DOCSLIB.ORG

2020 Half-Year Financial Report Content

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2020 Half-Year Financial Report Content 2020 HALF-YEAR FINANCIAL REPORT CONTENT 1. Half-year management report 2 1.1 Significant events, analysis of business and results 3 1.2 Transactions with related parties 74 1.3 Main risks and uncertainties 74 2. Condensed consolidated financial statements 87 3. Report of statutory auditors on the interim financial statements 135 4. Responsibility statement 139 1 1 Half-year management report 2 Significant events, analysis of business and results CONTENTS PARTIE I. REVIEW OF THE FINANCIAL POSITION AND RESULTS ....................................................................... 6 1. HIGHLIGHTS .................................................................................................................................... 6 1.1 ECONOMIC AND FINANCIAL ENVIRONMENT ................................................................................................................................... 6 1.2 REGULATORY ENVIRONMENT .............................................................................................................................................................. 9 1.3 COMPLETION OF THE TRANSACTION BETWEEN CAISSE DES DÉPÔTS AND LA POSTE, AND BETWEEN LA BANQUE POSTALE AND CNP ASSURANCES ................................................................................................................................................................ 13 1.4 DEVELOPMENTS, PARTNERSHIPS AND ACQUISITIONS ............................................................................................................... 13 1.4.1 Services-Mail-Parcels ........................................................................................................................................................................................... 13 1.4.2 GeoPost/DPDgroup ..............................................................................................................................................................................................14 1.4.3 La Banque Postale ................................................................................................................................................................................................. 15 1.4.4 La Poste Network ................................................................................................................................................................................................... 19 1.4.5 La Poste Mobile .......................................................................................................................................................................................................20 1.4.6 Digital Services ........................................................................................................................................................................................................20 1.4.7 Real Estate ................................................................................................................................................................................................................... 21 1.4.8 Le Groupe La Poste ............................................................................................................................................................................................... 21 1.5 BOND ISSUES ......................................................................................................................................................................................... 21 1.5.1 La Poste bond issue .............................................................................................................................................................................................. 21 1.5.2 CNP Assurances Tier 2 bond issue ............................................................................................................................................................ 22 1.6 THE GROUP’S COMMITMENT TO RESPONSIBLE DEVELOPMENT ............................................................................................ 22 1.6.1 Social and regional cohesion ........................................................................................................................................................................ 22 1.6.2 Ethical and responsible digital services ................................................................................................................................................ 23 1.6.3 Environmental transition .................................................................................................................................................................................24 1.6.4 Commitment to customer service............................................................................................................................................................ 26 1.6.5 A recognised and rewarded societal commitment ...................................................................................................................... 27 1.6.6 Initiatives taken by Le Groupe La Poste in the context of the Covid-19 health crisis: organisation of activities and solidarity actions .................................................................................................................................................................................... 27 1.7 LA POSTE, A RESPONSIBLE EMPLOYER ......................................................................................................................................... 30 1.7.1 Social dialogue ........................................................................................................................................................................................................30 1.7.2 Training and professional development ...............................................................................................................................................30 3 1.7.3 Health and quality of life at work ................................................................................................................................................................ 31 1.7.4 Social activity and housing services .......................................................................................................................................................... 31 2. ALTERNATIVE PERFORMANCE MEASURES..................................................................................... 32 2.1 INTRODUCTION ..................................................................................................................................................................................... 32 2.2 ALTERNATIVE PERFORMANCE MEASURES - DEFINITIONS ....................................................................................................... 32 2.2.1 Adjusted EBITDA ................................................................................................................................................................................................... 32 2.2.2 Free cash flow .......................................................................................................................................................................................................... 32 2.2.3 Net debt ....................................................................................................................................................................................................................... 32 2.2.4 Change at constant scope and exchange rates (organic change) .................................................................................... 32 2.2.5 Operating profit/(loss) including share of jointly controlled entities................................................................................ 33 2.2.6 Net debt / Equity .................................................................................................................................................................................................... 33 2.2.7 Common Equity Tier 1 ratio (CET 1) ........................................................................................................................................................... 33 2.2.8 Liquidity Coverage Ratio (LCR) .................................................................................................................................................................... 33 2.2.9 Cost to income ratio ............................................................................................................................................................................................ 33 3. SUMMARY OF LE GROUPE LA POSTE CONSOLIDATED RESULTS ..................................................... 34 3.1 IMPACTS OF THE HEALTH CRISIS ON THE GROUP’S BUSINESS ACTIVITY .............................................................................. 35 3.2 OPERATING REVENUE ........................................................................................................................................................................ 35 3.3 OPERATING PROFIT/(LOSS)............................................................................................................................................................... 36 3.4 FINANCIAL PROFIT/(LOSS) ................................................................................................................................................................. 38 3.5 NET PROFIT ...........................................................................................................................................................................................
Load more

Recommended publications
  • PIP – Market Environment PIP – Pressure
    Bernhard BukovcBernhard Bukovc The New Postal Ecosystem PIP – market environment PIP – pressure Mail volumes Costs Political expectations Organization ICT developments Market expectations Competition PIP – mail volumes > 5 % < 5 % + Post Danmark Deutsche Post DHL China Post Poste Italiane Australia Post Luxembourg Post Correos Swiss Post Itella Le Groupe La Poste Austria Post Hongkong Post PTT Turkish Post Correios Brasil Pos Indonesia Posten Norge NZ Post Thailand Post India Post Singapore Post PostNL Japan Post PIP – parcel volumes - + Mainly due to domestic Average growth rates per year economic problems (e.g. a between 4 – 6 % general decline or lower growth levels of eCommerce) PIP – eCommerce growth 20 - 30 China, Belgium, Turkey, Russia, India, Indonesia 15 – 20 % 10 - 20 Australia, Italy, Canada, Germany, Thailand, France, US online retail sales 0 - 10 Japan, Netherlands, annual growth until 2020 Switzerland, UK PIP – opportunities PIP – some basic questions What is the role of a postal operator in society ? What is its core business ? PIP – some basic questions What is the postal DNA ? PIP – bringing things from A to B PIP – intermediary physical financial information B 2 B 2 C 2 C 2 G PIP – challenges PIP – main challenges • Remaining strong & even growing the core business • Diversification into areas where revenue growth is possible • Expansion along the value chain(s) of postal customers • Being a business partner to consumers, businesses & government • Embracing technology PIP – diversification Mail Parcel & Financial Retail IT services Logistics & Telecom Express services freight PIP – value chain Sender Post Receiver PIP – value chain mail Sender Post Receiver Add value upstream Add value downstream • Mail management services • CRM • Printing and preparation • Choice • Marketing • Response handling • Data etc.
    [Show full text]
  • Conditions Specifiques De La Boutique (Particuliers) Chapitre I
    CONDITIONS SPECIFIQUES DE LA BOUTIQUE (PARTICULIERS) CHAPITRE I - DISPOSITIONS COMMUNES ARTICLE 1. DEFINITIONS « Abonnement Mobilité (AM) » : désigne le SeL qui permet au Client de faire garder son courrier par La Poste ou de le faire suivre vers une adresse provisoire. « Adresse de courrier électronique » : désigne l’adresse de courrier électronique renseignée par l’Utilisateur lors de la phase de création d’un Compte sur la Boutique et sur laquelle lui sera transmis, notamment, le courrier électronique de confirmation d’Inscription et toute notification ultérieure (alerte, avis de réception, …). « Articles » : pour les besoins du Contrat, désigne les SeL et les Produits. « Avis de réception » : désigne le document généré par La Poste, en charge de l’acheminement de la (LReLN). Lors de l’envoi d’une LReLN le Client opte de recourir, ou non à l’Avis de réception. « Boutique » : désigne la boutique web de la Poste accessible via le Site et qui regroupe l’offre de Produits et de Services en Ligne. « Client » : désigne toute personne physique disposant de la pleine capacité juridique ayant ouvert un Compte sur la Boutique. « Compte » : désigne le compte individuel d’un Client ouvert sur la Boutique, dont la création est une étape obligatoire, gratuite et préalable à l’utilisation de la Boutique en vue d’un achat. Ce compte regroupe les données personnelles du Client et les données relatives à la consommation de ses Articles. Il permet au Client de s’identifier (en saisissant son Adresse de courrier électronique et son Mot de passe) et d’accéder à un espace réservé lui permettant d’utiliser et de gérer ses commandes.
    [Show full text]
  • Alessandra Fratini [email protected]
    WebConference on postal, delivery and ecommerce economics and policy 19 May 2020 Summary I. Role of the State/State aid: overview of measures & legal bases 1. Non-aid 2. Compensation of USO 3. Compensation of other SGEIs provided by postal operators or via postal network 4. Pension relief 5. State guarantees 6. Other measures II. Role of the State/State aid in COVID-19 times 1. Temporary Framework: liquidity measures, recapitalisation? 2. FDI screening? 2 Measures&legal bases 1/6 1 Measures not constituting State aid Poste Italiane: remuneration of current account deposited with Treasury (2008, 2019: no advantage); remuneration for distribution of postal saving products (2006: MEIP; 2008: Altmark 4) Royal Mail: 3 loans measures (2009: MEIP) bpost: 2 capital injections (2003, 2012: MEIP) Correos: 3 capital injections (2018: MEIP) Post Danmark: capital injection by PostNord; VAT exemption under Article 132(1)(a) of VAT Directive (2018: not imputable to State) 3 Measures&legal bases 2/6 2 Compensation of USO - Article 106(2) TFUE 1. Poczta Polska: 2006, 2009, 2015 (compensation fund) 2. ELTA: 2003, 2012, 2014 (compensation fund withdrawn) 3. Poste Italiane: 2002, 2008, 2012, 2015 4. bpost: 2003, 2015 5. Correos: 2018, 2020 6. Czech Post: 2018 7. Post Danmark: 2018 4 Measures&legal bases 3/6 Compensation of other SGEIs - Article 106(2) TFUE 3 AnPost: 2002 (counter network) Posten AB: 2002 (basic cashier services) Post Office Ltd: 2007, 2010, 2012, 2015, 2018 (post offices network and over-the-counter access to a set of services) Poste
    [Show full text]
  • Research for Tran Committee
    STUDY Requested by the TRAN committee Postal services in the EU Policy Department for Structural and Cohesion Policies Directorate-General for Internal Policies PE 629.201 - November 2019 EN RESEARCH FOR TRAN COMMITTEE Postal services in the EU Abstract This study aims at providing the European Parliament’s TRAN Committee with an overview of the EU postal services sector, including recent developments, and recommendations for EU policy-makers on how to further stimulate growth and competitiveness of the sector. This document was requested by the European Parliament's Committee on Transport and Tourism. AUTHORS Copenhagen Economics: Henrik BALLEBYE OKHOLM, Martina FACINO, Mindaugas CERPICKIS, Martha LAHANN, Bruno BASALISCO Research manager: Esteban COITO GONZALEZ, Balázs MELLÁR Project and publication assistance: Adrienn BORKA Policy Department for Structural and Cohesion Policies, European Parliament LINGUISTIC VERSIONS Original: EN ABOUT THE PUBLISHER To contact the Policy Department or to subscribe to updates on our work for the TRAN Committee please write to: [email protected] Manuscript completed in November 2019 © European Union, 2019 This document is available on the internet in summary with option to download the full text at: http://bit.ly/2rupi0O This document is available on the internet at: http://www.europarl.europa.eu/thinktank/en/document.html?reference=IPOL_STU(2019)629201 Further information on research for TRAN by the Policy Department is available at: https://research4committees.blog/tran/ Follow us on Twitter: @PolicyTRAN Please use the following reference to cite this study: Copenhagen Economics 2019, Research for TRAN Committee – Postal Services in the EU, European Parliament, Policy Department for Structural and Cohesion Policies, Brussels Please use the following reference for in-text citations: Copenhagen Economics (2019) DISCLAIMER The opinions expressed in this document are the sole responsibility of the author and do not necessarily represent the official position of the European Parliament.
    [Show full text]
  • Items Not Accepted for EU Export by Dpdgroup
    Items not accepted for EU export by DPDgroup A - F A - F | Countries marked with an “X” will not accept the commodity Czech HS Code Category UK Tariff Description Exceptions Austria Belgium Bulgaria Croatia Denmark Estonia Finland France Republic 01 Live animals X X X X X X X X X 02 Meat and offal X X X X X X X X X 03 Fish and Crustaceans X X X X X X X X X 04 Dairy produce, eggs, natural honey etc X X X X X X X X X 05 Other product of animal origin X X X X X X X X X 06 Live trees X X X X X X X X X 07 Edible vegetables and certain roots and tubers X X X X X X X X X 08 Edible fruit and nuts; peel of citrus fruit or melons X X X 09 Coffee, tea, maté and spices X X X 10 Cereals X X X X X X X X X 11 Malt, starches, inulin & wheat gluten X X X 12 Seeds and fruits X X X 12074, 12075, 12079, 12081, 12091, 12093, 12099, 12102, 12119, 12122, 121299 Seeds and fruits X X X X 12093, 1211, 1212 Seeds and fruits 13 Gums and resins X X X X X X X X X 14 Vegetable plaiting materials/vegetable products X X X 15 Animal or vegetable fats and oils X X X X X X X X X 16 Preparations of meat/fish X X X X X X X X X 17 Sugars and sugar confectionery X X X 1704 Sugars and sugar confectionery 18 Cocoa X X X 1805, 1806 Cocoa X X X 19 Preparations of cereals X X X 1901-19023, 1905-19052, 19054-19059 Preparations of cereals X X X 1901, 19022, 19024, 19041, 19042, 19052-19059 Preparations of cereals X X X X 20 Preparations of vegetables, fruit, nuts etc X X X 2001-2005 Preparations of vegetables, fruit, nuts etc X X X 20019, 20029, 20039, 20052020, 20052080, 20057, 2006,
    [Show full text]
  • Asendia USA COVID-19 Update September 25 2020.Xlsx
    Status Key On Schedule Expect Delays Service Suspended Inbound Transportation to Asendia USA Facilities: Facility Transportation Status Date Updated Daily Updates/Comments New York - Hauppauge On Schedule 9/25/2020 Pennsylvania - Folcroft On Schedule 9/25/2020 Florida - Miami On Schedule 9/25/2020 Illinois - Elk Grove Village On Schedule 9/25/2020 California - Bell On Schedule 9/25/2020 California - Hayward On Schedule 9/25/2020 Operational Processing @ Asendia USA Facilities: Facility Processing Status Date Updated Daily Updates/Comments New York - Hauppauge On Schedule 9/25/2020 Pennsylvania - Folcroft On Schedule 9/25/2020 Florida - Miami On Schedule 9/25/2020 Illinois - Elk Grove Village On Schedule 9/25/2020 California - Bell On Schedule 9/25/2020 California - Hayward On Schedule 9/25/2020 USPS International Service Centers: Facility Processing Status Date Updated Daily Updates/Comments The USPS reported that the ISCs are in good condition and delayed volumes are down to one-quarter of what they had been. JFK has about 27,000 on hand and most of that is letter volume. In addition to air lift, the USPS was using surface for parcels destined to Austria, Denmark, Hungary, Poland, Sweden, Czech Republic, Finland, Netherlands, Spain, and Switzerland. Volume is from the JFK, MIA and ORD ISC's. The USPS has no additional surface trips planned but will use as needed. Ocean JFK-RTM since August: ISC New York (JFK) Expect Delays 9/25/2020 - Shipment (9) 7/21 - Arrived 8/11 – containers picked up by Post NL - Shipment (10) 8/4 - Departed 8/5 arrived 8/26 – 1 container - Shipment (11) 8/18 - Departed 8/18 scheduled arrival 9/8 – 2 containers Australia and NZ - USPS reporting delays with air lift from all ISC's.
    [Show full text]
  • World Airline Cargo Report Currency and Fuel Swings Shift Dynamics
    World Airline Cargo Report Currency and fuel swings shift dynamics Changing facilities Asia’s handlers adapt LCCs and cargo Handling rapid turnarounds Cool chain Security technology Maintaining pharma integrity Progress and harmonisation 635,1*WWW.CAASINT.COM www.airbridgecargo.com On Time Performance. Delivered 10 YEARS EXPERIENCE ON GLOBAL AIR CARGO MARKET Feeder and trucking delivery solutions within Russia High on-time performance Online Track&Trace System Internationally recognized Russian cargo market expert High-skilled staff in handling outsize and heavy cargo Modern fleet of new Boeing 747-8 Freighters Direct services to Russia from South East Asia, Europe, and USA Direct services to Russian Far East (KHV), Ural (SVX), and Siberian region (OVB, KJA) AirBridgeCargo Airlines is a member of IATA, IOSA Cool Chain Association, Cargo 2000 and TAPA Russia +7 495 7862613 USA +1 773 800 2361 Germany +49 6963 8097 100 China +86 21 52080011 IOSA Operator The Netherlands +31 20 654 9030 Japan +81 3 5777 4025 World Airline PARVEEN RAJA Cargo Report Currency and fuel swings shift dynamics Publisher Changing facilities [email protected] Asia’s handlers adapt LCCs and cargo Handling rapid turnarounds Cool chain Security technology Maintaining pharma integrity Progress and harmonisation 635,1*WWW.CAASINT.COM SIMON LANGSTON PROMISING SIGNS Business Development Manager here are some apparently very positive trends highlighted [email protected] and discussed in this issue of CAAS, which is refreshing for a sector that often goes round in
    [Show full text]
  • European Postal Services and Social Responsibilities
    European Postal Services and Social Responsibilities How post offices enhance their economic, social and environmental role in society With the support of the European Social Fund, PIC Adapt With the support of European © Olivier Cahay in cooperation with with the support of www.csreurope.org This report was prepared byCSR Europe in cooperation with the Corporate Citizenship Company in the framework of a yearlong project initiated by La Poste and with the support of the EU ADAPT Programme 3 4 European Postal Services and Social Responsibilities 35 6 TABLE OF CONTENTS Acknowledgments Foreword 7 Executive summary 10 1. Introduction: background, methodology and aim of the report 12 2. Trends in Corporate Social Responsibility at European and international levels 2.1 A new paradigm in Europe 14 2.2 Corporate Social Responsibility – drivers of change 14 2.3 CSR – an evolving approach 16 2.4 Developments at European and international levels 17 3. Debate over developments in the European postal sector 3.1 Internal market for European postal services 19 3.2 Universal service safeguards 20 3.3 Pan-European co-ordination 20 3.4 Future trends 21 4. Social responsibility in action 4.1 Diversity and equal opportunity in the workforce 23 4.2 Training and career development 26 4.3 Health and safety 29 4.4 Social dialogue and employee consultation 31 4.5 Access to services for disadvantaged groups and local regeneration 32 4.6 Community involvement and charities 34 4.7 Environment 35 5. Going forwa r d: conclusions and rec o m m e n d a t i o n s 39 Appendix: The research process and roundtable discussions 41 Disclaimer: while every effort has been made to check that the contents of this report were correct at time of printing, the publishers retain sole responsibility for the contents.
    [Show full text]
  • Annual Monitoring Update on the Postal Market
    Annual monitoring update on the postal market Financial year 2016-17 Market update Publication Date: 23 November 2017 About this document This report sets out the key data and trends in the postal sector for the 2016-17 financial year. The regulatory framework Ofcom put in place in March 2012, and reviewed in March 2017, fulfils our statutory duty of securing a universal postal service, having regard to financial sustainability and efficiency. An effective and on-going monitoring regime remains one of the key safeguards of the regulatory framework, alongside greater pricing freedom for Royal Mail. This document, together with an expanded range of interactive data, constitute our sixth annual monitoring update on the postal sector. This report covers six key areas: Royal Mail’s regulatory compliance; consumer and small business experience of postal services; the letters market; the parcels market; and the financial performance and efficiency of Royal Mail’s Reported Business. The Reported Business is the part of Royal Mail’s business responsible for the universal service, which requires Royal Mail to collect and deliver letters and parcels a minimum number of days a week, at an affordable and uniform price to all UK addresses. Contents Section 1. Executive Summary 1 2. Introduction 7 3. Regulatory compliance 11 4. Consumer and business experience of postal services 22 5. The letters market 31 6. The parcels market 38 7. The financial performance of the Reported Business 54 8. Efficiency of the Reported Business 67 Annex A1. Current information collected as part of the monitoring programme 74 Annual monitoring update on the postal market 1.
    [Show full text]
  • Asendia USA COVID-19 Update April 2 2021.Xlsx
    Status Key On Schedule Expect Delays Service Suspended Inbound Transportation to Asendia USA Facilities: Facility Transportation Status Date Updated Daily Updates/Comments New York - Hauppauge On Schedule 4/2/2021 Pennsylvania - Folcroft On Schedule 4/2/2021 Florida - Miami On Schedule 4/2/2021 Illinois - Elk Grove Village On Schedule 4/2/2021 California - Bell On Schedule 4/2/2021 California - Hayward On Schedule 4/2/2021 Operational Processing @ Asendia USA Facilities: Facility Processing Status Date Updated Daily Updates/Comments New York - Hauppauge On Schedule 4/2/2021 Pennsylvania - Folcroft On Schedule 4/2/2021 Florida - Miami On Schedule 4/2/2021 Illinois - Elk Grove Village On Schedule 4/2/2021 California - Bell On Schedule 4/2/2021 California - Hayward On Schedule 4/2/2021 USPS International Service Centers: Facility Processing Status Date Updated Daily Updates/Comments CPC mentioned delays in Toronto and they were asked to load level so starting today and for the next week, from ORD and JFK, mail will go to Montreal. USPS MIA - Canada mail was being trucked to ORD and then to Canada due to lack of ISC New York (JFK) Expect Delays 4/2/2021 flights but air is now slowly resuming. Some continued delays to and within countries under lockdown, such as France, Brazil and others. CPC mentioned delays in Toronto and they were asked to load level so starting today and for the next week, from ORD and JFK, mail will go to Montreal. USPS MIA - Canada mail was being trucked to ORD and then to Canada due to lack of ISC Miami (MIA) Expect Delays 4/2/2021 flights but air is now slowly resuming.
    [Show full text]
  • Position Paper
    Page 1/5 POSITION PAPER The ECORYS Study on “Development of competition in the European postal sector” 22 March 2006 PostEurop, the Association of 43 Postal Operators, holders of the Universal Service Obligation at national as well as at international level, through its Postal Directive Working Group, has followed with attention the progress and the outcome of the Study performed by ECORYS for the European Commission (DG Markt) titled : “The development of competition in the European postal sector”1. The Study has been made public in mid-August 2005. The European Commission hosted a workshop on 10 October 2005 during which ECORYS described the main results of its study. PostEurop has already taken the opportunity to issue its opinions on the progress of the ECORYS study and refers therefore to its existing Opinion Paper of 15 June 20052. Following the invitation of the European Commission, PostEurop is pleased to have the opportunity to convey the following position observations in order to positively contribute to the further definition of Community postal policy. 1. GENERAL REMARKS At first sight the study provides a fresh view on current developments within the European postal sector as well as its (possible) future. The report’s uniqueness lies in the fact that it combines up-to- date knowledge of postal companies, their processes, the markets they serve, current and potential competitive forces, strategic options and the impact of liberalisation to draw a picture of the possible future of the European postal sector. ECORYS is considering the development of competition on the upstream markets as an indicator of the overall process of liberalisation.
    [Show full text]
  • SF Express 20 36 Aircraft Southeast Asia, Japan, South Korea, Wang Wei, Chairman Australia and the United States
    Top Global Freight Carriers React To Growing Demand By Daniel P. Bearth (No. 7), Maersk Line and Israel-based ZIM Integrated Senior Features Writer Shipping Services (No. 42). Two companies joined the Top 50 list this year. he world’s biggest freight carriers all got a little bigger Coming in at No. 49 is Wallenius Wilhelmsen Group, this year as demand for transportation surged across a company based in Oslo, Norway, that specializes in T the globe. transporting cars, trucks, rolling equipment and breakbulk Truck and rail carriers seemed to benefit the most from products around the world with 130 vessels serving 32 trade growth in both domestic and international shipping, but they routes to six continents, plus an inland distribution network also faced difficulties in keeping up with demand. of 77 processing centers and 13 marine terminals. Ocean freight carriers, on the other hand, continue to Making a return appearance on the Top 50 list is Kazakhstan struggle with overcapacity as bigger ships are brought into Temir Zholy, an organization owned by the government that service on high-volume trade lanes and older ships are operates the national railway network in the Republic of funneled into crowded secondary lanes. Kazakhstan. The company hauls cargo and passengers and also To cope with the problem, some companies have merged provides communications, utilities and loading and unloading and others have opted to work together to jointly market their services, cargo and vessels transfer service, security and port services in an effort to keep containerships more fully loaded. services. Recent mergers have included CMA CGM Group’s takeover Shares in Kazakhstan Temir Zholy are expected to be offered of American President Lines, Maersk Group’s purchase of for sale by the end of 2020, according to a statement released Hamburg Süd and subsequent divestiture of South American- by Kazakh Prime Minister Bakytzhan Sagintayev in July.
    [Show full text]