Of the Ftse-Mib Companies
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Reports and Financial Statements 2014
REPORTS AND FINANCIAL STATEMENTS 2014 Report and Consolidated financial statements of the Bipiemme Group at 31 December 2014 Approved by the Supervisory Board on 17 March 2015 Co-operative Bank founded in 1865 Parent Company of the BPM - Banca Popolare di Milano – Banking Group Share capital at 31.12.2014: Euro 3,365,439,319.02 Milan Companies Register No. 00715120150 Enrolled on the National Register of Co-operative Companies No. A109641 Registered Office and General Management: Piazza F. Meda, 4 – Milan www.gruppobpm.it Member of the Interbank Guarantee Fund Registered Bank and Parent Company of the BPM – Banca Popolare di Milano - Registered Banking Group 2014 This English version is not an official translation and is not a substitute for the original Italian document. It is for informational purposes only and has been prepared solely for the convenience of international readers. Contents Directors and Officers, General Management and Independent Auditors 9 Notice of Ordinary General Meeting 11 Report and Consolidated financial statements of the Bipiemme Group Year 2014 17 Key figures and ratios of the Bipiemme Group 19 Structure of the Bipiemme Group 20 General aspects 21 Consolidated reclassified balance sheet 22 Consolidated reclassified balance sheet – quarter by quarter 23 Consolidated reclassified income statement 24 Consolidated reclassified income statement – quarter by quarter 25 Key figures 26 Key ratios 27 Consolidated reclassified income statement, net of non-recurring items 28 Report on operations of the Bipiemme Group -
Not to Be Published Or Distributed in the United States, Australia, Canada and Japan
NOT TO BE PUBLISHED OR DISTRIBUTED IN THE UNITED STATES, AUSTRALIA, CANADA AND JAPAN Italgas: 1 billion euros dual-tranche fixed rate bond issue successfully completed Milan, 5 February 2021 ! Today Italgas SpA (rating BBB+ by "#$%&' ())* +, -../,012 successfully priced a new dual tranche bond issue, due February 2028 and February 2033, both at fixed rate and for an amount of 500 million euros each, annual coupon of 0% and 0.5% respectively, under its EMTN Programme (Euro Medium Term Notes) established in 2016 and renewed by resolution of the Board of Directors on October 5, 2020. The transaction has gathered almost 3.4 billion euros of demand from a high quality and geographically diversified investor base. In particular, the 12-year tranche represents the corporate bond with the lowest coupon issued so far in Italy on that maturity. Taking advantage from favorable market conditions, the Company carried on its process of cost of debt optimization and refinancing risk reduction, further extending the average duration of the bond portfolio. Joint Bookrunners of the placement, restricted to institutional investors only, were BNP Paribas, J.P. Morgan Securities plc, Unicredit Bank AG, Intesa Sanpaolo S.p.A., Crédit Agricole CIB, Goldman Sachs International, Mediobanca S.p.A and Morgan Stanley. The bond will be listed on the Luxembourg Stock Exchange and the proceeds will be partially used to repurchase part of the two bonds maturing in 2022 and in 2024 subject to the tender offers launched this morning. Details of the two tranches are as -
Acquisition of Italgas and Stogit
SNAM RETE GAS HALF YEAR REPORT AT 30 JUNE 2009 / ACQUISITION OF ITALGAS AND STOGIT Acquisition of Italgas and Stogit On 30 June 2009, the acquisition of the entire share capital Gas of a consideration of € 4,509 million 1, including € of Italgas S.p.A. and Stogit S.p.A., the major players in the 2,922 million for Italgas and € 1,587 million for Stogit. The Italian natural gas distribution and storage sectors, respec- difference compared to the price agreed when signing the tively, from Eni was carried out with payment by Snam Rete acquisition contracts of € 148 million and € 63 million for (1) This consideration is subject to possible future adjustments for both acquisitions, which were not considered when determining the price given the objective difficulty in making forecasts based on the currently available information. Disclosures about the price adjustment mechanisms are given in note 21 “Guarantees, commitments and risks” to the condensed interim consolidated financial statements. 4 SNAM RETE GAS HALF YEAR REPORT AT 30 JUNE 2009 / ACQUISITION OF ITALGAS AND STOGIT Italgas and Stogit, respectively, is due to contractually pro- directors of Snam Rete Gas S.p.A. in its meeting of 23 vided-for price adjustment mechanisms which consider, March 2009 when the board resolved to execute the proxy, inter alia , the acquirees’ final net financial position, the given to it by the shareholders in their extraordinary meet- 2008 dividends distributed by Italgas and Stogit to Eni ing of 17 March 2009, to increase share capital in one or S.p.A. and the financial expense accrued from the date more instalments for a maximum of € 3,500 million, when the transaction became effective for financial pur- including the premium, by issuing ordinary shares against poses (1 January 2009) to the date of its execution (30 consideration with a nominal amount of € 1 and regular June 2009). -
Methodology of Comparison 2013
METHODOLOGY OF COMPARISON 2013 Comparative Analysis of Sustainability Performance Methodological Remarks Convinced that a comparison of environmental, social and governance performance is of interest, not only to the Company itself, but also to its stakeholders, certain comparisons between Terna’s results and those of other com- panies are included in the 2013 Sustainability Report, as was the case in the preceding three years. Listed below are the main criteria adopted in the analysis, as an introduction to the reading and interpretation of the comparisons of individual indicators in the Report: • three panels of companies were identified: an industry panel, composed of the European transmission system operators and the major extra-European operators in terms of kilometres of lines managed; and two multi- industry panels, the first relative to large Italian companies (the 40 companies of the FTSE-MIB at 18 December 2013) and the second relative to the best international performers (the 24 world Sustainability Industry Group Leaders, identified by the RobecoSAM sustainability rating agency and disclosed at the publishing of the Dow Jones Sustainability Index of September 2013). The purpose of the three panels is to guarantee, also relative to the type of indicator reviewed, a comparison between companies with the same operational characteristics, an Italian comparison, and a comparison with the top international performers. The Terna figures do not contribute to the calculation of the average in the case of the RobecoSAM – Supersector Leaders panel; • the companies considered from among those in the three panels were those which publicise the information necessary for comparisons either on their websites, through the Sustainability Report (even if not prepared following the GRI guidelines) or through other documentation (HSE Report, financial report, etc.). -
Relazione Di Trasparenza 2013
KPMG S.p.A. Relazione di trasparenza Esercizio chiuso al 30 settembre 2013 kpmg.com/it 2 | Relazione di trasparenza © 2013 KPMG S.p.A. è una società per azioni di diritto italiano e fa parte del network KPMG di entità indipendenti affiliate a KPMG International Cooperative (“KPMG International”), entità di diritto svizzero. Tutti i diritti riservati. Relazione di trasparenza | 3 Indice Introduzione 1. Forma giuridica, struttura societaria e di governo 6 Forma giuridica 6 Struttura proprietaria 6 Struttura di governo 6 Collegio Sindacale 7 Organismo di vigilanza 7 2. Rete di appartenenza e disposizioni giuridiche 8 e strutturali che la regolano 3. Sistema di controllo interno della qualità 9 L’esempio viene dai partner 10 Accettazione e mantenimento dei clienti e degli incarichi 12 Principi chiari e strumenti di revisione affidabili 13 Assunzione, formazione e assegnazione 19 di personale professionale qualificato Impegno verso l’eccellenza tecnica e servizi di qualità 23 Svolgimento di revisioni efficaci ed efficienti 25 Impegno al miglioramento continuo 27 4. Ultimo controllo esterno della qualità 29 5. Elenco degli enti di interesse pubblico i cui bilanci 30 sono stati oggetto di revisione legale nell’esercizio sociale chiuso al 30 settembre 2013 6. Informazioni finanziarie relative alle dimensioni 30 operative della società di revisione 7. Informazioni sulla base di calcolo della remunerazione 31 dei soci 8. Dichiarazioni del Consiglio di Amministrazione 32 ai sensi dell’art. 18, comma 1, lettere c), f) e g) del Decreto Legislativo 27 gennaio 2010 n. 39 Allegato 33 Enti di interesse pubblico oggetto di revisione legale da parte di KPMG S.p.A. -
An Analysis of the Level of Qualitative Efficiency for the Equity Research Reports in the Italian Financial Market
http://ijba.sciedupress.com International Journal of Business Administration Vol. 9, No. 2; 2018 An Analysis of the Level of Qualitative Efficiency for the Equity Research Reports in the Italian Financial Market Paola Fandella1 1 Università Cattolica del Sacro Cuore, Italy Correspondence: Paola Fandella, Università Cattolica del Sacro Cuore, Italy. Received: January 15, 2018 Accepted: February 6, 2018 Online Published: February 8, 2018 doi:10.5430/ijba.v9n2p21 URL: https://doi.org/10.5430/ijba.v9n2p21 Abstract Corporate reports issued by various financial intermediaries play a major role in investment decisions. For this reason, it is particularly interesting to understand the accuracy of the forecasts, by carrying out an empirical analysis of the "equity research" system in Italy, identifying structural features, degree of reliability and incidence in the market. The choice of the analysis of the efficiency level information on the Italian market proposes to assess the interest of equity research of a niche market (339 listed companies in 2017) but with characteristics of potential growth such as having been acquired by LSEGroup in 2007, the 6th stock-exchange group at international level for the number of listed companies and the 4th for capitalization. The analysis was carried out on the reports issued on companies belonging to the Ftse Mib stock index during a period of 5 years. It aims to analyse the composition of the equity research system in Italy as well as the analysts' ability to properly evaluate the stocks' fair price, so as to test their degree of reliability and detect possible anomalies in recommendations to the investors. -
For Whatever Life Brings
For whatever life brings Consolidated First Half Financial Report as at June 30, 2011 WorldReginfo - 48dfa3b1-c634-451e-a533-7d43b90a1708 WorldReginfo - 48dfa3b1-c634-451e-a533-7d43b90a1708 Everyone knows that life can be surprising. Many of these surprises are good things. Some are not so good. That is why people need their bank to be a reliable partner, helping them to deal with whatever life brings. Because this year’s report is inspired by real life, its graphics portray some of life’s more pleasant aspects, as well as a few of its less enjoyable features. Thus, the images present a range of contrasts, and our cover offers up a kaleidoscope of moments drawn from daily life. That is simply how life works. From the exciting to the ordinary, from the expected to the unanticipated, life is always changing and makes demands on all of us. And UniCredit is here to lend a hand. Our job is about more than offering products and managing transactions. It is about understanding the needs of our customers as individuals, families and enterprises. Our goal is to deliver solutions for the everyday issues that people face. This means providing them with concrete answers - day by day, customer by customer, need by need. Consolidated First Half Financial Report as at June 30, 2011 WorldReginfo - 48dfa3b1-c634-451e-a533-7d43b90a1708 For whatever life brings WorldReginfo - 48dfa3b1-c634-451e-a533-7d43b90a1708 Contents Introduction 5 Board of Directors, Board of Statutory Auditors and External Auditors 7 Prefatory Note to the Consolidated First Half Financial Report 8 Interim Report on Operations 11 Highlights 12 Condensed Accounts 14 Quarterly Figures 16 Comparison of Q2 2011 / Q2 2010 18 Segment Reporting (Summary) 19 How the UniCredit Group has grown 20 UniCredit Share 21 Group Results 22 Results by Business Segment 34 Other information 69 Subsequent Events and Outlook 76 Condensed Interim Consolidated Financial Statements 78 Consolidated Accounts 80 Explanatory Notes 91 Condensed Interim Consolidated Financial Statement Certification pursuant to Art. -
Exchange Council Election Eurex Deutschland Preliminary Voter List – As of 16 August 2019
Exchange Council Election Eurex Deutschland Preliminary Voter List – as of 16 August 2019 Voter group 1a cooperative credit institutions Company State DZ BANK AG Deutsche Zentral-Genossenschaftsbank Germany Page - 1 - Exchange Council Election Eurex Deutschland Preliminary Voter List – as of 16 August 2019 Voter group 1b credit institutions under public law Company State Bayerische Landesbank Germany DekaBank Deutsche Girozentrale Germany Hamburger Sparkasse AG Germany Kreissparkasse Köln Germany Landesbank Hessen-Thüringen Girozentrale Germany Landesbank Saar Germany Norddeutsche Landesbank - Girozentrale Germany NRW.BANK Germany Sparkasse Pforzheim Calw Germany Page - 2 - Exchange Council Election Eurex Deutschland Preliminary Voter List – as of 16 August 2019 Voter group 1c other credit institutions Company State ABN AMRO Bank N.V. Netherlands ABN AMRO Clearing Bank N.V. Netherlands B. Metzler seel. Sohn & Co. KGaA Germany Baader Bank Aktiengesellschaft Germany Banca Akros S.p.A. Italy Banca IMI S.p.A Italy Banca Sella Holding S.p.A. Italy Banca Simetica S.p.A. Italy Banco Bilbao Vizcaya Argentaria S.A. Spain Banco Comercial Português S.A. Portugal Banco Santander S.A. Spain Bank J. Safra Sarasin AG Switzerland Bank Julius Bär & Co. AG Switzerland Bank Vontobel AG Switzerland Bankhaus Lampe KG Germany Bankia S.A. Spain Bankinter Spain Banque de Luxembourg Luxemburg Banque Lombard Odier & Cie SA Switzerland Banque Pictet & Cie SA Switzerland Barclays Bank Ireland Plc Ireland Barclays Bank PLC United Kingdom Basler Kantonalbank Switzerland Berner Kantonalbank AG Switzerland Bethmann Bank AG Germany BNP Paribas United Kingdom BNP Paribas (Suisse) SA Switzerland BNP Paribas Fortis SA/NV Belgium BNP Paribas S.A. Niederlassung Deutschland Germany BNP Paribas Securities Services S.C.A. -
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. -
FTSE MIB Quarterly Rebalancing Changes 12 March 2018
FTSE MIB Quarterly Rebalancing Changes 12 March 2018 FTSE announces the new shares number and Investability Weighting Factors for the FTSE MIB Index effective after the close of business on Friday, 16 March 2018, i.e. on Monday, 19 March 2018. According to the FTSE MIB Ground Rules art. 7.4 and Appendix C, FTSE publishes share in issue & IWF figures updated at the cut-off date, where needed adjusted for capping based on capitalisation calculated with closing prices of five trading days before the rebalancing. The share in issue figure excludes all treasury shares and the Investability Weighting is computed with reference to shares in issue net of treasury shares. The new index divisor will be published after close of business on Friday, 16 March 2018. FTSE comunica il nuovo numero di azioni e i pesi di investibilità per l'Indice FTSE MIB che saranno effettivi dopo la chiusura delle contrattazioni di venerdì 16 marzo 2018 (vale a dire da lunedì 19 marzo 2018). Secondo le Regole di base del FTSE MIB art. 7.4 e l'Appendice C, sono indicati i valori del numero di azioni e peso di investibilità aggiornati alla data del cut-off, eventualmente soggetti alla correzione del capping applicata con riferimento alle capitalizzazioni calcolate con i prezzi di chiusura di cinque giorni di negoziazione prima della data di ribilanciamento. Il numero di azioni esclude tutte le azioni proprie e la percentuale di flottante è calcolata con riferimento al numero di azioni al netto delle azioni proprie. Il nuovo divisor per il FTSE MIB sarà reso disponibile dopo la chiusura delle contrattazioni di venerdì 16 marzo 2018. -
Comparison Methodology
COMPARISON METHODOLOGY Comparative Analysis of Sustainability Performance Convinced that a comparison of environmental, social and governance performance is of interest, not only to the Company itself, but also to its stakeholders, certain comparisons between Terna’s results and those of other companies are included in the 2015 Sustainability Report, as was the case in previous years. The comparative sustainability indicators regard the following themes: CO2 emissions, SF6 leakage incidence rate, hours of training per capita provided to employees and the turnover rate on termination of personnel. Listed below are the main criteria adopted in the analysis, as an introduction to the reading and interpretation of the comparisons of individual indicators in the Report: • three panels of companies were identified: the first was composed of the European transmission system operators and the major non-European operators in terms of kilometres of lines managed; the second, multi-sectoral in nature, is made up of large Italian companies (the 40 listed companies of the FTSE MIB at 31/12/2015); the third formed by the best international performers in the “Electric Utilities - ELC” sector (identified by the RobecoSAM sustainability rating agency and included in the Dow Jones Sustainability World Index of September 2015). The purpose of the three panels is to guarantee, also relative to the type of indicator reviewed, a comparison between companies with the same operational characteristics, an Italian comparison, and a comparison with top international performers in the same sector; • the companies considered from among those in the three panels were those which publicise the information necessary for comparisons either on their websites, through the Sustainability Report (even if not prepared following the GRI guidelines) or through other documentation (HSE Report, Financial Report, etc.). -
Chapter 8: Italy
COMPETITION LAWS OUTSIDE THE UNITED STATES FIRST SUPPLEMENT CHAPTER 8: ITALY Mario Siragusa Matteo Berretta Saverio Valentino Principal Co-authors Matteo Bay Principal Reviewer Reprinted by permission of the American Bar Association. © 2005 ABA. ISBN: 1-59031-325-9 This volume should be officially cited as: ABA Section of Antitrust Law, Competition Laws Outside the United States, First Supplement (2005) Italy-3 CONTENTS I. INTRODUCTION ..............................................................................................5 A. Overview of Applicable Statutes and Landmark Cases ........................5 B. Overview of Enforcement Agencies and Their Jurisdiction..................6 C. Existence and Practical Availability of Private Rights of Action....................................................................................................8 II. OVERVIEW .....................................................................................................9 A. Application of Relevant Economic Doctrines.......................................9 1. Use of Specific Economic Analyses..............................................9 III. SUBSTANTIVE LAW ......................................................................................10 A. Horizontal Agreements and Practices .................................................10 1. Concept of Undertaking ..............................................................10 2. Agreements, Decisions, and Concerted Practices .......................11 (a) Concerted Practices ...........................................................11