DOCSLIB.ORG

RULE BOOK CAC 40 ESG Index

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
RULE BOOK CAC 40 ESG Index INDEX RULE BOOK CAC 40 ESG Index Version 21-01 Effective from 22 March 2021 indices.euronext.com 1 INDEX 1. General 4 1.1 Highlights CAC 40 ESG 4 1.2 Version notes 5 2. Governance and Disclaimer 6 2.1 Indices 6 2.2 Administrator 6 2.3 Index management 6 2.4 Supervisor 6 2.5 Cases not covered in rules 6 2.6 Rule book changes 6 2.7 Liability 7 3. Reference information and Publication of index levels 8 3.1 Reference table 8 3.2 Base Currency 8 3.3 Publication of index levels 8 3.3.1 Opening 8 3.3.2 Calculation and dissemination 8 3.3.3 Closing level 9 3.4 Exceptional market conditions and corrections 9 3.5 Announcement policy 9 3.6 Calculation of the price index 9 3.7 Currency conversion 9 3.8 Total return index calculation 9 3.8.1 Return indices 9 3.8.2 Ordinary dividends in shares 10 3.8.3 Conversion of dividends declared in other currencies 10 3.9 Decrement index calculation 10 4. Index reviews 11 4.1 Review Frequency and Relevant Dates 11 4.2 Selection 11 4.2.1 Step 1: Index Universe 11 2 4.2.2 Step 2: Eligibility screening at reviews 11 4.2.3 Step 3: Selection ranking 13 4.2.4 Step 4: Selection at annual and quarterly reviews 13 5. Periodical update of weighting 15 5.1 Update of number of shares and Free Float Factors 15 5.2 Capping 15 6. Corporate Actions 16 6.1 Events that change the composition 16 6.1.1 Mergers and acquisitions 16 6.1.2 Inclusion of new companies 16 6.1.3 Suspensions, Company distress and Delistings 16 6.1.4 Fast Exit: Continuous eligibility screening 17 6.1.5 SPLIT UP / SPIN-OFF 17 6.2 Events that change the weighting factors 18 6.2.1 Dividends 18 6.2.2 Bonus issues, stock splits and reverse stock splits 18 6.2.3 Rights issues and other rights 19 6.2.4 Partial tender offers on own shares 19 7. Index Calculation Formulas 20 8. Definitions 22 8.1 Review Dates 22 8.2 Free Float Factor 22 9. V.E Scores 23 9.1 V.E ESG Score 23 9.2 V.E Controversies 23 9.3 UN Global Compact assessment 24 9.4 Controversial Weapons 24 10. ESG DISCLOSURES 27 3 1. GENERAL 1.1 HIGHLIGHTS CAC 40 ESG Objective The CAC 40® ESG Index family is designed to reflect the performance of the top 40 companies demonstrating strong Environmental, Social and Governance practices within the CAC ® Large 60 Index. The CAC 40 ESG index is designed to include most common ESG investment approaches adopted by institutional and private investors such as norm-based exclusion filters applied in accordance with the UN Global Compact Principles or involvement in coal, controversial weapons and tobacco. The index ambitions are to progressively integrate upcoming EU Taxonomy evolutions and Science Based Targets (SBT) developments. Impact objectives The CAC 40 ESG Index family aims to deliver a reduced weighted carbon footprint and improved green-to-brown ratio compared to its Index Universe. Governance The Conseil Scientifique is the Independent Supervisor and responsible for setting the rules and the periodical selection. Euronext Paris is the Administrator and is responsible for the day-to- day management of the index. Index Universe The Index Universe consists of the companies included in the Euronext CAC® Large 60 index at review. Continuous eligibility Companies with an active critical controversies related to UNGC as determined by V.E are not screening eligible for the index. In between reviews constituents of the CAC 40® ESG Index family facing critical controversies will be deleted from the index five days after the announcement made by V.E. Eligibility screening at Based on V.E data, the following companies are not eligible: reviews - Companies with an involvement in controversial weapons, - Companies with involvement in the production or sale of civilian firearms (> 5% turnover), - Companies with any involvement in Thermal Coal Mining, - Companies with involvement in Coal-fuelled power generation (>5% turnover), - Companies with any involvement in Tar sand and oil shale extraction (0% turnover), - Companies with any invovement in the production of tobacco, - Companies with above 10% revenues derived from distribution of tobacco are also excluded. Selection basis The eligible companies are assigned an ESG score, as evaluated by V.E, and are ranked on this score. Number of 40 constituents Capping 10% at each review Weighting basis Free float market capitalisation 4 Review of composition Full annual review in September after the close of the third Friday of September. Quarterly review after the close of the third Friday of March, June and December. Trademarks Euronext N.V. or its subsidiaries (hereinafter jointly “Euronext”) owns all intellectual and other property rights to the index, including the name, the composition and the calculation of the index. Euronext®, CAC®, CAC 40®, CAC Next 20® and SBF 120® are registered trademarks of Euronext. 1.2 VERSION NOTES Version Effective date New or changed parts 21-01 22 March 2021 First version 5 2. GOVERNANCE AND DISCLAIMER 2.1 INDICES This rule book applies to the following indices (hereinafter “index”) owned by Euronext N.V. or its subsidiaries (hereinafter jointly “Euronext”): • CAC 40 ESG 2.2 ADMINISTRATOR Euronext Paris is the Administrator of the index. All aspects of the management of the index are within the responsibility of the Administrator. 2.3 INDEX MANAGEMENT Euronext Index Operations is responsible for day-to-day operational maintenance of all national and cross-border stock indexes (including sector indexes). This includes deciding on operational adjustments following corporate actions that have an impact on constituent shares and the preparation of periodical reviews according to the rules that are currently in force. The Index Design team is responsible for the rules governing Corporate Actions and will decide in cases that require specific interpretation. For cases with significant potential impact Index Design will liaise with the Index Panel for advice. 2.4 SUPERVISOR The Conseil Scientifique is appointed as independent supervisor of the index (“Supervisor”). The Supervisor is responsible for monitoring the selection of constituents for the index and ensuring that the index offers a reliable and representative view of the market. All decisions regarding supplementing, amending, revising or withdrawing these rules are submitted to the Supervisor for approval. All Supervisor decisions will be published without delay following the decision (after market close). The Conseil Scientifique consists of independent persons. The composition and responsibilities of the Conseil Scientifique are laid down in the Rules of Procedure document that is available on the website. 2.5 CASES NOT COVERED IN RULES In cases which are not expressly covered in these rules, operational adjustments will take place along the lines of the aim of the index. Operational adjustments may also take place if, in the opinion of Index Design, it is desirable to do so to maintain a fair and orderly market in derivatives on this index and/or this is in the best interests of the investors in products based on the index and/or the proper functioning of the markets. Index Design will report to the Supervisor if it took a decision about a case which is not specifically covered in the rules for comments and review. 2.6 RULE BOOK CHANGES These rules may be supplemented, amended in whole or in part, revised or withdrawn at any time. Supplements, amendments, revisions and withdrawals may also lead to changes in the way the index is compiled or calculated or affect the index in another way. Index Design will submit all decisions regarding supplementing, amending, revising or withdrawing these rules to the Supervisor for recommendations or approval. 6 2.7 LIABILITY Euronext and the Supervisor are not liable for any losses resulting from supplementing, amending, revising or withdrawing the rules for the index. Euronext will do everything within its power to ensure the accuracy of the composition, calculation, publication and adjustment of the index in accordance with relevant rules. However, neither Euronext, nor the Supervisor are liable for any inaccuracy in index composition, share prices, calculations and the publication of the index, the information used for making adjustments to the index and the actual adjustments. Furthermore, Euronext and the Supervisor do not guarantee the continuity of the composition of the index, the continuity of the method of calculation of the index, the continuity of the dissemination of the index levels, and the continuity of the calculation of the index. 7 3. REFERENCE INFORMATION AND PUBLICATION OF INDEX LEVELS 3.1 REFERENCE TABLE Bloomberg Reuters Base Base Publication Index name ISIN Code Mnemo Type of index Code code date value since CAC 40 ESG FR0014002B31 CESGP CACESG .CESGP 31/12/2009 1000 22/3/2021 Price CAC 40 ESG NR FR0014002B56 CESGN CACESGNR .CESGN 31/12/2009 1000 22/3/2021 Net CAC 40 ESG GR FR0014002B49 CESGG CACESGGR .CESGG 31/12/2009 1000 22/3/2021 Gross CAC 40 ESG Decrement 3% FR0014002G69 CED3 - .CED3 31/12/2009 1000 22/3/2021 Decrement 3% on NR CAC 40 ESG Decrement FR0014002G51 CED35 - .CED35 31/12/2009 1000 22/3/2021 Decrement 3.5% 3.5% on NR CAC 40 ESG Decrement 4% FR0014002G77 CED4 - .CED4 31/12/2009 1000 22/3/2021 Decrement 4% on NR CAC 40 ESG Decrement FR0014002G85 CED45 - .CED45 31/12/2009 1000 22/3/2021 Decrement 4.5% 4.5% on NR CAC 40 ESG Decrement 5% FR0014002G93 CED5 CACESGD5 .CED5 31/12/2009 1000 22/3/2021 Decrement 5% on NR 3.2 BASE CURRENCY All Indices have Euro as their Base Currency.
Load more

Recommended publications
  • Global Exchange Indices
    Global Exchange Indices Country Exchange Index Argentina Buenos MERVAL, BURCAP Aires Stock Exchange Australia Australian S&P/ASX All Ordinaries, S&P/ASX Small Ordinaries, Stock S&P/ASX Small Resources, S&P/ASX Small Exchange Industriials, S&P/ASX 20, S&P/ASX 50, S&P/ASX MIDCAP 50, S&P/ASX MIDCAP 50 Resources, S&P/ASX MIDCAP 50 Industrials, S&P/ASX All Australian 50, S&P/ASX 100, S&P/ASX 100 Resources, S&P/ASX 100 Industrials, S&P/ASX 200, S&P/ASX All Australian 200, S&P/ASX 200 Industrials, S&P/ASX 200 Resources, S&P/ASX 300, S&P/ASX 300 Industrials, S&P/ASX 300 Resources Austria Vienna Stock ATX, ATX Five, ATX Prime, Austrian Traded Index, CECE Exchange Overall Index, CECExt Index, Chinese Traded Index, Czech Traded Index, Hungarian Traded Index, Immobilien ATX, New Europe Blue Chip Index, Polish Traded Index, Romanian Traded Index, Russian Depository Extended Index, Russian Depository Index, Russian Traded Index, SE Europe Traded Index, Serbian Traded Index, Vienna Dynamic Index, Weiner Boerse Index Belgium Euronext Belgium All Share, Belgium BEL20, Belgium Brussels Continuous, Belgium Mid Cap, Belgium Small Cap Brazil Sao Paulo IBOVESPA Stock Exchange Canada Toronto S&P/TSX Capped Equity Index, S&P/TSX Completion Stock Index, S&P/TSX Composite Index, S&P/TSX Equity 60 Exchange Index S&P/TSX 60 Index, S&P/TSX Equity Completion Index, S&P/TSX Equity SmallCap Index, S&P/TSX Global Gold Index, S&P/TSX Global Mining Index, S&P/TSX Income Trust Index, S&P/TSX Preferred Share Index, S&P/TSX SmallCap Index, S&P/TSX Composite GICS Sector Indexes
    [Show full text]
  • Are Retail Investors Less Aggressive on Small Price Stocks?
    Are retail investors less aggressive on small price stocks? Carole M´etais∗ Tristan Rogery January 13, 2021 Abstract In this paper, we investigate whether number processing impacts the limit orders of retail investors. Building on existing literature in neuropsychology that shows that individuals do not process small numbers and large numbers in the same way, we study the influence of nominal stock price level on order aggressiveness. Using a unique database that allows us to identify order and trade records issued by retail investors on Euronext Paris, we show that retail investors, when posting non-marketable orders, are less aggressive on small price stocks than on large price stocks. This difference in order aggressiveness is not explained by differences in liquidity and other usual drivers of order aggressiveness. We provide additional evidence by showing that no such difference exists for limit orders of high frequency traders (HFTs) over the same period and the same sample of stocks. This finding confirms that our results are driven by a behavioral bias and not by differential market dynamics between small price stocks and large price stocks. ∗LaRGE Research Center, University of Strasbourg { Mailing address: 61 Avenue de la For^etNoire, 67000 Strasbourg FRANCE { Email: [email protected]. I acknowledge support from the French State through the National Agency for Research under the program Investissements d'Avenir ANR-11-EQPX- 006. yDRM Finance, Universit´eParis-Dauphine, PSL Research University { Mailing address: Place du Mar´echal de Lattre de Tassigny, 75775 Paris Cedex 16 FRANCE { Email: [email protected] 1 1 Introduction While conventional finance theory posits that nominal stock prices are irrelevant for firm valuation, a number of papers provide empirical evidence that nominal prices do impact investor behavior.
    [Show full text]
  • Benchmark Indexes Data As Of: 03/31/2011 Index Name Sharpe Std
    Benchmark Indexes Data as of: 03/31/2011 Index Name Sharpe Std. Dev. 1st Qtr YTD 1 Year 3 Year 5 Year 10 Year 2010 2009 2008 2007 2006 Alerian MLP TR USD 0.89 23.25 5.99 5.99 33.02 20.03 16.57 17.25 35.85 76.41 -36.91 12.72 26.07 AMEX Gold Miners PR USD 0.39 47.82 -2.15 -2.15 35.65 8.12 9.68 - 33.94 37.30 -26.79 16.86 21.86 AMEX International Market PR USD -0.13 25.37 2.77 2.77 4.05 -5.95 -0.80 2.17 0.80 17.60 -39.51 16.18 21.51 BarCap 1-5 Yr Treasury TR USD 0.98 2.51 0.00 0.00 2.79 2.91 4.88 4.20 3.73 0.19 8.83 8.16 3.75 BarCap ABS Auto TR USD 1.17 5.68 0.63 0.63 2.47 7.21 6.23 5.12 3.25 26.07 -5.57 5.22 4.61 BarCap ABS Credit Card TR USD 0.79 9.42 0.77 0.77 4.73 7.76 6.86 5.84 6.55 29.89 -9.33 5.45 4.55 BarCap ABS Home Equity TR USD -0.19 16.91 0.00 0.00 0.00 -4.10 -5.80 -0.53 0.00 20.63 -36.00 -8.25 5.32 BarCap ABS TR USD 0.77 6.92 0.64 0.64 4.21 5.74 4.36 4.59 5.85 24.71 -12.72 2.21 4.70 BarCap Aggregate Bond Treasury TR 0.58 5.58 -0.16 -0.16 4.53 3.55 5.69 5.15 5.87 -3.57 13.74 9.01 3.08 BarCap Asian Pac Taiwan Dollar TR JPY 0.78 6.24 1.54 1.54 -2.45 -1.00 -2.50 -0.66 -2.26 7.45 -11.24 -7.52 2.81 BarCap Bellwether Swap 6 Mon TR USD 1.92 0.56 0.07 0.07 0.39 1.50 3.07 2.79 0.38 1.58 4.09 5.39 5.54 BarCap CMBS ERISA Eligible TR USD 0.53 18.46 2.05 2.05 12.62 8.79 6.87 6.53 20.40 28.45 -20.52 5.58 4.72 BarCap Credit 1-3 Yr TR USD 1.16 3.62 0.58 0.58 3.24 4.73 5.29 4.80 4.15 11.59 0.30 5.96 4.66 BarCap Credit 1-5 Yr TR USD 1.06 4.64 0.85 0.85 4.36 5.47 5.77 5.27 5.44 13.52 -1.13 6.09 4.69 BarCap Danish Krone Aggregate TR DKK 0.12 14.76
    [Show full text]
  • Press Release Paris – June 21St, 2021
    Press Release Paris – June 21st, 2021 Europcar Mobility Group rejoins Euronext SBF 120 index Europcar Mobility Group, a major player in mobility markets, is pleased to announce that it has re-entered into the SBF 120 and CAC Mid 60 indices, in accordance with the decision taken by the Euronext Index Steering Committee. This re-entry, which took place after market close on Friday 18 June 2021, is effective from Monday 21 June 2021. The SBF 120 is one of the flagship indices of the Paris Stock Exchange. It includes the first 120 stocks listed on Euronext Paris in terms of liquidity and market capitalization. The CAC Mid 60 index includes 60 companies of national and European importance. It represents the 60 largest French equities beyond the CAC 40 and the CAC Next 20. It includes the 60 most liquid stocks listed in Paris among the 200 first French capitalizations. This total of 120 companies compose the SBF 120. Caroline Parot, CEO of Europcar Mobility Group, said: “Europcar Mobility Group welcomes the re-integration of the SBF 120 and CAC Mid 60. This follows the successful closing of the Group’s financial restructuring during Q1 2021, which allowed the Group to open a new chapter in its history. Europcar Mobility Group re-entry into the SBF 120 and CAC Mid 60 is an important step for our Group and recognizes the fact that we are clearly "back in the game”, in a good position to take full advantage of the progressive recovery of the Travel and Leisure market. In that perspective, our teams are fully mobilized for summer of 2021, in order to meet the demand and expectations of customers who are more than ever eager to travel”.
    [Show full text]
  • Paris, Le 26 Mars 2001
    PR/14/12 Eutelsat Communications joins CAC Large 60 index from 19 March 2012 Paris, March 2, 2012 - Eutelsat Communications (Euronext Paris: ETL) will join the CAC Next 20 and CAC Large 60 indices of NYSE Euronext Paris after the trading session of Monday 19 March 2012, at which point it will be withdrawn from the CAC Mid 60 and CAC Mid & Small indices. Following this, Eutelsat Communications will be part of the following indices of NYSE Euronext Paris: - CAC Next 20 - CAC Large 60 - SBF 120 - CAC All Shares - CAC All-Tradable - CAC Consumer Serv. - CAC Media The decision of the Scientific Board of Euronext Indices of 1 March 2012 enables Eutelsat to increase its visibility in the French and international financial community. Financial calendar The financial calendar below is provided for information purposes only. It is subject to change and will be regularly updated. - May 10, 2012: financial report for third quarter ended March 31, 2012 - July 30, 2012: earnings for full year ended June 30, 2012 - October 25, 2012: financial report for first quarter ended September 30, 2012 - November 8, 2012: Annual General Shareholders Meeting About Eutelsat Communications Eutelsat Communications (Euronext Paris: ETL, ISIN code: FR0010221234) is the holding company of Eutelsat S.A.. With capacity commercialised on 28 satellites that provide coverage over the entire European continent, as well as the Middle East, Africa, India and significant parts of Asia and the Americas, Eutelsat is one of the world's three leading satellite operators in terms of revenues. As of 31 December 2011, Eutelsat’s satellites were broadcasting more than 4,150 television channels.
    [Show full text]
  • Eurofins Fact Sheet March 2021
    FACT SHEET Company Overview Our Vision: To be the Global Leader in Eurofins is Testing for Life. Eurofins is the global leader in food, environment, pharmaceutical and Testing for Life cosmetic product testing and in agroscience Contract Research services. Eurofins is also one of the market leaders in certain testing and laboratory services for genomics, discovery pharmacology, Our Mission: To contribute to a safer and forensics, advanced material sciences and in the support of clinical studies, as well as having an healthier world by providing our customers emerging global presence as a Contract Development and Manufacturing Organisation. The Group with innovative and high quality laboratory, also has a rapidly developing presence in highly specialised and molecular clinical diagnostic testing research and advisory services, whilst and in-vitro diagnostic products. creating opportunities for our employees and generating sustainable shareholder value History Eurofins Scientific was founded in 1987 with four employees to market the SNIF-NMR technology, Our Values: Customer Focus, Quality, a patented analytical method used to verify the origin and purity of several types of food and Competence & Team Spirit and Integrity beverages and identify sophisticated fraud not detectable by other methods. Today, the Eurofins Group is a leading provider of testing and analytical services with: • an international network of more than 800 laboratories in over 50 countries Revenues in EUR million • over 50,000 staff • a portfolio of over 200,000 analytical methods • more than 450 million tests performed each year Eurofins has been one of the fastest growing listed European companies. Since its IPO on the French stock exchange in 1997, Eurofins’ revenues have increased by 34% each year (in compound average) to over EUR 5.4 billion in 2020.
    [Show full text]
  • Financial Market Data for R/Rmetrics
    Financial Market Data for R/Rmetrics Diethelm Würtz Andrew Ellis Yohan Chalabi Rmetrics Association & Finance Online R/Rmetrics eBook Series R/Rmetrics eBooks is a series of electronic books and user guides aimed at students and practitioner who use R/Rmetrics to analyze financial markets. A Discussion of Time Series Objects for R in Finance (2009) Diethelm Würtz, Yohan Chalabi, Andrew Ellis R/Rmetrics Meielisalp 2009 Proceedings of the Meielisalp Workshop 2011 Editor Diethelm Würtz Basic R for Finance (2010), Diethelm Würtz, Yohan Chalabi, Longhow Lam, Andrew Ellis Chronological Objects with Rmetrics (2010), Diethelm Würtz, Yohan Chalabi, Andrew Ellis Portfolio Optimization with R/Rmetrics (2010), Diethelm Würtz, William Chen, Yohan Chalabi, Andrew Ellis Financial Market Data for R/Rmetrics (2010) Diethelm W?rtz, Andrew Ellis, Yohan Chalabi Indian Financial Market Data for R/Rmetrics (2010) Diethelm Würtz, Mahendra Mehta, Andrew Ellis, Yohan Chalabi Asian Option Pricing with R/Rmetrics (2010) Diethelm Würtz R/Rmetrics Singapore 2010 Proceedings of the Singapore Workshop 2010 Editors Diethelm Würtz, Mahendra Mehta, David Scott, Juri Hinz R/Rmetrics Meielisalp 2011 Proceedings of the Meielisalp Summer School and Workshop 2011 Editor Diethelm Würtz III tinn-R Editor (2010) José Cláudio Faria, Philippe Grosjean, Enio Galinkin Jelihovschi and Ri- cardo Pietrobon R/Rmetrics Meielisalp 2011 Proceedings of the Meielisalp Summer Scholl and Workshop 2011 Editor Diethelm Würtz R/Rmetrics Meielisalp 2012 Proceedings of the Meielisalp Summer Scholl and Workshop 2012 Editor Diethelm Würtz Topics in Empirical Finance with R and Rmetrics (2013), Patrick Hénaff FINANCIAL MARKET DATA FOR R/RMETRICS DIETHELM WÜRTZ ANDREW ELLIS YOHAN CHALABI RMETRICS ASSOCIATION &FINANCE ONLINE Series Editors: Prof.
    [Show full text]
  • Neoen Joins the SBF 120Index
    Paris, June 11, 2020 Neoen joins the SBF 120 index Neoen (ISIN: FR0011675362, Ticker: NEOEN), one of the world’s leading and fastest-growing independent producers of exclusively renewable energy, is announcing it is joining the SBF 120 index consisting of the top 120 stocks listed on the Euronext Paris market in term of both liquidity and market capitalization. As part of its quarterly review of the Euronext Paris indices, the Index Committee decided to include Neoen in both the SBF 120 and the CAC Mid 60 indices. This decision will take effect from June 22, 2020. Neoen’s inclusion in these indices is a testament to its good share price performance since its October 2018 IPO. Over the past 20 months, the Company’s market capitalization has more than doubled to almost €3 billion. This strong rise was accompanied by a steady increase in trading volumes. Since its IPO, Neoen has consistently delivered strong earnings growth and expansion in its project portfolio. Assets in operation or under construction have increased from 1.8 GW at June 30, 2018 to 3.1 GW at March 31, 2020, and the target is to have more than 5 GW by year-end 2021. This rapid and profitable growth has been founded on geographical and technological diversification of its asset base. Neoen is present in 14 countries on 4 continents and it develops and operates solar and wind energy generation and storage capacity. Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented: “We are very pleased to be joining this benchmark index, which marks a new important step for Neoen.
    [Show full text]
  • Final Report Amending ITS on Main Indices and Recognised Exchanges
    Final Report Amendment to Commission Implementing Regulation (EU) 2016/1646 11 December 2019 | ESMA70-156-1535 Table of Contents 1 Executive Summary ....................................................................................................... 4 2 Introduction .................................................................................................................... 5 3 Main indices ................................................................................................................... 6 3.1 General approach ................................................................................................... 6 3.2 Analysis ................................................................................................................... 7 3.3 Conclusions............................................................................................................. 8 4 Recognised exchanges .................................................................................................. 9 4.1 General approach ................................................................................................... 9 4.2 Conclusions............................................................................................................. 9 4.2.1 Treatment of third-country exchanges .............................................................. 9 4.2.2 Impact of Brexit ...............................................................................................10 5 Annexes ........................................................................................................................12
    [Show full text]
  • Profil Financier Du CAC 40
    Profil financier du CAC 40 Un CAC 40 agile et confiant en l’avenir 15e édition – Année 2020 15 ans, c’est l’âge de notre Profil financier du CAC 40. 15 ans d’une vie mouvementée pour un indice qui aura connu une belle croissance de son chiffre d’affaires et de ses résultats cumulés ainsi qu’un développement réel de ses fondamentaux, mais Nicolas Klapisz Associé, Responsable du également les affres de la crise financière de 2008 département Valuation, Modeling & Economics et, à présent, les conséquences d’une crise sanitaire sans précédent. Pour son quinzième anniversaire, nous Mais les conclusions de notre étude aurions souhaité offrir au Profil – et résident pour nous ailleurs : certes, surtout à ses lecteurs – une véritable les entreprises du CAC 40 ont connu envolée de la croissance et des records une contraction de leur activité et une en abondance. Las ! Les récents réduction de leurs marges inédites, le événements en ont décidé autrement et nier serait un non-sens. Cependant, sont venus contrarier nos ambitions. elles ont fait preuve, dans ce contexte, d’une agilité hors norme. Agilité Les chiffres sont têtus et l’on ne stratégique pour adapter leurs modèles pourra nier l’impact du Covid-19 : une économiques et développer leurs activité en chute de -15 %, un résultat activités digitales, agilité commerciale d’exploitation courant* en recul de -30 %, pour réduire l’impact de la pandémie sur un résultat net en baisse de près de le chiffre d’affaires au second semestre -60 % par rapport à l’an passé. L’ampleur 2020, agilité opérationnelle pour de ces évolutions est à l’image du maîtriser leurs coûts et agilité financière caractère inédit de cette pandémie pour piloter au mieux les résultats, les et des fermetures administratives dividendes et l’endettement.
    [Show full text]
  • INDEX RULE BOOK Leverage, Short, and Bear Indices
    INDEX RULE BOOK Leverage, Short, and Bear Indices Version 20-02 Effective from 15 May 2020 indices.euronext.com Index 1. Index Summary 1 2. Governance and Disclaimer 8 2.1 Indices 8 2.2 Administrator 8 2.3 Cases not covered in rules 8 2.4 Rule book changes 8 2.5 Liability 8 2.6 Ownership and trademarks 8 3. Calculation 9 3.1 Definition and Composition of the Index 9 3.2 Calculation of the Leverage Indices 9 3.3 Calculation of the Bear and Short Indices 9 3.4 Reverse split of index level 10 3.5 Split of index level 10 3.6 Financing Adjustment Rate (FIN) 10 4. Publication 11 4.1 Dissemination of Index Values 11 4.2 Exceptional Market Conditions and Corrections 11 4.3 Announcement Policy 14 5. ESG Disclosures 15 1. INDEX SUMMARY Factsheet Leverage, Short and Bear indices Index names Various based on AEX®, BEL 20®, CAC 40®, PSI 20® and ISEQ® Index type Indices are based on price index versions or Net return index or Gross return index versions. Administrator Euronext Paris is the Administrator and is responsible for the day-to-day management of the index. The underlying indices have independent Steering Committees acting as Independent Supervisor. Calculation Based on daily leverage. May include spread on interest rate or Financing Adjustment rate in the calculation Rule for exceptional trading Either suspend or reset if underlying index moved beyond certain threshold. See reference circumstances table. 1 Mnemo Full name Underlying Factor Rule for ISIN Base level index exceptional and date trading circumstances AEX® based AEXLV AEX® Leverage AEX® 2 Suspend if Underlying QS0011095898 1,000 at Index < 75% of close 31Dec2002 of previous day AEXNL AEX® Leverage AEX® NR 2 Suspend if Underlying QS0011216205 1,000 at NR Index < 75% of close 31Dec2002 of previous day AEXTL AEX® Leverage AEX® GR 2 Suspend if Underlying QS0011179239 1,000 at GR Index < 75% of close 31Dec2002 of previous day AEX3L AEX® NR 3 Reset if Underlying QS0011230115 10,000 at AEX® X3 Leverage Index < 85% of close 31Dec2008 NR of previous day.
    [Show full text]
  • Execution Version GUARANTEED SENIOR SECURED NOTES
    Execution Version GUARANTEED SENIOR SECURED NOTES PROGRAMME issued by GOLDMAN SACHS INTERNATIONAL in respect of which the payment and delivery obligations are guaranteed by THE GOLDMAN SACHS GROUP, INC. (the “PROGRAMME”) PRICING SUPPLEMENT DATED 21 DECEMBER 2020 SERIES 2020-20 SENIOR SECURED FIXED RATE NOTES (the “SERIES”) ISIN: XS2277589615 Common Code: 227758961 This document constitutes the Pricing Supplement of the above Series of Secured Notes (the “Secured Notes”) and must be read in conjunction with the Base Listing Particulars dated 25 September 2020, as supplemented and amended by Prospectus Supplement No. 1 dated 20 October 2020, Prospectus Supplement No. 2 dated 2 November 2020 and Prospectus Supplement No. 3 dated 12 November 2020 (as so amended the “Base Listing Particulars”), and in particular, the Base Terms and Conditions of the Secured Notes, as set out therein. Full information on the Issuer, The Goldman Sachs Group. Inc. (the “Guarantor”), and the terms and conditions of the Secured Notes, is only available on the basis of the combination of this Pricing Supplement and the Base Listing Particulars as so supplemented. The Base Listing Particulars has been published at www.ise.ie and is available for viewing during normal business hours at the registered office of the Issuer, and copies may be obtained from the specified office of the listing agent in Ireland. The Issuer accepts responsibility for the information contained in this Pricing Supplement. To the best of the knowledge and belief of the Issuer and the Guarantor the information contained in the Base Listing Particulars, as completed by this Pricing Supplement in relation to the Series of Secured Notes referred to above, is true and accurate in all material respects and, in the context of the issue of this Series, there are no other material facts the omission of which would make any statement in such information misleading.
    [Show full text]