DOCSLIB.ORG

Navigator’S Industrial Complexes 72% 63% 72% 54% 48%

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Navigator’S Industrial Complexes 72% 63% 72% 54% 48% REPORT AND ACCOUNTS 2019 REPORT AND ACCOUNTS 2019 WorldReginfo - b8975a62-0d6b-431f-9ac8-f3d72337e0d7 REPORT AND ACCOUNTS 2019 REPORT AND ACCOUNTS 2019 PART 1 THE SEMAPA GROUP PART 2 MANAGEMENT REPORT PART 3 CORPORATE GOVERNANCE REPORT PART 4 CONSOLIDATED FINANCIAL STATEMENTS PART 5 STATUTORY AUDITOR CERTIFICATE AND REPORT OF THE AUDIT BOARD ON THE CONSOLIDATED ACCOUNTS PART 6 SEPARATE FINANCIAL STATEMENTS PART 7 STATUTORY AUDITOR CERTIFICATE AND REPORT OF THE AUDIT BOARD ON THE SEPARATE ACCOUNTS (translation from the original text in Portuguese) Semapa – Sociedade de Investimento e Gestão, SGPS, S.A. Public Limited Company Av. Fontes Pereira de Melo, nº 14, 10º, 1050-121 Lisboa Company Registration and Corporate Taxpayer Number: 502 593 130 Share Capital: EUR 81,270,000 ISIN: PTSEM0AM0004 LEI: 549300HNGOW85KIOH584 Ticker: Bloomberg (SEM PL); Reuters (SEM.LS) WorldReginfo - b8975a62-0d6b-431f-9ac8-f3d72337e0d7 REPORT AND ACCOUNTS 2019 PART 1 THE SEMAPA GROUP THE SEMAPA GROUP 3 WorldReginfo - b8975a62-0d6b-431f-9ac8-f3d72337e0d7 REPORT AND ACCOUNTS 2019 1. The Semapa Group ............................................................................................................................................................ 5 1.1. Mission, Strategic Principles and Values ................................................................................................................... 5 1.2. Who we are and what we do .......................................................................................................................................... 6 1.3. Message from the Chairman and CEO ...................................................................................................................... 11 1.4. Corporate Bodies ............................................................................................................................................................ 15 THE SEMAPA GROUP 4 WorldReginfo - b8975a62-0d6b-431f-9ac8-f3d72337e0d7 REPORT AND ACCOUNTS 2019 1. THE SEMAPA GROUP 1.1. MISSION, STRATEGIC PRINCIPLES AND VALUES MISSION To be a benchmark for investment management in key sectors of the Portuguese and international economy, aware of the principles of sustainable development and capable of balancing the requirements of creating returns for shareholders with an attractive project for professionals and a deep social and environmental conscience. STRATEGIC PRINCIPLES To achieve growth with added value for shareholders, with a view to sustainable development with a firm social conscience; To maintain high standards of environmental responsibility and promote development of local communities; To develop its Human Resources, providing them with attractive career opportunities; To be ready for business opportunities and to make acquisitions with the potential for generating value. SEMAPA VALUES Social and environmental awareness Excellence, competence, innovation and entrepreneurship Discretion Respect, trust, collaboration and justice Integrity, ethics and honesty THE SEMAPA GROUP 5 WorldReginfo - b8975a62-0d6b-431f-9ac8-f3d72337e0d7 REPORT AND ACCOUNTS 2019 1.2. WHO WE ARE AND WHAT WE DO THE SEMAPA GROUP 6 WorldReginfo - b8975a62-0d6b-431f-9ac8-f3d72337e0d7 REPORT AND ACCOUNTS 2019 LEADING INDICATORS OF THE GROUP Revenue 30.3 Revenue Euros Million 510.7 € 2,228.5m Pulp and Paper Cement 2,228.5 Environment 2018: € 2,198.0 m +1.4% 1,687.6 Revenue 10% Euros Present in over 20 26% Million 12% countries Portugal 2,228.5 Rest of Europe 12% Strong international America Africa presence Asia and Oceania 40% EBITDA 7.8 -0.2 EBITDA Euros € 486.8m Million 107.2 Pulp and Paper 486.8 Cement 2018: € 548.5 m Environment Holdings -11.2% 372.1 EBITDA Margin Net Profit attributable to shareholders 21.8% € 124.1m 2018: 25.0% 2018: € 132.6 m -6.4% THE SEMAPA GROUP 7 WorldReginfo - b8975a62-0d6b-431f-9ac8-f3d72337e0d7 REPORT AND ACCOUNTS 2019 Investment in tangible fixed 2.0 0.3 Investment Euros assets Million 42.6 Pulp and Paper € 202.9m Cement 202.9 Environment Holdings 2018: € 243.2 m 157.9 -16.6% Interest-bearing Net Debt Interest-bearing Net Debt Euros 391.7 €1,470.7m Million Pulp and Paper Cement 5.7 1,470.7 2018: € 1,551.6 m Environment Holdings -5.2% 715.3 358.0 Net Debt + IFRS 16 Net Debt + IFRS 16 Euros 391.9 €1,545.8m Million Pulp and Paper Cement 7.4 1,545.8 2018: € 1,551.6 m Environment Holdings 762.1 -0.4% 384.4 % certified wood % of certified wood received in Navigator’s industrial complexes 72% 63% 72% 54% 48% 2018: 63% 2016 2017 2018 2019 THE SEMAPA GROUP 8 WorldReginfo - b8975a62-0d6b-431f-9ac8-f3d72337e0d7 REPORT AND ACCOUNTS 2019 Kg CO2 per t/cementitious Capacity and no. of factories -7.2% Product No. Capacity BEKP Pulp 3 1.55 MtAD vs. 1990 emissions UWF Paper 2 1.57 Mt Cement 8 9.75 Mt No. of Employees 272 29 No. of Employees 6,093 Employees Pulp and Paper 6,093 Cement 2018: 6,054 (+39) 2,512 Environment Holdings +0.6% 3,280 Accident Frequency Rate No. of Work Accidents -26% -17% vs. 2018 frequency rate vs. 2018 accidents Navigator Accident Frequency Rate No. Hours of Training/Employee -6% +8% vs. 2018 frequency rate vs. 2018 hours of training Secil THE SEMAPA GROUP 9 WorldReginfo - b8975a62-0d6b-431f-9ac8-f3d72337e0d7 REPORT AND ACCOUNTS 2019 BUSINESS INDICATORS Million Euros 2015 2016 2017 2018 2019 Income Statement Revenue 2,132.3 2,074.6 2,164.7 2,198.0 2,228.5 EBITDA 478.2 489.1 500.7 548.5 486.8 EBITDA margin (%) 22.4% 23.6% 23.1% 25.0% 21.8% Operational results 287.9 244.5 272.3 313.7 241.0 EBIT margin (%) 13.5% 11.8% 12.6% 14.3% 10.8% Profit for the year 130.8 189.3 193.6 201.2 162.7 Attributable to Semapa's Shareholders 81.5 114.9 124.1 132.6 124.1 Per share Closing market price, Eur/share 12.695 13.400 17.795 13.100 13.720 Dividends per share, Eur (paid in n+1) 0.329 0.450 0.512 0.512 0.125 Basic earnings per share, Eur 0.850 1.418 1.538 1.643 1.540 Cash Flow Cash Flow 321.1 433.9 422.1 436.0 408.6 Investments Capital Expenditures 178.9 186.1 144.0 243.2 202.9 Balance Sheet Consolidated shareholders' equity 716.3 817.3 843.4 890.4 960.9 Total equity 1,131.6 1,227.1 1,221.9 1,257.6 1,261.7 Interest‐bearing net debt 1,803.0 1,779.7 1,673.7 1,551.6 1,470.7 Interest‐bearing net debt + IFRS 16 1,803.0 1,779.7 1,673.7 1,551.6 1,545.8 NOTE: 2019 dividends per share refers to the proposed allocation of profit presented in this report to be paid in 2020. THE SEMAPA GROUP 10 WorldReginfo - b8975a62-0d6b-431f-9ac8-f3d72337e0d7 REPORT AND ACCOUNTS 2019 1.3. MESSAGE FROM THE CHAIRMAN AND CEO Heinz-Peter Elstrodt João Castello Branco Chairman of the Board of Directors CEO Dear Shareholders, In 2019, the macroeconomic environment was marked by signs of a slowdown in regard to the previous year, negatively affected by a number of uncertainties resulting from the trade wars between the USA and China and the turbulent Brexit process. The latest European Commission estimates point to an average growth in the GDP on the order of 1.4% in the countries of the European Union, a number below the 2018 level and relatively insignificant versus the initial forecasts. This was a result of the economic downturn experienced by Germany, France, Italy and the United Kingdom, countries that were penalised by the uncertainty in the foreign markets, which led to a drop in the export balance. In the USA, growth was on the order of 2.3%, driven by the increase in domestic consumption and a reduction in taxes, but even so, growth was lower than what was recorded in 2018. The Portuguese economy also experienced a slowdown in 2019, the annual growth rate dropping to 2.2%, which, on the one hand, reflected the worsening conditions in the foreign environment, and on the other, it was evidence of the weakening of the cyclical component of the recovery, as the possibility for growth based on increased employment continues to decline. The economic downturn in Portugal derived from the drop in the contribution of net exports to the growth of the GDP, in a context of a slowdown of foreign demand that directly affected the country’s exporters. The contribution of domestic demand also fell in terms of net imports, with the stronger dynamics of investment at the beginning of the year partially compensating for the deceleration of private consumption. In this context, the Group once again demonstrated its resilience and ability to deal with highly demanding situations as attested by the main economic‐financial indicators for 2019. Revenue amounted to 2,229 million euros, 73.8% of THE SEMAPA GROUP 11 WorldReginfo - b8975a62-0d6b-431f-9ac8-f3d72337e0d7 REPORT AND ACCOUNTS 2019 which deriving from exports and foreign sales. The EBITDA came to 487 million euros and net profit was 124 million euros. In 2019, consolidated net debt, including the impact of the adoption of IFRS 16, dropped to 1,546 million euros, due to the continuing strong generation of the Group’s operating cash flow, which registered 409 million euros. It was therefore possible to continue the strategy of reducing the level of indebtedness that has been implemented in recent years, which has translated into an increase in the Group's robustness and low‐risk profile and a strengthening of the Group's capacity to meet the future challenges. For the pulp and paper segment, 2019 was a year that was also characterised by an adverse market environment, as pulp prices in Europe fell sharply, as did the demand for pulp and paper both, accompanied by an increase in variable production costs, in particular due to price increases in wood, energy and chemicals. 2019 was also characterized by operational difficulties that were felt on Navigator's industrial sites and by some social instability, which generated stops due to strikes that occurred throughout the year in Setúbal, Figueira da Foz and Vila Velha de Ródão, and that resulted in production volumes below those in previous years.
Load more

Recommended publications
  • The Navigator Company Reaps the Fruit of Success at Vila Velha De Ródão Mill
    THE NAVIGATOR COMPANY REAPS THE FRUIT OF SUCCESS AT VILA VELHA DE RÓDÃO MILL. The Navigator Company is a leading Who is The Navigator Company? producer of forestry, pulp & paper, What are your main products and tissue and energy. In 2015, it how are you positioned in terms of acquired AMS-BR Star Paper, S.A., market share? an established tissue producer that Joaquim Belfo: In 2009, we started owned two Toscotec AHEAD-2.0S up the second paper mill of Setubal tissue machines at its Vila Velha industrial complex - which includes De Ródão mill: PM1, started up in a pulp mill and two paper mills – 2009, 110 t/d capacity, 1,900 m/ and we called it “About the Future”. min operating speed, and PM2, in This undertaking decisively boosted operation since 2015, 115 t/d capacity Portugal’s industrial capacity and it and 2,000 m/min operating speed. positioned the Navigator Company as Europe’s leading manufacturer Joaquim Belfo, Mill Manager BU of uncoated woodfree paper (UWF) Tissue VVR and Pedro Antunes, Tissue and the sixth largest manufacturer Production Manager, shared their worldwide. Secondly, we are one of views on the efficiently integrated industrial unit at Vila Velha De Ródão and the cooperation with Toscotec, the mill’s tissue manufacturing turnkey supplier. the largest producers of bleached 29% of the company’s shares and Zoom eucalyptus kraft pulp (BEKP) in the Investment holds the remaining 2%. world, for which we rank first in Europe. We currently have an installed What can you tell us about your first capacity of 1.6 million tonnes of pulp cooperation with Toscotec in 2009, - of which 1.1 million integrated with PM1 at Vila Velha De Ródão mill? 10 paper production - and 1.6 million years on, how is PM1 performing? tonnes of paper.
    [Show full text]
  • Curricular Information OFFICIAL AUDITOR (Representatives of the Audit Company Pricewaterhousecoopers & Associados, SROC
    Curricular Information OFFICIAL AUDITOR (Representatives of the Audit Company PricewaterhouseCoopers & Associados, SROC, L.da and Alternate Member) António Alberto Henriques Assis Nationality Portuguese Position Partner in the Assurance and Business Advisory (Assurance) Line of Service. Currently leader of the Advisory Line of Service For several years he was - Member of the “Territory Leadership Team” Territory Human Resources Partner Responsible for the Cape Verde office Academic and Degree in Business Management, Lisbon School of Economics (ISE) professional Degree in Accounting and Management, Lisbon Accounting and Management qualifications Institute (ISCAL) Registered Statutory Auditor (ROC) Registered Public Accountant Attendance of several internal and external training courses in Portugal and abroad on management, auditing, accounting, information systems, taxation and soft skills Professional Broad auditing experience in local and international commercial, industrial, banking, and business insurance and service companies and non-profit organizations in addition to a relevant tax experience experience Selected major client responsibilities: In Portugal • Industrial, commercial and service companies ° Portucel Group (pulp and paper production) ° Amorim Group ° Sonae Group ° Shell Portuguesa ° Siderurgia Nacional (national steal manufacturer) ° Cap Gemini Ernst & Young ° Portugália ° Euromarché (Portugal) ° Avis (Portugal) ° Brisa ° Cruz Vermelha Portuguesa ° Sapec Group ° Prosegur (Portugal) ° Goodyear ° Hospital da Cruz Vermelha
    [Show full text]
  • Tese Carla Quintas Inclui As Críticas Do Júri Teste1
    A redução de custos face à atual conjuntura de crise: Evidência empírica nas empresas do PSI-20 Carla Marlene Silva Quintas Dissertação apresentada ao Instituto Politécnico de Viana do Castelo para obtenção do Grau de Mestre em Gestão das Organizações, Ramo de Gestão de Empresas Orientada por: Professor Doutor Nuno Domingues Viana do Castelo, fevereiro de 2016 A redução de custos face à atual conjuntura de crise: Evidência empírica nas empresas do PSI-20 Carla Marlene Silva Quintas Orientação: Professor Doutor Nuno Domingues Viana do Castelo, fevereiro de 2016 RESUMO A globalização é um fenómeno inevitável e que afeta todas as organizações. Os concorrentes deixaram de ser as empresas da mesma área geográfica e passaram a ser todas as que, a nível mundial, competem no mesmo mercado. Neste sentido, é inevitável por parte das empresas a procura da melhoria da qualidade do seu produto/serviço e a preços cada vez mais competitivos. Esta discussão não é recente mas torna-se proeminente em função da crise económica e social que se atravessa. A redução dos custos e, principalmente, o aumento dos lucros são necessários a qualquer empresa que tem como principal objetivo a sobrevivência neste mercado global. Deste modo, este estudo incide sobre quais as medidas que as maiores empresas portuguesas (PSI-20, cotadas em 2011) tomaram no sentido de reduzir custos face à atual conjuntura de crise. As conclusões apontam no sentido de todas as empresas analisadas demonstrarem preocupação com a temática, sendo que as medidas tomadas nem sempre são possíveis de apurar. As medidas relacionadas com os custos com pessoal são utilizadas por diversas empresas mas possuem várias nuances : redimensionamento do quadro de colaboradores, anulação/corte de remuneração variável, contenção de aumentos salariais, reconversão de quadros, formação, renegociação/reestruturação de seguros de saúde e corte nas horas extraordinárias.
    [Show full text]
  • Banco BPI 1.º Semestre De 2017”
    This document is a translation from the Portuguese original “Relatório e Contas Banco BPI 1.º semestre de 2017”. In the event of any inconsistency the Portuguese version shall prevail. BANCO BPI 1st half 2017 Public held company Registered in Oporto C.R.C. and tax identification under the sole number 501 214 534 Headquarters: Rua Tenente Valadim, n.º 284, 4100-476 Porto, PORTUGAL Share Capital: EUR 1 293 063 324.98 Registered in Oporto C.R.C. and tax identification under the sole number 501 214 534 This page was intentionally left blank. 2009 Report and Accounts| Management report 2 Index REPORT Leading business indicators 4 Summary of first half 2017 results 5 Financial structure and business 6 Governing bodies 7 Human resources 8 Distribution channels 9 Background to operations 10 Financial review 13 Rating 36 Banco BPI Shares 37 Annex - Recommendations from Bank of Portugal 38 Annex - Alternative Performance Indicators 40 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 43 Consolidated financial statements 44 Notes to the consolidated financial statements 49 Statement 236 Audit report prepared by an auditor registered at the Portuguese Securities Market 237 Commission (CMVM) Banco BPI | Report and Accounts 1st half 2017 3 Leading business indicators (Figures in millions of euros, except where indicated otherwise) 1st half 17, excl. 1st half 16 Results and profitability 1st half 17 non-recurring 1 pro forma Net profit 187.8 (101.7) 105.9 Net profit per share (euros) 0,129 (0,070) 0,073 Weighted average number of shares (in millions) 1,455.7
    [Show full text]
  • Altri SGPS SA
    COLEGIO UNIVERSITARIO DE ESTUDIOS FINANCIEROS GRADO EN ADMINISTRACIÓN Y DIRECCIÓN DE EMPRESAS Trabajo Fin de GRADO ANÁLISIS DE DATOS FINANCIEROS ALTRI SGPS S.A. Autor: Hernández López-Sors, Gonzalo Tutor: Queralt Sánchez de las Matas, Ricardo Gracia Díez, Mercedes Madrid, abril de 2019 ÍNDICE 1. Introducción y objetivo del trabajo ………………………………………………………………… 3 2. ALTRI SGPS S.A. 2.1 Descripción de la compañía………………………………………………………………………. 3 2.2 Historia ……………………..………………………………………………………………..……......... 5 2.3 Análisis financiero …………………………………………………………………………..………… 8 2.4 Resumen estados financieros ……………………………………………………………….… 11 2.5 Estructura del accionariado ………………………………………………………….………… 12 3. Análisis descriptivo de los datos …………………………………………………………..………. 12 4. Análisis estadístico de los datos 4.1 Tasas de variación …………………………………………………………………….……………. 15 4.2 Estadística descriptiva ……………………………………………..………………..…………… 17 5. Contrastes de hipótesis 5.1 El efecto de la crisis mundial de 2008 …………..………………………………………… 20 5.2 Inversión en el activo o en el mercado ……………………………………………………. 22 5.3 El efecto de la crisis financiera en Portugal (2010-2014) ..…….………………… 23 5.4 El efecto psicológico del split ……………………………………………………….…………. 24 6. El modelo CAPM 6.1 Estimación por el método MCO ……………………………………………………………… 26 6.2 Estimación por el método NW ………………………………………………………….……. 30 6.3 Hipótesis econométricas ……………………………………………………………..…………. 31 7. Conclusiones ……………………………………………………………………………………….……….. 33 8. Bibliografía ………………………………………………………………………………..…………………. 34 9. Apéndice 9.1 Anexo I: Índice de gráficos y tablas …………………………………………….………..… 36 9.2 Anexo II: Estadística descriptiva ……………………………………………………………... 38 9.3 Anexo III: Contrastes de hipótesis …………………………………………….………….… 39 9.4 Anexo IV: Econometría ………………………………………………………………….…..…… 40 2 1. INTRODUCCIÓN Y OBJETIVO DEL TRABAJO El objetivo principal de este trabajo es la realización de un extenso análisis de la empresa portuguesa Altri; una de las principales compañías cotizadas en el índice más importante de Portugal, el PSI20 (Portuguese Stock Index).
    [Show full text]
  • Efficiency in Stock Markets with DEA: Evidence from PSI20
    861 Int. J Latest Trends Fin. Eco. Sc. Vol‐5 No. 1 March, 2015 Efficiency in Stock Markets with DEA: Evidence from PSI20 Nuno Ferreira#1, Adriano Mendonça Souza*2 # Department of Quantitative Methods, IBS-ISCTE Business School, ISCTE Avenida das Forças Armadas, Lisboa, Portugal [email protected] * Department of Statistics, Federal University of Santa Maria Roraima Avenue, 100, Santa Maria, RS state, Brazil [email protected] Abstract - After the US subprime crisis, the first signs of economic efficiency, and technical efficiency. a sovereign debt crisis spread among European Whereas technical efficiency requires only input and financial players. The regulation of the markets by output data, economic efficiency also requires price European Commission and European Central Bank data. The simplest way to differentiate productive and created limitation to obtained great amount of liquidity technical efficiency is to think of productive in commercial banking sector. In this context, the efficiency in terms of cost minimization by adjusting successful survival of some European banks became in a dangerous situation. The present study try to explore the mix of inputs, whereas technical efficiency is the crisis occurred in one of the largest private output maximization from a given mix of inputs. Portuguese banks through the analysis of the efficiency In literature, a large number of papers is based on levels of twenty largest enterprises of the PSI20 since an essentially nonparametric, programming approach 1993. The input variables chosen were market value to analysis of observed outcomes. In fact, the Data and return in a Data Envelopment Analysis model. Envelopment Analysis (DEA) is by far the most used Consistent with earlier studies, the results show methodology to measure efficiency.
    [Show full text]
  • Retirement Funds June 30, 2012 Description % of Shares Owned
    Retirement Funds June 30, 2012 Description % of Shares Owned BARCLAYS LOW CAP PRINCIPAL CAS 0.000000% BLACKROCK FEDFUND(30) 0.440244% BLACKROCK TEMPCASH-FUND(21) 0.000000% BLACKROCK TEMPCASH-FUND(21) 0.000486% BLACKROCK TEMPCASH-FUND(21) 0.000485% BLACKROCK TEMPCASH-FUND(21) 0.008246% BLACKROCK TEMPCASH-FUND(21) 0.006791% BLACKROCK TEMPCASH-FUND(21) 0.005165% BLACKROCK TEMPCASH-FUND(21) 0.006043% BLACKROCK TEMPCASH-FUND(21) 0.004035% BLACKROCK TEMPCASH-FUND(21) 0.035990% BLACKROCK TEMPCASH-FUND(21) 0.020497% BLACKROCK TEMPCASH-FUND(21) 0.023343% BLACKROCK TEMPCASH-FUND(21) 0.008326% BLACKROCK TEMPCASH-FUND(21) 0.000781% BLACKROCK TEMPCASH-FUND(21) 0.004848% BLACKROCK TEMPCASH-FUND(21) 0.022593% BLACKROCK TEMPCASH-FUND(21) 0.000646% BLACKROCK TEMPCASH-FUND(21) 1.307615% BLACKROCK TEMPCASH-FUND(21) 0.214356% BLACKROCK TEMPCASH-FUND(21) 0.001147% BLACKROCK TEMPCASH-FUND(21) 0.024810% BLACKROCK TEMPCASH-FUND(21) 0.009406% BLACKROCK TEMPCASH-FUND(21) 0.018922% BLACKROCK TEMPCASH-FUND(21) 0.030062% BLACKROCK TEMPCASH-FUND(21) 0.010464% BLACKROCK TEMPCASH-FUND(21) 0.004697% BLACKROCK TEMPCASH-FUND(21) 0.001179% BLACKROCK TEMPCASH-FUND(21) 0.007266% BLACKROCK TEMPCASH-FUND(21) 0.000112% BLACKROCK TEMPCASH-FUND(21) 0.008062% BLACKROCK TEMPCASH-FUND(21) 0.011657% CASH COLLATERAL AT BR TRUST 0.000001% CASH COLLATERAL AT BR TRUST 0.000584% EOD STIF 0.024153% MONEY MARKET FD FOR EBT 0.000000% US DOLLAR CASH 0.008786% United States-Dollar 0.000000% United States-Dollar 0.000003% United States-Dollar 0.000019% United States-Dollar 0.000003% United States-Dollar
    [Show full text]
  • Annual Report
    Annual Proposal Report 2019 Let’s continue working for a better world #TheRightWay santander.pt SantanderSantander Totta SGPS, Totta, SA SGPS 1 Santander Totta, SGPS, SA Table of Indicators 3 Message from the Chief Executive Officer 4 Customers and Distribution Network 5 Corporate culture, awards, distinctions and other 7 relevant facts in 2019 Sustainability policy 14 Activity and Results Business Framework 18 Major risks and uncertainties for 2020 24 Business Areas 25 Business support areas 30 Economic and financial information 34 Relevant facts after the close of the period and the 41 outlook for 2020 Risk Management 43 Credit, and counterparty risk 44 Balance-sheet risk 46 This report was approved by the Market risk 47 Operational risk 48 Board of Directors on April 21, Compliance and reputation risk 49 2020 Proposal for the Appropriation of Net Income 51 Additional Information 52 Corporate Governance Report 56 Financial statements, notes to the accounts and reports and opinions Consolidated financial statements 61 Notes to the consolidated financial statements 66 Reports and opinions on the consolidated business 227 Santander Totta, SGPS, SA Rua do Ouro, 88 – 1100-063 Lisbon Share Capital: €1,972,962,079.58 Registered at the Lisbon Registry of Companies under number single registration and VAT number 507 096 851 SantanderLEI: 5493005RLLC1P7VSVC58. Totta SGPS, SA 2 TABLE OF INDICATORS BALANCE SHEET AND RESULTS (million euro) 2019 2018 Var. Total Net Assets 56,083 55,028 +1.9% Loans and advances to customers (net) 1 39,349 39,644 -0.7% Customers' Resources 42,420 39,980 +6.1% Total shareholders' equity 4,264 4,172 +2.2% Net Interest Income 855.7 866.3 -1.2% Net Fees and Other Income 381.0 382.9 -0.5% Net Income from Banking Activities 1,344.5 1,259.5 +6.8% Net Operating Income 740.0 633.5 +16.8% Income before taxes and non-controlling interests* 739.8 673.8 +9.8% Consolidated net income attributable to the shareholders of ST, SGPS 527.3 500.0 +5.5% RATIOS 2019 2018 Var.
    [Show full text]
  • 30Th September, 2020
    MANAGERIAL ACTION AS A RESULT OF THE IMPACT OF COVID - 19 30th September, 2020 I FOREWORD ........................................................................................................................ 9 II IDENTIFIED PATTERNS ......................................................................................................... 9 III COUNTRIES AND EUROPEAN INSTITUTIONS ............................................................................ 13 1. GENERAL .......................................................................................................................... 13 2. BRAZIL ............................................................................................................................ 14 3. CHINA ............................................................................................................................. 14 4. EUROPEAN CENTRAL BANK ..................................................................................................... 14 5. EUROPEAN STABILITY MECHANISM ............................................................................................ 14 6. EUROPEAN UNION ............................................................................................................... 15 7. FRANCE ............................................................................................................................ 15 8. GERMANY ......................................................................................................................... 16 9. ITALY .............................................................................................................................
    [Show full text]
  • Curriculum Vitae
    Curriculum Vitae Jorge Catulo Partner Portugal Education and Participation in Professional Organization: Graduated in Economics by the Universidade Católica Portuguesa (1989). Qualified as Certified Public Accountant (1997). Partner Deloitte & Associados, SROC S.A. Most Relevant Projects: (Portugal) Partner responsible for the audit work of Empresa de Av. Engº Duarte Pacheco, 7 Eletricidade da Madeira, Generg Group, Iberwind, Logoplaste 1070-100 Lisboa Group, Siderurgia Nacional, TrustEnergy, Luis Simões Group, INAPA Group, Lusoponte Group, among others. Tel. +351 210 427 617 [email protected] Partner responsible for the audit work of ENACOL (Cape Verde) and ENAPOR (Cape Verde) in previous years. Review of internal control procedures under the Sarbanes- Oxley Act project for EDP Group, Tejo Energia and International Power. Partner responsible for the audit work of Galp Energia Group (Petrogal, GDP and Galp Power - includes companies from cogeneration, combined cycle and energy including Wind Farms), from 2004 to 2010. Supported the conversion of financial statements to IAS / IFRS in the group Galp Energia, Lusoponte, Metropolitano de Lisboa, among others. Supported Galp Energia Group in its Initial Public Offering (IPO). Supported Galp Energia Group in the development and definition of accounting policies and practices concerning the activity of Petroleum Exploration and Production. Audit of recoverable costs as part of Concession Contracts and Production Sharing Agreements for several oil exploration and production companies in Angola (Total E&P Angola, Chevron and Sonangol Pesquisa & Produção). Between 1996 and 2001 was the Manager responsible for the audit work of Semapa Group and Secil Group. Between 2001 and 2003 was the Partner responsible for the audit work of Secil.
    [Show full text]
  • Banco BPI 2008 This Page Was Intentionally Left Blank
    Banco BPI 2008 This page was intentionally left blank. Report This page was intentionally left blank. Index REPORT Leading business indicators 4 Introduction 6 Governing Bodies 11 Historical milestones 12 Highlights 14 The identity of BPI 16 Financial structure and business 17 Distribution channels 20 The BPI Brand 24 Social responsibility 27 Human resources 33 Technology 37 Background to operations 41 Domestic Commercial Banking 53 Bancassurance 72 Asset Management 73 Investment Banking 79 Private Equity 84 International Commercial Banking 85 Financial review 90 Risk management 143 Rating 177 Proposed appropriation of net profit 179 Final acknowledgements 180 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES Consolidated financial statements 181 Notes to the consolidated financial statements 191 Statement from the Board of Directors 316 Legal certification of accounts and audit report 317 Report and opinion of the Supervisory Board 319 THE BPI GROUP’S CORPORATE GOVERNANCE REPORT BPI Group’s Corporate Governance report 321 Appendices 422 ANNEXES Definitions, acronyms and abbreviations 444 Glossary 446 Formulary 449 Methodological notes 451 General index 452 Index of figures, tables, charts and “boxes” 456 Thematic index 458 Miscellaneous information 459 Leading business indicators (Consolidated figures in millions of euros, except where indicated otherwise) 2004 2005 2006 2007 2008 07/08 2008 07/08 Δ% adjusted1 Δ% Net total assets 24 010 30 159 35 565 40 546 43 003 6.1% Assets under management 2, F 9 671 14 339 15 184 15 884 12 665 (20.3%) Business
    [Show full text]
  • Equity Research
    EQUITY RESEARCH NOS Telecoms Tailwinds from competition Buy (YE15 Price Target upgraded from €5.30 to €6.30; Buy Medium Risk Recommendation) January 2015 4 Positive signs from competition: All the operators announced price increases in the range of 3-4% for 2015. But given the weight of Portugal customers under promotional prices, the impact is bound to be NOS vs. PSI20 vs. Eurostoxx Telco limited. However, VOD has also increased its 3-Play base price from € 24.90 to € 25.90, which has been the base for the promotional prices in the 3-Play segment for all the operators. Perhaps, more important 120 than the direct impact this will have when renewing the promotions is Eurostoxx the sign VOD is giving the market. We remain conservative in our 110 Telco estimate for sector revenues (CAGR13-18F of -1.2%), but acknowledge upside risks. Apart from this, PT Portugal continues to 100 be strongly conditioned by PT/Oi events which is bound to benefit its competitors and NOS in particular. 90 NOS 4 Still the best positioned player in the sector: NOS continues to have 80 the largest NGN coverage in the country (3.2mn and plans to reach 3.6mn in YE15) and its large 3P customer base is the most powerful 70 argument to surf the wave of convergence. On top of that, NOS is the PSI20 only player that can match PT in network capacity, expertise and 60 reach in the enterprise segment. As pricing pressure fades in the 3- Jan-14 May-14 Sep-14 Jan-15 Play segment, revenue accretion by the strong growth in mobile subs.
    [Show full text]