DOCSLIB.ORG

Interim Management Report As at 30 September 2015

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Interim Management Report As at 30 September 2015 INTERIM MANAGEMENT REPORT AS AT 30 SEPTEMBER 2015 Milan, 12 November 2015 SNAI S.p.A. Registered Office in Porcari (Lucca) – via L. Boccherini 39 – Share Capital Euro 60,748,992.20 fully paid in Tax Code 00754850154 - VAT no. 01729640464 Register of Companies in Lucca and Lucca REA no. 00754850154 DA AGGIORNARE Interim Management Report as at 30 September 2015 ♦ Corporate Bodies and Auditing Firm of SNAI S.p.A. Page 3 ♦ Comment on the main KPIs for the period Page 4 ♦ Remarks of the Board of Directors on the performance of operations, business outlook and progress of the business plan Page 6 Remarks on the game and bets performance for the period up to 30 September 2015 Page 6 Business outlook Page 6 Progress of the business plan Page 6 ♦ Material events in the third quarter 2015 Page 7 Events related to the Board of Directors Page 7 New developments to the case related to the SIS S.r.l. operator in liquidation Page 7 Signature of the agreement for the merger of the Cogemat/Cogetech Group with the SNAI Group, resolution on SNAI's share capital increase and signature of the transfer deed for the acquisition of the Cogemat/Cogetch Page 8 Issue of a non-convertible, guaranteed, senior bond loan Page 8 ♦ Events occurred after the period Page 8 ♦ SNAI Group – Condensed interim consolidated financial statements as at 30 September 2015 Page 9 Consolidated Comprehensive Income Statement in the first nine months of 2015 Page 10 Consolidated Comprehensive Income Statement of the third quarter of 2015 Page 11 Consolidated Balance Sheet as at 30 September 2015 Page 12 Statement of Changes in Consolidated Shareholders' Equity as at 30 September 2015 Page 13 Consolidated Cash Flow Statement Page 14 Explanatory Notes to the condensed interim consolidated financial statements Page 15 Relevant accounting policies Page 15 Agreements for services licensed Page 17 Operating sectors Page 18 Business combination Page 20 Notes on the main items of the consolidated comprehensive income statement Page 23 Notes to the main items of the consolidated balance sheet Page 30 Schedule 1: Composition of the SNAI Group as at 30 September 2015 Page 65 SNAI Group: Interim Management Report as at 30 September 2015 - Condensed Interim Consolidated Financial Statements 2 CORPORATE BODIES AND AUDITING FIRM OFSNAI SPA Board of Directors (in office from the Shareholders' Meeting held on 26 April 2013 until the Shareholders' Meeting that will approve the financial statements for period ending 31 December 2015) Chairman and Managing Director Gabriele Del Torchio* Directors Stefano Campoccia **/**** Mara Caverni **/**** Giorgio Drago Nicola Iorio Enrico Orsenigo Massimo Perona Roberto Ruozi *** Mauro Pisapia Barbara Poggiali *** Chiara Palmieri *** Tommaso Colzi Marcello Agnoli **/**** Carlo Gagliardi* The Director in charge of the preparation of the corporate accounting documents Marco Codella Board of Statutory Auditors (in office from the Shareholders' Meeting held on 29 April 2014 until the Shareholders' Meeting that will approve the financial statements for period ending 31 December 2016) Chairman MariaTeresa Salerno Standing Auditors Massimo Gallina Maurizio Maffeis Auditing Firm (Mandate granted by the Shareholders' Meeting held on 15 May 2007 for a term of 9 years) Reconta Ernst & Young S.p.A. * Appointed at the Shareholders' Meeting held on 28 September 2015 until the Shareholders' Meeting held to approve the financial statements for the period ending 31 December 2015. ** Members of the Control and Risk Committee chaired by Stefano Campoccia. *** Members of the Compensation Committee chaired by Roberto Ruozi. **** Members of the Related Parties Committee chaired by Mara Caverni. SNAI Group: Interim Management Report as at 30 September 2015 - Condensed Interim Consolidated Financial Statements 3 Comment on the main KPIs for the period Total revenues of the Group, including operating and other revenues, reported around 2.4% increase, from Euro 393.9 million in the first nine months of 2014 to Euro 403.3 million in the first nine months of 2015. Revenues from sales and services amounted to Euro 374.4 million in the first nine months of 2015, compared to Euro 393.3 million in the first nine months of 2014, with 4.8% decrease attributable to the combined effect of the increased revenues from the Gaming Machines (AWPs and VLTs) segment and from Società Trenno S.r.l., offset by the decrease in revenues from sports betting. Revenues from sports betting decreased, compared to the first nine months of the previous year, mainly due to a particularly high payout, which came to 82% against 77.2% reported in the first nine months of 2014, thus comparing a desk/counter result in 2014, which was better than the historical average, and a particularly unfavourable result in 2015 (albeit in the presence of a better performance than the market average). To the above, the effect of lower wagers is to be added, also due to some critical issues still present and linked to a portion of the distribution network connected with the non-operating gaming points of the company SIS at end of July. The above critical issues are being solved with both the execution, on 22 July 2015, of a lease agreement envisaging the future purchase of SIS's business unit by SNAI Rete Italia S.r.l. and then the re-opening of 54 out of 55 shops envisaged in the agreement itself. It should be noted that the above had a negative impact on wagers of the physical channel, while on-line wagers totalled Euro 122.1 million, compared to Euro 99.8 million recorded in the same period of 2014, up by 22.3%. On-line wagers percentage over total amounts is 24.1%. Other revenue and income increased from Euro 0.6 million in the first nine months of 2014 to Euro 28.9 million in the first nine months of 2015, up by Euro 27.5 million due to the amicable settlement of the dispute between SNAI S.p.A. on the one side, and Barcrest Group Limited, The Global Draw Limited and their parent company Scientific Games Corporation on the other side. Revenues from AWPs increased due to an increased average number of machines in operation and a higher number of average coin-in, while for VLTs, an increase in revenues was reported mainly resulting from the decrease in payout of games (-0.4% compared to the same period of the previous year), as well as the moving and better performance of gaming terminals occurred last year and continued during the first nine months of this year. The betting on virtual events generated a direct collection of Euro 192.3 million and revenues of Euro 26 million against wagers amounting to Euro 262.5 million and revenues of Euro 33.4 million in the same period last year. This decrease was also attributable to the aforesaid temporary shutdown of some sales points. Group EBITDA in the first nine months of 2015 amounted to Euro 56.5 million as compared to Euro 81.2 million in the first nine months of 2014, down by 30.4%. In the first nine months of 2015, a positive effect is reported in relation to non-recurring costs and revenues, which amounted to Euro 20.7 million, against a negative effect of Euro 2 million incurred in the same period of the previous year. It is worth noting that non-recurring revenues, amounting to Euro 27.5 million, were related to the above- mentioned transaction. In the third quarter of 2015, total revenues amounted to Euro 120.5 million, -7.5% compared to the third quarter of 2014, while EBITDA came to Euro 16.9 million (-35.8% compared to Euro 26.4 million in the third quarter 2014). In the same period, EBITDA Adj amounted to Euro 19.2 million, against Euro 29.8 million in the third quarter 2014 (-35.7%). The key performance indicators of the Group's performance are shown in the following table (in thousands of Euro, with the exception of amounts per share). • KPIs First nine months Change III quarter Change amounts in thousands of Euro 2015 2014 € % 2015 2014 € % Total revenues 403,305 393,917 9,388 2.4 120,494 130,226 (9,732) (7.5) EBITDA 56,481 81,158 (24,677) (30.4) 16,918 26,371 (9,453) (35.8) EBITDA Adj 59,589 86,626 (27,037) (31.2) 19,167 29,812 (10,645) (35.7) EBIT 35,111 35,323 (2,212) (6.3) (371) 11,996 (12,367) >100 Profit/(loss) before taxes (9,165) (9,845) 680 6.9 (15,122) (2,549) (12,573) >100 Net profit (loss) (13,999) (9,943) (4,056) (40.8) (14,333) (2,971) (11,362) >100 Diluted earnings/(loss) per share (0.12) (0.09) (0.03) (33.3) (0.12) (0.03) (0.09) >100 EBITDA was influenced by the following non-recurring costs incurred for operating purposes (Note 36 shows the non- recurring revenues and costs as envisaged under Consob Resolution No. 15519 of 27.07.2006): SNAI Group: Interim Management Report as at 30 September 2015 - Condensed Interim Consolidated Financial Statements 4 thousands of Euro First nine months of 2015 Non-recurring revenues and costs Active trading (28,024) Costs related to active trading 2,074 Costs related to non-recurring consultancies 930 Allocation to the provision for doubtful debts 2,500 Administrative fines and taxes for PREU 107 Losses on settlement of disputes 997 Leaving incentives 692 Impact on EBITDA (20,724) Group EBIT in the first nine months of 2015 was Euro 33.1 million as compared to Euro 35.3 million in the first nine months of last year.
Load more

Recommended publications
  • 15-GEN-2016 Diffusione 11/2015: 141.637 Da Pag
    Dati rilevati dagli Enti certificatori o autocertificati Tiratura 11/2015: 195.317 15-GEN-2016 Diffusione 11/2015: 141.637 da pag. 25 Lettori Ed. II 2015: 957.000 foglio 1 / 2 Quotidiano - Ed. nazionale Dir. Resp.: Roberto Napoletano www.datastampa.it Dati rilevati dagli Enti certificatori o autocertificati Tiratura 11/2015: 195.317 15-GEN-2016 Diffusione 11/2015: 141.637 da pag. 25 Lettori Ed. II 2015: 957.000 foglio 2 / 2 Quotidiano - Ed. nazionale Dir. Resp.: Roberto Napoletano www.datastampa.it Dati rilevati dagli Enti certificatori o autocertificati Tiratura 11/2015: 142.594 15-GEN-2016 Diffusione 11/2015: 77.281 da pag. 20 Lettori Ed. II 2015: 473.000 foglio 1 / 2 Quotidiano - Ed. nazionale Dir. Resp.: Alessandro Sallusti www.datastampa.it Dati rilevati dagli Enti certificatori o autocertificati Tiratura 11/2015: 142.594 15-GEN-2016 Diffusione 11/2015: 77.281 da pag. 20 Lettori Ed. II 2015: 473.000 foglio 2 / 2 Quotidiano - Ed. nazionale Dir. Resp.: Alessandro Sallusti www.datastampa.it RASSEGNA WEB ANSA.IT Data pubblicazione: 14/01/2016 ANSA ENGLISH EDITIONS Mediterraneo NuovaEuropaHiQPdf Evaluation 01/14/2016 Follow us: Click & Go to Business Search ANSA.it General News Politics Business Science&Technology LifeStyle Sport Vatican World Photo Jubilee TRENDING ANSA.it English Business Wind-3 merger creates 33.8% market share Wind-3 merger creates 33.8% market share PosteMobile growth doubled, to reach 3.4% market share Redazione ANSA MILAN 14 January 2016 16:23 NEWS Suggerisci Facebook LATEST NEWS Twitter 18:08 A gentleman's fashion
    [Show full text]
  • Websoft Software & Web Companies
    LE MAGGIORI TELCO MONDIALI (2015-2020) Milano, 22 ottobre 2020 HIGHLIGHTS: LE TELCO MONDIALI PRE E POST COVID COVID-19: un vero stress test per la tenuta del settore delle telco, con l’esplosione del traffico dati e lo spostamento dei picchi dai centri città alle zone residenziali. In Italia: +75,5% i valori medi mensili di traffico dati giornaliero nel fisso e +74,9% nel mobile tra marzo e maggio 2020; l’incremento del consumo dati su device mobili è stato più alto nelle aree con i più limitati tassi di penetrazione delle reti fisse residenziali Si conferma la resilienza delle telco durante la pandemia, nonostante l'aumento dei volumi di traffico abbia avuto impatti limitati sui conti del Gli impatti settore, vista l’ampia diffusione di offerte in bundle: nel 1H 2020 il fatturato aggregato dei 30 principali operatori mondiali si è contratto del 2% del Covid e il risultato netto dell’1,4%, con impatti minori in Cina (ricavi a +1,3% e utili a +0,6%) e maggiori in USA (ricavi a -5,5% e utili a -6,6%). Sempre nel 1H 2020 i ricavi da servizi voce sono scesi dell’1,7% e le vendite di dispositivi (che rappresentano il 10% del turnover complessivo) sono calate dell’11,4% Secondo IDC i ricavi globali del settore per l’intero 2020 sono previsti in calo dell’1,4%, con divari piuttosto contenuti a livello di singola area geografica: -2,1% nella regione EMEA, -1,7% in Asia/Pacifico e -0,5% nelle Americhe Nel 2019 i ricavi aggregati delle 30 principali telco mondiali sono cresciuti di +0,8% sul 2018 e di +7,6% sul 2015; un risultato modesto se paragonato all’impetuoso +84,8% segnato dai giganti del WebSoft (excl retail); la performance delle 10 maggiori telco europee è inferiore, con ricavi ancorati ai livelli del 2015 L’ebit margin è stabile nel quinquennio 2015-2019 a quota 15%, quasi la metà rispetto al 27,1% delle WebSoft (excl retail).
    [Show full text]
  • Ballata Per Genova Tomorrow Genoa Will Get a Warm Embrace from Over 12,000 People Gathered in Piazzale Kennedy for an Evening Of
    Ballata Per Genova Tomorrow Genoa will get a warm embrace from over 12,000 people gathered in Piazzale Kennedy for an evening of great entertainment and solidarity Genoa, Italy – 14 June 2019 – Over 12,000 people will gather in Piazzale Kennedy to give Genoa a warm embrace and to enjoy great entertainment, but also in a display of solidarity with the Ligurian capital, struck just ten months ago by the immense tragedy of Ponte Morandi. Broadcast live on Rai 1 and Rai Radio 1 – beginning at 21:20 – ”Ballata per Genova" is promoted by MSC Foundation of the MSC Group in collaboration with the Liguria Region and the Municipality of Genoa, and produced by "Arcobaleno Tre" and Rai 1, with the aim of returning to the city of the Lantern its natural role as a city looking to the world, and to celebrate all together its great beauty, also as an international tourist destination, underlining the extraordinary ability to respond that it demonstrated with the collapse of the bridge. With several special talented hosts, the evening will include some of the most well-known and much-loved faces of Italian TV alternating on stage: Amadeus and Antonella Clerici, along with Luca and Paolo and Lorella Cuccarini. It will be an evening in which Italy will symbolically embrace Genoa in a mosaic of words, sounds, dance, moments of reflection and fun, paying homage to the Ligurian capital, a city of unmistakable charm and a glorious past marked by profound popular identity. The cast includes numerous Italian music stars: the class and elegance of GINO PAOLI with DANILO REA, CRISTIANO DE ANDRÈ, the sole and great heir to the musical heritage of his father, the pop of GIGI D'ALESSIO, RAF and UMBERTO TOZZI, and for the younger spectators ARISA, THE KOLORS, ELODIE, IRAMA.
    [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]
  • 2018 FORM 20-F TIM S.P.A
    2018 FORM 20-F TIM S.p.A. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ‘ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2018 OR ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from N/A to N/A OR ‘ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission file number 1-13882 TIM S.p.A. (Exact name of Registrant as specified in its charter) Italy (Jurisdiction of incorporation or organization) Via Gaetano Negri 1, 20123 Milan, Italy (Address of principal executive offices) Piergiorgio PELUSO Head of Administration, Finance and Control TIM S.p.A. Corso d’Italia, 41, 00198 Rome, Italy +39.06.36.88.1 Carola Bardelli Head of Investor Relations TIM S.p.A. Corso D’Italia 41, 00198 Rome, Italy +39.06.36.88.1 [email protected] (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered American Depositary Shares, each representing 10 Ordinary Shares (the “Ordinary Share ADSs”) The New York Stock Exchange Ordinary Shares (the “Ordinary Shares”) The New York Stock Exchange* American Depositary
    [Show full text]
  • Elenco Delle Aziende Creditrici Che Dispongono Addebiti Diretti SEPA Per Le Quali La Commissione Di Addebito È Gratuita - Ed
    ELENCO DELLE AZIENDE CREDITRICI CHE DISPONGONO ADDEBITI DIRETTI SEPA RELATIVI AD UTENZE PER LE QUALI LA COMMISSIONE DI ADDEBITO È GRATUITA I tre asterischi (***) all’interno del Creditor Identifier comprendono qualunque combinazione di valori utilizzata dall’azienda. CREDITOR IDENTIFIER RAGIONE SOCIALE DA IT25***0000003925910618 2G ENERGIA S.R.L. Luglio 2017 IT91***0000005282870657 4G ENERGIA S.R.L. Marzo 2018 IT75***0000001900420223 A.C.S.M. TRADING S.R.L. Maggio 2017 IT62***0000086501290018 A.E.M. CHIOMONTE Maggio 2016 IT44***0000004245030285 A.F. ENERGIA S.R.L. Gennaio 2016 IT60***0000003013930247 A.I.M. ENERGY S.R.L Marzo 2021 IT68***0000001937820833 A.M.A.M. S.P.A. Gennaio 2016 IT11***0000002189860063 A.M.C. ENERGIA S.R.L. Maggio 2016 IT07***0000001639620069 A.M.C. S.P.A. Maggio 2016 IT82***0000000457550432 A.P.M. AZIENDA PLURISERVIZI MACERATA S.P.A. Gennaio 2016 IT24***0000006534031213 ARGOSID NETWORK Agosto 2018 IT81***0000000488430109 A.R.T.E. GENOVA EX IACP Gennaio 2016 IT02***0000002480540125 A2A S.P.A. Gennaio 2016 IT17***0000011957540153 A2A S.P.A. Gennaio 2016 IT76***0000002934390929 ABBANOA S.P.A. Gennaio 2016 IT58***0000007679350632 ABC NAPOLI AZIENDA SPECIALE Gennaio 2016 IT58***0000003308940166 ABENERGIE S.P.A. Gennaio 2016 IT31***0000001318460688 ACA S.P.A. Gennaio 2016 IT54***0000000213810112 ACAM ACQUE S.P.A. Gennaio 2016 IT14***0000001146130115 ACAM CLIENTI S.P.A. Gennaio 2016 IT76***0000002081881209 ACANTHO S.P.A. Dicembre 2017 IT07***0000000465790186 ACAOP S.P.A. Gennaio 2016 IT34***0000001883740647 ACCA SOFTWARE S.P.A. Gennaio 2016 IT66***0000005848061007 ACEA ATO2 Giugno 2016 IT50***0000002267050603 ACEA ATO 5 S.P.A.
    [Show full text]
  • Postemobile Debutta Nella Telefonia Fissa
    PosteMobile sconta l'opzione Internet Mobile 10GB a 9,90 euro/mese 03 Aprile 2017 Mobile 10GB in 4G a 9,90€ al mese con PosteMobile Da Ilaria Rosella Pagliaro 03/04/2017 PosteMobile CREAMI GIGA 5: 5GB e 1000 Credit a 12 euro RASSEGNA WEB ANDROIDWORLD.IT Data pubblicazione: 07/04/2017 Link al Sito Web HiQPdf Evaluation 04/07/2017 L smart mobile android q RECENSIONI SCHEDE TECNICHE SMARTPHONE SMARTWATCH TABLET APP GIOCHI GUIDE VIDEO FORUM BRAND TREND SMIGLIORI APP ANDROID SGALAXY S8 SLG G6 SHUAWEI P10 OPERATORI PosteMobile vi fa prenotare Galaxy S8 e S8+ già dal 10 aprile y CONDIVIDI SU FACEBOOK o v Vezio Ceniccola y · 07/04/2017 ore 18:19 I nuovi Samsung Galaxy S8 e S8+ non sono ancora realmente sbarcati sul mercato italiano, ma la febbre per averli sembra aver già contagiato tutti, compresi gli operatori virtuali. PosteMobile offre l’opportunità di prenotarli in anteprima già a partire dal prossimo 10 aprile. Per farlo, basterà recarsi in un uf cio postale o in un Corner PosteMobile e procedere all’ordine, con il dispositivo che arriverà successivamente a domicilio. Per adesso non è ancora chiaro quando partiranno le spedizioni. Il pagamento può essere effettuato in unica soluzione o a rate, ed il prezzo rimane quello standard: 829€ per S8 e 929€ per S8+. Per chi volesse utilizzare la formula con pagamento rateale, per S8 è previsto un anticipo di 139€ e 30 rate mensili da 23€, mentre per S8+ l’anticipo sarà di 149€ più 30 rate mensili da 26€. LEGGI ANCHE: Samsung Galaxy S8, la recensione Attenzione però, perché l’offerta di prenotazione è riservata solo ai nuovi clienti che attivano una SIM PosteMobile o ai già clienti che attivano una tra le offerte “Telefono X tutti” o “Telefono Facile“.
    [Show full text]
  • An HHI-Based Analysis of the H3G-Wind Merger Maurizio Naldi
    An HHI-based analysis of the H3G-Wind merger Maurizio Naldi To cite this version: Maurizio Naldi. An HHI-based analysis of the H3G-Wind merger. 2016. hal-01378358 HAL Id: hal-01378358 https://hal.archives-ouvertes.fr/hal-01378358 Preprint submitted on 10 Oct 2016 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. An HHI-based analysis of the H3G-Wind merger Maurizio Naldi Dept. of Computer Science and Civil Engineering, University of Rome Tor Vergata, Roma, Italy, [email protected], WWW home page: http://www.maurizionaldi.it Abstract. Mergers typically represent a cause of concern for possible consequences on the level of competition and the number of choices available to customers. The recently approved merger between Wind and H3G, Italian subsidiaries respectively of Vimpelcom and Hutchison Whampoa, makes no exception. In this paper an analysis of the possible consequences of that merger is reported, by employing the Herfindahl- Hirschman Index as a measure of concentration. It is shown that the Italian mobile telecommunications market would be further pushed into a high concentration situation by the merger, and the entry of Iliad, pro- posed by the would-be merging companies as a remedy measure, would bring the HHI back to its pre-merger value just if Iliad would take a market share larger than 9.46%.
    [Show full text]
  • Hutchison / Wind Tre Regulation
    EUROPEAN COMMISSION DG Competition Case M.9041 - HUTCHISON / WIND TRE Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) in conjunction with Art 6(2) Date: 31/08/2018 In electronic form on the EUR-Lex website under document number 32018M9041 EUROPEAN COMMISSION Brussels, 31.8.2018 C(2018) 5870 final In the published version of this decision, some information has been omitted pursuant to PUBLIC VERSION Article 17(2) of Council Regulation (EC) No 139/2004 concerning non-disclosure of business secrets and other confidential information. The omissions are shown thus […]. Where possible the information omitted has been replaced by ranges of figures or a general description. To the notifying party: Subject: Case M.9041 - HUTCHISON/WIND TRE Commission decision pursuant to Article 6(1)(b) in conjunction with Article 6(2) of Council Regulation No 139/20041 and Article 57 of the Agreement on the European Economic Area2 Dear Sir or Madam, 1. INTRODUCTION (1) On 12 July 2018, the European Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 ("the Merger Regulation") by which CK Hutchison Holdings Limited ("Hutchison" or the "Notifying Party", Hong Kong) acquires within the meaning of Article 3(1)(b) of the Merger Regulation indirect sole control of the whole of Wind Tre S.p.A. ("Wind Tre", Italy) (the "New Transaction").3 The New Transaction is accomplished by way of purchase of shares. Hutchison and Wind Tre are hereinafter referred to as the "Parties".
    [Show full text]
  • Case M.7758-Hutchison 3G Italy / Wind / Jv
    EUROPEAN COMMISSION DG Competition CASE M.7758-HUTCHISON 3G ITALY / WIND / JV (Only the English text is authentic) MERGER PROCEDURE REGULATION (EC) 139/2004 Article 8(2) Regulation (EC) 139/2004 Date: 01/09/2016 This text is made available for information purposes only. A summary of this decision is published in all EU languages in the Official Journal of the European Union. Parts of this text have been edited to ensure that confidential information is not disclosed; those parts are enclosed in square brackets. EN EN EUROPEAN COMMISSION Brussels, 1.9.2016 C(2016) 5487 final Public Version COMMISSION DECISION of 1.9.2016 declaring a concentration to be compatible with the internal market (Case M.7758 – HUTCHISON 3G ITALY / WIND / JV) (Only the English text is authentic) EN EN TABLE OF CONTENTS 1. Introduction ................................................................................................................ 13 2. The operation and the concentration .......................................................................... 13 3. Union Dimension ....................................................................................................... 14 4. The procedure ............................................................................................................. 15 4.1. General procedure ...................................................................................................... 15 4.2. Referral request .........................................................................................................
    [Show full text]
  • 6310-DX Table of Contents
    6310-DX Table of Contents User Manual Package Contents.......................................................................................................................... 5 Hardware Features ....................................................................................................................... 8 Exchanging Power Tips...............................................................................................................11 Plug-In LTE Modem .....................................................................................................................12 Device Status LEDs......................................................................................................................14 Site Survey....................................................................................................................................17 Physical Installation ....................................................................................................................18 Default Settings ...........................................................................................................................20 Configuring Device......................................................................................................................21 Local Device Management.........................................................................................................22 Getting Started with Accelerated View™ .................................................................................25 Custom
    [Show full text]
  • 25-APR-2017 Diffusione: N.D
    Dati rilevati dagli Enti certificatori o autocertificati Tiratura: n.d. 25-APR-2017 Diffusione: n.d. da pag. 5 Lettori Ed. I 2016: 37.000 foglio 1 Quotidiano - Ed. Piemonte - Liguria Dir. Resp.: Luca Fiocchetti www.datastampa.it RASSEGNA WEB PIANETACELLULARE.IT Data pubblicazione: 17/05/2017 Link al Sito Web HiQPdf Evaluation 05/17/2017 Cerca tra smartphone, tablet, recensioni e notizie Cerca su Pianetacellulare Cerca NOTIZIE SCHEDE TECNICHE TROVA CELLULARE CONFRONTA TARIFFE DUAL SIM TABLET SMARTWATCH VIDEO ANDROID IOS WINDOWS GUIDE RECENSIONI APPLICAZIONI CONFRONTO TARIFFE IFA CES 2017 MWC TECNOLOGIA Home / Articoli / Operatori / PosteMobile Creami Revolution: 1000 credit e 7 Giga da 12 euro a rinnovo PosteMobile Creami Revolution: 1000 credit e 7 Giga da 12 euro a rinnovo L'offerta ricaricabile Creami Revolution di PosteMobile consente di utilizzare 1000 credit per chiamate, SMS e Internet e include 7GB di internet da smartphone e tablet ad un costo da 12 euro ogni quattro settimane. Scritto da Simone Ziggiotto, il 17/05/17 Add to Flipboard Magazine. Poste Mobile ha lanciato la nuova offerta ricaricabile Creami Revolution che consente Ultime notizie di utilizzare 1000 credit come si vuole per chiamate, SMS e Internet e include 7GB, che Apple Pay in Italia per corrispondono a 7168 credit, per navigare in acquistare in Negozi, App e internet da smartphone e tablet. Si puo web: Come funziona e si usa scegliere di pagare 12 euro ogni 4 settimane 18 minuti fa oppure 30 euro ogni 12 settimane, oppure 48 euro ogni 24 settimane. Instagram introduce Filtri per Volti, Gomma per Cancellare, ATTIVAZIONE.
    [Show full text]