DOCSLIB.ORG

CEE 2015 Corporate Counsel Summit

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Year I, Year-End Issue CEE January 2015 Legal Matters In-Depth Analysis of the News and Newsmakers That Shape Europe’s Emerging Legal Markets Contents November 2013 December 2013 The idea of CEELM is born Corporate Subscriber (24 hours after the website launch) February 2014 Preliminary Matters 2 - 5 Issue 1 of the CEE Legal Matters Magazine is published December 2013 www.ceelegalmatters.com is launched April 2014 First CEE Legal Matters Round Table is held in London 3 Editorial: Something Good April 2014 The CEELM website reaches September 2014 4 A Snapshot of Our First Year First CEELM story scopped by Chambers & Partners July 2014 July 2014 Corporete Counsel Handbook First CEELM story scopped is published by IFLR1000 May 2014 September 2014 The 1,000th story is published 1K on the CEELM website September 2014 November 2014 “@CEELegalMatters just a quick The CEELM website crashes due to CEE Summit Expert Essays 6 - 31 note to say your feed is useful and appreciated. Good job, folks!” “A good problem to have but a problem PreliminaryMike Nash, Editor of The Legal 500 Mattersnevertheless.” January 2015 Europe, Middle East & Africa First Year-End special issue and 2014-2015 deal list are published December 2014 A Snapshot of Our First Yeartakes place in Vienna 6 Looking Forward to 2015: A Changing Landscape (Page 4) 8 “English Law on the Ground”: An Ingredient for Success 10 Why Things are Different This Time (Or Not) 12 Stirring Times: 2014 a Challenging Year in the Hungarian Legal Market 14 CEE Recovers, Greece Plays Leading Role in Region 16 Political Risk: Real or Perceived, It’s Squarely On the Agenda CEE Summit Expert Essays: Looking Forward to 2015: A Changing 18 The Legal Landscape in CEE/CIS: Setting the Agenda for Landscape (Page 6) 2015 20 South East Europe: What’s Hot and Trending in the Region? 22 Thoughts of a Law Firm Managing Partner About CEE 24 Looking Back – and Forward 26 Currents (and Undercurrents) of Bank Lending in CEE 28 Wolf Theiss: A Sum of Its Parts in 2014, 2015, and Beyond Summit Round Table International Law Firms in CEE Summit Round Table 32 - 43 (Page 32) 34 International Law Firms in CEE 39 The Needs of In-House Counsel 41 Country-Specific Analysis 2014 Year In Deals 44 - 59 46 CEE Overview 2014 Year In Deals CEE Overview 48 Private Equity Overview (Page 46) 50 Country Briefs CEE Legal Matters 2 Preliminary Matters CEE Legal Matters Editorial: Something Good In-Depth Analysis of the News and Newsmakers That Shape Europe's Emerging Legal Markets Six regular issues, secretaries or name-takers, and we don’t avoid plus a “special issue.” responsibility or shirk obligations. We take great That’s what we prom- personal pride in having created and managing a ised subscribers to remarkable website — www.ceelegalmatters.com CEE Legal Matters. (if you don’t visit it regularly you should) — and, A new issue every with the CEE Legal Matters magazine, putting two months, and together, 6 times a year plus one Special Issue, an then a Special Issue. unbiased, interesting, and useful source of infor- Sure, for the first half mation for lawyers interested in this interesting of 2014, we weren’t sure what the Special Issue part of the world. would look like, but Radu and I had committed No doubt about it: it’s fun. Because it’s personal, ourselves to creating it, and we were confident it’s fun. The title of the publication? We thought we’d come up with something good. it up. (My fondness for plays on words). The ad- Sure enough, as summer turned into fall, ideas vertising slogans you see? We thought them up. began to suggest themselves. I had been cam- (I particularly like “Because CEE Legal Matters” paigning for a special event to celebrate our first — and yes, I thought that one up). The graphics year of existence, and we realized that informed that you see? We thought them up. (Radu espe- analysis from some of the top lawyers in Central cially likes the deep blue sky balloon ad — and and Eastern Europe would dovetail nicely with yes, he thought that one up). Every single word The Editors: a “Regional Perspective and Analysis” feature in on every page that isn’t specifically credited to an- David Stuckey the Special Issue. So we invited business lawyers other author … we thought up. (Have you read [email protected] with genuinely regional practices and decades the boilerplate on this page? I wrote that). We are Radu Cotarcea of experience working across sectors, borders, proud of what we do. and industries, to come together in Vienna for [email protected] And because it’s personal, we care about it. Deep- an unprecedented evening of conversation with ly. We care that it’s accurate. We care that it’s use- their peers. The 2014 CEE Legal Matters Summit Letters to the Editors: ful. We care that it’s good. was born. And the summary of that conversa- If you like what you read in these tion – along with special essays the participants Why this digression? Because we initially ex- pages (or even if you don’t) we prepared on the current state and future of le- pected this Special Issue to come out sometime really do want to hear from you. gal markets across Central and Eastern Europe in mid or late December. But we discovered Please send any comments, crit- – form the center of this Special Issue. that editing the essays and chasing down all the icisms, questions, or ideas to us participants for their edits of the Round Table Or at least, they form a center. at: transcript, over Christmas, was less a “mission” [email protected] Because at almost the same time, Radu had a and more an “impossibility” – and we discovered very different idea. He had labored intensively, that reviewing, categorizing, proofreading, and over the past year, to put together the extreme- analyzing the Year of Deals was truly a monster ly popular Summary of Deals for each issue of of a task, which would not admit defeat – nay, not Disclaimer: the magazine. Now, struck by inspiration — and despite the mountains of Red Bull and Diet Dr. At CEE Legal Matters, we hate boilerplate once again falling victim to his strange (but use- Pepper cans and crumpled cigarette packages we disclaimers in small print as much as you ful!) habit of creating labor-intensive projects for threw at it – any sooner. do. But we also recognize the importance himself — he suggested not only aggregating of the “better safe than sorry” principle. In short, you are holding this in your hands now, those summaries into one year-end report for So, while we strive for accuracy and hope and not sooner, because ultimately every single to develop our readers’ trust, we nonethe- the Special Issue, but also reaching out directly less have to be absolutely clear about one issue of CEE Legal Matters is a Special Issue, to every business-law firm in CEE we knew of thing: Nothing in the CEE Legal Matters and when it comes to conceiving, writing, draft- magazine or website is meant or should to invite them to supplement the deals we already ing, reviewing, preparing, organizing, designing, be understood as legal advice of any kind. knew of and had reported with any and all deals Readers should proceed at their own risk, laying-out, and publishing this magazine ... we and any questions about legal assertions, that we didn’t and hadn’t. The results of these take care. We don’t send it out in a form that falls conclusions, or representations made efforts became the Year in Deals (page 44): the in these pages should be directed to the short of our expectations for it. It goes out when “second center” of the Special Issue. person or persons who made them. it’s good. We believe CEE Legal Matters can serve A quick digression: We pride ourselves on be- as a useful conduit for legal experts, This Special Issue is that. We hope you like it. and we will continue to look for ways to ing a publication with a human face. Those of expand that service. But now, later, and you who know me and Radu know you can call And don’t worry. We’ve already restocked our for all time: We do not ourselves claim to know or understand the law as it is cited either of us directly and ask questions, propose supplies of Red Bull and Diet Dr. Pepper for the in these pages, nor do we accept any re- subjects, inquire about subscriptions or adver- February issue. sponsibility for facts as they may be as- tising, and — especially, always — invite us for serted. David Stuckey, Executive Editor, a beer. We don’t hide behind a wall of faceless CEE Legal Matters CEE Legal Matters 3 November 2013 December 2013 The idea of CEELM is born Corporate Subscriber (24 hours after the website launch) February 2014 Issue 1 of the CEE Legal Matters Magazine is published December 2013 www.ceelegalmatters.com is launched April 2014 First CEE Legal Matters Round Table is held in London A Snapshot of Our First Year. April 2014 Thank you for joining us on this great journey! The CEELM website reaches its millionth unique visitor September 2014 First CEELM story republished by Chambers & Partners July 2014 July 2014 Corporate Counsel Handbook First CEELM story republished is published by IFLR1000 May 2014 (yes, up until this point, CEELM was September 2014 The 1,000th story is published 1K on the CEELM website September 2014 November 2014 “@CEELegalMatters just a quick The CEELM website crashes due to note to say your feed is useful and appreciated.
Recommended publications
  • Development of Private Equity Funds in the Czech Republic

    Development of Private Equity Funds in the Czech Republic

    Univerzita Karlova v Praze Fakulta sociálních věd Institut ekonomických studií Diplomová práce 2008 Petra Sedláková Univerzita Karlova v Praze Fakulta sociálních věd Institut ekonomických studií DIPLOMOVÁ PRÁCE Development of Private Equity Funds in the Czech Republic Vypracovala: Bc. Petra Sedláková Vedoucí: Prof. Ing. Michal Mejstřík, CSc. Akademický rok: 2007/2008 Prohlášení Prohlašuji, že jsem diplomovou práci vypracovala samostatně a použila pouze uvedené prameny a literaturu. V Praze dne 19. května 2008 Petra Sedláková Poděkování Děkuji panu Prof. Ing. Michalu Mejstříkovi, CSc. za rady a připomínky a panu Ing. Jiřímu Bohalovi za cenné a četné diskuze a podněty při psaní této práce. Dále bych ráda poděkovala Jennifer Vandermosten z EVCA za poskytnutí dat. TEZE DIPLOMOVÉ PRÁCE Termín státní zkoušky: Letní semestr 2007/2008 Autor diplomové práce: Bc. Petra Sedláková Vedoucí diplomové práce: Prof. Ing. Michal Mejstřík, CSc. Téma: Předpokládaný budoucí vývoj akvizičních aktivit finančních investorů a českém trhu Charakteristika tématu Přelom tisíciletí byl v České republice ve znamení fúzí a akvizicí. Zatímco předchozím rokům dominovaly tzv. strategické akvizice, tedy převzetí podniku za účelem jeho rozvoje a využití růstových příležitostí, v současné době se začínají dostávat do popředí akvizice finanční neboli spekulativní. Při nich se tuzemští finanční investoři zaměřují na střednědobé projekty s jasnými kritérii, tj. stávají se standardními private equity fondy. Tyto fondy postupují tak, že podnik koupí, restrukturalizují a v horizontu 3–7 let opětně za účelem dosažení zisku prodají. Neuvažují dlouhodobě, ale spekulativně. Proto jsou schopné akceptovat vyšší rizika, a tudíž nabídnout vyšší cenu než strategický investor. Ve své diplomové práci bych se chtěla zaměřit právě na private equity fondy v České republice, a to od počátku jejich působení na našem trhu, přes současnost, až k možným scénářům budoucího vývoje.
  • 14Annual Report Contents

    14Annual Report Contents

    14Annual Report Contents 4 Foreword 78 Report of the Supervisory Board 6 Executive Board 86 Consolidated Financial Statements 87 Responsibility Statement 8 The Axel Springer share 88 Auditor’s Report 89 Consolidated Statement of Financial Position 10 Combined Management Report 91 Consolidated Statement of 12 Fundamentals of the Axel Springer Group Comprehensive Income 22 Economic report 92 Consolidated Statement of Cash Flows 41 Economic position of Axel Springer SE 93 Consolidated Statement of Changes in Equity 44 Events after the reporting date 94 Consolidated Segment Report 45 Report on risks and opportunities 95 Notes to the Consolidated 56 Forecast report Financial Statements 61 Disclosures and explanatory report of the Executive Board pursuant to takeover law 158 Boards 65 Corporate Governance Report Group Key Figures Continuing operations in € millions Change yoy 2014 2013 2012 Group Total revenues 8.4 % 3,037.9 2,801.4 2,737.3 Digital media revenues share 53.2 % 47.5 % 42.4 % 1) EBITDA 11.6 % 507.1 454.3 498.8 1) EBITDA margin 16.7 % 16.2 % 18.2 % 2) Digital media EBITDA share 72.1 % 62.0 % 49.4 % 3) EBIT 9.7 % 394.6 359.7 413.6 Consolidated net income 31.9 % 235.7 178.6 190.7 3) Consolidated net income, adjusted 9.3 % 251.2 229.8 258.6 Segments Revenues Paid Models 2.6 % 1,561.4 1,521.5 1,582.9 Marketing Models 10.8 % 794.1 716.5 662.8 Classified Ad Models 27.2 % 512.0 402.6 330.2 Services/Holding 6.1 % 170.5 160.8 161.4 EBITDA1) Paid Models – 2.4 % 244.2 250.1 301.8 Marketing Models 6.0 % 109.7 103.4 98.1 Classified Ad Models
  • CEE/Cisan Overview of Trends in Select Sectors and Markets March 2009

    CEE/Cisan Overview of Trends in Select Sectors and Markets March 2009

    CEE/CISAn Overview of Trends in Select Sectors and Markets March 2009 Region Snapshot rivate equity investors face numerous and diverse challenges in the Central and Eastern Europe (CEE) includes: Central & Eastern Europe (CEE) and the Commonwealth of Indepen- Albania Bosnia and Herzegovina dent States (CIS) regions in the current economic climate. Once thought P Bulgaria immune to regional woes, the 10 CEE countries which acceded to the Eu- Croatia ropean Union (EU) in 2004 and 2007 are encountering domestic fiscal and Czech Republic economic problems, and worries about regional systemic risk are mounting. Estonia Hungary Among EU countries, Hungary and Latvia are struggling most. Despite a com- Latvia Lithuania bined US$35 billion in bailout funds from the IMF, GDP is expected to fall by 3% Montenegro in Hungary in 2009, and 12% in Latvia. In the CIS, growing worries about politi- Poland cal risk are compounding economic concerns. Russia’s August invasion of Geor- Republic of Macedonia gia accelerated investor fears, as have tensions surrounding the Anglo-Russian Romania oil joint venture TNK-BP Holding. Fallen energy prices threaten the economic sta- Serbia bility of the oil-centric economies of the CIS. Ukraine’s attempts to prop up its Slovakia Slovenia currency have failed, and the second tranche of a US$16.4 billion IMF bailout Turkey remains in question. Further, the ongoing power struggle between Prime Minis- The Commonwealth of Independent States (CIS) ter Yulia Tymoshenko and President Viktor Yushchenko have heightened worries includes: about Ukraine’s political stability. The IMF projects slight contractions in growth Armenia for both the CEE and CIS sub-regions in 2009, representing a significant slow- Azerbaijan down from growth rates of 5.4% and 8.6% growth, respectively, just two years prior.
  • Television Advertising Insights

    Television Advertising Insights

    Lockdown Highlight Tous en cuisine, M6 (France) Foreword We are delighted to present you this 27th edition of trends and to the forecasts for the years to come. TV Key Facts. All this information and more can be found on our This edition collates insights and statistics from dedi cated TV Key Facts platform www.tvkeyfacts.com. experts throughout the global Total Video industry. Use the link below to start your journey into the In this unprecedented year, we have experienced media advertising landscape. more than ever how creative, unitive, and resilient Enjoy! / TV can be. We are particularly thankful to all participants and major industry players who agreed to share their vision of media and advertising’s future especially Editors-in-chief & Communications. during these chaotic times. Carine Jean-Jean Alongside this magazine, you get exclusive access to Coraline Sainte-Beuve our database that covers 26 countries worldwide. This country-by-country analysis comprises insights for both television and digital, which details both domestic and international channels on numerous platforms. Over the course of the magazine, we hope to inform you about the pandemic’s impact on the market, where the market is heading, media’s social and environmental responsibility and all the latest innovations. Allow us to be your guide to this year’s ACCESS OUR EXCLUSIVE DATABASE ON WWW.TVKEYFACTS.COM WITH YOUR PERSONAL ACTIVATION CODE 26 countries covered. Television & Digital insights: consumption, content, adspend. Australia, Austria, Belgium, Brazil, Canada, China, Croatia, Denmark, France, Finland, Germany, Hungary, India, Italy, Ireland, Japan, Luxembourg, The Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, UK and the US.
  • F Ul L Ye Ar R Es Ults 2 01 9

    F Ul L Ye Ar R Es Ults 2 01 9

    FULL YEAR RESULTS 2019 ENTERTAIN. INFORM. ENGAGE. KEY FIGURES SHARE PERFORMANCE (1 January 2019 to 31 December 2019) +31.15 % MDAX +16.41 % SXMP –5.82 % RTL GROUP INDEX = 100 –10.55 % PROSIEBENSAT1 RTL Group share price development for January to December 2019 based on the Frankfurt Stock Exchange (Xetra) against MDAX, Euro Stoxx 600 Media and ProSiebenSat1 Fremantle’s America’s Got Talent: The Champions is a prime-time hit on NBC. 2 RTL Group Full-year results 2019 REVENUE 2015 – 2019 (€ million) EBITA 2015 – 2019 (€ million) 19 6,651 19 1,139 18 6,505 18 1,171 17 6,373 17 1,248 16 6,237 16 1,205 15 6,029 15 1,167 PROFIT FOR THE YEAR 2015 – 2019 (€ million) EQUITY 2015 – 2019 (€ million) 19 864 19 3,825 18 785 18 3,553 17 837 17 3,432 16 816 16 3,552 15 863 15 3,409 MARKET CAPITALISATION* 2015 – 2019 (€ billion) TOTAL DIVIDEND / DIVIDEND YIELD PER SHARE 2015 – 2019 (€) (%) 19 6.8 19 4.00 8.7 18 7.2 18 4.00* 6.3 17 10.4 17 4.00** 5.9 16 10.7 16 4.00*** 5.4 15 11.9 15 4.00**** 4.9 *As of 31 December * Including an interim dividend of € 1.00 per share, paid in September 2018 ** Including an interim dividend of € 1.00 per share, paid in September 2017 *** Including an interim dividend of € 1.00 per share, paid in September 2016 **** Including an extraordinary interim dividend of € 1.00 per share, paid in September 2015 CASH CONVERSION RATE* 2015 – 2019 (%) PLATFORM REVENUE* 2015 – 2019 (€ million) 19 105 19 368 18 90 18 343 17 104 17 319 16 97 16 281 15 87 15 248 *Calculated as operating pre-tax free cash flow as a percentage of EBITA * Revenue generated across all distribution platforms (cable, satellite, IPTV) including subscription and re-transmission fees 3 RTL Group Full-year results 2019 “ WE ARE BOOSTING OUR STREAMING SERVICES AND GLOBAL CONTENT BUSINESSES” “Driven by the strong performances of our three largest business units, RTL Group achieved all financial goals in 2019: revenue grew on an underlying basis by 3.2 per cent, EBITA remained broadly stable despite higher investments, and Group profit was up by 10 per cent.
  • Annual Financial Report Company Profile

    Annual Financial Report Company Profile

    2016 annual financial report Company profile Our business Europe is a leading real estate development and investment company, operating throughout Central reportannual financial 2016 and Eastern Europe, and focusing on the development of large- scale commercial and residential projects. 2 Our diversified assets portfolio currently consists of: • shopping malls and retail properties • business parks and office complexes • large-scale residential and mixed-use projects • Income-yielding residential properties • land-bank designated for future projects At the end of 2016, we own, develop and manage properties and projects in Bulgaria, Czech Republic, Germany, Hungary, Latvia, Poland, Romania and Serbia, with on-the-ground teams comprising nearly 200 professionals. Our company’s head-office is based in the Netherlands. AFI Europe is part of the AFI Group, an international holdings and investments conglomerate. Total asset value Competitive advantage €1.393m Proven track-record in the development and management of successful large-scale projects and properties Residential Ability to attract and retain high caliber tenants including projects reputable retailers and multinational corporations Commercial 4% properties (€51m) On-the-ground presence by in-house multidisciplinary 78% teams of highly skilled professionals with local knowledge (€1,086m) and connections, as well as international networks Land bank 18% Good relationships with banks and (€256m) ability to raise debt financing As at 31 December 2016 based on CBRE valuation as of 30 September
  • Financing Environmental Investments in Croatia

    Financing Environmental Investments in Croatia

    Financing Environmental Investments In Croatia March, 2002 EURASIAN-AMERICAN PARTNERSHIP FOR ECOLINKS ENVIRONMENTALLY SUSTAINABLE ECONOMIES Financing Environmental Investments in Croatia Introduction The primary purpose of this study is to assess the financing prospects for grantees of USAID's EcoLinks Partnership Grants Program. In the private sector, these grantees are typically SMEs that are seeking financing to purchase environmental equipment that will improve both their environmental performance and operating efficiency. Their investment needs range from $50,000 to $2 million. The study is also relevant to other SMEs and many larger companies in Croatia that will eventually need to invest in environmental improvements in order to comply with EU standards and avoid environmental fees and penalties. At present environmental regulations are not strictly enforced in Croatia, and there are limited market incentives to improve environmental performance. During February 11-22,2002, the study team interviewed representatives of commercial banks, venture capital funds, multilateral financing institutions and Croatian government agencies to identify the funds available for environmental financing and any barriers to accessing those funds. Most of these institutions do not have funding programs specifically developed for environmental investments. However, environmental investments for the private sector are usually covered under funding programs for SME development or other special programs, such as programs for export-oriented industries or new technologies. Although the study focuses on the private sector, a brief section is included on the potential for financing environmental investments in the municipal sector. These investments are usually considered under programs for infrastructure development. PART I: Private Sector Financing Sources of Financing Currently, the principal funding sources for environmental investments are multilateral w organizations, commercial banks, venture capital funds and Croatian government entities.
  • THE 2011 RESULTS of the PRIVATE EQUITY and VENTURE CAPITAL INDUSTRY (Budapest, May 15, 2011)

    THE 2011 RESULTS of the PRIVATE EQUITY and VENTURE CAPITAL INDUSTRY (Budapest, May 15, 2011)

    Dr. Judit Karsai1 THE 2011 RESULTS OF THE PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY (Budapest, May 15, 2011) The Protracted Crisis Even in 2011, the slowdown caused by the crisis still persisted in the Central and Eastern European (CEE) private equity and venture capital industry. Similarly to Europe as a whole, the first half of 2011 showed signs of recovery; thus, investments and exits of significant value were made in the region. However in the middle of the year, a new wave of the European debt crisis broke the upwards trend. In 2011, the region again represented nearly 3% of European investments; however, the increase in the volume of capital committed for the purpose of investments here in the region reached only one tenth of the European dynamic which signifies the deterioration of the region’s competitive position. However in terms of exits of investors from portfolio companies, the region improved its position in Europe as a result of some very high-value exits; the share of local divestitures rose to 4.5%. In 2011, the Hungarian private equity and venture capital market regained its earlier second position in terms of volume of investments in the region; moreover, in terms of exit value, it was first in the region. The Hungarian market achieved an outstanding position not only in the region but also Europe-wide due to the launch of the activity of the Jeremie funds. In 2011, it ranked sixth in Europe in terms of the ratio of the value of early stage investments i.e. the venture capital investments functioning in the classic sense of venture capital to the GDP.
  • Special Issue of the CEE Legal Matters Magazine Here

    Special Issue of the CEE Legal Matters Magazine Here

    Special Issue CEE January 2017 Legal Matters In-Depth Analysis of the News and Newsmakers That Shape Europe’s Emerging Legal Markets What do you expect from your law firm? wolftheiss.com EDITORIAL YEAR END SPECIAL IssUE CEE EDITORIAL: OUT WITH THE Legal Matters In-Depth Analysis of the News and Newsmakers That Shape Europe's Emerging Legal Markets BAD, IN WITH THE GOOD Few would con- tria, the trend is undeniably rightward. test that 2016 was, Against this gloomy backdrop, optimism might on balance, a dis- seem to be in short supply. And yet, at least in appointing year. the legal industry, it’s perhaps not completely un- Indeed, by now warranted. descriptions of the year just concluded First, as the participants in this year’s Expert as unfortunate, or Summit (page 12) attest, business in CEE contin- terrible, or an an- ues to grow. Partners at law firms in some of the nus horribilis are most troubled CEE countries, such as Ukraine, so common as to Russia, and Turkey, remain positive, and firms approach cliché. Still, the year is unlikely to be in many other CEE countries, such as Austria, remembered fondly, in CEE or anywhere else. Hungary, and Romania, report increased growth, profits, and enthusiasm. Those reports are borne And indeed, recalling the stories from this part out by our annual Table of Deals ( page 32) as of the world that generated global media cover- well, which is much larger than it was in 2015 – age in 2016 is a painful exercise. In Turkey alone, which itself, in turn, was much larger than it was a woeful series of terrorist attacks killed an esti- The Editors: in 2014.
  • Issue 7.11 of the CEE Legal Matters Magazine

    Issue 7.11 of the CEE Legal Matters Magazine

    PRELIMINARY MATTERS DECEMBER 2020 Year 7, Issue 11 CEE December 2020 Legal Matters In-Depth Analysis of the News and Newsmakers That Shape Europe’s Emerging Legal Markets Editorial by Florentin Tuca of Tuca Zbarcea & Asociatii Across the Wire: Deals and Cases in CEE On the Move: New Firms and Practices The Buzz in CEE The Corner Office: Most Meaningful Charity or Pro Bono Commitment A Remote Possibility: Telecommuting During Covid-19 Ground-Breaking the Law: JPM Launches Corporate Criminal Practice in Serbia Arbitration and Virtual Hearings: Contract Disputes in the Covid-19 Era New Captain at the Helm: Kinstellar’s New Managing Partner in Kyiv No Blues in the Baltics: Irmantas Norkus Leads Cobalt to Success Inside Insight: Interview with Zlatko Stojcheski, Head of Corporate & Legal Affairs at A1 Makedonija Between a Rock and a Hard Place: Practicing Law in Crimea Market Spotlight: The Czech Republic Guest Editorial by Prokop Verner of Allen & Overy Inside Out: Worldline’s Acquisition of GoPay Inside Insight: Interview with Nadia Matusikova, General Counsel of RWS Moravia Recent Developments and Major Amendments to the Business Corporations Act Expat on the Market: Alex Cook of Clifford Chance Prague Market Spotlight: Russia Guest Editorial by Georgy Kovalenko of EY Law Russian Market Snapshots 1 CEE LEGAL MATTERSExpat on the Market: Julien Hansen of DLA Piper Experts Review: Banking & Finance DECEMBER 2020 PRELIMINARY MATTERS CEE Legal Matters OPEN CALL FOR SUBMISSIONS! YES, IT’S THAT TIME OF YEAR AGAIN: WE ARE NOW ACCEPTING SUBMISSIONS FOR THE 2020 TABLE OF DEALS AND NOMINATIONS FOR THE 2020 CEE DEALS OF THE YEAR! FULL SUBMISSION GUIDELINES AND DEADLINES: WWW.CEELEGALMATTERS.COM/SUBMISSIONS 2 CEE LEGAL MATTERS PRELIMINARY MATTERS DECEMBER 2020 EDITORIAL: HOW EMI SINGS TO ME By Radu Cotarcea What is music and where does it come from? If hard-pressed my greatest exasperation was, coming in on the enough, most people, myself included, would regress to a same day, were two negative replies.
  • Annual Report 2019

    Annual Report 2019

    ANNUAL REPORT 2019 ENTERTAIN. INFORM. ENGAGE. KEY FIGURES SHARE PERFORMANCE 1 January 2019 to 31 December 2019 +31.15 % MDAX +16.41 % SXMP –5.82 % RTL GROUP INDEX = 100 –10.55 % PROSIEBENSAT1 RTL Group share price development for January to December 2019 based on the Frankfurt Stock Exchange (Xetra) against MDAX, Euro Stoxx 600 Media (SXMP) and ProSiebenSat1 Fremantle’s America’s Got Talent: The Champions is a prime-time hit on NBC. 2 RTL Group Annual Report 2019 Key figures REVENUE 2015 – 2019 (€ million) EBITA 2015 – 2019 (€ million) 19 6,651 19 1,139 18 6,505 18 1,171 17 6,373 17 1,248 16 6,237 16 1,205 15 6,029 15 1,167 PROFIT FOR THE YEAR 2015 – 2019 (€ million) EQUITY 2015 – 2019 (€ million) 19 864 19 3,825 18 785 18 3,553 17 837 17 3,432 16 816 16 3,552 15 863 15 3,409 MARKET CAPITALISATION* 2015 – 2019 (€ billion) TOTAL DIVIDEND / DIVIDEND YIELD PER SHARE 2015 – 2019 (€)(%) 19 6.8 19 NIL* – 18 7.2 18 4.00** 6.3 17 10.4 17 4.00*** 5.9 16 10.7 16 4.00**** 5.4 15 11.9 15 4.00***** 4.9 *As of 31 December * On 2 April 2020, RTL Group’s Board of Directors decided to withdraw its earlier proposal of a € 4.00 per share dividend in respect of the fiscal year 2019, due to the coronavirus outbreak. No dividend will now be proposed to the Annual Meeting of Shareholders on 30 June 2020.
  • A Project by AFI Europe PARK AA Classclass Modernmodern Projectproject Dedicateddedicated Toto IT&CIT&C Multinationalmultinational Companiescompanies About Romania

    A Project by AFI Europe PARK AA Classclass Modernmodern Projectproject Dedicateddedicated Toto IT&CIT&C Multinationalmultinational Companiescompanies About Romania

    PARK A project by AFI Europe PARK AA classclass modernmodern projectproject dedicateddedicated toto IT&CIT&C multinationalmultinational companiescompanies About Romania Romania – Stable Political Environment Occupying a prime geographical location in South Eastern Europe (SEE), Romania is an attractive center of commerce for international companies seeking a foothold between the flourishing economies of the European Union and exciting developments taking place to the east. Romania joined the EU on January 1, 2007, securing its position as an upper-middle income country with a strong record of economic reform. The country’s economic potential growth has generally been among the highest in Europe, and unemployment rates are still low. Whether drawn by extraordinary biodiversity or immense economic potential, Romania is a highly sought-after market for global brands and businesses. Romania is a unitary semi-presidential republic, since the fall of the communist era in 1989 Legislative power: The Parliament with the Upper House (Senate) and Lower House (Chamber of Deputies) Executive power: Government & the President. Romania’s Legacy in Bird’s Eye View Romania, the 2nd largest country in CEE and the 7th largest country in European Union in terms of population and the 9th largest in terms of area The most important country in the SEE, which comprises the Western Balkans and Bulgaria Romania’s GDP in absolute terms has surpassed that of Hungary and is now only exceeded in CEE by that of the Czech Republic and Poland The country has the potential to become the 2nd most important market in the CEE if the current trend, of economic growth above CEE level, will continue Romania is a member of NATO since 2004 Strategic location on the crossroads connecting Western Europe with Central Asia and the Middle East bypassing Russia.