Broadband & Fixed Network Test
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Belgian Cable Observatory
Belgian Cable Observatory PRODUCED B Y IDATE O N BEHALF O F O R A N G E BELGIUM UNDER T H E ACADEMIC CONTROL OF PROF A. DE STREEL,DIRECTOR O F C R I D S , NAMUR UNIVERSITY Agenda – What are the impacts of cable opening on Belgian broadband markets so far? Cable opening scores better than copper opening in the past Price trends and competitive environment have not changed much at this stage Investments were upheld Regulatory changes have been decided recently Conclusion: Cable opening is off to an encouraging start, but it is still too early to draw definitive conclusions NGA adoption keeps increasing at a steady pace in Belgium Market shares on the Belgian Residential NGA fixed broadband Net Residential NGA lines additions per player market In number of lines In % of subscriptions Source: BIPT Source: BIPT Cable opening shows better results than copper unbundling COPPER LOCAL LOOP UNBUNDLING HAS FAILED IN BELGIUM, AS ON THE CONTRARY, AFTER ONLY TWO YEARS OF AVAILABILITY, DEMONSTRATED BY STEADILY DECREASING WHOLESALE PRODUCTS SALES BITSTREAM CABLE ADOPTION IS RAPIDLY INCREASING Sales of fully and partially unbundled lines by Proximus, 2010-2017 • Since the opening of the cable market, Orange Belgium as its main Number of lines beneficiary has gained more than 155,000 Cable subscribers in Belgium • This represents an average quarterly increase of +39% in subscribers since Q1 2016 • As a comparison, two years after the beginning of copper local loop unbundling in Belgium, the total of fully and partially unbundled copper lines activated was -
DWS Equity Funds Semiannual Reports 2010/2011
DWS Investment GmbH DWS Equity Funds Semiannual Reports 2010/2011 ■ DWS Deutschland ■ DWS Investa ■ DWS Aktien Strategie Deutschland ■ DWS European Opportunities ■ DWS Intervest ■ DWS Akkumula : The DWS/DB Group is the largest German mutual fund company according to assets under management. Source: BVI. As of: March 31, 2011. 4/2011 DWS Deutschland DWS Investa DWS Aktien Strategie Deutschland DWS European Opportunities DWS Intervest DWS Akkumula Contents Semiannual reports 2010/2011 for the period from October 1, 2010, through March 31, 2011 (in accordance with article 44 (2) of the German Investment Act (InvG)) TOP 50 Europa 00 General information 2 Semiannual reports 2010 DWS Deutschland 4 DWS Investa 10 2011 DWS Aktien Strategie Deutschland 16 DWS European Opportunities 22 DWS Intervest 28 DWS Akkumula 36 1 General information Performance ing benchmarks – if available – are also b) any taxes that may arise in connec- The investment return, or performance, presented in the report. All financial tion with administrative and custodial of a mutual fund investment is meas - data in this publication is as of costs; ured by the change in value of the March 31, 2011. c) the costs of asserting and enforcing fund’s units. The net asset values per the legal claims of the investment unit (= redemption prices) with the addi- Sales prospectuses fund. tion of intervening distributions, which The sole binding basis for a purchase are, for example, reinvested free of are the current versions of the simpli- The details of the fee structure are set charge within the scope of investment fied and the detailed sales prospec - forth in the current detailed sales accounts at DWS, are used as the basis tuses, which are available from DWS, prospectus. -
DWS Concept Platow – July 2021 Report
DWS Concept Platow – July 2021 Report July was a good month for mid and small caps. The MDAX, TecDAX MDAX or SDAX; companies with an even smaller capitalization that do and SDAX ended the month with pleasing gains, whereas the DAX not belong to any of these four indices accounted for roughly one third treaded water. The DWS Concept Platow Fund’s performance was ob- of the portfolio. As of July 30, the breakdown by market cap was: jectively good too, although it did not gain quite as much as the SDAX. MDAX 14%, SDAX 25%, no index 47%. (Cash allocation was 4%.) This small cap index is the most comparable benchmark even Many investors are interested in index breakdowns, but they though the investment process applied by the fund is all-cap by design. should be interpreted with caution. Space here is limited, so we only That means basically any stock of a German company can become part use the MDAX as an example why caution is called for. At inception, of the fund’s portfolio, regard- the MDAX contained 70 stocks; this was later reduced to 50, currently Top Ten Holdings less of whether it is a blue chip there are 60 stocks in the index and from September on it will again Verbio stock from the DAX, a mid cap consist of 50 stocks. We also note that double listings in the MDAX and Steico from the MDAX or a small cap TecDAX (which is the case for Bechtle, a portfolio stock) or in the SDAX Bechtle from the SDAX, and even if it’s and TecDAX (e.g. -
Eutelsat S.A. €300,000,000 3.125% Bonds Due 2022 Issue Price: 99.148 Per Cent
EUTELSAT S.A. €300,000,000 3.125% BONDS DUE 2022 ISSUE PRICE: 99.148 PER CENT The €300,000,000 aggregate principal amount 3.125% per cent. bonds due 10 October 2022 (the Bonds) of Eutelsat S.A. (the Issuer) will be issued outside the Republic of France on 9 October 2012 (the Bond Issue). Each Bond will bear interest on its principal amount at a fixed rate of 3.125 percent. per annum from (and including) 9 October 2012 (the Issue Date) to (but excluding) 10 October 2022, payable in Euro annually in arrears on 10 October in each year and commencing on 10 October 2013, as further described in "Terms and Conditions of the Bonds - Interest"). Unless previously redeemed or purchased and cancelled in accordance with the terms and conditions of the Bonds, the Bonds will be redeemed at their principal amount on 10 October 2022 (the Maturity Date). The Issuer may at its option, and in certain circumstances shall, redeem all (but not part) of the Bonds at par plus any accrued and unpaid interest upon the occurrence of certain tax changes as further described in the section "Terms and Conditions of the Bonds - Redemption and Purchase - Redemption for tax reasons". The Bondholders may under certain conditions request the Issuer to redeem all or part of the Bonds following the occurrence of certain events triggering a downgrading of the Bonds as further described in the Section "Terms and Conditions of the Bonds — Redemption and Purchase - Redemption following a Change of Control". The obligations of the Issuer in respect of principal and interest payable under the Bonds constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer and shall at all times rank pari passu among themselves and pari passu with all other present or future direct, unconditional, unsecured and unsubordinated obligations of the Issuer, as further described in "Terms and Conditions of the Bonds - Status". -
Company Presentation
CEWE Company Presentation March 2021 Financial schedule (insofar as already scheduled) 12.05.2021 Publication of interim statement Q1 2021 12.05.2021 Press release Q1 2021 09.06.2021 AGM 2021 10.06.2021 Warburg Highlights Conference 2019 2018 10.08.2021 Publication interim report H1 2021 10.08.2021 Press release H1 2021 #2 SDAX: CEWE #2 SDAX: CEWE 21.09.2021 Berenberg & Goldman Sachs German Corporate Conference 2021 23.09.2021 Baader Investment Conference 2021 12.11.2021 Publication interim statement Q3 2021 12.11.2021 Press release Q3 2021 22.11.2021 Deutsches Eigenkapitalforum Available in the App Stores: the CEWE Investor Relations app for an iPad® or android tablet, with annual reports and quarterly reports, presentations and sustainability reports. 2 Agenda Introduction 4-11 Equity Story 13-29 Sustainability 31-41 Share 43-46 Details Photofinishing 48-82 Backup » Results 2020 84-104 » Multi-Year Overview 106-110 The CEWE-Group EUROPE’S LEADING PHOTO SERVICE AND ONLINE PRINTING PROVIDER From its beginnings in 1912, CEWE has established itself as the first choice as a photo service for anyone looking to make more of their photos. The company’s CEWE PHOTOBOOK in particular stands for this, with multiple awards and significantly more than six million copies sold every year. Customers can obtain further personalised photo products through the brands CEWE, WhiteWall and Cheerz, for instance – and from many leading European retailers. These brand worlds inspire customers to produce a wide range of creative designs with their personal photos, and customers entrust the company with around 2.3 billion photos every year. -
EGM Presentation
Development of the Fiber Champion strategy to achieve a long-term sustainable positioning in a highly dynamic broadband market FTTB/H The strategy requires a significant amount of new capital with a total anticipated network upgrade investment of c.€2bn over the next 10 years, resulting in negative cash flows over the course of the next years Fiber Champion Strategy Announcement of the public takeover offer by Morgan Stanley Infrastructure Partners Open Long-term Access customer (“MSIP”) creates the opportunity for Tele Columbus to raise the capital needed in order to Strategy relationships be able to execute the strategy _________ Definition of three pillar strategy To achieve a more sustainable capital structure and enable the further implementation of the Fiber Champion strategy, the following prerequisites need to be met: . Shareholder approval for the €475m capital increase, which is backed by the BidCo up to the full amount upon successful completion of the transaction . Minimum acceptance threshold of 50% . Sufficient consent of bond and loan creditors to waive their Change-of-Control (“CoC”) rights . Regulatory approvals Furthermore and upon successful completion of the transaction, bidder intends to inject additional equity in the amount of €75m in order to further support the implementation of the strategy 2 % FTTB/H coverage by federal state1 %-share of TC`s total TWU HC2 by federal state Hamburg 71% 2% Schleswig-H. 23% 1% Bavaria 14% 16% Nordrhine-W. 11% 2% Saxony 10% 23% Mecklenburg-V. 9% 3% Lower Saxony 9% 1% Hesse 9% 2% Saxony-A. 7% 10% Brandenburg 6% 10% Baden-W. 4% 2% Rhineland-P. -
European Telecoms the Digital Telco
European Telecoms The Digital Telco - a Big Data ‘re-rater’? Industry Overview Equity | 04 September 2017 New opportunities for Telco in a Digital World Europe Telecommunications So far Telco has been the facilitator of the digital revolution. But telco too must adapt as customer demands change, digital applications proliferate and new disruptive technologies and companies threaten traditional profits. However telco is well positioned to do so, in our view, thanks to its Big Data commodity. New processes, tools and techniques could see telco exploit Big Data to defend and upsell existing revenue streams, driving cost and capex efficiencies. Analysis suggests up to 30% value upside to Euro telco as a potential mid-term re-rating catalyst. Big Data questionnaire indicates Euro Telco progress We asked questions of 13 Euro Telcos on the subject of Big Data. Responses indicate to David Wright >> Research Analyst us that progress could already be significant; the majority of telcos who answered our MLI (UK) +44 20 7995 6355 questions shifted over the past 12m from inconclusive projects to NPV +ve results. Most [email protected] focus at this stage is on Customer Care and Sales & Marketing. However there is still a Haim Israel >> long way to go with most projects still regional and not yet coordinated at Group level. Research Analyst Merrill Lynch (Israel) [email protected] Boosting revenues through data growth and new avenues Frederic Boulan, CFA >> Digitalisation fuelled by Big Data analytics provides telco with a means to better offset Research Analyst MLI (UK) legacy revenue decline and upsell existing customer relationships, while exploring new [email protected] growth opportunities. -
Geschäftsbericht 2016 Wüstenrot & Württembergische AG
www.ww-ag.com Geschäftsbericht 2016 Wüstenrot & Württembergische AG Wüstenrot & Württembergische AG Kennzahlenübersicht W&W-Konzern (nach IFRS) Konzernbilanz 31.12.2016 31.12.2015 Bilanzsumme in Mrd € 72,3 74,1 Kapitalanlagen in Mrd € 45,8 47,0 Zur Veräußerung verfügbare finanzielle Vermögenswerte in Mrd € 24,6 24,3 Erstrangige Forderungen an Institutionelle in Mrd € 14,3 15,7 Baudarlehen in Mrd € 23,7 24,3 Verbindlichkeiten gegenüber Kunden in Mrd € 25,4 25,3 Versicherungstechnische Rückstellungen in Mrd € 33,3 32,9 Eigenkapital in Mrd € 3,8 3,6 Eigenkapital je Aktie in € 40,56 38,68 1.1.2016 bis 1.1.2015 bis Konzern-Gewinn- und Verlustrechnung 31.12.2016 31.12.2015 Finanzergebnis (nach Risikovorsorge) in Mio € 1 817,7 2 031,5 Verdiente Beiträge (netto) in Mio € 3 932,8 3 982,9 Leistungen aus Versicherungsverträgen (netto) in Mio € – 4 080,1 – 4 284,2 Konzernergebnis aus fortzuführenden Unternehmensteilen vor Ertragsteuern in Mio € 291,6 323,6 Konzernüberschuss in Mio € 235,3 274,3 Konzerngesamtergebnis in Mio € 230,9 89,0 Ergebnis je Aktie in € 2,49 2,88 Sonstige Angaben 31.12.2016 31.12.2015 Mitarbeiterinnen und Mitarbeiter (Inland)1 6 745 6 907 Mitarbeiterinnen und Mitarbeiter (Konzern)2 8 395 8 763 1.1.2016 bis 1.1.2015 bis Vertriebskennzahlen 31.12.2016 31.12.2015 Konzern Gebuchte Bruttobeiträge in Mio € 3 988,8 4 040,5 Neugeschäft Baufinanzierung (inkl. Vermittlungen ins Fremdbuch) in Mio € 5 388,5 5 476,6 Absatz eigener und fremder Fonds in Mio € 381,2 355,2 Segment BausparBank Brutto-Bausparneugeschäft in Mio € 13 550,8 14 082,4 Netto-Bausparneugeschäft in Mio € 11 901,7 11 675,5 Segment Personenversicherung Gebuchte Bruttobeiträge in Mio € 2 315,8 2 375,3 Neubeiträge in Mio € 659,2 679,1 Segment Schaden-/Unfallversicherung Gebuchte Bruttobeiträge in Mio € 1 678,3 1 638,8 Neubeiträge (gemessen am Jahresbestandsbeitrag) in Mio € 207,9 209,8 1 Arbeitskapazitäten (auf Vollzeit umgerechnete Arbeitsverhältnisse). -
Abruf-Service Neuordnung Indizes 40/18 1/4
Abruf-Service Neuordnung Indizes 40/18 1/4 Der D e u t s c h e Wirtschaftsbrief Neuordnung Indizes Die Indizes in Deutschland wurden neu geordnet. Dabei dürfen jetzt große und erfolgreiche Unternehmen auch im TecDax auftauchen – oder umgekehrt: TecDax-Unternehmen können zusätzlich im Dax, MDax oder im SDax auftauchen. Daher wurden der MDax und der SDax um 10 bzw. 20 Titel erweitert. Zusätzlich tauschten die Initiatoren einige Objekte aus. Wir zeigen Ihnen einen vollkommenen Überblick. 1. Der neue Dax Unternehmen Unternehmen adidas Fresenius Medical .. Allianz Fresenius BASF HeidelbergCement Bayer Henkel BMW Infineon Beiersdorf Linde AG z.Umtausc.. Continental Merck Covestro Muenchener Rueck Daimler RWE Deutsche Bank SAP Deutsche Boerse Siemens Lufthansa Thyssen-Krupp Deutsche Post Volkswagen Deutsche Telekom Vonovia E.ON Wire Card 2. Der neue MDax Unternehmen Unternehmen Aareal Bank Lanxess Airbus Group LEG Immobilien AG Alstria Office Rei.. METRO Wholesale & .. Aroundtown SA Bear.. MorphoSys Aurubis MTU Aero Engines Axel Springer Nemetschek Bechtle Norma Group Theodor-Heuss-Straße 2/4, 53177 Bonn Telefon: +49 (0) 228 8205-0 · Telefax: +49 (0) 228 3696480 [email protected] · www.gevestor.de GeVestor ist ein Unternehmensbereich der Verlag für die Deutsche Wirtschaft AG Vorstand: Richard Rentrop · USt-ID: DE 812639372 · Amtsgericht Bonn, HRB 8165 Abruf-Service Neuordnung Indizes 40/18 2/4 Unternehmen Unternehmen Brenntag Osram Licht Commerzbank ProSiebenSat.1 Med.. CTS Eventim Puma Delivery Hero SE N.. Qiagen Deutsche Euroshop Rheinmetall Deutsche Pfandbrie.. Rocket Internet Deutsche Wohnen RTL Group Drillisch Salzgitter Dürr Sartorius Evonik Schaeffler Evotec Scout24 Fielmann Siemens Healthinee.. Fraport Siltronic Freenet Software AG Fuchs Petrolub Symrise GEA Group TAG Immobilien Gerresheimer Glas Telefónica Deutsch. -
Online-Appendix Zu
Online-Appendix zu „Impact of Weather on the Stock Market Returns of Different Industries in Germany“ Astrid Schulte-Huermann WHU – Otto Beisheim School of Management Junior Management Science 5(3) (2020) 295-311 Appendix Appendix A. List of companies included in each sector Financials Telecommunication Technology Consumer Non- Industrials Healthcare Basic Materials Consumer Cyclicals Utilities Cyclicals ALLIANZ SE DT TELEKOM N INFINEON TECH BEIERSDORF DEUTSCHE POST BAYER N AG BASF SE ADIDAS N RWE DEUTSCHE BANK 1&1 DRILLISCH SAP SE BAYWA N DT LUFTHANSA A FRESENIUS MEDI HEIDELBERGCEMEBAY MOT WERKE ENCAVIS DT BOERSE N FREENET N AG BECHTLE KWS SAAT SIEMENS N FRESENIUS SE HENKEL AG&CO V CONTINENTAL AG E ON MUENCH. RUECK UNITED INTERNE DIALOG SEMICON SUEDZUCKER WIRE CARD MERCK KGAA LINDE PLC DAIMLER AG N AAREAL BANK NEMETSCHEK AIRBUS SE CARL ZEISS MED THYSSENKRUPP A VOLKSWAGEN VZ ALSTRIA OFF RE SOFTWARE DUERR AG EVOTEC AURUBIS A SPRINGER SE COMMERZBANK ADVA OPTICAL N FRAPORT GERRESHEIMER FUCHS PETRO VZ FIELMANN DEUTSCHE WOHNE AIXTRON NA GEA GROUP MORPHOSYS K+S AG NA HUGO BOSS N DT EUROSHOP NA CANCOM SE HOCHTIEF QIAGEN NV LANXESS PROSIEBENSAT1 HANNOVER RUECK COMPUGROUP MED MTU AERO ENGIN SARTORIUS VZ SYMRISE AG PUMA TAG IMMOBILIEN ISRA VISION AMADEUS FIRE DRAEGERWERK VZ WACKER CHEMIE RHEINMETALL ADLER REAL ES S&T AG BERTRANDT RHOEN KLINIKUM KLOECKNER + CO RTL GROUP DIC ASSET SMA SOLAR TECH BILFINGER SALZGITTER BOR. DORTMUND DT BETEIL AG TAKKT CEWE STIFTUNG SGL CARBON CECONOMY GRENKE XING DEUTZ CTS EVENTIM HAMBORNER REIT ZOOPLUS DR HOENLE HORNBACH HYPOPORT AG HAMBURGER HAFE RATIONAL PATRIZIA IMMOB HEIDELBERG DRU SAF HOLLAND SA WUESTENR&WUERT INDUS HOLDING STEINHOFF JENOPTIK JUNGHEINRICH V KOENIG & BAUER KRONES AG LEONI AG N NORDEX PFEIFFER VACUU SIXT SE VOSSLOH AG WACKER NEUSON WASHTEC Company data retrieved from Thomson Reuters Datastream, 2019 40 Appendix B. -
BROADBAND, TV and BUNDLING Cable's 2020 Vision
BROADBAND, TV and BUNDLING Cable‘s 2020 Vision European Telecoms . European telecomsA EUR - a 250€275bn Bn market market with many competitors Western European Telco Revenues 2009 Total = 275 (in Bn €) 127 74 49 25 100% other Telia Sonera other Bouygues Telecom Hutchison other 80% KPN Belgacom other Swisscom Vivendi / SFR OTE ono Telecom Italia BT Telia Sonera Ziggo 60% KPN Deutsche Telekom Telenor Numericable Neuf KDG Telecom Italia Liberty Global Virgin Media Canal+ Telefonica Belgacom 40% BT Telia Sonera Deutsche Telekom KPN FT/Orange Telecom Italia Sky Deutsche Telekom 20% Telefonica Telefonica Vodafone Liberty Global FT/Orange FT/Orange Virgin Media 0% Mobile Fixed Broadband TV Note: TV includes cable TV, satellite TV, terrestrial TV, and IPTV Countries included AT, BE, DK, FI, FR, DE, GR, IE, IT, NL, NO, PT, ES, SE, CH, UK (mobile, fixed and bb) AT, BE, DK, FI, FR, DE, IE, IT, NL, NO, PT, ES, SE, CH, UK (TV) Sources: IDC, Informa, Booz & Company analysis DAVID AND GOLIATH Even After Consolidation Telco Incumbents Total Cable Industry € Bn 20101) € Bn 2010 D 27.3 8:1 3.5 F 23.3 14:1 1.6 E 19.7 10:1 1.9 UK 18.0 2,3) 7:1 2.5 3) NL 9.3 4:1 2.4 B 5.0 4:1 1.3 AT 2.4 4:1 0.6 IR 1.8 7:1 0.3 2000 2010 Note: Revenues include fixed telephony, mobile, telephony, internet access, and TV distribution 27 telcos1) Figures not fully consistent due to different revenue categories and22 reporting telcos periods; 2) Exchange rates yearly average accounting period 10000Sources: Screen cable Digest, Annual Reports 2010 (where available), oanda.com7000, -
LTIP 2017) and Transfer of Shares Under LTIP 2017 and Amendment to Terms of LTIP 2016 and LTIP 2015 Respectively
OFFICE TRANSLATION ONLY Item 18 – Resolution on the Board's proposal regarding a long-term share savings incentive program 2017 (LTIP 2017) and transfer of shares under LTIP 2017 and amendment to terms of LTIP 2016 and LTIP 2015 respectively The Board hereby proposes that the AGM resolves on the implementation of a long-term share savings incentive program (LTIP 2017). The program corresponds to the long-term share savings incentive programs adopted by the AGM 2016 (LTIP 2016) and the AGM 2015 (LTIP 2015) respectively. For a description of LTIP 2015 and LTIP 2016 and the other share related incentive programs, reference is made to note 7 in Com Hem’s Annual Report for 2016. This proposal is divided into five items: Item A: Terms of the long-term share savings incentive program (LTIP 2017). Item B: Transfer of treasury shares as hedge for delivery of shares under LTIP 2017. Item C: If item B is not approved, the Board proposes that delivery of shares under LTIP 2017 shall take place by the Company ensuring delivery via a third party. Item D: Amendment to terms of LTIP 2016 and LTIP 2015 Item E: Other matters and reasons for the proposal etc. A. Share Savings Program 2017 (LTIP 2017) A.1 Introduction The Board would like to launch a new incentive program in order to increase and strengthen the potential for recruiting and retaining key individuals. The Board therefore proposes that the AGM approves the implementation of a long-term share savings incentive program 2017 (the " LTIP 2017 ") for senior managers and certain other key employees within the Com Hem Group.