DOCSLIB.ORG

Rothschild & Co

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Rothschild & Co Rothschild & Co Annual Report 2016/2017 Annual Report 2016/2017 Contents Message from the Chairman of the Supervisory Board 6 Message from the Chairman 7 Message from the Management Board 8 1. Overview Overview of businesses 12 World presence 14 Corporate governance 16 Organisation chart 19 Corporate Social Responsibility 20 Shareholder information 21 2. Business review Rothschild Global Advisory 26 Rothschild Private Wealth & Asset Management 32 Rothschild Merchant Banking 38 3. Management report Results for the 2016/2017 financial year 50 Information on the Company and share capital 59 Corporate governance 73 Internal control and risk management procedures 96 Corporate Social Responsibility 104 4. Financial statements Consolidated financial statements 122 Parent company financial statements 187 The Rothschild & Co offices in Paris Rothschild & Co | Annual Report | 2016/2017 3 History Preserving a first-class reputation across generations Paris Orléans streamlines Relaunch of Rothschild’s its organisation, French financial optimises its regulatory activities through capital and preserves Rothschild & Co pursues Creation of Paris Orléans following family control, with its simplification with Rothschild & Co offers Paris Orléans, the nationalisation of the its conversion into the removal of banking full-scale financial advice a French railway Rothschild a partnership licences and the sale and services around the company. French bank in 1981. limited by shares. of non-core business. world. 1838 1982 2012 2016 Today 1937 2008 2015 2017 Paris Orléans Paris Orléans acquires Paris Orléans Rothschild & Co discontinues its control of the banking changes its name completes the merger railway business. activities at a global to Rothschild & Co, with Compagnie level and completes a necessary outcome Financière Martin reorganisation of of the Group’s Maurel. family shareholdings transformation. following the unification of the worldwide Group structures in 2003. 4 Rothschild & Co | Annual Report | 2016/2017 Highlights A distinct perspective that makes a meaningful difference Key figures (as at 31 March 2017) Rothschild & Co provides independent advice Revenues on M&A, strategy and financing, as well as investment and private wealth and asset +11% management solutions to large institutions, €1,767m families, individuals and governments, worldwide. With approximately 3,400 talented employees Operating income on the ground in over 40 countries around the world, we deliver a unique global perspective. €429m +34% As a family-controlled business that has been at the centre of the world’s financial markets for over 200 years, we can rely on an unrivalled network of experts and are known for our Net profit – Group share(1) track-record of outstanding execution in financial services. €193m +43% Our integrated global network of trusted professionals and decision-makers provide in-depth market intelligence, meaning we can be closer to current issues than any other global EPS(1) (Earnings Per Share) financial institution in our core markets. Informed by experience yet not limited by +41% convention, we are able to separate insight €2.74 from information and access opportunities for our clients from a unique angle. It is this scale, local knowledge and intellectual ROTE(1) (Return On Tangible Equity) capital that allow us to provide a distinct perspective and effective long-term solutions 14.6% +29% for our partners. Shareholders’ equity – Group share €1,829m +20% (1) Excluding exceptional items. For more information, please refer to page 50. Rothschild & Co | Annual Report | 2016/2017 5 Message from the Chairman of the Supervisory Board Dear Shareholders, I would like to take this opportunity to thank the Board, It is also my responsibility to ensure that the Supervisory the management team and the employees for all their hard Board discharges its responsibilities regarding internal work this last year allowing us to announce excellent full control and risk management matters. I would particularly year financial results. The Managing Partner, represented like to thank the chairmen of our Risk and Audit Committees by its Chairman, David de Rothschild, its Executive Deputy for the time that we regularly spend together, prior to each Chairman, Alexandre de Rothschild and the four Managing Board meeting to discuss the different subjects under Partners, Nigel Higgins, Marc-Olivier Laurent, Robert Leitão debate by the respective committees. and Olivier Pécoux, lead the Group with energy and a clear vision. Together, they successfully ensure that the unique At our next Shareholders’ General Meeting, which will take culture found within Rothschild & Co is upheld, thereby place on 28 September 2017, Jacques Richier, appointed guaranteeing the exceptional high standard of work we for the first time to the Board in 2010, will end his term of offer our clients, and producing such good results. office. He would like to devote his time to his new mandate within the Group, a Board member of Rothschild Martin At the Shareholders’ General Meeting held on Maurel. We are particularly pleased that Jacques Richier 29 September 2016, the merger by absorption of the wishes to dedicate his time to this new entity for which we company Compagnie Financière Martin Maurel was widely thank him profusely. approved. This merger, completed on 2 January 2017, will create a leading independent private bank in France, In our Shareholders’ General Meeting document to be Rothschild Martin Maurel. It builds upon the relationship published soon, you will find more detailed information on that has existed between the Rothschild and Maurel the Board’s composition and in particular regarding those families for three generations. members whose re-election will be on the agenda of the Shareholders’ General Meeting this year. Shareholders will As Chairman of the Supervisory Board, my role is to ensure also be asked to approve an increase of 8% in the dividend that the Company maintains a high level of corporate to €0.68 per share at the same meeting. governance. The composition of the Supervisory Board has changed over the past 12 months, two members have left As always, I would like to thank you for your continued the Board and a new member has been nominated. It was support for Rothschild & Co. with great sadness that we informed you of the passing away of Lord Leach of Fairford on 12 June 2016. Adam Keswick was appointed his successor at the Shareholders’ General Meeting held on 29 September 2016. Martin Éric de Rothschild Bouygues, after many years as a Board member, resigned Chairman of the Supervisory Board of on 27 September 2016 for personal reasons. Rothschild & Co Among the 14 members of the Supervisory Board, two-thirds are independent. During the last Shareholders’ General Meeting, five members’ terms of office were renewed as follows: Angelika Gifford, Luisa Todini, Carole Piwnica, Arielle Malard de Rothschild and Dr. Daniel Daeniker. François Henrot was also appointed as a non-voting member (censeur) of the Supervisory Board at the same General Meeting. 6 Rothschild & Co | Annual Report | 2016/2017 Message from the Chairman Dear Shareholders, This year’s financial results are extremely encouraging and Following our announcement last June of the merger confirm that the combination of our heritage, independent between the Compagnie Financière Martin Maurel and model and focus on hiring the best talent are key to the Rothschild & Co, we announced on 2 January 2017 its Company’s success. We are witnessing the true partnership successful completion. The operational integration of the that exists between our three businesses as each goes from two banks Rothschild & Cie Banque and Banque Martin strength to strength. Maurel should be finalised in the next quarter to create Rothschild Martin Maurel. The combination of two family Our Global Advisory business had a record breaking year, owned businesses that share a similar history, culture and with revenues and profits progressing 14% thanks to an vision of their industry creates an outstanding combination increase in our market share of global M&A, and our and will build upon the strong relationship that has existed growing activity in financing advisory. Private Wealth & Asset between the Rothschild and Maurel families for three Management improved revenue by 7% in difficult market generations. conditions and our Merchant Banking business saw revenue jump 32%. We are continuing our focus on the North American market where we believe there are good opportunities for us to Thanks to these strong results, shareholders will be grow, particularly in Global Advisory. Over the past 12 rewarded with a dividend of €0.68 per share, an increase months we have announced the opening of two new offices, of 8% in line with our announced progressive dividend in Chicago and San Francisco, and we have strengthened policy, subject to approval at the Shareholders’ General our core M&A sector coverage and professional talent by Meeting to be held on 28 September 2017. recruiting six new Managing Directors. We now have a total of 170 advisory bankers based in our seven offices in the The global economy has again continued to grow, and the United States, Canada and Mexico. consensus recently has been less pessimistic than usual: even the International Monetary Fund has reviewed its We have also announced this year that we will be changing outlook positively. The new US administration is so far our financial year end from 31 March to 31 December. The having less of an impact on the global economy than many next accounting period will therefore be for the nine months had suggested, and a much-hyped populist backlash to 31 December 2017 with the results for this period being against the EU has faltered in France and also in the published in March 2018. Netherlands and Germany. Meanwhile, a year after the vote for Brexit, the full impact of this decision on the relationship It has been a full and rewarding year and I would like to take between the UK and the EU is far from clear.
Load more

Recommended publications
  • Esmee Hawkey Confirms Brand Ambassador Role for Porsche Centre South London
    Esmee Hawkey confirms Brand Ambassador Role for Porsche Centre South London Racing superstar, Esmee Hawkey has taken on a new role. The 19-year-old from Chislehurst will be representing the new Porsche Centre in South London as a brand ambassador. The cooperation is initially signed for one year and involves a communications and brand awareness campaign. Esmee is already very familiar with the Porsche brand having raced a Cayman GT4 for the past two years. This year sees Esmee step up to the Porsche Carrera Cup GB championship racing the 911 GT3 Cup car. In addition to progressing through the Porsche motorsport ranks, Hawkey has achieved other successes with the Stuttgart-based manufacturer. In September 2017, Hawkey took victory in class C4 at the Brighton Speed Trials in an unmodified four- wheel drive 911 Turbo S. "Esmee is an exceptional talent. She combines top performance in her sports cars with elegance and precision. These are precisely the qualities that made Esmee the perfect choice to represent Porsche Centre South London” comments Chris Butler who is the Centre Principal at South London. Of the partnership Esmee says “It is an absolute honour for me to be chosen to represent such an amazing new Porsche Centre. The facilities at Porsche Centre South London are state of the art and amazing. As part of my role, I will also get the benefit of driving one of their Porsche road cars, as well as my race car!” ---------- END --------- Porsche in the UK There are currently 38 Porsche Centres in the GB and Ireland network, with additional Centres planned in Perth and Isle of Man and due to open in April 2018.
    [Show full text]
  • Jardine Motors Group
    CASE STUDY JARDINE MOTORS GROUP Liquidline were awarded the Jardine Motors Group coffee and vending contract in 2014 due to the innovative bean to cup coffee machines. Previously, JMG were using a widely known, capsule-based coffee system but wanted a premium, fresh bean coffee solution to enhance the customer experience. Jardine Motors Group is a leading vehicle retailer of new and used cars from some of the world’s largest and most prestigious manufacturers. They represent more than 20 motor vehicle franchises in over 70 locations within the UK and trade under the name of Lancaster. Employing over 3,500 staff, their business services include new car sales, used car sales and aftersales. Jardine Motors Group is a leading franchised retail motor group in the UK, with an annual revenue of over £2 billion. Operating under the Lancaster brand, the Group represents Aston Martin, Audi, BMW, Ferrari, Harley-Davidson, Honda, Jaguar, Lamborghini, Land Rover, Lexus, Maserati, McLaren, Mercedes-Benz, Porsche, Toyota and Volkswagen brands through their dealership network of more than 70 sites located throughout the UK. CASE STUDY Jardine Motors Group also has motor retail operations in Hong Kong and China and is part of the Jardine Matheson Group, with headquarters in Hong Kong and whose other interests include Dairy Farm, Hong Kong Land, Astra International and the Mandarin Oriental Hotels Group. Ultimately, their mission is ‘to be the best motor retailer as judged by you’ and they expect their supplier partners to help them achieve this goal. Like many industries, the automotive industry has been significantly impacted by the internet.
    [Show full text]
  • Barings Bank Disaster Man Family of Merchants and Bankers
    VOICES ON... Korn Ferry Briefings The Voice of Leadership HISTORY Baring, a British-born member of the famed Ger- January 17, 1995, the devastating earthquake in Barings Bank Disaster man family of merchants and bankers. Barings Kobe sent the Nikkei tumbling, and Leeson’s losses was England’s oldest merchant bank; it financed reached £827 million, more than the entire capital the Napoleonic Wars and the Louisiana Purchase, and reserve funds of the bank. A young rogue trader brings down a 232-year-old bank. and helped finance the United States government Leeson and his wife fled Singapore, trying to “I’m sorry,” he says. during the War of 1812. At its peak, it was a global get back to London, and made it as far as Frankfurt financial institution with a powerful influence on airport, where he was arrested. He fought extradi- the world’s economy. tion back to Singapore for nine months but was BY GLENN RIFKIN Leeson, who grew up in the middle-class eventually returned, tried, and found guilty. He was London suburb of Watford, began his career in sentenced to six years in prison and served more the mid-1980s as a clerk with Coutts, the royal than four years. His wife divorced him, and he was bank, followed by a succession of jobs at other diagnosed with colon cancer while in prison, which banks, before landing at Barings. Ambitious and got him released early. He survived treatment and aggressive, he was quickly promoted settled in Galway, Ireland. In the past to the trading floor, and in 1992 he was “WE WERE 24 years, Leeson remarried and had two appointed manager of a new operation sons.
    [Show full text]
  • The Rothschild Bibliography Caroline Shaw of the Rothschild Archive Describes Her Attempts to Chart the Family’S Countless Ventures Into Print
    The Rothschild Bibliography Caroline Shaw of The Rothschild Archive describes her attempts to chart the family’s countless ventures into print The ‘Dunottar Castle’ from the cover of Three weeks in South Africa by Ferdinand de Rothschild Has there ever been such a family as the Rothschilds for getting into print? For me, after working on this project for two years, the question is coloured by a mixture of wonder and exasperation. Will they never stop publishing? Of course, one hopes not; but is there to be no rest for the bibliographer? It has been a long-standing goal of The Rothschild Archive to compile a bibliography of publications by members of the Rothschild family and now, 1,840 entries by fifty-one individuals further on, we are perhaps ready to acknowledge that critical mass has been reached whilst accepting that completion may never be achieved. The initial motivation for producing The Rothschild bibliography was a desire to bring some kind of intellectual order to this not insignificant aspect of the activities of the Rothschild family. It has been a mapping of a wide and diverse terrain and revealed some previously uncharted areas. Beyond this, and the greater insight allowed into the lives and interests of many members of the family, the bibliography has brought some other benefits to the Archive. New acquisitions have followed from our greater knowledge and awareness of the publications; and the ever-expanding database of references has also built up into a guide for locating material, whether held at the Archive or at another institution.
    [Show full text]
  • Don't Leave Your Cars Sitting in the Dark. Put Them in The
    AM100 Top 100 table FOR MORE DETAILS SEE PAGE 26 Headline sponsors Rank (2012) Name T/O 2013 (£,000) T/O 2012 (£,000) Outlets 2013 Outlets 2012 Total cars Total LCV Rank (2012) Name T/O 2013 (£,000) T/O 2012 (£,000) Outlets 2013 Outlets 2012 Total cars Total LCV Rank (2012) Name T/O 2013 (£,000) T/O 2012 (£,000) Outlets 2013 Outlets 2012 Total cars Total LCV Rank (2012) Name T/O 2013 (£,000) T/O 2012 (£,000) Outlets 2013 Outlets 2012 Total cars Total LCV 1 (1) Pendragon Plc 3,635,100 3,465,800 238 222 246,100 n/a 26 (26) Eastern Western Motor Group 346,000 325,000 27 27 n/a n/a 51 (61) Motorline 199,769 166,290 21 20 11,965 n/a 76 (75) Brindley Garages 135,000 140,000 18 17 n/a n/a 2 (2) Sytner Group 3,001,000 2,500,000 141 138 105,224 n/a 27 (31) Harwoods 340,898 276,814 16 15 8,021 n/a 52 (58) Johnsons Cars 194,200 171,000 23 22 13,409 n/a 77 (80) Macrae & Dick 134,802 127,709 11 10 n/a n/a 3 (3) Arnold Clark Automobiles 2,604,080 2,253,071 197 154 202,377 n/a 28 (23) Park’s Motor Group 340,000 340,000 37 29 n/a n/a 53 (59) Caffyns Plc 191,760 170,192 14 18 n/a n/a 78 (87) Jacksons Bournemouth 134,000 117,791 10 8 4,296 n/a 4 (5) Lookers Plc 2,163,100 1,898,500 118 109 n/a n/a 29 (22) Pentagon Motor Holdings 339,990 377,753 29 25 25,128 4,861 54 (50) Donnelly Bros Garages (Dungannon) 189,000 185,000 30 32 11,033 2,257 79 (95) Heritage Automotive 130,618 101,146 12 12 n/a n/a 5 (4) Inchcape Retail 2,096,400 2,023,200 113 116 n/a n/a 30 (44) Peter Vardy 312,941 206,982 10 9 13,229 389 55 (52) CEM Day 186,205 181,000 11 11 8,202 3,096 80
    [Show full text]
  • Descendants of Mayer Amschel Rothschild
    Descendants of Hirsch (Hertz) ROTHSCHILD 1 Hirsch (Hertz) ROTHSCHILD d: 1685 . 2 Callmann ROTHSCHILD d: 1707 ....... +Gütle HÖCHST m: 1658 .... 3 Moses Callman BAUER ....... 4 Amschel Moses ROTHSCHILD ............. +Schönche LECHNICH m: 1755 .......... 5 Mayer Amschel ROTHSCHILD b: 23 February 1743/44 in Frankfurt am Main Germany d: 19 September 1812 in Frankfurt am Main Germany ................ +Guetele SCHNAPPER b: 23 August 1753 m: 29 August 1770 in Frankfurt am Main Germany d: 7 May 1849 Father: Mr. Wolf Salomon SCHNAPPER .............. 6 [4] James DE ROTHSCHILD b: 15 May 1792 in Frankfurt am Main Germany d: 15 November 1868 in Paris France .................... +[3] Betty ROTHSCHILD Mother: Ms. Caroline STERN Father: Mr. Salomon ROTHSCHILD ................. 7 [5] Gustave DE ROTHSCHILD b: 1829 d: 1911 .................... 8 [6] Robert Philipe DE ROTHSCHILD b: 19 January 1880 in Paris France d: 23 December 1946 .......................... +[7] Nelly BEER b: 28 September 1886 d: 8 January 1945 Mother: Ms. ? WARSCHAWSKI Father: Mr. Edmond Raphael BEER ....................... 9 [8] Alain James Gustave DE ROTHSCHILD b: 7 January 1910 in Paris France d: 1982 in Paris France ............................. +[9] Mary CHAUVIN DU TREUI ........................... 10 [10] Robert DE ROTHSCHILD b: 1947 .............................. 11 [11] Diane DE ROTHSCHILD .................................... +[12] Anatole MUHLSTEIN d: Abt. 1959 Occupation: Diplomat of Polish Government ................................. 12 [1] Anka MULHSTEIN ......................................
    [Show full text]
  • Annual Report 2017 Annual Report 2017
    Rothschild & Co Annual Report 2017 Annual Report 2017 Report Annual Contents Message from the Chairman of the Supervisory Board 4 Message from the Chairman 5 Message from the Management Board 6 1. Overview Overview of businesses 10 World presence 12 Corporate governance 14 Organisation chart 17 Corporate Social Responsibility 18 Shareholder information 19 2. Business review Rothschild Global Advisory 24 Rothschild Private Wealth & Asset Management 30 Rothschild Merchant Banking 37 3. Management report Results for the 2017 financial year 46 Information on the Company and share capital 54 Internal control, risk management and accounting procedures 66 Corporate governance 73 Corporate Social Responsibility 98 4. Financial statements Consolidated financial statements 118 Parent company financial statements 181 Rothschild & Co | Annual Report 2017 1 History Preserving a first-class reputation across generations Paris Orléans streamlines its Relaunch of Rothschild’s organisation, French financial optimises its regulatory activities through Paris capital and preserves Rothschild & Co pursues Orléans following family control, with its its simplification with Rothschild & Co offers Creation of the nationalisation of conversion into the removal of banking full-scale financial advice Paris Orléans, a French the Rothschild French a partnership licences and the sale of and services around railway company. bank in 1981. limited by shares. non-core business. the world. 1838 1982 2012 2016 Today 1937 2008 2015 2017 Paris Orléans Paris Orléans acquires Paris Orléans Rothschild & Co discontinues control of the banking changes its name completes the merger railway business. activities at a global to Rothschild & Co, with Compagnie level and completes a necessary Financière Martin reorganisation of family step in the Maurel to enhance shareholdings.
    [Show full text]
  • Paintings and Works of Art from the Estates of Baron Fould-Springer and Cécile De Rothschild
    15 January 2003 Contact: Céline Hersant-Hoerter (Paris) 33 1 40 76 85 88 [email protected] Catherine Fenston (Londres) 44 (0) 207 389 2982 [email protected] PAINTINGS AND WORKS OF ART FROM THE ESTATES OF BARON FOULD-SPRINGER AND CÉCILE DE ROTHSCHILD Christie’s Paris 11 March 2003 Paris – Christie’s is to offer paintings and works of art from the estates of Baron Fould-Springer and Cécile de Rothschild on 11 March 2003. After the success of the sales of Rothschild Collections in London, Geneva and New York, Christie’s France is delighted to have been chosen as the auctioneer to hold the sale of works of art from the Estate of a member of the French branch of this illustrious family. The pieces to be included in the sale comprise French furniture and works of art, Asian art, silver, porcelain, maiolicas and paintings. Estate of Baron Fould-Springer Max Fould-Springer (1906 – 1999) was born in Vienna to an Austrian mother, whose family had businesses in Central Europe and France, and to a French father, descending from the illustrious Fould family of bankers that goes back to the Second Empire. Although he felt profoundly French throughout his life, his name - which was ennobled by Emperor François- Joseph of Austria (1830-1916) – made him a faithful adherent and supporter of both cultures. Though not a passionate collector, Baron Fould-Springer had a great sense of taste and an incomparable talent for successfully combining works of art and objects from different periods and styles, many of which were acquired by his father, Baron Eugène Fould-Springer, in the 19th century.
    [Show full text]
  • At the Centre of an Evolving Industrial World
    REGISTRATION AT THE CENTRE DOCUMENT 2011 OF AN EVOLVING INDUSTRIAL WORLD CONTENT 5.6. Major projects 130 1 Group overview 5 5.7. Responsibility for chemicals 133 5.8. Health and Safety 136 1.1. Group profi le 6 5.9. Human Resources 142 1.2. Key fi gures/Comments on the fi nancial year 7 5.10. Assurance report by one of the Statutory 1.3. History and development of the Company 12 Auditors on a selection of environmental, social and safety indicators 151 2 Activities 15 2.1. Group structure 16 6 Financial statements 153 2.2. The Nickel Division 16 6.1. 2011 consolidated fi nancial statements 154 2.3. The Manganese Division 26 6.2. 2011 separate fi nancial statements 233 2.4. Alloys Division 39 6.3. Consolidated fi nancial statements for 2010 2.5. Organisational Structure of ERAMET SA/ and 2009 260 ERAMET Holding company 48 6.4. Dividend policy 260 2.6. Activity of the Divisions in 2011 49 6.5. Fees paid to the Statutory Auditors 261 2.7. Production sites, plant and equipment 51 2.8. Research and Development/Reserves and Resources 52 7 Corporate and 3 share-capital information 263 Risk factors 65 7.1. Market in the Company’s shares 264 3.1. Commodity risk 66 7.2. Share capital 268 3.2. Special relationships with Group partners 66 7.3. Company information 275 3.3. Mining and industrial risks 68 7.4. Shareholders’ agreements 279 3.4. Legal and tax risks/Disputes 71 3.5. Liquidity, market and counterparty risks 73 3.6.
    [Show full text]
  • History of the Jews
    II ADVERTISEMENTS Should be in Every Jewish Home AN EPOCH-MAKING WORK COVERING A PERIOD OF ABOUT FOUR THOUSAND YEARS PROF. HE1NRICH GRAETZ'S HISTORY OF THE JEWS THE MOST AUTHORITATIVE AND COMPREHENSIVE HISTORY OF THE JEWS IN THE ENGLISH LANGUAGE HANDSOMELY AND DURABLY BOUND IN SIX VOLUMES Contains more than 4000 pages, a Copious Index of more than 8000 Subjects, and a Number of Good Sized Colored Maps. SOME ENTHUSIASTIC APPRECIATIONS DIFFICULT TASK PERFORMED WITH CONSUMMATE SKILL "Graetz's 'Geschichte der Juden1 has superseded all former works of its kind, and has been translated into English, Russian and Hebrew, and partly into Yiddish and French. That some of these translations have been edited three or four times—a very rare occurrence in Jewish literature—are in themselves proofs of the worth of the work. The material for Jewish history being so varied, the sources so scattered in the literatures of all nations, made the presentation of this history a very difficult undertaking, and it cannot be denied that Graetz performed his task with consummate skill."—The Jewish Encyclopedia. GREATEST AUTHORITY ON SUBJECT "Professor Graetz is the historiographer par excellence of the Jews. His work, at present the authority upon the subject of Jewish History, bids fair to hold its pre-eminent position for some time, perhaps decades."—Preface to Index Volume. MOST DESIRABLE TEXT-BOOK "If one desires to study the history of the Jewish people under the direction of a scholar and pleasant writer who is in sympathy with his subject, because he is himself a Jew, he should resort to the volumes of Graetz."—"Review ofRevitvit (New York).
    [Show full text]
  • Rothschild & Co
    Rothschild & Co Annual Report 2017 Annual Report 2017 Report Annual WorldReginfo - 145370ec-15f4-41f1-b402-4af90622e0bc WorldReginfo - 145370ec-15f4-41f1-b402-4af90622e0bc Contents Message from the Chairman of the Supervisory Board 4 Message from the Chairman 5 Message from the Management Board 6 1. Overview Overview of businesses 10 World presence 12 Corporate governance 14 Organisation chart 17 Corporate Social Responsibility 18 Shareholder information 19 2. Business review Rothschild Global Advisory 24 Rothschild Private Wealth & Asset Management 30 Rothschild Merchant Banking 37 3. Management report Results for the 2017 financial year 46 Information on the Company and share capital 54 Internal control, risk management and accounting procedures 66 Corporate governance 73 Corporate Social Responsibility 98 4. Financial statements Consolidated financial statements 118 Parent company financial statements 181 Rothschild & Co | Annual Report 2017 1 WorldReginfo - 145370ec-15f4-41f1-b402-4af90622e0bc History Preserving a first-class reputation across generations Paris Orléans streamlines its Relaunch of Rothschild’s organisation, French financial optimises its regulatory activities through Paris capital and preserves Rothschild & Co pursues Orléans following family control, with its its simplification with Rothschild & Co offers Creation of the nationalisation of conversion into the removal of banking full-scale financial advice Paris Orléans, a French the Rothschild French a partnership licences and the sale of and services around railway company. bank in 1981. limited by shares. non-core business. the world. 1838 1982 2012 2016 Today 1937 2008 2015 2017 Paris Orléans Paris Orléans acquires Paris Orléans Rothschild & Co discontinues control of the banking changes its name completes the merger railway business. activities at a global to Rothschild & Co, with Compagnie level and completes a necessary Financière Martin reorganisation of family step in the Maurel to enhance shareholdings.
    [Show full text]
  • 'We Are on the Acquisition Trail'
    VAUXHALL SALE / P6 What PSA’s purchase means for UK dealers MERCEDES-BENZ VANS / P38 Network boss Sarah Palfreyman on making her dealers more retail-ready AUTOMOTIVE MANAGEMENT GENEVA / P62 www.am-online.com April 2017 £8.00 The cars on their way to the UK from this year’s motor show P28 ‘WESHAUN FOWEATHER, STONEACRE ARE / ON THE ACQUISITION TRAIL’ adRocket THE BCA DIFFERENCE More stock choice than our competitors* Start your search today bca.co.uk/search * Based on vehicle stock available for sale every month on BCA Auction View during 2016 benchmarked by BCA against our competitors. FP_AM_331524id2914571.pgs 15.03.2017 12:12 EDITOR’S LETTER auxhall/Opel is now a sister brand to Peugeot and Citroën – who saw that coming? To my mind, it’s a slightly odd combination, particularly as PSA has only been in the black for 18 months. CEO Carlos Tavares has also voiced a desire to break into North America, a market the French brands quit decades ago. Getting a foothold there will not be cheap. One of the reasons Volkswagen Group has become so strong is it has cleverly positioned its brands into their own segments. Bentley is pure luxury, Bugatti and Lamborghini are supercar V porn, Audi is the premium brand, Porsche the sportscar builder, Volkswagen the mainstream, Škoda the value-oriented brand and Seat the slightly youthful, lively one of the family. However, PSA already has three brands in the mainstream, with Citroën perhaps more at the value end and DS still a long way from being regarded as truly premium.
    [Show full text]