DOCSLIB.ORG

Consolidated Interim Financial Statements As of and for the Six-Month Period Ended

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Consolidated Interim Financial Statements As of and for the Six-Month Period Ended Wind Tre Group Consolidated interim financial statements as of and for the six-month period ended June 30, 2018 Wind Tre Group Report on operations at June 30, 2018 CONTENTS 1 THE WIND TRE GROUP .......................................................................................................................... 3 2 COMPOSITION OF THE CORPORATE BODIES OF WIND TRE S.P.A. ............................................................. 5 3 WIND TRE GROUP HIGHLIGHTS AT JUNE 30, 2018 ................................................................................... 6 4 THE ITALIAN TELECOMMUNICATIONS SERVICES MARKET ...................................................................... 12 5 COMMERCIAL AND OPERATING PERFORMANCE ..................................................................................... 13 6 NETWORK .......................................................................................................................................... 16 7 HUMAN RESOURCES ........................................................................................................................... 19 8 REGULATORY FRAMEWORK AT JUNE 30, 2018 ....................................................................................... 20 9 OUTLOOK .......................................................................................................................................... 23 GLOSSARY ................................................................................................................................................... 25 Report on operations 2 Wind Tre Group at June 30, 2018 1 THE WIND TRE GROUP Wind Tre S.p.A. (hereinafter referred to as Wind Tre or the Company and together with its subsidiaries the Group or the Wind Tre Group) is a joint stock company having registered office in Largo Metropolitana, 5, Rho, Milan, Italy. Wind Tre is a leading operator in the fixed and mobile telecommunications and data services sector in Italy strongly oriented towards “in-mobility” data communication services, internet mobile access services (broadband and ultra- broadband fixed-line services) as well as a convergent fixed-mobile offer. A wide range of content, applications and multimedia support completes Wind Tre market proposition. These consolidated financial statements for the period ended June 30, 2018 were approved by the Company’s Board of Directors on July 31, 2018. At the date of approval Wind Tre is controlled by Wind Tre Italia S.p.A. (hereinafter referred to as Wind Tre Italia) which in turn is controlled by the Luxembourg based entity VIP-CKH Luxembourg Sàrl (hereinafter referred to as VIP-CKH or the Joint Venture). VIP-CKH is a joint venture whose share capital is owned as to 50% by CK Hutchison Holdings Limited (hereinafter referred to as CK Hutchison) and by Veon Ltd. (hereinafter referred to as Veon). The Joint Venture owns and operates telecommunications businesses in Italy. CK Hutchison is a limited liability company incorporated in the Cayman Islands and registered in the Register of Companies of the Cayman Islands (no. MC-294.571) whose shares are listed on the Hong Kong Stock Exchange and whose principal place of business is located at 12th Floor, Cheung Kong Center, 2 Queen’s Road Central, Hong Kong. Veon is incorporated under Bermuda law, domiciled in Claude Debussylaan 88, 1082 MD Amsterdam, The Netherlands and listed on NASDAQ. At the approval date of this financial statements, CK Hutchison agreed to purchase VEON’s 50% indirect stake in Wind Tre. Upon completion of the transaction, CKHH will indirectly hold 100% of the shares of Wind Tre. Completion of the transaction is pending approvals from the European Commission and Italian authorities. The formation of the Joint Venture, required as per EU prescription the implementation of remedies including the signing of certain agreements with Iliad, a French telecom operator, entered into Italian market on May 29, 2018. These agreements have resulted in the commitment of the Wind Tre Group to sell frequencies and sites to Iliad in the period 2017 – 2020 as well as to sign agreements which enable Iliad to operate telecommunications services in the Italian market while it is creating its own network. From an accounting perspective frequencies and sites that are expected to be transferred to Iliad by December 31, 2018 are presented and measured at each closing date in line with IFRS 5 requirements and discussed in the General Accounting Policies section. Accelerated depreciation has been charged on the sites that are expected to be transferred after December 31, 2018 and will still be utilized by the Group through that date, in order to represent their new expected limited useful lives. More detailed information on this transaction are reported in Wind Tre Group’s Notes to the Consolidated Financial Statements as at December 31, 2016 and 2017. At the end of 2016 the carrying amount of the assets to be sold was reviewed in terms of impairment or by revising their useful lives. These assessment has been updated in the financial statements at June 30, 2018 and is discussed in the explanatory notes. Report on operations 3 Wind Tre Group at June 30, 2018 The diagram below sets out the structure of the Wind Tre Group as of June 30, 2018. Wind Tre has invested and will continue to invest to strengthen its fixed and mobile networks, thereby accelerating the process of network integration. Trieste and Agrigento were the first two Italian cities to benefit from the new consolidated Wind Tre mobile network which guarantees high performance for coverage, quality of service and connection speed and ensures a better user experience; Bologna, Alessandria, Milan, Rome and some other minor cities have been sub-sequentially added in 2018. In November 2016 Wind Tre signed an agreement with ZTE Italia, a subsidiary of the ZTE Corporation to consolidate, modernize and overlay the Wind Tre radio access network. Following the issuance to ZTE of an order denying privileges on exports and re-exports of U.S. products, software and technology issued on April 15, 2018 by U.S. Authorities, ZTE suspended performance under their contract with Wind Tre, resulting in delays to the network modernization and consolidation. On July 13 2018, the U.S. Department of Commerce lifted the denial order. In June 2018 Wind Tre entered into a RAN agreement with Ericsson Italia to continue, together with ZTE, in network modernization and consolidation. Wind Tre also has given notice to ZTE Italia of a partial termination and de-scoping of its activities under their RAN agreement with Wind Tre. Report on operations 4 Wind Tre Group at June 30, 2018 2 COMPOSITION OF THE CORPORATE BODIES OF WIND TRE S.P.A. Board of Directors (1) Chairman Kjell Morten Johnsen Directors Jeffrey Alan Hedberg, Managing Director Christian Nicolas Roger Salbaing Board of Statutory Auditors (2) Chairman Giancarlo Russo Corvace Standing auditor Marcello Romano Standing auditor Luca Occhetta Substitute auditor Roberto Colussi Substitute auditor Maurizio Paternò di Montecupo (1) Starting from May 5, 2018 the Director Mr. Kjell Morten Johnsen has held the office as Chairman of the Board of Directors of the Company while the former Chairman of the Board, Mr. Christian Nicolas Roger Salbaing has held the office as Director. (2) The shareholders’ meeting of the Company held on November 5, 2016 appointed the Board of Statutory Auditors for a term expiring on the date of the shareholders’ meeting that approves the Company’s financial statements for the year ending December 31, 2018. Report on operations 5 Wind Tre Group at June 30, 2018 3 WIND TRE GROUP HIGHLIGHTS AT JUNE 30, 2018 2018 financial data are in accordance with IFRS 15. To enable a better year-on-year comparison, 2018 figures are also shown on a comparable basis, in accordance with previous accounting standards IAS 18, applied for 2017 reported financial statements. (millions of euro) 2018 Change 2018 6 months 2017 Note Income Statement 6 months Comparable 6 months Amount % IAS 18 Total Revenue(1) 3.1 2,771 2,771 3,083 (312) (10.1)% EBITDA(2) 3.2 935 893 900 (7) (0.8)% Operating loss 3.3 (156) (146) (721) 575 (79.8)% Net finance expense (152) (152) (287) 135 (47.0)% Loss before tax (308) (298) (1,008) 710 (70.4)% Loss after tax 3.4 (317) (310) (1,050) 740 (70.5)% (1) The figures for the period ended June 30, 2017 have been reclassified to ensure comparability with the figures for the period ended June 30, 2018 (2) Operating loss before depreciation and amortization, reversal of impairment losses/impairment losses on non-current assets and gains/losses on disposal of non-current assets (millions of euro) At June 30, At June 30, 2018 At December 31, Note Statement of financial position 2018 Comparable 2017 IAS 18 Net non-current assets 3.5 12,457 12,394 13,071 Equity attributable to owners of the Group 1,302 1,246 1,644 non-controlling interests - - - Net working capital 3.6 (982) (975) (1,109) Capital Structure Composition 3.7 (10,173) (10,173) (10,318) 3.1 Revenue (millions of euro) 2018 Change 6 months 2018 Comparable 2017 Amount % 6 months IAS 18 6 months Revenue 2,737 2,737 3,001 (264) (8.8)% - from Services 2,418 2,418 2,624 (206) (7.9)% - from Sales 319 319 377 (58) (15.4)% Other Revenue 34 34 82 (48) (58.5)% Total revenue 2,771 2,771 3,083 (312) (10.1)% Report on operations 6 Wind Tre Group at June 30, 2018 Mobile (millions of euro) 2018 2018 2017 Change 6 months 6 months 6 months Comparable Amount % IAS 18 Revenue from services 1,902 1,902 2,085 (183) (8.8)%
Load more

Recommended publications
  • ITU Operational Bulletin
    ITU Operational Bulletin www.itu.int/itu-t/bulletin No. 1161 1.XII.2018 (Information received by 21 November 2018) ISSN 1564-5223 (Online) Place des Nations CH-1211 Standardization Bureau (TSB) Radiocommunication Bureau (BR) Genève 20 (Switzerland) Tel: +41 22 730 5211 Tel: +41 22 730 5560 Tel: +41 22 730 5111 Fax: +41 22 730 5853 Fax: +41 22 730 5785 E-mail: [email protected] E-mail: [email protected] / [email protected] E-mail: [email protected] Table of Contents Page GENERAL INFORMATION Lists annexed to the ITU Operational Bulletin: Note from TSB ...................................................................... 3 Approval of ITU-T Recommendations ............................................................................................................ 4 The International Public Telecommunication Numbering Plan (Recommendation ITU-T E.164 (11/2010)): Notes from TSB .................................................................... 5 The International Identification Plan for Public Networks and Subscriptions (Recommendation ITU-T E.212 (09/2016)): Notes from TSB .................................................................... 6 Telephone Service: Gambia (Public Utilities Regulatory Authority (PURA), Serrekunda) ........................................................ 7 Service Restrictions ........................................................................................................................................ 11 Call – Back and alternative calling procedures (Res. 21 Rev. PP – 2006) ......................................................
    [Show full text]
  • Italian Guidelines About Wind Turbine Sound: How to Improve Them And
    Italian guidelines about wind turbine sound: PO. ID How to improve them and make them work better C001 Martina Repossi Alerion Clean Power S.p.A. – Milan (Italy) Abstract Critical topics about Italian landscape Wind turbines can produce unwanted sound (referred to as noise) during operation. The nature of sound As a matter of facts, Italian population density, at 197 inhabitants per square kilometre (ISTAT Report, 2013), depends on wind turbine design. Propagation of the sound is primarily a function of distance, but it can also be is higher than that of most Western European countries. However, the distribution of the population is widely affected by turbine placement, surrounding terrain, and atmospheric conditions. uneven. The most densely populated areas are the Po Valley (that accounts for almost a half of the national In Italy, unlike other European countries, we don’t have specific legislation about windmills sound population) and the metropolitan areas of Rome and Naples, while vast regions such as the Alps and measurement and noise limits from Law no.447 are not functional for noise verifical for wind farms. Public Apenins highlands, the island of Sardinia and the plateaus of Basilicata are very sparsely populated. health is an essential Constitutional right (art.32 from Italian Constitution: "la Repubblica tutela la salute come Besides that, Italian landscape is full of protected areas in order to guarantee environmental conservation. The fondamentale diritto dell'individuo e interesse della collettività”) and disagreements related to wind farms noise consequence is that designers need to adapt wind farms layouts to these constraints, also because most are actually recurring.
    [Show full text]
  • ELENCO TELEFONIA FISSA E MOBILE Con PEC Per Internet
    MINISTERO DELLO SVILUPPO ECONOMICO COMUNICAZIONI Direzione Generale per i Servizi di Comunicazione Elettronica, di Radiodiffusione e Postali Viale America, 201 – 00144 ROMA Elenco delle autorizzazioni generali di cui al decreto legislativo 1 agosto 2003 n. 259 per il servizio di installazione e fornitura di reti pubbliche di comunicazione elettronica e per l’espletamento del servizio telefonico accessibile al pubblico (ex licenze individuali d.m. 25 novembre 1997) 03/07/2018 Sig la Num Rete - Im ero Provi Voce - Società Indirizzo Cap Città Regione Tipo di provvedimento Data Partita Iva PEC pie d’ord ncia Mobil gat ine e o 10993 S.r.l. Via Pontaccio, 20121 Milano (MI) Lombardia Autorizzazione generale per servizio 13/06/2008 14 telefonico accessibile al pubblico. G 350 13212040151 [email protected] AREA DI COPERTURA: Regione Lombardia. Voce 12H AG Hardturmstrasse 08005 Zurich Svizz Lombardia Autorizzazione generale per 10/01/2017 , 201 era l'installazione e fornitura di una rete G 588 pubblica di comunicazione [email protected] elettronica. AREA DI COPERTURA: Settimo Milanese. Rete 2 S.r.l. Loc. Ponte alla 52100 Arezzo (AR) Toscana Autorizzazione generale per servizio 05/08/2013 Chiassa, 330 telefonico accessibile al pubblico. AREA DI COPERTURA: Comune di DIGITALMEDIAITALIAS Z 437 01986800512 Arezzo, Monte Savino, Castiglion [email protected] Fiorentino, Cortona, San Giovanni Valdarno, Montevarchi Voce 2BITE S.r.l. Via Saragat, 24 67100 L'Aquila (AQ) Abruzzo Autorizzazione generale per servizio 14/03/2016 di installazione e fornitura di una rete pubblica di comunicazione M 551 01610050666 [email protected] elettronica. AREA DI COPERTURA: Abruzzo, Marche, Lazio, Molise Rete 3P SYSTEM Via Matteotti, 3 30032 Fiesso (VE) Veneto Autorizzazione generale per servizio 17/05/2016 S.r.l.
    [Show full text]
  • Financial Information at September 30, 2020
    FINANCIAL INFORMATION AT SEPTEMBER 30, 2020 This document has been translated into English for the convenience of the readers. In the event of discrepancy, the Italian language version prevails. CONTENTS HIGHLIGHTS __________________________________________________________________________________ 3 INTRODUCTION _______________________________________________________________________________ 7 MAIN CHANGES IN THE SCOPE OF CONSOLIDATION OF THE TIM GROUP _____________________________ 8 RESULTS OF THE TIM GROUP FOR THE FIRST NINE MONTHS OF 2020 ________________________________ 9 RESULTS OF THE BUSINESS UNITS _____________________________________________________________ 14 AFTER LEASE INDICATORS _____________________________________________________________________ 18 BUSINESS OUTLOOK FOR THE YEAR 2020 _______________________________________________________ 19 EVENTS SUBSEQUENT TO SEPTEMBER 30, 2020 __________________________________________________ 19 MAIN RISKS AND UNCERTAINTIES ______________________________________________________________ 19 ATTACHMENTS ______________________________________________________________________________ 21 TIM GROUP – FINANCIAL HIGHLIGHTS ___________________________________________________________ 21 TIM GROUP – RECLASSIFIED STATEMENTS _______________________________________________________ 22 SEPARATE CONSOLIDATED INCOME STATEMENTS OF THE TIM GROUP _____________________________ 22 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF THE TIM GROUP ____________________ 23 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
    [Show full text]
  • Wind Tre S.P.A
    http://www.oblible.comOFFERING MEMORANDUM Wind Tre S.p.A. 13OCT201721560609 E2,250,000,000 Senior Secured Floating Rate Notes due 2024 E1,625,000,000 25⁄8% Senior Secured Notes due 2023 E1,750,000,000 31⁄8% Senior Secured Notes due 2025 $2,000,000,000 5% Senior Secured Notes due 2026 Wind Tre S.p.A., a joint stock company (societa` per azioni) incorporated and existing under the laws of the Republic of Italy (‘‘Italy’’), having its registered office at Via Leonardo da Vinci, 1, Trezzano sul Naviglio, Milan, Italy (‘‘Wind Tre’’ or the ‘‘Issuer’’), is offering (the ‘‘Offering’’) (i) A2,250 million aggregate principal amount of euro-denominated Senior Secured Floating Rate Notes due 2024 (the ‘‘Floating Rate Notes’’), (ii) A1,625 million aggregate principal amount of euro-denominated 25⁄8% Senior Secured Notes due 2023 (the ‘‘2023 Fixed Rate Euro Notes’’), (iii) A1,750 million aggregate principal amount of euro-denominated 31⁄8% Senior Secured Notes due 2025 (the ‘‘2025 Fixed Rate Euro Notes,’’ and together with the 2023 Fixed Rate Euro Notes, the ‘‘Fixed Rate Euro Notes,’’ and the Fixed Rate Euro Notes together with the Floating Rate Notes, the ‘‘Euro Notes’’), and (iv) $2,000 million aggregate principal amount of U.S. dollar-denominated 5% Senior Secured Notes due 2026 (the ‘‘Dollar Notes,’’ together with the Fixed Rate Euro Notes, the ‘‘Fixed Rate Notes,’’ and the Floating Rate Notes, together with the Fixed Rate Notes, the ‘‘Notes’’). Interest on the Floating Rate Notes will accrue at a rate per annum, reset quarterly, equal to three-month EURIBOR (subject to a 0% floor) plus 275 basis points.
    [Show full text]
  • Operátor Stát MTN Afghanistan Afghanistan Afghan Wireless
    Operátor Stát MTN Afghanistan Afghanistan Afghan Wireless Communications Company Afghanistan Etisalat Afghanistan Telecom Development Company Limited Afghanistan Telekom Albania Sh.A Albania ALBtelecom sh.a. Albania Vodafone Albania Sh.A. Albania ATM Mobilis Algeria OPTIMUM TELECOM ALGERIE Spa Algeria Wataniya Algeria s.p.a. Algeria Andorra Telecom, S.A.U. Andorra Unitel Angola Angola Cable & Wireless Anguilla Anguilla APUA imobile (former APUA PCS Ltd.) Antigua and Barbuda Cable & Wireless Antigua Antigua and Barbuda TELECOM ARGENTINA S.A Argentina AMX Argentina S.A. Argentina NII Holdings, Inc. (Nextel Argentina S.R.L.) Argentina Telefonica Moviles Argentina S.A. Argentina VEON Armenia CJSC Armenia MTS Armenia CJSC Armenia Karabakh Telecom Armenia New Millennium Telecom Services NV Aruba Servicio di Telecomunicacion di Aruba (SETAR) N.V. Aruba Telstra Corporation Limited Australia Yes Optus Australia Vodafone Hutchison Australia Pty Limited Australia Hutchison Drei Austria GmbH Austria Hutchison Drei Austria GmbH Austria A1 Telekom Austria AG Austria T-Mobile Austria GmbH Austria A1 Telekom Austria AG Austria A1 Telekom Austria AG Austria T-Mobile Austria GmbH Austria Azercell Telekom B.M. Azerbaijan Azerfon LLC Azerbaijan Bakcell LLC Azerbaijan BTC Bahamas Bahamas Bahrain Telecommunication Company Bahrain Zain Bahrain B.S.C Bahrain Viva Bahrain Robi Axiata Limited Bangladesh Banglalink Digital Communications Ltd. Bangladesh GrameenPhone Limited Bangladesh Teletalk Bangladesh Limited Bangladesh Cable & Wireless Barbados Barbados Mobile TeleSystems Belarus Belarusian Telecommunications Network CJSC Belarus FE VELCOM Belarus Telenet Group BVBA/SPRL Belgium Telenet Group BVBA/SPRL Belgium Orange Belgium SA/NV Belgium Proximus PLC (former Belgacom SA/NV) Belgium Belize Telemedia Limited Belize Etisalat Benin Benin Spacetel-Benin S.A.
    [Show full text]
  • Business Highlights
    Business Highlights 3 Hong Kong, 3 Sweden, 3 Denmark and Italy’s Hutchison Ports announces US$730 million Wind Tre launch 5G service in their respective investment in collaboration with Egyptian Navy to markets. develop new container terminal in Abu Qir, Egypt. A.S. Watson Group (“ASW”) has transformed part ASW signs its first-ever franchise agreement with of its Watsons Water plant in Hong Kong into dust- Al-Futtaim and opens its first store in the Middle free clean room for producing own brand face East at the Dubai Mall. masks to cope with the unstable global supply during the COVID-19 pandemic. In Mainland China, Hutchison Ports Yantian achieves new monthly throughput record of over Polynoma LLC, a US subsidiary of CK Life Sciences 1.46 million TEU. engaging in the research of cancer vaccines, is granted Fast Track designation by the US Food and Husky Energy and Cenovus Energy announce to Drug Administration (“US FDA”) for seviprotimut-L combine their businesses and create the third for the adjuvant treatment of post-resection Stage largest Canadian oil and natural gas producer and IIB/IIC melanoma patients to improve recurrence- the second largest Canadian-based refiner and free survival. upgrader. The transaction is completed on 1 January 2021. Vodafone Hutchison Australia and TPG Corporation Limited complete the merger and the new company, TPG Telecom Limited, starts trading on the Australian Security Exchange on 14 July. 3 8 CK Hutchison Holdings Limited CK Hutchison Group Telecom sells its European Hutchison Ports Stockholm’s new container tower assets and businesses to Cellnex for terminal at Norvik Port in Sweden commences €10 billion.
    [Show full text]
  • Carta Intestata Wind Tre S.P.A
    Milan, May 29th 2019 ANNOUNCEMENT 1. VOLUNTARY ANNOUNCEMENT OF CK HUTCHISON HOLDINGS LIMITED IN RELATION TO 2019 FIRST QUARTER RESULTS OF WIND TRE S.P.A. 2. BOND ACQUISITION BY CK HUTCHISON HOLDINGS LIMITED Wind Tre S.p.A. (the “Company” and, together with its subsidiaries, the “Group”) has noted that CK Hutchison Holdings Limited, (“CKHH” and, together with its subsidiaries, the “CKHH Group”) of which the Company is an indirect subsidiary, has made a voluntary announcement in relation to the 2019 first quarter results of the Group on its website as follows: Wind Tre S.p.A. con Socio Unico - Direzione e Coordinamento VIP-CKH Luxembourg S.à r.l. Sede Legale: Largo Metropolitana, 5 – 20017 Rho (MI) Italia - Reg. Imp/C.F.: 02517580920 Partita IVA: 13378520152 - RAEE IT08020000002813 – Cap. sociale EURO 474.303.795,00 i.v. Milan, May 29th 2019 The Company has also been informed that since 31 December 2018, CKHH, through a wholly-owned subsidiary, has acquired €118 million in aggregate principal amount of the Company’s €1,625,000,000 2.625% senior secured notes due 2023 (the “Notes Due 2023”), €125 million in aggregate principal amount of the Company’s €2,250,000,000 senior secured floating rate notes due 2024 (the “Notes Due 2024”), €103 million in aggregate principal amount of the Company’s €1,750,000,000 3.125% senior secured notes due 2025 (the “Notes Due 2025”) and US$149 million in aggregate principal amount of the Company’s US$2,000,000,000 5.000% senior secured notes due 2026 (the “Notes Due 2026”), thereby bringing the total acquisition by CKHH Group of bonds issued by the Company to €206 million in aggregate principal amount of the Notes Due 2023, €349 million in aggregate principal of the Notes Due 2024, €277 million in aggregate principal amount of the Notes Due 2025 and US$306 million in aggregate principal amount of the Notes Due 2026.
    [Show full text]
  • Solid Foundation Fosters Long-Term Development
    20 1 7 Annual Report Solid Foundation Fosters Long-term Development 22nd Floor, Hutchison House, 10 Harcourt Road, Hong Kong Telephone: +852 2128 1188 2017 Annual Report Facsimile: +852 2128 1705 www.ckh.com.hk WorldReginfo - 7a0610cc-4251-4d12-8195-61d40b71508e Corporate Information CK Hutchison Holdings Limited BOARD OF DIRECTORS EXECUTIVE DIRECTORS NON-EXECUTIVE DIRECTORS Chairman CHOW Kun Chee, Roland, LLM LI Ka-shing, GBM, KBE, LLD (Hon), DSSc (Hon) CHOW WOO Mo Fong, Susan, BSc Commandeur de la Légion d’Honneur Grand Officer of the Order Vasco Nunez de Balboa LEE Yeh Kwong, Charles, GBM, GBS, OBE, JP Commandeur de l’Ordre de Léopold LEUNG Siu Hon, BA (Law) (Hons), LL.D. (Hon) Group Co-Managing Director and George Colin MAGNUS, OBE, BBS, MA Deputy Chairman LI Tzar Kuoi, Victor, BSc, MSc, LLD (Hon) INDEPENDENT NON-EXECUTIVE DIRECTORS Group Co-Managing Director KWOK Tun-li, Stanley, BSc (Arch), AA Dipl, LLD (Hon), ARIBA, MRAIC FOK Kin Ning, Canning, BA, DFM, FCA (ANZ) CHENG Hoi Chuen, Vincent, GBS, OBE, JP Frank John SIXT, MA, LLL The Hon Sir Michael David KADOORIE, GBS, LLD (Hon), DSc (Hon) Group Finance Director and Deputy Managing Director Commandeur de la Légion d’Honneur Commandeur de l’Ordre des Arts et des Lettres IP Tak Chuen, Edmond, BA, MSc Commandeur de l’Ordre de la Couronne Deputy Managing Director Commandeur de l’Ordre de Leopold II (William Elkin MOCATTA, FCA as his alternate) KAM Hing Lam, BSc, MBA Deputy Managing Director LEE Wai Mun, Rose, JP, BBA LAI Kai Ming, Dominic, BSc, MBA William SHURNIAK, S.O.M., M.S.M., LLD
    [Show full text]
  • Wind Park Extension Becomes Vestas' First Merchant Project in Italy
    Page 1 of 2 News release from Vestas Mediterranean Madrid, 24 June 2019 Wind park extension becomes Vestas’ first merchant project in Italy Vestas has signed an 18 MW contract with VRG Wind 060 for the extension of the Mazara del Vallo wind park in Sicily, Italy. Utilising Vestas’ industry-leading technology and the operation data from the site’s existing wind turbines to boost energy production and mitigate production uncertainties, Vestas and the customer have developed a solution and business case that will be commercially viable without any direct financial support, selling electricity on merchant market terms. The order includes the supply and installation of six V126-3.45 MW turbines delivered in 3.0 MW Load Optimised Mode, adding to the customer’s 48 MW of Senvion turbines already installed at the site. Alberto Musso, CEO of VRG Wind 060, says: “Our merchant project, one of the first ones in the Italian wind sector, leverages on the following positive drivers: a wind farm in operation since 2008 mitigates energy production uncertainties, a new financing scheme which foresees such extension and Vestas’ state-of-the-art technology, which will allow us to better harness wind resources with larger rotors and modern wind turbines. We appreciated Vestas’ team for their competences and effort to finalise the agreements in a very short timeframe”. “This merchant project underlines how a tailored technical solution and leveraging our market experience and project finance expertise enable a highly competitive business case for our customer. As one of Italy’s first merchant projects, it confirms wind energy’s increasing competitiveness and represents a great step on the country’s transition towards renewable energy that we are very proud to be part of”, says Rainer Karan, Vestas Vice President of Sales for Southern Europe and Turkey.
    [Show full text]
  • Profile Maximo Ibarra
    Profile Maximo Ibarra Maximo Ibarra is renowned for his experience in digitalization, marketing and customer centricity. Ibarra previously worked for the Italian company Wind Telecommunications where he served as CEO from 2012 onwards. From 2016, as CEO of Wind Tre, he was responsible for the integration of the 50/50 joint venture between the Italian telecommunications activities of VEON (Wind Telecommunications) and CK Hutchison (3 Italia). Wind Tre, with approximately € 6.5 billion in revenues, serves more than 30 million mobile customers and 2.8 million fixed line customers. Ibarra joined Wind Telecommunications in 2004, and served in a number of leadership roles until his appointment as CEO in 2012. Prior to joining Wind Telecommunications, Ibarra held several leadership and commercial positions at a number of companies including Benetton, FIAT and DHL. In the early days of his career he held several marketing‐related roles at Vodafone Italy and Telecom Italia. Ibarra has studied politics and economics at the University of Rome 'La Sapienza', Italy. He also attended various postgraduate courses at leading academic institutions (London Business School, INSEAD, Singularity University, STOA’ Business School). In addition, he is Professor of Marketing and Digital Marketing at the Luiss University & Business School in Rome. Ibarra (48) has the Colombian and Italian nationality, and is fluent in English, Italian and Spanish. He is married and has a daughter. CV: 2016 – 2017 CEO of Wind Tre 2012 – 2016 CEO & Managing Director of Wind Telecommunications
    [Show full text]
  • Carta Intestata Wind Tre S.P.A
    Milan, August 1tst 2019 ANNOUNCEMENT 2019 INTERIM RESULTS OF CK HUTCHISON HOLDINGS LIMITED Wind Tre S.p.A. (the “Company” and, together with its subsidiaries, the “Group”) has noted that CK Hutchison Holdings Limited, of which the Company is an indirect wholly owned subsidiary (“CKHH” and, together with its subsidiaries, the “CKHH Group”) has announced on its website the annual results of the CKHH Group for the six months ended 30 June 2019, which include financial information relating to the results of the Group as shown below: CKHH Chairman’s Statement In July 2019, CKHH Group formed a new wholly-owned telecommunication holding company, CK Hutchison Group Telecom Holdings (“CK Hutchison Telecom”), which consolidates CKHH Group’s European operations and HTHKH under one holding entity, providing a diversified telecommunication asset platform across eight geographical locations. The CK Hutchison Telecom Group will refinance all the existing external debt of Wind Tre of approximately €10 billion and be separately rated with an expected investment grade rating from all three credit rating agencies. Correspondingly, the CK Hutchison Telecom Group will also set up a new telecommunication infrastructure company, CK Hutchison Networks Holdings (“CK Hutchison Networks”) which will group the 28,500 tower asset interests into a separately managed wholly-owned subsidiary of CK Hutchison Telecom. The new organization structure and the refinancing transaction will allow CKHH Group to generate significant financing cost savings from 2020 onwards, as well as rationalize its investments in light of the expected need for harmonization of network, IT platform, and infrastructure configurations to meet new transnational business opportunities going forward.
    [Show full text]