DOCSLIB.ORG

Transforming Much More Than Ore

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

TRANSFORMING MUCH MORE THAN ORE REGISTRATION DOCUMENT 2012 ContentS 5.3. Environmental information 114 Group overview 5 5.4. Environmental Data 117 1 5.5. Information on societal commitments 1.1. Group profile 6 in favour of sustainable development 131 1.2. Key figures/Comments on the financial year 7 5.6. Major projects 136 1.3. History and development of the Company 13 5.7. Responsibility for chemicals 139 5.8. Health and Safety 143 5.9. Human Resources 149 2 Activities 15 5.10. Attestation of completeness and 2.1. Group structure 16 limited assurance report of one of the 2.2. ERAMET Nickel 16 Statutory Auditors on selected social and 2.3. The Manganese Division 26 environmental information 160 2.4. ERAMET Alloys 40 2.5. Organisational Structure of ERAMET S.A./ ERAMET Holding company 49 6 Financial statements 163 2.6. Activity of the Divisions in 2012 49 6.1. 2012 Consolidated financial statements 164 2.7. Production sites, plant and equipment 52 6.2. 2012 separate financial statements 244 2.8. Research & Development/Reserves & 6.3. Consolidated financial statements for 2011 Resources 53 and 2010 273 6.4. Dividend policy 273 3 Risk factors 67 6.5. Fees paid to the Statutory Auditors 274 3.1. Commodity risk 68 3.2. Special relationships with Group partners 68 7 Corporate and share-capital 3.3. Mining and industrial risks 70 information 275 3.4. Legal and tax risks/Disputes 73 7.1. Market in the Company’s shares 276 3.5. Liquidity, market and counterparty risks 76 7.2. Share capital 280 3.6. Insurance/ coverage of risks likely to be 7.3. Company information 287 incurred by the Issuer 77 7.4. Shareholders’ agreements 291 4 Corporate Governance 79 8 General Shareholders’ 4.1. Presentation of Company and Group Meeting—Wording management and administrative bodies 80 4.2. Report from the Chairman of the Board of draft resolutions 295 of Directors 81 8.1. Explanatory Note 296 4.3. Summary of differences between 8.2. Wording of draft resolutions—within the Company’s corporate governance the remit of the Ordinary General procedures and Afep/Medef code Shareholders’ Meeting 298 recommendations 91 8.3. Wording of the draft resolutions—within 4.4. Statutory Auditors’ report, prepared the remit of the Extraordinary General in accordance with article L. 225‑235 Shareholders’ Meeting 301 of the French Commercial Code 8.4. Statutory Auditors’ reports on the ( ), on the report Code de commerce resolutions presented to the General prepared by the Chairman of the Board Shareholders’ Meeting 308 of Directors of ERAMET 92 4.5. Remuneration of corporate officers 93 4.6. List of other offices held 9 Additional Information 313 by members of the Board of Directors and General Management 100 9.1. Persons responsible for the Reference 4.7. Securities held by members of the Board Document 314 of Directors and by General Management 105 9.2. Statutory Auditors 315 4.8. Special report on share subscription and 9.3. Financial information 315 purchase options—2012 106 9.4. List of reports 317 4.9. Special report on bonus share grants 107 9.5. Table of correspondence with the annual financial report 318 9.6. Table of concordance with European 5 Sustainable Development 109 Regulation 809‑2004 319 9.7. Glossary 322 5.1. Introduction 110 9.8. Addresses of the consolidated subsidiaries 323 5.2. Sustainable Development Policy 111 Société anonyme (French public limited company) with registered capital of €80,956,814.90. Registered office: Tour Maine Montparnasse, 33, avenue du Maine, 75015 Paris, France. Registration number 632 045 381 in the Paris trade and corporate register. Registration docuMENT 2012 This document, prepared on the basis of the 2012 financial statements, includes the material information subsequent to the approval of those financial statements, as obtaining at the date of its filing. This Registration Document was filed with the AMF on 27 March 2013, pursuant to Article 212-13 of the AMF General Regulations. It may be used in support of a financial transaction if it is accompanied by a prospectus approved by the AMF. This document was drawn up by the Issuer on the liability of the persons signing it. 4 ERAMET | REGISTRATION DOCUMENT 2012 1 GROUP OVERVIEW 1.1. Group profile ........................................................................................................... 6 1.2. Key figures/Comments on the financial year ...................................................... 7 1.2.1. Key business figures ............................................................................................................. 7 1.2.2. Consolidated net cash position ............................................................................................ 9 1.2.3. Financing and credit facilities ............................................................................................... 9 1.2.4. Capital expenditure ............................................................................................................... 9 1.2.5. Recent trends and outlook ................................................................................................. 12 1.3. History and development of the Company ........................................................ 13 REGISTRATION DOCUMENT 2012 | ERAMET 5 GROUP OVERVIEW 1.1. GROUP PROFILE The ERAMET group is a French mining and metallurgical group The Group has major competitive advantages: with leading global positions in each of its businesses. The ore reserves of the highest quality in terms of both grade and Group, which employed close to 14,000 people in 2012 in some lifespan; 20 countries, generated sales of €3,447 million. highly-developed technological skills in mining, metallurgy, The ERAMET group holds leading global positions in each of its closed die-forging and metal chemistry. businesses: The Group is implementing a growth strategy designed to streng- The Manganese Division is the world’s second-largest producer then and diversify its present positions along the following lines of high-grade manganese ore at its mine in Moanda (Gabon), of development: the world’s second-largest producer of manganese alloys—but widening its world leadership positions in alloys (in present the leading producer of very high value added alloys “refined and new metals); alloys”—and the world’s leading producer of manganese chemical derivatives. strengthening its positions in top-of-the range metallurgy; Within ERAMET Manganèse, the Group is developing an diversifying its portfolio towards special metals with high growth integrated activity in mineral sands, with the construction in potential (e.g. zirconium and titanium dioxide, rare-earth metals, Senegal of the Grande Côte operation in 2013, complementing lithium, etc.); the pyrometallurgy titanium-ore beneficiation activity at the increasing its geographical diversification; Norwegian Tyssedal site. pursuing growth in metal recycling. The Nickel Division has nickel mines in New Caledonia and These policy thrusts should enable the ERAMET group to scale up processes virtually all its ore itself. ERAMET is the world’s its geographical diversification and the diversification of its metals seventh-largest nickel producer, the second largest ferronickel portfolio, in the aim of improving its risk profile and strengthening producer, one of the three leading high-grade nickel producers its financial resilience. For some major projects, ERAMET also and the global leader in nickel chloride. ERAMET is studying works with partners in industry. the development of its Weda Bay nickel deposit located on the island of Halmahera in Indonesia. This deposit, of significance The Group’s development aim is long-term. The Group acts on the world market, could ultimately double the Group’s nickel responsibly towards its environment, employees and shareholders production. The final investment decision is expected in 2014 in accordance with the principles of its Code of Conduct and its for the first phase (35,000 tonnes). sustainable development policy. The Alloys Division is the world’s second-largest producer of closed die-forged parts for aeronautics and energy generation, and ranks second world-wide in the production of high-speed steels, while it is the world leader in powder metallurgy. 6 ERAMET | REGISTRATION DOCUMENT 2012 1.2. KEY FIGURES/COMMENTS on the finanCial year 1.2.1. Key business figures 1.2.1.1. Business highlights (€ million) Sales Industrial capital expenditure (€ million) (€ million) 3,603 641 3,576 3,447 492 2,689 Sizeable industrial capital 326 Sales in 2012 were 4% down from 286 investment, up by more 2011, to €3,447 million. than 30%. 09 10 11 12 09 10 11 12 Net cash generated by operating activities Current operating profit (€ million) (€ million) 727 739 591 554 21% €217 million of net cash flows 15% from operating activities, compared with €591 million A current operating margin of 4%. 217 144 in 2011. 112 -163 4% Current operating profit was lower, mainly due to the falls in nickel and - 6% manganese prices. 09 10 11 12 09 10 11 12 Current operating Consolidated net cash margin as a percentage (€ million) of sales 1,295 1,153 Profit for period, Group share 946 (€ million) A sound cash position 328 after carrying out capital 448 expenditure. 195 Net profit fell more sharply than ROC, 09 10 11 12 -265 8 particularly owing to the cost of development projects and a dividend- related tax charge. Breakdown of sales by business segment in 2012 (€ million) 09 10 11 12 Alloys Nickel €898 million Nickel -9.2% change 26% 29% Alloys €997 million 2012
Recommended publications
  • Liste Des Actions Concernées Par L'interdiction De Positions Courtes Nettes

    Liste Des Actions Concernées Par L'interdiction De Positions Courtes Nettes

    Liste des actions concernées par l'interdiction de positions courtes nettes L’interdiction s’applique aux actions listées sur une plate-forme française et relevant de la compétence de l’AMF au titre du règlement 236/2012 (information disponible dans les registres ESMA). Cette liste est fournie à titre informatif. L'AMF n'est pas en mesure de garantir que le contenu disponible est complet, exact ou à jour. Compte tenu des diverses sources de données sous- jacentes, des modifications pourraient être apportées régulièrement. Isin Nom FR0010285965 1000MERCIS FR0013341781 2CRSI FR0010050773 A TOUTE VITESSE FR0000076887 A.S.T. GROUPE FR0010557264 AB SCIENCE FR0004040608 ABC ARBITRAGE FR0013185857 ABEO FR0012616852 ABIONYX PHARMA FR0012333284 ABIVAX FR0000064602 ACANTHE DEV. FR0000120404 ACCOR FR0010493510 ACHETER-LOUER.FR FR0000076861 ACTEOS FR0000076655 ACTIA GROUP FR0011038348 ACTIPLAY (GROUPE) FR0010979377 ACTIVIUM GROUP FR0000053076 ADA BE0974269012 ADC SIIC FR0013284627 ADEUNIS FR0000062978 ADL PARTNER FR0011184241 ADOCIA FR0013247244 ADOMOS FR0010340141 ADP FR0010457531 ADTHINK FR0012821890 ADUX FR0004152874 ADVENIS FR0013296746 ADVICENNE FR0000053043 ADVINI US00774B2088 AERKOMM INC FR0011908045 AG3I ES0105422002 AGARTHA REAL EST FR0013452281 AGRIPOWER FR0010641449 AGROGENERATION CH0008853209 AGTA RECORD FR0000031122 AIR FRANCE -KLM FR0000120073 AIR LIQUIDE FR0013285103 AIR MARINE NL0000235190 AIRBUS FR0004180537 AKKA TECHNOLOGIES FR0000053027 AKWEL FR0000060402 ALBIOMA FR0013258662 ALD FR0000054652 ALES GROUPE FR0000053324 ALPES (COMPAGNIE)
  • Competition Policy

    Competition Policy

    ISSN 1025-2266 COMPETITION POLICY NEWSLETTER EC COMPETITION POLICY NEWSLETTER Editors: 2008 Æ NUMBER 3 Inge Bernaerts Kevin Coates Published three times a year by the Thomas Deisenhofer Competition Directorate-General of the European Commission Address: European Commission, Also available online: J-70, 04/136 http://ec.europa.eu/competition/publications/cpn/ Brussel B-1049 Bruxelles E-mail: [email protected] World Wide Web: http://ec.europa.eu/ competition/index_en.html I N S I D E : • The design of competition policy institutions for the 21st century by Philip Lowe • The new State aid General Block Exemption Regulation • The new Guidelines on the application of Article 81 of the EC Treaty to the maritime sector • The new settlement procedure in selected cartel cases • The CISAC decision • The Hellenic Shipyards decision: Limits to the application of Article 296 and indemnification provision in privatisation contracts MAIN DEVELOPMENTS ON • Antitrust — Cartels — Merger control — State aid control EUROPEAN COMMISSION Contents Articles 1 The design of competition policy institutions for the 21st century — the experience of the European Commission and DG Competition by Philip LOWE 12 The General Block Exemption Regulation (GBER): bigger, simpler and more economic by Harold NYSSENS 19 Rolling back regulation in the telecoms sector: a practical example by Ágnes SZARKA 25 The new Guidelines on the application of Article 81 of the EC Treaty to the maritime sector by Carsten BERMIG and Cyril RITTER 30 The new settlement procedure in selected
  • 2011 Registration Document Annual Financial Report SUMMARY

    2011 Registration Document Annual Financial Report SUMMARY

    2011 Registration Document Annual Financial Report SUMMARY 1 PRESENTATION OF THE GROUP 3 6 ADDITIONAL INFORMATION 227 1.1 Main key figures 4 6.1 Information about the Company 228 1.2 The Group’s strategy and general structure 5 6.2 Information about the share capital 232 1.3 Minerals 10 6.3 Shareholding 238 1.4 Minerals for Ceramics, Refractories, 6.4 Elements which could have an impact Abrasives & Foundry 17 in the event of a takeover bid 241 1.5 Performance & Filtration Minerals 26 6.5 Imerys stock exchange information 242 1.6 Pigments for Paper & Packaging 32 6.6 Dividends 244 1.7 Materials & Monolithics 36 6.7 Shareholder relations 244 1.8 Innovation 43 6.8 Parent company/subsidiaries organization 245 1.9 Sustainable Development 48 ORDINARY AND EXTRAORDINARY REPORTS ON THE FISCAL YEAR 2011 65 7 SHAREHOLDERS’ GENERAL MEETING 2 OF APRIL 26, 2012 247 2.1 Board of Directors’ management report 66 2.2 Statutory Auditors' Reports 77 7.1 Presentation of the resolutions by the Board of Directors 248 7.2 Agenda 254 7.3 Draft resolutions 255 3 CORPORATE GOVERNANCE 83 3.1 Board of Directors 84 3.2 Executive Management 103 PERSONS RESPONSIBLE FOR THE 3.3 Compensation 105 8 REGISTRATION DOCUMENT AND THE AUDIT 3.4 Stock options 109 OF ACCOUNTS 261 3.5 Free shares 114 8.1 Person responsible for the Registration Document 262 3.6 Specific terms and restrictions applicable to grants 8.2 Certificate of the person responsible to the Chairman and Chief Executive Officer 116 for the Registration Document 262 3.7 Corporate officers’ transactions in securities
  • Barings Bank Disaster Man Family of Merchants and Bankers

    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.
  • Devoir De Vigilance: Reforming Corporate Risk Engagement

    Devoir De Vigilance: Reforming Corporate Risk Engagement

    Devoir de Vigilance: Reforming Corporate Risk Engagement Copyright © Development International e.V., 2020 ISBN: 978-3-9820398-5-5 Authors: Juan Ignacio Ibañez, LL.M. Chris N. Bayer, PhD Jiahua Xu, PhD Anthony Cooper, J.D. Title: Devoir de Vigilance: Reforming Corporate Risk Engagement Date published: 9 June 2020 Funded by: iPoint-systems GmbH www.ipoint-systems.com 1 “Liberty consists of being able to do anything that does not harm another.” Article 4, Declaration of the Rights of the Man and of the Citizen of 1789, France 2 Executive Summary The objective of this systematic investigation is to gain a better understanding of how the 134 confirmed in-scope corporations are complying with – and implementing – France’s progressive Devoir de Vigilance law (LOI n° 2017-399 du 27 Mars 2017).1 We ask, in particular, what subject companies are doing to identify and mitigate social and environmental risk/impact factors in their operations, as well as for their subsidiaries, suppliers, and subcontractors. This investigation also aims to determine practical steps taken regarding the requirements of the law, i.e. how the corporations subject to the law are meeting these new requirements. Devoir de Vigilance is at the legislative forefront of the business and human rights movement. A few particular features of the law are worth highlighting. Notably, it: ● imposes a duty of vigilance (devoir de vigilance) which consists of a substantial standard of care and mandatory due diligence, as such distinct from a reporting requirement; ● sets a public reporting requirement for the vigilance plan and implementation report (compte rendu) on top of the substantial duty of vigilance; ● strengthens the accountability of parent companies for the actions of subsidiaries; ● encourages subject companies to develop their vigilance plan in association with stakeholders in society; ● imposes civil liability in case of non-compliance; ● allows stakeholders with a legitimate interest to seek injunctive relief in the case of a violation of the law.
  • 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 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.
  • Annual Report 2017 Annual Report 2017

    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.
  • At the Centre of an Evolving Industrial World

    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.
  • 2019 Annual Report Annual 2019

    2019 Annual Report Annual 2019

    a force for good. 2019 ANNUAL REPORT ANNUAL 2019 1, cours Ferdinand de Lesseps 92851 Rueil Malmaison Cedex – France Tel.: +33 1 47 16 35 00 Fax: +33 1 47 51 91 02 www.vinci.com VINCI.Group 2019 ANNUAL REPORT VINCI @VINCI CONTENTS 1 P r o l e 2 Album 10 Interview with the Chairman and CEO 12 Corporate governance 14 Direction and strategy 18 Stock market and shareholder base 22 Sustainable development 32 CONCESSIONS 34 VINCI Autoroutes 48 VINCI Airports 62 Other concessions 64 – VINCI Highways 68 – VINCI Railways 70 – VINCI Stadium 72 CONTRACTING 74 VINCI Energies 88 Eurovia 102 VINCI Construction 118 VINCI Immobilier 121 GENERAL & FINANCIAL ELEMENTS 122 Report of the Board of Directors 270 Report of the Lead Director and the Vice-Chairman of the Board of Directors 272 Consolidated nancial statements This universal registration document was filed on 2 March 2020 with the Autorité des Marchés Financiers (AMF, the French securities regulator), as competent authority 349 Parent company nancial statements under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of the 367 Special report of the Statutory Auditors on said regulation. The universal registration document may be used for the purposes of an offer to the regulated agreements public of securities or the admission of securities to trading on a regulated market if accompanied by a prospectus or securities note as well as a summary of all 368 Persons responsible for the universal registration document amendments, if any, made to the universal registration document. The set of documents thus formed is approved by the AMF in accordance with Regulation (EU) 2017/1129.
  • IEA: the Role of Critical Minerals in Clean Energy Transitions

    IEA: the Role of Critical Minerals in Clean Energy Transitions

    The Role of Critical Minerals in Clean Energy Transitions World Energy Outlook Special Report INTERNATIONAL ENERGY AGENCY The IEA examines the full spectrum of IEA member countries: Spain energy issues including oil, gas and Australia Sweden coal supply and demand, renewable Austria Switzerland energy technologies, electricity Belgium Turkey markets, energy efficiency, access to Canada United Kingdom energy, demand side management Czech Republic United States and much more. Through its work, the Denmark IEA advocates policies that will Estonia IEA association countries: enhance the reliability, affordability Finland Brazil and sustainability of energy in its 30 France China member countries, 8 association Germany India countries and beyond. Greece Indonesia Hungary Morocco Please note that this publication is Ireland Singapore subject to specific restrictions that Italy South Africa limit its use and distribution. The Japan Thailand terms and conditions are available Korea online at www.iea.org/t&c/ Luxembourg Mexico This publication and any map included herein are Netherlands without prejudice to the status of or sovereignty New Zealand over any territory, to the delimitation of international frontiers and boundaries and to the Norway name of any territory, city or area. Poland Portugal Slovak Republic Source: IEA. All rights reserved. International Energy Agency Website: www.iea.org The Role of Critical Minerals in Clean Energy Transitions Foreword Foreword Ever since the International Energy Agency (IEA) was founded in world to anticipate and navigate possible disruptions and avoid 1974 in the wake of severe disruptions to global oil markets that damaging outcomes for our economies and our planet. shook the world economy, its core mission has been to foster secure This special report is the most comprehensive global study of this and affordable energy supplies.
  • Rothschild & Co

    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.
  • De Beers' New Strategy

    De Beers' New Strategy

    Personal copy; not for onward transmission De Beers’ new td. pany L strategy om In what is described by its chairman, Instead, it aims to be the ‘supplier of Nicky Oppenheimer, as “one of the choice’. However, it currently sells ron & C most significant developments the dia- about two thirds of the world’s annual mond industry has seen since the supply of rough diamonds, and the Georgian House 1930s”, De Beers this week unveiled a mines that it manages contribute about oeb A 63, Coleman Street new strategy whereby it will abandon 40% of world production. Hence it L London EC2R 5BB Tel :+44 (0)20 7628-1128 its long-held role as custodian of the remains very much the dominant play- REGULATED BY THE SFA diamond market, and focus instead on er, and intends to continue to sell dia- boosting demand. Since the depression monds to selected clients through its years of the 1930s when the price of dia- regular sales or ‘sights’ held roughly monds slumped, De Beers has stock- every five weeks. piled the world’s surplus diamonds as a There will be some marked changes means of controlling supply (and though in how the sights are conducted. prices). Under the new strategy, the At present, they are characterised by stockpile is not being eliminated but it their opacity. The 125 selected will be substantially reduced – to a sightholders or diamantaires – it is esti- working level of around six months’ mated that as many as 900 diaman- supply, equivalent to some US$2.5 bil- taires are on the ‘waiting list’ – have no lion.