DOCSLIB.ORG

ANNUAL REPORT 2010 1 Financial Highlights

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
ANNUAL REPORT 2010 1 Financial Highlights Focused on Quality. Delivering Results. ANNUAL REPORT 2010 ANNUAL REPORT 515 Eastern Avenue Allegan, Michigan 49010 (269) 673-8451 www.perrigo.com ©2010 Perrigo Company All rights reserved Shareholder Information Directors Moshe Arkin Laurie Brlas Gary M. Cohen David T. Gibbons Ran Gottfried Ellen R. Hoffi ng Former Vice Chairman, Executive Vice President, Executive Vice President, Former Chairman Consultant and Director Chief Operating Offi cer Perrigo Company Chief Financial Offi cer, Becton, Dickinson of the Board, for public and private and Co-President, Director since 2005 Cliffs Natural Resources, Inc. and Company Perrigo Company companies in Israel Neos Therapeutics Director since 2003 Director since 2003 Director since 2000 Director since 2006 Director since 2008 Michael J. Jandernoa Gary K. Kunkle, Jr. Herman Morris, Jr. Joseph C. Papa Ben-Zion Zilberfarb Former Chairman Retired Chairman and City Attorney of the Chairman, President and Professor of Economics of the Board, Chief Executive Offi cer, City of Memphis, Chief Executive Offi cer, at Bar-Ilan University Perrigo Company DENTSPLY International Inc. Memphis, Tennessee Perrigo Company and consultant Director since 1981 Director since 2002 Director since 1999 Director since 2006 Director since 2007 Executive Offi cers Michael R. Stewart Shareholder Account Information Joseph C. Papa Senior Vice President, Shareholders with requests for information regarding Chairman, President and Global Human Resources their share position, stock certifi cates, address changes Chief Executive Offi cer and other related matters should contact: Dr. Louis W. Yu Judy L. Brown Senior Vice President, Computershare Executive Vice President and Global Quality and Compliance P.O. Box 43078 Chief Financial Offi cer Providence, RI 02940 Share Information (800) 622-6757 Thomas M. Farrington Perrigo Company common stock is traded on The Senior Vice President and NASDAQ Global Select Market® and the Tel Aviv Stock Financial Information Chief Information Offi cer Exchange (TASE) under the symbol PRGO. Shares Annual reports, news releases, earnings announcements, outstanding at June 26, 2010: 91,694,299 dividend announcements, Form 10-K, 10-Q and 8-K John T. Hendrickson reports and other fi nancial information may be obtained Executive Vice President, Annual Meeting by visiting the investor relations section of our Global Operations and Supply Chain The Annual Meeting of Shareholders will be held at Web site: www.perrigo.com/investors. the Allegan County Area Technical & Education Center, Todd W. Kingma 2891 116th Avenue (M-222), Allegan, Michigan, on Investor Relations Contacts Executive Vice President, October 27, 2010, at 10:00 a.m. (EST) Arthur J. Shannon General Counsel and Secretary Vice President – Investor Relations Independent Accountants and Global Communications Sharon Kochan Since Fiscal 2009 (269) 686-1709 Executive Vice President, U.S. Generics Ernst & Young LLP Grand Rapids, Michigan Dan Willard Refael Lebel Manager – Investor Relations Executive Vice President and President, Fiscal 2008 and Global Communications Perrigo Israel BDO USA, LLP (269) 686-1597 (Formerly known as BDO Seidman, LLP) Paul B. Manning Grand Rapids, Michigan Creative services by Executive Vice President, Strategic Communication Advisors General Manager of PBM Fiscal 2010 Cash Dividend Data and Anderson Design Grand Rapids, Michigan Jeffrey R. Needham Fiscal Record Payable Per Share Executive Vice President, Quarter Date Date Amount General Manager Consumer Healthcare 1st 8/28/09 09/15/09 $0.0550 Dr. Jatin Shah 2nd 11/27/09 12/15/09 $0.0625 Senior Vice President and Chief Scientifi c Offi cer 3rd 2/26/10 3/16/10 $0.0625 4th 5/28/10 6/15/10 $0.0625 Contents 2 Financial Highlights 3 Letter To Shareholders 16 Business Portfolio 18 Financial Reconciliation Inside Back Cover Shareholder Information Corporate Profi le Perrigo Company is a leading global healthcare supplier that develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products, active pharmaceutical ingredients (API), and pharmaceutical and medical diagnostic products. Perrigo is the world’s largest store brand manufacturer of OTC pharmaceutical products and infant formulas. Perrigo’s primary markets and locations of manufacturing and logistics operations are the United States, Israel, Mexico, the United Kingdom and Australia. More than 2,700 Perrigo products are now available in more than 70 countries worldwide. Perrigo ANNUAL REPORT 2010 1 Financial Highlights Year Ended Financial Results – June 27, June 26, % Reported (GAAP) (1) 2009 (2) 2010 (2) Change In millions, except shares and Net Sales $2,006.9 $ 2,268.9 13.1 per share amounts Operating Income $ 247.3 $ 335.9 35.8 Income from Continuing Operations $ 141.1 $ 224.1 58.8 Diluted Earnings Per Share from Continuing Operations $ 1.51 $ 2.41 59.6 Average Diluted Shares Outstanding (000s) 93,629 92,845 (0.8) Year Ended Financial Results – June 27, June 26, % Adjusted (Non-GAAP) (1) 2009 (2,3) 2010 (2,3) Change In millions, except shares Net Sales $2,006.9 $ 2,268.9 13.1 and per share amounts Operating Income $ 267.4 $ 383.5 43.4 (unaudited) Income from Continuing Operations $ 174.6 $ 262.6 50.4 Diluted Earnings Per Share from Continuing Operations $ 1.87 $ 2.83 51.3 Average Diluted Shares Outstanding (000s) 93,629 92,845 (0.8) 2009 2,006.9 Net Sales 2010 2,268.9 ($ in millions) 2009 267.4 Operating Income 2010 383.5 ($ in millions) Income From 2009 174.6 Continuing Operations 2010 262.6 ($ in millions) Diluted Earnings 2009 1.87 Per Share 2010 2.83 (in dollars) (1) All information based on continuing operations. (2) See Item 7 in the Form 10-K report for a discussion of results of operations. (3) See reconciliation of non-GAAP fi nancial measures on page 18. We have excluded certain items that are unusual in nature when monitoring and evaluating Perrigo’s ongoing fi nancial results, because we believe this provides important insight into Perrigo’s ongoing core business operations on a normalized basis. 2 Letter to Shareholders Dear Shareholders, version of Zaditor®, a sterile eye solution for the temporary prevention of itching Fiscal 2010 was a very successful year for due to allergies, and Perrigo. We achieved record sales and earnings. Those results refl ect our commitment - Adding more than 10 products, through to executing on our fi ve key strategic pillars, asset acquisitions and partnerships, whose combined with favorable market dynamics, national brand equivalents had annual including continued growth in consumer sales totaling $3 billion. acceptance of store brand value and more We promised to grow through global frequent generic prescription substitution. expansion, and we delivered by: During fi scal 2010, we delivered on a number - Acquiring Orion Laboratories Pty. Ltd., of promises we made at our fi scal 2009 Australia’s largest OTC independent store year-end analysts’ meeting: brand pharmaceutical manufacturer, and We promised to grow by expanding into - Acquiring PBM, whose international presence new categories, and we delivered by: and strategy of continuous global expansion - Acquiring PBM Holdings, Inc. (PBM), the also contributed to the growth of our world’s largest manufacturer and marketer global footprint. of store brand infant formula products, We promised to grow by expanding our and one of only four U.S. Food and Drug product line, and we delivered by: Administration (FDA)-approved manufacturers of infant formulas in the U.S., - Receiving approval for and introducing several new products in key categories in - Entering the ophthalmics category through our Consumer Healthcare, Rx Pharmaceuticals our introduction of Ketotifen Fumarate and API businesses. Ophthalmic Solution, 0.025%, a generic Our Strategic Pillars Throughout fi scal 2010, we continued to focus Pursuing Industry Leading Innovation – on the fi ve pillars that are at the foundation of In fi scal 2010, we reinforced our leadership our strategic plan by: position through the introduction of new products that contributed more than $125 Ensuring Sustainable High Quality – million to our sales for the year. We invested more than $73 million in quality- related processes and activities in fi scal 2010. In Executing Effective Cost Management – fact, we added 34 employees that are focused Economies of scale and effi ciency are critical purely on maintaining Perrigo quality, and to our ability to consistently deliver affordable expect to add 110 more in fi scal 2011. healthcare products. Despite ever-present cost pressures, our highly skilled and sophisticated Delivering Superior Customer Service – manufacturing and global procurement teams While the complexity of producing 44 billion made signifi cant progress in overall cost tablets and 13,000 SKUs annually sets us management during fi scal 2010. apart from our competitors, it also makes it a challenge for us to meet our customers’ service Unleashing the Power of People – expectations. Perrigo met this challenge, while By developing new programs and training achieving record net sales volumes in fi scal 2010. facilities, we continue to seek, motivate and reward highly talented and skilled people. Perrigo ANNUAL REPORT 2010 3 4 We promised to maximize the effi ciency continuing to raise product quality standards of our operations and businesses, to ensure the highest product safety for and we delivered by: patients. As you may be aware, in April 2010 Perrigo received a warning letter from the - Completing the sale of our German FDA related to our Allegan, Michigan facilities. API facility, In essence, the FDA wants us to ensure that - Divesting non-core assets though the sale of sustainable corrective and preventive actions our Israel Consumer Products business, and take place when deviations occur, and that employees follow established procedures in all - Acquiring an 85 percent stake in a start-up API manufacturing operations. In response to the facility in India that will contribute to our low FDA’s letter and subsequent reviews, we will cost position while enabling us to participate continue to make the necessary investments more fully in the “next generation” of API.
Load more

Recommended publications
  • Bank Hapoalim B.M., Tel-Aviv, Israel
    Bank Hapoalim B.M., Tel-Aviv, Israel 2016 Resolution Plan – Public Section Bank Hapoalim B.M. (“Bank Hapoalim”) is a publicly held banking corporation organized and operating under Israeli law, and subject to comprehensive supervision by the Bank of Israel. In the United States, Bank Hapoalim owns (through PCM-HSU Holdings, Inc., a Delaware-incorporated holding company) Hapoalim Securities USA, a Delaware-incorporated SEC-registered broker-dealer that has offices in New York, California, and Florida. Bank Hapoalim also operates Bank Hapoalim B.M. New York Branch (the “Insured Branch”), a New York state-licensed FDIC-insured branch; Bank Hapoalim B.M. Plaza Branch and Bank Hapoalim Americas Tower Branch, New York state-licensed uninsured branches; Bank Hapoalim B.M. Miami Branch, a Florida state-licensed uninsured branch; and Bank Hapoalim B.M. Los Angeles Representative Office, a California state-licensed representative office. Despite the relatively limited size of its US operations, Bank Hapoalim is subject to US resolution planning requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act because it has consolidated assets on a global basis of over $50 billion. Because of the relatively limited size and simplified structure of its US operations, Bank Hapoalim’s initial resolution plan, filed in December 2013, was an abbreviated or “tailored” resolution plan and Banks Hapoalim’s second resolution plan, filed in December 2014, was a brief update to its 2013 plan. Based on their review of the 2014 plan, by letter dated July 24, 2015, the FDIC and the Board of Governors of the Federal Reserve System (the “Agencies”) authorized Bank Hapoalim to file a resolution plan that focuses solely on (i) material changes to its 2014 resolution plan; (ii) any actions taken to strengthen the effectiveness of its plan; and (iii) its strategy for ensuring that the Insured Branch will be adequately protected from risks arising from the activities of Bank Hapoalim’s nonbank subsidiaries.
    [Show full text]
  • Understanding the FTC's Monetary Equitable Remedies Under Section
    Understanding the FTC’s monetary equitable remedies under Section 13(b) for antitrust violations By Gerald A. Stein, American Bar Association — Fall 2019 Until recently the Federal Trade Commission’s ability to seek monetary equitable remedies (particularly disgorgement and restitution) for alleged antitrust violations— whether ongoing, impending, or stale— went virtually unchallenged. After it first gained statutory authority under Section 13(b)1 of the FTC Act to bring suit in federal district court to preliminarily enjoin conduct that “is violating, or is about to violate” the antitrust laws, the FTC successfully convinced many federal courts that Section 13(b) also impliedly allowed the FTC to seek standalone permanent injunctions and monetary equitable remedies regardless of whether a defendant’s alleged anticompetitive conduct was ongoing or completed long ago.2 The FTC brought few antitrust cases in the years following the enactment for alleged antitrust violations pursuant to Section 13(b) where the alleged of Section 13(b) in 1973, and the agency formalized its conservative anticompetitive conduct was neither ongoing nor imminent. Next, in approach in its unanimously approved 2003 Policy Statement on Monetary FTC v. Credit Bureau Center LLC,5 the Seventh Circuit vacated an award for Equitable Remedies in Competition Cases. In 2012, however, the FTC restitution in a consumer protection case based on its determination that abruptly, and without providing an opportunity for public comment, Section 13(b) authorizes only restraining orders and injunctions. And, in a withdrew its 2003 Policy Statement, asserting that it created “an overly third case that is still pending, FTC v.
    [Show full text]
  • Fact Sheet:Middle East and Africa ESG Screened Index Equity Sub
    EMEA_INST Managed Pension Funds Limited Middle East and Africa ESG Screened Index Equity Sub-Fund Equities 30 June 2021 Fund Objective Performance ® The Sub-Fund aims to track the FTSE Developed Annualised Fund Benchmark Difference Middle East and Africa ex Controversies ex CW 1 Year (%) 23.30 23.28 0.01 Index, or its recognised replacement or equivalent. 3 Year (%) 4.75 4.84 -0.09 Investment Strategy 5 Year (%) 0.78 0.89 -0.11 The Sub-Fund primarily invests at all times in a Since Inception (%) 4.04 4.18 -0.14 sample of equities constituting the Index with such other securities as MPF shall deem it necessary Cumulative to capture the performance of the Index. Stock 3 Month (%) 11.54 11.51 0.04 index futures can be used for efficient portfolio 1 Year (%) 23.30 23.28 0.01 management. 3 Year (%) 14.95 15.24 -0.29 The following are excluded by the index provider from the index: Controversies (as defined by the ten 5 Year (%) 3.96 4.52 -0.56 principles of the UN Global Compact); Controversial Since Inception (%) 65.75 68.57 -2.81 weapons (including chemical & biological weapons, cluster munitions and anti-personnel landmines). Calendar 2021 (year to date) 9.74 9.71 0.03 Benchmark 2020 -1.28 -1.47 0.19 FTSE Developed Middle East and Africa ex 2019 10.82 11.07 -0.24 Controversies ex CW Index 2018 -0.47 -0.12 -0.35 Structure 2017 -10.77 -10.66 -0.12 Limited Company Past performance is not a guarantee of future results.
    [Show full text]
  • Responding to Mylan's Inadequate Tender Offer
    Responding To Mylan’s Inadequate Tender Offer: Perrigo’s Board Recommends That You Reject the Offer and Do Not Tender September 2015 Important Information Forward Looking Statements Certain statements in this presentation are forward-looking statements. These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control, including future actions that may be taken by Mylan in furtherance of its unsolicited offer. These and other important factors, including those discussed under “Risk Factors” in the Perrigo Company’s Form 10-K for the year ended June 27, 2015, as well as the Company’s subsequent filings with the Securities and Exchange
    [Show full text]
  • Public Companies Profiting from Illegal Israeli Settlements on Palestinian Land
    Public Companies Profiting from Illegal Israeli Settlements on Palestinian Land Yellow highlighting denotes companies held by the United Methodist General Board of Pension and Health Benefits (GBPHB) as of 12/31/14 I. Public Companies Located in Illegal Settlements ACE AUTO DEPOT LTD. (TLV:ACDP) - owns hardware store in the illegal settlement of Ma'ale Adumim http://www.ace.co.il/default.asp?catid=%7BE79CAE46-40FB-4818-A7BF-FF1C01A96109%7D, http://www.machat.co.il/businesses.php, http://www.nytimes.com/2007/03/14/world/middleeast/14israel.html?_r=3&oref=slogin&oref=slogin&, http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=ACDP:IT ALON BLUE SQUARE ISRAEL LTD. (NYSE:BSI) - has facilities in the Barkan and Atarot Industrial Zones and operates supermarkets in many West Bank settlements www.whoprofits.org/company/blue- square-israel, http://www.haaretz.com/business/shefa-shuk-no-more-boycotted-chain-renamed-zol-b-shefa-1.378092, www.bsi.co.il/Common/FilesBinaryWrite.aspx?id=3140 AVGOL INDUSTRIES 1953 LTD. (TLV:AVGL) - has a major manufacturing plant in the Barkan Industrial Zone http://www.unitedmethodistdivestment.com/ReportCorporateResearchTripWestBank2010FinalVersion3.pdf (United Methodist eyewitness report), http://panjiva.com/Avgol-Ltd/1370180, http://www.haaretz.com/print-edition/business/avgol- sees-bright-future-for-nonwoven-textiles-in-china-1.282397 AVIS BUDGET GROUP INC. (NASDAQ:CAR) - leases cars in the illegal settlements of Beitar Illit and Modi’in Illit http://rent.avis.co.il/en/pages/car_rental_israel_stations, http://www.carrentalisrael.com/car-rental- israel.asp?refr= BANK HAPOALIM LTD. (TLV:POLI) - has branches in settlements; provides financing for housing projects in illegal settlements, mortgages for settlers, and financing for the Jerusalem light rail project, which connects illegal settlements with Jerusalem http://www.haaretz.com/print-edition/business/bank-hapoalim-to-lead-financing-for-jerusalem-light-rail-line-1.97706, http://www.whoprofits.org/company/bank-hapoalim BANK LEUMI LE-ISRAEL LTD.
    [Show full text]
  • 2020 Annual Report Products
    Products 2020 Annual Report From the CEO Dear Fellow Shareholders, Perrigo’s transformation to a pure-play Consumer Self-Care Company has come a long way LQMXVWWZRVKRUW\HDUV:HKDYHUHVWRUHGVXVWDLQDEOHWRSOLQHJURZWKGHOLYHUHGRQRXU¿QDQFLDO SURPLVHVUHFRQ¿JXUHGRXUSRUWIROLRRIEXVLQHVVHVXSGDWHGWKH,7LQIUDVWUXFWXUHDQGSURFHVVHV of the Company, expanded capacity, upgraded leadership talent, installed business intelligence capabilities, built a new product pipeline of over $500 million and re-instilled a sense of pride and energy among our 11,000 team members. Making this even more remarkable, is that we kept the WUDQVIRUPDWLRQRQWUDFNLQWKHIDFHRIWKHJOREDO&29,'SDQGHPLF,KRSH\RXDUHDVSURXGRI3HUULJR¶VJOREDOWHDP DV,DPIRUKRZWKH\ZRUNHGWRNHHSHDFKRWKHUVDIHNHSWRXUHVVHQWLDOSURGXFWVÀRZLQJDQGNHSWRXUWUDQVIRUPDWLRQ to a consumer self-care company on track through all of the personal and professional uncertainty that came their way LQ7KH\DUHKHURHV As a result of their efforts, Perrigo delivered strong net sales growth for the second year in a row in 2020 and World-wide Consumer sales reached a new record high. Equally important, the team stabilized adjusted operating income after a few years of decline even as we invested over $50 million in our business and overcame $35 million RIXQSODQQHGKHDGZLQGVGXHSULPDULO\WR&29,'UHODWHGVDIHW\FRVWVDQGEXVLQHVVLPSDFWIURPWKHZHDNFROG FRXJKDQGÀXVHDVRQUHODWHGWR&29,'¶VLPSDFWRQSXEOLFOLIH$OOLQDOOZHKDGDYHU\VWURQJ\HDU Our transformation efforts reached an essential milestone after the year closed when we announced the sale of RXU3UHVFULSWLRQ3KDUPDFHXWLFDOVEXVLQHVVWR$OWDULV&DSLWDO3DUWQHUV//&7KHWUDQVDFWLRQUHLQIRUFHVRXUDELOLW\
    [Show full text]
  • Pharma Pricing, Non-Profit Ties Get Increasing Scrutiny from Prosecutors
    REGULATORY UPDATE REGULATORY UPDATE CONSUMER DRUGS Pediatric Rare Disease Voucher Japan Wants EMA To Stay In Digital Marketing: Health Care Brands’ Program Faces Expiration, p. 12 UK Post-Brexit, p. 15 Window Into Consumers’ Lives, p. 20 Pharma intelligence Pinkpink.pharmamedtechbi.comSheetVol. 78 / No. 38 September 19, 2016 informa Mylan NV was subpoenaed for material Pharma Pricing, Non-Profit Ties Get about the pricing of its generic doxycycline and communications with competitors. And Valeant Pharmaceuticals International Inc. is Increasing Scrutiny From Prosecutors facing several probes about its pricing and BRENDA SANDBURG [email protected] patient assistance programs (see chart, p. 5). Mylan’s doxycycline price increases were called out by Sen. Bernie Sanders, I-Vt., and Rep. Elijah Cummings, D-Md., in October 2014 when they sent letters to 14 generic drug makers about the pricing of their prod- ucts. They noted that from October 2013 to April 2014, the average price charged for a 500-count bottle of 100 mg tablets had risen from $20 to $1,829, an 8,281% increase. Mylan is now under fire for repeatedly rais- ing the price of its severe allergy treatment EpiPen (epinephrine), which has increased from about $100 for a two-pack in 2008 to more than $600. Members of Congress sent a flurry of letters to the company requesting an explanation for the price hikes. And on Sept. 6, New York Attorney Gen- Shutterstock: blvdone Shutterstock: eral Eric Schneiderman announced that his office has begun an investigation into rug makers have been unable to programs, contractual agreements with Mylan with regard to EpiPen, saying a pre- shake free of government inves- pharmacy benefit managers, support of liminary review revealed that Mylan may Dtigations of their marketing and non-profit organizations, and calculation have inserted potentially anticompetitive sales practices.
    [Show full text]
  • Plaintiff Federal Trade Commission's Post-Trial Brief
    Case 2:14-cv-05151-HB Document 403 Filed 03/23/18 Page 1 of 46 UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA FEDERAL TRADE COMMISSION, Plaintiff, Case Number: 2:14-CV-5151-HB v. ABBVIE INC., et al., Defendants. PLAINTIFF FEDERAL TRADE COMMISSION’S POST-TRIAL BRIEF Armine Black Daniel S. Bradley Rebecca L. Egeland Jordy J. Hur Garth W. Huston Hannah Lamb Heather M. Johnson Thomas D. Mays Patricia M. McDermott Markus H. Meier Kara L. Monahan Lauren Peay Peter J. Taylor Matthew B. Weprin James Weingarten Attorneys for Plaintiff FEDERAL TRADE COMMISSION 600 Pennsylvania Avenue, N.W. Washington, D.C. 20580 (202) 326-2569 [email protected] Case 2:14-cv-05151-HB Document 403 Filed 03/23/18 Page 2 of 46 TABLE OF CONTENTS TABLE OF AUTHORITIES ........................................................................................................ ii KEY PERSONNEL ...................................................................................................................... vi I. Defendants’ objectively baseless lawsuits used the governmental process as an anticompetitive weapon .................................................................................................... 2 A. Defendants enjoyed substantial benefits from the collateral injuries their baseless lawsuits inflicted on Teva and Perrigo ...................................................... 3 B. The evidence at trial supports liability even under Defendants’ erroneous view that PRE requires proof that Defendants knew their lawsuits were baseless .........
    [Show full text]
  • Domestically Owned Versus Foreign-Owned Banks in Israel
    Domestic bank intermediation: domestically owned versus foreign-owned banks in Israel David Marzuk1 1. The Israeli banking system – an overview A. The structure of the banking system and its scope of activity Israel has a highly developed banking system. At the end of June 2009, there were 23 banking corporations registered in Israel, including 14 commercial banks, two mortgage banks, two joint-service companies and five foreign banks. Despite the spate of financial deregulation in recent years, the Israeli banking sector still plays a key role in the country’s financial system and overall economy. It is also highly concentrated – the five main banking groups (Bank Hapoalim, Bank Leumi, First International Bank, Israel Discount Bank and Mizrahi-Tefahot Bank) together accounted for 94.3% of total assets as of June 2009. The two largest groups (Bank Leumi and Bank Hapoalim) accounted for almost 56.8% of total assets. The sector as a whole and the large banking groups in particular are organised around the concept of “universal” banking, in which commercial banks offer a full range of retail and corporate banking services. Those services include: mortgages, leasing and other forms of finance; brokerage in the local and foreign capital markets; underwriting and investment banking; and numerous specialised services. Furthermore, until the mid-1990s, the banking groups were deeply involved in non-financial activities. However, a law passed in 1996 forced the banks to divest their controlling stakes in non-financial companies and conglomerates (including insurance companies). This development was part of a privatisation process which was almost completed in 2005 (with the important exception of Bank Leumi).
    [Show full text]
  • A Description and Analysis of the Implementation of the Concentration Law and Its Economic
    A Description and Analysis of the Implementation of the Concentration Law and Its Economic Impact on the Israeli Economy Written by: Noam Botosh, Economist | Approved by: Ami Tzadik, Head of the Budgetary Control Department Date: February 25rd 2020 Economic Review www.knesset.gov.il/mmm Knesset Research and Information Center 1 | A Description and Analysis of the Implementation of the Concentration Law and Its Economic Impact on the Israeli Economy Summary This review was written at the request of MK Ofer Shelah, and it addresses the implementation of the Law for Promotion of Competition and Reduction of Concentration, 5774-2013 (herein, "the Concentration Law" or "the Law") and provides a preliminary analysis of the Law's impact on the Israeli economy. A Bank of Israel study from 2009 about business groups showed that, compared to other developed countries, the level of concentration in Israel is high, as reflected in the number of existing business groups, and that these groups possess high levels of financial leverage. The study suggested that this structure of business groups may constitute a risk to Israel's financial stability due to the groups' size and complexity. In October 2010, the Committee on Increasing Competitiveness in the Economy was established in order to examine general market competitiveness in Israel—mainly due to the existence of large business groups— and to recommend possible policy tools to promote market competitiveness. According to the committee's interim report, which was published in October 2011, the ownership structure of public companies in Israel is centralized, and the committee identified a phenomenon of large business groups controlling a large share of real and financial assets.
    [Show full text]
  • Perrigo Board of Directors
    Perrigo Company plc Board of Directors and Their Compensation (as of August 7, 2019) Bradley A. Alford, 62, has been a director of Perrigo since February 2017. Mr. Alford joined Advent International Corporation, a global private equity firm, in 2014 as an Industry Advisor and moved to Operating Partner in March of 2016. From 2006 to 2013, Mr. Alford was Chairman and Chief Executive Officer of Nestlé USA. Mr. Alford also served as CEO and President of Nestlé Brands Company. He currently serves as a director of Avery Dennison Corporation since April 2010 and previously served as a director of Conagra Brands, Inc. from July 2015 to September 2018. Throughout his career, Mr. Alford has been focused on developing brands, initiatives to improve processes and facilitate best practices across an organization. Rolf A. Classon, 73, has been a director of Perrigo since May 2017. Mr. Classon served as Interim President and Chief Executive Officer of Hillenbrand Industries, a global diversified industrial company, from May 2005 until March 2006. From 2002 until June 2004, Mr. Classon served as Chairman of the Executive Committee of Bayer Healthcare AG, a subsidiary of Bayer AG. Mr. Classon served as President of Bayer Diagnostics from 1995 to 2002 and as Executive Vice President from 1991 to 1995. Prior to 1991, Mr. Classon held various management positions with Pharmacia Corporation. Mr. Classon serves as a director of Fresenius Medical Care AG and Co. since May 2012, and Catalent, Inc. since July 2014. Mr. Classon also served as a director of Hill-Rom Holdings, Inc., from July 2001 to March 2018, Aerocrine AB, Stockholm from May 2013 to July 2015 and Auxilium Pharmaceuticals from July 2005 to January 2015 and served as a director of Tecan Group, Ltd.
    [Show full text]
  • 44644 Report 4C Pgs Interior.Indd
    First and foremost, we are committed to delivering quality, affordable healthcare products that improve 2008 ANNUAL REPORT T H E R I G H T P L A C E . Y . T H E R I G H P A N the quality of people’s lives. T T I M E . T H E R I G H T C O M 515 Eastern Avenue Allegan, Michigan 49010 (269) 673-8451 www.perrigo.com 2008 ANNUAL REPORT ©2008 Perrigo Company. All rights reserved. Shareholder Information Directors Executive Offi cers Independent Accountants Joseph C. Papa Through fi scal 2008, Chairman, President and BDO Seidman, LLP Chief Executive Offi cer Grand Rapids, Michigan Judy L. Brown Commencing fi scal 2009, Executive Vice President and Ernst & Young, LLP Chief Financial Offi cer Grand Rapids, Michigan Thomas M. Farrington Senior Vice President and Chief Fiscal 2008 Cash Information Offi cer Dividend Data John T. Hendrickson Fiscal Record Payable Per Share Executive Vice President, Global Quarter Date Date Amount Operations and Supply Chain 1st 8/24/07 9/18/07 $0.045 Moshe Arkin Laurie Brlas Gary M. Cohen Todd W. Kingma Former Vice Chairman, Senior Vice President, Executive Vice President, Executive Vice President, 2nd 11/23/07 12/18/07 $0.050 Perrigo Company Chief Financial Offi cer Becton, Dickinson and Company General Counsel and Secretary Director since 2005 and Treasurer, Director since 2003 3rd 2/22/08 3/18/08 $0.050 Cleveland-Cliffs, Inc. Sharon Kochan Director since 2003 Executive Vice President, U.S. Generics 4th 5/25/08 6/20/08 $0.050 Refael Lebel Executive Vice President and President, Perrigo Israel Shareholder Account Information Jeffrey R.
    [Show full text]