 28% Lifting 10% Hoses Agriculture Earth moving +4.8% 11% 16% Business Description Financial Analysis 9 Industry Overview Valuation Water-Jetting Hydraulics Mkt size: €1bn Niche market Premium pricing Mkt size: €40bn A fast-growing global player 12% 25% 10% 20% 8% 15% 6% 10% 4% CAGR CAGR 5% - - 2% 5Y 5Y 0% 0% -10% -5% 0% 5% 10% 15% 20% 0% 3% 5% 8% 10% 13% 15% 18% 20% 23% 25% -5% -2% -4% -10% -6% -15% EBITDA margin EBITDA margin Source: FactSet, Company Data and Team estimates Business Description Financial Analysis 10 Industry Overview Valuation ROIC Sales growth EBITDA margin Net income margin IPG Hydraulics peers Water-Jetting peers 40,00% 30,00% 14,00% 12,83% 12,00% 12,37% 12,59% 33,17% 10,09% 35,00% 25,00% 12,00% 10,00% 25,00% 23,00% 10,17% 30,00% 21,96% 20,63% 10,00% 7,58% 8,00% 25,00% 20,00% 8,00% 17,74% 6,00% 20,00% 17,02% 15,00% 6,00% 15,00% 4,00% 10,00% 8,00% 10,00% 4,00% 2,00% 5,00% 3,12% 2,00% 5,00% 0,00% 0,00% 0,00% -5,00% 0,00% -2,00% -2,00% -10,00% -4,00% -15,00% PEERS Source: FactSet, Company Data and Team assessment Business Description Financial Analysis 11 Industry Overview Valuation Track record of profitable growth Increased focus on R&D Tailor-made products for complex customer needs Growth opportunities in emerging markets Strong diversification of the business Valuable brand reputation Expansion into sectors with low cyclicality Source: Company Data and Team assessment Business Description Financial Analysis 12 Industry Overview Valuation €€ in in M M 1.647 1.647 1.615 1.615 1.600 1.537 1.537 HISTORICALLY: 1.424 1.424 - Intensive M&A 1.400 1.271 1.271 - Broader range of 1.200 products 1.086 1.086 1.000 923 895895 923 800 FORECAST: 672 672 - Double-digit growth in 600 528 556 600 528 2017 400 - Decreasing growth 2018-2023 down to 200 200 industry average 0 0 2012 2013 2014 2015 2016 2017 2018E 2019E 2020E 2021E 2022E Source: Company data and team estimates 2012 2013 2014 2015 2016 2017 2018E 2019E 2020E 2021E 2022E Business Description Financial Analysis 13 Industry Overview Valuation Historical Forecast Cost Bridge FY2017 100% 18.04% (avg. 2012-2017) (2018-2022) 100,00% 90,00% 4.30% 0.73% 80,00% 24.85% COGS 37.9% 70,00% 60,00% 16.56% 50,00% Service Costs 17.7% 40,00% 35.32% 30,00% Personnel 24.8% 20,00% Costs 10,00% 0,00% D&A 5.9% Sales Costs of Services costs Personnel Other D&A Ebit Revenue goods sold costs Operating income Source: Company data and team estimates EBIT 15.9% Business Description Financial Analysis 14 Industry Overview Valuation [CATEGOR Y NAME] [PERCENT AGE] OPERATING WORKING CAPITAL [CATEGOR Y NAME] CCC 291 days [PERCENT AGE] Breakdown 2017 Forecast CAPITAL EXPENDITURE DIO - 273 days • 5% of Revenues DSO - 80 days DPO - 62 days DEBT • 40% of Capital Employed Source: Company data and team estimates Business Description Financial Analysis 15 Industry Overview Valuation DCFF €33.49 Multiple €33.51 Sensitivity €28 - €41 Source: Company data and team estimates Business Description Financial Analysis Industry Overview Valuation (€ 000) 2018E 2019E 2020E 2021E 2022E Terminal Value FCFF 49,322 116,248 138,703 159,008 177,164 4,202,492 DCFF 49,322 109,358 122,749 132,379 138,753 3,291,348 Risk-Free rate 2.50% Enterprise Value 3,843,909,000 Cost of Debt 3.25% MV of Debt (2018) 287,300,000 Adjusted BETA 0.8243 MV of Equity 3,556,609,000 Cost of Equity 8.32% Shares Outstanding (2018) 106,200,000 WACC 6.30% Target Price €33.49 Growth Rate (TV) 2.00% Source: FactSet, Company Data and Team assessment Business Description Financial Analysis 17 Industry Overview Valuation PEERS P/E P/EG Interpump Group SpA EATON 16.99 1.91 EPS & EG 1.47 17 SPX 37.44 4.13 Target Price 34.63 32.39 PH 17.24 1.86 AVERAGE €33.51 GEA 30.54 2.59 Alfa Laval 27.33 1.70 Sulzer 23.18 n.s. Bucher 23.56 n.s. median 23.56 1.91 PEERS Source: FactSet, Company Data and Team assessment Business Description Financial Analysis 18 Industry Overview Valuation WACC 5.70% 5.90% 6.10% 6.30% 6.50% 6.70% 6.90% 1.40% € 34.08 € 32.43 € 30.92 € 29.53 € 28.26 € 27.08 € 25.98 1.60% € 35.68 € 33.88 € 32.24 € 30.74 € 29.36 € 28.09 € 26.92 1.80% € 37.45 € 35.48 € 33.69 € 32.05 € 30.56 € 29.19 € 27.93 2.00% € 39.41 € 37.23 € 35.27 € 33.49 € 31.87 € 30.38 € 29.02 2.20% € 41.59 € 39.18 € 37.02 € 35.06 € 33.29 € 31.68 € 30.21 Terminal Growth 2.40% € 44.04 € 41.35 € 38.95 € 36.80 € 34.86 € 33.10 € 31.50 2.60% € 46.80 € 43.78 € 41.11 € 38.73 € 36.59 € 34.66 € 32.90 Source: Team assessment Business Description Financial Analysis 19 Industry Overview Valuation High Medium Low Low Medium High Source: Company data and team estimates Business Description Financial Analysis 20 Industry Overview Valuation 32,50 € 27,50 € 22,50 € 17,50 € 12,50 € 7,50 € 02/2014 10/2014 06/2015 02/2016 10/2016 06/2017 02/2018 10/2018 Source: FactSet, Company data, Team assessment M&A Innovation Cost Advantage Diversification Targeted Acquisitions Strong focus on R&D Reduction COGS Product range Talented Engineering Capitalization of Raw Competitive Position Customer base Team Materials Investment in Emerging Application set of its Significant synergies Production flexibility Markets products Business Description Financial Analysis 21 Industry Overview Valuation .
Load more

Recommended publications
  • Subpart 3.2 Contracts Admitted for Off-Book Trading
    Contract Specifications for Futures Contracts Eurex14e and Options Contracts at Eurex Deutschland and Eurex Zürich As of 19.12.2017 15.11.2017 Page 1 Annex A ************************************************************************* AMENDMENTS ARE MARKED AS FOLLOWS: INSERTIONS ARE UNDERLINED DELETIONS ARE CROSSED OUT ************************************************************************* […] Subpart 3.2 Contracts Admitted for Off-Book Trading The following Futures and Options Contracts admitted for trading at Eurex Deutschland or Eurex Zürich may be entered using the Eurex T7 Entry Service for the trade types specified below. 3.2.1 Block trades The products listed below are admitted to block trading. Aside from the standard contract on a certain underlying instrument pursuant to Annex A and Annex B, contracts may also be traded according to a different type of execution, settlement and term, provided that this has been permitted by the Management Board in the table below (“Additional Contract Versions”). The terms of the trades may not exceed the maximum terms of a Eurex Future or Eurex Option defined by the Management Boards of the Eurex Exchanges and the exercise of the trades may not exceed the maximum execution of an option defined by the Management Boards of the Eurex Exchanges, multiplied by 2.5. Product Minimum number of contracts traded Standard Additional contract versions Y/N […] Single Stock Futures Futures Contracts on Shares pursuant to Annex A (FSTK) Y 1 Annex A […] Contract Specifications for Futures Contracts Eurex14e and Options Contracts at Eurex Deutschland and Eurex Zürich As of 19.12.2017 15.11.2017 Page 2 Annex A The number of Futures or Options Contracts traded including their additional contract versions may not be below the defined minimum number of contracts to be traded.
    [Show full text]
  • Remuneration Report 2020
    REMUNERATION REPORT 2020 Prepared in accordance with the article 123-ter of Legislative Decree no. 58 of 24 February 1998 and in compliance with Appendix 3A, schemes 7-bis and 7-ter of the CONSOB Regulation no. 11971 of 14 May 1999 and following amendments REMUNERATION REPORT 2020 Prepared in accordance with the article 123-ter of Legislative Decree no. 58 of 24 February 1998 and in compliance with Appendix 3A, schemes 7-bis and 7-ter of the CONSOB Regulation no. 11971 of 14 May 1999 and following amendments INDEX LETTER OF THE CHAIR OF THE REMUNERATION 7 & APPOINTMENTS COMMITTEE SECTION I – REMUNERATION POLICY 2020 8 EXECUTIVE SUMMARy – REMUNERATION POLICY 2020 10 1 GOVERNANCE MODEL 11 1.1 Bodies and parties involved 11 1.2. 2020 Remuneration Policy approval procedure 14 2 2020 REMUNERATION POLICY PURPOSES, 15 PRINCIPLES AND GUIDELINES 2.1 Remuneration Policy principles 15 2.2. The Total Reward Policy 2020 16 3 2020 REMUNERATION POLICY GUIDELINES 16 3.1 Remuneration Policy length 16 3.2. Remuneration of Directors 17 3.3. Remuneration of the Chief Executive 17 Officer and General Manager 3.4. Remuneration of Key Managers with 22 Strategic Responsibilities 3.5. Remuneration of the Head of Internal Audit 26 3.6. Remuneration Policy derogation procedures 27 4 REMUNERATION REPORT 2020 SECTION II - REMUNERATION PAID IN 2019 AND OTHER INFORMATION 28 1 INTRODUCTION: PAY-FOR-PERFORMANCE IN AMPLIFON 30 2 IMPLEMENTATION OF THE 2019 REMUNERATION POLICY 30 2.1 Fixed Remuneration 30 2.2 Short-term Variable Remuneration (MBO 2019) 31 2.3 Long-term Variable Remuneration – Stock Grant 32 Plan 2019-2025 (cycle 2019-2021) 2.4 Indemnity for end of term or termination of employmen 32 TABLE 1 34 TABLE 2 34 TABLE 3A 36 TABLE 3B 38 TABLE 7-TER 38 5 LETTER OF THE CHAIR OF THE REMUNERATION & APPOINTMENTS COMMITTEE third best result on the Italian market.
    [Show full text]
  • Annual Report 2017
    Annual Report 2017 Annual Report 2017 Index Amplifon at a glance Message from the Chairperson and the Chief Executive Officer 4 2017 Highlights 6 Key events 8 History 10 Our Corporate Culture Purpose 15 Mission 16 Values 17 Our unique business model Strategy 20 Strengths 21 Market scenario 22 Global presence 24 Business model 26 Distribution network 27 Our commitment to stakeholders Sustainability 32 Corporate bodies 38 Report for Investors 40 2 Annual Report 2017 | Amplifon at a glance Report on Operations at 31 December 2017 45 Comments on the Financial Results 47 Statement of changes in Net Equity and the results for the period of the Parent Company Amplifon S.p.A. and the Group Net Equity and results for the period in question at 31 December 2017 83 Risk Management 84 Treasury Shares 95 Research and Development 96 Transactions between Group Companies and with related parties 96 Contigent Liabilities 96 Outlook 97 Report on Corporate Governance and Ownership Structure at 31 December 2017 97 Sustainability Report at 31 December 2017 97 Comments on the Financial Results of Amplifon S.p.A. 98 Consolidated Financial Statements at 31 December 2017 113 Consolidated Statement of Financial Position 116 Consolidated Income Statement 118 Statement of Comprehensive Income 119 Statement of Changes in Consolidated Net Equity 120 Consolidated Cash Flow Statement 122 Supplementary Information to Cash Flow Statement 124 Explanatory Notes 125 Annexes 208 Declaration in respect of the Consolidated Financial Statements pursuant to Article 154-bis of Legislative
    [Show full text]
  • ANNUAL REPORT As of December 31, 2013
    ANNUAL REPORT As of December 31, 2013 IAS/IFRS Luxottica Group S.p.A ., Via Cantù, 2, 20123 Milano - C.F. Iscr. Reg. Imp. Milano n. 00891030272 - Partita IVA 10182640150 1. MANAGMENT REPORT 2. REPORT ON CORPORATE GOVERNANCE CONSOLIDATED FINANCIAL STATEMENTS 3. CONSOLIDATED FINANCIAL STATEMENTS 4. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 5. ATTACHMENTS 6. CERTIFICATION OF THE CONSOLIDATED FINANCIAL STATMENTS PERSUANT TO ARTICLE 154 OF THE LEGISLATIVE DECREE 58/98 7. AUDITORS’ REPORT DRAFT STATUTORY FINANCIAL STATEMENTS 8. STATUTORY FINANCIAL STATEMENTS 9. NOTES TO THE STATUTORY FINANCIAL STATEMENTS 10. CERTIFICATION OF THE STATUTORY FINANCIAL STATMENT PERSUANT TO ART.154 OF THE LEGISLATIVE DECREE 58/98 11. AUDITORS’ REPORT 12. BOARD OF DIRECTORS PROPOSAL 13. BOARD OF STATUTORY AUDITORS’ REPORT ON THE STATUTORY AND CONSOLIDATED FINANCIAL STATEMENTS Luxottica Group S.p.A ., Via Cantù, 2, 20123 Milano - C.F. Iscr. Reg. Imp. Milano n. 00891030272 - Partita IVA 10182640150 Corporate Management Board of Directors In office until the approval of the financial statements as of and for the year ending December 31, 2014. Chairmen Leonardo Del Vecchio Deputy Chairmen Luigi Francavilla Chief Executive Officer Andrea Guerra Directors Roger Abravanel * Mario Cattaneo * Enrico Cavatorta** Claudio Costamagna * Claudio Del Vecchio Sergio Erede*** Elisabetta Magistretti* Marco Mangiagalli * Anna Puccio * Marco Reboa * (Lead Indipendent Director) * Independent director ** General Manager – Central Corporate Functions *** In office until March 13, 2014
    [Show full text]
  • INFORMATION DOCUMENT Made Available On
    INFORMATION DOCUMENT Made available on April 23, 2021, prepared on a voluntary basis in accordance with the indications set out in Model 3 of Annex 3B, as referred to in Article 71 of the Regulation implementing Legislative Decree no. 58 of February 24, 1998, concerning the regulation of issuers, adopted by Consob Resolution no. 11971 of May 14, 1999, as amended relating to CONTRIBUTION IN KIND OF THE BUSINESS DIVISION NAMED “ITALY DIVISION” by Amplifon S.p.A. by way of full payment of a capital increase for a wholly owned subsidiary AMPLIFON S.P.A. Registered office located at via Ripamonti, 131/133, 20141 Milan, Italy Share capital: €4,527,772.40 Companies Register and Tax ID no. 04923960159 - REA MI [Economic and Administrative Index] - 1064063 April 23, 2021 1 Amplifon S.p.A. has exercised the right to derogate from the obligation to publish an information document relating to acquisitions and disposals, provided for in Article 71 of Consob Regulation no. 11971 of May 14, 1991, as amended (hereinafter the “Issuers’ Regulation”). In view of the importance of the operation described below, Amplifon S.p.A. has considered it appropriate to provide, through the publication of this informative document, adequate information to the public regarding the operation involving the contribution in kind of a business division, belonging to Amplifon S.p.A., to a newly or recently established limited liability company, the share capital of which is owned entirely by Amplifon S.p.A. (the “Operation”). This information document has therefore been prepared, on a voluntary basis, in accordance with the indications set out in Model 3 of Annex 3B of the Issuers’ Regulation, as referred to in Article 71 of the Issuers’ Regulation, concerning significant acquisitions and disposals.
    [Show full text]
  • Temporary Prohibition of Short Selling
    11/13/2020 Temporary prohibition of short selling Temporary prohibition of short selling The FCA notifies that it temporarily prohibits short selling in the following instruments under Articles 23 (1) and 26 (4) of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012. This follows a decision made by another EU Competent Authority. Details of the Financial Instruments concerned: • ABENGOA CLASE B (ISIN: ES0105200002) • ACCIONA, S.A. (ISIN: ES0125220311) • ACCIONES FOMENTO DE (ISIN: ES0122060314) • ACCIONES IBERDROLA (ISIN: ES0144580Y14) • ACERINOX, S.A. (ISIN: ES0132105018) • ACS,ACTIVIDADES DE CO (ISIN: ES0167050915) • AEDAS HOMES, S.A (ISIN: ES0105287009) • AENA, S.M.E., S.A. (ISIN: ES0105046009) • AIRBUS (ISIN:NL0000235190) • AMADEUS IT GROUP, S.A. (ISIN: ES0109067019) • APERAM (ISIN: LU0569974404) • APPLUS SERVICES, S.A. (ISIN: ES0105022000) • ARCELORMITTAL SA (ISIN: LU1598757687) • ATRESMEDIA CORPORAC (ISIN: ES0109427734) • AUDAX RENOVABLES, S.A (ISIN: ES0136463017) • BANCO BILBAO VIZCAYA (ISIN: ES0113211835) • BANCO DE SABADELL (ISIN: ES0113860A34) • BANCO SANTANDER S.A. (ISIN: ES0113900J37) • BANKIA, S.A. (ISIN: ES0113307062) • BANKINTER, S.A. (ISIN: ES0113679I37) • BIOSEARCH, S.A. (ISIN: ES0172233118) • CAIXABANK, S.A. (ISIN: ES0140609019) • CELLNEX TELECOM, S.A. (ISIN: ES0105066007 • CIE AUTOMOTIVE, S.A. (ISIN: ES0105630315) https://www.fca.org.uk/news/news-stories/temporary-prohibition-short-selling/printable/print 1/5 11/13/2020 Temporary prohibition of short selling • COCA-COLA EUROPEAN P (ISIN: GB00BDCPN049) • CODERE S.A. (ISIN: ES0119256032) • COMPAÑIA DE DISTRIBUC (ISIN: ES0105027009) • CONSTRUCCIONES Y AUX (ISIN: ES0121975009) • ENAGAS,S.A. (ISIN: ES0130960018) • ENCE ENERGIA Y CELULO (ISIN: ES0130625512) • ENDESA,S.A. (ISIN: ES0130670112) • ERCROS (ISIN: ES0125140A14) • EUSKALTEL, S.A. (ISIN: ES0105075008) • FAES FARMA, S.A.
    [Show full text]
  • Base Prospectus Dated 9 January 2020
    Base Prospectus dated 9 January 2020 ENEL – Società per Azioni (incorporated with limited liability in Italy) as an Issuer and Guarantor and ENEL FINANCE INTERNATIONAL N.V. (a limited liability company incorporated in The Netherlands, having its registered office at Herengracht 471,1017 BS Amsterdam, The Netherlands) as an Issuer €35,000,000,000 Euro Medium Term Note Programme On 7 December 2000 ENEL — Società per Azioni (“ENEL” or the “Company”) entered into a Global Medium Term Note Programme (the “Programme”) and issued an offering circular on that date describing the Programme. The Programme was subsequently updated, most recently on 17 December 2018. This base prospectus (the “Base Prospectus”), which provides for the Programme to be a Euro Medium Term Note Programme, supersedes all previous offering circulars. Any Notes (as defined below) issued under the Programme on or after the date of this Base Prospectus are issued subject to the provisions herein. This does not affect any Notes already issued. Under the Programme, each of ENEL and ENEL Finance International N.V. (“ENEL N.V.”) may from time to time issue notes (the “Notes”) denominated in any currency agreed between the relevant Issuer and the relevant Dealer (as defined below). References in this Base Prospectus to the “relevant Issuer” shall, in relation to any Tranche of Notes, be construed as references to the Issuer which is, or is intended to be, the Issuer of such Notes as indicated in the applicable Final Terms. The payment of all amounts owing in respect of Notes issued by ENEL N.V. will be unconditionally and irrevocably guaranteed by ENEL in its capacity as guarantor (the “Guarantor”).
    [Show full text]
  • Remuneration-Report-2019.Pdf
    1 Remuneration Statement 2019 Letter of the Chair of the Remuneration & Appointments Committee .............................................................. 3 Section I - 2019 Remuneration Policy ............................................................................................................. 4 Executive Summary - 2019 Remuneration Policy ............................................................................................ 5 1. Governance Model ........................................................................................................................... 6 1.1. Bodies and parties involved ........................................................................................................................ 6 1.2. 2019 Remuneration Policy approval procedure .......................................................................................... 9 2. 2019 Remuneration Policy purposes, principles and guidelines .......................................................... 10 2.1. Remuneration Policy principles ................................................................................................................. 10 2.2. The new Total Reward Policy 2019 ........................................................................................................... 10 3. 2019 Remuneration Policy Guidelines .............................................................................................. 11 3.1. Remuneration of Directors .......................................................................................................................
    [Show full text]
  • Fidelity ZEROSM International Index Fund
    Quarterly Holdings Report for Fidelity ZERO℠ International Index Fund July 31, 2021 IID-NPRT3-0921 1.9891457.102 Schedule of Investments July 31, 2021 (Unaudited) Showing Percentage of Net Assets Common Stocks ± 94.9% Common Stocks ± continued Shares Value ($) Shares Value ($) Australia ± 4.4% Australia ± continued Afterpay Ltd. (a) 22,894 1,623,962 Mineral Resources Ltd. 16,203 749,225 AGL Energy Ltd. 60,306 319,968 Mirvac Group unit 390,767 820,146 ALS Ltd. 46,060 430,626 National Australia Bank Ltd. 321,999 6,127,232 Altium Ltd. 12,261 305,023 Newcrest Mining Ltd. 80,716 1,569,094 Alumina Ltd. 227,547 278,866 NEXTDC Ltd. (a) 47,767 446,936 AMP Ltd. 338,142 258,071 Nine Entertainment Co. Holdings Ltd. 140,465 284,501 Ampol Ltd. 22,892 474,580 Northern Star Resources Ltd. 112,165 841,232 Ansell Ltd. 12,312 354,630 Orica Ltd. 39,099 355,504 APA Group unit 117,800 823,845 Origin Energy Ltd. 172,715 520,930 ARB Corp. Ltd. 7,663 262,617 OZ Minerals Ltd. 32,271 548,950 Aristocrat Leisure Ltd. 62,693 1,915,742 Qantas Airways Ltd. 191,439 644,838 ASX Ltd. 19,106 1,078,070 QBE Insurance Group Ltd. 145,409 1,162,054 Atlas Arteria Ltd. unit 91,490 420,967 Qube Holdings Ltd. 176,280 377,740 Aurizon Holdings Ltd. 185,010 524,071 Ramsay Health Care Ltd. 18,062 850,163 AusNet Services 178,343 238,851 REA Group Ltd. 4,891 580,240 Australia & New Zealand Banking Group Ltd.
    [Show full text]
  • FTSE Italia All-Share
    2 FTSE Russell Publications 19 August 2021 FTSE Italia All-Share Indicative Index Weight Data as at Closing on 30 June 2021 Constituent Index weight (%) Country Constituent Index weight (%) Country Constituent Index weight (%) Country A2A 0.58 ITALY De' Longhi 0.51 ITALY Mediobanca 1.59 ITALY Abitare In 0.02 ITALY Dea Capital 0.02 ITALY Moncler 2.66 ITALY Acea 0.18 ITALY DiaSorin 0.78 ITALY Mondadori Editore 0.04 ITALY Aedes <0.005 ITALY Digital Bros 0.02 ITALY Mondo Tv 0.01 ITALY Aeffe 0.01 ITALY Dovalue 0.12 ITALY Monrif <0.005 ITALY Aeroporto Guglielmo Marconi di Bologna 0.02 ITALY Edison Rsp 0.03 ITALY Mutuionline 0.14 ITALY Alerion Cleanpower 0.02 ITALY Eems <0.005 ITALY Neodecortech <0.005 ITALY Algowatt <0.005 ITALY El En 0.1 ITALY Netweek <0.005 ITALY Alkemy 0.01 ITALY Elica 0.01 ITALY Newlat Food 0.02 ITALY Ambienthesis <0.005 ITALY Emak 0.02 ITALY Nexi 1.76 ITALY Amplifon 1.17 ITALY Enav 0.21 ITALY Nova Re <0.005 ITALY Anima Holding 0.24 ITALY Enel 13.22 ITALY Openjobmetis 0.02 ITALY Aquafil 0.06 ITALY Enervit <0.005 ITALY Orsero 0.02 ITALY Ascopiave 0.06 ITALY Eni 5.6 ITALY OVS 0.06 ITALY Astaldi 0.05 ITALY Eprice <0.005 ITALY Pharmanutra 0.04 ITALY Atlantia 1.63 ITALY Equita Group 0.01 ITALY Philogen 0.04 ITALY Autogrill 0.25 ITALY Erg 0.3 ITALY Piaggio & C 0.12 ITALY Autostrade Meridionali 0.01 ITALY Esprinet 0.11 ITALY Pierrel <0.005 ITALY Avio 0.05 ITALY EuKedos <0.005 ITALY Pininfarina <0.005 ITALY Azimut Holding 0.54 ITALY Eurotech 0.03 ITALY Piovan 0.06 ITALY B&C Speakers 0.01 ITALY Exor NV 1.52 ITALY Piquadro 0.01 ITALY B.F.
    [Show full text]
  • Corporate Governance and Share Ownership Report 2019
    188th year Corporate Governance and Share Ownership Report 2019 generali.com Corporate Governance and Share Ownership Report 2019* The information in this Report reflects the situation as at 31 December 2019, save as otherwise specified Contacts: see end of the Report * This Report is required pursuant to s. 123-bis of the Consolidated Law on Financial Intermediation and s. 144-decies of the CONSOB Issuers’ Regulation 2 Assicurazioni Generali Corporate Governance and Share Ownership Report 2019 3 Corporate bodies as at 12 March 2020 Chair Gabriele Galateri di Genola Vice-Chairs Francesco Gaetano Caltagirone Clemente Rebecchini Managing Director and Group CEO Philippe Donnet Board members Romolo Bardin Paolo Di Benedetto Alberta Figari Ines Mazzilli Antonella Mei-Pochtler Diva Moriani Lorenzo Pellicioli Roberto Perotti Sabrina Pucci Board of Statutory Auditors Carolyn Dittmeier (chair) Antonia Di Bella Lorenzo Pozza Francesco Di Carlo (alternate auditor) Silvia Olivotto (alternate auditor) Board Secretary Giuseppe Catalano Assicurazioni Generali S.p.A. A company established in Trieste in 1831. Registered office in Trieste (Italy), piazza Duca degli Abruzzi 2. Fully paid-on share capital € 1,569,773,403.00. Fiscal code and Venezia Giulia Companies’ Register no. 00079760328. ISIN: IT0000062072 VAT number 01333550323 Reuters: GASI.MI Company entered in the Register of Italian Insurance and Reinsurance Companies under no. 1.00003. Bloomberg: G:IM Parent Company of Generali Group, entered in the Register of Italian Insurance groups under n°
    [Show full text]
  • Annual Report 2019
    ANNUAL REPORT 2019 WorldReginfo - 485c649e-8404-4c2e-8336-b7cde8b3ad2f WorldReginfo - 485c649e-8404-4c2e-8336-b7cde8b3ad2f ANNUAL REPORT 2019 WorldReginfo - 485c649e-8404-4c2e-8336-b7cde8b3ad2f INDEX AMPLIFON AT A GLANCE Letter to Shareholders 4 2019 Highlights 10 Key Events 12 History 16 Our Purpose 18 Strategy 20 Strengths 22 Market 24 Global Operations 28 Distribution Network 32 Innovation and Technology 36 Sustainability 42 Corporate Bodies 48 Report for Investors 50 Translation from the original text in Italian 2 ANNUAL REPORT 2019 WorldReginfo - 485c649e-8404-4c2e-8336-b7cde8b3ad2f REPORT ON OPERATIONS AS AT DECEMBER 31ST, 2019 54 Changes in accounting policies 58 Comments on the Financial Results 59 Consolidated income statement 61 Reclassified consolidated balance sheet 66 Condensed reclassified consolidated cash flow statement 68 Indicators 70 Income statement review 72 Balance sheet review 91 Acquisition of companies and businesses 103 Statement of changes between the net equity and the results of the parent company Amplifon S.p.A. and the net equity and the results of the group for the period as at December 31st, 2019 104 Risk Management 105 Treasury shares 113 Research and development 114 Transactions within the group and with related parties 114 Contingent liabilities 114 Atypical/unusual transactions 114 Outlook 115 Yearly Report on Corporate Governance and ownership structure as at December 31st 2019 115 Non-Financial Disclosure as at December 31st 2019 115 Comments on the Financial Results of Amplifon S.p.A. 116 CONSOLIDATED
    [Show full text]